	Dec. 1, 2012			Dec. 3, 2011

Nonrecourse mortgages:
6.30%, due May 1, 2014	$	289		$	453
5.73%, due August 1, 2015		19,018			19,368
8.13%, due April 1, 2016		3,943			4,232
7.0%, due October 1, 2017		6,016			6,220
Variable rate mortgage, due October 2, 2017*		6,726			6,926
Variable rate mortgage, due February 1, 2019*		11,396			11,609
Variable rate mortgage, due August 1, 2019*		8,034			8,176
5.25%, due January 28, 2020		4,067			4,151

Total nonrecourse mortgages		59,489			61,135
Revolving line of credit		—			—
Capital leases		72			46

Total		59,561			61,181
Less: current portion		(1,869	)		(1,700	)

Total long-term debt	$	57,692		$	59,481

The annual principal payment requirements under the terms of the nonrecourse mortgage loans for the fiscal years 2013 through 2017 are $1,843, $1,862, $19,616, $3,923 and $11,647, respectively. The aggregate book value of land and buildings that are collateral for the nonrecourse mortgage loans was approximately $61,600 at December 1, 2012. The aggregate book value of land and buildings that are collateral for the revolving line of credit was approximately $11,500 at December 1, 2012.

On June 15, 2012, Griffin and two of its wholly-owned subsidiaries entered into the Third Modification Agreement (the "Modification Agreement") to the mortgage loan originally due January 1, 2013 with Webster Bank (the "Webster Mortgage"). The Modification Agreement extended the maturity of the Webster Mortgage to October 2, 2017. In accordance with the Modification Agreement, the interest rate under the Webster Mortgage, which was fixed at 6.08% through September 30, 2012, changed, effective October 1, 2012, to a floating rate of one month LIBOR plus 2.75%. In anticipation of entering into the Modification Agreement, on June 7, 2012, Griffin entered into an interest rate swap agreement with Webster Bank to effectively fix the interest rate on the Webster Mortgage at 3.86% from October 1, 2012 through the maturity of the Webster Mortgage. Pursuant to the Modification Agreement, effective on October 1, 2012, principal payments on the Webster Mortgage are based on a twenty-five year amortization schedule. The Webster Mortgage is collateralized by Griffin Land's two multi-story office buildings in Windsor, Connecticut. The Modification Agreement did not alter the collateral for the Webster Mortgage.

On April 28, 2011, Griffin closed on a $12.5 million revolving line of credit (the "2011 Credit Line") with Doral Bank. The 2011 Credit Line replaced a $10 million revolving line of credit with Doral Bank that was originally scheduled to expire on March 1, 2011, but was extended until the 2011 Credit Line was completed. The 2011 Credit Line has a two year term with a company option for a third year and interest on outstanding borrowings at the higher of prime plus 1.5% or 5.875%. The 2011 Credit Line is collateralized by Griffin Land's properties in Griffin Center South, aggregating approximately 235,000 square feet and an approximately 48,000 square foot single-story office building in Griffin Center. In fiscal 2012 and fiscal 2011, there were no outstanding borrowings under the 2011 Credit Line or the $10 million revolving line of credit that expired during fiscal 2011.

On January 29, 2010, Griffin closed on a $4.3 million nonrecourse mortgage with First Niagara Bank (formerly NewAlliance Bank), collateralized by the 120,000 square foot industrial building in Breinigsville, Pennsylvania that was acquired earlier that month. This mortgage has a ten-year term and originally had a fixed interest rate of 6.5% with monthly principal and interest payments based on a twenty-five year amortization schedule. Effective November 1, 2010, based on a request by Griffin to reduce the interest rate on the loan in a more favorable interest rate environment, Griffin and First Niagara Bank entered into a loan modification agreement, whereby the interest rate was reduced from 6.5% to 5.25% for the remainder of the loan in exchange for a payment of $0.2 million by Griffin. The loan modification did not change the loan's maturity date.

Through January 31, 2010, the variable rate mortgage due February 1, 2019 with Berkshire Bank (the "Berkshire Bank Loan") functioned as a construction loan, with Griffin Land drawing funds as construction progressed on a new warehouse in New England Tradeport ("Tradeport"), Griffin Land's industrial park in Windsor and East Granby, Connecticut. The interest rate during the construction period of the loan was the greater of 2.75% above the thirty day LIBOR rate or 4%. Payments during that period were for interest only. On February 1, 2010, the Berkshire Bank Loan converted to a nine-year nonrecourse mortgage collateralized by the new warehouse facility, with monthly payments of principal and interest starting on March 1, 2010, based on a twenty-five year amortization schedule. At the time Griffin closed the Berkshire Bank Loan, Griffin also entered into an interest rate swap agreement with the bank for a notional principal amount of $12 million at inception to fix the interest rate at 6.35% for the final nine years of the loan. Payments under the swap agreement commenced on March 1, 2010 and will continue monthly until February 1, 2019, which is also the termination date of the Berkshire Bank Loan.

Griffin is also party to an interest rate swap agreement related to its nonrecourse mortgage, due on August 1, 2019, on four industrial buildings in Tradeport. Griffin accounts for all of its interest rate swap agreements as effective cash flow hedges (see Note 4). No ineffectiveness on the cash flow hedges was recognized as of December 1, 2012 and none is anticipated over the term of the agreements. Amounts in other comprehensive income will be reclassified into interest expense over the term of the swap agreements to achieve fixed rates on each mortgage. None of the interest rate swap agreements contains any credit risk related contingent features. In fiscal 2012, fiscal 2011 and fiscal 2010, Griffin recognized losses on its interest rate swap agreements of $776, $934 and $711, respectively, (included in other comprehensive income), before taxes. In fiscal 2012, fiscal 2011 and fiscal 2010, the losses recognized on the effective portion of the interest rate swap agreements were $666, $730 and $575, respectively. As of December 1, 2012, $707 is expected to be reclassified over the next twelve months from other comprehensive income to interest expense. As of December 1, 2012 and December 3, 2011, the fair values of Griffin's interest rate swap liabilities were $3,191 and $2,415, respectively, and are included in other noncurrent liabilities on Griffin's consolidated balance sheets.

Future minimum lease payments under capital leases held by Griffin as lessee, principally for transportation equipment, and the present value of such payments as of December 1, 2012 were:


2013	$	29
2014		25
2015		20
2016		4
2017		—

Total minimum lease payments		78
Less: amounts representing interest		(6	)

Present value of minimum lease payments (a)	$	72

Assets subject to capital leases, with Griffin as lessee, that are included in machinery and equipment were as follows:

	Dec. 1, 2012			Dec. 3, 2011

Machinery and equipment, at cost	$	406		$	498
Accumulated amortization		(334	)		(440	)

Machinery and equipment, net	$	72		$	58