Document:

Exhibit 10.8

 

AMERIQUEST TRANSPORTATION SERVICES, INC.

 

NON-EMPLOYEE DIRECTOR STOCK PURCHASE PLAN 2011

 

The Board of Directors of AmeriQuest Transportation Services, Inc. (the “Company”) has adopted this Non-Employee Director Stock Purchase Plan 2011 (the “Plan”) to enable individuals who serve as non-employee directors of the Company (the “Directors”), through the retention by the Company of fees paid to such Directors for services as directors, to purchase shares of the Company’s common stock, $0.0005 par value per share (the “Common Stock”).  The purpose of the Plan is to benefit the Company’s growth and success and to enable the Company to continue to attract highly qualified persons to serve as Directors.  The provisions of the Plan are set forth below.

 

1.                                      Shares Available.

 

The maximum aggregate number of shares of Common Stock available for purchase under this Plan shall be 250,000.

 

2.                                      Administration.

 

The Plan shall be administered by the Board.  The Board’s actions under the Plan shall be limited to taking all actions authorized by this Plan or as otherwise reasonably necessary to effect the purposes hereof.

 

3.                                      Interpretation.

 

Subject to the express provisions of the Plan, the Board (which shall include the affirmative vote or consent of a majority of the disinterested directors of the Board) shall have authority to interpret the Plan, to prescribe, amend and rescind rules relating to it, and to make all other determinations necessary or advisable in administering the Plan, all of which determinations will be final and binding upon all persons.

 

4.                                      Eligibility to Participate.

 

The only persons eligible in the Plan shall be non-employee directors of the Company.  Directors may only participate in the Plan during their respective terms as members of the Board.

 

5.                                      Fee Retention.

 

From and after the effective date of the Plan, a Director may file an irrevocable written election (each, a “Fee Retention Notice”) with the Secretary of the Company to invest a portion of such Director’s annual retainer payments (including any Board meeting fees or additional retainer payments to committee chairpersons) in shares of the Company’s Common Stock.  This election shall be made no later than the 20th business day of the fiscal year, and shall be effective for, the fiscal year in which the annual retainer will be paid; provided that, a Director’s election for fiscal year 2011 shall be made no later than February 15, 2011.  Any election hereunder will renew automatically each year unless the Director notifies the Secretary of the Company in 

 

 

writing no later than December 31 of the then current fiscal year.  A Director may not contribute amounts to purchase Common Stock under the Plan other than through fee retentions..

 

The shares of Common Stock shall be purchased from the Company on the last day of the calendar quarter in which such retainer would have been paid if not for the investment election (the “Purchase Date”).  The number of shares purchased on a Purchase Date shall equal the portion of the annual retainer payment being used to purchase Shares, divided by the Purchase Price (defined below) on such Purchase Date (or such other measurement of the value of a Share that the Board of Directors of the Company shall determine in its sole discretion) rounded to nearest whole number.  Fractional shares shall not be issued.  Any amount that would be used to purchase a fractional share shall be paid in cash.  No interest shall accrue with respect to funds to be invested hereunder.

 

The Company’s Common Stock has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under any applicable state securities laws and regulations. Therefore, the Common Stock will be restricted and cannot be offered, sold, transferred, pledged or hypothecated to any person unless the Common Stock is subsequently registered under the Securities Act (which the Company is not obligated to do and which it does not anticipate doing in the near future) or an exemption from registration is available and the favorable opinion of counsel acceptable to the Company to that effect is obtained by a Director. Further, no Director shall resell, hypothecate, transfer, assign or make other disposition of the Common Stock, except in a transaction exempt from the registration requirements of the securities laws and regulations of the state in which such Director is offered and sold, and that specific approval of such transfers is required in some states.  The transfer and disposition of any Common Stock issued to a Director pursuant to the Plan will be further restricted by the terms and conditions of any shareholder or similar agreement to which such Director is a party or to which such Director’s shares are subject.  Any certificate or instrument evidencing the Common Stock shall, in addition to any other legends required pursuant to the Plan, be stamped or otherwise imprinted with an appropriate legend.

 

6.                                      Purchase Price.

 

The purchase price of each share of Common Stock will be the fair market value of the Common Stock (the “Purchase Price”).  For purpose of this Plan, “fair market value” means the value approved by the Board in its sole discretion (including the affirmative vote or consent of a majority of the disinterested directors of the Board) each fiscal year (whether such valuation is determined before or after the Company’s receipt of the Fee Retention Notice), which value shall be based on an annual independent valuation of the Common Stock.  If subsequent to the determination of such fair market value, a material change in the financial condition, results of operations or prospects of the Company should occur, in the Board’s sole discretion, then the Board shall cause a new fair market value to be determined or shall suspend purchases and sales hereunder.

 

7.                                      No Right to Continued Membership on the Board.

 

Neither the Plan nor any right to purchase Common Stock under the Plan confers upon any Director any right to continued membership on the Board, nor will a Director’s participation 

 

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in the Plan create any obligation on the part of the Company to nominate any Director for re-election by the Company’s shareholders.

 

8.                                      Amendment of Plan.

 

Unless otherwise required by law, the Board may, at any time, amend the Plan in any respect.

 

9.                                      Assignment.

 

No participating Director may assign his or her rights to purchase shares of Common Stock under the Plan, whether voluntarily, by operation of law or otherwise.  Any payment of cash or issuance of shares of Common Stock under the Plan may be made only to the participating Director (or in the event of the Director’s death, to the Director’s estate).

 

10.                               Effective Date; Term and Termination of the Plan.

 

The Plan shall be effective as of the date of adoption by the Board (including the affirmative vote or consent of a majority of the disinterested directors of the Board), which date is set forth below.  The Board may terminate the Plan at any time for any reason or for no reason, provided that such termination shall not impair any rights of participating Directors.  The Plan shall terminate automatically upon the earlier of an initial public offering of the Common Stock or upon commencement of active market trading in the Common Stock.

 

11.                               Payment of Plan Expenses.

 

The Company will bear all costs of administering and carrying out the Plan.

 

This Plan was duly adopted and approved by the Board of Directors of the Company by resolution at a meeting held on the 27th day of January, 2011.

 

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AMERIQUEST BUSINESS SERVICES, INC.
 DIRECTOR STOCK PURCHASE PLAN 2011

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of              , 20  , by and between AmeriQuest Business Services, Inc. (formerly AmeriQuest Transportation Services, Inc.), a New Jersey corporation (“Company”), and                            (“Purchaser”), an adult individual serving as a non-employee member of the Board of Directors of the Company (the “Board”).

 

WHEREAS, as an incentive to Purchaser to continue to serve as a director of Company, Company offers shares of its common stock, $0.0005 par value per share (the “Common Stock”), to Purchaser upon the terms and conditions contained herein and pursuant to the Plan (as hereinafter defined); and

 

WHEREAS, Purchaser has elected to use a portion of Purchaser’s annual retainer payments to purchase shares of the Company’s Common Stock.

 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.                                      Definitions.  For purposes of this Agreement, the following terms shall be defined as set forth below.

 

“Affiliate” means an affiliate of Company, as defined in Rule 12b-2 promulgated under the Exchange Act.

 

“Change in Control” means the occurrence of any one of the following events:

 

(a)                                 More than 50% of the Company’s Voting Securities Acquired by an Outsider.  Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than (i) the Company or its Affiliates, (ii) Douglas Clark, (iii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or its Affiliates, and (iv) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Stock) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% or more of the combined voting power of the Company’s then outstanding voting securities;

 

(b)                                 Members of the Board as of the Effective Date Cease to Constitute a Majority of Directors.  The following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board:  individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who

 

 

either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

 

(c)                                  Merger or Consolidation.  There is consummated a merger or consolidation of the Company, a Subsidiary or an Affiliate with any other corporation or other entity, which merger or consolidation:

 

(i)                                     results in the voting securities of the Company outstanding immediately prior thereto failing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) more than 50% of the combined voting power of the voting securities of the Company or the surviving or parent entity outstanding immediately after such merger or consolidation, or

 

(ii)                                  is effected to implement a recapitalization of the Company (or similar transaction) in which a “person” (as defined in clause (a) above), directly or indirectly, acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or

 

(d)                                 Complete Liquidation or Disposition of more than 75% of the Company’s Assets.  The stockholders of the Company approve a plan of complete liquidation of the Company or there is consummated an agreement for the sale or disposition by the Company of assets having an aggregate book value at the time of such sale or disposition of more than 75% of the total book value of the Company’s assets on a consolidated basis (or any transaction or series of related transactions having a similar effect), other than any such sale or disposition by the Company (including by way of spin-off or other distribution) to an entity, at least 50% of the combined voting power of the voting securities of which are owned immediately following such sale or disposition by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale or disposition.

 

Because severance agreements and severance plans are not intended to serve the same purpose as this Agreement, whether benefits are payable under a severance agreement or a severance plan does not determine whether a “Change in Control” has taken place under this Agreement.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fair Market Value” has the meaning set forth in the Plan.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Plan” means the AmeriQuest Transportation Services, Inc. Director Stock Purchase Plan 2011, as amended from time to time.

 

“Sale” means any of the following transactions that would, after consummation, constitute a Change in Control: (a) the sale or other disposition by Company, directly or

 

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indirectly, of all or substantially all of the assets, properties or business of Company and its subsidiaries on a consolidated basis, (b) the sale of any capital stock of Company or (c) any merger, consolidation or other business combination of Company.

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary” means, with respect to the Company, any corporation, partnership, limited liability company or other business entity of which an aggregate of 50% or more of the total combined voting power of all classes of stock is, at the time, directly or indirectly, owned or controlled by the Company.

 

“Transfer” means the sale, transfer, assignment, pledge or other disposition of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in any of a holder’s Common Stock.

 

2.                                      Purchase under Director Stock Option Plan 2011.  The parties to this Agreement acknowledge and agree that the Common Stock purchased and sold under this Agreement is issued pursuant to and is governed by the Plan, and unless the context otherwise requires, terms used herein shall have the same meaning as in the Plan.  Determinations made in connection with the Common Stock pursuant to the Plan shall be governed by the Plan as it exists on the Purchase Date.  Purchaser acknowledges receipt of a copy of the Plan

 

3.                                      Issuance of Common Stock. On the Purchase Date, Company shall sell to Purchaser, and Purchaser shall purchase from Company,       duly authorized and validly issued, fully paid and nonassessable shares of the Common Stock of Company at a purchase price of $         per share for a total of $             (the “Purchase Price”).

 

4.                                      Payment of Purchase Price.  The Purchase Price shall be paid by Company retaining a portion of Purchaser’s annual retainer payments as set forth in the Fee Retention Notice.

 

5.                                      Investment and Taxation Representations.  In connection with the purchase of Common Stock, Purchaser represents to the Company the following:

 

(a)                                 The execution, delivery and performance of this Agreement by Purchaser is within Purchaser’s powers, and does not and will not: (i) require the consent or approval of any person or authority; or (ii) violate or contravene any provision of any law, rule, regulation or contractual or other restriction binding on or affecting Purchaser or Purchaser’s properties.

 

(b)                                 Purchaser is aware of Company’s business affairs and financial condition and has acquired sufficient information about Company to reach an informed and knowledgeable decision to acquire the Common Stock.  Purchaser is acquiring the Common Stock for investment for Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.  Purchaser does not have any present intention to transfer the Common Stock to any other person or entity.

 

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(c)                                  Purchaser understands that the Common Stock has not been registered under the Securities Act by reason of a specific exemption therefrom.

 

(d)                                 Purchaser understands that the shares of Common Stock constitute “restricted securities” under applicable United States federal and state securities laws and that, pursuant to these laws, Purchaser must hold the shares of the Common Stock indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  Purchaser acknowledges that the Company has no obligation to register or qualify the Common Stock for sale.  Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Common Stock, and requirements relating to Company which are outside of Purchaser’s control, and which Company is under no obligation and may not be able to satisfy.

 

(e)                                  Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s acquisition, holding or disposition of the Common Stock. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the acquisition, holding or disposition of the Common Stock and that Purchaser is not relying on Company for any tax advice.

 

6.                                      Restrictions on Transfer; Involuntary Transfer; Death of Purchaser.

 

(a)                                 Restrictions on Transfer.  Except as otherwise provided in this Agreement, Purchaser shall not make any Transfer of the Common Stock without the prior written consent of Company, which consent may be withheld in the sole discretion of Company.  Notwithstanding any other provision of this Agreement, Purchaser may not make any Transfer of any Common Stock if, in the opinion of counsel for the Company, the Transfer would be in violation of the Securities Act, any rule or regulation thereunder or of the securities laws of any state.  Any such Transfer or other disposition shall be void ab initio.  Company shall not recognize any Transfer or attempted Transfer in contravention of this Agreement.

 

(b)                                 Involuntary Transfer.  If (i) any of the Common Stock would for any reason (other than pledge to secure the valid debts of the Company) be transferred by operation of law (including, but not limited to, a Transfer arising as a result of the divorce, bankruptcy, receivership, insolvency or similar proceeding of or with respect to Purchaser, an assignment by Purchaser for the benefit of creditors, the admission by Purchaser of Purchaser’s inability to pay Purchaser’s debts when due, or sale of substantially all of the assets of Purchaser, or any judicial process, but excluding the death of Purchaser), or (ii) Purchaser (or any of its heirs, executors or personal representatives) breaches, or fails to fulfill Purchaser’s obligations under this Agreement, or any other agreement between Purchaser and the Company (any such event in (i) or (ii) being a “Triggering Event”), Purchaser shall immediately give notice to the Company of such Triggering Event.  Upon written notice given by, and at the election of, Company to Purchaser within a period of sixty (60) days following the Triggering Event, Purchaser shall sell to Company, and Company shall purchase from Purchaser, all (but not less than all) of the Common Stock owned by Purchaser at the time of the Triggering Event on the terms and conditions set forth in Sections 6(d) and 6(e) below.  Common Stock not purchased pursuant to

 

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this Section 6 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

(c)                                  Death of Purchaser.  Upon written notice given by, and at the election of, the Company to Purchaser’s executor or personal representative within a period of sixty (60) days following the death of Purchaser, Purchaser’s executor or personal representative shall sell to Company, and Company shall purchase from Purchaser’s estate, all (but not less than all) of the Common Stock owned by Purchaser at his death on the terms and conditions set forth in Sections 6(d) and 6(e) below.  Common Stock not purchased pursuant to this Section 6 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

(d)                                 Purchase Price.  The purchase price for all Common Stock purchased by Company pursuant to Sections 6(b) and 6(c) shall be the Fair Market Value of such Common Stock at the time of the Triggering Event or Purchaser’s death, as applicable.

