Document:

Exhibit 10.27

EXHIBIT 10.27

 

	

COMMERCIAL LINE OF CREDIT

AGREEMENT AND NOTE

		 
	
		

 

	
	   AGREEMENT DATE
	
	CREDIT LIMIT
	 
	
	      May 7, 2020
	
	$300,000.00
	 
	
	LOAN PURPOSE: 
	Working Capital

BORROWER INFORMATION

MTI INSTRUMENTS INC 

325 WASHINGTON AVE EXT 

ALBANY, NY 12205

LINE OF CREDIT AGREEMENT AND NOTE. 
This Commercial Line of Credit Agreement and Note will be referred to in this document as the "Agreement." 

LENDER. "Lender" means Pioneer Bank whose address is 652 Albany Shaker Road, Albany, New York 12211, its successors and assigns. 

BORROWER.
"Borrower" means each person or legal entity identified above in the BORROWER INFORMATION section who signs this Agreement. 

PROMISE TO PAY. 
For value received, receipt of which is hereby acknowledged, the Borrower promises to pay, on demand by Lender, the principal amount of Three Hundred
Thousand and 00/100 Dollars ($300,000.00) or such lesser amount as shall have been advanced by Lender, from time to time, to or on behalf of Borrower under the terms of this Agreement, and all interest on the outstanding principal balance and any
other charges, including service charges, to the order of Lender at its office at the address noted above or at such other place as Lender may designate in writing. The Borrower will make all payments in lawful money of the United States of
America. 

PAYMENT SCHEDULE. This Agreement will be paid according to the following required payment schedule: Beginning on June 1, 2020, monthly payments of accrued and unpaid interest . The unpaid principal balance of this
Note, together with all accrued interest and charges owing in connection therewith, shall be due and payable on demand. All payments received by the Lender from the Borrower for application to this Agreement may be applied to the Borrower's
obligations under this Agreement in such order as determined by the Lender. The Borrower shall fully repay to the Bank all amounts outstanding respecting this Loan for a period of 30 consecutive days in each year. 

INTEREST RATE AND SCHEDULED PAYMENT CHANGES. Interest will begin to accrue on May 7, 2020. The initial variable interest rate on this Agreement will be 4.250% per annum. This interest rate may change on May 7, 2020.
Each date on which the interest rate may change is called the "Change Date." Beginning with the first Change Date, Lender will calculate the new interest rate based on Wall Street Prime Daily in effect on the Change Date (the "Index") plus 1.000
percentage points (the "Margin"). The interest rate will never be less than 4.000%. If the Index is not available at the time of the Change Date, Lender will choose a new Index which is based on comparable information. The Index is used solely to
establish a base from which the actual rate of interest payable under the Agreement will be calculated, and is not a reference to any actual rate of interest charged by any lender to any particular borrower. Nothing contained herein shall be
construed as to require the Borrower to pay interest at a greater rate than the maximum allowed by law. If, however, from any circumstances, Borrower pays interest at a greater rate than the maximum allowed by law, the obligation to be fulfilled
will be reduced to an amount computed at the highest rate of interest permissible under applicable law and if, for any reason whatsoever, Lender ever receives interest in an amount which would be deemed unlawful under applicable law, such interest
shall be automatically applied to amounts owed, in Lender's sole discretion, or as otherwise allowed by applicable law. Interest shall be calculated on the basis of actual number of days elapsed and a 360-day year. The outstanding principal balance
of this loan shall, while any Event of Default exists under this Agreement or any other agreement related to the loan, be subject to a default rate of interest equal to “Default Rate” means a rate per annum equal to four percent (4.00%)
above the rate of interest applicable to this Note. 

LATE PAYMENT CHARGE. 
If any required payment is more than 14 days late, then at Lender's option, Lender will
assess a late payment charge of 6% of the amount past due. 

