Document:

ex10to10q03725_03312008.htm

    Exhibit
10(a)

     

    First
National Bank

     

    PROMISSORY
NOTE

     

    
      	
              Principal

              $1,409,847.80

            	
              Loan
      Date

              01-24-2008

            	
              Maturity

              01-24-2013

            	
              Loan
      No.

              8558911

            	
              Call/Coll

            	
              Account

            	
              Officer

              1523

            	
              Initials

            
	
              References
      in the boxes above are for Lender’s use only and do not limit the
      applicability of this document to any particular loan or
item.

              Any
      item above containing “*****” has been omitted due to text length
      limitations.

            

    

    

    
      	
              Borrower:

            	
              M-Tron
      Industries, Inc.

            	
              Lender:

            	
              First
      National Bank of Omaha

            
	 
      	
              Piezo
      Technology, Inc.

            	 
      	
              114th
      & Dodge

            
	 
      	
              100
      Douglas Ave.

            	 
      	
              11404
      W Dodge RD

            
	 
      	
              Yankton,
      SD  57078

            	 
      	
              Omaha,
      NE  68154

            

    

    

    
      	
              Principal
      Amount: $1,409,847.80

            	
              Initial
      Rate: 5.385%

            	
              Date
      of Note: January 24, 2008

            

    

    

    PROMISE TO
PAY.  M-Tron Industries, Inc.; and Piezo Technology, Inc.
(“Borrower”) jointly and severally promise to pay to First National Bank of
Omaha (“Lender”), or order, in lawful money of the United States of America, the
principal amount of One Million Four Hundred Nine Thousand Eight Hundred
Forty-seven & 80/100 Dollars ($1,409,847.80), together with interest on the
unpaid principal balance from January 24, 2008, until paid in full.

     

    PAYMENT. Subject to any
payment changes resulting from changes in the Index, Borrower will pay this loan
in accordance with the following payment schedule:

     

    Monthly
Principal and interest payments starting 2/24/08 changing monthly based on
floating 30 day Libor plus 210 bps. Final payment of Principal and interest due
on 1/24/13.

     

    Unless
otherwise agreed or required by applicable law, payments will be applied first
to any accrued unpaid interest; then to principal; and then to any late charges.
The annual interest rate for this Note is computed on a 365/360 basis; that is,
by applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual number
of days the principal balance is outstanding. Borrower will pay Lender at Lender’s
address shown above or at such other place as Lender may designate in
writing.

     

    VARIABLE INTEREST RATE. The
interest rate on this Note is subject to change from time to time based on
changes in an independent index which is the 30 day Libor Rate per the London
Interbank Offered Rate as quoted in the Wall Street Journal (the “Index”). The
Index is not necessarily the lowest rate charged by Lender on its loans. If the
Index becomes unavailable during the term of this loan, Lender may designate a
substitute index after notifying Borrower. Lender will tell Borrower the current
Index rate upon Borrower’s request. The interest rate change will not occur more
often than each Monthly. Borrower understands that Lender may make loans based
on other rates as well. The
Index currently is 3.285% per annum. The interest rate to be applied to
the unpaid principal balance during this Note will be at a rate of 2.100
percentage points over the Index, resulting in an initial rate of 5.385% per
annum. NOTICE: Under no circumstances will the interest rate on this Note be
more than the maximum rate allowed by applicable law. Whenever increases occur
in the interest rate, Lender, at its option, may do one or more of the
following: (A) increase Borrower’s payments to ensure Borrower’s loan will pay
off by its original final maturity date, (B) increase Borrower’s payments to
cover accruing interest, (C) increase the number of Borrower’s payments, and (D)
continue Borrower’s payments at the same amount and increase Borrower’s final
payment.

     

    PREPAYMENT. Borrower may pay
without penalty all or a portion of the amount owed earlier than it is due.
Early payments will not, unless agreed to by Lender in writing, relieve Borrower
of Borrower’s obligation to continue to make payments under the payment
schedule. Rather, early payments will reduce the principal balance due and may
result in Borrower’s making fewer payments. Borrower agrees not to send Lender
payments marked “paid in full”, “without recourse”, or similar language. If
Borrower sends such a payment, Lender may accept it without losing any of
Lender’s rights under this Note, and Borrower will remain obligated to pay any
further amount owed to Lender. All written communications concerning disputed
amounts, including any check or other payment instrument that indicates that the
payment constitutes “payment in full” of the amount owed or that is tendered
with other conditions or limitations or as full satisfaction of a disputed
amount must be mailed or delivered to: First National Bank of Omaha, PO Box
30207 Omaha, NE 68103-1307.

