Loan Modification Agreement between The Bank and K-Tron America, Inc. dated December 20, 2002

Summary

This agreement modifies a previous loan between The Bank and K-Tron America, Inc. The main change is a reduction in the line of credit from $5,000,000 to $4,000,000, effective December 20, 2002. All other terms and conditions of the original loan remain unchanged. The agreement is signed by representatives of both parties and does not require a modification fee.

EX-10.4 7 w82380exv10w4.txt LOAN MODIFICATION AGREEMENT DATED 12/20/02 Exhibit 10.4 [THE BANK LETTERHEAD] THE BANK LOAN MODIFICATION AGREEMENT K Tron America, Inc. P.O. Box 888 Pitman, NJ 08071-0888 Date: December 20, 2002 Account #: 6039359-6600 Original Amount: $5,000,000.00 Present Balance: $0.00 - -------------------------------------------------------------------------------- WHEREAS, the undersigned Borrower executed the note referred to above on June 27, 1998; and, WHEREAS, the loan documents, executed by the Borrower allow for 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 a modification fee of $0.00, the above referenced note is modified as follows: COMMITMENT: The total commitment on the line of credit is hereby reduced from $5,000,000.00 to $4,000,000.00 effective December 20, 2002. All other 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. THE BANK K-TRON AMERICA, INC. BY: /s/ David J. Hanrahan, Sr. /s/ Patricia M. Moore, --------------------------- ---------------------------------- DAVID J. HANRAHAN, SR. PATRICIA M. MOORE, V.P./FINANCE SENIOR VICE PRESIDENT /s/ Mary E. Vaccara, ---------------------------------- MARY E. VACCARA, SECRETARY