Document:

metc_Ex10_1

		

			 

		

		
			Exhibit 10.1
		

		
			 
		

		
			 
		

		
			C#: 581058493
Ls#:2001972453
		

		
			Promissory Note
		

		
			 
		

		
			April 20, 2020
		

		
			 
		

		
			FOR  VALUE RECEIVED, RAMACO  RESOURCES,  INC., a Delaware corporation; RAMACO DEVELOPMENT, LLC, a Delaware limited liability company; RAM MINING, LLC, a Delaware limited liability company; RAMACO COAL SALES, LLC, a Delaware limited liability company; RAMACO RESOURCES, LLC, a Delaware limited liability company; and RAMACO RESOU.RCES LAND HOLDINGS, LLC, a Delaware limited liability company (collectively as "Maker"), promises to pay to the order of KEY EQUIPMENT FINANCE, A DIVISION OF KEYBANK NATIONAL ASSOCIATION, ("Holder"), the sum of $4,742,838.68 in lawful money of the United States of America (the "Principal"), with interest thereon as hereafter provided ("Interest"), to be paid in the manner set forth herein.
		

		
			1.    Relationship to Master Security Agreement. This Note is secured by the Master Security Agreement dated as of November 15, 2019 and Collateral Schedule No. 02 dated as of April 14, 2020 thereto (together, the "Master Security Agreement"), and all terms and conditions contained therein are incorporated herein by reference. Capitalized terms used herein without definition shall have the meaning given them in the Master Security Agreement. Maker reaffirms all terms, conditions, representations and warranties contained in the Master Security Agreement except as they may be modified hereby.
		

		
			2.    Interest Rate. Interest on the balance of the Principal outstanding on this Note shall accrue from the Funding Date of this Note and shall be due and payable at a fixed rate of 7.45 % per annum (the "Interest Rate"). Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.
		

		
			3.    Usury; Place of Payment. (a) Holder does not intend to charge any amount in excess of the maximum amount of time price differential or interest, as applicable, permitted to be charged or collected by applicable law and any such excess amounts will be applied to payments due under this Note, in inverse order of maturity, with any surplus refunded to Maker.
		

		
			(b) Payment of the Principal and Interest hereunder shall be made to Holder at 1000 S. McCaslin Blvd., Superior, CO 80027, or at such other place as Holder may designate from time to time in writing. Holder reserves the right to require payment on this Note to be made by wired federal funds or other immediately available funds.
		

		
			4.    Repayment Terms. The Principal and Interest shall be due and payable in 36 consecutive Monthly installments payable in Arrears, each in an amount equal to $147,422.89 commencing and payable on the date which is one (1) month after the Funding Date and on the same day of each month thereafter (each, a "Note Payment Date"). In addition, Maker will pay a late payment charge of five percent (5%) of any payment due hereunder that is not paid on or before the date due hereunder.
		

		
			5.    Prepayment. Except as contemplated by Section 11(b)(ii) of the Master Security Agreement and except as specifically provided below, Maker may not prepay, in whole or in part, the Principal outstanding hereunder; provided, however, that commencing on the date following the 1-month anniversary of the Funding Date, Maker may prepay, in whole but not in part, the principal outstanding hereunder by paying to Holder such outstanding principal, together with all accrued and unpaid interest thereon, plus a prepayment premium ("Prepayment Premium") equal to a percentage of the outstanding principal calculated as follows:
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Months

					
					
						Prepayment Premium

				
	
					
						1-12

					
					
						3.0%

				
	
					
						13-24

					
					
						2.0%

				
	
					
						25-End of Term

					
					
						1.0%

				

		
			 
		

		
			
		

		
			

		 

			

					

						 

					

					

						 

				
	

					

						Form No. 04-550NOTE.31

					

					

						Page 1 of 2

				

		

			 

		

		

			 

		

		

		
			 
		

		
			6.    Application of Payments. Prior to Default, each payment received on this Note shall be applied in the following order: (a} all costs of collection, (b) any unpaid late payment charges, (c} any Prepayment Premium, (d} Interest accrued as of the payment date and (e} the balance, if any, to outstanding Principal as of the date received. Upon the occurrence and during the continuance of a Default, any payments in respect of the Secured Obligations and any proceeds of the Collateral when received by Holder in cash or its equivalent, will be applied first to costs of collection and, thereafter, in reduction of the Secured Obligations in such order and manner as Holder may direct in its sole discretion. Maker irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that Holder shall have the continuing and exclusive right to apply any and all such payments and proceeds in the Holder's sole discretion, notwithstanding any entry to the contrary upon any of its books and records
		

		
			7.    Security. Payment of the Principal and Interest hereunder, and the performance and observance by Maker of all agreements, covenants and provisions contained herein, is secured by a first priority security interest in the Collateral.
		

