EXHIBIT 10.49
[LOGO]
March 25, 1997
Xxxxxx Xxxxxx
Shell's Seafood Restaurants, Inc.
00000 X. Xxxx Xxxxx
Xxxxx 000
Xxxxx, XX 00000
Re: Equipment Lease Proposal ("Proposal")
Dear Xxxxxx:
Captec Financial Group, Inc. ("Captec") is pleased to present the following
Proposal to you:
LESSEE: Shell's Seafood Restaurants, Inc.
00000 X. Xxxx Xxxxx
Xxxxx 000
Xxxxx, XX 00000
Telephone: (000)000-0000
Fax: (000)000-0000
EQUIPMENT: Equipment, Signage and P.O.S. System for three shell's
Restaurants to be located in Florence, Kentucky;
Tallahassee, Florida and Middletown, Ohio.
EQUIPMENT COST: Not to exceed four Hundred Eighty Thousand Dollars
($480,000), which is estimated to cover 100% of
Equipment cost, normal freight and installation.
LEASE TERM: Lessee will enter into Captec's standard form of Lease
for a term of Sixty (60) months.
RENT: Monthly rent equal to four hundred and fifty basis
points (450 bps) over comparable term United States
Treasury Notes of the amount funded under the Lease
will be due and payable monthly in advance by
electronic funds transfer. Today's Treasury Note rate
is 6.59%.
OPTION TO PURCHASE: At the end of the term of the Lease, the Lessee may
acquire the Equipment for Fair Market Value, not to
exceed Ten Percent (10%) of the original cost.
FEES AND EXPENSES: Lessee will be required to pay all costs, fees and
expenses incidental to the transaction, including UCC
search and filing fees.
2
GOOD FAITH DEPOSIT: Upon execution of this Proposal by the Lessee, a Good
Faith Deposit in an amount equal to Two Thousand Four
Hundred Dollars ($2,400) is due and payable. Commitment
Fee of one percent (1%) of the maximum Equipment Cost
will be due and payable to Captec upon acceptance of
the Commitment Letter. The Good Faith Deposit will be
applied as a credit against the amount due and owing
for the Commitment Fee. Captec will refund the Good
Faith Deposit, less Captec's out of pocket expenses, in
the event that a Commitment Letter is not issued by
Captec.
This Proposal is an expression of interest to enter into an equipment lease
with the Lessee on the general terms noted above. This Proposal does not
constitute or create a legally binding obligation of either party. Captec's
decision to enter into an equipment lease is subject to Lessee's completion of a
credit application package, Captec's completion of its credit review process,
the issuance and acceptance of a Commitment Letter, and Xxxxxx's complying with
the terms and conditions of the Commitment Letter. This Proposal expires as of
April 15, 1997. Captec will initiate its credit review process upon return of
this Proposal and the Good Faith Deposit.
Please acknowledge your desire to proceed by executing and returning one
copy of this Proposal along with the Good Faith Deposit of Two Thousand Four
Hundred Dollars ($2,400) before April 3, 1997.
CAPTEC FINANCIAL GROUP, INC.
By: /s/ XXX X. XXXXX (M.T.D)
-------------------------
Xxx X. Xxxxx
Its: Regional Vice
Shell's Seafood Restaurants, Inc.
By: /s/ XXXXXX X. XXXXXX
---------------------
Its: Vice President of Finance & CFO
Date: 4/10/97