COLLATERAL ACCOUNT AGREEMENTCollateral Account Agreement • June 26th, 2020 • Air T Inc • Air courier services • Minnesota
THIS COLLATERAL ACCOUNT AGREEMENT is made as of June 26, 2020 (the “Agreement”), by and between JET YARD, LLC, an Arizona 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”).
TERM NOTE EAir T Inc • June 26th, 2020 • Air courier services
FOR VALUE RECEIVED, 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 NINE MILLION FOUR HUNDRED SIXTY THREE THOUSAND AND NO/100THS DOLLARS (U.S. $9,463,000.00) on or before June 25, 2025, or such earlier date (the “Maturity 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 (hereinafter defined), 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 Second Amended and Amended Credit Agreement dated of even date herewith by and between Borrower
AMENDED AND RESTATED REVOLVING CREDIT NOTERevolving Credit Note • June 26th, 2020 • Air T Inc • Air courier services
FOR VALUE RECEIVED, on the 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 SEVENTEEN MILLION AND NO/100THS DOLLARS (U.S. $17,000,000.00) 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.