		
			8.    General. Maker represents and warrants that this Note evidences a loan for business or commercial purposes. By executing this Note, Maker confirms (a) having read and understood the provisions hereof and (b) Maker's agreement with all terms and conditions contained herein.
		

		
			9.    Waivers.  MAKER AND ALL ENDORSERS, SURETIES, AND GUARANTORS HEREOF HEREBY JOINTLY AND SEVERALLY WAIVE PRESENTMENT FOR PAYMENT, DEMAND, NOTICE OF NON-PAYMENT OR DISHONOR, NOTICE OF INTENTION TO ACCELERATE THE MATURITY, NOTICE OF PROTEST AND PROTEST OF THIS NOTE.
		

		
			10.    Funding Date. The Funding Date for this Note shall be the date on which Holder disburses funds hereunder. IF THE FUNDING DATE IS LEFT BLANK, OR DOES NOT REFLECT THE ACTUAL DATE HOLDER DISBURSES FUNDS HEREUNDER, MAKER HEREBY AUTHORIZES HOLDER TO FILL IN THE CORRECT DATE AT THE TIME OF DISBURSEMENT.
		

		
			IN WITNESS WHEREOF, Maker, intending to be legally bound, has caused this Note to be duly executed on the day and year first written above.
		

		
			 
		

		
			MAKER: RAMACO RESOURCES, INC. 
		

		
			RAMACO DEVELOPMENT, LLC 
		

		
			RAM MINING, LLC
		

		
			RAMACO COAL SALES, LLC
		

		
			RAMACO RESOURCES, LLC
		

		
			RAMACO RESOURCES LAND HOLDINGS, LLC
		

		
			 
		

		
			By
		

		
			 
		

		
			Name:  Randall W. Atkins 
		

		
			Title:  Executive Chairman 
		

		
			ATTACHMENT:
		

		
			Collateral Schedule:  This Note is secured by Collateral Schedule No. 02 dated as of April 14, 2020 to the Master Security Agreement.
		

		
			 
		

		 

			

					

						 

					

					

						 

				
	

					

						Form No. 04-550NOTE.31

					

					

						Page 2 of 2metc_Ex10_2

		

			Exhbit 10.2

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						U.S. Small Business Administration

					
						NOTE

				
	
					
						 

					
					
						 

				

		
			 
		

			
					
						 

					
					
						 

				
	
					
						SBA Loan #

					
					
						54096771-03

				
	
					
						SBA Loan Name

					
					
						Ramaco Resources, Inc.

				
	
					
						Date

					
					
						April 16, 2020

				
	
					
						Loan Amount

					
					
						$8,444,737.00

				
	
					
						Interest Rate

					
					
						1.00%

				
	
					
						Borrower

					
					
						Ramaco Resources, Inc.

				
	
					
						Operating Company

					
					
						N/A

				
	
					
						Lender

					
					
						KeyBank National Association

				

		
			1. PROMISE TO PAY:
		

		
			In return for the Loan, Borrower promises to pay to the order of Lender the amount of $8,444,737.00 and 00/100 Dollars, interest on the unpaid principal balance, and all other amounts required by this Note.
		

		
			2. DEFINITIONS:
		

		
			“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note. “Guarantor” means each person or entity that signs a guarantee of payment of this Note.
		

		
			“Loan” means the loan evidenced by this Note.
		

		
			“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral.
		

		
			“SBA” means the Small Business Administration, an Agency of the United States of America.
		

		
			3. PAYMENT TERMS:
		

		
			Borrower must make all payments at the place Lender designates. The payment terms for this Note are: The interest rate is 1.00% per year. The interest rate may only be changed in accordance with SOP 50 10.
		

		
			Borrower must pay principal and interest payments of $355,541.00 every month beginning 7 month(s) from the month this Note is dated; payments must be made on the   calendar day in the months they are due.
		

		
			Lender will apply each installment payment first to pay interest accrued to the day Lender receives the payment, then to bring principal current, then to pay any late fees, and will apply any remaining balance to reduce principal.
		

