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Subscribers | 2003 |
Business Loan Agreement
Business Loan Agreement (50K)
Doc #126184: Click preview link for longer preview.
BUSINESS LOAN AGREEMENT
Principal - $2,500,000.00 Loan Date - 04/25/2003 Maturity 02/28/2004
Loan No. - 70290
References in the shaded area 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: ART'S-WAY MANUFACTURING CO., INC.
(TIN: 42-0920725)
HWY 9 WEST, PO BOX 288
ARMSTRONG, IA 50514-0288
Lender: WEST DES MOINES STATE BANK
MAIN BANK
1601 22ND STREET
WEST DES MOINES, IA 50266
(515) 222-2300
THIS BUSINESS LOAN AGREEMENT dated April 25, 2003, is made and executed
between ART'S-WAY MANUFACTURING CO., INC. ("Borrower") and WEST DES
MOINES STATE BANK ("Lender") on the following terms and conditions.
Borrower has received prior commercial loans from Lender or has applied
to Lender for a commercial loan or loans or other financial accommodations,
including those which may be described on any exhibit or schedule attached
to this Agreement ("Loan"). Borrower understands and agrees that:
(A) in granting, renewing, or extending any Loan, Lender is relying upon
Borrower's representations, warranties, and agreements as set forth in
this Agreement; (B) the granting, renewing, or extending of any Loan by
Lender at all times shall be subject to Lender's sole judgment and
discretion; and (C) all such Loans shall be and remain subject to the
terms and conditions of this Agreement.
TERM. This Agreement shall be effective as of April 25, 2003, and
shall continue in full force and effect until such time as all of
Borrower's Loans in favor of Lender have been paid in full, including
principal, interest, costs, expenses, attorneys' fees, and other fees
and charges, or until such time as the parties may agree in writing
to terminate this Agreement.
CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the
initial Advance and each subsequent Advance under this Agreement shall
be subject to the fulfillment to Lender's satisfaction of all of the
conditions set forth in this Agreement and in the Related Documents.
Loan Documents. Borrower shall provide to Lender the following
documents for the Loan: (1) the Note; (2) Security Agreements granting
to Lender security interests in the Collateral; (3) financing statements
and all other documents perfecting Lender's Security Interests;
(4) evidence of insurance as required below; (5) guaranties;
(6) together with all such Related Documents as Lender may require
for the Loan; all in form and substance satisfactory to Lender and
Lender's counsel.
126184
|
Art's-Way
As referenced in this Business Loan Agreement:
ART'S-WAY MANUFACTURING – or item.
Any item above containing "***" has been omitted due to text length
limitations.
Borrower: ART'S-WAY MANUFACTURING CO., INC.
(TIN: 42-0920725)
HWY 9 WEST, PO BOX 288
ARMSTRONG, IA 50514-
ART'S-WAY MANUFACTURING – 222-2300
THIS BUSINESS LOAN AGREEMENT dated April 25, 2003, is made and executed
between ART'S-WAY MANUFACTURING CO., INC. ("Borrower") and WEST DES
MOINES STATE BANK ("Lender") on the following terms
ART'S-WAY MANUFACTURING – attached to this Business
Loan Agreement from time to time.
Borrower. The word "Borrower" means ART'S-WAY MANUFACTURING CO., INC.,
and all other persons and entities signing the Note in whatever capacity.
ART'S-WAY MANUFACTURING – this Agreement from time to time.
Note. The word "Note" means the Note executed by ART'S-WAY MANUFACTURING
CO., INC. in the principal amount of $2,500,000.00 dated April 25,
ART'S-WAY MANUFACTURING – COPY OF THIS BUSINESS
LOAN AGREEMENT AND ALL OTHER DOCUMENTS RELATING TO THIS DEBT.
BORROWER:
ART'S-WAY MANUFACTURING CO., INC.
By:
JOHN C BREITUNG, PRESIDENT of ART'S-WAY
MANUFACTURING CO., INC.
dt 28439
;
| West Des Moines State Bank
|
| Preview
Subscribers | 2003 |
Loan Agreement
Loan Agreement (88K)
Doc #153915: Click preview link for longer preview.
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of April 25, 2003, is between Art's-Way
Manufacturing Co.,Inc. and WEST DES MOFNES STATE BANK.
Article 1. DEFINITIONS
Section 1.1 Defined Terms. As used herein:
"Accounts", "Inventory", "Equipment", "General Intangibles",
"Chattel Paper",
"Documents", "Deposit Accounts", "Fixtures", "Goods", "Instruments",
"Investment Property", "Letter of Credit Rights", "Supporting Obligations"
and "Proceeds" shall have the meaning ascribed in the Security Agreement.
"Affiliate" means any Person that, directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control
with Borrower.
"Agreement" means this Loan Agreement, as amended from time to time.
"Bank" means West Des Moines State Bank, an Iowa banking corporation, its
successors and assigns.
"Banking Day" means a day on which the principal domestic office of the
Bank is open for the purpose of conducting substantially all of its business
activities.
"Borrower" means Art's-Way Manufacturing Co., Inc., a Delaware corporation.
"Change Date" The interest rate will be adjusted monthly
"Default" means any of the events specified in Section 7.1.
"Environmental Laws" means all provisions of laws, statutes, ordinances,
rules, regulations, permits, licenses, judgments, writs, injunctions,
decrees, orders, awards and standards promulgated by any Governmental
Authority concerning health, safety and protection of, or regulation
of the discharge or substances into, the environment.
"ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time-to-time.
"ERISA Affiliate" means any trade or business, whether or not incorporated,
which together with Borrower would be treated as a single employer under
ERISA.
