EXHIBIT 10.17
Lease Agreement No. 2885
Dated: December 27, 1995 Schedule No. 013
COMERICA LEASING CORPORATION
LEASE SCHEDULE
1. DESCRIPTION OF LEASE: Lease Agreement dated DECEMBER 21, 1993, by and
between COMERICA LEASING CORPORATION (herein "CLC") as Lessor, and THE
COLONEL'S, INC. as Lessee (herein called "Lease Agreement").
2. DESCRIPTION OF EQUIPMENT: (Describe equipment fully, including make,
kind of unit, serial numbers, and other pertinent information which is
herein called "Equipment"):
Equipment as further described on attached Exhibit "A"
3. LOCATION: The equipment described above shall be located at 000 XXXXX
XXXX, XXXXXX, XXXXXXXX 00000.
4. TERM; RENTAL: The Term of the Lease Agreement for the Equipment
described in this Schedule shall be in accordance with the provisions of
the Lease Agreement and shall continue until all rental payments are fully
paid. Lessee agrees to pay CLC as rental payments aggregating
$3,464,557.32 plus any applicable sales and/or use taxes thereon payable in
84 MONTHLY payments of $41,244.73 each, plus any applicable sales and/or
use taxes commencing JANUARY 30, 1996, and on the 30th calendar day of each
succeeding like period until fully paid. THE RENTAL PAYMENTS SHALL BE
REMITTED TO CLC AT X.X. XXXXXX 00-000, XXXXXXX, XXXXXXXX 00000, unless CLC
specifies otherwise in writing.
5. INSURANCE: Lessee agrees to maintain adequate property damage
insurance in accordance with the terms of the Lease Agreement, but in any
event not less than the sum of the payments due, protecting CLC as a loss
payee. The minimum amount indicated above shall not be construed to imply
such amount will be or is adequate, but rather as a minimum amount.
6. UCC 2A: In accordance with Section 2A of the Michigan Uniform
Commercial Code (MCLA Section 440.3101 et seq.) ("UCC') Lessee acknowledges
either (a) that Lessee has reviewed and approved any written Supply
Contract (as defined by UCC Section 2A-103(i)(y)) covering the Equipment
purchased from the "Supplier" (as defined by UCC Section 2A-103(i)(x))
thereof for lease to Lessee or (b) that Lessor has informed or advised
Lessee, in writing, either previously or by this Lease Schedule of the
following: (i) the identity of the supplier; (ii) that the Lessee may have
rights under the Supply Contract; and (iii) that the Lessee may contact the
Supplier for a description of any such rights lessee may have under the
Supply Contract.
Lessee acknowledges that Lessee has reviewed and approved the Purchase
Order, Supply Contract or Purchase Agreement covering the Equipment
purchased from the seller or supplier thereof for lease to Lessee.
Lessee's Initials: RLS
7. ADDITIONAL CONDITIONS: At the end of the Lease term, Lessee may
purchase the equipment for $1.00 provided no event of default shall have
occurred and been left unremedied.
The foregoing is hereby approved and agreed to by the undersigned as a
Schedule to and a part of the Lease Agreement, the provisions of which are
hereby incorporated herein by reference and which shall govern,
notwithstanding anything contrary or inconsistent herein.
COMERICA LEASING CORPORATION THE COLONEL'S, INC.
(Lessor) (Lessee)
Address: 000 Xxxxx Xxxxx Xxxx,
Xxxxx, Xxxxxxxx 00000
By: /S/ XXXXX X. RIS By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxx X. Ris Xxxxxxx Xxxxxxxxxxx
Its: Lease Marketing Officer Its: Controller
Lease Agreement No. 2885
Dated: December 27, 1995 Schedule No. 013
COMERICA LEASING CORPORATION
"EXHIBIT A"
Equipment as fully described below:
SERIAL NUMBER
ONE (1) HPM 6.0" MODEL TM111 EXTRUDER INCLUDING; 95211
EXTRUSION LINES N/A
DIES N/A
FORMING LINES N/A
SCREEN CHANGERS N/A
TOOLING N/A
SHEET LINE SYSTEM 95213
OMART SHEET THICKNESS GAUGE 95221
SUPPLEMENTAL DIP TANK N/A
SHEAR 95215
STACKER 95217
SHEET DIE AND STAND 195007
KENICS MIXER 195008
PROCESS CONTROL HPM EPM-11 XXXXX XXXXXXX CONTROL SYSTEM 95223
ADAPTOR 195009
TRAINING, SETUP, FREIGHT, RIGGING, AND INSTALLATION 95219
ALL ELECTRICAL, AIR, AND WATER HOOKUPS, AND ALL ACCESSORIES AND
ATTACHMENTS THERETO.
