EXHIBIT 10.125
Schedule No. 3
Schedule of Indebtedness and Collateral
To Master Security Agreement, dated 4-5-00 between the undersigned Secured Party
and Debtor.
This Schedule of Indebtedness and Collateral incorporates the terms and
conditions of the above-referenced Master Security Agreement.
This is Originally Executed Copy No. 1 of 1. originally executed copies. Only
transfer of possession by Secured Party of Originally Executed Copy No.1 shall
be effective for purposes of perfecting an interest in this Schedule by
possession.
The equipment listed on this Schedule will be located at:
0000 X. 00xx Xxxxxx Xxxxxxx XX 00000
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Address City State ZipCode
Debtor grants to Secured Party a security interest in the property described
below, along with all present and future attachments and accessories thereto and
replacements and proceeds thereof, including amounts payable under any insurance
policy, all hereinafter referred to collectively as "Collateral".
Collateral Description (Describe Collateral fully including make, kind of unit,
model and serial numbers and any other pertinent information.)
See Exhibit "A and B" Consisting of four (4) pages attached hereto and made a
part hereof
Debtor promises to pay Secured Party (i) the total principal sum of
$1,507,500.00 in 1(total number) principal payments of $1,507,500.00 each,
commencing on 1/31/02 and a like sum on a like date of each month thereafter
until fully paid, provided, however, that the final payment shall be in the
amount of the unpaid balance, plus (ii) interest payable monthly at .25% in
excess of the "governing rate" on unpaid principal balances, but in no event
greater than the highest rate permitted by relevant law in effect from time to
time during the term of this Security Agreement even if this Security Agreement
shall state a minimum rate of interest.
"Governing rate" shall mean a rate equal to the highest of (i) the Prime Rate of
The Chase Manhattan Bank or its successors or (ii) "The Wall Street Journal
Prime Rate" or (iii) the commercial paper rate in effect from time to time.
Interest shall be computed on the basis of a year of 360 days. The Prime Rate of
The Chase Manhattan Bank or its successors shall mean the rate of interest
publicly announced by The Chase Manhattan Bank or its successors in New York
from time to time as its Prime Rate. The Prime Rate of The Chase Manhattan Bank
or its successors is not intended to be the lowest rate of interest charged by
The Chase Manhattan Bank or its successors to its borrowers. "The Wall Street
Journal Prime Rate" shall mean the Prime Rate listed by the Wall Street Journal.
If more than one Prime Rate is listed in the Wall Street Journal, then the
highest rate shall apply. "Commercial paper rate" shall mean the average rate
quoted by the Wall Street Journal or such other source as Secured Party may
determine for 30-day dealer commercial paper.
The Debtor shall take all action necessary to assure that its computer-based
systems are able to effectively process data including dates and date sensitive
functions. The Debtor represents and warrants that the Year 2000 problem (that
is, the inability of certain computer applications to recognize and correctly
perform properly date-sensitive functions involving certain dates prior to and
after December 31, 1999) will not result in a material adverse effect on the
Debtor's business condition or ability to perform hereunder. Upon request, the
Debtor shall provide assurance acceptable to the Secured Party that the Debtor's
computer systems and software are or will be Year 2000 compliant on a timely
basis. The Debtor shall immediately advise Secured Party in writing of any
material changes in the Debtor's Year 2000 plan, timetable or budget.
See Special Provisions Instructions below.
Accepted 6-12-00
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Secured Party:
THE CIT GROUP/EQUIPMENT FINANCING, INC.
By /s/ [ILLEGIBLE]^^ Title [ILLEGIBLE]^^
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Executed on June 12, 2000
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Debtor:
Meadow Valley Contractors, Inc.
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Name of individual, corporation or partnership
By /s/ Xxxxxxx X. Xxxxxx Title Vice President
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EXHIBIT "A"
TO
SCHEDULE NO.______ SCHEDULE OF INDEBTEDNESS
AND COLLATERAL
DEBTOR: SECURED PARTY:
Meadow Va1ley Contractors, Inc. The CIT Group/Equipment Financing, Inc.