"Financial Statements" means the balance sheet of Borrower as of December
31, 2002, and the statement of income and surplus of Borrower for the
period then ending, and any accompanying statements, including, without
limitation, statement of cash flows, and notes to such financial
statements, and any other documents or data furnished to the Bank in
connection therewith.
"GAAP" means generally accepted accounting principles in the United
States of America from time to time as promulgated by the Financial
Standards Accounting Board and recognized and interpreted by the
American Institute of Certified Public Accountants.
"Governmental Authority" means any nation or government, any state or
other political subdivision thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or
pertaining to any government, including, without limiting the generality
of the foregoing, any agency, body, commission, court or department
thereof whether federal, state, local or foreign.
"Guarantors" means, collectively, J. Ward McConnell, Jr..
"Guaranty' means, as to each Guarantor, the Unlimited Continuing Guaranty
in substantially the form of Exhibit F hereto, duly executed by each
Guarantor in favor of the Bank to guarantee the Obligations, including
any amendment, modification, renewal, extension, substitution or
replacement thereof.
"Hazardous Substances" means asbestos, polychlorinated biphenyls and
petroleum products and any other hazardous or toxic materials, wastes
and substances which are defined, determined or identified as such in
any Environmental Laws (whether now existing or hereafter enacted or
promulgated).
"Indebtedness" means (a) all indebtedness or other obligations of any
Person for borrowed money or for the deferred purchase price of property
or services, (b) all indebtedness or other obligations of any other Person
for borrowed money or for the deferred purchase price of property or
services, the payment or collection of which the subject Person has
guaranteed (except by reason of endorsement for collection in the ordinary
course of business) or in respect of which the subject Person is liable,
contingently or otherwise, including, without limitation, liability by way
of agreement to purchase, to provide funds for payment, to supply funds to
or otherwise to invest in such other Person, or otherwise to assure a
creditor against loss, and (c) all indebtedness or other obligations of any
other Person for borrowed money or for the deferred purchase price of
property or services secured by (or for which the holder of such indebtedness
has an existing right, contingent or otherwise, to be secured by) any
mortgage, deed of trust, pledge, lien, security interest or other charge or
encumbrance upon or in property (including, without limitation, Accounts)
owned by the subject Person, whether or not the subject Person has assumed
or become liable for the payment of such indebtedness or obligations.
"Indemnity Agreement" means the Environmental Certificate and Indenmity in
substantially the form of Exhibit D hereto, duly executed by Borrower to the
Bank to secure the Obligations, including any amendments and modifications
thereto.
"Loan" means the mortgage loan in the principal amount of Two Million
Dollars ($2,000,000) governed by this Agreement, including any renewal or
extension hereof.
"Loan Documents" means this Agreement, the Note, the Mortgage, the Lease
Assignment, the Security Agreement, the Indemnity Agreement, any UCC
financing statements and all other documents executed and delivered by
Borrower to govern, evidence or secure the Loan.
153915
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Art's-Way
As referenced in this Loan Agreement:
Art's-Way
Manufacturing – 10.7
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of April 25, 2003, is between Art's-Way
Manufacturing Co.,Inc. and WEST DES MOFNES STATE BANK.
Article 1. DEFINITIONS
Section 1.1
Art's-Way Manufacturing – is open for the purpose of conducting substantially all of its business
activities.
"Borrower" means Art's-Way Manufacturing Co., Inc., a Delaware corporation.
"Change Date" The interest rate will be adjusted monthly
"
Art's-Way Manufacturing – Insurance. Maintain in full force and effect public liability
insurance and casualty insurance, and cause Art's-Way Manufacturing Co.,
Inc. to maintain in full force and effect public liability insurance,
business interruption
ART'S-WAY MANUFACTURING – Note
$2,000,000 Date: April 25, 2003
Due: April 25, 2023
FOR VALUE RECEIVED, ART'S-WAY MANUFACTURING CO., INC., an Delaware
corporation ("Maker"), promises to pay to the order of WEST
ART'S-WAY MANUFACTURING – executed by its
duly authorized officer as of the day and year first hereinabove written.
ART'S-WAY MANUFACTURING CO., INC.
By:/s/John C. Breitung, President
UNLIMITED CONTINUING GUARANTY
GUARANTY: To induce
dt 28442
;
West des Moines State Bank;
| Arts Way Manufacturing Co. Inc.
|
| Preview
Subscribers | 2003 |
Loan Agreement [Amended and Restated No. 3]
Loan Agreement [Amended and Restated No. 3] (77K)
Doc #174367: Click preview link for longer preview.
THIRD AMENDED AND RESTATED LOAN AGREEMENT
This Amended and Restated Loan Agreement (the "Loan Agreement") is entered into
on the 16th day of December, 2002, between John Deere Construction & Forestry
Company, Deere Credit, Inc., and John Deere Company, A Division of Deere &
Company (collectively referred to as the "Lender") and RDO Agriculture Equipment
Co. ("RDO Agriculture") and RDO Construction Equipment Co. ("RDO Construction"),
RDO Financial Services Co. ("RDO Financial Services") and RDO Material Handling
Co. ("RDO Material Handling") (RDO Agriculture, RDO Construction, RDO Financial
Services and RDO Material Handling are collectively referred to herein as the
"Borrower"). This Loan Agreement amends and restates in its entirety that
certain Amended And Restated Loan Agreement dated July 31, 2000, along with the
Addendum To Amended And Restated Loan Agreement dated October 31, 2000, Second
Addendum To Amended And Restated Loan Agreement dated September 5, 2001, the
Third Addendum To Amended And Restated Loan Agreement dated November 26, 2001and
the Second Amended and Restated Loan Agreement dated September 5, 2002.
