Banc of America Leasing & Capital, LLC Equipment Security Note Number 17608-70011

Exhibit 10.2

 

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Banc of America Leasing & Capital, LLC    Equipment Security Note Number 17608-70011

 

This Equipment Security Note No. 17608-70011, dated as of March 28, 2014 (this “Equipment Note”), is entered into pursuant to and incorporates by this reference all of the terms and provisions of that certain Master Loan and Security Agreement No. 17608-70000 dated as of July 20, 2007 (the “Master Agreement”), by and between Banc of America Leasing & Capital, LLC (“Lender”) and Destination XL Group, Inc. (“Borrower”). All capitalized terms used herein and not defined herein shall have the respective meanings assigned to such terms in the Master Agreement. If any provision of this Equipment Note conflicts with any provision of the Master Agreement, the provisions contained in this Equipment Note shall prevail. Borrower hereby authorizes Lender to insert the serial numbers and other identification data of the Equipment, dates, and other omitted factual matters or descriptions in this Equipment Note.

The occurrence of an “Event of Default,” as defined in the Master Agreement, shall entitle Lender to accelerate the maturity of this Equipment Note and to declare the Prepayment Amount to be immediately due and payable, and to proceed at once to exercise each and every one of the remedies provided in the Master Agreement or otherwise available at law or in equity. All of Borrower’s Obligations under this Equipment Note are absolute and unconditional, and shall not be subject to any offset or deduction whatsoever. Borrower waives any right to assert, by way of counterclaim or affirmative defense in any action to enforce Borrower’s Obligations hereunder, any claim whatsoever against Lender.

1. Equipment Financed; Equipment Location; Grant of Security Interest. Subject to the terms and provisions of the Master Agreement and as provided herein, Lender is providing financing in the principal amount described in Section 2 below to Borrower in connection with the acquisition or financing of the following described Equipment:

 

Quantity

   

Description

   

Serial Number

   

Cost

        

See Exhibit A attached hereto

Location of Equipment. The Equipment will be located or (in the case of over-the-road vehicles) based at the following locations:

 

Xxxxxxxx

  

Xxxxxxx

  

Xxxx

  

Xxxxxx

  

Xxxxx

  

XXX

         

Xxx Xxxxxxx X attached hereto

Borrower has agreed and does hereby grant a security interest in and to the Equipment and the Collateral related thereto, whether now owned or hereafter acquired and wherever located, in order to secure the payment and performance of all Obligations owing to Lender, including but not limited to this Equipment Note, all as more particularly provided in the Master Agreement. Lender’s agreement to provide the financing contemplated herein shall be subject to the satisfaction of all conditions established by Lender and Lender’s prior receipt of all required documentation in form and substance satisfactory to Lender in its sole discretion.

2. Payments. For value received, Borrower promises to pay to the order of Lender, the principal amount of $261,363.14, together with interest thereon as provided herein. This Equipment Note shall be payable by Borrower to Lender in 48 consecutive monthly, installments of principal and interest (the “Payments”) commencing on April 30, 2014 (the “Initial Payment”) and continuing thereafter through and including March 31, 2018 (the “Maturity Date”) (collectively, the “Equipment Note Term”). Each Payment shall be in the amount provided below, and due and payable on the same day of the month as the Initial Payment set forth above in each succeeding payment period (each, a “Payment Date”) during Equipment Note Term. All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each. The final Payment due and payable on the Maturity Date shall in any event be equal to the entire outstanding and unpaid principal amount of this Equipment Note, together with all accrued and unpaid interest, charges and other amounts owing hereunder and under the Master Agreement.

(a) Interest Rate.

Interest shall accrue on the entire principal amount of this Equipment Note outstanding from time to time at a fixed rate of 3.5000 percent per annum or, if less, the highest rate of interest permitted by applicable law (the “Interest Rate”), from the Advance Date set forth below until the principal amount of this Equipment Note is paid in full, and shall be due and payable on each Payment Date.

 

Equipment Security Note 4.1.06    Page 1 of 2   

(b) Payment Amount.

The principal and interest amount of each Payment shall be $5,843.03.

3. Prepayment The outstanding principal balance of this Equipment Note may be prepaid in whole or part at any time, together with interest and late charges accrued through the date of the prepayment, provided that such prepayment shall be accompanied by a prepayment charge calculated as follows: one percent (1%) of the amount of the prepaid if such prepayment occurs during the period from the date of this Equipment Note to the first anniversary hereof; one-half percent (0.5%) of the amount prepaid if such prepayment occurs during the period commencing on the first day after the first anniversary hereof and continuing through the second anniversary hereof; and no prepayment charge if such prepayment occurs thereafter. Partial prepayments shall be applied against principal installments in their inverse order of maturity. A prepayment charge will not be due if this Equipment Note is refinanced with the Lender.

