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PROPERTY DISPOSITION SERVICES AGREEMENT
<br />TERMS AND CONDITIONS
<br />Pro ram Items Committed to Pro ram. erCalendar Year PRC Commission
<br />Platinum-B 25-49 20.0%
<br />Platinum-C <25 30.0%
<br />For large items that can be hauled on a standard vehicle transporter, the tow services are provided
<br />for free when within 30 miles of one of CPRT's 140 facilities. A $25 tow fee applies for every 25
<br />miles over the first 30 free miles. In addition, fees for acquiring titles on behalf of Owner, if any,
<br />or for over-sized vehicle (e.g., crane, bus, backhoe, etc.) haul-away fees, will be borne entirely by
<br />Owner.
<br />Large-Item Example. Assume aLarge-Item sells at auction for a Winning Bid of $1,000.00 and with no
<br />shipping or handling charges yields a $1,000.00 Sales Price. For the Silver and Gold options, PRC collects
<br />and retains a 15% Buyer's Premium, $150.00 (0.15 x $1,000), from Buyer. With regard to collecting the
<br />Sales Price and sharing proceeds, the approach differs by option:
<br />Silver. Owner completes the sale by collecting the $1,000.00 Sales Price from Buyer, retaining
<br />100% as Owner's Net Proceeds.
<br />Gold. PRC completes the sale by collecting the $1,000.00 Sales Price from Buyer. The
<br />underlying Winning Bid results in a $50 PRC Commission, leaving $950 in Owner's Gross
<br />Proceeds. Assuming Processing Costs of 3% ($30.00), these would be borne 95% by Owner,
<br />$28.50 (0.95 x $30) and 5% by PRC, $1.50 (0.05 x $30), respectively. The Owner's Net Proceeds
<br />would equal $921.50 ($950.00 less $28.50).
<br />Platinum. For an Owner committing over 50 items per calendar year (Platinum-A Program) and
<br />paying 12.5% commission, PRC and CPRT complete the sale by collecting the $1,000.00 Sales
<br />Price from Buyer. The underlying Winning Bid results in a $125 PRC Commission, leaving $875
<br />in Owner's Gross Proceeds. Assuming Buyer pays by electronic funds transfer, as the majority of
<br />Buyers do, then Processing Costs would equal 0% and the Owner's Net Proceeds would equal
<br />$875.
<br />6. Payment Terms. Once every month, PRC will remit to Owner the amount of Owner's Net Proceeds (less any
<br />Title Fees and/or Fuel Surcharges, if applicable) arising from completed sales during the preceding month (after
<br />payment of all transaction costs, PRC Commissions, Processing Fees, Title Fee and Fuel Surcharges, as
<br />applicable). Sales are deemed completed when all items comprising a line item on the original manifest or other
<br />list of Property are sold. With each payment of Owner's Net Proceeds, PRC will make available to Owner,
<br />online, a report setting forth the following information for the immediately preceding month:
<br />a. The completed sales during the prior month, including the total amount of related Proceeds collected, the
<br />transaction costs, the PRC Commissions, the Owner and PRC share of Processing Costs, any applicable
<br />Title Fees and/or Fuel Surcharges, and the Owners Net Proceeds;
<br />b. Other dispositions of Property during the month; and
<br />c. The Property, if any, inventoried by PRC at the end of the month.
<br />7. PropertyRoom's Obligations Concerning Property in Its Possession. With respect to Property in PRC's
<br />possession:
<br />a. PRC will exercise due care in the handling and storage of any Property;
<br />b. PRC shall keep the Property free of liens, security interests, and encumbrances, and shall pay when due all
<br />fees and charges with respect to the Property;
<br />c. PRC shall sign and deliver to Owner any UCC-1 financing statements or other documents reasonably
<br />requested by Owner; and
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