-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SKZVvFAhsGfv8XyL7La+zG0OvpopAc0hUU1rBLSRg0YIwJy0XXxazXcymYWeM5Dc yTnwvLRFJ36pkTIsl44YEQ== 0000079225-96-000002.txt : 19960412 0000079225-96-000002.hdr.sgml : 19960412 ACCESSION NUMBER: 0000079225-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960301 FILED AS OF DATE: 19960411 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLYMOUTH RUBBER CO INC CENTRAL INDEX KEY: 0000079225 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED RUBBER PRODUCTS, NEC [3060] IRS NUMBER: 041733970 STATE OF INCORPORATION: MA FISCAL YEAR END: 1127 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05197 FILM NUMBER: 96546263 BUSINESS ADDRESS: STREET 1: 104 REVERE ST CITY: CANTON STATE: MA ZIP: 02021 BUSINESS PHONE: 6178280220 MAIL ADDRESS: STREET 1: 104 REVERE ST STREET 2: 104 REVERE ST CITY: CANTON STATE: MA ZIP: 02021 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended March 1, 1996 Commission File Number 1-5197 Plymouth Rubber Company, Inc. (Exact name of registrant as specified in its charter) Massachusetts 04-1733970 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 104 Revere Street, Canton, Massachusetts 02021 (Address of principal executive offices) (Zip Code) (617) 828-0220 Registrant's telephone number, including area code Not Applicable (Former name, former address, and former fiscal year, if changed since last report). Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 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 close of the period covered by this report. Class A common stock, par value $1 - 810,586 Class B common stock, par value $1 - 1,090,197 PLYMOUTH RUBBER COMPANY, INC. PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Statement of Operations Balance Sheet Statement of Cash Flows Notes To Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION PART I. FINANCIAL INFORMATION Item 1. Financial Statements [CAPTION] PLYMOUTH RUBBER COMPANY, INC. STATEMENT OF OPERATIONS (In Thousands Except Share and Per Share Amounts) (Unaudited) First Quarter Ended March 1, March 3, 1996 1995 Net Sales $ 13,312 $ 12,580 Cost and Expenses Cost of products sold 10,351 9,571 Selling, general and administrative 2,226 2,271 12,577 11,842 Operating income 735 738 Interest expense (302) (339) Other income (expense) (21) 441 Income before taxes 412 840 Provision for income taxes (107) (92) Net income 305 748 Retained earnings (deficit) at beginning of period (4,577) (6,234) Less 10% stock dividend -- (1,445) Retained earnings (deficit) at end of period $ (4,272) $ (6,931) Per Share Data: Primary Earnings Per Share: Net Income .14 .36 Weighted average number of shares outstanding 2,125,826 2,094,030 Fully Diluted Earnings Per Share: Net Income .14 .36 Weighted average number of shares outstanding 2,125,826 2,096,280 See Accompanying Notes To Financial Statements
PLYMOUTH RUBBER COMPANY, INC. BALANCE SHEET (In Thousands) March 1, Dec. 1, 1996 1995 (Unaudited) ASSETS CURRENT ASSETS Cash $ -- $ -- Accounts receivable 6,918 6,615 Allowance for doubtful accounts (179) (174) Inventories: Raw materials 2,696 2,474 Work in process 1,995 2,270 Finished goods 4,979 5,589 9,670 10,333 Prepaid expenses and other current assets 2,872 2,857 Total current assets 19,281 19,631 Plant assets 27,505 26,961 Accumulated depreciation (19,171) ( 18,901) Net plant assets 8,334 8,060 Other assets 3,728 3,791 TOTAL ASSETS $ 31,343 $ 31,482 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Revolving line of credit $ 5,167 $ 4,331 Trade accounts payable 4,999 5,497 Accrued expenses 3,549 3,976 Current portion of long-term obligations 2,213 2,392 Current portion of product warranties 346 580 Total current liabilities 16,274 16,776 Long-Term Liabilities Borrowings 3,031 3,143 Pension obligation 4,820 4,880 Product warranties 504 294 Other 1,708 1,743 Total long-term liabilities 10,063 10,060 STOCKHOLDERS' EQUITY Preferred Stock -- -- Class A voting common stock 810 810 Class B non-voting common stock 1,090 1,054 Paid in capital 8,312 8,303 Retained earnings (deficit) (4,272) (4,577) Pension liability adjustment, net of tax (716) (716) Deferred compensation (218) (228) Total stockholders' equity 5,006 4,646 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 31,343 $ 31,482 See Accompanying Notes To Financial Statements
PLYMOUTH RUBBER COMPANY, INC. STATEMENT OF CASH FLOWS (In Thousands) (Unaudited) First Quarter Ended March 1, March 3, 1996 1995 Cash flows from operating activities: Net Income $ 305 $ 748 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 270 285 Amortization of deferred compensation 10 9 Change in valuation allowance (58) (238) Changes in assets and liabilities: Accounts receivable (298) 373 Inventory 663 (753) Prepaid expenses (15) 35 Other assets 1 12 Accounts payable (498) (20) Accrued expenses (181) (6) Pension obligation (60) 17 Product warranties (24) (56) Other liabilities (86) (29) Net cash provided by (used in) operating activities 29 377 Cash flows from investing activities: Capital expenditures (544) (487) Net cash provided by (used in) investing activities (544) (487) Cash flows from financing activities: Net increase (decrease) in revolving line of credit (881) 441 Proceeds from term debt 3,657 -- Payments of term debt (2,230) (209) Payments on capital leases (20) (73) Payments on insurance financing (56) (93) Proceeds from issuance of common stock 45 44 Net cash provided by (used for) financing activities 515 110 Net change in cash -- -- Cash at the beginning of the period -- -- Cash at the end of the period $ -- $ -- Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 242 $ 242 Cash paid for income taxes $ 26 $ 2 Supplemental Disclosure of Non-Cash Activities Charge to retained earnings for stock dividend $ -- $ 1,445 See Accompanying Notes To Financial Statements
PLYMOUTH RUBBER COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) (1) The Company, in its opinion, has included all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results for the interim periods. The interim financial information is not necessarily indicative of the results that will occur for the full year. The financial statements and notes thereto should be read in conjunction with the financial statements and notes for the years ended December 1, 1995, December 2, 1994, and November 26, 1993, included in the Company's 1995 Annual Report to the Securities and Exchange Commission on Form 10-K. (2) In connection with its former roofing materials business, the Company issued extended warranties as to the workmanship and performance of its products. Over 99% of these warranties had expired prior to the end of 1995, with the last of the ten year warranties expiring in 1996. (A small number of certain other, more restrictive, and limited warranties continue thereafter). The estimated costs of these warranties were accrued at the time of sale, subject to subsequent adjustment to reflect actual experience which resulted in additional charges to operations during 1994 and 1993 of $325,000, and $750,000, respectively. Some warranty holders have filed claims or brought suits currently aggregating approximately $1,183,000 against the Company and others relating to alleged roof failures. The Company believes, upon advice of counsel, that its warranty obligation under such warranties is limited to the cost of the roofing materials and that the amounts of the claims are significantly in excess of its ultimate liability. The Company is vigorously defending against these claims and believes that some are without merit and that the damages claimed in others may not bear any reasonable relationship to the merits of the claims or the real amount of damage, if any, sustained by the various claimants. Management believes that the $874,000 reserve recorded at December 1, 1995 is adequate provision for the Company's remaining warranty obligations. The Company was the plaintiff in a legal action against one supplier of materials previously used in the Company's discontinued roofing systems. The Company claimed substantial monetary damages based on the failure of the subject materials to perform as expected. On or about September 11, 1995, the legal action was settled for a cash payment of $825,000 by the defendant, which resulted in a $825,000 gain during the fourth quarter of 1995 that is reflected as Other income, net within the 1995 Statement of Operations and Retained Earnings. The Company is a defendant in several other lawsuits arising in the normal course of business. Based upon advice of counsel, management believes that these lawsuits will not have a material adverse effect on the Company's results of operations or its financial position. PLYMOUTH RUBBER COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) The United States Environmental Protection Agency (EPA) has asserted four (4) claims against the Company under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), pursuant to which EPA is seeking to recover from the Company and other "generators" the costs associated with the clean-up of certain sites used by licensed disposal companies hired by the Company as independent contractors for the disposal and/or reclamation of hazardous waste materials. In one case, in the United States District Court for the District of Massachusetts, the EPA began an action on or about March 1, 1990 in respect to the Superfund site known as Re-Solve, Inc., of Dartmouth, Massachusetts. The Company has entered into a Consent Decree, (embodied in an order of Judgment entered October 14, 1992), requiring payment by the Company of $100,000 plus interest over a period of five years in full settlement of the EPA claim. The Company has paid $68,000 and owes two payments of $16,000 in each of 1996 and 1997. On or about March 28, 1986, the Company was notified of potential liability with respect to the Cannons Engineering Corporation site in Bridgewater, Massachusetts, and the Cannons Engineering Corporation site in Plymouth, Massachusetts, and of its alleged ranking number 128 of more than 300 generators. The Company had rejected offers of approximately $40,000 and approximately $24,000 to settle with the EPA in this matter, since such settlements would not have released the Company with respect to liability for any future clean-up at the sites in question. No action has been filed by the EPA against the Company. EPA settled with a number of the generators who have, in turn threatened legal action against the Company. A reiteration of a 1991 contribution demand was made in 1994 by certain settling PRP's in the amount of $175,000. The Company received notification that a lawsuit was filed against it on June 23, 1995, in the United States District Court for the District of Massachusetts by Olin Hunt Specialty Products, Inc., ("Olin"). Olin sought to recover its contribution as a result of a settlement entered into on June 26, 1992 between Olin, et al., and the United States, the State of New Hampshire, and the Commonwealth of Massachusetts, (the "Governments") for reimbursement of the Governments' response costs in connection with the Cannons site. A settlement was subsequently reached whereby the Company paid the Plaintiff the sum of $40,000 in exchange for the execution of mutual general Releases and the filing of a Stipulation of Dismissal, with prejudice. With respect to the third assertion against the Company under CERCLA, a General Notice of Potential Liability was sent to 1,659 Potentially Responsible Parties ("PRP") including the Company, in June, 1992, relative to a Superfund Site known as Solvent Recovery System of New England ("SRS") at a location in Southington, Connecticut, concerning shipments to the site which occurred between June 1, 1956, and January 25, 1974. Revised volumetric assessments were made on or about July 7, 1993. The EPA has attributed 852,445 gallons of an aggregate of 48,953,983 gallons of waste volume to the Company (a 