[LOGO OF FINOVA]
FINANCIAL INNOVATORS
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Rediscount Finance
FOURTH AMENDED AND RESTATED
SCHEDULE TO
LOAN AND SECURITY AGREEMENT (D)
Borrower: THAXTON INVESTMENT CORPORATION
TICO CREDIT COMPANY (MISSISSIPPI)
MODERN FINANCE COMPANY D/B/A TICO CREDIT COMPANY (OHIO)
TICO CREDIT COMPANY (KENTUCKY)
TICO CREDIT COMPANY (TENNESSEE)
SOUTHERN MANAGEMENT CORPORATION
MODERN FINANCIAL SERVICES, INC. D/B/A TICO FINANCIAL SERVICES
SOUTHERN FINANCE OF SOUTH CAROLINA, INC.
XXXXXXXXX CREDIT OF TEXAS, INC.
XXXXXXXXX CREDIT OF GEORGIA, INC.
SOUTHERN FINANCE OF TENNESSEE, INC.
FITCH NATIONAL REINSURANCE, LTD.
SOCO REINSURANCE, LTD.
QUICK CREDIT CORPORATION
Address: 0000 XXXXXXXX XXXXXXX
XXXXXXXXX, XXXXX XXXXXXXX 00000
Date: AUGUST 31, 2000
This Fourth Amended and Restated Schedule to Loan and Security
Agreement (Fourth Amended Schedule") is executed in conjunction with a certain
Loan and Security Agreement ("Agreement"), dated January 25, 1999, and as an
amendment to and restatement of that Schedule to Loan and Security Agreement
("Original Schedule"), dated January 25, 1999, that certain First Amended and
Restated Schedule to Loan and Security Agreement ("First Amended Schedule"),
dated June 7, 1999, that certain Second Amended and Restated Schedule to Loan
and Security Agreement (`Second Amended Schedule"), dated August 30, 1999, and
that certain Third Amended and Restated Schedule to Loan and Security Agreement
("Third Amended Schedule"), dated November 1, 1999, by and between FINOVA
Capital Corporation, as Lender, and the borrowers named above (collectively
referred to herein as the "Borrowers" and singularly as "Borrower"), all of
whose chief executive offices are located at the above addresses (collectively
referred to herein as "Borrowers' Address"). Each Borrower shall be separately
defined as set forth in the Schedule. All representations, warranties,
covenants, agreements, undertaking or other obligations of Borrower as set forth
in this Agreement and all other Loan Documents are made by each Borrower as
separately set forth for each Borrower in this Agreement and the other Loan
Documents. All financial covenants and ratios set forth herein shall be applied
to the Borrowers in the aggregate. All references to Section numbers herein
refer to Sections in the Agreement. The terms and provisions of this Fourth
Amended Schedule supercedes all prior schedules.
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Quick Credit Corporation ("Quick Credit") was added as a co-borrower to
the Agreement pursuant to a letter dated August 16, 2000 and shall be included,
jointly and severally, except for those provisions that specifically identifies
a Borrower separately.
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1. BORROWERS (SECTION 1.).
Each Borrower shall be referred to herein as follows:
XXXXXXX INVESTMENT CORPORATION "Xxxxxxx Investment" or "Lead Borrower"
TICO Credit Company (Kentucky) "TICO-Kentucky"
Modern Finance Company d/b/a
TICO Credit Company (Ohio) "TICO-Ohio"
Modern Financial Services, Inc. d/b/a
TICO Financial Services (Ohio) "TICO Financial-Ohio"
TICO Credit Company (Mississippi) "TICO-Mississippi"
Southern Management Corporation "Southern Management"
TICO Credit Company (Tennessee) "TICO-Tennessee"
Xxxxxxxxx Credit of Texas, Inc. "Xxxxxxxxx-Texas"
Xxxxxxxxx Credit of Georgia, Inc. "Xxxxxxxxx-Georgia"
Southern Finance of Tennessee, Inc. "Southern Finance-Tennessee"
Southern Finance of South Carolina, Inc. "Southern Finance-SC"
Fitch National Reinsurance, Ltd. "Fitch"
SoCo Reinsurance, Ltd. "SoCo"
Quick Credit Corporation ("Quick Credit")
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1.11.A. MAXIMUM AMOUNT OF AN ELIGIBLE RECEIVABLE (SECTION 1.11).
