Document:

Exhibit 10.90

 

AGREEMENT GOVERNING EXTENSIONS OF CREDIT

 

This Agreement, dated March 13 2009, is between
Investors Community Bank (the “Bank”)  and R. B. A. Inc.
(the “Borrower”).

 

RECITALS

 

A.                                   Bank and Borrower
are parties to certain extensions of credit, which extensions of credit are
evidenced by loan documentation existing on the date hereof and
may be evidenced by additional loan documentation executed by one or both
parties from time to time; and

 

B.                                     Bank and Borrower
desire to enter into this Agreement relating to all such loan documentation. 

 

AGREEMENT

 

1.                                       Collateral.

 

i.                                                        Debt
Documents; Obligations. Bank and
Borrower have executed and anticipate that from time to time they may execute loan agreements, notes, guaranties and
other documentation evidencing a debt or obligation of Borrower to Bank from
time to time. All documents at any time executed by Borrower and evidencing a debt or obligation of Borrower to Bank are
referred to herein as “Debt Documents.” All obligations of Borrower to Bank under Debt Documents and all other
obligations of Borrower to Bank from time to time are referred to herein as
“Obligations.” Obligations include
but are not limited to obligations to repay loans, debts occurring by  reason of overdrafts of checking accounts,
obligations to take action such as  purchasing insurance or
maintaining property, and all other obligations of Borrower to Bank, including
those obligations that exist on the date hereof and those obligations that may
be incurred on or after the date hereof.

 

The following existing documents are Debt Documents:

 

Four (4) Commercial Promissory Notes and
Commercial Loan Agreements dated 4/7/08, Guaranty pledged by Broadwind
Energy, Inc. dated 4/7/08,  Guaranty pledged by
Tower Tech Systems Inc. dated 4/7/08.

 

ii.                                                     Security Documents; Collateral. Borrower has
granted to Bank certain collateral, and Bank and Borrower anticipate that
Borrower may grant to Bank additional collateral from time to time. All
documents at any time granting to Bank a lien or security interest in any
property are referred to herein as “Security Documents.” A document may be both
a Debt Document and a Security Document. All of Borrower’s property in which
Bank has a lien or security interest
on the date hereof, and all property in which Bank may have a lien or security
interest in the future, including but not limited to real estate and personal
property, is referred to herein as “Collateral.”

 

The following existing documents are Security Documents:

 

Mortgage dated 3/21/08 and Commercial Security
Agreement dated 10/4/07.

 

iii.                                                  Cross Collateralization. A1 Collateral shall at all times be
security for all Obligations. If Borrower grants Bank a lien or security interest at any time, such
lien or security interest shall continue, and the Borrower’s property shall
continue to be collateral for all Obligations, until all Obligations are paid
in full and Bank and Borrower enter into a termination or release of the
applicable Security Document.

 

2.                                       Cross Default.
Any time there is a default under any
Debt Document, any  Security
Document or this Agreement, such  default shall be a default under
all Debt Documents, all Security Documents and this Agreement.

 

3.                                       Covenants and
Agreements. In addition to all agreements contained in the Debt Documents and Security Documents,
Borrower agrees to comply with all of the following:

 

i.                 Minimum Debt service
coverage ratio of 1.25:1 tested quarterly using trailing 12 month financials.

 

The coverage ratio is defined as:

 

	
   

  	
  net profit + depreciation + interest

  	
   

  
	
   

  	
  principal payments and interest payments

  	
   

  

 

ii.              Minimum Tangible Net Worth (excluding goodwill and other intangible assets) covenant to be
tested quarterly as follows:

 

	
  3/31/2009

  	
   

  	
  $

  	
  1.4 million

  	
   

  
	
  6/30/2009

  	
   

  	
  $

  	
  1.6 million

  	
   

  
	
  9/30/2009

  	
   

  	
  $

  	
  1.8 million

  	
   

  
	
  12/31/2005

  	
   

  	
  $

  	
  2.0 million

  	
   

  

 

iii.           Primary Depository
account(s) to be maintained at Investors Community Bank.

 

iv.          Existing monthly borrowing base agreement to remain the same.

 

v.             No additional loans
or leases to be entered into without Investors Community Bank’s prior approval.

