THIRD LOAN MODIFICATION AGREEMENTThird Loan Modification Agreement • April 4th, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS THIRD LOAN MODIFICATION AGREEMENT (this “Agreement”) is by and among ART’S WAY MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), Art’s-Way Scientific, Inc., an Iowa corporation (“Scientific”), Ohio Metal Working Products/Art’s-Way, Inc., an Ohio corporation (“Ohio Metal”; together with Scientific, the “Guarantors”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”), and is made as of the date shown opposite the Bank’s signature on the signature page (the “Agreement Date”), but shall be deemed effective (a) with respect to the modifications set forth in Section 3 (other than the modifications set forth in Section 3(b)), as of April 1, 2017 and (b) with respect to the modifications set forth in Section 3(b), as of May 1, 2017 (the “Effective Date”), subject to the terms and conditions below.