RECITALS
A. Borrower has requested that Lender extend a line of credit to it for the
purposes of providing Borrower with working capital and to finance the
acquisition of inventory;
B. Lender is willing to extend Borrower a Line of Credit subject to the terms
and conditions of this Agreement, which Line of Credit will consolidate the
existing borrowing base indebtedness and any line of credit extended to Borrower
by any equipment division affiliated with Lender;
NOW, THEREFORE, in consideration of the mutual covenants contained in this Loan
Agreement and other good and valuable consideration, the receipt and sufficiency
of which is expressly acknowledged, the parties agree as follows:
1. DEFINITIONS.
When used in this Loan Agreement, the following terms shall have the
meanings specified below:
"Advance" means (i) each sum of money or its equivalent advanced by any
Lender to any Borrower or to a party designated by Borrower, evidenced by a
Note For Advance, pursuant to this Loan Agreement or (ii) a Letter of
Credit issued pursuant to Section 2 of this Loan Agreement.
"Advance Account" means the account maintained in Borrower's name on
Lender's books.
"Affiliate" shall mean, with respect to any Person, any other Person
directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Persons. A Person shall be deemed to
control another Person if such Person possesses, directly or indirectly,
the power (i) to vote 10% or more of the securities having ordinary voting
power for the election of directors of such corporation or (ii) to direct
or cause the direction of the management and policies of such other Person,
whether through the ownership of voting securities, by contract or
otherwise.
"Business Day" shall mean each day of the year other than Saturdays,
Sundays and days on which Deere Credit Services, Inc. is required or
authorized to be closed for business.
"Capitalized Lease Obligations" shall mean, with respect to any person, all
Rental obligations of such person which, under GAAP, are or will be
required to be capitalized on the books of such
{PAGE}
Person, in each case taken at the amount thereof accounted for as
indebtedness in accordance with such principles.
"CERCLA" shall mean the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as the same may be amended from time to time, 42
U.S.C. ss. 9601 ET SEQ.
"Code" shall mean the Internal Revenue Code of 1986, as amended from time
to time, and the regulations promulgated and rulings issued thereunder.
Section references to the Code are to the Code, as in effect on the
effective date of this agreement and any subsequent provisions of the Code,
amendatory thereof, supplemental thereto or substituted therefor.
"Collateral" shall have the meaning given to it in the Security Agreement.
"Consolidated", when used with reference to Current Assets, Current
Liabilities, EBIT, Interest Expense, Indebtedness, Liabilities, Net Income,
Net Worth or Tangible Net Worth, shall mean the sum of the Current Assets,
Current Liabilities, EBIT, Interest Expenses, Indebtedness, Liabilities,
Net Income, Net Worth or Tangible Net Worth, as the case may be, of the
Borrower and its consolidated Subsidiaries, as consolidated after the
elimination of intercompany items and, in the case of Net Income, Net Worth
and Tangible Net Worth, after appropriate deductions for any minority
interests in any Subsidiaries, and, when used with reference to such
accounts of any other Person, shall mean the sum of such accounts of such
Person and its Consolidated Subsidiaries as so modified.
"Consolidated Subsidiaries" shall mean, as to the Borrower or Guarantor,
the Subsidiaries of the Borrower or Guarantor whose accounts are, in
accordance with GAAP, consolidated with those of the Borrower or Guarantor.
"Credit Line Amount" or "Borrowing Base Amount" means, at the time in
question, an amount equal to the sum of all Eligible Value for the Eligible
Inventory and the Eligible Receivables, less the sum of (1) 20% of all
merchant authorized accounts, as defined in the Power Plan by Deere Terms
and Conditions, (2) 38% of the contingent liability from sales made to H.
B. Zachry, calculated by Lender on a rolling 12 month basis, and (3) all
outstanding construction unit code and agricultural branch statements
credit and wholesale leases.
"Credit Line Certificate" means a certificate in the form attached hereto
as Exhibit A, as amended by Lender from time to time, which shall be signed
on a semi-annual basis by the Chief Operating Officer of RDO Equipment
(taking into account all current and previous Credit Line Certificates.
"Dollars" and the sign "$" shall each mean the freely transferable lawful
money of the United States of America.
"EBIT" means, for any period, net income for such period before interest
expense and provision for taxes for such period and without giving effect
(i) to any extraordinary gains or losses and (ii) to any gains or losses
from sales of assets other than from sales or rentals of inventory or
equipment in the ordinary course of business.
"Eligible Affiliate Receivables" shall mean receivables arising from bona
fide sales or lease of Eligible Inventory to Affiliates in an amount which
shall not exceed Two Million Dollars ($2,000,000.00) in the aggregate.
"Eligible Agriculture Inventory" means Eligible Inventory that Lender, in
its absolute discretion, determines is typically used for agricultural
purposes.
"Eligible Construction Inventory" means Eligible Inventory that Lender, in
its absolute discretion, determines is typically used for construction,
industrial or commercial purposes.
174367
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Citibank
As referenced in this Loan Agreement [Amended and Restated No. 3]:
Citibank, N.A. – 1, 2002 a rate equal to the
lesser of (i) "Citibank base rate" (the interest rate announced publicly
from time to time by Citibank, N.A. in New York, New York as the base (or
"prime") rate it uses in determining the rate of interest it
5
{PAGE}
_____________
dt 146148
;
 Citibank
As referenced in this Loan Agreement [Amended and Restated No. 3]:
Citibank, N.A. – 1, 2002 a rate equal to the
lesser of (i) "Citibank base rate" (the interest rate announced publicly
from time to time by Citibank, N.A. in New York, New York as the base (or
"prime") rate it uses in determining the rate of interest it
5
{PAGE}
_____________
dt 146148
;
| John Deere Construction & Forestry Company;
Deere Credit, Inc.;
More... |
| Preview
Subscribers | 2004 |
Bridge Loan Agreement
Bridge Loan Agreement (379K)
Doc #177081: Click preview link for longer preview.
