THIRD AMENDMENT TO SECURED
THIS THIRD AMENDMENT TO SECURED CREDIT AGREEMENT (" Amendment") is made and entered
into as of the 25th day of June, 2003, by and among Cycle Country Accessories Corporation, an Iowa
corporation ("Cycle Country Iowa"), Cycle Country Accessories Corp., a Nevada corporation ("Cycle Country
Nevada") and Bank Midwest, Minnesota Iowa, N.A., a national banking association ("Lender").
A. The Borrowers and the Lender are parties to that certain Secured Credit Agreement dated as of August 21,
2001 as amended by the First Amendment to Secured Credit Agreement dated 7/22 , 2002 and Second
Amendment to Secured Credit Agreement dated as of May 30 , 2003 (as so amended, the "Credit Agreement"),
whereby Lender extended certain credit facilities to the Borrowers upon the terms and conditions set forth in the
Credit Agreement. Capitalized terms not otherwise defined in this Amendment shall have the meanings given them
in the Credit Agreement.
B. The Borrowers have requested the Lender to amend the Credit Agreement as set forth herein, and the Lender
is willing to agree to such amendment, all upon and subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the Recitals and the mutual agreements set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. Amendment to the Credit Agreement.
a. Section 1.3 of the Credit Agreement shall be amended in its entirety and as so amended shall be restated to
read as follows:
Subject to the terms and conditions hereof, the Lender agreed to extend a term loan (the "Original Term Loan.")
to the Borrowers on the date of the initial advance of the Term Loan in the original principal amount of
$4,500,000, of which $3,013,545 remains outstanding as of the date of the Third Amendment. The Term Loan
was made and evidenced against a Term Loan Note of the Borrowers substantially i