EXHIBIT 10.62
ADDENDUM TO
AUTOMOTIVE WHOLESALE FINANCING
AND SECURITY AGREEMENT
This Addendum to Automotive Wholesale Financing and Security Agreement
("Addendum") is made between NISSAN MOTOR ACCEPTANCE CORPORATION ("NMAC") and
FIRST CHOICE STUART 1, INC., a Florida corporation, dba Stuart Nissan ("Dealer")
effective as of July 21, 1997.
For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, NMAC and Dealer hereby agree to supplement the
Automotive Wholesale Financing and Security Agreement between NMAC and Dealer,
dated as of July 21, 1997 (the "Agreement"), as follows:
Section 8 of the Agreement is amended to add, at the end of the
section, the following paragraph:
"As a condition of extensions of credit by NMAC, Dealer
acknowledges and agrees to maintain tangible net worth, working
capital and net cash requirements established by Nissan Motor
Corporation in U.S.A. ("NMC") and/or NMAC ("Capitalization
Guidelines"). The Capitalization Guidelines are established and
modified from time to time, based upon Dealer's total new vehicle
unit sales, the Dealer's annual planning unit volume established
by NMC, and/or the amount of the Dealer's wholesale inventory
floorplan lines of credit approved by NMAC, as the foregoing may
be modified from time to time. Dealer shall receive prior written
notice from NMC or NMAC regarding any changes to the
Capitalization Guidelines."
Except as expressly modified in this Addendum, the Agreement shall
remain unchanged and in full force and effect.
FIRST CHOICE STUART 1, INC.,
a Florida corporation
/s/ Xxxxx Xxxx Xxxxxxxxxx, Jr.
By:
Its:
