Document:

Unassociated Document

Exhibit 10.1

SECOND AMENDMENT TO LOAN AGREEMENT

THIS SECOND AMENDMENT TO LOAN AGREEMENT (the “Amendment”) dated as of September 26, 2011 (the “Effective Date”) is made by and between BMO HARRIS BANK N.A., a national bank, as successor by merger to M&I Marshall & Ilsley Bank (“Lender”), and AEROSONIC CORPORATION, a Delaware corporation (“Borrower”).

 

WITNESSETH

WHEREAS, Borrower and Lender entered into that certain Loan Agreement dated April 30, 2010 as amended by that certain (i) First Amendment to Loan Agreement dated January 6, 2011; (ii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated April 29, 2011; and (iii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated June 27, 2011 (as may be further amended, restated, modified or supplemented and in effect from time to time, the “Loan Agreement”).  Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

 

WHEREAS, pursuant to the Loan Agreement, Borrower issued to Lender that certain (i) Revolving Line of Credit Note dated April 30, 2010 in the original principal amount of Four Million and No/100 Dollars ($4,000,000) (as may be amended, restated, modified or supplemented and in effect from time to time, the “Revolving Credit Note”); (ii) Interest Bearing Installment Note dated April 30, 2010 in the original principal amount of Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000) (as may be amended, restated, modified or supplemented and in effect from time to time, the “Real Estate Installment Note”); (iii) Interest Bearing Installment Note dated April 30, 2010 in the original principal amount of One Million Nine Hundred Thousand and No/100 Dollars ($1,900,000) (as may be amended, restated, modified or supplemented and in effect from time to time, the “Term Note”); and (iv) Equipment Line of Credit Note dated April 30, 2010 in the original principal amount of Seven Hundred Thousand and No/100 Dollars ($700,000) (as may be amended, restated, modified or supplemented and in effect from time to time, the “Equipment Note,” collectively with the Revolving Credit Note, Real Estate Installment Note and Term Note, the “Notes”).

WHEREAS, to secure Borrower’s payment of the Notes and Borrower’s performance under the Loan Agreement, Borrower, among other things, executed and delivered to Lender that certain (i) Mortgage, Security Agreement and Assignment of Rents dated April 30, 2010, recorded in the Official Records of Pinellas County, Florida at O.R. Book 16909 Pages 2344-2362 (the “Mortgage”), whereby Borrower granted a security interest in the real and personal property described therein to Lender; (ii) Collateral Assignment of Rents and Leases dated April 30, 2010, recorded in the Official Records of Pinellas County, Florida at O.R. Book 16909 Pages 2363-2369 (as may be amended, restated, modified or supplemented and in effect from time to time, the “Collateral Assignment”); and (iii) Security Agreement dated April 30, 2010 executed by Borrower in favor of Lender (the “Security Agreement”) granting Lender a security interest in certain collateral more particularly described therein.

 

WHEREAS, to further secure Borrower’s payment of the Notes and Borrower’s performance under the Loan Agreement, Avionics Specialties, Inc., a Virginia corporation, and OP Technologies, Inc., an Oregon corporation (each a “Guarantor” and collectively, the “Guarantors”) each executed and delivered an unconditional Guaranty Agreement dated April 30, 2010 guarantying payment and performance by Borrower of all obligations evidenced by the Notes and Loan Agreement (such guarantees collectively referred to herein as the “Guaranty”).

 

  

  

  

 

WHEREAS, to secure Guarantor’s obligations and performance under the Guaranty, each Guarantor, among other things, executed and delivered to Lender that certain Security Agreement dated April 30, 2010 (the “Guarantor Security Agreement”) granting Lender a security interest in certain collateral more particularly described therein.  The Loan Agreement, Notes, Mortgage, Collateral Assignment, Security Agreement, Guaranty, Guarantor Security Agreement and any and all documents executed in connection therewith shall be referred to herein as the “Loan Documents.”

 

WHEREAS, as of September 16, 2011, the aggregate outstanding principal balance of the Notes is $8,942,875.42.

