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EXHIBIT 10.5
RECOURSE AGREEMENT
To induce American Equipment Leasing ("AEL") to enter into a certain
Master Lease Agreement together with all Schedules thereto, and Master Lease
Letter Agreements executed in connection therewith (all of which shall be
referred to as the "Lease Documents") wherein AEL is the Lessor, and American
Aerial Equipment ("Lessee") is the Lessee, and wherein the undersigned is the
"Supplier" of Equipment, and intending to be legally bound hereby, in the amount
of $1,300,000.000 (plus applicable interest as calculated in accordance with
this agreement), the undersigned hereby guarantees to AEL, and to any assignee
of AEL's interest therein, the prompt payment, when due, whether or not by
reason of acceleration the balance outstanding calculated by the simple interest
refund method at a rate of 10.25% per annum, without first requiring the AEL or
such assignee or assignees to proceed against the Lessee. The undersigned hereby
further waives notice of the acceptance of this Guaranty and the occurrence of
any default on the part of the Lessee under said Lease Documents and agrees that
its liability hereunder will not be affected by said AEL or such assignee or
assignees releasing rights against, or granting extensions to the Lessee. Upon
the occurrence of any default, cancellation or termination for any reason by the
Lessee under said Lease Documents, the undersigned agrees to pay the balance
outstanding calculated by the simple interest method at a rate of 10.25% per
annum within ten (10) days of demand by AEL.
DATED: 2/11/97
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Horizon High Reach
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/s/ Xxxxx Xxxxxxxx
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(VICE-PRESIDENT)
/s/ Xxxxxxx Xxxxxx
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(ASST. SECRETARY)
