<PAGE>   1
                                                                    Exhibit 10.3

[DELL FINANCIAL SERVICES LOGO]
                                                                     NO. 7345913
                                                          EFFECTIVE DATE:
                                                                         -------
                             MASTER LEASE AGREEMENT


<TABLE>
<CAPTION>
LESSOR: DELL FINANCIAL SERVICES L.P.                                            LESSEE:       SCREAMING MEDIA.NET, INC.
                                                                                              -------------------------
<S>                                       <C>                                   <C>
Mailing Address:                          Payment Address:                                    Address:
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PO Box 811550                             PO Box 99355                                        55 Broad Street
                                                                                              ---------------
Chicago, Illinois                         Chicago, Illinois                                   New York, New York
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60681-1550                                60693                                               10004
                                                                                              -----
Fax:                                      Fax:                                                Fax: 212-809-0077
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Attention:                                Attention:                                          Attention: Roy Boling
           ----------------                          ----------------                                    -----------
</TABLE>

This Master Lease Agreement (this "Agreement"), dated to be effective as of the
Effective Date set forth above, is between the Lessor and Lessee named above.

1. LEASE.

Lessor hereby leases to Lessee and Lessee hereby leases from Lessor the Products
described in any lease schedule subject to this Agreement (each a "Schedule")
executed by Lessee and Lessor from time to time in the form attached to this
Agreement as Exhibit A. The provisions hereof shall govern each Schedule and
each Schedule shall constitute a separate lease of Products (a "Lease"). Except
as may be specifically provided otherwise in this Agreement, in the event of any
conflict between the terms of any Schedule and the terms of this Agreement, the
terms of the Schedule shall prevail. All rights to the Products not specifically
granted to Lessee in this Agreement or in a Schedule are reserved by Lessor.

2. ACCEPTANCE; COMMENCEMENT DATE AND TERM

(a) Subject to any right of return provided by any Seller or Licensor of the
Products, all Products shall be deemed to have been irrevocably accepted by
Lessee ("Acceptance") upon the expiration of the 10th day following the date the
Products are shipped (the "Acceptance Date") unless Lessee rejects such Products
by written notice to Lessor before the expiration of such period. For Products
with Acceptance Dates from the 16th day of a calendar month through the 15th day
of the next calendar month, Lessor shall send to Lessee one or more Schedules
specifying the terms of the lease of such Products. On or before the later of
(a) the relevant Acceptance Date of the Product or (b) the 5th day after
Lessee's receipt of such Schedules, Lessee agrees to review such Schedules and,
with respect thereto, (i) sign and promptly return them to Lessor within 5 days
of receipt or (ii) provide to Lessor a bona fide written objection regarding
such Schedules. If the Lessee fails to comply with the prior sentence, Lessor
may require the Lessee to purchase the Products at the Total Product Acquisition
Cost set forth on the Schedules, plus any shipping charges, Taxes or Duties and
interest at the Overdue Rate accruing from the date the Products are shipped
through the date of payment. (b) Each Lease shall have a primary term (the
"Primary Term") for the number of months set forth in the Schedule. The Primary
Term for each Lease shall begin on the date set forth on the Schedule as the
Commencement Date (the "Commencement Date"). The period beginning on the
Acceptance Date and ending on the last day of the Primary Term, together with
any renewals or extensions thereof, is defined as the "Lease Term". Each Lease
of Products shall become effective as of the applicable Acceptance Date and
shall continue for the Lease Term and shall be non-cancelable by Lessee.

3. RENT; PAYMENT OBLIGATION.

(a) The amount of the rental payments ("Rent"), and the payment thereof, with
respect to the Lease of any Product hereunder, shall be as provided in the
applicable Schedule, Rent shall be due and payable as stated in the relevant
Schedule starting on the Commencement Date; provided, however, that added to the
first payment of Rent shall be a prorated portion of Rent calculated based on a
30-day month, 90-day quarter or 360-day year (as appropriate) for the period
from the Acceptance Date to the Commencement Date. All Rent and other amounts
due and payable under this Agreement or any Schedule shall be paid to Lessor in
lawful funds of the United States of America at the payment address for Lessor
set forth above or at such other address as Lessor may designate from time to
time. Whenever Rent and other amounts payable under this Agreement are not paid
when due, Lessee shall pay interest on such amounts at the Overdue Rate (or the
maximum interest rate legally permissible whichever is less). Rent shall be due
and payable whether or not Lessee has received any notice that such Rent is due.

(b) EACH LEASE SHALL BE A NET LEASE, and any Rent or other amounts set forth in
this Agreement or any Schedule shall not include insurance, handling costs,
shipping or other transportation costs (except as may be specifically provided
in any Schedule); or sales, use, excise, purchase, property, added value or
other taxes, fees, levies or assessments, or (to the extent Lessor may consent
to Lessee's transfer of any Products to Per sons outside the United States)
customs duties or surcharges on imports or exports (collectively, "Taxes or
Duties"), with respect to the Products, this Agreement or any Lease, all of
which shall be paid directly by or charged to the account of Lessee. If Lessee
claims eligibility for exemption from any tax, it shall provide Lessor with a
tax exemption certificate acceptable to the relevant taxing authority prior to
Lessor's payment of such tax. Any such Tax or Duty Lessor may be required to
collect or pay (other than taxes based on the income of Lessor) shall be paid by
Lessee and, if not specifically set forth in this Agreement or the applicable
Schedule as payable concurrently with the payment of Rent, shall be due and
payable to Lessor on demand.

