Document:

Exhibit 10.10

 

REVOLVING
NOTE

 

(LIBOR ADVANTAGE)

 

	 	March 18, 2013
	 	 
	$12,500,000.00	Southfield, Michigan

 

For value received,
the undersigned, UNIQUE FABRICATING INCORPORATED, a Delaware corporation, with an address of 800 Standard Parkway, Auburn Hills,
Michigan 48326 (the "Borrower"), promises to pay to the order of RBS Citizens, N.A., a national banking association,
with an address of 27777 Franklin, Southfield, Michigan 48034 (together with its successors and assigns, the "Bank"),
the principal amount of Twelve Million Five Hundred Thousand and 00/100 Dollars ($12,500,000.00), or, if less, such amount as may
be the aggregate unpaid principal amount of all loans or advances made by the Bank to the Borrower pursuant to Article 2 of
that certain Loan and Security Agreement of even date herewith by and between Borrower and Bank (as amended, restated or otherwise
supplemented from time to time, the “Loan Agreement;” and capitalized terms used herein and not otherwise defined shall
have the meaning giving to such terms in the Loan Agreement) and evidenced hereby (each, a “LIBOR Advantage Loan”),
on or before the Revolving Maturity Date (the "Maturity Date"), together with interest as set forth below from the date
hereof on the unpaid principal balance from time to time outstanding until paid in full. The aggregate principal balance outstanding
under each LIBOR Advantage Loan from time to time shall bear interest thereon at a per annum rate equal to the LIBOR Advantage
Rate (as hereinafter defined) for any LA Interest Period (as hereinafter defined) plus the Applicable Margin from time to time
in effect. All accrued and unpaid interest shall be payable in arrears on the 18th day of each consecutive month following the
end of a LA Interest Period; provided, that if the month in question does not have a day that numerically corresponds to
such day, accrued and unpaid interest shall be payable on the last day of such month.

 

Capitalized terms used
herein and not defined to the contrary have the meanings given them in the Loan Agreement.

 

“LA Interest
Period” means the period commencing on (and including) the date of this Note (the "Start Date") and ending on the
numerically corresponding date one (1) month later, and thereafter each one (1) month period ending on the day of such month that
numerically corresponds to the Start Date. If a LA Interest Period is to end in a month for which there is no day which numerically
corresponds to the Start Date, the LA Interest Period will end on the last day of such month.

 

Notwithstanding the
date of commencement of any LA Interest Period, interest shall only begin to accrue as of the date the LIBOR Advantage Loan is
made.

 

“LIBOR Advantage
Rate” means relative to any LA Interest Period, the offered rate for delivery in two London Banking Days (as hereinafter
defined) of deposits of U.S. dollars for a term coextensive with the designated LA Interest Period, which the British Bankers'
Association fixes as its LIBOR Rate as of 11:00 a.m. London time on the day on which the LA Interest Period commences, and for
a period approximately equal to such LA Interest Period. If the first day of any LA Interest Period is not a day which is both
a (i) Business Day, and (ii) a day on which U.S. dollar deposits are transacted in the London interbank market (a "London
Banking Day"), the LIBOR Advantage Rate shall be determined in reference to the next day which is both a Business Day and
a London Banking Day. If for any reason the LIBOR Rate is unavailable and/or the Bank is unable to determine the LIBOR Advantage
Rate for any LA Interest Period, the Bank may, at its discretion, either: (a) select a replacement index based on the arithmetic
mean of the quotations, if any, of the interbank rates offered by first class banks in London or New York for deposits with comparable
maturities, and if Bank elects this option, the selected replacement index shall be deemed to be the LIBOR Advantage Rate for the
designated LA Interest Period, or (b) select the Prime-based Rate as of the first day of the LA Interest Period, which, if selected
by Bank, shall be deemed to be the LIBOR Advantage Rate for the designated LA Interest Period.

