Banc of America Leasing & Capital, LLC Equipment Security Note Number 70002
Exhibit 10.1
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Banc of America Leasing & Capital, LLC |
Equipment Security Note Number 70002 |
This Equipment Security Note No. 70002, dated as of June 20, 2012, (this “Equipment Note”), is entered into pursuant to and incorporates by this reference all of the terms and provisions of that certain Master Loan and Security Agreement No. 21379-70000 dated as of June 25, 2010 (the “Master Agreement”), by and between Banc of America Leasing & Capital, LLC (“Lender”) and Stellaris LLC (“Co-Borrower”) and Xxxxx Construction Group, L.L.C. (“Co-Borrower”) (each a Co-Borrower herein, together referred to as “Borrower”). All capitalized terms used herein and not defined herein shall have the respective meanings assigned to such terms in the Master Agreement. If any provision of this Equipment Note conflicts with any provision of the Master Agreement, the provisions contained in this Equipment Note shall prevail. Borrower hereby authorizes Lender to insert the serial numbers and other identification data of the Equipment, dates, and other omitted factual matters or descriptions in this Equipment Note.
The occurrence of an “Event of Default,” as defined in the Master Agreement, shall entitle Lender to accelerate the maturity of this Equipment Note and to declare the Prepayment Amount to be immediately due and payable, and to proceed at once to exercise each and every one of the remedies provided in the Master Agreement or otherwise available at law or in equity. All of Borrower’s Obligations under this Equipment Note are absolute and unconditional, and shall not be subject to any offset or deduction whatsoever. Borrower waives any right to assert, by way of counterclaim or affirmative defense in any action to enforce Borrower’s Obligations hereunder, any claim whatsoever against Lender.
1. Equipment Financed; Equipment Location; Grant of Security Interest. Subject to the terms and provisions of the Master Agreement and as provided herein, Lender is providing financing in the principal amount described in Section 2 below to Borrower in connection with the acquisition or financing of the following described Equipment:
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Quantity |
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Description |
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Serial Number |
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Cost |
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See Exhibit “A” attached hereto and made a part hereof. |
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Location of Equipment. The Equipment will be located or (in the case of over-the-road vehicles) based at the following locations:
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Xxxxxxxx |
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Xxxxxxx |
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Xxxx |
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Xxxxxx |
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Xxxxx |
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XXX |
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X |
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00000 Xxxxxxxxxxxx Xx. |
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Xxxx Xxxxxx |
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Xxxxxx |
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Xxxxxxxxxx |
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00000 |
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B |
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0000 X. Xxxxxxxx Xxx. |
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Xxxxxx |
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Xxxxxxx |
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Xxxxxxxxx |
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00000 |
Borrower has agreed and does hereby grant a security interest in and to the Equipment and the Collateral related thereto, whether now owned or hereafter acquired and wherever located, in order to secure the payment and performance of all Obligations owing to Lender, including but not limited to this Equipment Note, all as more particularly provided in the Master Agreement. Lender’s agreement to provide the financing contemplated herein shall be subject to the satisfaction of all conditions established by Lender and Lender’s prior receipt of all required documentation in form and substance satisfactory to Lender in its sole discretion.
2. Payments. For value received, Borrower promises to pay to the order of Lender, the principal amount of $12,775,515.00, together with interest thereon as provided herein. This Equipment Note shall be payable by Borrower to Lender in 84 (eighty four) consecutive monthly, installments of principal and interest (the “Payments”) commencing on July 26, 2012 (the “Initial Payment”) and continuing thereafter through and including June 26, 2019 (the “Maturity Date”) (collectively, the “Equipment Note Term”). Each Payment shall be in the amount provided below, and due and payable on the same day of the month as the Initial Payment set forth above in each succeeding payment period (each, a “Payment Date”) during Equipment Note Term. All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each. The final Payment due and payable on the Maturity Date shall in any event be equal to the entire outstanding and unpaid principal amount of this Equipment Note, together with all accrued and unpaid interest, charges and other amounts owing hereunder and under the Master Agreement.
(a) Interest Rate. Interest shall accrue on the entire principal amount of this Equipment Note outstanding from time to time at a fixed rate of two and 44/100 percent (2.44%) per annum or, if less, the highest rate of interest permitted by applicable law (the “Interest Rate”), from the date hereof until the principal amount of this Equipment Note is paid in full, and shall be due and payable on each Payment Date.
(b) Payment Amount. The principal and interest amount of each Payment shall be $165,601.66.
