Document:

2nd Amended & Restated Swing Line Note

 EXHIBIT 10.22 
  
 SECOND AMENDED AND RESTATED SWING LINE NOTE 
  

			
	$6,000,000.00	  	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 SOUTHTRUST
BANK, an Alabama banking corporation (“SouthTrust”), the aggregate principal amount of the Swing Line Loan Advances owing to SouthTrust by Borrowers pursuant to that certain Credit Agreement dated as of December 16, 2002, among
Borrowers, SouthTrust, 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 Swing Line Loan Advances from the date of each such Swing Line 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 Second Amended and Restated Swing Line
Note is the Swing Line Note 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 Second Amended and Restated Swing Line Note when due. The Credit Agreement (i) provides for the making of Swing Line Loan Advances by SouthTrust in an aggregate amount not to exceed at any
time outstanding the U.S. dollar amount first above mentioned, the indebtedness resulting from the Swing Line Loan Advances by SouthTrust to Borrowers being evidenced by this Second Amended and Restated Swing Line 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 Second Amended and Restated Swing Line Note are secured by the Collateral as provided in the Loan Documents. 
  
 This Second Amended and Restated Swing Line Note constitutes an amendment to, and a complete restatement in its entirety of, that certain First Amended
and Restated Swing Line Note dated November 24, 2003, in the original principal amount of $7,000,000.00 given by Borrowers to SouthTrust, and any promissory notes given by Borrower to SouthTrust in substitution or replacement thereof, all as the
same may have heretofore been amended, extended, or restated from time to time. 
  
 * * * * * 
  

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

			
	 PEMCO AVIATION GROUP, INC.

		
	 By:
	 	 
	 	 	

	 Its:
	 	 
	 	 	

  

			
	 PEMCO AEROPLEX, INC.

		
	 By:
	 	 
	 	 	

	 Its:
	 	 
	 	 	

  

			
	 PEMCO ENGINEERS, INC.

		
	 By:
	 	 
	 	 	

	 Its:
	 	 
	 	 	

  

			
	 PEMCO WORLD AIR SERVICES, INC.

		
	 By:
	 	 
	 	 	

	 Its:
	 	 
	 	 	

  

			
	 SPACE VECTOR CORPORATION

		
	 By:
	 	 
	 	 	

	 Its:
	 	 
	 	 	

  

 2 

 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]
	 	 	 
	

	Notary Public

			
	My Commission Expires:	 	 
	 	 	

  
 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]
	 	 	 
	

	Notary Public

			
	My Commission Expires:	 	 
	 	 	

  
 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]
	 	 	 
	

	Notary Public

			
	My Commission Expires:	 	 
	 	 	

  

 3 

 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]
	 	 	 
	

	Notary Public

			
	My Commission Expires:	 	 
	 	 	

  
 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]
	 	 	 
	

	Notary Public

			
	My Commission Expires:	 	 
	 	 	

  

 4First Amendment to Indenture

 Exhibit 4.5 
 FIRST AMENDMENT TO INDENTURE 
  
 This FIRST AMENDMENT TO INDENTURE is dated as of March 2, 2004 (this “Amendment”), between AMPEX CORPORATION, a Delaware corporation (the “Corporation”) and U.S. BANK NATIONAL ASSOCIATION, as successor trustee to State
Street Bank and Trust Company (the “Trustee”). 
  
 WHEREAS, the Corporation and the Trustee have entered into the Indenture, dated as of February 28, 2002 (the “Indenture”) (all capitalized terms used and not otherwise defined herein shall have the respective meanings set forth in
the Indenture); and 
  
 WHEREAS, the Corporation desires to amend
the Indenture to make certain changes in the Indenture as originally executed; and 
  
 WHEREAS, pursuant to the Consent of Noteholders, entered into as of the date hereof, by and among the Corporation and the Holders named in the signature pages thereto, the Holders of at least a majority in principal
amount of the outstanding Securities have consented in writing to amend the Indenture as provided herein, and have authorized the Corporation and the Trustee to enter into this Amendment. 
  
 NOW, THEREFORE, in consideration of the foregoing, each party hereto, for the benefit of the other party hereto and the
Holders, hereby agrees as follows: 
  
 1.  The
definition of “Minimum Available Cash Flow” set forth in Section 1.01 of the Indenture shall be deleted in its entirety and the following substituted therefor: 
  
 “Minimum Available Cash Flow” means an amount of the aggregate Available Cash Flow of the Corporation received
during the five-year period commencing January 1, 2002 and ending December 31, 2006, which amount shall be not less than $30 Million.” 
  
 2.  Section 7.01 (4) of the Indenture shall be deleted in its entirety and the following substituted therefor: 
  
 “the Corporation fails to receive the Minimum Available Cash Flow
during the five-year period ending December 31, 2006;” 
  
 3.  As amended by this Amendment, the Indenture is in all respects ratified and confirmed, and as so amended by this Amendment shall be read, taken and construed as one and the same instrument. 
  
 4.  The laws of the State of New York shall govern this Amendment,
without giving effect to applicable principals of conflicts of laws, to the extent that the application of the laws of another jurisdiction would be required thereby. 
  
 5.  The parties hereto may execute this Amendment in counterparts, each of which shall be an original, and all of
which, when taken together, shall represent the same instrument. 
  

			
	AMPEX CORPORATION
		
	By:	 	 /S/    CRAIG L.
MCKIBBEN

	 	 	 Name:    Craig L. McKibben

	 	 	 Title:       Vice President

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 /S/    MARIE HATTINGER

	 	 	 Name:    Marie Hattinger

	 	 	 Title:       Vice President

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