 

This Note is the Revolving
Note referred to in the Loan Agreement and the obligations and liabilities hereunder of Borrower and each endorser hereof constitute
Obligations that are secured by the Collateral as well as by any additional collateral hereafter granted to the Bank by the Borrower
or any endorser or guarantor hereof or by any other party to secure the obligations arising hereunder.

 

    	 

    	 

    

 

Principal and interest
shall be payable at the Bank's main office or at such other place as the Bank may designate in writing in immediately available
funds in lawful money of the United States of America without set-off, deduction or counterclaim. Interest shall be calculated
on the basis of actual number of days elapsed and a 360-day year.

 

This Note is a revolving
note and, on and subject to the terms and conditions of the Loan Documents (including the express provisions that advances by the
Bank are strictly at its sole discretion), the Borrower may, at its option, borrow, pay, prepay and re-borrow LIBOR Advantage Loans
at any time prior to the Maturity Date or such earlier date as the obligation of the Borrower to the Bank under this Note to repay
the principal amount outstanding hereunder shall become due and payable; provided, however, that the principal balance outstanding
hereunder shall at no time exceed the face amount of this Note unless an Overadvance exists, in which case the Overadvance, together
with interest thereon at the applicable rate set forth herein, shall be payable immediately ON DEMAND.

 

All amounts received
by the Bank in respect of principal, interest or any other amount due under this Note or any of the other Loan Documents shall
be applied by the Bank in accordance with the Loan Agreement. The Borrower hereby authorizes the Bank to charge any deposit account
which the Borrower may maintain with the Bank for any payment required hereunder without prior notice to the Borrower.

 

If pursuant to the
terms of this Note, the Borrower is at any time obligated to pay interest on the principal balance at a rate in excess of the maximum
interest rate permitted by applicable law for the Revolving Loans evidenced by this Note, the applicable interest rate shall be
immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments
in reduction of principal and not on account of the interest due hereunder.

 

The Borrower and every
endorser or guarantor of this Note, regardless of the time, order or place of signing, waives presentment, demand, protest, notice
of intent to accelerate, notice of acceleration and all other notices of every kind in connection with the delivery, acceptance,
performance or enforcement of this Note and assents to any extension or postponement of the time of payment or any other indulgence,
to any substitution, exchange or release of collateral, and to the addition or release of any other party or person primarily or
secondarily liable and waives all recourse to suretyship and guarantor defenses generally, including any defense based on impairment
of collateral.

 

Upon the occurrence
and during the continuance of an Event of Default, interest shall accrue at a rate per annum equal to the aggregate of 3.0% plus
the rate provided for herein. If any payment due under this Note is unpaid for 10 days or more, the Borrower shall pay, in addition
to any other sums due under this Note (and without limiting the Bank's other remedies on account thereof), a late charge equal
to the greater of $35.00 or 5.0% of such unpaid amount. In addition the Borrower shall pay the Bank's customary fee if any payment
made on account of this Note is dishonored.

 

This Note shall be
binding upon the Borrower and each endorser and guarantor hereof and upon their respective heirs, successors, assigns and legal
representatives, and shall inure to the benefit of the Bank and its successors, endorsees and assigns.

 

The Borrower and each
endorser and guarantor hereof each authorizes the Bank to complete this Note if delivered incomplete in any respect. A photographic
or other reproduction of this Note may be made by the Bank, and any such reproduction shall be admissible in evidence with the
same effect as the original itself in any judicial or administrative proceeding, whether or not the original is in existence.

 

This Note shall be
governed by federal law applicable to the Bank and, to the extent not preempted by federal law, the laws of the State of Michigan.

 

[SIGNATURE ON FOLLOWING
PAGE]

 

    	2

    	 

    

 

Executed as an instrument
under seal as of March__, 2013. 

