Document:

form8kexh102_012611.htm

Exhibit 10.2

 

 

	 	 	 

 

 

 

DISBURSEMENT REQUEST AND AUTHORIZATION

 

	
Principal

$2,663,029.18

	
Loan Date

01-10-2011

	
Maturity

07-11-2011

	
Loan No

1089922418

	
Call / Coll

 

	
Account

MACC  PE00

	
Officer

755

	
Initials

	  
	
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “***” has been omitted due to text length limitations.

	
 

 

 

 

	
 

 

Borrower:

	
 

 

MACC PRIVATE EQUITIES INC.

101 2ND ST SE SUITE 800

CEDAR RAPIDS, IA 52401-1219

 

	
 

 

Lender:

	
 

 

CEDAR RAPIDS BANK AND TRUST COMPANY

500 1ST AVENUE NE STE 100

CEDAR RAPIDS, IA 52401

	
  

	 

 

LOAN TYPE.  This is a Variable Rate Nondisclosable Loan to a Corporation for $2,663,029.13 due on July 11, 2011.  This is a secured renewal of the following described indebtedness:  This Change in Terms Agreement constitutes an renewal of loan #1089922418 dated 8-14-09.

 

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

 

 

	o	 Personal, Family, or Household Purposes or Personal Investment.	 	 
	 x	 Business (Including Real Estate Investment).	 	 
	 	 	 	 

         

SPECIFIC PURPOSE. The specific purpose of this loan is: Original purpose to refinance SBA debentures.

 

DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be disbursed until all of Lender’s conditions for making the loan have been satisfied. Please disburse the loan proceeds of $2,663,029.18 as follows:

 

	
Other Disbursements:

$2,663,029.18 Existing loan balance

	 	$	2,663,029.18 	 
	
Note Principal:

	 	$	2,663,029.18	 

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

 

	
Prepaid Finance Charges Paid in Cash:

$4,438.39 Interest due on loan #1089922418 through and including 1-10-11

	 	$	4,438.39 	 
	
Other Charges Paid in Cash:

$5,000.00 Loan Renewal Fee

$165.00 Fee to Delaware Corporate services for good standing verification and UCC lien search.

	 	$	5,165.00	 
	
Total Charges Paid in Cash

	 	$	9,603.39	 

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

 

FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER’S FINANCIAL CONDITION AS DISCLOSED IN BORROWER’S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS AUTHORIZATION IS DATED JANUARY 10, 2011.

BORROWER:

 

	
MACC PRIVATE EQUITIES INC.

 	 	 	 	 
	
By:    /s/ Travis T. Prentice

	 	 	
By:   /s/ Derek J. Gaertner

	 
	
Travis T. Prentice, President and CEO of MACC  

	 	 	
Derek J. Gaertner, CFO & CCO of MACC PRIVATE

	 
	
PRIVATE EQUITIES INC. 

	 	 	
EQUITIES INC.form8kexh103_012611.htm

 

Exhibit 10.3

 

	 	 	 

 

 

NOTICE OF FINAL AGREEMENT

 

	
Principal

$2,663,029.18

	
Loan Date

01-10-2011

	
Maturity

07-11-2011

	
Loan No

1089922418

	
Call / Coll

 

	
Account

MACC  PE00

	
Officer

755

	
Initials

	  
	
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “***” has been omitted due to text length limitations.

	  

	
  

	
Borrower:

	
MACC PRIVATE EQUITIES INC.

101 2ND ST SE SUITE 800

CEDAR RAPIDS, IA 52401-1219

 

 

 

 

	
Lender:

	
CEDAR RAPIDS BANK AND TRUST COMPANY

500 1ST AVENUE NE STE 100

CEDAR RAPIDS, IA 52401

 

 

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

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

Loan. The term “Loan” means the following described loan: a Variable Rate Nondisclosable Loan to a Corporation for $2,663,029.18 due on July 11, 2011.  This is a secured renewal of the following described indebtedness:  This Change in Terms Agreement constitutes an renewal of loan # 1089922418 dated 8-14-09.

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

LOAN DOCUMENTS

Corporate Resolution:  MACC PRIVATE EQUITIES INC.                   Change In Terms Agreement

Disbursement Request and Authorization                                                Notice of Final Agreement

 

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

Borrower:                     MACC PRIVATE EQUITIES INC.

 

Each Party who signs below, other than CEDAR RAPIDS BANK AND TRUST COMPANY, acknowledges, represents, and warrants to CEDAR RAPIDS BANK AND TRUST COMPANY that it has received, read and understood this Notice of Final Agreement. This Notice is dated January 10, 2011.

 

BORROWER:

 

	
MACC PRIVATE EQUITIES INC.

 

 

	 	 	 	 
	
By: /s/ Travis T. Prentice

	 	 	
By: /s/ Derek J. Gaertner

	 
	
Travis T. Prentice, President and CEO of MACC

	 	 	
Derek J. Gaertner, CFO & CCO of MACC PRIVATE

	 
	
PRIVATE EQUITIES INC. 

	 	 	
EQUITIES INC.

