Amendment to Revolving Loan Agreement between Ready Mix, Inc. and The CIT Group/Equipment Financing, Inc.

Summary

This document amends a previous Revolving Loan Agreement between Ready Mix, Inc. and The CIT Group/Equipment Financing, Inc. The amendment reduces the interest rate margin from 1.50% to 1.25% above the governing rate. All other terms of the original agreement remain unchanged. The amendment is acknowledged and agreed to by Ready Mix, Inc., Meadow Valley Corporation, and Meadow Valley Contractors, Inc. as guarantors. The amendment is effective as of April 1, 2003.

EX-10.232 4 p67796exv10w232.txt EX-10.232 Exhibit 10.232 CIT Tel: 800 ###-###-#### Equipment Rental and Finance--US P.O. Box ###-###-#### W. Fountainhead Parkway Tempe, AZ ###-###-#### Tempe, AZ 85282 www.cit.com [CIT LOGO] Ready Mix, Inc. 3430 E. Flamingo Rd. #100 Las Vegas, NV 89121-5018 RE: AMENDMENT OF REVOLVING LOAN AGREEMENT Gentlemen: Reference is made to the Revolving Loan Agreement, dated July 27, 2001, as amended (the "Loan Agreement"), between Ready Mix, Inc., (the "Company") and The CIT Group/Equipment Financing, Inc. ("CIT"). The Loan Agreement shall be amended as follows: 1. Section 1 of the Loan Agreement: "governing rate" plus 1.50%, is amended to ----- read: "governing rate" plus 1.25%. ----- Except as modified herein, the Loan Agreement and all documents executed in connection therewith shall continue in full force and effect. Sincerely, The CIT Group/Equipment Financing, Inc. By Title: ------------------ ---------- ACKNOWLEDGED AND AGREED TO: GUARANTOR ACKNOWLEDGEMENT: Ready Mix, Inc. Meadow Valley Corporation By:/s/ Clint Tryon Title: Sec/Treas. By:/s/ Kenneth D. Nelson Title: V.P. ----------------- ---------- --------------------- --------- April 1, 2003 Meadow Valley Contractors, Inc. By:/s/ Bradley E. Larson Title: President --------------------- ----------