Document:

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                                                                     Exhibit 4.3

                          NEW YORK MORTGAGE TRUST, INC.

                            2004 STOCK INCENTIVE PLAN
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NEW YORK MORTGAGE TRUST, INC.                          2004 STOCK INCENTIVE PLAN

                                TABLE OF CONTENTS

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Section                                                                                                             Page
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Article I         DEFINITIONS....................................................................................     1

     1.01.        Acquiring Person...............................................................................     1
     1.02.        Affiliate......................................................................................     1
     1.03.        Agreement......................................................................................     1
     1.04.        Associate......................................................................................     1
     1.05.        Board..........................................................................................     1
     1.06.        Change in Control..............................................................................     1
     1.07.        Code2
     1.08.        Committee......................................................................................     2
     1.09.        Common Stock...................................................................................     2
     1.10.        Company........................................................................................     2
     1.11.        Continuing Director............................................................................     2
     1.12.        Control Change Date............................................................................     3
     1.13.        Corresponding SAR..............................................................................     3
     1.14.        Exchange Act...................................................................................     3
     1.15.        Fair Market Value..............................................................................     3
     1.16.        Incentive Award................................................................................     3
     1.17.        Initial Value..................................................................................     3
     1.18.        Option.........................................................................................     3
     1.19.        Participant....................................................................................     3
     1.20.        Performance Shares.............................................................................     4
     1.21.        Person.........................................................................................     4
     1.22.        Plan4
     1.23.        Related Entity.................................................................................     4
     1.24.        SAR 4
     1.25.        Stock Award....................................................................................     4

Article II        PURPOSES.......................................................................................     5

Article III       ADMINISTRATION.................................................................................     6

Article IV         ELIGIBILITY...................................................................................     7

Article V         COMMON STOCK SUBJECT TO PLAN...................................................................     8

     5.01.        Common Stock Issued............................................................................     8
     5.02.        Aggregate Limit................................................................................     8
     5.03.        Individual Limit...............................................................................     8
     5.04.        Reallocation of Shares.........................................................................     8

Article VI        OPTIONS........................................................................................    10
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NEW YORK MORTGAGE TRUST, INC.                          2004 STOCK INCENTIVE PLAN

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<S>               <C>                                                                                                 <C>
     6.01.        Award..........................................................................................     10
     6.02.        Option Price...................................................................................     10
     6.03.        Maximum Option Period..........................................................................     10
     6.04.        Nontransferability.............................................................................     10
     6.05.        Transferable Options...........................................................................     10
     6.06.        Employee Status................................................................................     11
     6.07.        Exercise.......................................................................................     11
     6.08.        Payment........................................................................................     11
     6.09.        Change in Control..............................................................................     11
     6.10.        Stockholder Rights.............................................................................     12
     6.11.        Disposition of Shares..........................................................................     12

Article           VII SARS.......................................................................................     13

     7.01.        Award..........................................................................................     13
     7.02.        Maximum SAR Period.............................................................................     13
     7.03.        Nontransferability.............................................................................     13
     7.04.        Transferable SARs..............................................................................     13
     7.05.        Exercise.......................................................................................     14
     7.06.        Change in Control..............................................................................     14
     7.07.        Employee Status................................................................................     14
     7.08.        Settlement.....................................................................................     14
     7.09.        Stockholder Rights.............................................................................     14

Article            VIII STOCK AWARDS.............................................................................     15

     8.01.        Award..........................................................................................     15
     8.02.        Vesting........................................................................................     15
     8.03.        Performance Objectives.........................................................................     15
     8.04.        Employee Status................................................................................     16
     8.05.        Change in Control..............................................................................     16
     8.06.        Stockholder Rights.............................................................................     16

Article IX        PERFORMANCE SHARE AWARDS.......................................................................     17

     9.01.        Award..........................................................................................     17
     9.02.        Earning the Award..............................................................................     17
     9.03.        Payment........................................................................................     17
     9.04.        Stockholder Rights.............................................................................     17
     9.05.        Nontransferability.............................................................................     18
     9.06.        Transferable Performance Shares................................................................     18
     9.07.        Employee Status................................................................................     18
     9.08.        Change in Control..............................................................................     18

Article X         INCENTIVE AWARDS...............................................................................     19
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NEW YORK MORTGAGE TRUST, INC.                          2004 STOCK INCENTIVE PLAN

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     10.01.       Award..........................................................................................     19
     10.02.       Terms and Conditions...........................................................................     19
     10.03.       Nontransferability.............................................................................     19
     10.04.       Transferable Incentive Awards..................................................................     19
     10.05.       Employee Status................................................................................     20
     10.06.       Change in Control..............................................................................     20
     10.07.       Stockholder Rights.............................................................................     20

Article XI        ADJUSTMENT UPON CHANGE IN COMMON STOCK.........................................................     21

Article XII       COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES..........................................     22

Article XIII      GENERAL PROVISIONS.............................................................................     23

     13.01.       Effect on Employment and Service...............................................................     23
     13.02.       Unfunded Plan..................................................................................     23
     13.03.       Rules of Construction..........................................................................     23

Article XIV        AMENDMENT.....................................................................................     24

Article XV        DURATION OF PLAN...............................................................................     25

Article XVI EFFECTIVE DATE OF PLAN...............................................................................     26

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                    ARTICLE I
                                   DEFINITIONS

1.01. ACQUIRING PERSON

      Acquiring Person means that a Person, considered alone or as part of a
"group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of
1934, as amended, is or becomes directly or indirectly the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of securities representing at
least fifty percent (50%) of the Company's then outstanding securities entitled
to vote generally in the election of the Board.

1.02. AFFILIATE

      Affiliate means any "subsidiary" or "parent" corporation (as such terms
are defined in Section 424 of the Code) of the Company.

1.03. AGREEMENT

      Agreement means a written agreement (including any amendment or supplement
thereto) between the Company and a Participant specifying the terms and
conditions of a Stock Award, an award of Performance Shares, an Incentive Award
or an Option or SAR granted to such Participant.

1.04. ASSOCIATE

      Associate, with respect to any Person, is defined in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act. An Associate does not
include the Company or a majority-owned subsidiary of the Company.

1.05. BOARD

      Board means the Board of Directors of the Company.

1.06. CHANGE IN CONTROL

      "Change in Control" means (i) a Person is or becomes an Acquiring Person;
(ii) holders of the securities of the Company entitled to vote thereon approve
any agreement with a Person (or, if such approval is not required by applicable
law and is not solicited by the Company, the closing of such an agreement) that
involves the transfer of all or substantially all of the Company's total assets
on a consolidated basis, as reported in the Company's consolidated financial
statements filed with the Securities and Exchange Commission; (iii) holders of
the securities of the Company entitled to vote thereon approve a transaction
(or, if such approval is not required by applicable law and is not solicited by
the Company, the closing of such a transaction) pursuant to which the Company
will undergo a merger, consolidation, or statutory

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

share exchange with a Person, regardless of whether the Company is intended to
be the surviving or resulting entity after the merger, consolidation, or
statutory share exchange, other than a transaction that results in the voting
securities of the Company carrying the right to vote in elections of persons to
the Board outstanding immediately prior to the closing of the transaction
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 50% (fifty percent) of
the Company's voting securities carrying the right to vote in elections of
persons to the Company's Board, or such securities of such surviving entity,
outstanding immediately after the closing of such transaction; (iv) the
Continuing Directors cease for any reason to constitute a majority of the Board;
(v) holders of the securities of the Company entitled to vote thereon approve a
plan of complete liquidation of the Company or an agreement for the sale or
liquidation by the Company of all or substantially all of the Company's assets
(or, if such approval is not required by applicable law and is not solicited by
the Company, the commencement of actions constituting such a plan or the closing
of such an agreement); or (vi) the Board adopts a resolution to the effect that,
in its judgment, as a consequence of any one or more transactions or events or
series of transactions or events, a Change in Control of the Company has
effectively occurred. The Board shall be entitled to exercise its sole and
absolute discretion in exercising its judgment and in the adoption of such
resolution, whether or not any such transaction(s) or event(s) might be deemed,
individually or collectively, to satisfy any of the criteria set forth in
subparagraphs (i) through (v) above.

1.07. CODE

      Code means the Internal Revenue Code of 1986, and any amendments thereto.

1.08. COMMITTEE

      Committee means the Compensation Committee of the Board.

1.09. COMMON STOCK

      Common Stock means the common stock, par value $0.01 per share, of the
Company.

1.10. COMPANY

      Company means New York Mortgage Trust, Inc., a Maryland corporation.

1.11. CONTINUING DIRECTOR

      Continuing Director means any member of the Board, while a member of the
Board and (i) who was a member of the Board on the closing date of the Company's
initial public offering of the Common Stock or (ii) whose nomination for or
election to the Board was recommended or approved by a majority of the
Continuing Directors.

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

1.12. CONTROL CHANGE DATE

      Control Change Date means the date on which a Change in Control occurs. If
a Change in Control occurs on account of a series of transactions, the "Control
Change Date" is the date of the last of such transactions.

1.13. CORRESPONDING SAR

      Corresponding SAR means an SAR that is granted in relation to a particular
Option and that can be exercised only upon the surrender to the Company,
unexercised, of that portion of the Option to which the SAR relates.

1.14. EXCHANGE ACT

      Exchange Act means the Securities Exchange Act of 1934, as amended.

1.15. FAIR MARKET VALUE

      Fair Market Value means, on any given date, the reported "closing" price
of a share of Common Stock on the New York Stock Exchange. If, on any given
date, no share of Common Stock is traded on the New York Stock Exchange, then
Fair Market Value shall be determined with reference to the next preceding day
that the Common Stock was so traded.

1.16. INCENTIVE AWARD

      Incentive Award means an award which, subject to such terms and conditions
as may be prescribed by the Committee, entitles the Participant to receive
shares of Common Stock or a cash payment from the Company or an Affiliate.

1.17. INITIAL VALUE

      Initial Value means, with respect to a Corresponding SAR, the option price
per share of the related Option and, with respect to an SAR granted
independently of an Option, the Fair Market Value of one share of Common Stock
on the date of grant.

1.18. OPTION

      Option means a stock option that entitles the holder to purchase from the
Company a stated number of shares of Common Stock at the price set forth in an
Agreement.