================================================================================
BRIDGE LOAN AGREEMENT
dated as of
January 5, 2004
among
AGCO CORPORATION,
as Borrower,
THE LENDERS named herein,
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK NEDERLAND", NEW YORK BRANCH,
as Administrative Agent,
MORGAN STANLEY SENIOR FUNDING, INC.
and
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK NEDERLAND", NEW YORK BRANCH,
as Joint Lead Arrangers and Joint Book-Runners,
and
MORGAN STANLEY SENIOR FUNDING, INC.,
as Syndication Agent
================================================================================
AGCO Bridge loan Agreement
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
{S} {C}
ARTICLE I DEFINITIONS............................................................................................ 2
SECTION 1.1. DEFINED TERMS....................................................................................... 2
SECTION 1.2. INTERPRETATION...................................................................................... 21
ARTICLE II THE CREDIT FACILITY................................................................................... 21
SECTION 2.1. THE BRIDGE LOANS.................................................................................... 21
SECTION 2.2. EXTENSION OF INITIAL MATURITY DATE.................................................................. 22
SECTION 2.3. OPTION TO EXCHANGE BRIDGE LOANS FOR EXCHANGE NOTES.................................................. 22
SECTION 2.4. INTEREST; PAYMENT IN KIND OPTION; AND DEFAULT INTEREST.............................................. 23
SECTION 2.5. COMMITMENT FEE...................................................................................... 24
SECTION 2.6. MANDATORY PREPAYMENT................................................................................ 24
SECTION 2.7. OPTIONAL PREPAYMENT................................................................................. 25
SECTION 2.8. BREAKAGE COSTS; INDEMNITY........................................................................... 25
SECTION 2.9. EFFECT OF NOTICE OF PREPAYMENT...................................................................... 25
SECTION 2.10. PAYMENTS........................................................................................... 25
SECTION 2.11. TAXES.............................................................................................. 26
SECTION 2.12. RIGHT OF SET OFF; SHARING OF PAYMENTS, ETC. ....................................................... 28
ARTICLE III REPRESENTATIONS AND WARRANTIES....................................................................... 29
SECTION 3.1. ORGANIZATION; POWER................................................................................. 29
SECTION 3.2. SUBSIDIARIES........................................................................................ 30
SECTION 3.3. JOINT VENTURES...................................................................................... 30
SECTION 3.4. DUE AUTHORIZATION AND ENFORCEABILITY................................................................ 30
SECTION 3.5. NO CONFLICTS........................................................................................ 30
SECTION 3.6. FINANCIAL STATEMENTS; NO UNDISCLOSED LIABILITIES.................................................... 31
SECTION 3.7. NO MATERIAL ADVERSE CHANGE.......................................................................... 32
SECTION 3.8. THE ACQUISITION..................................................................................... 32
SECTION 3.9. LITIGATION.......................................................................................... 32
SECTION 3.10. USE OF PROCEEDS.................................................................................... 32
SECTION 3.11. ERISA MATTERS...................................................................................... 32
SECTION 3.12. CASUALTIES; TAKING OF PROPERTIES................................................................... 33
SECTION 3.13. ENVIRONMENTAL MATTERS.............................................................................. 33
SECTION 3.14. TAXES.............................................................................................. 34
SECTION 3.15. TITLE TO PROPERTIES................................................................................ 34
SECTION 3.16. SOLVENCY........................................................................................... 34
SECTION 3.17. INVESTMENT COMPANY................................................................................. 34
SECTION 3.18. MATERIAL CONTRACTS................................................................................. 34
SECTION 3.19. INTELLECTUAL PROPERTY.............................................................................. 35
SECTION 3.20. EXISTING INDEBTEDNESS.............................................................................. 35
SECTION 3.21. EMPLOYEE RELATIONS................................................................................. 35
SECTION 3.22. ANTI-TERRORISM LAWS................................................................................ 35
SECTION 3.23. USE OF LOANS....................................................................................... 35
SECTION 3.24. PRIVATE OFFERING; RULE 144A MATTERS................................................................ 35
{/TABLE}
i
AGCO Bridge Loan Agreement
{PAGE}
{TABLE}
{S} {C}
ARTICLE IV COVENANTS............................................................................................. 36
SECTION 4.1. COMPLIANCE WITH LAWS, ETC. ......................................................................... 36
SECTION 4.2. PRESERVATION OF EXISTENCE, ETC. .................................................................... 36
SECTION 4.3. PAYMENT OF TAXES AND CLAIMS......................................................................... 36
SECTION 4.4. COMPLIANCE WITH ENVIRONMENTAL LAWS.................................................................. 37
SECTION 4.5. MAINTENANCE OF INSURANCE............................................................................ 37
SECTION 4.6. VISITATION RIGHTS................................................................................... 37
SECTION 4.7. ACCOUNTING METHODS.................................................................................. 38
SECTION 4.8. MAINTENANCE OF PROPERTIES, ETC. .................................................................... 38
SECTION 4.9. PAYMENT OF INDEBTEDNESS; PERFORMANCE OF MATERIAL CONTRACTS.......................................... 38
SECTION 4.10. ERISA.............................................................................................. 38
