Document:

exv10w31

 

Exhibit 10.31

DEFAULT WAIVER AND FIFTH AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

     THIS DEFAULT WAIVER AND FIFTH AMENDMENT to Loan and Security Agreement (this “Amendment”) is
entered into this 5th day of October, 2006, by and between Silicon Valley Bank (“Bank”) and A
Smart Move L.L.C., a Colorado limited liability company (“Borrower”) whose address is 5350 Roslyn
Street, Suite 380, Greenwood Village, CO 80111.

Recitals

     A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of
April 26, 2005, as amended by that certain Loan Modification Agreement dated as of June 21, 2005,
by that certain Second Amendment to Loan and Security Agreement dated August 29, 2005, by that
certain Default Waiver and Third Amendment to Loan and Security Agreement dated December 21,
2005,and by that certain Fourth Amendment to Loan and Security Agreement dated May 12, 2006 (as the
same may from time to time be further amended, modified, supplemented or restated, the “Loan
Agreement”).

     B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

     C. Borrower is currently in default of the Loan Agreement for failing to comply with (i) the
monthly financial reporting requirements in Section 6.2(a)(i) and Section 6.2(b) of the Loan
Agreement as of September 30, 2006 for the August 2006 time period, (ii) the Remaining Months
Liquidity covenant set forth in Section 6.7(i) of the Loan Agreement as of June 30, 2006 and
August, 31, 2006, (iii) the Profitability/Maximum EBITDA Loss covenant set forth in Section 6.7(ii)
of the Loan Agreement, as of June 30, 2006, July 31, 2006 and August 31, 2006, and (iv) the Equity
Investment covenant set forth in Section 6.10 of the Loan Agreement as of June 30, 2006
(collectively, the “Existing Defaults”).

     D. Borrower has requested that Bank waive its rights and remedies against Borrower, limited
specifically to the Existing Defaults. Although Bank is under no obligation to do so, Bank is
willing to not exercise its rights and remedies against Borrower related to the specific Existing
Defaults on the terms and conditions set forth in this Amendment, so long as Borrower complies with
the terms, covenants and conditions set forth in this Amendment.

     E. Borrower has further requested that Bank amend the Loan Agreement to (i) change the
financial covenants, and (ii) make certain other revisions to the Loan Agreement as more fully set
forth herein. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to
the extent, in accordance with the terms, subject to the conditions, and in reliance upon the
representations and warranties set forth below.

1

 

Agreement

     Now, Therefore, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used but not defined in this Amendment shall have the
meanings given to them in the Loan Agreement.

     2. Waiver of Covenant Defaults. Bank hereby waives Borrower’s Existing Defaults under the
Loan Agreement as specified and defined in Recital C above. Bank’s waiver of Borrower’s compliance
of these covenants shall apply only to the foregoing periods. Accordingly, hereinafter, Borrower
shall be in compliance with these covenants, unless otherwise provided for in this Amendment.

     Bank’s agreement to waive the above-described defaults (1) in no way shall be deemed an
agreement by the Bank to waive Borrower’s compliance with the above-described covenants as of all
other dates and (2) shall not limit or impair the Bank’s right to demand strict performance of
these covenants as of all other dates and (3) shall not limit or impair the Bank’s right to demand
strict performance of all other covenants as of any date.

     3. Amendments to Loan Agreement.

          3.1 Section 6.6 (Primary Accounts). Section 6.6 is amended in its entirety and replaced with
the following:

          6.6 Primary Accounts.

Borrower will maintain its primary depository and operating accounts and investment accounts with
Bank or Bank’s affiliates, which relationship shall include Borrower maintaining account balances
in unrestricted demand deposits or liquid investments in any accounts at or through Bank and
subject to Bank’s security interest in an aggregate amount of not less than the aggregate principal
balances of the Equipment Advances and the Second Equipment Advances outstanding from time to time
hereunder until compliance with Section 6.10 and thereafter or otherwise representing at least 85%
of all account balances of Borrower held at any financial institution. As to any deposit accounts
and investment accounts maintained with other institutions, Borrower shall cause each such
institution to enter into a control agreement in form acceptable to Bank in its good faith business
judgment in order to perfect Bank’s first priority security interest in said deposit accounts and
investment accounts.