     

    LATE CHARGE. If a payment is
15 days or more late, Borrower will be charged 3.000% of the regularly scheduled
payment.

     

    INTEREST AFTER DEFAULT. Upon
default, including failure to pay upon final maturity, the interest rate on this
Note shall be increased by adding a 6.000 percentage point margin (“Default Rate
Margin”). The Default Rate Margin shall also apply to each succeeding interest
rate change that would have applied had there been no default. However, in no
event will the interest rate exceed the maximum interest rate limitations under
applicable law.

     

    DEFAULT. Each of the following
shall constitute an event of default (“Event of Default”) under this
Note:

     

    Payment Default. Borrower
fails to make any payment when due under this Note.

     

    Other Defaults. Borrower fails
to comply with or to perform any other term, obligation, covenant or condition
contained in this Note or in any of the related documents or to comply with or
to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower.

     

    Default in Favor of Third
Parties. Borrower or any Grantor defaults under any loan, extension of
credit, security agreement, purchase or sales agreement, or any other agreement,
in favor of any other creditor or person that may materially affect any of
Borrower’s property or Borrower’s ability to repay this Note or perform
Borrower’s obligations under this Note or any of the related
documents.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            	Loan No:
      8558911	
                    PROMISSORY
      NOTE

                    (Continued)

                  	
                    Page
    2

                  

          

          
             

            False Statements. Any
warranty, representation or statement made or furnished to Lender by Borrower or
on Borrower’s behalf under this Note or the related documents is false or
misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter.

             

          

        

      

    

    Insolvency. The dissolution or
termination of Borrower’s existence as a going business, the insolvency of
Borrower, the appointment of a receiver for any part of Borrower’s property, any
assignment for the benefit of creditors, any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or
against Borrower.

     

    Creditor or Forfeiture
Proceedings. Commencement of foreclosure or forfeiture proceedings,
whether by judicial proceeding, self-help, repossession or any other method, by
any creditor of Borrower or by any governmental agency against any collateral
securing the loan. This includes a garnishment of any of Borrower’s accounts,
including deposit accounts, with Lender. However, this Event of Default shall
not apply if there is a good faith dispute by Borrower as to the validity or
reasonableness of the claim which is the basis of the creditor or forfeiture
proceeding and if Borrower gives Lender written notice of the creditor or
forfeiture proceeding and deposits with Lender monies or a surety bond for the
creditor or forfeiture proceeding, in an amount determined by Lender, in its
sole discretion, as being an adequate reserve or bond for the
dispute.

     

    Events Affecting Guarantor.
Any of the preceding events occurs with respect to any guarantor, endorser,
surety, or accommodation party of any of the indebtedness or any guarantor,
endorser, surety, or accommodation party dies or becomes incompetent, or revokes
or disputes the validity of, or liability under, any guaranty of the
indebtedness evidenced by this Note.

     

    Change In Ownership. Any
change in ownership of twenty-five percent (25%) or more of the common stock of
Borrower.

     

    Adverse Change. A material
adverse change occurs in Borrower’s financial condition, or Lender believes the
prospect of payment or performance of this Note is impaired.

     

    Cure Provisions. If any
default, other than a default in payment is curable and if Borrower has not been
given a notice of a breach of the same provision of this Note within the
preceding twelve (12) months, it may be cured if Borrower, after receiving
written notice from Lender demanding cure of such default: (1) cures the default
within fifteen (15) days; or (2) if the cure requires more than fifteen (15)
days, immediately initiates steps which Lender deems in Lender’s sole discretion
to be sufficient to cure the default and thereafter continues and completes all
reasonable and necessary steps sufficient to produce compliance as soon as
reasonably practical.

     

    LENDER’S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under this Note and all
accrued unpaid interest immediately due, and then Borrower will pay that
amount.

     

    ATTORNEYS’ FEES; EXPENSES.
Lender may hire or pay someone else to help collect this Note if Borrower does
not pay. Borrower will pay Lender that amount. This includes, subject to any
limits under applicable law, Lender’s attorneys’ fees and Lender’s legal
expenses, whether or not there is a lawsuit, including attorneys’ fees, expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic
stay or injunction), and appeals. If not prohibited by applicable law, Borrower
also will pay any court costs, in addition to all other sums provided by
law.

