AMENDED AND RESTATED SECURITY AGREEMENT (Grantor)Security Agreement • April 9th, 2019 • Air T Inc • Air courier services • Minnesota
This AMENDED AND RESTATED SECURITY AGREEMENT is made as of April 3, 2019 (the “Agreement”), by AIRCO 1, LLC, a Delaware limited liability company, with its chief executive office at 5930 Balsom Ridge Road, Denver, NC 28037 (“Grantor”), in favor of MINNESOTA BANK & TRUST, a national banking corporation, with an office at 9800 Bren Road East, Suite 200, Minnetonka, MN 55343 (“Secured Party”).
AMENDED AND RESTATED PLEDGE AGREEMENTPledge Agreement • April 9th, 2019 • Air T Inc • Air courier services • Minnesota
THIS AMENDED AND RESTATED PLEDGE AGREEMENT (the “Pledge Agreement”), dated as of April 3, 2019, (the “Effective Date”), is entered into by and between AIRCO, LLC, a North Carolina 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).
Loan AgreementLoan Agreement • April 9th, 2019 • Air T Inc • Air courier services • Minnesota
SUBORDINATION AGREEMENTSubordination Agreement • April 9th, 2019 • Air T Inc • Air courier services • Minnesota
WHEREAS, Airco 1, LLC, a Minnesota limited liability company (hereinafter, together with its successors and assigns, called the “Borrower”), is now indebted to Air T, Inc., a Delaware corporation (the “Subordinated Creditor”), in the amount of SIX HUNDRED SEVENTEEN THOUSAND AND NO/100THS Dollars ($617,000) and may from time to time hereafter become indebted to the Subordinated Creditor in further amounts, and Borrower has requested, and may from time to time hereafter request, Minnesota Bank & Trust, (hereinafter, together with its successors and assigns, called the “Lender”), with an office at 9800 Bren Road East, Suite 200, Minnetonka, MN 55343, to make or agree to make loans, advances or other financial accommodations to the Borrower;
REVOLVING CREDIT NOTESecurity Agreement • April 9th, 2019 • Air T Inc • Air courier services
FOR VALUE RECEIVED, on the Termination Date (as defined in the Loan Agreement hereinafter defined) the undersigned, AIRCO 1, LLC, a Delaware limited liability company (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 Revolving Loans (as hereinafter defined) made by the Lender to the Borrower pursuant to the Loan Agreement.