 

	 	Borrower:
	 	 	 
	 	UNIQUE FABRICATING INCORPORATED
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Its:	 	 

  

	 	Address:	800 Standard Parkway	 
	 	 	Auburn Hills, Michigan  48326	 

  

[Signature Page to Revolving Note (LIBOR Advantage Rate)]

 

    	3Exhibit 10.11

 

TERM NOTE

 

(LIBOR Rate)

 

March 18, 2013

 

	$11,000,000.00	Southfield, Michigan

 

For value received,
the undersigned, UNIQUE FABRICATING INCORPORATED, a Delaware corporation, with an address of 800 Standard Parkway, Auburn Hills,
Michigan 48326 (the "Borrower"), promises to pay to the order of RBS Citizens, N.A. a national banking association, with
an address of 27777 Franklin, Southfield, Michigan 48034 (together with its successors and assigns, the "Bank"),
the principal amount of Eleven Million and 00/100 Dollars ($11,000,000.00) on or before the Term Loan Maturity Date, as set forth
below, together with interest from the date hereof on the unpaid principal balance from time to time outstanding until paid in
full. The Borrower shall pay consecutive quarterly installments of principal, each in the amount of Three Hundred Ninety-two Thousand
Eight Hundred Fifty-seven and 14/100 Dollars ($392,857.14), on the first day of each September, December, March and June commencing
on June 1, 2013, and the same amount (except the last installment which shall be the unpaid balance) on the first day of each
September, December, March and June thereafter, until changed in accordance with this Note and shall pay interest on the Interest
Payment Date.

 

Term Note. This
Note is the Term Note referred to in that certain Loan and Security Agreement of even date herewith by and between the Borrower
and the Bank (as amended, restated or otherwise supplemented from time to time, the “Loan Agreement;” and capitalized
terms used herein and not otherwise defined shall have the meaning giving to such terms in the Loan Agreement) and the obligations
and liabilities hereunder of Borrower and each endorser hereof constitute Obligations that are secured by the Collateral as well
as by any additional collateral hereafter granted to the Bank by the Borrower or any endorser or guarantor hereof or by any other
party to secure the obligations arising hereunder.

 

Capitalized terms used
herein and not defined to the contrary have the meanings given them in the Loan Agreement.

 

As used herein, the
following terms shall be defined as follows:

 

"Account"
means account #4522324250 maintained by the Bank in the name of the Borrower.

 

"Adjusted LIBOR
Rate" means, relative to a LIBOR-based Loan, a rate per annum determined by dividing (x) the LIBOR Rate for such LIBOR
Interest Period by (y) a percentage equal to one hundred percent (100%) minus the LIBOR Reserve Percentage.

 

"Business Day"
has the meaning given to the term in the Loan Agreement and means:

 

(a)          any
day which is neither a Saturday nor Sunday nor a legal holiday on which commercial banks are authorized or required to be closed
in Southfield, Michigan;

 

(b)          when
such term is used to describe a day on which a borrowing, payment, prepaying, or repaying is to be made in respect of any LIBOR-based
Loan, any day which is: (i) neither a Saturday nor Sunday nor a legal holiday on which commercial banks are authorized or required
to be closed in New York City; and (ii) a London Banking Day; and

 

(c)          when
such term is used to describe a day on which an interest rate determination is to be made in respect of any LIBOR-based Loan, any
day which is a London Banking Day.

 

"Funding Date"
means the date of this Note.

 

    	 

    	 

    

 

"Interest Payment
Date" means the last Business Day of each LIBOR Interest Period or, in the case of Prime Rate Loans, any day on which
a payment of principal is due hereunder.

