forum financial services, inc. agreement no. 8174 agreement no. 8174 master lease agreement this master lease agreement dated as of january 22, 2010 by and between forum financial services, inc., a texas corporation, having its principal place of business at 275 west campbell road, suite 320, richardson, texas 75080 ( " lessor " ), and bioanalytical systems, inc., an indiana corporation, having its principal place of business at purdue research park, 2701 kent avenue, west lafayette, indiana 47906 ( " lessee " ). 1. equipment leased. subject to the terms and conditions hereinafter set forth in this master lease agreement, lessor hereby rents, demises and lets to lessee, and lessee shall hire from lessor, the units of tangible personal property ( hereinafter collectively referred to as " equipment " and individually as a " unit " or " item " ) listed on each equipment schedule executed, from time to time, pursuant to this master lease agreement. each equipment schedule ( hereinafter being referred to as " lease " ) shall incorporate therein all of the terms and conditions of this master lease agreement and shall contain such additional terms and conditions as lessor and lessee shall agree upon. 2. term. the lease term for each item shall commence on the first to occur of ( i ) the date on which the item is installed and is approved for coverage under a prime shift maintenance contract by the manufacturer thereof, or ( ii ) seven days from the date the item is delivered if a delay of installation and approval is caused by lessee ( hereinafter referred to as the " commencement date " ). if the item is specified as " new " in such lease, the date of installation of such item shall constitute the commencement date. the lease term shall continue for the number of full months set forth in such lease ( hereinafter referred to as the " initial term " ), commencing on the first day of the month following the latest commencement date for any item ( hereinafter referred to as the " initial term commencement date " ). lessee shall execute and deliver to lessor the acceptance certificate for the equipment confirming such commencement date on such date. 3. rentals. the monthly rent payable by lessee for each item on any lease ( hereinafter referred to as " monthly rent " ) shall be set forth in such lease