0000 Xxxxx 00/xx/ Xxxxxx X.X. Xxx 00000
Xxxxxxx, XX 85040 Xxxxx, XX 00000-0000
Description of Collateral:
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All of the Debtor's property, or interests in property, whether now owned or
existing or hereafter acquired or arising and wheresoever located, whether
tangible or intangible, including without limitation, all of the Debtor's
accounts, inventory, goods, furniture, machinery, equipment, fixtures,
investment property, general intangibles (including without limitation,
goodwill, inventions, designs, patents, patent applications, trademarks,
trademark applications, service marks, trade names, licenses, leasehold
interests in real and personal property, franchises, tax refund claims, and
guarantee claims, security interests or other security held by or granted to
Debtor to secure payment of Debtor's accounts, investment property, general
intangibles, instruments, and notes), tax refunds, chattel paper, contract
rights, instruments, documents, notes, returned and repossessed goods, together
with all accessions to, substitutions for, and all replacements, products and
proceeds of the foregoing (including, without limitation, proceeds of insurance
policies insuring any of the foregoing), all books and records (including,
without limitation, customer lists, credit files, computer programs, printouts
and other computer materials and records) pertaining to any of the foregoing,
and all insurance policies insuring any of the foregoing.
Date: June 12, 2000
Meadow Valley Contractors, Inc.
By: /s/ Xxxxxxx X. Xxxxxx Title: Vice President
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Name: Xxxxxxx X. Xxxxxx
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EXHIBIT "B"
TO
SCHEDULE NO._______ SCHEDULE OF INDEBTEDNESS AND COLLATERAL
1/16/95 AZ9716 173 IGCFC24K8NE197356 92 Chevy 3/4 Ton 14,404.50
1/16/95 AZ9811 174 IGCFC24K5NE226912 92 Chevy 3/4 Ton 14,404.50
3/23/95 AZ9716 178 IGCFC24K8NE206119 92 Chevy 3/4 Ton 13,275.48
3/23/95 AZ9917 187 IGCFC24K2NE201580 92 Chevy 3/4 Ton 13,275.00
9/15/95 AZ9811 193 IGCFC2KXNE200970 92 Chevy 3/4 Ton 12,150.00
6/24/98 UT9910 195 IGCGC29K8SE180615 3/4 Ton Chevy 3,491.25
1/10/96 MOAPA 200 INKDL28X211512441 1988 KW Truck 74,517.42
8/19/99 NM9727 202 0XXXX00X0XXX00000 1987 Ford Service Truck 12,527.52
6/30/88 NV 203 T16DA9V6D1383 Chevy Pickup 0.00
9/3/92 AZ 1001 206 0XXXX000XXXX00000 IHC Lube Truck 43,034.29
8/28/97 WHT PAV 207 0XXXX00X0XXX00000 96 Chevy 1 Ton 9,307.75
8/15/97 XXX XXX 000 XX0XX000000 Flatbed Pickup 3,093.72
12/10/97 XXX XXX 000 0XXXX0XX0XXX00000 Ford Model LN 9000 Truck 13,886.96
2/27/87 AZ 210 0XX0XX0X0XX000000 Peterbilt Water Truck 22,020.13
6/25/98 MM 9810 213 436 1980 Ford Service Truck 3,718.74
9/29/89 NV 9729 214 0XX0XX0X0XX000000 Diamond REO Boom Truck 5,538.14
5/28/98 NV 9729 215 0XXXXXXX0XX000000 1988 Ford Water Truck 7,546.89
6/26/98 WHT PAV 216 0XXX0X000XX000000 1984 GMC Truck 7,700.01
6/25/98 MM PIT 217 4785 10,000 Gallon Water Tower 3,062.49
11/12/98 AZ 218 S/N 17870 1984 International Fuel Truck 2,552.08
8/8/96 NV 9729 229 XX0X000X0XX000000 1994 Xxxx MS300P Sweeper 23,648.87
4/10/97 AZ 231 87570 Xxxxx RJ30D Self-Propelled Broom 4,988.23
l/15/98 NM 9727 402 JJM021879L Case Model 480FLL Skip Loader 4,917.26
1/23/96 AZ 9716 410 JJG0218767 Case Model 480FLL Skip Loader 16,732.70