1.19. PARTICIPANT

      Participant means an employee of the Company or an Affiliate, a
non-employee member of the Board, or a person or entity that provides services
to the Company or an Affiliate and who satisfies the requirements of Article IV
and is selected by the Committee to receive an award of

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

Performance Shares, a Stock Award, an Option, an SAR, an Incentive Award or a
combination thereof.

1.20. PERFORMANCE SHARES

      Performance Shares means an award, in the amount determined by the
Committee, stated with reference to a specified number of shares of Common
Stock, that in accordance with the terms of an Agreement entitles the holder to
receive a cash payment or shares of Common Stock or a combination thereof.

1.21. PERSON

      "Person" means any human being, firm, corporation, partnership, or other
entity. "Person" also includes any human being, firm, corporation, partnership,
or other entity as defined in sections 13(d)(3) and 14(d)(2) of the Exchange
Act. The term "Person" does not include the Company or any Related Entity, and
the term Person does not include any employee-benefit plan maintained by the
Company or any Related Entity, or any person or entity organized, appointed, or
established by the Company or any Related Entity for or pursuant to the terms of
any such employee-benefit plan, unless the Board determines that such an
employee-benefit plan or such person or entity is a "Person".

1.22. PLAN

      Plan means the New York Mortgage Trust, Inc. 2004 Stock Incentive Plan.

1.23. RELATED ENTITY

      Related Entity means any entity that is part of a controlled group of
corporations or is under common control with the Company within the meaning of
Sections 1563(a), 414(b) or 414(c) of the Code.

1.24. SAR

      SAR means a stock appreciation right that in accordance with the terms of
an Agreement entitles the holder to receive a number of shares of Common Stock,
or in the discretion of the Committee, a cash award, or a combination of shares
of Common Stock and cash based on the increase in the Fair Market Value of the
shares underlying the stock appreciation right during a stated period specified
by the Committee. References to "SARs" include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise.

1.25. STOCK AWARD

      Stock Award means shares of Common Stock awarded to a Participant under
Article VIII.

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE II
                                    PURPOSES

      The Plan is intended to assist the Company and its Affiliates in
recruiting and retaining individuals and other service providers with ability
and initiative by enabling such persons or entities to participate in the future
success of the Company and its Affiliates and to associate their interests with
those of the Company and its stockholders. The Plan is intended to permit the
grant of both Options qualifying under Section 422 of the Code ("incentive stock
options") and Options not so qualifying, and the grant of SARs, Stock Awards,
Performance Shares and Incentive Awards in accordance with the Plan and
procedures that may be established by the Committee. No Option that is intended
to be an incentive stock option shall be invalid for failure to qualify as an
incentive stock option. The proceeds received by the Company from the sale of
shares of Common Stock pursuant to this Plan shall be used for general corporate
purposes.

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                  ARTICLE III
                                 ADMINISTRATION

      The Plan shall be administered by the Committee. The Committee shall have
authority to grant Stock Awards, Performance Shares, Incentive Awards, Options
and SARs upon such terms (not inconsistent with the provisions of this Plan), as
the Committee may consider appropriate. Such terms may include conditions (in
addition to those contained in this Plan), on the exercisability of all or any
part of an Option or SAR or on the transferability or forfeitability of a Stock
Award, an award of Performance Shares or an Incentive Award. Notwithstanding any
such conditions, the Committee may, in its discretion, accelerate the time at
which any Option or SAR may be exercised, or the time at which a Stock Award may
become transferable or nonforfeitable or the time at which an Incentive Award or
award of Performance Shares may be settled. In addition, the Committee shall
have complete authority to interpret all provisions of this Plan; to prescribe
the form of Agreements; to adopt, amend, and rescind rules and regulations
pertaining to the administration of the Plan; and to make all other
determinations necessary or advisable for the administration of this Plan. The
express grant in the Plan of any specific power to the Committee shall not be
construed as limiting any power or authority of the Committee. Any decision
made, or action taken, by the Committee in connection with the administration of
this Plan shall be final and conclusive. The members of the Committee shall not
be liable for any act done in good faith with respect to this Plan or any
Agreement, Option, SAR, Stock Award, Incentive Award or award of Performance
Shares. All expenses of administering this Plan shall be borne by the Company.

      The Committee, in its discretion, may delegate to one or more officers of
the Company all or part of the Committee's authority and duties with respect to
grants and awards to individuals who are not subject to the reporting and other
provisions of Section 16 of the Exchange Act. The Committee may revoke or amend
the terms of a delegation at any time but such action shall not invalidate any
prior actions of the Committee's delegate or delegates that were consistent with
the terms of the Plan and the Committee's prior delegation.

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE IV
                                   ELIGIBILITY

      Any employee of the Company or an Affiliate (including a corporation that
becomes an Affiliate after the adoption of this Plan) and any non-employee
member of the Board is eligible to participate in this Plan. In addition, any
other person or entity that provides services to the Company or an Affiliate is
eligible to participate in this Plan if the Board, in its sole discretion,
determines that it is in the best interest of the Company.

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE V
                          COMMON STOCK SUBJECT TO PLAN

5.01. COMMON STOCK ISSUED

      Upon the award of shares of Common Stock pursuant to a Stock Award or in
settlement of an award of Performance Shares, the Company may deliver to the
Participant shares of Common Stock or treasury shares from its authorized but
unissued Common Stock. Upon the exercise of any Option or SAR, the Company may
deliver to the Participant (or the Participant's broker if the Participant so
directs), shares of Common Stock from its authorized but unissued Common Stock.

5.02. AGGREGATE LIMIT

      The maximum aggregate number of shares of Common Stock that may be issued
under this Plan is 1,500,250, or 8.5% of the number of shares of Common Stock
outstanding upon completion of the Company's initial public offering (the
"IPO"), subject to adjustment upon any exercise by the underwriters in the IPO
of their over-allotment option such that the maximum aggregate number of shares
of Common Stock that may be issued under the Plan remains at 8.5% of the number
of shares of Common Stock outstanding upon completion of the IPO (an "IPO
Over-Allotment Adjustment"). The maximum aggregate number of shares of Common
Stock that may be issued under this Plan pursuant to the exercise of SARs and
Options is 706,000 shares, or 4.0% of the number of shares of Common Stock
outstanding upon completion of the IPO, subject to any Over-Allotment
Adjustment, and the maximum aggregate number of shares of Common Stock that may
be issued under this Plan as Stock Awards and the settlement of Performance
Shares is 794,250 shares, or 4.5% of the number of shares of Common Stock
outstanding upon completion of the IPO, subject to any Over-Allotment
Adjustment. In addition, the maximum aggregate number of shares of Common Stock
that may be issued under this Plan and the foregoing limits shall be subject to
adjustment as provided in Article XI.

5.03. INDIVIDUAL LIMIT

      The maximum number of shares of Common Stock that can be issued under the
Plan to any Participant pursuant to Options, SARs and Stock Awards that are
earned solely on account of the passage of time or continued employment or
service is 175,000 shares in any calendar year. The maximum number of shares of
Common Stock that can be issued under the Plan to any Participant pursuant to
other awards is 60,000 shares in any calendar year. This Section 5.03 applies
with respect to awards that are made at the end of the transition period
prescribed by the regulations under Code section 162(m).

5.04. REALLOCATION OF SHARES

      If an Option is terminated, in whole or in part, for any reason other than
its exercise or the exercise of a Corresponding SAR that is settled with shares
of Common Stock, the number of

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

shares of Common Stock allocated to the Option or portion thereof may be
reallocated to other Options, SARs, Performance Shares, and Stock Awards to be
granted under this Plan. If an SAR is terminated, in whole or in part, for any
reason other than its exercise that is settled with shares of Common Stock or
the exercise of a related Option, the number of shares of Common Stock allocated
to the SAR or portion thereof may be reallocated to other Options, SARs,
Performance Shares, and Stock Awards to be granted under this Plan. If an award
of Performance Shares is terminated, in whole or in part, for any reason other
than its settlement with shares of Common Stock, the number of shares allocated
to the Performance Share award or portion thereof may be reallocated to other
Options, SARs, Performance Shares and Stock Awards to be granted under this
Plan. If a Stock Award is forfeited, in whole or in part, for any reason, the
number of shares of Common Stock allocated to the Stock Award or portion thereof
may be reallocated to other Options, SARs, Performance Shares and Stock Awards
to be granted under this Plan.

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NEW YORK MORTGAGE TRUST, INC.                          2004 STOCK INCENTIVE PLAN

                                   ARTICLE VI
                                    OPTIONS

6.01. AWARD

      In accordance with the provisions of Article IV, the Committee will
designate each individual to whom an Option is to be granted and will specify
the number of shares of Common Stock covered by such awards.

6.02. OPTION PRICE

      The price per share of Common Stock purchased on the exercise of an Option
shall be determined by the Committee on the date of grant, but shall not be less
than the Fair Market Value on the date the Option is granted.

6.03. MAXIMUM OPTION PERIOD

      The maximum period in which an Option may be exercised shall be determined
by the Committee on the date of grant, except that no Option that is an
incentive stock option shall be exercisable after the expiration of ten years
from the date such Option was granted. The terms of any Option that is an
incentive stock option may provide that it is exercisable for a period less than
such maximum period.

6.04. NONTRANSFERABILITY

      Except as provided in Section 6.05, each Option granted under this Plan
shall be nontransferable except by will or by the laws of descent and
distribution. In the event of any transfer of an Option (by the Participant or
his transferee), the Option and any Corresponding SAR that relates to such
Option must be transferred to the same person or persons or entity or entities.
Except as provided in Section 6.05, during the lifetime of the Participant to
whom the Option is granted, the Option may be exercised only by the Participant.
No right or interest of a Participant in any Option shall be liable for, or
subject to, any lien, obligation, or liability of such Participant.

6.05. TRANSFERABLE OPTIONS

      Section 6.04 to the contrary notwithstanding, if the Agreement provides,
an Option that is not an incentive stock option may be transferred by a
Participant to the Participant's children, grandchildren, spouse, one or more
trusts for the benefit of such family members or a partnership in which such
family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to
time. The holder of an Option transferred pursuant to this Section shall be
bound by the same terms and conditions that governed the Option during the
period that it was held by the Participant; provided, however, that such
transferee may not transfer the Option except by will or the laws of descent

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

and distribution. In the event of any transfer of an Option (by the Participant
or his transferee), the Option and any Corresponding SAR that relates to such
Option must be transferred to the same person or persons or entity or entities.

