<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 1998
--------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------------------------------------------
Commission file number 0-27738
--------------------------------------------
THE JPM COMPANY
(Exact name of registrant as specified in its charter)
Pennsylvania 23-1702908
- ------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
155 North 15th Street, Lewisburg,PA 17837
- ------------------------------------------------------------------------
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code 570-524-8225
----------------------
- ------------------------------------------------------------------------
(Former address of principal executive offices) (ZIP Code)
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 10 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
------------------ ------------------
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
At December 31, 1998, 7,336,384 shares of common stock, $.000067 par value,
were issued and outstanding.
<PAGE>
Item 1. Financial Statements
<TABLE>
THE JPM COMPANY
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited-in thousands)
The JPM Company
Selected Financial Data
(In Thousands)
Condensed Consolidated Income Statement
Three Months Ended
December 31, December 31,
1998 1997
------------------- -------------------
(unaudited) (unaudited)
<CAPTION>
<S> <C> <C>
Net sales $ 41,241 $ 31,466
Cost of sales 33,869 26,243
------------------- -------------------
Gross profit 7,372 5,223
Selling, general and administrative 4,022 3,251
Secondary offering costs - 400
------------------- -------------------
Operating profit 3,350 1,572
Other income (expense)
Interest expense (926) (264)
Other (net) (153) 61
------------------- -------------------
(1,079) (203)
------------------- -------------------
Income before taxes and minority interest 2,271 1,369
Provision for income taxes 781 520
------------------- -------------------
Income before minority interest 1,490 849
Minority interest (198) -
------------------- -------------------
Net income $ 1,292 $ 849
=================== ===================
Basic earnings per share $ 0.18 $ 0.12
=================== ===================
Diluted earnings per share $ 0.17 $ 0.11
=================== ===================
Average number of shares
outstanding (Basic) 7,193,000 6,978,000
Average number of shares
outstanding (Diluted) 7,443,000 7,540,000
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
THE JPM COMPANY CONDENSED CONSOLIDATED BALANCE SHEET (in thousands)
<TABLE>
<CAPTION>
December 31, September 30,
1998 1998
----------------- -------------------
(unaudited)
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash $ 1,034 $ 2,625
Accounts receivable, net 22,330 19,681
Inventories, net 29,456 23,984
Other current assets 4,034 3,712
------------- --------------
Total current assets 56,854 50,002
Property, plant and equipment, net 23,632 21,267
Excess of cost over fair value of assets acquired, net 25,560 15,445
Other assets 2,439 2,307
------------- --------------
$ 108,485 $ 89,021
============= ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ - $ 290
Current maturities of long-term debt 544 544
Notes payable 2,000 -
Accounts payable 10,327 7,707
Accrued expenses 6,269 4,448
Deferred income taxes 1,620 1,620
------------- --------------
Total current liabilities 20,760 14,609
Long-term debt 51,022 42,193
Other long-term liabilities 2,007 1,457
Minority Interest 198 -
------------- --------------
73,987 58,259
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000
shares authorized; none issued and outstanding - -
Common Stock, $.000067 par value,
40,000 shares authorized, issued
7,336 at December 31, 1998 and
7,060 at September 30, 1998 - -
Additional paid-in capital 20,109 17,513
Retained earnings 14,906 13,614
Accumulated other comprehensive loss (517) (365)
----------- -----------
Total shareholders' equity 34,498 30,762
----------- -----------
$ 108,485 $ 89,021
=========== ===========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
THE JPM COMPANY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited-in thousands)
<TABLE>
<CAPTION>
Three Months Ended
December 31, December 31,
1998 1997
------- -------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 1,292 $ 849
Adjustments to reconcile net income to net cash
provided by used in) operating activities:
Depreciation and amortization 987 523
Foreign currency translation (gain) loss 39 (54)
Loss (gain) on sale of property, plant and equipment (16) -
Deferred taxes 551 (224)
Minority Interest 198 -
Deferred compensation expense 49 49
Change in assets and liabilities,
net of effects from businesses acquired:
(Increase) decrease in accounts receivable (2,438) (1,072)
(Increase) decrease in inventories (4,165) (1,489)
(Increase) decrease in other assets (412) (623)
Increase (decrease) in accounts payable 1,833 (1,240)
Increase (decrease) in accrued expenses 395 1,478
--------- ---------
Net cash provided by (used in) operating activities (1,687) (1,803)
--------- ---------
Cash flows from investing activities:
Payments for business acquired, net of cash
acquired ($465 in 1999). (5,827) -
Capital expenditures (2,693) (2,000)
Proceeds from sale of property, plant and equipment 27 -
Deferred compensation plan contributions (47) (48)
--------- ---------
Net cash provided by (used in) investing (8,540) (2,048)
activities
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities 8,677 4,698
Principal payments on long-term debt (138) (162)
Proceeds from exercise of stock option 97 95
--------- ---------
Net cash provided by (used in) financing activities 8,636 4,631
--------- ---------
Increase (decrease) in cash (1,591) 780
Cash at beginning of period 2,625 543
--------- ---------
Cash at end of period $ 1,034 $ 1,323
========= =========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
Accounting Policies (in thousands)
- -------------------
The consolidated balance sheet as of December 31, 1998 and the related
consolidated statements of operations and cash flows for the three month periods
ended December 31, 1998 and December 31, 1997, have been prepared by the Company
without audit. In the opinion of management, the financial statements include
all of the adjustments necessary for fair presentation. All adjustments made
were of a normal recurring nature. Interim results are not necessarily
indicative of results for a full year. These financial statements should be read
in conjunction with the audited financial statements of the Company and the
notes thereto for the fiscal year ended September 30, 1998, included in the
Company's Form 10-K dated December 22, 1998.
Acquisition
- -----------
On November 12, 1998, the Company acquired 60% of AF Datalink Equipamentos
de Telecomunicacao, Ltda. ("Datalink"), a Sao Paulo, Brazil based manufacturer
of wire harnesses and cable assemblies for $6,000 in cash, $2,500 in stock (256
shares of JPM stock) and one-year notes for $2,000. The transaction has been
accounted for as a purchase in accordance with APB 16. Datalink had sales of
approximately $729 in the first two months since the acquisition.
Inventories
- -----------
Inventories are valued at the lower of cost or market as determined on the
first-in, first-out basis. Cost includes raw materials, direct labor and
manufacturing overhead. The Company generally provides reserves for inventory
considered to be in excess of 12 months of future demand.
<TABLE>
<CAPTION>
December 31, September 30,
(in thousands) 1998 1998
------------- --------------
<S> <C> <C>
Finished goods $ 7,616 $ 5,915
Work-in-process 4,275 4,194
Raw material and supplies 18,840 15,172
Valuation reserves (1,275) (1,297)
--------- ----------
$ 29,456 $ 23,984
</TABLE>
Comprehensive Income
- --------------------
During the quarter ended December 31, 1998, the Company adopted the
provisions of Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income" ("SFAS 130"), which is required for fiscal years beginning
after December 15, 1997. SFAS 130 establishes standards for reporting
comprehensive income and its components in a full set of general-purpose
financial statements.
The components of accumulated other comprehensive income are as follows:
<TABLE>
<CAPTION>
December 31, September 30,
1998 1998
----------- ----------
<S> <C> <C>
Foreign currency translation adjustments $ (517) $(365)
---------- ----------
Accumulated other comprehensive income (loss) $ (517) $ (365)
========== ==========
</TABLE>
<PAGE>
The components of comprehensive income of the Company for the three month
periods ended December 31, 1998, and December 31, 1997, are as follows:
<TABLE>
<CAPTION>
December 31, December 31,
1998 1997
-------- --------
(000's omitted)
<S> <C> <C>
Net income $ 1,292 $ 849
Other comprehensive income, net of tax:
Foreign currency translation adjustments (95) (12)
-------- --------
Other comprehensive income (95) (12)
(net of taxes of $(57) and $(8))
-------- --------
Comprehensive income $ 1,197 $ 837
======== ========
</TABLE>
Earnings Per Share Information (SFAS 128)
- -----------------------------------------
Basic and diluted earnings (loss) per common share computations are made in
accordance with Statement of Financial Accounting Standards No. 128, "Earnings
per Share" ("SFAS 128"), which establishes new standards for computing and
presenting earnings per share ("EPS"). SFAS 128 replaces the presentation of
primary EPS with a presentation of basic EPS. It also requires dual presentation
of basic and diluted EPS on the face of the income statement for all entities
with a complex capital structure. The difference between the basic average
number of shares outstanding and the diluted average number of shares
outstanding is due to the treasury stock method calculation of the impact of
unexercised stock options granted under the Company's stock option plans.
Short-Term Borrowings
- ---------------------
On December 17, 1998, the Company amended and modified its current line of
credit agreement effective September 30, 1998, to reflect an increase in the
current line of $10,000 to $70,000. Certain covenants were also modified.The
credit facility maturity date remains on April 2001 and provides for both short
and long-term borrowing. The interest rate on the line is an adjustable rate
which varies between the bank's prime lending rate plus 0% up to 0.25% or, at
the Company's election, a LIBOR-based rate plus 0.875% up to 2.0% measured on a
sliding scale tied to the Company's debt to annualized EBITDA ratio. At December
31, 1998, the Company was in compliance with all loan covenants.
Closing of South Carolina Manufacturing Facility
- ------------------------------------------------
On March 27, 1998, the Company announced plans to cease operations at its
Winnsboro, S.C. manufacturing location and subsequently transfer all business to
other plants in Pennsylvania, California and Mexico.
The Plant ceased production on June 26, 1998. Supervisory and breakdown
crews remained at the facility until July 17, 1998. The Company has accrued
expenses totaling approximately $1.4 million in closing and severance costs.
These costs are reflected in the income statement as a separate line item
described as "Plant shutdown expenses". At December 31, 1998, $1.3 of such
expenses have been incurred and charged against the reserve. The remaining cost
are expected to be incurred in the second quarter.
Recent Accounting Pronouncements
- --------------------------------
On June 15, 1998, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS 133"). SFAS 133 is effective for all
fiscal quarters of all fiscal years beginning after June 15, 1999. SFAS 133
requires that all derivative instruments be recorded on the balance sheet at
their fair value. Changes in the fair value of derivatives are recorded each
period in current earnings or other comprehensive income, depending on whether a
derivative is designated as part of a hedge transaction and if it is, the type
of hedge transaction. Management of the Company anticipates that due to its
limited use of derivative instruments, the adoption of SFAS 133 will not have a
significant effect on the Company's results of operations or its financial
position.
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following table presents, in thousands of dollars and as a percentage of
sales, certain selected consolidated financial data for the quarters ended
December 31, 1998 and December 31, 1997.
<TABLE>
<CAPTION>
December 31, Change December 31,
(in thousands of dollars) 1998 1997 in Dollars 1998 1997
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net sales............ $ 41,241 $ 31,466 $9,775 100.0% 100.0%
Cost of sales........ 33,869 26,243 7,626 82.1 83.4
-------------------------------------------------------
Gross profit......... 7,372 5,223 2,149 17.9 16.6
Selling, general and
administrative expenses. 4,022 3,251 771 9.8 10.3
Costs related to
the cancelled secondary.. - 400 (400) - 1.3
-----------------------------------------------------
Income from operations.. 3,350 1,572 1,778 8.1 5.0
Interest expense........ (926) (264) (662) (2.2) (0.8)
Other income (expense).. (153) 61 (214) (0.4) 0.2
-----------------------------------------------------
Income before taxes and
minority interest...... 2,271 1,369 902 5.5% 4.4%
=======================================================
</TABLE>
Results of Operations
Net sales for the three months ended December 31, 1998 increased $9,775 or
31.1% to $41,241 compared to the same period one year earlier. The net increase
for the three month period was primarily the result of the inclusion of sales of
Antrum Interface 725, Ltd. after the acquisition in June 1998, the inclusion of
two months sales of AF Datalink Equipamentos de Telecomunicacao, Ltda, which was
acquired in November 1998 and internal sales growth through increased volumes
with existing customers.
Gross profit for the three months ended December 31, 1998 increased $2,149
or 41.1% when compared to the same period one year earlier. Gross profit as a
percentage of net sales increased to 17.9% from 16.6% for the three month period
compared to the same period one year earlier. The increase in gross profit as a
percentage of net sales for the three month period was primarily the result of
increased fixed cost absorption that offset premium freight charges, overtime
premium and training costs related to the rapid ramp up in business early in the
quarter.
Selling, general and administrative ("SG & A") expenses for the three
months ended December 31, 1998 increased $771 or 23.7% to $4,022 when compared
to the same period one year earlier. The increase in dollars was primarily from
goodwill amortization and personnel costs. As a percentage of sales, SG&A
decreased to 9.8% from 10.3% when compared to the same period one year earlier.
The decrease in the percentage was primarily due to greater absorption as a
result of increased sales.
Interest expense for the three months ended December 31, 1998 increased
$662 or 250.8% to $926 when compared to the same period one year earlier. As a
percentage of sales, interest expense increased to 2.3% from 0.8% for the three
month period compared to the same period one year earlier. The increase is
primarily attributable to the borrowings for the acquisition of Antrum
Interface, 725 Ltd and AF Datalink Equipamentos de Telecomunicacao, Ltda. and
borrowings related to increases in finished goods inventory.
The Company's effective tax rate for the three month period was 38%. This
rate was calculated using income before taxes, which amounted to $2,271 less
pre-tax minority interest, which amounted to $219. The minority interest amount
of $198 which is net of Brazilian tax, is from JPM's 60% ownership of AF
Datalink Equipamentos de Telecomunicacao, Ltda.
Net income after minority interest for the three months ending December 31,
1998 amounted to $1,292. This compares to net earnings of $849 one year earlier.
The net earnings increase during the three month period was primarily due to
increased sales and margins. Diluted earnings per share for the three month
period increased to $0.17, in comparison to $0.11 for the three month period one
year earlier.
Since the announced closing of the South Carolina manufacturing facility on
March 27, 1998, the company's total actual cost through December 31, 1998
amounted to $1,363, compared to the accrued estimated cost of $1,412. All
production has ceased and only minimal supervisory personnel remain at the
facility. The remaining plant closing costs are expected to occur in the second
quarter.
During November 1998, the Company acquired 60% of AF Datalink Equipamentos
de Telecomunicacao, Ltda. ("Datalink"), a Sao Paulo, Brazil based manufacturer
of wire harnesses and cable assemblies for $6,000 in cash, $2,500 in stock (256
shares of JPM stock) and one-year notes for $2,000. Datalink had sales of
approximately $729 in the first two months since the acquisition.
Foreign Operations
- ------------------
The Company maintains manufacturing facilities located in Guadalajara,
Mexico, Toronto and Calgary, Canada, Bor, Czech Republic and Sao Paulo, Brazil.
While the Company believes it has established good relationships with each local
government, the spread of the manufacturing process over multiple countries
subjects the Company to risks inherent in international operations. Those risk
include currency fluctuations, inflationary pressures, unexpected changes in
regulatory requirements, tariffs and barriers, potentially limited intellectual
property protection, potential cross border shipment delays, changes in
political climate, difficulties in coordinating and managing foreign operations,
increases in employee turnover and potentially adverse tax consequences. Any of
the foregoing could have a material adverse effect on the Company's business,
financial condition, and results of operations and cash flow.
The Company has determined that the U.S. Dollar is the functional currency
of its Mexican operations. Foreign currency inventories and property, plant and
equipment are remeasured into U.S. Dollars at historical rates; all other
foreign currency assets and liabilities are remeasured at year-end exchange
rates. Income and expenses are remeasured at average rates prevailing during the
year, except for expenses related to inventories and property, plant and
equipment, which are remeasured at historical rates. Exchange gains and losses
resulting from remeasurement are included in the earnings statement.
The Company has determined that the Canadian, Czech Republic and Brazilian
operations use their respective currency as their functional currency. As such,
translation adjustments are not included in determining net income but are
reported separately and accumulated in a separate component of equity.
Adjustments, however, may be necessary if any of the Company's operations were
deemed to be part of a highly inflationary economy.
Liquidity and Capital Resources
- -------------------------------
Operating activities during the three months of fiscal 1999 utilized cash
in the amount of $1,687, primarily attributable to increases in accounts
receivable and inventory, as compared to cash provided in the amount of $1,803
during the same period one year earlier. Working capital at December 31, 1998
was $35,781, a decrease of $388 from September 30, 1998. During the first three
months of fiscal 1999, the Company had capital expenditures of $2,693, comprised
mainly of costs related to new buildings in Mexico and the Czech Republic.
On December 17, 1998, the Company amended their current line of credit
agreement to reflect an increase in the current line of $10,000 to $70,000.
Certain covenants were also modified.
Borrowings under the Company's line of credit at December 31, 1998 were
$46,467. $44,500 was borrowed under the terms of the line of credit agreement at
an average LIBOR rate of 6.69%. The remainder was borrowed at an interest rate
of 8.5% against a borrowing availability of $70,000. At December 31, 1998, the
Company was in compliance with all loan covenants.
The Company believes cash flow from operations and funds available from its
bank line of credit will be sufficient to satisfy its working capital
requirements and capital expenditure needs for at least the next twelve months.
However, depending upon its rate of growth, acquisitions and profitability, the
Company may require additional equity or debt financing to meet its working
capital requirements or capital expenditure needs, including the possible need
for additional manufacturing capacity.
Subsequent Events
- -----------------
On Jan. 7, 1999, the Company announced the selection of PeopleSoft version
7.5 Global Manufacturing System to facilitate the integration of its nine (9)
worldwide manufacturing facilities as well as remote sales, engineering, and
distribution locations during an 24 month rollout. The ERP system includes
Manufacturing, Distribution, Financial, and Human Resource Management modules,
including Performance Measurement functionality. The selection of a tier one ERP
system is consistent with our strategic plan to promote the Company's global
manufacturing capability, better serve our customers, align our organization,
and finally, implement an infrastructure and tools to integrate our worldwide
operations. The ERP project will be supported by a new network infrastructure
and complemented by a new global messaging and document management system as
well as computer aided design tools. We intend to utilize PeopleSoft's
E-business initiatives by integrating these information systems with our
customers and suppliers via extranets, the Internet, electronic data interchange
(EDI), and electronic funds transfer (EFT). The PeopleSoft ERP implementation
will allow us to unify operations by providing consistency and standardization
of the entire company. We expect our cash outlay to be approximately $5,000 over
the two year period of its installation. The majority of this outlay will be
capitalized.
Year 2000 Issues
- ----------------
The Year 2000 issue is the result of computer programs being written using
two digits rather than four digits to define the applicable year. Any of the
Company's computer programs that have date-sensitive software may recognize a
date using "00" as the year 1900 rather than the year 2000. This could result in
a system failure or miscalculations causing disruptions in operations,
including, among other things, a temporary inability to process transactions,
send invoices, or engage in similar normal business activities.
The Company is aware of potential Year 2000 issues in its internal computer
systems and software, customer and supplier systems and software, Electronic
Data Interchange (EDI) software, and security and production equipment
containing micro-processors.
The Company has implemented a Year 2000 project headed by its Director of
Management Information Services. Each JPM facility also has a Year 2000 project
team which reports to the Corporate Director of Management Information Services.
The project team has identified areas with potential Year 2000 issues and has
developed assessment, evaluation and remediation projects in each of those
areas. A report on the status of each of these projects is issued to the
Company's Chief Executive Officer and the Chief Financial Officer on a weekly
basis. This information is then summarized and reported to the Board of
Directors at its quarterly meeting. These projects have timetables with
deadlines through June 1999.
The Company's enterprise software, consisting of its internal financial and
manufacturing systems, has been evaluated with the following status:
1. Corporate BPCS/AS400 Upgraded to Year 2000 compliant version
2. Lewisburg BPCS/AS400 Upgraded to Year 2000 compliant version
3. Beaver Springs BPCS/AS400 Upgraded to Year 2000 compliant version
4. Toronto Network based Upgraded to Year 2000 compliant version
5. Calgary Network based Upgraded to Year 2000 compliant version
6. Czech Republic Network based To be upgraded by March 31, 1999
7. San Jose Comet/Network based Software is Year 2000 compliant
8. Mexico Visual Mfg & PC based Software is Year 2000 compliant
The Company has implemented and validated a portion of its enterprise
system software upgrades that are required so that its computer systems will
properly utilize dates beyond December 31, 1999. The Company presently believes
with the proposed conversion and modifications of the remaining software, the
Year 2000 issue can be mitigated. However, if such modifications or conversions
are not made, are not completed timely or are not adequate, the Year 2000 issue
could have a material impact on the operations of the Company.
The Company has inventoried its computer equipment and identified potential
Year 2000 issues. The Company plans to acquire the necessary software to
evaluate this hardware as to its Year 2000 compliance. The Company does not
believe that it will require a significant investment to upgrade any such
hardware.
The Company generally utilizes Microsoft based office suites and networking
products for its computing software needs and upgrades to newer software as it
becomes available. The Company's current standard products are Windows 95 and
Office 97. The Company utilizes Auto-Cad for its engineering functions. These
products will be validated by validation information and software provided by
the suppliers by March 31, 1999. Because of its recent investment in this
upgraded software, the Company does not believe that any additional investment
would be material.
The Company has initiated formal communications with all of its significant
suppliers and large customers to determine the extent to which the Company is
vulnerable to those third parties' failure to remediate their own Year 2000
issues. These communications ask for written assurances that they are or will be
Year 2000 compliant. The Company utilizes some of its larger customers'
forecasts as part of its material requirements planning system. The Company has
alternate sources for substantially all of its raw materials as a contingency if
any of its suppliers are not able to supply material. The Company believes that
it can not produce an adequate contingency plan if the customer is not able to
order parts or supply forecasts.
The Company assessed and validated the Electronic Data Interchange systems
that it utilizes to communicate and transmit data between the Company and its
suppliers and customers.
The Company has inventoried those security systems and production assets
that contain micro-processors. This equipment is being assessed and will be
validated by March 31, 1999. Remediation of any issues through the
implementation of new equipment or contingency plans is expected to be completed
by June 30, 1999. The Company does utilize some equipment in its testing and
quality assurance that may provide some exposure to the Year 2000 issue which is
currently being assessed. The Company is not heavily mechanized and expects that
any remediation costs would not be material.
The Company's total estimated Year 2000 project costs of approximately
$250, include the estimated cost and time associated with the impact of third
parties' Year 2000 issues on the Company, and are based on presently available
information. There can be no guarantee that the systems of other companies on
which the Company's systems rely will be timely converted, or that a failure to
convert by another company, or a conversion that is incompatible with the
Company's systems, would not have a material adverse effect on the Company. The
Company has determined it has no exposure to contingencies related to the Year
2000 issue for the products it manufactures or it has sold.
The Company plans to complete the modifications and conversions of its
enterprise system software at a cost of approximately $175 by March 31, 1999, of
which approximately $150 of this amount has been incurred at December 31, 1998.
Additional expenditures will be required to complete the upgrade of any software
contained in any hardware or production equipment found not to be Year 2000
compliant. The Company currently estimates it will incur additional costs of
approximately $75 to upgrade such equipment and complete the assessments
described above.
The Company does not currently believe that it has any material exposure to
the Year 2000 issue. However, if the Company discovers any such exposure, it
will implement projects to correct or prepare contingency plans to address any
such issue. The Company believes that a material failure would occur if a
utility supplier was unable to provide service to one or more of the Company
facilities. The Company does not currently have an alternative for this
contingency.
The Company intends to provide the funds for the Year 2000 project through
utilization of its internally generated funds and its bank line of credit.
The costs of the project and the dates on which the Company plans to
complete the Year 2000 assessments, modifications, conversions and validation
are based on management's best judgement. The projected costs were derived
utilizing assumptions of future events including the continued availability of
certain resources, third party modification plans and other factors. However,
there can be no guarantee that these estimates will be achieved and actual
results could differ materially from these plans. Specific factors that might
cause such material differences include, but are not limited to, the
availability and cost of personnel trained in this area, the ability to locate
and correct relevant computer codes and similar uncertainties.