(c) LESSEE'S OBLIGATION TO PAY ALL RENT AND OTHER AMOUNTS WHEN DUE AND TO
OTHERWISE PERFORM AS REQUIRED UNDER THIS AGREEMENT OR ANY SCHEDULE SHALL BE
ABSOLUTE AND UNCONDITIONAL, AND SHALL NOT BE SUBJECT TO ANY ABATEMENT,
REDUCTION, SET-OFF, DEFENSE, COUNTER CLAIM, INTERRUPTION, DEFERMENT OR
RECOUPMENT FOR ANY REASON WHATSOEVER WHETHER ARISING OUT OF ANY CLAIMS BY LESSEE
AGAINST LESSOR, THE SUPPLIER OR MANUFACTURER OF THE PRODUCTS, TOTAL OR PARTIAL
LOSS OF THE PRODUCTS OR THEIR USE OR POSSESSION, OR OTHERWISE. If any Product is
unsatisfactory for any reason, Lessee shall make its claim solely against the
Seller or Licensor of such Product and shall, nevertheless, pay Lessor or its
assignee all amounts due and payable under the Lease.

4. LICENSED MATERIALS

This Agreement or any Schedule does not grant any right, title or interest in or
to that portion of any Products constituting or containing Software or
Documentation (collectively, "Licensed Materials"). Any rights that Lessee may
have with respect to Licensed Materials shall arise only pursuant to license
agreements between Lessee and the licensor(s) of such Licensed Materials
(collectively, the licensors") which license agreements (the "Licenses") may be
concerned within the packaging associated with the Products. All title to and
ownership of the Licensed Materials (together with all rights in patents,
copyrights, trade secrets and other intellectual property rights applicable
thereto) are and shall remain with the Licensors during and after the term of
this Agreement. Any use of the terms "sell," "purchase," "license," "lease," and
the like in this Agreement or any Schedule with respect to Licensed Materials
shall be interpreted in accordance with this Section 4.



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5. PERFORMANCE BY LESSOR.

Lessor shall have the right to accept or reject in Lessor's sole discretion any
request by Lessee for the leasing of Products under this Agreement. Each
Schedule shall be binding upon Lessor and Lessee from the date it is accepted
and executed by Lessee and accepted by Lessor in its sole discretion. Lessor
shall have no obligations with regard to any Schedule unless Lessor receives
clear and unencumbered title to the Products (excluding Licensed Materials)
either through an assignment of Lessee's rights and interests in the Products,
or otherwise. In the event Lessor has not received such title prior to the
Commencement Date of the applicable Schedule, Lessor may terminate its
obligations hereunder, and reassign all rights and obligations with respect to
the Products to Lessee without recourse or warranty. Lessee shall thereafter
promptly reimburse Lessor for all expenses and other amounts incurred by Lessor
with respect to such Products and transaction, plus interest from the date such
amounts were disbursed by Lessor through the date such amounts are reimbursed by
Lessee at the Overdue Rate.

6. USE; LOCATION; INSPECTION.

Lessee shall be solely responsible for unpacking and installing the Products.
Lessee agrees to comply with all terms and conditions of any Licenses and shall
possess and operate the Products only (i) in accordance with the Documentation
and Applicable Laws (including intellectual property laws): and (ii) for the
internal business purposes of Lessee and not for any other use or disposition.
Lessee agrees not to move Products from the locations set forth in the related
Schedule without providing Lessor with at least 30 days prior written notice,
and then only to a location within the United States; provided, however, Lessee
may temporarily move from such location any such Products which are designated
"mobile equipment" on the applicable Schedule without notice to Lessor to a
location within or outside the United States so long as, while they are outside
the United States, they are used in compliance with the United States Export
Control Administration Act of 1979 and the Export Administration Act of 1985,
as those Acts are amended from time to time (or any successor or similar
legislation). Lessee shall be responsible for all costs and expenses in
connection with such relocation, including those incurred by Lessor in the
protection of its interests in the Products. Provided Lessor complies with
Lessee's reasonable security requirements, Lessee shall allow lessor to inspect
the premises where the Products are located from time to time during reasonable
hours after reasonable notice in order to confirm Lessee's compliance with its
obligations under this Agreement and shall correct any deficiencies promptly
upon notice from Lessor.

7. RETURN.

At the expiration of the Lease Term for any Product or earlier termination of
each Lease, Lessee agrees (i) unless otherwise provided by the applicable
License(s), to terminate its use of all Licensed Materials provided to Lessee
under the Lease or assign to Lessor all of Lessee's rights under the applicable
License(s): and (ii) to terminate its use of, and return to Lessor at a place
within the contiguous United States designated by Lessor, all Products leased to
Lessee under the Lease. Lessee agrees to package the Products for return in a
manner which will protect them from damage and pay for the cost of transporting
the Products 500 miles from the original shipment location. If Products are not
returned in the condition required by this Section, Lessee shall promptly
reimburse Lessor for all costs and expenses of refurbishing Products. If Lessee
fails to return all of the Products at the expiration of any applicable Term,
Lessee shall promptly pay the estimated in-place fair market value for such
Products as determined by Lessor.