 

(e)                                  Payment of Purchase Price.  All Common Stock purchased by Company pursuant to Sections 6(b) and 6(c) shall be paid for in cash or by check on such date and time as is set forth in Company’s notice given pursuant to Sections 6(b) and 6(c), which date shall be not later than thirty (30) days after the date of such notice.  Prior to payment for the purchased Common Stock, Purchaser or Purchaser’s executor or personal representative shall execute and deliver such instruments and documents as Company deems necessary or appropriate to effect such sale.

 

(f)                                   Termination of Transfer Restrictions.  The restrictions on Transfers set forth in this Section 6 shall terminate upon the initial, underwritten public offering of the Company’s Common Stock registered under the Securities Act.

 

7.                                      Sale of the Company (Drag-Along Rights and Obligations).

 

(a)                                 Approved Sale.  If (i) the Board by a vote of not less than 50% of the directors or (ii) the holders of not less than 50% of the shares of Company then outstanding approve a Sale (the “Approved Sale”), Purchaser shall consent to, vote in favor of, raise no objections against, and not otherwise impede or delay, the Approved Sale.  In furtherance of the foregoing, if the Approved Sale is structured as (A) a merger or consolidation, Purchaser shall vote his or her Common Stock to approve such merger or consolidation, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such merger or consolidation, (B) a sale of stock, Purchaser shall agree to sell, and shall sell, all of his or her Common Stock, or (C) a sale of assets, Purchaser shall vote his or her Common Stock to approve such sale and any subsequent liquidation of Company or other distribution of the proceeds therefrom, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such sale of assets.

 

(b)                                 Obligations.  In furtherance of its obligations under Section 7(a) above, (i) Purchaser will take all necessary or desirable actions reasonably requested by the Board in connection with the consummation of the Approved Sale and (ii) Purchaser will make the same representations, warranties, indemnities, agreements, covenants and obligations as each other

 

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holder of common stock, including without limitation, voting to approve such transaction and executing all documents requested by the Board to be executed by Purchaser, including the applicable purchase agreement, stockholders agreement and/or indemnification and/or contribution agreement.  Without limiting the generality of the foregoing, in any Approved Sale, Purchaser shall not be obligated to enter into indemnification obligations with respect to any representations, warranties, covenants or obligations of any other holder of common stock or such other holder’s common stock, but Purchaser shall be obligated to make representations and warranties and as to his or her title to and ownership of Common Stock, authorization, execution and delivery of relevant documents by Purchaser, enforceability of relevant agreements against Purchaser and other matters relating to Purchaser or Purchaser’s Common Stock, to enter into covenants in respect of a Transfer of Purchaser’s Common Stock in connection with such Approved Sale (including, without limitation, the delivery of certificates, stock powers and other instruments of transfer) and to enter into indemnification obligations with respect to the foregoing, in each case to the extent that each other holder of common stock is similarly obligated.

 

(c)                                  Conditions to Obligations.  The obligations of Purchaser are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, Purchaser shall receive the same form and amount of consideration per share of Common Stock as each other holder of Common Stock or if any holder of Common Stock is given an option as to the form and amount of consideration to be received, Purchaser shall be given the same option (provided that the foregoing shall not apply to any management rollover portion of any such transaction pursuant to a stock option plan, stock purchase plan or other rollover plan approved by the Board), and (ii) Purchaser, if a holder of then currently exercisable rights to acquire a security of Company, shall be given an opportunity to either (A) exercise such rights prior to the consummation of the Approved Sale and participate in such sale as a holder of such security or (B) upon the consummation of the Approved Sale, receive in exchange for such rights consideration equal to the amount determined by multiplying (1) the same amount of consideration per share of such type of security received by the holders of such type of security in connection with the Approved Sale less the exercise price per share of such type of security of such rights by (2) the number of shares of such type of security represented by such rights.

 

(d)                                 Expenses.  Purchaser will bear his or her pro rata share (as if such expenses reduced the aggregate proceeds available for distribution in such Approved Sale) of the costs of any sale of Common Stock pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all holders of common stock and are not otherwise paid by Company or the acquiring party.  Costs incurred by Purchaser on his or her own behalf (including the fees and disbursements of counsel, advisors and other Persons retained by Purchaser in connection with the Approved Sale) will not be considered costs of the transaction hereunder and will be the responsibility of Purchaser.

 

8.                                      Entire Agreement.  This Agreement contains all the understandings between the parties hereto pertaining to the matters referred to herein and therein, and supersedes all undertakings and agreements, whether oral or in writing, previously entered into by them with respect thereto.  Purchaser represents that, in executing this Agreement, Purchaser has not relied upon any representation or statement not set forth herein made by Company with regard to the subject matter or effect of this Agreement or otherwise.

 

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9.                                      Amendment or Modification, Waiver. No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing, signed by Purchaser and by Company.  No waiver by any party hereto of any breach by another party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same time, any prior time or any subsequent time.

 

10.                               Severability.  If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be validated and shall be enforced to the fullest extent permitted by law.

 

11.                               Survivorship.  The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

12.                               Assignment.  This Agreement shall be binding upon the parties hereto, the heirs and legal representatives of Purchaser and the successors and assigns of Company.

 

13.                               Notices.  Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid), or sent by nationally recognized overnight delivery service (e.g., Federal Express) to the following addresses (or at such other address as shall be given in writing by one party to the other, from time to time):

 

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To   the Company:
    	
AmeriQuest   Business Services, Inc.
    
	
 
    	
457 Haddonfield Road, Suite 220
    
	
 
    	
Cherry Hill, New Jersey 08002
    
	
 
    	
Attention: Mark P. Joyce, EVP & CFO
    
	
 
    	
 
    
	
With a copy to:
    	
[                                 ]
    
	
 
    	
[                                 ]
    
	
 
    	
[                                 ]
    
	
 
    	
 
    
	
To   Purchaser:
    	
 
    

 

 

14.                               Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey.

 

15.                               Section Headings. The section headings herein have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof.

 

16.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date first above written.

 

	
 
    	
COMPANY:   
    
	
 
    	
 
    
	
 
    	
AMERIQUEST   BUSINESS SERVICES, INC. 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Mark   P. Joyce
    
	
 
    	
Title:   
    	
Executive   Vice President & Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
PURCHASER:   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    

 

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AMERIQUEST BUSINESS SERVICES, INC.

 

RESTRICTED STOCK GRANT AGREEMENT

 

THIS RESTRICTED STOCK GRANT AGREEMENT (this “Agreement”) is made as of           ,      (the “Grant Date”), by and between AmeriQuest Business Services, Inc. (formerly AmeriQuest Transportation Services, Inc.), a New Jersey corporation (“Company”), and                 (“Grantee”), an adult individual serving as a non-employee member of the Board of Directors of the Company (the “Board”).

 

WHEREAS, as an incentive to Grantee to continue to serve as a director of Company, Company desires to grant the Restricted Stock (as hereinafter defined) to Grantee upon the terms and conditions contained herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.                                      Definitions.  For purposes of this Agreement, the following terms shall be defined as set forth below.

 

“Affiliate” means an affiliate of Company, as defined in Rule 12b-2 promulgated under the Exchange Act.

 

“Change in Control” means the occurrence of any one of the following events:

 

(a)                                 More than 50% of the Company’s Voting Securities Acquired by an Outsider.  Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than (i) the Company or its Affiliates, (ii) Douglas Clark, (iii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or its Affiliates, and (iv) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Stock) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% or more of the combined voting power of the Company’s then outstanding voting securities;

 

(b)                                 Members of the Board as of the Effective Date Cease to Constitute a Majority of Directors.  The following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board:  individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

 

 

(c)                                  Merger or Consolidation.  There is consummated a merger or consolidation of the Company, a Subsidiary or an Affiliate with any other corporation or other entity, which merger or consolidation:

 

(i)             results in the voting securities of the Company outstanding immediately prior thereto failing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) more than 50% of the combined voting power of the voting securities of the Company or the surviving or parent entity outstanding immediately after such merger or consolidation, or

 

(ii)          is effected to implement a recapitalization of the Company (or similar transaction) in which a “person” (as defined in clause (a) above), directly or indirectly, acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or

 

(d)                                 Complete Liquidation or Disposition of more than 75% of the Company’s Assets.  The stockholders of the Company approve a plan of complete liquidation of the Company or there is consummated an agreement for the sale or disposition by the Company of assets having an aggregate book value at the time of such sale or disposition of more than 75% of the total book value of the Company’s assets on a consolidated basis (or any transaction or series of related transactions having a similar effect), other than any such sale or disposition by the Company (including by way of spin-off or other distribution) to an entity, at least 50% of the combined voting power of the voting securities of which are owned immediately following such sale or disposition by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale or disposition.

 

Because severance agreements and severance plans are not intended to serve the same purpose as this Agreement, whether benefits are payable under a severance agreement or a severance plan does not determine whether a “Change in Control” has taken place under this Agreement.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder

 

“Fair Market Value” means the value approved by the Board in its sole discretion (including the affirmative vote or consent of a majority of the disinterested directors of the Board) each fiscal year, which value shall be based on an annual independent valuation of the Restricted Stock.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Sale” means any of the following transactions that would, after consummation, constitute a Change in Control: (a) the sale or other disposition by Company, directly or indirectly, of all or substantially all of the assets, properties or business of Company and its subsidiaries on a consolidated basis, (b) the sale of any capital stock of Company or (c) any merger, consolidation or other business combination of Company.

 

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“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary” means, with respect to the Company, any corporation, partnership, limited liability company or other business entity of which an aggregate of 50% or more of the total combined voting power of all classes of stock is, at the time, directly or indirectly, owned or controlled by the Company.

 

“Transfer” means the sale, transfer, assignment, pledge or other disposition of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in any of a holder’s Restricted Stock.

 

2.                                      Issuance of Restricted Stock.  On the Grant Date, Company shall issue to Grantee, to be held by Company as provided herein,          duly authorized and validly issued, fully paid and nonassessable restricted shares of the common stock, par value $        per share (the “Restricted Stock”), of Company, which shall vest, subject to Section 5, on the first anniversary date of the Grant Date (the “Vesting Date”); provided, however, that the vesting of Restricted Stock on such Vesting Date shall be conditioned upon Grantee’s continuing service to Company from the Grant Date through the Vesting Date.

 

3.                                      Section 83(b) Election.  Within thirty (30) days after the Grant Date, Grantee shall either make an election under Section 83(b) of the Internal Revenue Code (the “Code”) and shall provide Company with written notice thereof, or shall fulfill Grantee’s obligations under Section 4 hereof.  Company believes that the value of the Restricted Stock, applying appropriate discounts for minority ownership and lack of marketability, is $      per share as of the Grant Date, but Company makes no representation or warranty as to the actual value of the Restricted Stock.

 

4.                                      Tax Withholding.  If the Section 83(b) election is not timely made by Grantee in accordance with Section 3, Grantee agrees to pay the applicable federal, state and local withholding taxes to Company at the time any Restricted Stock vests.  In the event Grantee does not pay the applicable taxes, Grantee authorizes Company to withhold such amounts from any retainer or other compensation due to Grantee from Company.

 

5.                                      Release of Restricted Stock.  The Restricted Stock shall be held by Company until the Vesting Date.  On the Vesting Date, the Restricted Stock (or the relevant portion thereof) shall be released to Grantee by Company, but Company shall continue to hold any certificates representing vested Restricted Stock unless Grantee requests that the certificates representing such shares be delivered to him or her.  In the event that the Restricted Stock is forfeited by Grantee as provided herein, Company shall retain such forfeited Restricted Stock for Company’s own account.

 

6.                                      Acceleration of Vesting; Forfeiture of Restricted Stock.

 

(a)                                 Notwithstanding the vesting of Restricted Stock described in Section 2 of this Agreement, all Restricted Stock shall be deemed to have vested immediately prior to the consummation of a Change in Control or upon the consummation of an underwritten public offering of common stock of Company registered under the Securities Act; provided that

 

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payment of Restricted Stock shall not be accelerated unless the Change in Control also constitutes a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation,” within the meaning of Section 409A(2)(A)(v) of the Code, and as now or hereafter construed, interpreted and applied by regulations, rulings and cases.

 

(b)                                 Any non-vested Restricted Stock will be forfeited immediately if Grantee ceases to be a director of Company for any reason, including, without limitation, removal or voluntary resignation.

 

7.                                      Investment and Taxation Representations.  In connection with the grant of Restricted Stock, Grantee represents to Company the following:

 

(a)                                 The execution, delivery and performance of this Agreement by Grantee is within Grantee’s powers, and does not and will not: (i) require the consent or approval of any person or authority; or (ii) violate or contravene any provision of any law, rule, regulation or contractual or other restriction binding on or affecting Grantee or Grantee’s properties.

 

(b)                                 Grantee is aware of Company’s business affairs and financial condition and has acquired sufficient information about Company to reach an informed and knowledgeable decision to acquire the Restricted Stock.  Grantee is acquiring the Restricted Stock for investment for Grantee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.  Grantee does not have any present intention to transfer the Restricted Stock to any other person or entity.

 

(c)                                  Grantee understands that the Restricted Stock has not been registered under the Securities Act by reason of a specific exemption therefrom.

 

(d)                                 Grantee understands that the shares of Restricted Stock constitute “restricted securities” under applicable United States federal and state securities laws and that, pursuant to these laws, Grantee must hold the shares of Restricted Stock indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  Grantee acknowledges that Company has no obligation to register or qualify the Restricted Stock for sale.  Grantee further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Restricted Stock, and requirements relating to Company which are outside of the Grantee’s control, and which Company is under no obligation and may not be able to satisfy.

