Nevada
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000-52211
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20-2559624
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification
No.)
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3855
South 500 West, Suite J
Salt Lake City, Utah
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84115
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(Address
of principal executive offices)
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(Zip
Code)
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___________________________________________________
(Former
name or former address, if changed since last
report)
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[
]
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Written
communications pursuant to Rule 425 under the Securities Act (17CFR
230.425)
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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§
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“Net
Invoice Amount” means the invoice amount of the Purchased Account, less
returns (whenever made), all selling discounts, and credit or deductions
of any kind allowed or granted to or taken by the Account Debtor (see
Exhibit 10.1 for defined term) at any
time.
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§
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“Credit
Approval(s) and Credit Approved” means, with regard to a Purchased
Account, that FGI has accepted the risk of nonpayment as specified under
the terms and conditions of this Agreement and with regard to the specific
Purchased Accounts for which written credit approval has been
given.
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§
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“Full
Recourse” means those Purchased Accounts for which FGI has not given
Credit Approval, for which Credit Approval has been withdrawn or revoked
or with respect to which FGI is not responsible under Section 2 of the
Agreement.
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§
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“Purchased
Account(s)” means an Account (see Exhibit 10.1 for defined term) which is
deemed acceptable for purchase as determined by FGI in the exercise of its
reasonable sole credit or business judgment and for which FGI has made
payment of the sum specified in Section 2 of the Agreement constituting
FGI’s acceptance of an Account.
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§
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“Reserve
Account” means (a) a bookkeeping account on the books of FGI and/or (b) an
account of FGI in which FGI deposits the Required Reserve Amount from time
to time, in either case representing an unpaid portion of the Purchase
Price, maintained by FGI to ensure our performance with the provisions
hereof.
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§
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“Required
Reserve Amount” means the Reserve Percentage multiplied by the unpaid
balance of all Purchased Accounts and as such amount may change in
accordance herewith.
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§
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“Reserve
Percentage” means 25% of the face amount of the Purchased Accounts and as
such percent may change in accordance
herewith.
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