Item 1.01 Entry into a Material Definitive Agreement
To the extent responsive, the information included in Items 2.01 and 2.03 is incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets
OnJanuary 6, 2020 , Trust Agreement (Aircraft MSN 30241), a trust controlled byContrail Aviation Leasing, LLC ("Contrail"), a wholly-owned subsidiary ofContrail Aviation Support, LLC ("CAS"), a 79%-owned subsidiaryAir T, Inc. (the "Company"), completed a sale for cash of one engine, model CFM56-7B22 with serial number 889728 (the "Engine"), in connection with the termination of an engine lease agreement (the "Lease"). The total transaction value exceeded$5,000,000 .* The sale as discussed above continues Contrail's business of purchasing aircraft and/or aircraft engines for the purpose of leasing or disassembling them and selling them for parts. The foregoing summary of the terms of the transaction document does not purport to be complete and is qualified in its entirety by reference to the document which is filed as Exhibit 10.7 hereto and is incorporated by reference herein. *Portions of the transaction exhibit have been omitted for confidential treatment. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
The foregoing summary of the terms of the financing documents does not purport to be complete and is qualified in its entirety by reference to the documents which are filed as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, and 10.6 respectively hereto and are incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
10.1 Form of Amendment No. 2 to Amended and Restated Credit Agreement, datedDecember 31, 2019 by and betweenAir T, Inc. andMinnesota Bank & Trust . 10.2 Form ofAir T, Inc. Supplemental Revolving Credit Note, datedDecember 31, 2019 in the principal amount of$10,000,000 toMinnesota Bank & Trust . 10.3 Form of Collateral Account Agreement, datedDecember 31, 2019 , by and between Air T OZ 1, LLC andMinnesota Bank & Trust .
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10.4 Form of Collateral Account Agreement, datedDecember 31, 2019 , by and between Air T OZ 2, LLC andMinnesota Bank & Trust . 10.5 Form of Collateral Account Agreement, datedDecember 31, 2019 , by and between Air T OZ 3, LLC andMinnesota Bank & Trust . 10.6 Form of Acknowledgement and Agreement ofAirCo, LLC ,CSA Air, LLC ,Global Ground Support, Inc. ,Jet Yard, LLC ,Mountain Air Cargo, Inc. ,Stratus Aero Partners, LLC ,Air T Global Leasing, LLC ,AirCo Services, LLC ,Space Age Insurance Company ,Worthington Acquisition, LLC ,Worthington Aviation, LLC andWorthington MRO, LLC , datedDecember 31, 2019 in favor ofMinnesota Bank & Trust . 10.7 Form of Bill of Sale (ESN 889728), datedJanuary 6, 2020 granted to SunCountry, Inc. d/b/aSun Country Airlines .
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