ONE (1) NELMOR S10045 SHREDDER/NELMOR G2056 GRANULATOR 951036961
COMBINATION CONVEYOR SYSTEM INCLUDING; N/A
INFEED CONVEYOR WITH METAL DETECTOR N/A
FAN EVACUATION SYSTEM N/A
EXTRA SET OF SCREENS N/A
ROTOR, BED KNIVES N/A
AND ALL ACCESSORIES AND ATTACHMENTS THERETO.
TWO (2) XXXXX R-224-E ROTARY THERMOFORMERS INCLUDING; 13052
13053
TRAINING, SETUP, FREIGHT, RIGGING, AND INSTALLATION N/A
ALL ELECTRICAL, AIR, AND WATER HOOKUPS, AND ALL ACCESSORIES AND
ATTACHMENTS THERETO.
FIVE (5) IMCS SILOS, MODEL #40-6239 AND ALL ACCESSORIES
AND ATTACHMENTS INCLUDING; N/A
ONE (1) LADDER AND SAFETY CAGE, MODEL #40-6063 N/A
FIVE (5) 4" AIR FILL KITS, MODEL #40-6065 N/A
FORTY-FIVE (45) TIERS OF 4" FILL TUBE, MODEL #40-0023 N/A
FOUR (4) 24" LONG CROSSWALKS WITH RAILING, MODEL #40-5098 N/A
FIVE (5) SLIDE GATE AND TRANSITIONS, MODEL #50-5000 N/A
FIVE (5) VACUUM BOXES, MODEL #50-5050 N/A
TEN (10) 2-1/2" OUTLETS, MODEL #50-5004 N/A
TEN (10) ROTARY LEVEL CONTROLS, MODEL #40-0022 N/A
FIVE (5) ROTARY CONTROL MTG. FLANGE, MODEL #40-5017 N/A
FIVE (5) ROTARY CONTROL MTG. FLANGE, MODEL #40-5054 N/A
ONE (1) HIGH-LOW CONTROL ALARM BOX, MODEL #40-4004 N/A
FOUR (4) CONTROL BOX ADDITIONS, MODEL #40-4005 N/A
FIVE (5) REEL & BOBBER LEVEL INDICATORS, MODEL #40-4001 N/A
ONE (1) REEL & BOBBER CONTROL PANEL, MODEL #40-0020 N/A
Page 1 of 2
Lease Agreement No. 2885
Dated: December 27, 1995 Schedule No. 013
COMERICA LEASING CORPORATION
"EXHIBIT A"
Equipment as fully described below:
SERIAL NUMBER
ONE (1) H&W SYSTEMS ADVANTAGE PROCESS COOLING SYSTEM INCLUDING;
ONE (1) 135 TON COOLING TOWER 29976
ONE (0) 000 XXX XXXXX PUMP/RECIRCULATION SYSTEM 25872
ONE (1) 45 TON COOLING TOWER 26877
ONE (1) 45 TON WATER PUMP/RECIRCULATION SYSTEM 25875
THIRTY (30) CADET MODEL ADVANTAGE TEMPERATURE CONTROLLERS 25972
WITH FIVE (5) ZONES EACH 25973
25974
25975
25976
25977
TWO (2) HOLDING TANKS N/A
AND ALL PLUMBING, ELECTRICAL, AND ALL ACCESSORIES AND ATTACHMENTS.
Agreed and Accepted:
COMERICA LEASING CORPORATION THE COLONEL'S, INC.
(Lessor) (Lessee)
By: /S/ XXXXX X. RIS By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxx X. Ris Xxxxxxx Xxxxxxxxxxx
Its: Lease Marketing Officer Its: Controller
Page 2 of 2
COMERICA LEASING CORPORATION
DELIVERY AND ACCEPTANCE CERTIFICATE
TO: COMERICA LEASING CORPORATION
RE: LEASE AGREEMENT NUMBER 2885 DATED AS OF DECEMBER 21, 1993
BETWEEN COMERICA LEASING CORPORATION, LESSOR, AND THE UNDERSIGNED
LESSEE
The undersigned hereby certifies that all of the goods, chattels and
equipment ("Equipment") described in the Schedule Number 013 to that
certain lease referenced above have been furnished to the undersigned at
the location designated in said Schedule, that delivery and installation of
the Equipment have been inspected and accepted by the undersigned as
satisfactory as of the date set forth below.
