Document:

crvl-ex102_6.htm

Exhibit 10.2 

REVOLVING LINE OF CREDIT NOTE 

 

	
 
	
 
	
 

	
$10,000,000.00
	
  
	
Portland, Oregon

September 1, 2017

FOR VALUE RECEIVED, the undersigned CORVEL CORPORATION ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") at its office at MAC P6101-250, 1300 Southwest 5th Avenue, 25th Floor, Portland, Oregon 97201-5667, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Ten Million Dollars ($10,000,000.00), or so much thereof as may be advanced and be outstanding pursuant to the terms of the Credit Agreement, as defined herein, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

DEFINITIONS:

As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

(a)"Daily One Month LIBOR" means, for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period.

(b)"LIBOR" means (i) for the purpose of calculating effective rates of interest for loans making reference to LIBOR Periods, the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery on the first day of each LIBOR Period for a period approximately equal to such LIBOR Period as published by the ICE Benchmark Administration Limited, a United Kingdom company, at approximately 11:00 a.m., London time, two London Business Days prior to the first day of such LIBOR Period (or if not so published, then as determined by Bank from another recognized source or interbank quotation), or (ii) for the purpose of calculating effective rates of interest for loans making reference to Daily One Month LIBOR, the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery of funds for one (1) month as published by the ICE Benchmark Administration Limited, a United Kingdom company, at approximately 11:00 a.m., London time, or, for any day not a London Business Day, the immediately preceding London Business Day (or if not so published, then as determined by Bank from another recognized source or interbank quotation); provided, however, that if LIBOR determined as provided above would be less than zero percent (0.0%), then LIBOR shall be deemed to be zero percent (0.0%).

(c)"LIBOR Period" means a period commencing on a New York Business Day and continuing for three (3) months, as designated by Borrower, during which all or a portion of the outstanding principal balance of this Note bears interest determined in relation to LIBOR; provided however, that (i) no LIBOR Period may be selected for a principal amount less than One Hundred Thousand Dollars ($100,000.00), (ii) if the day after the end of any LIBOR Period is not a New York Business Day (so that a new LIBOR Period could not be selected by Borrower to start on such day), then such LIBOR Period shall continue up to, but shall not include, the New York Business Day immediately preceding the last day of such LIBOR Period, and (iii) no LIBOR Period shall extend beyond the scheduled maturity date hereof.

(d)"London Business Day" means any day that is a day for trading by and between banks in dollar deposits in the London interbank market.

(e)"New York Business Day" means any day except a Saturday, Sunday or any other day on which commercial banks in New York are authorized or required by law to close.

 

(f)"State Business Day" means any day except a Saturday, Sunday or any other day on which commercial banks in the jurisdiction described in “Governing Law” herein are authorized or required by law to close.

INTEREST:

 

(a)Interest.  The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) either (i) at a fluctuating rate per annum determined by Bank to be one percent (1.00%) above Daily One Month LIBOR in effect from time to time, or (ii) at a fixed rate per annum determined by Bank to be one percent (1.00%) above LIBOR in effect on the first day of the applicable LIBOR Period.  Bank is hereby authorized to note the date, principal amount and interest rate applicable thereto and any payments made thereon on Bank's books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima facie evidence of the accuracy of the information noted. 

 

(b)Selection of Interest Rate Options.  Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBOR for a LIBOR Period, it may be continued by Borrower at the end of the LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to Daily One Month LIBOR or to LIBOR for a new LIBOR Period designated by Borrower, (ii) at any time any portion of this Note bears interest determined in relation to Daily One Month LIBOR, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to Daily One Month LIBOR or to LIBOR for a LIBOR Period designated by Borrower.

 

To select an interest rate option hereunder determined in relation to LIBOR for a LIBOR Period, Borrower shall give Bank notice thereof that is received by Bank prior to 11:00 a.m. in the jurisdiction described in “Governing Law” herein on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower.  Such notice shall specify: (A) the interest rate option selected by Borrower, (B) the principal amount subject thereto, and (C) for each LIBOR selection, the length of the applicable LIBOR Period.  If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily One Month LIBOR interest selection for such advance or the principal amount to which such LIBOR Period applied.  Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as it is given in accordance with the foregoing and, with respect to each LIBOR selection, if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three State Business Days after such notice is given.  Borrower shall reimburse Bank immediately upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds obtained to fund or maintain a LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to accept or complete a LIBOR borrowing hereunder after making a request therefor.  Any reasonable determination of such amounts by Bank shall be conclusive and binding upon Borrower.  Should more than one person or entity sign this Note as a Borrower, any notice required above may be given by any one Borrower acting alone, which notice shall be binding on all other Borrowers.