3. Prepayment. Borrower may prepay all (but not less than all) of the outstanding principal balance of this Equipment Note on a scheduled Payment Date upon 30 days prior written notice from Borrower to Lender, provided that any such prepayment shall be made together with (a) all accrued interest and other charges and amounts owing hereunder through the date of prepayment, and (b) a prepayment charge calculated as follows: two percent (2.0%) of the amount prepaid during months one (1) through twelve (12), one percent (1.0%) of the amount prepaid during months thirteen (13) through thirty-six (36), and no prepayment penalty thereafter; provided, however, that, if any prepayment of this Equipment Note is made following an Event of Default, by reason of acceleration or otherwise, the prepayment charge shall be calculated based upon the full original Equipment Note Term.
4. Borrower Acknowledgements. Upon delivery and acceptance of the Equipment, Borrower shall execute this Equipment Note evidencing the amounts financed by Lender in respect of such Equipment and the Payments of principal and interest hereunder. By its execution and delivery of this Equipment Note, Borrower:
(a) reaffirms of all of Borrower’s representations, warranties and covenants as set forth in the Master Agreement and represents and warrants that no Default or Event of Default under the Master Agreement exists as of the date hereof;
(b) represents, warrants and agrees that: (i) the Equipment has been delivered and is in an operating condition and performing the operation for which it is intended to the satisfaction of Borrower; (ii) each item of Equipment has been unconditionally accepted by Borrower for all purposes under the Master Agreement and this Equipment Note; and (iii) there has been no material adverse change in the operations, business, properties or condition, financial or otherwise, of Borrower or any Guarantor since December 31, 2011;
(c) authorizes and directs Lender to advance the principal amount of this Equipment Note to reimburse Borrower or pay Vendors all or a portion of the purchase price of Equipment in accordance with Vendors’ invoices therefor, receipt and approval of which are hereby reaffirmed by Borrower; and
(d) agrees that Borrower is absolutely and unconditionally obligated to pay Lender all Payments at the times and in the manner set forth herein.
5. Registration.
(a) All items of Equipment that are motor vehicles shall at all times be registered and titled as follows:
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(A) |
Registered Owner. |
Stellaris LLC |
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00000 Xxxxxxxxxxxx Xxxxx |
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Xxxx Xxxxxx, XX 00000 |
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Xxxxx Construction Group, L.L.C. |
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00000 Xxxxxxxxxxxx Xxxx, Xxxxx 000 |
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Xxxxx Xxxxx, XX 00000 |
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(B) |
Lienholder. |
Banc of America Leasing & Capital, LLC |
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0000 Xxxxxxxxx Xxxxxxx, 0xx Xxxxx |
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Xxxxxx, XX 00000 |
(b) Borrower shall be responsible for the correct titling of all such items of Equipment. Borrower shall cause the original certificates of title to be delivered to Lender for retention in Lender’s files throughout the term of the Equipment Note All costs of such registration and licensing are for the account of Borrower.
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BANC OF AMERICA LEASING & CAPITAL, LLC |
Co-Borrower: STELLARIS LLC | ||||||||
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By: |
/s/ Xxxxx Xxxxxx |
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By: |
Primoris Services Corporation (fka Primoris Corporation), its Member | |||||
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Printed Name: |
Xxxxx Xxxxxx |
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By: |
/s/ Xxxxxx Xxxxxxxx | |||||
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Title: |
Assistant Vice President |
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Printed Name: |
Xxxxxx Xxxxxxxx | |||||
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Title: |
Senior Vice President | |||||
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Additional signature on next page | ||||||||
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Co-Borrower: XXXXX CONSTRUCTION GROUP, L.L.C. | |||
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By: |
/s/ Xxxx Xxxxxxxx | ||
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Printed Name: |
Xxxx Xxxxxxxx | ||
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Title: |
Manager | ||
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Exhibit A
Stellaris, LLC (co-borrower)
Xxxxx Construction Group, LLC (co-borrower)
21379-70002
Equipment Location A: 00000 Xxxxxxxxxxxx Xxxxx, Xxxx Xxxxxx, XX 00000
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Year |
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Equipment Description |
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Serial #/VIN |
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Equipment Cost |
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2011 |
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11 FORD F-550 FLATBED 4X4 |
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0XXXX0XX0XXX00000 |
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46,544.38 |
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2011 |
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11 IR C185 CFM AIR COMPRESSOR |
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413608 |
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13,539.38 |
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2011 |
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00 XX X00XXX XXX XXXXXXXXXX XX |
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XX0X0XXXXX000000 |
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11,957.07 |
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2011 |
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00 XX X00XXX XXX XXXXXXXXXX XX |
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XX0X0XXXXX000000 |
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11,957.06 |
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2011 |
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11 AIRMAN SDG100S 100 KW GENERATOR |
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1538B10075 |
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50,742.71 |
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2010 |
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10 VANGUARD CPW 125-4 WELDING SLED |
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CA00600208 |
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100,000.00 |
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2010 |
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10 VANGUARD CPW 125-4 WELDING SLED |
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CA00600209 |
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100,000.00 |
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2011 |
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11 XXXXXX 44’ LOWBED TRAILER |
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0X0X00000XX000000 |
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101,764.00 |
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2010 |
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10 ATLAS COPCO 185 CFM AIR COMP |
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0000X0000XX000000 |
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12,694.39 |
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2011 |
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11 ATLAS COPCP 185 CFM AIR COMPRESSOR |
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0000X000XXX000000 |
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13,205.84 |
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2011 |
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11 ATLAS COPCP 185 CFM AIR COMPRESSOR |
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0000X0000XX000000 |
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13,205.84 |
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2011 |
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11 AIRMAN SDG45S 45KW GENERATOR |
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1338B10151 |
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30,629.02 |
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2011 |