8. RISK OF LOSS; MAINTENANCE.

Lessee assumes all risk of loss or damage to Products from the time such
Products are either (i) delivered to a carrier for shipment to Lessee if Lessee
or a third party arranges for their shipment or (ii) delivered to Lessee (if
shipment is arranged by Lessor, Dell Computer Corporation or their Affiliates)
until their return to Lessor. Lessee agrees to maintain the Products in good
operating condition and appearance (ordinary wear and tear excepted), in
compliance with requirements necessary to enforce all Product warranty rights
and agrees to promptly repair any repairable damage. During the Lease Term,
Lessee shall ensure that each Product is covered by a maintenance agreement (if
available) from the manufacturer of such Product or another Person that is
reasonably acceptable to Lessor or, upon Lessor's prior written approval, Lessee
may self-maintain the Products in accordance with the standards set forth in
this section. If the Products are lost, stolen, destroyed, damaged beyond repair
or in the event of any condemnation, confiscation, seizure or expropriation of
such Products ("Casually Products"), Lessee shall promptly (i) notify Lessor of
the same and (ii) pay to Lessor the Stipulated Loss Value for the Casualty
Products.

9. ALTERATIONS.

Lessee shall, at its expense, make such alterations to Products during the Lease
Term as legally required or made available to Lessee by the Seller. Lessee may
make other alterations, additions or improvements to Products provided they do
not violate any License or decrease the value or utility of Products and are
readily removable. Lessee may at its own expense, remove any such alteration,
addition or improvement at the expiration of the relevant Lease Term provided
Lessee shall restore the Products to their original configuration and repair any
resulting damage to Products. Any alteration, addition or improvement that is
not removed by Lessee as provided above shall become the property of Lessor upon
the Products' return, free and clear of all liens and encumbrances.

10. INSURANCE.

Lessee shall obtain and maintain at its own expense, from the date risk of loss
passes to Lessee hereunder until all of Lessee's obligations under the related
Lease have been performed in full, (a) insurance against loss, theft,
destruction of, or damage to the Products in an amount not less than the full
replacement value thereof, with Lessor named as a loss payee thereunder, and (b)
such public liability and property damage insurance as is customarily
maintained by prudent operators of similar businesses, with Lessor named as an
additional insured thereunder. Lessee shall, at Lessor's request, deliver
certificate(s) of such insurance to Lessor, and shall require that the
carrier(s) of all such insurance give Lessor not less than ten (10) days prior
written notice of any change to or cancellation of the related policies. If the
proceeds received by Lessor from such insurance are less than the Stipulated
Loss Value for Casualty Products, Lessee shall pay to Lessor the amount of such
deficiency. Notwithstanding anything to the contrary contained herein, Lessee
may, upon Lessor's prior written approval, self-insure in accordance with the
standards set forth above.

11. REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSEE.

Lessee represents, warrants and covenants to lessor at the time lessee enters
into this Agreement and each Schedule that

(a) Lessee is an entity duly organized and validly existing in good standing
under the laws of the jurisdiction of its organization and in all jurisdictions
with respect to which its ownership or its conduct of business or leasing of
property requires it to be so qualified; has full power and authority to
execute, deliver, and perform under this Agreement and each Schedule;

(b) The execution and delivery by Lessee of the Documents have been duly
authorized by all necessary corporate or other action on the part of Lessee, and
have been duly executed and delivered on Lessee's behalf by Persons duly
authorized in that regard, and constitute the legal, valid and binding
agreements of Lessee, enforceable against Lessee in accordance with their
respective terms (subject to applicable bankruptcy and other similar laws);

(c) The execution and delivery of and performance under any of the Documents to
which Lessee is a party do not and shall not result in a breach of, constitute a
default under, contravene any provision of, or result in the creation of any
lien on or in any property or assets of Lessee pursuant to any documents
pursuant to which Lessee is organized or operates, or any agreement, indenture
or other instrument to which Lessee is a party or by which Lessee or any of its
property or assets may be bound or affected;

(d) There is no action, suit or proceeding pending or, to the knowledge of
Lessee, threatened in any court or tribunal or before any competent authority
against Lessee or any of its property or assets which challenges any Documents
or any of the transactions contemplated hereunder or which may have a material
adverse effect on the financial condition or business of Lessee; and

(e) The financial statements and other information furnished and to be furnished
to Lessor by Lessee are and shall be true and correct in all material respects.



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If any Person guarantees payment or performance by Lessee of any liabilities or
obligations of Lessee under this Agreement or any Schedule (a "Guarantor"), the
preceding representations, warranties and covenants shall be deemed to be made
by Lessee on behalf of such Guarantor as well as Lessee as if such Guarantor
was named in addition to Lessee therein.

12. WARRANTY ASSIGNMENT; EXCLUSION OF WARRANTIES; LIMITATIONS ON LIABILITY;
    FINANCE LEASE.

(a) Provided no Event of Default has occurred and is continuing hereunder,
Lessor assigns to Lessee the benefit of any warranty or right of return provided
by any Seller until such time as the Lease of such Product to Lessee has
terminated or expired.