 

(c)Taxes and Regulatory Costs.  Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) costs, expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal Reserve System (or any successor) for "Eurocurrency Liabilities" (as defined in Regulation D of the Federal Reserve Board, as amended), assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any manner to LIBOR.  In determining which of the foregoing are attributable to any LIBOR option available to Borrower 

hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower.

 

(d)Default Interest.  From and after the maturity date of this Note, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or otherwise, or upon the occurrence and during the continuance of an Event of Default, then at the option of Bank, in its sole and absolute discretion, the outstanding principal balance of this Note shall bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this Note.

 

BORROWING AND REPAYMENT:

 

(a)Borrowing and Repayment of Principal.  Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any document executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount stated above.  The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder.  The outstanding principal balance of this Note shall be due and payable in full on September 1, 2018.

 

(b)Payment of Interest.  Interest accrued on this Note shall be payable on the first day of each month, commencing October 1, 2017, and on the maturity date set forth above.

 

(c)Advances.  Advances hereunder, to the total amount of the principal sum stated above, may be made by the holder at the oral or written request of (i) MICHAEL COMBS,  JENNIFER YOSS or RICHARD SCHWEPPE, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account.  The holder shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

 

(d)Application of Payments.  Each payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.  All payments credited to principal shall be applied first, to the outstanding principal balance of this Note which bears interest determined in relation to Daily One Month LIBOR, if any, and second, to the outstanding principal balance of this Note which bears interest determined in relation to LIBOR, with such payments applied to the oldest LIBOR Period first.

 

PREPAYMENT:

 

(a)Daily One Month LIBOR.  Borrower may prepay principal on any portion of this Note which bears interest determined in relation to the Daily One Month LIBOR rate at any time, in any amount and without penalty.

 

(b)LIBOR.  Borrower may prepay principal on any portion of this Note which bears interest determined in relation to LIBOR at any time and in the minimum amount of One Hundred Thousand Dollars ($100,000.00); provided however, that if the outstanding principal balance of such portion of this Note is less than said amount, the minimum prepayment amount shall be the entire outstanding principal balance thereof.  In consideration of Bank providing this prepayment option to Borrower, or if any such portion of this Note shall become due and payable at any time prior to the last day of the LIBOR Period applicable thereto by acceleration or otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the sum of the discounted monthly differences for each month from the month of prepayment through the month in which such LIBOR Period matures, calculated as follows for each such month:

 

(i)Determine the amount of interest which would have accrued each month on the amount prepaid at the interest rate applicable to such amount had it remained outstanding until the last day of the LIBOR Period applicable thereto.

 

(ii)Subtract from the amount determined in (i) above the amount of interest which would have accrued for the same month on the amount prepaid for the remaining term of such LIBOR Period at LIBOR in effect on the date of prepayment for new loans made for such term and in a principal amount equal to the amount prepaid.

 

(iii)If the result obtained in (ii) for any month is greater than zero, discount that difference by LIBOR used in (ii) above.

 

Borrower acknowledges that prepayment of such amount may result in Bank incurring additional costs, expenses and/or liabilities, and that it is difficult to ascertain the full extent of such costs, expenses and/or liabilities.  Borrower, therefore, agrees to pay the above-described prepayment fee and agrees that said amount represents a reasonable estimate of the prepayment costs, expenses and/or liabilities of Bank.  If Borrower fails to pay any prepayment fee when due, the amount of such prepayment fee shall thereafter bear interest until paid at a rate per annum two percent (2.00%) above the Daily One Month LIBOR rate in effect from time to time (computed on the basis of a 360-day year, actual days elapsed).

 

(c)Application of Prepayments.  If principal under this Note is payable in more than one installment, then any prepayments of principal shall be applied to the most remote principal installment or installments then unpaid.

 

EVENTS OF DEFAULT:

 

This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of September 1, 2017, as amended from time to time (the "Credit Agreement").  Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an "Event of Default" under this Note.

