EXHIBIT 10.14
ADDENDUM TO LEASING AGREEMENT
The parties have agreed to the following additions, changes,
deletions and/or modifications to the Leasing Agreement dated
January 31, 1992.
In the event that any provision set forth in this Addendum is
inconsistent with or contrary to the provisions set forth in the
above referenced Leasing Agreement, the provisions set forth in
this Addendum shall supersede the provisions contained in the
Leasing Agreement.
Delete Item #10 of the Addendum to Leasing Agreement and replace
with: With prior ninety (90) day written notice, Fred's, Inc. may
cancel this Leasing Agreement at the end of the third year (in-
service date) and on each anniversary date of the date of in-
service thereafter. Fred's, Inc. agrees to pay Xxxxx $4,000 per
unit in the event this option is exercised.
THIS ADDENDUM TO THE LEASING AGREEMENT IS HEREBY MADE A PART OF
THAT CERTAIN LEASING AGREEMENT BETWEEN THE PARTIES HERETO.
XXXXX MOTOR LEASING, INC. FRED'S STORES OF TENNESSEE,
("XXXXX") INC. ("CUSTOMER")
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxx X. Xxxxx
--------------------------- --------------------------
Name: Xxxxx X. Xxxxx Name: Xxxxx X. Xxxxx
Title: President Title: EVP & CFO
Date: 3/3/97 Date: 9/30/96
1. If prior to the date that a Vehicle is placed in service of
the Customer, the purchase price of the Vehicle has been
increased by the manufacturer of the Vehicle, then the
original agreed value as set forth in the Schedule A and the
fixed lease charge per week for that Vehicle shall be adjusted
upward accordingly.
2. Liability Insurance Responsibility: Xxxxx X Customer
--- ---
Limits: Check only one block and complete the appropriate
blank(s).
X Combined Single Limits $ 1,000,000 per occurrence
--- ----------
___ Bodily Injury $__________ per person
Bodily Injury $__________ per occurrence
Property Damage $__________ per occurrence
Liability
Deductible: $ 0 per occurrence
---
3. Physical Damage
Responsibility by: ___ Xxxxx $______________ deductible
X Customer $ 25,000,000 deductible
--- --------------
4. Fuel tax reporting responsibility: X Xxxxx Customer
--- ---
5. Domicile of the Vehicle(s) by city: Memphis, Tennessee
------------------
6. The base index of 159.6 (to be entered upon delivery of
vehicles) will be used to compute the Consumer Price Index for
Urban Customers, 1982-84 base period.
7. Allowances/year: License Fee $1,400.00
--------
Federal Heavy Vehicle Use Tax $550.00
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Fuel/Road/Mile permit charges totaling $ included for each
Vehicle listed on the Schedule shall be included in Customer's
Fixed Rental Charge for the states of: TN, AR, MS, MO, AL,
KY, GA, LA
8. Painting and lettering fee: $ 0 . Any amount in excess will
be billed to the Customer. ---
9. Washing provided by: Xxxxx Power Units 26 Trailers ____
times per year. (Xxxxx/Customer) At regular PM service
intervals.
10. Estimated Annual Mileage: If the estimated mileage as of the
Date of Delivery for each Vehicle shown on the front of this
Schedule A increases by 20%, the parties agree to negotiate in
good faith the charges, depreciation and term for that
Vehicle.
This Schedule A is a part of the Leasing Agreement between the
parties hereto.
XXXXX MOTOR LEASING, INC. FRED'S STORES OF TENNESSEE,
(XXXXX) INC. (CUSTOMER)
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxxxx Xxxxxxxx
Name: Xxxxx X. Xxxxx Name: Xxxxxxx Xxxxxxxx
Title: President Title: Vice President
Date: 3/3/97 Date: 12/19/96
(Side Two)
EXHIBIT 10.14
FORM OF SCHEDULE 2 THROUGH 6 OF SCHEDULE A
TO LEASING AGREEMENT
(Summarized Data)
(1) (1) (1) (1) (1) (1)
Deprec Estimated Fixed Mileage
No. Date of Lease Original Monthly Annual Charge Rate Per Base
Vehicles Delivery Term Value Amount Mileage Per Week Mile Index
-------- -------- ----- -------- ------- --------- -------- -------- -----
2 06/16/94 6 yrs 61,975.00 590.00 75,000 318.75 .06 147.4
5 11/18/94 6 yrs 62,865.00 590.00 75,000 318.75 .06 149.4
1 02/14/95 6 yrs 62,865.00 590.00 75,000 318.75 .06 149.7
15 03/03/97 6 yrs 61,985.00 570.00 75,000 310.95 .06 159.6
5 03/10/97 6 yrs 61,985.00 570.00 75,000 310.95 .06 159.6
3 03/13/97 6 yrs 61,985.00 570.00 75,000 310.95 .06 159.6
1 03/28/97 6 yrs 61,985.00 570.00 75,000 310.95 .06 159.6
1 04/02/97 6 yrs 61,985.00 570.00 75,000 310.95 .06 159.6
3 03/17/97 6 yrs 61,985.00 570.00 75,000 310.95 .06 159.6
(1) Items are on a per vehicle basis
Note: All vehicles are International Model 8100 T/A Tractors
