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• EQUIPMENT LEASE-PURCHASE AGREEMENT 7495 70570-001 <br /> This Equipment Lease-Purchase Agreement (the "Agreement") dated as of <br /> is entered into between BancorpSouth Equipment Finance, a division <br /> of BancorpSouth Bank (the "Lessor"), whose Principal Office (herein so called) is located at <br /> Hattiesburg, Mississippi and City of Batesville, Arkansas , (the "Lessee"), acting by and through <br /> , the Governing Body of the Lessee. <br /> 1. Agreement to Lease. In consideration of the rental provided herein, and the other <br /> covenants contained herein, Lessor hereby agrees to lease and rent to Lessee, and Lessee hereby <br /> agrees to lease and rent from Lessor, all the machinery, equipment and other personal property <br /> ('Equipment") described in Equipment Lease Schedule(s) ("Equipment Schedules") now or <br /> hereafter executed by Lessor and Lessee and attached hereto and incorporated herein by <br /> reference as Exhibit B upon the terms and conditions set forth in this Agreement, as <br /> supplemented by the terms and conditions set forth in the appropriate Equipment Schedule <br /> identifying such item of Equipment and such other Equipment Schedules as may be executed by <br /> Lessor and Lessee and attached hereto and incorporated herein by reference. <br /> 2. Lease Term. The obligations of Lessor and Lessee under this Agreement will <br /> commence upon the execution hereof by Lessor and Lessee and will end upon the full <br /> performance and observance of each and every term, condition, and covenant contained herein, <br /> each Schedule hereto and any extensions thereof. The rental term of the Equipment listed in each <br /> • Equipment Schedule shall commence on the date that the rental payment is due as provided in <br /> the Equipment Schedule and shall terminate on the last day of the term stated in such Equipment <br /> Schedule. <br /> 3. Rental Payments. The rent for the Equipment described in each Equipment <br /> Schedule shall be the total sum stated on such Equipment Schedule, in installments, and shall be <br /> due and payable on the dates set forth therein. A portion of each such rental payment is paid as, <br /> and represents a payment of interest and each Equipment Schedule sets forth the applicable <br /> interest rate and interest component of each rental payment; /provided however such interest <br /> component is subject to change as provided in Paragraph 12 hereof. Such rent shall be payable <br /> from legally available funds of the Lessee in lawful money of the United States, without notice <br /> or demand, at the Principal Office of the Lessor or its assigns (or at such other place as Lessor <br /> may from time to time designate in writing). The receipt of any check or other item on account <br /> of any rental payment will not be considered as payment thereof until such check or other item is <br /> honored when presented for payment. All rental payments shall be made by the Lessee without <br /> abatement, setoff, or deduction of any amounts whatsoever. The obligations of Lessee to pay rent <br /> hereunder shall constitute a current expense of Lessee and shall not in any way be construed to <br /> be a debt of Lessee in contravention of any applicable constitutional or statutory limitation or <br /> requirements concerning the creation of an indebtedness by Lessee. <br /> 4. Continuation of Lease by Lessee. Lessee intends to comply with each term, <br /> condition and covenant of this Agreement during the term hereof and to pay the rent due <br /> hereunder. Lessee reasonably believes that legally available funds of an amount sufficient to <br /> make all rent payments due hereunder shall be obtained. Lessee agrees to include in its budget <br /> for each fiscal year during the term of this Agreement all rent payments due hereunder and to do <br /> all other things necessary and lawfully within its power to have such portion of the budget <br /> 1 <br />