1.74% share). The Company believes that this attribution may be overstated by failing to account for the portion of the gross waste volume actually returned to the Company. This belief is based on the Company's facts and circumstances related to SRS, which are similar in many respects to those in the Re-Solve case. An SRS PRP Group, formed to negotiate the clean-up with EPA, has obtained consent to undertake the first phase of a remediation program, estimated to cost PLYMOUTH RUBBER COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) $3,600,000. Phase II, as proposed by EPA, is estimated to cost approximately $25,000,000, to be incurred over approximately a three-year period. The PRP Group opposes the Phase II proposal. The Company's share (without adjustment for overstated attribution) of the Phase I remediation and the Phase II program, if it were adopted, would be a total of $498,000. The most currently available estimate is that the cost of the entire clean up will range from approximately $38 million to less than $70 million. On or about January 16, 1996, the Company entered into a payment agreement with the SRS PRP Group to pay its unpaid prior and current assessments in the total amount of $101,000 and whereby it will be permitted to participate as a settling party in the Administrative Order relating to the NTCRA and RI/FS settlement. Based on all available information as well as its prior experience, management believes a reasonable amount of its ultimate liability is $500,000 and has accrued this amount in Accrued Expenses and Other Liabilities in the accompanying Balance Sheet as of December 1, 1995. This amount is subject to adjustment for future developments that may arise from the long-range nature of this EPA case, legislative changes, insurance coverage, the uncertainties associated with the ultimate outcome of the Record of Decision ("ROD"), the joint and several liability provisions of CERCLA, and the Company's ability to successfully negotiate an outcome similar to its previous experience in these matters. No actions have been currently filed by the EPA or the settling parties against the Company, and no direct dialogue with the EPA is expected before the end of 1996. Therefore, while the Company is participating in the PRP Group, it is impossible to determine the Company's total ultimate liability and/or responsibility at this time. On January 25, 1994, the Company received a notification dated January 21, 1994 of an additional Superfund Site, Old Southington Landfill, (the "OSL Site") regarding which the EPA asserts that the Company is a PRP. The OSL Site is related to the SRS Site in that, the EPA alleges, after receipt and processing of various hazardous substances from PRP's, the owners and/or operators of the SRS Site shipped the resultant contaminated soil from the SRS Site to the OSL Site. Since the Company is alleged to have shipped materials to the SRS Site between 1956 and 1974, the EPA alleges that the Company is also a PRP of the OSL Site. In addition, there were three (3) direct shippers to the site, the Town of Southington, General Electric, and Pratt & Whitney, as well as other transporters and/or users. Based on EPA's asserted volume of shipments to SRS during that time period, the EPA has attributed 380,710 gallons, or 4.89% of waste volume of all SRS customers, to the Company; no attempt has been made by EPA to adjust the waste volume for the distillation done by SRS prior to shipment to OSL, or to allocate a percentage to the Company in relation to direct users of the OSL Site, or in relation to a combination of direct and indirect users of the site. An ROD was issued in September, 1994 for the first Phase of the clean-up, estimated to cost approximately $16 million dollars. A PRP Group has been formed; and on or about June 20, 1995 and January 11, 1996, the Company executed agreements and paid assessments of $3,000 and $6,000, respectively, to become a participant in the Joint Defense Group of OSL/SRS "transshipper" PRP's and in the Alternative Dispute Resolution Process. All the PRP's have agreed among themselves to cap the liability of the "SRS Parties", (i.e. the indirect shippers, and the group to which the Company would belong), for the first phase of a clean-up at 24.5%; (the amount assessed the direct shippers and the other OSL Parties will be 51% and 24.5%, respectively). PLYMOUTH RUBBER COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) There is no publicly available information yet concerning Phase II ground water remediation costs; however, such costs are likely to be significant. Based on all available information as well as its prior experience, management believes a reasonable estimate of its ultimate liability for Phase I costs is $100,000 and has accrued this amount in Other Liabilities in the accompanying Balance Sheet as of December 1, 1995. This amount is subject to adjustment for future developments that may arise from the long-range nature of this EPA case, legislative changes, insurance coverage, the uncertainties associated with the ultimate outcome of the ROD and the joint and several liability provisions of CERCLA, and the Company's ability to successfully negotiate an outcome similar to its previous experience in these matters. No actions have been currently filed by the EPA or the settling parties against the Company. Therefore, while the Company intends to vigorously defend this matter, it is impossible to determine the Company's total ultimate liability and/or responsibility at this time. In the process of preparing to eliminate the use of certain underground storage tanks located at the Company's manufacturing facility, the Company determined that some soil contamination had occurred in a small localized area near the tanks in question. According to the information obtained by an independent Licensed Site Professional, the contamination of the soil appears to be confined to a small area and does not pose an environmental risk to the surrounding property or community. In accordance with Massachusetts requirements, the Company notified the Massachusetts Department of Environmental Protection ("DEP") of the foregoing on or about August 24, 1994. In response thereto, on or about September 9, 1994, the Company received a Notice of Responsibility from the "DEP," (the "Notice"). The Notice was given to inform the Company of its legal responsibilities under state law for assessing and/or remediating a release of oil and/or hazardous material at the Company's property. Plymouth has employed a Licensed Site Professional as required by statute to investigate the site. A submittal has been made to DEP of an initial Phase I site investigation and a Tier II Classification which does not require written approval to proceed with studies for remediation. Various remediation options are being evaluated to determine the most cost effective method. A decision on the proposed remedial action will be submitted within the next few months. It is expected that such assessment and remediation will take up to two years to complete and that the costs for same will not exceed the sum of $250,000, which has been provided for within Accrued Expenses in the accompanying financial statements. (3) Checks outstanding in excess of certain cash balances totaling $963,000 and $659,000 at March 2, 1996 and December 1, 1995, respectively, have been included in accounts payable. PLYMOUTH RUBBER COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) Continued (4) On March 7, 1995, the Company declared a 10% stock dividend on both Class A (voting) and Class B (non-voting) common stock. The dividend was paid in Class B shares on May 23, 1995 to shareholders of record as of March 24, 1995. Retained earnings has been charged for $1,445,000 based on the dividend fair value of $8.75 per share. Cash was paid in lieu of fractional shares using the closing price of Class B common stock on March 6, 1995, and amounted to less than $1,000. Earnings per share have been adjusted to reflect the stock dividend declared. The common shares outstanding, and the common stock equivalents, are shown below. Common and Common Equivalent Shares (Primary Basis): First Quarter Ended March 1, March 3, 1996 1995 Average shares outstanding 1,886,645 1,796,688 Adjustments thereto (1) 239,181 279,342 2,125,826 2,094,030 Common and Common Equivalent Shares (Fully Diluted Basis): Average shares outstanding 1,886,645 1,796,688 Adjustments thereto (2) 239,181 299,592 2,125,826 2,096,280 (1) Adjust for options and warrants under the treasury stock method using average market value during the period. (2) Same as (1) except using market value at the end of the period, if greater than the average market value during the period. (5) A deferred tax asset and a related valuation allowance was established at $5,309,000 and $2,044,000, respectively, at December 1, 1995 based upon estimates of future taxable income through fiscal 2000. The valuation allowance has been reduced by $58,000 to $1,986,000 at March 1, 1996 based upon estimates of future taxable income through the first quarter of fiscal 2001. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Net Sales, at $13,312,000 were up 6% compared with the first quarter of 1995, which was up 15% from the same period in 1994, despite production time lost to the unusually harsh New England weather and sales reduced by the sluggish general economy. The increase is due to significantly increased sales to the Export and Automotive markets, coupled with moderate growth in the non- automotive OEM market, offset in part by shortfalls in the other markets. Operating income was $735,000, unchanged from the corresponding period of 1995, which itself was up 23% ($136,000) from 1994's first quarter, reflecting a flat gross profit (down $48,000), offset in part by a 2% decrease in selling, general and administrative expenses. The gross profit decreased 2%, despite the higher sales volume, reflecting increased manufacturing overhead put in place to service the anticipated 1996 volume. Selling expenses increased 17% compared to the first quarter of 1995, which itself increased 14% over 1994's first quarter, to serve both current and expected volume increases in the expanded Domestic auto and Export markets. The increased expense for the quarter was primarily attributable to increases in advertising, freight, salaries and fringe benefits, and warehousing costs of $33,000, $68,000, $30,000, and $37,000, respectively. General and administra- tive expenses decreased 29% from the corresponding period of 1995, which increased 15% from 1994, on reduced incentive compensation, computer equipment rental and supplies, profit sharing, and a $147,000 recovery from a lawsuit. Income before taxes at $412,000 is down $428,000 from the first quarter of 1995, which benefited from a $395,000 favorable settlement of litigation related to the Company's previously discontinued Consumer Products Division. Exclusive of the $395,000 settlement in 1995 and the $147,000 lawsuit recovery in 1996, income before tax for the first quarter is down from the prior year's corresponding quarter, reflecting lower adjusted operating income, and a moderate increase in other expense, which was offset in part by a $37,000 reduction in interest expense. The reduced Interest expense is the result of both lower loan volume and reduced interest rates of (1) approximately 66 basis points (as a result of decreases in the prime rate) on monies borrowed on the Company's line of credit with its primary lender, and (2) 214 basis points on the $3.6 million term loan refinanced on December 29, 1995 with a new lender. Net income at $305,000 is down $443,000 from the first quarter of 1995, which included a $238,000 recapture of deferred tax valuation allowance, which resulted in an effective income tax rate of approximately 11%. The current year net income includes a $58,000 recapture of a deferred tax valuation allowance which results in an effective income tax rate of approximately 26%. The deferred tax valuation allowance as of December 1, 1995 was $2,044,000 on estimates of future taxable income through fiscal 2000. The valuation allowance has been reduced by $58,000 to $1,986,000 at March 1,1996 based upon estimates of future taxable income through the first quarter of fiscal 2001. The valuation allowance was established in recognition of the difficulty inherent in estimat- ing beyond a five-year horizon, particularly due to the uncertainty created by the Company's dependency on the automotive industry in general, and its significant customer in particular. