BUSINESS LOAN AGREEMENT (ASSET BASED)Business Loan Agreement • July 30th, 2007 • American Electric Technologies Inc • Sheet metal work • Ohio
THIS BUSINESS LOAN AGREEMENT (ASSET BASED) dated July 2, 2007, is made and executed between M & I Electric Industries, Inc. (“Borrower”) and JPMorgan Chase Bank, NA (“Lender”) on the following terms and conditions, Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement (“Loan”). Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement, and (B) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
AGREEMENT TO PROVIDE INSURANCEProvide Insurance • July 30th, 2007 • American Electric Technologies Inc • Sheet metal work
INSURANCE REQUIREMENTS. Grantor, M & I Electric Industries, Inc. (“Grantor”), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to Grantor by Lender. These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):
CORPORATE RESOLUTIONCorporate Resolution • July 30th, 2007 • American Electric Technologies Inc • Sheet metal work
THE CORPORATION’S EXISTENCE. The complete and correct name of the Corporation is American Electric Technologies, Inc. (“Corporation”). The Corporation is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Florida. The Corporation is duly authorized to transact business in the State of Texas and all other states in which the Corporation is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which the Corporation is doing business. Specifically, the Corporation is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. The Corporation has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engaged. T
NOTICE OF FINAL AGREEMENTNotice of Final Agreement • July 30th, 2007 • American Electric Technologies Inc • Sheet metal work
Loan. The term “Loan” means the following described loan: a non-precomputed Variable Rate Nondisclosable Revolving Line of Credit Loan to a Corporation for $6,000,000.00 due on July 2, 2008. A margin of 1.750% is added to the index rate. Lender will tell the Borrower the current index rate upon Borrower’s request.
COMMERCIAL GUARANTYCommercial Guaranty • July 30th, 2007 • American Electric Technologies Inc • Sheet metal work • Ohio
INDEBTEDNESS GUARANTEED. The Indebtedness guaranteed by this Guaranty includes any and all of Borrower’s indebtedness to Lender and is used in the most comprehensive sense and means and includes any and all of Borrower’s liabilities, obligations and debts to Lender, now existing of hereinafter incurred or created, including, without limitation, all loans, advances, interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease obligations, other obligations, and liabilities of Borrower, or any of them, and any present or future judgments against Borrower, or any of them; and whether any such Indebtedness is voluntarily or involuntarily incurred, due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined; whether Borrower may be liable individually or jointly with others, or primarily or secondarily, or as guarantor or surety; whether recovery on the Indebtedness may be or may become barred or unenforceable against Borrower for any re