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11 AIRMAN SDG45S 45KW GENERATOR |
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1338B10150 |
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30,629.01 |
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2011 |
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11 CAT 246C SKID STEER LOADER |
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XXX0000XXXXX00000 |
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46,872.86 |
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2011 |
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11 CAT 246C SKID STEER LOADER |
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XXX0000XXXXX00000 |
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47,454.15 |
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2011 |
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11 CAT 246C SKID STEER LOADER |
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XXX0000XXXXX00000 |
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46,872.86 |
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2011 |
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11 CAT 246C SKID STEER LOADER |
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XXX0000XXXXX00000 |
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46,872.86 |
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2011 |
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11 AIRMAN 65KVA GENERATOR |
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1478B10208 |
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35,513.32 |
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2011 |
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11 AIRMAN 65KVA GENERATOR |
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1478B10212 |
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35,513.33 |
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2011 |
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11 CAT D6K LGP PIPELAYER DOZER |
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DHA01858 |
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215,604.26 |
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2011 |
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11 CAT D6K LGP PIPELAYER DOZER |
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DHA01856 |
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215,604.26 |
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2011 |
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11 CAT 72H PIPELAYER |
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PLR00100 |
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507,828.75 |
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2011 |
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11 CAT 72H PIPELAYER |
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PLR00101 |
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507,828.75 |
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2011 |
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11 CAT 72H PIPELAYER |
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PLR00102 |
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507,828.75 |
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2011 |
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11 CAT 72H PIPELAYER |
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PLR00103 |
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507,828.75 |
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2011 |
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11 CAT 72H PIPELAYER |
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PLR00104 |
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507,828.75 |
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2011 |
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11 CAT 72H PIPELAYER |
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PLR00105 |
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507,828.75 |
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2011 |
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11 CAT D6K LGP PIPELAYER DOZER |
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DHA01855 |
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215,604.26 |
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2011 |
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11 CAT D6K LGP PIPELAYER DOZER |
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DHA01851 |
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215,604.26 |
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2011 |
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11 CAT D6K LGP PIPELAYER DOZER |
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DHA01848 |
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215,604.26 |
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2011 |
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11 CAT D6K LGP PIPELAYER DOZER |
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DHA01837 |
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215,604.26 |
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2007 |
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07 JD 710G BACKHOE |
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T0710GX959994 |
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33,303.70 |
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2007 |
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00 XXXXXXXXXXXXX 0000 XXXXXXX |
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0XXXXXXXX0X000000 |
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40,872.50 |
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2007 |
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00 XXXXXXXXXXXXX 0000 XXXXXXX |
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0XXXXXXXX0X000000 |
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43,372.50 |
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2012 |
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12 LANDOLL 440 TRAILER |
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0XX000XX0X0000000 |
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73,887.92 |
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2012 |
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00 XXXXXXXX 000 XXXXXXX |
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0XXXX00XXXX000000 |
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164,824.34 |
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2012 |
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00 XXXXXXXX 000 XXXXXXX |
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0XXXX00X0XX000000 |
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164,824.34 |
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1999 |
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99 CAT DP150 33K FORKLIFT |
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6DP00500 |
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100,000.00 |
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2002 |
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02 TIMCO TF820E FORWARDER |
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186-022502 |
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100,000.00 |
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2002 |
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02 TIMCO TF820E FORWARDER |
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190-042902 |
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29,075.37 |
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2006 |
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06 STER MUDDOG HYDROEXCAVATOR |
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0XXXXXXX00XX00000 |
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97,070.02 |
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2006 |
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06 STER MUDDOG HYDROEXCAVATOR |
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0XXXXXXX00XX00000 |
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97,070.02 |
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1978 |
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78 CAT 583K PIPELAYER W/WINCH |
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78V00758 |
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350,000.00 |
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2005 |
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05 CAT 257B MULT TERIAN LOADER |
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SLK03663 |
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21,923.15 |
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2007 |