(b) LESSEE ACKNOWLEDGES THAT LESSOR DID NOT SELECT, MANUFACTURE, SUPPLY OR
LICENSE ANY PRODUCT AND THAT LESSEE HAS MADE THE SELECTION OF PRODUCTS BASED
UPON ITS OWN JUDGMENT AND EXPRESSLY DISCLAIMS ANY RELIANCE ON STATEMENTS MADE BY
LESSOR OR ITS AGENTS. LESSEE FURTHER ACKNOWLEDGES THAT NEITHER THE SELLER NOR
LICENSOR OF THE PRODUCTS (INCLUDING THE SALESPERSONS OF ANY OF THEM) IS AN
AGENT OF LESSOR (EVEN IF AFFILIATED WITH LESSOR). NOR ARE THEY AUTHORIZED TO
WAIVE OR ALTER ANY TERMS OF THIS AGREEMENT NOR ANY LEASE. LESSOR LEASES THE
PRODUCTS AS IS AND MAKES NO WARRANTY, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING
ANY WARRANTIES OF DESIGN, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE,
ANY WARRANTIES OF TITLE OR AGAINST INFRINGEMENT, OR ANY WARRANTIES ARISING FROM
A COURSE OF DEALING, USAGE OR TRADE PRACTICE, ALL OF WHICH ARE SPECIFICALLY
DISCLAIMED BY LESSOR. LESSEE HEREBY WAIVES ANY CLAIM (INCLUDING ANY CLAIM BASED
ON STRICT OR ABSOLUTE LIABILITY IN TORT) IT MIGHT HAVE AGAINST LESSOR OR ITS
ASSIGNEE FOR ANY LOSS, DAMAGE OR EXPENSE CAUSED BY OR WITH RESPECT TO ANY
PRODUCTS.

(c) IN NO EVENT SHALL LESSOR BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY SCHEDULE
OR THE SALE, LEASE OR USE OF ANY PRODUCTS INCLUDING INTERRUPTION OF SERVICE,
LOSS OF DATA, LOSS OF REVENUE OR PROFIT, LOSS OF TIME OR BUSINESS, OR ANY
SIMILAR LOSS, EVEN IF LESSOR IS ADVISED IN ADVANCE OF THE POSSIBILITY OR
CERTAINTY OF SUCH DAMAGES AND EVEN IF LESSEE ASSERTS OR ESTABLISHES A FAILURE OF
ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED IN THIS AGREEMENT.

(d) Lessee agrees that it is the intent of both parties that each Lease qualify
as a statutory finance lease under Article 2A of the Uniform Commercial Code.
Lessee acknowledges either (i) that Lessee has reviewed and approved any written
supply contract covering the Products purchased from the Seller thereof for
lease to Lessee or (ii) that Lessor has informed or advised Lessee, in writing,
either previously or by this Agreement, that Lessee may have rights under the
supply contract evidencing the purchase of the Products and that Lessee should
contact the Seller for a description of any such rights. To the fullest extent
permitted by applicable law, Lessee hereby waives all rights and remedies
conferred upon a Lessee by Article 2A.

13. EVENTS OF DEFAULT.

It shall be an event of default hereunder and under any Schedule ("Event of
Default") if:

(a) Lessee fails to pay any Rent or other amounts payable under this Agreement
or any Schedule within 15 days after its due date;

(b) Any representation or warranty made by Lessee or any Guarantor to Lessor
under, or in Connection with entering into this Agreement, any Schedule or any
other Document is at the time made materially untrue or incorrect;

(c) Lessee fails to comply with any other obligation or provision of this
Agreement or any Schedule and such failure shall have continued for 30 days
after notice from Lessor;

(d) Lessee or any Guarantor becomes insolvent or bankrupt, admits in writing its
inability to pay its debts as they mature, or makes an assignment for the
benefit of creditors; or Lessee or any Guarantor applies for or consents to the
appointment of any receiver, trustee or similar officer for it or for all or any
substantial part of its property or such receiver, trustee or similar officer
is appointed without its consent); or Lessee or any Guarantor Institutes any
bankruptcy, insolvency, reorganization, moratorium, arrangement, readjustment
of debt, dissolution, liquidation or similar proceeding relating to it under the
laws of any jurisdiction, or any such proceeding is instituted against Lessee
or any Guarantor and is not dismissed within 60 days: or any judgment, writ,
warrant or attachment or execution of similar process is issued or levied
against a substantial part of the property of Lessee or any Guarantor and
remains unsatisfied for 60 days;

(e) Lessee or any Guarantor dissolves, liquidates or otherwise terminates its
existence as an entity, or consolidates with or merges with or into any entity,
or sells, leases or otherwise disposes of all or substantially all of its
assets, or incurs a substantial amount of indebtedness other than in the
ordinary course of its business, or engages in a leveraged buy-out or any other
form of corporate reorganization, in each case whether in a single transaction
or in a series of related transactions, UNLESS in each case and before the event
in question, either (i) Lessor, based on written confirmation from such party,
is reasonably satisfied that such party's financial condition and credit
standing shall not be impaired by the event, or (ii) such party's obligations
under this Agreement, each Schedule and any Guaranty are assumed or guaranteed
in a manner reasonably satisfactory to Lessor by an entity having in Lessor's
good faith opinion at least as good financial condition and credit standing as
those of such party immediately before the event:

(f) Lessee does or permits to occur any act which may in the reasonable opinion
of Lessor materially lessen the value of any Products or Lessor's interest
therein or increase the risk thereto; or

(g) Lessee or any Guarantor is in default under any other lease, contract,
agreement or obligation now existing or hereafter entered into with Lessor or
any Affiliate of Lessor whether Such party is bound alone or with others.

