First Modification to Loan and Security Agreement dated March 11, 2009 by and between TransTech Systems Inc. and BFI Business Finance

 

Section 2.2.3.  Minimum Monthly Interest Payment.  Interest, together with the Administrative Fee payable under this Agreement on a monthly basis, shall not be less than --------N/A-------- Dollars ($--------N/A--------) (the “Minimum Monthly Interest Payment”).

 

Section 34.  Minimum Quarterly Interest Payment.  Interest, together with the Administrative Fee payable under this Agreement on a quarterly basis, shall not be less than Five Thousand Nine Hundred Eighty and 00/100 Dollars ($5,980.00) (the “Minimum Quarterly Interest Payment”).

 

Section 6.3.  Prepayment Fee.  If the Obligations are prepaid in full on a final basis prior to the end of the Basic Term or any Renewal Term, a “Prepayment” shall be deemed to have occurred.  To the extent such Prepayment shall have occurred, Borrower shall pay to Lender a sum equal to the amount of (a) the Cumulative Minimum Annual Interest Payment less interest paid during the Basic Term or any Renewal Term; or (b) an amount equal to the Minimum Quarterly Interest Payment times the number of quarters remaining in the Basic Term or Renewal Term, as applicable (the “Prepayment Fee”).  In addition, Borrower shall also pay any prepayment penalties provided for in the Term Loan Documents or any other agreement with Lender.  A Prepayment may be deemed to have occurred regardless of whether such payment or other reduction (a) is voluntary or involuntary; (b) is occasioned by Lender’s acceleration of the Obligations or demand hereunder; (c) is made by Borrower or other third party, including Guarantor; (d) results from Lender’s receipt or collection of proceeds of its Collateral, including insurance proceeds and condemnation awards; (e) results from Lender’s exercise of its right of setoff; and/or (f) is made during an Insolvency Proceeding, or is made pursuant to any plan of reorganization or liquidation.