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THIS
TERMINATION AGREEMENT (this “Agreement”) is dated
as March 22, 2007 and executed by Terayon Communication
Systems, Inc. (together with its successors and assigns,
“Lessee”) and General Electric Capital Corporation
(“Lessor”).
WHEREAS, Lessee
has entered into an Aircraft Lease Agreement, dated as of
February 8, 2002 (the “Lease”, capitalized terms
used herein but not defined herein shall have the meanings ascribed
thereto in the Lease) with Lessor; and
WHEREAS, Lessee
has not satisfied certain obligations under the Lease in connection
with the return of the Aircraft;
WHEREAS, Lessor
estimates the cost to make certain repairs, tests, inspections and
corrections to the Aircraft in fulfillment of Section 11 of
the Lease (the “Return Repairs”) is $550,000.00 (the
“Repair Cost”);
WHEREAS, Lessee
has requested that Lessor refund the Collateral (as defined in the
Security Deposit Pledge Agreement, dated December 31, 2003
(the “Pledge”), between Lessee and Lessor;
WHEREAS, pursuant
to the Pledge, Lessor is under no obligation to refund the
Collateral unless and until Lessee has fulfilled all of its
obligations under the Lease in connection with the termination
thereof;
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