Document:

exv10w23

 

Exhibit 10.23

FIRST LEASE AMENDMENT

THIS
FIRST LEASE AMENDMENT is made as of October 1, 2003, by and between
Riverside Crossing, L.C., a Virginia limited liability company (“Lease”), and
Portfolio Recovery Associates, Inc., a Delaware corporation (“Lessee”).

RECITALS

	A.
	 	By Office Lease dated June 27, 2003 (the
“Lease”), Lessor leased
to Portfolio Recovery Associates, LLC Suite 100
consisting of 25,000 rentable square feet (the “Premises”) in a
building commonly known as Riverside Commerce Center II, 140 Corporate
Boulevard, Norfolk, VA 23502 (the “Building”), as more particularly
described in said Lease.

	B.
	 	The Lessee’s name was inadvertently misstated in the Lease; the
correct name is Portfolio Recovery Associates, Inc., a Delaware
corporation.

	C.
	 	Lessor and Lessee desire to modify the terms and conditions of the
Lease to correct the misstatement.

NOW,
THEREFORE, in consideration of the mutual promises herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Lessor and Lessee hereby agree as follows:

	1.
	 	Lessor and Lessee hereby amend the Lease to correctly
identify the Lessee. All references in the Lease to Portfolio
Recovery Associates, LLC, a Delaware limited liability company
shall be to Portfolio Recovery Associates, Inc., a Delaware
corporation.

	2.
	 	Portfolio Recovery Associates, LLC executes the First
Lease Amendment to acknowledge its consent to the terms hereof
and to waive any and all rights it may have under the Lease.

	3.
	 	All other terms and conditions of the Lease are
hereby ratified and shall remain in full force and effect. In
the event of a conflict between this First Lease Amendment and
the Lease, this First Lease Amendment shall prevail.

1

 

	IN WITNESS WHEREOF, the parties hereto have executed and delivered this
agreement as of the date first written above.

	 	 	 	 	 
	LESSOR:	 	RIVERSIDE CROSSING, L.C.,

a Virginia limited liability company
	 
	 	 	
By:

Its:
	 	Robinson Developmant Group Inc.

Manager
	 
	 	 	
By:

Its:
	 	/s/ Anthony W. Smith

Anthony W. Smith

Senior Vice President
	 
	 	 	
Date:	 	 
	 	 	 	 	

	 
	LESSEE:	 	PORTFOLIO RECOVERY ASSOCIATES, INC.,

a Delaware corporation
	 
	 	 	
By:
	 	/s/ Steve D. Fredrickson

	 
	 	 	
Name:
	 	 Steve D. Fredrickson

	 
	 	 	
Its:
	 	President

	 
	 	 	
Date:
	 	10-2-2003

	 
	 	 	PORTFOLIO
RECOVERY ASSOCIATES, LLC,

a Delaware corporation limited liability company
	 
	 	 	
By:
	 	/s/ Steve D. Fredrickson

	 
	 	 	
Name:
	 	 Steve D. Fredrickson

	 
	 	 	
Its:
	 	President

	 
	 	 	
Date:
	 	10-2-2003

2exv10w24

 

Exhibit 10.24

FOURTH LEASE AMENDMENT

THIS FOURTH LEASE AMENDMENT is made as of October 1, 2003, by and between
Riverside
Commerce Center, L.C., a Virginia limited liability company (“Lessor”) and
Portfolio Recovery
Associates, Inc., a Delaware corporation (“Lessee”).

RECITALS

	A.	 	By One-Story Office Lease dated February 12, 1999 (the “Lease”),
Riverside Investors, L.C. leased to Portfolio Recovery Associates, LLC
Suite 100 consisting of 35,179 rentable square feet (the “Premises”) in a
building commonly known as Riverside Commerce Center, 120 Corporate
Boulevard, Norfolk, VA 23502 (the “Building”), as more particularly
described in said Lease.
	 
	B.	 	By First Lease Amendment dated April 27, 1999, Riverside Investors, L.C.
and Portfolio Recovery Associates, LLC modified the Building address and
Lessor’s Services.
	 
	C.	 	Riverside Commerce Center, L.C., a Virginia limited liability company
became successor in interest to Riverside Investors, L.C., a Virginia
limited liability company.
	 
	D.	 	By Second Lease Amendment dated September 29, 2000, Portfolio Recovery
Associates, LLC leased from Lessor an additional 4,503 rentable square
feet (the “Expansion Premises”) for a total of 39,682 rentable square feet
(the “Total Promises”).
	 
	E.	 	Portfolio Recovery Associates, Inc., a Delaware corporation became
successor in interest to Portfolio Recovery Associates, LLC, a Delaware
limited liability company as Lessee under the Lease.
	 
	F.	 	By Third Lease Amendment dated June 27, 2003, Lessor and Portfolio
Recovery Associates, LLC extended the term of the Lease for ninety (90)
months to expire December 31, 2013 (the “Renewal Term”).
	 
