Exhibit 10.13
MODIFICATION AGREEMENT AND WAIVER OF DEFAULTS
THIS MODIFICATION AGREEMENT AND WAIVER OF DEFAULTS (this "Agreement")
dated as of March 10, 1999 is made by and between Cinema Ride, Inc.
("Lessee") and FINOVA Capital Corporation, a Delaware Corporation, as
Successor in interest to FINOVA TECHNOLOGY FINANCE INC. ("Lessor").
WHEREAS, Lessee and Lessor have entered into that certain Master
Equipment Lease designated no. S619001 dated as of December 12, 1996 and
Rental Schedule No. 1 dated as of December 26, 1996 (the "Lease"). The
Lease, together with all other agreements, instruments and other documents
executed or otherwise delivered in connection therewith are defined herein as
the "Lease Documents"; and
WHEREAS, Lessee has defaulted in its obligations to Lessor by failing to
pay to Lessor the payments which were due for January 1999, February 1999 and
March 1999 (the "Defaults") and Lessee has requested that Lessor modify the
Lease and waive the Defaults, and Lessor has agreed to modify the Lease and
waive the Defaults on the conditions set forth below.
NOW THEREFORE, in consideration of the foregoing, the parties agree as
follows:
1. ESTOPPEL WITH RESPECT TO OUTSTANDING INDEBTEDNESS. Lessee hereby
acknowledges, confirms and agrees that through and including the date of this
Agreement, the following amounts are due and owing to Lessor pursuant to the
Lease: underlying unpaid obligation in the amount of $1,285,537 50, open
delinquent payments due on January 1, 1999, February 1, 1999 and March 1,
1999 in the aggregate amount of $122,710.35 (collectively, tile "Delinquent
Amounts") and Lessee acknowledges that Lessee's failure to have paid tile
Delinquent Amounts constitutes an Event of Default under the Lease. Lessee
hereby acknowledges, confirms and agrees that as of the date hereof, the
Lease Documents are in full force and effect and represent the valid, legal
and binding obligations of Lessee to Lessor.
2. MODIFICATION OF LEASE AND WAIVER OF DEFAULT. Subject to the
satisfaction of the conditions precedent contained in Section 3 herein,
Lessor hereby waives the Defaults referred to above. Furthermore, subject to
the satisfaction of the conditions precedent contained in Section 3 herein,
the Lease shall be modified to provide that as of January 1, 1999, the
monthly rental payments shall be reduced to $21,788.77 (exclusive of
applicable taxes) according to the amortization schedule attached hereto and
incorporated by reference herein as Exhibit "A." A final balloon payment
shall be due to Lessor on January 1, 2004 in the amount of $157,502.69.
Lessee acknowledges that except to the extent expressly modified in this
Agreement, all provisions of the Lease Documents are and shall remain and be
in full force and effect as to any and all actions and transactions entered
into by or on behalf of Lessee at any time on or prior to the date hereof, or
at any time subsequent to the date hereof. Lessee further acknowledges that
Lessor reserves its rights to declare defaults other than the Defaults
referred to above to the extent Lessee defaults under the terms of this
Agreement or the Lease.
1
3. CONDITIONS PRECEDENT TO WAIVER. The agreement to modify the Lease
and waive Defaults contained herein is subject to the satisfaction, in
Lessor's sole and absolute discretion, of the following conditions precedent:
a. Lessee shall pay to Lessor all fees, costs and expenses
incurred by Lessor in connection with this Agreement on or before the
execution of this Agreement;
b. Lessee shall pay to Lessor on or before March 31, 1999 the
modified payments in the amount of $21,788.77 each of which is due under the
Lease on January 1, 1999, February 1, 1999 and March 1, 1999 in the aggregate
amount of $63,366.31.
c. Lessee shall sign all documents and financing statements
reasonably required by Lessor to perfect Lessor's security interests in tile
equipment subject to the Lease resulting from Lessee's relocation of same.
4. AFFIRMATIONS. Lessee hereby unconditionally and irrevocably
confirms, reaffirms, ratifies and agrees that all of Lessee's obligations and
liabilities to Lessor remain in full force and effect as the legally binding
and enforceable obligations and liabilities of Lessee.
