Document:

ex_133312.htm

Exhibit 10.5

 

COLLATERAL ASSIGNMENT OF PURCHASE AGREEMENT

 

 

This Collateral Assignment of Purchase Agreement (this “Assignment”), dated as of January 18, 2019, is made by AIRCO 1, LLC, a Delaware limited liability company (“Borrower”), in favor of Minnesota Bank & Trust, a Minnesota state banking corporation, in its capacity as collateral agent (in such capacity the “Collateral Agent”) for the benefit of itself and for the ratable benefit of the “Lenders” as hereinafter defined.

 

WITNESSETH:

 

WHEREAS, CONTRAIL AVIATION SUPPORT, LLC, a Wisconsin limited liability company (the “Seller”), and Borrower have entered into certain Purchase Agreement documents, to be dated on or about the date hereof (“Airframe Purchase Agreement”), and certain related transaction documents listed on Schedule I attached hereto (collectively, as the same may be amended, supplemented, amended and restated, renewed or otherwise modified, the “Transaction Agreements”), pursuant to which the Borrower will be purchasing from Seller a used Boeing 737-700 airframe bearing manufacturer serial number 30741 to be disassembled and sold as parts by the Borrower (the “Airframe”);

 

WHEREAS, pursuant to the Transaction Agreements, the Seller has made certain representations and warranties to, and covenants and agreements with, Borrower, including agreements by the Seller under certain circumstances to indemnify Borrower (collectively, the “Representations, Warranties, Covenants and Indemnities”);

 

WHEREAS, PARK STATE BANK, a Minnesota state banking corporation (“PSB”), MINNESOTA BANK & TRUST, a Minnesota state banking corporation (“MBT”; and together with PSB and their respective successors and assigns being sometimes collectively referred herein as the “Lenders” and individually as a “Lender”) and Borrower have entered into that certain Loan Agreement, dated on or about the date hereof (as the same may be amended, supplemented or otherwise modified from time to time, the “Loan Agreement”), and, pursuant to the Security Agreement, dated of even date with the Loan Agreement, executed by Borrower in favor of the Collateral Agent, Borrower has granted to the Collateral Agent security interests in and liens on Borrower’s assets for the benefit of itself and for the ratable benefit of the Lenders; and

 

WHEREAS, the Lenders have required, as a condition to its entering into the Loan Agreement, that Borrower collaterally assign to the Collateral Agent, as additional security for the repayment of the Obligations, all of its rights and remedies with respect to the Representations, Warranties, Covenants and Indemnities;

 

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower agrees as follows:

 

1.     Unless otherwise defined herein, all terms used herein shall have their defined meanings under the Loan Agreement.

 

 

 

 

2.     Borrower hereby collaterally assigns and transfers to the Collateral Agent for the benefit of itself and for the ratable benefit of the Lenders, as additional security for the repayment in full of the Obligations, all of its rights and remedies with respect to the Representations, Warranties, Covenants and Indemnities, and any payments due from the Seller to Borrower under or pursuant to the Airframe Purchase Agreement and the other Transaction Agreements.

 

