Amendment to Revolving Line of Credit Agreement Between Air T, Inc. and Bank of America, N.A. (August 22, 2011)

Summary

This amendment extends the availability period for Air T, Inc. and its affiliates' $7,000,000 revolving line of credit with Bank of America, N.A. The new expiration date for accessing the credit line is August 31, 2013, replacing the previous expiration date of August 31, 2012. All other terms and conditions of the original loan agreement remain unchanged. The amendment is effective as of the current expiration date and is signed by both parties.

EX-10.1 2 bofaagmnt.htm AIRT & BANK OF AMERICA AMENDMENT DATED AUGUST 22, 2011 bofaagmnt.htm

Exhibit 10.1

Bank of America, N.A.

[Missing Graphic Reference]

August 22, 2011

Mr. John Parry, Vice President-Finance

Air T, Inc.

CSA Air, Inc.

Mountain Air Cargo, Inc.

MAC Aviation Services LLC

Global Ground Support, LLC

Global Aviation Services, LLC

3524 Airport Road

Maiden, NC ###-###-####

RE: Commercial Loan No. 01-0000892017-471/489/497/505

Dear Mr. Parry,

Bank of America, N.A. (the “Bank”) is pleased to renew the availability period for your companies above referenced $7,000,000.00 Revolving Line of Credit documented by Facility No. 1 of the Loan Agreement dated September 18, 2007 (including any previous amendments, the "Agreement").

Effective as of the current Expiration Date of August 31, 2012 the availability period shall be extended and shall expire on the new Expiration Date of August 31, 2013. All other terms and conditions of the Agreement shall remain in full force and effect.

I also want to take this opportunity to thank you for your business. I believe we can continue to provide your company with the same high level of customer service and expertise.

If you have any questions, please contact your Client Manager, Alan Stephens at ###-###-####.

Bank of America, N.A.

/s/ Cindy Stringfield

Cindy Stringfield

Assistant Vice President

Documentation Administrator III