Document:

Exhibit 10.18

 

PROMISSORY NOTE

(Renewal Note)

(Fixed Rate)

 

	
  $1,200,000.00

  	
   

  	
  Sioux Falls, South Dakota

  	
   

  	
  May 1, 2003

  

 

FOR VALUE RECEIVED,
NORTHERN LIGHTS ETHANOL, LLC, a South Dakota limited liability company
(“Borrower”), hereby promises to pay to the order of U.S. BANK NATIONAL
ASSOCIATION, a national banking association (“Lender”), which term shall
include any future holder hereof), at 141 N. Main Avenue, Sioux Falls, South
Dakota, or at such other place as Lender may from time-to-time designate in
writing, in lawful money of the United States of America, the principal sum of
One Million Two Hundred Thousand Dollars ($1,200,000.00) or so much thereof as
may be advanced hereunder, including all amounts due or incurred by Borrower in
accordance with the terms of the Security Agreement between the Lender and
Borrower dated December 15, 2002, and the terms of a Security Agreement between
Lender and Borrower dated June 5, 2002, as each may subsequently be amended
from time-to-time (the “Security Agreements”).

 

RENEWAL OF LOANS.  This Promissory Note renewed the Secured
Obligations represented in part by that (i) Promissory Note dated June 5, 2002,
in the original principal amount of $1,000,000.00 and (ii) Promissory Note
dated December 15, 2002, in the original principal amount of $500,000.00 (the
“Prior Notes”).  The original principal
amount of this Note represents One Million Two Hundred Thousand Dollars
($1,200,000.00) of the unpaid principal balance of the Prior Notes after
application of all payments made by Borrower thereunder.

 

INTEREST AND REPAYMENT TERMS.  Borrower agrees to pay to the order of
Lender interest at the fixed annual rate of Five and Seventy Hundredths percent
(5.70%) on all outstanding amounts hereunder. 
The principal amount of the Promissory Note shall be amortized over a
period of four (4) years (48 months) commencing May 1, 2003.  Payments of all interest accrued hereunder
and amortized principal shall be made August 1, November 1, February 1 and May
1 of each year unless such day is not a business day (in which case the
business day which immediately follows such day shall apply).  The first payment hereunder shall be due
August 1, 2003.  The final payment hereunder
shall be due May 1, 2007 (the “Maturity Date”).  Interest shall be calculated on a 365/360 simple basis; that is,
by applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding.  In addition to the foregoing payments, Borrower shall pay Lender
all interest accrued (or prepay interest which shall accrue) under the Prior
Notes, as well as any non-principal item accrued under such Prior Notes, if
any, through May 1, 2003, not later than the close of such business day.

 

PAYMENT AMOUNTS.  Each quarterly payment, if timely made and
if there is no Event of Default hereunder, shall be in the amount of Eighty
Four Thousand Four Hundred Six Dollars ($84,406.00), including the payment due
on the Maturity Date.

 

 

APPLYING PAYMENTS.  All payments under this Note shall be made
in immediately available funds.  In the
event there is no outstanding Event of Default, all payments made hereunder
shall be credited first to accrued interest, next to unpaid principal, and
next, in such order as Lender may determine in its sole and absolute
discretion, to other fees, charges, or costs and expenses payable by Borrower
under this Note or in connection with any other Loan Document.

 

BREAKFUNDING PREPAYMENT INDEMNITY.

 

Prepayment:  There shall be no prepayments of this Note,
provided that Lender may consider requests for its consent with respect to
prepayment of this Note, without incurring an obligation to do so, and Borrower
acknowledges that in the event that such consent is granted, Borrower shall be
required to pay Lender, upon prepayment of all or part of the principal amount
before final maturity, an Indemnity Amount equal to the maximum of:  (a) zero, or (b) that amount, calculated on
any prepayment date, which is derived by subtracting:  (1) the principal amount of the Note or portion of the Note to be
prepaid from (2) the Net Present Value of the Note or portion of the Note to be
prepaid on such date of prepayment.

 

“Net Present Value” shall mean the
amount which is derived by summing the present values of each prospective
payment of principal and interest which, without such full or partial
prepayment, could otherwise have been received by Lender over the shorter of
the remaining contractual life of the Note or next repricing date if lender had
instead initially invested the Note proceeds at the Initial Money Market
Rate.  The individual discount rate used
to present value each prospective payment of interest and/or principal shall be
the Money Market Rate at Prepayment for the maturity matching that of each
specific payment of principal and/or interest.

 

“Initial Money Market Rate” shall mean
the rate per annum, determined solely by Lender, on the first day of the term
of this Note or the most recent repricing date or as mutually agreed upon by
Borrower and Lender, as the rate at which Lender would be able to borrow funds
in Money Markets for the amount of this Note and with an interest payment
frequency and principal repayment schedule equal to this Note and for a term as
may be arranged and agreed upon by Borrower and Lender.  Such a rate shall include FDIC insurance,
reserve requirements and other explicit or implicit costs levied by any
regulatory agency.  Borrower
acknowledges that Lender is under no obligation to actually purchase and/or
match funds for the Initial Money Market Rate of this Note.

 

“Money Market Rate At Prepayment”
shall mean that zero-coupon rate, calculated on the date of prepayment, and
determined solely by Lender, as the rate in which Lender would be able to
borrow funds in Money Markets for the prepayment amount matching the maturity
of a specific prospective Note payment or repricing date.  Such a rate shall include FDIC insurance,
reserve requirements and other explicit or implicit costs levied by any
regulatory agency.  A separate Money
Market Rate at Prepayment will be calculated for each prospective interest
and/or principal payment date.

 

2

 

“Money Markets” shall mean one or more
wholesale funding mechanisms available to Lender, including negotiable
certificates of deposit, eurodollar deposits, bank notes, fed funds, interest
rate swaps, or others.

 

In calculating the amount of such an
Indemnity Amount, Lender is hereby authorized by Borrower to make such
assumptions regarding the source of funding, redeployment of funds and other
related matters, as Lender may deem appropriated.  If Borrower fails to pay any Indemnity Amount when due, the
amount of such Indemnity Amount shall thereafter bear interest until paid at
the Default Rate specified in this Note (computed on the basis of a 360-day
year, actual days elapsed).  Any
prepayment of principal shall be accompanied by a payment of interest accrued to
date thereon; and such prepayment shall be applied to the principal
installments in the inverse order of their maturities.  All partial prepayments shall be in
increments of $100,000.00.

 

COLLATERAL; COORDINATION WITH SECURITY
AGREEMENTS. 
This Note is within the definition of “Secured Obligations” in the
Security Agreements, and this Note is thus cross-collateralized by the terms of
both Security Agreements and the Collateral described in each.  Capitalized terms not defined herein shall
have the meaning given such terms in the Security Agreements.

 

LATE PAYMENT; GRACE PERIOD.  If a payment due hereunder is not made
within five (5) days after the date when due, Borrower shall pay to Lender a
late payment charge of Five Hundred Dollars ($500.00) to compensate Lender for
a portion of the cost related to handling the overdue payment.  After any Event of Default, as defined in
the Security Agreements, then the entire principal sum evidence by this Note,
together with all accrued and unpaid interest, shall, at the option of the
holder hereof, bear interest at the rate per annum (the “Default Rate”) equal
to 3% in excess of the rate of interest per annum which would otherwise be
payable hereunder, and become immediately due and payable without further
notice (except as provided in the Security Agreements), demand or presentment
for payment, and without any relief whatever from any valuation or appraisement
laws.

 

PAYMENT OF OTHER ITEMS.  If Borrower defaults under any of the terms
of this Note, Borrower shall pay all reasonable costs and expenses, including
without limitation attorneys’ fees (including any service tax thereon) and
costs, incurred by Lender in enforcing this Note immediately upon Lender’s
demand, whether or not any action or proceeding is commenced by Lender.  Without limiting the generality of the
preceding sentence, such costs and expenses shall include all attorneys’ fees
and costs incurred by Lender in connection with any federal or state
bankruptcy, insolvency, reorganization, or other similar proceeding by or
against Borrower or any surety, guarantor or endorser of this Note which in any
affects Lender’s exercise of its rights and remedies under this Note or under
the Security Agreements or any other Loan Document.  Maker hereby stipulates that Lender is a “regulated lender”
within the meaning of SDCL 54-3-13 and other applicable South Dakota statutes.

 

NO OFFSET.  No indebtedness evidenced by this Note shall
be offset by all or part of any claim, cause of action, or cross-claim of any
kind, whether liquidated or unliquidated, which Borrower now has or may
hereafter acquire or allege to have acquired against Lender.  To the fullest extent permitted by law,
Borrower waives the benefits of any applicable law, regulation,

 

3

 

or procedure which provides, in substance, that where cross demands for
money exist between parties at any point in time when neither demand is barred
by the applicable statute of limitations, and an action is thereafter commenced
by one such party, the other party may assert the defense of payment in that
the two demands are compensated so far as they equal each other,
notwithstanding that an independent action asserting the claim would at the
time of filing the response be barred by the applicable statute of limitations.

 

CERTAIN BORROWER WAIVERS.  Borrower waives presentment, protest and
demand; notice of protest, demand and of dishonor and nonpayment of this Note
and any lack of diligence or delays in collection or enforcement of this Note.  Borrower agrees that this Note, or any
payment hereunder, may be extended from time-to-time, and Borrower consents to
the release of any party liable for the obligation evidenced by this Note, the
release of any of the security for this Note, the acceptance of any other
security therefore, or any other indulgence or forbearance whatsoever, all
without notice to any party and without affecting the liability of Borrower.

