On January 21, 2015, Blonder Tongue Laboratories Inc., R. L. Drake Holdings, LLC, and Santander Bank, N.A. entered into a seventh amendment to revolving credit, term loan and security agreement to amend that certain revolving credit, term loan and security agreement dated August 6, 2008, as amended by the previous six amendments. The seventh amendment, among other things, extended by one year the termination date of the loan agreement from February 1, 2015 to February 1, 2016; continued the installment payments of principal under the term loan at the same monthly payment of $18,125 per month for the additional year until the final payment of unpaid principal and interest is due on February 1, 2016; increased the interest rates applicable to the revolver and the term loan by one quarter of 1% (0.25%); and reset and modified the minimum EBITDA covenant to address the term being extended by one year. The seventh amendment also contains other customary representations, covenants, terms and conditions.

The company paid a $15,000 amendment fee to Santander in connection with the seventh amendment.