SECURITY AGREEMENTSecurity Agreement • September 7th, 2018 • Pro Dex Inc • Surgical & medical instruments & apparatus • Minnesota
THIS SECURITY AGREEMENT (this “Agreement”), dated as of September 6, 2018 is entered into by and among PRO-DEX, INC., a Colorado corporation, with its chief executive office at 2361 McGaw Avenue, Irvine, California 92614 (“Borrower”), together with each other party that becomes party hereto by execution of a joinder agreement (collectively, the "Guarantors"), as grantors, pledgors, assignors and debtors (the Borrower, 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, with an office at 7701 France Avenue South, Suite 110, Edina, MN 55435 (together with its successors and assigns, the “Secured Party”).
REVOLVING CREDIT NOTEPro Dex Inc • September 7th, 2018 • Surgical & medical instruments & apparatus
FOR VALUE RECEIVED, on the Revolving Credit Termination Date (as defined in the Credit Agreement hereinafter defined) the undersigned, PRO-DEX, INC., a Colorado corporation (the “Borrower”), promises to pay to the order of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), the principal sum of TWO MILLION AND NO/100THS DOLLARS (U.S. $2,000,000.00) or, if less, the aggregate unpaid principal amount of all Revolving Credit Loans (as hereinafter defined) made by the Lender to the Borrower pursuant to the Credit Agreement.
TERM NOTE APro Dex Inc • September 7th, 2018 • Surgical & medical instruments & apparatus
FOR VALUE RECEIVED, the undersigned, PRO-DEX, INC., a Colorado corporation (the “Borrower”), promises to pay to the order of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), the principal sum of FIVE MILLION AND No/100ths DOLLARS (U.S. $5,000,000.00) on or before October 1, 2025, 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 Credit Agreement dated of even date herewith by and between Borrower and Lender (as amended, modified, supplemented or restated from time to time b
