Document:

form8kexhibit102_041210.htm

DISBURSEMENT REQUEST AND AUTHORIZATION

 

	
Principal

$4,424,392.04

	
Loan Date

03-31-2010

	
Maturity

01-10-2011

	
Loan No

1089922418

	
Call / Coll

410 /4

	
Account

MACC PE00

	
Officer

755

	
Initials

	
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.

	
Borrower:

	
MACC PRIVATE EQUITIES, INC.

101 2ND ST SE SUITE 800

CEDAR RAPIDS, IA 52401-1219

 

	
Lender:

	
CEDAR RAPIDS BANK AND TRUST COMPANY

500 1st AVENUE NE STE 100

CEDAR RAPIDS, IA  52401

LOAN TYPE.  This is a Variable Rate Nondisclosable Loan to a Corporation for $4,424,392.04 due on January 10, 2011.

PRIMARY PURPOSE OF LOAN.  The primary purpose of this loan is for:

o  Personal, Family, or Household Purposes or Personal Investment.

x  Business (including Real Estate Investment).

SPECIFIC PURPOSE.  The specific purpose of this loan is:  Consolidate #1089921655 and #1089921554 into one term note.

DISBURSEMENT INSTRUCTIONS.  Borrower understands that no loan proceeds will be disbursed until all of Lender’s conditions for making the loan have been satisfied.  Please disburse the loan proceeds of $4,424,392.04 as follows:

 

	 	 Other Disbursements:	  $4,424,392.04	 
	 	 $4,424,392.04 Existing Principal Balance as of 3/31/2010	 	 
	 	 	 	 
	 	
 

Note Principal:

	 $4,424,392.04	 

 

 

CHARGES PAID IN CASH:  Borrower has paid or will pay in cash as agreed the following charges:

 

 

	 	Prepaid Finance Charges Paid in Cash:	 $0.00	 
	 	Other Charges Paid in Cash:  	 $        1,000.00	 
	 	 $1,000 Documentation Fee	 	 
	 	
 

	 	 
	 	
 

Total Charges Paid in Cash:

	$        1,000.00 	 

 

                                                                                                         

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETE COPY OF THIS DISBURSEMENT REQUEST AND AUTHORIZATION AND ALL OTHER DOCUMENTS RELATING TO THIS DEBT.

FINANCIAL CONDITION.  BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER’S FINANCIAL CONDITION AS DISCLOSED IN BORROWER’S MOST RECENT FINANCIAL STATEMENT TO LENDER.  THIS AUTHORIZATION IS DATED MARCH 31, 2010.

BORROWER:

 

	 MACC PRIVATE EQUITIES INC.	 	 
	 	 	 	 
	
By:

	
/s/  Travis T. Prentice

	
By: 

	/s/ Derek J. Gaertner	 
	 	 Travis T. Prentice, President & CEO of MACC	 	 Derek J. Gaertner, CFO & COO of MACC PRIVATE EQUITIES, INC.	 
	 	 PRIVATE EQUITIES, INC.  	 	 	 
	 	 	 	 

	  

LASER PRO Lending Ver. 5.48.10.001 Copr. Harland Financial Solutions, Inc. 1997, 2010.  All Rights Reserved – IA W:\CRB\CFNLPL\DOC20C.FC  TR-4780 PR-9form8kexhibit103_041210.htm

NOTICE OF FINAL AGREEMENT

 

	
Principal

$4,424,392.04

	
Loan Date

03-31-2010

	
Maturity

01-10-2011

	
Loan No

1089922418

	
Call / Coll

410 /4

	
Account

MACC PE00

	
Officer

755

	
Initials

	
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.

	
Borrower:

	
MACC PRIVATE EQUITIES, INC.