3.     Until all the Obligations have been indefeasibly paid in full and the Loan Agreement has been terminated, Borrower hereby irrevocably authorizes and empowers the Collateral Agent or its agents, in the sole discretion of the Collateral Agent exercised in good faith after and during the continuance of an Event of Default, to: (a) assert, either directly or on behalf of Borrower, any claims Borrower may have, from time to time, against the Seller with respect to the Representations, Warranties, Covenants and Indemnities or with respect to any payments due from the Seller to Borrower under or pursuant to the Transaction Agreements, as the Collateral Agent may reasonably deem proper, and (b) to receive and collect any damages, awards and other monies resulting therefrom (“Damages”) and to apply the same on account of the Obligations in accordance with the terms of the Security Agreement. Until all the Obligations have been indefeasibly paid in full and the Loan Agreement has been terminated, Borrower hereby irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as their true and lawful attorney (and agent-in-fact) for the purpose of enabling the Collateral Agent or its agents, after the occurrence and during the continuance of an Event of Default, to assert and collect such claims and to apply such monies in the manner set forth hereinabove. The appointment of the Collateral Agent as attorney-in-fact is a power coupled with an interest. Collateral Agent shall have no liability for exercising or not exercising its rights hereunder. The rights of the Collateral Agent set forth in this Agreement shall be in addition to, and not in lieu of, any rights or obligations set forth in the Loan Agreement, the Security Agreement or any other Loan Document. All rights and remedies evidenced hereby, or evidenced or contemplated by the Loan Agreement, the Security Agreement or any other Loan Document shall be cumulative and may be exercised separately or concurrently in the sole discretion of the Collateral Agent. Notwithstanding the foregoing, Borrower shall have the right to assert claims against the Seller in connection with the Representations, Warranties, Covenants and Indemnities during every period of time in which no uncured or unwaived Event of Default exists, provided, that Borrower first gives the Collateral Agent written notice of its intention to assert any such claims where the amount at issue is in excess of $10,000 and then keeps the Collateral Agent informed of the status of any proceedings concerning such claims.

 

4.     Borrower shall keep the Collateral Agent informed of all material circumstances known to Borrower bearing upon the Representations, Warranties, Covenants and Indemnities, and Borrower shall not waive any of its material rights or material remedies under the Airframe Purchase Agreement or any other Transaction Agreements with respect to the Representations, Warranties, Covenants and Indemnities without the prior written consent of the Collateral Agent.

 

5.     All Net Damages in excess of $10,000 received by Borrower during the pendency of any Event of Default shall be paid over to Collateral Agent in the form received for application to the Obligations in such order as the Collateral Agent, in its sole discretion, may elect. “Net Damages” shall mean the Damages recovered by Borrower less reasonable costs of recovery including, without limitation, Borrower’s reasonable attorney’s fees and legal expenses.

 

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6.     This Assignment shall continue in effect until the Obligations have been indefeasibly paid in full and the Loan Agreement has been terminated at which time this Assignment shall automatically terminate.

 

7.     At any time or from time to time, upon the Collateral Agent’s written request, Borrower will execute and deliver to the Collateral Agent such further documents and do such other acts and things as the Collateral Agent may reasonably request in order to effectuate the purposes of this Assignment including, without limitation, the filing or recording of this Assignment or any schedule, amendment or supplement hereto, or a financing or continuation statement with respect hereto in accordance with the laws of any applicable jurisdictions. Borrower hereby authorizes the Collateral Agent to effect any such filing or recording as aforesaid (including the filing of any such financing statements or amendments thereto without the signature of Borrower), and the Collateral Agent’s reasonable costs and expenses with respect thereto shall be part of the Obligations and shall be payable by Borrower on demand.

 

8.     Borrower hereby represents and warrants that, as of the date hereof: (i) the Airframe Purchase Agreement are in full force and effect and is enforceable by Borrower in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the enforceability of rights of creditors generally and by general equitable principles which may limit the right to obtain equitable remedies, (ii) to its knowledge, no default exists under the Airframe Purchase Agreement, (iii) Borrower has not assigned or pledged or otherwise encumbered the Airframe Purchase Agreement other than as contemplated hereby, (iv) Borrower has the requisite power, authority and legal right to assign its respective rights under the Airframe Purchase Agreement pursuant to this Assignment, (v) this Assignment has been duly authorized, executed and delivered by Borrower and constitutes a legal, valid and binding obligation of Borrower, enforceable by the Collateral Agent against Borrower in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the enforceability of rights of creditors generally and by general equitable principles which may limit the right to obtain equitable remedies, (vi) to its knowledge, no material consent of any other Person and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority, domestic or foreign, is required to be obtained by Borrower in connection with the execution, delivery or performance of this Assignment by Borrower except those that have been obtained, (vii) to its knowledge, the execution, delivery and performance of this Assignment will not violate any provision of any law, and (viii) the execution, delivery, and performance of this Assignment by Borrower will not violate any provision of any material contractual obligation to which Borrower is a party or upon any of its assets and will not result in the creation or imposition of any lien on any of the assets of Borrower except as contemplated by this Assignment and the other Loan Documents.