<PAGE>
Recent Accounting Pronouncements
- --------------------------------
On June 15, 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS 133"). SFAS 133 is effective for all
fiscal quarters of all fiscal years beginning after June 15, 1999. SFAS 133
requires that all derivative instruments be recorded on the balance sheet at
their fair value. Changes in the fair value of derivatives are recorded each
period in current earnings or other comprehensive income, depending on whether a
derivative is designated as part of a hedge transaction and if it is, the type
of hedge transaction. Management of the Company anticipates that due to its
limited use of derivative instruments, the adoption of SFAS 133 will not have a
significant effect on the Company's results of operations or its financial
position.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995.
This release may contain forward-looking statements that involve risks and
uncertainties. Among the important factors which could cause actual results to
differ materially from those forward-looking statements are the impact of
competitive products and pricing, product demand, the presence of competitors
with greater financial resources, availability of additional sources of
financing and commercialization risks, costs associated with integration and
administration of acquired operations, capacity and supply constraints or
difficulties, the results of financing efforts and other factors detailed in the
Company's filings with the Securities and Exchange Commission including recent
filings of Forms 10-K and 10-Q.
<PAGE>
PART II - OTHER INFORMATION
Item 1. N/A
Item 2. N/A
Item 3. N/A
Item 4. N/A
Item 5. N/A
Item 6. Exhibits
---------------------------------------
(a)
Amended and Restated Articles of Incorporation of the Company
Amended and Restated Bylaws of the Company
Specimen Certification of Common Stock of the Company
Financial Data Schedule
Contrato De Arrendamiento
Contrato De Arrendamiento
Contrato De Arrendamiento
Contrato De Arrendamiento
Contrato De Arrendamiento
Contrata De Arrendamiento
Contrato De Arrendamiento
Management Agreement between AF Datalink Equipamentos de
Telecomunicacoes, Ltda. and Aberlardo Quindere Fraga Junior
Management Agreement between AF Datalink Equipamentos de
Telecomunicacoes, Ltda. And Fritz Junginger
Amendment and Modification to Loan Agreement
Explanation and Waiver of Rights Regarding Confession
of Judgment
Amended and Restated Revolver Note
Amended and Restated Revolver Note
Amended and Restated Revolver Note
Amended and Restated Revolver Note
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
THE JPM COMPANY
---------------
Registrant
Date: February 10, 1999 By:/s/ John H. Mathias
----------------- --------------------
John H. Mathias
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
Date: February 10, 1999 By: /s/ William D. Baker
----------------- ----------------------
William D. Baker
Vice President and Chief Financial Officer
(Principal Financial Officer)
<PAGE>
EXHIBIT INDEX
Exhibit numbers are in accordance with the
Exhibit Table in Item 601 of Regulation S-K
Exhibit No. Exhibit
Description
3.1.* Amended and Restated Articles of Incorporation of the Company
3.2.* Amended and Restated Bylaws of the Company
4.1.* Specimen Certification of Common Stock of the Company
27 Financial Data Schedule
99.1 Contrato De Arrendamiento
99.2 Contrato De Arrendamiento
99.3 Contrato De Arrendamiento
99.4 Contrato De Arrendamiento
99.5 Contrato De Arrendamiento
99.6 Contrato De Arrendamiento
99.7 Contrato De Arrendamiento
99.8 Management Agreement between AF Datalink Equipamentos de
Telecomunicacoes, Ltda. and Aberlardo Quindere Fraga Junior
99.9 Management Agreement between AF Datalink Equipamentos de
Telecomunicacoes, Ltda. And Fritz Junginger
99.10 Amendment and Modification to Loan Agreement
99.11 Explanation and Waiver of Rights Regarding Confession of Judgment
99.12 Amended and Restated Revolver Note
99.13 Amended and Restated Revolver Note
99.14 Amended and Restated Revolver Note
99.15 Amended and Restated Revolver Note
* Filed as part of the Company's Registration Statement filed on Form S-1 on
February 9, 1996 and declared effective April 30, 1996.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF THE JPM COMPANY AND SUBSIDIARIES AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> DEC-31-1998
<CASH> 1,034
<SECURITIES> 0
<RECEIVABLES> 22,811
<ALLOWANCES> 481
<INVENTORY> 29,456
<CURRENT-ASSETS> 56,854
<PP&E> 34,999
<DEPRECIATION> 11,367
<TOTAL-ASSETS> 108,485
<CURRENT-LIABILITIES> 20,760
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 34,498
<TOTAL-LIABILITY-AND-EQUITY> 108,485
<SALES> 41,241
<TOTAL-REVENUES> 41,241
<CGS> 33,869
<TOTAL-COSTS> 37,891
<OTHER-EXPENSES> 153
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 926
<INCOME-PRETAX> 2,271
<INCOME-TAX> 781
<INCOME-CONTINUING> 1,292
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,292
<EPS-PRIMARY> .18
<EPS-DILUTED> .17
</TABLE>
CONTRATO DE ARRENDAMIENTO
QUE CELEBRAN, POR UNA PARTE, LOS SRES. INGS. EDUARDO E. DAMY GOMEZ Y SERGIO
R. DAMY GOMEZ, EN REPRESENTACION DE SUS HIJOS EDUARDO Y ALEJANDRO DAMY MONRAZ,
NEIL SERGIO Y RENE DANIEL DAMY NOVOA, RESPECTIVAMENTE, EN LO SUCESIVO ("LOS
ARRENDADORES" ) Y POR LA OTRA PARTE JPM PANTERA, S.A. DE C.V. REPRESENTADA POR
LA SRA. MARIA LUISA LOZANO GARCIA, EN LO SUCESIVO ( " LA ARRENDATARIA " ),
CONFORME A LAS SIGUIENTES DECLARACIONES Y CLAUSULAS:
DECLARACIONES
EL ARRENDADOR declare BAJO PROTESTA DE DECIR VERDAD:
I.A. Ser ciudadano mexicano, mayor de edad, y sin ninguna restriccion legal para
celebrar el presente contrato y cumplir cabalmente sus obligaciones y
responsabilidades establecidas en este instrumento.
I.B. Que es propietario de la finca marcada con el numero 133 y 137 de la calle
Montemorelos en Zapopan, Jalisco, ( en lo sucesivo la "PROPIEDAD" ). El
cual tiene una superficie de 40,128 SQ.FT.
I.C. Que la PROPIEDAD se encuentra libre de cualquier gravamen, y no esta sujeta
a restriccion alguna para realizar las actividades que el ARRENDATARIO
pretende de conformidad con las condiciones establecidas en el presente
contrato.
EL ARRENDATARIO declara BAJO PROTESTA DE DECIR VERDAD:
II.A.Ser una sociedad mercantil debidamente constituida y organizada conforme a
las leyes vigentes en la Republica Mexicana segun consta en la escritura
publica numero 10813 de fecha Agosto 08 de 1985 otorgada ante la fe del
Notario Publico numero 2 (dos) Licenciado Guillermo Martinez Ugarte, en
Chapala , Jalisco.
II.B.Que en su deseo celebra el presente contrato para arrendar la PROPIEDAD de
el ARRENDADOR.
Ambas partes declaran:
III.A. Que han negociado libremente los terminos y condiciones del presente
contrato, y estan concientes de sus obligaciones y responsabilidades bajo
el presente contrato.
III.B. Por lo tanto, las partes en este acto con la intencion de quedar
legalmente obligados bajo los terminos del presente instrumento, acuerdan
celebrar este contrato de conformidad con las siguientes:
CLAUSULAS
PRIMERA.- EL ARRENDADOR en este acto arriendan al ARRENDATARIO la PROPIEDAD por
un periodo de 5 ( cinco ) anos .
SEGUNDA.- De conformidad con la Clausula Primera anterior, la vigencia del
presente contrato comenzara desde el dia 01 de Junio de 1998 y permanecera
vigente hasta el 31 de Mayo del 2003.
El ARRENDATARIO renuncia al derecho de prorroga que establece el Codigo
Civil del Estado de Jalisco.
TERCERA.- Las partes acuerdan que por el uso de la PROPIEDAD, el ARRENDATARIO
debera pagar a los ARRENDADORES por concepto de renta la cantidad de $ 96,900.00
( Noventa y seis mil novecientos pesos 00/100 M.N. ) mas el importes del
Impuesto al Valor Agregado.
Durante la vigencia del presente contrato, todas las rentas mensuales seran
obligatorias para el ARRENDATARIO y deberan pagarse en su totalidad aun en los
casos en que la PROPIEDAD sea ocupada unicamente por una parte del mes.
El ARRENDATARIO debera pagar la renta, a manera anticipada, a mas tardar el
dia 5 de cada mes en el domicilio del ARRENDADOR, debiendose cargar en caso de
mora por interes moratorio al 10% por cada mes que transcurra sin cubrirse EL
ADEUDO. El cargo nunca podra ser inferior al 0.27% por dia, en caso de no
cubrirse la renta a mas tardar el decimo dia del mes.
El ARRENDADOR deberan entregar los recibos por el pago de la renta, los cuales
deberan reunir todos los requisitos fiscales aplicables que sean necesarios para
la deducibilidad de los mismos.
CUARTA.- El ARRENDADOR reconoce y consiente en el uso de bodega que el
ARRENDATARIO dara a la PROPIEDAD. El ARRENDADOR sera responsable de cooperar y
realizar sus mejores esfuerzos para que el ARRENDATARIO tenga el uso y goce
pacifico de la PROPIEDAD y especificamente que tenga total e irrestricto acceso
a las areas de la misma.
El pago correspondiente al consumo de agua y energia electrica correra por parte
del ARRENDATARIO, comprometiendose a entregar a el ARRENDADOR los recibos o
copia de ellos, liquidados al corriente, debiendo entregar el finiquito por
dicho consumo al termino del presente.
El ARRENDATARIO tambien sera el responsable del pago del telefono y en general
de cualquier otro servicio que individualmente contrate para su uso o consumo
dentro de la PROPIEDAD.
El ARRENDADOR sera el responsable de cubrir por su cuenta las contribuciones
prediales de la PROPIEDAD.
QUINTA.- El ARRENDATARIO declara que ha recibido la PROPIEDAD a que se refiere
el presente, en buen estado, obligandose a mantener en buen estado sus
instalaciones y servicios, asi como a componer y reponer los bienes cuya
destruccion deterioro o perdida le sea imputable. Consecuentemente debera
efectuar y correra por su cuenta, todo tipo de reparaciones, reposiciones o
composturas que para el buen servicio requieren las canerias, llaves de agua,
excusados, sumideros, puertas, ventanas, chapas, vidrios e instalaciones de
electricidad, existentes en la PROPIEDAD, asi como a pagar las multas impuestas
por el mal uso de los mencionados, renunciando al efecto en lo que se oponga a
las presentes estipulaciones. De la misma manera, el ARRENDATARIO sera el
responsable de cubrir por su cuenta todos los impuestos que graven los giros
mercantiles establecidos por el mismo.
El ARRENDATATIO no podra hacer ninguna otra variacion a la PROPIEDAD. Todas las
modificaciones o mejoras que el ARRENDATARIO haga o hiciera a la PROPIEDAD, ya
sean utiles, necesarias o de ornato, quedaran a beneficio de la finca al
finalizar el presente contrato y sin derecho a cobrar traspasos o indemnizacion
alguna.
Por ningun motivo sera el ARRENDADOR responsable de los objetos que se
introduzcan en la PROPIEDAD arrendada, ni los danos y perjuicios que sufra el
ARRENDATARIO por actos u omisiones de terceros dentro o cerca de la PROPIEDAD
arrendada.
SEXTA.- Queda prohibido a el ARRENDATARIO, subarrendar, traspasar o ceder en
cualquier forma el uso del bien arrendado o los derechos del presente contrato.
Los subarrendamientos, traspasos o sesiones concertadas en contravencion de lo
estipulado en esta clausula, ademas de ser nulos e inoperativos respecto de el
ARRENDADOR, daran lugar a la rescision del contrato de arrendamiento, si este lo
desea.
SEPTIMA.- El ARRENDATARIO renuncia expresamente al derecho de preferencia del
tanto, para el caso de que el ARRENDADOR desee enajenar toda o parte de la
PROPIEDAD o cualquier derecho real o personal sobre el mismo.
OCTAVA.- La Sra. Maria Luisa Lozano Garcia quien asiste a la celebracion del
presente contrato; se obliga a favor de el ARRENDADOR como fiador de el
ARRENDATARIO por el cumplimiento de todas y cada una de las obligaciones
estipuladas en el o derivadas del mismo, renunciando a los beneficios de orden
de exclusion y division, durando esta obligacion hasta la devolucion de la
PROPIEDAD totalmente desocupada y la satisfaccion de las obligaciones contraidas
en el presente contrato.
NOVENA.- El ARRENDADOR y el ARRENDATARIO convienen expresamente que para el caso
de llegar al vencimiento del presente contrato y el ARRENDATARIO no desocupare
la PROPIEDAD dentro de los quince ( 15 ) dias siguientes, pagara al ARRENDADOR
la cantidad de $ 4,000.00 ( cuatro mil pesos 00/100 M.N. ) diarios y hasta la
total desocupacion, por concepto de perjuicios.
DECIMA.- Cualquier notificacion entre las partes que debe realizarse de
conformidad con el presente contrato o en virtud de cualquier procedimiento
judicial o administrativo que se sucite de este documento, debera realizarse por
escrito y entregarse en el domicilio del ARRENDADOR.
DECIMA PRIMERA.- Para la interpretacion, cumplimiento y resolucion de cualquier
controversia que pudiese surgir del presente contrato, las partes se someten
expresamente a la competencia de las leyes y a los tribunales del orden comun de
Guadalajara, Jalisco, Mexico, renunciando a cualquier otro fuero que les pudiere
corresponder en funcion de sus domicilios presentes o futuros. Se conviene,
asimismo, que seran a cargo del ARRENDATARIO conjuntamente con el fiador, todos
los gastos judiciales y extrajudiciales a que diere lugar por incumplimiento del
contrato, asi como las costas que se causen en caso de juicio.
DECIMA SEGUNDA.- Durante el termino del presente contrato, el monto de la renta
sera ajustada anualmente tomando como base para el ajuste, el promedio del Costo
Porcentual Promedio ( C.P.P. ) del ano inmediato anterior a la fecha del Ajuste
segun lo publique el Banco de Mexico, ( Primer ajuste, Mayo 31 de 1999, en base
al promedio del C.P.P. de los meses de Mayo, Junio, Julio, Agosto, Septiembre,
Octubre, Noviembre, Diciembre, de 1998 Enero, Febrero, Marzo y Abril de 1999).
En la Ciudad de Guadalajara, Jalisco, a 01 de Junio de 1998, leido que fue el
presente contrato, las partes conscientes de su contenido y alcance de todas y
cada una de sus clausulas, manifiestan su absoluta conformidad en las mismas,
ratificandolo mediante su firma, ante los testigos que tambien suscriben.
ARRENDADOR ARRENDATARIO
Sr. Ing. Eduardo E. Damy Gomez. JPM Pantera, S.A. de C.V.
ARRENDAROR FIADOR
Sr. Ing. Sergio R. Damy Gomez. Sra. Maria Luisa Lozano Garcia
TESTIGO TESTIGO
C.P. Fernando Escobar Espinosa. C.P. Jose Luis Aranda Perez.
En la Ciudad de Guadalajara, Jalisco a 15 de Octubre de 1997 Mil Novecientos
Noventa y Siete, comparecen por una parte el Lic. EULALIO TORRES MACIAS,
mexicano, mayor de edad, domiciliado en esta ciudad, con su caracter de
apoderado del C. ING. MANUEL PELAYO TOPETE, a quien en este contrato se
designara El arrendador y el C. LIC. FERNANDO ESCOBAR ESPINOSA, mexicano, mayor
de edad, que comparece en representacion de la persona juridica JPM PANTERA,
S.A. DE C.V. como gerente administrativo, a quien en lo sucesivo se denominara
La arrendataria, quienes manifiestan haber celebrado un contrato de
arrendamiento que sujetan a las clausulas siguientes:
C L A U S U L A S :
PRIMERA.- Los comparecientes manifiestan que con esta fecha han celebrado
contrato de arrendamiento respecto de la finca marcada con el numero 25 de la
calle Conchitas, Loma Bonita en Zapopan, Jalisco, Con una superficie de 12,672
SQ.FT. finca que obliga la arrendataria a dedicarla exclusivamente para oficinas
y bodega; se incluye en este contrato la totalidad del inmueble, se integra de
oficinas, bodegas, estacionamiento exterior y patio interior de maniobras.
SEGUNDA.- Los arrendatarios manifiestan que reciben la finca materia de
este a satisfaccion y se obligan a darle mantenimiento adecuado para que se
conserve en buen estado, seran a su cargo las reparaciones y mejoras para
adecuar el inmueble a sus necesidades, para hacer modificaciones no ordinarias
se requiere el consentimiento por escrito de El arrendador; las modificaciones
que se realicen en su caso, seran con cargo a La arrendataria, y al hacer la
desocupacion y entrega las mejoras hechas quedaran a beneficio del inmueble.
TERCERA.- El termino del contrato sera de cinco anos forzoso para ambas
partes, inicia a surtir efectos a partir del dia 15 de Octubre de 1997, por
tanto, terminara el dia 14 de Octubre del ano 2002 Dos Mil Dos. Los efectos de
este contrato podran modificarse en cuanto a su duracion mediante escrito
firmado por ambas partes.
CUARTA.- Los arrendatarios se obligan a pagar por concepto de renta, la
cantidad de $ 20,000.00 Veinte Mil Pesos 00/100 M.N. mensuales, mas el impuesto
al valor agregado, en el domicilio de El arrendador, los pagos seran adelantados
y dentro de los cinco primeros dias de cada mes; si dejare de pagarse la renta
dentro de los primeros cinco dias de cada mes, la arrendataria se obliga pagar
intereses a razon del tipo legal actual en la fecha de vencimiento, de la
mensualidad, aumentandose 15 quince puntos porcentuales anuales, sin perjuicio
de las acciones que procedan, considerandose por todo el tiempo que deje de
pagar la renta pactada. En el precio del arrendamiento se considera la inversion
que realizara La arrendataria para acondicionar el inmueble a sus necesidades,
razon por la cual se acordo una rentabilidad que se considera por debajo de lo
comun y pagara la renta desde el momento en que se le entregue el inmueble.
El contrato sera revisado anualmente y se ajustara el monto de la renta de
acuerdo con los incrementos que resulten de aplicar los indices de aumentos de
precios al consumidor que publica el Banco de Mexico.
A la firma de este contrato La arrendataria entregara en calidad de
deposito la cantidad de: $ 20,000.00 Veinte Mil Pesos 00/100 M.N., que se
devolvera al terminar el contrato, ademas cubrira el importe del primer mes de
renta.
QUINTA.- Las partes acuerdan que no podran hacerse modificaciones a la
finca, ni subarrendar, salvo que se autorice por El arrendador mediante escrito
que asi lo especifique.
SEXTA.- Al vencimiento del contrato, la arrendataria se obliga a desocupar
y entregar el inmueble materia del contrato, en buenas condiciones, entregara
los recibos de servicios generales como agua, luz, telefono, drenaje, Etc., asi
mismo se cubrira los cargos que por esos conceptos resulten una vez desocupada
la finca y correspondan a periodos de tiempo en que estuvo en posesion de la
misma.
SEPTIMA.- Si al vencimiento del contrato no se hace la entrega de la finca
por la arrendataria, debidamente desocupada, de no haber convenio modificatorio
en cuanto al termino del contrato, la arrendataria se obliga a pagar la renta
por todo el tiempo que dure en posesion del inmueble, en este supuesto la renta
se calculara considerando los incrementos de acuerdo con las tablas de indices
de aumentos de precios al consumidor que publica anualmente el Banco de Mexico.
Sin perjuicio de las acciones que por el incumplimiento procedan.
OCTAVA.- La C. OFELIA HERMOSILLO VILLARRUEL, que comparece a este acto, se
obliga en favor de El arrendador como fiador, obligacion que durara por todo el
tiempo en que la arrendataria mantenga la posesion del inmueble materia del
contrato.
Leido que fue el presente las partes manifiestan estar conformes con su
contenido, que ratifican firmando para constancia en union de los testigos que
son vecinos de esta ciudad y habiles.
El arrendador La arrendataria
ING. MANUEL PELAYO TOPETE. JPM PANTERA, S.A. DE C.V.
LIC. EULALIO TORRES MACIAS. LIC. FERNANDO ESCOBAR ESPINOSA.
Testigo Testigo
CONTRATO DE ARRENDAMIENTO
CONTRATO DE ARRENDAMIENTO QUE CELEBRAN EN LA CIUDAD DE GUADALAJARA ESTADO
DE JALISCO, A PARTIR DEL 1ero. DE DICIEMBRE DE 1998, POR UNA PARTE LA SRA. LUZ
MA. SUAREZ ORENDAIN, A QUIEN EN LO SUCESIVO SE LE DENOMINARA "EL ARRENDADOR" Y
POR LA OTRA PARTE; JPM PANTERA, S.A. DE C.V. COMO APODERADO GENERAL EL LIC. EN
C.P. FERNANDO ESCOBAR ESPINOSA, A QUIENES EN LO SUCESIVO SE LE DESIGNARA COMO
"EL ARRENDATARIO" EN EL CURSO DEL PRESENTE CONTRATO EL CUAL SUJETA A LOS
DISPUESTO EN LAS SIGUIENTES:
C L A U S U L A S :
PRIMERA.- EL PRESENTE CONTRATO DE ARRENDAMIENTO TENDRA UNA DURACION DE DOCE
MESES, CONTADOS A PARTIR DEL 1ERO. DE DICIEMBRE, 1998 AL 30 DE NOVIEMBRE DE
1999, VENCIDO EL PLAZO DEL ARRENDAMIENTO NO SE ENTENDERA PRORROGADO SINO
MEDIANTE OTRO CONTRATO EXPRESO Y QUE POR ESCRITO CELEBRE NUEVAMENTE LAS PARTES,
POR LO ANTERIOR EL ARRENDATARIO RENUNCIA EXPRESAMENTE AL DERECHO DE PRORROGA A
QUE SE REFIERE EL ARTICULO 2483 DEL CODIGO CIVIL DEL ESTADO DE JALISCO.
SEGUNDA.- EL ARRENDADOR ENTREGA AL ARRENDATARIO Y ESTE RECIBE DE
CONFORMIDAD Y EN CALIDAD DE ARRENDAMIENTO EL INMUEBLE UBICADO EN LA CALLE 26 #
1171-B ZONA INDUSTRIAL DE ESTA CIUDAD DE GUADALAJARA, JALISCO, CON LAS
SIGUIENTES DIMENCIONES:
BODEGA:
FRENTE : 117 SQ.FT.
FONDO : 268 SQ.FT.
SUPERFICIE : 2,957 SQ.FT.
OFICINAS:
FRENTE : 106 SQ.FT
FONDO : 42 SQ.FT
SUPERFICIE : 422 SQ.FT
TOTAL SUPERFICIE : 3,379 SQ.FT
EL INMUEBLE QUE ES SUJETO DE CONTRATO HA SIDO DESTINADO A: OFICINAS,
BODEGA, Y ALMACENAMIENTO DE PRODUCTOS ELECTRONICOS, EL ARRENDATARIO SE OBLIGA A
NO DEDICARLO A OTRO GIRO DISTINTO, EN CASO CONTRARIO DARA LUGAR A LA RESCISION Y
A LA TERMINACION ANTICIPADA DE ESTE CONTRATO Y POR CONSECUENCIA EL ARRENDATARIO
DEBERA PAGAR AL ARRENDADOR LA CANTIDAD QUE ESTABLECE LA CLAUSULA PENAL QUE
CONTIENE LA CLAUSULA SEXTA DE ESTE CONTRATO.
TERCERA.- EL ARRENDATARIO PAGARA AL ARRENDADOR EN EFECTIVO POR MESUALIDADES
ANTICIPADAS LA CANTIDAD DE $4,700.00 (CUATRO MIL SETECIENTOS PESOS 00/100 M.N.),
MAS EL IVA (IMPUESTO AL VALOR AGREGADO), POR CONCEPTO DE RENTA, MISMA QUE
DEBERA SER LIQUIDADA A MAS TARDAR LOS DIAS TRES DE CADA MES, EN CASO CONTRARIO
DICHAS CANTIDADES CAUSARAN EL 6% MENSUAL POR INTERESES MORATORIOS,
INDEPENDIENTEMENTE DE PROCEDER A LA TERMINACION Y A LA RESCISION DEL PRESENTE
CONTRATO BAJO LOS TERMINOS QUE ESTABLECE LA CLAUSULA SEXTA DE ESTE MISMO
CONTRATO.
