Document:

exhibit 10 22 sixth amend

    SIXTH
      AMENDMENT TO CREDIT AGREEMENT

    

    

    THIS
      SIXTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment")
      dated as
or
      February
      28, 2006 is among HEARTLAND FINANCIAL USA, INC., a Delaware corporation (the
      "Borrower"),
      each of
      the banks party hereto (individually, a "Bank"
      and
      collectively, the "Banks")
      and THE
      NORTHERN TRUST COMPANY, as agent for the Banks (in such capacity, together
      with
      its successors in such capacity, the "Agent").

     

    WHEREAS,
      the Borrower, the Agent and the Banks have entered into a Credit Agreement
      dated
      as of January 31, 2004 (as heretofore amended, the "Credit
      Agreement");
      and

    

    WHEREAS,
      the Borrower, the Agent and the Banks wish to extend the maturity of the Credit
      Agreement;

    

    NOW,
      THEREFORE, for valuable consideration, the receipt and sufficiency of which
      is
      hereby acknowledged, the parties hereto agree as follows:

    

    1.    Definitions.
      Terms
      defined in the Credit Agreement and not otherwise defined herein shall have
      the
      respective meanings given to them in the Credit Agreement and terms defined
      in
      the introductory paragraphs or other provisions of this Amendment shall
have
      the
      respective meanings attributed to them therein. In addition, the following
      terms
      shall have the following meanings (terms defined in the singular having a
      correlative meaning when used in
      the
      plural and vice versa):

    

    "Effective
      Date" shall mean February 28, 2006, if (i) this Amendment shall have been
      executed and delivered by the Borrower, the Agent and the Banks and (ii) the
      Borrower shall have performed its obligations under Section
      4
      hereof;

    

    2.    Revolving
      Credit Commitment Termination Date,
      The
      definition of "Revolving Credit Commitment Termination Date" in Section
      9,1
      of the
      Credit Agreement is hereby amended to state in its entirety as
      follows

    

    "Revolving
      Credit Commitment Termination
      Date"
      shall mean March 10, 200.6, as such
      date may
      be extended pursuant to Section
      1.1.0.

    

    3.    Conditions
      to Effective Date.
      The
      occurrence of the Effective Date shall be
      subject
      to the delivery of the following documents satisfactory to the
      Agent:

     

                                (a)  This
      Amendment.

     

                                (b)  The
      Consent of each of the Guarantors in the form attached hereto.

    

    4.    Effective
      Date Notice,.
      Promptly
      following the occurrence of the Effective Date,
      the
      Agent shall give notice to the parties of the occurrence
      of
      the Effective Date, which notice shall be conclusive, and the parties may rely
      thereon; provided, that such notice shall not waiveor
      otherwise limit any right or remedy of the Agent or the Banks arising out of
      any
      failure of any condition precedent set forth in Section
      3
      to be
      satisfied,

    

    5.     Ratification.
      The
      parties agree that the Credit Agreement, as amended hereby, has not lapsed
      or
      terminated, is in full force and effect, and is and from and after the Effective
      Date shall remain binding in accordance with their terms.

    

    6.     Representations
      and Warranties.,
      The
      Borrower represents and warrants to the
      Agent
      and the Banks that:

    

    (a)  No
      Breach.
      The
      execution, delivery and performance of this Amendment will not conflict with
      or
      result in a breach. of, or cause the creation of a Lien or require any consent
      under, the articles of incorporation or bylaws of the Borrower, or any
      applicable law or regulation, or any order, inj unction or decree of any court
      or governmental authority or agency, or any agreement or instrument to
      which,
      the Borrower is a party or by which it or its property is bound.

    

    (b)  Power
      and Action, Binding Effect,
      The
      Borrower has been duly incorporated and is validly existing as a corporation
      under the laws of the State of Delaware and has all necessary power and
      authority to execute, deliver and perform its obligations under this Amendment
      and the Credit Agreement, as amended by this Amendment; the execution, delivery
      and performance by the Borrower of this Amendment and the Credit Agreement,
      as
      amended by this Amendment, have been duly authorized by all necessary action
      on
      its part; and this Amendment and the Credit Agreement, as amended by this
      Amendment, have been duly and validly executed and delivered by the Borrower
      and
      constitute legal, valid and binding obligations, enforceable in accordance
      with
      their respective terms.

    

    (c)  Approvals.
      No
      authorizations, approvals or consents of, and no filings or registrations with,
      any governmental or regulatory authority or agency or any other person are
      necessary for the execution or delivery by the Borrower of this Amendment,
      or
      the performance by the Borrower of the Credit Agreement,
      as amended by this Amendment, or for the validity or enforceability
      thereof.

    

    7.     Successors
      and Assigns..
      This
      Amendment shall be binding upon and inure to the
      benefit
      of the Borrower, the Agent and the Banks and their respective successors and
      assigns, except that the Borrower may not transfer or assign any of its rights
      or interest hereunder.

    

    8.     Governing
      Law. This
      Amendment shall be governed by, and construed and interpreted in accordance
      with, the internal laws of the State of Illinois.

    

    9.     Counterparts,.
      This
      Amendment may be executed in any number of counterparts
      and each
      party hereto may execute any
      one
      or
      more of such counterparts, all of which shall constitute one and the same
      instrument. Delivery of an executed counterpart of a signature page to
      this
      Amendment by telecopy shall be as effective as delivery of a manually
      executed
      counterpart of this amendment.

