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Marky Kay6/15/2003
ill not be credited for net gain realized plus a sales tax credit over amounts owed ARI by Mary Kay if at the time of the issuance of credit Mary Kay is in default of payments required or in the performance of this agreement.
D. ARI shall pay to Mary Kay, as a rental adjustment on automobiles 100% of any excess of the net resale proceeds over the depreciated value of the vehicle. If the net resale proceeds are less than the depreciated value of the vehicle, Mary Kay shall pay to ARI as rental adjustment the amount of such deficiency, provided that ARI shall guarantee to Mary Kay minimum net resale proceeds equal to 20% of the Capitalized Value at the beginning of the initial lease term. If Mary Kay elects to extend beyond the minimum lease period, ARI shall guarantee 25% of the fair value of the vehicle at the inception of the concluding month's extension period. "Fair Value" shall be defined as 85% of resale value for automobiles as reported by Automotive Market Report published by Automotive Auction Publishing, Inc., or its successor publications or publishers as of the publication date immediately preceding the last day of the month which immediately precedes the month in which termination as to the particular vehicle occurs.
Settlements of excess or deficiency from resale as described above, shall be based on calendar year-to-date sales. Tentative settlements will be made monthly, but adjusted quarterly to reflect year-to-date results. For this purpose a quarter is defined as a three (3) month period ending March 31, June 30, September 30 and December 31.
E. As to automobiles, a charge for excess milage of 2 ½ó per excess mile, based on the following schedule shall apply, provided however, that same shall not exceed the aggregate amount of any guarantee required to be made up by ARI on resales during any full calendar year, as described in Article 7D. 1) Any excess over 1,650 miles per month of usage during the first twenty-four (24) months of service; plus 2) Any excess over 850 miles per month of service thereafter. Such excess milage charge shall be incorporated into the calculation of the "Settlements of excess or deficiency from resale" provided for in this article at the times therein provided for same to occur.
10. General
B. This Agreement, duly executed by Mary Kay order letter(s), addenda, amendments, and other agreements attached hereto constitute the entire agreement between the parties and may be modified only in writing duly executed by both parties. Execution by Mary Kay of a Mary Kay order letter(s) shall create an obligation on the part of Lessee to accept said vehicle(s) for lease by its Independent Sales Director(s).
K. Mary Kay shall furnish ARI unqualified audited financial statements prepared and certified by an independent certified public accounting firm after the end of each fiscal year. Such statements to be supplied as soon as available but no later than 120 days after the end of a fiscal years (sic). Mary Kay shall notify ARI, in writing, of any change in name, ownership or control of Mary Kay. Such notification to be supplied to ARI within thirty (30) days of such change.
M. This Agreement and all Exhibits hereto shall represent the entire agreement of the parties, and supercedes any prior agreements, written or oral. In the event of a conflict between the terms of this Agreement and any of the Exhibits thereto, the term of the Agreement shall be controlling.
IN WITNESS WHEREOF, the parties hereto have cause these presents to be executed by their authorized representatives this 10 day of July, 1987.
EXHIBIT "C" TO GUARANTY AND ADMINISTRATION AGREEMENT DATED JULY 10,
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