 

MISCELLANEOUS:

 

(a)Remedies.  Upon the sale, transfer, hypothecation, assignment or other encumbrance, whether voluntary, involuntary or by operation of law, of all or any interest in any real property securing this Note, if any, or upon the occurrence of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate.  Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder's rights and/or the collection of any amounts which become due to the holder under this Note whether or not suit is brought, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

 

(b)Obligations Joint and Several.  Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

 

(c)Governing Law.  This Note shall be governed by and construed in accordance with the laws of Oregon, but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof.

 

 

 

 

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY BANK CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY BANK TO BE ENFORCEABLE.

 

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

 

 

CORVEL CORPORATION

 

	
By:
	
 
	
/s/ Richard Schweppe

	
 
	
 

	
Name:
	
 
	
Richard Schweppe

	
 
	
 

	
Title:
	
 
	
Chief Financial OfficerEX-10.1

 Exhibit 10.1 

SIXTH AMENDMENT AND WAIVER AGREEMENT 

This SIXTH AMENDMENT AND WAIVER AGREEMENT (this “Amendment”) is made effective as of August 29, 2017 (the
“Effective Date”) among AIR T, INC., a Delaware corporation (“Air T”), MOUNTAIN AIR CARGO, INC., a North Carolina corporation (“Mountain Air”), GLOBAL GROUND SUPPORT, LLC, a North Carolina
limited liability company (“Global Ground”), CSA AIR, INC., a North Carolina corporation (“CSA”), GLOBAL AVIATION SERVICES, LLC, a North Carolina limited liability company (“Global Aviation”), AIR T
GLOBAL LEASING, LLC, a North Carolina limited liability company (“Air T Leasing”), STRATUS AERO PARTNERS LLC (f/k/a Global Aviation Partners LLC), a Delaware limited liability company (“Stratus”), JET YARD, LLC, an
Arizona limited liability company (“Jet Yard”), AIRCO, LLC, a North Carolina limited liability company (“AirCo”), AIRCO SERVICES, LLC, a North Carolina limited liability company (“AirCo Services”
and together with Air T, Mountain Air, Global Ground, CSA, Global Aviation, Air T Leasing, Stratus, Jet Yard and AirCo, each a “Borrower” and collectively, the “Borrowers”), and BRANCH BANKING AND TRUST COMPANY, a
North Carolina banking corporation (the “Bank”). Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement (as defined below). 

W I T N E S S E T H 
 WHEREAS, a
$25 million revolving credit facility was previously established in favor of the Borrowers pursuant to the terms of that certain Credit Agreement (as amended, modified, supplemented, increased and extended from time to time, the “Credit
Agreement”) dated April 1, 2015 between the Borrowers and the Bank; 
 WHEREAS, certain Events of Default have occurred
pursuant to Section 9.1(d) due to the Borrowers’ failure to deliver (i) their consolidated financial statements for the fiscal quarter that ended June 30, 2017 within the time period required pursuant to
Section 6.1(b) of the Credit Agreement and (ii) their covenant compliance certificate for the fiscal quarters that ended March 31, 2017 and June 30, 2017 within the time periods required pursuant to
Section 6.1(c) of the Credit Agreement (collectively, the “Existing Events of Default”); 
 WHEREAS, the
Borrowers have requested that the Bank (a) waive the Existing Events of Default, (b) make certain amendments to the definition of Consolidated EBITDA and (c) extend the maturity date related to the Revolving Loans and the Revolving
Commitment, and the Bank has agreed to such requests subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, IN
CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Amendments to the Credit Agreement. 

(a) The definition of Consolidated EBITDA set forth in Section 1.01 is hereby amended and restated to read as
follows: 
 ““Consolidated EBITDA” means, for any period, for the Borrowers and their Subsidiaries on a
consolidated basis, an amount equal to Consolidated Net Income for such period plus the following to the extent deducted in calculating such Consolidated Net Income: 

