SECURITY AGREEMENTSecurity Agreement • November 10th, 2011 • Mechanical Technology Inc • Measuring & controlling devices, nec • New York
SECURITY INTEREST. MTI Instruments, Inc., a corporation organized under the law of the State of New York and having its chief executive office at, 325 Washington Avenue Extension, Albany, New York 12205 (“Debtor”) hereby grants to FIRST NIAGARA BANK, N.A., a national banking association with a banking office at 6950 South Transit Road, P.O. Box 514, Lockport, New York 14095-0514, and any of its affiliates (“Secured Party”) a continuing security interest (“Security Interest”) in all property of Debtor described in Schedule A annexed to this Security Agreement (together with all amendments, supplements or other modifications, the “Agreement”) hereto and made part hereof and on any separate schedule(s) at any time or from time to time furnished by Debtor to Secured Party, (all of which are hereby deemed part of this Agreement) , in all supporting obligations thereof and in all increases or profits received therefrom, the software and books and records related thereto, and in all parts, ac
DEMAND GRID NOTEDemand Grid Note • November 10th, 2011 • Mechanical Technology Inc • Measuring & controlling devices, nec • New York
FOR VALUE RECEIVED, and intending to be legally bound, MTI Instruments, Inc. (“Borrower”), a corporation organized under the laws of the State of New York, with its principal place of business at 325 Washington Avenue Extension, Albany, New York 12205 promises to pay to FIRST NIAGARA BANK, N.A., a national banking association with a banking office at 6950 South Transit Road, P.O. Box 28, Lockport, New York 14095-0028 (“Lender”) or order, ON DEMAND, at its office set forth above, the lesser of Four Hundred Thousand and 00/100 Dollars ($400,000.00) or the aggregate unpaid principal amount of all advances made by Lender to Borrower from time to time, as may be evidenced by the inscriptions made on this Note, or as may be entered in a loan account on Lender’s books and records, or both, together with interest thereon until paid in full.
SUPPLEMENTAL LEASE EXTENSION AND MODIFICATION AGREEMENTSupplemental Lease Extension and Modification Agreement • November 10th, 2011 • Mechanical Technology Inc • Measuring & controlling devices, nec
This Supplemental Lease Extension and Modification Agreement is made and entered into as of the 29th day of September, 2011, between KINGFISHER, LLC, a New York limited liability company having its principal place of business at PO Box 370, 1133 Route 295, East Chatham, New York 12060 (“Landlord”) and MTI MICROFUEL CELLS, INC., a New York corporation having its principal place of business at 431 New Karner Road, Albany, New York 12205 (“Tenant”), as Assignee of MECHANICAL TECHNOLOGY, INCORPORATED (“Original Tenant”).
GUARANTY AGREEMENT (BUSINESS ENTITY)Guaranty Agreement • November 10th, 2011 • Mechanical Technology Inc • Measuring & controlling devices, nec • New York
This Guaranty Agreement (as amended, supplemented, replaced or otherwise modified, this “Guaranty”) is given by Mechanical Technology, Incorporated, a corporation having an address of 431 New Karner Road, Albany, New York 12205 (“Guarantor”) to FIRST NIAGARA BANK, N.A., a national banking association having a banking office at 6950 South Transit Road, P.O. Box 514, Lockport, New York 14095-0514, and one or more of its affiliates (“Lender”) in consideration of Lender now or hereafter (a) extending or agreeing to extend any credit or other financial accommodation to MTI Instruments, Inc., a corporation (“Borrower”) or (b) agreeing to any direct or indirect extension, renewal, refinancing or other modification or replacement of or waiving or forbearing from exercising any right or remedy relating to any obligation heretofore or hereafter arising or accruing as a result of any such credit or other financial accommodation, and for other valuable consideration, the receipt of which is acknow