 

WHEREAS, Borrower has requested that Lender increase the Revolving Credit Limit on the Revolving Credit Note from Four Million and No/100 Dollars ($4,000,000) to Four Million Five Hundred Thousand and No/100 Dollars ($4,500,000) for the ninety (90) day period commencing on the Effective Date and ending on December 25, 2011 (the “Credit Increase”), and although Lender is under no obligation to do so, Lender is willing to extend the Credit Increase under the terms and conditions set forth herein.

 

WHEREAS, to evidence the Credit Increase, Borrower has agreed to replace the existing Revolving Credit Note by issuing a new revolving line of credit note dated as of the Effective Date in the principal amount of Four Million Five Hundred Thousand and No/100 Dollars ($4,500,000) (the “Amended and Restated Revolving Line of Credit Note”).

 

NOW, THEREFORE, in consideration of the execution and delivery of this Amendment and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

 

Recitals.  The parties hereto hereby affirm all recitals and statements above as true and correct and hereby incorporate such recitals into this Amendment.

 

Amendment to Section 1.43 of the Loan Agreement.  Section 1.43 of the Loan Agreement is hereby amended so that, from and after the Effective Date, it shall read as follows:

 

 

““Revolving Credit Limit” means the amount indicated for each period set forth below:

	
Period

	  	
Amount

	
From September 26, 2011 until December 25, 2011

	  	
FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000)

	
From December 26, 2011 until the Maturity Date (as such term is defined in the Revolving Line of Credit Note)

	  	
FOUR MILLION AND NO/100 DOLLARS ($4,000,000)”

 

  

  

  

 

Conditions to Effectiveness.  This Amendment shall become effective as of the Effective Date upon Lender receiving the following items, in form and content acceptable to Lender in its sole discretion:

 

Lender shall receive counterpart originals of this Amendment executed by all parties listed on the signature page(s) hereto and originals or certified or other copies of such other documents as the Lender may reasonably request.

 

Lender shall receive the original duly executed Amended and Restated Revolving Line of Credit Note.

 

Lender shall receive evidence that the execution, delivery and performance by Borrower of this Amendment and any instrument or agreement required under this Amendment, including, without limitation, the Amended and Restated Revolving Line of Credit Note, have been duly authorized.

 

Representations, Warranties and Covenants.  By executing this Amendment, Borrower represents and warrants to Lender that (a) there is no event which is, or with notice or lapse of time or both would be, a default under the Loan Agreement, the Notes or the Loan Documents except for those events, if any, that have been disclosed in writing to Lender or waived in writing by Lender; (b) the representations and warranties in the Loan Agreement are true as of the date of this Amendment as if made on the date hereof; (c) the financial statements and other financial information most recently provided to Lender are correct and complete in all material respects and fairly represent the financial condition of Borrower as at the date thereof and fairly represent the results of the operations of Borrower for the period covered thereby; (d) there has been no material adverse change in the business, properties, or condition, financial or otherwise, of Borrower since the date of such financial statements or other information; (e) this Amendment does not conflict with any law, agreement, or obligation by which Borrower is bound, and (f) this Amendment is within Borrower’s powers, has been duly authorized, and does not conflict with any of Borrower’s organization papers.

 

Reaffirmation.  Except as modified hereby, all of the terms, covenants and conditions of the Loan Agreement, Notes, Mortgage, Collateral Assignment, Security Agreement and all other Loan Documents are ratified, reaffirmed, and confirmed and shall continue in full force and effect.  The Mortgage, Collateral Assignment, Security Agreement, Guaranty, Guarantor Security Agreement and all other security agreements, mortgages and other similar instruments between Borrower and Lender shall continue to secure payment of the Notes, including, without limitation, the Amended and Restated Revolving Line of Credit Note.  Should any term or provision of the Loan Agreement or Notes conflict with the terms or provisions contained in this Amendment, the terms and provisions of this Amendment shall be controlling.  This Amendment is not intended to be, nor shall it be construed to be, a novation or an accord and satisfaction of any other obligation or liability of Borrower to Lender.

 

Counterparts.  This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts.  Each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement.