The undersigned understands that Lessor is relying on this certificate in
its purchase of the Equipment and, to induce Lessor to purchase the
Equipment, the undersigned agrees to settle all claims, set-offs and
counterclaims it may have with the vendor or vendors of the Equipment
directly with such vendor or vendors and will not set-off any thereof
against Lessor; and the undersigned further understands and agrees that the
undersigned's obligations to Lessor under the Lease are absolute, that
Lessor is neither the manufacturer, distributor nor seller of the Equipment
and LESSOR HAS NOT MADE, NOR DOES IT MAKE, ANY REPRESENTATION OR WARRANTY
OR AGREEMENT WITH RESPECT TO THE FITNESS, MERCHANTABILITY, CONDITION,
QUALITY, DURABILITY OR SUITABILITY OF THE EQUIPMENT IN ANY RESPECT
INCLUDING ITS FITNESS FOR THE PURPOSE AND USES OF LESSEE. The
undersigned hereby acknowledges that it has reviewed and approved the
Purchase Order, Supply Contract or Purchase Agreement covering the
Equipment purchased from the vendor(s) or supplier(s) thereof for lease to
the undersigned.
Dated: December 27, 1995
THE COLONEL'S, INC.
(Lessee)
By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxxxx Xxxxxxxxxxx
Its: Controller
December 27, 0000
Xxxxx Xxxxxxxx
Xxxxxxxxx Underwriters, LTD.
00000 Xxxxxxxxxx Xxxx
Xxxxxxx, XX 00000
Phone Number: (000) 000-0000
RE: PHYSICAL DAMAGE INSURANCE
POLICY #35338463
COMPANY: FEDERAL INSURANCE COMPANY
EXPIRATION: OCTOBER 1, 1996
Dir Sir/Madam:
The undersigned is presently leasing the following equipment from Comerica
Leasing Corporation:
Equipment as further described on attached Exhibit "A"
Cost: $2,689,007.19
We hereby authorize and request that our policies be amended and that
Certificates of Insurance be issued showing Comerica Leasing Corporation as
loss payee for physical damage risks. We also request that 30-day notice
to Comerica Leasing Corporation of cancellation be noted and provided in
the certificates.
Please forward certificates to:
COMERICA LEASING CORPORATION
00000 Xxxxxxxxx, 0xx Xxxxx
Xxxxxxxxxx, XX 00000
We appreciate your cooperation and request this matter be handled
expeditiously.
Very truly yours,
THE COLONEL'S, INC.
By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxxxx Xxxxxxxxxxx, Controller
Lease Agreement No. 2885
Dated: December 27, 1995 Schedule No. 013
COMERICA LEASING CORPORATION
"EXHIBIT A"
Equipment as fully described below:
SERIAL NUMBER
ONE (1) HPM 6.0" MODEL TM111 EXTRUDER INCLUDING; 95211
EXTRUSION LINES N/A
DIES N/A
FORMING LINES N/A
SCREEN CHANGERS N/A
TOOLING N/A
SHEET LINE SYSTEM 95213
OMART SHEET THICKNESS GAUGE 95221
SUPPLEMENTAL DIP TANK N/A
SHEAR 95215
STACKER 95217
SHEET DIE AND STAND 195007
KENICS MIXER 195008
PROCESS CONTROL HPM EPM-11 XXXXX XXXXXXX CONTROL SYSTEM 95223
ADAPTOR 195009
TRAINING, SETUP, FREIGHT, RIGGING, AND INSTALLATION 95219
ALL ELECTRICAL, AIR, AND WATER HOOKUPS, AND ALL ACCESSORIES AND
ATTACHMENTS THERETO.
ONE (1) NELMOR S10045 SHREDDER/NELMOR G2056 GRANULATOR 951036961
COMBINATION CONVEYOR SYSTEM INCLUDING; N/A
INFEED CONVEYOR WITH METAL DETECTOR N/A
FAN EVACUATION SYSTEM N/A
EXTRA SET OF SCREENS N/A
ROTOR, BED KNIVES N/A
AND ALL ACCESSORIES AND ATTACHMENTS THERETO.
TWO (2) XXXXX R-224-E ROTARY THERMOFORMERS INCLUDING; 13052
13053
TRAINING, SETUP, FREIGHT, RIGGING, AND INSTALLATION N/A
ALL ELECTRICAL, AIR, AND WATER HOOKUPS, AND ALL ACCESSORIES AND
ATTACHMENTS THERETO.
