EXHIBIT 10.24
[LETTERHEAD OF GMAC COMMERCIAL FINANCE]
OCTOBER 15, 2002
International Airline Support Group, Inc.
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Attention: ▇▇. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇
Dear ▇▇. ▇▇▇▇:
Reference is hereby made to the Letter Agreement, dated as of September 20,
2002 (the "Letter Agreement"), between International Airline Support Group, Inc.
("Borrower") and GMAC Commercial Credit LLC as successor to BNY Financial
Corporation ("Lender"). Capitalized terms not otherwise defined herein shall
have the meanings given to them in the Letter Agreement.
For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree that subsection (iv) of the
third paragraph of the Letter Agreement is hereby amended to change the date
from "October 15, 2002" to "October 31, 2002."
Except as expressly provided herein, the execution, delivery and
effectiveness of this letter shall not operate as a waiver of any of Lender's
rights, powers or remedies, nor constitute a waiver of any provision of the
Letter Agreement, the Credit Agreement or any other documents, instruments or
agreements executed and/or delivered thereunder or in connection therewith and
all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby
ratified and confirmed.
This letter may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which taken
together shall constitute one and the same consent letter. Any signature
delivered by a party by facsimile transmission shall be deemed to be an original
signature hereto.
Very truly yours,
GMAC COMMERCIAL CREDIT LLC
By: /s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
Acknowledged and Agreed to:
INTERNATIONAL AIRLINE SUPPORT GROUP, INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇
Title: Chairman, President and Chief Executive Officer