LOAN AGREEMENT (Revolving Loan and Equipment Term Loan)Loan Agreement • February 5th, 2014 • Greystone Logistics, Inc. • Special industry machinery, nec • Oklahoma
This Loan Agreement (this “Agreement”) is made as of January 31, 2014, among INTERNATIONAL BANK OF COMMERCE, a Texas state banking association (together with its successors and assigns, “Lender”), and GREYSTONE LOGISTICS, INC., an Oklahoma corporation (“Greystone Logistics”), and GREYSTONE MANUFACTURING, L.L.C., an Oklahoma limited liability company (“Greystone Manufacturing” and, together with Greystone Logistics, the “Borrowers”).
BILL OF SALE AND ASSIGNMENTBill of Sale and Assignment • February 5th, 2014 • Greystone Logistics, Inc. • Special industry machinery, nec • Oklahoma
THIS BILL OF SALE AND ASSIGNMENT (this “Assignment”), dated as of the 31st day of January, 2014, is entered into by and among Yorktown Management and Financial Services, L.L.C., an Oklahoma limited liability company (“Yorktown”), Greystone Manufacturing, L.L.C., an Oklahoma limited liability company (“Greystone Manufacturing”), Greystone Logistics, Inc., an Oklahoma corporation (“Greystone Logistics”), and Warren F. Kruger (“Kruger”).
PROMISSORY NOTE (Equipment Term Loan)Greystone Logistics, Inc. • February 5th, 2014 • Special industry machinery, nec
FOR VALUE RECEIVED, GREYSTONE LOGISTICS, INC., an Oklahoma corporation, and GREYSTONE MANUFACTURING, L.L.C., an Oklahoma limited liability company (collectively, the “Borrowers” and each individually, a “Borrower”), hereby jointly and severally promise to pay to the order of INTERNATIONAL BANK OF COMMERCE, a Texas state banking association (together with any and all of its successors and assigns and/or any other holder of this Note, the “Lender”), the principal sum of NINE MILLION TWO-HUNDRED THOUSAND AND 00/100 DOLLARS ($9,200,000.00), in legal and lawful money of the United States of America, with interest as it accrues on the outstanding principal balance from the date of this Note until paid. This Promissory Note (this “Note”) is executed pursuant to, and is the “Equipment Term Note” described in, the Loan Agreement of even date herewith among the Borrowers and the Lender (as it may be amended, modified or restated from time to time, the “Loan Agreement”). Capitalized terms used bu
PROMISSORY NOTE (Revolving Loan)Greystone Logistics, Inc. • February 5th, 2014 • Special industry machinery, nec
Interest will accrue on the outstanding principal balance of this Note at a rate per annum equal to the greater of (i) the floating “Prime Rate” (defined below) as it fluctuates from time to time, plus one half of one percent (0.5%), and (ii) four percent (4.00%), but will not exceed the highest non-usurious rate of interest permitted by (i) Oklahoma Law or (ii) United States Federal Law, if and only if Federal Law permits a higher interest rate (the “Maximum Rate”). The interest rate effective as of the date of this Note is 4.00% per annum. The rate of interest due on this Note will be recomputed as of the date of any change in the Prime Rate.
