EXHIBIT 10.15
EQUIPMENT SCHEDULE NO. 03, dated December 4, 1997, to Master Lease Agreement,
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dated
June 18, 1997, between THE CIT GROUP/EQUIPMENT FINANCING, INC. ("Lessor") and
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Staodyn, Inc. ("Lessee").
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This Equipment Schedule incorporates the terms and conditions of the above-
referenced Master Lease Agreement.
This is Originally Executed Copy No. 1 of 1 originally executed copies. Only
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transfer of possession by Lessor of Originally Executed Copy No. 1 shall be
effective for purposes of perfecting an interest in this Schedule by possession.
The Equipment listed on this Schedule will be located at
0000 Xxxxxxxxxxxx Xxxxxxx Xxxxx Xxxxxxxxxxxx XX 00000
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Address City County State Zip Code
LEASE TERM: The term of this Lease for the items described in this Schedule
shall be 60 months.
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RENTALS: For said term or any portion thereof, Lessee shall pay to Lessor the
stated aggregate rentals, of which
$2,711.36 is herewith paid in advance and the balance of the rentals is payable
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in 59 equal, successive, monthly payments as stated, of which the first is due
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on the first monthly rental date set forth below, and the others on a like date
of each month thereafter, until fully paid.
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Item Description of Equipment Aggregate Monthly
No. (Include make, kind of unit, year, model and serial number.) Rental Rental
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1 various computer equipment more fully described on the Exhibit A 162,681.60 2,711.36
together with all additions, attachments, and replacements thereto
and proceeds thereof.
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Date Date of Renewals Purchase
Item Lease Term First Monthly (No. of Years and Option
No. Commences Rental Amount per Year) Price
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1 12/18/97 12/18/97 n/a $1.00
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Page 1 of 2
The Lease term commences on 12/18/97 .
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The first Monthly Rental is due on 12/18/97 .
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The Lease term may be renewed for ___ months with the Monthly Rental for such
renewal term of n/a .
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The Lessee has the option to purchase the Equipment as of the last day of the
initial Lease term for $ 1.00
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Special Provisions Instructions
ACCEPTED: 12/6/97
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LESSEE:
Staodyn, Inc.
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By /s/ Xxxxxxx X. Xxxxxx Title V.P. - Finance
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LESSOR:
The CIT Group/Equipment Financing, Inc.
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By /s/ Xxxxxx X. Xxxxxxxx Title Credit Analyst
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Page 2 of 2
EXHIBIT A
QUANTITY DESCRIPTION
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1 Optio A5400 Server Upgrade
1 Quadrant FastFax/Plus License Transfer Fee
Old Model 310 S/N 10-81737
New Model 620 S/N 10-TBD
1 XX Xxxxxxx Software License Fee
1 Xxx Xxxxx, Inc. Primary Software License
S/N 1012345
1 Generic Software, Inc. Upgrade of 5OQ400
to as/000 000-0000 VA.R1
1 XX Xxxxxxx & Associates, Inc. Pre-owned
Exide Electronics
1 Hawkeye Information Systems PF Risc
conversion
with all additions, attachments and replacements thereto and proceeds thereof.
LESSEE:
Staodyn, Inc.
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By /s/ Xxxxxxx X. Xxxxxx Title V.P. - Finance
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LESSOR
The CIT Group/Equipment Financing, Inc.
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By /s/ Xxxxxx X. Xxxxxxxx Title Credit Analyst
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RIDER A
TO EQUIPMENT SCHEDULE NO. 3 DATED
TO MASTER LEASE AGREEMENT DATED JUNE 18, 1997 BETWEEN
THE CIT GROUP/EQUIPMENT FINANCING, INC. AS LESSOR AND
STAODYN, INC., AS LESSEE
Lessee represents, warrants and agrees that as long as there is any obligations
owing by the Lessee to Lessor:
1. The Lessee shall not have the right to prepay the indebtedness due under
the Lease, in whole or in part, at any time during the first loan year.
2. The Lessee shall have the right to prepay the indebtedness due under the
Lease in whole but not in part, during the second, third, or fourth lease years,
provided that Lessee gives Lessor at least 30 days prior written notice of its
intention to prepay and in addition to the prepayment of all principal, accrued
interest, late charges and other amounts due under the Lease, Lessee pays a
prepayment fee equal to:
(a) five percent (5%) of the principal prepaid if such prepayment occurs
during the fourth lease year,
(b) four percent (4%) of the principal prepaid if such prepayment occurs
during the third lease year,
(c) three percent (3%) of the principal prepaid if such prepayment occurs
during the second lease year,
(d) two percent (2%) of the principal prepaid if such prepayment occurs
during the first lease year.