 

APPLICABLE LAW.  This note shall be construed under and
governed by the laws of the State of South Dakota, without giving effect to
conflict of laws or principles thereof, but giving effect to federal laws of
the United States applicable to national banks.  Whenever possible, each provision of this note and any other
statement, instrument or transaction contemplated hereby or relating hereto
shall be held to be prohibited or invalid under such applicable law, such
provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this note or any other statement, instrument or
transaction contemplated hereby or relating hereto.

 

NO WAIVER; CERTAIN MISCELLANEOUS PROVISIONS.  Failure to exercise any option provided
herein shall not constitute a waiver of the right to exercise the same in the
event of any subsequent default.  No
modification or waiver by Lender of any of the terms of this Note shall be
valid or binding on Lender unless such modification or waiver is in writing and
signed by Lender.  Without limiting the
generality of the preceding sentence, no delay, omission or forbearance by
Lender in exercising or enforcing any of its rights and remedies under this
Note shall constitute a waiver of such rights or remedies.  Lender’s rights and remedies under this Note
are cumulative with and in addition to all other legal and equitable rights and
remedies, which Lender may have in connection with the Loan.  The headings of paragraphs of this Note are
for convenience of the parties only and shall not be used in interpreting this
Note.  If this Note is lost, stolen, or
destroyed, upon Borrower’s receipt of a reasonably satisfactory indemnification
agreement executed by Lender, or if this Note is mutilated, upon Lender’s
surrender of the mutilated Note to Borrower, Borrower shall execute and deliver
to Lender a new promissory note which is identical in form and content to this
Note to replace the lost, stolen, destroyed or mutilated Note.  Time is of the essence in the performance of
each provision of this Note by Borrower.

 

AT THE OPTION OF LENDER, THIS NOTE MAY BE
ENFORCED IN ANY FEDERAL COURT OR SOUTH DAKOTA STATE COURT SITTING IN SIOUX
FALLS, SOUTH DAKOTA; AND BORROWER CONSENTS TO THE JURISDICTION AND VENUE

 

4

 

OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS
NOT CONVENIENT.  IN THE EVENT BORROWER
COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR
CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY
THIS NOTE, LENDER AT ITS OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED
TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IS SUCH TRANSFER
CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED
WITHOUT PREJUDICE.

 

BORROWER AND LENDER EACH IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS NOTE OR ANY OF THE LOAN DOCUMENTS (AS DEFINED IN THE SECURITY
AGREEMENTS) OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

IN WITNESS WHEREOF, Borrower has executed
this Note as of the date first above written.

 

	
   

  	
   

  	
  Northern Lights Ethanol, LOC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Delton
  Strasser

  	
   

  
	
   

  	
   

  	
  Delton
  Strasser

  
	
   

  	
  Its:

  	
  Chairman of
  the Board

  
					

 

5Exhibit
10.6

 

MASTER EQUIPMENT LEASE

 

THIS MASTER EQUIPMENT LEASE, made this 6th day of March,
2003 between BOSTON FINANCIAL & EQUITY CORPORATION (herein called
“Lessor”), a Massachusetts corporation with its principal place of business at
20 Overland St., Boston, Massachusetts 02215, and VitalStream Holdings, Inc.,
(herein called “CoLessee”) a Nevada corporation with its principal place of
business at One Jenner, Suite 100, Irvine, California  92618, VitalStream, Inc., (herein called “CoLessee”) a Delaware
corporation with its principal place of business at One Jenner, Suite 100,
Irvine, California 92618 , and VitalStream Broadcasting Corporation, (herein
called “CoLessee”)  a Nevada corporation
with its principal place of business at One Jenner, Suite 100, Irvine,
California 92618.

 

WITNESSETH

 

In consideration of the premises, the parties covenant and agree as
follows:

 

1.             Definitions.  As herein used:

 

1.1                               “Equipment”
means the equipment manufactured or sold by the Seller(s) described in a
Schedule (as hereinafter defined) together with any replacements or
substitution of parts, improvements or additions thereto, and such other
equipment which, by agreement, may from time to time be hereafter described on
any supplemental schedule (the equipment on all such Schedules being
collectively herein referred to as “Equipment”).  The term “Equipment” also includes all
software and other intellectual property described on the Schedule Operating
software and application software is specifically excluded unless identified in
a Schedule.

 

1.2                               “Commencement
Date” means the first day of the calendar quarter following the date of the
Lessee’s written acceptance of the delivery of all the Equipment.

 

1.3                                 “Monthly
Rent” means the amount of rent payable by Lessee each month pursuant to Section
3 of the Schedule as well as all maintenance charges payable, if any, if,
according to the Schedule, Lessor is furnishing maintenance as indicated on the
Schedule.

 

1.4                               “Net
Proceeds of Sale” means the net amount received by Lessor after deducting from
the gross proceeds of sale of the Equipment or in the event of a subsequent
lease by Lessor, the net present value of rent due under such subsequent lease,
all expenses incurred in the termination of the Lease and any amounts for which,
if not paid, Lessor would be liable or which, if not paid, would constitute a
lien on the Equipment.

 

1.5                               “Lessor’s
Depreciated Book Value” means the original cost of the Equipment less the
straight line depreciation for five year property, all as reflected on
Lessor’s books of account.

 

1.6                               “Lease
Term” means the period specified in Section 2 of the applicable Schedule
thereof.

 

1.7                                 “Addendum”
means any amendment to this Master Equipment Lease which is specifically
identified as such, and when so identified shall be a part hereof.

 

2.             Lessor does hereby lease to Lessee,
and Lessee hereby leases and hires from Lessor the Equipment described in each
Schedule duly completed and executed by Lessor and Lessee from time to time
pursuant to this Master Equipment Lease, each substantially in the form
attached as Exhibit “A” annexed hereto, with such changes thereto as the
parties may agree (each, a “Schedule” and, collectively, the “Schedules”).  Each Schedule shall reference this Master
Equipment Lease and shall be deemed to incorporate therein all of the terms and
conditions hereof, unless and to the extent any provisions hereof are expressly
excluded or modified therein, and shall contain such additional terms as Lessor
and Lessee shall, in their sole discretion, agree upon.  Each Schedule, together with the terms and
conditions of this Master Equipment Lease so incorporated therein, shall
constitute a separate lease agreement (which are each hereinafter sometimes
referred to as the “Lease”, and collectively, as the “Leases”).  Each such Schedule may be assigned by Lessor
and/or reassigned separate and apart from any other Schedule(s) hereunder.  With respect to each such Schedule, Lessor
or its assignee(s) shall have all of the rights of “Lessor” thereunder, and such
rights shall be separately exercisable by Lessor or such assignee(s), as the
case may be, exclusively and independently of the rights of Lessor or any
assignee(s) with respect to any other Schedules.  As used in each Lease, “Seller” shall mean each Seller
designated as such in the Schedule related to such Lease.  Lessee confirms that all Equipment leased
pursuant to any Schedule will be used solely for commercial or business
purposes (and not for consumer, personal, family or household purposes) on the
terms and conditions set forth in the Lease covering such Equipment.

 

3.
            Delivery.  Lessee hereby acknowledges:  (a) the Equipment is of the manufacture,
design and capacity selected by Lessee; (b) the Equipment is suitable for
Lessee’s purposes, and (c) Lessor has not made and makes no representations or
warranties of any kind or nature, directly or indirectly, express or implied,
as to any matter whatsoever, including (without limitation) LESSOR’S TITLE TO
OR THE SUITABILITY OF THE EQUIPMENT, ITS DURABILITY, FITNESS FOR ANY PARTICULAR
PURPOSE, MERCHANTABILITY, CONDITION, CAPACITY, OPERATION, PERFORMANCE, DESIGN,
MATERIALS, WORKMANSHIP AND/OR QUALITY OR WHETHER IT 

 

1

 

IS
NEW OR USED, AND AS BETWEEN LESSEE AND LESSOR OR LESSOR’S ASSIGNEE, LESSEE
LEASES THE EQUIPMENT “AS IS”.  Lessor
will assign or otherwise make available to Lessee all of Lessor’s rights (if
any and if assignable) under the manufacturer’s warranty on the Equipment and
maintenance agreement relating thereto, all costs and charges thereof and
therefore to be borne by Lessee.

 

3.1.1                        At
the termination of the applicable Schedule, Lessee shall, at its expense,
return all of the Equipment subject thereto to Lessor at the location
designated by Lessor within the continental United States by surface
transportation, only if not shipped directly to a successor Lessee.  The Equipment returned to Lessor shall, at
the time it is disconnected from its then location in Lessee’s premises, be in
the same condition and working order as when delivered to Lessee, reasonable
wear and tear and casualty loss excepted, and shall be at the then current
engineering change level recommended by the Seller(s) of the Equipment (if
required in the Schedule), together with all current versions of any included
software provided by the relevant Seller(s).