6.06. EMPLOYEE STATUS

      For purposes of determining the applicability of Section 422 of the Code
(relating to incentive stock options), or in the event that the terms of any
Option provide that it may be exercised only during employment or continued
service or within a specified period of time after termination of employment or
continued service, the Committee may decide to what extent leaves of absence for
governmental or military service, illness, temporary disability, or other
reasons shall not be deemed interruptions of continuous employment or service.

6.07. EXERCISE

      Subject to the provisions of this Plan and the applicable Agreement, an
Option may be exercised in whole at any time or in part from time to time at
such times and in compliance with such requirements as the Committee shall
determine; provided, however, that incentive stock options (granted under the
Plan and all plans of the Company and its Affiliates) may not be first
exercisable in a calendar year for shares of Common Stock having a Fair Market
Value (determined as of the date an Option is granted) exceeding $100,000. An
Option granted under this Plan may be exercised with respect to any number of
whole shares less than the full number for which the Option could be exercised.
A partial exercise of an Option shall not affect the right to exercise the
Option from time to time in accordance with this Plan and the applicable
Agreement with respect to the remaining shares subject to the Option. The
exercise of an Option shall result in the termination of any Corresponding SAR
to the extent of the number of shares with respect to which the Option is
exercised.

6.08. PAYMENT

      Subject to rules established by the Committee and unless otherwise
provided in an Agreement, payment of all or part of the Option price may be made
in cash, certified check, by tendering shares of Common Stock (which, if
acquired from the Company, have been held by the Participant for at least six
months) or by a broker-assisted cashless exercise. If shares of Common Stock are
used to pay all or part of the Option price, the sum of the cash and cash
equivalent and the Fair Market Value (determined as of the day preceding the
date of exercise) of the shares surrendered must not be less than the Option
price of the shares for which the Option is being exercised.

6.09. CHANGE IN CONTROL

      Section 6.07 to the contrary notwithstanding, the Committee shall have the
authority to cause any or all of the Options outstanding as of any Control
Change Date to become fully exercisable on and after such Control Change Date.

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NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

6.10. STOCKHOLDER RIGHTS

      No Participant shall have any rights as a stockholder with respect to
shares subject to his Option until the date of exercise of such Option.

6.11. DISPOSITION OF SHARES

      A Participant shall notify the Company of any sale or other disposition of
shares of Common Stock acquired pursuant to an Option that was an incentive
stock option if such sale or disposition occurs (i) within two years of the
grant of an Option or (ii) within one year of the issuance of shares of Common
Stock to the Participant. Such notice shall be in writing and directed to the
Secretary of the Company.

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NEW YORK MORTGAGE TRUST, INC.                          2004 STOCK INCENTIVE PLAN

                                  ARTICLE VII
                                      SARS

7.01. AWARD

      In accordance with the provisions of Article IV, the Committee will
designate each individual to whom SARs are to be granted and will specify the
number of shares of Common Stock covered by such awards. For purposes of the
foregoing limit, an Option and Corresponding SAR shall be treated as a single
award. In addition no Participant may be granted Corresponding SARs (under all
incentive stock option plans of the Company and its Affiliates) that are related
to incentive stock options which are first exercisable in any calendar year for
shares of Common Stock having an aggregate Fair Market Value (determined as of
the date the related Option is granted) that exceeds $100,000.

7.02. MAXIMUM SAR PERIOD

      The term of each SAR shall be determined by the Committee on the date of
grant, except that no Corresponding SAR that is related to an incentive stock
option shall have a term of more than ten years from the date such related
Option was granted. The terms of any Corresponding SAR that is related to an
incentive stock option may provide that it has a term that is less than such
maximum period.

7.03. NONTRANSFERABILITY

      Except as provided in Section 7.04, each SAR granted under this Plan shall
be nontransferable except by will or by the laws of descent and distribution. In
the event of any such transfer, a Corresponding SAR and the related Option must
be transferred to the same person or persons or entity or entities. Except as
provided in Section 7.04, during the lifetime of the Participant to whom the SAR
is granted, the SAR may be exercised only by the Participant. No right or
interest of a Participant in any SAR shall be liable for, or subject to, any
lien, obligation, or liability of such Participant.

7.04. TRANSFERABLE SARS

      Section 7.03 to the contrary notwithstanding, if the Agreement provides,
an SAR, other than a Corresponding SAR that is related to an incentive stock
option, may be transferred by a Participant to the Participant's children,
grandchildren, spouse, one or more trusts for the benefit of such family members
or a partnership in which such family members are the only partners, on such
terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act
as in effect from time to time. The holder of an SAR transferred pursuant to
this Section shall be bound by the same terms and conditions that governed the
SAR during the period that it was held by the Participant; provided, however,
that such transferee may not transfer the SAR except by will or the laws of
descent and distribution. In the event of any transfer of a Corresponding SAR

                                      -13-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

(by the Participant or his transferee), the Corresponding SAR and the related
Option must be transferred to the same person or person or entity or entities.

7.05. EXERCISE

      Subject to the provisions of this Plan and the applicable Agreement, an
SAR may be exercised in whole at any time or in part from time to time at such
times and in compliance with such requirements as the Committee shall determine;
provided, however, that a Corresponding SAR that is related to an incentive
stock option may be exercised only to the extent that the related Option is
exercisable and only when the Fair Market Value exceeds the option price of the
related Option. An SAR granted under this Plan may be exercised with respect to
any number of whole shares less than the full number for which the SAR could be
exercised. A partial exercise of an SAR shall not affect the right to exercise
the SAR from time to time in accordance with this Plan and the applicable
Agreement with respect to the remaining shares subject to the SAR. The exercise
of a Corresponding SAR shall result in the termination of the related Option to
the extent of the number of shares with respect to which the SAR is exercised.

7.06. CHANGE IN CONTROL

      Section 7.05 to the contrary notwithstanding, the Committee shall have the
authority to cause any or all of the SARs outstanding as of any Control Change
Date to become fully exercisable on and after such Control Change Date.

7.07. EMPLOYEE STATUS

      If the terms of any SAR provide that it may be exercised only during
employment or continued service or within a specified period of time after
termination of employment or continued service, the Committee may decide to what
extent leaves of absence for governmental or military service, illness,
temporary disability or other reasons shall not be deemed interruptions of
continuous employment or service.

7.08. SETTLEMENT

      At the Committee's discretion, the amount payable as a result of the
exercise of an SAR may be settled in cash, shares of Common Stock, or a
combination of cash and Common Stock. No fractional share will be deliverable
upon the exercise of an SAR but a cash payment will be made in lieu thereof.

7.09. STOCKHOLDER RIGHTS

      No Participant shall, as a result of receiving an SAR, have any rights as
a stockholder of the Company or any Affiliate until the date that the SAR is
exercised and then only to the extent that the SAR is settled by the issuance of
Common Stock.

                                      -14-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                          2004 STOCK INCENTIVE PLAN

                                  ARTICLE VIII
                                  STOCK AWARDS

8.01. AWARD

      In accordance with the provisions of Article IV, the Committee will
designate each individual to whom a Stock Award is to be made and will specify
the number of shares of Common Stock covered by such awards.

8.02. VESTING

      The Committee, on the date of the award, may prescribe that a
Participant's rights in a Stock Award shall be forfeitable or otherwise
restricted for a period of time or subject to such conditions as may be set
forth in the Agreement. By way of example and not of limitation, the Committee
may prescribe that Participant's rights in a Stock Award shall be forfeitable or
otherwise restricted subject to the attainment of objectives stated with
reference to the Company's, an Affiliate's or a business unit's attainment of
objectives stated with respect to performance criteria listed in Section 8.03.
If the Committee prescribes that a Stock Award shall become nonforfeitable and
transferable only upon the attainment of performance objectives stated with
respect to one or more of the criteria listed in Section 8.03, the shares of
Common Stock subject to the Stock Award shall become nonforfeitable and
transferable only upon the attainment of performance objectives stated with
respect to one or more of the following criteria, the shares subject to the
Stock Award shall become nonforfeitable and transferable only to the extent that
the Committee certifies that such objectives have been achieved.

8.03. PERFORMANCE OBJECTIVES

      In accordance with Section 8.02, the Committee may prescribe that Stock
Awards will become vested or transferable or both based on objectives stated
with respect to the Company's, an Affiliate's or a business unit's (a) total
stockholder return, (b) total stockholder return as compared to total return (on
a comparable basis) of a publicly available index, (c) net income, (d) pretax
earnings, (e) funds from operations, (f) earnings before interest expense,
taxes, depreciation and amortization, (g) operating margin, (h) earnings per
share, (i) return on equity, capital, assets or investment, (j) operating
earnings, (k) working capital, (l) ratio of debt to stockholders equity and (m)
revenue. If the Committee, on the date of award, prescribes that a Stock Award
shall become nonforfeitable and transferable only upon the attainment of any of
the above criteria, the shares of Common Stock subject to such Stock Award shall
become nonforfeitable and transferable only to the extent that the Committee
certifies that such objectives have been achieved.

                                      -15-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

8.04. EMPLOYEE STATUS

      In the event that the terms of any Stock Award provide that shares may
become transferable and nonforfeitable thereunder only after completion of a
specified period of employment or continuous service, the Committee may decide
in each case to what extent leaves of absence for governmental or military
service, illness, temporary disability, or other reasons shall not be deemed
interruptions of continuous employment or service.

8.05. CHANGE IN CONTROL

      Sections 8.02, 8.03 and 8.04 to the contrary notwithstanding, the
Committee shall have the authority to cause any or all of the Stock Awards
outstanding as of any Control Change Date to become fully transferable and to
cause all forfeiture restrictions to terminate on and after such Control Change
Date.

8.06. STOCKHOLDER RIGHTS

      Prior to their forfeiture (in accordance with the applicable Agreement and
while the shares of Common Stock granted pursuant to the Stock Award may be
forfeited or are nontransferable), a Participant will have all rights of a
stockholder with respect to a Stock Award, including the right to receive
dividends and vote the shares; provided, however, that during such period (i) a
Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise
dispose of shares granted pursuant to a Stock Award, (ii) the Company shall
retain custody of the certificates evidencing shares granted pursuant to a Stock
Award, and (iii) the Participant will deliver to the Company a stock power,
endorsed in blank, with respect to each Stock Award. The limitations set forth
in the preceding sentence shall not apply after the shares granted under the
Stock Award are transferable and are no longer forfeitable.