 
(a) Consolidated Interest Charges for such period, (b) the provision for federal, state, local and foreign income taxes payable by the Borrowers for such period, (c) depreciation and
amortization expense for such period, all as determined in accordance with GAAP and (d) other non-cash charges acceptable to the Bank in its discretion; provided, that the aggregate amount that may be added to Consolidated EBITDA for any
Subsidiaries that are not Wholly-owned Subsidiaries shall not exceed 20% of Consolidated EBITDA (determined prior to giving effect to any contribution to Consolidated EBTIDA for any Subsidiaries that are not Wholly-owned Subsidiaries); and
provided further, during the period from January 1, 2016 through June 30, 2017, Consolidated EBITDA shall be calculated without giving effect to any unrealized gains or losses attributable to any of the Borrowers and their
Subsidiaries ownership of Equity Interests in Insignia Systems, Inc. (NASDQ: ISIG).” 
 (b) The definition of Maturity
Date is hereby amended and restated to read as follows: 
 “”Maturity Date” means April 1,
2019.” 
 2. Amendment to Revolving Note. The reference to “April 1, 2018” as the maturity date in the opening
paragraph of the Revolving Note is hereby changed to “April 1, 2019”. 
 3. Waiver. Subject to the terms and conditions set
forth herein, the Bank hereby waives the Existing Events of Default; provided that the foregoing waiver shall not be deemed to modify or affect the obligations of the Borrowers to comply with each and every other obligation, covenant, duty or
agreement under the Loan Documents and all other instruments, documents and agreements issued, executed or delivered in connection with the Loan Documents, in each case as amended. This waiver is a one-time waiver and shall not be construed to be a
waiver of any other Default or Event of Default that may currently exist or occur hereafter. This waiver in no manner creates a course of dealing or otherwise impairs the future ability of the Bank to declare an Event of Default under or otherwise
enforce the terms of the Credit Agreement. 
 4. Conditions to Effectiveness. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions: 
 (a) Executed Amendment. Receipt by the Bank of a duly executed
counterpart of this Amendment by the Borrowers. 
 (b) Expenses. Payment by the Borrowers of all reasonable
out-of-pocket costs and expenses of the Bank in connection with the negotiation, preparation, execution, delivery and administration of this Amendment (including, without limitation, the reasonable fees and expenses of Moore & Van Allen,
PLLC, special counsel to the Bank). 
 (c) Fees. Payment by the Borrowers of a fee related to waiver of the Existing
Events of Default and the extension of the Maturity Date as described herein equal to $25,000. 
 (d) Other. Receipt
by the Bank of such other documents, instruments, agreements or information as reasonably requested by the Bank. 
 5. Release. Upon
the Effective Date and in consideration of Bank’s willingness to enter into this Amendment and undertake the waivers and amendments contemplated hereby, each Borrower hereby releases and forever discharges the Bank and each of the
Bank’s predecessors, successors, assigns, 

  
 2 

 
officers, managers, directors, employees, agents, attorneys, representatives and affiliates, from any and all claims, counterclaims, demands, damages,
debts, suits, liabilities, actions and causes of action of any nature (including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or
unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted). 

5. Amendment is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in the
Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment. 

6. Reaffirmation of Representations and Warranties. Each Borrower represents and warrants that (a) each of the representations and
warranties set forth in the Loan Documents is true and correct in all material respects as of the date hereof (except those that expressly relate to an earlier period) and (b) except for the Existing Event of Default, no Default has occurred
and is continuing. 
 7. Reaffirmation of Obligations. Each Borrower (a) acknowledges and consents to all of the terms and
conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Borrower’s
obligations under the Loan Documents. This Amendment is not intended to effect, nor shall it be construed as, a novation. 
 8. No Other
Changes. Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and effect. 
 9.
Counterparts; Delivery. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or
account for more than one such counterpart. Delivery of an executed counterpart of this Amendment by facsimile or other electronic imaging means shall be effective as an original. 

10. Costs and Expenses. The Borrowers agree that they shall pay, upon demand by the Bank, the costs and expenses of the Bank in
connection with the execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of counsel to the Bank. 

11. Governing Law. This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance
with, the laws of the State of North Carolina. 
 [Signature Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the Borrowers have caused a counterpart of this Sixth Amendment and Waiver
Agreement to be duly executed and delivered as of the date first above written. 
  

