EXHIBIT 10.1
MASTER PURCHASE AGREEMENT
-------------------------
BY & BETWEEN:
-------------
PALOMAR ENTERPRISES, INC. AND PRICE RIGHT AUTO GROUP
----------------------------------------------------
Palomar Enterprises, Inc. and/or its assignees, agree (on a funds available
basis) to provide up to a one million dollar ($1,000,000.00) purchase commitment
to Price Right Auto Group.
The terms and conditions are as follows:
a. Palomar Enterprises, Inc. will purchase secured 'packets' of auto
contracts from Price Right Auto Group and/or affiliates
b. Price Right Auto Group is responsible for the collection, management
and oversight (servicing) of each individual contract
c. In the event of default, Price Right Auto Group will replace new and
viable contracts for any individual contracts that (may) default (of
equal value)
x. Xxxxxxx Enterprises, Inc., retains the right to convert each and every
note to common shares (see Exhibit 'B' that is attached to each
individual packet)
e. Term is twelve months from the date of signing
f. Price Right Auto Group warranties a twelve (12%) annual rate of return
on all purchased contracts
g. Each contract is understood to be for a term of (no longer then)
twelve months and all payments are to be fully amortized and to be
paid in twelve equal amounts.
/s/ Xxxxx Xxxxxxxxxxx 06-07-04 /s/ Xxxxxx Xxxxxxx 6/07/2004
-------------------------------- -------------------------------
Xxxxx Xxxxxxxxxxx, (date) Xxxxxx Xxxxxxx, (date)
Palomar Enterprises, Inc. Price Right Auto Group