4. Borrower Acknowledgements. Upon delivery and acceptance of the Equipment, Borrower shall execute this Equipment Note evidencing the amounts financed by Lender in respect of such Equipment and the Payments of principal and interest hereunder. By its execution and delivery of this Equipment Note, Borrower:

 

  (a) reaffirms of all of Borrower’s representations, warranties and covenants as set forth in the Master Agreement and represents and warrants that no Default or Event of Default under the Master Agreement exists as of the date hereof;

 

  (b) represents, warrants and agrees that: (i) the Equipment has been delivered and is in an operating condition and performing the operation for which it is intended to the satisfaction of Borrower; (ii) each item of Equipment has been unconditionally accepted by Borrower for all purposes under the Master Agreement and this Equipment Note; and (iii) there has been no material adverse change in the operations, business, properties or condition, financial or otherwise, of Borrower since August 3, 2013;

 

  (c) authorizes and directs Lender to advance the principal amount of this Equipment Note to reimburse Borrower or pay Vendors all or a portion of the purchase price of Equipment in accordance with Vendors’ invoices therefor, receipt and approval of which are hereby reaffirmed by Borrower; and

 

  (d) agrees that Borrower is absolutely and unconditionally obligated to pay Lender all Payments at the times and in the manner set forth herein.

 

BANC OF AMERICA LEASING & CAPITAL, LLC     Borrower: DESTINATION XL GROUP, INC.
By:  

/s/ Xxxx X. Xxxxxx

     By:  

/s/ Xxxxx X. Xxxxx

Printed Name:  

Xxxx X. Xxxxxx

     Printed Name:  

Xxxxx X. Xxxxx

Title:  

Vice President

     Title:  

President and CEO

 

Equipment Security Note 4.1.06    Page 2 of 2   

EXHIBIT A TO EQUIPMENT SECURITY NOTE NO. 17608-70011

 

Company    Division      Type    Asset Type    Invoice      Description    Insrv Date  

Equipment Location: 0000 Xxxxxxx Xxxx Xxxxxx, XX 00000

  

10

      99053       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxx Xxxxxx Xxxxxxx Xxxxxxxxx, XX 00000

  

10

      99080       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 00000 Xxxxxxxxx Xxxxxx Xxxxxxx Xxxx, XX 00000

  

10

      99123       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxx Xxxxxx Xxxxxxx Xxxxxxxx, XX 00000

  

10      99137       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxxx Xxx X. Xxxxxxxxxx, XX 00000

  

10      99139       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 000 Xxxxxxxxxx Xxx Xxxxxx, XX 00000

  

10      99160       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 000 Xxxxxxx Xxxxxx Xxxxxxx, XX 00000

  

10      99161       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 000 Xxxxxxxxx Xxx Xxxx Xxxxx, XX 00000

  

10      99193       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 X. Xxxxxxx Xxxxx Xxxxxxx, XX 00000

  

10      99223       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxxx Xxxx Xxxxx, Xx 00000

  

10      99235       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 000 Xx. Xxxxx Xxxxxx Xxxxxxxx Xxxxxx, XX 00000

  

10      99250       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 00000 Xxxxxxx Xxxxxxx Xxxxxxx, XX 00000

  

10      99365       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxxxxxxxx Xxxx Xxxxxxxxxx, XX 00000

  

10      99381       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 00000 X Xxxxxxx Xxxx Xxxxxxxxx, XX 00000

  

10      99407       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxxx Xxxxxx Xxxxxxxxxxx, XX 00000

  

10      99414       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxxx Xxxxxx Xxxxxxxxxx, XX 00000

  

10      99424       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 000 Xxxxxxxxx Xx X. Xxxxxxxxxx, XX 00000

  

10      99442       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxx Xxxxx Xxx Xxxxx, XX 00000

  

10      99491       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxx Xxxxxx Xxxx Xxxxxxxxx, XX 00000

  

10      99720       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 00000 Xxxxxxxx Xxxx Xxxxxx, XX 00000

  

10      99723       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxxx Xxxx Xxxx Xxxxxx, XX 00000

  

10      99728       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 00000 X Xxxxxx Xxx Xxxxxxx Xxxxx, XX 00000

  

10      99752       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 Xxxxx Xxxxxxxx Xx. Xxxx, XX 00000

  

10      99761       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 X Xxxxxxxx Xxxx Xxxxxxxx, XX 00000

  

10      99778       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 0000 X Xxxxxx Xx Xxxxxx, XX 00000

  

10      99805       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 000 Xxxxx 00 Xxxx Xxxxxxxx, XX 00000

  

10      99859       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

Equipment Location: 00000 XX 0000 Xxxxxx Xx Xxxx Xxxxxx. XX 00000

  

10      99867       DXL    HW-S      151684/153099       POS Registers      1/4/2014   

As more fully described in the electronic disk provided to Lender by Borrower.