LINE OF CREDIT TERMS. 
The advances under this Agreement are discretionary. The Borrower acknowledges and agrees that although the Borrower may from time to time request an
advance under this Agreement up to a maximum amount equal to the Line of Credit Limit, the Lender in no way is obligated to make such advance, Lender may at any time, with or without cause, refuse to extend credit, and all advances will be made by
Lender in its sole and absolute discretion and subject to the terms and conditions of this Agreement. 

Advances.

	

Advances under this Agreement may be requested electronically or in writing by the Borrower or by an authorized person.

	
The total of any pending advances requested and the unpaid principal amount, at any given time, cannot exceed the Line of Credit Limit.

	
All advances made will be charged to a loan account in Borrower's name on Lender's books, and the Lender shall debit such account the amount of each advance made to, and credit to such account the amount of each
repayment made by Borrower. Lender shall provide to Borrower a monthly statement of Borrower's loan account, which shall be deemed to be correct, accepted by, and binding upon Borrower unless Lender receives a written statement of exception from
Borrower within 10 days after such statement is furnished.

Suspension and Termination. 
Subject to Lender's right to make any advances under this Agreement in its sole and absolute discretion, advances under this Agreement will be
available until the earliest of any date or event described below occurs: (a) demand by the Lender, (b) the Line of Credit is canceled by Borrower, or (c) the occurrence of an Event of Default. 

GUARANTY. 
In support of this transaction, a Guaranty dated May 7, 2020 has been executed by MECHANICAL TECHNOLOGY INCORPORATED. 

 

	
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RIGHT OF SET-OFF. 
To the extent permitted by law, Borrower agrees that Lender has the right to set-off any amount due and payable under this Agreement, whether matured or
unmatured, against any amount owing by Lender to Borrower including any or all of Borrower's accounts with Lender. This shall include all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. Such right
of set-off may be exercised by Lender against Borrower or against any assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor of Borrower, or against anyone else claiming through or against Borrower or such
assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off has not been exercised by Lender prior to the making, filing or issuance or service upon Lender of,
or of notice of, assignment for the benefit of creditors, appointment or application for the appointment of a receiver, or issuance of execution, subpoena or order or warrant. Lender will not be liable for the dishonor of any check when the dishonor
occurs because Lender set-off a debt against Borrower's account. Borrower agrees to hold Lender harmless from any claim arising as a result of Lender exercising Lender's right to set-off. 

PAYABLE ON DEMAND. 
This is a demand note. Payment is due upon Lender's demand. 

RELATED DOCUMENTS. 
The words "Related Documents" mean all promissory notes, security agreements, mortgages, deeds of trust, deeds to secure debt, business loan agreements,
construction loan agreements, resolutions, guaranties, environmental agreements, subordination agreements, assignments, and any other documents or agreements executed in connection with the indebtedness evidenced hereby this Agreement whether now or
hereafter existing, including any modifications, extensions, substitutions or renewals of any of the foregoing. The Related Documents are hereby made a part of this Agreement by reference thereto, with the same force and effect as if fully set forth
herein. 

