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",...Loan Agreement • July 15th, 2003 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Indiana
COMMERCIAL GUARANTYArts Way Manufacturing Co Inc • July 15th, 2003 • Farm machinery & equipment • Iowa
AMOUNT OF GUARANTY. This is a guaranty of payment of the Note, including without limitation the principal Note amount of Two Million Five Hundred Thousand & 00/100 Dollars ($2,500,000.00).
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....Loan Agreement • July 15th, 2003 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
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.
