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reference, together and with any and all additions, modifications, attachments, replacements and • parts thereof. 1.7 Lease Term. The period of time described in Section 3 of this Agreement. SECTION 2. LEASE The Lessor hereby rents and leases to the Lessee, and the Lessee hereby rents and leases from the Lessor, the Equipment listed on Schedule A attached hereto and incorporated herein by reference. The Lessee shall be entitled to possession of each piece of the Equipment constituting a part of the Equipment and may retain possession of the Equipment so long as.the Lessee is not in default under this Agreement and the Lessee has not failed to appropriate any amounts required to be paid by it hereunder. THIS LEASE IS NOT A PLEDGE OF THE FULL FAITH AND CREDIT OF THE LESSEE, AND DOES NOT CREATE ANY OBLIGATION ON THE PART OF THE LESSEE EXCEPT AS SPECIFICALLY STATED HEREIN. SECTION 3. LEASE TERM The lease term shall commence on. the Commencement Date and shall terminate, except as otherwise expressly provided herein, on unless sooner terminated •pursuant to the provisions of Section 15.1(b) of this Agreement or upon payment by the Lessee of the outstanding principal balance as provided for in Section 18 hereafter. SECTION 4. RENTAL PAYMENTS 4.1 Amount and Times of Payment. As rental for the Equipment, the Lessee hereby agrees to pay the Lessor the periodic installments as set forth in the attached schedule of payments. 4.2 Place of Payments. All rental payments required to be made to the Lessor hereunder shall be made at the Lessor's principal office or as may be otherwise directed by the Lessor or its assignee by draft or debit. 4.3 Late Charees. Should the Lessee fail to pay any part of the rental payments or any other sum required to be paid herein to the Lessor within ten (10) days after the due date thereof, the Lessee shall pay a late payment charge equal to five percent (5%) of the delinquent payment, or such higher rate as may be permitted by applicable law. 4.4 Abatement of Rental Payments. There will be no abatement or reduction of rental payments by the Lessee for any reason, including but not limited to, any defense, •recoupment, set off, counterclaim, or any claim (real or imaginary) arising out of or related to any defects, damages, malftmctions, breakdowns or infirmities of the Equipment. The Lessee assumes