		
			
		

		
			

		 

			

					

						 

					

					

						 

				
	

					

						Form 147-Note

					

					

						(06/03/02) Version 4.1

				
	

					

						Ramaco Resources, Inc.

					

					

						 

				
	

					

						 

					

					

						Page 1 of 4

				

		

			 

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			Loan Prepayment:
		

		
			Notwithstanding any provision in this Note to the contrary:
		

		
			Borrower may prepay this Note. Borrower may prepay 20 percent or less of the unpaid principal balance at any time without notice. If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must: a. Give Lender written notice; b. Pay all accrued interest; and c. If the prepayment is received less than 21 days from the date Lender receives the notice, pay an amount equal to 21 days’ interest from the date lender receives the notice, less any interest accrued during the 21 days and paid under subparagraph b., above.
		

		
			If Borrower does not prepay within 30 days from the date Lender receives the notice, Borrower must give Lender a new notice.
		

		
			All remaining principal and accrued interest is due and payable 2 years from date of Note.
		

		
			Conditional Loan Forgiveness:
		

		
			The indebtedness evidenced by this Note may be forgiven, pursuant to and subject to, the terms of the Paycheck Protection Program (15 U.S.C. § 636(a)(36)), and the guidance issued in relation thereto by SBA and/or the U.S. Department of Treasury.
		

		
			Late Charge: If a payment on this Note is more than 10 days late, Lender may charge Borrower a late fee of up to 5% of the unpaid portion of the regularly scheduled payment.
		

		
			4. DEFAULT:
		

		
			Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company:
		

		
			A. Fails to do anything required by this Note and other Loan Documents;
		

		
			B. Defaults on any other loan with Lender;
		

		
			C. Does not preserve, or account to Lender’s satisfaction for, any of the Collateral or its proceeds;
		

		
			D. Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;
		

		
			E. Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;
		

		
			F. Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability to pay this Note;
		

		
			G. Fails to pay any taxes when due;
		

		
			H. Becomes the subject of a proceeding under any bankruptcy or insolvency law;
		

		
			I. Has a receiver or liquidator appointed for any part of their business or property;
		

		
			J. Makes an assignment for the benefit of creditors;
		

		
			K. Has any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s ability to pay this Note;
		

		
			L. Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or
		

		
			M. Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this Note.
		

		
			5. LENDER’S RIGHTS IF THERE IS A DEFAULT:
		

		
			Without notice or demand and without giving up any of its rights, Lender may:
		

		
			A. Require immediate payment of all amounts owing under this Note;
		

		
			B. Collect all amounts owing from any Borrower or Guarantor;
		

		
			C. File suit and obtain judgment;
		

		
			D. Take possession of any Collateral; or
		

		
			E. Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.
		

		
			6. LENDER’S GENERAL POWERS:
		

		
			Without notice and without Borrower’s consent, Lender may:
		

		
			A. Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;
		

		
			
		

		
			

		 

			

					

						 

					

					

						 

				
	

					

						Form 147-Note

					

					

						(06/03/02) Version 4.1

				
	

					

						Ramaco Resources, Inc.

					

					

						 

				
	

					

						 

					

					

						Page 2 of 4

				

		

			 

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			B. Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance;
		

		
			C. Release anyone obligated to pay this Note;
		

		
			D. Compromise, release, renew, extend or substitute any of the Collateral; and
		

		
			E. Take any action necessary to protect the Collateral or collect amounts owing on this Note.
		

		
			7. WHEN FEDERAL LAW APPLIES:
		

		
			When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.
		

		
			8. SUCCESSORS AND ASSIGNS:
		

		
			Under this Note, Borrower and Operating Company include the successors of each, and Lender includes its successors and assigns.
		

		
			9. GENERAL PROVISIONS:
		

		
			A. All individuals and entities signing this Note are jointly and severally liable.
		

		
			B. Borrower waives all suretyship defenses.
		

		
			C. Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender to acquire, perfect, or maintain Lender’s liens on Collateral.
		

		
			D. Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.
		

		
			E. Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
		

		
			F. If any part of this Note is unenforceable, all other parts remain in effect.
		

		
			G. To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a sale.
		

		
			10. BORROWER’S NAME(S) AND SIGNATURE(S):
		

		
			By signing below, each individual or entity becomes obligated under this Note as Borrower.
		

		
			Ramaco Resources, Inc.
		

		
			a(n) DE Corporation
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						

					
					
						4/17/2020

					
					
						 

				
	
					
						Jeremy Sussman

					
					
						Date

					
					
						 

				
	
					
						Individual

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

			

					

						 

					

					

						 

				
	

					

						Form 147-Note

					

					

						(06/03/02) Version 4.1

				
	

					

						Ramaco Resources, Inc.