 

9.     Borrower: (i) will not assign, pledge or otherwise encumber any of its respective right, title or interest in, to or under the Airframe Purchase Agreement to anyone other than the Collateral Agent and its successors or assigns; (ii) will not, except with the prior written consent of the Collateral Agent, enter into any agreement amending, modifying, restating, renewing or supplementing the Airframe Purchase Agreement; in any manner which is, or could reasonably be expected to be, materially adverse to the rights of the Collateral Agent; (iii) will not, without the prior written consent of the Collateral Agent, consent or agree to any act or omission to act on the part of any party to the Airframe Purchase Agreement that, without such consent or agreement, would constitute a material default thereunder; (iv) will deliver to the Collateral Agent a copy of each demand, notice, communication or document (except those received in the ordinary course of business) delivered to it in any way relating to the Airframe Purchase Agreement; and (v) will not grant any material consents or waivers under the Airframe Purchase Agreement without receiving the prior written consent of the Collateral Agent.

 

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10.     It is understood that the Collateral Agent does not in any way assume Borrower’s obligations under the Airframe Purchase Agreement. Borrower hereby agrees to indemnify Collateral Agent against all liability arising in connection with or on account of this Assignment (including, without limitation, any liability arising out of Collateral Agent’s enforcement of this Assignment), except for any such liabilities arising on account of Collateral Agent’s gross negligence or willful misconduct.

 

11.     Any provision of this Assignment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.     NONE OF THE TERMS OR PROVISIONS OF THIS ASSIGNMENT MAY BE WAIVED, ALTERED, MODIFIED OR AMENDED EXCEPT BY AN INSTRUMENT IN WRITING, DULY EXECUTED BY THE COLLATERAL AGENT AND Borrower. THIS ASSIGNMENT AND ALL THE RESPECTIVE OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE BINDING UPON THE SUCCESSORS AND ASSIGNS OF THE RESPECTIVE PARTIES AND SHALL, TOGETHER WITH THE RIGHTS AND REMEDIES OF EACH PARTY HEREUNDER, INURE TO THE BENEFIT OF SUCH PARTY AND ITS RESPECTIVE SUCCESSORS AND ASSIGNS. THIS ASSIGNMENT SHALL BE GOVERNED BY, AND BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF MINNESOTA.

 

13.     AS A SPECIFICALLY BARGAINED INDUCEMENT FOR THE COLLATERAL AGENT TO ENTER INTO THIS ASSIGNMENT AND FOR THE LENDERS TO EXTEND CREDIT TO THE BORROWER, Borrower AGREES THAT AT THE OPTION OF THE COLLATERAL AGENT, THIS ASSIGNMENT MAY BE ENFORCED IN ANY FEDERAL COURT OR MINNESOTA STATE COURT SITTING IN MINNEAPOLIS OR ST. PAUL, MINNESOTA; AND Borrower CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT. IN THE EVENT Borrower COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS ASSIGNMENT, THE COLLATERAL AGENT AT ITS OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

 

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14.     Any notice required, permitted or contemplated hereunder shall be in writing and addressed to the party to be notified at the address set forth below or at such other address as each party may designate for itself from time to time by notice hereunder, and shall be deemed validly given (i) three (3) days following deposit in the U.S. mails, with proper postage prepaid, or (ii) the next business day after such notice was delivered to a regularly scheduled overnight delivery carrier with delivery fees either prepaid or an arrangement, satisfactory with such carrier, made for the payment thereof, or (iii) upon receipt of notice given by telecopy or personal delivery:

 

To the Collateral Agent:

 

Minnesota Bank & Trust

9800 Bren Road East, Suite 200

Minnetonka, MN 554343

Attention: Mr. Eric P. Gundersen, SVP

 

With a copy to:

 

Fabyanske, Westra, Hart & Thomson, P.A.