CONVIENEN LAS PARTES QUE PARA DETERMINAR EL MONTO DE LA RENTA MENSUAL
DURANTE LA VIGENCIA DEL PRESENTE CONTRATO SE SUJETAN AL SIGUIENTE PROCEDIMIENTO:
A) TREINTA DIAS ANTES DEL VENCIMIENTO DE ESTE CONTRATO, LAS PARTES CONVENDRAN
POR ESCRITO SOBRE EL MONTO DE LA RENTA MENSUAL DEL SIGUIENTE CONTRATO POR
TRANSCURRIR.
B) UNA VEZ DETERMINADO EL MONTO DE LA RENTA DEL PROXIMO CONTRATO, LAS PARTES
CONVIENEN EN INCREMENTAR AUTOMATICAMENTE DICHO MONTO DE ACUERDO A LOS
INCREMENTOS ORDINARIOS O EXTRAORDINARIOS QUE TENGA EL SALARIO MINIMO
REGIONAL CORRESPONDIENTE A LA CIUDAD DE GUADALAJARA, CADA VEZ QUE ESTO
SUCEDA.
C) LAS REVISIONES ANUALES AL MONTO DE LA RENTA, QUE SE REFIERE EL APARTADO "A"
DE ESTA CLAUSULA Y LAS REVISIONES DERIVADAS DEL INCREMENTO AL SALARIO
MINIMO A QUE SE REFIERE EL APARTADO "B", SON INDEPENDIENTES UNAS DE OTRAS.
CUARTA.- EL ARRENDATARIO DEBERA APORTAR UN DEPOSITO EN GARANTIA DE $
5,405.00 (CINCO MIL CUATROCIENTOS CINCO PESOS 00/100 M.N.), MISMOS QUE QUEDARAN
EN PODER DEL ARRENDADOR, SIEMPRE SERA NO MENOR A UN MES DE RENTA, POR LO QUE
DEBERA INCREMENTARSE EN LA MISMA MEDIDA LA RENTA MENSUAL, YA SEA POR AUMENTOS
DEL SALARIO MINIMO O POR LAS REVISIONES ANUALES QUE SOBRE SU MONTO EFECTUEN LAS
PARTES.
QUINTA.- EL PAGO DE LAS CONTRIBUCIONES PREDIALES, CORRERA POR CUENTA DEL
ARRENDADOR, QUEDANDO A CARGO DEL ARRENDATARIO, LOS PAGOS QUE SE DERIVEN DE LOS
CONTRATOS DE SUMINISTROS Y CONSUMO DE AGUA, ENERGIA ELECTRICA, TELEFONO, ETC.,
DEJANDO AL CORRIENTE DICHOS PAGOS EN EL MOMENTO DE ENTREGAR EL INMUEBLE
ARRENDADO, DEBIENDO ENTREGAR AL ARRENDADOR LOS RECIBOS DE DICHOS PAGOS.
SEXTA.- PARA PROTEGER SUS INTERESES, LAS PARTES CONVIENEN EN ESTABLECER
COMO CLAUSULA PENAL ESTA, QUE CONSISTE EN QUE EN CASO, QUE ALGUNA DE LAS PARTES
SOLICITE A LA OTRA LA TERMINACION ANTICIPADA DEL CONTRATO, DEBERA AVISAR CON DOS
MESES DE ANTICIPACION POR ESCRITO, ESTA CLAUSULA TAMBIEN SURTIRA SUS EFECTOS EN
EL CASO DE QUE ALGUNAS DE LAS PARTES PROVOQUE LA RESCISION ANTICIPADA EN ESTE
CONTRATO EN CUALQUIER TIEMPO, DE NO HACERLO DEBERA PAGAR UN EQUIVALENTE DE DOS
MESES DE RENTA.
SEPTIMA.- EL ARRENDATARIO SE DEBERA ABSTENER DE SUBARRENDAR, TRASPASAR O
CEDER EN CUALQUIER FORMA EL USO DEL BIEN INMUEBLE ARRENDADO A LOS DERECHOS DEL
PRESENTE CONTRATO. LOS SUBARRENDAMIENTOS, TRASPASOS O SESIONES CONSERTADAS EN
CONTRAVENCION DE LO ESTIPULADO EN ESTA CLAUSULA, ADEMAS DE SER NULOS E
INOPERANTES RESPECTO DEL ARRENDADOR, DARAN LUGAR A LA RESCISION DEL PRESENTE
CONTRATO DE ARRENDAMIENTO SI ESTE LO DESEA.
OCTAVA.- EL ARRENDATARIO NO PODRA HACER VARIACION ALGUNA EN EL INMUEBLE O
EN LOS BIENE MUEBLES QUE ESTE CONTIENE. NI AUN CON EL CARACTER DE MEJORA, SIN
PREVIO PERMISO POR ESCRITO DEL ARRENDADOR Y TODAS LAS MEJORAS QUE SUGIEREN YA
SEAN UTILES O DE ORNATO, QUEDARAN A BENEFICIO DEL INMUEBLE Y DEL ARRENDADOR, SIN
DERECHO PARA EL ARRENDATARIO DE COBRAR TRASPASO O INDEMNIZACION ALGUNA, POR LO
CUAL RENUNCIA AL BENEFICIO CONCEDIDO POR LOS ARTICULOS 2341 Y 2342 DEL CODIGO
CIVIL VIGENTE EN EL ESTADO DE JALISCO.
NOVENA.- EL ARRENDATARIO DECLARA QUE HA RECIBIDO EL INMUEBLE OBJETO DE ESTE
CONTRATO EN PERFECTAS CONDICIONES, CONSECUENTEMENTE DEBERA EFECTUAR Y CORRERAN
POR SU CUENTA TODO TIPO DE REPARACIONES DE PISOS, TECHOS, REPOSICIONES O
COMPOSTURAS QUE PARA EL BUEN SERVICIO REQUIERAN LAS LLAVES DE AGUA, PUERTAS,
VENTANALES CON SUS CRISTALES, CHAPAS, INSTALACION ELECTRICA, MOBILIARIO EN
GENERAL, ETC. EXISTENTES EN EL INMUEBLE ASI COMO PAGAR LAS MULTAS IMPUESTAS POR
EL MAL USO DE LOS MECIONADOS, RENUNCIANDO AL EFECTO EN LO QUE SE OPONGAN LAS
PRESENTES ESTIPULACIONES A LO DISPUESTO POR LA FRACCION SEGUNDA DEL ARTICULO
2330 DEL CODIGO CIVIL DEL ESTADO DE JALISCO.
DECIMA.- EL LIC. EN C.P. FERNANDO ESCOBAR ESPINOSA, QUIEN ASISTE A LA
CELEBRACION DEL CONTRATO Y SE OBLIGA EN FAVOR DEL ARRENDADOR COMO FIADOR DEL
ARRENDATARIO, POR EL CUMPLIMIENTO DE TODAS Y CADA UNA DE LAS OBLIGACIONES
ESTIPULADAS EN EL, O DERIVADAS DEL MISMO, RENUNCIANDO A LOS BENEFICIOS DE ORDEN,
EXCUSION Y DIVISION A QUE SE REFIEREN LOS ARTICULOS 2406, 2744, 2745 Y DEMAS
RELATIVOS DEL CODIGO CIVIL DEL ESTADO DE JALISCO, DURANDO ESTA OBLIGACION HASTA
LA DEVOLUCION DEL INMUEBLE TOTALMENTE DESOCUPADO Y HASTA QUE SEAN CUBIERTAS
TODAS LAS PRESTACIONES.
DECIMA PRIMERA.- CONVIENEN EXPRESAMENTE LAS PARTES EN UNION DE LA PERSONA
QUE CONCURRE COMO FIADOR, QUE EN CASO DE QUE AL TERMINO DEL PRESENTE CONTRATO
ESTIPULADO EN LA CLAUSULA PRIMERA, NO FUERE SUSCRITO OTRO, PERMANENCIENDO EN
POSESION DEL INMUEBLE, PAGARAN POR CONCEPTO DE RENTA LA CANTIDAD DE $ 9,400.00
(NUEVE MIL CUATROCIENTOS PESOS 00/100 M.N.) , MAS I.V.A., SIENDO ESTE MONTO
MENSUAL, LA RENTA QUE SE PAGARA HASTA QUE EL MISMO FUERE DESOCUPADO Y ENTREGADO
JUDICIALMENTE O EXTRAJUDICIALMENTE, ESTO INDEPENDIENTEMENTE DEL PAGO QUE POR
DANOS Y PERJUICIOS SE CAUSEN POR ESTA ACCION AL ARRENDADOR.
DECIMA SEGUNDA.- QUEDA ESPRESAMENTE ESTIPULADO POR AMBAS PARTES Y POR EL
FIADOR, QUE PARA LA INTERPRETACION Y CUMPLIMIENTO DEL PRESENTE CONTRATO, SE
SOMETERAN A LOS JUECES Y TRIBUNALES DE LA CIUDAD DE GUADALAJARA, JALISCO,
RENUNCIANDO AL FUERO DE CUALQUIER OTRO DOMICLIO PRESENTE O FUTURO, SE CONVIENE
TAMBIEN QUE SERAN A CARGO DEL ARRENDATARIO O DEL FIADOR TODOS LOS GASTOS Y
COSTAS JUDICIALES O EXTRAJUDICIALES A QUE DIERE LUGAR POR EL INCUMPLIMIENTO DE
ESTE CONTRATO, TANTO EL ARRENDATARIO COMO EL FIADOR DECLARAN CONOCER TODAS LAS
NORMAS LEGALES CITADAS EN EL PRESENTE CONTRATO Y EN ESPECIAL AQUELLAS CUYOS
BENEFICIOS RENUNCIAN Y SENALAN.
EL ARRENDADOR EL ARRENDATARIO
SRA. LUZ MA. SUAREZ ORENDAIN JPM PANTERA, S.A. DE C.V.
RFC. SUOL 240820 Q66 RFC. JPA 850808 AK7
FIADOR
LIC. EN C.P. FERNANDO ESCOBAR ESPINOSA.
CONTRATO DE ARRENDAMIENTO QUE CELEBRAN POR UNA PARTE GRUPO FERMER, S.A. DE
C.V. REPRESENTADA POR EL SR. MARIO PRESNO PEREZ EN SU CARACTER DE ADMINISTRADOR
UNICO A QUIEN EN LO SUCESIVO Y PARA EFECTOS DE ESTE CONTRATO SE LE DENOMINARA EL
ARRENDADOR, Y POR LA OTRA PARTE A JPM PANTERA, S.A. DE C.V. REPRESENTADA POR LA
SRA. MARIA LUISA LOZANO GARCIA EN SU CARACTER DE ADMINISTRADORA UNICA, A QUIEN
EN LO SUCESIVO Y PARA EFECTOS DE ESTE CONTRATO SE LE DENOMINARA EL ARRENDATARIO
AL TENOR DE LA SIGUIENTES:
D E C L A R A C I O N E S :
1.- DECLARA EL ARRENDADOR POR CONDUCTO DE SU REPRESENTANTE LEGAL:
A).- QUE ES UNA SOCIEDAD MERCANTIL, DEBIDAMENTE CONSTITUIDA Y EXISTENTE , AL
AMPARO DE LAS LEYES DE LA REPUBLICA MEXICANA, MEDIANTE ESCRITURA PUBLICA #
14,513 DE FECHA 11 DE NOVIEMBRE DE 1981, EN LA CIUDAD DE GUADALAJARA, JAL.,
NOTARIO PUBLICO # 60 LIC. CONRADO CEBALLOS PONCE BAJO TOMO 91-4 PAG. 229
BAJO INSCRIPCION 7-8 DEL TOMO 62 DEL LIBRO PRIMERO DE REGISTRO DE COMERCIO,
AGREGO # 4 AL APENDICE 184 DE FECHA 10 DE MARZO DE 1982.
B).- QUE LA MISMA SE ENCUENTRA AL CORRIENTE EN EL PAGO DE SUS OBLIGACIONES
FISCALES E INSCRITA BAJO REG. FEDERAL DE CONTRIBUYENTES # GFE-811113-UR6
TENIENDO SU DOMICILIO SOCIAL MILO # 3660 COL. LA NOGALERA, EN GUADALAJARA,
JAL., C.P. 44470.
C).- QUE ES DUENO DEL INMUEBLE UBICADO EN MOTEMORELOS # 129 DEL FRACC. LOMA
BONITA EN ZAPOPAN, JAL., EL CUAL TIENE UNA SUPERFICIE DE 12,609 SQ.FT.
ANEXANDOSE AL PRESENTE UN PLANO DE LA LOCALIZACION, FIRMADO POR AMBAS
PARTES. QUE EL MISMO SE ENCUENTRA AL CORRIENTE DE SUS OBLIGACIONES E
INSCRITO EN EL IMPUESTO PREDIAL BAJO EL # 115725.
D).- QUE ES SU DESEO CELEBRAR EL PRESENTE CONTRATO PARA LO CUAL EL ARRENDATARIO
PUEDA DISPONER LIBREMENTE DEL INMUEBLE DE REFERENCIA, MISMO QUE SERA
DESTINADO PARA LOS FINES QUE PRETENDA.
11.- DECLARA EL ARRENDATARIO POR CONDUCTO DE SU REPRESENTANTE LEGAL:
A).- QUE ES UNA SOCIEDAD MERCANTIL DEBIDAMENTE CONSTITUIDA Y ORGANIZADA CONFORME
A LAS LEYES DE LA REPUBLICA MEXICANA, MEDIANTE ESCRITURA PUBLICA # 2 DE LA
CIUDAD DE GUADALAJARA, JAL., LIC. GUILLERMO MARTINEZ UGARTE E INSCRITA EN
EL REG. FEDERAL PUBLICO DE LA PROPIEDAD Y DE COMERCIO DE GUADALAJARA, JAL.,
EL DIA 30 DE AGOSTO DE 1985, REG. BAJO INSCRIPCION 102-103 TOMO 180 DEL
LIBRO PRIMERO DEL REGISTRO DE COMERCIO, AGREGO 48 AL APENDICE 542 DE ESTE
LIBRO DE DOCUMENTACION RESPECTIVA. LOS REGISTRO SE PAGARAN BAJO REF. ING. #
L-554105.
B).- QUE LAS MISMA SE ENCUENTRA AL CORRIENTE EN EL PAGO DE SUS OBLIGACIONES
FISCALES E INSCRITA EN EL REG. FEDERAL DE CONTRIBUYENTES BAJO EL # JPA
850808 AK7 Y CONTANDO CON SU REGISTRO PATRONAL DEL I.M.S.S. R-12-15-466-10
TENIENDO SU DOMICILIO SOCIAL EN MONTEMORELOS # 121 DEL FRACC. LOMA BONITA
EN ZAPOPAN, JAL.
C).- QUE CUENTA CON LAS FACULTADES NECESARIAS, PARA OBLIGAR A SU REPRESENTADA A
LOS TERMINOS DE EL PRESENTE INSTRUMENTO, LAS CUALES ESTAN CONSTITUIDAS EN
LA ESCRITURA PUBLICA # 10,813 DE FECHA 8 DE AGOSTO DE 1985 OTORGADA POR EL
NOTARIO PUBLICO # 2 DE LA CD.
D).- QUE PARA EL DESARROLLO DE SUS ACTIVIDADES COMERCIALES, CON ESTA FECHA
SOLICITA Y DESEA TOMAR EN ARRENDAMIENTO LA BODEGA A QUE HACEMOS REFERENCIA
EN LA DECLARACION PRIMER INCISO C) MISMA QUE REUNE LAS CONDICIONES
REQUERIDAS POR MI MANDANTE.
111.- TOMANDO EN CONSIDERACION LO ANTERIOR EXPUESTO, AMBAS PARTES ESTAN DE
ACUERDO, EN CELEBRAR EL PRESENTE CONTRATO OBLIGANDOSE PARA TAL EFECTO AL TENOR
DE LAS SIGUIENTES:
C L A U S U L A S :
PRIMERA.- SE RECONOCEN MUTUAMENTE LAS PERSONALIDADES QUE COMPARECEN LOS
APODERADOS Y MANIFIESTAN QUE LAS FACULTADES QUE TIENEN CONFERIDAS HASTA LA FECHA
NO LES HAN SIDO REBOCADAS, RESTRINGIDAS O MODIFICADAS EN FORMA ALGUNA.
SEGUNDA.- EL ARRENDADOR OTORGA EN ARRENDAMIENTO A EL ARRENDATARIO Y ESTE
RECIBE A SU MAS ENTERA SATISFACCION BAJO EL CARACTER QUE OSTENTA EN EL CONTRATO,
DE LA BODEGA QUE SE CITA EN LA DECLARACION PRIMERA INCISO C).
TERCERA.- EL PLAZO DE ARRENDAMIENTO SERA EL PRIMERO DE AGOSTO DE 1998 AL 22
DE ABRIL DE 2001.
CUARTA.- LA RENTA MENSUAL SERA POR LA CANTIDAD DE $ 26,230.00 (VEINTISEIS
MIL DOSCIENTOS TREINTA PESOS 00/100 M.N.) OBLIGANDOSE EL ARRENDATARIO A PAGAR EL
PRIMER MES POR ADELANTADO A LA FIRMA DEL CONTRATO, OTORGADO, EL ARRENDADOR DARA
EL COMPROBANTE LEGAL CORRESPONDIENTE, QUE DEBERA CUMPLIR CON TODOS LOS
REQUISITOS FISCALES. EL IMPUESTO AL VALOR AGREGADO QUE CAUSE EL PRESENTE
CONTRATO, SERA CUBIERTO POR EL ARRENDATARIO Y ENTERADO POR EL ARRENDADOR.
QUINTA.- LA RENTA AQUI CONVENIDA SERA INCREMENTADA EN EL MISMO PORCENTAJE
QUE AUMENTE EL SALARIO MINIMO EN ESTA ZONA Y SEGUIRA INCREMENTANDOSE CADA VEZ
QUE TENGA VARIACION, PROCEDIENDO ESTE AUMENTO A PARTIR DE LA FECHA QUE SE
CONOZCA OFICIALMENTE, Y DURANTE LA VIGENCIA DE EL PRESENTE CONTRATO, O EN EL
MISMO PORCENTAJE DE EL DESLIZ MENSUAL CONTRA EL DOLLAR AMERICANO QUE SUFRA
NUESTRA MONEDA MEXICANA, O DE ACUERDO CON EL INDICE DE INCREMENTO DE RENTAS QUE
FIJE EN BANCO DE MEXICO. DE ESTAS TRES MEDIDAS DE INCREMENTO SERA TOMADA
SOLAMENTE LA QUE MAYOR RESULTE EN EL MES QUE PROCEDA EL COBRO. SE CONVIENE ENTRE
AMBAS PARTES QUE LA RENTA MENSUAL ESTIPULADA, DEBERA CUBRIRSE POR MENSUALIDADES
ADELANTADAS, PRECISAMENTE LOS DIAS PRIMEROS DE CADA MES EN EL DOMICILIO QUE EL
ARRENDADOR LE INDIQUE DENTRO DE ESTA CIUDAD ENTREGANDOSE EL COMPROBANTE LEGAL
CORRESPONDIENTE.
SEXTA.- EL INMUEBLE ES RECIBIDO POR EL ARRENDATARIO EN PERFECTAS
CONDICIONES Y DEBERA EFECTUAR LAS REPARACIONES DE TODOS AQUELLOS DETERIOROS, O
COMPOSTURAS, COMO DESTAPAR CANOS, TAPAR GOTERAS, LADRILLOS DESPEGADOS, ASI COMO
PISOS Y TECHOS Y POR LA REPARACION DE DICHOS OBJETOS, NO TENDRA DERECHO ALGUNO
EL ARRENDATARIO A COMPENSACION POR PARTE DE EL ARREDADOR.
SEPTIMA.- CONVIENEN AMBAS PARTES QUE DURANTE LA VIGENCIA DE EL PRESENTE
CONTRATO EL ARRENDATARIO CONTRATE UN SEGURO CONTRA INCENDIOS EL CUAL SE
EXTENDERA A CUBRIR TODOS LOS BIENES ASEGURADOS CONTRA EL RIEZGO DE: EXPLOCION,
HURACANES, TERREMOTOS, VEHICULOS, GRANIZO, AVIONES Y HUMO LO CUAL SERA PARTE
PARA LA PROTECCION DEL INMUEBLE, SIENDO EL VALOR DE ESTE EL DE UN AVALUO, QUE SE
ANEXE AL CONTRATO, DEBIDAMENTE FIRMADO, EL CUAL SE RENOVARA ANUALMENTE, PARA
AJUSTAR SU VALOR.
OCTAVA.- EL ARRENDATARIO NO PODRA SUB-ARRENDAR LA PROPIEDAD, NI TRASPASAR
SUS DERECHOS EN FORMA EXPRESA O TACITA, SALVO AUTORIZACION POR ESCRITO, DADA POR
EL ARRENDADOR A PERSONAS QUE REUNAN LAS MISMAS CONDICIONES DE HONORABILIDAD Y
SOLVENCIA.
NOVENA.- SERA POR CUENTA DE EL ARRENDATARIO LOS CONSUMOS Y MATENIMIENTOS DE
ENERGIA ELECTRICA, GAS, TELEFONO, ETC., QUE REQUIERAN PARA SU USO, EN
CONSECUENCIA SE OBLIGA A CONTRATAR DIRECTAMENTE DICHOS SERVICIOS, ASI COMO
CONVIENEN ENTREGAR EL LOCAL QUE SE DA EN ARRENDAMIENTO LIBRE DE CUALQUIER ADEUDO
QUE SURGIERA A LA FECHA DE LA ENTREGA MATERIAL DEL MISMO, SI A LA FINCA
ARRENDADA LE FUERA INSTALADO CONTADOR DE AGUA, PARA LOS EFECTOS DE COBRO DE
CUOTA SOBRE LA BASE DE CONSUMO, POR PARTE DE LAS AUTORIDADES MUNICIPALES CUBRIRA
ESTA CUOTA SI EN VIRTUD DE EL NEGOCIO QUE INSTALE, SI EL PATRONATO DE LOS
SERVICIOS CORRESPONDIENTES, AUMENTE LA CUOTA BIMESTRAL, ESTA DIFERENCIA SERA
CUBIERTA CON EL IMPORTE DE LA RENTA.
DECIMA.- EL ARRENDATARIO PUEDE EFECTUAR POR SU CUENTA, PREVIA AUTORIZACION
POR ESCRITO DE EL ARRENDADOR, DEL PROYECTO RESPECTIVO A LAS INSTALACIONES Y
ARREGLOS QUE SEAN NECESARIOS EN EL INMUEBLE, OBJETO DE, ARRENDAMIENTO, A FIN DE
DEJARLO EN CONDICIONES DE SERVICIO CON LA SOLA OBLIGACION A CARGO DE EL
ARRENDATARIO, DE QUE AL TERMINAR EL ARRENDAMIENTO DEVUELVA EL INMUEBLE EN LAS
CONDICIONES ORIGINALES EN QUE LO RECIBIO, CON SOLO EL DETERIORO DEL USO NATURAL
Y MODERADO. ASI MISMO EL ARRENDATARIO SE OBLIGA A RESPONDER POR LOS DANOS Y
PERJUICIOS QUE SE OCACIONEN AL INMUEBLE POR SU PERSONAL O VISITANTES Y RENUNCIA
EXPRESAMENTE HA HACER CARGOS A EL ARRENDADOR POR LOS DANOS Y PERJUICIOS QUE
SUFRA EL NEGOCIO POR ACTOS Y OMISIONES DE TERCEROS Y OTROS.
