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Exhibit 10.8(h)

NINTH AMENDMENT TO CREDIT AGREEMENT

This NINTH AMENDMENT TO CREDIT AGREEMENT (the “Ninth Amendment”) dated November
30, 2009, is by and among LEAF FINANCIAL CORPORATION, a Delaware corporation
(“LEAF Financial”), and LEAF FUNDING, INC., a Delaware corporation (“LEAF
Funding” and together with LEAF Financial, each individually a “Borrower” and
individually and collectively, jointly and severally, the “Borrowers”), the
various financial institutions and other Persons parties hereto (the “Lenders”),
and PNC BANK, NATIONAL ASSOCIATION, a national banking association, as successor
by merger to National City Bank, as administrative agent and collateral agent
for the Lenders (in such capacity, the “Agent”).

BACKGROUND

A.      Pursuant to that certain Credit Agreement dated July 31, 2006, by and
among the Borrowers, the Lenders, and the Agent, as amended by a First Amendment
dated August 14, 2006, a Second Amendment dated December 22, 2006, a Third
Amendment dated March 14, 2007, a Fourth Amendment dated September 10, 2007, a
Fifth Amendment dated September 28, 2007, a Sixth Amendment dated October 18,
2007, a Seventh Amendment dated July 31, 2009 and an Eighth Amendment dated
September 30, 2009 (as the same may be modified and amended from time to time,
including by this Ninth Amendment, the “Credit Agreement”), the Lenders agreed,
inter alia, to extend to the Borrowers a revolving credit facility in the
current maximum aggregate principal amount of $135,000,000.

B.      The Borrowers have requested an amendment to the Credit Agreement, to
which the Lenders are willing to agree, on the terms and subject to the
conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto agree
as follows:

1.      Definitions.

(a)      General Rule.  Except as expressly set forth herein, all capitalized
terms used and not defined herein shall have the respective meanings ascribed
thereto in the Credit Agreement.

(b)      Additional Definition.  The following additional definition shall be
added to Article 1 of the Credit Agreement to read in its entirety as follows:

“Ninth Amendment” means the Ninth Amendment to this Agreement dated November 30,
2009.

(c)      Amended Definitions.  The following definitions in Article 1 of the
Credit Agreement are hereby amended and restated to read in their entirety as
follows:

 
 
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“Applicable Margin” means, (a) as to any Base Rate Loan, 4.00%, and (b) as to
any LIBOR Loan or LIBOR Flex Rate Loan, 5.00%.

“Borrowing Base” means at any time the lesser of (a) eighty-seven and one half
of one percent (87.5%) of the then Aggregate Net Present Value, and (b) one
hundred percent (100%) of the Aggregate Original Net Equipment Cost; provided
that, in performing such calculation, the Aggregate Net Present Value and
Aggregate Original Net Equipment Cost shall be reduced by such amount as may be
necessary in order that: (i) no more than an amount equal to five percent (5%)
of the Aggregate Commitment is attributable to any single Lessee; (ii) no more
than an amount equal to ten percent (10%) of the Aggregate Commitment is
attributable to progress payments; (iii) none of either such amount is
attributable to any Contract or Equipment the value of which has been used in
six months or more of previous calculations of the Borrowing Base, except with
respect to any Contract (and any related Equipment) with a payment period of not
greater than 12 months from the date of the first scheduled payment thereunder,
as to which, no more than an amount equal to twenty percent (20%) of the
Aggregate Commitment is attributable to such Contracts (and any related
Equipment); (iv) no more than an amount equal to five percent (5%) of the
Aggregate Commitment is attributable to Contracts whereby the related lessee is
an Affiliate of any Borrower; and (v) no more than an amount equal to twenty
percent (20%) of the Aggregate Commitment is attributable to Contracts with
initial stated terms of greater than 120 months.

“Net Present Value” means, as of any date of determination for any Eligible
Contract, an amount equal to the aggregate amount of remaining Contract Payments
thereunder, discounted to present value by a percentage per annum equal to
one-month LIBOR (as of such date) plus 3.75%.  All present value calculations
shall be made using a 30-day month and a 360-day year and actual days elapsed.

“Termination Date” means the earliest of (a) January 29, 2010, and (b) the date
on which the Commitments are terminated in full or permanently reduced to zero
pursuant to the terms of this Agreement.

