Exhibit 10.39
AGREEMENT GOVERNING
EXTENSIONS OF CREDIT
This Agreement,
dated March 21, 2008, is between Investors Community Bank (the
“Bank”) and Tower Tech Systems Inc. (the
“Borrower”).
RECITALS
A.
Bank and Borrower are parties to certain extensions of credit,
which extensions of credit are evidenced by loan documentation
existing on the date hereof and may be evidenced by additional loan
documentation executed by one or both parties from time to time;
and
B.
Bank and Borrower desire to enter into this Agreement relating to
all such loan documentation.
AGREEMENT
1.
Collateral .
i.
Debt Documents; Obligations . Bank and Borrower have
executed and anticipate that from time to time they may execute
loan agreements, notes, guaranties and other documentation
evidencing a debt or obligation of Borrower to Bank from time to
time. All documents at any time executed by Borrower and
evidencing a debt or obligation of Borrower to Bank are referred to
herein as “Debt Documents.” All obligations of
Borrower to Bank under Debt Documents and all other obligations of
Borrower to Bank from time to time are referred to herein as
“Obligations.” Obligations include but are not
limited to obligations to repay loans, debts occurring by reason of
overdrafts of checking accounts, obligations to take action such as
purchasing insurance or maintaining property, and all other
obligations of Borrower to Bank, including those obligations that
exist on the date hereof and those obligations that may be incurred
on or after the date hereof.
The
following existing documents are Debt Documents:
Commercial Promissory
Note and Commercial Loan Agreement dated 3/21/2008, Irrevocable
Standby Letter of Credit dated 8/31/2007, Guaranty of R. B. A. Inc.
dated 3/21/2008, Guaranty of Tower Tech Holdings Inc. dated
3/21/2008
ii.
Security Documents; Collateral . Borrower has granted
to Bank certain collateral, and Bank and Borrower anticipate that
Borrower may grant to Bank additional collateral from time to
time. All documents at any time granting to Bank a lien or
security interest in any property are referred to herein as
“Security Documents.” A document may be both a
Debt Document and a Security Document. All of
Borrower’s property in which Bank has a lien or security
interest on the date hereof, and all property in which Bank may
have a lien or security interest in the future, including but not
limited to real estate and personal property, is referred to herein
as “Collateral.”
The
following existing documents are Security Documents:
Commercial Security
Agreement dated 10/4/2007
1
iii.
Cross Collateralization . All Collateral shall at all
times be security for all Obligations. If Borrower grants
Bank a lien or security interest at any time, such lien or security
interest shall continue, and the Borrower’s property shall
continue to be collateral for all Obligations, until all
Obligations are paid in full and Bank and Borrower enter into a
termination or release of the applicable Security Document.
2.
Cross Default . Any time there is