5. WAIVER OF CLAIMS. Lessee irrevocably acknowledges, agrees and
affirms that it possesses no claims, defenses, offsets, recoupment or
counterclaims of any kind or nature against or with respect to the
enforcement of this Agreement or any of the Lease Documents (collectively,
the "Claims") nor does Lessee now have knowledge of any facts that would or
might give rise to any Claims. If facts now exist which would or could give
rise to any Claim against or with respect to the enforcement of this
Agreement and/or any of the Lease Documents, Lessee hereby unconditionally,
irrevocably and unequivocally waives and fully releases any and all such
Claims as if such Claims were the subject of a lawsuit, adjudicated to final
judgment from which no appeal could be taken, and therein dismissed with
prejudice. Lessee irrevocably acknowledges, agrees and affirms that Lessor's
waiver does not create nor shall be deemed to create any reliance or
expectation on the part of Lessee, or any course of dealing between Lessor
and Lessee, pursuant to which Lessor would be obligated to continue to waive
defaults under the Lease Documents other than the Defaults, except as
expressly set forth in this Agreement.
6. COUNTERPARTS/FACSIMILE COPIES. This Agreement may be executed in
counterparts, each of which shall constitute an original hereof and all of
which together shall constitute one Agreement. The parties to this Agreement
hereby agree that an executed facsimile of this Agreement shall constitute a
legally binding original copy.
7. MISCELLANEOUS.
a. The recitals set forth above are material, are incorporated
herein by this reference and shall be construed consistent with such recitals.
b. This Agreement constitutes the entire agreement of the parties
concerning the subject matter hereof and it shall not be modified or amended
except by written consent of the parties.
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c. This Agreement shall be governed by and interpreted in
accordance with the laws of the State of Connecticut.
IN WITNESS WHEREOF the parties hereto have signed this Agreement or have
caused this Agreement to be signed on their respective behalves by their duly
authorized officers, as applicable, all as of the date and year first above
written.
CINEMA RIDE, INC.
By: /s/ Xxxxx Xxxxxxx
-------------------------
Name: Xxxxx Xxxxxxx
------------------------
Its: President
------------------------
FINOVA CAPITAL CORPORATION, as successor in
interest to FINOVA TECHNOLOGY FINANCE, INC.
By: /s/ Xxxxxx Xxxxxxxx
------------------------
Name: Xxxxxx Xxxxxxxx
------------------------
Its: Vice President
------------------------
3
Receivable unearned
pmt Balloon Balance Int balance prin bal
-----------------------------------------------------------------------------------------------------------------------------------
1/1/97 1,963,365.60 545,842.55 1,575,026.88
1 2/1/97 81,806.90 1,881,558.70 545,841.41 81,806.90 1,493,219.98
2 3/1/97 40,903.45 1,840,655.25 19,456.38 526,386.17 21,447.07 1,471,772.91
3 4/1/97 40,903.45 1,799,751.80 19,176.92 507,209.25 21,726.53 1,450,046.38
4 5/1/97 40,903.45 1,758,848.35 18,893.83 488,315.42 22,009.62 1,428,036.76