The term "Maximum Amount of a Direct Loan Eligible Receivable, Sales
Finance Eligible Receivable and an Auto Secured Eligible Receivable"
shall mean the sum of Thirty Thousand Dollars ($30,000.00), remaining
due thereon at any date of determination, including all unearned
finance charges, dealer reserves, discounts, insurance fees and other
fees and charges pursuant to such Receivables.
The term "Maximum Amount of a Real Estate Secured Eligible Receivable"
shall mean the sum of One Hundred Eighty Seven Thousand Five Hundred
Dollars ($187,500.00), remaining due thereon at any date of
determination, including all unearned finance charges, dealer
reserves, discounts, insurance fees and other fees and charges
pursuant to the Receivables.
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1.11.B. MAXIMUM TERM OF AN ELIGIBLE RECEIVABLE (SECTION 1.11).
The "Maximum Term of a Direct Eligible Receivable, Sales Finance
Eligible Receivable and an Auto Secured Eligible Receivable" shall be
sixty (60) months remaining until the due date of such Eligible
Receivable at any date of determination.
The "Maximum Term of a Real Estate Secured Eligible Receivable" shall
be one hundred eighty (180) months remaining until the due date of
such Eligible Receivable at any date of determination.
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1.11.C. RECEIVABLE LIMITATIONS - EXPANDED (SECTION 1.11).
None
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1.11.D. AGING PROCEDURES AND ELIGIBILITY TEST (SECTION 1.11).
AGING PROCEDURES FOR A CONTRACTUAL AGING:
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1. No payment missed or due = Current.
2. 1 to 30 days past due = "30 day Account".
3. 31 to 60 days past due = "60 day Account".
4. 61 to 90 days past due = "90 day Account".
5. 91 or more days past due = "90 + day Account"
ELIGIBILITY TEST:
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The term "Eligibility Test" shall mean the test to determine the eligibility of
a Receivable, for the purposes of Section 1.11 hereof, that test, being as
follows: no payment due on said Receivable remains unpaid more than ninety (90)
days from the specific date on which such payment was due pursuant to the terms
of said Receivable and, with respect to a Real Estate Secured Receivable, the
maximum "loan to value" percentage shall be ninety percent (90%) ("Maximum
LTV"). For the purpose of this Section Schedule Section 1.11, the "loan to
value" percentage, as determined on the date of origination of such Receivable,
shall be percentage resulting from dividing the original outstanding balance of
such Receivable on the date of origination, excluding all unearned finance
charges, dealer reserves, discounts, insurance fees and other fees and charges,
by the appraised value of the real estate securing such Receivable, as the date
of origination of such Receivable ("LTV").
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1.12 GUARANTOR (whether one or more) (SECTION 1.12).
XXXXX X. XXXXXXX (Continuing and Unlimited with respect to the
outstanding balance of the Indebtedness applicable to Tranche "B" and
a Validity Guarantor with respect to the balance of the Indebtedness).
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1.35 ADDITIONAL DEFINITIONS (SECTION 1.35)
The following definition is hereby added to the Agreement:
"1.35 MAXIMUM AVAILABILITY. The term "Maximum Availability" shall
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mean, on any date of determination, an amount equal to one
hundred and five percent (105%) (the one hundred and five percent
[105%] shall reduce by one percentage point each quarter
hereafter, beginning on January 15, 2000, and continuing each
January 15th, April 15th, July 15th and October 15th thereafter)
of the aggregate unmatured and unpaid amount due to Borrower from
the Account Debtor named thereon, excluding all unearned
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finance charges, dealer reserves, discounts, insurance fees and
other fees and charges pursuant to all Eligible Receivables."
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Section 2.1 of the Loan Agreement is hereby deleted and the
following is substituted in lieu thereof:
2.1 AMOUNT OF LOAN. Subject to the terms, covenants and conditions
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hereinafter set forth, Xxxxxx agrees upon the Borrower's request from
time to time, until the Maturity Date, to make advances to Borrower
(collectively, the "Loan"), in an aggregate amount not to exceed at
any time outstanding the sum of the following (a) lesser of the
following: (i) the Amount of the Loan (Schedule Section 2.1.A.), (ii)
the Availability on Tranche "A" (Schedule Section 2.1.B.), plus (b)
the Availability on Tranche "B" (Schedule Section 2.1.B.), or (iii)
the Maximum Availability (Schedule Section 2.1.B.). Within the limits
of this Section 2.1, Borrower may borrow, repay and reborrow the
advances. The Loan shall be evidenced by the Note."