     

    GOVERNING
LAW. This Note will be governed by federal law applicable to Lender and, to the
extent not preempted by federal law, the laws of the State of Nebraska without
regard to its conflicts of law provisions. This Note has been accepted by Lender
in the State of Nebraska.

     

    CHOICE OF VENUE. If there is a
lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of
the courts of the State of South Dakota, in the county in which Borrower’s
following address is located: 100 Douglas Ave, Yankton, SD 57078.

     

    RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower’s
accounts with Lender (whether checking, savings, or some other account). This
includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law.
Borrower authorizes Lender, to the extent permitted by applicable law, to charge
or setoff all sums owing on the debt against any and all such
accounts.

     

    COLLATERAL. Borrower
acknowledges this Note is secured by Security Agreement dated 10/14/2004 on
Blanket Filing on all assets. Loan agreement dated 10/14/2004 and any amendments
thereof.

     

    U.S.A. PATRIOT ACT. IMPORTANT
NOTICE: To help the government fight the funding of terrorism and money
laundering activities, the USA PATRIOT Act requires all banks to obtain and
verify the identity of each person or business that opens an account. When I
open an account you will ask me for information that will allow you to properly
identify me and you will verify that information. If you cannot properly verify
identity within 30 calendar days, you reserve the right to deem all of the
balance and accrued interest due and payable immediately.

     

    ERRORS AND OMISSIONS. ERRORS
AND OMISSIONS. I agree, if requested by you, to fully cooperate in the
correction, if necessary, in the reasonable discretion of you of any and all
loan closing documents so that all documents accurately describe the loan
between you and me. I agree to assume all costs including by way of illustration
and not limitation, actual expenses, legal fees and marketing losses for failing
to reasonably comply with your requests within thirty (30) days.

     

    SWAP AGREEMENT. Swap
Agreement. The parties acknowledge that Borrower may enter into a swap agreement
in connection with the Note, which agreement shall be satisfactory to Lender In
its sole discretion. Any liability or exposure resulting from the swap agreement
will be deemed to be an obligation of Borrower secured by the Loan Documents and
subordinate in repayment to all costs and expenses, interest and principal
described in the Loan Documents.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

                                                            

    
      
        
          	Loan No:
      8558911	
                  PROMISSORY
      NOTE

                  (Continued)

                	
                  Page
    3

                

        

        
           

          SUCCESSOR INTERESTS. The terms
of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal
representatives, successors and assigns, and shall inure to the benefit of
Lender and its successors and assigns.

           

        

      

    

    GENERAL PROVISIONS. If any
part of this Note cannot be enforced, this fact will not affect the rest of the
Note. Lender may delay or forgo enforcing any of its rights or remedies under
this Note without losing them. Each Borrower understands and agrees that, with
or without notice to Borrower, Lender may with respect to any other Borrower (a)
make one or more additional secured or unsecured loans or otherwise extend
additional credit; (b) alter, compromise, renew, extend, accelerate, or
otherwise change one or more times the time for payment or other terms of any
indebtedness, including increases and decreases of the rate of interest on the
indebtedness; (c) exchange, enforce, waive, subordinate, fail or decide not to
perfect, and release any security, with or without the substitution of new
collateral; (d) apply such security and direct the order or manner of sale
thereof, including without limitation, any non-judicial sale permitted by the
terms of the controlling security agreements, as Lender in its discretion may
determine; (e) release, substitute, agree not to sue, or deal with any one or
more of Borrower’s sureties, endorsers, or other guarantors on any terms or in
any manner Lender may choose; and (f) determine how, when and what application
of payments and credits shall be made on any other indebtedness owing by such
other Borrower. Borrower and any other person who signs, guarantees or endorses
this Note, to the extent allowed by law, waive presentment, demand for payment,
and notice of dishonor. Upon any change in the terms of this Note, and unless
otherwise expressly stated in writing, no party who signs this Note, whether as
maker, guarantor, accommodation maker or endorser, shall be released from
liability. All such parties agree that Lender may renew or extend (repeatedly
and for any length of time) this loan or release any party or guarantor or
collateral; or impair, fail to realize upon or perfect Lender’s security
interest in the collateral; and take any other action deemed necessary by Lender
without the consent of or notice to anyone. All such parties also agree that
Lender may modify this loan without the consent of or notice to anyone other
than the party with whom the modification is made. The obligations under this
Note are joint and several.

