Swisher Hygiene Vehicle Lease Financing Proposal August, 2011 by Swisher Hygiene Inc.

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Company: Swisher Hygiene Inc.
SEC CIK: 1504747
SEC Type: EX-10.7
SIC Code: 7340
SIC Industry: SERVICES-TO DWELLINGS & OTHER BUILDINGS
Date Filed: 2011-08-18

Last system update:2013-08-16 14:36:38

Date Filed: 
08/18/2011
SKU: RDKD4B-B-1OLX-8
exv10w7
Exhibit 10.7
(ARI Logo)
Swisher Hygiene
Vehicle Lease Financing Proposal
August, 2011
Under the Lease and Fleet Management Services Agreement(s) between Swisher Hygiene, Inc. and it Subsidiaries (collectively, the “Master Lease Agreements”) and Automotive Rentals, Inc. (“ARI”), ARI agrees to provide Swisher Hygiene, Inc. and its subsidiaries an additional line of credit of $25,000,000 for vehicle lease funding needs and fleet management programs (maintenance management and fuel purchasing) under the following terms:
  Cars and Light Duty Trucks (standard cargo vans, pick-up trucks, SUV’s, cars)
    Approved maximum lease terms: 50 months
  Sprinter Vans and Medium Duty Trucks
    Approved maximum lease terms: 60 months
  Buyout of Choice Environmental Fleet
    ARI is willing to execute a sale-leaseback at a percentage of market value as published in recent fleet audit reports. Rate to be determined, if required, and is based upon expected useful life, lease term, and vehicle types.
  Choice Environmental Fleet
    ARI’s primary interest is in providing fleet management services (licensing and compliance, maintenance management, etc.).
    Credit facility required for these programs is applied to total capacity of $25,000,000.
ARI’s extension of this line of credit is based upon the current financial condition of Swisher Hygiene, Inc. as stated in Swisher Hygiene’s most recently filed quarterly and audited annual financial statements and its continued compliance with the terms of the Master Lease Agreements.

         
SWISHER HYGIENE, INC.
 
 
By:   /s/ Thomas Aucamp    
Title:  EVP   
Witness:  /s/ Peggy W. Matte   
Date:  8/12/11   
 
         
AUTOMOTIVE RENTALS, INC.
 
 
By:   /s/ Daniel Willard    
Title:  Director Financial Services   
Witness:     
Date:  8/12/11   
 


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