FIVE (5) IMCS SILOS, MODEL #40-6239 AND ALL ACCESSORIES
AND ATTACHMENTS INCLUDING; N/A
ONE (1) LADDER AND SAFETY CAGE, MODEL #40-6063 N/A
FIVE (5) 4" AIR FILL KITS, MODEL #40-6065 N/A
FORTY-FIVE (45) TIERS OF 4" FILL TUBE, MODEL #40-0023 N/A
FOUR (4) 24" LONG CROSSWALKS WITH RAILING, MODEL #40-5098 N/A
FIVE (5) SLIDE GATE AND TRANSITIONS, MODEL #50-5000 N/A
FIVE (5) VACUUM BOXES, MODEL #50-5050 N/A
TEN (10) 2-1/2" OUTLETS, MODEL #50-5004 N/A
TEN (10) ROTARY LEVEL CONTROLS, MODEL #40-0022 N/A
FIVE (5) ROTARY CONTROL MTG. FLANGE, MODEL #40-5017 N/A
FIVE (5) ROTARY CONTROL MTG. FLANGE, MODEL #40-5054 N/A
ONE (1) HIGH-LOW CONTROL ALARM BOX, MODEL #40-4004 N/A
FOUR (4) CONTROL BOX ADDITIONS, MODEL #40-4005 N/A
FIVE (5) REEL & BOBBER LEVEL INDICATORS, MODEL #40-4001 N/A
ONE (1) REEL & BOBBER CONTROL PANEL, MODEL #40-0020 N/A
Page 1 of 2
Lease Agreement No. 2885
Dated: December 27, 1995 Schedule No. 013
COMERICA LEASING CORPORATION
"EXHIBIT A"
Equipment as fully described below:
SERIAL NUMBER
ONE (1) H&W SYSTEMS ADVANTAGE PROCESS COOLING SYSTEM INCLUDING;
ONE (1) 135 TON COOLING TOWER 29976
ONE (0) 000 XXX XXXXX PUMP/RECIRCULATION SYSTEM 25872
ONE (1) 45 TON COOLING TOWER 26877
ONE (1) 45 TON WATER PUMP/RECIRCULATION SYSTEM 25875
THIRTY (30) CADET MODEL ADVANTAGE TEMPERATURE CONTROLLERS 25972
WITH FIVE (5) ZONES EACH 25973
25974
25975
25976
25977
TWO (2) HOLDING TANKS N/A
AND ALL PLUMBING, ELECTRICAL, AND ALL ACCESSORIES AND ATTACHMENTS.
Agreed and Accepted:
COMERICA LEASING CORPORATION THE COLONEL'S, INC.
(Lessor) (Lessee)
By: /S/ XXXXX X. RIS By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxx X. Ris Xxxxxxx Xxxxxxxxxxx
Its: Lease Marketing Officer Its: Controller
Page 2 of 2
COMERICA LEASING CORPORATION
CASUALTY LOSS VALUE SCHEDULE
RE: LEASE NO. 2885, SCHEDULE NO. 013
PER DATE DOLLAR AMT % OF COST % OF RENT PER DATE DOLLAR AMT % OF COST % OF RENT
--- ---- ---------- --------- --------- --- ---- ---------- --------- ---------
1 1/29/96 2,705,813.48 100.6250 78.0998 37 1/29/99 1,716,476.36 63.8331 49.5439
2 2/28/96 2,681,222.31 99.7105 77.3900 38 2/27/99 1,685,701.83 62.6886 48.6556
3 3/29/96 2,686,477.43 98.7903 76.6758 39 3/29/99 1,654,734.95 61.5370 47.7618
4 4/29/96 2,631,577.90 97.8643 75.9571 40 4/29/99 1,623,574.53 60.3782 46.8624
5 5/29/96 2,606,522.75 96.9325 75.2339 41 5/29/99 1,592,219.36 59.2122 45.9574
6 6/29/96 2,581,311.00 95.9949 74.5062 42 6/29/99 1,560,868.21 58.0388 45.0467
7 7/29/96 2,555,941.68 95.0515 73.7740 43 7/29/99 1,528,819.88 56.8882 44.1303
8 8/29/96 2,530,413.81 94.1022 73.0371 44 8/29/99 1,496,973.11 55.6701 43.2082
9 9/29/96 2,504,726.38 93.1469 72.2957 45 9/29/99 1,464.826.68 54.4746 42.2803
10 10/29/96 2,478,878.40 92.1856 71.5496 46 10/29/99 1,432,479.33 53.2717 41.3467
11 11/29/96 2,452,868.88 91.2184 70.7989 47 11/29/99 1,399,929.81 52.0612 40.4072
12 12/29/96 2,426,696.80 90.2451 70.0435 48 12/29/99 1,367,176.86 50.8432 39.4618
