BUSINESS LOAN AGREEMENTBusiness Loan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS BUSINESS LOAN AGREEMENT dated May 1, 2008, is made and executed between ART’S—WAY MANUFACTURING CO., INC. (“Borrower”) and WEST BANK (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
COMMERCIAL SECURITY AGREEMENTCommercial Security Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing ***** has been omitted due to text length limitations.
CHANGE IN TERMS AGREEMENTTerms Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
Borrower: ART’S-WAY MANUFACTURING CO., INC. (TIN: 42-0920725) 5556 HIGHWAY 9 WEST, PO BOX 288 ARMSTRONG, IA 50514 Lender: WEST BANK MAIN BANK 1601 22ND STREET WEST DES MOINES, IA 50265 (515) 222-2300
BUSINESS LOAN AGREEMENTBusiness Loan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item containing “***” has been omitted due to text length limitations.
BUSINESS LOAN AGREEMENTLoan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “* * *” has been omitted due to text length limitations.
FORM OF AGREEMENT TO PROVIDE INSURANCEForm of Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
INSURANCE REQUIREMENTS. Grantor, __________________ (“Grantor), understands that insurance coverage is required in connection with the extending of a loan or the providing of other financial accommodations to ART’S-WAY MANUFACTURING COMPANY, INC. (“Borrower”) by Lender. These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the “Collateral”):
BUSINESS LOAN AGREEMENTBusiness Loan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “* * *” has been omitted due to text length limitations.