3/1/89 AZ 501 ETW3101JDS182TN Lull Model 622 Reach Lift 6,055.53
4/8/96 WHT PAV 502 1448225 Gradall Model 534B-8 Forklift 14,747.99
12/27/94 AZ9811 507 0144435J Forklift 26,683.10
4/29/99 AZ9811 509 152870 Xxxxxxxxx Xxxx Xxxxx XX00X Reach Lift 6,366.21
NM 637 PRZ714418 Flatbed Fruahauf 0.00
AZ 638 AZ184865 Flatbed Custom Built 0.00
5/5/99 PIT II 653 1WC200L266W403424D 1998 Xxxxx Cargo Trailer 1,548.44
11/22/95 NV9814 701 4805-11 3664-12 Truck Crane 79,895.84
8/22/89 AZ 706 Grove Model RT522 Crane 28,255.38
12/3/86 AZ9811 751 739A163751A-11 1977 Xxxxx/Lima 90 Ton Crane 2,109.31
5/6/87 NV 755 49581 American Model 599 Crawler Crane 3,500.84
2/19/99 AZ9811 760 31622 1994 Grove Model MZ90C Manlift 11,931.56
10/5/99 AZ 801 Walk behind Roller 598.96
5/27/98 NM9729 802 Rammax Vibratory Trench Roller 5,857.57
2/12/95 NV 806 135756U83957 IR Model 185CFM Portable Air Comp. 4,447.96
10/29/98 AZ9811 808 IR Model 185CFM Portable Air Comp. 1,985.88
1/23/99 AZ9811 811 SE366988 1978 250KW Generator 2,114.58
9/3/92 AZ 831 0.00
9/3/92 NV 832 44,763.73
8/8/96 NV CRUSHER 33 JAF0161974 1995 Case 1845C Skid Steer 9,203.64
12/18/96 NV CRUSHER 35 9-36-751188 Conveyor 6,819.74
12/18/96 NV CRUSHER 36 9-30-728488 Lattice Conveyor 12,980.24
5/14/97 NV CRUSHER 37 34A0693 Eljay 27,317.10
11/18/97 NV CRUSHER 41 137 Rock Hammer 19,561.77
12/10/97 NV CRUSHER 42 WP13450488 Sand Screw 12,566.94
12/10/97 NV CRUSHER 43 5288 Feeder 6,676.18
1/6/98 NV CRUSHER 44 7822 140 Foot Scal 59,056.44
1/6/98 NV CRUSHER 45 S625863 Electrical Van 92,275.67
1/9/98 NV CRUSHER 47 0XXX0X0X0XX000000 Water Truck 20,046.09
4/7/98 NM 9807 100 GMC Model ______ Truck 8,609.23
8/8/98 AZ9716 101 0XXXX0000XX000000 1993 Ford Taurus 4,236.67
1/1/96 NM9810 106 1FTCR14XINPA87339 1992 Ford Ranger Extra Cab 802.87
8/27/98 AZ19 107 0XXXX00X0XXX00000 1994 3/4 Ton Ford Truck 6,628.33
1/1/96 AZ9716 111 1FETEX15Y9RKB50308 1994 Ford F-150 Truck 1,302.45
6/11/98 AZ19 112 1GCGCZ4K0LEI88281 1990 3/4 Ton Chevy Truck 4,549.84
6/19/98 AZ19 113 1GOCS1441T8112242 1996 Chevy S-10 5,524.99
8/11/98 NM9727 115 1FTEF15N8TLB464714 8,131.67
10/16/98 AZ19 117 0XXXX00X0XXX00000 1992 Ford F250 Truck 7,525.00
11/3/98 AZ9811 122 2FTEF25HIPCA54151 Ford Model F250 Truck 7,150.00
8/29/89 AZ19 126 0XXXX00X0XX000000 1 Ton Chevy Truck 0.00
9/10/97 AZ19 129 Ford Ranger Pick Up 5,169.53
9/10/97 AZ9913 130 0XXXX00X0XXX00000 Ford Model F150 Truck 5,169.53
9/10/97 AZ19 131 0XXXX00X0XXX00000 Ford Model F150 Truck 6,203.44
3/1/98 NM9809 132 955195409 1995 Dodge 1 Ton 11,399.99
5/14/98 NM 139 0XXXX00X0XXX00000 1996 Ford Pick Up 7,536.67
5/14/98 NM9727 141 0XXXX00XXXXX00000 1996 Ford 1/2 Ton Pick Up 7,536.67
5/14/98 NM9810 142 0XXXX00XXXXX00000 1995 Ford 3/4 Ton Pick Up 5,450.79
4/1/92 AZ9716 143 0XXXX00X0XX000000 1990 Chevy Pick Up 0.00
5/19198 NM9810 147 1996 Ford 1/2 Ton Pick Up 7,536.67
4/14/98 AZ9811 150 0XXXX00X0XXX00000 1996 Ford Ranger 6,686.84
4/3/98 AZ9913 151 0XXXX00X0XXX00000 Ford F250 Pick Up 7,708.34
5/15/98 AZ9908 152 0XXXX00X0XXX00000 1989 Ford F250 3,483.33
12/4/92 AZ9716 153 0XXXX00X0XXX00000 1989 Ford F250 0.00
12/4/92 AZ9811 154 0XXXX00X0XXX00000 1989 Ford F150 0.00
8/20/97 WHT PAV 157 0XXXX00XXXXX00000 1990 Ford Truck 1,094.75
8/20/97 WHT PAV 158 0XXXX00X0XX000000 1989 Ford Truck 2,182.25
8/2/97 WHT PAV 159 0XXXX00X0XXX00000 1990 Ford Truck 1,880.17
