Exhibit 10.27
$1,168,000 Secured Promissory Note and Security
("THE PRINCIPLE AMOUNT") Agreement No. 7F21900
For value received, the undersigned debtor ("Debtor") hereby promises to
pay to Xxxxxxx Machinery Co. ("Secured Party") or its order, the above stated
Principal Amount together with interest thereon as set forth below and grants to
Secured Party a first priority security interest in the Equipment described
below ("Equipment") under the terms and conditions on the face and reverse side
hereof (which, together with all acceptance certificates, riders, schedules,
exhibits and amendments hereto, is hereinafter referred to as the "Note").
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DEBTOR VENDOR
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Name: CASHMERE MANUFACTURING CO., Name: XXXXXXX MACHINERY COMPANY OF
INC. THE NORTHWEST
Address: 000 XXX XXXXXXX XX. Address: 5872 SO. 194TH STREET
WENATCHEE, WA 98801 XXXX, XX 00000
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Contact: XXXX XXXXX Contact: XXXX XXXXX
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EQUIPMENT SCHEDULE
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Quantity Description Model No. Serial No.
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TWO (2) MORI SEIKI HORIZONTAL CNC SH-50
MACHINING CENTERS, EQUIPPED AS
OUTLINED ON SCHEDULE "A"
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The Equipment shall be delivered to and located at: 000 XXX XXXXXXX XXXX,
XXXXXXXXX, XX 00000
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PAYMENT SCHEDULE
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INSTALLMENT PAYMENTS Note Term: 72 months commencing on the
Note payments ("Installment Term Commencement Date set forth in the
Payments") shall be made in SEVENTY- Acceptance Certificate hereto (the
TWO consecutive installments "Term Commencement Date").
throughout the Note term, commencing
on the Payment Commencement Date set Down Payment: $292,000.00
forth in Acceptance Certificate
hereto (the "Payment Commencement Documentation Fee: $0.00
Date") and on the same day of each
successive MONTH. Each Installment
Payment shall be in the amount set
forth below.
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PAYMENT NO. PAYMENT AMOUNT
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1-72 $21,874.52
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THIS NOTE INCLUDES ALL OF THE TERMS AND CONDITIONS ON THE REVERSE SIDE
HEREOF WHICH THE PARTIES ACKNOWLEDGE THEY HAVE READ. THIS NOTE IS NOT BINDING ON
SECURED PARTY UNTIL EXECUTED BY SECURED PARTY.
AGREED AND ACCEPTED BY: Dated as of APRIL 10, 1997
XXXXXXX MACHINERY CO. Debtor: CASHMERE MANUFACTURING CO., INC.
"Secured Party"
By: ________________________________ By: /s/ XXXXX X. XXXXXXXXXX
Title: PRESIDENT
Title: VICE PRESIDENT Attest: /s/ XXXX X. XXXXX, VP &
Secretary
Date: ______________________________ Guarantor: PCT HOLDINGS, INC.
By: /s/ XXXXXX X. XXXXXX
Title: PRESIDENT
Attest: /s/ XXXX X. XXXXX, VP &
Assistant Secretary
ADDENDUM "A"
RE: Secured Promissory Note and Security Agreement ("Note") #7F21900 dated April
10, 1997 between Cashmere Manufacturing Co., Inc. as Debtor, and Xxxxxxx
Machinery Company as Secured Party.
The above captioned Note between us shall be amended and supplemented, effective
the Date of Acceptance, by the addition to said Note of the following:
"The Interest Rate ("Rate") charged has been calculated, in part, using an
interest rate based on the 5 year U.S. Treasury Constant Maturity of 6.75%
("Original Treasury Rate") as published in the Wall Street Journal. This Rate
will be held for thirty (30) days to May 10, 1997 (the "Rate Expiration Date").
If Debtor does not accept the Equipment on or before the Rate Expiration Date,
the Rate will be adjusted as follows: If the rate of the 5-Year U.S. Treasury
Constant Maturity on the Commencement Date of said Note is greater or lesser
than the Original Treasury Rate, Installment Payments under the Note will be
increased or decreased, as appropriate, by adjusting the Rate to 365 basis
points over the rate on the 5- Year U.S. Treasury Constant Maturity on the
Commencement Date of said Note.
In witness Whereof, Debtor and Secured Party have executed this Addendum as of
the date set forth below.
LESSOR: LESSEE:
XXXXXXX MACHINERY COMPANY CASHMERE MANUFACTURING CO., INC.
By: _____________________________ By: /s/ XXXX X. XXXXX, Vice President
