EXHIBIT 10.19
Lease Agreement No. 2885
Dated: November 15, 1996
Schedule No. 015
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"):
"As further described in attached Exhibit A"
3. LOCATION: The equipment described above shall be located at 000 XXXXX
XXXX, XXXXXX, XX 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
$1,755,280.80 plus any applicable sales and/or use taxes thereon payable in
84 MONTHLY payments of $20,896.20 each, plus any applicable sales and/or
use taxes commencing DECEMBER 30, 1996, and on the same 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, XX 00000
By: /S/ XXXXX X. RIS By:/S/ XXXXXXX XXXXXXXXXXX
Xxxxx X. Ris Xxxxxxx Xxxxxxxxxxx
Its: Lease Marketing Officer Its: Controller
Dated: November 15, 1996
COMERICA LEASING CORPORATION
"EXHIBIT A"
LEASE AGREEMENT NO. 2885
SCHEDULE NO. 015
QUANTITY DESCRIPTION SERIAL NO.
1 HM 6.0" Model TM111 Extruder Including: 95212
1 Extrusion Lines, Dies, Forming Lines, Screen
Changers, Tooling NA
1 Sheet Line System 95214
1 Omart Sheet Thickness Gauge 95222
1 Supplemental Dip Tank NA
1 Shear 95216
1 Stacker 95218
1 Sheet Die and Stand 195010
1 Kenics Mixer 195011
1 Process Control HPM EPM-11 Xxxxx Xxxxxxx
Control System 95224
1 Adapter 195012
1 Training, Setup, Freight, Rigging, and
Installation 95220
All electrical, air, and water hookups, and
all accessories and attachments thereto
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
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 015 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: November 15, 1996
THE COLONEL'S, INC.
(Lessee)
By: /S/ XXXXXXX XXXXXXXXXXX
Xxxxxxx Xxxxxxxxxxx
Its: Controller
November 15, 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, 1997
Dear Sir/Madam:
The undersigned is presently leasing the following equipment from Comerica
Leasing Corporation:
"As further described in attached Exhibit A"
Cost: $1,340,685.00
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
Dated: November 15. 1996
COMERICA LEASING CORPORATION
"EXHIBIT A"
LEASE AGREEMENT NO. 2885
SCHEDULE NO. 015
QUANTITY DESCRIPTION SERIAL NO.
1 HM 6.0" Model TM111 Extruder Including: 95212
1 Extrusion Lines, Dies, Forming Lines, Screen
Changers, Tooling NA
1 Sheet Line System 95214
1 Omart Sheet Thickness Gauge 95222
1 Supplemental Dip Tank NA
1 Shear 95216
1 Stacker 95218
1 Sheet Die and Stand 195010
1 Kenics Mixer 195011
1 Process Control HPM EPM-11 Xxxxx Xxxxxxx
Control System 95224
1 Adapter 195012
1 Training, Setup, Freight, Rigging, and
Installation 95220
All electrical, air, and water hookups, and
all accessories and attachments thereto.