 

(e)                                  Grantee understands that Grantee may suffer adverse tax consequences as a result of Grantee’s acquisition, holding or disposition of the Restricted Stock.  Grantee represents that Grantee has consulted any tax consultants Grantee deems advisable in connection with the acquisition, holding or disposition of the Restricted Stock and that Grantee is not relying on Company for any tax advice.

 

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8.                                      Restrictions on Transfer; Involuntary Transfer; Death of Grantee.

 

(a)                                 Restrictions on Transfer.  Except as otherwise provided in this Agreement, Grantee shall not make any Transfer of the Restricted Stock without the prior written consent of Company, which consent may be withheld in the sole discretion of Company.  Notwithstanding any other provision of this Agreement, Grantee may not make any Transfer of any Restricted Stock if, in the opinion of counsel for Company, the Transfer would be in violation of the Securities Act, any rule or regulation thereunder or of the securities laws of any state.  Any such Transfer or other disposition shall be void ab initio.  Company shall not recognize any Transfer or attempted Transfer in contravention of this Agreement.

 

(b)                                 Involuntary Transfer.  If (i) any of the Restricted Stock would for any reason (other than pledge to secure the valid debts of the Company) be transferred by operation of law (including, but not limited to, a Transfer arising as a result of the divorce, bankruptcy, receivership, insolvency or similar proceeding of or with respect to Grantee, an assignment by Grantee for the benefit of creditors, the admission by Grantee of Grantee’s inability to pay Grantee’s debts when due, or sale of substantially all of the assets of Grantee, or any judicial process, but excluding the death of Grantee), or (ii) Grantee (or any of its heirs, executors or personal representatives) breaches, or fails to fulfill Grantee’s obligations under this Agreement, or any other agreement between Grantee and the Company (any such event in (i) or (ii) being a “Triggering Event”), Grantee shall immediately give notice to the Company of such Triggering Event.  Upon written notice given by, and at the election of, Company to Grantee within a period of sixty (60) days following the Triggering Event, Grantee shall sell to Company, and Company shall purchase from Grantee, all (but not less than all) of the Restricted Stock owned by Grantee at the time of the Triggering Event on the terms and conditions set forth in Sections 8(d) and 8(e) below.  Restricted Stock not purchased pursuant to this Section 8 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

(c)                                  Death of Grantee.  Upon written notice given by, and at the election of, Company to Grantee’s executor or personal representative within a period of sixty (60) days following the death of Grantee, Grantee’s executor or personal representative shall sell to Company, and Company shall purchase from Grantee’s estate, all (but not less than all) of the Restricted Stock owned by Grantee at his death on the terms and conditions set forth in Sections 8(d) and 8(e) below.  Restricted Stock not purchased pursuant to this Section 8 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

(d)                                 Purchase Price.  The purchase price for all Restricted Stock purchased by Company pursuant to Sections 8(b) and 8(c) shall be the Fair Market Value of such Restricted Stock at the time of the Triggering Event or Grantee’s death, as applicable.

 

(e)                                  Payment of Purchase Price.  All Restricted Stock purchased by Company pursuant to Sections 8(b) and 8(c) shall be paid for in cash or by check on such date and time as is set forth in Company’s notice given pursuant to Sections 8(b) and 8(c), which date shall be not later than thirty (30) days after the date of such notice.  Prior to payment for the purchased Restricted Stock, Grantee or Grantee’s executor or personal representative shall execute and deliver such instruments and documents as Company deems necessary or appropriate to effect such sale.

 

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(f)                                   Termination of Transfer Restrictions.  The restrictions on Transfers set forth in this Section 8 shall terminate upon the initial, underwritten public offering of the Company’s Restricted Stock registered under the Securities Act.

 

9.                                      Sale of Company (Drag-Along Rights and Obligations).

 

(a)                                 Approved Sale.  If (i) the Board by a vote of not less than 50% of the directors or (ii) the holders of not less than 50% of the shares of Company then outstanding approve a Sale (the “Approved Sale”), Grantee shall consent to, vote in favor of, raise no objections against, and not otherwise impede or delay, the Approved Sale.  In furtherance of the foregoing, if the Approved Sale is structured as (A) a merger or consolidation, Grantee shall vote his or her Restricted Stock to approve such merger or consolidation, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such merger or consolidation, (B) a sale of stock, Grantee shall agree to sell, and shall sell, all of his or her Restricted Stock, or (C) a sale of assets, Grantee shall vote his or her Restricted Stock to approve such sale and any subsequent liquidation of Company or other distribution of the proceeds therefrom, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such sale of assets.

 

(b)                                 Obligations.  In furtherance of its obligations under Section 9(a) above, (i) Grantee will take all necessary or desirable actions reasonably requested by the Board in connection with the consummation of the Approved Sale and (ii) Grantee will make the same representations, warranties, indemnities, agreements, covenants and obligations as each other holder of common stock, including without limitation, voting to approve such transaction and executing all documents requested by the Board to be executed by Grantee, including the applicable purchase agreement, stockholders agreement and/or indemnification and/or contribution agreement.  Without limiting the generality of the foregoing, in any Approved Sale, Grantee shall not be obligated to enter into indemnification obligations with respect to any representations, warranties, covenants or obligations of any other holder of common stock or such other holder’s common stock, but Grantee shall be obligated to make representations and warranties and as to his or her title to and ownership of Restricted Stock, authorization, execution and delivery of relevant documents by Grantee, enforceability of relevant agreements against Grantee and other matters relating to Grantee or Grantee’s Restricted Stock, to enter into covenants in respect of a Transfer of Grantee’s Restricted Stock in connection with such Approved Sale (including, without limitation, the delivery of certificates, stock powers and other instruments of transfer) and to enter into indemnification obligations with respect to the foregoing, in each case to the extent that each other holder of common stock is similarly obligated.

 

(c)                                  Conditions to Obligations.  The obligations of Grantee are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, Grantee shall receive the same form and amount of consideration per share of Restricted Stock as each other holder of Restricted Stock or if any holder of Restricted Stock is given an option as to the form and amount of consideration to be received, Grantee shall be given the same option (provided that the foregoing shall not apply to any management rollover portion of any such transaction pursuant to a stock option plan, stock purchase plan or other rollover plan approved

 

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by the Board), and (ii) Grantee, if a holder of then currently exercisable rights to acquire a security of Company, shall be given an opportunity to either (A) exercise such rights prior to the consummation of the Approved Sale and participate in such sale as a holder of such security or (B) upon the consummation of the Approved Sale, receive in exchange for such rights consideration equal to the amount determined by multiplying (1) the same amount of consideration per share of such type of security received by the holders of such type of security in connection with the Approved Sale less the exercise price per share of such type of security of such rights by (2) the number of shares of such type of security represented by such rights.

 

(d)                                 Expenses.  Grantee will bear his or her pro rata share (as if such expenses reduced the aggregate proceeds available for distribution in such Approved Sale) of the costs of any sale of Restricted Stock pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all holders of common stock and are not otherwise paid by Company or the acquiring party.  Costs incurred by Grantee on his or her own behalf (including the fees and disbursements of counsel, advisors and other Persons retained by Grantee in connection with the Approved Sale) will not be considered costs of the transaction hereunder and will be the responsibility of Grantee.

 

(e)                                  The provisions of this Section 9 shall continue to apply notwithstanding the occurrence of a Vesting Date with respect to all or any portion of the Restricted Stock.

 

10.                               Entire Agreement.  This Agreement contains all the understandings between the parties hereto pertaining to the matters referred to herein and therein, and supersedes all undertakings and agreements, whether oral or in writing, previously entered into by them with respect thereto.  Grantee represents that, in executing this Agreement, Grantee has not relied upon any representation or statement not set forth herein made by Company with regard to the subject matter or effect of this Agreement or otherwise.

 

11.                               Amendment or Modification, Waiver.  No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing, signed by Grantee and by Company.  No waiver by any party hereto of any breach by another party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same time, any prior time or any subsequent time.

 

12.                               Severability.  If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be validated and shall be enforced to the fullest extent permitted by law.

 

13.                               Survivorship.  The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

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14.                               Assignment.  This Agreement shall be binding upon the parties hereto, the heirs and legal representatives of Grantee and the successors and assigns of Company.

 

15.                               Notices.  Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid), or sent by nationally recognized overnight delivery service (e.g., Federal Express) to the following addresses (or at such other address as shall be given in writing by one party to the other, from time to time):

 

	
To the Company:
    	
AmeriQuest Business Services, Inc.
    
	
 
    	
457 Haddonfield Road, Suite 220
    
	
 
    	
Cherry Hill, New Jersey 08002
    
	
 
    	
Attention: Mark P. Joyce, EVP & CFO
    
	
 
    	
 
    
	
With a copy to:
    	
Graham R. Laub, Esquire
    
	
 
    	
Dilworth Paxson LLP
    
	
 
    	
1500 Market Street, Suite 3500E
    
	
 
    	
Philadelphia, PA 19102
    
	
 
    	
 
    
	
If to Grantee:
    	
 
    

 

 

16.                               Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey.

 

17.                               Section Headings.  The section headings herein have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof.

 

18.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Grant Agreement as of the date first above written.

 

	
 
    	
COMPANY:
    
	
 
    	
 
    	
 
    
	
 
    	
AMERIQUEST BUSINESS   SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Mark P. Joyce
    
	
 
    	
Title:
    	
Executive Vice   President &
    
	
 
    	
 
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GRANTEE:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
				

 

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AMERIQUEST BUSINESS SERVICES, INC.

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of           ,      (the “Purchase Date”), by and between AmeriQuest Business Services, Inc. (formerly AmeriQuest Transportation Services, Inc.), a New Jersey corporation (“Company”), and                 (“Purchaser”), an adult individual serving as a non-employee member of the Board of Directors of the Company (the “Board”).

 

As an incentive to Purchaser to continue to serve as a director of Company, Company offers shares of its common stock, $        par value per share (the “Common Stock”), to Purchaser, and Purchaser has elected to purchase Common Stock, upon the terms and conditions contained herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.                                      Definitions.  For purposes of this Agreement, the following terms shall be defined as set forth below.

 

“Affiliate” means an affiliate of Company, as defined in Rule 12b-2 promulgated under the Exchange Act.

 

“Change in Control” means the occurrence of any one of the following events:

 

(a)                                 More than 50% of the Company’s Voting Securities Acquired by an Outsider.  Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than (i) the Company or its Affiliates, (ii) Douglas Clark, (iii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or its Affiliates, and (iv) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Stock) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% or more of the combined voting power of the Company’s then outstanding voting securities;

 

(b)                                 Members of the Board as of the Effective Date Cease to Constitute a Majority of Directors.  The following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

 

 

(c)                                  Merger or Consolidation.  There is consummated a merger or consolidation of the Company, a Subsidiary or an Affiliate with any other corporation or other entity, which merger or consolidation:

 

(i)             results in the voting securities of the Company outstanding immediately prior thereto failing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) more than 50% of the combined voting power of the voting securities of the Company or the surviving or parent entity outstanding immediately after such merger or consolidation, or

 

(ii)          is effected to implement a recapitalization of the Company (or similar transaction) in which a “person” (as defined in clause (a) above), directly or indirectly, acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or

 

(d)                                 Complete Liquidation or Disposition of more than 75% of the Company’s Assets.  The stockholders of the Company approve a plan of complete liquidation of the Company or there is consummated an agreement for the sale or disposition by the Company of assets having an aggregate book value at the time of such sale or disposition of more than 75% of the total book value of the Company’s assets on a consolidated basis (or any transaction or series of related transactions having a similar effect), other than any such sale or disposition by the Company (including by way of spin-off or other distribution) to an entity, at least 50% of the combined voting power of the voting securities of which are owned immediately following such sale or disposition by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale or disposition.

 

Because severance agreements and severance plans are not intended to serve the same purpose as this Agreement, whether benefits are payable under a severance agreement or a severance plan does not determine whether a “Change in Control” has taken place under this Agreement.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fair Market Value” means the value approved by the Board in its sole discretion (including the affirmative vote or consent of a majority of the disinterested directors of the Board) each fiscal year, which value shall be based on an annual independent valuation of the Common Stock.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof

 

“Sale” means any of the following transactions that would, after consummation, constitute a Change in Control: (a) the sale or other disposition by Company, directly or indirectly, of all or substantially all of the assets, properties or business of Company and its subsidiaries on a consolidated basis, (b) the sale of any capital stock of Company or (c) any merger, consolidation or other business combination of Company.

 

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“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary” means, with respect to the Company, any corporation, partnership, limited liability company or other business entity of which an aggregate of 50% or more of the total combined voting power of all classes of stock is, at the time, directly or indirectly, owned or controlled by the Company.

 

“Transfer” means the sale, transfer, assignment, pledge or other disposition of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in any of a holder’s Common Stock.

 

2.                                      Issuance of Common Stock.  On the Purchase Date, Company shall sell to Purchaser, and Purchaser shall purchase from Company,        duly authorized and validly issued, fully paid and nonassessable shares of the Common Stock of Company at a purchase price of $      per share for a total of $            (the “Purchase Price”).

 

3.                                      Payment of Purchase Price.  The Purchase Price shall be paid by Purchaser to the Company in cash or by check on the Purchase Date.

 

4.                                      Investment and Taxation Representations.  In connection with the purchase of Common Stock, Purchaser represents to the Company the following:

 

(a)                                 The execution, delivery and performance of this Agreement by Purchaser is within Purchaser’s powers, and does not and will not: (i) require the consent or approval of any person or authority; or (ii) violate or contravene any provision of any law, rule, regulation or contractual or other restriction binding on or affecting Purchaser or Purchaser’s properties.

 

(b)                                 Purchaser is aware of Company’s business affairs and financial condition and has acquired sufficient information about Company to reach an informed and knowledgeable decision to acquire the Common Stock.  Purchaser is acquiring the Common Stock for investment for Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.  Purchaser does not have any present intention to transfer the Common Stock to any other person or entity.