                                      -16-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE IX
                            PERFORMANCE SHARE AWARDS

9.01. AWARD

      In accordance with the provisions of Article IV, the Committee will
designate each individual to whom an award of Performance Shares is to be made
and will specify the number of shares covered by such awards.

9.02. EARNING THE AWARD

      The Committee, on the date of the grant of an award, shall prescribe that
the Performance Shares, or portion thereof, will be earned, and the Participant
will be entitled to receive payment pursuant to the award of Performance Shares,
only upon the satisfaction of performance objectives and such other criteria as
may be prescribed by the Committee during a performance measurement period of at
least three years from the date of the award; provided, however, that the
performance measurement period shall be at least one year from the date of the
award if the payment pursuant to the Performance Share award is contingent upon
the attainment of objectives stated with respect to performance criteria listed
in the following sentence. The performance objectives may be stated with respect
to the Company's, an Affiliate's or a business unit's (a) total stockholder
return, (b) total Stockholder return as compared to total return (on a
comparable basis) of a publicly available index, (c) net income, (d) pretax
earnings, (e) funds from operations, (f) earnings before interest expense,
taxes, depreciation and amortization, (g) operating margin, (h) earnings per
share, (i) return on equity, capital, assets or investment, (j) operating
earnings, (k) working capital, (l) ratio of debt to stockholders equity and (m)
revenue. No payments will be made with respect to Performance Shares unless, and
then only to the extent that, the Committee certifies that such objectives have
been achieved.

9.03. PAYMENT

      In the discretion of the Committee, the amount payable when an award of
Performance Shares is earned may be settled in cash, by the issuance of shares
of Common Stock, or a combination thereof. A fractional share of Common Stock
shall not be deliverable when an award of Performance Shares is earned, but a
cash payment will be made in lieu thereof.

9.04. STOCKHOLDER RIGHTS

      No Participant shall, as a result of receiving an award of Performance
Shares, have any rights as a stockholder until and to the extent that the award
of Performance Shares is earned and settled in shares of Common Stock. After an
award of Performance Shares is earned and settled in shares, a Participant will
have all the rights of a stockholder as described in Section 8.06.

                                      -17-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

9.05. NONTRANSFERABILITY

      Except as provided in Section 9.06, Performance Shares granted under this
Plan shall be nontransferable except by will or by the laws of descent and
distribution. No right or interest of a Participant in any Performance Shares
shall be liable for, or subject to, any lien, obligation, or liability of such
Participant.

9.06. TRANSFERABLE PERFORMANCE SHARES

      Section 9.05 to the contrary notwithstanding, if the Agreement provides,
an award of Performance Shares may be transferred by a Participant to the
Participant's children, grandchildren, spouse, one or more trusts for the
benefit of such family members or a partnership in which such family members are
the only partners, on such terms and conditions as may be permitted under Rule
16b-3 under the Exchange Act as in effect from time to time. The holder of
Performance Shares transferred pursuant to this Section shall be bound by the
same terms and conditions that governed the Performance Shares during the period
that they were held by the Participant; provided, however that such transferee
may not transfer Performance Shares except by will or the laws of descent and
distribution.

9.07. EMPLOYEE STATUS

      In the event that the terms of any Performance Share award provide that no
payment will be made unless the Participant completes a stated period of
employment or continued service, the Committee may decide to what extent leaves
of absence for government or military service, illness, temporary disability, or
other reasons shall not be deemed interruptions of continuous employment or
service.

9.08. CHANGE IN CONTROL

      Sections 9.02 to the contrary notwithstanding, on and after a Control
Change Date, the Committee shall have the authority to cause any or all of the
Performance Share awards outstanding as of any Control Change Date to become
fully earned as of such Control Change Date. To the extent that the Committee
determines that a Performance Share award is fully earned as of a Control Change
Date and the Agreement provides that the Performance Share award may be settled
with shares of Common Stock, such shares shall be nonforfeitable and
transferable as of the Control Change Date.

                                      -18-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE X
                                INCENTIVE AWARDS

10.01. AWARD

      The Committee shall designate Participants to whom Incentive Awards are
made. All Incentive Awards shall be finally determined exclusively by the
Committee under the procedures established by the Committee; provided, however,
that no Participant may receive an Incentive Award payment in any calendar year
that exceeds $3,000,000.

10.02. TERMS AND CONDITIONS

      The Committee, at the time an Incentive Award is made, shall specify the
terms and conditions which govern the award. Such terms and conditions shall
prescribe that the Incentive Award shall be earned only upon, and to the extent
that, performance objectives are satisfied during a performance period of at
least one year after the grant of the Incentive Award. The performance
objectives may be stated with respect to the Company's, an Affiliate's or a
business unit's (a) total stockholder return, (b) total Stockholder return as
compared to total return (on a comparable basis) of a publicly available index,
(c) net income, (d) pretax earnings, (e) funds from operations, (f) earnings
before interest expense, taxes, depreciation and amortization, (g) operating
margin, (h) earnings per share, (i) return on equity, capital, assets or
investment, (j) operating earnings, (k) working capital, (l) ratio of debt to
stockholders equity and (m) revenue. Such terms and conditions also may include
other limitations on the payment of Incentive Awards including, by way of
example and not of limitation, requirements that the Participant complete a
specified period of employment or service with the Company or an Affiliate. The
Committee, at the time an Incentive Award is made, shall also specify when
amounts shall be payable under the Incentive Award and whether amounts shall be
payable in the event of the Participant's death, disability, or retirement.

10.03. NONTRANSFERABILITY

      Except as provided in Section 10.04, Incentive Awards granted under this
Plan shall be nontransferable except by will or by the laws of descent and
distribution. No right or interest of a Participant in an Incentive Award shall
be liable for, or subject to, any lien, obligation, or liability of such
Participant.

10.04. TRANSFERABLE INCENTIVE AWARDS

      Section 10.03 to the contrary notwithstanding, if provided in an
Agreement, an Incentive Award may be transferred by a Participant to the
Participant's children, grandchildren, spouse, one or more trusts for the
benefit of such family members or to a partnership in which such family members
are the only partners, on such terms and conditions as may be permitted by Rule
16b-3 under the Exchange Act as in effect from time to time. The holder of an
Incentive Award transferred pursuant to this Section shall be bound by the same
terms and conditions that

                                      -19-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

governed the Incentive Award during the period that it was held by the
Participant; provided, however, that such transferee may not transfer the
Incentive Award except by will or the laws of descent and distribution.

10.05. EMPLOYEE STATUS

      If the terms of an Incentive Award provide that a payment will be made
thereunder only if the Participant completes a stated period of employment or
continuous service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability or other
reasons shall not be deemed interruptions of continuous employment or service.

10.06. CHANGE IN CONTROL

      Section 10.02 to the contrary notwithstanding, the Committee shall have
the authority to cause any or all of the Incentive Awards outstanding as of any
Control Change Date to become fully earned as of such Control Change Date.

10.07. STOCKHOLDER RIGHTS

      No Participant shall, as a result of receiving an Incentive Award, have
any rights as a stockholder of the Company or any Affiliate on account of such
award.

                                      -20-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE XI
                     ADJUSTMENT UPON CHANGE IN COMMON STOCK

      The maximum number of shares as to which Options, SARs, Performance Shares
and Stock Awards may be granted; the terms of outstanding Stock Awards, Options,
Performance Shares, Incentive Awards, and SARs; and the per individual
limitations on the number of shares of Common Stock for which Options, SARs,
Performance Shares, and Stock Awards may be granted shall be adjusted as the
Board shall determine to be equitably required in the event that (i) the Company
(a) effects one or more stock dividends, stock split-ups, subdivisions or
consolidations of shares or (b) engages in a transaction to which Section 424 of
the Code applies or (ii) there occurs any other event which, in the judgment of
the Board necessitates such action. Any determination made under this Article XI
by the Board shall be final and conclusive.

      The issuance by the Company of stock of any class, or securities
convertible into stock of any class, for cash or property, or for labor or
services, either upon direct sale or upon the exercise of rights or warrants to
subscribe therefor, or upon conversion of stock or obligations of the Company
convertible into such stock or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the maximum number
of shares as to which Options, SARs, Performance Shares and Stock Awards may be
granted; the per individual limitations on the number of shares for which
Options, SARs, Performance Shares and Stock Awards may be granted; or the terms
of outstanding Stock Awards, Options, Performance Shares, Incentive Awards or
SARs.

      The Committee may make Stock Awards and may grant Options, SARs,
Performance Shares, and Incentive Awards in substitution for performance shares,
phantom shares, stock awards, stock options, stock appreciation rights, or
similar awards held by an individual who becomes an employee of the Company or
an Affiliate in connection with a transaction described in the first paragraph
of this Article XI. Notwithstanding any provision of the Plan (other than the
limitation of Section 5.02), the terms of such substituted Stock Awards or
Option, SAR, Performance Shares or Incentive Award grants shall be as the
Committee, in its discretion, determines is appropriate.

                                      -21-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                  ARTICLE XII
              COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

      No Option or SAR shall be exercisable, no shares of Common Stock shall be
issued, no certificates for shares of Common Stock shall be delivered, and no
payment shall be made under this Plan except in compliance with all applicable
federal and state laws and regulations (including, without limitation,
withholding tax requirements), any listing agreement to which the Company is a
party, and the rules of all domestic stock exchanges on which the Company's
shares may be listed. The Company shall have the right to rely on an opinion of
its counsel as to such compliance. Any stock certificate issued to evidence
shares of Common Stock when a Stock Award is granted, a Performance Share is
settled or for which an Option or SAR is exercised may bear such legends and
statements as the Committee may deem advisable to assure compliance with federal
and state laws and regulations. No Option or SAR shall be exercisable, no Stock
Award or Performance Share shall be granted, no shares of Common Stock shall be
issued, no certificate for shares of Common Stock shall be delivered, and no
payment shall be made under this Plan until the Company has obtained such
consent or approval as the Committee may deem advisable from regulatory bodies
having jurisdiction over such matters.

                                      -22-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                  ARTICLE XIII
                               GENERAL PROVISIONS

13.01. EFFECT ON EMPLOYMENT AND SERVICE

      Neither the adoption of this Plan, its operation, nor any documents
describing or referring to this Plan (or any part thereof), shall confer upon
any individual or entity any right to continue in the employ or service of the
Company or an Affiliate or in any way affect any right and power of the Company
or an Affiliate to terminate the employment or service of any individual or
entity at any time with or without assigning a reason therefor.