 

"LIBOR Interest
Period” means, in the case of a LIBOR-based Loan:

 

(i)          initially,
the period beginning on (and including) the Funding Date and ending on (but excluding) the day which numerically corresponds to
such date one or three months thereafter (or, if such month has no numerically corresponding day, on the last Business Day of such
month) as selected from time-to-time by Borrower; and

 

(ii)         thereafter,
each period commencing on the last day of the next preceding LIBOR Interest Period applicable to such LIBOR-based Loan and ending
one month thereafter;

 

provided, however,
that:

 

(a)          if
the Borrower has entered into or may enter into a Hedging Contract in connection with the Loan, each LIBOR Interest Period shall
be of the same duration as the relevant period set under the applicable Hedging Contract;

 

(b)          if
such LIBOR Interest Period would otherwise end on a day which is not a Business Day, such LIBOR Interest Period shall end on the
next following Business Day unless such day falls in the next calendar month, in which case such LIBOR Interest Period shall end
on the first preceding Business Day; and

 

(c)          no
LIBOR Interest Period may end later than the Maturity Date.

 

"LIBOR Rate"
means relative to any LIBOR Interest Period for a LIBOR-based Loan, the offered rate for deposits of U.S. Dollars in an amount
approximately equal to the amount of the requested LIBOR-based Loan for a one month period which the British Bankers' Association
fixes as its LIBOR rate as of 11:00 a.m. London time on the day which is two (2) London Banking Days prior to the beginning of
such LIBOR Interest Period. If the Bank cannot determine such offered rate by the British Bankers’ Association, the Bank
may, in its discretion, select a replacement index based on the arithmetic mean of the quotations, if any, of the interbank offered
rate by first class banks in London or New York for deposits in comparable amounts and maturities.

 

"LIBOR-based
Loan" means the Loan for the period(s) when the rate of interest applicable to the Loan is calculated by reference to
the Adjusted LIBOR Rate in the manner set forth herein.

 

"LIBOR Rate
Margin" means the Applicable Margin from time to time in effect pursuant to the Loan Agreement for LIBOR-based Loans hereunder.

 

"LIBOR Reserve
Percentage" means, relative to any day of any LIBOR Interest Period for the LIBOR-based Loan, the maximum aggregate (without
duplication) of the rates (expressed as a decimal fraction) of reserve requirements (including all basic, emergency, supplemental,
marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements)
under any regulations of the Board of Governors of the Federal Reserve System (the "Board") or other governmental authority
having jurisdiction with respect thereto as issued from time to time and then applicable to assets or liabilities consisting of
"Eurocurrency Liabilities", as currently defined in Regulation D of the Board, having a term approximately equal or comparable
to such LIBOR Interest Period.

 

"Loan"
means all amounts outstanding under this Note.

 

    	2

    	 

    

 

"London Banking
Day" means a day on which dealings in U.S. dollar deposits are transacted in the London interbank market.

 

"Prime Rate"
means the rate of interest announced by Bank in Southfield, Michigan, from time to time as its "Prime Rate." Any change
in the Prime Rate shall be effective immediately from and after such change in the Prime Rate. Borrower acknowledges that Bank
may make loans to its customers above, at or below the Prime Rate. Interest accruing by reference to the Prime Rate shall be calculated
on the basis of actual days elapsed and a 360-day year.

 

"Prime-based
Loan" means any Loan for the period(s) when the rate of interest applicable to such Loan is calculated by reference to
the Prime Rate.

 

"Prime Rate
Margin" means the Applicable Margin from time to time in effect pursuant to the Loan Agreement for Prime-based Loans hereunder.

 

Funding of the
Loan. On the Funding Date and on terms and subject to the conditions of the Loan Documents, the Loan shall be made available
to the Borrower no later than 11:00 a.m. New York time by a deposit to the Account (or as otherwise instructed by the Borrower
in writing) in the full principal amount of the Loan. Unless otherwise prohibited by the Loan Documents, the Loan shall initially
be classified as a LIBOR-based Loan and interest shall accrue by reference to the LIBOR Rate.