 

(c)                                  Purchaser understands that the Common Stock has not been registered under the Securities Act by reason of a specific exemption therefrom.

 

(d)                                 Purchaser understands that the shares of Common Stock constitute “restricted securities” under applicable United States federal and state securities laws and that, pursuant to these laws, Purchaser must hold the shares of the Common Stock indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  Purchaser acknowledges that the Company has no obligation to register or qualify the Common Stock for sale.  Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Common Stock, and

 

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requirements relating to Company which are outside of Purchaser’s control, and which Company is under no obligation and may not be able to satisfy.

 

(e)                                  Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s acquisition, holding or disposition of the Common Stock.  Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the acquisition, holding or disposition of the Common Stock and that Purchaser is not relying on Company for any tax advice.

 

5.                                      Restrictions on Transfer; Involuntary Transfer; Death of Purchaser.

 

(a)                                 Restrictions on Transfer.  Except as otherwise provided in this Agreement, Purchaser shall not make any Transfer of the Common Stock without the prior written consent of Company, which consent may be withheld in the sole discretion of Company.  Notwithstanding any other provision of this Agreement, Purchaser may not make any Transfer of any Common Stock if, in the opinion of counsel for the Company, the Transfer would be in violation of the Securities Act, any rule or regulation thereunder or of the securities laws of any state.  Any such Transfer or other disposition shall be void ab initio.  Company shall not recognize any Transfer or attempted Transfer in contravention of this Agreement.

 

(b)                                 Involuntary Transfer.  If (i) any of the Common Stock would for any reason (other than pledge to secure the valid debts of the Company) be transferred by operation of law (including, but not limited to, a Transfer arising as a result of the divorce, bankruptcy, receivership, insolvency or similar proceeding of or with respect to Purchaser, an assignment by Purchaser for the benefit of creditors, the admission by Purchaser of Purchaser’s inability to pay Purchaser’s debts when due, or sale of substantially all of the assets of Purchaser, or any judicial process, but excluding the death of Purchaser), or (ii) Purchaser (or any of its heirs, executors or personal representatives) breaches, or fails to fulfill Purchaser’s obligations under this Agreement, or any other agreement between Purchaser and the Company (any such event in (i) or (ii) being a “Triggering Event”), Purchaser shall immediately give notice to the Company of such Triggering Event.  Upon written notice given by, and at the election of, Company to Purchaser within a period of sixty (60) days following the Triggering Event, Purchaser shall sell to Company, and Company shall purchase from Purchaser, all (but not less than all) of the Common Stock owned by Purchaser at the time of the Triggering Event on the terms and conditions set forth in Sections 5(d) and 5(e) below.  Common Stock not purchased pursuant to this Section 5 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

(c)                                  Death of Purchaser.  Upon written notice given by, and at the election of, the Company to Purchaser’s executor or personal representative within a period of sixty (60) days following the death of Purchaser, Purchaser’s executor or personal representative shall sell to Company, and Company shall purchase from Purchaser’s estate, all (but not less than all) of the Common Stock owned by Purchaser at his death on the terms and conditions set forth in Sections 5(d) and 5(e) below.  Common Stock not purchased pursuant to this Section 5 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

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(d)                                 Purchase Price.  The purchase price for all Common Stock purchased by Company pursuant to Sections 5(b) and 5(c) shall be the Fair Market Value of such Common Stock at the time of the Triggering Event or Purchaser’s death, as applicable.

 

(e)                                  Payment of Purchase Price.  All Common Stock purchased by Company pursuant to Sections 5(b) and 5(c) shall be paid for in cash or by check on such date and time as is set forth in Company’s notice given pursuant to Sections 5(b) and 5(c), which date shall be not later than thirty (30) days after the date of such notice.  Prior to payment for the purchased Common Stock, Purchaser or Purchaser’s executor or personal representative shall execute and deliver such instruments and documents as Company deems necessary or appropriate to effect such sale.

 

(f)                                   Termination of Transfer Restrictions.  The restrictions on Transfers set forth in this Section 5 shall terminate upon the initial, underwritten public offering of the Company’s Common Stock registered under the Securities Act.

 

6.                                      Sale of the Company (Drag-Along Rights and Obligations).

 

(a)                                 Approved Sale.  If (i) the Board by a vote of not less than 50% of the directors or (ii) the holders of not less than 50% of the shares of Company then outstanding approve a Sale (the “Approved Sale”), Purchaser shall consent to, vote in favor of, raise no objections against, and not otherwise impede or delay, the Approved Sale.  In furtherance of the foregoing, if the Approved Sale is structured as (A) a merger or consolidation, Purchaser shall vote his or her Common Stock to approve such merger or consolidation, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such merger or consolidation, (B) a sale of stock, Purchaser shall agree to sell, and shall sell, all of his or her Common Stock, or (C) a sale of assets, Purchaser shall vote his or her Common Stock to approve such sale and any subsequent liquidation of Company or other distribution of the proceeds therefrom, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such sale of assets.

 

(b)                                 Obligations.  In furtherance of its obligations under Section 6(a) above, (i) Purchaser will take all necessary or desirable actions reasonably requested by the Board in connection with the consummation of the Approved Sale and (ii) Purchaser will make the same representations, warranties, indemnities, agreements, covenants and obligations as each other holder of common stock, including without limitation, voting to approve such transaction and executing all documents requested by the Board to be executed by Purchaser, including the applicable purchase agreement, stockholders agreement and/or indemnification and/or contribution agreement.  Without limiting the generality of the foregoing, in any Approved Sale, Purchaser shall not be obligated to enter into indemnification obligations with respect to any representations, warranties, covenants or obligations of any other holder of common stock or such other holder’s common stock, but Purchaser shall be obligated to make representations and warranties and as to his or her title to and ownership of Common Stock, authorization, execution and delivery of relevant documents by Purchaser, enforceability of relevant agreements against Purchaser and other matters relating to Purchaser or Purchaser’s Common Stock, to enter into covenants in respect of a Transfer of Purchaser’s Common Stock in connection with such

 

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Approved Sale (including, without limitation, the delivery of certificates, stock powers and other instruments of transfer) and to enter into indemnification obligations with respect to the foregoing, in each case to the extent that each other holder of common stock is similarly obligated.

 

(c)                                  Conditions to Obligations.  The obligations of Purchaser are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, Purchaser shall receive the same form and amount of consideration per share of Common Stock as each other holder of Common Stock or if any holder of Common Stock is given an option as to the form and amount of consideration to be received, Purchaser shall be given the same option (provided that the foregoing shall not apply to any management rollover portion of any such transaction pursuant to a stock option plan, stock purchase plan or other rollover plan approved by the Board), and (ii) Purchaser, if a holder of then currently exercisable rights to acquire a security of Company, shall be given an opportunity to either (A) exercise such rights prior to the consummation of the Approved Sale and participate in such sale as a holder of such security or (B) upon the consummation of the Approved Sale, receive in exchange for such rights consideration equal to the amount determined by multiplying (1) the same amount of consideration per share of such type of security received by the holders of such type of security in connection with the Approved Sale less the exercise price per share of such type of security of such rights by (2) the number of shares of such type of security represented by such rights.

 

(d)                                 Expenses.  Purchaser will bear his or her pro rata share (as if such expenses reduced the aggregate proceeds available for distribution in such Approved Sale) of the costs of any sale of Common Stock pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all holders of common stock and are not otherwise paid by Company or the acquiring party.  Costs incurred by Purchaser on his or her own behalf (including the fees and disbursements of counsel, advisors and other Persons retained by Purchaser in connection with the Approved Sale) will not be considered costs of the transaction hereunder and will be the responsibility of Purchaser.

 

7.                                      Entire Agreement.  This Agreement contains all the understandings between the parties hereto pertaining to the matters referred to herein and therein, and supersedes all undertakings and agreements, whether oral or in writing, previously entered into by them with respect thereto.  Purchaser represents that, in executing this Agreement, Purchaser has not relied upon any representation or statement not set forth herein made by Company with regard to the subject matter or effect of this Agreement or otherwise.

 

8.                                      Amendment or Modification, Waiver.  No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing, signed by Purchaser and by Company.  No waiver by any party hereto of any breach by another party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same time, any prior time or any subsequent time.

 

9.                                      Severability.  If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the

 

6

 

application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be validated and shall be enforced to the fullest extent permitted by law.

 

10.                               Survivorship.  The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

11.                               Assignment.  This Agreement shall be binding upon the parties hereto, the heirs and legal representatives of Purchaser and the successors and assigns of Company.

 

12.                               Notices.  Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid), or sent by nationally recognized overnight delivery service (e.g., Federal Express) to the following addresses (or at such other address as shall be given in writing by one party to the other, from time to time):

 

	
To the Company:
    	
AmeriQuest Business   Services, Inc.
    
	
 
    	
457 Haddonfield Road,   Suite 220
    
	
 
    	
Cherry Hill, New Jersey   08002
    
	
 
    	
Attention: Mark P.   Joyce, EVP & CFO
    
	
 
    	
 
    
	
With a copy to:
    	
Graham R. Laub, Esquire
    
	
 
    	
Dilworth Paxson LLP
    
	
 
    	
1500 Market Street,   Suite 3500E
    
	
 
    	
Philadelphia, PA 19102
    

 

To Purchaser:

 

 

13.                               Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey.

 

14.                               Section Headings.  The section headings herein have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof.

 

15.                               Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

7

 

IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date first above written.

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
AMERIQUEST BUSINESS   SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Mark P. Joyce
    
	
 
    	
Title:
    	
Executive Vice   President &
    
	
 
    	
 
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
				

 

8Exhibit 10.14

 

Volvo Financial Services

 

Master Loan and Security Agreement

 

BORROWER’S NAME AND ADDRESS

 

	
Legal Name: 
    	
 
    	
AMERIQUEST   LEASING & MAINTENANCE, INC.
    
	
 
    	
 
    	
 
    
	
Business Type: 
    	
 
    	
C   Corporation 
    
	
 
    	
 
    	
 
    
	
Mailing Address:
    	
 
    	
6195   Crooked Creek Rood ATTN: Kelly Winnett, NORCROSS, GA, 30092
    
	
 
    	
 
    	
 
    
	
Street Address:
    	
 
    	
6195   Crooked Creek Road
    
	
 
    	
 
    
	
City: 
    	
 
    	
NORCROSS
    	
State:   GA
    	
Zip:   30092
    
	
 
    	
 
    
	
County:
    	
 
    	
GWINNETT
    	
Telephone:   770-225-6586
    	
Fax:
    
	
 
    	
 
    
	
Federal ID/SSN:
    	
 
    	
27-3135502   
    
	
 
    	
 
    
	
Customer No:
    	
 
    	
7621040
    	
State   of Formation: DE or State of Residence: N/A
    
								

 

Dated: As of 3/29/2012

 

	
Borrower: AMERIQUEST   LEASING & MAINTENANCE, INC, DBA Cure Leasing &   Maintenance 
    	
 
    	
Lender: Volvo Financial   Services, a division of VFS US LLC 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
7025 Albert Pick Road,   Suite 105 (27409)
    
	
Title:
    	
 
    	
 
    	
P.O. Box 26131
    
	
Print Name:
    	
 
    	
 
    	
Greensboro, North   Carolina 27402-6131
    
	
Signature:
    	
 
    	
 
    	
Signature:
    
	
X
    	
 
    	
 
    	
 
    

 

This Master Loan and Security Agreement (this “Agreement”) is entered into as of 3/29/2012 by and between AMERLQUEST LEASING & MAINTENANCE, INC. (“Borrower,” and if more than one, jointly and severally, the “Borrower”), whose principal place of business is at the address set forth above, and Volvo Financial Services, a division of VFS US LLC, a Delaware limited liability company, (“Lender”), at 7025 Albert Pick Road Suite 105, PO Box 26131, Greensboro, North Carolina 27402-6131 (“Lender”),

 

Borrower has requested Lender to make loans from time to time to Borrower, the proceeds of which will be used by Borrower to acquire directly from sellers and/or manufacturers such construction, motor vehicles, trailers, and other personal property or related equipment (collectively, the “Equipment”) as more particularly described on schedules to be attached from time to time to this Agreement in the form attached as Exhibit “A” (each a “Schedule”) and, subject to the terms and conditions of this Agreement, Lender has to agree to make such loans to Borrower, the proceeds of the loans to be used for such acquisitions. In order to induce Lender to enter into this Agreement, Borrower has agreed to grant Lender a purchase money, first priority security interest in the Equipment. When used in this Master Loan and Security Agreement, the phrase “this Agreement” and any similar phrase shall mean collectively, this Agreement, all Schedules and and other documents executed by Lender and Borrower. Each Schedule shall be deemed a separate loan agreement with respect to the Equipment described therein, and each Schedule shall be deemed to incorporate by reference the terms of this Agreement.

 

For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower and Leader agree as follows:

 

I.  The Loan, Subject to satisfaction of all of the terms and conditions of this Agreement, Lender agrees to loan to Borrower, in one or more transactions, such amounts as maybe mutually agreed upon by Lender and Borrower from time to time (collectively, the, “Loan Amount”).

 

(a)  Advances.  Each advance of a portion of the Loan Amount (an “Advance”) shall be evidenced by a Promissory Note (Secured) in form and substance satisfactory to Lender and substantially in the form attached as Exhibit “B” to this Agreement (each a “Note”). Borrower agrees to make all payments of any amounts due under this Agreement, the Notes, or any ether agreement or document executed in connection therewith, in the manner required by Lender, including, but not limited to, by wire transfer, electronic funds transfer, or by automatic withdrawal from Borrower’s accounts.