DEFAULT. 
Upon the occurrence of any one of the following events (each, an "Event of Default" or "default" or "event of default"), Lender's obligations, if
any, to make any advances will, at Lender's option, immediately terminate and Lender, at its option, may declare all indebtedness of Borrower to Lender under this Agreement immediately due and payable without further notice of any kind
notwithstanding anything to the contrary in this Agreement or any other agreement: (a) Borrower's failure to make any payment on time or in the amount due; (b) any default by Borrower under the terms of this Agreement or any other Related Documents;
(c) any default by Borrower under the terms of any other agreement between Lender and Borrower; (d) the death, dissolution, or termination of existence of Borrower or any guarantor; (e) Borrower is not paying Borrower's debts as such debts become
due; (f) the commencement of any proceeding under bankruptcy or insolvency laws by or against Borrower or any guarantor or the appointment of a receiver; (g) any default under the terms of any other indebtedness of Borrower to any other creditor;
(h) any writ of attachment, garnishment, execution, tax lien or similar instrument is issued against any collateral securing the loan, if any, or any of Borrower's property or any judgment is entered against Borrower or any guarantor; (i) any part
of Borrower's business is sold to or merged with any other business, individual, or entity; (j) any representation or warranty made by Borrower to Lender in any of the Related Documents or any financial statement delivered to Lender proves to have
been false in any material respect as of the time when made or given; (k) if any guarantor, or any other party to any Related Documents terminates, attempts to terminate or defaults under any such Related Documents; (l) Lender has deemed itself
insecure or there has been a material adverse change of condition of the financial prospects of Borrower or any collateral securing the obligations owing to Lender by Borrower. Upon the occurrence of an event of default, Lender may pursue any remedy
available under any Related Document, at law or in equity. 

GENERAL WAIVERS. 
To the extent permitted by law, the Borrower severally waives any required notice of presentment, demand, acceleration, intent to accelerate, protest, and
any other notice and defense due to extensions of time or other indulgence by Lender or to any substitution or release of collateral. No failure or delay on the part of Lender, and no course of dealing between Borrower and Lender, shall operate as a
waiver of such power or right, nor shall any single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of any other power or right. 

JOINT AND SEVERAL LIABILITY. 
If permitted by law, each Borrower executing this Agreement is jointly and severally bound. 

SEVERABILITY. 
If a court of competent jurisdiction determines any term or provision of this Agreement is invalid or prohibited by applicable law, that term or provision will
be ineffective to the extent required. Any term or provision that has been determined to be invalid or prohibited will be severed from the rest of this Agreement without invalidating the remainder of either the affected provision or this
Agreement. 

SURVIVAL. 
The rights and privileges of the Lender hereunder shall inure to the benefits of its successors and assigns, and this Agreement shall be binding on all heirs,
executors, administrators, assigns, and successors of Borrower. 

ASSIGNABILITY. 
Lender may assign, pledge or otherwise transfer this Agreement or any of its rights and powers under this Agreement without notice, with all or any of the
obligations owing to Lender by Borrower, and in such event the assignee shall have the same rights as if originally named herein in place of Lender. Borrower may not assign this Agreement or any benefit accruing to it hereunder without the express
written consent of the Lender. 

DUTY TO NOTIFY. 
Borrower agrees to notify Lender if there is any change in the beneficial ownership information provided to Lender. Additionally, Borrower agrees to provide
Lender with updated beneficial ownership information in the event there is any change in the beneficial ownership information provided to Lender. 

ORAL AGREEMENTS DISCLAIMER. 
This Agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements of the parties. There are no unwritten oral agreements between the parties. 

GOVERNING LAW. 
This Agreement is governed by the laws of the state of New
York except to the extent that federal law controls. 

HEADING AND GENDER. 
The headings preceding text in this Agreement are for general convenience in identifying subject matter, but have no limiting impact on the text which
follows any particular heading. All words used in this Agreement shall be construed to be of such gender or number as the circumstances require. 

ATTORNEYS' FEES AND OTHER COSTS. 
Borrower agrees to pay all of Lender's costs and expenses in connection with the enforcement of this Agreement including, without
limitation, reasonable attorneys' fees, to the extent permitted by law. 

WAIVER OF JURY TRIAL. All parties to this Agreement hereby knowingly and voluntarily waive, to the fullest extent permitted by law, any right to trial by jury of any dispute, whether in contract, tort, or otherwise,
arising out of, in connection with, related to, or incidental to the relationship established between them in this Agreement or any other instrument, document or agreement executed or delivered in connection with this Agreement or the Related
Documents. 

 

	
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By signing this Agreement, Borrower acknowledges reading, understanding, and agreeing to all its provisions and receipt hereof.

