Document:

Exhibit 10.48

Exhibit 10.48

CREDIT LINE AGREEMENT

Borrower Agreement

BY SIGNING BELOW, THE BORROWER UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT:

	A.	 	The Borrower has received and read a copy of this Borrower Agreement,
the attached Credit Line Account Application and Agreement (including
the Credit Line Agreement following this Borrower Agreement) and the
Loan Disclosure Statement explaining the risk factors that the
Borrower should consider before obtaining a loan secured by the
Borrower’s securities account. The Borrower agrees to be bound by the
terms and conditions contained in the Credit Line Account Application
and Agreement (including the Credit Line Agreement following this
Borrower Agreement) (which terms and conditions are incorporated by
reference). Capitalized terms used in this Borrower Agreement have the
meanings set forth in the Credit Line Agreement.
	 
	B.	 	THE BORROWER UNDERSTANDS AND AGREES THAT UBS BANK USA MAY DEMAND FULL
OR PARTIAL PAYMENT OF THE CREDIT LINE OBLIGATIONS, AT ITS SOLE OPTION
AND WITHOUT CAUSE, AT ANY TIME, AND THAT NEITHER FIXED RATE ADVANCES
NOR VARIABLE RATE ADVANCES ARE EXTENDED FOR ANY SPECIFIC TERM OR
DURATION. THE BORROWER UNDERSTANDS AND AGREES THAT ALL ADVANCES ARE
SUBJECT TO COLLATERAL MAINTENANCE REQUIREMENTS. THE BORROWER
UNDERSTANDS THAT UBS BANK USA MAY, AT ANY TIME, IN ITS DISCRETION,
TERMINATE AND CANCEL THE CREDIT LINE REGARDLESS OF WHETHER OR NOT AN
EVENT HAS OCCURRED.
	 
	C.	 	UNLESS DISCLOSED IN WRITING TO UBS BANK USA AT THE TIME OF THIS
AGREEMENT, AND APPROVED BY UBS BANK USA, THE BORROWER AGREES NOT TO
USE THE PROCEEDS OF ANY ADVANCE EITHER TO PURCHASE, CARRY OR TRADE IN
SECURITIES OR TO REPAY ANY DEBT (I) USED TO PURCHASE, CARRY OR TRADE
IN SECURITIES OR (II) TO ANY AFFILIATE OF UBS BANK USA. THE BORROWER
WILL BE DEEMED TO REPEAT THIS AGREEMENT EACH TIME THE BORROWER
REQUESTS AN ADVANCE.
	 
	D.	 	THE BORROWER UNDERSTANDS THAT BORROWING USING SECURITIES AS COLLATERAL
ENTAILS RISKS. SHOULD THE VALUE OF THE SECURITIES IN THE COLLATERAL
ACCOUNT DECLINE BELOW THE REQUIRED COLLATERAL MAINTENANCE
REQUIREMENTS, UBS BANK USA MAY REQUIRE THAT THE BORROWER POST
ADDITIONAL COLLATERAL, REPAY PART OR ALL OF THE BORROWER’S LOAN
AND/OR SELL THE BORROWER’S SECURITIES. ANY REQUIRED LIQUIDATIONS MAY INTERRUPT
THE BORROWER’S LONG-TERM INVESTMENT STRATEGIES AND MAY RESULT IN ADVERSE TAX
CONSEQUENCES.

 

 

 

	E.	 	Neither UBS Bank USA nor UBS Financial Services Inc.
provides legal or tax advice and nothing herein shall
be construed as providing legal or tax advice.
	 
	F.	 	Upon execution of this Credit Line Account
Application and Agreement, the Borrower declares that
all of the information requested in the Application
and supplied by the Borrower is true and accurate and
further agrees to promptly notify UBS Bank USA in
writing of any material changes to any or all of the
information contained in the Application including
information relating to the Borrower’s financial
situation.
	 
	G.	 	Subject to any applicable financial privacy laws and
regulations, data regarding the Borrower and the
Borrower’s securities accounts may be shared with UBS
Bank USA affiliates. Subject to any applicable
financial privacy laws and regulations, the Borrower
requests that UBS Bank USA share such personal
financial data with non-affiliates of UBS Bank USA as
is necessary or advisable to effect, administer or
enforce, or to service, process or maintain, all
transactions and accounts contemplated by this
Agreement.
	 