     

    10.    Expenses,
      Whether
      or not the effective date shall occur, without limiting the obligations of
      the
      Borrower under the Credit Agreement, the Borrower agrees to pay, or to reimburse
      on demand, all reasonable costs and expenses incurred by the Agent in connection
      with the negotiation, preparation, execution, delivery, modification, amendment
      or enforcement of this Amendment and the other agreements, documents and
      instruments referred to herein, including the reasonable fees and expenses
      of
      Mayer, Brown, Rowe & Maw LLP, special counsel to the Agent, and any other
      counsel engaged by the Agent.

    

    [Signature
      Page Follows]

     

    

     

    
      
        
        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    IN
      WITNESS WHEREOF, this Amendment has been executed as of the date first
      above
      written.

    

    HEARTLAND
      FINANCIAL USA, INC.

    By:
      /s/
      John K. Schmidt

    Name:
      John K. Schmidt

    Title:
      EVP, CFO, COO

    

    THE
      NORTHERN TRUST COMPANY,

    As
      Agent

    

    By:
      /s/
      Lisa McDermott

    Name:
      Lisa McDermott

    Title:
      Vice President

    

    BANKS:

    

    THE
      NORTHERN TRUST COMPANY

    By:
      /s/
      Lisa McDermott

    Name:
      Lisa McDermott

    Title:
      Vice President

    

    HARRIS
      N.A. (successor
      by merger with Harris Trust and 

    Savings
      Bank)

    By:
      /s/
      Thomas J. Wilson

    Name:
      Thomas J. Wilson

    Title:
      Vice President

    

    U.S.
      BANK NATIONAL ASSOCIATION

    By:
      /s/
      Neil J. Havlik

    Name:
      Neil J. Havlik

    Title:
      Correspondent Officer

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    GUARANTOR
      ACKNOWLEDGEMENT

    

    Each
      of
      the undersigned Guarantors hereby acknowledges and consents to the Borrower’s
      execution of this Amendment.

    

    

    CITIZENS
      FINANCE CO.    ULTEA,
      INC.

    By:
      /s/
      John K. Schmidt    By:
      /s/
      John K. Schmidt

    Title:
      Treasurer     Title:
      Treasurer

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE

    

     

    The
      undersigned as Executive Vice President, Chief Financial Officer and Chief
      Operating Officer of Heartland Financial USA, Inc., hereby certifies as
      follows:

     

    1.  No
      Default, as defined in the Credit Agreement among Heartland Financial
      USA,
      Inc.
      (the "Borrower"), certain banks and The Northern Trust Company as agent, as
      amended ("Credit Agreement") has occurred and is continuing.

    

    2.  The
      representations and warranties of the Borrower in Section 6 of the Credit
      Agreement and in Section 7 of the Fourth Amendment and Waiver to Credit
      Agreement dated as of March 1, 2005, are true and correct on and as of the
      date
      hereof.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of March
      1,
      2005.

    

    

    

    HEARTLAND
      FINANCIAL USA, INC.

    By:
      /s/
      John K. Schmidt

    Name:
      John K. Schmidt

    Title:
      EVP, CFO, COOexhibit 10 23 seventh amend

    SEVENTH
      AMENDMENT TO CREDIT AGREEMENT

     

    

    THIS
      SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
      dated
      as of March 10, 2006 is among HEARTLAND FINANCIAL USA, INC., a Delaware
      corporation (the “Borrower”),
      each
      of the banks party hereto (individually, a “Bank”
and
      collectively, the “Banks”)
      and
      THE NORTHERN TRUST COMPANY, as agent for the Banks (in such capacity, together
      with its successors in such capacity, the “Agent”).

     

    WHEREAS,
      the Borrower, the Agent and the Banks have entered into a Credit Agreement
      dated
      as of January 31, 2004 (as heretofore amended, the “Credit
      Agreement”);
      and

     

    WHEREAS,
      the Borrower, the Agent and the Banks wish to make certain amendments to the
      Credit Agreement;

     

    NOW,
      THEREFORE, for valuable consideration, the receipt and sufficiency of which
      is
      hereby acknowledged, the parties hereto agree as follows:

     

    1.  Definitions.
      Terms
      defined in the Credit Agreement and not otherwise defined herein shall have
      the
      respective meanings given to them in the Credit Agreement and terms defined
      in
      the introductory paragraphs or other provisions of this Amendment shall have
      the
      respective meanings attributed to them therein. In addition, the following
      terms
      shall have the following meanings (terms defined in the singular having a
      correlative meaning when used in the plural and vice versa):

     

    “Effective
      Date” shall mean March 10, 2006, if (i) this Amendment shall have been
      executed and delivered by the Borrower, the Agent and the Banks and
      (ii) the Borrower shall have performed its obligations under Section 6
      hereof.

     

    2.  US
      Bank Indebtedness.
      Section 7.2(d) of the Credit Agreement is hereby deleted and intentionally
      left blank.

     

    3.  Indebtedness.
      Section 2
      of the
      Fifth Amendment and Waiver to Credit Agreement provided for the amendment of
      Section 7.5(a)
      of the
      Credit Agreement. Said Section 2
      mistakenly stated that it amended Section 7.5
      of the
      Credit Agreement in its entirety, rather than amending only Section 7.5(a).
      The
      parties acknowledge that only said Section 7.5(a)
      was so
      amended and the other subsections of Section 7.5
      remained
      in full force and effect.

