COLLATERAL ACCOUNT AGREEMENTCollateral Account Agreement • January 7th, 2020 • Air T Inc • Air courier services • Minnesota
THIS COLLATERAL ACCOUNT AGREEMENT is made as of December 31, 2019 (the “Agreement”), by and between AIR T OZ 3, LLC, a Minnesota limited liability company (together with its successors and assigns “Grantor”), and MINNESOTA BANK & TRUST, Minnesota banking corporation (together with its successors and assigns, the “Secured Party”).
ACKNOWLEDGMENT AND AGREEMENTAcknowledgment and Agreement • January 7th, 2020 • Air T Inc • Air courier services
Each of the undersigned has (a) guaranteed the payment and performance of all obligations of AIR T, INC., a Delaware corporation (the “Borrower”), to MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), pursuant to the terms of an Amended and Restated Guaranty dated as of March 28, 2019 (the “Guaranty”) jointly and severally made by the undersigned in favor of the Lender, which obligations include, without limitation, all “Obligations” (as defined in the Original Agreement described below) of the Borrower to the Lender pursuant to that certain Amended and Restated Credit Agreement dated as of March 28, 2019 (such Credit Agreement, as amended to date, being the “Original Agreement”), between the Borrower and the Lender, and (b) granted a first priority security interest in its assets to the Lender as collateral for such Obligations pursuant to the terms of that certain Amended and Restated Security Agreement dated as of March 28, 2019 (the “Security Agreement”)
SUPPLEMENTAL REVOLVING CREDIT NOTESupplemental Revolving Credit Note • January 7th, 2020 • Air T Inc • Air courier services
FOR VALUE RECEIVED, on the Supplemental Revolving Credit Termination Date (as defined in the Credit Agreement hereinafter defined) the undersigned, AIR T, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), the principal sum of TEN MILLION AND NO/100THS DOLLARS (U.S. $10,000,000.00) or, if less, the aggregate unpaid principal amount of all Supplemental Revolving Credit Loans (as hereinafter defined) made by the Lender to the Borrower pursuant to the Credit Agreement.
AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENTCredit Agreement • January 7th, 2020 • Air T Inc • Air courier services • Minnesota
This AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of December 31, 2019 (the “Amendment”), between Air T, Inc., a Delaware corporation (the “Borrower”), and Minnesota Bank & Trust, a Minnesota state banking corporation (the “Lender”).