     

    PRIOR
TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. EACH BORROWER AGREES
TO THE TERMS OF THE NOTE.

     

    BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

     

    
      	
              BORROWER:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              M-TRON
      INDUSTRIES, INC.

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              By:

            	/s/
      David Rein	 
      	
              By:

            	 
      
	 
      	
              _______________,
      ____________________of M-Tron Industries, Inc.

            	 
      	 
      	
              _______________,
      ____________________of M-Tron Industries, Inc.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              PIEZO
      TECHNOLOGY, INC.

            	 
      	 
      
	 
      	 
      	 
      
	
              By:

            	/s/
      David Rein	 
      	
              By:

            	 
      
	 
      	
              Authorized
      Signer for Piezo Technology, Inc.

            	 
      	 
      	
              Authorized
      Signer for Piezo Technology, Inc.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              By:

            	 
      	 
      	 
      
	 
      	
              Authorized
      Signer for Piezo Technology, Inc.

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              LENDER:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              FIRST
      NATIONAL BANK OF OMAHA

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              X

            	/s/
      Mark K. McMillan	 
      	 
      
	 
      	
              Mark
      K. McMillan, Vice Presidentex10-3.htm

Exhibit 10.3

    
      

    

    
      

    

    THIRD
LOAN MODIFICATION AGREEMENT

    (Loan
No. 9117000148)

     

    

    This Loan
Modification Agreement (“Third Modification”) is made and entered as of May 1,
2008, between CALIFORNIA BANK
& TRUST, a California banking corporation (“Bank”); ICON INCOME FUND EIGHT B L.P.; ICON
INCOME FUND NINE, LLC; ICON INCOME FUND TEN, LLC; and ICON LEASING FUND ELEVEN, LLC
(separately and collectively “Original Borrower”), and ICON LEASING FUND TWELVE, LLC
(“Added Borrower”).  As used herein the term “Borrower” means,
separately and collectively, the Added Borrower and the Original
Borrower.

     

    RECITALS

     

    A.           Pursuant
to the terms of a Commercial Loan Agreement (the "Loan Agreement") between Bank
and Original Borrower, dated as of August 31, 2005, Bank agreed to make a
revolving line of credit in the principal sum of $17,000,000 (the “Line of
Credit”) available to Original Borrower; capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the
Loan Agreement.

     

    B.           The
Line of Credit was evidenced by a promissory note (the “Note”) of even date with
the Loan Agreement, executed by Original Borrower in favor of Bank.

     

    C.           Original
Borrower's indebtedness under the Loan Agreement was secured by assets of
Original Borrower under a separate Security Agreement, dated August 31, 2005
(the “Security Agreement” executed by each entity comprising Original
Borrower).

     

    D.           Under
the terms of a Loan Modification Agreement, dated as of December 26, 2006,
executed by Original Borrower and Bank (the “First Modification”), the Loan
Agreement was amended.

     

    E.           Under
a further Loan Modification Agreement, dated June 20, 2007, executed by Original
Borrower, Added Borrower, and Bank (“Second Modification”), among other things,
Added Borrower became a Borrower under the Loan Agreement and became a party to
the Security Agreement, Alternative Dispute Resolution Agreement, Designation of
Deposit Accounts and Contribution Agreement which had previously been executed
by Original Borrower.  By the Second Modification, and amended note
(the “Amended Note”) replaced the Note and there were amendments to a financial
reporting covenant under the Loan Agreement.  As used herein the term
“Prior Modifications” means the First Modification and the Second
Modification.

     

    D.           In
response to Borrower's request and in reliance upon Borrower's representations
made to Bank in support thereof, Bank has agreed to modify the terms of the Loan
Agreement as set forth in this Third Modification.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower and Bank agree as follows:

     

    1.     Adoption of
Recitals.  Borrower hereby represents and warrants that each of
the recitals set forth above is true, accurate and complete.

     

    2.     Acknowledgment of
Debt.  Borrower acknowledges that, to the best of Borrower’s
knowledge, there are no claims, demands, offsets or defenses at law or in equity
that would defeat or diminish Bank's present and unconditional right to collect
the indebtedness evidenced by the Amended Note and to proceed to enforce the
rights and remedies available to Bank as provided in the Amended Note, Loan
Agreement, Security Agreement, Prior Modifications or any other instrument,
agreement, or document given in connection with the Line of Credit (collectively
the “Loan Documents”) or by law.  Until the Line of Credit is paid in
full, interest and other charges shall continue to accrue and shall be due and
owing.