     

    4.  Revolving
      Credit Commitment Termination Date.
      The
      definition of “Revolving Credit Commitment Termination Date” in Section
      9.1
      of the
      Credit Agreement is hereby amended to state in its entirety as
      follows

     

    “Revolving
      Credit Commitment Termination
      Date”
shall mean April 30, 2007, as such date may be extended pursuant to Section
      1.10.

     

    5.  Schedule
      1.
      Schedule 1 of the Credit Agreement is hereby amended to state as set forth
      as
      Schedule 1 hereto.

     

    6.  Additional
      Bank.
      Wells
      Fargo Bank, N.A. is hereby added to the Credit Agreement as a Bank and shall
      be
      bound by the terms of the Credit Agreement as a Bank.

     

    7.  Conditions
      to Effective Date.
      The
      occurrence of the Effective Date shall be subject to the delivery of the
      following documents satisfactory to the Agent:

     

    (a)  This
      Amendment.

     

    (b)  A
      Guaranty from each Guarantor in substantially the form attached as Exhibit
      A
      hereto.

     

    (c)  A
      Note
      payable to Wells Fargo Bank, N.A.

     

    (d)  The
      certificate of incorporation (certified by the Secretary of State of Delaware
      dated no earlier than 30 days prior to this Agreement) and by-laws of the
      Borrower and all corporate action taken by the Borrower authorizing this
      Amendment (including the resolutions of the Board of Directors of the Borrower
      authorizing the transactions contemplated hereby), in each case, certified
      by
      the secretary or assistant secretary of the Borrower.

     

    (e)  A
      certificate of the secretary or assistant secretary of the Borrower naming
      and
      setting forth the specimen signature of each of the officers of the Borrower
      (i)
      who is authorized to sign on its behalf this Amendment and (ii) who is (A)
      an
      Authorized Officer or (B) who will, until replaced by another officer or
      officers duly authorized for that purpose, act as its representative for the
      purposes of signing documents and giving notices and other communications (other
      than notices required to be given by an Authorized Officer) in connection with
      this Agreement and the transactions contemplated hereby.

     

    (f)  A
      certificate of a senior officer of the Borrower dated the date of this Amendment
      to the effect that on and as of such date: (i) no Default shall have occurred
      and be continuing; and (ii) the representations and warranties made by the
      Borrower in Section
      6
      of the
      Credit Agreement and Section
      7
      hereof
      are true and correct with the same force and effect as if made on and as of
      such
      date.

     

    (g)  An
      opinion of internal counsel of the Borrower, substantially in the form of
Exhibit B
      hereto.

     

    (h)  A
      good
      standing certificate from (i) the Borrower’s Federal Reserve Bank, and (ii) the
      Secretary of State of the Borrower’s state of incorporation shall have been
      delivered (in each of the foregoing cases, dated no earlier than 30 days prior
      to this Agreement).

     

    (i)  The
      articles of incorporation (also certified by the Secretary of State of each
      Guarantor’s state of organization dated no earlier than 30 days prior to this
      Agreement) and by-laws of each Guarantor and all corporate action taken by
      each
      Guarantor authorizing its Guaranty Agreement and the performance of its
      obligations thereunder (including the resolutions of the Board of Directors
      of
      such Guarantor authorizing the transactions contemplated by its respective
      Guaranty Agreement), in each case, certified by the secretary or assistant
      secretary of such Guarantor.

     

    (j)  A
      certificate of the secretary or assistant secretary of each Guarantor naming
      and
      setting forth the specimen signature of each of the officers of such Guarantor
      who is authorized to sign its Guaranty Agreement on its behalf (the Agent and
      each Bank may conclusively rely on such certificate until formally advised
      by a
      like certificate of any changes therein).

     

    (k)  A
      good
      standing certificate from the Secretary of State of each Guarantor’s state of
      incorporation, dated no earlier than 30 days prior to this
      Agreement.

     

    (l)  An
      opinion of internal counsel to each Guarantor in the form of Exhibit
      C
      attached
      hereto.

     

    (m)  Such
      other documents as the Agent may reasonably request.

     

    8.  Effective
      Date Notice.
      Promptly following the occurrence of the Effective Date, the Agent shall give
      notice to the parties of the occurrence of the Effective Date, which notice
      shall be conclusive, and the parties may rely thereon; provided, that such
      notice shall not waive or otherwise limit any right or remedy of the Agent
      or
      the Banks arising out of any failure of any condition precedent set forth in
      Section 6
      to be
      satisfied.

     

    9.  Ratification.
      The
      parties agree that the Credit Agreement, as amended hereby, has not lapsed
      or
      terminated, is in full force and effect, and is and from and after the Effective
      Date shall remain binding in accordance with their terms.

     

    10.  Representations
      and Warranties.
      The
      Borrower represents and warrants to the Agent and the Banks that:

     

    (a)  No
      Breach.
      The
      execution, delivery and performance of this Amendment will not conflict with
      or
      result in a breach of, or cause the creation of a Lien or require any consent
      under, the articles of incorporation or bylaws of the Borrower, or any
      applicable law or regulation, or any order, injunction or decree of any court
      or
      governmental authority or agency, or any agreement or instrument to which the
      Borrower is a party or by which it or its property is bound.

