EXHIBIT 10.20

 

FIRST AMENDED AND RESTATED REVOLVING NOTE

 

$9,000,000.00   December 16, 2003

 

FOR VALUE RECEIVED, the undersigned PEMCO AVIATION GROUP, INC., a Delaware
corporation, PEMCO AEROPLEX, INC., an Alabama corporation, PEMCO ENGINEERS,
INC., a Delaware corporation, PEMCO WORLD AIR SERVICES, INC., a Delaware
corporation, and SPACE VECTOR CORPORATION, a Delaware corporation (collectively,
the “Borrowers” and each singularly, a “Borrower”) hereby jointly and severally
promise to pay to the order of COMPASS BANK, an Alabama banking corporation
(“Compass”), the aggregate principal amount of the Revolving Loan Advances owing
to Compass by Borrowers pursuant to that certain Credit Agreement dated as of
December 16, 2002 among Borrowers, Compass, SouthTrust Bank (as Agent), and the
other Lender Parties identified therein (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”; terms defined therein being
used herein as therein defined), together with interest on the unpaid principal
amount of the Revolving Loan Advances from the date of each such Revolving Loan
Advance until such principal amount is paid in full, at such interest rates, and
payable at such times, as are specified in the Credit Agreement.

 

This First Amended and Restated Revolving Note is one of the Revolving Notes
referred to in, and is entitled to the benefits of, the Credit Agreement; but
neither this reference to the Credit Agreement nor any provision thereof shall
affect or impair the absolute and unconditional obligation of Borrowers to pay
the principal sum of and interest on this First Amended and Restated Revolving
Note when due. The Credit Agreement (i) provides for the making of Revolving
Loan Advances by Compass in an aggregate amount not to exceed at any time
outstanding the U.S. dollar amount first above mentioned, the indebtedness
resulting from the Revolving Loan Advances by Compass to Borrowers being
evidenced by this First Amended and Restated Revolving Note, and (ii) contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified. The
obligations of Borrowers under this First Amended and Restated Revolving Note
are secured by the Collateral as provided in the Loan Documents.

 

This First Amended and Restated Revolving Note constitutes an amendment to, and
a complete restatement in its entirety of, that certain Revolving Note dated
December 16, 2002, in the original principal amount of $7,5000,000.00 given by
Borrowers to Compass, and any promissory notes given by Borrowers to Compass in
substitution or replacement thereof, all as the same may have heretofore been
amended, extended, or restated from time to time.

 

* * * * *

 

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IN WITNESS WHEREOF, this First Amended and Restated Revolving Note has been
executed by the duly authorized representatives of Borrowers as of the date
first above written.

 

PEMCO AVIATION GROUP, INC.

By:

       

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Its:

       

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PEMCO AEROPLEX, INC.

By:

       

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Its:

       

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PEMCO ENGINEERS, INC.

By:

       

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Its:

       

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PEMCO WORLD AIR SERVICES, INC.

By:

       

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Its:

       

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SPACE VECTOR CORPORATION

By:

       

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Its:

       

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STATE OF ALABAMA

COUNTY OF JEFFERSON

 

I, the undersigned, a Notary Public in and for said County in said State, hereby
certify that                                                              ,
whose name as                                                               of
Pemco Aviation Group, Inc., a Delaware corporation, is signed to the foregoing
instrument, and who is known to me, acknowledged before me that, being informed
of the contents of such instrument, he/she, as such officer and with full
authority, executed the same voluntarily for and as the act of said corporation.

 

Given under my hand and official seal, this the              day of December,
2003.

 

[SEAL]      

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Notary Public

My Commission Expires:        

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STATE OF ALABAMA

COUNTY OF JEFFERSON

 

I, the undersigned, a Notary Public in and for said County in said State, hereby
certify that                                                              ,
whose name as                                                               of
Pemco Aeroplex, Inc., an Alabama corporation, is signed to the foregoing
instrument, and who is known to me, acknowledged before me that, being informed
of the contents of such instrument, he/she, as such officer and with full
authority, executed the same voluntarily for and as the act of said corporation.

 

Given under my hand and official seal, this the              day of December,
2003.

 

[SEAL]      

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Notary Public

My Commission Expires:        

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STATE OF ALABAMA

COUNTY OF JEFFERSON

 

I, the undersigned, a Notary Public in and for said County in said State, hereby
certify that                                                              ,
whose name as                                                               of
Pemco Engineers, Inc., a Delaware corporation, is signed to the foregoing
instrument, and who is known to me, acknowledged before me that, being informed
of the contents of such instrument, he/she, as such officer and with full
authority, executed the same voluntarily for and as the act of said corporation.

 

Given under my hand and official seal, this the              day of December,
2003.

 

[SEAL]      

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Notary Public

My Commission Expires:        

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3

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STATE OF ALABAMA

COUNTY OF JEFFERSON

 

I, the undersigned, a Notary Public in and for said County in said State, hereby
certify that                                                              ,
whose name as                                                               of
Pemco World Air Services, Inc., a Delaware corporation, is signed to the
foregoing instrument, and who is known to me, acknowledged before me that, being
informed of the contents of such instrument, he/she, as such officer and with
full authority, executed the same voluntarily for and as the act of said
corporation.

 

Given under my hand and official seal, this the              day of December,
2003.

 

[SEAL]      

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Notary Public

My Commission Expires:        

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STATE OF ALABAMA

COUNTY OF JEFFERSON

 

I, the undersigned, a Notary Public in and for said County in said State, hereby
certify that                                                              ,
whose name as                                                               of
Space Vector Corporation, a Delaware corporation, is signed to the foregoing
instrument, and who is known to me, acknowledged before me that, being informed
of the contents of such instrument, he/she, as such officer and with full
authority, executed the same voluntarily for and as the act of said corporation.

 

Given under my hand and official seal, this the              day of December,
2003.

 

[SEAL]      

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Notary Public

My Commission Expires:        

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