SECTION 4.11. CONDUCT OF BUSINESS................................................................................ 38
SECTION 4.12. [INTENTIONALLY OMITTED]............................................................................ 38
SECTION 4.13. ANTI-LAYERING...................................................................................... 38
SECTION 4.14. FURTHER ASSURANCES................................................................................. 38
SECTION 4.15. ACCOUNTS RECEIVABLE SECURITIZATIONS................................................................ 39
SECTION 4.16. COMPLIANCE WITH OTHER AGREEMENTS................................................................... 39
SECTION 4.17. BROKER'S CLAIMS.................................................................................... 39
SECTION 4.18. MATERIAL SUBSIDIARIES.............................................................................. 39
SECTION 4.19. USE OF PROCEEDS.................................................................................... 39
SECTION 4.20. NEW EQUITY ISSUANCE................................................................................ 39
SECTION 4.21. REPORTING REQUIREMENTS............................................................................. 39
SECTION 4.22. ACCESS TO ACCOUNTANTS.............................................................................. 42
SECTION 4.23. NEGATIVE COVENANTS................................................................................. 42
ARTICLE V CONDITIONS............................................................................................. 49
SECTION 5.1. CORPORATE AND OTHER PROCEEDINGS..................................................................... 49
ARTICLE VI TRANSFER OF THE LOANS, THE INSTRUMENTS EVIDENCING SUCH LOANS AND THE SECURITIES; REPRESENTATIONS OF
LENDERS .................................................................................................. 53
SECTION 6.1. TRANSFER OF THE BRIDGE LOANS, THE INSTRUMENTS EVIDENCING THE BRIDGE LOANS AND THE SECURITIES........ 53
SECTION 6.2. PERMITTED ASSIGNMENTS............................................................................... 53
SECTION 6.3. REPLACEMENT SECURITIES UPON TRANSFER OR EXCHANGE.................................................... 53
SECTION 6.4. REGISTER............................................................................................ 54
ARTICLE VII EVENTS OF DEFAULT.................................................................................... 54
SECTION 7.1. EVENTS OF DEFAULT................................................................................... 54
SECTION 7.2. ACCELERATION........................................................................................ 56
SECTION 7.3. RIGHTS AND REMEDIES CUMULATIVE...................................................................... 57
SECTION 7.4. DELAY OR OMISSION NOT WAIVER........................................................................ 57
SECTION 7.5. WAIVER OF PAST DEFAULTS............................................................................. 57
SECTION 7.6. RIGHTS OF LENDERS TO RECEIVE PAYMENT................................................................ 57
{/TABLE}
ii
AGCO Bridge Loan Agreement
{PAGE}
{TABLE}
{S} {C}
ARTICLE VIII [INTENTIONALLY OMITTED]............................................................................. 57
ARTICLE IX TERMINATION........................................................................................... 57
SECTION 9.1. TERMINATION......................................................................................... 57
SECTION 9.2. SURVIVAL OF CERTAIN PROVISIONS...................................................................... 57
ARTICLE X SUBORDINATION.......................................................................................... 57
SECTION 10.1. AGREEMENT TO SUBORDINATE........................................................................... 57
SECTION 10.2. CERTAIN DEFINITIONS................................................................................ 58
SECTION 10.3. LIQUIDATION; DISSOLUTION; BANKRUPTCY............................................................... 59
SECTION 10.4. INDEBTEDNESS....................................................................................... 60
SECTION 10.5. SUBROGATION........................................................................................ 61
SECTION 10.6. OBLIGATIONS OF BORROWER UNCONDITIONAL.............................................................. 61
SECTION 10.7. NOTICE TO ADMINISTRATIVE AGENT..................................................................... 62
SECTION 10.8. RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT..................................... 62
SECTION 10.9. ADMINISTRATIVE AGENT'S RELATION TO SENIOR INDEBTEDNESS............................................. 63
SECTION 10.10. SUBORDINATION RIGHTS NOT IMPAIRED BY ACTS OR OMISSIONS OF THE BORROWER OR HOLDERS OF SENIOR
INDEBTEDNESS ..................................................................................... 63
SECTION 10.11. LENDERS AUTHORIZE AGENTS TO EFFECTUATE SUBORDINATION OF BRIDGE NOTES.............................. 63
SECTION 10.12. NOT TO PREVENT EVENTS OF DEFAULT.................................................................. 63
SECTION 10.13. ADMINISTRATIVE AGENT'S COMPENSATION NOT PREJUDICED................................................ 63
SECTION 10.14. NO WAIVER OF SUBORDINATION PROVISIONS............................................................. 63
SECTION 10.15. PAYMENTS MAY BE PAID PRIOR TO DISSOLUTION......................................................... 64
SECTION 10.16. CONSENT OF HOLDERS OF SENIOR INDEBTEDNESS UNDER THE CREDIT AGREEMENT.............................. 64
ARTICLE XI [INTENTIONALLY DELETED]............................................................................... 64
ARTICLE XII INDEMNITY............................................................................................ 64
SECTION 12.1. INDEMNIFICATION BY THE BORROWER.................................................................... 64
ARTICLE XIII THE ADMINISTRATIVE AGENT AND OTHER AGENTS........................................................... 65
SECTION 13.1. APPOINTMENT AND AUTHORIZATION OF AGENTS............................................................ 65
SECTION 13.2. DELEGATION OF DUTIES............................................................................... 66
SECTION 13.3. LIABILITY OF AGENTS................................................................................ 66
SECTION 13.4. RELIANCE BY AGENTS................................................................................. 66
SECTION 13.5. NOTICE OF DEFAULT.................................................................................. 67