     

    (b)  Power
      and Action, Binding Effect.
      The
      Borrower has been duly incorporated and is validly existing as a corporation
      under the laws of the State of Delaware and has all necessary power and
      authority to execute, deliver and perform its obligations under this Amendment
      and the Credit Agreement, as amended by this Amendment; the execution, delivery
      and performance by the Borrower of this Amendment and the Credit Agreement,
      as
      amended by this Amendment, have been duly authorized by all necessary action
      on
      its part; and this Amendment and the Credit Agreement, as amended by this
      Amendment, have been duly and validly executed and delivered by the Borrower
      and
      constitute legal, valid and binding obligations, enforceable in accordance
      with
      their respective terms.

     

    (c)  Approvals.
      No
      authorizations, approvals or consents of, and no filings or registrations with,
      any governmental or regulatory authority or agency or any other person are
      necessary for the execution or delivery by the Borrower of this Amendment,
      or
      the performance by the Borrower of the Credit Agreement, as amended by this
      Amendment, or for the validity or enforceability thereof.

     

    11.  Successors
      and Assigns.
      This
      Amendment shall be binding upon and inure to the benefit of the Borrower, the
      Agent and the Banks and their respective successors and assigns, except that
      the
      Borrower may not transfer or assign any of its rights or interest
      hereunder.

     

    12.  Governing
      Law.
      This
      Amendment shall be governed by, and construed and interpreted in accordance
      with, the internal laws of the State of Illinois.

     

    13.  Counterparts.
      This
      Amendment may be executed in any number of counterparts and each party hereto
      may execute any one or more of such counterparts, all of which shall constitute
      one and the same instrument. Delivery of an executed counterpart of a signature
      page to this Amendment by telecopy shall be as effective as delivery of a
      manually executed counterpart of this amendment.

     

    14.  Expenses.
      Whether
      or not the effective date shall occur, without limiting the obligations of
      the
      Borrower under the Credit Agreement, the Borrower agrees to pay, or to reimburse
      on demand, all reasonable costs and expenses incurred by the Agent in connection
      with the negotiation, preparation, execution, delivery, modification, amendment
      or enforcement of this Amendment and the other agreements, documents and
      instruments referred to herein, including the reasonable fees and expenses
      of
      Mayer, Brown, Rowe & Maw LLP, special counsel to the Agent, and any other
      counsel engaged by the Agent.

     

    [Signature
      Page Follows]

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, this Amendment has been executed as of the date first above
      written.

     

    HEARTLAND
      FINANCIAL USA, INC.

    By:
      /s/
      John K. Schmidt

    Name:
      John K. Schmidt

    Title:
      EVP, CFO, COO

    

    THE
      NORTHERN TRUST COMPANY,

    As
      Agent

    

    By:
      /s/
      Lisa McDermott

    Name:
      Lisa McDermott

    Title:
      Vice President

    

    BANKS:

    

    THE
      NORTHERN TRUST COMPANY

    By:
      /s/
      Lisa McDermott

    Name:
      Lisa McDermott

    Title:
      Vice President

    

    

    HARRIS
      N.A. (successor
      by merger with Harris Trust 

    and
      Savings Bank)

    By:
      /s/
      Thomas J. Wilson

    Name:
      Thomas J. Wilson

    Title:
      Vice President

    

    

    WELLS
      FARGO BANK, N.A.

    By:
      /s/
      Leighton Kor

    Name:
      Leighton Kor

    Title:
      Vice President

    

    

    U.S.
      BANK NATIONAL ASSOCIATION

     

    By:
      /s/
      Neil J. Havlik

     

    Name:
      Neil J. Havlik

     

    Title:
      Correspondent Officer

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
      1

    

    INFORMATION
      CONCERNING BANKS

     

    

    
      	
              Name
                of Bank

            	
              Commitment

            	
              Applicable

              Lending
                Offices

            
	 	 	 
	
              The
                Northern Trust Company

            	
              $25,000,000

            	
              For
                all Loans:

              50
                South LaSalle Street

              Chicago,
                Illinois 60675

               

            
	
              Harris
                N.A.

            	
              $20,000,000

            	
              For
                all Loans:

              111
                West Monroe

              Chicago,
                Illinois 60603

               

            
	
              Wells
                Fargo Bank, N.A.

            	
              $20,000,000

            	
              For
                all Loans:

            
	
               

              U.S.
                Bank National Association

            	
               

              $10,000,000

            	
               

              For
                all Loans:

              222nd
                Avenue

              Cedar
                Rapids, Iowa 52401

            
	
              Total
                Commitments

            	
              $75,000,000

            	 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    GUARANTY

     

    

