Exhibit 10.3
AMENDMENT TO MASTER LEASE AGREEMENT
29. SECURITY INTEREST. As security for Lessee's obligations hereunder, Lessee
hereby grants Lessor a security interest in all equipment (as defined in Article
9 of the Uniform Commercial Code in effect in the State of Minnesota on the date
hereof and as may be amended from time to time) of Lessee, whether now owned or
hereafter acquired (collectively, "Equipment"), and Lessee shall execute and
consents to filing of appropriate UCC-1 financing statements with respect to
such interest. Notwithstanding the foregoing, Lessor agrees that:
(i) such interest in any future Equipment will automatically
be subordinated to a purchase money security interest of any party
providing financing for such future Equipment and the Lessor shall
execute any release or subordination agreement as required by the
purchase money lender; and
(ii) in connection with any subsequent secured financing by
the Lessee, Lessor will, upon request, release or subordinate all of
its interests in any Equipment not subject to any Lease, and that such
release or subordination will not be unreasonably withheld or delayed
as long as Lessee is not in default of the obligations under the Lease
or has not been in default of the obligations under the Lease for the
past eight (8) months.
Accepted and agreed this 10th day of April, 2000
Applied Biometrics, Inc., Lessee
By: /s/ Xxxxxxx X. Xxxxx
Title: Vice-President, Finance & Chief Financial Officer
Dexxon Capital Corporation, Lessor
By: /s/ Xxxxx Xxxxxx
Title: President