DECIMO PRIMERA.- EL ARRENDATARIO RENUNCIA EXPRESAMENTE AL DERECHO DE
REFERENCIA, QUE SE REFIERE EL ART. 2365 DEL CODIGO CIVIL DE EL ESTADO, POR EL
CASO DE QUE EL ARRENDADOR DESEE ENAJENAR TODO O PARTE DE EL INMUEBLE O CUALQUIER
DERECHO REAL O PERSONAL SOBRE EL MISMO, POR SU PARTE EL ARRENDATARIO SE OBLIGA A
LO SIGUIENTE:
DECIMO SEGUNDA.-
A).- LIQUIDAR LA RENTA EN FORMA Y TIEMPO CONVENIDO DE NO SER ASI SE PAGARA UN 6%
MENSUAL SOBRE LA RENTA VIGENTE, POR CONCEPTO DE INTERESES MORATORIOS.
B).- A CONCERVAR EL LOCAL QUE SE ENTREGA EN ARRENDAMIENTO, EN BUEN ESTADO DE
LIMPIEZA E HIGIENE DURANTE LA VIGENCIA DEL PRESENTE CONTRATO.
C).- A NO COLOCAR ANUNCIOS O ROTULOS EN EL LOCAL ARRENDADO SIN LA AUTORIZACION
PREVIA Y POR ESCRITO DE EL ARRENDADOR Y DESDE LUEGO OBLIGANDOSE A
RETIRARLOS AL CONCLUIR EL ARRENDAMIENTO, SIN DANAR EL INMUEBLE Y DEJANDOLO
EN SU ESTADO ORIGINAL.
D).- A NO TENER ANIMALES SEAN O NO DOMESTICOS O DE CUALQUIER NATURALEZA.
E).- A NO INTRODUCIR O GUARDAR EN LA BODEGA NINGUN MATERIAL INFLAMABLE
SUCEPTIBLE DE INFLAMARSE EN CANTIDADES EXCESIVAS Y SIEMPRE CON EL CUIDADO
REQUERIDO DE MANEJO.
F).- A DESTINAR EL INMUEBLE ARRENDADO UNICA Y EXCLUSIVAMENTE PARA BODEGA Y
OFICINAS ADMINISTRATIVAS Y DISTRIBUCION DE VARIAS MERCANCIAS, ASI COMO
SUB-ENSABLES ELECTRONICOS PROPIEDAD DE EL ARRENDATARIO.
G).- A DESOCUPAR EL INMUEBLE AL VENCIMIENTO ESTIPULADO EN ESTE CONTRATO, Y DE NO
HACERLO MIENTRAS DURE EL JUICIO DE DESOCUPACION, PAGARA POR DANOS Y
PERJUICIOS A EL ARRENDADOR LA CANTIDAD QUE RESULTE DE ACUERDO A LA ULTIMA
RENTA QUE ESTE CONTRATO ESTIPULE MENSUALMENTE Y ADICIONALES A ESTA LA
CANTIDAD DE $ 26,000.00 (VEINTISEIS MIL PESOS 00/100 M.N.) MENSUALMENTE
ADICIONALES A LA RENTA VIGENTE, SIN QUE ESTO SEA ACEPTACION DE RENOVACION
DE CONTRATO.
DECIMO TERCERA.- LAS PARTES CONVIENEN QUE TODAS LAS ESTIPULACIONES
CONTENIDAS EN EL PRESENTE CONTRATO, LAS HAN ACORDADO SIN QUE EXISTA ERROR
LESCION O DOLO DE NINGUNA ESPECIE ASI COMO NO CONTENER CLAUSULAS EN CONTRA DE LA
MORAL O EL DERECHO DE EFECTO DE LO QUE AQUI ESTA ESTABLECIDO, Y PARA TODO
CONFLICTO QUE SE SUCITE CON MOTIVODE LA INTERPRETACION Y EJECUCION DE EL
PRESENTE CONTRATO, LAS PARTES SE SOMETERAN EXPRESAMENTE A LAS LEYES SIGUIENTES Y
TRIBUNALES COMPETENTES DE LA CIUDAD DE GUADALAJARA, JAL., RENUNCIANDO
EXPRESAMENTE A CUALQUIER OTRO FUERO QUE PUEDA CORRESPONDERLES EN RAZON DE SUS
DOMICILIOS PRESENTES O FUTUROS POR PRIVILEGIADOS QUE ESTOS FUERAN.
LEIDO QUE FUE POR AMBAS PARTES ESTE CONTRATO Y UNA VEZ ENTERADOS DE SU
CONTENIDO Y AL CALCE O FIRMAN DE COMUN ACUERDO EN LA CIUDAD DE GUADALAJARA,
JAL., EL DIA PRIMERO DE AGOSTO DE MIL NOVECIENTOS NOVENTA Y OCHO, QUEDANDO UN
EJEMPLAR DEL MISMO EN PODER DE CADA UNA DE LAS PARTES QUE EN ESTE INTERVIENEN.
E L A R R E N D A D O R
GRUPO FEMER, S.A. DE C.V.
FIRMA EL SR. MARIO PRESNO PEREZ.
ADMOR. UNICO.
E L A R R E N D A T A R I O
JPM PANTERA, S.A. DE C.V.
FIRMA LA SRA. MARIA LUISA LOZANO GARCIA.
ADMOR. UNICO.
CONTRATO DE ARRENDAMIENTO QUE CELEBRAN POR UNA PARTE NATALIA SOFIA PRESNO
RUBIN , MARIO RAUL PRESNO RUBIN Y MANUEL FERNANDEZ FERNANDEZ A QUIEN EN LO
SUCESIVO Y PARA EFECTOS DE EL PRESENTE CONTRATO SE LE DENOMINARA LOS
ARRENDADORES, Y POR LA OTRA PARTE A JPM PANTERA, S.A. DE C.V. REPRESENTADA POR
LA SRA. MARIA LUISA LOZANO GARCIA EN SU CARACTER DE ADMINISTRADORA UNICA, A
QUIEN EN LO SUCESIVO SE LE DENOMINARA EL ARRENDATARIO AL TENOR DE LA SIGUIENTES:
D E C L A R A C I O N E S :
1.- DECLARAN LOS ARRENDADORES:
A).- QUE SON PERSONAS FISICAS CONSTITUIDAS Y EXISTENTES AL AMPARO DE LAS LEYES
DE LA REPUBLICA MEXICANA MEDIANTE REGISTRO FEDERAL DE CONTRIBUYENTES COMO
SIGUE:
NATALIA SOFIA PRESNO RUBIN PERN-760528-6QA
MARIO RAUL PRESNO RUBIN PERM-740830-CN2
MANUEL FERNANDEZ FERNANDEZ FEFM-560306-IAO
B).- QUE LOS MISMOS TENIEN SUS DOMICILIOS FISCALES COMO SIGUEN:
NATALIA SOFIA PRESNO RUBIN AVE. GUADALUPE # 4548 ZAPOPAN, JAL.
MARIO RAUL PRESNO RUBIN AVE. GUADALUPE # 4548 ZAPOPAN, JAL.
MANUEL FERNANDEZ FERNANDEZ JUAREZ # 103 MEXICO, D.F.
Y QUE SE ENCUENTRAN AL CORRIENTE EN SUS OBLIGACIONES FISCALES.
C).- QUE SON ARRENDADORES CON DERECHO A SUB-ARRENDAR LAS BODEGAS Y OFICINAS
UBICADAS EN FELIX ROUGIER # 196 Y MONTEMORELOS # 121 DEL FRACC. LOMA BONITA
DE ESTA CIUDAD LA CUAL TIENEN UNA SUPERFICIE DE 28,153 SQ.FT. ANEXANDOSE AL
PRESENTE UN PLANO DE SU LOCALIZACION, FIRMADO POR AMBAS PARTES. LA MISMA SE
ENCUENTRA AL CORRIENTE EN SUS PAGOS DE OBLIGACIONES FISCALES E INSCRITO EN
EL IMPUESTO PREDIAL BAJO EL # 115725.
D).- QUE ES SU DESEO CELEBRAR EL PRESENTE CONTRATO PARA LO CUAL EL ARRENDATARIO
PUEDA DISPONER LIBREMENTE DEL INMUEBLE DE REFERENCIA, MISMO QUE SERA
DESTINADO PARA LOS FINES QUE PRETENDA.
11.- DECLARA EL ARRENDATARIO POR CONDUCTO DE SU REPRESENTANTE LEGAL:
A).- QUE ES UNA SOCIEDAD MERCANTIL DEBIDAMENTE CONSTITUIDA Y ORGANIZADA CONFORME
A LAS LEYES DE LA REPUBLICA MEXICANA, MEDIANTE ESCRITURA PUBLICA # 2 DE LA
CIUDAD DE GUADALAJARA, JAL., LIC. GUILLERMO MARTINEZ UGARTE E INSCRITA EN
EL REG. FEDERAL PUBLICO DE LA PROPIEDAD Y DE COMERCIO DE GUADALAJARA, JAL.,
EL DIA 30 DE AGOSTO DE 1985, REG. BAJO INSCRIPCION 102-103 TOMO 180 DEL
LIBRO PRIMERO DEL REGISTRO DE COMERCIO, AGREGO 48 AL APENDICE 542 DE ESTE
LIBRO DE DOCUMENTACION RESPECTIVA. LOS REGISTRO SE PAGARAN BAJO REF. ING. #
L-554105.
B).- QUE LA MISMA SE ENCUENTRA AL CORRIENTE EN EL PAGO DE SUS OBLIGACIONES
FISCALES E INSCRITA EN EL REG. FEDERAL DE CONTRIBUYENTES BAJO EL # JPA
850808 AK7 Y CONTANDO CON SU REGISTRO PATRONAL DEL I.M.S.S. R-12-15-466-10
TENIENDO SU DOMICILIO SOCIAL EN MONTEMORELOS # 121 DEL FRACC. LOMA BONITA
EN ZAPOPAN, JAL.
C).- QUE CUENTA CON LAS FACULTADES NECESARIAS, PARA OBLIGAR A SU REPRESENTADO A
LOS TERMINOS DE EL PRESENTE INSTRUMENTO, LAS CUALES ESTAN CONSTITUIDAS EN
LA ESCRITURA PUBLICA # 10,813 DE FECHA 8 DE AGOSTO DE 1985 OTORGADA POR EL
NOTARIO PUBLICO # 2 DE LA CIUDAD DE GUADALAJARA, JAL., LIC GUILLERMO
MARTINEZ UGARTE.
D).- QUE PARA EL DESARROLLO DE SUS ACTIVIDADES COMERCIALES, CON ESTA FECHA
SOLICITA Y DESEA TOMAR EN ARRENDAMIENTO LAS BODEGAS Y OFICINAS A QUE
HACEMOS REFERENCIA EN LA DECLARACION PRIMERA INCISO C) MISMO QUE REUNE LAS
CONDICIONES REQUERIDAS POR MI MANDANTE.
111.- TOMANDO EN CONSIDERACION LO ANTERIOR EXPUESTO, AMBAS PARTES ESTAN DE
ACUERDO, EN CELEBRAR EL PRESENTE CONTRATO OBLIGANDOSE PARA TAL EFECTO AL TENOR
DE LAS SIGUIENTES:
C L A U S U L A S :
PRIMERA.- SE RECONOCEN MUTUAMENTE LAS PERSONALIDADES QUE COMPARECEN LOS
APODERADOS Y MANIFIESTAN QUE LAS FACULTADES QUE TIENEN CONFERIDAS HASTA LA FECHA
NO LES HAN SIDO REBOCADAS, RESTRINGIDAS O MODIFICADAS EN FORMA ALGUNA.
SEGUNDA.- LOS ARRENDADORES OTORGAN EN ARRENDAMIENTO A EL ARRENDATARIO Y
ESTE RECIBE A SU MAS ENTERA SATISFACCION BAJO EL CARACTER QUE OSTENTA EN EL
CONTRATO, DE LAS BODEGAS Y OFICINAS QUE SE CITA EN LA DECLARACION PRIMERA INCISO
C).
TERCERA.- EL PLAZO DE ARRENDAMIENTO SERA DE CINCO ANOS A PARTIR DEL DIA 23
DE ABRIL DE 1996 CONCLUYENDO EL DIA 22 DE ABRIL DEL 2001.
CUARTA.- LA RENTA MENSUAL SERA POR LA CANTIDAD DE $ 50,380.00 ( CINCUENTA
MIL TRESCIENTOS OCHENTATA PESOS 00/100 M.N.) OBLIGANDOSE EL ARRENDATARIO A PAGAR
EL PRIMER MES POR ADELANTADO A LA FIRMA DEL CONTRATO, OTORGADO, LOS ARRENDADORES
DARAN EL COMPROBANTE LEGAL CORRESPONDIENTE, QUE DEBERA CUMPLIR CON TODOS LOS
REQUISITOS FISCALES. EL IMPUESTO AL VALOR AGREGADO QUE CAUSE EL PRESENTE
CONTRATO, SERA CUBIERTO POR EL ARRENDATARIO Y ENTERADO POR LOS ARRENDADORES.
QUINTA.- LA RENTA AQUI CONVENIDA SERA INCREMENTADA EN EL MISMO PORCENTAJE
QUE AUMENTE EL SALARIO MINIMO EN ESTA ZONA Y SEGUIRA INCREMENTANDOSE CADA VEZ
QUE TENGA VARIACION, PROCEDIENDO ESTE AUMENTO A PARTIR DE LA FECHA QUE SE
CONOZCA OFICIALMENTE, Y DURANTE LA VIGENCIA DE EL PRESENTE CONTRATO, O EN EL
MISMO PORCENTAJE DE EL DESLIZ MENSUAL CONTA EL DOLLAR AMERICANO QUE SUFRA
NUESTRA MONEDA MEXICANA, O DE ACUERDO CON EL INDICE DE INCREMENTO DE RENTAS QUE
FIJE EL BANCO DE MEXICO. DE ESTAS TRES MEDIDAS DE INCREMENTO SERA TOMADA
SOLAMENTE LA QUE MAYOR RESULTE EN EL MES QUE PROCEDA EL COBRO. SE CONVIENE ENTRE
AMBAS PARTES QUE LA RENTA MENSUAL ESTIPULADA, DEBERA CUBRIRSE POR MENSUALIDADES
ADELANTADAS, PRESISAMENTE LOS DIAS VEINTITRES DE CADA MES EN EL DOMICILIO QUE
LOS ARRENDADORES LE INDIQUEN DENTRO DE ESTA CIUDAD ENTREGANDOSE EL COMPROBANTE
LEGAL CORRESPONDIENTE.
SEXTA.- EL INMUEBLE ES RECIBIDO POR EL ARRENDATARIO EN PERFECTAS
CONDICIONES Y DEBERA EFECTUAR LAS REPARACIONES DE TODOS AQUELLOS DETERIOROS, O
COMPOSTURAS, COMO DESTAPAR CANOS, TAPAR GOTERAS, LADRILLOS DESPEGADOS, ASI PISOS
Y TECHOS Y POR LA REPARACION DE DICHOS OBJETOS, NO TENDRA DERECHO ALGUNO EL
ARRENDATARIO A COMPENSACION POR PARTE DE LOS ARRENDADORES.
PARA GARANTIZAR EL PAGO DE LAS REPARACIONES QUE DEBERAN EFECTUARSE EN EL
INMUEBLE A LA DEVOLUCION DE ESTE POR LOS DESPERFECTOS QUE SE OCACIONARAN DURANTE
LA OCUPACION DEL MISMO EL ARRENDATARIO ENTREGARA EN EL ACTO LA CANTIDAD DE $
14,812.00 (CATORCE MIL OCHOCIENTOS DOCE PESOS 00/100 M.N.), COMO DEPOSITO EN
GARANTIA OBLIGANDOSE TAMBIEN EL ARRENDATARIO A PAGAR EXCEDENTES QUE NO CUBRIERA
DICHO DEPOSITO POR EL MISMO CONCEPTO O SERA DEVUELTO EN CASO DE NO EXISTIR DANO
ALGUNO.
SEPTIMA.- CONVIENEN AMBAS PARTES QUE DURANTE LA VIGENCIA DE EL PRESENTE
CONTRATO EL ARRENDATARIO CONTRATE UN SEGURO CONTRA INCENDIOS EL CUAL SE EXTIENDA
A CUBRIR TODOS LOS BIENES ASEGURADOS CONTRA RIEZGO DE: EXPLOCION, HURACANES,
TERREMOTOS, VEHICULOS, GRANIZO, AVIONES Y HUMO LO CUAL SERA PARTE PARA LA
PROTECCION DEL INMUEBLE, SIENDO EL VALOR DE ESTE EL DE UN AVALUO, QUE SE ANEXE
AL PRESENTE CONTRATO, DEBIDAMENTE FIRMADO, EL CUAL SE RENOVARA ANUALMENTE, PARA
AJUSTAR SU VALOR.
OCTAVA.- EL ARRENDATARIO NO PODRA SUB-ARRENDAR LA PROPIEDAD, NI TRASPASAR
SUS DERECHOS EN FORMA EXPRESA O TACITA, SALVO AUTORIZACION POR ESCRITO, DADA POR
LOS ARRENDADORES A PERSONAS QUE REUNAN LAS MISMAS CONDICIONES DE HONORABILIDAD Y
SOLVENCIA.
NOVENA.- SERA POR CUENTA DE EL ARRENDATARIO LOS CONSUMOS Y
MATENIMIENTOS DE ENERGIA ELECTRICA, GAS, TELEFONO, ETC., QUE REQUIERA PARA SU
USO, EN CONSECUENCIA SE OBLIGA A CONTRATAR DIRECTAMENTE DICHOS SERVICIOS, ASI
COMO CONVIENEN ENTREGAR EL LOCAL QUE SE DA EN ARRENDAMIENTO LIBRE DE CUALQUIER
ADEUDO QUE SURGIERA A LA FECHA DE LA ENTREGA MATERIAL DEL MISMO, SI A LA FINCA
ARRENDADA LE FUERA INSTALADO CONTADOR DE AGUA, PARA LOS EFECTOS DE COBRO DE
CUOTA SOBRE LA BASE DE CONSUMO, POR PARTE DE LAS AUTORIDADES MUNICIPALES CUBRIRA
ESTA CUOTA SI EN VIRTUD DE EL NEGOCIO QUE INSTALE, SI EL PATRONATO DE LOS
SERVICIOS CORRESPONDIENTES, AUMENTA LA CUOTA BIMESTRAL, ESTA DIFERENCIA SERA
CUBIERTA CON EL IMPORTE DE LA RENTA.
DECIMA.- EL ARRENDATARIO PUEDE EFECTUAR POR SU CUENTA, PREVIA AUTORIZACION
POR ESCRITO DE LOS ARRENDADORES, DEL PROYECTO RESPECTIVO A LAS INSTALACIONES Y
ARREGLOS QUE SEAN NECESARIOS EN EL INMUEBLE, OBJETO DE, ARRENDAMIENTO, A FIN DE
DEJARLO EN CONDICIONES DE SERVICIO CON LA SOLA OBLIGACION A CARGO DE EL
ARRENDATARIO, DE QUE AL TERMINAR EL ARRENDAMIENTO DEVUELTA EL INMUEBLE EN LAS
CONDICIONES ORIGINALES EN QUE LO RECIBIO, CON SOLO EL DETERIORO DEL USO NATURAL
Y MODERADO. ASI MISMO EL ARRENDATARIO SE OBLIGA A RESPONDER POR LOS DANOS Y
PERJUICIOS QUE SE OCACIONEN AL INMUEBLE POR SU PERSONAL O VISITANTES Y RENUNCIA
EXPRESAMENTE A HACER CARGOS A LOS ARRENDADORES POR DANOS Y PERJUICIOS QUE SUFRA
SU NEGOCIO POR ACTOS Y OMISIONES DE TERCEROS Y OTROS INQUILINOS.
DECIMO PRIMERA.- LOS ARRENDORES RENUNCIAN EXPRESAMENTE AL DERECHO DE
REFERENCIA, A QUE SE REFIERE EL ART. 2365 DEL CODIGO CIVIL DE EL ESTADO, POR EL
CASO DE QUE LO ARRENDADORES DESEEN ENAJENAR TODO O PARTE DE EL INMUEBLE O
CUALQUIER DERECHO REAL O PERSONAL SOBRE EL MISMO, POR SU PARTE EL ARRENDADOR SE
OBLIGA A LO SIGUIENTE:
DECIMO SEGUNDA.-
A).- LIQUIDAR LA RENTA EN FORMA Y TIEMPO CONVENIDO DE NO SER ASI SE PAGARA UN 6%
MENSUAL SOBRE LA RENTA VIGENTE , MENCIONADA POR CONCEPTO DE INTERESES
MORATORIOS.
B).- A CONCERVAR EL LOCAL QUE SE ENTREGA EN ARRENDAMIENTO, EN BUEN ESTADO DE
LIMPIEZA E HIGIENE DURANTE LA VIGENCIA DEL PRESENTE CONTRATO.
C).- A NO COLOCAR ANUNCIOS O ROTULOS EN EL LOCAL ARRENDADO SIN LA AUTORIZACION
PREVIA Y POR ESCRITO DE LOS ARRENDADORES Y DESDELUEGO OBLIGANDOSE A
RETIRARLOS AL CONCLUIR EL ARRENDAMIENTO, SIN DANAR EL INMUEBLE Y DEJANDOLO
EN SU ESTADO ORIGINAL.
D).- A NO TENER ANIMALES SEAN O NO DOMESTICOS O DE CUALQUIER NATURALEZA.
E).- A NO INTRODUCIR O GUARDAR EN LA BODEGA NINGUN MATERIAL INFLAMABLE
SUCEPTIBLE DE INFLAMARSE EN CANTIDADES EXCESIVAS Y SIEMPRE CON EL CUIDADO
REQUERIDO DE MANEJO.
F).- A DESTINAR EL INMUEBLE ARRENDADO UNICA Y EXCLUSIVAMENTE PARA BODEGA Y
OFICINAS ADMINISTRATIVAS Y DISTRIBUCION DE VARIAS MERCANCIAS, ASI COMO
SUB-ENSABLES ELECTRONICOS PROPIEDAD DE EL ARRENDAMIENTO.
G).- A DESOCUPAR EL INMUEBLE AL VENCIMIENTO ESTIPULADO EN ESTE , Y DE NO HACERLO
MIENTRAS DURE EL JUICIO DE DESOCUPACION, PAGAR POR DANOS Y PERJUICIOS A LOS
ARRENDADORES LA CANTIDAD QUE RESULTE DE ACUERDO A LA ULTIMA RENTA QUE ESTE
CONTRATO ESTIPULE MENSUALMENTE Y ADICIONALES A ESTA $ 50,000.00 (CINCUENTA
MIL PESOS 00/100 M.N.) MENSUALMENTE ADICIONALES A LA RENTA VIGENTE, SIN QUE
ESTO SEA ACEPTACION DE RENOVACION DE CONTRATO.
DECIMO TERCERA.- LAS PARTES CONVIENEN QUE TODAS LAS ESTIPULACIONES
CONTENIDAS EN EL PRESENTE CONTRATO, LAS HAN ACORDADO SIN QUE EXISTA ERROR O DOLO
DE NINGUNA ESPECIE ASI COMO NO CONTENER CLAUSULAS EN CONTRA DE LA MORAL O EL
DERECHO DE EFECTO DE LO QUE AQUI ESTA ESTABLECIDO, Y PARA TODO CONFLICTO QUE SE
SUCITE CON MOTIVODE LA INTERPRETACION Y EJECUCION DE EL PRESENTE CONTRATO, LAS
PARTES SE SOMETERAN EXPRESAMENTE A LAS LEYES SIGUIENTES Y TRIBUNALES COMPETENTES
DE LA CIUDAD DE GUADALAJARA, JAL., RENUNCIANDO EXPRESAMENTE A CUALQUIER OTRO
FUERO QUE PUEDA CORRESPONDERLES EN RAZON DE SUS DOMICILIOS PRESENTES O FUTUROS
POR PRIVILEGIADOS QUE ESTOS FUERAN.
LEIDO QUE FUE POR AMBAS PARTES ESTE CONTRATO Y UNA VEZ ENTERADOS DE SU
CONTENIDO Y AL CALCE LO FIRMAN DE COMUN ACUERDO EN LA CIUDAD DE GUADALAJARA,
JAL., EL DIA VEINTITRES DE ABRIL DE MIL NOVECIENTOS NOVENTA Y SEIS, QUEDANDO UN
EJEMPLAR DEL MISMO EN PODER DE CADA UNA DE LAS PARTES QUE EN ESTE INTERVIENEN.