 

3.1.2                        Lessor
and Lessor’s assignee shall not be liable to Lessee or any third party for any
loss, damage, injury or expense of any kind or nature caused directly or
indirectly by any of the Equipment or the use or maintenance thereof or any
defect therein, the failure of operation thereof or of any repair, service or
adjustment thereto, or by any delay or failure to provide any thereof, or by
any interruption of service or loss of use thereof or for any loss of business
or damage whatsoever and howsoever caused, including (without limitation) any
loss of anticipatory profits or any other indirect, special or consequential
damages, nor shall Lessor be liable for any damages which may be assessed
against Lessee in any action for infringement of any patent, trademark or
copyright.  Lessor makes no warranty as
to the treatment of any lease for accounting purposes, or as to the compliance
of the Equipment with applicable government regulations or requirements, which
shall be the sole responsibility of Seller and/or the manufacturer of the
Equipment.  No representation or
warranty as to the Equipment or any other matter by Seller shall be binding on
Lessor nor shall the breach of such relieve Lessee of, or in any way affect,
any of Lessee’s obligations to Lessor as set forth herein.  Lessee agrees to look solely to the
manufacturer, Seller and/or the carrier of the Equipment (which are solely responsible
for supplying Lessee with all literature and manuals respecting the Equipment)
for any claim arising from any defect, breach of warranty, failure or delay in
delivery, misdelivery or inability to use any Equipment for any reason
whatsoever and Lessee’s obligations to Lessor under each Lease shall not in any
manner be affected thereby, including (without limitation) Lessee’s obligations
to pay Lessor all rent and other amounts payable under such Lease.  Lessee has selected the Equipment and Seller
and requested Lessor to order the Equipment from Seller.  Lessor agrees to order the Equipment from
Seller but shall not be liable for specific performance or damages if, for any
reason, Seller delays or fails to fill such order.  Lessor has no obligation to install the Equipment.  Lessee acknowledges that Lessor is not the
manufacturer or a supplier or dealer of the Equipment and that Lessor has not
recommended or identified Seller to Lessee. 
Lessee hereby waives any claim against Lessor with respect to negligence
or strict liability in the design, construction or manufacture of the
Equipment.  Lessee shall accept all
Equipment upon its delivery and authorizes Lessor to insert in the Schedule
related to each Lease the serial numbers and any additional description of the
items of Equipment so delivered.

 

3.1.3                        Unless
Lessee gives Lessor and Seller written notice of each defect or other proper
objection to any item of Equipment within ten (10) days after delivery thereof,
it shall be conclusively presumed as between Lessee and Lessor that the
Equipment was duly delivered and unconditionally accepted by Lessee.  If Lessee wrongfully refuses delivery of any
item of Equipment for any reason whatsoever, then and in that event, Lessee
agrees to promptly pay the price invoiced by Seller to Lessor, or if such
payment is not made, Lessee indemnifies and holds Lessor harmless from and
against, and agrees to protect and (at Lessor’s option) to defend Lessor at
Lessee’s sole expense (with counsel acceptable to Lessor) against, any claim of
liability and damage by Seller with reference to such item of Equipment.  Upon such payment, the related Schedule and
Lease shall terminate as to such item of Equipment only, and the rental
hereunder shall be proportionately adjusted. 
Notwithstanding anything to the contrary contained in any Purchase
Agreement (as defined below) with respect to the Equipment, if Lessee shall
wrongfully refuse to accept delivery of any item of Equipment ordered by
Lessor, Lessor shall be deemed relieved of any liability under such Purchase
Agreement and all obligations thereunder shall, upon such refusal, be deemed
solely those of Lessee, with the same force and effect as if Lessee (instead of
Lessor) had placed such order.  Lessor
shall not be responsible for the failure of the Purchase Agreement to contain
any description, specification, term or condition with respect to any item
leased under any Lease, or its delivery, assembly or installation, not set
forth herein.

 

3.1.4                        Lessee
further agrees that upon expiration or other termination of each Lease it shall
pay 

 

2

 

promptly all costs, expenses and obligations of every
kind and nature relating to the Equipment related thereto which may arise or
become due during the term of such Lease, whether or not specifically mentioned
herein.  Lessor expressly disclaims any
warranty that no person holds a claim to or interest in the Equipment (not
arising solely from any act or omission of Lessor) that will interfere with
Lessee’s enjoyment of its leasehold interest in the Equipment.

 

4.
            In addition to the Monthly
Rent, Lessee shall pay, promptly when due, all costs, expenses, fees, charges
and taxes incurred in connection with the use and operation of the
Equipment.  Such items shall include,
but not be limited to:

 

4.1.1                      all
costs of operating the Equipment.

 

4.1.2                      all
federal, state, county, municipal or other taxes whatsoever, without proration,
and any penalties and interest thereon (“Taxes”) (including any Taxes
with an assessment date which occurred during the Lease Term or any extension
thereof).  Subject to Section 4.4 Lessee
agrees to file, on behalf of Lessor, all required tax returns and reports
concerning the Equipment with all appropriate governmental agencies, and within
not more than forty five (45) days after the due date of such filing, to send
Lessor confirmation, in form satisfactory to Lessor, of such filing.  If the payment due date or reimbursement
date for a Tax should occur after the expiration or termination of the Lease
Term or any extension thereof, Lessee’s liability for such Tax shall survive
such expiration or termination.

 

4.1.3                      all
shipping, installation, and transportation charges from the manufacturer or
vendor to the installation site, and

 

4.1.4                      all
de-installation, shipping and transportation charges from the installation site
to a location designated by Lessor at the termination of the Lease.

 

4.2                               If
Lessee should fail to pay any of the costs, expenses, fees, charges and taxes
(including attorney’s fees) for which Lessee is liable hereunder, Lessor may,
but shall not be required to, pay the same for the account of Lessee.  Lessee shall reimburse Lessor, upon demand,
for the full amount of any such costs, expenses, fees, charges and taxes paid
by Lessor.  Lessor may also add the
amount of such reimbursement to the rent payment next becoming due in
accordance with the Schedule related to such Equipment, as additional rent
thereunder.

 

4.3                                 If,
at the termination of the Lease, Lessee fails to return to Lessor all or any
part of the Equipment subject thereto in accordance with the provisions of
Section 3.1.1, Lessee shall, until all such Equipment is so returned:  pay to Lessor on account of damages a
monthly amount equal to the amount shown in Section 5 of such Schedule, and
perform or observe all other of its agreements and covenants under the Lease;
but such payment, performance, and observance shall not limit or impair
Lessor’s right to recover the Equipment or any other of Lessor’s rights under
the Lease, nor shall it represent an extension of the term provided in the
applicable Schedule, nor shall it represent a consent by Lessor to such failure
by Lessee to return, and, in all events notwithstanding such payment,
performance and observance, Lessee’s obligation so to return shall remain in
full force and effect.

 

4.4                                 Notwithstanding
the foregoing, Lessor shall have the exclusive right, at its sole election, to
prepare and file any and all necessary personal property tax and sales tax
returns with respect to the Equipment and to pay such taxes in the name of
Lessor or Lessee, as appropriate.  If
Lessor exercises such right, Lessor shall bill Lessee for all such personal
property taxes paid by Lessor, and Lessee shall promptly reimburse Lessor for
such taxes.  Lessee hereby appoints
Lessor as its attorney-in-fact to file any and all such personal property tax
returns and pay such taxes in the name and on behalf of Lessee, as
appropriate.  Lessee shall otherwise
comply with and conform to all laws, ordinances and regulations relating to the
ownership, possession, use or maintenance of the Equipment, and save Lessor
harmless against actual or asserted violations, and pay all costs and expenses
of every character by or arising out of such use.  Lessor and Lessor’s assignee assumes no liability and makes no
representations as to the treatment by Lessee of the Lease, the Equipment or
the rental payments for financial statement or tax purposes.  Lessee is advised to consult its attorney or
accountant with respect thereto.

 

5.
            Use of Equipment.  Lessee shall use the Equipment only for
lawful purposes in the regular course of its business or the business of any
subsidiary or affiliate of Lessee within the United States or its possessions
(and not for consumer, personal, family or household purposes) on the terms and
conditions set forth in the Schedule and the Lease covering such
Equipment.  Lessee shall, concurrently
with the execution of the Lease, notify Lessor in writing where all Equipment
is principally located, and upon any change in such principal location of any
Equipment, notify Lessor in writing within ten (10) days thereafter of the new
principal location of such Equipment. Lessee shall use every reasonable
precaution to prevent loss or damage to the Equipment from fire and other hazards.  Lessee’s servants and agents shall
co-operate fully with Lessor in the investigation of any claims and suits
relating to the Equipment.  Lessee shall
keep the Equipment free from all liens and encumbrances.  This Lease and the interest of Lessee hereunder
shall not be assigned, alienated, pledged or hypothecated voluntarily by Lessee
or by operation of law, nor shall Lessee permit the Equipment to come into the
possession of any third person except a subsidiary or affiliate of Lessee,
provided, however, that Lessee shall remain 

 

3

 

obligated
to Lessor hereunder with respect to any such Equipment.