     

    3.     Representations and
Warranties.  Borrower hereby represents and warrants that no
material default exists under the Line of Credit and no event of default, breach
or failure of condition has occurred or exists, or would exist with notice or
lapse of time, or both, under any of the Loan Documents that could reasonably be
expected to have a Material Adverse Change, and all representations and
warranties of Borrower in this Third Modification and the other Loan Documents
are true and correct in all material respects as of the date of this Third
Modification (other than any such representations and warranties that, by their
terms, are specifically made as of a date other than the date hereof) and shall
survive the execution of this Third Modification.

     

    4. Modification of Loan
Documents.  The Loan Documents are hereby supplemented, amended
and modified to incorporate the following, which shall supersede and prevail
over any existing and conflicting provisions thereof:

     

    (a)     Section 1.1
of the Loan Agreement, entitled “Definitions” is modified as
follows:

     

    (i) By deleting the definition of “Line of
Credit Expiration Date” and replacing it in its entirety with the
following:

     

    “Line of Credit Expiration
Date” shall mean April 30, 2010, unless extended pursuant to Section
2.1.a.

     

    (b)     Section
2.1.a. of the Loan Agreement, entitled “Revolving Line of Credit”, is deleted
and replaced in its entirety with the following:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Revolving Line of
Credit.  During the Line of Credit Availability Period and so
long as no Event of Default has occurred and is continuing, Bank will, on a
revolving basis, make advances to Borrower (“Line of Credit”),
which, except as set forth below, may not at any time exceed an aggregate amount
outstanding equal to the lesser of Thirty Million Dollars ($30,000,000.00) or
the Borrowing Base (collectively the “Line of Credit
Limit”).  Borrower’s obligation to repay advances under the
Line of Credit shall be evidenced by a promissory note in a form acceptable to
Bank (the “Line of
Credit Note”).  During the Line of Credit Availability Period,
Borrower may repay principal amounts and reborrow them.  Borrower
agrees that Borrower will not permit the outstanding balance under the Line of
Credit to exceed the Line of Credit Limit unless Borrower increases the
Restricted Cash Deposit by an amount equal to the sum that would otherwise be
overadvanced, in which case Borrower shall have the right to borrow an amount in
excess of the Borrowing Base but not more than
$30,000,000.00.  Provided no Event of Default has occurred and is
continuing at such time, Borrower may request (i) one year extensions of the
Line of Credit Availability Period within 390 days of the then applicable Line
of Credit Expiration Date, but Bank has no obligation to grant the extension
and/or (ii) the addition to Borrower of an additional fund or funds managed by
Manager or an Affiliate of Manager acceptable to Bank, but Bank has no
obligation to grant the addition and/or (iii) the deletion from Borrower of a
fund managed by Manager or an Affiliate of Manager, but Bank has no obligation
to grant the deletion.

     

    (c)     The first
sentence of Section 3.5.c. of the Loan Agreement, entitled “Unused Commitment
Fee,” is deleted and replaced in its entirety with the following:

     

    For the
Line of Credit, Borrower agrees to pay a fee (“Unused Commitment Fee”) equal to
the product of one-quarter of one percent (0.25%) multiplied by the difference
between Thirty Million Dollars ($30,000,000.00) and the amount of credit
extended to Borrower, determined by the Average Loan Balance, as defined below,
maintained during the Line of Credit Availability Period.

     

    (d)     Section
8.5 of the Loan Agreement, entitled “Tangible Net Worth,” is deleted and
replaced in its entirety with the following:

     

    Tangible
Net Worth.  To maintain as of
the end of each fiscal quarter, based on the financial results of each Borrower
as Reported on SEC Form 10-Q or 10-K, as applicable, of each entity comprising
Borrower, a combined Tangible Net Worth of not less than Three Hundred Million
Dollars ($300,000,000.00).

     

    (e)     Section
8.7 of the Loan Agreement, entitled “Minimum Liquidity,” is deleted and replaced
in its entirety with the following:

     

    Minimum
Liquidity.  To maintain, as
of the end of each fiscal quarter, based on the combined financial results as
reported on the SEC Form 10-Q or 10-K, as applicable, of each Borrower,
Liquidity of at least Ten Million Dollars ($10,000,000.00).

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    (f)     The
Amended Note is superseded and replaced by the Second Amended Note, described
below, and all references in the Loan Documents to “Note” shall mean and refer
to the Second Amended Note.