 

(b)  Conditions Precedent.  Lender shall have no obligation to make any Advance to or on behalf of Borrower until all of the following conditions precedent are fulfilled to the reasonable satisfaction of Lender: (i) all of the representations made by Borrower in this Agreement are true and accurate as of the date of such requested Advance (each a “Funding Date”); (ii) Borrower has provided Lender with evidence of Borrower’s compliance with the insurance requirements set forth in this Agreement; (iii) Lender has received UCC Form 1 Financing Statements (if required by Lender) which Borrower hereby authorizes Lender to file and, if applicable, evidence of titling and registration of the Equipment for which the Advance has been requested, all of such documents reflecting Lender’s first priority security interest in form and substance satisfactory to Lender; (iv) if required by Lender, Borrower has provided a certificate of its secretary or other authorized officer certifying (1) Borrower’s charter and governing documents, (2) resolutions of Borrower’s governing board duly authorizing the execution, delivery, and performance of this Agreement, the Notes, and all other documents executed in connection therewith (each a “Loan Document” and collectively with any guaranties required under this Agreement, the “Loan Documents”), and (3) the incumbency and signatures of the officers authorized to execute the Loan Documents; (v) if required by Lender, Lender has received executed guaranties in form and substance satisfactory to Lender; (vi) Lender has received a Schedule and Note executed by Borrower, each in form and substance satisfactory to Lender; (vii) if Lender so requires, opinion(s) of counsel for each Borrower and any Guarantor, in form and substance satisfactory to Lender; (vii) a certificate form a duly executed officer of Borrower that no Event of Default or event which, but for the passage of time or the giving of notice, or both, would constitute an Event of Default under any of the Loan Documents has occurred and is continuing, and (ix) such other documents may be requested by Lender.

 

2. Security Agreement.  To secure Borrower’s full and complete payment and performance under all of the Loan documents, Borrower hereby grants to Lender a security interest in and to the Equipment and such other equipment and goods as described on the Schedules now and hereafter to be attached to this Agreement together with all attachments, accessions, replacements, parts, proceeds (including insurance proceeds), income, earnings, accounts, rights to payment (including monetary obligations, whether or not earned to performance), secondary obligations incurred or to be incurred, chattel paper, electronic chattel paper, general

 

 

intangibles, payment intangibles, promissory notes, warranties, service contracts, documents, records now or hereafter arising front the Equipment (collectively, the “Collateral”).  The security interest in the Collateral and the rights granted hereunder shall secure the following (collectively, the “Obligations”): (i) the indebtedness of Borrower to Lender, or any affiliates of Lender, evidenced by each of the Notes (and any renewals, extensions, or modifications thereof), together with interest thereon, late charges, and costs of collection as provided in each of the Notes; (ii) the payments of all amounts agreed to be paid by Borrower in this Agreement and the other Loan Documents; and (iii) the observance and performance by Borrower of all of the terms, provisions, and covenants to be performed by Borrower under this Agreement or any of the other Loan Documents, or under any agreements of whatever nature with any affiliate of the Lender. The security interest shall remain in full effect, without waiver or surrender of any of Lender’s rights hereunder, notwithstanding any one or more of the following: (i) extension of the time of payment of the whole or any part any of any Note; (ii) any change in the terms and conditions of any Note; (iii) substitution of any other note or evidence of indebtedness for any Note; (iv) surrender, release, exchange, or alteration or any Collateral or other security, either in whole or in part; or (v) release, settlement, discharge, compromise, change, or amendment, in whole or in part, of any claim of Lender against Borrower or of any claim against any guarantor or other party secondarily or additionally liable for the payment of any Note.

 

3.  Borrower’s Representations.  Borrower warrants and represent to Lender, expressly acknowledging that Lender is relying on these warranties and representations, that, as of the date of this Agreement and/or the date or each Advance, as applicable, and agrees that until all of the Obligations have been irrevocably satisfied in full: (i) all information supplied by Borrower in any financial, credit, or accounting statement to Lender is and will be true, correct, and genuine; (ii) that each item of Equipment is to be used only for business purposes; (iii) Borrower is duly organized, validly existing, and in good standing under the laws of the state of its formation; (iv) Borrower has the full authority to enter into each of the Loan Documents and to perform all of its obligations under each of the Loan Documents; (v) Borrower has duly executed, authorized, and delivered all of the Loan Documents and each of the Loan Documents constitutes the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with its terms; (vi) that the execution, delivery, and performance of the transactions contemplated in each of the Loan Documents does not require the approval of any stockholder, trustee, or holder of any obligations of Borrower and does not and will not violate any law, rule, or order now binding on Borrower, or the charter, by-laws, or other governing documents of Borrower, or violate the provisions of, constitute a default under, or result in the creation of any lien or encumbrance upon the property of Borrower under, any contract or agreement to which Borrower is a party or by which it or its assets are bound, or require the consent or approval or the giving of notice to the federal or any state or local government (other than customary titling, registration, and security interest filings); (vii) there are no pending or overtly threatened actions or proceedings, which either, individually, or in the aggregate, would materially adversely affect the financial condition of Borrower or Borrower’s ability to fully perform all of its obligations under any of the Loan Documents; (viii) the Equipment is owned by Borrower and are free of all security interests and liens, except for the lien of the Loan Documents; (ix) Borrower maintains its principal place of business at the address set forth on page 1 of this Agreement, and Borrower’s exact legal name and state of formation, are identified on page 1 of this Agreement; Borrower agrees not to change its principal place of business, state of formation, or legal name without 30 days’ prior written notice to Lender, and Borrower retains its records concerning the Collateral at the address set forth above; and (x) Lender shall have a perfected security interest in the Collateral at all times that shall be prior to any other interests in the Collateral.

 

4.  Borrower’s Obligations.  In addition to and not in limitation of any other agreements of Borrower, Borrower agrees at its sole expense: (a) to use or permit the use of each item of Equipment only in the United States (or in Canada for not more than 60 days during any rolling 12 calendar month period to be determined individually for each item of Equipment) in the ordinary course of its business and in compliance with all applicable laws and regulations and insurance policies; (b) to keep each item of Equipment free from all claims and liens; (c) to file, report, and pay on its and Lender’s behalf by their due date all taxes, fees, and assessments of any and every kind on each item of Equipment sending a copy of such filing and payment contemporaneously to Lender; (d) to defend any action, proceeding, or claim affecting the Equipment or Lender’s security interest therein; (e) to maintain the Equipment in good operating condition, repair, and appearance in conformity with all governmental regulations, Insurance requirements, and manufacturer’s warranty requirements; (f) if titled Equipment, to obtain a certificate of title on each item of Equipment showing Lender’s security interest, and for all types of Equipment to preserve and perfect Lender’s security interest by authorizing Lender to file financing statements and also execute any required financing statements; (g) to not misuse, secrete, sell, rent, lend, encumber, transfer, or illegally use any of the Equipment nor permit any item of Equipment to be operated by or be in the possession of any affiliate of Borrower nor any other entity nor assign any of its interests or obligations (regardless of whether any of the foregoing occur voluntarily or by operation or law); (h) that Lender may enter any premises to inspect the Equipment or Borrower’s books and records on the Equipment at any time during usual business hours; (i) to provide Lender with complete financial information of Borrower upon request by Lender from time to time, such financial information to include income statements and balance sheets, prepared in accordance with generally accepted accounting principles — unaudited on a quarterly basis within 30 days after the end of each quarter and audited on an annual basis within 90 days after each fiscal year end; (j) to give Lender prompt written notice of any lien or claim on any Item of Equipment for which it is obligated to indemnify Lender; (k) Borrower will not transfer or permit any transfer of any part of the Collateral to be made or any interest therein to be created by sale (except as expressly permitted in this Agreement), grant of a security interest, or by levy, or other judicial process (whether occurring voluntarily or by operation of law); (l) Borrower may sell or dispose of only that part of the Collateral that Borrower is obligated hereby to replace, and, unless the proceeds are invested in replacement property of like kind and of equal or greater value, or Lender agrees otherwise in writing, all proceeds of any such sale or other disposition shall promptly be paid by Borrower to Lender to be applied against the Obligations, regardless of whether the Obligations are then due and payable; (m) Borrower shall take all actions and execute and file all documents reasonably requested by Lender to establish, maintain, and continue the perfected security interest of Lender in the Collateral and that a carbon, photographic, or other reproduction of this Agreement may be filed as a financing statement; (n) Borrower will, within ten (10) days of receipt of written notice from Lender, pay all costs and expenses of filing and recording (including the costs of all searches deemed necessary by Lender) to establish, maintain, and determine the validity of Lender’s security interest; (o) Borrower, within ten (10) days after any request of Lender, will confirm the amount due on any Note and will provide a description of any alleged offsets, counterclaims, or defenses to the payment thereof; (p) If titled Equipment, Borrower hereby grants Lender an irrevocable power of attorney for the purpose of titling and registering the Equipment and perfecting Lender’s security interest in the Collateral so long as the Obligations remain outstanding; (q) if non-titled Equipment, Borrower hereby appoints Lender as agent for the benefit of Borrower and grants Lender an irrevocable power of attorney, to take any and all actions and to execute and file all documents necessary to establish, maintain, and continue the perfected security interest of Lender in the Units, in the name of and on behalf of Borrower, at Borrower’s sole cost and expense.  This power of attorney is coupled with an interest and is irrevocable during the term of this Agreement; and (r) Borrower shall not permit the Equipment to be used for transportation of passengers or for the digging, hauling, loading, storing or transporting of material designated as hazardous, radioactive, toxic, flammable, or explosive, or environmentally hazardous, unsafe, or dangerous under any federal, state, or local law, rule.

 

5.  Insurance and Risk of Loss.  All risk of loss, damage or destruction of the Equipment will at all times be on Borrower.  Borrower agrees to maintain, at Borrower’s expense: (a) property insurance, or other insurance acceptable to Lender, protecting the Equipment from loss or damage by fire, theft and other customary risks for the greater of the Equipment’s replacement coat or the indebtedness with a deductible not to exceed $2,500 per item of Equipment, naming Lender as a loss payee on a “Lender’s Loss Payable” endorsement; and (b) liability insurance in an amount not less than $1,000,000 per occurrence (collectively “Required Insurance”).  Borrower male provide Lender satisfactory written evidence of Required Insurance within thirty (30) days of the commencement date of this agreement, the cancellation or expiration of such Required Insurance, or of any subsequent written request from Lender.  If Borrower does not do so, Lender may obtain insurance from an Insurer of Lender’s choosing in such forms and amounts as Lender deems reasonable to protect Lender’s interests (collectively, “Lender’s Insurance”).  Lender’s insurance will cover the Equipment and the Lender; it will not name Borrower as an insured and may not cover all of the Borrower’s interest in the Equipment.  Borrower agrees to pay Lender periodic charges for Lender’s Insurance (collectively, “Insurance Charges”) that include: a premium that may be higher than if the Borrower maintained the Required Insurance separately; a finance charge of up to 1.5% per month on any advances made by Lender or Lender’s agents; and commissions, and billing and processing fees; any or all of which may generate a profit to Lender and Lender’s agents.  If Borrower falls to provide satisfactory evidence of Required Insurance by the due date, Lender may pay Insurance Charges by debiting Borrower’s account under any previously authorized automatic payment.  Lender shall discontinue billing or debting Insurance Charges upon receipt of satisfactory evidence or Required Insurance.  Borrower shall immediately notify Lender of any loss or damage to Equipment which makes any item of Equipment unfit for continued or repairable use.  Borrower hereby irrevocably appoints Lender as Borrower’s attorney-in-fact to execute and endorse all checks or drafts in Borrower’s name to collect under any insurance covering Equipment.  Lender may apply insurance proceeds to the Obligations or any other obligation of Borrower to Lender as Lender deems appropriate.

 

6.  Borrower’s General Indemnities.  Borrower, at Borrower’s sole expense, will indemnify and hold harmless and upon demand reimburse Lender and its agents for, from, and against any and all liabilities, losses, damages, actions, causes of action, suits, proceedings, claims, demands, assessments, fines, penalties, judgments, fees,

 

 

costs and expenses (including attorneys’ fees and expenses) of every kind and nature arising out of or related to this Agreement, any other Loan Document, the Collateral, or any part thereof, and the selection, manufacture, purchase, delivery, sale, possession, use, misuse, contents, repair, collision, condition, or return of any item of Equipment and any breach by Borrower of any of its obligations to Lender under this Agreement or any other Loan Document.  The obligations of Borrower and the rights of Lender under this Section 6 shall survive payment and performance of the Obligations in full and shall remain in full force and effect without termination.

 

7.  Continuation of Agreement.  This Agreement shall remain in full force and effect, without waiver or surrender of any of Lender’s rights hereunder, notwithstanding (a) extension of the time of payment of the whole or any part of the Obligations; (b) any modification to the Notes or substitution of any other note or evidence of indebtedness for any Note; (c) acceptance by Lender of any Collateral or security of any kind as partial payment of the Obligations; or (d) surrender, release, exchange, or alteration of any Collateral in whole or any part.

 

8.  Events of Default.  An “Event of Default” shall exist under this Agreement or any Schedule and all of the Loan Documents upon the occurrence or any or the following; (i) the occurrence of an Event of Default under any Note or any other of the Loan Documents; (ii) the failure by Borrower or any guarantor to perform any obligation not involving the payment of money, or to comply with any other term or condition applicable to Borrower or guarantor under any of the Loan Documents and such obligation, term, or condition remains unsatisfied after fifteen (15) days’ written notice to Borrower or guarantor; provided, however, that for any breach of any insurance provision or other covenant causing immediate risk to Lender’s interest in the Equipment, the cure period will be limited to ten (10) days; (iii) any representation or warranty made by Borrower or any guarantor in any of the Loan Documents or otherwise or any information delivered by Borrower or any guarantor in obtaining hereafter in connection with the credit evidenced by any Loan Document is materially incomplete, incorrect, or misleading as of the date made or delivered; (iv) Borrower or any guarantor in unable or admits in writing its inability to pay its monetary obligations as the become due, makes a general assignment for the benefit of creditors, or applies for or acquiesces in the appointment of a trustee, receiver, or other custodian for such party or any of its assets or property, or a trustee, receiver, or other custodian is appointed for Borrower or any guarantor or any of their assets or property; (v) commencement of any case under the Bankruptcy Code (Title 11 of the United Stales Code) or any similar proceeding under tiny federal, state, or foreign law by or against Borrower or any guarantor; (vi) the death, incompetence, dissolution, or liquidation of Borrower or any guarantor, the consolidation or merger or Borrower or any guarantor with any person or entity, or the taking of any action by Borrower or any guarantor toward any dissolution, liquidation, consolidation, or merger (regardless of whether such actions occur voluntarily or by operation of law); (vii) Borrower or any guarantor becomes insolvent, ceases to do business in the ordinary course or suffers a material adverse change in its management or ownership; (viii) the sale, assignment, or transfer of all or substantially all of its assets by Borrower or any guarantor (regardless of whether such action occurs voluntarily or by operation of law); (ix) Borrower or any guarantor, or any other parson acting on behalf of such parties, claims that any Loan Document or any lien or security interest is not legal, valid, binding, or enforceable against Borrower or any guarantor, or that the priority of any lien or security interest securing any of the Obligations is different than the priority represented and warranted in the Loan Documents; (x) any of the Equipment is lost, severely damaged, destroyed, or seized; (xi) Borrower or any guarantor shall be in default with respect to any agreement with or obligation to any other party for the payment of borrowed money, contractual obligation, or rent, and such default exceeds an aggregate amount of One Million Dollars (US $1,000,000); and (xii) the occurrence or any condition or event that is a default or is designated as a default, event of default, or Event of Default, trader any other Loan Document, or in any other agreement, contract, or indebtedness or Borrower or any guarantor to Lender or or Borrower or any guarantor to any affiliate of Lender.