13.02. UNFUNDED PLAN

      This Plan, insofar as it provides for grants, shall be unfunded, and the
Company shall not be required to segregate any assets that may at any time be
represented by grants under this Plan. Any liability of the Company to any
person with respect to any grant under this Plan shall be based solely upon any
contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or
other encumbrance on, any property of the Company.

13.03. RULES OF CONSTRUCTION

      Headings are given to the articles and sections of this Plan solely as a
convenience to facilitate reference. The reference to any statute, regulation,
or other provision of law shall be construed to refer to any amendment to or
successor of such provision of law.

                                      -23-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN
                                  ARTICLE XIV
                                    AMENDMENT

      The Board may amend or terminate this Plan at any time; provided, however,
that no amendment may adversely impair the rights of Participants with respect
to outstanding awards. In addition, an amendment will be contingent on approval
of the Company's stockholders, to the extent required by law, the rules of the
New York Stock Exchange or if the amendment would increase the benefits accruing
to Participants under the Plan, materially increase the aggregate number of
shares of Common Stock that may be issued under the Plan or materially modify
the requirements as to eligibility for participation in the Plan.

                                      -24-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                   ARTICLE XV
                                DURATION OF PLAN

     No Stock Award, Performance Share Award, Option, SAR, or Incentive Award
may be granted under this Plan after April 30, 2014. Stock Awards, Performance
Share Awards, Options, SARs, and Incentive Awards granted before that date shall
remain valid in accordance with their terms.

                                      -25-
<PAGE>
NEW YORK MORTGAGE TRUST, INC.                         2004 STOCK INCENTIVE PLAN

                                  ARTICLE XVI
                             EFFECTIVE DATE OF PLAN

      Options, SARs, Stock Awards, Performance Shares and Incentive Awards may
be granted under this Plan upon its adoption by the Board; provided that, this
Plan shall not be effective unless approved by unanimous consent of the
Company's stockholders or by a majority of the votes cast by the Company's
stockholders, voting either in person or by proxy, at a duly held stockholders'
meeting at which a stockholder quorum is present, before April 30, 2004.

                                      -26-FIRST AMENDMENT/CONSENT TO FIRST LIEN CREDIT AGRMT

 

Exhibit 4.5

TRANSPORTATION TECHNOLOGIES INDUSTRIES, INC.

FIRST AMENDMENT AND CONSENT TO

FIRST LIEN CREDIT AGREEMENT

          This FIRST AMENDMENT AND CONSENT, dated as of July 1, 2004 (this “First
Amendment and Consent”), is entered into by and among TRANSPORTATION
TECHNOLOGIES INDUSTRIES, INC., a Delaware corporation (the “Company”), the Loan
Parties, the Lenders party hereto, and CREDIT SUISSE FIRST BOSTON (“CSFB”), as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent”), as a joint lead arranger (in such capacity, a “Joint Lead Arranger”),
and as collateral agent (in such capacity, the “Collateral Agent"), and is made
with reference to that certain First Lien Credit Agreement dated as of March
16, 2004 (the “Credit Agreement”) and entered into by and among Company, the
Lenders party thereto, Lehman Brothers Inc., as joint bookrunner and joint lead
arranger, Lehman Commercial Paper Inc., as co-syndication agent, Wachovia
Capital Markets, LLC, as joint bookrunner, joint lead arranger, and
co-syndication agent and CSFB, as administrative agent, joint bookrunner, joint
lead arranger, and collateral agent. Capitalized terms used herein not
otherwise defined herein or otherwise amended hereby shall have the meanings
ascribed thereto in the Credit Agreement.

RECITALS:

          WHEREAS, the Company desires to issue common stock in a public offering
providing Equity Proceeds (the “IPO Proceeds”) to the Company of not less than
$100,000,000 (the “IPO”);

          WHEREAS, Section 2.4B(iii)(c) of the Credit Agreement requires 50% of such
IPO Proceeds to be applied to prepay Loans;

          WHEREAS, the Company intends to utilize the IPO Proceeds, together with
the proceeds of a Debt Issuance (as defined below) consummated substantially
concurrently therewith, to (i) redeem Exchange Notes and to pay accrued and
unpaid interest thereon and the related redemption premium (the redemption of
Exchange Notes and payment of accrued and unpaid interest and redemption
premium together, the “Redemption”); (ii) redeem the Company’s Series E
Preferred Stock and pay accrued and unpaid dividends and the redemption premium
required in connection with such redemption; and (iii) pay a fee (the
"Termination Fee”) in an aggregate amount not to exceed $3,500,000 to certain
holders of capital stock of the Company (or their affiliates or designees) in
connection with the termination of the Amended and Restated Monitoring Services
Agreement dated as of May 17, 2004 among the Company and the Transportation
Investment Partners, L.L.C., Caravelle Investment Fund, L.L.C., Albion Alliance
Mezzanine Fund, L.P., Albion Alliance Mezzanine Fund II, L.P. and Trimaran Fund
Management, L.L.C. and Albion Alliance LLC (collectively, the “Monitors”);

          WHEREAS, the Company intends to exchange all of its Series A Preferred
Stock, its Series C Preferred Stock and its Series D Preferred Stock for shares
of common stock of the Company;

 

 

          WHEREAS, the Company desires to amend the Second Lien Credit Agreement to
permit additional borrowings from time to time subject to compliance with
limitations set forth in Section 7.1(ix) of the Credit Agreement and subject to
a senior leverage test set forth in Section 2.4B(iii)(b) of the Credit
Agreement (in each case, as amended by this First Amendment and Consent) (each
such issuance, a “Debt Issuance”);

          WHEREAS, Company has requested certain amendments to the Credit Agreement
to (i) permit the Company to apply the portion of the IPO Proceeds that would
otherwise be required to prepay the Loans towards the Redemption, (ii) permit
the Company to exchange its Series A Preferred Stock, Series C Preferred Stock
and Series D Preferred Stock for share of common stock of the Company, (iii)
permit the Company to make the proposed amendments to the Second Lien Credit
Agreement and (iv) permit additional conduct as described below in this First
Amendment and Consent; and

          NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO CREDIT AGREEMENT

     A. Amendment to Section 1: Definitions.

          (i) Section 1.1 of the Credit Agreement is hereby amended by adding the
following definitions in proper alphabetical order:

     “Amended and Restated Monitoring Agreement” means that amended and
restated monitoring services agreement dated as of May 17, 2004 by and
among Transportation Investment Partners, L.L.C., Caravelle Investment
Fund, L.L.C., Albion Alliance Mezzanine Fund, L.P., Albion Alliance
Mezzanine Fund II, L.P., Trimaran Fund Management, L.L.C., Albion
Alliance, LLC and the Company (collectively, the “Monitors”).

     “IPO” means the issuance by the Company of common stock in a public
offering providing Equity Proceeds to the Company of not less than
$100,000,000.

          (ii) Section 1.1 of the Credit Agreement is hereby amended by substituting
the following new definition of Consolidated EBITDA for the definition
contained therein:

     “Consolidated EBITDA” means, for any period, Consolidated Net Income
for such period plus, to the extent deducted in computing such
Consolidated Net Income, the sum of, without duplication, (a) income tax
expense, (b) interest expense, amortization or write-off of debt discount
and debt issuance costs and commissions, discounts and other fees and
charges associated with Indebtedness (including the Loans), (c)
depreciation and amortization expense, (d) costs and expenses incurred in
connection with the Transaction, (e) deferred directors’ fees, (f)
management bonuses related to the Preferred Stock paid in connection with
the Transaction, (g) fees paid to accountants and tax advisors in
connection with any tax refund received by the Company and the re-audit
of the Company’s 2001 audited financial statements, in an aggregate
amount not to exceed $1,000,000, (h) any non-cash charges or non-cash
losses (including, without limitation, resulting from the issuance of
stock options or restricted stock), (i) up to $3,500,000 related to the
severance

2

 

payments made to the person who was Chief Executive Officer of the
Company immediately prior to the IPO, (j) up to $3,500,000 in cash
expenses related to the termination of the Amended and Restated
Monitoring Services Agreement, (k) amounts up to $700,000 paid or accrued
during such period under the Amended and Restated Monitoring Agreement
and predecessor agreements, (l) compensation expense up to $926,000
related to the current Chief Executive Officer of the Company, and (m)
expenses related to the IPO and minus, to the extent added in computing
such Consolidated Net Income, (i) any interest income and (ii) any
non-cash gains, all as determined on a consolidated basis with respect to
the Company and its Subsidiaries in accordance with GAAP.
Notwithstanding the foregoing, for purposes of determining compliance
with the relevant provisions of subsection 7.6, “Consolidated EBITDA”
shall be determined on a Pro Forma Basis for each period of four
consecutive Fiscal Quarters during which a Permitted Acquisition shall
have occurred, giving effect to such Permitted Acquisition as if it
occurred on the first day of the relevant period, and such computations
shall be set forth on a certificate as described in subsection 6.1(iv).

     B. Amendment to Section 2: Amounts and Terms of Commitments and
Loans.

          (i) Section 2.4 of the Credit Agreement is hereby amended by adding the
following sentence at the conclusion of subsection 2.4B(iii)(b):

     “(ii) Notwithstanding anything to the contrary above,
immediately upon receipt of any proceeds of Indebtedness incurred
pursuant to the proviso at the conclusion of subsection 7.1(ix) of
this Agreement, (x) to the extent that the ratio of Senior Secured
Debt to Consolidated EBITDA for the most recently ended four
Fiscal Quarters for which financial statements have been delivered
in accordance with Section 6.1 of the Credit Agreement (calculated
on a Pro Forma Basis after giving effect to the incurrence of
Indebtedness contemplated in this sentence) is greater than
4.5:1.0, the Company shall prepay Loans (and associated accrued
interest and prepayment fees, if any) outstanding immediately
prior to the incurrence of such Indebtedness, in an amount equal
to lesser of the amount of such proceeds and the amount necessary
so that the ratio of Senior Secured Debt to Consolidated EBITDA
for the most recently ended four Fiscal Quarters for which
financial statements have been delivered in accordance with
Section 6.1 of the Credit Agreement (calculated on a Pro Forma
Basis after giving effect to the incurrence and prepayment of
Indebtedness contemplated in this sentence) is less than or equal
to 4.5:1.0 and (y) to the extent that the ratio of Senior Secured
Debt to Consolidated EBITDA for the most recently ended four
Fiscal Quarters for which financial statements have been delivered
in accordance with Section 6.1 of the Credit Agreement (calculated
on a Pro Forma Basis after giving effect to the incurrence and
prepayment of Indebtedness contemplated in this sentence) is less
than or equal to 4.5:1.0, the Company shall utilize such proceeds
to redeem outstanding Exchange Notes, if any; provided that to the
extent that no Exchange Notes are outstanding, the Company shall
prepay Loans outstanding in an amount equal to the amount of such
proceeds. In the event of the incurrence of any Indebtedness
pursuant to the immediately preceding sentence after the Closing
Date but prior to the date on which the Company has delivered
financial statements in

3

 

respect of the four Fiscal Quarters ended June 30, 2004, the
amount of Consolidated EBITDA for such period shall be as
determined in good faith by the Company and pursuant to
methodology reasonably satisfactory to the Administrative Agent
and set forth in an officer’s certificate delivered to the
Administrative Agent prior to the time of such additional
incurrence.”