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) During the first quarter, net cash generated from operating activities was $29,000 compared to $377,000 during the first quarter of 1995. Cash provided from net income exclusive of the deferred tax asset valuation allowance recap- ture ($247,000), depreciation ($270,000), and the reduction of inventory ($663,000) exceeded the cash used to increase accounts receivable ($298,000) and to reduce accounts payable ($498,000), accrued expenses ($181,000), other liabilities and pension obligations. In accordance with the Company's agree- ment with its primary lender, all cash receipts were applied against the revolving loan. The $29,000 generated from operating activities along with the $3,657,000 proceeds from the partial term debt refinancing was used to finance capital investment ($544,000), reduce the revolving line of credit ($881,000), and to pay down term debt ($2,230,000), and financed insurance obligations. At March 1, 1996, the Company had approximately $2,000,000 in unused borrowing capacity because of collateral limitations under its $9 million revolving line of credit. In the opinion of management, anticipated profits, as well as unused capacity under its existing borrowing arrangements, will provide sufficient funds to meet the Company's needs during 1996, including working capital expansion to support Export sales growth, and investment in improved technology and capital equipment. PART II. OTHER INFORMATION Item 1. Legal Proceedings Reference is made to the information contained in Item 3 of the Company's Annual Report on Form 10-K for its fiscal year ended December 1, 1995, and in Note 13 of the Notes To Financial Statements, contained in said Annual Report. Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities Not Applicable Item 4. Submission of Matters to a Vote of Security Holders Not Applicable Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: See Index to Exhibits (b) 1 - Not Applicable 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 thereto duly authorized. Plymouth Rubber Company, Inc. (Registrant) D. E. Wheeler D. E. Wheeler Vice President - Finance Date April 11, 1996 PLYMOUTH RUBBER COMPANY, INC. INDEX TO EXHIBITS (a) Exhibits: Exhibit No. Description (2) Not Applicable (3)(i) Not Applicable (4)(i) Promissory Note between Plymouth Rubber Company, Inc. and Thrift Institution Fund For Economic Development dated June 14, 1989 -- incorporated by reference to Exhibit (4)(iii) to report on Form 10-Q for the quarter ended May 27, 1994. (4)(ii) Loan and Security Agreement between Plymouth Rubber Company, Inc., and Thrift Institution Fund For Economic Development dated June 14, 1989 -- incorporated by reference to Exhibit (4)(iv) to report on Form 10-Q for the quarter ended May 27, 1994. (4)(iii) Mortgage Note between Plymouth Rubber Company, Inc., and the Board of Education of Charles County, Maryland, dated November 1, 1991 -- incorporated by reference to Exhibit (2)(xiii) to Report on Form 10-Q for the Quarter ended May 30, 1992. (4)(iv) Promissory Note between Plymouth Rubber Company, Inc., and Foothill Capital Corporation dated October 1, 1993 -- incorporated by reference to Exhibit (2)(i) to the Report on Form 8-K with cover page dated October 1, 1993. (4)(v) Loan and Security Agreement between Plymouth Rubber Company, Inc., and Foothill Capital Corporation dated October 1, 1993 --incorporated by reference to Exhibit (2)(ii) to the Report on Form 8-K with cover page dated October 1, 1993. (4)(vi) Amendment to Promissory Note between Plymouth Rubber Company, Inc., and Thrift Institutions Fund For Economic Development dated November 30, 1993 -- incorporated by reference to Exhibit (4)(x) to Report on 10-K for the year ended November 26, 1993. (4)(vii) Promissory Note between Plymouth Rubber Company, Inc. and General Electric Capital Corporation dated December 29,1995. (4)(viii) Master Security Agreement between Plymouth Rubber Company, Inc. And General Electric Capital Corporation dated December 29, 1995. (10)(i) 1982 Employee Incentive Stock Option Plan -- incorporated by reference to Exhibit (10)(i) of the Company's Annual Report on Form 10-K for the year ended November 26, 1993. PLYMOUTH RUBBER COMPANY, INC. INDEX TO EXHIBITS (Continued) (a) Exhibits: Exhibit No. Description (10)(ii) General Form of Deferred Compensation Agreement entered into between the Company and certain officers -- incorporated by reference to Exhibit (10)(ii) of the Company's Annual Report on Form 10-K for the year ended November 26, 1993. (10)(iii) 1992 Employee Incentive Stock Option Plan -incorporated by reference to Exhibit (10)(iv) of the Company's Annual Report on Form 10-K for the year ended November 26, 1993. (10)(iv) 1995 Non-Employee Director Stock Option Plan -- Incorporated by reference to Exhibit (4.3) of the Company's Registration Statement on Form S-8 dated May 4, 1995. (10)(v) 1995 Employee Incentive Stock Option Plan -- Incorporated by reference to Exhibit (4.4) of the Company's Registration Statement on Form S-8 dated May 4, 1995. (11) Not applicable (15) Not applicable (18) Not applicable (19) Not applicable (22) Not applicable (23) Not applicable (24) Not applicable (27) Financial data schedule three months ended March 1, 1996. EX-4 2 Exhibit (4)(vii) 3400 FR/ME (7/92) PROMISSORY NOTE December 29, 1995 (Date) 104 Revere Street, Canton, Norfolk County, MA 02021 ________________________________________________________________________________ _ (ADDRESS of Maker) FOR VALUE RECEIVED, Plymouth Rubber Company, Inc. ("MAKER") promises, jointly and severally if more than one, to pay to the order of General Electric Capital CORPORATION or any subsequent holder hereof (each, a "Payee") AT its office located at 303 International Circle Suite 300, Hunt Valley, MARYLAND 21031 or at such other place as Payee or the holder hereof may designate, the principal sum of Three Million Six Hundred Fifty-seven Thousand Three Hundred Fifty and 00/100 Dollars ($3,657,350.00), WITH interest thereon, from the date hereof through and including the dates of payment, at a fixed interest rate of Eight AND 53/100 percent (8.53%) PER annum, to be paid in lawful money of the United States, in sixty (60) CONSECUTIVE monthly installments of principal and interest of Seventy-five Thousand Ninety-four and Ten Cents ($75,094.10) EACH ("Periodic Installment") AND a final installment which shall be in the amount of the total outstanding principal and interest. The first Periodic Installment shall be due and payable on Janaury 29, 1996 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a "Payment Date"). SUCH installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its due date. The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee's right to receive payment in full at such time or at any prior or subsequent time. The Maker hereby expressly authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is hereinafter called a "Security Agreement.") TIME is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker fails to make payment of any amount due hereunder within ten (10) days after the same becomes due and payable; or (ii) Maker is in default under, or fails to perform under any term or condition contained in any Security Agreement, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser of twelve percent (12%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). The Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of an additional sum as a premium equal to the following percentages of the original principal balance for the indicated period: Prior to the first annual anniversary date of this Note: three percent (3%) Thereafter and prior to the second annual anniversary date of this Note: two percent (2%) Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) Thereafter and prior to the fourth annual anniversary date of this Note: one percent (1%) Thereafter and prior to the fifth annual anniversary date of this Note: one percent (1%) and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an "Obligor") WHO may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee's reasonable attorneys' fees. THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. THIS Note and any Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or implied. No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. Any provision in this Note or any Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. Plymouth Rubber Company, Inc. DEBORAH A. Kream By: D. E. Wheeler (L.S.) (Witness) (Signature) Deborah A. Kream Duane E. Wheeler - V.P. -Finance (Print name) Print name (and title, if applicable) 104 Revere Street, Canton, MA 02021 04-1733970 (ADDRESS) (Federal tax identification number) EX-4 3 Exhibit (4)(viii) 3000 (3/91) MASTER SECURITY AGREEMENT THIS MASTER SECURITY AGREEMENT, made as of December 29, 1995 ( Agreement"), by and between General Electric Capital Corporation, a New York corporation with an address at 303 International Circle Suite 300, Hunt Valley, MARYLAND ("Secured Party"), and Plymouth Rubber Company, Inc., a corporation organized and existing under the laws of the State of MA with its chief executive offices located at 104 Revere Street, Canton, MA 02021 ("Debtor"). In consideration of the promises herein contained and of certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Debtor and Secured Party hereby agree as follows: 1. CREATION OF SECURITY INTEREST. Debtor hereby gives, grants and assigns to Secured Party, its successors and assigns forever, a security interest in and against any and all property listed on any collateral schedule now or hereafter annexed hereto or made a part hereof ("Collateral Schedule"), and in and against any and all attachments, accessories and accessions thereto, any and all substitutions, replacements or exchanges therefor, and any and all insurance and/or other proceeds thereof (all of the foregoing being hereinafter individually and collectively referred to as the "Collateral"). The foregoing security interest is given to secure the payment and performance of any and all debts, obligations and liabilities of any kind, nature or description whatsoever (whether primary, secondary, direct, contingent, sole, joint or several, or otherwise, and whether due or to become due) of Debtor to Secured Party, now existing or hereafter arising, including but not limited to the payment and performance of certain Promissory Notes from time to time identified on any Collateral Schedule (collectively "Notes" and each a "Note"), and any renewals, extensions and modifications of such debts, obligations and liabilities (all of the foregoing being hereinafter referred to as the "Indebtedness"). 