 

9.  Rights and Remedies of Lender.  Upon the occurrence of an Event of Default under this Agreement and at any time thereafter, Lender shall have the following rights and remedies; (i) Lender may, at its option, declare all of the Obligations immediately due and payable; (ii) Lender may, without notice or demand or legal process, take possession of the Collateral wherever found and, for this purpose, may enter upon the property occupied or under the control of Borrower; (iii) Lender may require Borrower to assemble the Collateral and make it available to Lender at a place to be designated by Lender; (iv) Lender, at the expense of Borrower, may make repairs deemed necessary or desirable to the Collateral; (v) with or without obtaining possession of the Collateral or any part thereof, sell the same at a public or private sale in the wholesale or retail market, with or without notice to the Borrower.  Lender may also advertise and sell repossessed Collateral through internal websites through which equipment similar to the Collateral is sold and such disposition shall be deemed in conformity with reasonable commercial practice among dealers of the type of property that was the subject of the disposition.  The proceeds of any sale or sales, after deducting all expense of Lender in taking, storing, repairing, and selling the Collateral (including reasonable attorneys’ fees and legal expenses) shall be applied to the payment of any part or all of the Obligations and any other indebtedness or liability or Borrower to Lender, end any surplus thereafter remaining shall be paid to Borrower or to any other person that may be legally entitled to such surplus.  At any sale or disposition, Lender may accept a trade of property for all or any portion of the sales price.  As permitted by applicable law, Lender may, at any sale, public or private, of the Collateral, purchase any or all of the Collateral offered at such sale.  Lender shall be under no duty to select any items or Collateral over any other items or to sell the items of Collateral pro rata or in any order but may select and sell such Items as Lender may determine.  Lender shall not be responsible for any injury or loss to the Collateral unless caused by the willful wrongful acts or omission of Lender while the Collateral is in Lender’s possession.  Lender may, at its option, and without any obligation to do so, pay, perform, and discharge any and all amounts, costs, expenses, and liabilities herein agreed to be paid or performed by Borrower, and all amounts so expended by Lender shall become part of the Obligations and shall be immediately due and payable by Borrower upon demand and shall bear interest at the Default Rate (as defined in the Notes).  Lender may pursue any legal remedy available to collect all Obligations and to enforce its rights in the Collateral.  No action by Lender shall operate at a waiver of any other right or remedy of Lender.  The failure of Lender to take any of the actions or exercise any of the rights or remedies granted to Lender in this Agreement shall not be construed to be a waiver of any of the rights or remedies of Lender.  Lender shall have all of the rights and remedies afforded a secured party under the Uniform Commercial Code as adopted in North Carolina and all other rights or remedies provided under applicable law.  Borrower agrees that the Collateral is of a type customarily sold in recognized markets within the meaning of the Uniform Commercial Code.  All rights and remedies of Lender under this Agreement shall be cumulative and not alternative and shall inure to the benefit of Lender and its successors and assigns.  In Lender’s exercise of the powers granted by Borrower under this Agreement, no liability shall be asserted or enforced against Lender except for Lender’s willful wrongful acts, and Borrower expressly waives and releases Lender from all other such claims or liabilities.

 

10.  Consents and Waivers.  To the extent permitted under applicable law, Borrower expressly consents to and authorizes any court of competent jurisdiction to issue, by hearing without notice, such order or orders as may be appropriate or necessary to enforce the terms of this Agreement, granting to Lender such powers, orders, or authority as Lender shall need or desire to enforce this Agreement.  Any such court is directed not to require any bond of Lender, the parties agreeing that time is of the essence to protect the interests of Lender.  Borrower hereby acknowledges its express intent to waive and abandon all personal properly exemptions granted by law with respect to the Collateral.  To the extent permitted under applicable law, Borrower expressly waives any notice of sale or other disposition of the Collateral, notice of exercise of any other right or remedy by Lender and any other right to notice after an Event of Default; and that to the extent such notices can not be waived, any notice given to Borrower at the address set forth on page 1 of this Agreement (or to such other address provided in writing by Borrower) by registered or certified mail at lease five (5) days before the date of sale shall be deemed reasonable and to fully satisfy the requirement for giving of notice to Borrower.

 

11.  Liability of Lender.  Lender shall not in any way be liable for the condition or maintenance of the Collateral or any failure to do any or all of the actions for which rights and authority arc granted in this Agreement.  The failure of Lender to take any of the actions or exercise any of the rights, interests, powers, or authority granted to Lender under this Agreement shall not be confined to be a waiver of any of the rights, interests, powers, or authority granted to Lender under this Agreement.  In exercise of its rights and remedies Lender shall not have any liability to Borrower for any injury to the assets, business, or operations of Borrower or any other liability, other than for Lender’s own gross negligence or willful misconduct.

 

12.  Incorporation by Reference.  Each of the Notes, Exhibits, Schedules, and other Loan Documents attached to, or referred to in, this Agreement now or at any time hereafter are hereby incorporated in this Agreement by this reference as if restated in their entirety.

 

13.  Construction.  Unless otherwise expressly provided in a Loan Document, in the event of any conflict between any provision of a Note and any other Loan Document, the terms of the Note shall control such conflict.  The parties to the Loan Documents have negotiated the terms of the transactions evidenced by the Loan Documents and the drafting of the Loan Documents shall not be construed for or against Borrower, any guarantor, or Lender.

 

14.  Assignments or Transfers.

 

(a)  Transfers by Lender.  Borrower acknowledges that Lender may assign, transfer, grant a participation in, or grant a security interest in this Agreement, any Note, or Lender’s interest therein without notice to Borrower.  Any assignee or transferee of Lender shall have the rights, assigned and transferred, but none of the obligations of Lender under this Agreement, and Borrower agrees that it will not assert against any assignee or transferee of Lender any defense, counterclaim, or offset

 

 

which Borrower may have or may claim against Lender or its agents.  Borrower acknowledges that any assignment or transfer by Lender shall not materially change Borrower’s duties or obligations under this Agreement, any Note, or any other Loan Document.

 

(b)  Transfers by Borrower.  Neither Borrower nor any guarantor shall assign, transfer, delegate, or dispose (whether voluntarily or by operation of law) of all or any part of its Obligations under this Agreement, any Note, or any other Loan Document, or enter into a lease of all or any part of the Equipment, without the prior written consent of Lender and any such action attempted without the prior written consent of Lender shall he void as against Lender and constitute an immediate Event of Default under this Agreement.  Notwithstanding the foregoing prohibition against such transfers by Borrower, Borrower hereby transfers, conveys, and assigns to Lender and and grants to Lender a security interest in all of Borrower’s rights, title, and interest in, but none of its obligations under, any lease of the Equipment, and all proceeds and income arising therefrom.  In the event Lender is requested to consent to a lease of the Equipment, any permitted lease must be in form acceptable to Lender and assigned to Lender by Borrower by an assignment in form approved by Lender.

 

15.  Survival.  The representations, warranties, and covenants, of the Borrower and any guarantor in the Loan Documents shall survive the execution and delivery of the Loan Documents and the making of the Advances to or on behalf of Borrower.

 

16.  Multiple Finance Accommodations.  If Borrower has more than one loan or other finance accommodation with Lender, Borrower agrees that (i) the Loan Documents and the documents relating to such other finance accommodations shall all remain in effect and neither shall supersede the other, regardless of whether the Loan Documents and such other financing documents have differing terms, conditions, and requirements; and (ii)  regardless of such differences, Borrower shall comply with all of the terms, conditions and requirements of the Loan Documents and such other financing documents.

 

17.  Miscellaneous.  TIME IS OF THE ESSENCE WITH REGARD TO EACH PROVISION OF THE LOAN DOCUMENTS AS TO WHICH TIME IS A FACTOR.  The headings at the beginning of sections of the Loan Documents are solely for convenience and do not modify any sections.  In each Loan Document, the singular shall include the plural and vice versa and each gender shall include the other gender.  If any provision of any of the Loan Documents is unenforceable, such provision shall be automatically modified to the minimum extent possible to make such provision enforceable, and the enforceability of the other provisions of the Loan Documents shall not be affected.  The Loan Documents shall be binding upon and inure to the benefit of Lender, Borrower, and any guarantor and each of their respective permitted successors and assigns.  Borrower agrees that any document processing fees may be shared with or rebated to the selling dealer.  In the event Borrower is composed of more than one party, the obligations, covenants, agreements, and warranties contained herein, as well as the obligations arising therefrom, are and shall be joint and several as to each such party.  Borrower certifies they are not subject to any prohibitions under any regulation or orders of the U.S. Dept. of Treasury’s Office of Foreign Assets Control. . Borrower also certifies that they do not engage in any transactions prohibited by any U.S. laws.  To the extent permitted by applicable law the Borrower and Lender hereby voluntarily and intentionally waive the right either may have to trial by jury in respect to any litigation in connection with this Agreement, any other loan document, or actions or statements (whether verbal or written) of any party.  These Loan Documents may be executed and delivered by facsimile signature and a facsimile signature shall be treated as an original.  Multiple signatures to these Loan Documents delivered separately shall constitute one original Loan Document.

 

18.  Lender Agents.  Borrower agrees that Lender may appoint one or more agents to act on its behalf and that such agents have the power and right to administer and enforce this Agreement.

 

 

Volvo Financial Services

 

ADDENDUM NO. 001 TO Master Loan and Security Agreement

 

This Addendum No. 001 to the Master Loan and Security Agreement is dated as of March 29, 2012 and is attached to and incorporated by this reference in that certain Master Loan and Security Agreement of the same date between Volvo Commercial Finance, a division of VFS US LLC as Lender, and AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance, as Borrower (the “Agreement”).

 

All capitalized terms used and not defined in this Addendum are used with the same meaning as given in the Agreement.

 

Lender and Borrower hereby agree that the Master Loan and Security Agreement shall be amended as provided below.

 

1.              Paragraph 4 of the Agreement is hereby modified by amending and restating clause (c) appearing therein in its entirety to read as follows:

 

“(c) to file, report, and pay on its and Lender’s behalf by their due date all taxes, fees, and assessments of any and every kind on each item of Equipment and maintaining records evidencing that it has made such filings, reports and payments, and promptly upon request of Lender, sending a copy of such filing, report or evidence of payment to Lender;”

 

Except as expressly modified in this Addendum, all of the terms and conditions of the Agreement remain unchanged and in full force and, effect.

 

Dated: As of March 29, 2012.

 

 

	
 
    	
Borrower:
    	
AMERIQUEST   LEASING & MAINTENANCE, INC.
    
	
 
    	
 
    	
DBA Cure   Leasing & Maintenance
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Signature
    	
/s/   James Guice
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Print Name
    	
James   Guice
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title
    	
Exec   V.P.
    

 

 

Volvo Financial Services

 

	
 
    	
SUBLEASE   ADDENDUM
    
	
 
    	
MASTER   LOAN AGREEMENT
    

 

 

Customer Name: AMERIQUEST LEASING & MAINTENANCE, INC.

Customer Number: 7621040

 

This Addendum to the Master Loan Agreement is dated as of 06/19/2012 and is attached to and incorporated by this reference in that certain Master Loan and Security Agreement dated as of 03/29/2012 between Volvo Financial Services, a division of VFS US LLC, as Lender, and AMERIQUEST LEASING & MAINTENANCE, INC., as Borrower, (the “Contract”).

 

Lender and Borrower hereby agree that the Contract shall be amended as provided below.

 

1.                                      Section 2 of the Agreement is deleted in its entirety and replaced with the following:

 

Security Agreement.  To secure Borrower’s full and complete payment and performance under all of the Loan Documents, Borrower hereby grants to Lender a security interest in and to the Equipment and such other equipment, goods and inventory of Borrower financed or leased to it by Lender whether now or hereafter acquired by Borrower together with all attachments, accessions, replacements, parts, proceeds (including insurance proceeds), income, earnings, accounts, rights to payment (including monetary obligations, whether or not earned by performance), secondary obligations incurred or to be incurred, chattel paper, electronic chattel paper, general intangibles, payment intangibles, promissory notes, warranties, service contracts, documents, records now or hereafter arising from the Equipment and such other equipment, goods and inventory financed or leased to it by Lender (collectively, the “Collateral”).  Borrower hereby authorizes Lender to file financing statements consistent with this grant of security interest.  The security interest in the Collateral and the rights granted hereunder shall secure the following (collectively, the “Obligations”): (i) the indebtedness of Borrower to Lender or any affiliates of Lender, evidenced by each of the Notes (and any renewals, extensions, or modifications thereof), together with interest thereon, late charges, and costs of collection as provided in each of the Notes; (ii) the payments of all amounts agreed to be paid by Borrower in this Agreement and the other Loan Documents; and (iii) the observance and performance by Borrower of all of the terms, provisions, and covenants to be performed by Borrower under this Agreement or any of the other Loan Documents, or under any agreement(s), of whatever nature, with any affiliate of the Lender.  The security interest shall remain in full effect, without waiver or surrender of any of Lender’s rights hereunder, notwithstanding any one or more of the following: (i) extension of the time of payment of the whole or any part of any Note; (ii) any change in the terms and conditions of any Note; (iii) substitution of any other note or evidence of indebtedness for any Note; (iv) surrender, release, exchange, or alteration of any Collateral or other security, either in whole or in part; or (v) release, settlement, discharge, compromise, change, or amendment, in whole or in part, of any claim of Lender against Borrower or of any claim against any guarantor or other party secondarily or additionally liable for the payment of any Note.

