SEC Contract Filing

Filing Date: 2018-12-27

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4.htm
<DESCRIPTION>CONTINUING GENERAL SECURITY AGREEMENT
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<P STYLE="margin: 0; text-align: left"><A HREF="cvu-8k_122018.htm">CPI AEROSTRUCTURES, INC. 8-K</A></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONTINUING GENERAL SECURITY AGREEMENT</B></P>

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 <TD STYLE="width: 5%; white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>Grantor:&nbsp;</B></TD>
 <TD STYLE="width: 40%; white-space: nowrap"><B>Welding Metallurgy, Inc. and</B></TD>
 <TD STYLE="width: 10%; white-space: nowrap"><B>&nbsp;</B></TD>
 <TD STYLE="width: 5%; white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>Agent:&nbsp;</B></TD>
 <TD STYLE="width: 40%; white-space: nowrap"><B>BankUnited, N.A., as Administrative</B></TD></TR>
<TR STYLE="vertical-align: bottom">
 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>Compac Development Corp.</B></TD>
 <TD STYLE="white-space: nowrap"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>Agent and Collateral Agent</B></TD></TR>
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 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>c/o CPI Aerostructures, Inc.</B></TD>
 <TD STYLE="white-space: nowrap"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>Commercial Lending</B></TD></TR>
<TR STYLE="vertical-align: bottom">
 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>91 Heartland Blvd.</B></TD>
 <TD STYLE="white-space: nowrap"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>14817 Oak Lane</B></TD></TR>
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 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>Edgewood, New York 11717</B></TD>
 <TD STYLE="white-space: nowrap"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap; padding-right: 0.1in; padding-left: 0.1in"><B>&nbsp;</B></TD>
 <TD STYLE="white-space: nowrap"><B>Miami Lakes, Florida 33016</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>GRANT OF SECURITY INTEREST. </B>For valuable
consideration, the undersigned, WELDING METALLURGY, INC. and COMPAC DEVELOPMENT CORP. (collectively, the &#8220;<B>Grantor</B>&#8221;)
each hereby pledges and grants to BANKUNITED, N.A., as Administrative Agent and Collateral Agent for the benefit of the Lenders
(the &#8220;<B>Agent</B>&#8221;), as defined in and party to that certain Amended and Restated Credit Agreement among CPI Aerostructures,
Inc. and the Lenders dated as of March 24, 2016 (as amended from time to time, the <B>&#8220;Credit Agreement</B>&#8221;), a security
interest in the Collateral to secure the Indebtedness (inclusive of obligations arising under any Swap Contract as defined in
the Credit Agreement) and agrees that Agent shall have the rights stated in this Agreement and the Credit Agreement with respect
to the Collateral, in addition to all other rights which Agent may have by law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>COLLATERAL DESCRIPTION</B>. The word &#8220;Collateral&#8221;
as used in this Agreement means all of Grantor&#8217;s right, title and interest in the following described property, whether
now owned or hereafter acquired, whether now existing or hereafter arising, and wherever located, in which Grantor is giving to
Agent a security interest for the payment of the Indebtedness and performance of and other obligations under the documents evidencing
the Indebtedness and this Agreement:</P>

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