	G.	 	The Lessee’s name was inadvertently misstated in the Third Lease
Amendment; the correct name is Portfolio Recovery Associates, Inc., a
Delaware corporation.
	 
	H.	 	Lessor and Lessee desire to modify the terms and conditions of the Lease
to correct the misstatement.

NOW, THEREFORE, in consideration of the mutual promises herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Lessor and Lessee hereby agree as Follows:

	1.	 	Lessor and Lessee hereby amend the Lease to correctly identify the
Lessee. All references in the Lease to Portfolio Recovery Associates, LLC,
a Delaware limited liability company shall be to Portfolio Recovery
Associates, Inc., a Delaware corporation.
	 
	2.	 	Portfolio Recovery Associates, LLC executes this Fourth Lease Amendment
to acknowledge its consent to the terms hereof and to waive any and all
rights it may have under the Lease.

1

 

	3.	 	All other terms and conditions of the Lease are hereby ratified and shall
remain in full force and effect. In the event of a conflict between this
Fourth Lease Amendment, the Lease and any prior amendments, this Fourth
Lease Amendment shall prevail.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
agreement as of the date first written above.

	 	 	 
	LESSOR:	 	
RIVERSIDE COMMERCE CENTER, L.C.,

a Virginia limited liability company
	 
	 	 	
By:   Robinson Development Group, Inc.

Its:  Manager
	 
	 	 	
By:   /s/  ANTHONY W. SMITH

        Anthony W. Smith

Its:  Senior Vice President
	 
	LESSEE:	 	
PORTFOLIO RECOVERY ASSOCIATES, INC.,

a Delaware corporation
	 
	 	 	
By:  /s/ STEVEN D. FREDRICKSON

Name:  Steven D. Fredrickson

Its:  President
	 
	 	 	
PORTFOLIO RECOVERY ASSOCIATES, LLC,

a Delaware limited liability company
	 
	 	 	
By:  /s/ STEVEN D. FREDRICKSON

Name:  Steven D. Fredrickson

Its:  President

2<PAGE>
                                                                 EXHIBIT 10.4.1

                                   Schedule 1

                            List of Other Agreements

1. Lease Agreement for the Plant.

2. Equipment Lease Agreement for Seller's equipment located at the Plant.

3. Lease Override Agreement for additional payments to be made by Buyer to
   Seller.

4. License Agreement for Buyer to license the use of permits, licenses, recipes
   and other intangible assets of Seller that are in use at the Plant.

5. Non-Branded Inventory Sales Agreement.

6. EBITDA Overview Committee Agreement.

<PAGE>
EXHIBITS

EXHIBIT A - Product Descriptions/Specifications

EXHIBIT B - List of Raw Materials, Packaging Materials

EXHIBIT C - Pricing

EXHIBIT D - Production Schedule, Annual Plan

EXHIBIT E - Warehousing and Distribution Terms

                                       12
<PAGE>
                                   EXHIBIT A

                      PRODUCT DESCRIPTIONS/SPECIFICATIONS

                         [TEXT OMITTED PURSUANT TO THE
                          REGISTRANT'S APPLICATION FOR
                          CONFIDENTIAL TREATMENT UNDER
                                   RULE 406]

                                       13
<PAGE>
                                   EXHIBIT B

                                 RAW MATERIALS

    HFDC will supply the following raw materials based on calculations set forth
in Attachment 1.

                                   PACKAGING

    Packaging materials will include corrugate tray/box and shrinkwrap as
required in the shipping of canned product.

                                   EXHIBIT C

                                PRICES AND TERMS

1.  All product costs are FOB Denver plant.

2.  Co-pack cost is based on HFDC cost (as determined in accordance with
    generally accepted accounting principles consistently applied) + 15%
    GM, with the exception of select Refried Beans.

3.  A special $5.70 cost on 300x407 Regular, Fat Free and Vegetarian Refrieds
    will be in effect until 10/31/03.

4.  Effective 11/01/03, the cost of 300x407 Regular, Fat Free and Vegetarian
    Refried Beans will be based on HFDC cost + 7.5% GM.

5.  FME/FWE as referred to in Section 3(b) totals $.80 per 12-pack (15 oz.)
    equivalent case.

Co-pack Cost Year One 2/1/01-1/31/02

STOKES

<TABLE>
<CAPTION>
                                                            Co-Pack
Description                                SKU               Volume              Pack              Cost
-----------------------------          -----------        -------------       -----------        ----------
<S>                                    <C>                <C>                 <C>                <C>
Green Chile with Pork                  41612-00733              *                12/15                *
Green Chili with Chicken               41612-00430                               12/15
Green Chile with Pork Hot              41612-00533                               12/15
Chile with Beans                       41612-00133                               12/15
SW Green Chile with Pork 6"4           41612-00714                               24/15
Chile No Beans                         41612-00333                               12/15
Green Chile with Pork                  41612-00725                               12/15
Chile Verde                            41612-00835                               12/15
Green Chile with Chix & Beans          41612-00435                               12/15
Green Chile with Pork                  41612-00726          -----------          12/15
                                                                        (200,000 12-pack (15 oz.) equivalent cs.)
</TABLE>