    1. Guaranty
      of Payment.
      For
      value received, and in consideration of any loan or other financial
      accommodation heretofore or hereafter at any time made or granted to Heartland
      Financial USA, Inc., a Delaware corporation (hereinafter called the “Debtor”) by
      any Bank and the Agent under that certain Credit Agreement dated as of January
      31, 2004 among the Debtor, The Northern Trust Company, as Agent, and the Banks
      party thereto (as amended, restated, modified or supplemented from time to
      time
      the “Credit Agreement”; capitalized terms not otherwise defined herein have the
      same meaning herein as in the Credit Agreement; the Agent and the Banks,
      together with their successors and assigns, are herein collectively referred
      to
      as the “Banks”), the undersigned hereby unconditionally guarantees the full and
      prompt payment when due, whether by acceleration or otherwise, and at all times
      thereafter, of all obligations of the Debtor to the Banks under the Credit
      Agreement and the Notes, howsoever created, arising or evidenced, whether direct
      or indirect, absolute or contingent, or now or hereafter existing, or due or
      to
      become due (all such obligations, together with any extensions or renewals
      thereof, being hereinafter collectively called the “Liabilities”), and the
      undersigned further agrees to pay all expenses (including attorneys’ and legal
      assistants’ fees (which attorneys and legal assistants may be employees of any
      Bank) and legal expenses) paid or incurred by the Banks in endeavoring to
      collect the Liabilities, or any part thereof, and in enforcing this guaranty.
      The right of recovery against the undersigned under this guaranty is, however,
      limited to the amount of SEVENTY-FIVE MILLION DOLLARS ($75,000,000) plus (a)
      interest and fees on such amount and (b) all expenses of enforcing this
      guaranty. Notwithstanding anything herein to the contrary, it is the desire
      and
      intent of the undersigned and the Banks that this guaranty shall be enforced
      against the undersigned to the fullest extent permissible under the laws and
      public policies applied in each jurisdiction in which enforcement is sought.
      If,
      however, and to the extent that, the obligations of the undersigned under this
      guaranty shall be adjudicated to be invalid or unenforceable for any reason
      (including, without limitation, because of any applicable state or federal
      law
      relating to fraudulent conveyances or transfers), then the amount of the
      Liabilities of such undersigned shall be deemed to be reduced and such
      undersigned shall pay the maximum amount of the Liabilities which would be
      permissible under applicable law.

     

    2. Acceleration
      of the Time of Payment of Amount Payable Under Guaranty.
      The
      undersigned agrees that, in the event of the dissolution or insolvency of the
      Debtor or the undersigned, or the inability of the Debtor or the undersigned
      to
      pay debts as they mature, or an assignment by the Debtor or the undersigned
      for
      the benefit of creditors, or the institution of any proceeding by or against
      the
      Debtor or the undersigned alleging that the Debtor or the undersigned is
      insolvent or unable to pay debts as they mature, and if such event shall occur
      at a time when any of the Liabilities may not then be due and payable, the
      undersigned will pay to the Agent, for the account of the Banks, forthwith
      the
      full amount which would be payable hereunder by such undersigned if all of
      the
      Liabilities were then due and payable.

     

    3. Credit
      Agreement.
      The
      undersigned agrees to be bound by all of the terms and provisions in the Credit
      Agreement as they are applicable to the undersigned as a Subsidiary of the
      Debtor.

     

    4. Continuing
      Guaranty.
      This
      guaranty shall in all respects be a continuing, absolute and unconditional
      guaranty, and shall remain in full force and effect (notwithstanding, without
      limitation, the dissolution of the undersigned or that at any time or from
      time
      to time all of the Liabilities may have been paid in full) until all the
      Liabilities have been paid in full and all Commitments of the Banks to extend
      credit to the Debtor have expired or terminated.

     

    5. Rescission
      or Return of Payment on Liabilities.
      The
      undersigned further agrees that, if at any time all or any part of any payment
      theretofore applied by the Agent, for the account of the Banks, to any of the
      Liabilities is or must be rescinded or returned by the Agent or any Bank for
      any
      reason whatsoever (including, without limitation, the insolvency, bankruptcy
      or
      reorganization of the Debtor), such Liabilities shall, for the purposes of
      this
      guaranty, to the extent that such payment is or must be rescinded or returned,
      be deemed to have continued in existence, notwithstanding such application
      by
      the Agent or such Bank, and this guaranty shall continue to be effective or
      be
      reinstated, as the case may be, as to such Liabilities, all as though such
      application by the Agent and such Bank had not been made.

     

    6. Bank
      Permitted to Take Certain Actions.
      The
      Banks may, from time to time (but shall not be obligated to), whether before
      or
      after any discontinuance of this guaranty, at their sole discretion and without
      notice to the undersigned, take any or all of the following actions: (a) retain
      or obtain a security interest in any property to secure any of the Liabilities
      or any obligation hereunder; (b) retain or obtain the primary or secondary
      obligation of any obligor or obligors, in addition to the undersigned, with
      respect to any of the Liabilities; (c) extend or renew for one or more periods
      (whether or not longer than the original period), alter or exchange any of
      the
      Liabilities, or release or compromise any obligation of the undersigned
      hereunder or any obligation of any nature of any other obligor with respect
      to
      any of the Liabilities; (d) release their security interest in, or surrender,
      release or permit any substitution or exchange for, all or any part of any
      property securing any of the Liabilities or any obligation hereunder, or extend
      or renew for one or more periods (whether or not longer than the original
      period) or release, compromise, alter or exchange any obligations of any nature
      of any obligor with respect to any such property; and (e) resort to the
      undersigned for payment of any of the Liabilities, whether or not the Banks
      (i)
      shall have resorted to any property securing any of the Liabilities or any
      obligation hereunder or (ii) shall have proceeded against any other obligor
      primarily or secondarily obligated with respect to any of the Liabilities (all
      of the actions referred to in preceding clauses (i) and (ii) being hereby waived
      by the undersigned).