2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR. Debtor hereby represents, warrants and covenants as of the date hereof and as of the date of execution of each Collateral Schedule hereto that: (a) Debtor is, and will remain, duly organized, existing and in good standing under the laws of the State set forth in the first paragraph of this Agreement, has its chief executive offices at the location set forth in such paragraph, and is, and will remain, duly qualified and licensed in every jurisdiction wherever necessary to carry on its business and operations; (b) Debtor has adequate power and capacity to enter into, and to perform its obligations, under this Agreement, each Note and any other documents evidencing, or given in connection with, any of the Indebtedness (all of the foregoing being hereinafter referred to as the "Debt Documents"); (c) This Agreement and the other Debt Documents have been duly authorized, executed and delivered by Debtor and constitute legal, valid and binding agreements enforceable under all applicable laws in accordance with their terms, except to the extent that the enforcement of remedies may be limited under applicable bankruptcy and insolvency laws; (d) No approval, consent or withholding of objections is required from any governmental authority or instrumentality with respect to the entry into, or performance by, Debtor of any of the Debt Documents, except such as may have already been obtained; (e) The entry into, and performance by, Debtor of the Debt Documents will not (i) violate any of the organizational documents of Debtor or any judgment, order, law or regulation applicable to Debtor, or (ii) result in any unwaived breach of, constitute a default under, or result in the creation of any lien, claim or encumbrance on any of Debtor's property (except for liens in favor of Secured Party) pursuant to, any indenture mortgage, deed of trust, bank loan, credit agreement, or other agreement or instrument to which Debtor is a party; (f) Except as have been previously disclosed, there are no suits or proceedings pending or threatened in court or before any commission, board or other administrative agency against or affecting Debtor which could, in the aggregate, have a material adverse effect on Debtor, its business or operations, or its ability to perform its obligations under the Debt Documents; (g) All financial statements delivered to Secured Party in connection with the Indebtedness have been prepared in accordance with generally accepted accounting principles, and since the date of the most recent financial statement, there has been no material adverse change; (h) The Collateral is not, and will not be, used by Debtor for personal, family or household purposes; (I) The Collateral is, and will remain, in good condition and repair and Debtor will not be negligent in the care and use thereof; (j) Debtor is, and will remain, the sole and lawful owner, and in possession of, the Collateral, and has the sole right and lawful authority to grant the security interest described in this Agreement; and (k) The Collateral is, and will remain, free and clear of all liens, claims and encumbrances of every kind, nature and description, except for (i) liens in favor of Secured Party, (ii) liens for taxes not yet due or for taxes being contested in good faith and which do not involve, in the reasonable judgment of Secured Party, any risk of the sale, forfeiture or loss of any of the Collateral, (iii) inchoate materialmen's, mechanic's, repairmen's and similar liens arising by operation of law in the normal course of business for amounts which are not delinquent and (iv) a subordinate lien held by Chilmark Financial Services (as agent for certain lenders) (all of such permitted liens being hereinafter referred to as "Permitted Liens"). 3. COLLATERAL. (a) Until the declaration of any default hereunder, Debtor shall remain in possession of the Collateral; provided, however, that Secured Party shall have the right to possess (i) any chattel paper or instrument that constitutes a part of the Collateral, and (ii) any other Collateral which because of its nature may require that Secured Party's security interest therein be perfected by possession. Secured Party, its successors and assigns, and their respective agents, shall have the right to examine and inspect any of the Collateral at any time during normal business hours. Upon any request from Secured Party, Debtor shall provide Secured Party with notice of the then current location of the Collateral. (b) Debtor shall (i) use the Collateral only in its trade or business, (ii) maintain all of the Collateral in good condition and working order, (iii) use and maintain the Collateral only in compliance with all applicable laws, and (iv) without Secured Party s consent, which shall not be unreasonably withheld, keep all of the Collateral free and clear of all liens, claims and encumbrances (except for Permitted Liens). (c) Debtor shall not, without the prior written consent of Secured Party, (i) part with possession of any of the Collateral (except to Secured Party or for maintenance and repair), (ii) remove any of the Collateral from the continental United States, or (iii) sell, rent, lease, mortgage, grant a security interest in or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral. (d) Debtor shall pay promptly when due all taxes, license fees, assessments and public and private charges levied or assessed on any of the Collateral, on the use thereof, or on this Agreement or any of the other Debt Documents. Upon prior written notice to Debtor by reason of Debtor s failure to pay, at its option, Secured Party may discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral and may pay for the maintenance, insurance and preservation of the Collateral or to effect compliance with the terms of this Agreement or any of the other Debt Documents. Debtor shall reimburse Secured Party, on demand, for any and all costs and expenses incurred by Secured Party in connection therewith and agrees that such reimbursement obligation shall be secured hereby. (e) Debtor shall, at all times, keep accurate and complete records of the Collateral, and Secured Party, its successors and assigns, and their respective agents, shall have the right to examine, inspect, and make extracts from all of Debtor's books and records relating to the Collateral at any time during normal business hours. (f) If agreed by the parties, Secured Party may, but shall in no event be obligated to, accept substitutions and exchanges of property for property, and additions to the property, constituting all or any part of the Collateral. Such substitutions, exchanges and additions shall be accomplished at any time and from time to time, by the substitution of a revised Collateral Schedule for the Collateral Schedule now or hereafter annexed. Any property which may be substituted, exchanged or added as aforesaid shall constitute a portion of the Collateral and shall be subject to the security interest granted herein. Additions to, reductions or exchanges of, or substitutions for, the Collateral, payments on account of any obligation or liability secured hereby, increases in the obligations and liabilities secured hereby, or the creation of additional obligations and liabilities secured hereby, may from time to time be made or occur without affecting the provisions of this Agreement or the provisions of any obligation or liability which this Agreement secures. (g) Any third person at any time and from time to time holding all or any portion of the Collateral shall be deemed to, and shall, hold the Collateral as the agent of, and as pledge holder for, Secured Party. At any time and from time to time, Secured Party may give notice to any third person holding all or any portion of the Collateral that such third person is holding the Collateral as the agent of, and as pledge holder for, the Secured Party. 4. INSURANCE. The Collateral shall at all times be held at Debtor's risk, and Debtor shall keep it insured against loss or damage by fire and extended coverage perils, theft, burglary, and for any or all Collateral which are vehicles, for risk of loss by collision, and where requested by Secured Party, against other risks as required thereby, for the full replacement value thereof, with companies, in amounts and under policies acceptable to Secured Party. Debtor shall, if Secured Party so requires, deliver to Secured Party policies or certificates of insurance evidencing such coverage. Each policy shall name Secured Party as loss payee thereunder, shall provide for coverage to Secured Party regardless of the breach by Debtor of any warranty or representation made therein, shall not be subject to co-insurance, and shall provide for thirty (30) days written notice to Secured Party of the cancellation or material modification thereof. Debtor hereby appoints Secured Party as its attorney in fact to make proof of loss, claim for insurance and adjustments with insurers, and to execute or endorse all documents, checks or drafts in connection with payments made as a result of any such insurance policies. Proceeds of insurance shall be applied, at the option of Secured Party, to repair or replace the Collateral or to reduce any of the Indebtedness secured hereby. 5. REPORTS. (a) Debtor shall promptly notify Secured Party in the event of (i) any change in the name of Debtor, (ii) any relocation of its chief executive offices, (iii) any relocation of any of the Collateral, (iv) any of the Collateral being lost, stolen, missing, destroyed, materially damaged, or (v) any lien, claim or encumbrance attaching or being made against any of the Collateral other than Permitted Liens. (b) Subject to Secured Party s continuing obligation of confidentiality, Debtor agrees to furnish its annual financial statements and such interim statements as Secured Party may require in form satisfactory to Secured Party. Any and all financial statements submitted and to be submitted to Secured Party have and will have been prepared on a basis of generally accepted accounting principles, and are and will be complete and correct and fairly present Debtor's financial condition as at the date thereof. Secured Party may at any reasonable time examine the books and records of Debtor and make copies thereof. 6. FURTHER ASSURANCES. (a) Debtor shall, upon request of Secured Party, furnish to Secured Party such further information, execute and deliver to Secured Party such documents and instruments (including, without limitation, Uniform Commercial Code financing statements) and do such other acts and things, as Secured Party may at any time reasonably request relating to the perfection or protection of the security interest created by this Agreement or for the purpose of carrying out the intent of this Agreement. Without limiting the foregoing, Debtor shall cooperate and do all acts deemed necessary or advisable by Secured Party to continue in Secured Party a perfected first security interest in the Collateral, and shall obtain and furnish to Secured Party any subordinations, releases, landlord, lessor, or mortgagee waivers, and similar documents as may be from time to time requested by, and which are in form and substance satisfactory to, Secured Party. (b) Debtor hereby grants to Secured Party the power to sign Debtor's name and generally to act on behalf of Debtor to execute and file applications for title, transfers of title, financing statements, notices of lien and other documents pertaining to any or all of the Collateral as reasonably determined by Secured Party. Debtor shall, if any certificate of title be required or permitted by law for any of the Collateral, obtain such certificate showing the lien hereof with respect to the Collateral and promptly deliver same to Secured Party. (c) Debtor shall indemnify and defend the Secured Party, its successors and assigns, and their respective directors, officers and employees, from and against any and all claims, actions and suits (including, without limitation, related attorneys' fees) of any kind, nature or description whatsoever arising, directly or indirectly, in connection with any of the Collateral. 