 

6.
            Lessee will enter into a
Master Maintenance Agreement with Lessor. 
Except to the extent of the Lessor’s obligation to provide maintenance
(as provided in the aforesaid Master Maintenance Agreement) Lessee shall, at
its own expense, keep the Equipment in first-class condition and repair and in
good and efficient working order (including the replacement or substitution of
parts, improvements or additions to the Equipment) and comply with all laws,
ordinances, regulations or requirements of any governmental authority,
official, board or department relating to its installation, possession, use or
maintenance.  Lessee shall cause the
Equipment to be operated by competent employees only and shall pay all expenses
of operation.  With the exception of
defective parts and software upgrades, Lessee shall not, without Lessor’s prior
written consent, make any substitution of any part(s) of the Equipment, whether
or not such part(s) are specifically identified by manufacturer or serial
number.  Without the prior written
consent of Lessor, Lessee will not, through the installation of accessory
devices or any other method, impair the originally intended function of any
Equipment.  Any replacement or
substitution of parts, improvements or additions to the Equipment made by
Lessee shall become and remain the property of Lessor.

 

7.
            Insurance.  Identification of the Equipment to each
Lease and the related Schedule for purposes of UCC 2A shall be deemed to occur
at the earlier of the time the Equipment covered by such Lease is delivered to
Lessee or the time the Risk of Loss otherwise passes to Lessor.  Lessee shall, at its expense, procure and
maintain, at all times, in a responsible insurance company acceptable to
Lessor, insurance in an amount not less than the greater of (a) the total rent
hereunder, plus Lessor’s Depreciated Book Value of the Equipment, or (b) the
full replacement cost of the Equipment without consideration for depreciation,
protecting Lessor and Lessee, as their interests may appear, against loss
and/or damage to the Equipment arising out of any risk covered by fire and
extended coverage and by employee theft and dishonesty.  Lessee shall also provide such additional
insurance against injury, loss or damage to persons or property arising out of
the use or operation of the Equipment as is customarily maintained by the
owners of like property, with companies satisfactory to Lessor.  The amount of such insurance shall be
sufficient so that neither Lessor nor Lessee will be considered a
co-insurer.  Lessor, at its option, may
apply any proceeds of such insurance to replace or repair such Equipment and/or
to Lessee’s obligations under such Lease. 
Lessee also shall carry public liability insurance, both personal injury
and property damage covering such Equipment. 
All such insurance shall be in form, issued by such insurance companies
and be in such amounts as shall be satisfactory to Lessor, and shall provide
that losses, if any, shall be payable to Lessor as “loss payee”, and all such
liability insurance shall include Lessor as an “additional insured”.  Each insurer shall agree, by endorsement
upon the policy or policies issued by it or by independent instrument furnished
to Lessor, that it will give Lessor at least ten (10) days’ prior written
notice of the effective date of any alteration or cancellation of such policy,
and that as to the interest or coverage of Lessor or Lessor’s assignee, such
policy shall not be suspended, forfeited or in any manner prejudiced by any
default, misrepresentation or other breach of warranty, condition or covenant
by Lessor or Lessee under such Lease or such policy.  All such insurance shall cover the period from delivery of the
Equipment to Lessee to the date of termination of the Lease with respect
thereto, and shall provide for ten (10) days’ prior written notice to Lessor of
any cancellation or reduction in coverage. 
Lessee shall deliver to Lessor, within ten (10) days after the
Commencement Date, the insurance policy, and a Certificate of Insurance
satisfactory to Lessor.  Lessor shall
have no duty to examine such policies or certificates, or to advise Lessee of
any noncompliance of such insurance with the Lease.  If Lessee fails to provide the aforesaid insurance, Lessor may,
at its own option, provide such insurance and add the amount of the premiums to
the next rental installment, together with interest thereon at the rate of
Twenty Four Percent (24%) per annum, or the rate permitted by law (whichever is
less), from the date of payment thereof, until paid in full.  The proceeds of such insurance, whether
resulting from loss, damage, return premium or otherwise, shall be payable to
Lessor and Lessee, as their interests may appear.  If Lessee should be in default under Section 10 hereof, Lessee
hereby appoints Lessor as Lessee’s attorney-in-fact to make claim for, receive
payment of and execute or endorse all documents, checks or drafts for loss,
damage, return premium or otherwise under any insurance policy issued on
Equipment.  In any event, Lessee shall
be liable for any loss, damage, expense or costs suffered or incurred by Lessor
relating to or in any manner pertaining to each Lease, the Equipment covered by
each such Lease or the use or operation of such Equipment.

 

8.
            Indemnity.  Lessee shall indemnify and hold Lessor and
its officers, directors, shareholders, and agents, harmless against any and all
claims, demands, liabilities, (including, without limitation, negligence, tort
and strict liability), damages, claims, actions, proceedings, judgments,
settlements, losses, liens and obligations, direct or consequential, and all
fees, costs and expenses (each, an “Indemnified Claim”), including
(without limitation) attorneys’ fees and costs, arising out of the ordering,
purchase, delivery, rejection, non-delivery, ownership, selection, possession,
leasing, renting, financing, operation (regardless of where, how and by whom
operated), control, use, condition (including but not limited to latent and
other defects, whether or not discoverable by Lessee), maintenance, delivery,
transportation, storage, repair, furnishing of specifications with respect to,
and the return or other disposition of the Equipment covered by such Lease, and
any claims of patent, trademark or copyright infringement or, in the event that
Lessee shall be in default hereunder, arising out of the condition of any item
of Equipment sold or disposed of after use by Lessee, including (without
limitation) claims for injury to or death of persons and for damage to
property.  The indemnities and
obligations herein provided shall (a) apply to each Indemnified Claim 

 

4

 

irrespective
of whether such Indemnified Claim shall have resulted from or be attributable
in any way to any action or inaction of Lessee, and (b) continue in full force
and effect notwithstanding the expiration, termination or cancellation of such
Lease and the related Schedule for any reason whatsoever and irrespective of
whether Lessor ever accepts such Lease. 
Lessee shall give Lessor prompt written notice of any Indemnified Claim
and, at Lessor’s sole option, shall defend Lessor against any Indemnified Claim
at Lessee’s sole expense with attorney(s) selected by Lessor.  Lessee is an independent contractor and
nothing contained herein shall authorize Lessee or any other person to operate
any item of Equipment so as to incur any liability or obligation for or on
behalf of Lessor.

 

9.
            Termination of Lease of
Equipment Through Loss or Destruction. 
Lessee shall bear all risks of loss, damage or destruction of the
Equipment during the Lease Term or any extension thereof.  In the event of damage to any item of
Equipment, Lessee, at its sole expense and at the option of Lessor, shall
immediately place the same in good condition and repair.  In the event that Lessor determines that any
item of Equipment is lost, stolen or destroyed or damaged beyond repair, Lessee,
at its sole expense and at the option of Lessor, shall (a) replace the same
with like Equipment in good condition and repair, the title to which shall
thereupon vest in Lessor and which thereafter shall be considered the item of
Equipment subject to such Lease, or (b) acquire Lessor’s interest in such item
of Equipment by paying Lessor in cash (in addition to any other amount due
hereunder) an amount equal to the unpaid balance of the total rent for the
unexpired term hereof attributable to such item of Equipment, plus the greater
of (i) Lessor’s Depreciated Book Value of the Equipment, or (ii) the then fair
market value thereof.  Upon Lessor’s
receipt of such payment, the Lease and the related Schedule shall be deemed
terminated as to such item of Equipment, and Lessee shall be entitled to
Lessor’s interest in such item of Equipment, and to possession of the same at
its then location, “AS IS”, “WHERE IS” and without representation or warranty
by, or recourse to, Lessor.

 

10.
          Events of Default.  The following events of default by Lessee or
by any Obligor (as hereinafter defined) shall give rise to rights on the part
of Lessor described in Section 11:

 

10.1                         (a)
(i) Default in the payment of Monthly Rent hereunder, or under any other
document or instrument delivered to Lessor by or on behalf of such Obligor or
otherwise relating to any of the Liabilities (collectively, the “Other
Documents”), or (ii) any other obligation of an Obligor to Lessor or to any
Affiliate; and such default identified in (a) (i) and (ii) above, not having
been remedied in three (3) days from due date; (b) default in the payment or
performance of any other liability, obligation or covenant of Lessee under the
Lease and the continuance of such default for fifteen (15) days after written
notice thereof to Lessee sent by certified mail or via fax; (c) the making by
an Obligor of any misrepresentation to Lessor or the failure on the part of an
Obligor to disclose to Lessor any material fact in connection with this Master
Equipment Lease or any Lease or Schedule or otherwise, either contemporaneously
with the execution of this Master Equipment Lease or such Lease or Schedule or
at any time prior or subsequent to the execution of any thereof; or (d) the
breach by an Obligor of any warranty or agreement contained in this Master
Equipment Lease or any Lease or Schedule or in any of the Other Documents,
including, without limitation, Lessee’s failure to obtain or maintain any
insurance required by Lessor hereunder; or (e) Lessee’s receipt from Lessor
sent via fax, of a written notice of a default in the payment of any
indebtedness owed to any individual or entity other than Lessor, or a default
in the performance or observance of the terms of any agreement, document or
instrument pursuant to which such indebtedness was created, secured or
guaranteed, the effect of which default is to cause or permit the holder of any
such indebtedness to cause the same to be due prior to its stated maturity
(whether or not such default is waived by the holder thereof); or (f) the
failure of an Obligor to pay, withhold, collect or remit when asserted or due
any tax, assessment or other sum payable with respect to the Equipment related
to any Lease or any security for any of the Liabilities (including, without
limitation, any premium on any insurance policy with respect to any of such
Equipment or any security for any of the Liabilities, or any insurance policy
assigned to Lessor as security for any of the Liabilities), or the making of
any tax assessment against any Obligor by the United States or any state or
local government; or (g) the entry of a judgment against an Obligor or any
attachment, levy or execution against any property of an Obligor, or the
condemnation or seizure of any part of any property of an Obligor by any
governmental authority or court at the instance of such governmental authority;
or (h) the death of an Obligor, if an individual, or the death of any
individual member of an Obligor, if a partnership, limited liability company or
joint venture; or