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
COMERICA LEASING CORPORATION
CASUALTY LOSS VALUE SCHEDULE
RE: LEASE NO. 2885, SCHEDULE NO. 015
PER DATE DOLLAR AMT % OF COST % OF RENT PER DATE DOLLAR AMT % OF COST % OF RENT
--- ---- ---------- --------- --------- --- ---- ---------- --------- ---------
1 12/29/96 1,349,622.89 100.6667 76.3893 37 12/29/99 861,654.74 64.2697 49.0893
2 1/29/97 1,227,584.87 99.7688 76.2035 38 1/29/ 0 846,363.59 63.1292 48.2181
3 2/27/97 1,325,466.58 98.8649 75.5131 39 2/28/ 0 830,970.50 61.9810 47.3412
4 3/29/97 1,313,267.51 97.9550 74.8181 40 3/29/ 0 815,474.80 60.8252 46.4584
5 4/29/97 1,300,987.12 97.0390 74.1185 41 4/21/ 0 799,375.78 59.6617 45.5697
6 5/29/97 1,288,624.85 96.1169 73.4142 42 5/29/ 0 784,172.78 58.4905 44.6751
7 6/29/97 1,276,180.17 95.1887 72.7052 43 6/29/ 0 768,365.08 57.3114 43.7745
8 8/29/97 1,263,652.52 94.2542 71.9915 44 7/29/ 0 752,452.00 56.1244 42.8679
9 8/29/97 1,251,041.36 93.3136 71.2730 45 8/29/ 0 736,432.84 54.9296 41.9553
10 9/29/97 1,238,346.12 92.3667 70.5497 46 9/29/ 0 720,306.88 53.7268 41.0366
11 10/29/97 1,225,566.25 91.4134 69.3217 47 10/29/ 0 704,073.42 52.5159 40.1117
12 11/29/97 1,212,701.17 90.4538 69.0887 48 11/29/ 0 687,731.73 51.2970 39.1807
13 12/29/97 1,199,750.33 89.4879 68.3509 49 12/29/ 0 671,281.09 50.0700 38.2435
14 1/29/98 1,186,713.16 88.5154 67.6082 50 1/29/ 1 654,720.79 48.8348 37.3001
15 2/27/98 1,173,589.06 87.5365 66.8605 51 2/27/ 1 638,050.08 47.5913 36.3503
16 3/29/98 1,160,377.48 86.5511 66.1078 52 3/29/ 1 621,268.24 46.3396 35.3942
17 4/29/98 1,147,077.81 85.5591 65.3501 53 4/29/ 1 604,374.52 45.0795 34.4318
18 5/29/98 1,133,689.49 84.5605 64.5874 54 5/29/ 1 587,368.17 43.8110 33.4629
19 6/29/98 1,120,211.90 83.5552 63.8195 55 6/29/ 1 570,248.45 42.5341 32.4876
20 7/29/98 1,106,644.47 82.5432 63.0466 56 7/29/ 1 553,014.59 41.2487 31.5058
21 8/29/98 1,092,986.56 81.5245 62.2685 57 8/29/ 1 535,665.85 39.9546 30.5174
22 9/29/98 1,079,237.65 80.4990 61.4852 58 9/29/ 1 518,201.44 38.6520 29.5224
23 10/29/98 1,065,397.05 79.4666 60.6967 59 10/29/ 1 500,620.61 37.3407 28.5208
24 11/29/98 1,051,464.19 78.4274 59.9029 60 11/29/ 1 482,922.57 36.0206 27.5126
25 12/29/98 1,037,438.44 77.3812 59.1038 61 12/29/ 1 465,106.54 34.6917 26.4976
26 1/29/99 1,023,319.18 76.3281 582995 62 1/29/ 2 447,171.74 33.3540 25.4758
27 2/27/99 1,099,105.79 75.2679 57.4897 63 2/27/ 2 429,117.38 32.0073 24.4472
28 3/29/99 994,797.65 74.2007 56.6746 64 3/29/ 2 410,942.65 30.6517 23.4118
29 4/29/99 980,394.12 73.1264 55.8540 65 4/29/ 2 392,646.76 29.2870 22.3695
30 5/29/99 965,894.57 72.0449 55.0279 66 5/29/ 2 374,228.89 27.9133 21.3202
31 6/29/99 951,298.36 70.9561 54.1964 67 6/29/ 2 355,688.24 26.5303 20.2639
32 7/29/99 936,604.83 69.8602 53.3593 68 7/29/ 2 337,023.99 25.1382 19.2006
33 8/29/99 921,813.35 68.7569 52.5166 69 8/29/ 2 318,235.30 23.7368 18.1302
34 9/29/99 906,923.26 67.6463 61.6683 70 9/29/ 2 299,321.36 22.3260 17.0526
35 10/29/99 891,933.91 66.5282 50.8143 71 10/29/ 2 280,281.33 20.9058 15.9679
36 11/29/99 876,844.62 65.1027 49.9547 72 11/29/ 2 261,114.36 19.4762 14.8759
Note: The date reflects the LAST DAY the Casualty amount is valid.