101 2ND ST SE SUITE 800

CEDAR RAPIDS, IA 52401-1219

 

	
Lender:

	
CEDAR RAPIDS BANK AND TRUST COMPANY

500 1st AVENUE NE STE 100

CEDAR RAPIDS, IA  52401

	
IMPORTANT:  READ BEFORE SIGNING.  THE TERMS OF THE LOAN AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE.  NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THE WRITTEN LOAN AGREEMENT MAY BE LEGALLY ENFORCED.  BORROWER MAY CHANGE THE TERMS OF THE LOAN AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

 

As used in this Notice, the following terms have the following meanings:

 

Loan.  The term “Loan” means the following described loan:  a Variable Rate Nondisclosure Loan to a Corporation for $4,424,392.04 due on January 10, 2011.

 

Loan Agreement.  The term “Loan Agreement” means one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust or other documents, or commitments, or any combination of those actions or documents, relating to the Loan, including without limitation, the following:

	
LOAN DOCUMENTS

	
Change in Terms Agreement

Notice of Final Agreement

	
Disbursement Request and Authorization

	
Third Amendment to Business Loan Agreement and Security Agreements

	
Parties:  The term “Parties” means CEDAR RAPIDS BANK AND TRUST COMPANY and any and all entities or individuals who are obligated to reply the loan or have pledged property as security for the Loan, including without limitation the following:

 

Borrower:                      MACC PRIVATE EQUITIES, INC.

 

	  

Each Party who signs below, other than CEDAR RAPIDS BANK AND TRUST COMPANY, acknowledges, represents, and warrants to CEDAR RAPIDS BANK AND TRUST COMPANY that it has received, read and understood the Notice of Final Agreement.  This Notice is dated March 31, 2010.

 

BORROWER:

 

	 MACC PRIVATE EQUITIES INC.	 	 
	 	 	 	 
	
By:

	
/s/  Travis T. Prentice

	
By: 

	/s/ Derek J. Gaertner	 
	 	 Travis T. Prentice, President & CEO of MACC	 	 Derek J. Gaertner, CFO & COO of MACC PRIVATE EQUITIES, INC.	 
	 	 PRIVATE EQUITIES, INC.  	 	 	 
	 	 	 	 

 

	
LENDER:

	
CEDAR RAPIDS BANK AND TRUST COMPANY

	 X	 /s/ John Hall	 
	 	John Hall, Asst. Vice President	 

 

 

	  

LASER PRO Lending Ver. 5.48.10.001 Copr. Harland Financial Solutions, Inc. 1997, 2010.  All Rights Reserved – IA W:\CRB\CFNLPL\DOC20C.FC  TR-4780 PR-9form8kexhibit104.htm

Exhibit 10.4

 

 

THIRD AMENDMENT TO BUSINESS LOAN

AGREEMENT

This THIRD AMENDMENT TO BUSINESS LOAN AGREEMENT (“Third Amendment”) is dated as of March 31, 2010 (“Third Amendment Effective Date”), by and between CEDAR RAPIDS BANK & TRUST COMPANY (the “Lender”) and MACC Private Equities, Inc., f/k/a MorAmerica Capital Corporation (the “Borrower”).

RECITALS:

WHEREAS, the Borrower and the Lender are parties to (i) that certain Business Loan Agreement dated as of August 30, 2007 as amended by an Omnibus Amendment, Consent and Waiver dated April 29, 2008, and a Second Amendment to Business Loan Agreement and Security Agreements dated as of August 14, 2009 (collectively the “Loan Agreement”);and (ii) the Commercial Security Agreement, dated as of August 30, 2007 as amended by an Omnibus Amendment, Consent and Waiver dated April 29, 2008 and a Second Amendment to Business Loan Agreement and Security Agreements dated as of August 14, 2009 (the Commercial Security Agreement”); and (iii) the Commercial Pledge and Security Agreement dated as of August 30, 2007 as amended by an Omnibus Amendment, Consent and Waiver dated April 29, 2008 and a Second Amendment to Business Loan Agreement and Security Agreements dated as of August 14, 2009 (the “Commercial Pledge and Security Agreement” and together with the Loan Agreement, the Commercial Security Agreement, and the Related Documents collectively, the “Operative Documents”);

WHEREAS, Borrower and the Lender desire to extend the due date of the Indebtedness and add certain covenants to the Loan Agreement.

WHEREAS Borrower and Lender desire to amend certain provisions under the Loan Agreement, to accomplish the foregoing.