MTI INSTRUMENTS INC 

/s/ FREDERICK W JONES                               

By: FREDERICK W JONES 

Its: PRESIDENT & CEO/CFO 

LENDER: 
Pioneer Bank 

/s/ JASON URSCHEL                                       

By: JASON URSCHEL 

Its: BUSINESS BANKING RELATIONSHIP MANAGER 

 

 

 

 

 

 

 

 

 

 

 

	
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	www.compliancesystems.comExhibit 10.28

 

EXHIBIT 10.28

	
BUSINESS LOAN AGREEMENT
			
		

	
	AGREEMENT DATE	 	 
	
	   May 7, 2020	 	 

 

	BORROWER INFORMATION	 
	MTI INSTRUMENTS INC	Type of Business
	Entity: Corporation
	325 WASHINGTON AVE EXT	State of
	Organization/Formation:  New  York
	
	ALBANY, NY 12205	 
	 
	GUARANTOR INFORMATION	 
	MECHANICAL TECHNOLOGY INCORPORATED	Type of Business Entity: 
	Corporation
	325 WASHINGTON AVE EXT	State of Organization/Formation: 
	New York
	
	ALBANY, NY 12205	 

AGREEMENT. 
This Business Loan Agreement will be referred to in this document as the "Agreement." This Agreement is made by Pioneer Bank (Lender), MTI INSTRUMENTS INC
(Borrower) and MECHANICAL TECHNOLOGY INCORPORATED (Guarantor). The consideration is the promises, representations, and warranties made in this Agreement and the Related Documents. 

DEFINITIONS. 
These definitions are used in this Agreement. 

"Collateral" 
means the Property that any Party to this Agreement or the Related Documents may pledge, mortgage, or give Lender a security interest in, regardless of where
the Property is located and regardless of when it was or will be acquired, together with all replacements, substitutions, proceeds, and products of the Property. 

"Events of Default" 
means any of the events described in the "Events of Default" section of this Agreement. 

"Financial Statements" 
mean the balance sheets, earnings statements, and other financial information that any Party has, is, or will be giving to Lender. 

"Indebtedness" 
means the Loan and all other loans and indebtedness of Borrower to Lender, including but not limited to Lender's payments of insurance or taxes, all amounts
Lender pays to protect its interest in the Collateral, overdrafts in deposit accounts with Lender, and all other indebtedness, obligations, and liabilities of Borrower to Lender, whether matured or unmatured, liquidated or unliquidated, direct or
indirect, absolute or contingent, joint or several, due or to become due, now existing or hereafter arising. 

"Loan" 
means any loan or loans and all other indebtedness, obligations, and liabilities of Borrower to Lender, due or to become due, now existing or hereafter arising, as
well as any and all amendments, modifications, extensions, and renewals thereof. 

"Parties" 
means any Borrower and Guarantor signing this Agreement. 

"Party" 
means any
Borrower and Guarantor signing this Agreement. 

"Property" 
means the Parties' assets, regardless of what kind of assets they are. 

"Related Documents" 
means all documents, promissory notes, security agreements, leases, mortgages, construction loan agreements, assignments of leases and rents, guaranties,
pledges, and all other documents or agreements executed in connection with this Agreement as such documents may be modified, amended, substituted, or renewed from time to time. The term includes both documents existing at the time of execution of
this Agreement and documents executed after the date of this Agreement. 

 

BORROWER'S REPRESENTATIONS AND WARRANTIES. 
The statements made in this section will continue and remain in effect until all of the Indebtedness is fully paid to Lender. Each
Borrower represents and warrants to Lender the following: 

Borrower's Existence and Authority. 
Each Borrower is duly formed and in good standing under all laws
governing the Borrower and the Borrower's business, and each Borrower executing this Agreement has the power and authority to execute this Agreement and the Related Documents and to bind that Borrower to the obligation created in this Agreement and
the Related Documents. 