L O S A R R E N D A D O R E S
NATALIA SOFIA PRESNO RUBIN. MARIO RAUL PRESNO RUBIN .
MANUEL FERNANDEZ FERNANDEZ.
E L A R R E N D A T A R I O
JPM PANTERA, S.A. DE C.V.
FIRMA LA SRA. MARIA LUISA LOZANO GARCIA.
CONVENIO MODIFICATORIO, EN RELACION AL CONTRATO DE ARRENDAMIENTO QUE TIENEN
CELEBRANDO EN GUADALAJARA, JAL., CON FECHA 23 DE ABRIL DE 1996 COMO ARRENDADORES
A NATALIA SOFIA PRESNO RUBIN, MARIO RAUL PRESNO RUBIN Y A MANUEL FERNANDEZ
FERNANDEZ, Y COMO ARRENDATARIO A JPM PANTERA, S.A. DE C.V. RESPECTO DE EL
INMUEBLE ( BODEGA Y OFICINAS ) UBICADAS EN LA CALLE DE MONTEMORELOS # 121 DE EL
FRACC. DE LOMA BONITA EN ZAPOPAN, JAL., CON UNA SUPERFICIE DE 2,666 MTS.
CUADRADOS.
C L A U S U L A S :
1.- Ya no intervendran a partir de la fecha de este CONVENIO los
ARRENDADORES personas fisicas, e intervendra para todos los efectos legales
procedentes el propietario del inmueble, que es GRUPO FERMER, S.A. DE C.V.
Sociedad mercantil constituida bajo escritura numero 14,513 de fecha primero de
Noviembre de 1981 ante la fe del Notario Publico numero 60 Lic. Conrado Ceballos
Ponce, cuyo administrador unico es el Sr. MARIO FRESNO PEREZ, con todas las
facultades para representar a la Sociedad en todo tipo de contratos y con
facultad incluso para actos de dominio, como se desprende de la mencionada
Escritura por lo cual de ahora en adelante la renta se pagara directamente a
GRUPO FERMER, S.A. DE C.V. en el domicilio de Prolongacion Milo # 3660 Col. La
Nogalera en Guadalajara, Jal.
2.- La representacion legal de JPM PANTERA, S.A. DE C.V. la tiene la Sra.
Ma. Luisa Lozano Garcia, segun escritura numero 1,849 de fecha 11 de Octubre de
1995 ante la fe de el Notario Publico 218 Lic. Jose Luis Villacencio Castaneda
de la ciudad de Mexico, D.F.
3.- Los intervinientes de este CONVENIO con las representaciones legales
indicadas, expresan para todos los efectos legales procedentes que representan
los terminos del CONTRATO de arrendamiento, y aceptan igualmente los terminos,
obligaciones y derechos de las clausulas.
4.- Comparecen igualmente en este instrumento, expresando su conformidad
tambien para todos los efectos legales a la Srita. NATALIA SOFIA PRESNO RUBIN,
el Sr. MARIO RAUL PRESNO RUBIN y el Sr. MANUEL FERNANDEZ FERNANDEZ.
Leido que fue el presente CONVENIO y enteradas las partes de su alcance
valor y contenido, lo firman para constancia los que en este intervienen
quedando un ejemplar para cada uno de los intervenientes con fecha 23 de Mayo de
1997.
GRUPO FERMER, S.A. DE C.V. JPM PANTERA, S.A. DE C.V.
SR. MARIO PRESNO PEREZ SRA. MA. LUISA LOZANO GARCIA.
(ARRENDADOR) (ARRENDATARIO)
NATALIA SOFIA PRESNO RUBIN MARIO RAUL PRESNO RUBIN
(CONFORME) (CONFORME)
MANUEL FERNANDEZ FERNANDEZ.
(CONFORME)
CONTRATO DE ARRENDAMIENTO
QUE CELEBRAN, POR UNA PARTE, EL SR. ING. EDUARDO ENRIQUE DAMY GOMEZ EN
REPRESENTACION DE SUS HIJAS MARIA TERESA IVETTE Y VIVIANA DAMY MONRAZ, EN LO
SUCESIVO ( "EL ARRENDADOR" ) Y POR LA OTRA PARTE, LA SRA. MARIA LUISA LOZANO
GARCIA, EN SU CARACTER DE REPRESENTANTE LEGAL DE LA EMPRESA JPM PANTERA, S.A. DE
C.V., EN LO SUCESIVO ( "LA ARRENDATARIA" ), CONFORME A LAS SIGUIENTES
DECLARACIONES Y CLAUSULAS:
DECLARACIONES:
I. EL ARRENDADOR declara BAJO PROTESTA DE DECIR VERDAD:
I.A. Ser ciudadano mexicano, mayor de edad, y sin ninguna restriccion legal
para celebrar el presente contrato y cumplir cabalmente sus obligaciones y
responsabilidades establecidas en este instrumento.
I.B. Que es propietario de la finca marcada con el numero 145 de la calle
Montemorelos, Col. Loma bonita, municipio de Zapopan, Jalisco, ( en lo sucesivo
la "PROPIEDAD" ).
I.C. Que la PROPIEDAD se encuentra libre de cualquier gravamen, y no esta
sujeta a restriccion alguna para realizar las actividades que el ARRENDATARIO
pretende de conformidad con las condiciones establecidas en el presente
contrato.
II. EL ARRENDATARIO declara BAJO PROTESTA DE DECIR VERDAD:
IIA. Ser una sociedad mercantil debidamente constituida y organizada
conforme a las leyes vigentes en la Republica Mexicana segun consta en la
escritura publica numero 10813 de fecha Agosto 08 de 1985 otorga ante la fe del
Notario Publico numero 2 (dos) Licenciado Guillermo Martinez Ugarte, en Chapala,
Jal.
II.B. Que en su deseo celebra el presente contrato para arrendar la
PROPIEDAD de el ARRENDADOR.
III. Ambas partes declaran:
III.A. Que han negociado libremente los terminos y condiciones del presente
contrato, y estan conscientes de sus obligaciones y responsabilidades bajo el
presente contrato.
III.B. Por lo tanto, las partes en este acto con la intencion de quedar
legalmente obligados bajo los terminos del presente instrumento, acuerdan
celebrar este contrato de conformidad con las siguientes:
C L A U S U L A S
PRIMERA.- El ARRENDADOR en este acto arrienda al ARRENDATARIO la PROPIEDAD
por un periodo de 5 (cinco) anos.
SEGUNDA.- De conformidad con la Clausula Primera, la vigencia del presente
contrato comenzara desde el dia 01 de Diciembre de 1998 y permanecera vigente
hasta el 30 de Noviembre del 2003 (dos mil tres). Arrendando del 01 de Diciembre
de 1998 (mil novecientos noventa y ocho) al 30 de Noviembre del 2003 (dos mil
tres) 42,240 SQ.FT. de la finca mencionada.
El ARRENDATARIO renuncia al derecho de prorroga que establece el Codigo
Civil del Estado de Jalisco.
TERCERA.- Las partes acuerdan que por el uso de la PROPIEDAD el
ARRENDATARIO debera pagar mensualmente a los ARRENDADORES por concepto de renta
la cantidad de $ 128,000.00 (ciento veintiocho mil pesos 00/100 m.n. )mas el
importe del Impuesto al Valor Agregado. Durante el termino del presente
contrato, el monto de la renta sera ajustado cada seis meses, contados a partir
del 01 de Diciembre de 1998. Se utilizara el factor de ajuste de dividir el
Indice Nacional de Precios al Consumidor del penultimo mes anterior, entre el
citado indice correspondiente al mes inmediato anterior de dicho semestre, segun
sean publicados en el Diario Oficial de la Federacion.
Asi mismo, en el lapso de la vigencia del presente contrato, todas las
rentas mensuales seran obligatorias para el ARRENDATARIO y deberan pagarse en su
totalidad aun en los casos en que la PROPIEDAD sea ocupada unicamente por una
parte del mes.
El ARRENDATARIO debera pagar la renta, a manera anticipada, a mas tardar el
dia 5 de cada mes en el domicilio del ARRENDADOR, debiendose cargar en caso de
demora por interes moratorio al 10% por cada mes que transcurra sin cubrirse el
adeudo. El cargo nunca podra ser inferior al 0.50% por dia, en caso de no
cubrirse la renta a mas tardar el decimo dia de cada mes.
El ARRENDADOR debera entregar los recibos por el pago de la renta, los
cuales deberan reunir todos los requisitos fiscales aplicables que sean
necesarios para la deducibilidad de los mismos.
CUARTA.- El ARRENDADOR reconoce y consiente en el uso de almacenaje de
productos que el ARRENDATARIO dara a la PROPIEDAD. El ARRENDADOR sera
responsable de cooperar y realizar sus mejores esfuerzos para que el
ARRENDATARIO tenga el uso y goce pacifico de la PROPIEDAD y especificamente que
tenga total e irrestricto acceso a las areas de la misma.
El pago correspondiente al consumo de agua y energia electrica correra por
parte del ARRENDATARIO, a partir del 01 de Diciembre de 1998, comprometiedose a
entregar a el ARRENDADOR los recibos o copia de ellos, liquidados al corriente,
debiendo entregar el finiquito por dicho consumo al termino del presente.
El ARRENDATARIO tambien sera el responsable del pago de telefono y en
general de cualquier otro servicio que individualmente contrate para su uso o
consumo dentro de la PROPIEDAD.
El ARRENDADOR sera el responsable de cubrir por su cuenta las
contribuciones prediales de la PROPIEDAD.
QUINTA.- El ARRENDATARIO declara que ha recibido la PROPIEDAD a que se
refiere el presente, en buen estado, obligandose a mantener en buen estado sus
instalaciones y servicios, asi como a componer y reponer los bienes cuya
destruccion, deterioro o perdida le sea imputable. Consecuentemente debera
efectuar y correra por su cuenta, todo tipo de reparaciones, reposiciones o
composturas que para el buen servicio requieren las canerias, llaves de agua,
excusados, sumideros, puertas, ventanas, chapas, vidrios e instalaciones de
electricidad, existentes en la PROPIEDAD, asi como a pagar las multas impuestas
por el mal uso de los mencionados, renunciando al efecto en lo que se oponga a
las presentes estipulaciones. De la misma manera, el ARRENDATARIO sera el
responsable de cubrir por su cuenta todos los impuestos que graven los giros
mercantiles establecidos por el mismo.
El ARRENDATARIO no podra hacer ninguna otra variacion a la PROPIEDAD sin el
consentimiento por escrito del ARRENDADOR. Todas las modificaciones o mejoras
que el ARRENDATARIO haga o hiciera a la PROPIEDAD, ya sean utiles, necesarias o
de ornato, quedaran a beneficio de la finca al finalizar el presente contrato y
sin derecho a cobrar traspasos o indemnizacion alguna.
Por ningun motivo sera el ARRENDADOR responsable de los objetos que se
introduzcan en la PROPIEDAD arrendada, ni los danos y perjuicios que sufra el
ARRENDATARIO por actos u omisiones de terceros dentro o cerca de la PROPIEDAD
arrendada.
SEXTA.- Queda prohibido a el ARRENDATARIO, subarrendar, traspasar o ceder
en cualquier forma el uso del bien arrendado o los derechos del presente
contrato. Los subarrendamientos, traspasos o sesiones concertadas en
contravencion de lo estipulado en esta clausula, ademas de ser nulos e
inoperativos respecto de el ARRENDADOR, daran lugar a la rescision del contrato
de arrendamiento, si este lo desea.
SEPTIMA.- El ARRENDATARIO renuncia expresamente al derecho de preferencia
del tanto, para el caso de que el ARRENDADOR desee enajenar toda o parte de la
PROPIEDAD o cualquier derecho real o personal sobre el mismo.
OCTAVA.- La Sra. Maria Luisa Lozano Garcia quien asiste a la celebracion
del presente contrato; se obliga a favor de el ARRENDADOR como fiador de el
ARRENDATARIO, por el cumplimiento de todas y cada una de las obligaciones
estipuladas en el o derivadas del mismo, renunciando a los beneficios de orden
de excusion y division, durando esta obligacion hasta la devolucion de la
PROPIEDAD totalmente desocupado y la satisfaccion de las obligaciones contraidas
en el presente contrato.
NOVENA.- El ARRENDADOR y el ARRENDATARIO convienen expresamente que para el
caso de llegar al vencimiento del presente contrato y el ARRENDATARIO no
desocupare la PROPIEDAD dentro de los quince (15) dias siguientes, pagara al
ARRENDADOR la cantidad de $ 8,000.00 (ocho mil pesos 00/100 M.N.) diarios y
hasta la total desocupacion, por concepto de perjuicios.
DECIMA.- Cualquier notificacion entre las partes que debe realizarse de
conformidad con el presente contrato o en virtud de cualquier procedimiento
judicial o administrativo que se sucite de este documento, debera realizarse por
escrito y entregarse en el domicilio del ARRENDADOR.
DECIMA PRIMERA.- Para la interpretacion, cumplimiento y resolucion de
cualquier controversia que pudiese surgir del presente contrato, las partes se
someten expresamente a la competencia de la leyes y a los tribunales del orden
comun de Guadalajara, Jalisco, Mexico, renunciando a cualquier otro fuero que
les pudiere corresponder en funcion de sus domicilios presentes o futuros. Se
convienen, asi mismo, que seran a cargo del ARRENDATARIO conjuntamente con el
fiador, todos los gastos judiciales y extrajudiciales a que diere lugar por
incumplimiento del contrato, asi como las costas que se causen en caso de
juicio.
En la Ciudad de Guadalajara, Jalisco, a 01 de Diciembre de 1998, leido que
fue el presente contrato, las partes conscientes de su contenido y alcance de
todas y cada una de sus clausulas, manifiestan su absoluta conformidad en las
mismas, ratificandolo mediante su firma, ante los testigos que tambien
suscriben.
ARRENDADOR ARRENDATARIO
SR. ING. EDUARDO ENRIQUE DAMY GOMEZ JPM PANTERA, S.A. DE C.V.
SRA. MARIA LUISA LOZANO GARCIA.
REPRESENTANTE LEGAL.
FIADOR
SRA. MARIA LUISA LOZANO GARCIA.
TESTIGO TESTIGO
LCP. FERNANDO ESCOBAR E. LCP. JOSE LUIS ARANDA P.
CONTRATO DE ARRENDAMIENTO
QUE CELEBRAN, POR UNA PARTE, EL SR. ING. SERGIO RENE DAMY GOMEZ EN
REPRESENTACION DE SUS HIJAS ALICIA MARIA Y YAZMIN GUADALUPE DAMY NOVOA, EN LO
SUCESIVO ( "EL ARRENDADOR" ) Y POR LA OTRA PARTE, LA SRA. MARIA LUISA LOZANO
GARCIA, EN SU CARACTER DE REPRESENTANTE LEGAL DE LA EMPRESA JPM PANTERA, S.A. DE
C.V., EN LO SUCESIVO ( "LA ARRENDATARIA" ), CONFORME A LAS SIGUIENTES
DECLARACIONES Y CLAUSULAS:
DECLARACIONES:
I. EL ARRENDADOR declara BAJO PROTESTA DE DECIR VERDAD:
I.A. Ser ciudadano mexicano, mayor de edad, y sin ninguna restriccion legal
para celebrar el presente contrato y cumplir cabalmente sus obligaciones y
responsabilidades establecidas en este instrumento.
I.B. Que es propietario de la finca marcada con el numero 153 de la calle
Montemorelos, Col. Loma bonita, municipio de Zapopan, Jalisco, ( en lo sucesivo
la "PROPIEDAD" ).
I.C. Que la PROPIEDAD se encuentra libre de cualquier gravamen, y no esta
sujeta a restriccion alguna para realizar las actividades que el ARRENDATARIO
pretende de conformidad con las condiciones establecidas en el presente
contrato.
II. EL ARRENDATARIO declara BAJO PROTESTA DE DECIR VERDAD:
IIA. Ser una sociedad mercantil debidamente constituida y organizada
conforme a las leyes vigentes en la Republica Mexicana segun consta en la
escritura publica numero 10813 de fecha Agosto 08 de 1985 otorgada ante la fe
del Notario Publico numero 2 (dos) Licenciado Guillermo Martinez Ugarte, en
Chapala, Jal.
II.B. Que en su deseo celebra el presente contrato para arrendar la
PROPIEDAD de el ARRENDADOR.
III. Ambas partes declaran:
III.A. Que han negociado libremente los terminos y condiciones del presente
contrato, y estan conscientes de sus obligaciones y responsabilidades bajo el
presente contrato.
III.B. Por lo tanto, las partes en este acto con la intencion de quedar
legalmente obligados bajo los terminos del presente instrumento, acuerdan
celebrar este contrato de conformidad con las siguientes:
C L A U S U L A S
PRIMERA.- El ARRENDADOR en este acto arrienda al ARRENDATARIO la PROPIEDAD
por un periodo de 5 (cinco) anos.
SEGUNDA.- De conformidad con la Clausula Primera, la vigencia del presente
contrato comenzara desde el dia 01 de Diciembre de 1998 y permanecera vigente
hasta el 30 de Noviembre del 2003 (dos mil tres). Arrendando del 01 de Diciembre
de 1998 (mil novecientos noventa y ocho) al 30 de Noviembre del 2003 (dos mil
tres), 127 SQ.FT. de la finca mencionada.
El ARRENDATARIO renuncia al derecho de prorroga que establece el Codigo
Civil del Estado de Jalisco.
TERCERA.- Las partes acuerdan que por el uso de la PROPIEDAD el
ARRENDATARIO debera pagar mensualmente a los ARRENDADORES por concepto de renta
la cantidad de $ 384.00 (Trescientos ochenta y cuatro pesos 00/100 m.n. )mas el
importe del Impuesto al Valor Agregado. Durante el termino del presente
contrato, el monto de la renta sera ajustado cada seis meses, contados a partir
del 01 de Diciembre de 1998. Se utilizara el factor de ajuste que resulte de
dividir el Indice Nacional de Precios al Consumidor del penultimo mes anterior,
entre el citado indice correspondiente al mes inmediato anterior de dicho
semestre, segun sean publicados en el Diario Oficial de la Federacion.
Asi mismo, en el lapso de la vigencia del presente contrato, todas las
rentas mensuales seran obligatorias para el ARRENDATARIO y deberan pagarse en su
totalidad aun en los casos en que la PROPIEDAD sea ocupada unicamente por una
parte del mes.
El ARRENDATARIO debera pagar la renta, a manera anticipada, a mas tardar el
dia 5 de cada mes en el domicilio del ARRENDADOR, debirndose cargar en caso de
demora por interes moratorio al 10% por cada mes que transcurra sin cubrirse el
adeudo. El cargo nunca podra ser inferior al 0.50% por dia, en caso de no
cubrirse la renta a mas tardar el decimo dia de cada mes.
El ARRENDADOR debera entregar los recibos por el pago de la renta, los
cuales deberan reunir todos los requisitos fiscales aplicables que sean
necesarios para la deducibilidad de los mismos.
CUARTA.- El ARRENDADOR reconoce y consciente en el uso de almacenaje de
productos que el ARRENDATARIO dara a la PROPIEDAD. El ARRENDADOR sera
responsable de cooperar y realizar sus mejores esfuerzos para que el
ARRENDATARIO tenga el uso y goce pacifico de la PROPIEDAD y especificamente que
tenga total e irrestricto acceso a las areas de la misma.
El pago correspondiente al consumo de agua y energia electrica correra por
parte del ARRENDATARIO, a partir del 01 de Diciembre de 1998, comprometiedose a
entregar a el ARRENDADOR los recibos o copia de ellos, liquidados al corriente,
debiendo entregar el finiquito por dicho consumo al termino del presente.
El ARRENDATARIO tambien sera el responsable de telefono y en general de
cualquier otro servicio que individualmente contrate para su uso o consumo
dentro de la PROPIEDAD.
El ARRENDADOR sera el responsable de cubrir por su cuenta las
contribuciones prediales de la PROPIEDAD.
QUINTA.- El ARRENDATARIO declara que ha recibido la PROPIEDAD a que se
refiere el presente, en buen estado, obligandose a mantener en buen estado sus
instalaciones y servicios, asi como a componer y reponer los bienes cuya
destruccion, deterioro o perdida le sea imputable. Consecuentemente debera
efectuar y correra por su cuenta, todo tipo de reparaciones, reposiciones o
composturas que para el buen servicio requieren las canerias, llaves de agua,
excusados, sumideros, puertas, ventanas, chapas, vidrios e instalaciones de
electricidad, existentes en la PROPIEDAD, asi como a pagar las multas impuestas
por el mal uso de los mencionados, renunciando al efecto en lo que se oponga a
las presentes estipulaciones. De la misma manera, el ARRENDATARIO sera el
responsable de cubrir por su cuenta todos los impuestos que graven los giros
mercantiles establecidos por el mismo.
El ARRENDATARIO no podra hacer ninguna otra variacion a la PROPIEDAD sin el
consentimiento por escrito del ARRENDADOR. Todas las modificaciones o mejoras
que el ARRENDATARIO haga o hiciera a la PROPIEDAD, ya sean utiles, necesarias o
de ornato, quedaran a beneficio de la finca al finalizar el presente contrato y
sin derecho a cobrar traspasos o indemnizacion alguna.
Por ningun motivo sera el ARRENDADOR responsable de los objetos que se
introduzcan en la PROPIEDAD arrendada, ni los danos y perjuicios que sufra el
ARRENDATARIO por actos u omisiones de terceros dentro o cerca de la PROPIEDAD
arrendada.
SEXTA.- Queda prohibido a el ARRENDATARIO, subarrendar, traspasar o ceder
en cualquier forma el uso del bien arrendado o los derechos del presente
contrato. Los subarrendamientos, traspasos o sesiones concertadas en
contravencion de lo estipulado en esta clausula, ademas de ser nulos e
inoperativos respecto de el ARRENDADOR, daran lugar a la rescision del contrato
de arrendamiento, si este lo desea.
SEPTIMA.- El ARRENDATARIO renuncia expresamente al derecho de preferencia
del tanto, para el caso de que el ARRENDADOR desee enajenar toda o parte de la
PROPIEDAD o cualquier derecho real o personal sobre el mismo.
OCTAVA.- La Sra. Maria Luisa Lozano Garcia quien asiste a la celebracion
del presente contrato; se obliga a favor de el ARRENDADOR como fiador de el
ARRENDATARIO, por el cumplimiento de todas y cada una de las obligaciones
estipuladas en el o derivadas del mismo, renunciando a los beneficios de orden
de excusion y division, durando esta obligacion hasta la devolucion de la
PROPIEDAD totalmente desocupado y la satisfaccion de las obligaciones contraidas
en el presente contrato.
NOVENA.- El ARRENDADOR y el ARRENDATARIO convienen expresamente que para el
caso de llegar al vencimiento del presente contrato y el ARRENDATARIO no
desocupare la PROPIEDAD dentro de los quince (15) dias siguientes, pagara al
ARRENDADOR la cantidad de $ 2,000.00 (dos mil pesos 00/100 M.N.) diarios y hasta
la total desocupacion, por concepto de perjuicios.
DECIMA.- Cualquier notificacion entre las partes que debe realizarse de
conformidad con el presente contrato o en virtud de cualquier procedimiento
judicial o administrativo que se suscite de este documento, debera realizarse
por escrito y entregarse en el domicilio del ARRENDADOR.
DECIMA PRIMERA.- Para la interpretacion, cumplimiento y resolucion de
cualquier controversia que pudiese surgir del presente contrato, las partes se
someten expresamente a la competencia de la leyes y a los tribunales del orden
comun de Guadalajara, Jalisco, Mexico, renunciando a cualquier otro fuero que
les pudiere corresponder en funcion de sus domicilios presentes o futuros. Se
conviene, asi mismo, que seran a cargo del ARRENDATARIO conjuntamente con el
fiador, todos los gastos judiciales y extrajudiciales a que diere lugar por
incumplimiento del contrato, asi como las costas que se causen en caso de
juicio.
