Ford Motor Credit Company Retail Line of Credit Approval Letter for Meadow Valley Corp.

Contract Categories: Business Finance › Credit Agreements
Summary

Ford Motor Credit Company has approved a $500,000 retail line of credit for Meadow Valley Corp., with Brown & Brown as the dealer. The credit line is subject to annual renewal upon receipt of acceptable financial statements and allows financing up to 80% of the invoice amount for up to 60 months at a 5.99% interest rate. The approval is valid for 60 days and requires specific documentation, including insurance and corporate authorization. The customer must also execute additional agreements as specified. Terms may change if not finalized within the validity period.

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EX-10.245 6 p68447exv10w245.txt EX-10.245 . . . Exhibit 10.245
[FORD LOGO] Ford Credit Commercial Lending "Your Partners in Success" SEPTEMBER 26, 2003 FORD MOTOR CREDIT COMPANY ORANGE COMMERCIAL LENDING ATTENTION: MARK G 765 The City Drive, Suite 401 Orange, CA 92828 DEALER: BROWN & BROWN Phone ###-###-#### Fax ###-###-#### CUSTOMER: MEADOW VALLEY CORP. FAX NUMBER: 480 ###-###-####
We appreciate the opportunity to provide financing for this customer. The following information will confirm our credit decision to you, including the terms and any conditions of our decision. Please ensure all required documents are properly completed. Thank you for choosing Ford Credit as your finance source. PLEASE INCLUDE A COPY OF THIS LETTER WHEN SUBMITTING DEAL TO US FOR FUNDING. COLLATERAL: 03 GM LIGHTS QUANTITY: 0 - ------------------------------------------------------------------------------- Year, Make, Model DECISION: [x] Approval [ ] Conditioned [ ] Rejected COMMENTS: RETAIL LINE OF CREDIT APPROVED FOR $500,000, SUBJECT TO YEARLY RENEWAL UPON RECEIPT OF ACCEPTABLE FINANCIAL STATEMENTS. MAX ADV 80% OF INVOICE + TTL MAX 60 MOS. NOT ELIGIBLE FOR FLATS OR RESERVE. NOTE RATE BELOW. CUSTOMER MUST EXECUTE X-DEFAULT/X-COLLAT AGREEM.-SEE ATTACHED. CREDIT LINE SUBJECT TO PREVIOUSLY APPROVED AND/OR FUNDED CONTRACTS. - -------------------------------------------------------------------------------
APPROVED/CONDITIONED TERMS FINANCE PLAN Selling Price $ Retail Cash Down $ Finance Terms: 60 Trade Allowance $ Residual %: na Total Down Payment $ Discount Rate: level 1 Amount to Finance $ Other: 5.99% BUY RATE & APR
ADDITIONAL DOCUMENTATION REQUIRED: [x] Copy of Insurance Binder/Policy Showing [x] Copy of Corporate Resolution Authorizing maximum 30 days till cancellation and FMCC as Signature and/or purchase. Loss Payee and Additional Insured. [x] Copy of Invoice on vehicle/equipment. [ ] Copy of Articles of Incorporation. [ ] Copy of book-out on all used units. [ ] UCC-1 Financing Statement covering State & County and list equipment serial # on [ ] Guaranty By: contract with check. [ ] Co-Buyer Required: [ ] 4 personal references (co-signer form required) [x] Maximum Advance of 80% OF INVOICE [x] Other: see comments above. [ ] Copy of drivers license.
This credit decision is valid for 60 days and is subject to revision or rescission by Ford Motor Credit. If delivery will exceed the 60 day limit, please contact Ford Credit for reconfirmation of the original decision. Interest rates quoted are subject to change. Unless otherwise indicated, standard financing plan terms and requirements apply. - -------------------------------------------------------------------------------- AMOS DAGANI DEALER SERVICE ANALYST