          3.2 Section 6.7 (Financial Covenants). Section 6.7 is amended in its entirety and replaced
with the following:

          6.7 Financial Covenants.

2

 

                    Borrower will maintain, as of the last day of each month, commencing with the
month in which Borrower completes the Equity Investment described in Section 6.10:

                    (i) Remaining Months Liquidity. A ratio of Liquidity Coverage to Cash Burn of at least
6.00:1.00. As used herein “Liquidity Coverage” means unrestricted and unencumbered cash and cash
equivalents held at Bank plus 30% of the invoice cost of forklifts financed or to be financed by
Bank excluding taxes, shipping, warranty charges, freight discounts and installation expense; and
“Cash Burn” means net income before any deduction for amortization and depreciation.

                    (ii) Profitability/Maximum EBITDA Loss. A minimum net profit (and maximum net loss)
calculated as EBITDA measured monthly on a rolling 3-month basis, as follows: ($750,000) for the
months ending 12/31/06, 01/31/07 and 02/28/07; ($400,000) for the months ending 03/31/07, 04/30/07
and 05/31/06; and $1 for the month ending 06/30/07 and each month ending thereafter.

          3.3 Section 6.10 (Equity Investment). Section 6.10 is amended in its entirety and replaced
with the following:

          6.10 Equity Investment/Cash Balances. Until such time as Borrower has received net proceeds
of not less than $5,000,000 on a cumulative basis commencing September 30, 2006 either from an
initial public offering of its equity securities or the issuance of other equity or debt securities
(as long as any debt is subordinated to the Obligations hereunder on terms agreed to by Bank in
advance in writing)(the “Equity Investment”), Borrower will maintain with Bank or Bank’s affiliates
account balances in unrestricted demand deposits or in liquid investments in unrestricted
investment accounts, which are subject to Bank’s security interest, in an aggregate amount equal to
or exceeding the aggregate principal balances of the Equipment Advances and the Second Equipment
Advances outstanding from time to time hereunder.

          3.4 Collateral. For the avoidance of doubt, the definition of Collateral is amended to
include Borrower’s deposit account Number 3300468776.

          3.5 Exhibit D. The Compliance Certificate in the form of Exhibit D attached hereto is
substituted for that attached to the Loan Agreement.

     4. Limitation of Amendments.

          4.1 The amendments set forth in Section 2, above, are effective for the purposes set forth
herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any
amendment, waiver or modification of any other term or condition of any Loan Document, or (b)
otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document.

3

 

          4.2 This Amendment shall be construed in connection with and as part of the Loan Documents and
all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan
Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full
force and effect.

     5. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower
hereby represents and warrants to Bank as follows:

          5.1 Immediately after giving effect to this Amendment (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date), and (b) no Event of Default has occurred and
is continuing;

          5.2 Borrower has the power and authority to execute and deliver this Amendment and to perform
its obligations under the Loan Agreement, as amended by this Amendment;

          5.3 The organizational documents of Borrower delivered to Bank on or before April 26, 2005
remain true, accurate and complete and have not been amended, supplemented or restated and are and
continue to be in full force and effect;

          5.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, have been duly
authorized;

          5.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual
restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or
other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d)
the organizational documents of Borrower;

          5.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not require any
order, consent, approval, license, authorization or validation of, or filing, recording or
registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on either Borrower, except as already has been obtained or made; and

          5.7 This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or
other similar laws of general application and equitable principles relating to or affecting
creditors’ rights.

