Dated: May 15, 1998 Lease Agreement
Schedule No. 002
COMERICA LEASING, A DIVISION OF COMERICA BANK
LEASE SCHEDULE
1. DESCRIPTION OF LEASE: Lease Agreement dated April 8, 1998, by and between
COMERICA LEASING, A DIVISION OF COMERICA BANK (herein "CLCB") as Lessor, and
NETTER DIGITAL ENTERTAINMENT, INC. as Lessee (herein called "Lease Agreement").
2. DESCRIPTION OF EQUIPMENT: Equipment Cost $225,782.53
"As further described on attached Exhibit A".
3. LOCATION: The equipment described above shall be located at 0000
Xxxxxxxxxx Xxxx., Xxxxx Xxxxxxxxx, XX 00000.
4. TERM; RENTAL: The Term of the Lease Agreement for the Equipment described
in this Schedule shall be in accordance with the provisions of the Lease
Agreement and shall continue until all rental payments are fully paid. Lessee
agrees to pay CLCB as rental payments aggregating * plus any applicable
sales and/or use taxes thereon payable in 36 monthly payments of * each,
plus any applicable sales and/or use taxes commencing June 15, 1998, and on
the same calendar day of each succeeding like period until fully paid.
THE RENTAL PAYMENTS SHALL BE REMITTED TO CLCB AT X.X. XXXXXX 00-000, XXXXXXX,
XXXXXXXX 00000, unless CLCB specifies otherwise in writing.
5. INSURANCE: Lessee agrees to maintain adequate property damage insurance in
accordance with the terms of the Lease Agreement, but in any event not less
than the sum of the payments due, protecting CLCB as a loss payee. The
minimum amount indicated above shall not be construed to imply such amount
will be or is adequate, but rather as a minimum amount.
6. UCC 2A: In accordance with Section 2A of the Michigan Uniform Commercial
Code (MCLA Section 440.3101 et seq.) ("UCC") Lessee acknowledges either (a)
that Lessee has reviewed and approved any written Supply Contract (as defined
by UCC Section 2A-103(i)(y)) covering the Equipment purchased from the
"Supplier" (as defined by XXX Xxxxxxx 0X- thereof for lease to Lessee or (b)
that Lessor has informed or advised Lessee, in writing, either previously or
by this Lease Schedule of the following: (i) the identity of the supplier;
(ii) that the Lessee may have rights under the Supply Contract; and (iii)
that the Lessee may contact the Supplier for a description of any such rights
lessee may have under the Supply Contract.
Lessee acknowledges that Lessee has reviewed and approved the Purchase Order,
Supply Contract or Purchase Agreement covering the Equipment purchased from
the seller or supplier thereof for lease to Lessee.
Lessee's Initials: /s/CK
7. ADDITIONAL CONDITIONS: At the end of the Lease term, Lessee may purchase
the equipment for $1.00 provided no event of default shall have occurred and
been left unremedied.
LESSEE ACKNOWLEDGES THAT LESSOR IS A DIVISION OF COMERICA BANK AND NOT A
SEPARATE BODY CORPORATE.
The foregoing is hereby approved and agreed to by the undersigned as a
Schedule to and a part of the Lease Agreement, the provisions of which are
hereby incorporated herein by reference and which shall govern,
notwithstanding anything contrary or inconsistent herein.
COMERICA LEASING, A DIVISION OF COMERICA BANK
(Lessor)
By: /s/ Xxxx X. Xxxxxx
Name: Xxxx X. Xxxxxx
Its: Vice President
NETTER DIGITAL ENTERTAINMENT, INC.
(Lessee)
Address: 0000 Xxxxxxxxxx. Xxxx.,
Xxxxx Xxxxxxxxx, XX 00000
By: /s/ Xxxx Xxxxxxx
Name: Xxxx Xxxxxxx
Its: Chief Financial Officer
Dated: June 22, 1998 Lease Agreement No. 9818
Schedule No. 003
COMERICA LEASING, A DIVISION OF COMERICA BANK
LEASE SCHEDULE
1. DESCRIPTION OF LEASE: Lease Agreement dated April 8, 1998 , by and between
COMERICA LEASING, A DIVISION OF COMERICA BANK (herein "CLCB") as Lessor,
and NETTER DIGITAL ENTERTAINMENT, INC. as Lessee (herein called "Lease
Agreement").
2. DESCRIPTION OF EQUIPMENT: $214,187.25
"As further described on attached Exhibit A".
3. LOCATION: The equipment described above shall be located at 0000 Xxxxxxxxxx
Xxxx., Xxxxx Xxxxxxxxx, XX 00000.
4. TERM; RENTAL: The Term of the Lease Agreement for the Equipment described in
this Schedule shall be in accordance with the provisions of the Lease
Agreement and shall continue until all rental payments are fully paid.
Lessee agrees to pay CLCB as rental payments aggregating * plus
any applicable sales and/or use taxes thereon payable in monthly payments
of * each, plus any applicable sales and/or use taxes commencing
July 15, 1998, and on the same calendar day of each succeeding like period
until fully paid. THE RENTAL PAYMENTS SHALL BE REMITTED TO CLCB AT X.X.
XXXXXX 00-000, XXXXXXX, XXXXXXXX 00000, unless CLCB specifies otherwise in
writing.
5. INSURANCE: Lessee agrees to maintain adequate property damage insurance in
accordance with the terms of the Lease Agreement, but in any event not less
than the sum of the payments due, protecting CLCB as a loss payee. The
minimum amount indicated above shall not be construed to imply such amount
will be or is adequate, but rather as a minimum amount.
6. UCC 2A: In accordance with Section 2A of the Michigan Uniform Commercial
Code (MCLA Section 440.3101 et seq.) ("UCC") Lessee acknowledges either (a)
that Lessee has reviewed and approved any written Supply Contract (as
defined by UCC Section 2A-103(i)(y)) covering the Equipment purchased from
the "Supplier" (as defined by UCC Section 2A-103(i)(x)) thereof for lease
to Lessee or (b) that Lessor has informed or advised Lessee, in writing,
either previously or by this Lease Schedule of the following: (i) the
identity of the supplier; (ii) that the Lessee may have rights under the
Supply Contract; and (iii) that the Lessee may contact the Supplier for a
description of any such rights lessee may have under the Supply Contract.
Lessee acknowledges that Lessee has reviewed and approved the Purchase
Order, Supply Contract or Purchase Agreement, covering the Equipment
purchased from the seller or supplier thereof for lease to Lessee.
Lessee's Initials: /s/CK
7. ADDITIONAL CONDITIONS: At the end of the Lease term, Lessee may purchase
the equipment for $1.00 provided no event of default shall have occurred
and been left unremedied.
LESSEE ACKNOWLEDGES THAT LESSOR IS A DIVISION OF COMERICA BANK AND NOT A
SEPARATE BODY CORPORATE.
The foregoing is hereby approved and agreed to by the undersigned as a
Schedule to and a part of the Lease Agreement, the provisions of which are
hereby incorporated herein by reference and which shall govern,
notwithstanding anything contrary or inconsistent herein.
COMERICA LEASING, A DIVISION OF COMERICA BANK
(Lessor)
By: /s/ Xxxx X. Xxxxxx
Name: Xxxx X. Xxxxxx
Its: Vice President
NETTER DIGITAL ENTERTAINMENT,
INC.
(Lessee)
Address: 0000 Xxxxxxxxxx Xxxx., Xxxxx
Xxxxxxxxx, XX 00000
By: /s/ Xxxx Xxxxxxx
Name: Xxxx Xxxxxxx
Its: Chief Financial Officer