 

2.                                      Notwithstanding the provision of the Contract which prohibits the Borrower’s renting, encumbering, or transferring of the Equipment or the Equipment’s being operated by or in the possession of any party other than Borrower’s, so long as no default has occurred and is continuing, or will result therefrom, Borrower will be allowed to lease or rent the Equipment to any solvent, domestic business entity or independent driver subject to the following: (i) Borrower maintains in its books and records (which shall promptly be made available for review by Lender upon its request) the name and address of the end user and the location of the Equipment; (ii) Borrower remains primarily liable under the Contract; (iii) the lease or rental agreement is subject and subordinate to the security interest of Lender in the Equipment, which status, and

 

 

Lender’s right to recover the Equipment from the lessee or renter upon an Event of Default under the Contract, are explicitly detailed in the lease or rental agreement; (iv) the lease or rental agreement is collaterally assigned to Lender, and such lease or rental agreement is in a form acceptable to Lender and contains an acknowledgement of such assignment and Lender’s rights or a separate acknowledgment of such has been prepared, signed by the lessee or renter, and upon request of Lender, Borrower shall provide to Lender a true and correct copy of the lease or rental agreement and of any acknowledgment; (v) the lease or rental agreement is at least as protective of Lender’s interests as the Contract, and the lessee or renter is prohibited from subleasing, renting, or assigning its interests; and (vi) Borrower must not permit the original chattel paper lease or rental agreement to be in the possession of any third party and shall take or perform any acts, or obtain, execute, or cause to be executed, delivered, and/or filed all appropriate UCCs and other filings, waivers, insurance certificates, evidence of lessee’s or renter’s corporate authority, opinions, and other documents required by Lender in connection with such rental or leasing, which are necessary to protect Lender’s interest in the Equipment or to evidence Borrower’s agreement under this Addendum, all at Borrower’s sole cost and expense.

 

Except as expressly modified in this Addendum, all of the terms and conditions of the Contract remain unchanged and in full force and effect.  To the extent any terms of this Addendum conflict with any Sublease Addendum to the Contract previously executed by Borrower, this Addendum shall be controlling.

 

	
Borrower:   AMERIQUEST LEASING & MAINTENANCE, INC.
    	
 
    
	
 
    	
 
    
	
Signature: X
    	
/s/ Scott Grushoff
    	
 
    
	
 
    	
 
    	
 
    
	
Print Name:
    	
Scott Grushoff
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
COO
    	
 
    
	
 
    	
 
    
	
Date:   06/19/2012
    	
 
    

 

 

Volvo Financial Services

 

Exhibit “A”

Master Loan and Security Agreement Schedule

 

Customer Name:  AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

Customer Number:

Schedule Number:

 

This Schedule is made pursuant that certain Master Loan and Security Agreement dated                , and signed by AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance (“Borrower”) (the “Agreement”).  The terms and conditions of the Agreement are incorporated in this Schedule and made a part of this Schedule by reference.  The term “Equipment” shall include all items described herein and which may be defined as either “Vehicles” or “Units” in the Agreement.  All capitalized terms used and not defined are used with the same meaning as given in the Agreement.

 

1.              Description of Equipment

 

	
Year
    	
 
    	
Make
    	
 
    	
Model
    	
 
    	
VIN/Serial Number*
    	
 
    	
Attachments/Body
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

2.              Address(es) of Location(s) of Primary Domicile or Garage of Equipment.

 

3.              Description of Other Personal Property

 

4.              Terms and Conditions of Advance.

 

Principal Amount:                                 $

 

Interest Rate:

 

Term:

 

Payment Amount:                               SEE EXHIBIT “C” PAYMENT SCHEDULE

 

Complete for Non-Titled Equipment - Delivery and Acceptance

 

On                                 (the “Date of Acceptance”), each item of Equipment listed in this Schedule was delivered to Borrower, in conjunction with Borrower’s purchase of equipment, and Buyer acknowledges its receipt and irrevocable acceptance of each item of Equipment.  Borrower represents and warrants to Lender that Borrower has: accepted delivery of and inspected each item of Equipment; determined that each item of Equipment contains all of the major components and accessories as agreed; each item of Equipment is in good working order, repair, and condition; and that each item of Equipment is fit for immediate and continued use and conforms to Borrower’s requirements without exception.  Borrower understands and acknowledges that Borrower is entering into the Agreement based on Borrower’s representation and warranty that Borrower will pay in full to Lender all payments when due as required by the Agreement.  Borrower also represents and warrants to Lender that no Event of Default or event which, but for the passage of time or the giving of notice, or both, would constitute an Event of Default under the Agreement has occurred and is continuing as of the Date of Acceptance and that all of the representations and warranties made by Borrower in the Agreement are correct and complete as though made on and as oldie date of this Schedule.  If no Date of Acceptance is indicated, the Borrower agrees the date of this Contract is the Date of Acceptance.

 

	
Dated:
    	
 
    
	
Borrower:
    	
Accepted by Lender:
    
	
AMERIQUEST LEASING &   MAINTENANCE,
    	
Volvo Financial Services, a   division of VFS US LLC
    
	
INC, DBA Cure   Leasing & Maintenance
    	
 
    
	
Signature: 
    	
/s/ James Guice
    	
 
    	
Signature:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Title: 
    	
Exec V.P.
    	
 
    	
 
    
						

 

1

 

Volvo Financial Services

 

Exhibit “B”

Master Loan and Security Agreement

 

Customer Name:  AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

 

Customer Number:

 

Schedule Number:

 

PROMISSORY NOTE

(Secured)

 

	
$
    	
Greensboro,   North Carolina
    
	
(Principal Amount)
    	
Date:                                    
    

 

Promise to Pay and Interest.  For value received AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance, (Borrower, and if more than one, jointly and severally, the “Borrower”), promises to pay to Volvo Financial Services , a division of VPS US LLC, a Delaware limited liability company, or order (“Lender”), at 7025 Albert Pick Road, Suite 105, P.O. Box 26131, Greensboro, North Carolina 27402-6131, or at such other place as Lender designates in writing, in lawful money of the United States of America, the principal sum of $           , with interest on the outstanding unpaid principal balance at the rate of           % per annum (the “Interest Rate”),

 

Principal and interest shall be paid in 61 consecutive monthly payments in arrears, in the amount of SEE EXHIBIT “C”, PAYMENT SCHEDULE, commencing on                and continuing thereafter on the 27th day of each month thereafter; provided, however, that, unless due earlier, ail accrued and unpaid interest and the unpaid principal balance shall be due and paid in full on                 (the “Maturity Date”).

 

On the Maturity Date, Borrower shall pay to Lender the unpaid principal, all accrued and unpaid interest, arid all other amounts payable by Borrower to Lender under the Loan Documents (collectively the “Obligations”).  The term “Loan Documents” shall mean this Note; the Master Loan and Security Agreement, dated as of between Borrower and Lender; all other Notes made by Borrower to Lender; any guaranty(ies) of any payment or performance of the Obligations; and all other agreements or documents evidencing, guaranteeing, securing, or otherwise relating to this Note, as any or all of such documents may be executed or amended from time to time.

 

Principal shall bear interest at the Interest Rate from the date of disbursement until the applicable due date, whether due by acceleration or otherwise.  Any payment due on a date which is a date when banking institutions are not open to the public under the laws of the United States or the State of North Carolina shall be due on the next succeeding date on which such institutions are open.  All Obligations not paid when due shall bear interest from the due date or the judgment date, as applicable, until paid at a rate (the “Default Rate”) which is the lesser of eighteen percent (18%) per annum or the maximum rate permitted under applicable law,

 

All interest due under the Loan Documents shalt be computed on the basis of a 360-day year and accrue on a daily basis for the actual number of days elapsed.  Borrower agrees to pay an effective rate of interest that is the sum of (i) the Interest Rate and (ii) the additional rate of interest resulting from any other charges or fees paid or to be paid in connection with the Loan Documents that are determined to be interest or in the nature of interest.

 

This Promissory Note is executed as of the date first written above.

 

	
Borrower: 
    	
AMERIQUEST LEASING &   MAINTENANCE, INC.
    	
Co-Borrower (if applicable)
    
	
DBA Cure   leasing & Maintenance
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: X
    	
/s/ James Guice
    	
 
    	
Signature: X
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Print Name: 
    	
JAMES GUICE
    	
 
    	
Print Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title: 
    	
Exec V.P.
    	
 
    	
Title:
    	
 
    
						

 

Address for Notices:

 

Receipt and Application of Payments.  Payments shall not be deemed received by Lender until good funds are actually received by Lender.  At the option of Lender, payments shall be applied to principal, interest, and other Obligations in such order as Lender shall determine.

 

Prepayment.  Borrower may prepay the outstanding principal balance of this Note, in whole or in part, at any time prior to the Maturity Date, provided that as express conditions precedent to Lender’s acceptance of any prepayment, Borrower must: (i) give Lender at least thirty (30) days’ prior written notice of its intent to make such prepayment; and (ii) pay, in all cases (whether prepayment is voluntary or involuntary as a result of the acceleration of the Maturity Date), not as a penalty, but as reimbursement for the loss of the bargain, a prepayment premium of 0% of the amount of principal being prepaid; and (iii) pay all accrued and unpaid interest on the unpaid principal balance being prepaid.  At the option of Lender, any prepayment of principal shall be applied to payments coining due under this Note in the inverse order of their due dates.

 

1

 

Late Charges.  If any payment of principal and interest or any other Obligation is not received in full by Lender within fifteen (15) days after its due dale, then in addition to all other rights and remedies of Lender, a late charge of five percent (5%) of the amount due and unpaid will be charged to Borrower.  Such late charge shall be immediately due and payable upon receipt of written notice from Lender and shall be an “Obligation” under this Note.

 

No Counterclaims, Deductions, or Offsets.  All payments and obligations of Borrower under the Loan Documents will be made and performed without counterclaim, deduction, defense, deferment, set-off, or reduction.

 

Events of Default: Each of the following shall be an event of default under this Note (an “Event of Default”):

 

1.              Failure by any Loan Party to pay when due (1) any amount due by such Loan Party under any of the Loan Documents, or (ii) any other amount due by a Loan Party to Lender under any other agreement or contract or indebtedness of any kind, “Loan Party” means Borrower and any other person that from time to time is obligated to Lender under any of the Loan Documents; executes any guaranty of all or any portion of Borrower’s obligations under the Loan Documents; or grants any property, interests in property, or rights to property to secure any or all of the Obligations; and

 

2.              The occurrence of any condition or event that is a default or is designated as a default or event of default or an “Event of Default” under any other Loan Document or in any other agreement, contract, or indebtedness of any Loan Party to Lender.

 

Rights and Remedies of Lender.  Upon the occurrence of an Event of Default, Lender may, at its option, and without demand or notice: (i) declare the Obligations to be immediately due and payable, whereupon all of the Obligations in the Loan Documents shall be immediately due and payable, and (ii) exercise any or all other rights arid remedies concurrently or consecutively in such order as Lender elects.  Such rights and remedies shall be cumulative and non-exclusive.  Delay, discontinuance, or failure to exercise any remedy shall not be a waiver of such remedy or of any other right or remedy of Lender, or of the TIME IS OF THE ESSENCE provision.  Exercise of any right or remedy of Lender shall not cure or waive any Event of Default or invalidate any act of Lender taken in response to such Event of Default.

 

Binding Effect.  This Note shall be binding upon Borrower and its permitted successors and assigns and inure to the benefit of Lender and its successors and assigns.  Lender may from time to time assign or transfer its rights and/or delegate its obligations under the Loan Documents in whole or in part and without notice to or the consent of any Loan Party.  In addition and as permitted under applicable law, NO LOAN PARTY SHALL ASSERT AGAINST ANY ASSIGNEE OR TRANSFEREE OF LENDER ANY CLAIMS OR DEFENSES SUCH LOAN PARTY MAY HAVE AGAIN ST LEN DER.

 

Costs, Expenses, and Fees.  Borrower agrees to pay on demand all reasonable external and internal costs, expenses, and fees (including reasonable attorneys’ fees and expenses) of Lender in enforcing the Loan Documents and the rights and remedies of Lender under the Loan Documents and applicable law, regardless of whether any legal action or proceeding is instigated.  Such costs, expenses, and fees shall constitute an “Obligation” under the Loan Documents.

 

Severability.  If any provision of any of the Loan Documents is unenforceable, such provision shall be modified to the minimum extent possible to make such provision enforceable and the enforceability of the other provisions of the Loan Documents shall not be affected.

 

Choice of Law.  The Loan Documents have been delivered and accepted in the State of North Carolina and shall he governed by the substantive (and not choice of law or conflicts) laws of the State of North Carolina.

 

Notices and Demands.  All demands or notices under the Loan Documents shall be in writing (including, without limitation, telecopy or facsimile - receipt confirmed) and mailed, telecopied, or delivered to the address specified in this Note or in writing by the party to which such notice is given.  Any demand or notice mailed shall be mailed first-class mail, postage prepaid, return-receipt requested.  Demands or notices shall be effective upon the earlier of (i) actual receipt by the addressee, or (ii) the date shown on the return receipt, fax confirmation, or delivery receipt.

 

Rescission or Return of Payments.  If at any time or from time to time, whether before or after payment and performance of the Obligations in full, all or any part of any amount received by Lender as payment of an Obligation, must or is claimed to be subject to avoidance, rescission, or return to Borrower or any other party for any reason whatsoever, such Obligation and any liens, security interests, and other encumbrances that secured such Obligations at the time such avoidance, rescission, or returned payment was received by Lender shall be deemed to have continued in existence or shall be reinstated, as the case may be, all as though such payment had not been received.