4

 

     6. Prior Agreement. Except as expressly provided for in this Amendment, the Loan Documents
are hereby ratified and reaffirmed and shall remain in full force and effect. This Amendment is
not a novation and the terms and conditions of this Amendment shall be in addition to and
supplemental to all terms and conditions set forth in the Loan Documents. In the event of any
conflict or inconsistency between this Amendment and the terms of such documents, the terms of this
Amendment shall be controlling, but such document shall not otherwise be affected or the rights
therein impaired.

     7. Release by Borrower.

          7.1 FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and
discharges Bank and its present or former employees, officers, directors, agents, representatives,
attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations,
promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind,
nature, description or character whatsoever, whether known or unknown, suspected or unsuspected,
absolute or contingent, arising out of or in any manner whatsoever connected with or related to
facts, circumstances, issues, controversies or claims existing or arising from the beginning of
time through and including the date of execution of this Amendment (collectively “Released
Claims”). Without limiting the foregoing, the Released Claims shall include any and all
liabilities or claims arising out of or in any manner whatsoever connected with or related to the
Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in
connection with any of the foregoing or the origination, negotiation, administration, servicing
and/or enforcement of any of the foregoing.

          7.2 By entering into this release, Borrower recognizes that no facts or representations are
ever absolutely certain and it may hereafter discover facts in addition to or different from those
which it presently knows or believes to be true, but that it is the intention of Borrower hereby to
fully, finally and forever settle and release all matters, disputes and differences, known or
unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any
fact that it relied upon in entering into this release was untrue, or that any understanding of the
facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof,
regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower
acknowledges that it is not relying upon and has not relied upon any representation or statement
made by Bank with respect to the facts underlying this release or with regard to any of such
party’s rights or asserted rights.

          7.3 This release may be pleaded as a full and complete defense and/or as a cross-complaint or
counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or
attempted in breach of this release. Borrower acknowledges that the release contained herein
constitutes a material inducement to Bank to enter into this Amendment, and that Bank would not
have done so but for Bank’s expectation that such release is valid and enforceable in all events.

5

 

          7.4 Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as follows:

                    (a) Except as expressly stated in this Amendment, neither Bank nor any agent, employee or
representative of Bank has made any statement or representation to Borrower regarding any fact
relied upon by Borrower in entering into this Amendment.

                    (b) Borrower has made such investigation of the facts pertaining to this Amendment and all of
the matters appertaining thereto, as it deems necessary.

                    (c) The terms of this Amendment are contractual and not a mere recital.

                    (d) This Amendment has been carefully read by Borrower, the contents hereof are known and
understood by Borrower, and this Amendment is signed freely, and without duress, by Borrower.

     7.5 Borrower represents and warrants that it is the sole and lawful owner of all right, title
and interest in and to every claim and every other matter which it releases herein, and that it has
not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or
entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold
it harmless from and against all claims based upon or arising in connection with prior assignments
or purported assignments or transfers of any claims or matters release.

     8. Counterparts. This Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument.

     9. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and
delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment to Bank of a fee in
an amount equal to $2500.00, and (c) Borrower’s payment to Bank of all Bank Expenses (including
reasonable attorneys’ fees and expenses, for documentation and negotiation of this Amendment)
incurred to through date of this Amendment.

     10. Governing Law. This Amendment and the rights and obligations of the parties hereto shall
be governed by and construed in accordance with the laws of the State of Colorado.

     11. Miscellaneous. All of the provisions in Sections 10, 11 and 12 of the Loan Agreement,
which are not already included in this Amendment, are incorporated in this Amendment by this
reference as if fully set forth herein, except that the references in the Loan Agreement to the
term “this Agreement” and words of similar import shall mean this Amendment.

6

 

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING
OUT OF ANY OF THIS AMENDMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING
CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH
PARTIES TO ENTER INTO THIS AMENDMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

     In Witness Whereof, the parties hereto have caused this Amendment to be duly executed
and delivered as of the date first written above.

