For Each Master Lease Contract, the principal amount of the initial Lease Schedule must at least equal $50,001 of Eligible Property. Each subsequent Lease Schedule Principal Advance must be for at least $10,000 of Eligible Property. The $10,000 threshold may be met by multiple units of items individually valued at less than $10,000 (e.g. five personal computers, each priced at $2,000). The Lease Term for each Lease Schedule will be 3-years or 5-years, measured from the date the Lessor advances the Lease Schedule Principal Advance. The Lease Schedule Amortization and Lease Schedule Interest Rate will be computed, pursuant to the terms of the Master Lease Contract, and will be documented by the Lessor on the Lease Schedule. The contractor shall be required to provide financing and refinancing for all Eligible Property, including costs of installation and other related costs. Upon submission of a properly executed Financing Request and a fully executed Lease Schedule, the Lessor shall advance funds for Eligible Property included in any of the categories listed below: Computer equipment, including mainframe computer equipment, mid-range computer equipment, personal computer equipment, and peripheral computing equipment; Office equipment, including copiers, etc.; Telecommunications or telephone systems; Printing and typesetting equipment; Motor vehicles, including tractors, non-road use vehicles, material handling equipment, and agricultural equipment; Laboratory equipment, medical equipment, airplanes, and portable structures; Refinancing of current lease/purchase agreements held by the State; Other tangible personal property and perpetually-licensed computer software approved by the Office of Administration; and Other intangible personal property or computer software that is constructed for the State Agency. The Lessor shall have the right of review and refusal of requests for funding the purchase of items of Eligible Property that do not fall within the categories listed above.