AMENDMENTS

NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:

SECTION 1.                      DEFINITIONS.  All terms contained in this Third Amendment and not otherwise defined shall have the meanings assigned to them in the Loan Agreement.  After the Third Amendment Effective Date, all references in the Loan Agreement, as amended, to "this Agreement", "herein", "hereunder" and words of similar import shall be deemed to be references to the Loan Agreement as amended hereby.  References in the Operative Documents to the Loan Agreement shall be deemed to refer to the Loan Agreement as so amended.

SECTION 2.                      AMENDMENTS TO THE LOAN AGREEMENT.  The Bank and Borrower hereby agree, effective upon the Third Amendment Effective Date, that the Loan Agreement shall be amended as follows:

2.0           The DEFINITIONS Section of the Loan Agreement is amended by inserting in the appropriate alphabetical order, the following definition:

Liquidity.  The word “Liquidity” means the sum of Seventy Five Percent (75%) of the current value of all publicly traded stocks and other short-term, publicly traded liquid securities held in the name of the Borrower plus all of Borrower’s cash, cash deposits and cash equivalents.

  

  

Rights Offering.  The words “Rights Offering” mean the Borrower’s issuance of transferable rights to its stockholders of record to subscribe for  up to an aggregate of 821,541 additional shares of common stock of the Borrower, which rights will be registered with the Securities and Exchange Commission pursuant to a Registration Statement on Form N-2A to be filed with the Securities and Exchange Commission.

.

Third Amendment Effective Date. The words “Third Amendment Effective Date” mean the effective date of the Third Amendment as set forth therein.”

2.1           The Section Entitled “Affirmative Covenants” is amended by adding the following paragraphs:

Minimum Liquidity:  Maintain minimum Liquidity in the amount of $500,000 at all times.  Liquidity shall be measured on the last day of each fiscal quarter and reported on a quarterly basis  in a covenant compliance certificate supplied by Borrower to Lender at the same time as Borrower delivers its interim financial statements pursuant to the Loan Agreement.

Rights Offering:  Complete its Rights Offering and receive all subscription proceeds from the exercise of rights by its stockholders by August 1, 2010.

Deposit of Rights Offering Proceeds.  Deposit a minimum of $150,000 of proceeds of the Rights Offering in Borrowers primary deposit account with Lender.

SECTION 3                      EFFECT OF AMENDMENT.  Any terms of the Loan Agreement or any documents which have not been expressly modified or amended by this Third Amendment are hereby ratified and confirmed and shall remain in full force and effect between the parties.

SECTION 4.                                COUNTERPARTS.  This Third Amendment may be executed in any number of separate counterparts, each of which when so executed and delivered shall be an original, but all of which taken together shall constitute one (1) instrument.  Any of the parties hereto may execute this Third Amendment by signing any such counterpart.

SECTION 5.                      CONSTRUCTION.  This Third Amendment shall be governed by and construed in accordance with the law of the State of Iowa.  Section and paragraph headings contained herein are for the convenience of reference only, and shall not be construed as to affect the interpretation or construction of any substantive provision of this Third Amendment

SECTION 6.                      Borrower hereby acknowledges receipt of a copy of this Agreement.

IMPORTANT:  READ BEFORE SIGNING.  THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE.  NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED.  YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.  THIS NOTICE ALSO APPLIES TO ANY OTHER LOAN AGREEMENTS NOW IN EFFECT BETWEEN YOU AND THIS LENDER.

  

  

  

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as the day and year first above written.

 

 

 

 

	MACC PRIVATE EQUITIES,INC.      	CEDAR RAPIDS BANK & TRUST
	f/k/a MorAmerica Capital Corporation 	COMPANY
	 	 
	 	 
	By :/s/ Travis T. Prentice	 By: /s/ John Hall
	Travis T. Prentice its President & CEO	 John Hall its Asst. Vice President
	 	 
	 	 

 

                                                                                                                                                               

 

	By: /s/ Derek J. Gaertner	 
	Derek J. Gaertner its CFO & COO

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