En la Ciudad de Guadalajara, Jalisco, a 01 de Diciembre de 1998, leido que
fue el presente contrato, las partes conscientes de su contenido y alcance de
todas y cada una de sus clausulas, manifiestan su absoluta conformidad en las
mismas, ratificandolo mediante su firma, ante los testigos que tambien
suscriben.
ARRENDADOR ARRENDATARIO
SR. ING. SERGIO RENE DAMY GOMEZ JPM PANTERA, S.A. DE C.V.
SRA. MARIA LUISA LOZANO GARCIA.
REPRESENTANTE LEGAL.
FIADOR
SRA. MARIA LUISA LOZANO GARCIA.
TESTIGO TESTIGO
LCP. FERNANDO ESCOBAR E. LCP. JOSE LUIS ARANDA P.
MANAGEMENT AGREEMENT
This agreement ("Agreement"), dated the 1st day of November, 1998, is a AF
Datalink Equipamentos de Telecomunicacoes Ltda., a limited liability company
with head office at Rua Gibraltar 314- Santo Amaro, in the city of Sao Paulo,
S.P.("Company"), and Abelardo Quindere Fraga Junior, Brazilian citizen, single,
engineer, bearer of the ID card nr. RG 384.050 SSP/RN and registered as taxpayer
(CIC/MF) under the nr. 026.034.998-40, domiciled in the Capital of the State of
Sao Paulo, at Rua Constantino de Souza, 1025, apt. 13, Campo Belo - Cep
04605-003 ("Managing Quotaholder").
RECITALS
1. Company and Managing Quotaholder have agreed on certain terms and
conditions of performance services which terms and conditions they desire
to reduce to a formal agreement.
2. Under those terms and conditions, Company has extended an offer to Managing
Quotaholder, and Managing Quotaholder has accepted that offer, to be
Manager.
3. The company desires to retain Managing Quotaholder, and Managing
Quotaholder desires to perform services for the Company in a position which
will allow Managing Quotaholder access to various trade secrets and
confidential information belonging to the Company and which will require
Managing Quotaholder to perform services of a unique and special nature;
and
4. The parties agree that covenants against competition, disclosure of
confidential information, solicitation of employees, and solicitation of
customers is essential to the growth and stability of the business Company
and to the continuing viability of the Company after this agreement is
terminated; and
4.1. The payments to be made before the Social Security Authorities (INSS /
FGTS) shall be borne by the Company.
1. The Managing Quotaholder has received good and valuable consideration for
the promises and covenants herein, in the form of agreements,
understandings and payments as pro-labore to the Managing Quotaholder from
Company.
2. The Managing Quotaholder acknowledges and accepts the restrictions of the
management set forth in Article VIII, First Paragraph of the Articles of
Association of the Company.
NOW THEREFORE, the parties, intending to be legally bound, agree as
follows:
1. Management. The Company hereby admits Managing Quotaholder as Manager and
the Managing Quotaholder hereby accepts management upon the terms and
conditions contained in this Agreement.
2. Term. The term of this Agreement shall be from November 1st, 1998 and shall
be from three years-to-three years thereafter.
3. Duties. During the management period, the Managing Quotaholder will devote
full working time and best efforts to the Company in fulfilling the duties
of the position set forth in paragraph 2 of the Recitals, which shall
include such duties as may from time to time be assigned by the Company.
4. Compensation. Pro-Labore. The Managing Quotaholder's pro-labore shall be
eleven thousand eighty three (R$11,083,00) per month, subject to adjustment
by the quotaholders., which shall review the pro-labore annually.
4.1. The payments to be made before the Social Security Authorities (INSS /
FGTS) shall be borne by the Company.
5. Acknowledgment. Managing Quotaholder acknowledges that the Company's
business and services are highly specialized, that the identity and
particular needs of the Company's customers and suppliers are not generally
known and that the documents and information regarding the Company's
customers, suppliers, services and methods of operation, sales, pricing and
costs are highly confidential and constitute trade secrets. Managing
Quotaholder further acknowledges that the services rendered to the Company
by Managing Quotaholder have been or will be of a special and unusual
character which have unique value to the Company and that Managing
Quotaholder has had or will have access to trade secrets and confidential
information belonging to the Company, the loss of which cannot adequately
be compensated by damages in an action at law.
6. Covenant Against Competition. During the term of the Managing Quotaholder's
management of the Company and for a period of three (3) years from the
voluntary or involuntary termination of Management Agreement with the
Company for any reason whatsoever, Managing Quotaholder will not directly
or indirectly, own, manage, operate, control, be employed by, perform
services for, consult with, solicit business for, participate in, or be
connected with the ownership, management, operation, or control of any
business which performs the services materially similar to or competitive
with those provided by the Company in any location where the Company has
had an office or has sold products or provided services to customers during
the period Managing Quotaholder is managing as Manager the Company.
7. Covenant Against Disclosure of Confidential Information. During the term of
Managing Quotaholder's management of the Company and for a period of three
(3) years after the termination of Managing Quotaholder's management of the
Company for any reason whatsoever, Managing Quotaholder shall not use for
any purpose or disclose to any person or entity any confidential
information acquired during the course of the management of the Company.
Managing Quotaholder shall not, directly or indirectly, copy, take, or
remove from the Company's premises any of the Company's books, records,
customer lists, or any other documents or materials. The term "confidential
information" as used in this Agreement includes, but is not limited to,
records, lists, and knowledge of the Company's current and former
customers, suppliers, methods of operation, processes, sales, net income
and indebtedness.
8. Non-Solicitation of Employees. During the term of Managing Quotaholder's
management of the Company and for a period of three (3) years from the
voluntary or involuntary termination of Managing Quotaholder's management
of the Company for any reason whatsoever, Managing Quotaholder shall not
either on his own account or for any person, firm, partnership,
corporation, or other entity solicit, interfere with, or endeavor to cause
any employee of the Company to leave his or her employment, or induce or
attempt to induce, any such employee to breach his or her employment
agreement with the Company.
9. Non-Solicitation of Customers. During the term of Managing Quotaholder's
management of the Company and for a period of three (3) years from the
termination of Managing Quotaholder's management of the Company with the
Company for any reason whatsoever, Managing Quotaholder shall not solicit,
induce, or attempt to induce, any past or current customer of the Company
to cease doing business in whole or in part through the Company, or to do
business with any other person, firm, partnership, corporation, or other
entity which performs services materially similar to or competitive with
those provided by the Company.
10. Reasonableness of Restrictions. Managing Quotaholder has carefully read and
considered the provisions hereof, and having done so, agrees that the
restrictions set forth in Paragraphs 6 through 9 of this Agreement,
including, but not limited to, the time periods of restriction in each of
such paragraphs and the geographical area of restrictions set forth in
Paragraphs 6, are fair and reasonable and are reasonably required for the
protection of the interests of the Company.
11. Death of Managing Quotaholder. If Managing Quotaholder should die during
the term of this Agreement, Managing Quotaholder's management of the
Company and the Company's obligations hereunder shall terminate as of the
date of the Managing Quotaholder's death.
12. Termination.
12.1.Conditions of Termination. This Agreement may be terminated as follows
prior to the expiration of its stated term:
12.1.1 The Company may terminate this Agreement immediately for cause, including
without limitation, fraud, misrepresentation, theft or embezzlement of the
Company's assets, intentional violations of law or company policies, or a
breach of this Agreement;
12.1.2. Either the Company or the Managing Quotaholder may terminate this
Agreement without cause upon ninety (90) days notice to the other party;
12.1.3. This agreement shall terminate in the event of death or disability of
the Managing Quotaholder. Disability shall be the inability of the Managing
Quotaholder to perform his duties under this Agreement because of illness
or incapacity for a period of six months.
12.2.Compensation Upon Termination. Upon termination of management pursuant to
this Paragraph 12, Managing Quotaholder shall be entitled to receive all
compensation accrued and unpaid as of the date of termination.
13. Rights and Remedies.
13.1.Both parties recognize that services to be rendered under this agreement
by Managing Quotaholder are special, unique and are of extraordinary
character. Upon breach of any provision of this Agreement, either may, at
its option, terminate this Agreement or elect to institute and prosecute
proceedings in any court of competent jurisdiction, either in law or
equity, to obtain damages, to enforce specific performance of the
Agreement, to enjoin the other party as appropriate, and to recover
reasonable attorney's fees and the costs of prosecuting such action.
13.2.Termination for any cause shall not constitute a waiver of the Company's
rights under Paragraphs 6 through 9 of this Agreement (covenants against
non-competition, disclosure of confidential information, and solicitation
of employees and customers) nor a release of Quotaholder Managing from his
obligation hereunder. The rights and remedies of the parties shall be
cumulative and in addition to any other rights and remedies provided by law
or otherwise. A party's failure to exercise its right to terminate this
Agreement or to enforce any provision of this Agreement for default or
violation by the other party shall not prejudice such party's right of
termination or enforcement for any further or other default or violation.
14. Miscellaneous.
14.1.Governing Law. It is understood and agreed that the construction and
interpretation of of this Agreement shall at all times and all respects be
governed by Brazilian law and the parties hereto hereby irrevocably submit
to the non exclusive jurisdiction of the Courts of the Capital of State of
Sao Paulo.
14.2.Assignment. This Agreement shall be binding upon and shall inure to the
benefit of the Company and Managing Quotaholder, and their respective
successors and assigns. The Company shall have the right to assign its
rights hereunder to any successor or interest, whether by merger,
consolidation, sale of assets, or otherwise. Managing Quotaholder may not
assign any of its rights or delegate any of its obligations under this
Agreement without first obtaining written consent from the Company.
14.3.Entire Agreement. This Agreement constitutes the entire agreement between
the parties respecting the management by the Managing Quotaholder, and
there are no representations, warranties or commitments, except as set
forth in this Agreement. This Agreement may be amended only by a writing
executed by the parties to this Agreement. No valid waiver of any
provisions of this Agreement at any time shall be deemed a waiver of any
other provision of this Agreement.
14.4.Severability. The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any of the provisions hereof
shall not affect the validity or enforceability of any other provision of
this Agreement.
14.5.Notices. Any notice, request, demand or other communication made under
this Agreement shall be in writing and shall be deemed to be duly given
when personally delivered to an officer of the Company or to Managing
Quotaholder, as the ease may be, or when delivered by mail at the following
address:
If to the Company: If to the Managing Quotaholder
AF Datalink Equipamentos de Aberlardo Quindere Fraga Junior
Telecomunicacoes Ltda Rua Constantino de Souza, 1025, apt. 13 Campo Belo
Rua Gibraltar, 314 04605-003
Santo Amaro Sao Paulo, SP
Sao Paulo, SP
14.6.Nature of Relationship. The relationship between the Company and the
Managing Quotaholder resulting form the execution of this agreement is of
non employment nature.
14.7.Effective Date. The effective date of this Agreement shall be the day of
November 1st, 1998.
IN WITNESS WHEREOF, the Company and Managing Quotaholder have duly executed
this Agreement as of the 1st day of November, 1998.
____________________________________________________
AF Datalink Equipamentos de Telecomunicacoes Ltda
_________________________________
Abelardo Quindere Fraga Junior
Witness:
Name:
Id Card:
Tax Payer:
Name:
Id Card:
Tax Payer:
MANAGEMENT AGREEMENT
This agreement ("Agreement"), dated the 1st day of October, 1998, is a AF
Datalink Equipamentos de Telecomunicacoes Ltda., a limited liability company
with head office at Rua Gibraltar 314- Santo Amaro, in the city of Sao Paulo,
S.P.("Company"), and Fritz Junginger, Brazilian citizen, married, engineer,
bearer of the ID card nr. RG 35.515.939-9 SSP/SP and registered as taxpayer
(CIC/MF) under the nr. 311.284.750/49, domiciled in the Capital of the State of
Sao Paulo, at Rua Prof. Alexandre Correia 620, apt. 51, Jardim Vitoria Regia -
Cep 05657-230 ("Managing Quotaholder").
RECITALS
1. Company and Managing Quotaholder have agreed on certain terms and
conditions of performance services which terms and conditions they desire
to reduce to a formal agreement.
2. Under those terms and conditions, Company has extended an offer to Managing
Quotaholder, and Managing Quotaholder has accepted that offer, to be
Manager.
3. The company desires to retain Managing Quotaholder, and Managing
Quotaholder desires to perform services for the Company in a position which
will allow Managing Quotaholder access to various trade secrets and
confidential information belonging to the Company and which will require
Managing Quotaholder to perform services of a unique and special nature;
and
4. The parties agree that covenants against competition, disclosure of
confidential information, solicitation of employees, and solicitation of
customers is essential to the growth and stability of the business Company
and to the continuing viability of the Company after this agreement is
terminated; and
4.1. The payments to be made before the Social Security Authorities (INSS /
FGTS) shall be borne by the Company.
1. The Managing Quotaholder has received good and valuable consideration for
the promises and covenants herein, in the form of agreements,
understandings and payments as pro-labore to the Managing Quotaholder from
Company.
2. The Managing Quotaholder acknowledges and accepts the restrictions of the
management set forth in Article VIII, First Paragraph of the Articles of
Association of the Company.
NOW THEREFORE, the parties, intending to be legally bound, agree as
follows:
1. Management. The Company hereby admits Managing Quotaholder as Manager and
the Managing Quotaholder hereby accepts management upon the terms and
conditions contained in this Agreement.
2. Term. The term of this Agreement shall be from November 1st, 1998 and shall
be from three years-to-three years thereafter.
3. Duties. During the management period, the Managing Quotaholder will devote
full working time and best efforts to the Company in fulfilling the duties
of the position set forth in paragraph 2 of the Recitals, which shall
include such duties as may from time to time be assigned by the Company.
4. Compensation. Pro-Labore. The Managing Quotaholder's pro-labore shall be
eleven thousand eighty three (R$11,083,00) per month, subject to adjustment
by the quotaholders., which shall review the pro-labore annually.
4.1. The payments to be made before the Social Security Authorities (INSS /
FGTS) shall be borne by the Company.
5. Acknowledgment. Managing Quotaholder acknowledges that the Company's
business and services are highly specialized, that the identity and
particular needs of the Company's customers and suppliers are not generally
known and that the documents and information regarding the Company's
customers, suppliers, services and methods of operation, sales, pricing and
costs are highly confidential and constitute trade secrets. Managing
Quotaholder further acknowledges that the services rendered to the Company
by Managing Quotaholder have been or will be of a special and unusual
character which have unique value to the Company and that Managing
Quotaholder has had or will have access to trade secrets and confidential
information belonging to the Company, the loss of which cannot adequately
be compensated by damages in an action at law.
6. Covenant Against Competition. During the term of the Managing Quotaholder's
management of the Company and for a period of three (3) years from the
voluntary or involuntary termination of Management Agreement with the
Company for any reason whatsoever, Managing Quotaholder will not directly
or indirectly, own, manage, operate, control, be employed by, perform
services for, consult with, solicit business for, participate in, or be
connected with the ownership, management, operation, or control of any
business which performs the services materially similar to or competitive
with those provided by the Company in any location where the Company has
had an office or has sold products or provided services to customers during
the period Managing Quotaholder is managing as Manager the Company.
7. Covenant Against Disclosure of Confidential Information. During the term of
Managing Quotaholder's management of the Company and for a period of three
(3) years after the termination of Managing Quotaholder's management of the
Company for any reason whatsoever, Managing Quotaholder shall not use for
any purpose or disclose to any person or entity any confidential
information acquired during the course of the management of the Company.
Managing Quotaholder shall not, directly or indirectly, copy, take, or
remove from the Company's premises any of the Company's books, records,
customer lists, or any other documents or materials. The term "confidential
information" as used in this Agreement includes, but is not limited to,
records, lists, and knowledge of the Company's current and former
customers, suppliers, methods of operation, processes, sales, net income
and indebtedness.
8. Non-Solicitation of Employees. During the term of Managing Quotaholder's
management of the Company and for a period of three (3) years from the
voluntary or involuntary termination of Managing Quotaholder's management
of the Company for any reason whatsoever, Managing Quotaholder shall not
either on his own account or for any person, firm, partnership,
corporation, or other entity solicit, interfere with, or endeavor to cause
any employee of the Company to leave his or her employment, or induce or
attempt to induce, any such employee to breach his or her employment
agreement with the Company.
9. Non-Solicitation of Customers. During the term of Managing Quotaholder's
management of the Company and for a period of three (3) years from the
termination of Managing Quotaholder's management of the Company with the
Company for any reason whatsoever, Managing Quotaholder shall not solicit,
induce, or attempt to induce, any past or current customer of the Company
to cease doing business in whole or in part through the Company, or to do
business with any other person, firm, partnership, corporation, or other
entity which performs services materially similar to or competitive with
those provided by the Company.
10. Reasonableness of Restrictions. Managing Quotaholder has carefully read and
considered the provisions hereof, and having done so, agrees that the
restrictions set forth in Paragraphs 6 through 9 of this Agreement,
including, but not limited to, the time periods of restriction in each of
such paragraphs and the geographical area of restrictions set forth in
Paragraphs 6, are fair and reasonable and are reasonably required for the
protection of the interests of the Company.
11. Death of Managing Quotaholder. If Managing Quotaholder should die during
the term of this Agreement, Managing Quotaholder's management of the
Company and the Company's obligations hereunder shall terminate as of the
date of the Managing Quotaholder's death.
12. Termination.
12.1.Conditions of Termination. This Agreement may be terminated as follows
prior to the expiration of its stated term:
12.1.1 The Company may terminate this Agreement immediately for cause, including
without limitation, fraud, misrepresentation, theft or embezzlement of the
Company's assets, intentional violations of law or company policies, or a
breach of this Agreement;
12.1.2. Either the Company or the Managing Quotaholder may terminate this
Agreement without cause upon ninety (90) days notice to the other party;
12.1.3. This agreement shall terminate in the event of death or disability of
the Managing Quotaholder. Disability shall be the inability of the Managing
Quotaholder to perform his duties under this Agreement because of illness
or incapacity for a period of six months.
12.2.Compensation Upon Termination. Upon termination of management pursuant to
this Paragraph 12, Managing Quotaholder shall be entitled to receive all
compensation accrued and unpaid as of the date of termination.
13. Rights and Remedies.
13.1.Both parties recognize that services to be rendered under this agreement
by Managing Quotaholder are special, unique and are of extraordinary
character. Upon breach of any provision of this Agreement, either may, at
its option, terminate this Agreement or elect to institute and prosecute
proceedings in any court of competent jurisdiction, either in law or
equity, to obtain damages, to enforce specific performance of the
Agreement, to enjoin the other party as appropriate, and to recover
reasonable attorney's fees and the costs of prosecuting such action.
13.2.Termination for any cause shall not constitute a waiver of the Company's
rights under Paragraphs 6 through 9 of this Agreement (covenants against
non-competition, disclosure of confidential information, and solicitation
of employees and customers) nor a release of Quotaholder Managing from his
obligation hereunder. The rights and remedies of the parties shall be
cumulative and in addition to any other rights and remedies provided by law
or otherwise. A party's failure to exercise its right to terminate this
Agreement or to enforce any provision of this Agreement for default or
violation by the other party shall not prejudice such party's right of
termination or enforcement for any further or other default or violation.
14. Miscellaneous.
14.1.Governing Law. It is understood and agreed that the construction and
interpretation of of this Agreement shall at all times and all respects be
governed by Brazilian law and the parties hereto hereby irrevocably submit
to the non exclusive jurisdiction of the Courts of the Capital of State of
Sao Paulo.
14.2.Assignment. This Agreement shall be binding upon and shall inure to the
benefit of the Company and Managing Quotaholder, and their respective
successors and assigns. The Company shall have the right to assign its
rights hereunder to any successor or interest, whether by merger,
consolidation, sale of assets, or otherwise. Managing Quotaholder may not
assign any of its rights or delegate any of its obligations under this
Agreement without first obtaining written consent from the Company.
14.3.Entire Agreement. This Agreement constitutes the entire agreement between
the parties respecting the management by the Managing Quotaholder, and
there are no representations, warranties or commitments, except as set
forth in this Agreement. This Agreement may be amended only by a writing
executed by the parties to this Agreement. No valid waiver of any
provisions of this Agreement at any time shall be deemed a waiver of any
other provision of this Agreement.
14.4.Severability. The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any of the provisions hereof
shall not affect the validity or enforceability of any other provision of
this Agreement.
14.5.Notices. Any notice, request, demand or other communication made under
this Agreement shall be in writing and shall be deemed to be duly given
when personally delivered to an officer of the Company or to Managing
Quotaholder, as the ease may be, or when delivered by mail at the following
address:
If to the Company: If to the Managing Quotaholder
AF Datalink Equipamentos de Fritz Junginger
Telecomunicacoes Ltda Rua Prof. Alexandre Correia 620, apt. 51,
Rua Gibraltar, 314 Jardim Vitoria Regia - Cep 05657-230
Santo Amaro Sao Paulo, SP
Sao Paulo, SP
14.6.Nature of Relationship. The relationship between the Company and the
Managing Quotaholder resulting form the execution of this agreement is of
non employment nature.
14.7. Effective Date. The effective date of this Agreement shall be the
day of November 1st, 1998.
IN WITNESS WHEREOF, the Company and Managing Quotaholder have duly executed this
Agreement as of the 1st day of November, 1998.
___________________________________________________
AF Datalink Equipamentos de Telecomunicacoes Ltda
__________________________________________________
Fritz Junginger
Witness:
Name:
Id Card:
Tax Payer:
Name:
Id Card:
Tax Payer:
AMENDMENT AND MODIFICATION TO
LOAN AGREEMENT
THIS AMENDMENT AND MODIFICATION TO LOAN AGREEMENT (the "Amendment") is made
effective the 17th day of December, 1998, among THE JPM COMPANY, a Pennsylvania
corporation ("Borrower"), FIRST UNION NATIONAL BANK (successor by merger to
CoreStates Bank, N.A.) in its capacity as agent ("Agent"), and the financial
institutions listed on Schedule B attached hereto and made a part of this
Amendment (each a "Lender" and collectively the "Lenders").
BACKGROUND
Pursuant to that certain Loan Agreement dated April 9, 1998 by and among
Borrower, Lenders and Agent (the "Loan Agreement"), Lenders agreed, inter alia,
to make available to Borrower a revolving credit facility in the Maximum Amount
of up to Sixty Million Dollars ($60,000,000.00).
Borrowers have requested that Lenders increase the Maximum Amount of the
Revolver to $70,000,000.00, which Lenders are willing to do on the terms set
forth herein.
NOW, THEREFORE, intending to be legally bound hereby, the parties hereto
agree as follows:
1. DEFINITIONS.
(1) Each of the following definitions contain in Section 1 of the Loan
Agreement is hereby amended and restated to be as follows:
"1.31 "Fixed Charge Coverage Ratio" shall mean, for any period,
the ratio of (a) Adjusted EBITDA minus Unfunded Capital Expenditures
to (b) the sum of Interest Expense and current maturities of long term
Indebtedness for such period; all as determined on a Consolidated
Basis and in accordance with GAAP."
1.40. "Lender Indebtedness" shall mean all obligations and
Indebtedness of Borrower or any other Obligor to any Lender, whether
now or hereafter owing or existing, arising under or in connection
with the Revolver, the Swingline Loans or any other credit facility or
credit accommodation extended to any Obligor under this Agreement or
the Loan Documents, including without limitation, all obligations to
reimburse any Lender for payments made by any Lender pursuant to any
Letter of Credit or any other letter of credit issued for the account
or benefit of Borrower or any other Obligor by such Lender, principal,
interest and other sums at any time owing to CoreStates under or in
connection with the CoreStates Line, all obligations and Indebtedness
of any Obligor to CoreStates or any other Lender under the Hedge
Agreement or under any other swap, collar, cap or other interest rate
protection agreement entered into by any Obligor with any Lender in
connection with the Loan Documents, all other obligations or
undertakings now or hereafter made by or for the benefit of Borrower
or any other Obligor to or for the benefit of any Lender under any
other agreement, promissory note or undertaking now existing or
hereafter entered into by Borrower or any other Obligor with any
Lender based on or arising in connection with this Agreement, together
with all interest, fees, costs, expenses and other sums payable in
connection with any of the foregoing."
"1.47 "Maximum Amount" means Seventy Million Dollars
($70,000,000.00) ."