 

  

  

  

 

FINAL AGREEMENT.  THIS WRITTEN AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN AND AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

 

 

[SIGNATURES ON FOLLOWING PAGE]

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written.

	
LENDER:

 

BMO HARRIS BANK N.A.

 

 

By: ______________________________

Its: ______________________________

Name: ___________________________

 

 

By: ______________________________

Its: ______________________________

Name: ___________________________

 

 

	
BORROWER:

 

AEROSONIC CORPORATION

 

 

By: ______________________________

Its: ______________________________

Name: ___________________________

	  	  
	  	  

Signature page to Second Amendment to Loan Agreement

  

  

  

 

CONSENT AND REAFFIRMATION OF GUARANTORS

 

The undersigned, each a guarantor of Borrower’s obligations to Lender pursuant to the Guaranty executed by the undersigned in favor of Lender, hereby (i) acknowledges and consents to the execution, delivery, and performance by Borrower of the foregoing Second Amendment to Loan Agreement; (ii) warrants and covenants to Lender that, except to the extent previously disclosed to Lender in writing, all representations and warranties previously made by Guarantor to Lender are true, complete, and accurate as of the date of this Consent and Reaffirmation of Guarantors; and (iii) reaffirms and agrees that the Guaranty to which the undersigned is party and all other documents and agreements executed and delivered by either the undersigned or Borrower to Lender in connection with the indebtedness represented by the Notes (including, without limitation, the Amended and Restated Revolving Line of Credit Note), the Loan Agreement and Loan Documents are all in full force and effect, without defense, offset, or counterclaim, or alternatively, that any such right of defense, offset or counterclaim is hereby expressly waived.

 

IN WITNESS WHEREOF, the undersigned has duly consented to the Second Amendment to Loan Agreement by execution and delivery to Lender of this Consent and Reaffirmation of Guarantors as of the day and year first above written.

 

	 	
GUARANTORS:

 

AVIONICS SPECIALTIES, INC.

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name: 	 	 
	 	Its:	 	 
	 	 	 	 

 

 

 

	 	
OP TECHNOLOGIES, INC.

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name: 	 	 
	 	Its: 	 	 
	 	 	 	 

 

  

  

  

        

OUT OF STATE CLOSING AFFIDAVIT

PART I

STATE OF ___________________

COUNTY OF _________________

BEFORE ME, the undersigned, a Notary Public in and for the County and State aforesaid, personally appeared ____________________________, the ____________________________ of Aerosonic Corporation, a Delaware corporation (the “Borrower”), who, being by me first duly sworn, stated:

	
1.  

	
On the date below, in the County of __________, State of ___________, the undersigned executed that certain (a) Second Amendment to Loan Agreement (the “Amendment”); and (b) Amended and Restated Revolving Line of Credit Note, each dated as of the date hereof by and between the Borrower and BMO Harris Bank N.A., a national bank, as successor by merger to M&I Marshall & Ilsley Bank (“Lender”).

	
2.  

	
The foregoing document was placed into a Federal Express package in ____________, _______________, addressed for delivery to Lender at 770 N. Water St., Milwaukee, WI 53202.

DATED this ___ day of ______________, 2011.

 

	 	
AEROSONIC CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name: 	 	 
	 	Its: 	 	 
	 	 	 	 

 

SWORN to and subscribed before me

this _____ day of ________, 2011.

Notary Public

Print Name:                                                      

State and County Aforesaid

My Commission Number: ________

My Commission Expires:_________

Type of Identification (Check One):

	
_____

	
Personally Known, or

	
_____

	
Driver’s License

 

 

  

  

  

 

OUT OF STATE CLOSING AFFIDAVIT

PART II

STATE OF ___________________

COUNTY OF _________________

BEFORE ME, the undersigned, a Notary Public in and for the County and State aforesaid, personally appeared _____________________ and __________________, each officers of BMO Harris Bank N.A. (“Lender”), who, being by me first duly sworn, stated:

	
1.  

	
Lender has this day received delivery of the Amendment and Amended and Restated Revolving Line of Credit Note in ___________________, ___________________ from Borrower.