	H.	 	The Borrower authorizes UBS Bank USA and UBS
Financial Services Inc. to obtain a credit report or
other credit references concerning the Borrower
(including making verbal or written inquiries
concerning credit history) or to otherwise verify or
update credit information given to UBS Bank USA at
any time. The Borrower authorizes the release of this
credit report or other credit information to UBS Bank
USA affiliates as it deems necessary or advisable to
effect, administer or enforce, or to service, process
or maintain all transactions and accounts
contemplated by this Agreement, and for the purpose
of offering additional products, from time to time,
to the Borrower. The Borrower authorizes UBS Bank USA
to exchange Borrower information with any party it
reasonably believes is conducting legitimate credit
inquiry in accordance with the Fair Credit Reporting
Act. UBS Bank USA may also share credit or other
transactional experience with the Borrower’s
designated UBS Financial Services Inc. Financial
Advisor or other parties designated by the Borrower.
	 
	I.	 	UBS Bank USA is subject to examination by various
federal, state and self-regulatory organizations and
the books and records maintained by UBS Bank USA are
subject to inspection and subpoena by these
regulators and by federal, state, and local law
enforcement officials. The Borrower also acknowledges
that such regulators and officials may, pursuant to
treaty or other arrangements, in turn disclose such
information to the officials or regulators of other
countries, and that U.S. courts may be required to
compel UBS Bank USA to disclose such information to
the officials or regulators of other countries. The
Borrower agrees that UBS Bank USA may disclose to
such regulators and officials information about the
Borrower and transactions in the credit line account
or other accounts at UBS Bank USA without notice to
the Borrower. In addition, UBS Bank USA may in the
context of a private dispute be required by subpoena
or other judicial process to disclose information or
produce documentation related to the Borrower, the
credit line account or other accounts at UBS Bank
USA. The Borrower acknowledges
and agrees that UBS Bank USA reserves the right, in its sole discretion, to
respond to subpoenas and judicial process as it deems appropriate.

 

2

 

	J.	 	To help the government fight the funding of terrorism
and money laundering activities, Federal law requires
all financial institutions to obtain, verify, and
record information that identifies each person who
opens an account. When the Borrower opens an account
with UBS Bank USA, UBS Bank USA will ask for the
Borrower’s name, address, and other information that
will allow UBS Bank USA to identify the Borrower. UBS
Bank USA may also ask to see other identifying
documents. UBS Financial Services Inc. and UBS Bank
USA are firmly committed to compliance with all
applicable laws, rules and regulations, including
those related to combating money laundering. The
Borrower understands and agrees that the Borrower
must take all necessary steps to comply with the
anti-money laundering laws, rules and regulations of
the Borrower’s country of origin, country of
residence and the situs of the Borrower’s
transaction.
	 
	K.	 	UBS Bank USA and its affiliates will act as creditors
and, accordingly, their interests may be inconsistent
with, and potentially adverse to, the Borrower’s
interests. As a lender and consistent with normal
lending practice, UBS Bank USA may take any steps
necessary to perfect its interest in the Credit Line,
issue a call for additional collateral or force the
sale of the Borrower’s securities if the Borrower’s
actions or inactions call the Borrower’s
creditworthiness into question. Neither UBS Bank USA
nor UBS Financial Services Inc. will act as Client’s
investment advisor with respect to any liquidation.
In fact UBS Bank USA will act as a creditor and UBS
Financial Services Inc. will act as a securities
intermediary.
	 
	L.	 	The Borrower understands that, if the Collateral
Account is a managed account with UBS Financial
Services Inc., (i) in addition to any fees payable to
UBS Financial Services Inc. in connection with the
Borrower’s managed account, interest will be payable
to the Bank on an amount advanced to the Borrower in
connection with the Credit Line Account, and (ii) the
performance of the managed account might not exceed
the managed account fees and the interest expense
payable to the Bank in which case the Borrower’s
overall rate of return will be less than the costs
associated with the managed account.
	 
	M.	 	UBS Bank USA may provide copies of all credit line
account statements to UBS Financial Services Inc. and
to any Guarantor. The Borrower acknowledges and
agrees that UBS Bank USA may share any and all
information regarding the Borrower and the Borrower’s
accounts at UBS Bank USA with UBS Financial Services
Inc. UBS Financial Services Inc. may provide copies
of all statements and confirmations concerning each
Collateral Account to UBS Bank USA at such times and
in such manner as UBS Bank USA may request and may
share with UBS Bank USA any and all information
regarding the Borrower and the Borrower’s accounts
with UBS Financial Services Inc.