SECTION 13.6. CREDIT DECISION; DISCLOSURE OF INFORMATION BY AGENTS............................................... 67
SECTION 13.7. INDEMNIFICATION OF AGENTS.......................................................................... 67
SECTION 13.8. AGENTS IN THEIR INDIVIDUAL CAPACITIES.............................................................. 68
SECTION 13.9. SUCCESSOR AGENTS................................................................................... 68
SECTION 13.10. ADMINISTRATIVE AGENT MAY FILE PROOFS OF CLAIM..................................................... 68
SECTION 13.11. GUARANTY MATTERS.................................................................................. 69
SECTION 13.12. OTHER AGENTS; ARRANGERS AND MANAGERS.............................................................. 69
{/TABLE}
iii
AGCO Bridge Loan Agreement
{PAGE}
{TABLE}
{S} {C}
ARTICLE XIV MISCELLANEOUS........................................................................................ 69
SECTION 14.1. ATTORNEY COSTS, EXPENSES AND TAXES................................................................. 69
SECTION 14.2. NOTICES AND OTHER COMMUNICATIONS; FACSIMILE COPIES................................................. 70
SECTION 14.3. AMENDMENTS, ETC. .................................................................................. 71
SECTION 14.4. PARTIES............................................................................................ 72
SECTION 14.5. NEW YORK LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL..................................... 72
SECTION 14.6. REPLACEMENT NOTES.................................................................................. 72
SECTION 14.7. APPOINTMENT OF AGENT FOR SERVICE................................................................... 72
SECTION 14.8. PAYMENTS SET ASIDE................................................................................. 73
SECTION 14.9. LIMITATION OF LIABILITY............................................................................ 73
SECTION 14.10. CURRENCY INDEMNITY................................................................................ 73
SECTION 14.11. WAIVER OF IMMUNITY................................................................................ 73
SECTION 14.12. FREEDOM OF CHOICE................................................................................. 74
SECTION 14.13. SUCCESSORS AND ASSIGNS............................................................................ 74
SECTION 14.14. INTEGRATION....................................................................................... 74
SECTION 14.15. SEVERABILITY...................................................................................... 74
SECTION 14.16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES........................................................ 74
SECTION 14.17. NO WAIVER; CUMULATIVE REMEDIES.................................................................... 74
SECTION 14.18. CONFIDENTIALITY................................................................................... 74
SECTION 14.19. SETOFF............................................................................................ 75
SECTION 14.20. INTEREST RATE LIMITATION.......................................................................... 76
SECTION 14.21. COUNTERPARTS...................................................................................... 76
SECTION 14.22. TAX FORMS......................................................................................... 76
SECTION 14.23. BINDING EFFECT.................................................................................... 77
{/TABLE}
EXHIBIT A. FORM OF ASSIGNMENT AND ACCEPTANCE
EXHIBIT B. FORM OF BRIDGE NOTE
EXHIBIT C. SUMMARY OF PRINCIPAL TERMS OF EXCHANGE NOTES
EXHIBIT D. OPINION OF TROUTMAN SANDERS LLP, COUNSEL TO THE BORROWER
Schedule C-1 Closed Facilities to be sold
Schedule P-1 Permitted Real Property Liens
Schedule 3.2 Subsidiaries; Restricted Subsidiaries; Material
Subsidiaries
Schedule 3.3 Joint Ventures
Schedule 3.5(b) Authorizations; Approvals
Schedule 3.6 Financial Statements
Schedule 3.9 Litigation
Schedule 3.11 ERISA Matters
Schedule 3.13 Environmental Matters
Schedule 3.14 Tax Matters
Schedule 3.15 Permitted Liens as of the Closing Date
Schedule 3.18 Material Contracts
Schedule 3.19 Intellectual Property
Schedule 3.20 Indebtedness as of September 30, 2003
Schedule 3.21 Employee Relations
Schedule 4.23(f) Mergers
Schedule 14.2 Notices for Borrower, Administrative Agent and Lead
Arrangers
iv
AGCO Bridge Loan Agreement
{PAGE}
THIS BRIDGE LOAN AGREEMENT, dated as of January 5, 2004 (as
amended, restated and/or otherwise modified from time to time, this
"AGREEMENT"), is by and among:
(a) AGCO Corporation, a Delaware corporation (the
"BORROWER"),
(b) Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
"Rabobank Nederland", New York Branch ("RABOBANK"), as Administrative
Agent (the "ADMINISTRATIVE AGENT"),
(c) Morgan Stanley Senior Funding, Inc. ("MSSF") and
Rabobank, as Joint Lead Arrangers and Joint Book-Runners (the "LEAD
ARRANGERS"),
(d) MSSF, as Syndication Agent, and
(e) MSSF and Rabobank, as Initial Bridge Lenders (the
"INITIAL BRIDGE LENDERS").
PRELIMINARY STATEMENTS
(1) The Borrower has entered into a Master Agreement
Purchase of Assets and Business (the "ACQUISITION AGREEMENT") dated September
10, 2003 with Valtra Oy Ab ("VALTRA"), Tracfin Holding Oy ("TRACFIN"), Partek
Cargotec Holding Netherlands B.V. ("PARTEK CARGOTEC"), Partek Holding Inc.
("PARTEK", and together with Valtra, Tracfin and Partek Cargotec, the "SELLERS")
and KONE Corporation to purchase (the "ACQUISITION") assets, operations,
businesses and legal entities that comprise the tractor and diesel engine
operations of Kone Valtra (the "TARGET").
(2) The Borrower proposes to enter into a credit
agreement dated as of January 5, 2004 by and among the Borrower, AGCO Canada,
Ltd., a Saskatchewan corporation, AGCO Limited, an English corporation, AGCO
International Limited, an English corporation, AGCO Holding B.V., a Netherlands
corporation, AGCO Deutschland Holding Limited & Co. KG, a German limited
partnership and Valtra Holding Oy, a Finnish corporation; the lenders party
thereto; Rabobank, as lead arranger and book runner; Suntrust Bank and Morgan
Stanley, as co-syndication agents, Cobank, ACB and Bank of Tokyo-Mitsubishi, New
York Branch, as co-documentation agents; Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", Canadian Branch, as
Canadian administrative agent for the Canadian Lenders, and Rabobank, as
administrative agent for the lenders thereunder (without giving effect to any
amendments, waivers, supplements, terminations or other modifications made
subsequent to the date hereof, the "CREDIT AGREEMENT").