333 South Seventh Street, Suite 2600

Minneapolis, MN 55402

Attention: Frederick H. Ladner, Esq.

 

To Borrower:

 

Airco 1, LLC

5930 Balsom Ridge Road

Denver, North Carolina 28037

Attention: Candice Otey

Telecopy No: No fax number

 

With a copy to:

 

Winthrop & Weinstine, P.A.

225 S. 6th Street

Minneapolis, MN 55402

Attention: David E. Moran

 

15.     AS A SPECIFICALLY BARGAINED INDUCEMENT FOR THE COLLATERAL AGENT TO ENTER INTO THIS ASSIGNMENT AND FOR THE LENDERS TO EXTEND CREDIT TO Borrower, Borrower AND THE COLLATERAL AGENT EACH WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS ASSIGNMENT AND/OR THE CONDUCT OF THE RELATIONSHIP BETWEEN THE LENDERS, THE COLLATERAL AGENT AND Borrower.

 

16.     Counterparts. This Assignment may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Assignment. Receipt by telecopy, pdf file or other electronic means of any executed signature page to this Assignment shall constitute effective delivery of such signature page.

 

[signature pages follow]

 

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IN WITNESS WHEREOF, this Assignment has been duly executed on the date first above written.

 

Borrower:

 

	
			 

				
			AIRCO 1, LLC, a Delaware limited liability

			company

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			Name:

				
			Chuck Kingsley

				
			 

			
	
			 

				
			Its:

				
			Vice President

				
			 

			

 

 

[Signature Page to Collateral Assignment of Purchase Agreement]

 

 

 

 

Accepted as of January 18, 2019:

 

 

 

COLLATERAL AGENT:

 

	
			 

				
			MINNESOTA BANK & TRUST

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			Name:

				
			Eric P. Gundersen

				
			 

			
	
			 

				
			Its:

				
			Senior Vice President

				
			 

			

 

 

[Signature Page to Collateral Assignment of Purchase Agreement]

 

 

 

 

SCHEDULE I

 

to 

 

Collateral Assignment of Purchase Agreements

 

 

Transaction Agreements

 

	 	
			1.

				
			Airframe Purchase Agreement for MSN 30741

			

 

	 	
			2.

				
			Warranty Bill of Sale for MSN 30741

			

 

	 	
			3.

				
			Acknowledgment of Delivery for MSN 30741

			

 

	 	
			4.

				
			Certificate of Technical Acceptance for MSN 30741ex_133313.htm

Exhibit 10.6

 

ASSIGNMENT AND AGREEMENT REGARDING DISASSEMBLY CONTRACT

 

THIS ASSIGNMENT AND AGREEMENT is made and executed to be effective as of January 18, 2019 by and among Jet Yard, LLC, an Arizona limited liability company ("Contractor"), AIRCO 1, LLC, a Delaware limited liability company ("Borrower") and Minnesota Bank & Trust, a Minnesota state banking corporation, in its capacity as collateral agent (in such capacity the “Collateral Agent”) for the benefit of itself and for the ratable benefit of the “Lenders” as hereinafter defined.

 

WITNESSETH:

 

WHEREAS, PARK STATE BANK, a Minnesota state banking corporation (“PSB”), MINNESOTA BANK & TRUST, a Minnesota state banking corporation (“MBT”; and together with PSB and their respective successors and assigns being sometimes collectively referred herein as the “Lenders” and individually as a “Lender”) and Borrower have entered into a Loan Agreement dated as the date hereof (as amended, modified, replaced or restated from time to time, the "Loan Agreement"; capitalized terms not otherwise defined herein being used herein as therein defined) pursuant to which Lenders have severally agreed to make a term loan (the “Loan”) to Borrower in the aggregate amount of up to TWO MILLION FIVE HUNDRED THOUSAND AND NO/100THS DOLLARS ($2,500,000) to finance the acquisition of a used Boeing 737-700 airframe bearing manufacturer serial number 30741 to be disassembled and sold as parts by the Borrower (the “Airframe”); and

