THE BANK Exhibit 10.1
LOAN MODIFICATION AGREEMENT
K-TRON AMERICA, INC.
Date: July 9, 2003 Loan #6039359-6600
Original Amount: $5,000,000.00 Annual Fee: $10,000.00
Current Commitment: $4,000,000.00 Maturity Date: July 05, 2005
WHEREAS, the undersigned borrower executed the note referred to above on June
24, 1998, And,
WHEREAS, the note, security agreement and commitment letter executed by the
borrower allow a modification of interest rate, due date or other terms or
conditions without affecting the priority of The Bank's lien.
NOW, therefore, in consideration of an annual fee of $10,000.00, the above
referenced note is extended and modified as follows:
IT IS HEREBY AGREED THAT THE ABOVE NUMBERED NOTE SHALL BECOME DUE JULY
5,2005. DURING THE TERMS OF THE RENEWAL, PAYMENTS OF INTEREST ONLY SHALL
BE DUE EACH MONTH BEGINNING AUGUST 1, 2003 AND SHALL BE APPLIED TO
INTEREST AND THEN TO PRINCIPAL.
BORROWER AGREES THAT UNTIL ALL OBLIGATIONS HEREUNDER ARE FULLY PAID AND
DISCHARGED, BORROWER WILL NOT WITHOUT PRIOR WRITTEN CONSENT OF THE BANK:
1. Permit any merger or acquisition by Guarantor (K-Tron International,
Inc.) or its subsidiaries involving consideration of more than $4
million without the written approval of The Bank.
All terms and conditions of the original note, commitment letter and any
security thereto attached is fully incorporated herein and fully ratified except
as specifically modified by this modification agreement.
ACCEPTED BY:
K-TRON AMERICA, INC.
/s/ Xxxxxxxx X. Xxxxx 7/9/03
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Xxxxxxxx X. Xxxxx/ VP Finance Date
THE BANK
By: /s/ Xxxxx X. Xxxxxxxx, Xx.
------------------------- /s/ Xxxx Xxxxxxx 7/9/03
Xxxxx X. Xxxxxxxx, Xx. ----------------------------------------
Senior Vice President Xxxx Xxxxxxx/Secretary Date