 

10.2                         Breach
of any representation or warranty, or default in the performance of any
agreement, of Lessee contained in the Lease; or

 

10.3                         The
making of a general assignment for the benefit of creditors by Lessee, the
suspension of business or the commission by Lessee of any act amounting to a
business failure, any change in, or termination of, Lessee’s corporate
existence (except a merger, consolidation or reorganization in which the
obligations of Lessee are assumed by the surviving corporation), or the levy of
an attachment or filing of a tax lien (other than a Federal tax lien) against
Lessee affecting 

 

5

 

Equipment, and the failure of Lessee to cause such
attachment or tax lien to be discharged within thirty (30) days thereafter, or
the filing of a Federal Tax lien against Lessee, the Equipment or any of
Lessee’s property; the failure of an Obligor (or any admission in writing by an
Obligor of its inability) to generally pay its debts as they become due or the
insolvency or business failure of an Obligor; or

 

10.4                         The
institution of bankruptcy, reorganization, liquidation or receivership
proceedings by or against Lessee and, if instituted against Lessee, its consent
thereto or the failure to cause such proceedings to be discharged within thirty
(30) days thereafter.

 

10.5                         Such
a change in the condition or affairs (financial or otherwise) of an Obligor as
shall, in the sole opinion of Lessor, increase Lessor’s risk with respect to
any Lease, the related Schedule or Equipment or any of the Liabilities or any
security therefor; or any other event or circumstance occurs that leads Lessor,
in good faith, to believe that the prospect of full and prompt payment or
performance by an Obligor of any of its Liabilities is impaired.  For purposes of this Master Equipment Lease
and each and every Lease and/or Schedule executed pursuant to this Master
Equipment Lease:  (i) the term “Obligor”
shall mean Lessee and (A) any guarantor, pledgor, hypothecator or any other party
(other than Lessee) that is liable for any of the Liabilities of Lessee, and
(B) each and every corporation, partnership, limited liability company,
association or other entity that, directly or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with,
Lessee and that is liable for any Liabilities; and (ii) the term “Liabilities”
shall mean all liabilities and obligations of any kind of any and all Obligors
(or any partnership, joint venture or other group of which an Obligor is a
member) to Lessor or any Affiliate, whether (A) for the account of Lessor, any
Affiliate or as agent for others, (B) acquired directly or indirectly by Lessor
or any Affiliate from Lessee or others, (C) absolute or contingent, joint or
several, secured or unsecured, liquidated or unliquidated, due or not due,
contractual or tortious, or now existing or hereafter arising, or (D) incurred
by an Obligor as principal, agent, surety, endorser, guarantor or otherwise,
and including (without limitation) all expenses and reasonable attorneys’ fees
and costs incurred by Lessor in connection with any such liabilities or
obligations or any security therefor or the enforcement of any of their
respective rights or remedies with respect thereto.

 

11.           Rights of Lessor Upon Default of
Lessee.  Upon occurrence of any of the
Events of Default described in Section 10, Lessor may, at its discretion, do
one or more of the following:

 

11.1                         terminate
Lease upon five (5) days’ written notice to Lessee sent by certified mail or
via fax;

 

11.2                         whether
or not the Lease be terminated, take immediate possession of any or all of the
Equipment, including substituted parts, accessories or equipment, wherever
situated, and for such purpose, enter upon any premises without liability for
so doing and without affecting any of Lessee’s obligations under the
Lease.  Lessor shall hold the Equipment
so repossessed free and clear of the Lease and of any of the rights of Lessee
hereunder;

 

11.3                         whether
or not any action has been taken under Section 11.1 or 11.2 above, sell,
dispose of, hold, use or lease any Equipment as Lessor at its sole discretion,
may decide, without any duty to account to Lessee with respect to such action
or any proceeds thereof, and free of any interest of Lessee therein; and or

 

11.4                         Lessor
may pursue any other remedy granted by law or by any existing or future
document executed by Lessee.  Lessee
agrees to pay all of Lessor’s expenses in connection with Lessor’s exercise
from time to time of any of the foregoing remedies, including (but not limited
to) the costs of repossessing, storing, repairing and preparing Equipment for
sale or lease, commissions payable in connection with any such sale or lease
and all reasonable attorneys’ fees and costs incurred to enforce or otherwise
effectuate any such remedy or any other right under this Master Equipment Lease
or any Lease or Schedule executed pursuant to this Master Equipment Lease.

 

If,
after default, Lessee should deliver the Equipment to Lessor, or if Lessor
should repossess the Equipment or if Lessor should terminate  the Lease, and in addition to all rights of
Lessor set forth above, Lessee shall be liable for, and Lessor may recover from
Lessee, as liquidated damages for the breach of the Lease:  (i) all accrued unpaid rent due and payable
on the date of such delivery, repossession or termination, (ii) the present
value of all rent due to Lessor scheduled to become due and payable between the
date of such delivery, repossession or termination and the end of the present
Lease Term, or any extension thereof, discounted to the date of such delivery,
repossession or termination at a rate equal to five percent (5%) per annum,
(iii) in the event of a sale pursuant to Section 11.3, the amount of any deficiency
existing between the Net Proceeds of Sale of the Equipment and Lessor’s
Depreciated Book Value of the Equipment at the time of such repossession, (iv)
all such sums payable by Lessee pursuant to the provisions hereof, (v) all
other losses and damages sustained by reason of the default, and (vi) all costs
and expenses, including but not limited to costs associated with repossession,
deinstallation, transportation charges and necessary repair expenses, incurred
by Lessor by reason of the default.  If,
for any reason, Lessor should be unable to effect repossession of the
Equipment, Lessor may recover, as liquidated damages, the amounts aforesaid,
except that instead of item (iii), Lessee shall be liable to Lessor in an
amount equal to the 

 

6

 

replacement
cost of the Equipment as determined by Lessor. 
Lessor’s failure to exercise or delay in exercising any right or remedy
shall not be construed as a waiver thereof, nor shall a waiver on one occasion
be construed to bar the exercise of any right or remedy on a future occasion.

 

12.
          In addition to all other sums
payable by Lessee hereunder, Lessee shall pay to Lessor all expenses incurred
by Lessor, including, without limitation, reasonable attorneys’ fees and court
expenses of enforcing any rights of Lessor hereunder, whether against Lessee or
any other party primarily or secondarily liable with respect to Lessee’s
obligations or against the Equipment.

 

13.
          Equipment to Be and Remain
Personal Property.  It is the intention
and understanding of both Lessor and Lessee that all Equipment shall be and at
all times remain personal property of Lessor and Lessee shall have no right,
title or interest therein or thereto except as expressly set forth in the
Lease.  Upon Lessor’s request, Lessee
shall affix and keep in a prominent place on each item of Equipment such
labels, plates and/or other markings as Lessor shall specify, indicating that
the Equipment is owned by Lessor.  No invoice,
purchase order, purchase agreement, license agreement or any other agreement or
document between any Seller and Lessee (or otherwise in favor of Lessee) shall,
at any time, be deemed to have passed title to any of the Equipment to
Lessee.  Lessee hereby irrevocably and
unconditionally assigns to Lessor all of Lessee’s rights (but not its
obligations) under any invoice or purchase order relating to the
Equipment.  Lessee shall not change or
remove any insignia, label, plate or lettering that is on the Equipment at the
time of delivery thereof, or that is thereafter placed thereon, indicating
Lessor’s ownership thereof.  Except as
may otherwise be provided by any written purchase or renewal option duly
executed by Lessor, Lessee shall have no right to purchase or otherwise acquire
title to or ownership of any of the Equipment or to extend the term of any
Lease.  With respect to each Lease,
Lessee represents, warrants and covenants that, unless Lessee owns the premises
in which the Equipment covered by such Lease is to be located and such premises
and the contents thereof are not subject to any lease, mortgage or other lien,
Lessee shall provide Lessor, within thirty (30) days following the execution by
Lessee of the Schedule related to such Equipment, with a waiver from each
landlord and/or mortgagee of, and/or other lienholder against, the premises in
which such Equipment is to be located or any property of Lessee of any rights
which such landlord, mortgagee and/or other lienholder may have in respect of
any of such Equipment (including, but not limited to, claims against such
Equipment by reason of accession or distraint, or that such Equipment
constitutes a fixture affixed to real property) and shall procure for Lessor,
in form acceptable to Lessor, such documents with respect to such waiver as
Lessor may reasonably request.

 

14.
          Rentals to be Paid Directly to
Lessor.  Lessee shall make payment of
all rent and other payments due hereunder directly to Lessor at the following
address:  BOSTON FINANCIAL & EQUITY
CORPORATION, at Post Office Box 15071, Boston, Massachusetts 02215, if sent by
United States mail, or at 20 Overland Street, Boston, Massachusetts  02215, if sent by any other method, or to
such other address as Lessor or its assignee shall instruct.