2.      Amendment to Section 2.2 of the Credit Agreement.  Paragraph (b) of
Section 2.2 of the Credit Agreement is hereby amended and restated in its
entirety, to read as follows:

(b)           Mandatory Reductions. To the extent not previously reduced
pursuant to paragraph (a) above, to or below the following amount, the Aggregate
Commitment shall be automatically and permanently reduced to (i) $125,000,000,
on December 30, 2009, and (ii) $115,000,000, on January 19, 2010.

3.      Amendment to Section 9.1 of the Credit Agreement.  Section 9.1 of the
Credit Agreement is hereby amended and restated in its entirety, to read as
follows:

 
 
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Section 9.1                      Maximum Senior Leverage Ratio.  The Borrowers
will not permit the Senior Leverage Ratio as of the last day of any Rolling
Period to be greater than 3.00 to 1.00.

4.      Amendment to Section 9.2 of the Credit Agreement.  Section 9.2 of the
Credit Agreement is hereby amended and restated in its entirety, to read as
follows:

Section 9.2                      Minimum Interest Coverage Ratio.  The Borrowers
will not permit the Interest Coverage Ratio as of the last day of any Rolling
Period to be less than 1.25:1.00.

5.      Amendment to Section 9.3 of the Credit Agreement.  Section 9.3 of the
Credit Agreement is hereby amended and restated in its entirety, to read as
follows:

Section 9.3                      Minimum Adjusted Tangible Net Worth.  The
Borrowers will not permit Adjusted Tangible Net Worth as of the last day of any
Rolling Period to be less than $48,000,000 , plus 90% of the aggregate amount of
Net Income (without reduction for any loss in any Fiscal Quarter) for each
Fiscal Quarter ending after September 30, 2009.

6.      Representations and Warranties.  Each Borrower hereby represents and
warrants to the Agent and each Lender that, as to such Borrower:

(a)      Representations.  each of the representations and warranties of such
Borrower contained in the Credit Agreement and/or the other Credit Documents are
true, accurate and correct in all material respects on and as of the date hereof
as if made on and as of the date hereof, except to the extent such
representation or warranty was made as of a specific date;

(b)      Power and Authority.  (i) such Borrower has the power and authority
under the laws of its jurisdiction of organization and under its organizational
documents to enter into and perform this Ninth Amendment and any other documents
which the Lenders require such Borrower to deliver hereunder (this Ninth
Amendment and any such additional documents delivered in connection with the
Ninth Amendment are herein referred to as the “Amendment Documents”); and (ii)
all actions, corporate or otherwise, necessary or appropriate for the due
execution and full performance by the Borrower of this Ninth Amendment have been
adopted and taken and, upon their execution, the Credit Agreement, as amended by
this Ninth Amendment will constitute the valid and binding obligations of the
Borrower enforceable in accordance with their respective terms (except as may be
limited by applicable insolvency, bankruptcy, moratorium, reorganization, or
other similar laws affecting enforceability of creditors’ rights generally and
the availability of equitable remedies);

(c)      No Violations of Law or Agreements.  the making and performance of this
Ninth Amendment will not violate any provisions of any law or regulation,
federal, state, local, or foreign, or the organizational documents of such
Borrower, or result in any breach or

 
 
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violation of, or constitute a default or require the obtaining of any consent
under, any agreement or instrument by which such Borrower or its property may be
bound;

(d)      No Default.  no Default or Event of Default has occurred and is
continuing; and

(e)      No Material Adverse Effect.  no Material Adverse Effect has occurred
since September 30, 2008.

7.      Conditions to Effectiveness of Amendment.  This Ninth Amendment shall be
effective upon the Agent’s receipt of the following, each in form and substance
reasonably satisfactory to the Lenders:

(a)      Ninth Amendment.  this Ninth Amendment, duly executed by the Borrowers
and the Lenders;

(b)      Consent and Waivers.  copies of any consents or waivers necessary in
order for the Borrowers to comply with or perform any of its covenants,
agreements or obligations contained in any agreement, which are required as a
result of the Borrowers’ execution of this Ninth Amendment, if any;

(c)      Extension Fees.  each Lender shall have been paid an extension fee by
the Borrowers equal to thirty-three basis points (0.33%) of such Lender’s
Revolving Loan Commitment as of the date of this Ninth Amendment;

(d)      Costs and Expenses.  all reasonable costs and expenses of the Agent in
connection with the preparation and review of this Ninth Amendment, including,
but not limited to, the reasonable fees, expenses and disbursements of counsel
to the Agent; and

(e)      Other Documents and Actions.  such additional agreements, instruments,
documents, writings and actions as the Lenders may reasonably request.