 

vi.          Audited financial
statements by Grant Thornton to be provided to Investors Community Bank by
3/31/2009. Financial performance of Broadwind Energy, Inc. and the two
subsidiaries we finance (Tower Tech Systems, Inc., and R. B.
A., Inc.) must be “materially close” (minimum fye 2008 profitability
for Tower Tech Systems, Inc. of $3,600,000: minimum fye 2008
profitability for R. B. A., Inc.
of $150,000: (excluding the one-time impairment charge) and a maximum fye 2008 loss for  Broadwind Energy, Inc. of $27,000,000).
These profitability numbers are based
on 80% of the profitability / (loss) as reflected in the consolidated financial
statements provided Investors Community Bank. The Covenant violation applies if
any, or all, of the above performance measurements are not attained.

 

1

 

Annually. Borrower will provide to Lender Borrower’s  financial statements,
tax returns, or those prepared by independent
accountants
within 90 days after the close of each fiscal year. Any annual financial statements that Borrower provides will be:

 

o reviewed statements. o compiled
statements.

 

x Borrower will provide Lender with interim financial reports on a quarterly basis, and
within 45 days after the close of this business period. Interim financial
statements will be:

 

o audited o reviewed xcompiled statements.

 

4.                                       This Agreement to
Control.
The Bank and Borrower intend for this Agreement to apply to all transactions
between them, and this Agreement shall continue in effect until the Borrower
and Bank enter into a termination agreement. Even if a particular Security
Document ever describes certain Obligations without describing all Obligations,
that Security Document shall secure all Obligations.

 

5.                                       Effect of Agreement. This Agreement
applies to all extensions of credit between Bank and Borrower. This Agreement
is not an agreement to extend credit. Bank shall not be obligated under this
Agreement to loan money to Borrower or otherwise extend credit to Borrower.

 

6.                                       Participants;
Assigns; Guarantors; Disclosure. The Borrower agrees that the Bank may, at its
option, sell to one or more other financial institutions or other parties interests
in the Obligations. Bank may, at Bank’s sole option, disclose to the purchaser of any
such interest and to any guarantor of all or any part of the Obligations
financial and other information concerning the Borrower.

 

7.                                       Amendment. This Agreement may
be amended only by a writing signed by the party to be bound thereby.

 

8.                                       Governing Law. This Agreement
shall be governed by, and
construed in accordance with, the laws of the State of Wisconsin without giving effect to applicable
principles of conflict of laws to the extent that the application of the laws
of another jurisdiction would be required thereby.

 

9.                                       Counterparts. This Agreement may
be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same
instrument.

 

10.                                 Severability. In case any provision
in this Agreement shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the day and year first above written

 

 

BORROWER:

R. B. A. Inc.

 

a Corporation

 

	
  By:

  	
  /s/ Jeffrey G. Jandry

  	
   

  
	
  Jeffrey G. Jandry

  
	
  Title: Treasurer and Controller

  
	
   

  
	
   

  
	
  BANK:

  
	
  INVESTORS COMMUNITY BANK

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Robert Beerger

  	
   

  
	
  Robert
  Beerger

  
	
  Title:
  Sr. Commercial LenderExhibit
10.91

 

	
  BORROWER NAME AND ADDRESS

  	
  LENDER NAME AND ADDRESS

  	
  LOAN DESCRIPTION

  
	
   

  	
   

  	
   

  
	
  R. B. A. Inc,

  	
  Investors Community Bank

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  300 S. 16th St

  	
  P.O.
  Box 700

  	
  Number
  

  	
  47066102      mas

  
	
   

  	
   

  	
   

  	
   

  
	
  Manitowoc, WI 54220

  	
  Manitowoc, WI 54221-0700

  	
  Amount 

  	
  $ 1,732,000.00

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date
  

  	
  04-07-2008

  

 

o Refer to the
attached Signature Addendum, incorporated herein, for additional Borrowers and
their signatures

 

COMMERCIAL DEBT MODIFICATION AGREEMENT

 

DATE AND PARTIES. The date of this Debt Modification
Agreement (Modification) is 03-13-2009

 

DEFINITIONS. As used in this Modification, the terms
have the following meanings:

 

Pronouns. The pronouns  “I” “me,” and “my” refer to each Borrower signing this Modification,
individually and together with their beirs, executors, adminisitrators,
successors,
and assigns
“You” and “your” refer to the Lender, with  its participants or syndicators, successors and assigns,
or any person or entity that acquires an interest in this Modification or Prior Obligation.

 

Prior Obligation. “Prior Obligation” refers to my
previous agreement governing my promise to pay you money. including any loan agreement, note, or document that evidences my
indebtedness, and any extensions, renewals, modifications and substitutions.

