LOAN EXCHANGE & RELEASE AGREEMENTLoan Exchange & Release Agreement • October 24th, 2024 • ScanTech AI Systems Inc. • Instruments for meas & testing of electricity & elec signals • Delaware
This LOAN EXCHANGE & RELEASE AGREEMENT (this “Agreement”) is made as at 25 September 2024, by and among SCANTECH IDENTIFICATION BEAM SYSTEMS LLC, a Delaware limited liability company (hereinafter referred to as the “Legacy Borrower”) and SCANTECH AI SYSTEMS INC, a Delaware corporation (hereinafter referred to as the “New Borrower”) on the one hand, and SEAPORT GROUP SIBS LLC, a Delaware limited liability company (hereinafter referred to as “Senior Lender”) and STEELE INTERESTS SIBS LLC, a limited liability company organized under the laws of Delaware, STEELE INTERESTS SIBS II LLC, a limited liability company organized under the laws of Delaware, STEELE INTERESTS SIBS III LLC, a limited liability company organized under the laws of Delaware, and STEELE INTERESTS SIBS IV LLC, a limited liability company organized under the laws of Delaware (each a “Noteholder” and collectively the “Noteholders”) in their joint capacity as lenders providing new term loan commitments as set forth herein be