					
	AIR T, INC.	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	MOUNTAIN AIR CARGO, INC.	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	GLOBAL GROUND SUPPORT, LLC	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	CSA AIR, INC.	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	GLOBAL AVIATION SERVICES, LLC	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	AIR T GLOBAL LEASING, LLC	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  
 4 

 
					
	STRATUS AERO PARTNERS LLC	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	 JET YARD, LLC
  

By: STRATUS AERO PARTNERS LLC, its sole member
	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	AIRCO, LLC	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  

					
	AIRCO SERVICES, LLC	 	
			
	By:	 	    /s/ Candice Otey
	 	 (SEAL)

 
					
	Name:	 	  Candice
Otey                                       
	 	

 
					
	Title:	 	    Chief Financial
Officer                       	 	

  
 5 

 STATE OF NC 
 COUNTY
OF CATAWBA 
 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me
this day and acknowledged that he/she is CFO of AIR T, INC., a Delaware corporation, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes stated therein. 

I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

 STATE OF NC 
 COUNTY OF CATAWBA

 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me this day and
acknowledged that he/she is CFO of MOUNTAIN AIR CARGO, INC., a North Carolina corporation, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes stated therein. 

I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

  
 6 

 STATE OF NC 
 COUNTY
OF CATAWBA 
 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me
this day and acknowledged that he/she is CFO of GLOBAL GROUND SUPPORT, LLC, a North Carolina limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the
purposes stated therein. 
 I certify that the Signatory personally appeared before me this day, and (check one of the following):

  

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

 STATE OF NC 
 COUNTY OF CATAWBA

 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me this day and
acknowledged that he/she is CFO of CSA AIR, INC., a North Carolina corporation, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes stated therein. 

I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

  
 7 

 STATE OF NC 
 COUNTY
OF CATAWBA 
 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me
this day and acknowledged that he/she is CFO of GLOBAL AVIATION SERVICES, LLC, a North Carolina limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the
purposes stated therein. 
 I certify that the Signatory personally appeared before me this day, and (check one of the following):

  

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

 STATE OF NC 
 COUNTY OF CATAWBA

 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me this day and
acknowledged that he/she is CFO of AIR T GLOBAL LEASING, LLC, a North Carolina limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes stated
therein. 
 I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

  
 8 

 STATE OF NC 
 COUNTY
OF CATAWBA 
 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me
this day and acknowledged that he/she is CFO of STRATUS AERO PARTNERS LLC, a Delaware limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes
stated therein. 
 I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

 STATE OF NC 
 COUNTY OF CATAWBA

 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me this day and
acknowledged that he/she is CFO of Stratus Aero Partners LLC, the sole member of JET YARD, LLC, an Arizona limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation
for the purposes stated therein. 
 I certify that the Signatory personally appeared before me this day, and (check one of the
following): 
  

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

  
 9 

 STATE OF NC 
 COUNTY
OF CATAWBA 
 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me
this day and acknowledged that he/she is CFO of AIRCO, LLC, a North Carolina limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes stated
therein. 
 I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

 STATE OF NC 
 COUNTY OF CATAWBA

 I, Ann M. Caldwell, a Notary Public for said County and State, certify that Candice Otey personally appeared before me this day and
acknowledged that he/she is CFO of AIRCO SERVICES, LLC, a North Carolina limited liability company, and that he/she, as CFO, being authorized to do so, voluntarily executed the foregoing on behalf of the corporation for the purposes stated therein.

 I certify that the Signatory personally appeared before me this day, and (check one of the following): 

 

	 	  X  	(I have personal knowledge of the identity of the Signatory); or 

  

	 	       	(I have seen satisfactory evidence of the Signatory’s identity, by a current state or federal identification with the Signatory’s photograph in the form of: (check one of the following)

  

	 	       	a driver’s license; or 

  

	 	       	other
(describe:                                       
     ); or 

  

	 	       	(a credible witness has sworn to the identity of the Signatory). 

 WITNESS my hand and official
seal this 29th day of August, 2017. 
  

									
	(SEAL)	 		 	 /s/ Ann M. Caldwell
	 	
		 		 	Notary Public	 	 Ann M. Caldwell
	 	
	My commission expires: 2/15/2022	 		 		 	 (type or print name)
	 	

  
 10 

 IN WITNESS WHEREOF, the Bank caused a counterpart of this Sixth Amendment and Waiver Agreement to
be duly executed and delivered as of the date first above written. 
  

			
	BRANCH BANKING AND TRUST COMPANY
		
	By:    	 	 /s/ G. Christopher Hill

		 	 G. Christopher Hill

Senior Vice President

  
 11

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