EXHIBIT 10.11
LINE OF CREDIT AGREEMENTS WITH RELATED PARTIES
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XXXXXXXXXXX X. XXXXX
000 XXXXXXXX XXXXX, XXXXX 0
XXXXXXXXX, XX 00000
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LINE OF CREDIT AGREEMENT
TO: TOWER TECH SYSTEMS INC
000 X. 00XX XXXXXX
XX XXX 0000
XXXXXXXXX, XX 00000
ATTN: ACCOUNTING DEPARTMENT
This Line of Credit Agreement (Agreement), made between and among XXXXXXXXXXX X.
XXXXX, its successors and assigns, having an office at 000 XXXXXXXX XXXXX,
XXXXXXXXX, XX (Lender), and TOWER TECH SYSTEMS, INC its successors and assigns,
having an office at 000 X. 00XX XXXXXX, XXXXXXXXX, XX (Borrower).
AGREEMENT
NOW, THEREFORE, the Lender and borrower agree as follows:
1. ESTABLISHMENT OF LINE OF CREDIT
The Lender hereby establishes and agrees to maintain a line of credit
for the benefit of the Borrower in the amount of $775,000.
2. TERMS OF THE LINE OF CREDIT
(a) The Lender shall make the funds available to the Borrower as of the
date of this agreement and the Lender agrees to continue to do so through
DECEMBER 31, 2006 (Expiration Date).
(b) Unless either the Lender or the Borrower terminates this Line of
Credit Agreement as provided in (c) below, this Line of Credit Agreement shall
be automatically renewed for an additional year upon the annual anniversary date
of the Expiration Date. The Borrower shall provide to Xxxxxxxxxxx X. Xxxxx,
thirty (30) calendar days prior to the anniversary date of the Expiration Date
of the Line of Agreement a written statement from the Lender confirming the
value of the Line of Credit Agreement and the renewal approval of the Line of
Credit Agreement for the next 12-month period.
(c) The Lender or the Borrower may terminate this Line of Credit
Agreement only upon the receipt from Tower Tech Systems, Inc of written
permission to do so. The Lender may solicit such permission by providing Tower
Tech Systems, Inc, with a written request to terminate, at least 60 calendar
days prior to the Expiration Date.
(d) Starting January 1, 2006, the Borrower will pay interest at a fixed
rate of 8% per annum calculated on the value of the Line of Credit extended to
the borrower at the end of each calendar quarter (March 31, June 30, September
30, and December 31.)
(e) The Borrower has the right to prepay this Line of Credit (in whole
or in part) prior to the due date with no prepayment penalty.
3. THIS LINE OF CREDIT AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF WISCONSIN
4. AUTHORITY TO SIGN
By executing this agreement, the individuals signing this agreement
represent and warrant that they have the authority to execute this Agreement on
behalf of the person for whom they are signing and to bind that person to the
terms of this Agreement.
Borrower: TOWER TECH SYSTEMS, INC
By: /s/ XXXXXXX X. XXX Date: 12/31/05
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Name: XXXXXXX X. XXX
Lender: XXXXXXXXXXX X. XXXXX
By: /s/ XXXXXXXXXXX X. XXXXX Date: 2/7/06
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Name: XXXXXXXXXXX X. XXXXX
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XXXXXX X. XXXXXX
000 XXXXXXXX XXXXX, XXXXX 0
XXXXXXXXX, XX 00000
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LINE OF CREDIT AGREEMENT
TO: TOWER TECH SYSTEMS INC
000 X. 00XX XXXXXX
XX XXX 0000
XXXXXXXXX, XX 00000
ATTN: ACCOUNTING DEPARTMENT
This Line of Credit Agreement (Agreement), made between and among XXXXXX X.
XXXXXX, its successors and assigns, having an office at 000 XXXXXXXX XXXXX,
XXXXXXXXX, XX (Lender), and TOWER TECH SYSTEMS, INC its successors and assigns,
having an office at 000 X. 00XX XXXXXX, XXXXXXXXX, XX (Borrower).
AGREEMENT
NOW, THEREFORE, the Lender and borrower agree as follows:
1. ESTABLISHMENT OF LINE OF CREDIT
The Lender hereby establishes and agrees to maintain a line of credit
for the benefit of the Borrower in the amount of $775,000.