 

15.           Miscellaneous.

 

15.1                         Time
is of the essence hereof.

 

15.2                         This
agreement is and is intended to be a True Lease.  Lessee does not acquire hereby any right, title or interest in or
to the Equipment, except the right to use the same under the terms hereof.  Lessor and Lessee agree that for tax
purposes the Lease will be treated as a finance lease by Lessee.

 

15.3                         The
relationship between Lessor and Lessee shall always and only be that of Lessor
and Lessee. Lessee shall never at any time during the term of the Lease for any
purpose whatsoever be or become the agent of the Lessor, and Lessor shall not
be responsible for the acts or omissions of Lessee, or its agents.

 

15.4                         Lessor
shall have the right to inspect any Equipment at any reasonable time; provided
however, that such right shall be limited to the extent required by any
applicable United States Government security regulations.

 

15.5                         Should
Lessee not pay the monthly rental payment when due and owing under the
provisions of  the Lease, Lessee agrees
to pay to Lessor on demand, as liquidated damages and not as a penalty:  (a) with respect to rental payments, an
administrative fee equal to five cents ($.05) for each one dollar ($1.00) of
such delayed rental payment, or the maximum amount permitted under applicable
law, whichever is less, and (b) with respect to rent payments overdue for more
than thirty (30) days and all other amounts payable to Lessor by Lessee under
any such Lease or Schedule, a late charge calculated at the rate of 18% per
annum on such overdue amount, or the maximum amount permitted under applicable
law, whichever is less, from the date such payment is due (or demanded, as the
case may be) until the date such payment is made in full to Lessor (or the date
on which any judgment to which such payment is reduced to judgment is paid in
full.)

 

15.6                         Lessor’s
rights and remedies with respect to any of the terms and conditions of  the Lease shall be cumulative and not
exclusive, and shall be in addition to all other rights and remedies in its
favor.  Any amount due Lessor under this
Section 15 shall be deemed liquidated damages for any breach of this Master
Equipment Lease or of any Lease or Schedule executed pursuant to this Master
Equipment Lease, and not a penalty. 
Lessor’s failure to exercise or delay in exercising any right or remedy
shall not be construed as a waiver thereof, nor shall a waiver on one 

 

7

 

occasion be construed to bar the exercise of any right
or remedy on a future occasion.

 

15.7                         No
party hereto shall, by act, delay, omission or otherwise, be deemed to have
waived any of its rights or remedies hereunder, or under any other instrument
executed in connection herewith, unless such waiver is in writing.  A waiver on any one occasion shall not be
construed as a waiver on any future occasion.

 

15.8                         The
invalidity of any portion of  the Lease
shall not affect the force and effect of the remaining valid portions
thereof.  All representations,
warranties, indemnities and agreements of Lessee contained in this Master
Equipment Lease or any Lease or Schedule shall survive and continue in full
force and effect notwithstanding termination or expiration of this Master
Equipment Lease or any such Lease or Schedule.

 

15.9                         All
notices shall be binding upon the parties hereto if sent to the address set
forth herein (unless a subsequent address has been furnished) by certified
mail, by one party to the other.

 

15.10                   Lessee
warrants that the application, statements and credit or financial information
submitted by it to Lessor are true and correct and made to induce Lessor to
enter into this Master Equipment Lease and to order Equipment from time to time
from the respective Sellers specified in any Leases and Schedules executed
pursuant to this Master Equipment Lease.

 

Lessee will provide Lessor with copies of Annual
Financial Reports prepared by Lessee’s independent accounting firm within
fourteen (14) days of the issuance of said Report.  In addition, Lessee will provide Lessor with copies of interim,
year-to-date or monthly financial reports which reports shall be prepared at
least every three (3) months.  Lessee
will make every effort to prepare and deliver to Lessor all financial reports
in a timely fashion upon request by Lessor. 
Lessee also agrees to make available financial books and records for
review by Lessor during regular business hours, as well as other contracts,
agreements, or materials Lessor may deem appropriate.

 

15.11                   No
representations, warranties, promises, guaranties or agreements, oral or
written, expressed or implied, have been made by either party hereto with
respect to the Lease or the Equipment, except as expressly provided herein.

 

15.12                     THE
LEASE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
MASSACHUSETTS WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF.  THE LEASE SHALL NOT BECOME EFFECTIVE UNLESS
AND UNTIL IT HAS BEEN ACCEPTED AND SIGNED BY AN EXECUTIVE OFFICER OF LESSOR IN
THE COMMONWEALTH OF MASSACHUSETTS. 
LESSEE HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF
SAID COMMONWEALTH OR ANY FEDERAL COURT SITTING WITHIN SAID COMMONWEALTH, OVER
ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THE LEASE OR THE
EQUIPMENT AND AGREES THAT ANY SUIT, ACTION, OR PROCEEDING BROUGHT BY LESSEE
AGAINST OR INVOLVING LESSOR SHALL BE BROUGHT ONLY IN SAID COURTS.  Lessee further consents to process being
served in the manner described for notices under Section 15.9 above.  The Lease constitutes the entire agreement
between the parties hereto with respect to the leasing of the Equipment.  Any change or modification of the Lease must
be in writing and signed by the parties hereto.

 

15.13                   Lessor
and Lessee, each having had the opportunity of review by counsel, each
irrevocably waive all right to trial by jury in any proceeding hereinafter
instituted by or against either of them in respect of the Lease or arising out
of any document executed in connection herewith or in connection with the
Equipment.

 

15.14                   To
the fullest extent permitted by applicable law, Lessee irrevocably waives any
and all:  (a) rights it may otherwise
have under Sections 2A-401 and 2A-402 of UCC 2A to suspend performance of any
of its obligations under this Master Equipment Lease or any Lease or Schedule
executed pursuant to this Master Equipment Lease, (b) rights and/or remedies it
may otherwise have under Sections 2A-508 through 2A-522 of UCC 2A, including
(without limitation) any right to:  (i)
cancel or repudiate this Master Equipment Lease or any such Lease or Schedule,
(ii) reject or revoke acceptance of any Equipment, (iii) recover damages from
Lessor for breach of warranty or for any other reason, (iv) claim a security
interest in any rejected property in Lessee’s possession or control, (v) deduct
from the rental payments all or any part of any claimed damages resulting from
any default by Lessor under this Master Equipment Lease or any such Lease or
Schedule, (vi) “cover” by making a purchase or lease of other property in
substitution for property due from Lessor, (vii) recover from Lessor any general,
special, incidental or consequential damages, for any reason whatsoever, and
(viii) specific performance, replevin or the like for all or any part of any
Equipment; and (c) rights now or hereafter conferred by any applicable statute
or otherwise under which Lessor may be required to sell, release or otherwise
use or dispose of all or any part of any Equipment in mitigation of Lessor’s
damages as determined under this Master Equipment Lease or any such 

 

8

 

Lease or Schedule or otherwise or which may otherwise
limit or modify any of Lessor’s rights and remedies under this Master Equipment
Lease or any such Lease or Schedule or otherwise.  Any action by Lessee against Lessor for any default by Lessor under
this Master Equipment Lease or any such Lease or Schedule must be commenced
within one (1) year after any such cause of action accrues.

 

16.           Lessee shall not assign, pledge,
mortgage or otherwise transfer or encumber any of its rights under any Lease or
in the Equipment or any part thereof, nor sublet any part thereof, nor permit
its use by anyone other than Lessee and its regular employees, without Lessor’s
prior written consent.  Any such
purported transfer, assignment or other action without Lessor’s prior written
consent shall be void.  Lessor may,
without notice to or consent by Lessee, transfer or assign any Lease and the
related Schedule or any interest therein, and may mortgage, pledge, encumber or
transfer any of its right or interest in and to any Lease and/or the Equipment
or any part thereof and, without limitation, each assignee, transferee,
mortgagee and pledgee shall have the right to further transfer or assign its
interest.  Each such assignee, transferee,
mortgagee and pledgee shall have all of the rights (but none of the
obligations) of Lessor under such Lease. 
Lessee hereby acknowledges notice of Lessor’s intended assignment of
Lessor’s right and interest in each Lease and the related Schedule and, upon
such assignment, Lessee agrees:  not to
assert against any of such transferees, assignees, mortgagees or pledgees any
defense, claim, counterclaim or set-off that Lessee may have against Lessor,
whether arising under such Lease transaction (or the related Schedule) or
otherwise.  If Lessor does assign the
Lease, the assignee shall be entitled, upon notifying Lessee, to performance of
all of Lessee’s obligations and agreements under the Lease and to all of the
rights and remedies of Lessor, and (2) Lessee will assert no claim or defenses it
may have against Lessor against the assignee.

 

Lessee
agrees that any such transfer or assignment will not impair the prospect of
obtaining return performance by, materially change the duty of or materially
increase the burden or risk imposed on, Lessee under such Lease, and Lessee
waives any rights or remedies it may otherwise have, under UCC 2A or otherwise,
to oppose, prohibit, claim damages with respect to or otherwise affect any such
transfer or assignment.  Any assignee of
Lessor’s rights under any Lease (and the related Schedule) shall be considered
a third party beneficiary of all of Lessee’s representations, warranties and
obligations hereunder to Lessor.  Lessee
agrees:  (a) in connection with any such
transfer or assignment, to provide such instruments, documents, acknowledgments
and further assurances as Lessor or any assignee, transferee, mortgagee or
pledgee may deem necessary or advisable to effectuate the intents of such Lease
or any such transfer or assignment, with respect to such matters as such Lease,
the Equipment, Lessee’s obligations to such assignee, transferee, mortgagee or
pledgee and such other matters as may be reasonably requested; and (b) that
after receipt by it of written notice of an assignment from Lessor or from
Lessor’s assignee, all rent and other amounts which are then and thereafter due
under such Lease shall be paid unconditionally to such assignee at the place of
payment designated in such notice.

