COLLATERAL ASSIGNMENT OF DEALER’S NOTES AND SECURITY AGREEMENTSCollateral Assignment of Dealer’s Notes and Security Agreements • October 1st, 2015 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS COLLATERAL ASSIGNMENT OF DEALER’S NOTES AND SECURITY AGREEMENTS (this “Assignment”) is made this 16th day of July, 2015 by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”) to U.S. Bank National Association (the “Lender”).
PROMISSORY NOTEPromissory Note • October 1st, 2015 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
FOR VALUE RECEIVED, the undersigned, Art’s-Way Manufacturing Co., Inc., a Delaware corporation (“Borrower”), whose address for purposes of this Promissory Note (“Note”) is 5556 Highway 9, Armstrong, Iowa 50514, promises to pay to the order of U.S. Bank National Association (“Lender”), whose address for purposes of this Note is 405 Main Street, Ames, Iowa 50010, the sum of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS and 00/100 (51,500,000.00), together with interest on the principal balance of this Note at the Interest Rate (as defined in Par. 2 herein) in the amounts and in the manner set forth herein.
BUSINESS SECURITY AGREEMENTBusiness Security Agreement • October 1st, 2015 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
This Business Security Agreement (“Agreement”) is made and entered into by the undersigned borrower, guarantor and/or other obligator/pledger (the “Debtor”) in favor of U.S. Bank M.A. (the “Bank”) as of the date set forth on the last page of this Agreement.