	 

 

 

LENDER:

 

	
CEDAR RAPIDS BANK AND TRUST COMPANY

 

 

	 	 	 	 
	
X            /s/ John Hall

	 	 	 	 
	

John Hall, Asst. Vice President

	 	 	
 

	 
	
 

	 	 	 	 

 

 

  

LASER PRO Lending, Ver. 5.52.10.001 Copr. Harland Financial Solutions, Inc. 1997, 2010. All Rights Reserved. - IA W:\CRBT\CFI\LPL\D20C.FC   TR-5224 PR-9form8kexh104_012611.htm

Exhibit 10.4

FIFTH AMENDMENT

TO

BUSINESS LOAN AGREEMENT

This FIFTH AMENDMENT TO BUSINESS LOAN AGREEMENT (this “Fifth Amendment”) is dated as of January 10, 2011 (the “Fifth Amendment Effective Date”), by and between CEDAR RAPIDS BANK & TRUST COMPANY (the “Lender”) and MACC Private Equities, Inc., f/k/a MorAmerica Capital Corporation (the “Borrower”).

RECITALS:

WHEREAS, the Borrower and the Lender are parties to (i) that certain Business Loan Agreement dated as of August 30, 2007 as amended by an Omnibus Amendment, Consent and Waiver dated April 29, 2008, and a Second Amendment to Business Loan Agreement and Security Agreements dated as of August  14, 2009, and a Third Amendment to Business Loan Agreement dated as of March 31, 2010, and a Fourth Amendment to Business Loan Agreement dated as of August 16, 2010 (collectively the “Loan Agreement”); (ii) the Commercial Security Agreement, dated as of August 30, 2007 as amended by an Omnibus Amendment, Consent and Waiver dated April 29, 2008 and a Second Amendment to Business Loan Agreement and Security Agreements dated as of August 14, 2009 (the “Commercial Security Agreement”); and (iii) the Commercial Pledge and Security Agreement dated as of August 30, 2007, as amended by an Omnibus Amendment, Consent and Waiver dated April 29, 2008 and a Second Amendment to Business Loan Agreement and Security Agreements dated as of August 14, 2009 (the “Commercial Pledge and Security Agreement” and, together with the Loan Agreement, the Commercial Security Agreement and the Related Documents, the “Operative Documents”); and

WHEREAS, Borrower and the Lender desire to extend the due date of the Indebtedness to July 10, 2011 and delete certain covenants set forth in the Loan Agreement.

AMENDMENTS

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

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

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

2.1           The Section of the Loan Agreement entitled “Definitions” is amended by deleting the definitions of “Capital Transaction”, “Liquidity” and “Rights Offering” where they appear therein and inserting the following definition in appropriate alphabetical order:

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

  

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       2.2           The Section of the Loan Agreement entitled “Affirmative Covenants” is amended by deleting the paragraphs beginning with “Minimum Liquidity:”, “Rights Offering:”, “Deposit of Rights Offering Proceeds:”, “Capital Transaction:” and “Deposit of Capital Transaction Proceeds:” set forth therein.

SECTION 3.                      EXIT FEE.  A fee of $37,500.00 will be due from Borrower to Lender upon final payoff of the Note.  This EXIT FEE replaces the EXIT FEE required in Section 4 of the Second Amendment to the Business Loan Agreement and Security Agreements dated August 14, 2009.

SECTION 4.                      EFFECT OF AMENDMENT.  Any terms of the Loan Agreement or any documents that have not been expressly modified or amended by this Fifth Amendment are hereby ratified and confirmed and shall remain in full force and effect between the parties.

SECTION 5.                      COUNTERPARTS.  This Fifth Amendment may be executed in any number of separate counterparts, each of which when so executed and delivered shall be an original, but all of which taken together shall constitute one (1) instrument.  Any of the parties hereto may execute this Fifth Amendment by signing any such counterpart.

SECTION 6.                      CONSTRUCTION.  This Fifth Amendment shall be governed by and construed in accordance with the law of the State of Iowa.  Section and paragraph headings contained herein are for the convenience of reference only, and shall not be construed as to affect the interpretation or construction of any substantive provision of this Fifth Amendment.

SECTION 7.                      ACKNOWLEDGMENT.  Borrower hereby acknowledges receipt of a copy of this Fifth Amendment.

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

[Signature Page Follows]

  

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

 

	
MACC PRIVATE EQUITIES, INC.   

f/k/a MorAmerica Capital Corporation 

 

 

	 	 	
CEDAR RAPIDS BANK & TRUST

COMPANY

	 
	
By: /s/  Travis Prentice  

	 	 	
By: /s/ John Hall

	 
	
Name: Travis Prentice  

	 	 	
Name:  John Hall

	 
	
Title: President and Chief Executive Officer 

	 	 	
Title:  Asst. Vice President

	 

	 	 	 	 	 
	
By:  /s/ Derek J. Gaertner

	 	 	
 

	 
	

Name: Derek J. Gaertner

	 	 	 	 
	

Title: Chief Financial Officer

	 	 	 	 

 

 

 

 

  

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