(3) Upon the consummation of the Acquisition, the Sellers
will each repay (the "VALTRA REFINANCING"), other than as permitted hereunder,
all indebtedness and terminate all commitments to make extensions of credit, in
each case existing prior to such date (the "VALTRA EXISTING DEBT").
(4) The Borrower has requested that the Lenders lend to
the Borrower up to $100 million to, together with funds under the Credit
Agreement, (i) pay to the Sellers the cash consideration for the Acquisition,
(ii) pay transaction fees and expenses, (iii) pay to the Sellers funds for
purposes of consummating the Valtra Refinancing and (iv) to repay the Existing
Credit Agreement (as defined in the Credit Agreement). The Lenders have
indicated their willingness to agree to lend such amounts on the terms and
conditions of this Agreement including, without limitation, the agreement of the
Borrower to repay the Initial Bridge Lenders and the other Lenders with the
proceeds of the Permanent Securities (as hereinafter defined) or otherwise.
The parties hereto agree as follows:
AGCO Bridge Loan Agreement
177081
|
CCR-B
As referenced in this Bridge Loan Agreement:
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK – EXHIBIT 10.2
EXECUTION COPY
================================================================================
BRIDGE LOAN AGREEMENT
dated as of
January 5, 2004
among
AGCO CORPORATION,
as Borrower,
THE LENDERS named herein,
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK NEDERLAND", NEW YORK BRANCH,
as Administrative Agent,
MORGAN STANLEY SENIOR FUNDING, INC.
and
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK
_____________
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK – LENDERS named herein,
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK NEDERLAND", NEW YORK BRANCH,
as Administrative Agent,
MORGAN STANLEY SENIOR FUNDING, INC.
and
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,
"RABOBANK NEDERLAND", NEW YORK BRANCH,
as Joint Lead Arrangers and Joint Book-Runners,
and
MORGAN STANLEY SENIOR FUNDING, INC.,
as Syndication
_____________
Cooperatieve Centrale Raiffeisen-Boerenleenbank – and/or otherwise modified from time to time, this
"AGREEMENT"), is by and among:
(a) AGCO Corporation, a Delaware corporation (the
"BORROWER"),
(b) Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
"Rabobank Nederland", New York Branch ("RABOBANK"), as Administrative
Agent (the "ADMINISTRATIVE AGENT"),
(c) Morgan Stanley Senior Funding, Inc. ("MSSF") and
Rabobank,
_____________
Cooperatieve Centrale
Raiffeisen-Boerenleenbank – Suntrust Bank and Morgan
Stanley, as co-syndication agents, Cobank, ACB and Bank of Tokyo-Mitsubishi, New
York Branch, as co-documentation agents; Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", Canadian Branch, as
Canadian administrative agent for the Canadian Lenders, and Rabobank, as
administrative agent for the lenders thereunder (
_____________
Cooperatieve Centrale
Raiffeisen-Boerenleenbank – Agreement.
"ACQUISITION" has the meaning specified in the Preliminary
Statements.
"ACQUISITION AGREEMENT" has the meaning specified in the
Preliminary Statements.
"ADMINISTRATIVE AGENT" means Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch, acting as
agent pursuant to Article XIII or any successor or replacement Administrative
Agent, acting in
_____________
dt 225421
;
McGraw-Hill Companies
As referenced in this Bridge Loan Agreement:
McGraw-Hill
Companies, Inc – in accordance with GAAP, including each
Material Subsidiary and excluding any Finance Company.
"S&P" means Standard & Poor's, a division of The McGraw-Hill
Companies, Inc .
"SEC" means the Securities and Exchange Commission of the
United States.
"SECURITIES" means the Exchange Notes.
"SECURITIES ACT" means the Securities Act
_____________
dt 311128
;
|
BNY
As referenced in this Bridge Loan Agreement:
Bank of New York – System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is
dt 42534
;
Morgan Stanley
As referenced in this Bridge Loan Agreement:
Morgan Stanley & Co – if the Acquisition
has occurred as of the first day of such period.
"ENGAGEMENT LETTER" means that engagement letter between the
Borrower and Morgan Stanley & Co . Incorporated dated December 22, 2003.
"ENGLISH SUBSIDIARY ONE" means AGCO Limited, an English
corporation.
"ENGLISH SUBSIDIARY TWO" means AGCO International Limited, an
_____________
Morgan Stanley &
Co – or exchangeable for, capital stock).
"EQUITY ISSUANCE" means any public or private offering of
securities (excluding the issuance of debt securities in which Morgan Stanley &
Co . Incorporated or an affiliate thereof expects to participate), including
common and convertible securities, with an aggregate amount of at least $250
million,
_____________
Morgan Stanley &
Co – PORTAL.
COVENANTS: Consistent with the indenture (the
"PERMANENT SECURITIES INDENTURE") pursuant
to which the Issuer consummates the issuance
of debt securities in which Morgan Stanley &
Co . Incorporated or an affiliate thereof
expects to participate and reasonably
satisfactory in all respects to the Agents.
EVENTS OF DEFAULT: Consistent with
_____________
dt 183512
;
More... |
| Preview
Subscribers | 2003 |
Business Loan Agreement
Business Loan Agreement (50K)
Doc #427080: Click preview link for longer preview.
BUSINESS LOAN AGREEMENT
Principal - $2,500,000.00 Loan Date - 04/25/2003 Maturity 02/28/2004
Loan No. - 70290
References in the shaded area 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: ART'S-WAY MANUFACTURING CO., INC.
(TIN: 42-0920725)
HWY 9 WEST, PO BOX 288
ARMSTRONG, IA 50514-0288
Lender: WEST DES MOINES STATE BANK
MAIN BANK
1601 22ND STREET
WEST DES MOINES, IA 50266
(515) 222-2300
THIS BUSINESS . . .