Financial Information and Filing. 
All Financial Statements provided to Lender have been prepared and will continue to be prepared in accordance with generally accepted
accounting principles, consistently applied, and fully and fairly present the financial condition of each Borrower, and there has been no material adverse change in Borrower's business, Property, or condition, either financial or otherwise, since
the date of Borrower's latest Financial Statements. Each Borrower has filed all federal, state, and local tax returns and other reports and filings required by law to be filed before the date of this Agreement and has paid all taxes, assessments,
and other charges that are due and payable prior to the date of this Agreement. Each Borrower has made reasonable provision for these types of payments that are accrued but not yet payable. The Borrower does not know of any deficiency or additional
assessment not disclosed in the Borrower's books and records. 

All financial statements or records submitted to Lender via electronic means, including, but not limited to, facsimile, open internet communications or other telephonic or electronic methods, including, but not limited
to, documents in Tagged Image Format Files ("TIFF") and Portable Document Format ("PDF") shall be treated as originals, and will be fully binding with full legal force and effect. Parties waive any right they may have to object to such treatment.
Lender may rely on all such records in good faith as complete and accurate records produced or maintained by or on behalf of the Party submitting such records. 

 

	
	
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Title and Encumbrances. 
Borrower has good title to all of the Borrower's assets. All encumbrances on any part of the Property were disclosed to Lender in writing prior to
the date of this Agreement. 

Compliance with General Law. 
Each Borrower is in compliance with and will conduct its business and use its assets in compliance with all laws, regulations, ordinances,
directives, and orders of any level of governmental authority that has jurisdiction over the Borrower, the Borrower's business, or the Borrower's assets. 

Environmental Laws. 
Each Borrower is in compliance with all applicable laws and rules of federal, state, and local authorities affecting the environment, as all have been or
are amended. 

No Litigation/No Misrepresentations. 
There are no existing or pending suits or proceedings before any court, government agency, arbitration panel, administrative tribunal,
or other body, or threatened against Borrower that may result in any material adverse change in the Borrower's business, property, or financial condition, and all representations and warranties in this Agreement and the Related Documents are true
and correct and no material fact has been omitted. 

 

COVENANTS. 
On the date of this Agreement and continuing until the Indebtedness is repaid and Borrower's obligations are fully performed, Borrower covenants as follows. 

- Annual submission of corporate tax returns (including schedules) within 120 days of calendar year end or extension thereof for Mechanical Technology, Inc and MTI Instruments, Inc. 

- Annual submission of accounts receivable and accounts payable aging reports. 

- Annual submission of interim financial statements including Balance Sheet, Income Statement, Accounts Receivable/Accounts Payable aging, Work in Progress reports, etc.

 

EVENTS OF DEFAULT. 
The occurrence of any of the following events will be an Event of Default. 

Noncompliance with Lender Agreements. 
Default by Borrower or Guarantor under any provision of this Agreement, the Related Documents, or any other agreement with
Lender. 

False Statements. 
If a Party made or makes a false or misleading misrepresentation in this Agreement, in the Related Documents, in any supporting material submitted to
Lender or to third parties providing reports to Lender, or in Financial Statements given or to be given to Lender. 

Material Adverse Change. 
Any material adverse change in the Borrower's business, financial condition, or the Property has occurred or is imminent; if the full performance of
the obligations of any Party is materially impaired; or if the Collateral and its value or Lender's rights with respect thereto are materially impaired in any way. The existence or reasonable likelihood of litigation, governmental proceeding,
default, or other event that may materially and adversely affect a Party's business, financial condition, or the Property. 

Insolvency or Liquidation. 
A Party
voluntarily suspends transaction of its business or does not generally pay debts as they mature. If a Party has or will make a general assignment for the benefit of creditors or will file, or have filed against it, any petition under federal
bankruptcy law or under any other state or federal law providing for the relief of debtors if the resulting proceeding is not discharged within thirty days after filing. If a receiver, trustee, or custodian is or will be appointed for a
Party. 