	 	 	 	 	 	 	 
	BANK	 	BORROWER
	 
	 	 	 	 	 	 
	Silicon Valley Bank	 	A Smart Move L.L.C.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Greg L’Herault
	 	By:
	 	/s/ Edward Johnson
	 

	 	 
	 	 	 	 
	Name:

	 	Greg L’Herault
	 	Name:
	 	Edward Johnson
	Title:

	 	Relationship Manager
	 	Title:
	 	Chief Financial Officer

7

 

EXHIBIT D

COMPLIANCE CERTIFICATE

	 	 	 
	TO:

	 	SILICON VALLEY BANK
	 

	 	3003 Tasman Drive
	 

	 	Santa Clara, CA 95054
	 
	 	 
	FROM:

	 	A SMART MOVE L.L.C.

     The undersigned Responsible Officer of A SMART MOVE L.L.C. (“Borrower”) certifies that under
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the
“Agreement”), (i) Borrower is in complete compliance for the period ending ___with all
required covenants except as noted below and (ii) all representations and warranties in the
Agreement are true and correct in all material respects on this date. In addition, the undersigned
certifies that Borrower, and each Subsidiary, has timely filed all required tax returns and paid,
or made adequate provision to pay, all material taxes, except those being contested in good faith
with adequate reserves under GAAP. Attached are the required documents supporting the
certification. The Officer certifies that these are prepared in accordance with Generally Accepted
Accounting Principles (GAAP) consistently applied from one period to the next except as explained
in an accompanying letter or footnotes. The Responsible Officer acknowledges that no borrowings
may be requested at any time or date of determination that Borrower is not in compliance with any
of the terms of the Agreement, and that compliance is determined not just at the date this
certificate is delivered.

Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Monthly financial statements + CC

	 	Monthly within 30 days
	 	Yes/No
	Annual

	 	Compiled — FYE 05 — within 45 days
	 	Yes/No
	Audited — FYE 06 and after -

	 	within 120 days
	 	Yes/No
	10-Q, 10-K and 8-K

	 	Within 5 days after filing with SEC
	 	Yes/No

	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	Actual	 	Complies
	Maintain on a Monthly Basis:
	Commencing with the month in which Borrower completes the Equity Investment described in Section 6.10:
	 
	 	 	 	 	 	 
	Remaining Months Liquidity Ratio

	 	6.00:1.00
	 	___:1.00
	 	Yes/No

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Continuation

	 	 	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	Actual	 	Complies
	Maintain on a Monthly Basis (on a rolling 3-month basis):
	Commencing with the month in which Borrower completes the Equity Investment described in Section 6.10:
	 
	 	 	 	 	 	 	 	 
	Profitability/Maximum EBITDA Loss:

	 	($750,000)		 	$___
	 	Yes/No
	 	 	12/31/06 thru 02/28/07	 	 
	 	 	($400,000)	 	 
	 	 	03/31/07 thru 05/31/07	 	 
	 	 	$1	 	 
	 	 	06/30/07 and thereafter	 	 
	 
	 	 	 	 	 	 	 	 
	Have there been updates to Borrower’s intellectual property?	 	Yes/No
	 
	 	 	 	 	 	 	 	 
	Borrower only has deposit accounts located at the following institutions:_________________.	 	

	 	 	 	 	 
	Comments Regarding Exceptions: See Attached.

	 	BANK USE ONLY
	 

	 	Received by:	 	 
	 

	 	 	 	 
	 

	 	 	 	authorized signer
	Sincerely,
	 	 	 	 
	 
	A SMART MOVE L.L.C.

	 	Date:	 	 
	 

	 	 	 	 
	 
	 

	 	Verified:	 	 
	 

	 	 	 	 
	Signature

	 	 	 	authorized signer
	 
	 

	 	Date:	 	 
	 

	 	 	 	 
	Title
	 	 	 	 
	 

	 	Compliance Status:         Yes         No
	 
	 

	 	 	 	 
	Date
	 	 	 	 

9

 

SILICON VALLEY BANK

PRO FORMA INVOICE FOR LOAN CHARGES

	 	 	 	 	 	 	 	 
	BORROWER:

	 	A Smart Move L.L.C.	 	 	 	 
	 