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2.1.A. AMOUNT OF REVOLVING CREDIT LINE AND AMOUNT OF TERM LOAN (SECTION 2.1):
The "Amount of the Loan" shall be One Hundred Fifty Million Dollars
($150,000,000.00).
The "Amount of the Revolving Credit Line" shall be One Hundred Twenty
Nine Million Dollars ($129,000,000.00).
The "Amount of the Term Loan" shall be Twenty One Million Dollars
($21,000,000.00).
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2.1.B. AVAILABILITY ON ELIGIBLE RECEIVABLES (SECTION 2.1):
Availability on Tranche "A"
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The "Availability on Tranche `A'" shall be an amount equal to the
lesser of: (i) eighty-five percent (85%) of the aggregate unmatured
and unpaid amount due to Borrower from the Account Debtor named
thereon, excluding all unearned finance charges, dealer reserves,
discounts, insurance fees and other fees and charges pursuant to the
Eligible Receivables, or (ii) the Amount of the Revolving Credit Line.
Availability on Tranche "B"
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The "Availability on Tranche `B'" shall be the Amount of the Term
Loan, with such amount reducing by the amount of One Million Fifty
Thousand Dollars ($1,050,000.00) per quarter, beginning January 15,
2000, and each quarter thereafter until the Availability on Tranche
"B" has been eliminated (such quarterly reductions shall be equal to
the quarterly principal payments due with respect to Tranche "B"
Credit Facility). If Xxxxxxxx prepays that portion of Indebtedness
allocated to Tranche "B" in excess of the quarterly reductions set
forth above, Borrower may reborrow such excess, subject to
availability herein.
Notwithstanding any provision contained in the Loan Documents to the
contrary, if on any date of determination, any one or more of the
following events occur, then in such event, Lender, in its sole and
absolute discretion, may modify the Availability on Tranche "A", the
Availability on Tranche "B" and/or the Maximum Availability advance
percentages:
(1) the Collateral Delinquency Percentage is greater than five
percent (5%),
(2) for any month of determination, the percentage determined by
dividing the aggregate cash received by Borrower with respect to
all Receivables by the aggregate outstanding balance of all
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Receivables, including all unearned finance charges, dealer
reserves, discounts, insurance fees and other fees and charges
pursuant to all Receivables, as of the first (1st) day of the
month of determination, is less than eight percent (8%), or
(3) the average outstanding balance of all Receivables, on any
date of determination, excluding all unearned finance charges,
dealer reserves, discounts, insurance fees and other fees and
charges pursuant to such Receivables, is greater than One
Thousand Five Hundred Dollars ($1,500.00).
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2.2. STATED INTEREST RATES (SECTION 2.2).
The Tranche "A" Credit Facility Stated Interest Rate lesser of
(i) the Governing Rate plus One percent (1.00%) per annum; or
(ii) the Maximum Rate.
The Tranche "B" Credit Facility Stated Interest Rate lesser of
(i) the Governing Rate plus Three one-half percent (3.50%) per
annum; or (ii) the Maximum Rate.
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2.3. MATURITY DATE (SECTION 2.3.C).
The primary term of this Agreement shall expire on July 31, 2004
("Maturity Date"). If Borrower desires to extend the primary term
or any term thereafter of this Agreement, Borrower shall give
Lender notice of its intent to extend the term no earlier than
one hundred and eighty (180) days and no later than one hundred
and fifty (150) days prior to any expiration date of this
Agreement. Upon the receipt by Xxxxxx of Xxxxxxxx's notice to
extend the term of this Agreement, if Lender desires to renew and
extend the term of this Agreement, Lender shall give Borrower
notice of Lender's intent to extend the term of this Agreement,
within sixty (60) days of Xxxxxx's receipt of Xxxxxxxx's notice
to extend. If Xxxxxx does not give Borrower notice of Xxxxxx's
intent to extend the term of this Agreement within the sixty (60)
days period, then it shall be deemed that Lender does not intend
to renew and extend the term of this Agreement. Notwithstanding
the foregoing, the Borrower's obligation pursuant to this
Agreement shall remain in full force and effect until the
Indebtedness due and owing to Lender has been paid in full.
