Air Industries waives covenant default, receives $1M term loan advance from Webster Bank

AIR INDUSTRIES GROUP

Fixed charge coverage ratio default for Q1 2024 waived.
Additional $1M term loan advance for capital expenditures; annual amortization reduced by ~$135,000.
Financial covenant metrics lowered for remainder of 2024 and Q1 2025.
Term loan increase offset by modification to revolving credit availability formula.
CEO states amendment provides flexibility and liquidity for 2024 growth plans.

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