EQUIPMENT LEASE PURCHASE AGREEMENT
THIS EQUIPMENT LEASE PURCHASE AGREEMENT (the “Agreement’), is dated as of October 20, 2020,
be tween MUNICIPAL LEASING CONSULTANTS, LLC, a limited liability company organized and existing
under the laws of the State of Vermont, as Lessor (“Lessor”), and the CITY OF NASHUA, NEW
HAM PSHIRE, ON BEHALF OF NASHUA SCHOOL DISTRICT, a political subdivision existing under the
laws of the State of New Hampshire, as Lessee (“Lessee”), wherein the parties hereby agree as follows:
Section 1. Definitions. The following terms will have the meanings indicated below unless the context
clearly requires otherwise:
“Agreement” means this Equipment Lease Purchase Agreement and any other schedule, exhibit or
escrow agreement made a part hereof by the parties hereto, together with any amendments to this
Agreement.
“Code” means the Internal Revenue Code of 1986, as amended.
“Commencement Date” is the date when the term of this Agreement and Lessee’s obligation to pay rent
commences, which date will be the earlier of (i) the date on which the Equipmentis accepted by Lessee in
the manner described in Section 13, or (ii) the date on which sufficient moneys to purchase the
Equipment are deposited for that purpose with an escrow agent.
“Equipment” means the property described on the Equipment Schedule attached hereto as Exhibit A,
andallreplacements, substitutions, repairs, restorations, modifications, attachments, accessions,
additions and improvements thereof or thereto and all insurance and/or proceeds therefrom.
“Event of Default” means an Event of Default described in Section 35.
“Issuance Year” is the calendar year in which the Commencement Date occurs.
“Lease Term” means the Original Term and all Renewal Terms, but ending on the occurrence of the
earliest event specified in Section 6.
“Lessee” means the entity described as such in the first paragraph of this Agreement, its successors and
its assigns.
“Lessor” means the entity described as such in the first paragraph of this Agreement, its successors and
its assigns.
“M aximum Lease Term” means the Original Term and all Renewal Terms through the Renewal Term
including the last Rental Payment Date set forth on the Payment Schedule.
“Net Proceeds” means the amount remaining from the gross proceeds of any insurance claim or
condemnation award after deducting all expenses (including attorneys’ fees) incurredin the collection of
such claim or award.
“Original Term” means the period from the Commencement Date until the end of the fiscal year of Lessee
in effect at the Commencement Date.
“Payment Schedule” means the schedule of Rental Payments and Purchase Price set forth on Exhibit B.
“Purchase Price” means the amount set forth on the Payment Schedule that Lessee may, at its option,
pay to Lessor to purchase the Equipment.
“Renewal Terms” means the optional renewal terms of this Agreement, each having a duration of one
year anda term co-extensive with Lessee’s fiscal year.
“Rental Payment Dates” means the dates set forth on the Payment Schedule on which Rental Payments
are due.