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2.3.A. Section 2.3.A. of the Agreement shall be deleted in its entirety
and the following shall be substituted in lieu thereof:
A. "Accrued but unpaid interest for each calendar month
during the term hereof shall be due and payable, in arrears,
on or before the fifteenth (15th) day of the immediately
succeeding calendar month. Principal payment shall be due
and payable, with respect to Tranche "B", quarterly, in the
amount of One Million Fifty Thousand Dollars ($1,050,000.00)
each, beginning on January 15, 2000, and continuing
quarterly thereafter, on each January 15th, April 15th, July
15th and October 15th until the earlier of (i) the Maturity
Date hereof, or (ii) the outstanding balance of Tranche "B"
is paid in full.
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2.6. LIQUIDATED DAMAGES (SECTION 2.6).
The amount of "Liquidated Damages" shall be the amount of Five
Million Dollars ($5,000,000.00), when Borrower pays the balance
of the Indebtedness in full and Borrower requests Lender to
terminate Xxxxxx's security interest in the Collateral.
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2.11 FACILITY FEE (SECTION 2.11)
The Facility Fee shall be the amount of Two Million Dollars
($2,000,000.00), due and payable in monthly installments of
Thirty-Three Thousand Three Hundred Thirty-Four Dollars
($33,334.00) per month, beginning October 15, 2000, and
continuing on the fifteenth (15th) day of each calendar month
thereafter with the remaining balance due and payable on July 31,
2004.
Notwithstanding the foregoing, if the Indebtedness is paid in
full prior to July 31, 2004 and Borrower requests that Lender
terminate its security interest in the Collateral, or the Loan
Documents are materially amended or modified prior to July 31,
2004, the Facility Fee shall be immediately due and payable upon
such occurrence.
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2.15 UNUSED LINE FEE (SECTION 2.15)
The "Unused Credit Line Fee " shall be Zero Dollars ($0.00).
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2.16 TRANCHE "A" CREDIT FACILITY (SECTION 2.16)
The following Section 2.16 is hereby added to the Agreement:
"2.16 TRANCHE "A" CREDIT FACILITY The "Tranche `A' Credit
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Facility" shall be that portion of the outstanding balance
of the Indebtedness that is a revolving credit facility
evidence by advances and readvances in an aggregate
outstanding amount not to exceed the Availability on
"Tranche "A" (Schedule Section 2.1.B.).
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2.17 TRANCHE "B" CREDIT FACILITY (SECTION 2.17)
The following Section 2.17 is hereby added to the Agreement:
"2.17 TRANCHE "B" CREDIT FACILITY. The "Tranche `B' Credit
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Facility" shall be that portion of the outstanding balance
of the Indebtedness that is a term credit facility, which as
of the date of July 15, 1999, has an outstanding principal
balance of Twenty One Million Dollars ($21,000,000.00). The
maximum amount available pursuant to Tranche "B" shall be
reduced quarterly in the amount of One Million Fifty
Thousand Dollars ($1,050,000.00) per quarter, beginning
January 15, 2000, and continuing each January 15th, April
15th, July 15th and October 15th thereafter until the
earlier of (i) the Maturity Date hereof, or (ii) the
reduction of the availability of the Tranche "B" Credit
Facility to Zero Dollars ($0.00)."
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3.2. BUSINESS LOCATIONS OF BORROWER (SECTIONS 3.2, 3.6 and 5.1.N.).
All locations are as set forth on Exhibit "A".
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5.1. BORROWER'S TRADENAMES (whether one or more)(SECTION 5.1.B.)
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As set forth on Exhibit "A".
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6.2.A. LEVERAGE RATIO LIMIT (SECTION 6.2.J).
The term "Leverage Ratio Limit" shall mean 5:1.
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6.2.B. MINIMUM NET CASH FLOW (SECTION 6.2.K).
The Minimum Net Cash Flow shall be Three Million Dollars
($3,000,000.00) for each rolling twelve (12) month period of
determination, the first twelve (12) month period of
determination shall be the twelve (12) month period ending
December 31, 1999.
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6.2.C. DISTRIBUTIONS LIMITATION (SECTION 6.2.L).