	 	 	 	 	 	 
	LOAN OFFICER:
	 	Greg L’Herault	 	 	 	 
	 
	 	 	 	 	 	 
	DATE:

	 	October 5, 2006	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Loan Fee
	 	$	2,500	 
	 

	 	Documentation Fee
	 	$	750	 
	 
	 	 	 	 	 	 
	 

	 	TOTAL FEES DUE
	 	$	3,250	 
	 

	 	 
	 	 	 	 

o A check for the total amount is attached.

x Debit DDA # 3300468776 for the total amount.

	 	 	 	 
	BORROWER:
A Smart Move L.L.C.
	 	 
	 
	 	 
	 
	 
	Authorized Signer

	 	(Date)
	 
	 	 
	 
	SILICON VALLEY BANK
	 	 
	 
	 
	 	 
	 
	Loan Officer Signature

	 	(Date)

10Exhibit 10.1 

Lease Cancellation Agreement (“Agreement”) 

Moen Development (“Lessor”) and MDC Research Limited, a wholly owned subsidiary of the Med-Design Corporation, a Delaware corporation executed a AIR Standard Industrial/Commercial Single Tenant Lease-Net dated June 15, 1995 and subsequent First Amendment dated October 6, 2003 (“Lease”) for the Premises at 2810 Bunsen Avenue, Ventura, California (“Premises”). Med-Design Corporation has been acquired by Specialized Health Products International, Inc. (“Lessee”). 

1. Background 

Lessee’s Lease for the Premises
terminates on October 31, 2008. Lessee has vacated the Premises and the Premises are
currently on the market for sublease.  

Argon St. (“Tenant”) has
submitted a Proposal to Lease from Lessor the Premises for a period of five (5) years
commencing on February 1, 2007. The general term and conditions of the proposed Lease
have been accepted by Tenant and Lessor with the concurrence of Lessee. In order for
Lessor and Tenant to execute a lease (“New Lease”), Lessor and Lessee hereby
terminate the Lease under the following terms and conditions.  

2. Tenant Required Tenant Improvements 

As a condition of leasing the
Premises, Tenant requires certain improvements. Lessor and Lessee, where applicable, will
accomplish the following improvements by November 1, 2006.  

	  	a. 	  	     Lessor,
at Lessor’s sole expense, shall replace the roof of the Premises.  

	  	b. 	  	     Lessee,
at Lessee’s sole expense, shall replace the carpet and vinyl top set with comparable
grade materials.  

	  	c. 	  	     Lessee,
at Lessee’s sole expense, shall install a coffee bar and sink in the mezzanine of
the Premises.  

3.Condition
of Premises 

On the date of Tenant’s
occupancy (February 1, 2007), Lessee warrants all electrical, plumbing, sprinklers,
personnel doors, truck doors and HVAC are in good operating condition. In addition, by
November 1, 2006, Lessee will make the repairs to the HVAC agreed to by Lessee and
Lessor. As indicated in the New Lease, Lessee will be responsible for the repair of the
HVAC and other systems and other elements of the Premises for one (1) month from February
1, 2007.  

4. Utility Services to Premises 

Lessee will maintain the service,
and pay the expenses, for utility services (electricity and water) and landscaping
serving the Premises through January 31, 2007.  

5. Property Insurance and Real Estate Taxes 

Lessee has obtained, and is paying
the premium, for a policy insuring the Premises. Lessee will ensure that this policy
remains in effect, and pay the premium, through January 31, 2007.  

