EXHIBIT 10.31
LOAN AND SECURITY AGREEMENT
DATED EFFECTIVE JANUARY 6, 2003
AMONG
LASALLE BUSINESS CREDIT LLC
THE AGENT FOR LENDER,
STANDARD FEDERAL NATIONAL ASSOCIATION,
THE LENDER,
SL INDUSTRIES, INC. AND SL DELAWARE, INC, COLLECTIVELY,
BORROWERS
AND
CONDOR D.C. POWER SUPPLIES, INC., TEAL ELECTRONICS CORPORATION,
RFL ELECTRONICS, INC., SL MONTEVIDEO TECHNOLOGY, INC.,
SL SURFACE TECHNOLOGIES, INC., SL DELAWARE HOLDINGS, INC.,
SL AUBURN, INC., WABER POWER LTD., SLW HOLDINGS, INC.,
CONDOR HOLDINGS, INC. AND CEDAR CORPORATION, COLLECTIVELY,
GUARANTORS
TABLE OF CONTENTS
PAGE
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1. DEFINITIONS..............................................................2
2. LOANS...................................................................14
(a) Revolving Loans...................................................14
(b) Term Loan A.......................................................15
(c) Term Loan B.......................................................15
(d) Repayments........................................................15
(e) Notes.............................................................16
3. LETTERS OF CREDIT.......................................................16
(a) General Terms.....................................................16
(b)