          (ii) Section 2.4 of the Credit Agreement is hereby amended by substituting
a “,” for the “or” immediately prior to clause (y) of the proviso at the
conclusion of subsection 2.4B(iii)(c), and inserting the following clause (z)
before the “.”:

“or (z) to the extent such Equity Proceeds are used to redeem
outstanding Exchange Notes and to pay any required redemption
premium, accrued but unpaid interest thereon and other associated
costs and expenses in connection therewith”

          (iii) Section 2.4 of the Credit Agreement is hereby amended by adding the
following subsection 2.4C(iv):

     “(iv) Anything contained herein to the contrary
notwithstanding, in the event Company is required to make any
mandatory prepayment (a “Waivable Mandatory Prepayment”) of the
Term Loans, not less than three Business Days prior to the date
(the “Required Prepayment Date”) on which the Company is required
to make such Waivable Mandatory Prepayment, the Company shall
notify the Administrative Agent of the amount of such prepayment,
and the Administrative Agent will promptly thereafter notify each
Lender holding an outstanding Term Loan of the amount of such
Lender’s Pro Rata Share of such Waivable Mandatory Prepayment and
such Lender’s option to refuse such amount. Each such Lender may
exercise such option by giving written notice to the Company and
the Administrative Agent of its election to do so on or before the
first Business Day prior to the Required Prepayment Date (it being
understood that any Lender which does not notify the Company and
the Administrative Agent of its election to exercise such option
on or before the first Business Day prior to the Required
Prepayment Date shall be deemed to have elected, as of such date,
not to exercise such option). On the Required Prepayment Date,
the Company shall pay to the Administrative Agent the amount of
the Waivable Mandatory Prepayment, which amount shall be applied
(i) in an amount equal to that portion of the Waivable Mandatory
Prepayment payable to those Lenders that have elected not to
exercise such option, to prepay the Term Loans of such Lenders
(which prepayment shall be applied to the scheduled installments
of principal of the Term Loans in accordance with Section
2.4C(ii), and (ii) in an amount equal to that portion of the
Waivable Mandatory Prepayment otherwise payable to those Lenders
that have elected to exercise such option, to prepay the loans
under the Second Lien Credit Agreement to the extent required to
be used to make prepayments thereunder.”

     C. Amendment to Section 7: Negative Covenants.

          (i) Section 7.1 of the Credit Agreement is hereby amended by adding the
following proviso at the conclusion of subsection 7.1(ix):

4

 

“; provided that the amount of Indebtedness the Company and its
Subsidiaries may become and remain liable for pursuant to this
subsection 7.1(ix) may be increased to the extent the proceeds of
such Indebtedness are utilized in accordance with subsection
2.4B(iii)(b) of this Agreement”

          (ii) Section 7.5 is hereby amended by adding the following to the
conclusion of subsection 7.5:

“Notwithstanding anything to the contrary in subsection 7.5(iv),
in the event that the Company receives Equity Proceeds from the
IPO in an aggregate amount not less than $100,000,000, the Company
may pay to the Monitors a one-time fee in an aggregate of
$3,500,000; provided that the Amended and Restated Monitoring
Agreement shall be terminated in connection with the payment of
such fee and the Company shall be prohibited from making any
further Restricted Payments pursuant to subsection 7.5(iv).”

          (iii) Section 7.5 is hereby further amended by deleting the “and” at the
conclusion of subsection 7.5(v), substituting “;” for the “.” at the conclusion
of subsection 7.5(vi) and adding the following subsections 7.5(vii) and (viii):

     “(vii) to redeem Exchange Notes and to pay any required
redemption premium, accrued but unpaid interest thereon and other
associated costs and expenses to the extent funded solely with
Equity Proceeds and proceeds from Indebtedness incurred pursuant
to the proviso to subsection 7.1(ix); and

     (viii) to exchange Series A Preferred Stock, Series C
Preferred Stock and Series D Preferred Stock, including accrued
and unpaid dividends thereon and the payment of a redemption
premium as required by the terms thereof, for shares of common
stock of the Company.”

          (iv) Section 7.6 is hereby amended by replacing the table at the
conclusion of Section 7.6A with the following table:

5

 

	 	 	 	 	 
	Fiscal Quarter
	 	Ratio

	June 30, 2004
	 	 	6.95:1.0	 
	September 30, 2004
	 	 	5.95:1.0	 
	December 31, 2004
	 	 	5.75:1.0	 
	March 31, 2005
	 	 	5.50:1.0	 
	June 30, 2005
	 	 	5.00:1.0	 
	September 30, 2005
	 	 	5.00:1.0	 
	December 31, 2005
	 	 	4.75:1.0	 
	March 31, 2006
	 	 	4.75:1.0	 
	June 30, 2006
	 	 	4.75:1.0	 
	September 30, 2006 and the last day of each Fiscal
Quarter ending thereafter
	 	 	4.50:1.0	 

          (v) Section 7.6 is hereby amended by replacing the table at the conclusion
of Section 7.6B with the following table:

	 	 	 	 	 
	Fiscal Quarter
	 	Ratio

	June 30, 2004
	 	 	1.00:1.0	 
	September 30, 2004
	 	 	1.00:1.0	 
	December 31, 2004
	 	 	1.05:1.0	 
	March 31, 2005
	 	 	1.10:1.0	 
	June 30, 2005
	 	 	1.15:1.0	 
	September 30, 2005
	 	 	1.20:1.0	 
	December 31, 2005
	 	 	1.25:1.0	 
	March 31, 2006
	 	 	1.25:1.0	 
	June 30, 2006
	 	 	1.25:1.0	 
	September 30, 2006
	 	 	1.25:1.0	 
	December 31, 2006
	 	 	1.25:1.0	 

6

 

	 	 	 	 	 
	March 31, 2007
	 	 	1.25:1.0	 
	June 30, 2007
	 	 	1.25:1.0	 
	September 30, 2007 and the last day of each Fiscal
Quarter period thereafter
	 	 	1.25:1.0	 

          (vi) Section 7.6 is hereby amended by replacing the table at the
conclusion of Section 7.6C with the following table:

	 	 	 	 	 
	Fiscal Quarter
	 	Ratio

	June 30, 2004
	 	 	1.40:1.0	 
	September 30, 2004
	 	 	1.50:1.0	 
	December 31, 2004
	 	 	1.55:1.0	 
	March 31, 2005
	 	 	1.60:1.0	 
	June 30, 2005
	 	 	1.70:1.0	 
	September 30, 2005
	 	 	1.75:1.0	 
	December 31, 2005
	 	 	1.75:1.0	 
	March 31, 2006
	 	 	1.75:1.0	 
	June 30, 2006
	 	 	1.80:1.0	 
	September 30, 2006
	 	 	1.80:1.0	 
	December 31, 2006 and the last day of each Fiscal
Quarter period thereafter
	 	 	2.00:1.0	 

     D. Section 7.13B(i) is hereby amended by inserting the following prior to
the period at the end of the sentence:

“or preferred stock for which the Company has no obligation,
contingent or otherwise, to make cash dividends upon, purchase,
redeem, retire or otherwise acquire for value prior to six months
after the Term Loan Maturity Date”

SECTION 2. CONSENTS

     A. Amendment of Second Lien Credit Agreement.

          (i) Consent to Amendment. Subject to the terms of this First Amendment
and Consent, at the request of the Company, the Lenders party hereto hereby
consent to the amend-

7

 

ments to the Second Lien Credit Agreement set forth in the form of Second
Lien First Amendment attached hereto as Annex A (the “Second Lien First
Amendment”).

          (ii) Instructions to Collateral Agent and Collateral Agent Consent.
Subject to the terms of this First Amendment and Consent, at the request of the
Company, (i) the Lenders party hereto hereby instruct the Collateral Agent to
consent to the Second Lien First Amendment and (ii) the Collateral Agent by
executing this First Amendment and Consent indicates its consent under Section
5.3(b) of the Intercreditor Agreement to the Second Lien First Amendment.

SECTION 3. CONDITIONS PRECEDENT TO EFFECTIVENESS

          The effectiveness of the amendments set forth in Section 1 and the
consents set forth in Section 2 hereof is subject to the satisfaction, or
waiver, of the following conditions on or before the date hereof (the “First
Amendment Effective Date”):

     (a) the Company, the Credit Support Parties and Requisite Lenders
shall have indicated their consent by the execution and delivery of the
signature pages hereof to the Administrative Agent;

     (b) the Company shall have paid to each Lender executing this First
Amendment and Consent on or prior to June 29, 2004 an amendment fee equal
to 0.075% of the aggregate of such Lender’s outstanding Loans and
Commitments;

     (c) the Company shall have paid all other fees and other amounts due
and payable by it under the Credit Agreement, including, to the extent
invoiced, reimbursement or other payment of all out-of-pocket expenses
required to be reimbursed or paid by the Company hereunder or under any
other Loan Document;

     (d) all conditions precedent to effectiveness of the Second Lien
First Amendment shall have been satisfied or waived in accordance with
the terms thereof; and

     (e) the IPO shall have been consummated.

SECTION 4. REPRESENTATIONS AND WARRANTIES

          A. Corporate Power and Authority. Each Loan Party has all requisite
corporate or partnership or limited liability company (as applicable) power and
authority to enter into this First Amendment and Consent and to perform its
obligations under the Credit Agreement and the other Loan Documents.

