EXHIBIT 10.17
August 24, 2001
AMENDMENT TO LOAN AGREEMENT
Associated Bank and MedicalCV Inc. hereby agree to amend the Loan Agreement
dated 11/23/99.
The paragraph titled Tangible Net Worth shall be amended to read as follows:
TANGIBLE NET WORTH. Maintain a minimum Tangible Net Worth of not less
than $1,000,000.00 at April 30, 1999 and monthly thereafter.
All other terms of the subject Loan Agreement remain unchanged.
Borrower has paid or will pay in cash as agreed the following charge:
REDUCTION IN TANGIBLE NET WORTH COVENANT $2000.00
Accepted and Agreed this August 24, 2001.
MedicalCV, Inc. Associated Bank Minnesota.
/s/ Xxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxx Xxxxx X. Xxxxxxx
President AVP
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Title/President Title/Asst. Vice President
/s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx
CFO
Title/CFO
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
Vice President of Operation
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Title/Vice President of Operation