     

    7. Application
      of Payments.
      Any
      amounts received by the Banks from whatsoever source on account of the
      Liabilities may be applied by the Banks toward the payment of such of the
      Liabilities, and in such order of application, as the Agent may from time to
      time direct.

     

    8. Subrogation.
      Until
      such time as this guaranty shall have been discontinued as to the undersigned
      and the Banks shall have received payment of the full amount of all of the
      Liabilities and of all obligations of the undersigned hereunder, no payment
      made
      by or for the account of the undersigned pursuant to this guaranty shall entitle
      the undersigned by subrogation or otherwise to any payment by the Debtor or
      from
      or out of any property of the Debtor, and the undersigned shall not exercise
      any
      right or remedy against the Debtor or any property of the Debtor by reason
      of
      any performance by such undersigned of this guaranty.

     

    9. Waiver
      of Notice and Other Matters.
      The
      undersigned waives: (a) notice of the acceptance by the Agent, on behalf of
      the
      Banks, of this guaranty; (b) notice of the existence or creation or non-payment
      of all or any of the Liabilities; (c) presentment, demand, notice of dishonor,
      protest, and all other notices whatsoever; and (d) all diligence in collection
      or protection of or realization upon the Liabilities or any thereof, any
      obligation hereunder, or any security for or guaranty of any of the
      foregoing.

     

    10. Additional
      Liabilities of the Debtor Authorized.
      The
      creation or existence from time to time of Liabilities in excess of the amount
      to which the right of recovery under this guaranty is limited is hereby
      authorized, without notice to the undersigned, and shall in no way affect or
      impair the rights of the Banks and the obligations of the undersigned under
      this
      guaranty.

     

    11. Assignment
      of Liabilities.
      Any
      Bank may, from time to time, whether before or after any discontinuance of
      this
      guaranty, without notice to the undersigned, assign or transfer any or all
      of
      the Liabilities or any interest therein; and, notwithstanding any such
      assignment or transfer or any subsequent assignment or transfer thereof, such
      Liabilities shall be and remain Liabilities for the purposes of this guaranty,
      and each and every immediate and successive assignee or transferee of any of
      the
      Liabilities or of any interest therein shall, to the extent of the interest
      of
      such assignee or transferee in the Liabilities, be entitled to the benefits
      of
      this guaranty.

     

    12. Information
      Concerning Debtor; No Reliance on Representations by Banks.
      The
      undersigned hereby warrants to the Banks that such undersigned now has and
      will
      continue to have independent means of obtaining information concerning the
      affairs, financial condition and business of the Debtor. The Banks shall not
      have any duty or responsibility to provide the undersigned with any credit
      or
      other information concerning the affairs, financial condition or business of
      the
      Debtor which may come into any of the Bank’s possession. The undersigned has
      executed and delivered this guaranty without reliance upon any representation
      by
      any Bank with respect to (a) the due execution, validity, effectiveness or
      enforceability of any instrument, document or agreement evidencing or relating
      to any of the Liabilities or any loan or other financial accommodation made
      or
      granted to the Debtor; (b) the validity, genuineness, enforceability, existence,
      value or sufficiency or any property securing any of the Liabilities or the
      creation, perfection or priority of any lien or security interest in such
      property; or (c) the existence, number, financial condition or creditworthiness
      of other guarantors or sureties with respect to any of the
      Liabilities.

     

    13. Waiver
      and Modifications.
      No
      delay on the part of any Bank in the exercise of any right or remedy shall
      operate as a waiver thereof, and no single or partial exercise by any Bank
      of
      any right or remedy shall preclude other or further exercise thereof or the
      exercise of any right or remedy; nor shall any modification or waiver of any
      of
      the provisions of this guaranty be binding upon the Agent except as expressly
      set forth in a writing duly signed and delivered by the Agent, on behalf of
      the
      Banks.

     

    14. Obligations
      Under Guaranty.
      No
      action of the Banks permitted hereunder shall in any way affect or impair the
      rights of the Banks and the obligations of the undersigned under this guaranty.
      For the purposes of this guaranty, Liabilities shall include all obligations
      of
      the Debtor to the Banks, notwithstanding any right or power of the Debtor or
      anyone else to assert any claim or defense as to the invalidity or
      unenforceability of any such obligation, and no such claim or defense shall
      affect or impair the obligations of the undersigned hereunder. The obligations
      of the undersigned under this guaranty shall be absolute and unconditional
      irrespective of any circumstance whatsoever which might constitute a legal
      or
      equitable discharge or defense of the undersigned. The undersigned acknowledges
      that there are no conditions to the effectiveness of this guaranty.

     

    15. Successors.
      This
      guaranty shall be binding upon the undersigned, and upon the successors and
      assigns of the undersigned.

     

    16. Law.
      THIS
      GUARANTY HAS BEEN DELIVERED AT CHICAGO, ILLINOIS, AND SHALL BE CONSTRUED IN
      ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
      ILLINOIS.

     

    17. Severability.
      Wherever possible, each provision of this guaranty shall be interpreted in
      such
      manner as to be effective and valid under applicable law, but if any provision
      of this guaranty shall be prohibited by or invalid under such law, such
      provision shall be ineffective to the extent of such prohibition or invalidity,
      without invalidating the remainder of such provision or the remaining provisions
      of this guaranty.

