First Capital Equipment Leasing Corp.
Terms of Our Good Faith Deposit
(Not Applicable to Government Transactions)
First Capital's lease proposal requires a small “Good Faith” deposit for us to proceed with our full due diligence which may include some or all of the following: confirming time in business, ownership, trade references, bank references, reviewing the equipment to be leased, the vendor(s), obtaining and analyzing credit bureau reports and/or D&B reports, analysis of financial statements (on larger transactions) and incurring various other administrative expenses on your behalf. You agree to promptly provide all financial data and other information deemed reasonable and necessary by First Capital Equipment Leasing, in a timely manner.
100% of the GOOD FAITH DEPOSIT
If we are unable to provide a lease approval under terms substantially the same as those quoted in the proposal, within a maximum of 7 business days from the day we receive: 1) a signed copy of the proposal, 2) all requested documentation and 3) your cleared funds, the Good Faith deposit will be refunded in full (less a $49 administrative fee on transactions UP TO $75,000, OR a $99 administrative fee on transactions GREATER THAN $75,000 (or any transactions submitted under our Commercial Lease criteria).
If we are unable to provide a
lease approval (as above) we may, at that time, offer the option to pursue
an "alternative approval" based on different monthly payments and/or a
modified payment/deposit structure.
Should you grant us permission (orally) to obtain an approval under the "alternate
approval" terms presented at that time, 100% of the previously-received Good
Deposit will be applied to the first lease payments under the "alternate
and ALL of the terms described herein shall apply.
Should First Capital be unable to offer an approval or terms as described above due to material inaccuracies and/or misrepresentation in any of the information provided, or if the lessee cancels or abandons the application after processing has begun, or if the lease is approved and is not funded within 30 days DUE TO THE FAULT OF THE LESSEE, the full Good Faith Deposit amount will be deemed as earned by First Capital Equipment Leasing Corporation AS LIQUIDATED DAMAGES FOR LOSS OF A BARGAIN, AND NOT AS A PENALTY and there will be no refund.
Note 1: Approvals assume the
personal guarantees of all principals (owners with 10% or more ownership).
Payments do not include lease or other documentation fees, filing fees,
insurance, taxes, maintenance, vendor pre-funding, delivery or installation
unless specifically noted in the lease and/or your equipment vendor’s contract.
Note 2: In the event any check or “electronic transfer” payment is returned and/or dishonored for any reason, Lessee agrees to promptly pay all such dishonored/returned amounts AND all fees and penalties. Further, Lessee authorizes First Capital to draft or re-draft Lessee’s business checking account at any time, as necessary to recover all dishonored/returned amounts, fees and liquidated damages.
Note 3: The parties agree that the laws of Massachusetts shall govern this and any subsequent agreements.
Equipment Leasing Corp.
PO Box 1018
East Sandwich, MA 02537