AMENDED AND RESTATED SECURITY AGREEMENTSecurity Agreement • September 7th, 2021 • Air T Inc • Air courier services • Minnesota
THIS AMENDED AND RESTATED SECURITY AGREEMENT (this “Agreement”), dated as of August 31, 2021, is entered into by and among AIR T, INC., a Delaware corporation (together with its successors and assigns, “Air T”), and the guarantors listed on the signature pages hereto (the "Original Guarantors") or from time to time party hereto by execution of a joinder agreement (the "Additional Guarantors", and together with the Original Guarantors, the "Guarantors"), as grantors, pledgors, assignors and debtors (Air T, together with the Guarantors, in such capacities and together with any successors in such capacities, the "Grantors", and each, a "Grantor"), in favor of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (together with its successors and assigns, the “Secured Party”).
AMENDED AND RESTATED COLLATERAL ACCOUNT AGREEMENTCollateral Account Agreement • September 7th, 2021 • Air T Inc • Air courier services • Minnesota
THIS AMENDED AND RESTATED COLLATERAL ACCOUNT AGREEMENT is made as of August 31, 2021 (the “Agreement”), by and between JET YARD, LLC, an Arizona limited liability company (together with its successors and assigns “Grantor”), and MINNESOTA BANK & TRUST, Minnesota banking corporation (together with its successors and assigns, the “Secured Party”).
GUARANTY Dated: August 31, 2021.Guaranty • September 7th, 2021 • Air T Inc • Air courier services
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), at its option at any time or from time to time to make loans or extend other accommodations to or for the account of its wholly-owned subsidiary, JET YARD, LLC, an Arizona limited liability company (“Jet Yard”), the undersigned hereby absolutely and unconditionally guarantees to the Lender the full and prompt payment and performance when due, whether at maturity or earlier by reason of acceleration or otherwise, of each and every debt, liability and obligation of every type which Jet Yard may now or at any time hereafter owe to the Lender, whether such debt, liability or obligation now exists or is hereafter created or incurred, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint a
AMENDED AND RESTATED TERM NOTE ETerm Note • September 7th, 2021 • Air T Inc • Air courier services
FOR VALUE RECEIVED, the undersigned, AIR T, INC., a Delaware corporation (the “Maker”), promises to pay to the order of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), the principal sum of THREE MILLION SIX HUNDRED FIFTY FIVE THOUSAND EIGHT HUNDRED NINETEEN AND 22/100THS DOLLARS (U.S. $3,655,819.22) on or before June 25, 2025, or such earlier date (the “Maturity Date”) as this promissory note (this “Note”) may be declared due and payable by Lender pursuant to the terms hereof and the terms of the Credit Agreement (hereinafter defined), together with interest on the principal amount thereof outstanding from time to time at the rate or rates described below, and any and all other amounts which may be due and payable hereunder or under any of the Loan Documents (as hereinafter defined) from time to time. This Note is made pursuant to the terms and conditions set forth in that certain Third Amended and Amended Credit Agreement dated of even date herewith by an
AMENDED AND RESTATED GUARANTYGuaranty • September 7th, 2021 • Air T Inc • Air courier services • Minnesota
THIS GUARANTY, dated as of August 31, 2021, is jointly and severally executed by the guarantors listed on the signature pages hereto (the "Original Guarantors", or from time to time party hereto by execution of a joinder agreement (the "Additional Guarantors", and together with the Original Guarantors, the "Guarantors"), in favor of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (together with its successors and assigns, the “Lender”).
AMENDED AND RESTATED COLLATERAL ACCOUNT AGREEMENTCollateral Account Agreement • September 7th, 2021 • Air T Inc • Air courier services • Minnesota
THIS AMENDED AND RESTATED COLLATERAL ACCOUNT AGREEMENT is made as of August 31, 2021 (the “Agreement”), by and between AMBRY HILL TECHNOLOGIES LLC, a Minnesota limited liability company (together with its successors and assigns “Grantor”), and MINNESOTA BANK & TRUST, Minnesota banking corporation (together with its successors and assigns, the “Secured Party”).
AMENDED AND RESTATED REVOLVING CREDIT NOTERevolving Credit Note • September 7th, 2021 • Air T Inc • Air courier services
FOR VALUE RECEIVED, on the Revolving Credit Termination Date (as defined in the Credit Agreement hereinafter defined) the undersigned, AIR T, INC., a Delaware corporation (the “Maker”), promises to pay to the order of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), the principal sum of SEVENTEEN MILLION AND NO/100THS DOLLARS (U.S. $17,000,000.00) or, if less, the aggregate unpaid principal amount of all Revolving Credit Loans (as hereinafter defined) made by the Lender to the Maker pursuant to the Credit Agreement.
JET YARD TERM NOTETerm Note • September 7th, 2021 • Air T Inc • Air courier services
FOR VALUE RECEIVED, the undersigned, JET YARD, LLC, an Arizona limited liability company (the “Maker”), promises to pay to the order of MINNESOTA BANK & TRUST, a national banking association (the “Lender”), the principal sum of TWO MILLION AND No/100ths DOLLARS (U.S. $2,000,000.00) on or before August 31, 2031, or such earlier date as this promissory note (this “Note”) may be declared due and payable by Lender pursuant to the terms hereof and the terms of the Credit Agreement (the “Maturity Date”), together with interest on the principal amount thereof outstanding from time to time at the rate or rates described below, and any and all other amounts which may be due and payable hereunder or under any of the Loan Documents (as hereinafter defined) from time to time. This Note is made pursuant to the terms and conditions set forth in that certain Third Amended and Restated Credit Agreement dated of even date herewith by and between Maker, its co-Borrower, AIR T, INC., a Delaware corporati