 

3

 

IN WITNESS WHEREOF, the undersigned (“Borrower”) has signed this Agreement, or has caused this
Agreement to be signed in its name by its duly authorized representatives, as of the date indicated
below.

DATE: February 16, 2009

Name of Borrower: ABERCROMBIE & FITCH MGMT CO ATTN Scott Lipesky ASSISTANT TREASURER

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Everett Gallagher
	 	 	 	Title:
	 	Vice President
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Signature of Authorized Signatory of Borrower)*
	 	 	 	 	 	(Title of Authorized Signatory of Borrower)
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Scott Lipesky
	 	 	 	Title:
	 	Asst. Treasurer
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Signature of Authorized Signatory of Borrower)*
	 	 	 	 	 	(Title of Authorized Signatory of Borrower)

The authorized signatory of the Borrower must be one of the Authorized Persons designated on the
applicable UBS Bank USA supplemental form executed by the Borrower (e.g., the Supplemental
Corporate Resolution Form (HP Form))

 

4

 

	 	 	 
	

	UBS Bank USA

Variable Credit Line Account Number: (if applicable)

5V      66658      VH

Fixed Credit Line Account Number: (if applicable)

5F
	 

	SS# / TIN	 
	 

	 	
Internal Use Only

* Borrower Financial and Ownership Information

	 	 	 	 	 	 	 	 	 	 	 
	Annual Income:
 $272,255,000	 	Liquid Assets:
 $522,122,000	 	 	 	 	 	Is the Borrower an officer or member of the board of directors of UBS AG, its subsidiaries or affiliates?

o Yes þ No If yes, please specify:
	 
	 	 	 	 	 	 	 
	(1) Net Worth

	 	Fiscal Year End (indicate month)	 	 	 	 	 
	$1.845 billion

	 	January	 	 	 	 	 	Subsidiary or Affiliate
	 	Employee Name and SS#
	 
	 
	Do you receive a substantial amount
of your revenue/wealth (over 50%)
(trade/export) from a country outside
of the United States?

o Yes þ No If yes specify:	 	 	 	 	 	Is the Borrower an immediate family member of an executive
officer or member of the board of directors of UBS AG? Immediate family
member means a spouse or any other relative residing in the Borrower’s household to
whom the Borrower lends financial support.

o Yes þ No If yes, please specify:
	
Country(ies):
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Subsidiary or Affiliate	 	Employee Name and SS#
	Does the Borrower own 10% or more of the shares of any publicly traded
company?
o
Yes þ No If yes, please specify
company and %:	 	 	 	 	 	

Will any of the loan proceeds be used to repay any debt or
obligation owed to, or purchase an asset from, UBS AG or its subsidiaries or affiliates?

o Yes þ No If yes, please specify:
	 

	 	 	%	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	
Are any of the Borrowers, business owners or directors/principal officers a
control person of UBS AG or its subsidiaries or affiliates?*

o Yes þ No If yes, please specify company and %:	 	 	 	 	 	Subsidiary or Affiliate	 	 
	 

	 	 	%	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 

	 	 	 
	(1)	 	Information provided is for Abercrombie & Fitch Corp, Parent of Abercrombie & Fitch Mgmt Co. for
fiscal year ended January 31, 2009.

	 	 	 
	*	 	For purposes these questions, “control” means a person or entity that either (a) owns,
controls or has the power to vote 25% or more of any class of voting securities, (b) has the
ability to control the election of the majority of the directors of a company, or (c) has the power
to exercise a controlling influence over management policies. A person or entity is presumed to
have control of a company if the person or entity owns, controls or has the power to vote 10% or
more of any class of voting securities of the company and (i) the person is an executive officer or
director of the company or (ii) no other person has a greater percentage of that class of voting
securities.