As indicated in the Lease, Lessee is
responsible for reimbursing Lessor for the cost of the real estate taxes for the
Premises. The real estate taxes for the Premises for the period July 1, 2006 through June
30, 2007 is estimated to be $18,516.06. Lessee is responsible for the portion of the
taxes for the seven (7) month period from July 1, 2006 through January 31, 2007. On
execution of this Agreement, Lessee will deliver to Lessor a check in the amount of
$10,801.04 (7/12 mos. x $18,516.06).  

6. Base Rent Differential

Due to the base rent differential
through October 31, 2008 between Lessee’s base rent and Tenant’s base rent, on
execution of this Agreement, Lessee will deliver to Lessor a check in the amount of
$158,321.76 as per attached Schedule A.  

7. Security Deposit Refund 

On execution of this Agreement,
Lessor shall deliver to Lessee a check in the amount of $11,418.00 as a return of Lessor’s
security deposit.  

8. Brokerage Commission

On execution of this Agreement,
Lessee shall pay CB Richard Ellis, Inc. a real estate brokerage commission as per a
separate agreement.  

9. Removal of Improvements 

As specified in the Lease, Lessee is
responsible for removing a substantial amount of the improvements in the Premises. On
execution of this Agreement, Lessor releases Lessee from the responsibility of removing
these improvements.  

10. Contingency 

Execution of this Agreement is
contingent on Lessor executing a Lease with Tenant containing the agreed to terms and
conditions.  

Any terms and conditions of the Lease that survive the termination or cancellation of the Lease shall survive beyond this Agreement. Provided the above terms and conditions are accomplished, the Lease is hereby terminated. 

AGREED AND ACCEPTED:                AGREED AND ACCEPTED:

LESSOR:                             LESSEE:
Moen Development                    MDC Research Limited, a wholly owned
                                    subsidiary of the Med-Design Corporation and
                                    Successor, Specialized Health Products
                                    International, Inc.

/s/ Greg Moen
Greg Moen

/s/ Deborah Moen                    /s/ Donald D. Solomon
Deborah Moen                        Donald D. Solomon
                                    Vice President & COO
Date 10-5-2006                      Date 10-5-2006

                                                                                                                            Schedule A
                                                  Base Rent Differential
                                             October 1, 2006-October 31, 2008

                                                                                ARGON TOTAL
                                  SHPI MONTHLY    SHPI TOTAL        ARGON       PERIOD BASE    DIFFERENTIAL
     PERIOD                        BASE RENT      PEROID BASE   MONTHLY BASE       RENT        TOTAL PERIOD
   MONTH/YEAR        MONTHS                          RENT           RENT                        BASE RENT
----------------- -------------- --------------- -------------- -------------- -------------- ---------------
10/06                   1          $16,242.90     $16,242.90              0              0     $15,242.90
----------------- -------------- --------------- -------------- -------------- -------------- ---------------
11/06-1/07              3          $16,730.19     $50,190.57              0              0     $50,190.57
----------------- -------------- --------------- -------------- -------------- -------------- ---------------
2/07-7/07               6          $16,730.19    $100,381.14     $10,120.50     $60,723.00     $39,658.14
----------------- -------------- --------------- -------------- -------------- -------------- ---------------
8/07-10/07              3          $16,730.19     $50,190.57     $12,715.50     $38,146.50     $12,044.07
----------------- -------------- --------------- -------------- -------------- -------------- ---------------
11/07-1/08              3          $17,232.09     $51,696.27     $12,715.50     $38,146.50     $13,549.77
----------------- -------------- --------------- -------------- -------------- -------------- ---------------
2/08-10/08              9          $17,232.09    $155,088.81     $14,272.50    $128,452.50     $26,636.31
----------------- -------------- --------------- -------------- -------------- -------------- ---------------

----------------- -------------- --------------- -------------- -------------- -------------- ---------------
TOTAL                  25                        $423,790.26                   $265,468.50    $158,321.76
----------------- -------------- --------------- -------------- -------------- -------------- ---------------

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