Company: AIRTP
Filing Date: 2025-09-17
Form Type: SCHEDULE 13D/A
Source: 0000897069-25-001482
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Company: AIR T INC
Filing Date: 2025-09-17
Form: SCHEDULE 13D/A
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 at least senior in priority of payment to all subordinated indebtedness and all senior unsecured indebtedness of the Issuer. 
 On September 27, 2024, the Issuer entered into an Amended and Restated Delayed Draw Term Note with Air T (the "Amended Note'). The Amended Note amends, restates, replaces and supersedes the prior Delayed Draw Term Note, dated as of August 15, 2024. The terms of the Amended Note remain essentially the same as the prior Delayed Draw Term Note except that the principal amount of the note was increased to $3,500,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 On September 15, 2025, the Issuer entered into a Promissory Note with AO Partners I, L.P. pursuant to which AO Partners I lent $1,699,844 to the Issuer. The Note has a maturity date of June 1, 2027, and bears interest at a rate per annum equal to 13.5%. Under the Note, the Issuer may enter into other Promissory Notes with other parties on the same terms (all of the Promissory notes entered into are referred to herein as "Pari Passu Notes"), and the Note provides that until all amounts outstanding under the Pari Passu Notes have been paid in full, the lenders may appoint one individual as a non-voting observer to the Issuer's board of directors. A copy of the Promissory Note is attached as Exhibit 99.3 to this filing, and is incorporated herein by reference.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 On September 15, 2025, the Issuer entered into a Promissory Note with Air T, Inc. pursuant to which Air T lent $1,100,156 to the Issuer. The Note has a maturity date of June 1, 2027, and bears interest at a rate per annum equal to 13.5%. Under the Note, the Issuer may enter into other Promissory Notes with other parties on the same terms (all of the Promissory notes entered into are referred to herein as "Pari Passu Notes"), and the Note provides that until all amounts outstanding under the Pari Passu Notes have been paid in full, the lenders may appoint one individual as a non-voting observer to the Issuer's board of directors. A copy of the Promissory Note is attached as Exhibit 99