Principal Officer/Beneficial Owner

Complete this section for the Principal Officer(s) of the borrower, or beneficial owner for an LLC. To
include additional principal officers please photocopy this page and submit it with the
application.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal Officer Name

	 	SS#
	 	 	 	 	 	Principal Officer Name
	 	SS#	 	 	 	 
	EVERETT GALLAGHER

	 	 	 	 	 	 	 	Scott Lipesky	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Country of Citizenship:
	 	Date of Birth
	 	 	 	 	 	Country of Citizenship:
	 	Date of Birth	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	þ USA

	 	o Other (specify)
	 	 	 	 	 	þ USA
	 	o Other (specify)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Passport/CEDULA and Green Card#: (If non-U.S. and no
SS# specified)	 	 	 	Passport/CEDULA and Green Card#: (If non-U.S.
and no SS# specified)	 	 
	 	/	 	 	 	 	 	/	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Passport/CEDULA Country of Issuance:	 	 	 	Passport/CEDULA Country of Issuance:	 	 
	USA

	 	 	 	 	 	 	 	USA	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Street Address:

	 	 	 	 	 	 	 	Street Address:	 	 	 	 	 	 
	PO BOX 182168

	 	 	 	 	 	 	 	PO BOX 182168	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	City:

	 	State:
	 	ZIP
	 	 	 	City:
	 	State:
	 	ZIP	 	 
	COLUMBUS

	 	OH
	 	43218-2168
	 	 	 	COLUMBUS
	 	OH
	 	43218-2168	 	 
	 

	 	 	 	 	 	USA
	 	 	 	 	 	 	 	USA
	Telephone Number: 614-765-4555	 	 	 	 	 	Telephone Number: 614-765-4085	 	 	 	 

	 	 	 
	HB Rev 11/08 HB LOAD SPEDOC UX E HB V102

	 	© 2008 UBS Bank USA. All rights reserved.

Sign and date the application on page 5

 

2

 

	 	 	 	 	 	 	 	 	 
		 	UBS Bank USA
	 	Variable Credit Line
Account Number: (if applicable)
	 	5V
	 	 	66658	 	 	VH
	 	Fixed Credit Line
Account Number: (if applicable)
	 

	 	5F	 	 	 	 	 	 
	 

	 	SS# / TIN	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Internal Use Only

	 	 	 
	Credit Line Account Features

Check Writing 

If you would like to receive Credit Line checks for

	 	Alternate Mailing Address for Checks

Print the mailing address for the delivery of
checks if different from the address on the checks:
	your credit line account, please enroll below:
	 	 
	 

	 	 
	 
	 
	þ Check here if you would like Credit Line checks.
	 	 
	 

	 	 
	Checks will be in the name of the Borrower.
	 	 
	Please print the address that you would like to appear
on your checks.
	 	 
	 

	 	Wire Instructions for Loan Payment: (In US Dollars)
	 

	 	Bank
Name: UBS AG
	 

	 	Wire
System Address: ABA 026007993
	 

	 	 
	 

	 	For Further Credit to the Account of: UBS Bank USA
	 

	 	Account Number: 101-WA-792479-000
	 
	 	 
	 

	 	For the Benefit of: Full Name
	 

	 	Account Number: 5[F or V] 00000
	Alternate Mailing Address for Checks
	 	 
	Print the mailing address for the delivery of checks
if different from the address on the checks:
	 	 
	 
	 
	 

	 	 
	 

	 	 

UBS
Credit Corp Wire Instructions are as follows:

UBS AG

ABA # 026007993

A/C
# 101-wa-258661-000

A/C Name: UBS Credit Corp

*Senior
Political Affiliation

	I)	 	Is client, any authorized signatories, beneficial owners, trustees, power of attorneys
or other individuals with authority to effect transactions a current U.S. political
official (as defined in B below)?
þ No
o Yes If yes, complete:

	 	 	 	 	 	 	 	 	 
	 	 	A) Official’s Name:                                                                              	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	B) Current Position:
	 	o President
	 	o Vice President
	 	o US Cabinet Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Member of the House of Representatives	 	o Supreme Court Justice
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Chairman of the Joint Chiefs of Staff	 	o Governor
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	o Senator	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	C) Relationship to Client(s):
	 	o Self
	 	o Immediate family member
	 	o Close associate
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Associated with business or trust	 	 

	II)	 	Is client, any authorized signatories, beneficial owners, trustees, power of attorneys or other
individuals with authority to effect transactions, or any of their immediate family members or
close associates a current or former Senior non-U.S. political official, or Senior/Influential
representative of a major non-U.S. political party or state owned enterprise of national
importance? þ No o Yes If yes, complete:

	 	 	 	 	 	 	 	 	 
	 	 	Political Official’s Name:                                                                           
	 
	 	 	 	 	 	 	 	 
	 	 	Current or Former Position:                                                                            
	 
	 	 	 	 	 	 	 	 
	 

	 	Relationship to Client(s):
	 	o Self
	 	o Immediate family member
	 	o Close associate
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Associated with business or trust	 	 

			
	 	 	 
	HB Rev 11/08 HB LOAD SPEDOC UX E HB V102
	 	© 2008 UBS Bank USA. All
rights reserved.
	 
