Amendment to Master Lease Agreement between Applied Biometrics, Inc. and Dexxon Capital Corporation

Summary

This amendment to the Master Lease Agreement is between Applied Biometrics, Inc. (Lessee) and Dexxon Capital Corporation (Lessor). It grants the Lessor a security interest in all of the Lessee's equipment to secure the Lessee's obligations. The amendment also allows the Lessor's interest to be subordinated or released in favor of other lenders under certain conditions, provided the Lessee is not in default. The agreement was signed on April 10, 2000.

EX-10.3 4 0004.txt AMENDMENT TO MASTER LEASE AGREEMENT 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/ Camille M. Meyer Title: Vice-President, Finance & Chief Financial Officer Dexxon Capital Corporation, Lessor By: /s/ Chris Duncan Title: President