 

Waivers.  Borrower waives, to the fullest extent permitted under applicable law, the right to assert any statutes of limitations as a defense to any of its Obligations.  Borrower (i) waives, to the fullest extent permitted by law, presentment, notice of dishonor, protest, notice of protest, notice of intent to accelerate, notice of acceleration, and all other notices or demands of any kind (except notices specifically provided for in the Loan Documents), and (ii) agrees that Lender may enforce this Note and any other Loan Documents against Borrower without first having sought enforcement against any other Loan Party or any collateral securing the Obligations.

 

Miscellaneous.  The Loan Documents constitute the entire agreement and understanding of Lender and Borrower and supersede all prior representations, warranties, agreements, understandings, and negotiations.  No provision of any Loan Document can be amended, waived, discharged, or terminated except in writing executed by the parties thereto.  Acceptance of late payments shall not waive the TIME IS OF THE ESSENCE PROVISION, the right of Lender to require that subsequent payments be made when due, or the right of Lender to declare an Event of Default if subsequent payments are not made when due.  Any approval, consent, or statement that a matter is acceptable to Lender under the Loan Documents must be in writing executed by Lender and shall be construed to apply only to the party and facts specifically set forth in writing.

 

2

 

Volvo Financial Services

 

Exhibit “C”

 

Master Loan and Security Agreement

 

	
Customer No:
    	
Schedule No:
    

 

PAYMENT SCHEDULE

 

Borrower agrees that the payments shall be paid in accordance with the following:

 

	
Date
    	
 
    	
Payment
    	
 
    	
Date
    	
 
    	
Payment
    	
 
    	
Date
    	
 
    	
Payment
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

Date:

 

Borrower:  AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ James Guice
    	
 
    
	
 
    	
 
    	
 
    
	
Print Name: 
    	
JAMES GUICE
    	
 
    
	
 
    	
 
    	
 
    
	
Title: 
    	
Exec V.P.
    	
 
    

 

1

 

Volvo Financial Services

 

Limited Power of Attorney

 

This will authorize the person representing Volvo Financial Services, a division of VFS US LLC, and its successors or assigns, whose signature appears below:

 

	
Signature:
    	
 
    	
 
    
	
For Volvo Financial   Services Use Only
    	
 
    
	
 
    	
 
    	
 
    
	
Attorney-in-fact:
    	
 
    	
 
    
	
Print Name
    	
 
    
				

 

to act as my agent and attorney-in-fact, with power of substitution, to do all acts and things in all matters pertaining to the application for titles, duplicate titles, the recording of the proper liens on such titles, registrations, duplicate registrations and licenses and/or renewals for the motor vehicles described below, and to execute and endorse all documents, checks or drafts issued in the name of or to the undersigned with respect to any insurance policy relating to the motor vehicles described below, and submit any proof of loss to collect such insurance:

 

	
Year
    	
 
    	
Make
    	
 
    	
Model
    	
 
    	
VIN/Serial Number
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

(Additional Equipment listed in attached Schedule A)

 

This power of attorney is coupled with an interest and is irrevocable during the term of any agreement between the undersigned and Volvo Financial Services, a division of VFS US LLC.

 

	
By: AMERIQUEST LEASING & MAINTENANCE,
    	
By: (Co-Buyer if any):
    
	
 
    	
 
    	
 
    
	
INC. DBA Cure   Leasing & Maintenance
    	
Signature: X
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ James Guice
    	
 
    	
Printed Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Print Name: 
    	
JAMES GUICE
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Title: 
    	
Exec V.P.
    	
 
    	
 
    

 

STATE OF Florida

Broward     COUNTY

 

The undersigned, a Notary Public in and for said County in said State, do hereby certify that James Guice signed the foregoing Power of Attorney, and acknowledged before me on this day that, being informed of the contents of the above and foregoing, he/she executed the same voluntarily on this date.

 

Given under my hand and official seal of office this                day of                  ,         .

 

	
 
    	
/s/ Shoran Kenig
    
	
 
    	
Signature of Notary   Public
    
	
 
    	
 
    
	
(SEAL)
    	
 
    	
 
    	
 
    
	
My commission expires:
    	
                                                  
    	
 
    	
 
    

 

1

 

Volvo Financial Services

 

CERTIFICATION OF TITLING

 

Dealer:

 

Customer Name:  AMERIOUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

 

	
Year
    	
 
    	
Make
    	
 
    	
Model
    	
 
    	
VIN/Serial Number
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

(Additional Equipment, if any, listed in attached Schedule A)

 

Dealer acknowledges its responsibility under the Retail Finance Plan Agreement to obtain a first priority, fully perfected lien on the described equipment in favor of VFS US LLC.  Dealer understands and expressly agrees that in the event a first priority, fully perfected lien is not obtained naming VI’S US LLC as lienholder, Dealer is required to repurchase the underlying loan contract.  Dealer acknowledges that should Dealer elect to give title work to Customer, Dealer shall not be relieved from either its responsibility to obtain a first priority, fully perfected lien in favor of YES US LLC or its repurchase obligation.

 

VFS US LLC, and its affiliates and subsidiaries, assume no responsibility for delays, errors or omissions of any kind committed by any state Division of Motor Vehicles (DMV) or any title agency; nor shall such delays, errors or omissions diminish or preclude Dealers’ responsibilities and its repurchase obligation under the Retail Finance Plan Agreement.

 

Dealer Completed Title Work

 

Dealer submits this document as an unconditional guaranty that it will fulfill this responsibility within the next ten (10) days.  The Dealer certifies as follows:

 

I submitted the (check one)   o   MSO or o  previous title for the described equipment to 

                                                            DMV/Title Agency on                   .  (attach copies paperwork submitted)

(Name of State of Title Agency)                                                 (Date)

 

	
Signature of Dealer Representative:
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Print Name of Dealer Representative:
    	
 
    	
 
    	
Date   
    	
 
    	
:
    

 

OR

 

Customer Completed Title Work

 

	
Customer   Acknowledgement
    	
 
    	
Dealer   Acknowledgement
    
	
 
    	
 
    	
 
    
	
Customer hereby acknowledges receipt of   all necessary title documents, and agrees to submit to the state   DMV within the next ten (10) days documents required to fully perfect a   first priority lien in favor of VFS US LLC.
    	
 
    	
I elected not to submit completed title work to a   state DMV or title agency and instead have given the title to AMERIOUEST   LEASING & MAINTENANCE. INC. DBA Cure Leasing & Maintenance   for lien notation and recordation. (Customer Name)
    
	
 
    	
 
    	
 
    	
 
    
	
Name of State DMV:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
X
    	
/s/ James Guice
    	
 
    	
 
    
	
Signature of Customer of Representative
    	
 
    	
Signature of Dealer Representative
    
	
 
    	
 
    	
 
    
	
Date
    	
 
    	
Date
    
	
JAMES GUICE Exec V.P.
    	
 
    	
 
    
	
Print Name & Title, if applicable
    	
 
    	
Print Representative Name & Title
    
					

 

1

 

Volvo Financial Services

 

Account Billing Options

 

Customer Name:                                                 AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

 

Customer Number:

 

As a valued customer, Volvo Financial Services is pleased to offer you the following billing options (please check one):

 

o Automatic Direct Payments - Never Late

 

·                  Preferred method - Complete the ACH Form to enroll

·                  Payments are drafted automatically

·                  You’ll receive courtesy notices for accounting purposes

 

o Invoice

 

·                  Monthly statement mailed to your billing address

·                  Invoice may be billed per unit (asset) if requested

 

Please provide billing address below:

 

,

 

o Electronic Invoicing

 

·                  Available after the initial set up of your contract

·                  Monthly statement forwarded to your email address

·                  To sign up, access https://myaccount.na.vfsco.com and click on the payment option button

 

Note:  If no billing options is selected or returned with the contract documents, the invoice option wilt be set up as the preferred method (this can be changed at a later day).

 

Please call us at 877-865-8623 (ext 3905) if you have any questions.  Thank you for doing business with Volvo Financial Services.

 

ACCESS YOUR ACCOUNT INFORMATION ANYTIME BY VISITING US
 AT:  https://MYACCOUNT.NA.VFSCO.COM

 

 

	
VFS   US LLC
    	
AUTHORIZATION AGREEMENT FOR
    
	
 
    	
AUTOMATIC DIRECT PAYMENTS
    
	
 
    	
ELECTRONIC FUNDS TRANSFER (ACH DEBITS)
    

 

Date:

Contract Name: AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

Contract Phone#:

Customer Number:

 

The undersigned (the “Customer”) hereby authorizes VFS US LLC, and its affiliates and subsidiaries (the “Company”), to initiate automatic debit entries (withdrawals from) the financial institution indicated by the Customer, called (“Depository”), and to automatically withdraw funds from such account.  The undersigned understands that the amounts withdrawn from this account may vary each month according to the terms of the lease, loan, service contract, or other form of agreement.  Customer acknowledges that the origination of ACH transactions to Customer’s account must comply with the provisions of U.S. law.  The Customer understands that the Company reserves the right to discontinue this automatic withdrawal service at any time.  This authorization is to remain in full force and effect until Company has received written notification from the undersigned (if more than one, any one of the undersigned) of its termination in such time and in such manner as to afford Company and Depository a reasonable opportunity to act on it.

 

 

The Customer or authorized signor for Customer must complete:

 

Customer Name:  AMERIOUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

 

	
Authorized Signature: X 
    	
/s/   James Guice
    	
 
    
	
Print   Name: 
    	
JAMES   GUICE
    	
 
    
	
Title   (if applicable): 
    	
Exec   V.P.
    	
 
    
	
Email:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
First   Draft Date:
    	
 
    	
 
    

 

If first draft date is not indicated and request is received within 15 days of your due date, the current months payment will be drafted from your account.

 

FAX Completed Form and Copy of Check to: 336-931-3869

 

Attach Voided Check Here

or Attach a Check Copy

 

Or mail to:  VFS US LLC, P.O. Box 26131, Greensboro, NC 27402-6131

 

Reminder: Please attach an unsigned voided check or copy of check from the depository financial institution.  The request cannot be processed without this item.

 

 

Internal Use Only:

 

	
Customer Service Specialist:
    	
 
    	
Date Received:
    	
 
    	
Date Completed:
    	
 
    

 

 

Volvo Financial Services

	
PO Box 7247-0236
    	
PAYMENT   INVOICE
    

Philadelphia, PA 19170-0236

 

This first invoice is being printed for you with your contract documents for your convenience.  Future invoices will be sent through the regular billing process that you choose.

 

PLEASE RETURN THIS PORTION WITH YOUR PAYMENT.

 

	
Customer Name:
    	
 
    	
AMERIQUEST   LEASING & MAINTENANCE, INC. DBA Cure Leasing &   Maintenance
    
	
Contract Number:
    	
 
    	
 
    
	
Due Date:
    	
 
    	
 
    
	
Amount Due:
    	
 
    	
 
    

 

	
 
    

[PLEASE RETAIN THIS PORTION FOR YOUR RECORDS]

 

Volvo Financial Services

PO Box 7247-0236

Philadelphia, PA 19170-0236

 

Questions? Please call 877-865-8623 text 3905)

 

	
Customer Name:
    	
 
    	
AMERIQUEST   LEASING & MAINTENANCE, INC. DBA Cure Leasing &   Maintenance
    
	
 
    	
 
    	
 
    
	
Contract Number:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Due Date:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Amount Due:
    	
 
    	
 
    

 

AMOUNT DUE MUST BE PAID WITHIN FIFTEEN (15) DAYS OF DUE DATE TO AVOID LATE CHARGES.

 

MAKE YOUR PAYMENT AND ACCESS YOUR ACCOUNT INFORMATION AT
 https://myaccount.na.vrsco.com

 

 

Volvo Financial Services

 

Insurance Authorization Form — Loan Transactions

 

Customer Name:  AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

 

VFS US LLC has provided financing to the borrower listed above.  Please issue an insurance certificate, in the borrowers name, for the following piece(s) of equipment:

 

Please include the following information on the Insurance Certificate:

 

·                                          Complete Equipment Description (See Below: Year, Make, Model, Serial Number, Value)

·                                          Type of Coverage (example: Inland Marine, Contractors Equipment, Equipment Floater, Etc.)

·                                          Physical Damage Coverage for full value of equipment (see below) with a maximum deductible of $2500.

 

Note:  The borrower must be listed as an Insured” on the insurance certificate.  If the borrower cannot be listed as an insured, they must be listed as an “additional insured” on the certificate.  The words “additional insured” must be typed or printed on the certificate (we cannot accept a “checked box”).  VFS US LLC must always be named as the loss payee and certificate holder.

 

	
Year
    	
 
    	
Make
    	
 
    	
Model
    	
 
    	
VIN/Serial Number
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

Total Value:

 

Certificate Holder and Loss Payee needs to read exactly as follows:

 

VFS US LLC & Assigns

P O BOX 6751

Cincinnati, OH 45201

 

(See Page 2 for Additional Equipment Listing)

 

Please Fax Certificate to 336-931-4116 and mail original to VFS US LLC.

Call us with questions at 336-931-3856.

 

INSURANCE AGENT INFORMATION:

 

	
Insurance   Company:
    	
 
    	
 
    	
Phone   Number:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    	
Fax   Number:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Contact   Name:
    	
 
    
						

 

Customer Information

 

I authorize the above named agent to issue the coverage requested above.

 

Customer (Insured) Name: AMERIQUEST LEASING & MAINTENANCE, INC. DBA Cure Leasing & Maintenance

 

Date:

 

	
Signed   by: X 
    	
/s/   James Guice
    	
 
    
	
 
    	
 
    	
 
    
	
Printed   Name and Title: 
    	
JAMES   GUICE Exec. V.P.
    	
 
    
				

 

Please Note:

 

·                  If the insurance does not conform to the specifications listed above, financing could be delayed.

·                  30-day Notice of Cancellation or Non-Renewal is required.  Notice should be sent to the address or fax listed above.

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