5 6/1/97 40,903.45 1,717,944.90 18,607.05 469,708.37 22,296.40 1,405,740.36
6 7/1/97 40,903.45 1,677,041.45 18,316.53 451,391.83 22,586.92 1,383,153.45
7 8/1/97 40,903.45 1,636,138.00 18,022.23 433,369.60 22,881.22 1,360,272.23
8 9/1/97 40,903.45 1,595,234.55 17,724.09 415,645.51 23,179.36 1,337,092.87
9 10/1/97 40,903.45 1,554,331.10 17,422.07 398,223.44 23,481.38 1,313,611.49
10 11/1/97 40,903.45 1,513,427.65 17,116.11 381,107.33 23,787.34 1,289,824.15
11 12/1/97 40,903.45 1,472,524.20 16,806.17 364,301.17 24,097.28 1,265,726.87
12 1/1/98 40,903.45 1,431,620.75 16,492.18 347,808.98 24,411.27 1,241,315.60
13 2/1/98 40,903.45 1,390,717.30 16,174.11 331,634.87 24,729.34 1,216,586.26
14 3/1/98 40,903.45 1,349,813.85 15,851.89 315,782.98 25,051.56 1,191,534.70
15 4/1/98 40,903.45 1,308,910.40 15,525.47 300,257.51 25,377.98 1,166,156.72
16 5/1/98 40,903.45 1,268,006.95 15,194.80 285,062.70 25,708.65 1,140,448.08
17 6/1/98 40,903.45 1,227,103.50 14,859.82 270,202.88 26,043.63 1,114,404.45
18 7/1/98 40,903.45 1,186,200.05 14,520.48 255,682.40 26,382.97 1,088,021.48
19 8/1/98 40,903.45 1,145,296.60 14,176.72 241,505.68 26,726.73 1,061,294.75
20 9/1/98 40,903.45 1,104,393.15 13,828.47 227,677.21 27,074.98 1,034,219.77
21 10/1/98 40,903.45 1,063,489.70 13,475.69 214.201.52 27,427.76 1,006,792.01
22 11/1/98 40,903.45 1,022,586.25 13,118.31 201,083.21 27,785.14 979,006.87
23 12/1/98 40,903.45 1,307,326.28 13,572.11 588,289.62 27,331.34 951,675.53
24 1 1/1/99 21,788.77 1,285,537.50 13,193.22 499,960.22 8,595.55 943,079.98
25 2 2/1/99 21,788.77 1,263,748.73 13,074.06 486,886.16 8,714.72 934,365.26
26 3 3/1/99 21,788.77 1,241,959.96 12,953.24 473,932.92 8,835.53 925,529.73
27 4 4/1/99 21,788.77 1,220,171.19 12,830.75 461,102.17 8,958.02 916,571.72
28 5 5/1/99 21,788.77 1,198,382.42 12,706.57 448,395.60 9,082.20 907,489.51
29 6 6/1/99 21,788.77 1,176,593.65 12,580.66 435,814.94 9,208.11 898,281.40
30 7 7/1/99 21,788.77 1,154,804.88 12,453.01 423,361.93 9,335.77 888,945.63
31 8 8/1/99 21,788.77 1,133,016.11 12,323.58 411,038.35 9,465.19 879,480.45
32 9 9/1/99 21,788.77 1,111,227.33 12,192.37 398,845.99 9,596.41 869,884.04
33 10 10/1/99 21,788.77 1,089,438.56 12,059.33 386,786.66 9,729.44 860,154.60
34 11 11/1/99 21,788.77 1,067,649.79 11,924.45 374,862.21 9,864.32 850,290.28
35 12 12/1/99 21,788.77 1,045,861.02 11,787.70 363,074.51 10,001.07 840,289.20
36 13 1/1/00 21,788.77 1,024,072.25 11,649.05 351,425.46 10,139.72 830,149.48
37 14 2/1/00 21,788.77 1,002,283.48 11,508.48 339,916.98 10,280.29 819,869.19
38 15 3/1/00 21,788.77 980,494.71 11,365.97 328,551.01 10,422.81 809,446.39
39 16 4/1/00 21,788.77 958,705.94 11,221.47 317,329.54 10,567.30 798,879.09
4
Receivable unearned
pmt Balloon Balance Int balance prin bal
-----------------------------------------------------------------------------------------------------------------------------------
40 17 5/1/00 21,788.77 936,917.16 11,074.98 306,254.56 10,713.79 788,165.30
41 18 6/1/00 21,788.77 915,128.39 10,926.45 295,328.11 10,862.32 777,302.98
42 19 7/1/00 21,788.77 893,339.62 10,775.86 284,552.24 11,012.91 766,290.07
43 20 8/1/00 21,788.77 871,550.85 10,623.19 273,929.05 11,165.58 755,124.49
