BUSINESS LOAN AGREEMENTBusiness Loan Agreement • December 23rd, 2013 • AMERICAN POWER GROUP Corp • Plastics products, nec • Iowa
THIS BUSINESS LOAN AGREEMENT dated December 19, 2013, is made and executed between American Power Group, Inc. (“Borrower”) and Iowa State 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 the Agreement; (B) the granting, renewing, or extending of any loan by Lender at all times shall e 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.