8/20/97 WHT PAV 160 0XXXX00X0XXX00000 1990 Ford Truck 3,269.75
1/1/94 AZ1001 165 0XXXX00X0XX000000 Chevy Truck 0.00
5/19/98 NM9809 170 1996 Ford 1/2 Ton Pick Up 7,536.67
6/15/99 AZ9716 834 BR84556-2-75 Xxxxxxx 20,843.76
10/29/98 NMPIT 848 292235 Xxxxxxxxx Xxxx P185WJD Compressor 10,235.00
1/22/98 NMPIT 1022 60703 Truck Scale 60 Ton 15,348.96
3/19/98 NMPIT 1023 GPN00387 Caterpillar Gen Set Model_______ 26,078.03
2/23/98 NMPIT 1025 R820000189 Profilegraph 12,400.78
4/17/98 NMPIT 1026 22295 Scalping Screen 8,383.60
10/22/98 NMPIT 1063 88-164A CMI Clarco 851 Windrow Elevator 13,989.59
8/10/99 NMPIT 1065 Truck Scale and Computer 37,421.72
4/10/97 WHT PAV 1103 FW51252 1973 Fruehauf Van Trailer 9,028.16
4/10/97 WHT PAV 1104 M687509C 1963 Xxxxx 40 Foot Parts Van Trailer 6,687.53
8/29/97 NMPIT 1109 N/A Conveyor 42' X 25" 3,286.98
8/21/97 NMPIT 1110 N/A Radial Stacker 50hp Electric Motor 26,812.50
2/23/98 WHT PAV 1121 CMI Trimmer 24' X 28' 59,166.67
6/7/99 WHT PAV 1125 Coldcrete Model CC2200 Chiller 42,694.34
11/5/99 AZ 1300 110' Truck Scale 11,955.72
6/15/98 NV 2322 0XXXX0000XXX00000 Ford Pick Up 9,100.02
4/30/98 UTMAIN 2123 0XXXX00X0XXX00000 Ford F250 Pick Up 11,955.72
7/27/98 WHT PAV 2225 0XXXX00X0XXX00000 1996 Ford 3/4 Ton Pick Up 5,993.34
3/4/96 UT 2307 0XXXX00X0X0000000 1993 Chevy Pick Up 2,400.00
5/1/95 NM 2311 1993 Ford Exployer 475.93
3/12/98 AZ9811 2321 XX0X000X0XX000000 1985 Xxxx Truck 7,029.00
10/30/96 CRUSHER 2839 Portable Belt Feeder/Xxxxxx 12,916.67
5/23/96 NVCRUSHER 2840 12153 Sand Screw 22,280.64
1/25/00 RMI 3000 Remco Sandmax 8000 with/mot 83,870.00
1/25/00 RMI 3001 Sand Plant Motor Control 49,000.00
1/1/98 WHT PAV 1111A 6' X 20' Control House 8,433.49
9/14/98 RMI 1150A 7813 Batch Plant 17,416.38
9/9/98 XXX 0000X 7813 Plant 42,250.00
6/22/99 WHT PAV Flatbed 849.99
6/30/99 WHT PAV Trailer 1,213.34
Meadow Valley Contractors, Inc.
By: /s/ Xxxxxxx X. Xxxxxx Title: Vice President
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6-12-00
----------------
Date
THE CIT GROUP/EQUIPMENT FINANCING, INC.
X.X. Xxx 00000
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Address
Xxxxx XX 00000--0000
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City State Zip Code
Gentlemen:
You are irrevocably instructed to disburse the proceeds of your loan to us,
evidenced by the Schedule of Indebtedness No. 3 dated 6-12-00 To Master Security
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Agreement dated ________ as follows:
Payee Names and Addresses Amount
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Meadow Valley Contractors, Inc. $ 1,500,000.00
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The CIT Group/Equipment Financing, Inc. $ 7,500.00
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(NON-REFUNDABLE ORIGINATION FEE) $
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$
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$
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$
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$
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Total Proceeds $ 1,507,500.00
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Very truly yours,
Meadow Valley Contractors, Inc.
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By /s/ Xxxxxxx X. Xxxxxx Title: Vice President
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