Default on Unrelated Debt. 
If Borrower or Guarantor materially defaults under a provision of an agreement with a third party or if the indebtedness under such an agreement
is accelerated. 

Judgments or Attachments. 
If there is entered against a Party a judgment that materially affects the Borrower's business, financial condition, or the Property, or if a tax
lien, levy, writ of attachment, garnishment, execution, or similar item is or will be issued against the Collateral or which materially affects Borrower's business, financial condition, or the Property, and which remains unpaid, unstayed on appeal,
undischarged, unbonded, or undismissed for thirty days after it was issued. 

Collateral Impairment. 
Lender has a good-faith belief that Lender's rights in the Collateral are or will soon be impaired or that the Collateral itself is or soon will be
impaired. 

Termination of Existence or Change in Control. 
If Borrower or Borrower's business is sold or merged or if Borrower or Borrower's business suspends business or ceases to
exist. 

Insecurity. 
If Lender has a good-faith belief that any Party is unable or will soon be unable to perform that Party's duties under this Agreement or under the Related
Documents. 

Death. 
The death of an individual who is a Party, a partner in a partnership that is a Party, a member in a limited liability company that is a Party, an officer of a
corporation that is a Party, or an individual of similar position in any other type of business organization that is a Party. 

 

REMEDIES ON DEFAULT.

Remedies, No Waiver. 
The remedies provided for in this Agreement, the Related Documents, and by law are cumulative and not exclusive. Lender reserves the right to exercise
some, all, or none of its rights and reserves the right to exercise any right at any time that Lender has the right, without regard to how much time has passed since the right arose. Lender may exercise its rights in its sole, absolute
discretion. 

Acceleration, Setoff. 
Upon an Event of Default, the Loan and the Indebtedness may, at Lender's sole option, be declared immediately due and payable. Lender may apply the
Parties' bank accounts and any other property held by Lender against the Indebtedness. 

CROSS COLLATERALIZATION. 
It is the intent of all Parties to cross collateralize all of its Indebtedness and obligations to Lender, howsoever arising and whensoever incurred,
except any obligation existing or arising against the principal dwelling of any Party. 

ATTORNEYS' FEES AND OTHER COSTS. 
Borrower agrees to pay all of Lender's costs and expenses incurred in connection with the enforcement of this Agreement, including without
limitation, reasonable attorneys' fees, to the extent permitted by law. 

 

	
	
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EXPENSES. 
The Parties agree to pay all of Lender's reasonable expenses incidental to perfecting Lender's security interests and liens, all insurance premiums, Uniform
Commercial Code search fees, and all reasonable fees incurred by Lender for audits, inspection, and copying of the Parties' books and records. The Parties also agree to pay all reasonable costs and expenses of Lender in connection with the
enforcement of Lender's rights and remedies under this Agreement, the Related Documents, and any other agreement between one or more Parties and Lender, and in connection with the preparation of all amendments, modifications, and waivers of consent
with respect to this Agreement, including reasonable attorneys' fees. 

GOVERNING LAW/PARTIAL ILLEGALITY. 
This Agreement and the Related Documents are and will be governed by, and the rights of the Parties will be determined by the laws of the
state of New York except to the extent that federal law controls. If any part, term, or provision of this Agreement is determined to be illegal or in conflict with state or federal law, the validity of the remaining portion or provisions of this
Agreement will not be affected, unless the stricken portion or provision adversely affects Lender's risk of realizing Lender's anticipated return, in which case Lender may, in its sole discretion, deem the Loan matured. 

NOTICES. 
All notices required under this Agreement must be in writing and will be considered given: (i) on the day of personal delivery, or (ii) one business day after
deposit with a nationally recognized overnight courier service, or (iii) three business days after deposit with the United States Postal Service sent certified mail, return receipt requested. Any of these methods may be used to give notice. All
notices must be sent to the party or parties entitled to notice at the addresses first set forth in this Agreement. Any Party may change its address for notice purposes on five days prior written notice to the other Parties. 

