Amendment to Loan and Security Agreement between JPMorgan Chase Bank, N.A. and White Electronic Designs Corporation (with Guarantor Consent)

Summary

JPMorgan Chase Bank, N.A. and White Electronic Designs Corporation have agreed to amend their existing $12 million loan agreement. The amendment extends the loan's termination and maturity dates to December 31, 2006. All other terms, including the collateral securing the loan, remain unchanged. The amendment is acknowledged and accepted by the borrower and the guarantors, which include Panelview, Incorporated, Interface Data Systems, Inc., and IDS Acquisition Corporation.

EX-10.13 3 p73257exv10w13.htm EX-10.13 exv10w13

EXHIBIT 10.13

September 26, 2006

WHITE ELECTRONIC DESIGNS CORPORATION
3601 East University Drive
Phoenix, Arizona 85034


		Re:		Loan by JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA (Main Office Chicago)) (“Lender”) to WHITE ELECTRONIC DESIGNS CORPORATION (“Borrower”)

Ladies and Gentlemen:

Lender has extended to Borrower credit pursuant to the Loan and Security Agreement, dated January 7, 2000 (as amended from time to time, “Loan Agreement”) in the principal amount of $12,000,000.00 (the “Loan”) and evidenced by the Promissory Note, dated June 30, 2000 (“Note”). Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Loan Agreement.

Lender and Borrower agree to amend the Loan Documents as follows:

1. The definition of “Termination Date” in the Loan Agreement is hereby amended to mean December 31, 2006.

2. The definition of “Maturity Date” in the Note is hereby amended to mean December 31, 2006

All other terms and conditions of the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect. All property or rights to or interest in property granted as security for the Loan, shall remain as security for the Loan and the obligations of Borrower in the Loan Documents.

JPMorgan Chase Bank, N.A. Commercial Banking AZ1-1178 po Box 71, Phoenix AZ 85001-0071

Please acknowledge your receipt and acceptance of the foregoing terms and conditions by signing and returning a copy of this letter. In addition, please obtain the consent and agreement of the Guarantors by having them sign the copy of this letter to be returned by you.


		Sincerely,

		JPMORGAN CHASE BANK, N.A., (successor by merger to BANK ONE, NA, (Main Office Chicago)

		By: Name:		/s/ Steve Reinhart Steve Reinhart
		Title:		Senior Vice President


Consented and agreed to this 28^th day of Sept., 2006.

WHITE ELECTRONIC DESIGNS CORPORATION, an Indiana corporation

By: Name:		/s/ Hamid Shokrgozar Hamid Shokrgozar
Title:		President & CEO

-2-

CONSENT AND AGREEMENT

The foregoing amendments are hereby consented and agreed to this 28^th day of Sept., 2006.


		PANELVIEW, INCORPORATED, an Oregon corporation

		By: Name:		/s/ Hamid Shokrgozar Hamid Shokrgozar
		Title:		President & CEO

		INTERFACE DATA SYSTEMS, INC., an Arizona corporation

		By:		/s/ Hamid Shokrgozar

		Name:		Hamid Shokrgozar
		Title:		President & CEO

		IDS ACQUISITION CORPORATION, an Arizona corporation

		By:		/s/ Hamid R. Shokrgozar

		Name:		Hamid R. Shokrgozar
		Title:		President & CEO

				GUARANTORS