SEC Contract Filing

Filing Date: 2021-06-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.101
<SEQUENCE>8
<FILENAME>exhibit10101-joindertosecu.htm
<DESCRIPTION>JOINDER TO SEC AGMT BETWEEN MBT AND JET YARD SOLUTIONS
<TEXT>
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<title>Document</title></head><body><div id="i4b7d95d076664997837874cb98105577_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">JOINDER TO SECURITY AGREEMENT</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">This JOINDER TO SECURITY AGREEMENT (&#34;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Joinder Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#34;), dated as of June 23, 2021 is made by JET YARD SOLUTIONS, LLC, an Arizona limited liability company, with its chief executive office at 25233 E Pinal Airpark Road, #101, Marana, AZ, 85653 (the &#34;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Joining Grantor</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#34;), and delivered to MINNESOTA BANK &#38; TRUST, a Minnesota state banking corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Lender</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;), under that certain Amended and Restated Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the &#34;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Security Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#34;&#59; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of March 28, 2019, executed by certain Subsidiaries of AIR T, INC., a Delaware corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Borrower</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;), in favor of the Lender.</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">WHEREAS, the Joining Grantor is a Subsidiary of the Borrower and required by the terms of the Loan Agreement to become a Guarantor (as defined in the Loan Agreement) and be joined as a party to the Security Agreement as a Grantor&#59; and</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">WHEREAS, this Joinder Agreement supplements the Security Agreement and is delivered by the Joining Grantor pursuant to Section 6.10(a)(vi) of that certain Second Amended and Restated Credit Agreement dated as of June 26, 2020, by and between the Borrower and the Lender (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Credit Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#8221;&#59; capitalized terms not otherwise defined herein being used herein as therein defined)&#59; and</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">WHEREAS, the Joining Grantor will materially benefit directly and indirectly from the Loans made available and to be made available to the Borrower by the Lender under the Loan Agreement&#59; and</font></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">NOW THEREFORE, the Joining Grantor hereby agrees as follows with the Lender&#58; </font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%;padding-left:27pt">Joinder.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> The Joining Grantor hereby irrevocably, absolutely and unconditionally becomes a party to the Security Agreement as a Grantor and agrees to be bound by all the terms, conditions, covenants, obligations, liabilities and undertakings of each Grantor or to which each Grantor is subject thereunder, all with the same force and effect as if the Joining Grantor were a signatory to the Security Agreement. Without limiting the generality of the foregoing, the Joining Gran