14. REMEDIES; TERMINATION.

(a)  Upon an Event of Default, Lessor may:

         (i) require Lessee to return any or all Products as provided in
Section 7;
         (ii) without further notice, take possession of any or all Products
("Repossession") and for such purpose Lessee hereby (A) shall, if requested by
Lessor, assemble the Products and deliver them to a location designated by
Lessor and (B) grants Lessor the right to enter the premises where such Products
are located for the purpose of Repossession;
         (iii) terminate this Agreement and/or any or all Schedules;
         (iv) without terminating or being deemed to have terminated this
Agreement or any Schedule, sell, lease or otherwise dispose of any or all
Products (as agent and attorney-in-fact for Lessee to the extent necessary) upon
such terms and in such manner (at public or private sale) as Lessor deems
advisable in its sole discretion ("Disposition"); or
         (v) declare immediately due and payable as a pre-estimate of liquidated
dam ages for loss of bargain and not as a penalty, the Stipulated Loss Value of
the Products in lieu of any further Rent, in which event Lessee Shall pay such
amount to Lessor within 10 days after the date of Lessor's demand.

(b) Upon termination of this Agreement or termination or expiration of any
Schedule, all right, title and interest of Lessee in or to the use of the
Products subject to the terminated Schedule(s) shall absolutely cease and Lessee
shall return any and all such Products In accordance with Lessor's instructions.
Termination or expiration of one or more of the Schedules shall not in and of
itself constitute termination of this Agreement.

(c) Lessee shall pay all costs arising or incurred by Lessor as a result of an
Event of Default by Lessee or any Guarantor, including reasonable legal fees
and expenses, and all Costs related to the Repossession, transportation,
refurbishing, storage and Disposition of any or all Products ("Default
Expenses"). In the event Lessor recovers proceeds (net of Default Expenses) from
its Disposition of the Products, Lessor shall credit such Proceeds against the
Stipulated Loss Value owed by Lessee under Section 14(a)(v). Lessee shall remain
liable to Lessor for any deficiency. If the proceeds of the Disposition (net of
Default Expenses) exceed the Stipulated Loss Value, or Lessee has paid the
Stipulated Loss Value, Default Expenses and any other amounts owing, Lessee
shall be entitled to such excess.



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(d) All rights of Lessor are cumulative and not alternative and may be exercised
by Lessor separately or together. In addition to the rights of Lessor
specifically set forth in this Agreement or any Schedule, Lessor shall be
entitled to any other appropriate order or remedy available by contract, at law
or in equity.

15. QUIET ENJOYMENT.

Lessor shall not interfere with Lessee's right to possession and quiet enjoyment
of Products during the relevant Lease Term, provided no Event of Default has
occurred or is continuing.

16. INDEMNIFICATION.

Lessee shall indemnify, defend and hold Lessor, its assignees, and their
respective officers, directors, employees, representatives and agents harmless
from and against, all claims, demands, damages, losses, liabilities, actions,
costs or expenses, including reasonable legal fees and expenses (collectively,
"Claims"), arising from or incurred in connection with this Agreement, any
Schedule, or the selection, manufacture, acquisition, possession, ownership,
use, maintenance, condition, return or operation of any Products (including
Claims for personal injury or death and for damage to property, Claims related
to patent, copyright or trademark infringement and Claims related to any
subsequent use or disposition by Lessor, Lessor's Affiliates or any of their
respective successors or assigns of any Products resulting from such Products
containing any data or other materials of Lessee or any third party), and
regardless of the form of action (including negligence, tort and strict
liability). This indemnity shall not extend to any loss caused solely by the
negligence or willful misconduct of Lessor. Lessee shall assume the defense of
such Claim at its expense and pay any amount in settlement and all costs and
damages awarded against or incurred by Lessor or any other Person indemnified
hereunder; provided, however, that any Person indemnified hereunder shall have
the right to participate in the defense of such Claim with counsel of its choice
and at its expense and to approve any such settlement (such approval not to be
unreasonably withheld or delayed), Lessee shall keep Lessor informed at all
times as to the status of Lessee's efforts and consult with Lessor concerning
its efforts.

