Attached files
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EX-10.1 - Yunhong CTI Ltd. | v180853_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): April 12, 2010
CTI INDUSTRIES
CORPORATION
Illinois
|
0-23115
|
36-2848943
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
22160 North Pepper Road, Lake Barrington,
IL
|
60010
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code (847) 382-1000
N/A
Check the
appropriate box below if the Form 8-K is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:
o
|
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item No. 1.01 – Entry in to
a Material Definitive Agreement
On April 12, 2010, Registrant executed
a letter agreement, including a summary of committed terms and conditions, with
Harris N.A. (“Harris”) under which Harris agreed to provide certain senior
secured credit facilities to Registrant, including (i) a $9,000,000 revolving
credit facility, (ii) up to $2,500,000 revolving equipment line of credit, (iii)
mortgage loan of up to $2,371,000 and (iv) $817,000 term loan (“Loan
Commitment”). The revolver, equipment line and mortgage loan are to
have a three-year maturity. The loan proceeds are to be used to
refinance existing indebtedness of Registrant and to provide financing for
future working capital needs of Registrant.
Under the
facility, John H. Schwan and Stephen M. Merrick, officers, directors and
shareholders of Registrant, will provide joint and several guarantees of the
loan obligations to the levels provided. The loan agreement will
include various representations and warranties, conditions precedent and
financial as well as other covenants.
The Loan
Commitment is included as an Exhibit to this filing.
Item No. 9.01 –
Exhibit
(c)
|
The
following exhibit is attached
hereto:
|
Exhibit
No.
|
Exhibit
|
10.1
|
Loan
Commitment
|
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
CTI Industries Corporation | |||
(Registrant) | |||
Date: April
14, 2010
|
By:
|
/s/ Stephen M. Merrick | |
Stephen M. Merrick | |||
Chief Financial Officer | |||
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