 

BACKGROUND. You and I have entered into a Prior
Obligation witch is evidenced by Commercial Promissory  Note and  

Commercial
Loan Agreement  dated 04-07-2008 x in the original
principal amount of / o with a maximum
possible principal amount of $ 1,732,000.00. o  payable on demand. / o payable on demand but if no
demand is made, by the maturity date of                    /
x with a maturity
date of 04-05-2009

 

As of the date of this Modification, the x amount remaining  due is / o current amount outstanding
on the Prior Obligation is $ 1,700,000.00  principal (Principal) plus $ 850.73 accrued interest, for a  total of $ 1,700,850 73.

 

MODIFICATION, For value received, you and I
agree to modify the Prior Obligation as follows.

 

x INTEREST RATE MODIFICATION.

 

x  INTEREST RATE.

 

The interest rate shall change from a variable
rate of the previous months 30 day Libor +1.75% to a variable rate of the Wall
Street Journal prime index +0.00%
with a
floor rate of 5.00% effective 3/13/2009 and shall remain in effect until
maturity.

 

Maximum Interest Amount. Any amount assessed
or collected as interest will be limited to the maximum lawful amount
of interest allowed by state or federal law Amounts collected in excess of the
maximum lawful amount will be applied first to the unpaid principal balance.
Any remainder will be refunded to me.

 

o Post-Maturity/Default Interest Rate.

 

	
  o Compounding. This Modification provides for the compounding of interest.

  
	
   

  
	
  o  PAYMENT MODIFICATION.

  

 

	
   

  
	
  o DRAW PERIOD
  MODIFICATION.

  

 

	
   

  
	
  o FEES AND CHARGES MODIFICATION.

  

 

	
   

  
	
  ADDITIONAL
  TERMS.

  

 

The maturity date shall change from 4/5/2009 to 3/13/2010

 

The
Agreement
Governing Extensions of Credit dated 4/7/2008 shall be replaced with the
Agreement Governing  Extensions of Credit
dated 3/13/2009.

 

The following conditions shall be added to the note:
Investors Community Bank is hereby authorized to file financing statements
without the borrower(s) signature as necessary to
perfect Investors Community Bank’s interest in collateral allowed for by this
note, any security agreements connected to this note and UCC Article 9 as amended.

 

CONTINUATION
OF
TERMS.
Except as specifically amended in this Modification, all terms of the Prior Obligation
remain in effect.

 

INTERPRETATION. Whenever used, the singular Includes the plural and the plural includes
the singular The section headings are for convenience only and are not to be used to interpret or define the terms of this Modification.

 

VT
only o NOTICE TO BORROWER: THIS IS A DEMAND NOTE AND
SO MAY BE COLLECTED BY THE LENDER AT ANY TIME. A NEW NOTE MUTUALLY AGREED
UPON AND SUBSEQUENTLY ISSUED MAY CARRY A HIGHER OR LOWER RATE OF INTEREST.

 

x      ORAL
AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING
PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE
LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT
AGREEMENT. TO PROTECT YOU (BORROWER/DEBTOR) AND US (LENDER/SECURED PARTY) FROM
MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS
ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF
THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO
MODIFY IT. BY SIGNING THIS MODIFICATION, THE PARTIES AFFIRM THAT NO UNWRITTEN
ORAL AGREEMENT EXISTS BETWEEN THEM.

 

SIGNATURES. By signing under seal, Borrower agrees to the term contained in this
Note. Borrower also acknowledges receipt of a copy of that Note

BORROWER:

 

	
  R. B. A. Inc.

  	
   

  	
   

  
	
  Entity Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Jeffrey G. Jandrey

  	
   

  	
  3-13-09

  	
  (Seal)

  	
   

  	
   

  	
   

  	
  (Seal)

  
	
  Signature Jeffrey G. Jandrey, Treasurer and Controller

  	
  Date

  	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Seal)

  	
   

  	
   

  	
   

  	
  (Seal)

  
	
  Signature

  	
  Date

  	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LENDER:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Investors Community Bank

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Entity Name

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Robert R. Boerger

  	
   

  	
  3/13/09

  	
  (Seal)

  	
   

  	
   

  	
   

  	
  (Seal)

  
	
  Signature Robert R. Boerger, Senior Commercial Lender

  	
  Date

  	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  
	
  COMMERCIAL DEBT MODIFICATION AGREEMENT

  	
   

  	
  NOT TO BE USED FOR LOANS SUBJECT TO CONSUMER LENDING LAWS

  

 

 © 1998, 2001 Bankers Systems, Inc., St. Cloud,
MN Form COMM-DMOD 7/1/2004

 

1

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