7. EVENTS OF DEFAULT. Debtor shall be in default under this Agreement and each of the other Debt Documents upon the occurrence of any of the following "Event(s) of Default": (a) Debtor fails to pay any installment or other amount due or coming due under any of the Debt Documents within ten (10) days after its due date; (b) Any attempt by Debtor, without the prior written consent of Secured Party, to sell, rent, lease, mortgage, grant a security interest in, or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral; (c) Debtor fails to procure, or maintain in effect at all times, any of the insurance on the Collateral in accordance with Section 4 of this Agreement; (d) Debtor breaches any of its other obligations under any of the Debt Documents and fails to cure the same within thirty (30) days after written notice thereof; (e) Any warranty, representation or statement made by Debtor in any of the Debt Documents or otherwise in connection with any of the Indebtedness shall be false or misleading in any material respect; (f) Any of the Collateral being subjected to execution, levy, seizure or confiscation in any legal proceeding or otherwise; (g) Any of the Collateral being subjected to attachment which has not been cured/removed within thirty (30) days; (h) Any default by Debtor under any other agreement between Debtor and Secured Party; (I) Any dissolution, termination of existence, merger, consolidation, insolvency, or complete business failure of Debtor or any guarantor or other obligor for any of the Indebtedness (collectively "Guarantor"), or if Debtor or any Guarantor is a natural person, any death or incompetency of Debtor or such Guarantor; (j) The appointment of a receiver for all or of any part of the property of Debtor or any Guarantor, or any assignment for the benefit of creditors by Debtor or any Guarantor; (k) The filing of a petition by Debtor or any Guarantor under any bankruptcy, insolvency or similar law, or the filing of any such petition against Debtor or any Guarantor if the same is not dismissed within thirty (30) days of such filing; or (l) Debtor is in default beyond any applicable grace or cure period under the Amended and Restated Loan and Security Agreement dated as of October 1, 1993 with Foothill Capital Corporation. 8. REMEDIES ON DEFAULT. (a) Upon the occurrence of an Event of Default under this Agreement, the Secured Party, at its option, may declare any or all of the Indebtedness, including without limitation the Notes, to be immediately due and payable, without demand or notice to Debtor or any Guarantor. The obligations and liabilities accelerated thereby shall bear interest (both before and after any judgment) until paid in full at the lower of twelve percent (12%) per annum or the maximum rate not prohibited by applicable law. (b) Upon such Event of Default, Secured Party shall have all of the rights and remedies of a Secured Party under the Uniform Commercial Code, and under any other applicable law. Without limiting the foregoing, Secured Party shall have the right to (i) notify any account debtor of Debtor or any obligor on any instrument which constitutes part of the Collateral to make payment to the Secured Party, (ii) with or without legal process, enter any premises where the Collateral may be and take possession and/or remove said Collateral from said premises, (iii) sell the Collateral at public or private sale, in whole or in part, and have the right to bid and purchase at said sale, and/or (iv) lease or otherwise dispose of all or part of the Collateral, applying proceeds therefrom to the obligations then in default. If requested by Secured Party, Debtor shall promptly assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Secured Party may also render any or all of the Collateral unusable at the Debtor's premises and may dispose of such Collateral on such premises without liability for rent or costs. Any notice which Secured Party is required to give to Debtor under the Uniform Commercial Code of the time and place of any public sale or the time after which any private sale or other intended disposi- tion of the Collateral is to be made shall be deemed to constitute reasonable notice if such notice is given to the last known address of Debtor at least five (5) days prior to such action. (c) Proceeds from any sale or lease or other disposition shall be applied: first, to all costs of repossession, storage, and disposition including without limitation attorneys', appraisers', and auctioneers' fees; second, to discharge the obligations then in default; third, to discharge any other Indebtedness of Debtor to Secured Party, whether as obligor, endorsor, guarantor, surety or indemnitor; fourth, to expenses incurred in paying or settling liens and claims against the Collateral; and lastly, to Debtor, if there exists any surplus. Debtor shall remain fully liable for any deficiency. (d) In the event this Agreement, any Note or any other Debt Documents are placed in the hands of an attorney for collection of money due or to become due or to obtain performance of any provision hereof, Debtor agrees to pay all reasonable attorneys' fees incurred by Secured Party, and further agrees that payment of such fees is secured hereunder. (e) Secured Party's rights and remedies hereunder or otherwise arising are cumulative and may be exercised singularly or concurrently. Neither the failure nor any delay on the part of the Secured Party to exercise any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Secured Party shall not be deemed to have waived any of its rights hereunder or under any other agreement, instrument or paper signed by Debtor unless such waiver be in writing and signed by Secured Party. A waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion. (f)DEBTOR AND SECURED PARTY HEREBY UNCONDITIONALLY WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED HEREBY, ANY DEALINGS BETWEEN DEBTOR AND SECURED PARTY RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS). THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 9. MISCELLANEOUS. (a) This Agreement, any Note and/or any of the other Debt Documents may be assigned, in whole or in part, by Secured Party without notice to Debtor, and Debtor hereby waives any defense, counterclaim or cross-complaint by Debtor against any assignee, agreeing that Secured Party shall be solely responsible therefor. (b) All notices to be given in connection with this Agreement shall be in writing, shall be addressed to the parties at their respective addresses set forth hereinabove (unless and until a different address may be specified in a written notice to the other party), and shall be deemed given (i) on the date of receipt if delivered in hand or by facsimile transmission, (ii) on the next business day after being sent by express mail, and (iii) on the fourth business day after being sent by regular, registered or certified mail. As used herein, the term "business day" shall mean and include any day other than Saturdays, Sundays, or other days on which commercial banks in New York, New York are required or authorized to be closed. (c) Secured Party may correct patent errors herein and fill in all blanks herein or in any Collateral Schedule consistent with the agreement of the parties. (d) Time is of the essence hereof. This Agreement shall be binding, jointly and severally, upon all parties described as the "Debtor" and their respective heirs, executors, representatives, successors and assigns, and shall inure to the benefit of Secured Party, its successors and assigns. (e) This Agreement and its Collateral Schedules constitute the entire agreement between the parties with respect to the subject matter hereof and supercede all prior understandings (whether written, verbal or implied) with respect thereto. This Agreement and its Collateral Schedules shall not be changed or terminated orally or by course of conduct, but only by a writing signed by both parties hereto. Section headings contained in this Agreement have been included for convenience only, and shall not affect the construction or interpretation hereof. (f) This Agreement shall continue in full force and effect until all of the Indebtedness has been indefeasibly paid in full to Secured Party. The surrender, upon payment or otherwise, of any Note or any of the other documents evidencing any of the Indebtedness shall not affect the right of Secured Party to retain the Collateral for such other Indebtedness as may then exist or as it may be reasonably contemplated will exist in the future. This Agreement shall automatically be reinstated in the event that Secured Party is ever required to return or restore the payment of all or any portion of the Indebtedness (all as though such payment had never been made). IN WITNESS WHEREOF, Debtor and Secured Party, intending to be legally bound hereby, have duly executed this Agreement in one or more counterparts, each of which shall be deemed to be an original, as of the day and year first aforesaid. SECURED PARTY: DEBTOR: General Electric Capital Corporation Plymouth Rubber Company, Inc. By: Timothy H. Brown By: D. E. Wheeler Title: Sr. Transaction Manager Title: Vice President - Finance (3/91) CERTIFIED COPY OF RESOLUTION OF BOARD OF DIRECTORS The undersigned hereby certifies: (i) that he/she is the Assistant Secretary of Plymouth Rubber Company, Inc., a MA corporation; (ii) that the following is a true, accurate and complete transcript of resolutions duly adopted by the Board of Directors of said Corporation on the 29th day of December , 19, 95 at which a quorum was present, and that the proceedings were in accordance with the Articles and by-laws of said Corporation; and (iii) that said resolutions have not been amended or revoked, and are in full force and effect: "RESOLVED, that each of the officers of this Corporation, whose name appears below, or the duly elected or appointed successor in office of any or all of them, be and hereby is authorized and empowered in the name and on behalf of this Corporation to borrow from General Electric Capital Corporation (hereinafter referred to as "GE Capital") from time to time, such sum or sums of money as in the judgment of such officer or officers the Corporation may require and to execute on behalf of the Corporation and to deliver to GE Capital in the form required by GE Capital a promissory note or notes of this Corporation evidencing the amount or amounts borrowed or any renewals and/or extensions thereof, such note or notes to bear such rate of interest and be payable in such installments and on such terms and conditions as such officer may agree to by his signature thereon. FURTHER RESOLVED, that any of the aforesaid officers, or his duly elected or appointed successor in office, be and hereby is authorized and empowered to do any acts, including, but not limited to, the mortgage, pledge, or hypothecation from time to time with GE Capital of any or all the assets of this Corporation to secure such loan or loans and any other indebtedness or obligations, now existing or hereafter arising, of this Corporation to GE Capital, and to execute in the name of and on behalf of this Corporation, any chattel mortgages, notes, security agreements, financing statements, renewal, extension or consolidation agreements, and any other instruments or agreements deemed necessary or proper by GE Capital in respect of the collateral securing any indebtedness of this Corporation, and to affix the seal of this Corporation to any mortgage, pledge, or other such instrument if so required or requested by GE Capital. FURTHER RESOLVED, that each said officer of this Corporation is hereby authorized to do and perform all other acts and deeds that may be requisite or necessary to carry fully into effect the foregoing resolutions. FURTHER RESOLVED, that the officers referred to in the foregoing resolutions, their names and signatures are as follows: NAME TITLE SIGNATURE Duane E. Wheeler Vice President D. E. Wheeler FURTHER RESOLVED, that GE Capital is authorized to rely upon the aforesaid resolutions until receipt by it of written notice of any change, which changes of whatever nature shall not be effective as to GE Capital