3. The term "lease year" as used herein, shall mean a period of twelve (12)
consecutive months. The first lease year shall commence 12-18-97 .
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Subsequent lease years shall run consecutively, each commencing on the
anniversary of the first lease year.
STAODYN, INC. THE CIT GROUP/EQUIPMENT
FINANCING,INC.
By: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxxx
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Title: V.P. - Finance Title: Credit Analyst
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Date: 12/9/97 Date: 12/18/97
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DELIVERY AND INSTALLATION CERTIFICATE
To: THE CIT GROUP/EQUIPMENT FINANCING, INC.
000 Xxxxxxx Xxxxxxx
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Address
Xxxxxxx XX 00000
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City State Zip Code
The undersigned hereby certifies that all of the goods, chattels and equipment
(all hereinafter called "equipment") described in the Equipment Schedule No. 3
dated December 4, 1997 to Master Lease Agreement dated June 18, 1997 between The
CIT Group/Equipment Financing, Inc. as Lessor and the undersigned as Lessee,
(the "Lease") have been furnished to the undersigned at the location designated
in the Lease, that delivery and installation of the equipment have been fully
completed as required, and that the equipment has been inspected and accepted by
the undersigned as satisfactory on 12/9/97. The undersigned understands that you
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are relying on the foregoing certification in your purchase of the equipment
described in the Lease and, to induce you to purchase the equipment, the
undersigned agrees to settle all claims, defenses, setoffs and counterclaims it
may have with
various vendors ("Seller") directly with the Seller and will not
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set up any thereof against you, that its obligation to you is absolute, and that
you are neither the manufacturer, distributor nor seller of the equipment and
have no knowledge or familiarity with it.
various computer equipment more fully described on the attached Exhibit A
together with all additions, attachments, and replacements thereof and proceeds
thereto.
Dated: 12/9/97
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LESSEE:
Staodyn, Inc.
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Name of individual, corporation or partnership
By /s/ Xxxxxxx X. Xxxxxx Title V.P. - Finance
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If corporation, have signed by President, Vice President or Treasurer, and give
official title. If owner or partner, state which.
Page 1 of 1
EXHIBIT A
QUANTITY DESCRIPTION
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1 Optio A5400 Server Upgrade
1 Quadrant FastFax/Plus License Transfer Fee
Old Model 310 S/N 10-81737
New Model 620 S/N 10-TBD
1 XX Xxxxxxx Software License Fee
1 Xxx Xxxxx, Inc. Primary Software License
S/N 1012345
1 Generic Software, Inc. Upgrade of 5OQ400
to as/000 000-0000 VA.Rl
1 XX Xxxxxxx & Associates, Inc. Pre-owned
Exide Electronics
1 Hawkeye Information Systems PF Risc
conversion
with all additions, attachments and replacements thereto and proceeds thereof.
LESSEE:
Staodyn, Inc.
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By /s/ Xxxxxxx X. Xxxxxx Title V.P. - Finance
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LESSOR:
The CIT Group/Equipment Financing, Inc.
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By /s/ Xxxxxx X. Xxxxxxxx Title Credit Analyst
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Date 12/9/97
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THE CIT GROUP/EQUIPMENT FINANCING, INC.
000 Xxxxxxx Xxxxxxx
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Xxxxxxx, XX 00000
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Gentlemen:
You are irrevocably instructed to disburse the proceeds of your loan to us,
evidenced by the Equipment Schedule No. 3 dated December 4, 1997 to Master Lease
Agreement dated June 18, 1997 as follows:
Payee Name Amount
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Option Software $ 3,675.00
Quadrant Software $ 395.00
XX Xxxxxxx $ 103,936.50
Xxx Xxxxx $ 1,500.00
Generic Software, Inc. $ 559.50
XX Xxxxxxx and Associates $ 11,400.00 Paid by Staodyn
Hawkeye Information Systems $ 500.00
Staodyn, Inc. $ 22,948.50
TOTAL $ 133,514.50
Very truly yours,
Staodyn, Inc.
By: /s/ Xxxxxxx X. Xxxxxx
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