					

					

						 

				
	

					

						 

					

					

						Page 3 of 4

				

		

			 

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			 
		

		
			SBA Application / Loan No. 54096771-03
		

		
			U.S. Small Business Administration
		

		
			RESOLUTION OF Ramaco Resources, Inc.
		

		

		
			(1) RESOLVED, that the members/officers of Ramaco Resources, Inc. (hereinafter referred to as “Organization”) named below, or any one of them, or their, or any one of their, duly elected or appointed successors in office, be and they are hereby authorized and empowered in the name and on behalf of this Organization to execute and deliver to KEYBANK NATIONAL ASSOCIATION (hereinafter referred to as “Lender”) and the Small Business Administration, an agency of the Government of the United States of America (hereinafter called “SBA”), in the form required by the Lender and the SBA, the following documents:
		

		
			(a) Application for a loan, the total thereof not to exceed in principal amount
		

		
			$8,444,737.00 (the “Loan”), maturing upon such date or dates and bearing interest at such rate or rates as may be prescribed by the Lender and the SBA, which Loan shall be guaranteed by the SBA pursuant to 15 U.S.C § 636(a)(36);
		

		
			(b) the Note signed by this Organization evidencing such Loan; and
		

		
			(c) any other Instruments or Agreements or Loan Documents to be signed by this Organization which may be required by the Lender or the SBA in connection with such Loan;
		

		
			(2) FURTHER RESOLVED, that any indebtedness heretofore contracted and any Contracts or Agreements or Loan Documents heretofore made with the Lender or the SBA on behalf of this Organization, and all acts of members or agents of this Organization in connection with said indebtedness or said Contracts or Agreements or Loan Documents, are hereby ratified and confirmed;
		

		
			(3) FURTHER RESOLVED, that the members/officers referred to in the foregoing resolutions are as follows:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Jeremy Sussman

					
					
						    

					
					
						Chief Financial Officer

					
					
						    

					
					
						

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						(Typewrite Name)

					
					
						 

					
					
						(Title)

					
					
						 

					
					
						(Signature)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						(Typewrite Name)

					
					
						 

					
					
						(Title)

					
					
						 

					
					
						(Signature)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						(Typewrite Name)

					
					
						 

					
					
						(Title)

					
					
						 

					
					
						(Signature)

				

		
			(4) FURTHER RESOLVED, that the Lender and the SBA are authorized to rely upon the aforesaid resolutions until receipt of written notice of any change.
		

		
			
		

		
			

		 

		

			Modeled from:

		

		

			SBA Form 160 (7-05) Previous editions obsolete

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			2
		

		
			CERTIFICATION
		

		
			I HEREBY CERTIFY that the foregoing is a true and correct copy of a resolution adopted by Ramaco Resources, Inc. at a meeting duly called and held, at which a quorum was present and voted, or by other duly authorized action in lieu of a meeting, and that such resolution is duly recorded in the minute book of this company; that the members/officers named in said resolution have been duly elected or appointed to, and are the present incumbents of, the respective offices set after their respective names; and that the signatures set opposite their respective names are their true and genuine signatures.
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						

				
	
					
						 

					
					
						Jeremy Sussman, Individual

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Modeled from:

		

		

			SBA Form 160 (7-05) Previous editions obsolete

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			LOAN AGREEMENT
		

		
			* * * * * * * * * *
		

		
			THIS LOAN AGREEMENT (“Agreement”) is made on April 16, 2020, between the Ramaco Resources, Inc. and KEYBANK NATIONAL ASSOCIATION identified in the SBA Approval issued by the U.S. Small Business Administration (“SBA”) to Lender, dated April 13, 2020 SBA Loan Number 54096771-03 (“Approval”).
		

		
			SBA has authorized a guaranty of a loan from Lender to Borrower under the Paycheck Protection Program (15 U.S.C. § 636(a)(36)) (the “Act”) in the original principal amount of $8,444,737.00 (the “Loan”).
		

		
			In consideration of the promises in this Agreement and for other good and valuable consideration, Borrower and Lender agree as follows:
		

		
			1. Subject to the terms and conditions of this Agreement, Lender agrees to make the Loan if Borrower complies with the following “Borrower Requirements”. Borrower must:
		

		
			a. Provide Lender with all certifications, documents or other information Lender is required by the Authorization to obtain from Borrower or any third party;
		

		
			b. Execute a note and any other documents required by Lender;
		

		
			c. Complies with the terms and conditions of this Agreement; and
		

		
			d. Does everything necessary for Lender to comply with the terms and conditions of the Loan.
		

