0001047469-05-004815 Sample Contracts

TENTH AMENDED AND RESTATED REVOLVING NOTE
Appliance Recycling Centers of America Inc /Mn • February 25th, 2005 • Retail-home furniture, furnishings & equipment stores

FOR VALUE RECEIVED, the undersigned, Appliance Recycling Centers of America, Inc., a Minnesota corporation, whose principal place of business is located at 7400 Excelsior Boulevard, Minneapolis, MN 55426 ("Borrower") promises to pay to the order of SPECTRUM COMMERCIAL SERVICES COMPANY, a Minnesota corporation (the "Lender") at its office in Bloomington, Minnesota, or at such other place as any present or future holder of this Note may designate from time to time, the principal sum of (i) Eight Million and 00/100 Dollars ($8,000,000.00), or (ii) the aggregate unpaid principal amount of all advances and/or extensions of credit made by the Lender to Borrower pursuant to this Note as shown in the records of any present or future holder of this Note, whichever is less, plus interest thereon from the date of each advance in whole or in part included in such amount until this Note is fully paid. Interest shall be computed on the basis of the actual number of days elapsed and a 360-day year, a

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SEVENTEENTH AMENDMENT TO GENERAL CREDIT AND SECURITY AGREEMENT (Note: A Fifteenth Amendment does not exist)
Agreement • February 25th, 2005 • Appliance Recycling Centers of America Inc /Mn • Retail-home furniture, furnishings & equipment stores

THIS AGREEMENT, dated and effective as of January 12, 2005, between SPECTRUM Commercial Services Company, a Minnesota Corporation, having its mailing address and principal place of business at Two Appletree Square, Suite 415, Bloomington, Minnesota 55435 (herein called "Lender" or "SCS"), and Appliance Recycling Centers of America, Inc., a Minnesota corporation, having the mailing address and principal place of business at 7400 Excelsior Boulevard, Minneapolis, MN 55426, (herein called "Borrower"), amends that certain General Credit and Security Agreement dated August 30, 1996, ("Credit Agreement") as amended. Where the provisions of this Agreement conflict with the Credit Agreement, the intent of this Agreement shall control.

AMENDMENT NO.1 TO LOAN AGREEMENT AND SECURITY AGREEMENT
Loan Agreement and Security Agreement • February 25th, 2005 • Appliance Recycling Centers of America Inc /Mn • Retail-home furniture, furnishings & equipment stores

This Amendment No.1 is made as of December 23, 2004, by and between MEDALLION CAPITAL, INC., a Minnesota corporation, a Licensee under the Small Business Investment Act of 1958 ("Lender"), and APPLIANCE RECYCLING CENTERS OF AMERICA, INC., a Minnesota corporation (the "Company"), to amend that certain Loan Agreement, dated September 10, 1998, by and between the Lender and the Company (which Loan Agreement, as so amended from time to time is referred to herein as the "Loan Agreement"), and that certain Security Agreement, dated September 10, 1998, by the Company in favor of the Lender issued in connection with the Loan Agreement (which Security Agreement, as so amended from time to time is referred to herein as the "Security Agreement").

SIXTEENTH AMENDMENT TO GENERAL CREDIT AND SECURITY AGREEMENT
General Credit and Security Agreement • February 25th, 2005 • Appliance Recycling Centers of America Inc /Mn • Retail-home furniture, furnishings & equipment stores

THIS AGREEMENT, dated and effective as of December 23, 2004, between SPECTRUM Commercial Services Company, a Minnesota Corporation, having its mailing address and principal place of business at Two Appletree Square, Suite 415, Bloomington, Minnesota 55425 (herein called "Lender" or "SCS"), and Appliance Recycling Centers of America, Inc., a Minnesota corporation, having the mailing address and principal place of business at 7400 Excelsior Boulevard, Minneapolis, MN 55426, (herein called "Borrower"), amends that certain General Credit and Security Agreement dated August 30, 1996, ("Credit Agreement") as amended. Where the provisions of this Agreement conflict with the Credit Agreement, the intent of this Agreement shall control.

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