	 	Sign and date the application on page 5

 

3

 

	 	 	 	 	 	 	 	 	 
	

	 	 	 	UBS Bank USA
	 	 	 	 
	 	 	 	Variable Credit Line Account Number: (if applicable)

5V
	 	 
	Credit Line Account Application and

Agreement for Organizations and Businesses	 	 	 	Fixed Credit Line Account Number: (if applicable)

5F

SS# / TIN
	 	 
	 

	 	HB
	 	 	 	 

Internal Use Only
	 	 

For Internal Use Only

Variable Credit Line Account at UBS Bank USA

	 	 	 	 	 	 	 
	 

	 	5V	 	 	 	 
	 

	 	 
	 	 
	 	 
	Fixed Credit Line Account at UBS Bank USA
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	5F	 	 	 	 
	 

	 	 
	 	 
	 	 

Collateral Account(s) at UBS Financial Services Inc.

Insert the information below for each UBS Financial Services Inc. account to be pledged to secure
the Borrower’s credit line.

	 	 	 	 	 	 	 
	Full Collateral (Securities) Account Title	 	Branch	 	Account Number	 	FA#
	  1)
	 	 	 	 	 	 
	 
	  2)
	 	 	 	 	 	 
	 
	  3)
	 	 	 	 	 	 
	 
	  4)
	 	 	 	 	 	 
	 
	  5)
	 	 	 	 	 	 
	 
	  6)
	 	 	 	 	 	 
	 

Credit Line Account

Select the type of credit line account:

	 	 	o Variable Credit Line Account

	 	 	o Fixed Credit Line Account

	 	 	o Both

If you do not indicate your preference you will be deemed to have selected the “Both” option.

	 	 	 	 	 	 	 
	Account Ownership	 	Select the Organization/Business Structure:	 	 	 	 
	Is this entity / organization a

	 	o Corporation	 	 	 	 
	business that provides

	 	o Corp- Subchapter ‘S’
	 	o Fed Charter-Credit Union
	 	o Fed Charter-Trust Co.
	commercial goods or services
(i.e., an

	 	o Limited Liability Company (LLC)
	 	o Foundation-not for profit
	 	o Govt Agency-Federal
	operating entity)?

	 	o Limited Liability Partnership (LLP)
	 	o Endowment-not for profit
	 	o Govt Agency-Local Ent
	o Yes o No

	 	o Limited Liability-Limited
	 	o State Charter-S&L Bank
	 	o Govt Agency-State
	 

	 	    Partnership (LLLP)
	 	o State Charter-Savings Bank	 	 
	 
	 	 	 	 	 	 
	Any changes or corrections

	 	o Sole Proprietorship
	 	o State Charter-Comm Bank	 	 
	to the information on this

	 	o Partnership-General
	 	o State Charter-Trust Co.	 	 
	application must be initialed by

	 	o Partnership-Limited
	 	o State Charter-Credit Union	 	 
	you.

	 	o Association
	 	o State Charter-Indus Loan	 	 
	 

	 	o Partnership-Invest Club
	 	o Fed Charter-Savings Assoc	 	 
	 

	 	o Invest Club Membership
	 	o Fed Charter-Nat’l Bank	 	 

Borrower Information

This section should be completed by the Organization/Business.

