Exhibit 10.2
THE BANK
LOAN MODIFICATION/RENEWAL AGREEMENT
K-TRON AMERICA, INC.
Xxxxxx 00 & 000
Xxxxxx, XX 00000
Date: June 9, 2004 Loan #6039359-6600
Original Amount: $5,000,000.00 Annual Fee: $12,500.00
Current Balance: $3,230,000.00 Maturity Date: July 05, 2006
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 $12,500.00, the above
referenced note is extended and modified as follows:
IT IS HEREBY AGREED THAT THE ABOVE NUMBERED NOTE SHALL BECOME DUE JULY 5,
2006. DURING THE TERMS OF THE RENEWAL, PAYMENTS OF INTEREST ONLY SHALL BE
DUE EACH MONTH BEGINNING July 1, 2004 AND SHALL BE APPLIED TO INTEREST AND
THEN TO PRINCIPAL.
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.
THE BANK /s/ Xxxxx X. Xxxxx 6/9/04
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By: /s/ Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxx, President Date
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Xxxxx X. Xxxxxxxx, Xx. /s/ Xxxx Xxxxxxx 6-9-04
Executive Vice President ---------------------------------------
Xxxx Xxxxxxx, Secretary Date