 

17.           Lease is conditional upon approval of
Lessor, and is neither consummated nor binding on Lessor until accepted by an
authorized officer of Lessor.  Such
acceptance will be rendered only after submission of all necessary information
to Lessor and an evaluation by Lessor of the acceptability of Lessee for the
Equipment Lease herein described. 
Signature of the Lease by Lessor shall constitute acceptance and all
aforementioned terms and conditions shall be effective upon endorsement by
Lessor.

 

18.            Supplemental Equipment Schedules may
from time to time be included under this Master Equipment Lease.  The addition of supplemental Schedules is
conditional upon approval by Lessor and is neither consummated nor binding on
Lessor until accepted by an authorized officer of Lessor.  Such acceptance will be rendered only after
submission of all necessary information to Lessor and an evaluation by Lessor.

 

19.           The terms and conditions of the
Master Equipment Lease and any other documents associated herewith are
confidential and proprietary.  Lessee
agrees not to disclose the same to any other party without prior written
consent of Lessor.

 

20.           Lessee agrees that Lessee’s
obligations under this Master Equipment Lease and under each and every Lease or
Schedule executed pursuant to this Master Equipment Lease are absolute and
unconditional and shall continue without abatement and regardless of any
disability of Lessee to use any Equipment or any part thereof because of any
reason including (but not limited to) war, act of God, governmental
regulations, strike, loss, damage, destruction, obsolescence, failure of or
delay in delivery, failure of the Equipment to operate properly, termination by
operation of law or any other cause.

 

21.           No rental or other sums payable by
Lessee pursuant to any Lease shall be subject to set-off, deduction, counterclaim,
abatement, recoupment, or reduction, nor shall any Lease terminate, nor shall
Lessee be entitled to any credit against such rental or other sums for any
reason whatsoever, including (without limitation) any damage to or destruction
of any Equipment or any item thereof, any limitation, restriction, deprivation
or prevention of, or any interference with, Lessee’s use of any Equipment or
any item thereof, whether the same shall be lawful or unlawful, any
dispossession of Lessee from any Equipment or any item thereof by paramount
title or otherwise, the requisition or taking by statute or by exercise of the
power of eminent domain or other governmental authority or otherwise, or by
injunction or by any private person, of any Equipment or any item thereof, the
prohibition of Lessee’s business, in whole or in part, whether pursuant to law
or otherwise, or any reason whether similar or dissimilar to any of the
foregoing.

 

22.           Lessee shall not change its name or
its address without providing Lessor with at least thirty (30) days’ prior
written notice thereof.

 

9

 

23.           To the extent that any Schedule
constituting a Lease hereunder would constitute “chattel paper,” as such term
is defined under the Massachusetts Uniform Commercial Code, a security interest
therein may be created only through the transfer or possession of the original
of Counterpart No. 1 of such Schedule executed pursuant to this Master
Equipment Lease.  Transfer or possession
of an original counterpart of this Master Equipment Lease shall not be
necessary to perfect such security interest and no security interest in any
such Schedule may be created by the transfer or possession of any other
counterpart of such Schedule or by the transfer or possession of counterpart of
such Schedule or by the transfer or possession of any counterpart of this
Master Equipment Lease.

 

IN
WITNESS WHEREOF, Lessor and Lessee have duly executed this Lease as of the day
and year first above written.

 

	
  COLESSEE:  VitalStream Holdings, Inc.

  	
   

  	
  COLESSEE:  VitalStream, Inc.

  
	
   

  	
   

  	
   

  
	
  /s/ Paul Summers

  	
   

  	
  Paul
  Summers

  
	
  (Signature)

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
  Paul Summers

  	
   

  	
  Paul
  Summers

  
	
  (Print
  Name)

  	
   

  	
  (Print
  Name)

  
	
   

  	
   

  	
   

  
	
  President

  	
   

  	
  President

  
	
  (Title)

  	
   

  	
  (Title)

  
	
   

  	
   

  	
   

  
	
  03/14/03

  	
   

  	
  3/14/03

  
	
  (Date)

  	
   

  	
  (Date)

  
	
   

  	
   

  	
   

  
	
  COLESSEE:  VitalStream Broadcasting Corporation

  	
   

  	
  LESSOR:  BOSTON FINANCIAL & EQUITY CORPORATION

  
	
  /s/ Paul Summers

  	
   

  	
  /s/ illegible

  
	
  (Signature)

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
  Paul Summers

  	
   

  	
   

  
	
  (Print
  Name)

  	
   

  	
  (Print
  Name)

  
	
   

  	
   

  	
   

  
	
  President

  	
   

  	
   

  
	
  (Title)

  	
   

  	
  (Title)

  
	
   

  	
   

  	
   

  
	
  3/14/03

  	
   

  	
   

  
	
  (Date)

  	
   

  	
  (Date)

  

 

10

 

EXHIBIT
A TO MASTER EQUIPMENT LEASE

LEASE SCHEDULE NO.
            

 

to
Master Equipment Lease between BOSTON FINANCIAL & EQUITY CORPORATION,
Lessor, and
              ,
as Lessee (Lease No.           )
dated as of
                
(the “Master Equipment Lease”). 
Capitalized terms used and not otherwise defined herein shall have the
respective meanings set forth in the Master Equipment Lease.

 

1.                     Description
of Equipment and Seller(s):  (See Exhibit
A attached)

 

2.            Lease Term.  This Lease Schedule shall be effective as of
the date hereof, and unless terminated as provided herein, shall continue in
full force and effect for a period of
                  
(               )
months from Commencement Date.  Unless
the term of a Lease is extended or renewed by Lessor in a writing signed by
Lessor, or is terminated sooner by Lessor under Section 9 or 11 of the Master
Equipment Lease, such Lease shall terminate on the last day of the calendar
month in which the stated term thereof ends. 
This Lease is irrevocable and may not be canceled, terminated or revoked
by Lessee during the term thereof for any reason whatsoever.

 

3.            Payment of Rent.         Lessee shall pay to Lessor as Monthly
Rent for the above Equipment the sum of
                
Dollars
($                  )
each month for the first
                    
(                    )  months;
              
Dollars
($              )
each month for the subsequent                     
(                    )
months; and
                    
Dollars
($                    )
each month for the final
                    
(                    )
months.  Payment will be made in advance
on or before the first day of each month of the Lease Term, or any extensions
thereof.  Rental payments for Months One
(1) and  Twenty-Four (24) are due upon
signing of this Lease Schedule with the rental payment for the first month
being applied to the rent payable for the period between the date of delivery
of the Equipment and the Commencement Date, with the balance of such first
month’s payment if any, applied to the rent for the month beginning with the
Commencement Date (collectively, the “Advance Rentals”).  Payment of the Advance Rentals shall be
irrevocable, shall be deemed to have been earned by Lessor immediately upon
Lessor’s receipt thereof, and shall be applied immediately to satisfy Lessee’s
obligations to make such payment under this Lease.  The Advance Rentals shall not be refundable to Lessee under any
circumstances, including (without limitation) any termination of this Lease for
any reason prior to the end of its scheduled term in accordance with the terms
hereof.  In the event the term of this
Lease does not commence for any reason whatsoever, the Advance Rentals shall be
retained by Lessor not as a penalty but as liquidated damages to cover Lessor’s
administrative expenses in processing the application for such Lease.  Lessee shall, upon Lessor’s demand, promptly
pay or reimburse Lessor for all documentation and administrative fees and
expenses relating to the Equipment and this Lease, including (without
limitation) Lessor’s standard documentation fees, UCC and other search fees,
UCC filing fees, and other related fees, costs and expenses.  Payment of all rentals and other amounts
payable hereunder shall be made to Lessor as specified in Section 14 of the
Master Equipment Lease.

 

If
delivery of the Equipment takes place on other than the first day of a month, the Rent for such partial first month shall be the amount
obtained by multiplying the following: 
Fraction of Monthly Rent as set forth above times the number of days
remaining in such partial first month: 
provided, however, that (a) if less than all of the Equipment is
delivered prior to the Commencement Date, then Lessee shall pay Rent to the
Lessor for the period between such date of delivery and the Commencement Date,
which Rent for each full month of such period shall be determined by
multiplying by a fraction whose numerator shall be the cost of the Equipment so
delivered and whose denominator shall be the total cost of all of the
Equipment, and (b) if the date of Lessee’s written acceptance of delivery of
all of the Equipment is prior to the Commencement Date, then Lessee shall pay
Rent to Lessor for the period between such acceptance date and the Commencement
Date, which Rent for each full month of such period shall be determined by
multiplying by a fraction whose numerator shall be the cost of the Equipment
delivered as of the acceptance date and whose denominator shall be the total
cost of all of the Equipment.