to the extent that it has theretofore relied upon the aforesaid resolutions in the above form." IN WITNESS WHEREOF, I have set my hand and affixed the seal of said Corporation this 29th day of December , 1995. Deborah A. Kream Assistant Secretary (CORPORATE SEAL) ADDENDUM NO. 1 TO MASTER SECURITY AGREEMENT DATED AS OF December 29, 1995. This Addendum is made and entered into as of December 29, 1995 ("Addendum"), between General Electric Capital Corporation, a New York corporation ("Secured Party"), and Plymouth Rubber Company, Inc., a company, organized and existing under the law of the State of MA ("Debtor"). RECITALS A. Debtor and Secured Party have entered into a certain Master Security agreement dated ("Security Agreement") relating to certain equipment or other collateral more particularly described therein ("Equipment"). B. Debtor and Secured Party desire to amend the Security Agreement as provided herein. NOW THEREFORE, in consideration of the promises and the premises herein contained, the parties hereto hereby agree as follows: The Security Agreement is amended as follows: 1. Section 10. ADDITIONAL COVENANTS. (a) At all times during the term of the Security Agreement, Debtor shall maintain: (i) Minimum Tangible Net Worth of a negative ($435,000.00) plus 75% of Net Income for the Debtor s fiscal years 1995 through 2000, (ii) Minimum Working Capital of $1,000,000.00 (iii) Minimum Fixed Charge Coverage ratio of 1.50x to 1.0x (iv) a maximum Total liabilities to Net Worth of 7.5x to 1.0x from the Debtor s fiscal year end 1995 to the Debtor s fiscal year end 1996 and 6.0x to 1.0x from the Debtors fiscal year end 1996 until the maturity of all note(s). Tangible Net Worth is defined as Stockholder s Equity less intangible assets. EBITDA is defined as earnings before Interest, Depreciation, and Taxes. Fixed Charges is defined as current portion of long term debt, plus current portion of capital leases, plus interest expense, plus preferred dividends. Fixed Charge Coverage is defined as EBITDA divided by fixed charges (both determined on a rolling four quarter average). Total Debt includes all liabilities of the Debtor as defined by GAAP. Intangibles as used for the determination of Minimum Tangible Net Worth shall be defined by GAAP exclusive of the deferred tax asset and associated valuation reserve as defined by FAS 109. Accounting terms used herein not otherwise defined herein shall be as defined, and all calculations hereunder shall be made, in accordance with GAAP. (b) Debtor's chief financial officer shall notify Secured Party in writing that the Debtor is in compliance with the requirements of Section 1(a) above, such notification and certification shall be provided within forty-five (45) days after the end of each quarter, reflecting such information as of the end of the quarter immediately preceding such quarter. Except as expressly modified hereby, all terms and provisions of the Security Agreement shall remain in full force and effect. This Addendum is not binding nor effective with respect to the Security Agreement or the Equipment until executed on behalf of Secured Party and Debtor by authorized representatives of Secured Party and Debtor. IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute and deliver this Addendum on the day and year first above written. DEBTOR: SECURED PARTY: PLYMOUTH RUBBER COMPANY, INC. GENERAL ELECTRIC CAPITAL CORPORATION By: D. E. Wheeler By: Timothy H. Brown Title: Vice President - Finance Title: Sr. Transaction Manager ADDENDUM NO. 2 TO MASTER SECURITY AGREEMENT DATED AS OF DECEMBER 29 , 1995 This Addendum is made and entered into as of December 29, 1995 ("Addendum"), between GENERAL ELECTRIC CAPITAL CORPORATION, a New York corporation ("Secured Party"), and PLYMOUTH RUBBER COMPANY, INC., a corporation organized and existing under the law of the State of Massachusetts ("Debtor"). RECITALS A. Debtor and Secured Party have entered into a certain Master Security agreement dated December 29, 1995 ("Security Security Agreement") relating to certain Collateral or other collateral more particularly described therein ("Collateral"). B. Debtor and Secured Party desire to amend the Security Security Agreement as provided herein. NOW THEREFORE, in consideration of the promises and the premises herein contained, the parties hereto hereby agree as follows: 1. Each reference contained in this Security Agreement to: (a) "Adverse Environmental Condition" shall refer to (i) the existance or the continuation of the existence, of an Environmental Emission (including, without limitation, a sudden or non-sudden accidental or non-accidental Environmental Emission), of, or exposure to, any substance, chemical, material, pollutant, Contaminant, odor or audible noise or other release or emission in, into or onto the environment (including without limitation, the air, ground, water or any surface) at, in, by, from or related to any Collateral, (ii) the environmental aspect of the transportation, storage, treatment or disposal of materials in connection with the operation of any Collateral or (iii) the violation, or alleged violation of any statutes, ordinances, orders, rules, regulations, permits or licenses of, by or from any governmental authority, agency or court relating to environmental matters connected with any Collateral. (b) "Affiliate" shall refer, with respect to any given Person, to any Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. (c) "Contaminent" shall refer to those substances which are regulated by or form the basis of liability under any Environmental Law, including without limitation, asbestos, polychlorinated biphenyls ("PCBs"), and radioactive substances, or other material or substance which has in the past or could in the future constitute a health, safety or environmental hazard to any Person, property or natural resources. (d) "Environmental Claim" shall refer to any accusation, allegation, notice of violation, claim, demand, abatement or other order on direction (conditional or otherwise) by any governmental authority or any Person for personal injury (including sickness, disease or death), tangible or intangible property damage, damage to the environment or other adverse effects on the environment, or for fines, penalties or restrictions, resulting from or based upon any Adverse Environmental Condition. (e) "Environmental Emission" shall refer to any actual or threatened release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into the indoor or outdoor environment, or into or out of any of the Collateral, including, without limitation, the movement of any Contaminent or other substance through or in the air, soil, surface water, groundwater or property. (f) "Environmental Law" shall mean any federal, foreign, state or local law, rule or regulation pertaining to theprotection of the environment, including, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") (42 U.S.C. Section 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. Section 1801 et seq.), the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 1361 et seq.), and the Occupational Safety and Health Act (19 U.S.C. section 651 et seq.), as these laws have been amended or supplemented, and any analogous foreign, federal, state or local statutes, and the regulations promulgated pursuant thereto. (g) "Environmental Loss" shall mean any loss, cost, damage, liability, deficiency, fine, penalty or expense (including, without limitation, reasonable attorneys' fees, engineering and other professional or expert fees), investigation, removal, cleanup and remedial costs (voluntarily or involuntarily incurred) and damages to, loss of the use of or decrease in value of the Collateral arising out of or related to any Adverse Environmental Condition. (h) "Person" shall include any individual, partnership, corporation, trust, unincorporated organization, government or department or agency thereof and any other entity. 2. Debtor hereby represents, warrants and covenants that: (i) it has conducted, and will continue to conduct its business operations, and throughout the term of the Security Agreement will use the Collateral, so as to comply with all Environmental Laws; and (ii) Debtor has, and throughout the term of the Security Agreement will continue to have in full force and effect all federal, state and local licenses, permits, orders and approvals required to operate the Collateral in compliance with all Environmental Laws. 3. Debtor agrees that if required to return the Collateral or any item thereof to Secured Party or Secured Party's agents, Debtor shall return such Collateral free from all Contaminants. 4. Debtor shall fully and promptly pay, perform, discharge, defend, indemnify and hold harmless Secured Party and its Affiliates, successors and assigns, directors, officers, employees and agents from and against any Environmental Claim or Environmental Loss. 5. The provisions of this Addendum shall survive any expiration or termination of the Security Agreement and shall be enforceable by Secured Party, its successors and assigns. Except as expressly modified hereby, all terms and provisions of the Security Agreement shall remain in full force and effect. This Addendum is not binding or effective with respect to the Security Agreement or Collateral until executed on behalf of Secured Party and Debtor by authorized representatives of Secured Party and Debtor, respectively. IN WITNESS WHEREOF, Debtor and Secured Party have caused this Addendum to be executed by their duly authorized representatives as of the date first above written. SECURED PARTY: DEBTOR: Plymouth Rubber Company, Inc. By: Timothy H. Brown By: D. E. Wheeler Name: Timothy H. Brown Name: Duane E. Wheeler Title: Sr. Transaction Mgr Title: Vice President - Finance Attest: By: Deborah A. Kream Name: Deborah A. Kream (3/91) CERTIFICATE OF DELIVERY/INSTALLATION UNDERSIGNED hereby certify that all equipment and property covered by a Security Agreement or Chattel Mortgage dated December 29, 1995 and Note dated December 29, 1995, between General Electric Capital Corporation ("Secured Party") and undersigned has been delivered to undersigned and found satisfactory, and that any and all installation has been satisfactorily completed. In order to induce Secured Party to advance the loan evidenced by such Note, undersigned hereby waive any defense, counterclaim or offset thereunder as against Secured Party. Plymouth Rubber Company, Inc. By: D. E. Wheeler Title: Vice President - Finance Date: December 29, 1995 (3/91) COLLATERAL SCHEDULE NO. 001 THIS COLLATERAL SCHEDULE NO. 001 is annexed to and made a part of that certain Master Security Agreement dated as of DECEMBER 29, 1995 between General Electric Capital CORPORATION as Secured Party and Plymouth Rubber Company, Inc. AS Debtor and describes collateral in which Debtor has granted Secured Party a security interest in connection with the Indebtedness (as defined in the Security Agreement) including without limitation that certain Promissory Note dated December 29, 1995 in the original principal amount of $3,657,350.00. Description Year/Model Serial Number Location See Attachment to Collateral Schedule No. 001 SECURED PARTY: DEBTOR: General Electric Capital Corporation Plymouth Rubber Company, Inc. BY: Barbara Bennett By: D. E. Wheeler Title: Specialist - Acct. Admin Title: Vice President - Finance Date: December 29, 1995 Date: December 29, 1995