(1) The following definitions are hereby added to Section 1 of the Loan
Agreement:
"1.3A "Adjusted EBITDA" means, for any period on or after
September 30, 1998, EBITDA for such period calculated without
including the $1,400,000 in one-time charges incurred by Borrower
and/or its Subsidiaries in connection with the closing of Borrower's
former facility located in South Carolina."
"1.76 "Unfunded Capital Expenditures" means Capital Expenditures
other than (a) those funded by long term Indebtedness permitted under
Section 7.3(b) or (c) hereof; and (b) up to $5,500,000.00 in
expenditures to effect renovations/additions by Borrower and/or its
Subsidiaries to their existing plants located in Mexico and the Czech
Republic, respectively, provided that such expenditures are financed
on or before March 31, 1999 with purchase money Indebtedness on terms
and conditions acceptable to Agent and Lenders and any proceeds of
such Indebtedness not used to finance such expenditures are used to
reduce the outstanding principal balance of the Revolver."
2. PRO RATA SHARES. To evidence each Lender's increased Pro Rata Share of the
Revolver, Schedule B to the Loan Agreement is hereby deleted and replaced
with the revised Schedule B attached hereto.
3. AMENDED AND RESTATED NOTES. To further evidence the increase in the Maximum
Amount of the Revolver from $60,000,000.00 to $70,000,000.00, Borrower
shall execute and deliver to each Lender an Amended and Restated Revolver
Note in the form attached hereto as Schedule A (collectively, the "Amended
and Restated Revolver Notes"). The aggregate principal amount of all of the
Amended and Restated Revolver Notes shall equal $70,000,000.00. All
references in the Loan Agreement and in each of the other Loan Documents to
the "Revolver Notes" or a "Revolver Note" shall mean the Amended and
Restated Revolver Notes and each Amended and Restated Revolver Note, as
applicable. Neither the execution and delivery of the Amended and Restated
Revolver Notes nor this Amendment shall constitute a novation, release,
waiver, satisfaction, accord or accord and satisfaction of any of the
Indebtedness evidenced by the original Revolver Notes, which Indebtedness
shall be deemed advanced and outstanding under the Amended and Restated
Revolver Notes.
4. LIMITATIONS ON INDEBTEDNESS. The following is hereby added to Section 7.3
of the Loan Agreement as Subparagraph (f) thereof and shall constitute an
additional exception to the general prohibition on the creation by a
Covered Person of any Indebtedness as contained in such Section 7.3.
"(f) purchase money Indebtedness incurred by Borrower and/or any
of its Subsidiaries in the aggregate maximum principal amount of up to
$5,500,000.00 to finance renovations/additions to their existing
plants located in Mexico and the Czech Republic, respectively,
provided that (i) the terms and conditions of such Indebtedness are
acceptable to Agent and Lenders, and (ii) such Indebtedness is
effected on or before March 31, 1999, and (iii) the net proceeds of
such Indebtedness not used to complete such renovations/additions are
used to reduce the outstanding principal balance of the Revolver and
(iv) the security for such Indebtedness is limited to the property and
plants being improved and the Guaranty of Borrower."
5. INVESTMENTS AND LOANS. The following is hereby added to Section 7.4 of the
Loan Agreement as subparagraph (n) thereof and shall constitute an
additional exception to the general prohibition on the creation by Borrower
or any of its Subsidiaries of investments in or loans or extensions of
credit to any Person as contained in such Section 7.4, and which exception
was consented to by Agent and Lenders in that certain letter agreement
dated October 22, 1998:
"(n) Loans and advances to officers provided that (i) the total
principal amount of all such loans outstanding at any time, including
any of such loans outstanding on the date hereof, shall not exceed
$500,000.00, (ii) such loans shall be evidenced by promissory notes
payable to Borrower which are assigned to Agent as additional
collateral, and (iii) all such notes shall provide for repayment in
full upon the first to occur of (x) March 31, 1999 or (y) such date as
the closing price per share of Borrower's stock on the NASDAQ National
Market System (or if no such closing price is so reported, the closing
price or bid price on such exchange or market as Borrower's stock is
traded) equals or exceeds $10.00 per share for ten (10) consecutive
trading days."
6. GUARANTIES. Section 7.5 of the Loan Agreement is hereby amended to be as
follows:
"7.5 Guaranties. Except for the execution and delivery by
Borrower of an unsecured guaranty and/or unsecured suretyship
agreement for the Indebtedness permitted under Section 7.3(f) of this
Agreement, no Covered Person will directly or indirectly guarantee,
endorse (other than for collection or deposit in the ordinary course
of business), discount, sell with recourse or for less than the face
value or agree (contingently or otherwise) to purchase or repurchase
or otherwise acquire, or otherwise become directly or indirectly
liable for, or agree (contingently or otherwise) to supply or advance
funds (whether by loan, stock purchase, capital contribution or
otherwise) in respect of, any Indebtedness, obligations or liabilities
of any Person."
7. DISPOSITION OF ASSETS. Section 7.6 of the Loan Agreement is hereby amended
to be as follows: "7.6 Disposition of Assets. No Covered Person will sell,
lease, transfer or otherwise dispose of all, substantially all, or any
material portion of its property or assets, except for sales of inventory
in the ordinary course for fair consideration; provided, however, that a
Covered Person may, provided that no Event of Default exists, sell or
dispose of assets if (a) done so in the ordinary course of its business and
the aggregate value of all such assets does not exceed $250,000.00 in any
one fiscal year, or (b) the sale is of Borrower's real estate located in
South Carolina and in connection with the scheduled termination of
Borrower's operations at such property, or (c) the sale is of the
facilities owned by Borrower or its Subsidiaries located in Mexico and the
Czech Republic, respectively, and (i) the terms and conditions of such sale
(including a sale and lease back transaction) are acceptable to Agent and
Lenders, and (ii) the net proceeds of such sale/sale and leaseback are used
to reduce the outstanding principal balance of the Revolver."
8. TOTAL INDEBTEDNESS TO TOTAL CAPITAL. Section 8.1 of the Loan Agreement is
hereby amended to be as follows:
"8.1 Total Indebtedness to Total Capital. Borrower and its
Subsidiaries shall maintain a ratio of Total Indebtedness to Total
Capital of not more than (i) sixty-seven and one-half percent (67
1/2%) as of September 30, 1998 and as of the end of each fiscal
quarter thereafter through and including September 30, 1999; (ii)
sixty-five percent (65%) as of December 31, 1999 and as of the end of
each fiscal quarter thereafter through and including March 31, 2000;
and (iii) sixty percent (60%) as of June 30, 2000 and as of the end of
each fiscal quarter thereafter."
9. TOTAL INDEBTEDNESS TO ANNUALIZED EBITDA. Section 8.2 of the Loan Agreement
is hereby amended to be as follows:
"8.2 Total Indebtedness to Annualized EBITDA. Borrower and its
Subsidiaries shall maintain a ratio of Total Indebtedness to
Annualized EBITDA of not more than 3.50 to 1.0. For purposes of the
foregoing, Annualized EBITDA means Borrower's Adjusted EBITDA adjusted
to include newly acquired Subsidiaries or operations if Borrower has
delivered to Agent and Lenders audited financial statements for such
new Subsidiary or operations, together with projected statements for
such Subsidiary or operations for the four fiscal quarters following
consummation of the acquisition, all in form acceptable to Agent."
10. ADDITIONAL DOCUMENTS. Borrower covenants and agrees to execute and deliver,
and to cause to be executed and delivered to Agent any and all other
documents, agreements, corporate resolutions, certificates and opinions as
Bank shall request in connection with the execution and delivery of this
Amendment or any other documents in connection herewith.
11. CLARIFICATION Notwithstanding the addition to the Loan Agreement of a
definition of Adjusted EBITDA, the ratio of Funded Debt to EBITDA used to
determine the Applicable Base Rate Margin and the Applicable Libor Rate
Margin as described on Schedule A to the Loan Agreement shall continue to
utilize EBITDA in its calculations and not Adjusted EBITDA.
12. REFERENCES. All references in the Loan Documents to the "Loan Agreement"
shall mean the Loan Agreement as amended by this Amendment. All references
in the Loan Agreement and the other Loan Documents to the "Loan Documents"
shall include, without limitation, this Amendment, the Amended and Restated
Revolver Notes and any and all other instruments or agreements executed in
connection with or pursuant to this Amendment.
13. FURTHER AGREEMENTS AND REPRESENTATIONS. Borrower does hereby:
(1) ratify, confirm and acknowledge that the Loan Agreement, as amended hereby,
and the other Loan Documents are valid, binding and in full force and
effect;
(2) covenant and agree to perform all obligations of Borrower contained herein,
in the Amended and Restated Revolver Notes and under the Loan Agreement, as
amended, and the other Loan Documents;
(3) acknowledge and agree that Borrower has no defense, set-off, counterclaim
or challenge against the payment of any sums owing under Loan Documents or
the enforcement of any of the terms of the Loan Agreement, as amended, the
Amended and Restated Revolver Notes or the other Loan Documents;
(4) acknowledge and agree that all representations and warranties of Borrower
contained in the Loan Agreement and/or the other Loan Documents, as
amended, are true, accurate and correct on and as of the date hereof as if
made on and as of the date hereof;
(5) represent and warrant that no Event of Default (as defined in the Loan
Agreement or any of the other Loan Documents) or event which with the
giving of notice or passage of time or both would constitute such an Event
of Default exists and all information described in the foregoing Background
is true, accurate and complete;
(6) acknowledge and agree that nothing contained herein and no actions taken
pursuant to the terms hereof is intended to constitute a novation of the
Loan Agreement or any of the other Loan Documents, and does not constitute
a release, termination or waiver of any existing Event of Default or of any
liens, security interests, suretyship obligations, pledges, rights or
remedies granted to the Agent and/or the Lenders therein, which liens,
security interests, suretyship obligations, pledges, rights and remedies
are hereby expressly ratified, confirmed, extended and continued as
security for all Lender Indebtedness, including, without limitation, all
obligations of Borrower to Agent and Lenders under the Loan Agreement, as
amended hereby, the Amended and Restated Revolver Notes and the other Loan
Documents, including, without limitation, this Amendment; and
(7) acknowledge and agree that Borrower's failure to comply with or perform any
of its covenants, agreements or obligations contained in this Amendment
shall constitute an Event of Default under the Loan Agreement and each of
the Loan Documents.
14. FEES. Upon execution of this Amendment, Borrower shall pay to Agent for the
pro rata benefit of Lenders the following fees, which fees are fully earned
by Lenders and are non refundable:
(1) Amendment Fee of $75,000.00 (.125% of the original Maximum Amount); and
(2) Closing Fee of $25,000.00 (.25% of the $10,000,000.00 increase in the
original Maximum Amount).
15. COSTS AND EXPENSES Expressly in addition to the fees payable under
Paragraph 14 above, Borrower shall pay all of Agent's costs and expenses in
connection with the review, negotiation, documentation and closing of this
Amendment and the consummation of the transactions contemplated herein,
including, without limitation, fees, disbursements and expenses of counsel
retained by Agent and all fees related to filings, recording of documents
and searches.
16. INCONSISTENCIES. To the extent of any inconsistency between the terms,
conditions and provisions of this Amendment and the terms, conditions and
provisions of the Loan Agreement or the other Loan Documents, the terms,
conditions and provisions of this Amendment shall prevail. All terms,
conditions and provisions of the Loan Agreement and the other Loan
Documents not inconsistent herewith shall remain in full force and effect
and are hereby ratified and confirmed by Borrower.
17. NO WAIVER/COUNTERPARTS. Nothing contained herein and no actions taken
pursuant to the terms hereof are intended to nor shall they constitute a
waiver by the Agent or Lenders of any rights or remedies available to any
of them at law or in equity or as provided in the Loan Agreement or the
other Loan Documents. This Amendment may be executed in multiple
counterparts.
18. BINDING EFFECT. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.
19. GOVERNING LAW. This Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania.
20. HEADINGS. The headings of the sections of this Amendment are inserted for
convenience only and shall not be deemed to constitute a part of this
Amendment.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first above written.
THE JPM COMPANY
By: _____________________________________________
Name/Title:______________________________________
AGENT:
FIRST UNION NATIONAL BANK, as Agent
By:
Paul S. Phillips, Senior Vice President
ISSUING BANK:
FIRST UNION NATIONAL BANK, as Issuing Bank
By:
Paul S. Phillips, Senior Vice President
LENDERS:
FIRST UNION NATIONAL BANK, as Lender
By:
Paul S. Phillips, Senior Vice President
MELLON BANK, N.A.
By:
George A. Hennessy, Vice President
NATIONSBANK, N.A.
By:
Name/Title:
PNC BANK, NATIONAL ASSOCIATION
By: _
Name/Title:
<PAGE>
ACKNOWLEDGMENT AND CONSENT
The undersigned Guarantors hereby acknowledge and consent to the foregoing
Amendment and Modification to Loan Agreements ("Amendment") and do further agree
that (i) all sums advanced under the Amended and Restated Revolver Notes
constitute "Guaranteed Obligations" under the terms of their respective Surety
Agreements dated April 9, 1998 in favor of Agent (the "Guarantees"); (ii) the
foregoing Amendment shall not constitute a release or waiver of any of the
obligations of the undersigned to the Agent and/or the Lenders under any of the
Guarantees, all of which are hereby ratified, confirmed and continued; and (iii)
any lien, security interest or assignment granted to Agent and/or Lenders by
Guarantors do and shall secure all obligations of Borrower under the Amended and
Restated Revolver Notes.
IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
have executed this Acknowledgment and Consent, effective as of the date of the
foregoing Amendment.
JPM TECHNOLOGY, INC.
By:
Name/Title:
THE JPM COMPANY OF DELAWARE, INC.
By:
Name/Title:
DENRON, INC.
By:
Name/Title:
SCHEDULE B
LENDER PRO RATA PERCENTAGE PRO RATA SHARE
First Union National Bank 37.5% $26,250,000.00
Mellon Bank, N. A. 25.0% $17,500,000.00
PNC Bank, National Association 16.67% $11,666,667.00
NationsBank, N. A. 20.83% $14,583,333.00
TOTAL 100.00% $70,000,000.00
LENDERS AND ADDRESSES
First Union National Bank (successor
by merger to CoreStates Bank, N.A.)
PA6464
PO Box 1102
600 Penn Street
Reading, PA 19603
Attention: Paul S. Phillips, Senior Vice President
PH: 610/655-1195
FX: 610/655-1027
With a copy to :
Wolf, Block, Schorr and Solis-Cohen LLP
350 Sentry Parkway - Bldg. 640
Blue Bell, PA 19422
Attention: Katherine F. Bastian, Esquire
PH: 610/941-2454
FX: 610/238-0305/0374
Mellon Bank, N.A.
10 South Second Street
Harrisburg, PA 17101-1010
Attention: George Hennessy, Vice President
PH: (717) 777-3359
FX: (717) 777-3363
with a copy to:
Reed, Smith, Shaw & McClay
2500 One Liberty Place
Philadelphia, PA 19103-7301
Attention: Tobey M. Daluz, Esquire
PH: (215) 851-8192
FAX: (215) 851-1420
PNC Bank, National Association
4242 Carlisle Pike
Camphill, PA 17011
Attention: Tom Dilworth, Vice-President
FX: 717/730-2387
With a copy to:
PNC Bank, National Association
1600 Market Street, 28th Floor
Philadelphia, PA 19103
Attention: Stephen D. Chopnick, Senior Counsel
FX: 215/585-8713
NationsBank, N.A.
1901 Main Street, 3rd Floor
Columbia, SC 29201
Attention: Elizabeth Climer, Assistant Vice-President
PH: (803) 255-7469
FAX: (803) 255-7480
With a copy to:
Nexsen, Pruet, Jacobs & Pollard
1441 Main, Suite 1500
Columbia, SC 29201
Attention: Alan M. Lipsitz, Esquire
PH: (803) 253-8259
FAX: (803) 253-8277
<PAGE>
SCHEDULE I
TO
AMENDMENT AND MODIFICATION OF LOAN AGREEMENT
EXPLANATION AND WAIVER OF RIGHTS
REGARDING CONFESSION OF JUDGMENT
Lender 1: First Union National Bank
(successor by merger to CoreStates Bank, N.A.)
30 N. 3rd Street
P. O. Box 1071
Harrisburg, PA 17108
Lender 2: Mellon Bank, N.A.
10 South Second Street
Harrisburg, PA 17101-1010
Lender 3: PNC Bank, National Association
4242 Carlisle Pike
Camphill, PA 17011
Lender 4: NationsBank, N.A.
1901 Main Street, 3rd Floor
Columbia, SC 29201
On the date hereof, THE JPM COMPANY (the "Obligor") is signing and
delivering the following:
that certain Amended and Restated Revolver Note in the principal
amount of $26,250,000.00 payable to First Union National Bank (successor by
merger to CoreStates Bank, N. A.) ("Lender 1");
that certain Amended and Restated Revolver Note in the principal
amount of $17,500,000.00 payable to Mellon Bank, N. A. ("Lender 2");
that certain Amended and Restated Revolver Note in the principal
amount of $11,666,667.00 payable to PNC Bank, National Association ("Lender
3'); and
that certain Amended and Restated Revolver Note in the principal
amount of $14,583,333.00 payable to NationsBank, N. A. ("Lender 4").
Lender 1, Lender 2, Lender 3 and Lender 4 will be referred to collectively as
the "Lenders" and the above referenced Amended and Restated Revolver Notes will
be referred to collectively as the "Obligation." The Obligor has been advised by
the Lenders and by the Obligor's legal counsel that the Obligation contains a
clause that provides that the Lenders may confess judgment against the Obligor.
The Obligor has read the Obligation and clearly and specifically understands
that by signing the Obligation which contains such confession of judgment
clause:
The Obligor is authorizing the Lenders to enter a judgment against the
Obligor and in favor of the Lenders, which will give, inter alia, the Lenders a
lien upon any real estate which the Obligor may own in any county where the
judgment is entered;
The Obligor is giving up an important right to any notice or
opportunity for a hearing before the entry of this judgment on the records of
the Court;
The Obligor is agreeing that the Lenders may enter the judgment and
understands that the Obligor will be unable to contest the validity of the
judgment, should the Lender enter it, unless the Obligor successfully challenges
entry of the judgment through a petition to open or strike the judgment, which
will require the Obligor to retain counsel at the Obligor's expense;
The Obligor is giving up an important right to any notice or opportunity
for a hearing before the Lenders may request and use the power of the state
government to deprive the Obligor of its property pursuant to the judgment by
seizing or having the Sheriff or other official seize the Obligor's bank
accounts, inventory, equipment, furnishings, or any other personal property that
the Obligor may own, to satisfy the Obligation; and
The Obligor may be immediately deprived of the use of any property that is
seized by the Lenders pursuant to the judgment without notice or a hearing, and
the procedural rules do not guarantee that the Obligor will receive a prompt
hearing after the Obligor's property is seized.
The Obligor knows and understands that it is the confession of judgment
clause in the Obligation which gives the Lenders the rights described in
subparagraphs (a) through (e) of paragraph 1 above.
Fully and completely understanding the rights which are being given up if
the Obligor signs the Obligation containing the confession of judgment, the
Obligor nevertheless freely, knowingly and voluntarily waives said rights and
chooses to sign the Obligation.
The Obligor acknowledges that the proceeds of the Obligation are to be used
for business purposes.
Dated this day of December, 1998.
THE OBLIGOR HAS READ THIS EXPLANATION AND WAIVER PRIOR TO SIGNING THE OBLIGATION
AND FULLY UNDERSTANDS ITS CONTENTS.
THE JPM COMPANY
By:
Name/Title:
AMENDED AND RESTATED
REVOLVER NOTE
____________________, Pennsylvania
$14,583,333.00 Dated: December ____ , 1998
FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND, the undersigned
("Borrower"), hereby promises to pay to the order of NATIONSBANK, N. A.
("Lender"), ON DEMAND after the occurrence of an Event of Default or after
expiration of the Contract Period, the principal sum of Fourteen Million Five
Hundred Eighty-Three Thousand Three Hundred Thirty-Three Dollars
($14,583,333.00), or such greater or lesser principal amount as may be
outstanding from time to time under Lender's Pro Rata Share of the revolving
credit facility established by Lenders for the benefit of Borrower pursuant to
the terms of that certain Loan Agreement dated April 9, l998, as amended by that
certain Amendment and Modification to Loan Agreement of even date herewith among
Borrower, First Union National Bank (successor by merger to CoreStates Bank,
N.A.) as Agent ("Agent"), and the Lenders identified therein, including Lender
(such Loan Agreement, as the same has been and may hereafter be amended,
supplemented or restated from time to time, being the "Loan Agreement"),
together with interest thereon, upon the following terms:
1. Revolver Note. This Note is a "Revolver Note" as defined in the Loan
Agreement and, as such, shall be construed in accordance with all terms and
conditions thereof. Capitalized terms not defined herein shall have such meaning
as provided in the Loan Agreement. This Note is entitled to all the rights and
remedies provided in the Loan Agreement and the Loan Documents and is secured by
all collateral as described therein.
2. Interest Rate. Interest on the unpaid principal balance hereof will
accrue from the date of advance until final payment thereof at the rate or rates
described in Section 3.1 of the Loan Agreement.
3. Default Interest. Interest will accrue on the outstanding principal
amount hereof following the occurrence of an Event of Default or the expiration
of the Contract Period until paid at a rate per annum which is two percent (2%)
in excess of the rate payable under Paragraph 2 above (the "Default Rate").
4. Post Judgment Interest. Any judgment obtained for sums due hereunder or
under the Loan Documents will accrue interest at the Default Rate until paid.
5. Computation. Interest will be computed on the basis of a year of three
hundred sixty (360) days and paid for the actual number of days elapsed.
6. Interest Payments. Interest which accrues on the outstanding principal
balance hereof at the applicable rate set forth above shall be due and payable
as provided in Section 4.1 of the Loan Agreement.
7. Place of Payment. Principal and interest hereunder shall be payable as
provided in the Loan Agreement, or at such other place as Agent, from time to
time, may designate in writing.
8. Default; Remedies. Upon the occurrence of an Event of Default or upon
demand as provided above, Agent, at its option and without notice to Borrower,
may declare immediately due and payable the entire unpaid balance of principal
and all other sums due by Borrower hereunder or under the Loan Documents,
together with interest accrued thereon at the applicable rate specified above.
Payment thereof may be enforced and recovered in whole or in part at any time
and from time to time by one or more of the remedies provided to Agent and/or
Lender in this Note or in the Loan Documents or as otherwise provided at law or
in equity, all of which remedies are cumulative and concurrent.
9. Waivers. Borrower and all endorsers, jointly and severally, waive
presentment for payment, demand, notice of demand, notice of nonpayment or
dishonor, protest and notice of protest of this Note, and all other notices in
connection with the delivery, acceptance, performance, default or enforcement of
the payment of this Note, except for such notices, if any, as are expressly
required to be delivered by Agent or Lender to Borrower under the Loan
Agreement.
10. Miscellaneous. If any provisions of this Note shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other
provision hereof. This Note has been delivered in and shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania
without regard to the law of conflicts. This Note shall be binding upon Borrower
and upon Borrower's successors and assigns and shall benefit Lender and its
successors and assigns. The prompt and faithful performance of all of Borrower's
obligations hereunder, including without limitation, time of payment, is of the
essence of this Note.
