Lease No. 008-3003538
FIRST SECURITY LEASING COMPANY
LEASE SCHEDULE TO
MASTER EQUIPMENT LEASE AGREEMENT
This Lease Schedule to Master Equipment Lease Agreement (the 'Lease
Schedule') is entered into pursuant to the terms of the Master Equipment Lease
Agreement (the 'Agreement') between the signatories hereof dated July 15, 1998
and constitutes a separate lease (the 'Lease') thereunder.
All the terms and conditions of the Agreement are hereby incorporated
herein and made a part hereof as if such terms and conditions were set forth in
this Lease Schedule at length and all capitalized terms not otherwise defined in
this Lease Schedule shall have the meaning set out in the Agreement. By their
execution and delivery of this Lease Schedule Lessor and Lessee hereby reaffirm
on and as of the date hereof all the terms, conditions, agreements,
representations and warranties contained in the Agreement. A copy of the signed
Agreement attached to the Lease Schedule, which attachment shall adopt the
copied signatures on the Agreement as of the date of the Lease Schedule, shall
constitute an original lease. A copy of the Agreement and the Lease Schedule
shall alone constitute the chattel paper for purposes of perfecting a security
interest.
A) Description of Equipment
Invoice
Quantity Vendor Description ID or Serial # New or Used Purchase Price
1 U.S. Bank See attached Exhibit "A" Used $ 32,382.45
for a complete description
of equipment
1 Transamerica Please see attached Used 488,020.93
Business Credit Exhibit 'A' for a complete
description of equipment
1 Phoenix Gold Please see attached Used $ 604,596.62
International, Inc. Exhibit 'A' for a complete
description of equipment
Total Invoice Purchase Price $1,125,000.00
B) Term. 60 months.
C) Rental.
1. Monthly /x / 2. Advance / /
Quarterly / / Arrears /x /
Semiannually / /
Annually / /
2. Rental Payment Dates: September 1, 1998, and on the same day of each
month with the final payment on August 1, 2003. Basic Rental in an
amount equal to 0.020396 of the total invoice purchase price of all
Items is payable on each Rental Payment Date.
3. Interim Rental in an amount equal to N/A of the invoice purchase price
for each Item for each day from and including the date of acceptance
for such Item to but excluding the first Rental Payment Date will be
payable on the first Rental Payment Date.
D) Residual Value. -0- of the invoice purchase price of each item.
E) Location. The Equipment shall be located :
Address: 0000 X. Xxxxxxx Xx - Xxxxxxxx, XX 000000
County: Multnomah
If required, the Equipment will be registered in OR.
F) Security Deposit. Concurrently with the execution hereof Lessee
shall deposit with Lessor the sum of N/A as a security deposit
which Lessor may use to satisfy any unpaid late charges,
recording fees or other amounts due and unpaid. Any unused
portion of the deposit will be returned to Lessee without
interest upon expiration or earlier termination of the Lease and
upon payment of all sums then due and owing to Lessor, or Lessee
may, at its option, apply the unused balance of the security
deposit toward the last Rental payment.
G) Insurance. The minimum amount of insurance to be provided by
Lessee as required under the terms of the Agreement shall be as
follows:
1. Liability: $1,000,000.00 each individual
$1,000,000.00 each accident
$1,000,000.00 property damage liability
2. Physical Damage and Loss: $1,125,000.00
3. Additional riders, exclusions or special terms
required by Lessor: N/A .
H) Certificate of Acceptance.
Lessee, having entered into the Agreement and the Lease Schedule
does hereby certify to Lessor that as to the Equipment
listed in Section A of the Lease Schedule or any Exhibit
attached and incorporated to the Lease Schedule:
1. The Equipment is of a size, design, capacity and manufacture
selected by Lessee, is in good condition and has been
satisfactorily delivered and installed. Lessee hereby
expressly assumes all responsibilities in connection with
the delivery and installation thereof;
2. Lessee is satisfied that the Equipment is suitable for
Lessee's purposes;
3. Unless otherwise indicated, the Equipment is new and unused
on the date hereof except for routine testing and
inspection;
4. Upon payment of the Invoice Purchase Price(s) to the
Vendor(s) indicated there will be no liens, security
interests or encumbrances against the Equipment except the
interest of Lessee under the Agreement;
5. There exists no Event of Default or condition which, but for
the passing of time or giving of notice or both, would
constitute an Event of Default under the Agreement; and
6. The Equipment is personal property and will not become
either real property, fixtures or inventory.
I) Other Terms.
Notwithstanding any language in this Lease Schedule to the contrary,
Lessor and Lessee agree that should Lessee, for any reason, decide to pay
the Lease off prior to the maturity date of the Lease, that Lessee agrees
to pay Lessor the following prepayment penalties, except additional
principal payments from Lessee cash flow is permitted without prepayment
penalty:
Date of Early Pay-off of Lease Prepayment Penalty Amount
--------------------------------------- -------------------------------
September 1, 1998 to August 31, 1999 3% of the Pay-off Amount
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September 1, 1999 to August 31, 2000 2% of the Pay-off Amount
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September 1, 2000 to August 31, 2002 1% of the Pay-off Amount
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September 1, 2002 to August 31, 2003 0% of the Pay-off Amount
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IN WITNESS WHEREOF, Lessor and Lessee have caused this Lease Schedule to be
duly executed on behalf of each of them on July 15, 1998 and the signatories
warrant their authority to bind principals.
LESSEE: LESSOR:
PHOENIX GOLD INTERNATIONAL, INC.,
a(n) Oregon Corporation FIRST SECURITY BANK, N.A.
BY: /s/ Xxxxxx X. X'Xxxxx BY: /s/ Xxxx Xxxx
ITS: Chief Financial Officer ITS:_______________________________
Address: 0000 X. Xxxxxxx Xxxxxx Address:c/o First Security Leasing
Xxxxxxxx, XX 00000 Company
Xxxxxxxx, XX 00000 000 Xxxx Xxxxxxxx, 0xx Xxxxx
Xxxx Xxxx Xxxx, Xxxx 00000
Federal ID or
Social Security Number: 00-0000000