		
			2. Borrower represents and warrants, as of the date hereof, that:
		

		
			a. Borrower was in business as of February 15, 2020 and had employees for which Borrower paid salaries, wages, or the equivalent and for which Borrower paid payroll taxes;
		

		
			b. Borrower has reviewed the Act and represents, warrants and certifies to Lender that Borrower is an eligible applicant under the Act and the guidance promulgated by SBA and U.S. Department of Treasury related thereto;
		

		
			c. The information provided in the application for the Loan and the information provided in all supporting documents and forms is true and accurate. Borrower acknowledges that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000;
		

		
			d. The amount of the Loan was calculated using tax documentation provided by Borrower to Lender. Borrower hereby represents and warrants that these tax documents are identical to those submitted by Borrower to the IRS and that the 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			information contained therein is true, correct and complete;
		

		
			e. Borrower shall use the Loan only for payroll costs, interest on mortgages, rent, and utilities and Borrower shall use account no. 359681527792 to facilitate application of the Loan towards the approved costs; and
		

		
			f. Borrower has suffered an adverse impact to its business as a result of the COVID-19 pandemic.
		

		
			3. Borrower hereby acknowledges the following:
		

		
			a. Any forgiveness of the Loan amount, in full or in part, is contingent on Borrower using the Loan only for the purposes identified in this Agreement;
		

		
			b. Any request made by Borrower to Lender for forgiveness of the Loan, in full or in part, shall include documentation verifying the use of Loan proceeds towards permitted uses, satisfactory to Lender it its sole discretion;
		

		
			c. Any and all information and supporting documentation provided by Borrower to Lender is and shall be true, accurate and complete in all respects.
		

		
			4. The terms and conditions of this Agreement:
		

		
			a. Are binding on Borrower and its successors and assigns; and
		

		
			b. Will remain in effect after the closing of the Loan.
		

		
			5. Failure to abide by any of the terms of this Agreement will constitute an event of default under the note and other loan documents.
		

		
			6. If Borrower defaults on the Loan and the SBA suffers a loss, the name of the Borrower will be referred for listing in the CAIVRS database, which may affect their eligibility for further financial assistance.
		

		
			7. Electronic Signatures. Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Agreement, if any, are intended to authenticate this writing and to have the same force and effect as manual signatures. The term “electronic signature” means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures. Without limiting the generality of the foregoing, delivery of an executed counterpart’s signature page of this Agreement, by facsimile, electronic mail in portable document format (.pdf) or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, has the same effect as delivery of an executed original of this Agreement.
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have set their hands effective as of the date first written above.
		

		
			BORROWER:
		

		
			Ramaco Resources, Inc.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						

					
					
						 

				
	
					
						 

					
					
						Jeremy Sussman, Individual

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

			

					

						 

					

					

						
held by the designated custodian

				
	

					

						DocuSign Envelope ID: 44071F12-2DCD-439E-85E9-D2B7287B1DA6

					

					

						THIS IS A COPY

					

						This is a copy view of the Authoritative Copy 
held by the designated custodian

				

		

			 

		

		

		
			KEYBANK NATIONAL ASSOCIATION
		

		
			AUTHORIZATION AND DISBURSEMENT STATEMENT
		

			
					
						 

					
					
						 

				
	
					
						Dated: 4/17/2020

					
					
						Loan Amount: $8,444,737.00

				

		
			RE: Ramaco Resources, Inc.
		

		
			We acknowledge and agree to the disbursement of $8,444,737.00 of the loan proceeds into checking account no. 359681527792; ABA no. 041001039 maintained in Borrower’s name with KeyBank National Association (“Lender”).
		

		
			We acknowledge and agree to use the loan proceeds solely for those purposes stated on the undersigned’s application to Lender for the loan, and those purposes approved under the Paycheck Protection Program (15 U.S.C. § 636(a)(36)), including any guidance or regulations issued by U.S. Small Business Administration and/or U.S. Department of Treasury in relation thereto. We acknowledge that Lender is relying on this certification in making the Loan.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Ramaco Resources, Inc.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						

				
	
					
						 

					
					
						Jeremy Sussman

				
	
					
						 

					
					
						Individual

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