11. Confession of Judgment. BORROWER HEREBY AUTHORIZES AND EMPOWERS ANY
ATTORNEY OR THE PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF
PENNSYLVANIA, OR IN ANY OTHER JURISDICTION WHICH PERMITS THE ENTRY OF JUDGMENT
BY CONFESSION, TO APPEAR FOR BORROWER AT ANY TIME AFTER DEMAND HEREUNDER AS
PROVIDED ABOVE OR AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER THE LOAN
AGREEMENT IN ANY ACTION BROUGHT AGAINST BORROWER ON THIS NOTE OR THE LOAN
DOCUMENTS AT THE SUIT OF LENDER AND/OR AGENT, WITH OR WITHOUT COMPLAINT OR
DECLARATION FILED, WITHOUT STAY OF EXECUTION, AS OF ANY TERM OR TIME, AND
THEREIN TO CONFESS OR ENTER JUDGMENT AGAINST BORROWER FOR THE ENTIRE UNPAID
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AND ALL OTHER SUMS TO BE PAID BY
BORROWER TO OR ON BEHALF OF LENDER PURSUANT TO THE TERMS HEREOF OR OF THE LOAN
DOCUMENTS AND ALL ARREARAGES OF INTEREST THEREON, TOGETHER WITH ALL COSTS AND
OTHER EXPENSES AND AN ATTORNEY'S COLLECTION COMMISSION OF FIFTEEN PERCENT (15%)
OF THE AGGREGATE AMOUNT OF THE FOREGOING SUMS, BUT IN NO EVENT LESS THAN
$5,000.00; AND FOR SO DOING THIS NOTE OR A COPY HEREOF VERIFIED BY AFFIDAVIT
SHALL BE A SUFFICIENT WARRANT.
THE AUTHORITY GRANTED HEREIN TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY
ANY EXERCISE THEREOF BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL
PAYMENT IN FULL OF ALL THE AMOUNTS DUE HEREUNDER. BORROWER ACKNOWLEDGES THAT IT
HAS BEEN REPRESENTED BY COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF
THIS NOTE AND THAT IT KNOWINGLY WAIVES ITS RIGHT TO BE HEARD PRIOR TO THE ENTRY
OF SUCH JUDGMENT AND UNDERSTANDS THAT, UPON SUCH ENTRY, SUCH JUDGMENT SHALL
BECOME A LIEN ON ALL REAL PROPERTY OF BORROWER IN THE COUNTY WHERE SUCH JUDGMENT
IS ENTERED.
12. Jury Trial Waiver. BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN
DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF BORROWER OR LENDER WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THE LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT
IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH,
THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.
13. No Novation. This Note constitutes the increase, amendment and
restatement of that certain Revolving Note dated April 9, 1998 in the original
principal amount of Twelve Million Five Hundred Dollars ($12,500,000.00)
executed by Borrower payable to the order of Lender (the "Prior Note"), and, as
such, is secured by all liens, security interests, assignments, pledges, rights
and remedies securing the Prior Note and evidences all indebtedness previously
advanced and unpaid under the Prior Note. Nothing contained herein shall be
deemed to constitute a novation, termination, waiver, release, satisfaction,
accord or accord and satisfaction of the Prior Note or any indebtedness
evidenced thereby.
IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has
caused this Note to be duly executed the day and year first above written.
THE JPM COMPANY
By:____________________________________________
Name/Title:
(CORPORATE SEAL)
Attest:________________________________________
Wayne A. Bromfield, Corporate Secretary
AMENDED AND RESTATED
REVOLVER NOTE
____________________, Pennsylvania
$14,583,333.00 Dated: December ____ , 1998
FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND, the undersigned
("Borrower"), hereby promises to pay to the order of NATIONSBANK, N. A.
("Lender"), ON DEMAND after the occurrence of an Event of Default or after
expiration of the Contract Period, the principal sum of Fourteen Million Five
Hundred Eighty-Three Thousand Three Hundred Thirty-Three Dollars
($14,583,333.00), or such greater or lesser principal amount as may be
outstanding from time to time under Lender's Pro Rata Share of the revolving
credit facility established by Lenders for the benefit of Borrower pursuant to
the terms of that certain Loan Agreement dated April 9, l998, as amended by that
certain Amendment and Modification to Loan Agreement of even date herewith among
Borrower, First Union National Bank (successor by merger to CoreStates Bank,
N.A.) as Agent ("Agent"), and the Lenders identified therein, including Lender
(such Loan Agreement, as the same has been and may hereafter be amended,
supplemented or restated from time to time, being the "Loan Agreement"),
together with interest thereon, upon the following terms:
1. Revolver Note. This Note is a "Revolver Note" as defined in the Loan
Agreement and, as such, shall be construed in accordance with all terms and
conditions thereof. Capitalized terms not defined herein shall have such meaning
as provided in the Loan Agreement. This Note is entitled to all the rights and
remedies provided in the Loan Agreement and the Loan Documents and is secured by
all collateral as described therein.
2. Interest Rate. Interest on the unpaid principal balance hereof will
accrue from the date of advance until final payment thereof at the rate or rates
described in Section 3.1 of the Loan Agreement.
3. Default Interest. Interest will accrue on the outstanding principal
amount hereof following the occurrence of an Event of Default or the expiration
of the Contract Period until paid at a rate per annum which is two percent (2%)
in excess of the rate payable under Paragraph 2 above (the "Default Rate").
4. Post Judgment Interest. Any judgment obtained for sums due hereunder or
under the Loan Documents will accrue interest at the Default Rate until paid.
5. Computation. Interest will be computed on the basis of a year of three
hundred sixty (360) days and paid for the actual number of days elapsed.
6. Interest Payments. Interest which accrues on the outstanding principal
balance hereof at the applicable rate set forth above shall be due and payable
as provided in Section 4.1 of the Loan Agreement.
7. Place of Payment. Principal and interest hereunder shall be payable as
provided in the Loan Agreement, or at such other place as Agent, from time to
time, may designate in writing.
8. Default; Remedies. Upon the occurrence of an Event of Default or upon
demand as provided above, Agent, at its option and without notice to Borrower,
may declare immediately due and payable the entire unpaid balance of principal
and all other sums due by Borrower hereunder or under the Loan Documents,
together with interest accrued thereon at the applicable rate specified above.
Payment thereof may be enforced and recovered in whole or in part at any time
and from time to time by one or more of the remedies provided to Agent and/or
Lender in this Note or in the Loan Documents or as otherwise provided at law or
in equity, all of which remedies are cumulative and concurrent.
9. Waivers. Borrower and all endorsers, jointly and severally, waive
presentment for payment, demand, notice of demand, notice of nonpayment or
dishonor, protest and notice of protest of this Note, and all other notices in
connection with the delivery, acceptance, performance, default or enforcement of
the payment of this Note, except for such notices, if any, as are expressly
required to be delivered by Agent or Lender to Borrower under the Loan
Agreement.
10. Miscellaneous. If any provisions of this Note shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other
provision hereof. This Note has been delivered in and shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania
without regard to the law of conflicts. This Note shall be binding upon Borrower
and upon Borrower's successors and assigns and shall benefit Lender and its
successors and assigns. The prompt and faithful performance of all of Borrower's
obligations hereunder, including without limitation, time of payment, is of the
essence of this Note.
11. Confession of Judgment. BORROWER HEREBY AUTHORIZES AND EMPOWERS ANY
ATTORNEY OR THE PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF
PENNSYLVANIA, OR IN ANY OTHER JURISDICTION WHICH PERMITS THE ENTRY OF JUDGMENT
BY CONFESSION, TO APPEAR FOR BORROWER AT ANY TIME AFTER DEMAND HEREUNDER AS
PROVIDED ABOVE OR AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER THE LOAN
AGREEMENT IN ANY ACTION BROUGHT AGAINST BORROWER ON THIS NOTE OR THE LOAN
DOCUMENTS AT THE SUIT OF LENDER AND/OR AGENT, WITH OR WITHOUT COMPLAINT OR
DECLARATION FILED, WITHOUT STAY OF EXECUTION, AS OF ANY TERM OR TIME, AND
THEREIN TO CONFESS OR ENTER JUDGMENT AGAINST BORROWER FOR THE ENTIRE UNPAID
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AND ALL OTHER SUMS TO BE PAID BY
BORROWER TO OR ON BEHALF OF LENDER PURSUANT TO THE TERMS HEREOF OR OF THE LOAN
DOCUMENTS AND ALL ARREARAGES OF INTEREST THEREON, TOGETHER WITH ALL COSTS AND
OTHER EXPENSES AND AN ATTORNEY'S COLLECTION COMMISSION OF FIFTEEN PERCENT (15%)
OF THE AGGREGATE AMOUNT OF THE FOREGOING SUMS, BUT IN NO EVENT LESS THAN
$5,000.00; AND FOR SO DOING THIS NOTE OR A COPY HEREOF VERIFIED BY AFFIDAVIT
SHALL BE A SUFFICIENT WARRANT.
THE AUTHORITY GRANTED HEREIN TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY
ANY EXERCISE THEREOF BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL
PAYMENT IN FULL OF ALL THE AMOUNTS DUE HEREUNDER. BORROWER ACKNOWLEDGES THAT IT
HAS BEEN REPRESENTED BY COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF
THIS NOTE AND THAT IT KNOWINGLY WAIVES ITS RIGHT TO BE HEARD PRIOR TO THE ENTRY
OF SUCH JUDGMENT AND UNDERSTANDS THAT, UPON SUCH ENTRY, SUCH JUDGMENT SHALL
BECOME A LIEN ON ALL REAL PROPERTY OF BORROWER IN THE COUNTY WHERE SUCH JUDGMENT
IS ENTERED.
12. Jury Trial Waiver. BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN
DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF BORROWER OR LENDER WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THE LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT
IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH,
THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.
13. No Novation. This Note constitutes the increase, amendment and
restatement of that certain Revolving Note dated April 9, 1998 in the original
principal amount of Twelve Million Five Hundred Dollars ($12,500,000.00)
executed by Borrower payable to the order of Lender (the "Prior Note"), and, as
such, is secured by all liens, security interests, assignments, pledges, rights
and remedies securing the Prior Note and evidences all indebtedness previously
advanced and unpaid under the Prior Note. Nothing contained herein shall be
deemed to constitute a novation, termination, waiver, release, satisfaction,
accord or accord and satisfaction of the Prior Note or any indebtedness
evidenced thereby.
IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has
caused this Note to be duly executed the day and year first above written.
THE JPM COMPANY
By:____________________________________________
Name/Title:
(CORPORATE SEAL)
Attest:________________________________________
Wayne A. Bromfield, Corporate Secretary
AMENDED AND RESTATED
REVOLVER NOTE
____________________, Pennsylvania
$26,250,000.00 Dated: December ____, 1998
FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND, the undersigned
("Borrower"), hereby promises to pay to the order of FIRST UNION NATIONAL BANK
(successor by merger to CoreStates Bank, N.A) ("Lender"), ON DEMAND after the
occurrence of an Event of Default or after expiration of the Contract Period,
the principal sum of Twenty-Six Million Two Hundred Fifty Thousand Dollars
($26,250,000.00), or such greater or lesser principal amount as may be
outstanding from time to time under Lender's Pro Rata Share of the revolving
credit facility established by Lenders for the benefit of Borrower pursuant to
the terms of that certain Loan Agreement dated April 9, 1998, as amended by that
certain Amendment and Modification to Loan Agreement of even date herewith among
Borrower, First Union National Bank as Agent ("Agent"), and the Lenders
identified therein, including Lender (such Loan Agreement, as the same has been
and may hereafter be amended, supplemented or restated from time to time, being
the "Loan Agreement"), together with interest thereon, upon the following terms:
1. Revolver Note. This Note is a "Revolver Note" as defined in the Loan
Agreement and, as such, shall be construed in accordance with all terms and
conditions thereof. Capitalized terms not defined herein shall have such meaning
as provided in the Loan Agreement. This Note is entitled to all the rights and
remedies provided in the Loan Agreement and the Loan Documents and is secured by
all collateral as described therein.
2. Interest Rate. Interest on the unpaid principal balance hereof will
accrue from the date of advance until final payment thereof at the rate or rates
described in Section 3.1 of the Loan Agreement.
3. Default Interest. Interest will accrue on the outstanding principal
amount hereof following the occurrence of an Event of Default or the expiration
of the Contract Period until paid at a rate per annum which is two percent (2%)
in excess of the rate payable under Paragraph 2 above (the "Default Rate").
4. Post Judgment Interest. Any judgment obtained for sums due hereunder or
under the Loan Documents will accrue interest at the Default Rate until paid.
5. Computation. Interest will be computed on the basis of a year of three
hundred sixty (360) days and paid for the actual number of days elapsed.
6. Interest Payments. Interest which accrues on the outstanding principal
balance hereof at the applicable rate set forth above shall be due and payable
as provided in Section 4.1 of the Loan Agreement.
7. Place of Payment. Principal and interest hereunder shall be payable as
provided in the Loan Agreement, or at such other place as Agent, from time to
time, may designate in writing.
8. Default; Remedies. Upon the occurrence of an Event of Default or upon
demand as provided above, Agent, at its option and without notice to Borrower,
may declare immediately due and payable the entire unpaid balance of principal
and all other sums due by Borrower hereunder or under the Loan Documents,
together with interest accrued thereon at the applicable rate specified above.
Payment thereof may be enforced and recovered in whole or in part at any time
and from time to time by one or more of the remedies provided to Agent and/or
Lender in this Note or in the Loan Documents or as otherwise provided at law or
in equity, all of which remedies are cumulative and concurrent.
9. Waivers. Borrower and all endorsers, jointly and severally, waive
presentment for payment, demand, notice of demand, notice of nonpayment or
dishonor, protest and notice of protest of this Note, and all other notices in
connection with the delivery, acceptance, performance, default or enforcement of
the payment of this Note, except for such notices, if any, as are expressly
required to be delivered by Agent or Lender to Borrower under the Loan
Agreement.
10. Miscellaneous. If any provisions of this Note shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other
provision hereof. This Note has been delivered in and shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania
without regard to the law of conflicts. This Note shall be binding upon Borrower
and upon Borrower's successors and assigns and shall benefit Lender and its
successors and assigns. The prompt and faithful performance of all of Borrower's
obligations hereunder, including without limitation, time of payment, is of the
essence of this Note.
11. Confession of Judgment. BORROWER HEREBY AUTHORIZES AND EMPOWERS ANY
ATTORNEY OR THE PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF
PENNSYLVANIA, OR IN ANY OTHER JURISDICTION WHICH PERMITS THE ENTRY OF JUDGMENT
BY CONFESSION, TO APPEAR FOR BORROWER AT ANY TIME AFTER DEMAND HEREUNDER AS
PROVIDED ABOVE OR AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER THE LOAN
AGREEMENT IN ANY ACTION BROUGHT AGAINST BORROWER ON THIS NOTE OR THE LOAN
DOCUMENTS AT THE SUIT OF LENDER AND/OR AGENT, WITH OR WITHOUT COMPLAINT OR
DECLARATION FILED, WITHOUT STAY OF EXECUTION, AS OF ANY TERM OR TIME, AND
THEREIN TO CONFESS OR ENTER JUDGMENT AGAINST BORROWER FOR THE ENTIRE UNPAID
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AND ALL OTHER SUMS TO BE PAID BY
BORROWER TO OR ON BEHALF OF LENDER PURSUANT TO THE TERMS HEREOF OR OF THE LOAN
DOCUMENTS AND ALL ARREARAGES OF INTEREST THEREON, TOGETHER WITH ALL COSTS AND
OTHER EXPENSES AND AN ATTORNEY'S COLLECTION COMMISSION OF FIFTEEN PERCENT (15%)
OF THE AGGREGATE AMOUNT OF THE FOREGOING SUMS, BUT IN NO EVENT LESS THAN
$5,000.00; AND FOR SO DOING THIS NOTE OR A COPY HEREOF VERIFIED BY AFFIDAVIT
SHALL BE A SUFFICIENT WARRANT.
THE AUTHORITY GRANTED HEREIN TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY
ANY EXERCISE THEREOF BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL
PAYMENT IN FULL OF ALL THE AMOUNTS DUE HEREUNDER. BORROWER ACKNOWLEDGES THAT IT
HAS BEEN REPRESENTED BY COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF
THIS NOTE AND THAT IT KNOWINGLY WAIVES ITS RIGHT TO BE HEARD PRIOR TO THE ENTRY
OF SUCH JUDGMENT AND UNDERSTANDS THAT, UPON SUCH ENTRY, SUCH JUDGMENT SHALL
BECOME A LIEN ON ALL REAL PROPERTY OF BORROWER IN THE COUNTY WHERE SUCH JUDGMENT
IS ENTERED.
12. Jury Trial Waiver. BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN
DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF BORROWER OR LENDER WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THE LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT
IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH,
THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.
13. No Novation. This Note constitutes the increase, amendment and
restatement of that certain Revolving Note dated April 9, 1998 in the original
principal amount of Twenty-Two Million Five Hundred Thousand Dollars
($22,500,000.00) executed by Borrower payable to the order of Lender (the "Prior
Note"), and, as such, is secured by all liens, security interests, assignments,
pledges, rights and remedies securing the Prior Note and evidences all
indebtedness previously advanced and unpaid under the Prior Note. Nothing
contained herein shall be deemed to constitute a novation, termination, waiver,
release, satisfaction, accord or accord and satisfaction of the Prior Note or
any indebtedness evidenced thereby.
IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has
caused this Note to be duly executed the day and year first above written.
THE JPM COMPANY
By:____________________________________________
Name/Title:
(CORPORATE SEAL)
Attest:________________________________________
Wayne A. Bromfield, Corporate Secretary
AMENDED AND RESTATED
REVOLVER NOTE
____________________, Pennsylvania
$17,500,000.00 Dated: December _____, 1998
FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND, the undersigned
("Borrower"), hereby promises to pay to the order of MELLON BANK, N.A.
("Lender"), ON DEMAND after the occurrence of an Event of Default or after
expiration of the Contract Period, the principal sum of Seventeen Million Five
Hundred Thousand Dollars ($17,500,000.00), or such greater or lesser principal
amount as may be outstanding from time to time under Lender's Pro Rata Share of
the revolving credit facility established by Lenders for the benefit of Borrower
pursuant to the terms of that certain Loan Agreement dated April 9, l998, as
amended by that certain Amendment and Modification to Loan Agreement of even
date herewith among Borrower, First Union National Bank (successor by merger to
CoreStates Bank, N.A.) as Agent ("Agent"), and the Lenders identified therein,
including Lender (such Loan Agreement, as the same has been and may hereafter be
amended, supplemented or restated from time to time, being the "Loan
Agreement"), together with interest thereon, upon the following terms:
1. Revolver Note. This Note is a "Revolver Note" as defined in the Loan
Agreement and, as such, shall be construed in accordance with all terms and
conditions thereof. Capitalized terms not defined herein shall have such meaning
as provided in the Loan Agreement. This Note is entitled to all the rights and
remedies provided in the Loan Agreement and the Loan Documents and is secured by
all collateral as described therein.
2. Interest Rate. Interest on the unpaid principal balance hereof will
accrue from the date of advance until final payment thereof at the rate or rates
described in Section 3.1 of the Loan Agreement.
3. Default Interest. Interest will accrue on the outstanding principal
amount hereof following the occurrence of an Event of Default or the expiration
of the Contract Period until paid at a rate per annum which is two percent (2%)
in excess of the rate payable under Paragraph 2 above (the "Default Rate").
4. Post Judgment Interest. Any judgment obtained for sums due hereunder or
under the Loan Documents will accrue interest at the Default Rate until paid.
5. Computation. Interest will be computed on the basis of a year of three
hundred sixty (360) days and paid for the actual number of days elapsed.
6. Interest Payments. Interest which accrues on the outstanding principal
balance hereof at the applicable rate set forth above shall be due and payable
as provided in Section 4.1 of the Loan Agreement.
7. Place of Payment. Principal and interest hereunder shall be payable as
provided in the Loan Agreement, or at such other place as Agent, from time to
time, may designate in writing.
8. Default; Remedies. Upon the occurrence of an Event of Default or upon
demand as provided above, Agent, at its option and without notice to Borrower,
may declare immediately due and payable the entire unpaid balance of principal
and all other sums due by Borrower hereunder or under the Loan Documents,
together with interest accrued thereon at the applicable rate specified above.
Payment thereof may be enforced and recovered in whole or in part at any time
and from time to time by one or more of the remedies provided to Agent and/or
Lender in this Note or in the Loan Documents or as otherwise provided at law or
in equity, all of which remedies are cumulative and concurrent.
9. Waivers. Borrower and all endorsers, jointly and severally, waive
presentment for payment, demand, notice of demand, notice of nonpayment or
dishonor, protest and notice of protest of this Note, and all other notices in
connection with the delivery, acceptance, performance, default or enforcement of
the payment of this Note, except for such notices, if any, as are expressly
required to be delivered by Agent or Lender to Borrower under the Loan
Agreement.
10. Miscellaneous. If any provisions of this Note shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other
provision hereof. This Note has been delivered in and shall be governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania
without regard to the law of conflicts. This Note shall be binding upon Borrower
and upon Borrower's successors and assigns and shall benefit Lender and its
successors and assigns. The prompt and faithful performance of all of Borrower's
obligations hereunder, including without limitation, time of payment, is of the
essence of this Note.
11. Confession of Judgment. BORROWER HEREBY AUTHORIZES AND EMPOWERS ANY
ATTORNEY OR THE PROTHONOTARY OR CLERK OF ANY COURT IN THE COMMONWEALTH OF
PENNSYLVANIA, OR IN ANY OTHER JURISDICTION WHICH PERMITS THE ENTRY OF JUDGMENT
BY CONFESSION, TO APPEAR FOR BORROWER AT ANY TIME AFTER DEMAND HEREUNDER AS
PROVIDED ABOVE OR AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT UNDER THE LOAN
AGREEMENT IN ANY ACTION BROUGHT AGAINST BORROWER ON THIS NOTE OR THE LOAN
DOCUMENTS AT THE SUIT OF LENDER AND/OR AGENT, WITH OR WITHOUT COMPLAINT OR
DECLARATION FILED, WITHOUT STAY OF EXECUTION, AS OF ANY TERM OR TIME, AND
THEREIN TO CONFESS OR ENTER JUDGMENT AGAINST BORROWER FOR THE ENTIRE UNPAID
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AND ALL OTHER SUMS TO BE PAID BY
BORROWER TO OR ON BEHALF OF LENDER PURSUANT TO THE TERMS HEREOF OR OF THE LOAN
DOCUMENTS AND ALL ARREARAGES OF INTEREST THEREON, TOGETHER WITH ALL COSTS AND
OTHER EXPENSES AND AN ATTORNEY'S COLLECTION COMMISSION OF FIFTEEN PERCENT (15%)
OF THE AGGREGATE AMOUNT OF THE FOREGOING SUMS, BUT IN NO EVENT LESS THAN
$5,000.00; AND FOR SO DOING THIS NOTE OR A COPY HEREOF VERIFIED BY AFFIDAVIT
SHALL BE A SUFFICIENT WARRANT.
THE AUTHORITY GRANTED HEREIN TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY
ANY EXERCISE THEREOF BUT SHALL CONTINUE FROM TIME TO TIME AND AT ALL TIMES UNTIL
PAYMENT IN FULL OF ALL THE AMOUNTS DUE HEREUNDER. BORROWER ACKNOWLEDGES THAT IT
HAS BEEN REPRESENTED BY COUNSEL IN CONNECTION WITH THE EXECUTION AND DELIVERY OF
THIS NOTE AND THAT IT KNOWINGLY WAIVES ITS RIGHT TO BE HEARD PRIOR TO THE ENTRY
OF SUCH JUDGMENT AND UNDERSTANDS THAT, UPON SUCH ENTRY, SUCH JUDGMENT SHALL
BECOME A LIEN ON ALL REAL PROPERTY OF BORROWER IN THE COUNTY WHERE SUCH JUDGMENT
IS ENTERED.
12. Jury Trial Waiver. BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN
DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF BORROWER OR LENDER WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THE LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT
IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH,
THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY
AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.
13. No Novation. This Note constitutes the increase, amendment and
restatement of that certain Revolving Note dated April 9, 1998 in the original
principal amount of Fifteen Million Dollars ($15,000,000.00) executed by
Borrower payable to the order of Lender (the "Prior Note"), and, as such, is
secured by all liens, security interests, assignments, pledges, rights and
remedies securing the Prior Note and evidences all indebtedness previously
advanced and unpaid under the Prior Note. Nothing contained herein shall be
deemed to constitute a novation, termination, waiver, release, satisfaction,
accord or accord and satisfaction of the Prior Note or any indebtedness
evidenced thereby.
IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has
caused this Note to be duly executed the day and year first above written.
THE JPM COMPANY
By:____________________________________________
Name/Title:
(CORPORATE SEAL)
Attest:________________________________________
Wayne A. Bromfield, Corporate Secretary