DATED this _____ day of ________ 2011.

	
BMO HARRIS BANK N.A.

 

 

By: ______________________________

Its: ______________________________

Name: ___________________________

 

 

 

 

SWORN to and subscribed before me

this _____ day of ________ 2011.

 

Commissioner of Oaths

Print Name:

State and County Aforesaid

My Commission Number: ________

My Commission Expires:_________

Type of Identification (Check One):

_____Personally Known, or

_____ Driver’s License

 

	
BMO HARRIS BANK N.A.

 

 

By: ______________________________

Its: ______________________________

Name: ___________________________

 

 

 

 

SWORN to and subscribed before me

this _____ day of ________ 2011.

 

Commissioner of Oaths

Print Name:

State and County Aforesaid

My Commission Number: ________

My Commission Expires:_________

Type of Identification (Check One):

_____Personally Known, or

_____ Driver’s LicenseUnassociated Document

Exhibit 10.2

AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE

 

	$4,500,000 	September 26, 2011

 

Promise to Pay.

 

For Value Received, the undersigned, AEROSONIC CORPORATION, a Delaware corporation (the “Borrower”), promises to pay to the order of BMO HARRIS BANK N.A., a national bank, as successor by merger to M&I Marshall & Ilsley Bank (the “Bank”), in lawful money of the United States of America, in immediately available funds, at the office of the Bank at 501 East Kennedy Boulevard, Suite 900, Tampa, Florida 33602, or at such other location as the Bank may designate from time to time, the principal amount of FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000), or so much thereof as may be advanced under this note and remain outstanding from time to time, together with interest thereon, as described in this Amended and Restated Revolving Line of Credit Note (the “Note”).

 

Revolving Line of Credit.

 

This Note evidences a revolving line of credit.  Provided that no Event of Default shall exist or be continuing, proceeds may be disbursed by the Bank to Borrower under this Note, repaid by Borrower, and reborrowed by Borrower under this Note until the Maturity Date, but the maximum total principal amount outstanding under this Note at any one time shall never exceed the lesser of (x) the Revolving Credit Limit or (y) the Borrowing Base.  All revolving credit loans made pursuant to this Note and all payments and prepayments on account of the principal and interest thereof may be recorded by the Bank on its internal loan account ledger, which account statements, absent manifest error, shall be conclusive and binding on Borrower but failure of the Bank to make any such recordation does not limit or otherwise affect the obligations of Borrower under this Note or any of the other Loan Documents.

 

Maturity Date.

 

The “Maturity Date” for purposes of this Note is June 27, 2012.

 

Loan Agreement; Loan Documents.

 

This Note is delivered pursuant and subject to the terms of that certain Loan Agreement dated April 30, 2010, as amended by that certain (i) First Amendment to Loan Agreement dated January 6, 2011; (ii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated April 29, 2011; and (iii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated June 27, 2011 (as may be further amended, restated, modified or supplemented and in effect from time to time, the “Loan Agreement”), and payment and performance under this Note is secured by, among other things, the Security Agreement, Mortgage and Guaranty executed and delivered pursuant to the Loan Agreement.  Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement.

 

Interest Prior to Default.

 

Prior to an Event of Default, commencing on the date of this Note and continuing through and including the Maturity Date, interest shall accrue on the outstanding principal balance of this Note at the rate specified in the Loan Agreement.

 

  

  

  

 

Default Rate of Interest.

 

From and after the Maturity Date or upon the occurrence and during the continuance of an Event of Default, interest shall accrue on the balance of principal remaining unpaid during any such period at the default rate specified in the Loan Agreement.

 

Payment Terms.

 

 

Payments of principal and interest due under this Note, if not sooner declared to be due in accordance with the provisions of this Note, shall be due and payable as follows:

 

Payment of Interest.

 

Commencing on the first day after the first full month after the date of this Note, and continuing on the same day of each and every calendar month thereafter through and including the month in which the Maturity Date occurs, payments of accrued and unpaid interest on the principal balance of this Note outstanding from time to time shall be due and payable in full.

 

Payment of Principal.

