Modification Agreement Extending Maturity Date of $20 Million Master Secured Promissory Note between First Tennessee Bank and Forward Air Corporation
First Tennessee Bank and Forward Air Corporation have agreed to extend the maturity date of a $20 million master secured promissory note, originally dated September 10, 1998, to April 30, 2007. This agreement serves as a one-time modification to the maturity date, with all other terms of the original loan documents remaining unchanged. The agreement is signed by representatives of both parties.
Exhibit 10.1
[First Tennessee Letterhead]
May 12, 2005
Mr. Andrew Clarke
Forward Air Corporation
P.O. Box 1058
Greeneville, TN 37744
Re: Forward Air Corporation Credit Facility
Dear Andy:
Concerning the terms of the Loan and Security Agreement date September 10, 1998 ,and the Modification Agreement dated June 18, 2002 First Tennessee Bank (“The Bank”) agrees to the following:
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| 1. | The Bank extends the maturity date on the $20,000,000 Master Secured Promissory Note dated September 10, 1998 (the “Line of Credit”) to April 30, 2007. |
This agreement constitutes a one time modification to the specific items addressed above. All other terms and agreements of the Loan Documents remain in full effect and force.
Sincerely,
/s/ Steve Mears
Steve Mears
Senior Vice President
Accepted as of the 17th day of May, 2005
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| By: /s/ Andrew C. Clarke | ||
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| Andrew Clarke, Chief Financial Officer | |
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| Forward Air Corporation | |