Borrower

	 	 	 	 	 	 	 
	Organization / Business Name	 	 	 	Location of Address	 	 
	Organization/Business is (please complete each item that applies):	 	 o Business — Primary	 	o Other (please specify)
	1) o Incorporated

	 	o Unincorporated	 	 	 	 
	 	 	 	 	 
	2) o For Profit	 	o Not For Profit	 	Street Address (If a P.O. Box, complete the Additional Address Information on page 3.):

Industry Group (e.g., Construction, Service, etc.):

	 	 	 	 	 	 	 	 	 	 	 
	Is the Organization/Business

	 	o No
	 	o Yes; specify:
	 	City:
	 	State:
	 	ZIP:
	publicly listed?	 	 	 	 	 	Business Telephone Number:
	 
	 	 	 	 	 	 	 

	 	 	 	 	 
	 

Exchange (NYSE, AMEX, or NASDAQ)

	 	                                                            

Ticker Symbol
	 	 
	 
	 	 	 	 
	Place of Formation / Incorporation
	 	 	 	 
	o USA (if formed/incorporated, specify State):
	 	 	 	 
	 

	 	 

	 	 
	o Other (specify)

	 	 

	 	 
	 
	 	 	 	 
	TIN:

	Date of Incorporation / Establishment:

 	 	 
	 

	 

	 	 

	 	 	 
	HB Rev 07/08 HB LOAD SPEDOC UX E HB V102

	 	 ©  2008 UBS Bank USA. All
rights reserved.
	

	 	Sign and date the application on page 4

 

 

 

	 	 	 
	

	 	UBS Bank USA

Variable Credit Line Account Number: (if applicable)

5V

Fixed Credit Line Account Number: (if applicable)

5F

	 

	 	SS# / TIN

	 

	 	Internal Use Only         
                

Borrower Financial and Ownership Information

	 	 	 	 	 
	Annual Income:

	 	Liquid Assets:	 	 
	 
	 	 	 	 
	 

Net Worth

	 	 

Fiscal Year End (indicate month)

	 
	 	 	 	 
	 

	 	 

Do you receive a substantial amount of your revenue/wealth
(over 50%) (trade/export) from a country outside of the United States?

o Yes o No       If yes specify:

 

Country(ies):

Does the Borrower own 10% or more of the shares of any publicly
traded company?

o Yes o No       If yes, please specify company and %:

	 	 	 	 	 
	
 

	 	 
	 	%

Are any of the Borrowers, business owners or directors/principal
officers a control person of UBS AG or its subsidiaries or affiliates?*

o Yes o No       If yes, please specify company and %:

	 	 	 	 	 
	
 

	 	 
	 	%

Is the Borrower an officer or member of the board of directors of
UBS AG, its subsidiaries or affiliates?*

o Yes o No       If yes, please specify:

	 	 	 
	 
	 	 
	Subsidiary or Affiliate
	 	Employee Name and SS#

Is the Borrower an immediate family member of an executive officer or
member of the board of directors of UBS AG? Immediate family member
means a spouse or any other relative residing in the Borrower’s
household to whom the Borrower lends financial support.

o Yes o No       If yes, please specify:

	 	 	 
	 
	 	 
	Subsidiary or Affiliate
	 	Employee Name and SS#

Will any of the loan proceeds be used to repay any debt or obligation owed
to, or purchase an asset from, UBS AG or its subsidiaries or affiliates?

o Yes o No       If yes, please specify:

	 
	
     Subsidiary or Affiliate

	 	 	 
	*	 	For purposes these questions, “control” means a person or entity that either (a) owns, controls or
has the power to vote 25% or more of any class of voting securities, (b) has the ability to control
the election of the majority of the directors of a company, or (c) has the power to exercise a
controlling influence over management policies. A person or entity is presumed to have control of a
company if the person or entity owns, controls or has the power to vote 10% or more of any class of
voting securities of the company and (i) the person is an executive officer or director of the
company or (ii) no other person has a greater percentage of that
class of voting securities.

Principal Officer/Beneficial Owner

Complete this section for the Principal Officer(s) of the borrower, or beneficial owner for an LLC.
To include additional principal officers please photocopy this page and submit it with the
application.

	 	 	 
	Principal Officer Name

	 	SS#
	 
	 	 
	Country of Citizenship:

	 	Date of Birth
	 
	 	 
	o USA

	 	o Other (specify)

Passport/CEDULA
and Green Card#: (If non-U.S. and no SS# specified)

	 	 	 	 	 	 	 
	 

	 	/	 	 	 	 
	 

	 	 

Passport/CEDULA Country of Issuance:

Street Address:

	 	 	 	 	 
	City:

	 	State:
	 	ZIP

	 
	Telephone Number:

	 	 	 
	Principal Officer Name

	 	SS#
	 
	 	 
	Country of Citizenship:

	 	Date of Birth
	 
	 	 
	o USA

	 	o Other (specify)

Passport/CEDULA
and Green Card#: (If non-U.S. and no SS# specified)

	 	 	 	 	 	 	 
	 

	 	/	 	 	 	 
	 

	 	 

Passport/CEDULA Country of Issuance:

Street Address:

	 	 	 	 	 
	City:

	 	State:
	 	ZIP

	 
	Telephone Number:

	 	 	 
	HB Rev 07/08 HB LOAD SPEDOC UX E HB V102

	 	© 2008 UBS Bank USA. All rights reserved.
	 

