Exhibit 10.44
April 24, 2003
White Electronic Designs Corporation
Attention: Xxxxx X. Xxxxxxxxxx
0000 Xxxx Xxxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxx 00000
Re: Loan and Security Agreement dated January 7, 2000 (as amended
from time to time, the "Loan Agreement") between White
Electronic Designs Corporation, an Indiana corporation
("Borrower"), and Bank One, NA, a national banking association
with its main office in Chicago, Illinois, successor by merger
to Bank One, Texas, N.A. ("Lender")
Ladies and Gentlemen:
Reference is made to the Loan Agreement pursuant to which Lender has
made to Borrower various accommodations, including without limitation the Term
Loan as evidenced by the Term Note. Capitalized terms used but not defined in
this Letter Agreement shall have the meanings assigned to such terms in the Loan
Agreement.
This Letter Agreement amends, effective April 1, 2003, the Term Note.
By execution of this Letter Agreement, Borrower agrees to make payments
of principal of the Term Note, notwithstanding anything to the contrary in
Paragraph 2(b) of the Term Note, on the first Business Day of each calendar
month, commencing on April 1, 2003, in an amount equal to $29,222.22.
The Loan Documents are ratified and affirmed by Borrower and shall
remain in full force and effect as modified herein. Any property or rights to or
interests in property granted as security in the Loan Documents shall remain as
security for the Term Loan and the obligations of Borrower in the Loan
Documents.
The Loan Documents as modified herein contain the complete
understanding and agreement of Borrower and Lender in respect of the Term Loan
and supersede all prior representations, warranties, agreements, arrangements,
understandings, and negotiations. No provision of the Loan Documents as modified
herein may be changed, discharged, supplemented, terminated, or waived except in
a writing signed by the parties thereto.
White Electronic Designs Corporation
April ___, 2004
Page 2
____________________________________
This Letter Agreement may be executed in any number of counterparts,
all of which taken together shall constitute one and the same instrument and any
of the parties to this Letter Agreement may execute this Letter Agreement by
signing any such counterpart.
BANK ONE, NA, a national banking association
with its main office in Chicago, Illinois,
successor by merger to Bank One, Texas, N.A.
By: _________________________________________
Name: _______________________________________
Title _______________________________________
Acknowledge, Accepted and
Agreed as of April 24, 2003:
WHITE ELECTRONIC DESIGNS
CORPORATION, an Indiana corporation
By: _______________________________
Name: Xxxxx Xxxxxxxxxx
Title: Chief Executive Officer
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