PLEDGE AGREEMENTPledge Agreement • May 31st, 2018 • Air T Inc • Air courier services • Minnesota
THIS PLEDGE AGREEMENT (the “Pledge Agreement”), dated as of May __, 2018, (the “Effective Date”), is entered into by and between Stratus Aero Partners, LLC, a Delaware limited liability company (the “Pledgor”), and MINNESOTA BANK & TRUST, a Minnesota state banking corporation company (the “Lender”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Loan Agreement (hereinafter defined).
TERM NOTEAir T Inc • May 31st, 2018 • Air courier services
FOR VALUE RECEIVED, the undersigned, Worthington Acquisition, LLC (, a North Carolina limited liability company (together with its successors and assigns, “Acquisition”), Worthington Aviation, LLC, a North Carolina limited liability company (together with its successors and assigns, “Aviation”), Worthington MRO, LLC, a North Carolina limited liability company (together with its successors and assigns, “MRO”; and together with Acquisition and Aviation being sometimes collectively referred to herein as, the “Borrowers” and individually as, a “Borrower”), jointly and severally promise to pay to the order of MINNESOTA BANK & TRUST, a national banking association (the “Lender”), the principal sum of THREE MILLION FOUR HUNDRED THOUSAND AND No/100ths DOLLARS (U.S. $3,400,000.00) on or before November 30, 2019, 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 Loan Agreement (the “Maturity Date
REVOLVING CREDIT NOTEAir T Inc • May 31st, 2018 • Air courier services
FOR VALUE RECEIVED, on the Revolving Credit Termination Date (as defined in the Credit Agreement hereinafter defined) the undersigned, Worthington Acquisition, LLC (, a North Carolina limited liability company (together with its successors and assigns, “Acquisition”), Worthington Aviation, LLC, a North Carolina limited liability company (together with its successors and assigns, “Aviation”), Worthington MRO, LLC, a North Carolina limited liability company (together with its successors and assigns, “MRO”; and together with Acquisition and Aviation being sometimes collectively referred to herein as, the “Borrowers” and individually as, a “Borrower”), jointly and severally promise to pay to the order of Minnesota Bank & Trust, a Minnesota state banking corporation (the “Lender”), the principal sum of ONE MILLION FIVE HUNDRED THOUSAND AND NO/100THS DOLLARS (U.S. $1,500,000.00) or, if less, the aggregate unpaid principal amount of all Revolving Credit Loans (as hereinafter defined) made by
LIMITED GUARANTYLimited Guaranty • May 31st, 2018 • Air T Inc • Air courier services
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Minnesota Bank & Trust, a Minnesota state banking corporation (the “Lender”), at its option at any time or from time to time to make loans or extend other accommodations to or for the account of Worthington Acquisition, LLC, a North Carolina limited liability company (together with its successors and assigns, “Acquisition”), Worthington Aviation, LLC, a North Carolina limited liability company (together with its successors and assigns, “Aviation”), Worthington MRO, LLC, a North Carolina limited liability company (together with its successors and assigns, “MRO”; and together with Acquisition and Aviation being sometimes collectively referred to herein as, the “Borrowers” and individually as, a “Borrower”), the undersigned hereby absolutely and unconditionally guarantees to the Lender the full and prompt payment and performance when due, whether at maturity or earlier by reaso