No distributions will be allowed if there is an indebtedness
outstanding under Tranche "B" Credit Facility or, if there is not
outstanding balance pursuant to the Tranche "B" Credit Facility,
the Distributions shall not exceed twenty-five (25)% of Net
Income of the fiscal year in which such Distributions are made.
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6.5. ANNUAL FINANCIAL STATEMENTS (SECTION 6.5.).
Annual financial statements shall be audited by independent
certified public accountants, acceptable to Lender.
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8.1. REIMBURSEMENT OF EXPENSES (SECTION 8.1).
Xxxxxxxx's shall reimburse Lender for Lender expenses incurred in
Xxxxxx's attorneys fees and expenses incurred in the negotiation,
preparation and execution of these Loan Documents executed in
conjunction therewith.
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9.1. NOTICES (SECTION 9.1).
Lender: FINOVA Capital Corporation
(copy each office below with all notices)
Corporate Finance Office:
FINOVA Capital Corporation
000 Xxxxx Xxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Attn: Xxxx X. Xxxxxx, Senior Vice President
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Telephone: (000) 000-0000
Telecopy No.: (000) 000-0000
Corporate Office:
FINOVA Capital Corporation
0000 X. Xxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Attn: Xxxxxx X. X'Xxxxx, Senior Counsel
Telephone: (000) 000-0000
Telecopy No.: (000) 000-0000
Rediscount Finance Office:
FINOVA Capital Corporation
00000 Xxxxxx Xxxxxxx, Xxxxx 000
Xxxxxxx, XX 00000
Attn: Xxxx Xxxxxxx (Account Executive)
Telephone: (000) 000-0000
Telecopy No.: (000) 000-0000
Borrower: Xxxxxxx Investment Corporation
TICO Credit Company (Kentucky)
TICO Credit Company (Mississippi)
Modern Finance Company d/b/a TICO Credit Company (Ohio)
TICO Credit Company (Tennessee)
Southern Management Corporation
Modern Financial Services, Inc. d/b/a TICO Financial Services
Southern Finance of South Carolina, Inc.
Xxxxxxxxx Credit of Texas, Inc.
Xxxxxxxxx Credit of Georgia, Inc.
Southern Finance of Tennessee, Inc.
Fitch National Reinsurance, Ltd.
SoCo Reinsurance, Ltd.
Quick Credit Corporation
0000 Xxxxxxxx Xxxxxxx
Xxxxxxxxx, XX 00000
Telephone: (000) 000-0000
Telecopy No.: (000) 000-0000
Guarantor: Xxxxx X. Xxxxxxx
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Telephone:
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Telecopy No.:
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9.15. AGENT FOR SERVICE OF PROCESS (SECTION 9.15).
Xxxxx X. Xxxxxxx, whose address is 0000 Xxxxxxxx Xxxxxxx,
Xxxxxxxxx, XX 00000. (Agent)
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IN WITNESS WHEREOF, the parties have executed this Schedule on the day and year
first set forth above.
LENDER:
FINOVA CAPITAL CORPORATION,
a Delaware corporation
By: /s/ Xxxx Xxxxxxxxx
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(Signature)
Xxxx Xxxxxxxxx X.X. 8/31/00
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(Printed Name and Title) (Date)
BORROWER:
XXXXXXX INVESTMENT CORPORATION,
a South Carolina corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
TICO CREDIT COMPANY,
a Mississippi corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
MODERN FINANCE COMPANY,
an Ohio corporation d/b/a TICO Credit Company
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
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TICO CREDIT COMPANY,
a Delaware corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
TICO CREDIT COMPANY,
a Tennessee corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
SOUTHERN MANAGEMENT CORPORATION,
a South Carolina corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
MODERN FINANCIAL SERVICES, INC.,
an Ohio corporation d/b/a TICO Financial Services
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
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XXXXXXXXX CREDIT OF TEXAS, INC.,
a Texas corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
XXXXXXXXX CREDIT OF GEORGIA, INC.,
a Georgia corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
SOUTHERN FINANCE OF SOUTH CAROLINA, INC.,
a South Carolina corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
SOUTHERN FINANCE OF TENNESSEE, INC.,
a Tennessee corporation
By: /s/ Xxxxx X. Xxxxxxx
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(Signature)
Xxxxx X. Xxxxxxx, President 8/31/00
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(Printed Name and Title) (Date)
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