 

WHEREAS, in accordance with the Loan Agreement, Borrower delivered to PSB a Term Note in the amount of $2,100,000 and to MBT a Term Note in the amount of $400,000 (collectively, the "Notes"), which are secured by, among other instruments, a Security Agreement dated of even date hereof (the "Security Agreement"), pursuant to which Borrower has granted a security interest in all of its now owned and hereafter acquired personal property to the Collateral Agent, for the benefit of itself and for the ratable benefit of the Lenders; and

 

WHEREAS, Contractor and Borrower entered into that certain Disassembly Contract, dated on or about January 18, 2019 (the "Disassembly Contract"), pursuant to which Contractor agreed to disassemble the Airframes and prepare the constituent Airframe parts (the “Parts”) for sale on behalf of the Borrower.

 

WHEREAS, a true, correct and complete copy of the Disassembly Contract is attached hereto as Exhibits A; and

 

WHEREAS, Lenders will not advance funds pursuant to the Loan Agreement unless this Assignment and Agreement is executed; and

 

WHEREAS, Contractor and Borrower each desire to execute this Assignment and Agreement, in accordance with the terms and provisions hereof, in order to induce Lenders to advance funds pursuant to the Loan Agreement.

 

 

 

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises contained herein, and for the additional consideration of Ten and No/100ths Dollars ($10.00), the receipt and sufficiency of which are hereby acknowledged by Contractor and Borrower, the parties hereto hereby agree as follows:

 

1.      Borrower hereby assigns its rights and interests in, under and pursuant to the Disassembly Contract to Collateral Agent as security for Borrower's obligations to Lenders and the Collateral Agent pursuant to the Loan Agreement, the Note and the Security Agreement.

 

2.      If an Event of Default does occur under the Loan Agreement and is continuing, then Collateral Agent may, at its option, by written notice to Contractor, take over Borrower's position as “Customer” under the Disassembly Contract. In such event, Collateral Agent shall have all of the rights of Borrower under the Disassembly Contract, and Contractor shall continue to perform under the terms of the Disassembly Contract on behalf of Collateral Agent, and shall complete the disassembly and other work as provided in the Disassembly Contract, as if Collateral Agent were originally a party thereto as Customer.

 

3.      Collateral Agent's taking over of Borrower's position as Customer under the Disassembly Contract shall be preceded by at least three (3) Business Days' (as that term is defined in the Loan Agreement) prior written notice to Contractor. Notwithstanding anything in the Disassembly Contract to the contrary, in no event shall Collateral Agent have any obligation to perform any of Borrower's obligations under the Disassembly Contract unless and until Collateral Agent delivers such notice to Contractor.

 

4.      Borrower and Contractor shall not cause the Disassembly Contract to be modified or amended, and Borrower shall not waive any of its rights under the Disassembly Contract without, in either case, the prior written consent of Collateral Agent. Contractor shall not terminate, or accept termination of, the Disassembly Contract without giving at least thirty (30) days' prior written notice to Collateral Agent. Collateral Agent, upon receipt of such notice, shall have the right, but not the obligation, at its option, to cure the grounds asserted by Contractor for termination of the Disassembly Contract. The Disassembly Contract shall not be terminated by Contractor while Collateral Agent is promptly, diligently and actively prosecuting such a cure, provided that Contractor shall not be obligated to continue to perform work under the Disassembly Contract during the cure period unless Collateral Agent has agreed to pay for such performance. Borrower shall not terminate, or accept termination of, the Disassembly Contract without Collateral Agent's prior written consent.