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07 VOLVO L350F WHEEL LOADER |
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1062 |
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420,225.00 |
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Location Total |
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$ |
6,873,015.00 |
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Exhibit A
Stellaris, LLC (co-borrower)
Xxxxx Construction Group, LLC (co-borrower)
21379-70002
Equipment Location B: 0000 X. Xxxxxxxx Xxx, Xxxxxx, XX 00000
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Year |
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Equipment Desciption |
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Serial#/VIN |
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Equipment Cost |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXXXX00X000000 |
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75,000.00 |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXXXX00X000000 |
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75,000.00 |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXX0X00X000000 |
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75,000.00 |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXXXX00X000000 |
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75,000.00 |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXXXX00X000000 |
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75,000.00 |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXX0XX0X000000 |
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75,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00XX0X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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MACK TRI AXLE DUMP TRUCK |
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0X0XX00X00X000000 |
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70,000.00 |
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2006 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXX0X00X000000 |
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75,000.00 |
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2007 |
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KENWORTH TRI AXLE DUMP TRUCK |
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0XXXXX0X00X000000 |
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85,000.00 |
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0000 |
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Xxxxxxxx XXXXX XXXXX |
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0XXXXX0X00X000000 |
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70,000.00 |
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2001 |
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Mack 0000 XXXXXX XXXXX XXXXX |
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0X0XX00X00X000000 |
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35,000.00 |
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0000 |
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Xxxxxxxx XXXXX XXXXX |
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0XXXXX0X00X000000 |
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70,000.00 |
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0000 |
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Xxxxxxxx XXXXX XXXXX |
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0XXXXX0000X000000 |
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70,000.00 |
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0000 |
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Xxxxxxxx XXXXX XXXXX |
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0XXXXX0X00X000000 |
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70,000.00 |
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2007 |
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Trailking LOWBOY 4 AXLE |
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0XXX000000X000000 |
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50,000.00 |
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2007 |
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Trailking LOWBOY 4 AXLE |
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0XXX000000X000000 |
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50,000.00 |
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2007 |
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Xxxxxxx CEMENT PIG 4000CY |
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0X0XX00000X000000 |
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60,000.00 |
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2008 |
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Xxxxxxx CEMENT PIG 4000CY |
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0X0XX00000X000000 |
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70,000.00 |
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2010 |
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Xxxxxxx CEMENT PIG 4000CY |
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0X0XX000X0X000000 |
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70,000.00 |
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2010 |
|
Erie Xxxxxxx Concrete Plant |
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800,000.00 |
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2012 |
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Erie Xxxxxxx Concrete Plant |
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1,000,000.00 |
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1987 |
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AMERICAN 5300 CRAWLER CRANE |
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8712-AT-3423 |
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100,000.00 |
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2006 |
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Xxxxxxx OVERHEAD BRIDGE CRANE |
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4500362 |
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20,000.00 |
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2003 |
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03 CAT 330CL EXCAVATOR |
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KDD00508 |
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85,000.00 |
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2011 |
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349EL Excavator |
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TFG00373 |
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400,000.00 |
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2010 |
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312 DL EXCAVATOR |
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JBC00602 |
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62,500.00 |
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2010 |
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930IT Tool Carrier |
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DHC01723 |
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85,000.00 |
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2010 |
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930IT TOOL CARRIER |
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DHC1880 |
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85,000.00 |
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2010 |
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980H WHEEL LOADER |
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JMS05691 |
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85,000.00 |
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2012 |
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980K WHEEL LOADER |
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WTK00379 |
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450,000.00 |
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2012 |
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PAVER GOMACO COMMANDER III |
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JTF11655 |
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450,000.00 |
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2007 |
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Caterpillar 623G Elevating Scraper |
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DBC00407 |
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425,000.00 |
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Location Total |
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5,902,500.00 |
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Grand Total |
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$ |
12,775,515.00 |
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