     

    18. Captions.
      Section
      captions used in this guaranty are for convenience only, and shall not affect
      the construction of this guaranty.

     

    19. Waiver
      of Jury Trial.
      THE
      UNDERSIGNED WAIVES, AND, BY ACCEPTING THIS GUARANTY, THE AGENT, ON BEHALF OF
      THE
      BANKS, SHALL BE DEEMED TO WAIVE, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
      OR
      PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (A) UNDER THIS GUARANTY OR UNDER
      ANY
      AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE
      FUTURE BE DELIVERED IN CONNECTION HEREWITH OR (B) ARISING FROM ANY BANKING
      RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY, AND THE UNDERSIGNED
      AGREES, AND, BY ACCEPTING THIS GUARANTY, THE AGENT, ON BEHALF OF THE BANKS,
      SHALL BE DEEMED TO AGREE, THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED
      BEFORE A COURT AND NOT BEFORE A JURY.

     

    20. Submission
      to Jurisdiction.
      The
      undersigned hereby irrevocably agrees that, subject to the Agent’s sole and
      absolute election, all suits, actions or other proceedings with respect to,
      arising out of or in connection with this guaranty or any document or instrument
      executed in connection herewith shall be subject to litigation in courts having
      situs within or jurisdiction over Cook County, Illinois. The undersigned hereby
      consents and submits to the jurisdiction of any local, state or federal court
      located in or having jurisdiction over such country, and hereby irrevocably
      waives any right it may have to request or demand trial by jury, to transfer
      or
      change the venue of any suit, action or other proceeding brought by the Agent
      in
      accordance with this paragraph, or to claim that any such proceeding has been
      brought in an inconvenient forum. 

     

    21. Substitution.
      This
      guaranty is delivered in substitution for a guaranty of the undersigned dated
      January 31, 2004 and shall continue to evidence the indebtedness
      thereunder.

     

    SIGNED
      AND DELIVERED AS OF THIS 10th
      day of
      March, 2006.

     

    ULTEA
      Inc.

    

    

    By:
      /s/
      Kenneth J. Erickson

    Its:
      Vice
      Chairman of the Board

    

    

    Address
      for Notices:

    

    1398
      Central Ave.

    Dubuque,
      IA 52004-0778 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      B

     

    FORM
      OF
      OPINION OF COUNSEL OF BORROWER

     

    

     

    March 10,
      2006

     

    

     

    The
      Northern Trust Company, as Agent

    The
      Banks
      (as defined in the Credit Agreement

    referred
      to below), and their respective 

    successors
      and assigns

    50
      South
      LaSalle Street

    Chicago,
      Illinois 60675

    

     

    Gentlemen/Ladies:

    I
      am
      counsel for Heartland Financial USA, Inc. (the “Company”),
      and
      have represented the Company in connection with its execution and delivery
      of a
      Seventh Amendment (the “Amendment”)
      dated
      March 10, 2006 to a Credit Agreement dated as of January 31, 2004 (as
      heretofore amended, the “Credit
      Agreement”)
      among
      the Company, the Banks party thereto and The Northern Trust Company, as Agent,
      and providing for Loans in an aggregate principal amount not exceeding
      $75,000,000 at any one time outstanding. All capitalized terms used in this
      opinion and not otherwise defined herein shall have the meanings attributed
      to
      them in the Agreement.

     

    In
      so
      acting, I, as counsel for the Company, have made such factual inquiries, and
      I
      have examined or caused to be examined such questions of law, as I have
      considered necessary or appropriate for the purposes of this opinion and, upon
      the basis of such inquiries and examination, advise you that, in my
      opinion:

     

    1.  The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Delaware and has the necessary corporate
      power to execute and deliver the Amendment and perform the Credit Agreement,
      as
      so amended, and to borrow under the Credit Agreement, as so amended. The Company
      is duly qualified to transact business in each jurisdiction where such
      qualification is necessary in view of the property owned or business conducted
      by the Company and where the failure to so qualify would have a material adverse
      effect on the Company. The Company is a bank holding company duly registered
      with the Board of Governors of the Federal Reserve System under the Bank Holding
      Company Act of 1956, as amended.

     

    2.  The
      execution and delivery of the Amendment and the performance by the Company
      of
      the Credit Agreement, as so amended, and the borrowings thereunder have been
      duly authorized by all necessary corporate action, and do not and will not
      violate any provision of law or regulation, writ, order or judgment, or any
      provision of the Company’s articles of incorporation or by-laws and do not and
      will not result in the breach of, or constitute a default or require any consent
      under, or result in the creation of any Lien upon any of its properties,
      revenues or assets pursuant to, any indenture or other agreement or instrument
      to which the Company or any Subsidiary is a party or by which the Company or
      any
      Subsidiary or its properties may be bound.

     

    3.  The
      Amendment has been duly executed and delivered on behalf of the Company and
      the
      Credit Agreement, as so amended, constitutes the legal, valid and binding
      obligation of the Company which is enforceable in accordance with its terms,
      except as such enforceability may be limited by (a) bankruptcy, insolvency,
      reorganization, moratorium or other similar laws of general applicability
      affecting the enforcement of creditors’ rights and (b) the application of
      general principles of equity (regardless of whether such enforceability is
      considered in a proceeding in equity or at law).