          B. Authorization of Agreements. The execution and delivery of this First
Amendment and Consent and the performance of its obligations under the Credit
Agreement and the other Loan Documents have been duly authorized by all
necessary corporate or partnership or limited liability company (as applicable)
action on the part of each Loan Party.

          C. No Conflict. The execution and delivery by each Loan Party of this
First Amendment and Consent and the performance by each Loan Party of its
obligations under the Credit Agreement and the other Loan Documents do not (i)
violate (A) any provision of any law,

8

 

statute, rule or regulation, or of the certificate or articles of
incorporation or partnership agreement, other constitutive documents or by-laws
of each Loan Party or any of its Subsidiaries except to the extent such
violation would not reasonably be expected to have a Material Adverse Effect,
(B) any applicable order of any court or any rule, regulation or order of any
Governmental Authority except to the extent such violation would not reasonably
be expected to have a Material Adverse Effect or (C) any provision of any
indenture, certificate of designation for preferred stock, agreement or other
instrument to which each Loan Party or any of its Subsidiaries is a party or by
which any of them or any of their property is or may be bound except to the
extent such violation would not reasonably be expected to have a Material
Adverse Effect, (ii) be in conflict with, result in a breach of or constitute
(alone or with notice or lapse of time or both) a default under any such
indenture, certificate of designation for preferred stock, agreement or other
instrument, where any such conflict, violation, breach or default referred to
in clause (i) or (ii) of this Section 4C, individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect, (iii) result in
or require the creation or imposition of any Lien upon any of the properties or
assets of any Loan Party (other than any Liens created under any of the Loan
Documents in favor of Collateral Agent on behalf of Lenders and the Liens
securing obligations under the Second Lien Credit Agreement that constitute
Permitted Liens (including with respect to the Loan Parties’ obligations under
any Debt Issuance)), or (iv) require any approval of stockholders or partners
or any approval or consent of any Person under any Contractual Obligation of
any Loan Party, except for such approvals or consents which will be obtained on
or before the First Amendment Effective Date and except where the failure to
obtain such approvals and consents would not reasonably be expected to have a
Material Adverse Effect.

          D. Governmental Consents. No action, consent or approval of, registration
or filing with or any other action by any Governmental Authority is required in
connection with the execution and delivery by each Loan Party of this First
Amendment and Consent and the performance by each Loan Party of its obligations
under the Credit Agreement and the other Loan Documents, except for such
actions, consents, approvals and filings the failure to obtain or make which
would not reasonably be expected to result in a Material Adverse Effect or
which have been obtained or made and are in full force and effect.

          E. Binding Obligation. This First Amendment and Consent has been duly
executed and delivered by each Loan Party and is the legally valid and binding
obligation of each Loan Party enforceable against such Loan Party in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, moratorium, reorganization or other similar laws affecting
creditors’ rights generally and except as enforceability may be limited by
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

          F. Incorporation of Representations and Warranties From Credit Agreement.
The representations and warranties contained in Section 5 of the Credit
Agreement are true and correct in all material respects on and as of the First
Amendment Effective Date to the same extent as though made on and as of that
date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true and correct in all
material respects on and as of such earlier date.

9

 

          G. Absence of Default. No event has occurred and is continuing or will
result from the consummation of the transactions contemplated by this First
Amendment and Consent that would constitute an Event of Default or a Default.

SECTION 5. ACKNOWLEDGMENT AND CONSENT

          Certain Subsidiaries of Company have (i) guaranteed the Obligations and
(ii) created Liens in favor of Lenders on certain Collateral to secure its
obligations under the Credit Agreement and the Collateral Documents subject to
the terms and provisions of the Credit Agreement. The Subsidiaries of Company
who has guaranteed the Obligations together with the Company are collectively
referred to herein as the “Credit Support Parties”, and the Credit Agreement
and the Collateral Documents are collectively referred to herein as the “Credit
Support Documents”.

          Each Credit Support Party hereby acknowledges that it has reviewed the
terms and provisions of the Credit Agreement and this First Amendment and
Consent and consents to the amendment of the Credit Agreement and consents
effected pursuant to this First Amendment and Consent. Each Credit Support
Party hereby confirms that each Credit Support Document to which it is a party
or otherwise bound and all Collateral encumbered thereby will continue to
guarantee or secure, as the case may be, in accordance with the Credit Support
Documents the payment and performance of all “Obligations” under each of the
Credit Support Documents, as the case may be (in each case as such terms are
defined in the applicable Credit Support Document), including without
limitation the payment and performance of all such “Obligations” under each of
the Credit Support Documents, as the case may be, in respect of the Obligations
of the Company now or hereafter existing under or in respect of the Credit
Agreement and hereby pledges and assigns to the Collateral Agent, and grants to
the Collateral Agent a continuing lien on and security interest in and to all
Collateral as collateral security for the prompt payment and performance in
full when due of the “Obligations” under each of the Credit Support Documents
to which it is a party (whether at stated maturity, by acceleration or
otherwise).

          Each Credit Support Party acknowledges and agrees that any of the Credit
Support Documents to which it is a party or otherwise bound shall continue in
full force and effect and that all of its obligations thereunder shall be valid
and enforceable and shall not be impaired or limited by the execution or
effectiveness of this First Amendment and Consent. Each Credit Support Party
represents and warrants that all representations and warranties contained in
the Credit Agreement, this First Amendment and Consent and the Credit Support
Documents to which it is a party or otherwise bound are true and correct in all
material respects on and as of the First Amendment Effective Date to the same
extent as though made on and as of that date, except to the extent such
representations and warranties specifically relate to an earlier date, in which
case they were true and correct in all material respects on and as of such
earlier date.

          Each Credit Support Party acknowledges and agrees that (i) notwithstanding
the conditions to effectiveness set forth in this First Amendment and Consent,
such Credit Support Party is not required by the terms of the Credit Agreement
or any other Loan Document to consent to the amendments to the Credit Agreement
effected pursuant to this First Amendment and Consent and (ii) nothing in the
Credit Agreement, this First Amendment and Consent or any

10

 

other Loan Document shall be deemed to require the consent of such Credit
Support Party to any future amendments to the Credit Agreement.

SECTION 6. MISCELLANEOUS

          A. Binding Effect. This First Amendment and Consent shall be binding upon
the parties hereto and their respective successors and assigns and shall inure
to the benefit of the parties hereto and the successors and assigns of Lenders.
No Loan Party’s rights or obligations hereunder or any interest therein may be
assigned or delegated by any Loan Party without the prior written consent of
all Lenders.

          B. Severability. In case any provision in or obligation hereunder shall
be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of
such provision or obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

          C. Reference to Credit Agreement. On and after the First Amendment
Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Credit
Agreement, and each reference in the other Loan Documents to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement shall mean and be a reference to the Credit Agreement as
amended by this First Amendment and Consent.

          D. Effect on Credit Agreement. Except as specifically amended in Section
1 of this First Amendment and Consent, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and
confirmed.

          E. Execution. The execution, delivery and performance of this First
Amendment and Consent shall not, except as expressly provided herein,
constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of any Agent or Lender under, the Credit Agreement or any of
the other Loan Documents.

          F. Headings. Section headings herein are included herein for convenience
of reference only and shall not constitute a part hereof for any other purpose
or be given any substantive effect.

          G. APPLICABLE LAW. THIS FIRST AMENDMENT AND CONSENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          H. Counterparts. This First Amendment and Consent may be executed in any
number of counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument. As set forth herein, this First Amendment and Consent
shall become effective upon the execution of a counterpart hereof by each of
the parties hereto and receipt by the Company and the Administrative Agent of
written or telephonic notification of such execution and authorization of
delivery thereof.

11

 

[The remainder of this page is intentionally left blank.]

12

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
and Consent to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

	 	 	 	 	 	 	 
	 	 	TRANSPORTATION TECHNOLOGIES INDUSTRIES, INC.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Donald C. Mueller

	

	 	 	 	Name:

Title:
	 	Donald C. Mueller

Vice President, Treasurer and
Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	The Guarantor Subsidiaries:

Bostrom Holdings, Inc.

JAII Management Company

Imperial Group Holding Corp. –1

Imperial Group Holding Corp. –2

Truck Components, Inc.

Gunite Corporation

Gunite EMI Corporation

Brillion Iron Works, Inc.

Fabco Automotive Corporation

Bostrom Seating, Inc.

Bostrom Specialty Seating, Inc.

Imperial Group, L.P.

by Imperial Group Holdings Corp.-1,

its General Partner
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Kenneth M. Tallering

	

	 	 	 	Name:

Title:
	 	Kenneth M. Tallering

Secretary

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE FIRST BOSTON,

through its Cayman Islands Branch, as

Joint Lead Arranger, Administrative Agent,

Collateral Agent
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert Hetu

	

	 	 	 	Name:

Title:
	 	Robert Hetu

Director
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Vanessa Gomez

	

	 	 	 	Name:

Title:
	 	Vanessa Gomez

Associate
	 
	 	 	 	 	 	 
	 	 	CREDIT SUISSE FIRST BOSTON,

through its Cayman Islands Branch,

as a Lender
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert Hetu

	

	 	 	 	Name:

Title:
	 	Robert Hetu

Director
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Vanessa Gomez

	

	 	 	 	Name:

Title:
	 	Vanessa Gomez

Associate

 

 

	 	 	 	 	 	 	 
	 	 	By:	 	David L. Babson & Company Inc.
	 
	 	 	 	 	 	 
	 	 	as Collateral Manager on behalf of the Investment

funds under its management as listed below.
	 
	 	 	 	 	 	 
	 	 	•

•

•

•

•

•	 	ELC (Cayman) Ltd. 1999-II

ELC (Cayman) Ltd. 1999-III

ELC (Cayman) Ltd. 2000-I

TYRON CLO Ltd. 2000-I

BABSON CLO LTD. 2004-I

SEABOARD CLO 2000-I Ltd.
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Russell Morrison

	

	 	 	 	 	 	Name:   Russell Morrison

Title:   Managing Director
	 
	 	 	 	 	 	 
	 	 	PERSEUS CDO I, LIMITED
	 
	 	 	 	 	 	 
	 	 	By:	 	David L. Babson & Company Inc.

under delegated authority from

Massachusetts Mutual Life Insurance

Company as Portfolio Manager
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Russell Morrison

Name:    Russell Morrison

Title:    Managing Director

 

 

	 	 	 	 	 
	 	 	REGIMENT CAPITAL, LTD
	 
	 	 	 	 
	

	 	By:
	 	Regiment Capital Management, LLC

as its Investment Advisor
	 
	 	 	 	 
	

	 	By:
	 	Regiment Capital Advisors, LLC

its Manager and pursuant to delegated authority
	 
	 	 	 	 
	 	 	as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Timothy S. Peterson

	

	 	 	 	Name:   Timothy S. Peterson

Title:   President

 

 

	 	 	 	 	 
	 	 	LEHMAN COMMERCIAL PAPER INC., 
as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Francis Chang

Name:   Francis Chang

Title:   Authorized Signatory

 

 

	 	 	 	 	 
	 	 	Archimedes Funding III, Ltd.
	 
