LightPath Technologies, Inc. and BankUnited, N.A. Enters into the Second Amendment to Loan Agreement
December 24, 2021 at 03:01 am IST
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On December 20, 2021, LightPath Technologies, Inc. and BankUnited, N.A. entered into the Second Amendment to the Loan Agreement dated February 26, 2019, which further amended that certain Loan Agreement, dated February 26, 2019, with BankUnited, and as amended by that certain First Amendment to Loan Agreement, effective May 6, 2019. The Second Amendment memorializes the items agreed to in the Letter Agreement entered into on November 5, 2021, which was filed as Exhibit 10.2 to the Companys Quarterly Report on Form 10-Q filed with the Securities Exchange Commission on November 9, 2021. In accordance with the Second Amendment, the parties agreed to the following terms, among others: (i) a maturity date of April 15, 2023 with respect to the Term Loan; (ii) an increased monthly payment amount of $100,000 commencing on November 1, 2022; (iii) beginning on December 20, 2021, each facility will bear interest at BankUniteds then-prime rate of interest minus fifty (50) basis points, as adjusted from time to time, (iv) the Term Loan will bear a higher interest rate commencing on August 1, 2022; (v) an exit fee equal to 4% of the outstanding principal balance of the Term Loan on April 15, 2023 (to the extent the Term Loan is still outstanding on such date and has not been refinanced with another lender); and (vi) a fee of $50,000 payable upon execution of the Second Amendment. The Second Amendment also granted a waiver of compliance for the Financial Covenants for the periods ended December 31, 2021, March 31, 2022 and June 30, 2022.
LightPath Technologies, Inc. is a vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. The Company designs and manufactures optical and infrared components, including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and Black DiamondTM (BD6) chalcogenide-based glass lenses. Its business is organized into three product groups: Precision molded optics (PMO), infrared products and specialty products. Its PMO product group consists of visible precision molded optics with varying applications. Its infrared product group is comprised of infrared optics, both molded and diamond-turned, and thermal imaging assemblies. Its specialty product group is comprised of value-added products, such as optical subsystems, assemblies, collimators, and non-recurring engineering (NRE) products.