Notice of Final Agreement for Secured Renewal Loan between MACC Private Equities Inc. and Cedar Rapids Bank and Trust Company

Summary

This agreement confirms a secured renewal loan of $1,906,781.18 from Cedar Rapids Bank and Trust Company to MACC Private Equities Inc., with a maturity date of September 9, 2011. The document states that only the written terms of the loan agreement are enforceable, and any changes must be made in writing. Both parties acknowledge receipt and understanding of the agreement. The loan is secured and involves related documents such as a corporate resolution and change in terms agreement.

EX-10.3 4 exh103_082611.htm NOTICE OF FINAL AGREEMENT exh103_082611.htm

Exhibit 10.3

NOTICE OF FINAL AGREEMENT

Principal		Loan Date	Maturity	Loan No		Call / Coll		Account	Officer	Initials
$1,906,781.18		07-11-2011	09-09-2011	1089922418		410 / 4		MACC PE00	755
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 ###-###-####				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 $1,906,781.18 due on September 9, 2011. This is a secured renewal loan. 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:

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 July 11, 2011.

BORROWER:

MACC PRIVATE EQUITIES, INC.

By:	/s/ David R. Schroder	By:	/s/ Robert A. Comey
	DAVID R SCHRODER, President/Secretary of MACC		Robert A Comey, Executive V. P./CFO of MACC
	PRIVATE EQUITIES INC.		PRIVATE EQUITIES INC.

LENDER:

CEDAR RAPIDS BANK AND TRUST COMPANY

X	/s/ John Hall
	John Hall, Asst. Vice President