2. TERMS OF THE LINE OF CREDIT
(a) The Lender shall make the funds available to the Borrower as of the
date of this agreement and the Lender agrees to continue to do so through
DECEMBER 31, 2006 (Expiration Date).
(b) Unless either the Lender or the Borrower terminates this Line of
Credit Agreement as provided in (c) below, this Line of Credit Agreement shall
be automatically renewed for an additional year upon the annual anniversary date
of the Expiration Date. The Borrower shall provide to Xxxxxx X. Xxxxxx, thirty
(30) calendar days prior to the anniversary date of the Expiration Date of the
Line of Agreement a written statement from the Lender confirming the value of
the Line of Credit Agreement and the renewal approval of the Line of Credit
Agreement for the next 12-month period.
(c) The Lender or the Borrower may terminate this Line of Credit
Agreement only upon the receipt from Tower Tech Systems, Inc of written
permission to do so. The Lender may solicit such permission by providing Tower
Tech Systems, Inc, with a written request to terminate, at least 60 calendar
days prior to the Expiration Date.
(d) Starting January 1, 2006, the Borrower will pay interest at a fixed
rate of 8% per annum calculated on the value of the Line of Credit extended to
the borrower at the end of each calendar quarter (March 31, June 30, September
30, and December 31.)
(e) The Borrower has the right to prepay this Line of Credit (in whole
or in part) prior to the due date with no prepayment penalty.
3. THIS LINE OF CREDIT AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF WISCONSIN
4. AUTHORITY TO SIGN
By executing this agreement, the individuals signing this agreement
represent and warrant that they have the authority to execute this Agreement on
behalf of the person for whom they are signing and to bind that person to the
terms of this Agreement.
Borrower: TOWER TECH SYSTEMS, INC
By: /s/ XXXXXXXXXXX X. XXXXX Date: 12/31/05
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Name: XXXXXXXXXXX X. XXXXX
Lender: XXXXXX X. XXXXXX
By: /s/ XXXXXX X. XXXXXX Date: 12/31/05
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Name: XXXXXX X. XXXXXX
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XXXXXXX X. XXXXXXXX, III
000 X. 00XX XXXXXX
XXXXXXXXX, XX 00000
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LINE OF CREDIT AGREEMENT
TO: TOWER TECH SYSTEMS INC
000 X. 00XX XXXXXX
XX XXX 0000
XXXXXXXXX, XX 00000
ATTN: ACCOUNTING DEPARTMENT
This Line of Credit Agreement (Agreement), made between and among XXXXXXX X.
XXXXXXXX, its successors and assigns, having an office at 000 X. 00XX XXXXXX,
XXXXXXXXX, XX (Lender), and TOWER TECH SYSTEMS, INC its successors and assigns,
having an office at 000 X. 00XX XXXXXX, XXXXXXXXX, XX (Borrower).
AGREEMENT
NOW, THEREFORE, the Lender and borrower agree as follows:
1. ESTABLISHMENT OF LINE OF CREDIT
The Lender hereby establishes and agrees to maintain a line of credit
for the benefit of the Borrower in the amount of $650,000.
2. TERMS OF THE LINE OF CREDIT
(a) The Lender shall make the funds available to the Borrower as of the
date of this agreement and the Lender agrees to continue to do so through
DECEMBER 31, 2006 (Expiration Date).
(b) Unless either the Lender or the Borrower terminates this Line of
Credit Agreement as provided in (c) below, this Line of Credit Agreement shall
be automatically renewed for an additional year upon the annual anniversary date
of the Expiration Date. The Borrower shall provide to Xxxxxxx X. Xxxxxxxx,
thirty (30) calendar days prior to the anniversary date of the Expiration Date
of the Line of Agreement a written statement from the Lender confirming the
value of the Line of Credit Agreement and the renewal approval of the Line of
Credit Agreement for the next 12-month period.
(c) The Lender or the Borrower may terminate this Line of Credit
Agreement only upon the receipt from Tower Tech Systems, Inc of written
permission to do so. The Lender may solicit such permission by providing Tower
Tech Systems, Inc, with a written request to terminate, at least 60 calendar
days prior to the Expiration Date.