 

5.      In the event Collateral Agent does take over Borrower's position as Customer under the Disassembly Contract, all payments to be made thereunder shall be subject to all of the requirements and prerequisites to advances and disbursements, if any, set forth in the Loan Agreement of even date therewith referred to therein.

 

6.      In addition, Borrower hereby grants to Collateral Agent a security interest in Borrower's right, title and interests in, to and under the Disassembly Contract, if and to the extent that a security interest may be granted therein under the Minnesota Uniform Commercial Code, and Borrower acknowledges that Collateral Agent shall have all of the rights and remedies with respect thereto provided for by the Minnesota Uniform Commercial Code, in addition to the other rights and remedies herein granted to Collateral Agent, in the event of the occurrence of an event of default under the Loan Agreement.

 

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7.      In consideration of the Lenders’ making the Loan to Borrower, Contractor hereby grants to Collateral Agent a security interest, for the benefit of itself and for the ratable benefit of the Lenders, in Contractor's right, title and interests in, to and under any and all subcontracts, purchase orders and other agreements now or hereafter executed by Contractor and related to the Parts, and Contractor acknowledges that Collateral Agent shall have all of the rights and remedies with respect thereto provided for by the Minnesota Uniform Commercial Code, in addition to the other rights and remedies herein granted to Collateral Agent, in the event of the occurrence of an event of default under the Loan Agreement.

 

8.      Subject to the provisions hereof, this Assignment and Agreement shall be binding upon Borrower, Contractor and their successors and assigns, and shall inure to the benefit of Collateral Agent, its successors and assigns. Collateral Agent may assign its rights under this Assignment and Agreement, without the consent of Contractor or Borrower, but neither Contractor nor Borrower may assign its obligations under the Disassembly Contract or under this Assignment and Agreement without the prior written consent of Collateral Agent.

 

9.      Any notice required or permitted to be given by any party hereto to any other party thereto under the terms of this Assignment and Agreement shall be deemed to have been given on the date the same is deposited in the United States mail, registered or certified, return receipt requested, postage prepaid, addressed to the party to which the notice is to be given at the following address for it:

 

	
			If to Contractor:

				
			Jet Yard, LLC

			
	 	
			1800 East Cliff Road, Suite 9

			
	 	
			Burnsville, MN  55337

			
	 	
			Attention:   David Bixler

			
	 	 
	
			If to Borrower:

				
			AirCo 1, LLC

			
	 	
			5930 Balsom Ridge Road

			
	 	
			Denver, North Carolina 28037

			
	 	
			Attention:  Candice Otey

			
	 	 
	
			If to Collateral Agent:

				
			Minnesota Bank & Trust

			
	 	
			9800 Bren Road East, Suite 200

			
	 	
			Minnetonka, MN  554343

			
	 	
			Attention:  Eric P. Gundersen, SVP

			

 

or to such other address as any such party may specify for itself in a written notice given by such party to the other parties hereto not less than ten (10) days prior to the effective date of said address change.

 

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10.      This Assignment and Agreement may be executed in as many counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same instrument. Delivery of a counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed original counterpart thereof.

 

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

 

 

	
			 

				
			JET YARD, LLC, 

			an Arizona limited liability company

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			Name: 

				
			 

				
			 

			
	 	 	 	 
	 	Its:	 	 
	 	 	Contractor	 

 

 

 

	
			 

				
			MINNESOTA BANK & TRUST, 

			a Minnesota state banking corporation

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	 	Its	Senior Vice President	 
	 	 	 	 
	 	 	Collateral Agent	 

 

 

	
			 

				
			AirCo 1, LLC, a Delaware limited liability company

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			Name:  

				
			Chuck Kingsley

				
			 

			
	
			 

				
			Its:

				
			Vice President

				
			 

			
	 	 	 	 
	 	 	Borrower	 

 

 

[Signature Page to Assignment and Agreement]

 

 

 

 

EXHIBIT A

DISASSEMBLY CONTRACT

 

[see attached]

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