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3rd Amendment To Loan Agreement

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Sectors: Computer Hardware
Governing Law: Florida, View Florida State Laws
Effective Date: January 01, 2001
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EXHIBIT 10.1
THIRD AMENDMENT
TO LOAN AGREEMENT


THIS THIRD AMENDMENT to LOAN AGREEMENT is entered into as of the 21/st/ day of September, 2001, by and between ADVANCED ELECTRONIC SUPPORT PRODUCTS, INC., a Florida corporation (the "Borrower") and COMMERCEBANK, N.A., (the "Bank").


RECITALS:


A. Borrower and Bank entered into that certain loan agreement (the "Loan
Agreement") dated September 23, 1999 under the terms of which Bank agreed
to lend Borrower $3,500,000.


B. Borrower and Bank executed and delivered that certain First Amendment to
Loan Agreement (the "First Amendment") dated September 2, 2000 between
them. In connection with the First Amendment, Borrower executed and
delivered to Bank that certain Renewal Promissory Note dated September 2,
2000 (the "Renewal Note") in the original principal amount of $3,500,000.


C. Borrower and Bank executed and delivered that certain Second Amendment to
Loan Agreement (the "Second Amendment") dated March 16, 2001 between them.
In connection with the Second Amendment, Borrower executed and delivered to
Bank that certain Renewal Promissory Note dated March 16, 2001 (the
"Second Renewal Note") in the original principal amount of $4,000,000.


D. Borrower and Bank desire to amend certain terms of the Loan Agreement, as
amended, pursuant to the terms hereof to among other things increase the
commitment.


NOW, THEREFORE, in consideration of the agreements set forth herein and other good and valuable consideration, the parties hereto hereby agree as follows:


Section 1. Definitions. All capitalized terms used herein shall have the same meanings as used in Section 1 of the Loan Agreement, unless otherwise defined in this Third Amendment.


Section 2. Amendments to Loan Agreement. The Loan Agreement is hereby amended in the following respects:


(a) Financial Information. The second sentence of Section 4.1
----------------------
of the Loan Agreement shall be amended and restated as follows:
"Additionally, the Borrower shall deliver to the Lender, within sixty (60)
days after the end of each calendar quarter its quarterly 10-Qs."


(b) Other Conforming Changes: Article 1 of the Loan Agreement
------------------------
is amended as follows:


(i) Definition of Commitment Letter. The definition of
-------------------------------
Commitment Letter shall be amended to read as follows:


"Commitment Letter" shall mean collectively, that
certain letter agreement dated July 16, 1999 among the
Lender, the Borrower and the Guarantors, that certain
letter agreement dated September 6, 2000 among the
Lender, the Borrower and the Guarantors, that certain


letter agreement dated January 22, 2001 among the
Lender, the Borrower and the Guarantors, and that
certain letter agreement dated September 10, 2001
among the Lender, the Borrower, the Guarantors.


(ii) Definition of Line of Credit Note. The definition of
----------------------------------
Line of Credit Note shall be amended and restated
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