 

Automatic Rollover
of LIBOR-based Loan. Upon the expiration of a LIBOR Interest Period, the LIBOR-based Loan shall automatically be continued
as a LIBOR-based Loan at the then applicable Adjusted LIBOR Rate and in an amount equal to the principal amount of the expiring
LIBOR-based Loan LESS the applicable Principal Repayment Amount made by Borrower, provided, however, that
no portion of the outstanding principal amount of a LIBOR-based Loan may be continued as a LIBOR-based Loan when any Event of Default
has occurred and is continuing. If any Event of Default has occurred and is continuing (if the Bank does not otherwise elect to
exercise any right to accelerate the Loan it is granted hereunder), the LIBOR-based Loan shall automatically be continued as a
Prime-based Loan on the first day of the next LIBOR Interest Period.

 

Voluntary Prepayment
of LIBOR-based Loans. When classified as a LIBOR-based Loan, the Loan may be prepaid upon the terms and conditions set forth
herein. The Borrower acknowledges that additional obligations may be associated with prepayment, in accordance with the terms and
conditions of any applicable Hedging Contracts. The Borrower shall give the Bank, no later than 10:00 a.m., New York City time,
at least four (4) Business Days notice of any proposed prepayment of the LIBOR-based Loan, specifying the proposed date of payment
and the principal amount to be paid. Each partial prepayment of the principal amount of the LIBOR-based Loan shall be in an integral
multiple of $100,000 and accompanied by the payment of all charges outstanding on the LIBOR-based Loan and of all accrued interest
on the principal repaid to the date of payment.

 

LIBOR Breakage
Fee. Upon any prepayment of a LIBOR-based Loan on any day that is not the last day of the relevant Interest Period (regardless
of the source of such prepayment and whether voluntary, by acceleration or otherwise), the Borrower shall pay an amount (“LIBOR
Breakage Fee”), as calculated by the Bank, equal to the amount of any losses, expenses and liabilities (including without
limitation any loss of margin and anticipated profits) that Bank may sustain as a result of such default or payment. The Borrower
understands, agrees and acknowledges that: (i) the Bank does not have any obligation to purchase, sell and/or match funds in connection
with the use of the LIBOR Rate as a basis for calculating the rate of interest on a LIBOR-based Loan, (ii) the LIBOR Rate may be
used merely as a reference in determining such rate, and (iii) the Borrower has accepted the LIBOR Rate as a reasonable and fair
basis for calculating the LIBOR Breakage Fee and other funding losses incurred by the Bank. Borrower further agrees to pay the
LIBOR Breakage Fee and other funding losses, if any, whether or not the Bank elects to purchase, sell and/or match funds.

 

    	3

    	 

    

 

Interest Provisions.
Interest on the outstanding principal amount of the Loan when classified as a: (i) LIBOR-based Loan shall accrue during each LIBOR
Interest Period at a rate equal to the sum of the Adjusted LIBOR Rate for such LIBOR Interest Period plus the Applicable Margin
and be payable on each Interest Payment Date and on the Maturity Date, and (ii) Prime Rate Loan shall accrue at a rate equal to
the sum of the Prime Rate plus the Applicable Margin and be payable on each Interest Payment Date and on the Term Loan Maturity
Date. Interest shall be calculated for the actual number of days elapsed on the basis of a 360-day year, including the first date
of the applicable period to, but not including, the date of repayment.

 

LIBOR Rate Lending
Unlawful. If Bank shall determine (which determination shall, upon notice thereof to Borrower be conclusive and binding on
Borrower) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline, (whether
or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful,
for Bank to make, continue or maintain the Loan as, or to convert the Loan into, a LIBOR-based Loan, then any such LIBOR-based
Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrower that the circumstances causing
such suspension no longer exist, and all LIBOR-based Loans of such type shall automatically convert into Prime Rate Loans at the
end of the then current Interest Periods with respect thereto or sooner, if required by such law and assertion.