(d) Starting January 1, 2006, the Borrower will pay interest at a fixed
rate of 8% per annum calculated on the value of the Line of Credit extended to
the borrower at the end of each calendar quarter (March 31, June 30, September
30, and December 31.)
(e) The Borrower has the right to prepay this Line of Credit (in whole
or in part) prior to the due date with no prepayment penalty.
3. THIS LINE OF CREDIT AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF WISCONSIN
4. AUTHORITY TO SIGN
By executing this agreement, the individuals signing this agreement
represent and warrant that they have the authority to execute this Agreement on
behalf of the person for whom they are signing and to bind that person to the
terms of this Agreement.
Borrower: TOWER TECH SYSTEMS, INC
By: /s/ XXXXXXX X. XXX Date: 12/31/05
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Name: XXXXXXX X. XXX
Lender: XXXXXXX X. XXXXXXXX
By: /s/ XXXXXXX X. XXXXXXXX Date: 12/31/05
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Name: XXXXXXX X. XXXXXXXX
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XXXXXXX X. XXX
000 XXXXX 0XX XXXXXX
XXXXXXXXX, XX 00000
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LINE OF CREDIT AGREEMENT
TO: TOWER TECH SYSTEMS INC
000 X. 00XX XXXXXX
XX XXX 0000
XXXXXXXXX, XX 00000
ATTN: ACCOUNTING DEPARTMENT
This Line of Credit Agreement (Agreement), made between and among XXXXXXX X.
XXX, its successors and assigns, having an office at 000 XXXXX 0XX XXXXXX,
XXXXXXXXX, XX (Lender), and TOWER TECH SYSTEMS, INC its successors and assigns,
having an office at 000 X. 00XX XXXXXX, XXXXXXXXX, XX (Borrower).
AGREEMENT
NOW, THEREFORE, the Lender and borrower agree as follows:
1. ESTABLISHMENT OF LINE OF CREDIT
The Lender hereby establishes and agrees to maintain a line of credit
for the benefit of the Borrower in the amount of $1,015,000.
2. TERMS OF THE LINE OF CREDIT
(a) The Lender shall make the funds available to the Borrower as of the
date of this agreement and the Lender agrees to continue to do so through
DECEMBER 31, 2006 (Expiration Date).
(b) Unless either the Lender or the Borrower terminates this Line of
Credit Agreement as provided in (c) below, this Line of Credit Agreement shall
be automatically renewed for an additional year upon the annual anniversary date
of the Expiration Date. The Borrower shall provide to Xxxxxxx X. Xxx, thirty
(30) calendar days prior to the anniversary date of the Expiration Date of the
Line of Agreement a written statement from the Lender confirming the value of
the Line of Credit Agreement and the renewal approval of the Line of Credit
Agreement for the next 12-month period.
(c) The Lender or the Borrower may terminate this Line of Credit
Agreement only upon the receipt from Tower Tech Systems, Inc of written
permission to do so. The Lender may solicit such permission by providing Tower
Tech Systems, Inc, with a written request to terminate, at least 60 calendar
days prior to the Expiration Date.
(d) Starting January 1, 2006, the Borrower will pay interest at a fixed
rate of 8% per annum calculated on the value of the Line of Credit extended to
the borrower at the end of each calendar quarter (March 31, June 30, September
30, and December 31.)
(e) The Borrower has the right to prepay this Line of Credit (in whole
or in part) prior to the due date with no prepayment penalty.
3. THIS LINE OF CREDIT AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF WISCONSIN
4. AUTHORITY TO SIGN
By executing this agreement, the individuals signing this agreement
represent and warrant that they have the authority to execute this Agreement on
behalf of the person for whom they are signing and to bind that person to the
terms of this Agreement.
Borrower: TOWER TECH SYSTEMS, INC
By: /s/ XXXXXXXXXXX X. XXXXX Date: 12/31/05
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Name: XXXXXXXXXXX X. XXXXX
Lender: XXXXXXX X. XXX
By: /s/ XXXXXXX X. XXX Date: 12/31/05
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Name: XXXXXXX X. XXX