ELLIS

    REFRIED BEANS

<TABLE>
<CAPTION>
                                                            Co-Pack
Description                                SKU               Volume            Pack              Cost
-----------------------------          -----------        -------------     -----------        ----------
<S>                                    <C>                <C>               <C>                <C>
Refried Beans                          76600-00061             TBD             24/16                *
Refried Beans                          76600-00062             TBD             12/30
Spicy Refried Beans                    76600-00069             TBD             12/16
Fat Free Refried Beans                 76600-00065             TBD             24/16
Vegetarian Refried Beans               76600-00064             TBD             24/16
                                                          -------------
                                                               TBD (204,000 12-pack (15 oz.) equivalent cs.)
</TABLE>

    TAMALES

<TABLE>
<CAPTION>
                                                            Co-Pack
Description                                SKU               Volume            Pack              Cost
-----------------------------          -----------        -------------     -----------        ----------
<S>                                    <C>                <C>               <C>                <C>
Tamales (Regular)                      76600-00022             *               12/15                *
Jumbo Tamales                          76600-00024                             12/28
Chicken
                                                          -------------
                                                                    (117,503 12-pack (15 oz.) equivalent cs.)
</TABLE>

    MISCELLANEOUS PRODUCTS

<TABLE>
<CAPTION>
                                                            Co-Pack
Description                                SKU               Volume            Pack              Cost
-----------------------------          -----------        -------------     -----------        ----------
<S>                                    <C>                <C>               <C>                <C>
Burrito Sauce                          76600-00011              *              12/15                *
Chili with Beans - Mild                76600-00001                             24/15
Lima Beans and Ham                     76600-00040                             24/15
White Beans and Ham                    76600-00043                             24/15
Chili Beans N' Gravy                   76600-00031                             12/28
Chili No Beans                         76600-00009                             24/15
                                                          -------------
                                                                    (55,000 12-pack (15 oz.) equivalent cs.)
</TABLE>

FOOD SERVICE - STOKES

<TABLE>
<CAPTION>
                                                            Co-Pack
Description                                SKU               Volume            Pack              Cost
-----------------------------          -----------        -------------     -----------        ----------
<S>                                    <C>                <C>               <C>                <C>
Refried Beans                          41612-00419             *               6/114               *
Pinto Beans                            41612-00466                             6/112
Chile
                                                          -------------
                                                                     (8,550 12-pack (15 oz.) equivalent cs.)
</TABLE>

Greens Farm - phasing out organic [illegible]

                         [*TEXT OMITTED PURSUANT TO THE
                           REGISTRANT'S APPLICATION FOR
                           CONFIDENTIAL TREATMENT UNDER
                                    RULE 406]

                                    EXHIBIT D
                         PRODUCTION SCHEDULE, ANNUAL PLAN

                          [TEXT OMITTED PURSUANT TO THE
                           REGISTRANT'S APPLICATION FOR
                           CONFIDENTIAL TREATMENT UNDER
                                    RULE 406]

                                       14

<PAGE>
                                   EXHIBIT E

                                  HFDC-STOKES

                  WAREHOUSING, DISTRIBUTION AND HANDLING TERMS

1.      Basic pricing in Exhibit C includes a holding period of thirty (30)
        days, including ten (10) days for incubation and includes shipping
        labor.

2.      If HFDC produces Product based upon pack plan and storage exceeds thirty
        (30) days because of STOKES' shipping schedule, extra storage cost is to
        be billed to STOKES at $.033 per case in full pallet quantities per
        month. Any product placed into inventory from the first of the month
        through the fifteenth of the month shall be charged a full month's
        storage charge for that month. Any Product placed into inventory from
        the sixteenth of the month through the end of the month shall be charged
        one-half the normal storage rate for that month.

3.      Other services shall be billed by HFDC to STOKES based upon pre-agreed
        rates for each such services. This would include, but not be limited to,
        special packs, products rework, returns from customers, modular
        displays, etc.

4.      All charges for warehousing, handling and other special services shall
        be invoiced on the last day of each month during which charges were
        incurred and shall be paid by STOKES within thirty (30) days from the
        date of invoice.

5.      STOKES may warehouse and distribute products not produced by HFDC at the
        Denver Facility with prior approval. There will be a one-time,
        in-and-out charge of $.05 per 12-pack (15 oz.) equivalent case, which
        includes thirty (30) days storage, after which the standard warehousing
        charges will apply at $0.33 per 12-pack (15 oz.) equivalent case, per
        month, as described in (2). Any Product placed into inventory from the
        first of the month through the fifteenth of the month shall be charged a
        full month's storage charge for that month. Any Product placed into
        inventory from the sixteenth of the month through the end of the month
        shall be charged one-half the normal storage rate for that month.

STOKES CO-PACK

                                       18

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