 

Unavailability
of LIBOR Rate. If Bank shall have determined that:

 

(a)          U.S.
dollar deposits in the relevant amount and for the relevant LIBOR Interest Period are not available to Bank in the London interbank
market;

 

(b)          by
reason of circumstances affecting Bank in the London interbank, adequate means do not exist for ascertaining the LIBOR Rate applicable
hereunder to the LIBOR-based Loans; or

 

(c)          LIBOR
no longer adequately reflects Bank's cost of funding the Loan.

 

Then, upon notice from
Bank to Borrower, the LIBOR-based Loan shall forthwith be suspended until the Bank shall notify the Borrower that the circumstances
causing such suspension no longer exist.

 

Increased Costs.
If on or after the date hereof the adoption of any applicable law, rule or regulation or guideline (whether or not having the force
of law), or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance by Bank with any request or
directive (whether or not having the force of law) of any such authority, central bank or comparable agency:

 

(a)          shall
impose, modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, any such
requirement imposed by the Board of Governors of the Federal Reserve System of the United States) against assets of, deposits with
or for the account of, or credit extended by, Bank or shall impose on Bank or on the London interbank market any other condition
affecting the LIBOR-based Loan or its obligation to make the LIBOR-based Loan; or

 

(b)          shall
impose on Bank any other condition affecting the LIBOR-based Loan or its obligation to make the LIBOR-based Loan;

 

and the result of any
of the foregoing is to increase the cost to Bank of making or maintaining the Loan as a LIBOR-based Loan, or to reduce the amount
of any sum received or receivable by Bank under this Note with respect thereto, by an amount deemed by Bank to be material, then,
within fifteen (15) days after demand by Bank, Borrower shall pay to Bank such additional amount or amounts as will compensate
Bank for such increased cost or reduction.

 

    	4

    	 

    

 

Increased Capital
Costs. If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any
law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any court, central bank,
regulator or other governmental authority affects or would affect the amount of capital required or expected to be maintained by
Bank, or person controlling Bank, and Bank determines (in its sole and absolute discretion) that the rate of return on its or such
controlling person's capital as a consequence of its commitments or the Loan made by Bank is reduced to a level below that which
Bank or such controlling person could have achieved but for the occurrence of any such circumstance, then, in any such case upon
notice from time to time by Bank to Borrower, Borrower shall immediately pay directly to Bank additional amounts sufficient to
compensate Bank or such controlling person for such reduction in rate of return. A statement of Bank as to any such additional
amount or amounts (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive
and binding on Borrower. In determining such amount, Bank may use any method of averaging and attribution that it (in its sole
and absolute discretion) shall deem applicable.

 

Taxes. All
payments by Borrower of principal of, and interest on, the LIBOR-based Loan and all other amounts payable hereunder shall be made
free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes, fees,
duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding franchise taxes and
taxes imposed on or measured by Bank's net income or receipts (such non-excluded items being called "Taxes"). In the
event that any withholding or deduction from any payment to be made by Borrower hereunder is required in respect of any Taxes pursuant
to any applicable law, rule or regulation, then Borrower will:

 

(a)          pay
directly to the relevant authority the full amount required to be so withheld or deducted;

 

(b)          promptly
forward to Bank an official receipt or other documentation satisfactory to Bank evidencing such payment to such authority; and

 

(c)          pay
to Bank such additional amount or amounts as is necessary to ensure that the net amount actually received by Bank will equal the
full amount Bank would have received had no such withholding or deduction been required.

 

Moreover, if any Taxes
are directly asserted against Bank with respect to any payment received by Bank hereunder, Bank may pay such Taxes and Borrower
will promptly pay such additional amount (including any penalties, interest or expenses) as is necessary in order that the net
amount received by Bank after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount
Bank would have received had not such Taxes been asserted.

 

If Borrower fails to
pay any Taxes when due to the appropriate taxing authority or fails to remit to Bank the required receipts or other required documentary
evidence, Borrower shall indemnify Bank for any incremental Taxes, interest or penalties that may become payable by Bank as a result
of any such failure.