ATTACHMENT TO COLLATERAL SCHEDULE NO. 001 ITEM NO. DESCRIPTION IN PLACE ORDERLY AUCTION NO. ITEMS VALUE VALUE VALUE BUILDING NO.l - USED EQUIPMENT 1 1 Black Rock 4511 Hydraulic Slab Cutter 7,500 4,000 3,500 2 1 Core Cutter for Friction Cameron 5,000 500 100 3R 1 #11 Size Banbury Body and Slide Door 20,000 5,000 2,500 4 4 Spare No. 11 Banbury Rotors (In Yard 6,000 3,000 2,000 5R 1 #3D - 300 H,P. Banbury Body - Spare 30,000 15,000 10,000 6 1 #3D Banbury Spare Rebuilt Rotors 50,000 20,000 15,000 7R 1 No. 2 42" Multi Knife Duplex Slitter 3,000 1,000 500 8R 2 Appleton D42SH105 Auto Cut-off Lathe 6,000 3,000 750 9R 2 Lever 500 Auto Cut-off Lathes (No, 20,000 8.000 3,000 10 Lot Multiple Lots of Belt and Roller Con 5,000 2,000 500 11 1 Set of Kneader Rotors 2,000 500 100 12 Lot Miscellaneous spare parts including - Large Fans, Blowers, various Idlers, Cutting Mandrels For Calenders, Cooling Cans, Air Makeup Units, Motors, Reduction Gears, Pumps, Hydraliners, Light Fixtures, Monorai 50,000 20,000 10,000 13 Lot "601, Pad Mll and Waldren Reverse Roll coater FOR SALE BUILDING NO. 5-2 - (MAINTENANCE STORAGE) MAINTENANCE STOCK ROOM AND FORK TRUCK REPAIR 1 Lot Main Stock Room Spare Parts, Shelving, Electric Parts, Motors, CabinetB, Tools, Dril 50,000 15,000 7,500 2 Lot 3 Welders, 2 Snow Blowerst Steam Cleaner, High Pressure Cleaner, 2 Emergency Generators, Etc 25,000 10,000 5,000 3 Lot Electric Fixtures, Electrical Control Boxes, Motors, 5 Motor/ Eddy Current Alternators, M 5,000 2,000 500 4 Lot Used Scales, Fans, Conveyors, Adhesive Mixers, Pumps, Hoists, Chainfalls, Heat Exchangers, 10,000 5,000 1,000 BUILDING NO. 6-1 (R) - (MAINTENANCE STORAGE) MAINTENANCE USED STORAGE 1 Lot Heater Units, Cooling Cans, Fans, Tri-Sets, Gears, Compressors,, Motors, Transformers, I 20,000 7,500 2,500 2 Lot 5 Chillers, Drives, Hot Drum, Pipe F 20,000 8,000 2,500 3 Lot Hoists, Bench ScaleB, Floor Scales, Conveyors, Spreaders, Guiders, Air Makeup Units 10,000 5,000 1,000 4 2 Sand BlaBters For Calanders (I New 8,000 4,000 2,500 5 1 Hot Oil Heated Lab Mill (In Process 20,000 10,000 5,000 BUILDING NO. 7-2 - (ELECTRIC SHOP) (1342) ELECTRIC SHOP 1 Lot Electric Shop w/Motors, Hoists, Stackerf GrinderB, Spare Parts, Tools, Test Equipment 30,000 13,500 7,000 2 Lot Ridgid Power Threader & Enerpac H Frame Press & Vise 2,000 1,000 750 BUILDING NO. 7-1 - (MAINTENANCE, NO. 7 CAL.R NO. 3 BAN,) PIPE SHOP 1 Lot Pipe Shop - Including Welder, Threader, Pneumatic & Electric Tools, Vises, GrinderB, Pumps, Lockers, Cabinets, Etc, 14,500 5,500 4,000 MAINTENANCE SHOP 1 1 Sheldon Lathe, s/n UM20968 13, x 36, 3,000 1,500 1,250 2 1 Newport Vertical Mill,s/n 79175, 42" 4,000 2,750 2,000 3 1 Norton Type C 10 x 36 surface Grinde 1,750 750 500 4 1 Boyer Schultz 612 Hand Surface Grind 1,750 750 500 5 1 TOS Trencier 17" x 1711 Lathe, SIN 64-2-587, 2000 RPM, Model SN-40 15,000 7,000 5,000 6 1 Hendey 16,v x 41 Lathe, SIN 10214 1,500 750 500 7 1 Do All Vertical Band Saw, SIN 36-636 1,500 3,500 2,750 8 1 Dayton U,S. 20" Floor Drill 1,000 600 450 9 1 Miller Dial Arc 250 Welder, SIN HGO1 1,100 500 350 10 1 Kalamazoo 9AD Horizontal Band Saw, S 1,250 900 700 11 Lot Miscellaneous Machine Tools including Gang Box w/Hand & Electric ToolB, Electrical Hoists Benches, ViseB. Grinders, Cabinets, 2 Lincoln 225/250 AMP Welders, Tables, Floor Drill, 61 Sander, Oxy Acetylene Outfits Cafeteria & office 12,000 5,000 4,000 CALENDER NO. 7 LINE 1 1 Farrell 3 Roll 60" x 24" Calender w/125 Horsepower Motor, Unwind & 2 - 21 Cooling Cans & Trane 15 Ton Water Cooled Refrigeration Co 30,000 5,000 2,000 2 2pcs Barry 60" x 22'1/2011 2 Roll Mill & 48" x 1611 2 Roll Mill w/l - 200 Horsepower Drive 20,000 2,500 1,000 3 1 Hosts, Scale Carts, Tubs, Miser, of 5,000 3,000 2,000 BANBURY NO. 3 LINE 1* 1 Banbury Size 11 Mixer, Drill Side, Toledo Batching and Weighing System w/Scale & Recorders 500/250 Horsepower, Slide Door, Thermolator, w/Trane 50 Ton Chiller. Banbury & Motor majo 250,000 100,000 50,000 2 1 Bolling 84" x 26'1/22" 2 Roll Mill, 200 Horsepower w/soap conveyor 50,000 20,000 10,000 3 1 Royal 3A Extruder Strainer - 1011 Screw, Profile Head, w/ Take-A-Way Cut Off Unit 30,000 15,000 10,000 BUILDING NO. 8-1 - (COMPOUND ROOM) (4489) 1ST FLOOR COMPOUND ROOM 1 Lot Black Rock 3011 Hydraulic Cutter, Scales, Con- veyorf Baler, Tote Bins, HoiBtS, Etc 15,000 7,500 5,000 2 1 Trane Refrigeration compressor, 30 HP, 35 Tons with/ Piping (Ban 3/ Cal 7) - Water Cooled 9,000 1,500 1,000 3* 1 Anver Electric Power Vacuum Assist Lift Hoist w/Single Bridge Crane System 17,500 7,500 4,000 4* 1 Filing LTEC 16 Electronic Lift Scale 5,000 3,500 2,000 BUILDING NO. 8-2 - (LAE) (4489) LAB 2ND FLOOR 1 Lot Furniture in ReBearch & Development 7,500 3,500 2,500 2 1 H,P, Series II, Model 5890 Gas Chrom 14,000 10,000 7,000 3 1 Perkins Elmer 1600 Series PTIR Infra Red Spectrophotometer w/ Plotter, SIN 188499 25,000 12,500 7,500 BUILDING NO, 8-3 - (LAB) (4489) LABORATORIES 1 Lot Desks & Chairs, Furniture, Files, Bu 4,000 2,500 1,900 2* Lot Scott Tensile TesterB. Packard Unwind Tester w/ computer, Cold Wallace Tester, Adhesion TeBter, Shear TeBter, 2 Dielectric Testers, 17,500 7,500 5,500 3* 1 United Tensile Tester Model UEC2,0-60OLN2, serial 109406, with complete COMPUter SyBtem in CT 37,500 25,000 15,000 4 1 Braebender Model PL 2000 Plasticorder wl Power Supply & Spare Heads 25,000 20,000 16,500 5 1 Farrel Combination, 12" x 6" 2 Roll Mill & 12" x 6" 3 Roll calender, Top Cap w/Gas Boile 25,000 8,000 5,000 6 2 Thropp 1211 x 6" 2 Roll Mill, Top Cap 12,000 7,000 4,000 7 1 Motor Driven Blender / Baker Perkins 3,750 2,000 1,500 8 1 Farrel Lab Banbury Model BR - 25HPr With Instrumentations, SIN A3381, 1959 50,000 35,000 15,000 9 Lot Assorted Testers, Inc. Hot Wallace Testerf Electronic Scales, Lab Benches, Lab Press, Hot Plates, Chemical Cabinets, Lab Extruder Perfected 1/2, (4) Blue M OvenB, and (2) Precision Ovens, Cold Test Appar 30,000 17,500 12,500 10 1 High Speed Unwind Tester HSU 1000 (i 10,000 5,000 2,500 11 Lot High Voltage Lab, Desks, Filesj, Drafting Table, Comparator, Benches, Scope Testers 5,000 2,500 1,500 12 Lot High Voltage Lab Special Built High Voltage Test Equipment In Room 30,000 10,000 5,000 BUILDING NO. 9 - (BAN NO, lr BOILER ROOM) BANBURY NO. I LINE (5412) 1 1 Banbury Mixer No. 1 Size 11 Top Load Bottom Drop Mixer, 250/500 Horsepower w/Weighing 100,000 40,000 20,000 2 1 Eenco 2 Roll Mill # 1 841, x 26"/20", 200 Horsepower & Soap Conveyor, Unitized, Direct Coup 75,000 27,500 17,500 3 1 Worthington Refrigeration Compressor 100 Horsepower 100 Ton w/Piping 15,000 2,500 2,000 4 Lot Electric Hoists.Monorail, Floor Scal 6,500 2,750 l,750 COMPRESSOR ROOM & AIR DISTRIBUTION 1 1 Worthington 125 Horsepower 2 Stage Air Compressor w/Piping 20,000 6,500 4,000 2 1 Quincy Q1000 Rotary Air Compressor 200 HorBepower w/Piping, SIN 31114-0-3483 30,000 12,500 10,000 PLANT PIPING BOILER ROOM & POWER DISTRIBUTION 1 Lot Plant Cooling Water Supply Pumps 30,000 9,000 5,000 2 1500 GPM Worthington, 1- 2500 Worthington, 1 Ingersol Rand301,000 2 Lot MIBC. PUMPS, Plant Piping and Distri 100,000 2,500 1,000 FIRE PROTECTION (SEP, BLDG.) 1 1 250 0 GPM Fairbanks Morse Fire Pump 10,000 3,000 1,500 2 1 300 HP Cummings Diesel Engine Model 15,000 5,500 3,500 BUILDING NO. 12 - (RUBBER STORAGE) 2-(6636) FIRST FLOOR STOCK STORAGE (6636) 1* 1 Gardner Denver Electro Saver Model EAQSM-100 Horsepower Air Cooled Air Comp. & Dryer, w/Piping f 25,000 10,000 8,000 SECOND FLOOR STORAGE (6636) Area currently not in use, BUILDING NO. 13 - FIRST FLOOR DECORE AREA & STORAGE AREAS 1 2 Tape Decoring MachineB 20,000 4,000 1,000 BUILDING NO, 15 - (MAIN OFFICE, BALLET) FIRST FLOOR Rental "Boston Ballet" 1 1 Tape Annealing oven 30' x 20, x 10 40,000 10,000 5,000 SECOND FLOOR (MAIN OFFICE) 1 Lot Partitions, Metal & Wood Deskst 4-Drawer and 2- Drawer Files, Lateral FileB, Tables, Typewriters, Calculators, BookcaseB. Chairs, Furnishings Lamps, Copiers, Crendenza, Shelving, Safes 100,000 37,500 25,000 3 1 Fairchild-Davidson, Model 5008 Dupli 1,000 300 200 4 1 Iteck 615E Platemaker, Model 200900A 15,000 7,500 5,000 5 1 Challenge & Price 26" Paper Cutter, 2,000 750 500 6 1 Challenge JO Paper Drill 1,000 350 250 GUARD HOUSE / CLINIC (SEP. BLDG.) 1 Lot Time Clocks, RackB, Furniture etc. 5,000 2,000 1,500 BUILDING NO. 16-1 - (BALLET STORAGE) 1 1 6' x 8' Scissor Lift In Floor 7,500 4,500 3,500 BUILDING NO. 16-2 - (BALLET STORAGE) BALLET STORAGE - 2ND FLOOR BUILDING NO, 16-3 - (OFFICES a OFFICE SUPPLIES) (7920) BUILDING NO, 17-1 - (HAND PACK LOGS) 1 1 Brookfield Model MBB TC 500 Viscometer (1993) w/Printer, SIN 92BMLO7250-3 5,000 2,500 1,500 2* 1 Log splitter (1991) - modified to a 4,000 1,000 500 3 Lot Oxy Acetylene Outfit, Cut-Off Saw, Bench Drill, Tables, Vise, Shelving, Etc. (Area M 5,000 2,000 1,500 4 1 Carrier Liquid Chiller for Top Coater System Model 30HRO40, s/n D148872, 30 Ton w 10,000 2,000 1,000 5* 1 HAKO Minute Man Model 800 Floor Swee 5,000 2,500 1,500 BUILDING NO, 18-1 - (GRANULATORS - MIXING) FIRST FLOOR GRANULATOR AREA 1R 1 Cumberland Pelletizer No, S. 8", SIN 7,000 4,500 3,500 2 1 Toledo Dial Face in Floor Platform S 2,000 750 500 4R 1 Goodman Slab Guillotine (From Cal. N 3,750 2,000 1,500 MIXING ROOM 1 1 Silverson Adhesive Mixer Approximately 675 Gallon 75 Horsepower motor Stainless Steel Jacketed 15,000 5,000 3,500 2 2 Petzholdt Adhesive Stainless Steel Mixer, 71 x 2 1/21 Jacketedf Approx. 50 Horsepower w/Pump 600 Gallon, Hemispherical, Bottom Drive (one Completely Rebuilt in 1993 from B-13) 90,000 30,000 25,000 3 1 Silverson AdheBive Mixer, 175 Gallon 750 200 100 4 Lot Floor Scale, Small Pumps, Meters, Incline Conveyor, Small Mixers, Pneumatic Cut-off Etc, 4,000 2,000 1,500 5* Lot Two Programmable Batch Pumping Syste 7,000 3,000 2,000 STORAGE 2ND FLOOR (9933) Area not in use (contains cyclone - Blackfriars Granulator) 1 Lot Used Office Equipmentr Records Stora 500 200 100 BUILDING No. 19 - (TOPCOATERS) TOPCOATERS 1* Lot Steel Pin Racks For Bars (225) 112,500 33,750 22,500 2 Lot Desks,, Chairs,, Files, Cabinets, Bookcases, Business Machines, Etc, (Mezzanine Office Are 4,000 2,000 1,500 3* Lot No.7 Tape Coating Line Rebuilt in 1995 Consisting of: 1 Motor Driven Dual Unwind Stand 60'v 2 Total Enclosed View Area Containing an Advantz Guaging Unit A Base Coater Station w/Flash oven, & Reverse Roll Coating Station 3 Five Zone 100' x 6' Total Enclosed Heating Oven 4 Tempering Drum 5 Advantz Guage Unit 6 Log Windup 7 Complete Display Control Panel and D 750,000 275,000 175,000 5* Lot No. 5 Tape Coating Line Consisting of Motor Drive Unwind 60", Gravure Roll Coating, Reverse Roll Coating Section, Printing Station, 100lx6lxll oven, Tempered Heating Drum, Tension Control (1994) 5' Wind-up & Rewind Station with new modern DC drives and contro 140,000 40,000- 30,000 6* Lot No. 6 Tape Coating Line Rebuilt in 1994 Consisting of: 1 Motor Driven Dual Unwind Stand 60" 2 Total Enclosed View Area Containing an Advantz Guaging Unit A Base Coater Station w/Flash oven, & Reverse Roll Coating Station 3 Five Zone 100'x6' Total Enclosed Heating Oven 4 Tempering Drum 5 Advantz Guage Unit 6 Log Windup 7 Complete Display Control Panel and D 750,000 275,000 175,000 7* 1 Cobden-Cadwich Continuous Log Winder w/ Accumulator, Fife Guiders, Vacuum Belt, Automatic Core Loader, Windup, Automatic Tabber - Length Cutter, an 250,000 130,000 75,000 8* 3 Three Process Heat Annealing Ovens 1 200,000 105,000 60,000 9 Lot Hand Trucks, Pumps, Jib Crane, Elect 6,000 4,000 3,000 10 Lot Print Rolls, Engraved Rolls in Racks 10,000 5,000 2,000 11 1 Gas Fired Catalytic oxidizer Inciner 160,000 80,000 20,000 12 1 Thermo Environmental Instruments, Inc, Model 51 Continuous Total HydroCarbon Analyzer/w printer 32,500 20,000 15,000 BUILDING NO. 20-1 - (STORAGE) 12580 SQ. FT Not is use for current manufacturing - Temp. F,G. Storage 1 Lot 92 Sections Pallet Shelving, Scales, 10,000 5,000 3,500 BUILDING NO, 20-2 - (MAINTENANCE & LAB) 1 2 Lab Type Mills 8,000 4,000 3,000 2 Lot Mixer, Fibre Tank, Hoist, Pump 7,000 4,500 3,500 3* 1 Sanborn Centrifical Oil Seperator 6,000 3,000 2,000 Not is use for current manufacturing BUILDING NO, 20-3, 20-4 - (HYDROTHERMF LAB) HYDROTHERM ROOM 1 1 Chicago - Pneumatic Single Screw 460 Rotary Air Compressor, SIN 93337 w/Piping 15,000 4,500 3,500 PLASTIC LAB - 2 FLOORS 1 Lot Ovens, Humid Chamber, Lab BencheB, ScaleB. ACA Spectro- Sensor Color System w/PC, Furniture, Etc. Furniture, etc. 30,000 12,500 7,500 BUILDING NO. 21 - (WAREHOUSE) 1 1 Lantuck Lan