EXHIBIT 10(c)(1)(G)
SIXTH AMENDMENT TO EQUIPMENT LEASE
SIXTH AMENDMENT, dated as of June 5, 2002 (the "Sixth Amendment"), to
Equipment Lease dated July 18, 1991 (the "Equipment Lease") between PRC Leasing,
Inc., a corporation organized and existing under the laws of the Commonwealth of
Puerto Rico (herein called "Lessor"), and TII Network Technologies, Inc., a
corporation organized and existing under the laws of the State of Delaware and
authorized to do business in Puerto Rico (herein called "Lessee").
WHEREAS, Lessor and Lessee entered into an Equipment Lease dated July 18,
1991, as amended by a First Amendment dated as of July 18, 1992, a Second
Amendment dated as of February 25, 1993, a Restated Third Amendment dated as of
December 14, 1993, a Fourth Amendment dated as of June 27, 2000, and a Fifth
Amendment dated as of July 18, 2001 (the "Fifth Amendment") (as amended to date,
the "Equipment Lease"); and
WHEREAS, the term of the Equipment Lease is scheduled to expire on July 18,
2002; and
WHEREAS, the parties wish to extend the term thereof;
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements herein as set forth, the parties agree hereto as follows:
1. Amendment to Equipment Lease. The Equipment Lease is hereby amended as
of the date hereof as follows:
(a) Section 2 of the Equipment Lease is hereby deleted in its entirety
and new Section 2 is hereby inserted in its place:
2. Lease of Equipment. For and in consideration of
the covenants and agreements hereinafter contained to
be kept and performed by Lessee, Lessor has leased and
does hereby lease to Lessee the personal property known
and described in Exhibit "A" hereto, hereafter
designated as "Equipment," to have and to hold the same
unto Lessee until July 18, 2003; provided, however,
that this Equipment Lease shall be automatically
renewed for additional one-year periods on each July 18
commencing July 18, 2003 and ending on the succeeding
July 17 unless terminated at the end of any such year
by either the Lessor or the Lessee on 180 days prior
written notice.
(b) Section 4 of the Equipment Lease is deleted in its entirety and
the following new Section 4 is inserted in its place:
4. Rents. Lessee shall pay as rent for the leasing
of the Equipment for the remaining term of the Lease
following the date of the Fifth Amendment of the
Equipment Lease at the rate of $50,000.00 per annum,
payable in advance in two equal semi-annual
installments on each of July 18 and January 18.
2. Terms. All capitalized terms used, but not defined in this Sixth
Amendment, herein shall be used as defined in the Equipment Lease.
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3. Choice of Law. This Sixth Amendment shall be deemed to have been
executed and entered into in the Commonwealth of Puerto Rico and shall be
construed, enforced and performed in accordance with the laws thereof.
4. Exclusion of Oral Statements. This Sixth Amendment contains all of the
agreements of the parties hereto with respect to the subject matter hereof. No
oral or other statements, proposals or other agreements with respect to the
subject matter hereof shall be binding on either of the parties hereto.
5. Agreement to Continue Equipment Lease as Amended. The Equipment Lease,
as heretofore and hereby amended (including, without limitation, Exhibit A
attached to the Fourth Amendment) shall remain and continue in full force and
effect after the date hereof.
PRC Leasing, Inc. TII Network Technologies, Inc.
By: /s/ Xxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx Xxxxxxx X. Xxxxx
President President
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