44 21 9/1/00 21,788.77 849,762.08 10,468.40 263,460.65 11,320.37 743,804.12
45 22 10/1/00 21,788.77 827,973.31 10,311.46 253,149.19 11,477.31 732,326.81
46 23 11/1/00 21,788.77 806,184.54 10,152.35 242,996.83 11,636.42 720,690.39
47 24 12/1/00 21,788.77 784,395.77 9,991.04 233,005.80 11,797.74 708,892.66
48 25 1/1/01 21,788.77 762,606.99 9,827.48 223,178.32 11,961.29 696,931.37
49 26 2/1/01 21,788.77 740,818.22 9,661.66 213,516.66 12,127.11 684,804.26
50 27 3/1/01 21,788.77 719,029.45 9493.54 204,023.11 12,295.23 672,509.03
51 28 4/1/01 21,788.77 697,240.68 9,323.09 194,700.02 12,465.68 660,043.35
52 29 5/1/01 21,788.77 675,451.91 9,150.28 185,549.75 12,638.49 647,404.85
53 30 6/1/01 21,788.77 653,663.14 8,975.07 176,574.68 12,813.70 634,591.15
54 31 7/1/01 21,788.77 631,874.37 8,797.43 167,777.25 12,991.34 621,599.81
55 32 8/1/01 21,788.77 610,085.60 8,617.33 159,159.92 13,171.44 608,428.37
56 33 9/1/01 21,788.77 588,296.82 8,434.73 150,725.19 13,354.04 595,074.33
57 34 10/1/01 21,788.77 566,508.05 8,249.60 142,475.59 13,539.17 581,535.16
58 35 11/1/01 21,788.77 544,719.28 8,061.91 134,413.68 13,726.86 567,808.29
59 36 12/1/01 21,788.77 522,930.51 7,871.61 126,542.07 13,917.16 553,891.13
60 37 1/1/02 21,788.77 501,141.74 7,678.67 118,863.40 14,110.10 539,781.03
61 38 2/1/02 21,788.77 479,352.97 7,483.06 111,380.34 14,305.71 525,475.32
62 39 3/1/02 21,788.77 457,564.20 7,284.74 104,095.59 14,504.03 510,971.29
63 40 4/1/02 21,788.77 435,775.43 7.083.67 97,011.92 14,705.10 496,266.19
64 41 5/1/02 21,788.77 413,986.65 6,879.81 90,132.11 14,908.96 481,357.23
65 42 6/1/02 21,788.77 392,197.88 6,673.13 83,458.99 15,115.65 466,241.59
66 43 7/1/02 21,788.77 370,409.11 6,463.58 76,995.41 15,325.20 450,916.39
67 44 8/1/02 21,788.77 348,620.34 6,251.12 70,744.29 15,537.65 435,378.74
68 45 9/1/02 21,788.77 326,831.57 6,035.72 64,708.58 15,753.05 419,625.69
69 46 10/1/02 21,788.77 305,042.80 5,817.33 58,891.24 15,971.44 403,654.25
70 47 11/1/02 21,788.77 283,254.03 5,595.92 53,295.33 16,192.85 387,461.39
71 48 12/1/02 21,788.77 261,465.26 5,371.43 47,923.89 16,417.34 371,044.05
72 49 1/1/03 21,788.77 239,676.48 5,143.84 42,780.05 16,644.93 354,399.12
73 50 2/1/03 21,788.77 217,887.71 4,913.09 37,866.97 16,875.68 337,523.44
74 51 3/1/03 21,788.77 196,098.94 4,679.14 33,187.83 17,109.63 320.413.80
75 52 4/1/03 21,788.77 174,310.17 4,441.94 28,745.89 17,346.83 303,066.97
76 53 5/1/03 21,788.77 152,521.40 4,201.46 24,544.43 17,587.31 285,479.66
77 54 6/1/03 21,788.77 130,732.63 3,957.65 20,586.78 17,831.13 267,648.54
78 55 7/1/03 21,788.77 108,943.86 3,710.45 16,876.33 18,078.32 249,570.22
79 56 8/1/03 21,788.77 87,155.09 3,459.83 13.416.50 18,328.94 231,241.28
5
Receivable unearned
pmt Balloon Balance Int balance prin bal
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80 57 9/1/03 21,788.77 65,366.31 3,205.73 10,210.77 18,583.04 212,658.24
81 58 10/1/03 21,788.77 43,577.54 2,948.11 7,262.66 18,840.66 193,817.58
82 59 11/1/03 21,788.77 21,788.77 2,686.92 4,575.74 19,101.85 174,715.73
83 60 12/1/03 21,788.77 - 2,422.11 2,153.63 19,366.66 155,349.07
84 1/1/04 157,502.69 - 2,153.63 (0.00) 155,349.07 (0.00)
6