17. OWNERSHIP LIENS AND ENCUMBRANCES; LABELS.

As between Lessor and Lessee, title to the Products (other than any Licensed
Materials) is and shall remain in Lessor. During the relevant Lease Term,
Products shall be and remain movable, personal property and Lessee agrees to
take all action necessary or reasonably requested by Lessor to ensure that
Products retain such status. Lessee shall, at Lessee's expense, keep Products
free and clear of liens, security interests, attachments, seizures and
encumbrances of any kind (except those arising hereunder or solely through the
acts of Lessor) and shall immediately notify Lessor if any Person attempts to
claim ownership of, a lien against, or any other interest in, or bring any legal
process with respect to, any of the Products. Lessee shall affix if Lessor so
requires plates, labels, or other markings upon Products (other than any
Licensed Materials) indicating Lessor as the owner.

18. REMEDYING DEFAULTS.

If Lessee shall fail to perform or comply with any, of Lessee's obligations
hereunder or under any Schedule, Lessor in its discretion may do all such
reasonable acts and make all such reasonable disbursements as may be necessary
to itself perform, or cause performance of or compliance with, such obligations,
without the same constituting a waiver of such obligations or certainty any
obligation or liability on the part of Lessor either to remedy any other failure
to perform or comply or to take any other action whatsoever and any
disbursements so made shall be payable by Lessee on demand, together with
interest at the Overdue Rate from the date of disbursement by Lessor to the date
of payment by Lessee,

19. NOTICES.

Except as may be specifically provided herein, all notices with respect hereto
shall be given in writing and shall be delivered (including delivery by courier,
facsimile transmittal, or similar means) or sent by mail, postage prepaid,
return receipt requested, addressed to the party for whom intended at the
address specified on the first page of this Agreement or at such other address
as the intended recipient previously shall have designated by at least 10 days
written notice to the other party. Unless otherwise provided in this Agreement,
notice shall be effective on the date that it is received or (if mailed as
described above) 4 Business Days after the date of mailing.

20. ASSIGNMENT.

(a) NEITHER THIS AGREEMENT, ANY SCHEDULE, OR ANY RIGHT OR OBLIGATION HEREUNDER
OR THERE UNDER IS ASSIGNABLE IN WHOLE OR IN PART, WHETHER BY OPERATION OF LAW OR
OTHERWISE, BY LESSEE WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, NOR MAY LESSEE
ASSIGN OR SUBLET PRODUCTS WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR. ANY
ATTEMPTED ASSIGNMENT OR SUB LETTING WITHOUT LESSOR'S PRIOR WRITTEN CONSENT
SHALL BE VOID AND OF NO FORCE AND EFFECT. Upon Lessor's prior written consent,
Lessee may assign or sub lease a Schedule in whole to an Affiliate subject to
the following terms: (i) Lessee shall provide to Lessor 30 days prior written
notice of the location of the Products and the identity of the subsequent lessee
thereof; and (ii) no assignment or sublease shall in any way discharge Lessee's
obligations to Lessor under this Agreement or Schedule; and (iii) the terms and
conditions of such assignment or sublease shall be subject to Lessor's reason
able approval and be expressly subject and subordinate to the terms of this
Agreement and the applicable Schedule. Lessee shall assign any of its rights
under such sublease or assignment to Lessor (or its assignee) as additional
collateral and security for performance of Lessee's obligations hereunder.

(b) Lessor may at any time without notice to Lessee, but subject to the rights
of Lessee hereunder, transfer, assign, or grant a security interest in any
Product, this Agreement, any Schedule, or any rights hereunder or thereunder
(including any Rent or other monies and benefits due or to become due
hereunder), In whole or in part. In such event the assignee will have the rights
and benefits, but not any of the obligations of Lessor, which obligations shall
be retained by Lessor, Lessee agrees that the rights of any such assignee will
not be subject to any claims, defenses or setoffs that Lessee may have against
Lessor.

(c) This Agreement shall be binding upon and inure to the benefit of Lessor and
its successors and assigns and shall be binding upon Lessee and the heirs,
executors, administrators, successors and permitted assigns and permitted
sublessees of Lessee,

21. SURVIVAL.

All of the representations, warranties, covenants and agreements of Lessee
contained in this Agreement or any Schedule shall survive the termination of
this Agreement and the expiration or earlier termination of any or all
Schedule(s) until all obligations of Lessee under this Agreement and all
Schedules have been performed in full; provided, however, that the provisions of
Sections 11, 12(b), 12(c), 12(d), and 16 shall continue in full force and effect
even after all obligations of Lessee have been performed in full.

22. GOVERNING LAW; JURISDICTION AND VENUE WAIVER OF JURY TRIAL.

THIS AGREEMENT AND EACH SCHEDULE SHALL, BE GOVERNED IN ALL RESPECTS BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS, U.S.A. (EXCEPT
AS OTHERWISE PROVIDED IN SECTION 25(j) REGARDING THE DETERMINATION OF THE
MAXIMUM AMOUNT OF TIME PRICE BALANCE DIFFERENTIAL AND INTEREST), EXCLUSIVE OF
ANY PROVISIONS OF THE UNITED NATIONS CONVENTION ON THE INTERNATIONAL SALE OF
GOODS, THE UNIDROIT INTERNATIONAL CONVENTION ON FINANCIAL LEASING (OTTAWA,
1988) AND WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. LESSEE IRREVOCABLY
SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN COOK
COUNTY, ILLINOIS, AND WAIVES TO THE FULLEST EXTENT ALLOWED BY LAW ANY OBJECTION
TO VENUE IN SUCH COURT, AND FURTHER WAIVES ANY RIGHT TO A TRIAL BY JURY.