     

    (g)     The form
of the Compliance Certificate shall be replaced by the Second Amended Compliance
Certificate appended hereto.

     

    (h)     Upon the
effectiveness of this Third Modification, the Loan Documents which recite that
they are security instruments shall secure, in addition to any other obligations
secured thereby, the payment and performance by Borrower of all obligations
under the Line of Credit, as modified hereby, and any amendments, modifications,
extensions or renewals of the same which are hereafter agreed to in writing by
the parties.

     

    5.     Conditions
Precedent.  This Modification shall only be effective upon
Borrower's  completion of the following conditions precedent to Bank’s
satisfaction.

     

    (a)     Execution
and delivery by Borrower of this Third Modification and the Second Amended Note
in form satisfactory to Bank;

     

    (b)     Execution
and delivery to Bank of a Corporate Resolution for Borrowing by Limited
Liability Companies and Limited Partnership in form satisfactory to
Bank;

     

    (c)     Execution
and delivery to Bank of a Certificate of Limited Liability Company and
Authorization to Sign on behalf of Added Borrower;

     

    (d)     Such
other documents or instruments as Bank shall reasonably require;

     

    (e)     After
giving effect to this Modification, the absence of any Event of Default under
the Loan Agreement except as may be expressly waived in writing by Bank;
and

     

    (f)     Payment
of a line of credit extension fee in the sum of $75,000.00 to Bank.

     

    (g)     Payment
of Bank's reasonable attorneys fees incurred in preparation of this Modification
and related documents.

     

    6.     Governing
Law.  This Modification shall be construed, governed and
enforced in accordance with the laws of the State of California.

     

    7.     Interpretation.  No
provision of this Modification is to be interpreted for or against either
Borrower or Bank because that party, or that party's representative, drafted
such provision.

     

    8.     Full Force and
Effect.  Except as set forth herein, all other terms and
conditions of the Loan Documents shall remain in full force and
effect.  Upon and after the effectiveness of this Third Modification,
each reference in the Loan Agreement and Security Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Loan Agreement or
Security Agreement, as applicable, and each reference in the other Loan
Documents to “Loan Agreement”, “Security Agreement”, “thereunder”, “thereof” or
words of like import referring to the Loan Agreement or Security Agreement, as
applicable, shall mean and be a reference to the Loan Agreement or Security
Agreement, as applicable, as modified hereby.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    9. Reaffirmation.      Except as
specifically modified by this Third Modification, Borrower hereby acknowledges,
reaffirms and confirms its obligations under the Loan Documents.

     

    10. Entire
Agreement.  This
Third Modification and the Loan Documents represent the entire agreement of the
parties and supersede all prior oral and written communication between the
parties.  If there is any conflict between this Third Modification and
any documents referred to herein, this Third Modification shall
prevail.  No amendment of this Third Modification shall be valid
unless it is in writing and is signed by the parties to this Third
Modification.

     

    11. Counterparts.     This Third
Modification may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement.  Delivery of an executed
counterpart of a signature page to this Third Modification by facsimile shall be
effective as delivery of a manually executed counterpart of this Third
Modification.

     

    IN
WITNESS WHEREOF, the parties have executed this Modification as of the day and
year first above written.

     

    
      	
              ICON
      INCOME FUND EIGHT B L.P.,

              a
      Delaware limited partnership

              By:           ICON CAPITAL CORP.,its
      general partner

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President
      and Co-Chief Executive Officer

               

            	
              CALIFORNIA BANK &
      TRUST,

              a
      California banking corporation

               

               

              By:             /s/
      J. Michael Sullivan

              Name: J. Michael
      Sullivan

              Title: Vice President
      andRelationship Manager

               

            
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND EIGHT B L.P.

              c/o
      ICON Capital Corp., its general partner

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co-President
      and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

               

            	
              Address
      where notices are to be sent:

               

              South
      Bay Commercial Banking

              1690
      South El Camino Real

              San
      Mateo, CA 94402

               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

              ICON
      INCOME FUND NINE, LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND NINE, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co-President
      and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

               

            	 
      
	
               

              ICON
      INCOME FUND TEN, LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:      /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

               

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND TEN, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co-President
      and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

            	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    
      	
               

              ICON
      LEASING FUND ELEVEN, LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

               

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      LEASING FUND ELEVEN, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co
      President and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

               

            	 
      
	
               

              ICON LEASING FUND TWELVE,
      LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

               

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      LEASING FUND TWELVE, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co
      President and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]