Exhibit 10.7
Under the Lease and Fleet Management Services Agreement(s) between ▇▇▇▇▇▇▇ Hygiene, Inc. and it
Subsidiaries (collectively, the “Master Lease Agreements”) and Automotive Rentals, Inc. (“ARI”),
▇▇▇ agrees to provide ▇▇▇▇▇▇▇ Hygiene, Inc. and its subsidiaries an additional line of credit of
$25,000,000 for vehicle lease funding needs and fleet management programs (maintenance management
and fuel purchasing) under the following terms:
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Cars and Light Duty Trucks (standard cargo vans, pick-up trucks, SUV’s, cars) |
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Approved maximum lease terms: 50 months |
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Sprinter Vans and Medium Duty Trucks |
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Approved maximum lease terms: 60 months |
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Buyout of Choice Environmental Fleet |
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▇▇▇ is willing to execute a sale-leaseback at a percentage of market value as
published in recent fleet audit reports. Rate to be determined, if required, and is
based upon expected useful life, lease term, and vehicle types. |
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Choice Environmental Fleet |
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ARI’s primary interest is in providing fleet management services (licensing and
compliance, maintenance management, etc.). |
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Credit facility required for these programs is applied to total capacity of
$25,000,000. |
▇▇▇’s extension of this line of credit is based upon the current financial condition of ▇▇▇▇▇▇▇
Hygiene, Inc. as stated in ▇▇▇▇▇▇▇ Hygiene’s most recently filed quarterly and audited annual
financial statements and its continued compliance with the terms of the Master Lease Agreements.
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▇▇▇▇▇▇▇ HYGIENE, INC.
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| By: |
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇
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| Title: |
EVP |
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| Witness: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇ |
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| Date: |
8/12/11 |
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AUTOMOTIVE RENTALS, INC.
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| By: |
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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| Title: |
Director Financial Services |
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| Witness: |
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| Date: |
8/12/11 |
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