Percentage of Rent reflects percentage of Gross Rentals
($1,755,280.80).
COMERICA LEASING CORPORATION
CASUALTY LOSS VALUE SCHEDULE
RE: LEASE NO. 2885, SCHEDULE NO. 015
PER DATE DOLLAR AMT % OF COST % OF RENT
--- ---- ---------- --------- ---------
73 12/29/ 2 241,319.62 189.0370 13.7767
74 1/29/ 3 222,396.24 16.5883 12.6701
75 2/27/ 3 202,843.37 15.1298 11.5562
76 3/29/ 3 183,160.15 13.6617 10.4348
77 4/29/ 3 163,345.71 12.1838 9.1060
78 5/29/ 3 143,399.17 10.6960 8.1696
79 6/29/ 3 123,319.60 9.1983 7.0256
80 7/29/ 3 103,106.28 7.6906 5.3741
81 8/29/ 3 82,758.15 6.1728 4.7148
82 9/29/ 3 62,274.36 4.6450 3.5478
83 10/29/ 3 41,654.01 3.1069 2.3731
84 11/29/ 3 20,396.20 1.5586 1.1905
Note: The date reflects the LAST DAY the Casualty amount is valid.
Percentage of Rent reflects Percentage of Gross Rentals
($1,755,280.80).
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
COMERICA LEASING CORPORATION 5260
Equipment Account
74-478/724
NOVEMBER 15, 1996
PAY
TO THE
ORDER OF **THE COLONEL'S, INC. AND HPM CORPORATION** $380,685.00
THREE HUNDRED EIGHTY THOUSAND SIX HUNDRED EIGHTY-FIVE AND 00/100 DOLLARS
Comerica
Comerica Bank - Xxx Arbor, N.A.
Xxx Xxxxx, Xxxxxxxx 00000
FOR LEASE #2885-015 /S/________________________________
1. NO. OF ADDITIONAL SHEETS STATE COUNTY STATE BILLING ACCT. NO.
Michigan MO88UC
2. LESSEE(S)/DEBTOR(S) (LAST NAME FIRST) & ADDRESS(ES) 3. LESSOR/SECURED
PARTY(IES) & ADDRESS(ES)
The Colonel's, Inc. Comerica Leasing Corporation
000 Xxxxx Xxxxx Xxxx 00000 Xxxxxxxxx Xxxx
Xxxxx, XX 000000 Xxxxxxxxxx, XX 00000
Tax I.D. No. 00-0000000 Lease # 2885-015
THIS STATEMENT REFERS TO THE ORIGINAL FINANCING STATEMENT BEARING THE
FOLLOWING FILE NUMBER(S):
Sec. of State - File No. C998626 Liber ________ Page _______________
Date Filed AUGUST 3, 1995 Reg. of Deeds - File No.___________
Date Filed_________________________
4. [ ] Continuation The original financing statement bearing file
number shown above, is still effective.
5. [ ] Termination Secured party no longer claims a security interest
under the financing statement bearing file number
shown above.
6. [ ] Assignment The secured party's right under the financing
statement bearing file number shown above to the
property described in Item 10 has been assigned to
the assignee whose name and address appears in
Item 10.
7. [X] Amendment Financing statement bearing file number shown
above is amended as set forth in Item 10.
8. [ ] Release Secured Party releases the collateral described in
Item 10 from the financing statement bearing file
number shown above.
9. [ ] Other Specify in Item 10.
10. "Equipment as more fully described on attached Exhibit A".
The Colonel's, Inc. Comerica Leasing Corporation
By: /S/ XXXXXXX XXXXXXXXXXX By: /S/ XXXXX X. RIS
SIGNATURE(S) OF LESSEE(S)/DEBTOR(S) SIGNATURE OF LESSOR/SECURED
PARTY OR ASSIGNEE OF RECORD
Its: Xxxxxxx Xxxxxxxxxxx, Controller Its: Xxxxx X. Ris, Lease
Marketing Officer
DEBTOR(S) COPY
Dated: November 15, 1996
COMERICA LEASING CORPORATION
"EXHIBIT A"
LEASE AGREEMENT NO. 2885
SCHEDULE NO. 015
Amended to include Equipment attached to One (1) HPM 6.0" Model TM111
Extruder, Serial Number 95212 as more fully described by
Serial Numbers below:
QUANTITY DESCRIPTION SERIAL NO.
