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EX-10.1 - FIRST AMENDMENT TO SECURED LOAN AGREEMENT - ELECSYS CORPexhibit101_102610.htm
EX-10.2 - SECURED REVOLVING CREDIT NOTE - ELECSYS CORPexhibit102_102610.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)
October 21, 2010


ELECSYS CORPORATION
(Exact name of registrant as specified in its charter)
 

KANSAS
0-22760
48-1099142
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Identification
Employer No.)
     

 
846 N. Mart-Way Court, Olathe, Kansas
66061
(Address of principal executive offices)
(Zip Code)


 Registrant’s telephone number, including area code
(913) 647-0158


Not Applicable
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

 
Item 1.01  Entry into a Material Definitive Agreement.
 
On October 21, 2010, Elecsys Corporation (the “Company”) entered into a First Amendment to Secured Loan Agreement (the “Amendment”) with UMB Bank, N.A. (the “Bank”) pursuant to which the Company modified and amended certain terms of its Secured Loan Agreement with the Bank dated October 30, 2009 (the “Loan Agreement”).  In addition, the Company and its wholly-owned subsidiary, Elecsys International Corporation (“Elecsys International”), entered into a $6,000,000 Secured Revolving Credit Note (the “Note”) to add Elecsys International as a borrower under the Company’s revolving line of credit with the Bank.  The line of credit continues to be secured by all of the Company’s business assets and is now also secured by all of the business assets of Elecsys International.  The Amendment also extends the expiration of the line of credit one year to October 30, 2012, and modifies the required debt service coverage ratio, among other things.  Except as expressly modified and amended by the Amendment, the terms and conditions of the Loan Agreement remain in full force and effect.

The foregoing summary of the Amendment and the Note do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the agreements, which are attached as exhibits hereto.
 
 
Item 9.01    Financial Statements and Exhibits
 

(d)           EXHIBITS.  The following exhibits are filed herewith:
 
 
Exhibit No.   Description of Exhibit
 
10.1
First Amendment to Secured Loan Agreement dated October 21, 2010 with UMB Bank, N.A.

10.2
Secured Revolving Credit Note dated October 21, 2010 in favor of UMB Bank, N.A.
 



 
 

 

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date:  October 26, 2010
 
 
  ELECSYS CORPORATION  
       
       
  By: /s/ Todd A. Daniels  
    Todd A. Daniels  
    Vice President and Chief Financial Officer