 

Destination XL Group, Inc.
By:  

/s/ Xxxxx X. Xxxxx

Title:  

Xxxxx X. Xxxxx

  President and CEO

 

Page 1 of 1

EXHIBIT B EQUIPMENT SECURITY NOTE NO. 17608-70011

 

STORE      LOCATION      CENTER NAME    XXXXXXX0    XXXX    XX    XXX XXXX  
  00         00000       DXL    0000 XXXXXXX XXXX    XXXXXX (XXXXXXXX XXXX)    XX      00000   
  10         99080       DXL    0000 XXXX XXXXXX XXXXXXX XXXX 00    XXXXXXXXX    XX      00000   
  10         99123       DXL    00000 Xxxxxxxxx Xxxxxx Space 5 & 6    XXXXXXX XXXX    XX      00000   
  10         99137       DXL    0000 XXXXX XXXXXX XXXXXXX    XXXXXXXX    XX      00000   
  10         99139       DXL    NORTHWOODS MARKET PLACE 0000 XXXXXX XXX XXXX 000    X. XXXXXXXXXX    XX      00000   
  10         99160       DXL    DEDHAM MARKETPLACE 000 XXXXXXXXXX XXX    XXXXXX    XX      00000   
  10         99161       DXL    000 XXXXXXX XXXXXX    XXXXXXX    XX      00000   
  10         99193       DXL    XXXXX GROVE SHOPPING CENTER 000 XXXXXXXXX XXXXXX SPACE 0 & 0    XXXX XXXXX (XXXXXXXXXX)    XX      00000   
  10         99223       DXL    0000 X. XXXXXXX XXXXX    XXXXXXX    XX      00000   
  10         99235       DXL    0000 XXXXXX XXXX    XXXXX    Xx      00000   
  10         00000       XXX    XX XXXXX XXXXXX 000 XX XXXXX XXXXXX XXXX 000X    XXXXXXXX XXXXXXX    XX      00000   
  10         99365       DXL    XXXXXXXXXXX XXXXX 00000 XXXXXXX XXXXXXX SPACE 3B    HOUSTON (WILLOWBROOK)    TX      77070   
  10         99381       DXL    0000 Xxxxxxxxxxx Xxxx    XXXXXXXXXX    XX      00000   
  10         99407       DXL    00000 X XXXXXXX XXXX    XXXXXXXXX (XXXXXXX)    XX      00000   
  10         99414       DXL    0000 XXXXXX XXXXXX    XXXXXXXXXXX    XX      00000   
  10         99424       DXL    0000 XXXXXX XXXXXX X00    XXXXXXXXXX    XX      00000   
  10         99442       DXL    STAPLES PLAZA 000 XXXXXXXXX XX    X XXXXXXXXXX    XX      00000   
  10         99491       DXL    0000 XXXXX XXXXX XXX    XXXXX    XX      00000   
  10         99720       DXL    0000 XXXX XXXXXX XXXX    XXXXXXXXX    XX      00000   
  10         99723       DXL    00000 XXXXXXXX XXXX    XXXXXX (XXXXXX)    XX      00000   
  10         99728       DXL    0000 XXXXXX XXXX XXXXXXXXX    XXXXXX    XX      00000   
  10         99752       DXL    XXXXXXX BEACH CENTER 00000 X XXXXXX XXX    XXXXXXX XXXXX (XXXXXXXX)    XX      00000   
  10         99761       DXL    0000 XXXXX XXXXXXXX XX XXXXX X    XXXX    XX      00000   
  10         99778       DXL    0000 X XXXXXXXX XXXX    XXXXXXXX    XX      00000   
  10         99805       DXL    0000 X XXXXXX XX    XXXXXX (XXXXXXXX)    XX      00000   
  10         99859       DXL    000 XXXXX 00 XXXX    XXXXXXXX    XX      00000   
  10         99867       DXL    HUMBLEWOOD SHOPPING CENTER 00000 XX 0000 XXXXXX XXXX XXXX    XXXXXX    XX      00000   

 

Destination XL Group, Inc.
By:  

/s/ Xxxxx X. Xxxxx

Title:  

Xxxxx X. Xxxxx

  President and CEO

 

Page 1 of 1

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Filed: April 1st, 2014
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