427080
|
Art's-Way
As referenced in this Business Loan Agreement:
ART'S-WAY MANUFACTURING CO. – 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: ART'S-WAY MANUFACTURING CO. , INC.
(TIN: 42-0920725)
HWY 9 WEST, PO BOX 288
ARMSTRONG, IA 50514-0288
Lender: WEST DES MOINES STATE BANK
MAIN BANK
1601 22ND STREET
WEST DES MOINES, IA
_____________
ART'S-WAY MANUFACTURING CO. – DES MOINES STATE BANK
MAIN BANK
1601 22ND STREET
WEST DES MOINES, IA 50266
(515) 222-2300
THIS BUSINESS LOAN AGREEMENT dated April 25, 2003, is made and executed
between ART'S-WAY MANUFACTURING CO. , INC. ("Borrower") and WEST DES
MOINES STATE BANK ("Lender") on the following terms and conditions.
Borrower has received prior commercial loans from Lender or has applied
to Lender for
_____________
ART'S-WAY MANUFACTURING CO. – may be amended or modified from time to
time, together with all exhibits and schedules attached to this Business
Loan Agreement from time to time.
Borrower. The word "Borrower" means ART'S-WAY MANUFACTURING CO. , INC.,
and all other persons and entities signing the Note in whatever capacity.
Collateral. The word "Collateral" means all property and assets granted
as collateral security for a Loan,
_____________
ART'S-WAY MANUFACTURING
CO. – loans and financial
accommodations described herein or described on any exhibit or schedule
attached to this Agreement from time to time.
Note. The word "Note" means the Note executed by ART'S-WAY MANUFACTURING
CO. , INC. in the principal amount of $2,500,000.00 dated April 25, 2003,
together with all renewals of, extensions of, modifications of,
refinancings of, consolidations of, and substitutions
_____________
ART'S-WAY MANUFACTURING CO. – THIS BUSINESS LOAN
AGREEMENT IS DATED APRIL 25, 2003.
BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS BUSINESS
LOAN AGREEMENT AND ALL OTHER DOCUMENTS RELATING TO THIS DEBT.
BORROWER:
ART'S-WAY MANUFACTURING CO. , INC.
By:
JOHN C BREITUNG, PRESIDENT of ART'S-WAY
MANUFACTURING CO., INC.
LENDER:
WEST DES MOINES STATE BANK
By:
Authorized Signer
{/TEXT}
{/DOCUMENT}
_____________
dt 1364705
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| Preview
Subscribers | 2003 |
Loan Agreement
Loan Agreement (88K)
Doc #427081: Click preview link for longer preview.
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of April 25, 2003, is between Art's-Way
Manufacturing Co.,Inc. and WEST DES MOFNES STATE BANK.
Article 1. DEFINITIONS
Section 1.1 Defined Terms. As used herein:
"Accounts", "Inventory", "Equipment", "General Intangibles",
"Chattel Paper",
"Documents", "Deposit Accounts", "Fixtures", "Goods", "Instruments",
"Investment Property", "Letter of Credit Rights", "Supporting Obligations"
and " . . .
427081
|
Art's-Way
As referenced in this Loan Agreement:
Art's-Way
Manufacturing Co. – {DOCUMENT}
{TYPE}EX-10
{SEQUENCE}4
{FILENAME}loan0403.txt
{TEXT}
Exhibit 10.7
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of April 25, 2003, is between Art's-Way
Manufacturing Co. ,Inc. and WEST DES MOFNES STATE BANK.
Article 1. DEFINITIONS
Section 1.1 Defined Terms. As used herein:
"Accounts", "Inventory", "Equipment", "General Intangibles",
"Chattel Paper",
"Documents", "Deposit Accounts", "Fixtures", "
_____________
Art's-Way Manufacturing Co. – assigns.
"Banking Day" means a day on which the principal domestic office of the
Bank is open for the purpose of conducting substantially all of its business
activities.
"Borrower" means Art's-Way Manufacturing Co. , Inc., a Delaware corporation.
"Change Date" The interest rate will be adjusted monthly
"Default" means any of the events specified in Section 7.1.
"Environmental Laws" means all provisions
_____________
Art's-Way Manufacturing Co. – intended, and from time to time, make any necessary repairs and
replacements.
5.2.5. Insurance. Maintain in full force and effect public liability
insurance and casualty insurance, and cause Art's-Way Manufacturing Co. ,
Inc. to maintain in full force and effect public liability insurance,
business interruption insurance, worker's compensation insurance and
casualty insurance policies with coverages and with such companies as
_____________
ART'S-WAY MANUFACTURING CO. – Street
West Des Moines, IA 50266
Attention: Kevin J. Smith
Facsimile: (515) 222-2346
Mortgage Note
$2,000,000 Date: April 25, 2003
Due: April 25, 2023
FOR VALUE RECEIVED, ART'S-WAY MANUFACTURING CO. , INC., an Delaware
corporation ("Maker"), promises to pay to the order of WEST DES MOINES
STATE BANK ("Holder"), its successors or assigns, in lawful money of the
United States
_____________
ART'S-WAY MANUFACTURING CO. – BY BOTH MAKER AND HOLDER.
IN WITNESS WHEREOF, Maker has caused this Note to be executed by its
duly authorized officer as of the day and year first hereinabove written.
ART'S-WAY MANUFACTURING CO. , INC.
By:/s/John C. Breitung, President
UNLIMITED CONTINUING GUARANTY
GUARANTY: To induce WEST DES MOINES STATE BANK, or any of its
affiliates (the "Bank"), of West Des Moines,
_____________
dt 1364706
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