     

    4.  No
      authorizations, consents, approvals, licenses, filings or registrations from
      or
      with any governmental or regulatory authority or agency are required in
      connection with the execution and delivery of the Amendment and the performance
      by the Company of the Credit Agreement, as so amended.

     

    5.  There
      are
      no legal or arbitral proceedings, and no proceedings by or before any
      governmental or regulatory authority or agency, pending or threatened against
      or
      affecting the Company or any of its Subsidiaries, or any properties or rights
      of
      the Company or any of its Subsidiaries, which, if adversely determined, would
      have a material adverse effect on the consolidated financial condition,
      operations, business or prospects taken as a whole of the Company and its
      Subsidiaries.

     

    6.  The
      Company is in compliance in all material respects with all rules and regulations
      of the Bank Holding Company Act, as amended, and with all existing regulations
      of the Board of Governors of the Federal Reserve System relating to bank holding
      companies.

     

    7.  The
      Company is not an “investment company” or a company “controlled” by any
“investment company,” within the meaning of the Investment Company Act of 1940,
      as amended.

     

    8.  The
      Company is not under investigation by, or operating under any restrictions
      (applicable specifically to the Company) imposed by, any regulatory
      authority.

     

    The
      Opinions set forth herein are intended solely for the benefit of the addressees
      hereof in connection with the transactions contemplated herein and assignees
      and
      participants under the Credit Agreement and shall not be relied upon by any
      other person or for any other purpose without our prior written
      consent.

    

    Very
      truly yours,

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      C

     

    FORM
      OF
      OPINION OF COUNSEL OF GUARANTOR

     

    March 10,
      2006

     

    

     

    The
      Northern Trust Company, as Agent

    The
      Banks
      (as defined in the 

    Credit
      Agreement referred to 

    below),
      and their respective successors and assigns

    50
      South
      LaSalle Street

    Chicago,
      Illinois 60675

    

    Gentlemen/Ladies:

    I
      have
      acted as counsel to Citizens Finance Co. and ULTEA, Inc. (each a “Guarantor”)
      and I
      am delivering to you this opinion of counsel upon which you may relay, in
      connection with Guaranties dated as of March 10, 2006 (the “Guaranties”)
      of the
      Guarantors in favor of The Northern Trust Company, as Agent covering the
      liabilities of Heartland Financial USA, Inc. (the “Borrower”)
      to the
      Agent and the Banks under that certain Credit Agreement dated as of January
      31,
      2004 among the Borrower, The Northern Trust Company, as Agent and the Banks
      party thereto, as amended.

     

    In
      so
      acting, I, as counsel for the Guarantors, have made or caused to be made such
      factual inquiries, and I have examined or caused to be examined such questions
      of law, as I have considered necessary or appropriate for the purposes of this
      opinion and, upon the basis of such inquiries and examinations, advise you
      that,
      in my opinion:

     

    9.  Each
      Guarantor is a corporation duly organized, validly existing and in good standing
      under the laws of the State of _____________________ and is duly qualified
      (licensed) to transact business in all places where failure to do so might
      have
      a material adverse effect on the financial condition, prospects or business
      of
      such Guarantor.

     

    10.  Each
      Guarantor has full corporate power and authority to execute and deliver its
      Guaranty and perform its obligations thereunder.

     

    11.  The
      execution and delivery of its Guaranty and the performance by each Guarantor
      of
      its obligations thereunder have been duly authorized by all necessary corporate
      action, and each Guaranty has been duly executed and delivered on behalf of
      the
      applicable Guarantor and constitutes the valid and binding obligation of such
      Guarantor, enforceable in accordance with its terms, except as enforceability
      may be limited by bankruptcy, insolvency or other similar laws of general
      application affecting the enforcement of creditors’ rights or by general
      principles of equity limiting the availability of equitable
      remedies.

     

    12.  There
      is
      no provision in either Guarantor’s articles of incorporation or by-laws, nor any
      provision in any indenture, mortgage, contract or agreement to which said
      Guarantor is a party or by which it or its properties may be bound, nor any
      law,
      statute, rule or regulation, or any writ, order or decision of any court or
      governmental instrumentality binding on said Guarantor which would be
      contravened by the execution and delivery of its Guaranty, nor do any of the
      foregoing prohibit said Guarantor’s performance of any term, provision,
      condition, covenant or any other obligation of said Guarantor contained
      therein.

     

    13.  No
      authorizations, consents, approvals, licenses, filings or registrations from
      or
      with any governmental or regulatory authority or agency are required in
      connection with the execution, delivery and performance by either Guarantor
      of
      its Guaranty.

     

    14.  There
      are
      no legal or arbitral proceedings, and no proceedings by or before any
      governmental or regulatory authority or agency, pending or threatened against
      or
      affecting either Guarantor or any properties or rights of said Guarantor which,
      if adversely determined, would have a material adverse effect on the
      consolidated financial condition, operations, business or prospects of said
      Guarantor.

     

    The
      opinions set forth herein are intended solely for the benefit of the addressees
      hereof in connection with the transactions contemplated herein and assignees
      and
      participants under the Credit Agreement and shall not be relied upon by any
      other person or for any other purpose without our prior written
      consent.

     

    Very
      truly yours,

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