23. DEFINITIONS.

In addition to the terms defined elsewhere within this Agreement, the following
terms have the following respective meanings for purposes of this Agreement:

Acceptance. Defined in Section 2(a).

Acceptance Date. Defined in Section 2(a).

Affiliate. Any Person that directly or indirectly controls, is controlled by, or
is under


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common control with, Lessor or Lessee as the context may require.

Agreement. This Master Lease Agreement

Applicable Laws. All applicable Laws, rules, regulations and orders of any
government authority with jurisdiction over a party or over its performance in
connection with this Agreement or any Schedule (including Lessee's lease or use
of Products hereunder or thereunder).

Business Day. Any day except Saturday, Sunday or a day on which banking
institutions are required or authorized by law or other governmental action to
be closed in Illinois.

Casualty Products. Defined in Section 8.

Claims. Defined in Section 16.

Commencement Date. Defined in Section 2(b).

Default Expenses. Defined in Section 14(c).

Disposition. Defined in Section 14(a)(iv).

Documents. Defined in Section 11(a).

Documentation. All user guides, driver installation guides, listings, manuals,
illustrations, and other written materials or publications that accompany or
constitute all or a portion of any Software or other Products or that are
provided by or on behalf of any manufacturer, supplier or Licensor of Products
to Lessee relating to the installation. operation, sale, support or other use of
such Products, and all modifications, additions, supplements. translations,
derivative works and full or partial copies of any thereof, regardless of who
prepared the same.

Event of Default. Defined in Section 13.

Guarantor. Defined in Section 11.

Lease. Defined in Section 1.

Lease Term. Defined in Section 2(b).

Licensed Materials. Defined in Section 4.

Licenses. Defined in Section 4.

Licensors. Defined in Section 4.

Overdue Rate. A rate equal to the lesser of 1-1/2% per month or the highest rate
permitted by applicable law.

Person. Any individual, partnership, joint venture, corporation, limited
liability company, trust, unincorporated organization, joint stock company,
government or department or agency thereof, or other form of association or
entity.

Primary Term. Defined in Section 2(b).

Products. All of the computer hardware, software, parts, equipment,
accessories, and other products (including any Software or Documentation) that
Lessor, in its sole discretion, may from time to time lease or offer for lease
to Lessee under this Agreement.

Rent. Defined in Section 3(a).

Repossession. Defined in Section 14 (a)(ii).

Schedule. Defined in Section 1(a).

Software. All software or computer programs that accompany or constitute all or
a portion of any Products or are provided by or on behalf of any vendor or
Licensor to Lessee with respect to any Products, and all modifications,
additions, supplements, translations, derivative works, and full or partial
copies of any thereof, regardless of who prepared the same, and code with
respect thereto, whether embodied in or contained on magnetic tape, disk,
semiconductor device, or any other device or medium.

Seller. Any supplier, manufacturer, vendor or reseller of the Products.

Stipulated Loss Value. With respect to any Product, an amount equal to the sum
of (a) all Rent and other amounts then due and owing (including interest at the
Overdue Rate from the due date until payment is received) under the Lease, plus
(b) the present value of all future Rent to become due under the Lease during
the remainder of the Lease Term, plus (c) the present value of either any
end-of-term purchase Option Price for the Product specified in the relevant
Schedule or, if no such Option Price is specified in such Schedule, the
estimated in-place fair market value at the end of the Lease Term as determined
by Lessor. Each of (b) and (c) shall be calculated using the discount rate of
the Federal Reserve Bank of Chicago on the Commencement Date of the applicable
Schedule.

Taxes or Duties. Defined in Section 3(b).

24. CONSTRUCTION.

The headings used in this Agreement are for convenience only and shall have no
legal effect. This Agreement shall be interpreted fairly in accordance with its
terms and without any strict construction in favor of or against either party.

25. MISCELLANEOUS.

(a) If more than one Person executes this Agreement or any Schedule as Lessee,
their respective liabilities hereunder or thereunder shall be both joint and
several, but Lessor shall be fully discharged in respect of any obligation
hereunder upon performance of that obligation to any one of them.

(b) Failure of Lessor at any time to require Lessee's performance of any
obligation shall not affect the right to require performance of that obligation.
No term, condition or provision of this Agreement or any Schedule shall be
waived or deemed to have been waived by Lessor unless it is in writing and
signed by a duly authorized representative of Lessor. A valid waiver is limited
to the specific situation for which it was given.

(c) Lessee shall furnish such financial statements of Lessee and any Guarantor
(prepared in accordance with generally accepted accounting principles
consistently applied) and other information as Lessor may from time to time
reasonably request Lessee shall notify Lessor within 10 days after any material
adverse change in Lessee's or any Guarantor's financial condition.

