SEC Contract Filing

Filing Date: 2019-04-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex_140196.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.4</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>AMENDED AND RESTATED SECURITY AGREEMENT</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>(Grantor)</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This AMENDED AND RESTATED SECURITY AGREEMENT is made as of April 3, 2019 (the &ldquo;Agreement&rdquo;), by AIRCO 1, LLC, a Delaware limited liability company, with its chief executive office at 5930 Balsom Ridge Road, Denver, NC 28037 (&ldquo;Grantor&rdquo;), in favor of MINNESOTA BANK &amp; TRUST, a national banking corporation, with an office at 9800 Bren Road East, Suite 200, Minnetonka, MN 55343 (&ldquo;Secured Party&rdquo;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">RECITALS:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantor has received extensions of credit from (1) Secured Party pursuant to the terms of that Second Loan Agreement dated as of February 22, 2018 (such Second Loan Agreement being, the &ldquo;February 2018 Loan Agreement&rdquo;) between Grantor and Secured Party and (2) Secured Party and its co-Lender, Park State Bank (&ldquo;PSB&rdquo;) pursuant to the terms of that certain Loan Agreement dated as of January 18, 2019 (such Loan Agreement being, the &ldquo;January 2019 Loan Agreement&rdquo;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantor&rsquo;s obligations under the February 2018 Loan Agreement are secured by, among other things, a perfected security interest in Grantor&rsquo;s assets granted by Grantor to Secured Party, pursuant to that certain Security Agreement dated as of October 27, 2017 (the &ldquo;Original Agreement&rdquo;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantor&rsquo;s obligations under the January 2019 Loan Agreement are secured by, among other things, a perfected security interest in Grantor&rsquo;s assets granted by Grantor to Secured Party, in its capacity as Collateral Agent for the benefit of itself and PSB, pursuant to that certain Security Agreement dated as of January 18, 2019 (such Security Agreement, together with the Original Agreement being collectively referred to herein as, the &ldquo;Prior Agreement&rdquo;)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">D. &nbsp;&nbsp;&nbsp;&nbsp;As a condition to the effectiveness of that certain Loan Agreement (as amended, modified, restated, replaced or restated from time to time, the &ldquo;Loan Agreement&rdquo;) dated as of even date herewith by and between Grantor and Secured Party, pursuant to which Secured Party has agreed to extend a revolving line of credit to Grantor, Secured Party has required that the Prior Agreement be amended and restated in its entirety by this Agreement.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">E.&nbsp; &nbsp; &nbsp;Grantor has determined that the execution, delivery and performance of this Agreement are in its best business and pecuniary interest.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW, THEREFORE, for good and valuable consideration the receipt and adequacy of which are hereby acknowledged by each of the parties hereto, Grantor and Secured Party agree to amend and restate the Prior Agreement in its entirety to read as follows:</p>

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