 

3a.               Adjustments
to Monthly Rent.  Rental payments during
the Initial Lease Term are based upon a Monthly Rental Factor of
             ,
subject to adjustment as described below. The actual Monthly Rental Factor will
be indexed to the yield for U.S. Treasury Notes maturing closest to the date
which is one (1) year from the Commencement Date of this Schedule (the “Index
Instrument”).  The yield of the Index
Instrument is
currently             %
for the               %
Treasury Notes maturing in
              
as reported in The Wall Street Journal on
             ,
2000.  The Monthly Rental Factor shall
be adjusted by Lessor to provide for any increase in the yield of the Index
Instrument on the Commencement Date of this Schedule.  At the Commencement Date of this Schedule, the Monthly Rental
Factor (as adjusted) shall be fixed for the Initial Term of this Schedule.

 

3b.              Maintenance
of the Equipment is being furnished by Lessor pursuant to a Master Maintenance
Agreement with Lessee (dated
                    ).  Any charges with respect to such maintenance
are included in the stated Rent. 
Lessor, however, may, on thirty (30) days prior written notice, increase the
charges for maintenance and thereupon the Rent to be paid with respect to the
Equipment shall be increased by the amount of such increase in the maintenance
charges.  All preventive maintenance as
specified by the manufacturer {including, but not limited to calibration and
lubrication}will be the responsibility of Lessee.  Any damage caused by failure to perform preventive maintenance
will be the responsibility of Lessee.

 

4.                    End of Term Obligations.              At the expiration of the initial
term of this Lease Schedule, or any extension thereof, Lessee shall be
obligated to purchase all of the Leased Equipment under this Lease Schedule in
accordance with paragraph A below or extend the term of this Lease Schedule in
accordance with paragraph B below, or return the Equipment in accordance with
Section 3.1.1 of the Master Equipment Lease. 
If the Equipment is returned there will be a ten percent (10%)
restocking fee based on the original Equipment Capitalized Cost.   Lessee shall notify Lessor, in writing, via certified mail, at least ninety (90) days prior to the expiration of the initial term
of this Lease Schedule, or any extension thereof, of Lessee’s intention to
either purchase the Equipment or extend the term of this Lease Schedule as
described below (the “Notice”).  If the
Notice is not received by Lessor within such time period, then at the option of
Lessor, an Event of Default shall be deemed to have occurred.  In such event, Lessor may exercise any or
all of its rights and remedies under the Master Equipment Lease, this Lease
Schedule, at law and in equity, including without limitation, the right to
demand that Lessee promptly return all of the Equipment, at Lessee’s expense,
to a location designated by Lessor, in good condition, ordinary wear and tear
excepted.  If Lessor fails to receive
the Notice within the applicable time period, then at the expiration of the
initial term of this Lease Schedule or any extension thereof, Lessee shall, in
addition to all other damages and obligations, pay to Lessor on account of
damages, a monthly amount equal to                     ) Dollars ($                    ), plus the then current monthly maintenance
charges, if any.

 

A.                  Lessee shall purchase
all, but not less than all of the leased Equipment under this Lease Schedule
“AS IS, WHERE IS,” for                      Dollars 

 

11

 

and                      Cents ($                    ), plus the appropriate taxes, and any outstanding charges, or

 

B.                   Lessee shall extend the term of this Lease Schedule for  an eighteen (18) month period at a Monthly
Rental charge of                      Dollars ($                    ) each month, plus the then current monthly maintenance charges, if any
(the “first renewal term”).  Upon the
expiration of the first renewal term, Lessee shall be obligated to purchase all
of the leased Equipment under this Lease Schedule in accordance with
subparagraph A above (except that the purchase price shall be                      Dollars ($                    ) plus the appropriate taxes and any outstanding charges) or to extend
the term of this Lease Schedule for an additional eighteen (18)  month period at a Monthly Rental charge of                      Dollars ($                    ) each month, plus the then current monthly maintenance charges, if any
(the “second renewal term”).  At least
ninety (90) days prior to the expiration of the first renewal term, Lessee
shall send a Notice of its intentions in the manner described above in this
paragraph 4.  If the Notice is not
received by Lessor within such time period, then at the option of Lessor, an
Event of Default shall be deemed to have occurred and Lessor may then exercise
any or all of its rights and remedies described above.  Upon the expiration of the second renewal
term, if any, Lessee shall be obligated to purchase all of the leased Equipment
under this Lease Schedule in accordance with subparagraph A above (except that
the purchase price shall be                      Dollars ($                    ), plus the appropriate taxes, and any outstanding charges.)  Failure by Lessee to so purchase the leased
Equipment shall be deemed an Event of Default and in such event, Lessor shall
have all of the rights and remedies described above including the right to
demand that Lessee promptly return all of the leased Equipment, at Lessee’s
expense, to a location designated by Lessor in the condition described
above.  In addition to all other damages
and obligations, Lessee shall pay Lessor , a monthly amount equal to                      Dollars ($                    ), plus the then current monthly maintenance charges, if any.

 

Notwithstanding the foregoing, if on or after the
date that Lessor receives the Notice, any of the Events of Default have
occurred, whether or not the same is continuing, then Lessee shall not have any
right to purchase the Equipment or extend the term of this Lease Schedule.

 

4a.               Security
Deposit.     In addition to all other
payments required of Lessee hereunder, upon execution of this Lease Schedule,
Lessee will pay to Lessor the sum of                     
Dollars
($                    )
as a Security Deposit.  Such deposit may
be applied by Lessor in whole or partial satisfaction of any liability of
Lessee hereunder which is not paid when due. 
Lessor agrees to return                     
Percent
(                    %)
of the Security Deposit at the completion of month
                    
(                    )
provided that none of the Events of Default have occurred (whether or not the
same is continuing), and to return the remaining                     
of the Security Deposit at the completion of month
                    
(                    )
provided that none of the Events of Default have occurred (whether or not the
same is continuing).

 

5.                     Equipment Location  (complete address):

 

 

6.                     Lessee’s Billing Address:

 

 

7.                     This lease Schedule (this “Schedule”)
is attached to and made a part of the Master Equipment Lease.  The parties agree that (a) all of the terms
and conditions of the Master Equipment Lease are hereby incorporated in this Schedule
by this reference, unless and to the extent that such provisions are expressly
excluded or modified herein, and (b) this Schedule, together with the terms and
conditions of the Master Equipment Lease so incorporated herein, shall control
the rights and obligations of the parties with respect to the personal property
described above (such personal property, together with all additions,
substitutions and replacements thereto, collectively, the “Equipment”)
and shall constitute a separate lease agreement, which is hereinafter referred
to as this “Lease”.  Capitalized terms
used and otherwise not defined herein shall have the meanings assigned to them
in the Master Equipment Lease.

 

8.                     Lessee
reaffirms all of its representations, warranties, covenants, indemnifications
and other obligations under the Master Equipment Lease, including (without
limitation) that (a) Lessee has selected Seller and the Equipment leased under
this Lease prior to having requested Lessor to purchase the same for leasing to
Lessee, and Lessee agrees that Lessor has not made and makes no representations
or warranties of any kind or nature, directly or indirectly, express or
implied, as to any matter whatsoever, including (without limitation) Lessor’s
title to or the suitability of the Equipment, its durability, its fitness for
any particular purpose, its merchantability, its condition, its capacity, its
operation, its performance, its design, its materials, its workmanship and/or
its quality, and as between Lessee and Lessor or Lessor’s assignee, Lessee
leases the Equipment “as is”, and (b) this Lease is intended to be a “finance
lease” as defined in Section 2A-103(1)(g) of the Massachusetts Uniform
Commercial Code.  Lessee acknowledges
that it is entitled under Article 2A of the Massachusetts Uniform Commercial
Code (as and to the extent such Article, as amended from time to time, may be
in effect) to the promises and warranties, including those of any third party,
provided to Lessor by Seller in connection with or as part of the contract by
which Lessor acquired the Equipment or the right to possession and use of the
Equipment.  Lessee acknowledges that
Lessee may communicate with Seller and receive an accurate and complete
statement of those promises and warranties, including any disclaimers and
limitations of them or of any remedies. 
Lessee also acknowledges that it received the notifications contained in
this paragraph from Lessor before Lessee signed this Schedule.

 

9.                     This
Lease contains the entire agreement between the parties and may not be waived,
altered, amended, modified, terminated or otherwise changed by Lessee or Lessor
except by a writing signed by an officer of Lessor.  No oral agreements or representations of any kind whatsoever
shall be binding upon Lessor.

 

10.                     This
Lease Schedule is conditional upon approval of Lessor, and is neither
consummated nor binding on Lessor until accepted by an authorized officer of
Lessor.  Such acceptance will be
rendered only after submission all necessary information to Lessor and an evaluation
by the Lessor of the acceptability of Lessee for the Lease Schedule herein
described.

 

11.                     Exhibit A attached to this Lease
Schedule is hereby incorporated herein and made a part hereof as if Exhibit A
was set forth in this Lease Schedule.

 

Signature on this Lease Schedule by Lessee shall constitute acceptance
of all aforementioned terms and conditions and shall be effective upon
endorsement by Lessor.

 

	
  LESSEE:

  	
   

  	
  LESSOR;

  
	
   

  	
   

  	
  BOSTON FINANCIAL & EQUITY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
  (Print Name)

  	
   

  	
  (Print Name)

  
	
   

  	
   

  	
   

  
	
  (Title)

  	
   

  	
  (Title)

  
	
   

  	
   

  	
   

  
	
  (Date)

  	
   

  	
  (Date)

  

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]