 

Security.
This Note is secured by all collateral granted to the Bank by the Borrower or any endorser or guarantor hereof or by any other
party and shall be secured by any additional collateral hereafter granted to the Bank by the Borrower or any endorser or guarantor
hereof or by any other party.

 

Principal and interest
shall be payable at the Bank's main office or at such other place as the Bank may designate in writing in immediately available
funds in lawful money of the United States of America without set-off, deduction or counterclaim. Interest shall be calculated
on the basis of actual number of days elapsed and a 360-day year.

 

    	5

    	 

    

 

Applications of
Payments. Any payments received by the Bank on account of this Note shall, at the Bank's option, be applied first, to accrued
and unpaid interest; second, to the unpaid principal balance hereof; third to any costs, expenses or charges then owed to the Bank
by the Borrower. Notwithstanding the foregoing, any payments received after the occurrence and during the continuance of an Event
of Default shall be applied in accordance with the Loan Agreement. The Borrower hereby authorizes the Bank to charge any deposit
account which the Borrower may maintain with the Bank for any payment required hereunder without prior notice to the Borrower.

 

Savings Clause.
If pursuant to the terms of this Note, the Borrower is at any time obligated to pay interest on the principal balance at a rate
in excess of the maximum interest rate permitted by applicable law for the loan evidenced by this Note, the applicable interest
rate shall be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed
to have been payments in reduction of principal and not on account of the interest due hereunder.

 

Certain Waivers.
The Borrower and every endorser or guarantor of this Note, regardless of the time, order or place of signing, waives presentment,
demand, protest, notice of intent to accelerate, notice of acceleration and all other notices of every kind in connection with
the delivery, acceptance, performance or enforcement of this Note and assents to any extension or postponement of the time of payment
or any other indulgence, to any substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable and waives all recourse to suretyship and guarantor defenses generally, including any
defense based on impairment of collateral. To the maximum extent permitted by law, the Borrower and each endorser and guarantor
of this Note waive and terminate any homestead rights and/or exemptions respecting any premises under the provisions of any applicable
homestead laws.

 

Default Rate; Late
Charge. Upon the occurrence and during the continuance of an Event of Default, interest shall accrue at a rate per annum equal
to the aggregate of 3.0% plus the rate provided for herein. If any payment due under this Note is unpaid for 10 days or more, the
Borrower shall pay, in addition to any other sums due under the Loan Documents (and without limiting the Bank's other remedies
on account thereof), a late charge equal to the greater of $35.00 or 5.0% of such unpaid amount. In addition the Borrower shall
pay the Bank's customary fee if any payment made on account of this Note is dishonored.

 

Binding Effect.
This Note shall be binding upon the Borrower and each endorser and guarantor hereof and upon their respective heirs, successors,
assigns and legal representatives, and shall inure to the benefit of the Bank and its successors, endorsees and assigns.

 

Completion; Admissible
Evidence. The Borrower and each endorser and guarantor hereof each authorizes the Bank to complete this Note if delivered incomplete
in any respect. A photographic or other reproduction of this Note may be made by the Bank, and any such reproduction shall be admissible
in evidence with the same effect as the original itself in any judicial or administrative proceeding, whether or not the original
is in existence.

 

Governing Law.
This Note shall be governed by federal law applicable to the Bank and, to the extent not preempted by federal law, the laws of
the State of Michigan.

 

[SIGNATURE ON FOLLOWING
PAGE]

 

    	6

    	 

    

 

Executed as an instrument
under seal as of March ___, 2013.

 

	 	Borrower:
	 	 
	 	UNIQUE FABRICATING INCORPORATED
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 

 

	 	Address:     	800 Standard Parkway
	 	 	Auburn Hills, Michigan  48326

 

    	7

    	 

    

 

[Signature Page to Term
Note (Standard LIBOR Rate)]

 

    	8

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