8.      No Waiver; Ratification.   The execution, delivery and performance of
this Ninth Amendment shall not operate as a waiver of any right, power or remedy
of the Agent or the Lenders under the Credit Agreement or any Credit Document,
or constitute a waiver of any provision thereof.  Except as expressly modified
hereby, all terms, conditions and provisions of the Credit Agreement and the
other Credit Documents shall remain in full force and effect and are hereby
ratified and confirmed by any Borrower.  Nothing contained herein constitutes an
agreement or obligation by the Agent or any Lender to grant any further
amendments to any of the Credit Documents.

9.      Acknowledgments.  To induce the Lenders to enter into this Ninth
Amendment, each Borrower acknowledges, agrees, warrants, and represents that:

(a)      Acknowledgment of Obligations; Collateral; Waiver of Claims. (i) the
Credit Documents are valid and enforceable against, and all of the terms and
conditions of the

 
 
 
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Credit Documents are binding on, the Borrowers; (ii) the liens and security
interests granted to the Agent by the Borrowers pursuant to the Credit Documents
are valid, legal and binding, properly recorded or filed and first priority
perfected liens and security interests; and (iii) the Borrowers hereby waive any
and all defenses, set-offs and counterclaims which they, whether jointly or
severally, may have or claim to have against the Agent or any Lender as of the
date hereof; and

(b)      No Waiver of Existing Defaults.  no Default or Event of Default exists
immediately before or immediately after giving effect to this Ninth
Amendment.  Nothing in this Ninth Amendment nor any communication between the
Agent, any Lender, any Borrower or any of their respective officers, agents,
employees or representatives shall be deemed to constitute a waiver of (i) any
Default or Event of Default arising as a result of the foregoing representation
proving to be false or incorrect in any material respect; or (ii) any rights or
remedies which the Agent or any Lender has against any Borrower under the Credit
Agreement or any other Credit Document and/or applicable law, with respect to
any such Default or Event of Default arising as a result of the foregoing
representation proving to be false or incorrect in any material respect.

10.      Binding Effect.  This Ninth Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.

11.      Governing Law.  This Ninth Amendment and all rights and obligations of
the parties hereunder shall be governed by and be construed and enforced in
accordance with the laws of the internal laws of the Commonwealth of
Pennsylvania.

12.      Headings.  The headings of the sections of this Ninth Amendment are
inserted for convenience only and shall not be deemed to constitute a part of
this Ninth Amendment.

13.      Counterparts.  This Ninth Amendment may be executed in any number of
counterparts with the same affect as if all of the signatures on such
counterparts appeared on one document and each counterpart shall be deemed an
original.

 
 
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IN WITNESS WHEREOF, the parties hereto have caused this Ninth Amendment to
Credit Agreement to be executed under seal by their duly authorized officers,
all as of the day and year first written above.
 

 
LEAF FINANCIAL CORPORATION

By: ________________________________
       Name:
       Title:

LEAF FUNDING, INC.

By: ________________________________
       Name:
       Title:
 
Borrowers Signature Page
Ninth Amendment to Credit Agreement

 
 

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PNC BANK, NATIONAL ASSOCIATION, assuccessor by merger to National City Bank,
as Agent, Swingline Lender and as a Lender

By: ________________________________
       Name:
       Title:
 
 
Agent Signature Page
Ninth Amendment to Credit Agreement

 
 

 

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HSH NORDBANK AG, NEW YORK BRANCH

By: ________________________________
       Name:
       Title:

By: ________________________________
       Name:
       Title:
 
Lender Signature Page
Ninth Amendment to Credit Agreement
 

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SOVEREIGN BANK

By: ________________________________
       Name:
       Title:

 
 
Lender Signature Page
Ninth Amendment to Credit Agreement

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BANK OF AMERICA, N.A.

By: ________________________________
       Name:
       Title:
 
Lender Signature Page
Ninth Amendment to Credit Agreement

 
 

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TD BANK, N.A.

By: ________________________________
       Name:
       Title:
 
Lender Signature Page
Ninth Amendment to Credit Agreement

 
 
 

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WACHOVIA BANK, NATIONAL ASSOCIATION

By: ________________________________
       Name:
       Title:
 

 

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Lender Signature Page
Ninth Amendment to Credit Agreement
 
 

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