(d) Whenever possible, each provision of this Agreement shall be interpreted in
such a manner as to be effective and valid under applicable law, but if any
provision of this Agreement, or the application thereof to any Person or under
any circumstances, shall be invalid or unenforceable to any extent under
applicable law, and the extent of such invalidity or unenforceablity does not
destroy the basis for the bargain between the parties as expressed herein, then
(i) such provision shall be deemed severed from this Agreement with, respect to
such party or such circumstance, without invalidating the remainder of this
Agreement or the application of such provision to other Persons or
circumstances, and (ii) a new provision shall be deemed substituted in lieu of
the provision so severed which new provision shall, to the extent possible,
accomplish the intent of the parties hereto as evidenced by the provision so
severed.

(e) All Lessee's obligations hereunder shall be performed or observed at
Lessee's expense.

(f) Lessee shall, upon Lessor's demand, promptly execute, acknowledge, deliver,
file, register and record any and all further documents and take any and all
other action reasonably requested by Lessor from time to time, for the purpose
of fully effectuating the Intent and purposes of this Agreement or any Schedule,
and to protect the interests of Lessor, its successors and assigns. The parties
intend for each lease to constitute a true lease of Products under the Uniform
Commercial Code and all Applicable Laws; if, however, any Lease is determined to
be other than a true lease, Lessee grants to Lessor a security interest in the
Products and all proceeds thereof. Lessee hereby appoints Lessor as Lessee's
agent and attorney-in-fact to execute, deliver and file in the name of Lessee
(and Lessee agrees to execute if requested) any financing statements or related
filings as Lessor may reasonably deem necessary or appropriate. In addition,
Lessor may file a copy of this Agreement or any Schedule In lieu of a financing
statement.

(g) Each Schedule may be executed in two manually numbered counterparts.
Counterpart number one when executed and delivered and which has the Lessor's
original signature or is in Lessor's possession shall constitute chattel paper
as that term is defined in the Uniform Commercial Code. To the extent a Schedule
constitutes chattel paper, no security interest in such Schedule may be
perfected except by the possession of the manually numbered and executed
counterpart of such Schedule. If Lessee transmits a Schedule by facsimile, the
facsimile copy as received by Lessor shall be binding on Lessee as if it were
manually signed, However, no facsimile or other version of a Schedule shall be
binding against Lessor until manually signed by Lessor. Lessee agrees that the
facsimile version of a Schedule manually signed by Lessor shall constitute the
original Lease for all purposes including, without limitation, (i) any hearing,
trial or proceeding with respect to such Schedule; (ii) any determination of
which version of such Schedule constitutes the single true original item of
chattel paper under the Uniform Commercial Code.



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Lessee agrees to deliver both counterparts of Schedule with Lessee's original
signature upon Lessor's request.

(h) Lessor and Lessee intend for each Lease to constitute a true lease of
products under the Uniform Commercial Code and all applicable law. If, however,
any Lease is determined to be a lease intended as security, in no event shall
Lessee, by acceleration or prepayment of the unpaid time price balance under
the related Schedule or otherwise, be obligated to pay any time price balance
differential in excess of the maximum amount permitted by applicable law (and
for purposes of this Section the applicable law shall be the law of the state
specified in Section 22 or the law of the state where the Products are located,
whichever law permits the greater amount). Any acceleration or prepayment of
the unpaid time price balance shall be subject to all applicable law, including
rebates of unearned charges. If in any event whatsoever Lessor shall receive
anything of value under a Lease deemed interest under applicable law which would
exceed the maximum amount of interest, the excess amount shall be applied to the
reduction of the unpaid time price balance or shall be refunded to Lessee. All
sums paid or agreed to be paid by Lessee to Lessor for the use, forbearance or
detention of money shall to the fullest extent permitted by applicable law be
amortized, prorated arid allocated and spread throughout the full term of the
applicable Schedule so that the amount of consideration constituting interest
is uniform throughout the term of such Schedule and does not exceed the maximum
permitted by applicable law, If any of the provisions of this paragraph conflict
with any provision(s) of any ether paragraph of this Agreement, any Schedule,
or any provision(s) in any other agreement or course of dealing between Lessor
and Lessee, the provisions of this paragraph shall control and govern the
interpretation of this Agreement, such Schedule and any such other agreement or
course of dealing.

(i) This Agreement and ___ Schedules hereto between Lessor and Lessee and set
forth all of the understandings and agreements between the parties supersede
and merge all prior written or oral communications, understandings, or
agreements between the parties relating to the subject matter contained herein.
this Agreement may be amended only in writing signed by Lessor (by a duly
authorized representative) and Lessee. Lessee agrees to be bound by the terms of
this Agreement arid, to the extent applicable, that the provision concerning a
separately signed document pursuant to Uniform Commercial Code Section 2A-208
has been complied with.


EXECUTED by the undersigned on the dates set forth below, to be effective as of
the Effective Date.

SCREAMING MEDIA.NET, INC.
"Lessee"

BY: /s/ Alan Ellman
    ----------------------------------------
NAME: Alan Ellman
      --------------------------------------
TITLE: President
       -------------------------------------
DATE: 5/25/99
      --------------------------------------

DELL FINANCIAL SERVICES L.P.
"Lessor"

BY: /s/ Michael Watt
    ----------------------------------------
NAME: MICHAEL WATT
      --------------------------------------
TITLE: CHIEF OPERATING OFFICER
       -------------------------------------
DATE: 6/28/99
      --------------------------------------





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