1 Extrusion Lines, Dies, Forming Lines, Screen
Changers, Tooling NA
1 Sheet Line System 95214
1 Omart Sheet Thickness Gauge 95222
1 Supplemental Dip Tank NA
1 Shear 95216
1 Stacker 95218
1 Sheet Die and Stand 195010
1 Kenics Mixer 195011
1 Process Control HPM EPM-11 Xxxxx Xxxxxxx
Control System 95224
1 Adapter 195012
1 Training, Setup, Freight, Rigging, and
Installation 95220
All electrical, air, and water hookups, and
all accessories and attachments thereto.
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
1. NO. OF ADDITIONAL SHEETS STATE COUNTY STATE BILLING ACCT. NO.
Michigan MO88UC
2. LESSEE(S)/DEBTOR(S) (LAST NAME FIRST) & ADDRESS(ES) 3. LESSOR/SECURED
PARTY(IES) & ADDRESS(ES)
The Colonel's, Inc. Comerica Leasing Corporation
000 Xxxxx Xxxx 00000 Xxxxxxxxx Xxxx
Xxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Tax I.D. No. 00-0000000 Lease # 2885-015
THIS STATEMENT REFERS TO THE ORIGINAL FINANCING STATEMENT BEARING THE
FOLLOWING FILE NUMBER(S):
Sec. of State - File No. C998630 Liber _______ Page_________________
Date Filed AUGUST 3, 1995 Reg. of Deeds - File No.___________
Date Filed_________________________
4. [ ] Continuation The original financing statement bearing file
number shown above, is still effective.
5. [ ] Termination Secured party no longer claims a security interest
under the financing statement bearing file number
shown above.
6. [ ] Assignment The secured party's right under the financing
statement bearing file number shown above to the
property described in Item 10 has been assigned to
the assignee whose name and address appears in
Item 10.
7. [X] Amendment Financing statement bearing file number shown
above is amended as set forth in Item 10.
8. [ ] Release Secured Party releases the collateral described in
Item 10 from the financing statement bearing file
number shown above.
9. [ ] Other Specify in Item 10.
10. "Equipment as more fully described on attached Exhibit A".
The Colonel's, Inc. Comerica Leasing Corporation
By: /S/ XXXXXXX XXXXXXXXXXX By: /S/ XXXXX X. RIS
SIGNATURE(S) OF LESSEE(S)/DEBTOR(S) SIGNATURE OF LESSOR/SECURED
PARTY OR ASSIGNEE OF RECORD
Its: Xxxxxxx Xxxxxxxxxxx, Controller Its: Xxxxx X. Ris, Lease
Marketing Officer
DEBTOR(S) COPY
Dated: NOVEMBER 15, 1996
COMERICA LEASING CORPORATION
"EXHIBIT A"
Lease Agreement No. 2885
Schedule No. 015
Amended to include Equipment attached to One (1) HPM 6.0" Model TM111
Extruder,
Serial Number 95212 as more fully described by Serial Numbers below:
QUANTITY DESCRIPTION SERIAL NO.
1 Extrusion Lines, Dies, Forming Lines, Screen
Changers, Tooling NA
1 Sheet Line System 95214
1 Omart Sheet Thickness Gauge 95222
1 Supplemental Dip Tank NA
1 Shear 95216
1 Stacker 95218
1 Sheet Die and Stand 195010
1 Kenics Mixer 195011
1 Process Control HPM EPM-11 Xxxxx Xxxxxxx
Control System 95224
1 Adapter 195012
1 Training, Setup, Freight, Rigging, and
Installation 95220
All electrical, air, and water hookups, and
all accessories and attachments thereto.
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