INTEGRATION AND AMENDMENT. 
This Agreement and other written agreements among the Parties, including but not limited to the Related Documents, are the entire agreement of the
Parties and will be interpreted as a group, one with the others. None of the Parties will be bound by anything not expressed in writing, and this Agreement cannot be modified except by a writing executed by those Parties burdened by the
modification. 

FURTHER ACTION. 
The Parties will, upon request of Lender, make, execute, acknowledge, and deliver to Lender the modified and additional instruments, documents, and
agreements, and will take the further action that is reasonably required, to carry out the intent and purpose of this transaction. 

CONTINUING EFFECT. 
Unless superseded by a later Business Loan Agreement, this Agreement will continue in full force and effect until all of the Parties' obligations to
Lender are fully satisfied and the Loan and Indebtedness are fully repaid. 

HEADINGS. 
All headings in this Agreement are included for reference only and do not have any effect on the interpretation of this Agreement. 

COUNTERPARTS. 
This Agreement may be executed by the Parties using any number of copies of the Agreement. All executed copies taken together will be treated as a single
Agreement. 

TIME IS OF THE ESSENCE. 
Time is of the essence in the performance of this Agreement. 

TRANSFERS. 
Borrower may not assign or transfer its rights or obligations under this Agreement without Lender's prior written consent. Lender may transfer its interest in
Lender's sole discretion. Borrower waives all rights of offset and counterclaim Borrower has against Lender. The purchaser of a participation in the loan may enforce its interest regardless of any claims or defenses Borrower has against
Lender. 

JURISDICTION. 
The Parties agree to waive any objection to jurisdiction or venue on the ground that the Parties are not residents of Lender's locality. The Parties authorize
any action brought to enforce the Parties' obligations to be instituted and prosecuted in any state court having jurisdiction or in the United States District Court for the District that includes Lender's location as set forth at the beginning of
this Agreement. The Parties authorize Lender to elect the court at Lender's sole discretion. 

WAIVER OF JURY TRIAL. All parties to this Agreement hereby knowingly and voluntarily waive, to the fullest extent permitted by law, any right to trial by jury of any dispute, whether in contract, tort, or otherwise,
arising out of, in connection with, related to, or incidental to the relationship established between them in this Agreement or any other instrument, document or agreement executed or delivered in connection with this Agreement or the Related
Documents. 

ORAL AGREEMENTS DISCLAIMER. 
This Agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements of the parties. There are no unwritten oral agreements between the parties. 

By signing this Agreement, Borrower acknowledges reading, understanding and agreeing to all its provisions and receipt of a copy hereof.

MTI INSTRUMENTS INC 

/s/  FREDERICK W JONES            

By: FREDERICK W JONES 

Its: PRESIDENT & CEO/CFO 

 

	
	
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AGREEMENT OF GUARANTOR

Guarantor (i) acknowledges reading and understanding this Agreement; (ii) consents to the provisions of this Agreement relating to Borrower; (iii) agrees to furnish the Financial Statements to Lender that Lender
reasonably requests; (iv) agrees to those portions of this Agreement that apply to Guarantor; (v) acknowledges that this Agreement has been freely executed without duress and after an opportunity to consult with counsel; and (vi) confirms that
Guarantor received a copy of this Agreement, the Guaranty, and the other documents Guarantor requested. 

MECHANICAL TECHNOLOGY INCORPORATED 

/s/ FREDERICK W JONES                    

By: FREDERICK W JONES 

Its: PRESIDENT & CEO/CFO 

LENDER: 
Pioneer Bank 

/s/ JASON URSCHEL                           

By: JASON URSCHEL 

Its: BUSINESS BANKING RELATIONSHIP MANAGER 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
	
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