13 1/29/97 2,400,361.14 89.2657 69.2833 49 1/29/ 0 1,334,219.20 49.6175 38.5105
14 2/27/97 2,373,860.88 88.2802 68.5184 50 2/28/ 0 1,301,055.56 48.3842 37.5533
15 3/29/97 2,347,195.00 87.2885 67.7488 51 3/29/ 0 1,267,684.64 47.1432 36.5901
16 4/29/97 2,320,362.45 86.2907 66.9743 52 4/29/ 0 1,234,105.16 45.8945 35.6209
17 5/29/97 2,293,362.21 85.2866 66.1949 53 5/29/ 0 1,200,315.80 44.6379 34.6456
18 6/29/97 2,266,193.21 84.2762 65.4108 54 6/29/ 0 1,166,315.26 43.3735 33.6642
19 7/29/97 2,238,854.40 83.2595 64.6217 55 7/29/ 0 1,132,102.22 42.1011 32.6767
20 8/29/97 2,211,344.73 82.2365 63.8276 56 8/29/ 0 1,097,675.35 40.8208 31.6830
21 9/29/97 2,183,663.12 81.2070 63.0286 57 9/29/ 0 1,063,033.30 39.5326 30.6831
22 10/29/97 2,155,808.50 80.1712 62.2246 58 10/29/ 0 1,028,174.75 38.2362 29.6769
23 11/29/97 2,127,779.79 79.1288 61.4156 59 11/29/ 0 993,098.33 36.9318 28.6645
24 12/29/97 2,099,575.90 78.0800 60.6016 60 12/29/ 0 957,802.68 35.6192 27.6457
25 1/29/98 2,071,195.73 77.0246 59.7824 61 1/29/ 1 922,286.43 34.2984 26.6206
26 2/27/98 2,042,638.19 75.9625 58.9581 62 2/27/ 1 886,548.21 32.9694 25.5891
27 3/29/98 2,013,902.17 74.8939 58.1287 63 3/29/ 1 850,886.62 31.6320 24.5511
28 4/29/98 1,984,986.54 73.8186 57.2941 64 4/29/ 1 814,400.27 30.2863 23.5066
29 5/29/98 1,955,890.20 72.7365 56.4543 65 5/29/ 1 777,987.76 28.9322 22.4556
30 6/29/98 1,926,612.00 71.6477 55.6092 66 6/29/ 1 741,347.67 27.5696 21.3980
31 7/29/98 1,897,150.31 70.5521 54.7588 67 7/29/ 1 704,478.58 26.1985 20.3339
32 8/29/98 1,867,505.49 69.4496 53.9031 68 8/29/ 1 667,379.06 24.8188 19.2630
33 9/29/98 1,837,674.88 68.3403 53.0421 69 9/29/ 1 630,047.66 23.4305 18.1855
34 10/29/98 1,807,657.84 67.2240 52.1757 70 10/29/ 1 592,482.95 22.0335 17.1013
35 11/29/98 1,777,453.18 66.1007 51.3039 71 11/29/ 1 554,683.45 20.6278 16.0102
36 12/29/98 1,747,059.75 64.9704 50.4266 72 12/29/ 1 516,647.71 19.2133 14.9124
Page 1 of 2
COMERICA LEASING CORPORATION
CASUALTY LOSS VALUE SCHEDULE
RE: LEASE NO. 2885, SCHEDULE NO. 013
PER DATE DOLLAR AMT % OF COST % OF RENT
--- ---- ---------- --------- ---------
73 1/29/ 2 478,374.24 17.7900 13.8077
74 2/27/ 2 439,861.57 16.3578 12.6960
75 3/29/ 2 401,108.19 14.9166 11.5775
76 4/29/ 2 362,112.60 13.4664 10.4519
77 5/29/ 2 322,873.29 12.0072 9.3193
78 6/29/ 2 283,388.74 10.5388 8.1797
79 7/29/ 2 243,657.40 9.0612 7.0329
80 8/29/ 2 203,677.75 7.5745 5.8789
81 9/29/ 2 163,448.22 6.0784 4.7177
82 10/29/ 2 122,967.26 4.5730 3.5493
83 11/29/ 2 82,233.29 3.0581 2.3736
84 12/29/ 2 41,244.73 1.5338 1.1905
Note: The date reflects the LAST DAY the Casualty amount is valid.
Percentage of Rent reflects percentage of Gross Rentals
($3,464,557.66).
COMERICA LEASING CORPORATION THE COLONEL'S, INC.
(Lessor) (Lessee)
By: /S/ XXXXX X. RIS By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxx X. Ris Xxxxxxx Xxxxxxxxxxx
Its: Lease Marketing Officer Its: Controller
Page 2 of 2