	 	Sign and date the application on
page 4

 

2

 

	 	 	 	 	 
		 	UBS Bank USA

Variable Credit Line Account Number: (if applicable)

5V

Fixed Credit Line Account Number: (if applicable)

5F
	 	 	SS# / TIN	 	 
	 	 	 	 	 
	Credit Line Account Features

	 	 	 	Internal Use Only

	 	 	 
	Check Writing

	 	Alternate Mailing Address for Checks
	If you would like to receive Credit Line checks for your credit
line account, please enroll below:

	 	Print the mailing address for the delivery of checks if different
from the address on the checks:
	 

	 	 
	 

	 	 
	o Check here if you would like Credit Line checks.
	 	 
	 

	 	 
	Checks will be in the name of the Borrower.
	 	 
	Please print the address that you would like to appear on your checks.

	 	Wire Instructions for Loan
Payment: (In US Dollars)
	 

	 	Bank Name: UBS AG
	 
	 	 
	 

	 	Wire System Address: ABA 026007993
	 
	 	 
	 
	 	 
	 
	 	 
	 

	 	For Further Credit to the Account of: UBS Bank USA
	 

	 	Account Number: 101-WA-792479-000
	 
	 	 
	 

	 	For the Benefit of: Full Name
	 

	 	Account Number: 5[F or V] 00000

Senior Political Affiliation

Are you, any authorized signatories, beneficial owners, trustees, powers of attorney or other
individuals with authority to effect transactions, or any of their immediate family members or
close associates a:

	I)	 	Current U.S. political official (as defined in section B below)?                     o No      o Yes;      complete:

	 	 	 	 	 	 	 	 	 
	A) Political Official’s Name:
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	B) Current Position:

	 	 	 	o President
	 	o Vice President
	 	o US Cabinet Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Speaker of the House of Representatives	 	o Supreme Court Justice
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Chairman of the Joint Chiefs of Staff	 	o Ambassador
	 
	 	 	 	 	 	 	 	 
	C) Relationship to Client(s):

	 	 	 	o Self
	 	o Immediate family member
	 	o Close associate
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Associates with business or trust	 	 

	II)	 	Current or former Senior non-U.S. political official, non-U.S. Religious Group/Organization, or     o No    o Yes;    complete: 
Senior/Influential representative of a non-U.S. Religious Group/Organization?

	 	 	 	 	 	 	 	 	 
	Political Official’s Name:
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Current or Former Position:
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Relationship to Client(s):

	 	 	 	o Self
	 	o Immediate family member
	 	o Close associate
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	o Associates with business or trust	 	 

Duplicate Party Addendum

Complete this section for each Duplicate Party to receive a duplicate credit line account
statement.

	 	 	 	 	 	 	 	 	 
	 	 	Internal Location Code (UBS Financial Services Inc. Use Only)
	 	 	Country of Citizenship:
	Name:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	o  USA    o    Other (specify):	 	 	 	 	 	 
	 	 	 	 	 
	Street Address:

	 	City:
	 	 	 	State:
	 	Zip:
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

Additional Address Information

If your mailing address is a P.O. Box please provide a residential street address below:

	 	 	 	 	 	 	 	 	 
	First Name:

	 	Last Name:
	 	Street Address:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	Location of Address:
	 	 	 	 	 	 	 	 
	o   Business — Primary
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	o   Business — Secondary

	 	 	 	City:
	 	State:
	 	ZIP:
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 
	 	 
	 	 
	o   Other (specify)
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

			
	 	 	 
	HB Rev 07/08 HB LOAD SPEDOC UX E HB V102
	 	© 2008 UBS Bank USA. All rights reserved.
	 