 

The unpaid principal balance of this Note, together with all accrued and unpaid interest payable thereon, and any other amounts due and payable by Borrower under this Note or under any of the other Loan Documents, shall be due and payable in full upon the Maturity Date.

 

Late Payment Charge.

 

If any payment of interest or principal due under this Note prior to the Maturity Date is not made within fifteen (15) days after such payment is due in accordance with this Note, then, in addition to the payment of the amount due, Borrower shall pay to the Bank a “late charge” in an amount equal to five percent (5%) of the amount so overdue to defray part of the cost to the Bank of collection and handling such late payment.  The imposition or collection of any late charge pursuant to this section10 does not constitute and shall not be deemed to constitute a waiver by the Bank of any of its rights and remedies under this Note or any of the other Loan Documents.

 

Maximum Amount of Interest.

 

Nothing herein, nor any transaction related hereto, shall be construed to operate so as to require Borrower to pay interest at a greater rate than shall be lawful.  Should any interest or other charges paid by Borrower in connection with the loan evidenced by this Note result in computation or earning of interest in excess of the maximum contract rate of interest which is legally permitted under applicable Florida law or federal preemption statute, then any and all such excess is hereby waived by the Bank and shall be automatically credited against and in reduction of the balance due hereunder, and any portion which exceeds such balance shall be paid by the Bank to Borrower.  Anything contained herein to the contrary notwithstanding, if for any reason the effective rate of interest on this Note should exceed the maximum lawful rate, the effective rate shall be deemed reduced to and shall be such maximum lawful rate.  To the extent permitted by the law, all sums paid or agreed to be paid to the Bank for the use, forbearance or detention of the indebtedness evidenced by this Note shall be amortized, prorated, allocated and spread throughout the full term of this Note.  When determining the maximum legal contract rate of interest allowed to be contracted for by applicable law as changed from time to time, unless otherwise prescribed by law, interest shall be calculated on the basis of a three hundred sixty-five (365) or three hundred sixty-six (366) day year, as the case may be, as compared to the payment rate which is computed on a three hundred sixty (360) day year for actual days elapsed.

 

  

  

  

 

Prepayment.

 

This Note may be prepaid in whole or in part at any time without penalty.

 

Event of Default; Remedies.

 

 

The Bank has the right to declare the total unpaid principal balance and all accrued but unpaid interest payable under this Note to be immediately due and payable upon the occurrence of an Event of Default under the Loan Agreement.

 

 

Exercise of this right shall be without notice to Borrower, notice of such exercise being hereby expressly waived.  In addition to the right to declare the total unpaid principal balance and all accrued but unpaid interest payable under this Note to be due and payable in full in advance of the Maturity Date, upon the occurrence of an Event of Default, the Bank has and may exercise all other rights and remedies available by law, statute, agreement or in equity.

 

Cumulative Remedies.

 

 

The remedies of the Bank under this Note are cumulative and concurrent and may be pursued singularly, successively or together, at the sole discretion of the Bank, and may be exercised as often as occasion therefor may arise.  No act of omission or commission of the Bank, including specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected only through a written instrument executed by the Bank, and then only to the extent specifically recited therein.  A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right, remedy or recourse as to any subsequent event.

 

Attorney’s Fees.

 

 

Should it become necessary to collect this Note through an attorney, Borrower shall pay all costs incurred by or accruing to the Bank in making such collection, including a reasonable attorney’s fee.  Reasonable attorney’s fees shall include, without limitation, all fees incurred in all matters of collection and enforcement, construction and interpretation, before, during and after trial proceedings and appeals, as well as appearances in, and connected with, any bankruptcy proceeding or creditors’ reorganization or similar proceeding.

 

Waivers.

