Amended Loan Agreement between Stillwater National Bank and Trust Company and Westwood Corporation, TANO Corp., NMP Corp., and MC II Electric Company

Summary

This agreement amends a previous loan arrangement between Stillwater National Bank and Trust Company and four companies: Westwood Corporation, TANO Corp., NMP Corp., and MC II Electric Company. The amendments extend the loan's maturity date to October 15, 2001, increase the interest margin to 1.5%, and require the borrowers to pay a $10,000 loan fee. All other terms of the original loan agreement remain unchanged.

EX-10.19 3 dex1019.txt AMENDED LOAN AGREEMENT AMENDED LOAN AGREEMENT WHEREAS, on the 25th day of October, 2000, STILLWATER NATIONAL BANK AND TRUST COMPANY OF STILLWATER, OKLAHOMA (hereinafter referred to as the "Bank") and WESTWOOD CORPORATION, a Nevada Corporation (hereinafter referred to as "Westwood"), TANO CORP., a Louisiana Corporation (hereinafter referred to as "TANO"), NMP CORP., an Oklahoma Corporation (hereinafter referred to as "NMP"), and MC II ELECTRIC COMPANY, a Texas Corporation (hereinafter referred to as "MCII"), (collectively Westwood, Tano, NMP and MCII are hereinafter referred to as "Debtor") entered into a Loan Agreement (hereinafter referred to as the "Loan Agreement"), wherein the Bank agreed to enter into a revolving loan agreement whereby the Bank would loan to the Company up to TWO MILLION EIGHT HUNDRED THOUSAND and NO/100 DOLLARS ($2,800,000.00) for the purpose of financing the Company's ongoing operations, which agreement was evidenced by a Renewal and Amended Revolving Promissory Note of even date therewith ("Note"); and WHEREAS, the parties wish to make adjustments to the structure of the lending arrangement which is reflected in the Loan Agreement, including the extension of the Maturity Date and an increase in the interest contained in the Note. NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereby agree to amend the Loan Agreement in the following respects: 1. Paragraph 1.1 (a) of the Loan Agreement is amended to read as follows: "`Maturity Date' means October 15, 2001." 2. Paragraph 2.3 of the Loan Agreement is amended to read as follows: "The Margin shall be one and one-half percentage (1 1/2) points." 3. The Loan Agreement shall be further amended to provide that upon the execution of this Amended Loan Agreement, and as a condition precedent thereto, the Debtor shall pay to the Bank a Loan Fee of Ten Thousand and NO/100 Dollars ($10,000.00). 4. Except as may be amended herein, the terms and conditions of the Loan Agreement remain in full force and effect. IN WITNESS WHEREOF, this Agreement is executed to be effective as of the 25th day of June, 2001. "BANK" STILLWATER NATIONAL BANK AND TRUST COMPANY, STILLWATER, OKLAHOMA By: /s/ Joe E. Staires ------------------------------------------ Joe E. Staires, Senior Vice President "COMPANY" Westwood Corporation, a Nevada corporation By: /s/ Ernest H. McKee ------------------------------------------ Ernest H. McKee, President TANO Corp., a Louisiana corporation By: /s/ Guy Hardwick ------------------------------------------ Guy Hardwick, President NMP Corp., an Oklahoma corporation By: /s/ Ernest H. McKee ------------------------------------------ Ernest H. McKee, President MC II Electric Company, a Texas corporation By: /s/ Ernest H. McKee ------------------------------------------ Ernest H. McKee, President 2