	 	Sign and date the application on page 4

 

3Exhibit 10.20

Exhibit 10.20

PROMISSORY NOTE

	 	 	 
	St. Louis, Missouri

	 	September 1, 2010

For value received, the undersigned, CleanTech Biofuels, Inc. (“Borrower”), hereby promises to pay to the order of CMS
Acquisition, LLC. or its assigns (“Lender”), One Hundred Thousand Dollars and no cents ($100,000.00) together, with
interest from the date hereof until this Note is fully paid, on the principal amount hereunder remaining unpaid from
time to time, at such rates as set forth below. All unpaid principal hereof and any unpaid interest accruing thereon
shall be due and payable at the first to occur of (i) the 28th day of February, 2011 or (ii) the date that Borrower
obtains Five Hundred Thousand Dollars ($500,000.00) in borrowings or new investment (the first to occur is hereinafter
referred to as the “Maturity Date”).

The principal amount outstanding under this Note shall accrue interest daily (calculated on the basis of the actual
number of days elapsed over a year of 365 days) at the rate of six percent (6.00%) per annum. Upon the occurrence of
an Event of Default (as defined in the Security Agreement between Borrower and Lender of even date herewith), and the
expiration of any applicable grace period and/or if sooner the occurrence of the Maturity Date, the entire unpaid
principal balance of this Note will bear interest at the rate of nine percent (9.00%) per annum, until such time, if
any, as the Event of Default is cured. The interest payable under this Note shall in no event exceed the maximum rate
permissible under applicable law. All payments on this Note (including, without limitation, any and all prepayments on
this Note, and any and all proceeds applied to this Note from any foreclosure against the property that has been
pledged as security for this Note) shall be applied in the following order: (i) first to the accrued and unpaid costs
and expenses under the Note, (ii) then to accrued but unpaid interest, and (iii) lastly to the outstanding principal
hereunder.

This Note is secured with the pledge of certain assets of Borrower pursuant to a Security Agreement of even date
herewith (the “Security Agreement”). Upon the occurrence of an Event of Default under this Note or the Security
Agreement, and after the lapse of any applicable period of cure, the outstanding principal balance hereunder, together
with any accrued but unpaid interest, shall become immediately due and payable and without demand or notice of every
kind (which are hereby expressly waived by Borrower). Borrower hereby agrees to pay all costs of collection, including
reasonable attorneys’ fees, if this Note is not paid when due, whether or not legal proceedings are commenced.
Presentment or other demand for payment, protest, notice of dishonor, notice of protest, notice of acceleration of
maturity, or right to notice of any other kind are expressly waived by Borrower. The remedies of Lender as provided
herein shall be cumulative and concurrent, and may be pursued singularly, successively or together, in the sole
discretion of Lender, and may be exercised as often as occasion therefore shall arise.

 

4

 

THIS NOTE HAS BEEN DELIVERED AND ACCEPTED AT AND SHALL BE DEEMED TO HAVE BEEN MADE AT ST. LOUIS, MISSOURI. THIS NOTE
SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MISSOURI (WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES).

Any term of this Note may be amended or modified only with the written consent of Borrower and Lender. No failure or
delay on the part of Lender in exercising any right, power or privilege hereunder and no course of dealing between
Lender and Borrower shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. A waiver of any right under this Note shall be effective against Lender if and only if such waiver is in
writing. Any waiver, express or implied, of any breach or default shall not be considered a waiver of any subsequent
breach or default. Whenever possible each provision of this Note shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Note shall be or become prohibited or invalid under
applicable 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 Note.

The undersigned, individual by signing this Note represents and warrants that he has been duly authorized to enter
into this Note on behalf of Borrower and that Borrower has authorized the borrowing evidenced by this Note.

This Note and all other written agreements between the parties hereto constitute the entire agreement between the
parties and there are no oral agreements between the parties. Said written agreements may only be amended by written
amendments signed by the parties to be bound by such amendments. The following is added pursuant to Section 432.045,
R.S.Mo., and as used below “borrower(s)” shall mean Maker and “creditor” shall mean Holder:

“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. To protect you
(borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach
covering such matters are contained in this writing (and in any other written agreements between the
parties), which is the complete and exclusive statement of the agreement between us, except as we may
later agree in writing to modify it.”

In Witness Whereof, Borrower has caused this Note to be executed and delivered by its duly authorized officer as
of the day and year and at the place set forth above.

CLEANTECH BIOFUELS, INC.

By:                                                                

Edward P. Hennessey, President

 

5

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