 

 

Borrower, and all natural persons, entities, and other persons now or at any time liable, whether primarily or secondarily, for the payment of the indebtedness evidenced by this Note, without in any way modifying, altering, releasing, affecting or limiting their respective liability or the lien of any security instrument, for themselves, their respective heirs, legal, and personal representatives, successors and assigns, jointly and severally: (a) waive presentment, demand for payment, notice of dishonor, protest, notice of nonpayment or protest, and diligence in collection; (b) except as expressly provided in the Loan Documents, waive any and all notices in connection with the delivery and acceptance of this Note, and all notices in connection with the performance, default, or enforcement of the payment of this Note; (c) waive any and all lack of diligence and delays in the enforcement of this Note; (d) agree that the liability of Borrower, each guarantor, endorser or obligor shall be unconditional and without regard to the liability of any other person or entity for the payment of this Note and shall not in any manner be affected by any indulgence or forbearance granted or consented to by Bank to any of them with respect to this Note; (e) consent to any and all extensions of time, renewals, waivers, or modifications that may be granted by Bank with respect to the payment or other provisions of this Note, and to the release of any security at any time given for the payment of this Note, or any part of this Note, with or without substitution, and to the release of any person or entity liable for the payment of this Note; (f) consent to the addition of any and all other makers, endorsers, guarantors and other obligors for the payment of this Note, and to the acceptance of any and all other security for the payment of this Note, and agree that the addition of any such makers, endorsers, guarantors or other obligors, or security shall not affect the liability of Borrower, any guarantor, or any other person now or at any time liable for all or any part of the obligations evidenced by this Note; and (g) agree that Bank, in order to enforce payment of this Note, shall not be required first to institute any suit or to exhaust any of its remedies against Borrower or any other person to become liable hereunder.

 

  

  

  

 

Other Provisions.

 

Set-off.

 

Bank has the right to set off any indebtedness or obligations of Borrower to the Bank under this Note in accordance with the terms of the Loan Agreement.

 

Banking Days.

 

If any payment of principal or interest is due or the Maturity Date falls on a Saturday, Sunday or on any other day on which banks in Tampa, Florida are not open for business, such payment shall be made on the immediately preceding business day.

 

Payment Application.

 

All payments received by the Bank under this Note shall be applied first to unpaid interest and other charges payable by Borrower, and second to the principal balance hereof.

 

Successors and Assigns.

 

This Note shall bind Borrower and its successors and assigns, and the benefits of this Note shall inure to the benefit of the Bank and its successors and assigns, including any holder of this Note.  All references in this Note to Borrower or the Bank include their respective successors and assigns.

 

Severability.

 

In the event any provision of this Note is prohibited or invalid under applicable law, that provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of this Note.

 

Submission to Jurisdiction; Venue.

 

The validity, construction, enforcement and interpretation of this Note shall be governed by the substantive laws of the State of Florida, without application of its conflicts of law principles, and the United States of America.  Any action, suit or proceeding arising out of this Note shall be brought in the Thirteenth Judicial Circuit in and for Hillsborough County, Florida, or in the United States District Court for the Middle District of Florida, Tampa Division, and the Bank and Borrower irrevocably consent to and submit to the jurisdiction of those courts, and irrevocably waive any objection which the Bank and Borrower, respectively, now or hereafter may have to the institution of any such suit, action, or proceeding in those courts, and further irrevocably waive any defense or claim that such suit, action or proceeding in any such court has been brought in an inconvenient forum or improper venue.

 

  

  

  

 

Waiver of Jury Trial.

 

BORROWER AND THE BANK, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS NOTE, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE, OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER BORROWER OR BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK’S AND BORROWER’S ENTERING INTO THE LOAN EVIDENCED BY THIS NOTE. THIS PROVISION IS BINDING UPON AND ALSO APPLIES TO ANY HOLDER OF THE NOTE.

 

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Revolving Line of Credit Note to be duly executed and delivered as of the day and year first above written.

 

 

	 	
AEROSONIC CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name: 	 	 
	 	Its: 	 	 
	 	 	 	 

 

 

 

THIS INSTRUMENT WAS MADE, EXECUTED AND DELIVERED OUTSIDE THE STATE OF FLORIDA, AND NO FLORIDA DOCUMENTARY STAMP TAX IS DUE HEREON IN ACCORDANCE WITH F.A.C. 12B-4.053.

[SIGNATURE PAGE TO AMENDED AND RESTATED REVOLVING LINE OF CREDIT NOTE]

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