Wrapper 6' (Conveyor lis 7,000 4,500 3,500 Balance Not in Use for current manufacturing - Temp, W,I,P, Storage 3 Lot Warehouse Consisting of 348 Section Channel Type Steel Pallet Shelving 35,000 14,000 10,000 4 Lot 4 Sections A Frame Roll RackB w/48 Embossing Rolls and Traveling HoiBt (Active & Spare 25,000 10,000 5,000 BUILDING NO. 22 - (Q,A. LAA & STORAGE) (10,000 SQ. FT.) QUALITY CONTROL LAB. 1 Lot USM Clicker w/ Cutting Dies, Magnified Light Inspection Units, Precision Oven, Furniture in 10,000 4,000 2,500 2* Lot Scott Tensile Testers, Instron Pull Tester Upgrade 1994, Scales, Mooney Tester, in cold room. 35,000 17,500 12,500 3R 1 Blue M Electric Oven size 336 (Telescoping Test) (1993), SIN 33X-103-93f 343Degree C/650 Degr 6,000 4,500 3,000 4R 1 Monsanto Rheometer, Model TMIOO, SIN 10,000 6,500 5,000 Balance of Room not in use for manufacturing - scrap storage BUILDING NO. 24 - (REWIND) (20,000 SQ. FT,) 1 1 Process Heating Co,, Model 1906, 1.5 MM BTU w/Recorder, Steam Heated Recirculating Oven for Rubber Products, Size 20' x 501 (1993) 70,000 45,000 20,000 2R 1 4' Motor Driven Core Cutter (For Friction Tape Rebuilt In 1989) 1,500 750 500 3R 1 4' Multi Knife Slitter (For Friction 7,500 3,000 2,000 4R 1 Liner Rewind Machine with Monorail ( 2,500 1,000 750 5 1 No, 3- 42" Multi Knife Duplex Slitter w/Rewind & Control w/ Guided Unwind 3,000 1,250 1,000 6 1 No. 10 Johnstone 481, Surface Wind-up 4,000 2,000 1,500 7 1 No. 7- 60" Surface Windup Machine (B 4,000 2,000 1,500 8 1 6011 Rewind & Inspect Machine w/Drive 2,500 750 500 9 1 No. 5- 6011 Multi Knife Duplex Slitte 4,000 2,000 1,500 10 1 No. 9 - 42" Center Windup Multi Knife Slitter w/Dodgew Unwind (Barring) 3,000 1,500 1,000 11 2 Special Built Abrasion Protector Pad Rewind Machine Built in House (1993)(1995) w/SoCo C 55,000 15,000 10,000 12 1 18" Motor Driven Pad Cut-off 750 350 250 13 2 Special Built RewinderB 1,000 200 100 14 Lot Electric Hoists, Curing Drums. Roll 15,000 1,500 700 15 4 Assorted Toledo & Fairbanks Platform 1,200 500 350 16 1 Electronic Floor Scale (1994) 7,000 5,000 4,000 17 1 Plymouth design 1994 Liner retrieval Equipment w/ Edge-guided M.R. brake control letoff, liner windup, separator letoff, 2 roll facing station, tempered drums, Menzel tension control windup, three 175,000 50,000 20,000 BUILDING NO. 25-1, 25-2 - (TAPE PACKAGING & KIT ROOM) FIRST FLOOR - CUT AND PACK ROOM 1R 1 No.14 Lathe Cevenini Model ES9 Automatic Single Log Slitter New 1993 SIN NA. 50,000 30,000 25,000 2R 1 No. 1 Shanklin Model S.3CL L Sealer w/Model T6XL Shrink Tunnel & Conveyor 2,500 1,500 1,000 3R 1 Star Burst Knotching machine w/ Dies 10,000 5,000 3,000 4R Lot No. 4 Wrap King, wl Label-Aire Labeler & Printer, Tub, w/Carton Sealer 35,000 17,500 12,500 5* 1 Neno Teck Model TWS Serial N8931 Multi-Packer w/ Shrink Wrap, Tub, & Carton Sealer 60,000 35,000 20,000 6R Lot Shanklin Auto L Sealer Model, A-26A SIN A9114 (1991), Shanklin Shrink Tunnel Model F6XLF Label-Aire Model 2111M (1991), Carton Sealer 30,000 17,500 10,000 7R 1 Crystal Pack w/Conveyor & Carton Sea 2,000 1,000 500 8R 1 Autobagger Automasted Packaging Syst 4,000 2,000 1,000 9 1 No. 3 C & K Wrap King Wrapper, s/n 3373, w/Belts, Model DW-2S, SIN 3373 w/ Carton seal 17,500 10,000 7,000 10 1 Syntron PFM-152-10 Feeder, w/Syntron BE-6-12 Belt Elevator, Conveyor, vibratory Bowl Feeder 20,000 7,500 5,000 11 1 Model 1601A Weldotron Combo Wrapper, Bealert Shrink Tunnel, Autolabe labeler, Model 110RH, and C 30,000 15,000 12,500 12 1 No. 1 Turret Lathe Cevenini ET8B 4 Station Auto Lathe S/N 02288ET8 w/ Conveyor (5/16/89), BemiBtaper Carton Sealer 85,000 45,000 35,000 13 Lot No. 2 Turet Lathe Cevenini ET8A 4 Station Auto Lathe (1991) S/N 02358-88-ET8 w/ Rotary Index Feeder, Conveyor, No. 2 Wrap King, Label-Aire Labeler, Carton Sealer, Conveyors, Model S-3CL-L Sealer, T-6 110,000 70,000 45,000 14 1 No. 1 C&K DW 2 Wrap King wl Friction Roll Breaker, Conveyor, Carton Sealer & Willett La 20,000 10,000 7,000 15 2 Lever 500 Auto Cut-off Lathes (No. 7 20,000 10,000 8,000 16 2 Lever 500 Auto Cut-off Lathes (No. 20,000 10,000 8,000 17 Lot 1 Semi Automatic Slitter, Two (2) Ha 16,500 7,500 3,500 18 Lot Centralized Conveyor System For All 90,000 20,000 7,500 19 1 HAKO Minute Man Model 800 Floor Sweeper 5,000 2,500 500 20 1 HAKO Minute Man Model 320 Floor Scrubber 6,000 3,000 1,000 21 Lot Hanikson CompreBBed Air Drier, Misce 3,000 2,000 1,000 Lot Miscellaneous Office Furniture 10,000 5,000 3,500 SECOND FLOOR KIT ROOM - PACKAGING STORAGE 1R Lot Big Joe Stacker, Handling Equipment, Shelving, Tape Shooters, Strap Truck, Fans Factory Carts, Scale, Etc, On Floor 7,500 3,500 2,500 BUILDING NO, 26 - BAR STORAGE & PLASTIC OFFICES FIRST FLOOR WIP BAR STORAGE SECOND FLOOR OFFICES 1 Lot Furniture in Plastic Office, Desks, 12,500 6,000 5,000 BUILDING NO, 27 - (CAL, 51 Sr & 10) 1 Lot Young Bag Dumping, w/Screen, Hoppers, Blowers, Scales, Etc, for Lines 5 + 8 + 10 25,000 5,000 3,000 CALENDER NO, 8 LINE 1 1 Young Feed Hopper 2 1 Ribbon Single Screw Pre-Blender w/Scales 3 1 Young Ribbon Holding Blender w/ScaleB 4 1 Farrel 11 Slide Banbury Mixer 500/250 Horsepower & Conveyor 5 1 Bolling 82nx241, /20" 2 Roll Feed Mill w/Conveyor & Metal Detector, Foote Reducer 6 1 Royle 8 1/2 Extruder/Strainer 125 HorBepower, SIN 4641, w/Conveyor 7 1 Bolling 84lix26"/2011 2 Roll Mill w/Conveyor & Metal Detector & Reducer & Wig Wag Feed 8 1 Farrell 68"x24" Inverted L 4 roll Calender w/CrOBBing, SIN 49092, 125 Horsepower 9 1 Dual Roll Let Off 10* 1 Automatic Screw Driven Trim Knives 11 2 Trim Return UnitB 12 1 Facing Station w/Thermolator Temperature & Pressure Control 13 1 3 Can 72'lx2411 Cooling Section w/Chiller 14 1 Accumulator 15 1 Trim Section 16 1 New Menzel Dual Station Windup (1992) w/Monorail and Scale Weighing Unit * 17 1 Carrier Chilling System for Calender No. 8 Model VE50 18* 3 Video Display Monitors 575,000 220,000 110,000 CALENDER ROOM 1 1 Goodman 30" Hydraulic Guillotine 3,750 2,000 1,500 2* Lot Scales, Dust Collector, Palletainersf Trucks Electric Hoists, Roll DollieB, Monorail System, 24 " and 36" Curing Drums 35,000 15,000 10,000 CALENDER NO, 5 LINE (RESIDUAL) 1 1 Young Feed Hopper w/weigh Scale 2 1 Single Ribbon Preblender w/Hopper 3 1 Ribbon Holding Blender w/ Scale 4 1 Farrel 11 Slide Banbury w/Scales 500/250 Horsepower w/Conveyor 5 1 Farrel 84,lx2411/20' 2 Roll Mill, Bull Type 6 1 Royle 3A Extruder/Strainer, SIN 3574 300,000 85,000 35,000 CALENDER NO, 10 LINE (INCLUDES COMPOUNDING ROOMS) 1 2 Young Pneumatic Feed Hoppers w/Tanks & Weigh Scales 2 2 Ribbon Pre-blenders, single screw 5000 lb Capacity w/Hoppers 3 1 Young Ribbon Holding Blenders 15 Horsepower w/175 lb Weigh Scales 4 2 Farrel #3D Banbury Mixers, w/Bucket Elevators & Conveyors 300 Horsepower 5 2 Bolling 60'lx22"/20" 2 Roll Mills, 100 Horsepower, s/n 10594, Unitized 6* 1 Royle 3A Extruder/Strainer, s/n 4659, 3 1/2 (Improve 195) 7 Lot Conveyors & Metal Detectors plus Non Ferros Detector (93) 8 1 Bolling 60" 20" 2 Roll Mill, SIN 714 9 Lot Conveyor Oscillating Wig Wag Feed 10 1 Farrel F Type 82'lx28" 4 Roll Calender w/crOBS Axis 13 Roll, Roll Bending #4 Roll, Hot Oil Rolls 11 1 Lembo Stripper Section 12 1 Embossing Roll 13 1 Lembo Relaxer 14 1 Trim Section, Lembo 15 1 LFE Profit Master 5001 Film Guage Control Unit 16 1 Lembo 82"x24" 6 Can Cooling Section 17 1 G,E. Calender Speed Variator - Control 18 1 Lembo Trim Section 19 1 Lembo Fly Knife Turret Wind-up 84,lx241, 20 1 American HydroTherm Hot Oil System 21 2 York 75 Horsepower Chiller 22 Lot Embossing & Rubber Rolls in Storage Rack w/Monorail 23 Lot Electric Switch Gear & Controls & Pr 1,500,000 600,000 350,000 24 Lot Noltec computerized batch weighing SyBtem with five super Back weighing units and complete visual display and data print out (1993) w/Two Oil Heating S 250,000 80,000 30,000 BUILDING NO, 29 - (GRANULATOR & SILICONE ROOMS GRANULATOR ROOM 1 1 Cumberland 100 Horsepower Granulator 12,500 7,500 5,500 2 1 Vinyl Master Roll Scrapping Unit 4,000 500 250 SILICONE ROOM. 1R 1 Farrell 2 Roll Mill 36" x 16" w/Vari Drive, 60 Horsepower Unitized 20,000 7,000 4,000 2R 1 Silicone 24 11 Ross Mixer SIN 6 (8/90 16,000 7,500 4,000 3R Lot Scales.Goodman Bench Guillotine Cutt 2,500 1,000 750 4* 1 Edward Liquid Chiller Model CD-10-AH 8,000 4,000 2,000 5R Lot Silicone Extrusion Line Consisting of Royal Vent Type Extruder, Marker, Conveyor Oven, Tension Stand, Cooling Conveyor & Wind-up 10,000 2,000 1,000 6R 1 Westinghouse 10 Horsepower Tank Mounted Air Compressor w/Piping (For Silicone unit) 3,000 750 500 BUILDING NO. 30 - (CAL. lt KNEADER, HASTICT SOLVENT PECOV'ERY) CALENDER NO. 1 LINE 1 1 Electric Stacker 2 1 Banbury 4A Slide Door 300/150 Horsepower w/conveyor 3 1 Barry 60nx22,lx2O' 2 Roll Mill, 150 Horsepower 4 1 Farrel 60,lx22'lx2O" 2 Roll mill w/Blender, Bull Gear w/Feed Conveyor 5 1 Motor Driven Auto Guide Unwind 60" 6 1 Birmingham 3 Roll Calender 66'lx221, w/Hydraulic Pressure Roll 7 1 60" Embossing Station 8 1 4-60" Cooling Can Section w/Acme Chiller 9 1 Dust Box w/Brushes 10 1 Accumulator 11 1 Dual Wind-up 150,000 45,000 30,000 Lot Hoists, Dollies, Furniture, Scales, 20,000 9,000 7,000 13 1 Bolling 60"x2O" 2 Roll Mill, 100 Hor 25,000 15,000 10,000 KNEADER 1 1 Amp Top Loader Kneader/Mixer, s/n 11742, 50 HP with Conveyor and Cooling Tank 25,000 15,000 10,000 2 1 Spadone 3011 Hydraulic Slab Chopper 5,000 2,500 1,500 3 Lot Scales, Drum Lifter, Monorail SyBtem 3,000 1,000 750 MASTIC 1 1 USM #8 Hydraulic Clicker 2,000 1,250 1,000 SOLVENT RECOVERY CONTROLS 1 1 G.D, 50 Horsepower Electric Screw Rotary Air Compressor w/Air Drier, w/Piping 17,500 6,000 4,000 2 1 Solvent Recovery System (Outside) consisting of Heat Exchanger, 3 Stainless Steel Tanks, Condensor, & Inside Controls for Top Coating SyBteM. Act 500,000 70,000 35,000 3 1 Richards-VOC Hydrocarbon Analyzer Monitoring System w/Computer Located in Bldg. 26-2 50,000 22,500 15,000 4 1 Modified Solvent Recovery Deaerator System For Solvent Recovery (1992) 30,000 12,500 7,500 BUILDING NO, 31, 32 - (RAW MATERIAL STORAGE) 1 Lot 174 Sections Pallet Storage Type Shelving in Warehouse 18,000 14,000 9,000 2 Lot Floor Scale, office Furniture, Material Handling Equipment etc. 6,000 4,000 3,000 BUILDING NO. 33t 34, 35 - (FINISH GOODS, SHIPPING) CENTRAL SHIPPING 1 1 Mima 72 Auto Pallet Wrapper 5,000 3,000 2,000 2* Lot Office Furniture in Shipping & Prod. Control Offices, Floor Scales, Labeling Equipment in Separa 12,000 6,000 3,000 3 Lot Approximately 310 Sections of assorted adjustable Pallet shelving 30,000 22,000 14,000 4 2 Industrial 24lx33'xlll Heat Curing 0 10,000 500 250 5 Lot American Modified 100 Ft* x 25 Ft* Electrified Double Track Monorail System w/Trans-Beam Electri 20,000 5,000 3,000 6 1 Tennant Scrubber 320 Floor Sweeper S 2,500 2,000 l,500 7* 1 HAKO Minute Man Model 800 Floor Swee 5,000 2,500 500 8* 1 KAKO Hinute Han Hodel 320 Floor Scru 6,000 3,000 1,000 BUILDING NO. 47 - (PLANT GENERAL - NOT A BUILDING) YARD (SILOS) 1 5 180,000 lb. Steel Silo Outside & Railroad off Loading, Pumps, Blowers, Piping, Etc 50,000 10,000 7,500 2* 3 180,000 lb. Steel Silos, Pumping, Et 30,000 4,500 3,000 EQUIPMENT FOR SALE SINCE 7/94 ADJUSTED BUILDING NO.1 1 1 3 Roll Waldron reverse roll coater 10,000 5,000 1,000 2 1 Sherman 60'fx22'lx2O" Feed Hill, w/Red 20,000 10,000 8,000 BUILDING NO, 21 ............... 1 Lot 4 Section A-Frame Roll Racks w/48 Embossing Rolls and Traveling Hoist (obsolete Grains 8,000 4,000 2,000 BUILDING NO. 34 CALENDER NO. 9 TRAIN ."V' 1 1 Farrel 72"x24" 3 Roll calender, SIN 6OA326 2 1 Welman-Sever Morgan 60,lx2211/2011 Size, 2 Roll Breakdown Mill, 250 Horsepower, ShaftDriven 3 1 Welman Server Morgan 60'vx2211/20" Size, 2 Roll Warm-up Mill 35,000 20,000 10,000 CURRENT TOTAL 9,472,800 3,657,350 2,137,150 Active and For sale
EX-27 4
5 3-MOS NOV-29-1996 MAR-1-1996 0 0 6918 179 9670 19281 27505 19171 31343 16274 0 0 0 1900 3106 31343 13312 13312 12577 12577 0 8 302 412 107 305 0 0 0 305 .14 .14
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