	 	 	 	 
	

	 	By:
	 	ING Capital Advisors LLC,

as Collateral Manager, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philip C. Robbins

	

	 	 	 	Name: Philip C. Robbins

Title: Director
	 
	 	 	 	 
	 	 	Archimedes Funding IV (Cayman), Ltd.
	 
	 	 	 	 
	

	 	By:
	 	ING Capital Advisors LLC,

as Collateral Manager, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philip C. Robbins

	

	 	 	 	Name: Philip C. Robbins

Title: Director
	 
	 	 	 	 
	 	 	Nemean CLO, Ltd.
	 
	 	 	 	 
	

	 	By:
	 	ING Capital Advisors LLC,

as Investment Manager, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philip C. Robbins

	

	 	 	 	Name: Philip C. Robbins

Title: Director
	 
	 	 	 	 
	 	 	Sequils-ING I (HBDGM), Ltd.
	 
	 	 	 	 
	

	 	By:
	 	ING Capital Advisors LLC,

as Collateral Manager, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philip C. Robbins

	

	 	 	 	Name: Philip C. Robbins

Title: Director

 

 

	 	 	 	 	 
	 	 	Oryx CLO, Ltd.
	 
	 	 	 	 
	

	 	By:
	 	ING Capital Advisors LLC,

as Collateral Manager, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philip C. Robbins

	

	 	 	 	Name: Philip C. Robbins

Title: Director

 

 

	 	 	 	 	 
	 	 	AURUM CLO 2002-1 LTD.
	 
	 	 	 	 
	

	 	By:
	 	Columbia Management Advisors, Inc.

(f/k/a Stein Roe & Farnham Incorporated),

As Investment Manager
	 
	 	 	 	 
	 	 	as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Thomas R. Bouchard

	

	 	 	 	Name: Thomas R. Bouchard

Title: Vice President

 

 

	 	 	 	 	 
	 	 	SunAmerica Life Insurance Company
	 
	 	 	 	 
	

	 	By:
	 	AIG Global Investment Corp.,

as Investment Advisory
	 
	 	 	 	 
	 	 	as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Steven S. Oh

	

	 	 	 	Name: Steven S. Oh

Title: Managing Director

 

 

	 	 	 	 	 
	 	 	Galaxy CLO 1999-1, Ltd.
	 
	 	 	 	 
	

	 	By:
	 	AIG Global Investment Corp., as

Collateral Manager
	 
	 	 	 	 
	 	 	as Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Steven S. Oh

	

	 	 	 	Name: Steven S. Oh

Title: Managing Director

 

 

	 	 	 	 	 
	 	 	Galaxy CLO 2003-1, Ltd.
	 
	 	 	 	 
	

	 	By:
	 	AIG Global Investment Corp., as

Investment Advisor
	 
	 	 	 	 
	 	 	as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Steven S. Oh

Name: Steven S. Oh

Title: Managing Director

 

 

	 	 	 	 	 
	 	 	GULF STREAM-COMPASS CLO 2003-1 LTD.
	 
	 	 	 	 
	

	 	By:
	 	Gulf Stream Asset Management LLC

As Collateral Manager
	 
	 	 	 	 
	

	 	By:
	 	/s/ Barry K. Love

	

	 	 	 	Name: Barry K. Love

Title: Chief Credit Officer

 

 

	 	 	 	 	 
	 	 	The Foothill Group, Inc.,
	 
	 	 	 	 
	 	 	as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Jeff Ovilcara

	

	 	 	 	Name: Jeff Ovilcara

Title: Executive Vice President

 

 

	 	 	 	 	 
	 	 	DIAMOND SPRINGS TRADING LLC,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Diana M. Himes

	

	 	 	 	Name: Diana M. Himes

Title: Assistant Vice President

 

 

	 	 	 	 	 
	 	 	PPM SPYGLASS FUNDING TRUST,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Diana M. Himes
	

	 	 	 	
 
	

	 	 	 	Name: Diana M. Himes

Title: Authorized Agent

 

 

	 	 	 	 	 
	 	 	SRF 2000, INC.,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Diana M. Himes
	

	 	 	 	
 
	

	 	 	 	Name: Diana M. Himes

Title: Assistant Vice President

 

 

	 	 	 	 	 
	 	 	RIVIERA FUNDING LLC,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Diana M. Himes
	

	 	 	 	
 
	

	 	 	 	Name: Diana M. Himes

Title: Assistant Vice President

 

 

	 	 	 	 	 
	 	 	ING PRIME RATE TRUST
	 
	 	 	 	 
	

	 	By:
	 	Aeltus Investment Management, Inc.,

as its investment manager
	 
	 	 	 	 
	

	 	By:
	 	/s/ Mark F. Haak
	

	 	 	 	
 
	

	 	 	 	Name: Mark F. Haak, OFA

Title: Vice President

 

 

	 	 	 	 	 
	 	 	ING SENIOR INCOME FUND
	 
	 	 	 	 
	

	 	By:
	 	Aeltus Investment Management, Inc.,

as its investment manager
	 
	 	 	 	 
	

	 	By:
	 	/s/ Mark F. Haak
	

	 	 	 	
 
	

	 	 	 	Name: Mark F. Haak, OFA

Title: Vice President

 

 

	 	 	 	 	 
	 	 	KZH SOLEIL LLC
	 
	 	 	 	 
	

	 	By:
	 	/s/ Hi Hua
	

	 	 	 	
 
	

	 	 	 	Name: Hi Hua

Title: Authorized Agent

 

 

	 	 	 	 	 
	 	 	KZH SOLEIL-2 LLC
	 
	 	 	 	 
	

	 	By:
	 	/s/ Hi Hua
	

	 	 	 	
 
	

	 	 	 	Name: Hi Hua

Title: Authorized Agent

 

 

	 	 	 	 	 
	 	 	NOMURA BOND & LOAN,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Elizabeth MacLean
	

	 	 	 	
 
	

	 	 	 	Name: Elizabeth MacLean

Title: Director
	 
	 	 	 	 
	

	 	By:
	 	UFJ Trust Bank Limited

as Trustee
	 
	 	 	 	 
	

	 	By:
	 	Nomura Corporate Research and

Asset Management Inc.

Attorney in Fact

 

 

	 	 	 	 	 
	 	 	CLYDESDALE CLO 2001-1, LTD,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Elizabeth MacLean
	

	 	 	 	
 
	

	 	 	 	Name: Elizabeth MacLean

Title    Director
	 
	 	 	 	 
	 	 	NOMURA CORPORATE RESEARCH

AND ASSET MANAGEMENT INC.

AS COLLATERAL MANAGER

 

 

	 	 	 	 	 
	 	 	CLYDESDALE CLO 2003-1, LTD,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Elizabeth MacLean
	

	 	 	 	
 
	

	 	 	 	Name: Elizabeth MacLean

Title: Director
	 
	 	 	 	 
	 	 	NOMURA CORPORATE RESEARCH

AND ASSET MANAGEMENT INC.

AS AGENT

 

 

	 	 	 	 	 
	 	 	Carlyle High Yield Partners VI, Ltd.,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Mark Alter
	

	 	 	 	
 
	

	 	 	 	Name: Mark Alter

Title: Managing Director

 

 

	 	 	 	 	 
	 	 	Carlyle Loan Opportunity Fund,

as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Mark Alter
	

	 	 	 	
 
	

	 	 	 	Name: Mark Alter

Title: Managing Director

 

 

	 	 	 	 	 
	 	Carlyle High Yield Partners IV, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Mark Alter
 	 
	 	 	Name:  	Mark Alter 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	Carlyle High Yield Partners III, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Mark Alter
 	 
	 	 	Name:  	Mark Alter 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	Carlyle High Yield Partners II, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Mark Alter
 	 
	 	 	Name:  	Mark Alter 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	Carlyle High Yield Partners, L.P.,

as a Lender

 	 
	 	By:  	/s/ Mark Alter
 	 
	 	 	Name:  	Mark Alter 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	SANKATY ADVISORS, LLC, AS COLLATERAL

MANAGER FOR PROSPECT FUNDING I, LLC, AS

TERM LENDER

as a Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/Portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Sankaty Advisors, LLC, as Collateral

Manager for Castle Hill III CLO, Limited,

as Term Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/Portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Sankaty Advisors, LLC, as Collateral

Manager for Castle Hill II-INGOTS, Ltd., as

Term Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/Portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Sankaty Advisors, LLC, as Collateral

Manager for Race Point CLO, Limited, as

Term Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/Portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Sankaty Advisors, LLC, as Collateral

Manager for AVERY POINT CLO, LTD., as Term

Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Sankaty Advisors, LLC, as Collateral

Manager for Great Point CLO 1999-1 LTD., as

Term Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/Portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Sankaty Advisors, LLC, as Collateral

Manager for Race Point II CLO, Limited, as

Term Lender

 	 
	 	By:  	/s/ Diane Exter
 	 
	 	 	Name:  	Diane Exter 	 
	 	 	Title:  	Managing Director/Portfolio
Manager 	 
	 

 

 

	 	 	 	 	 
	 	Monument Capital Ltd., as Assignee

 	 
	 	By:  	Alliance Capital Management L.P., as	 
	 	 	Investment Manager 	 
	 
	 	 	 
	 	By:  	Alliance Capital Management 	 
	 	 	Corporation, as General Partner 	 
	 
	 	 	 
	 	By:  	                     /s/ Nantha Suppiah
 	 
	 	 	Name:  	Nantha Suppiah 	 
	 	 	Title:  	Vice President 	 
	 
	 	NEW ALLIANCE GLOBAL CDO, LIMITED

 	 
	 	By:  	Alliance Capital Management L.P., as 	 
	 	 	Sub-advisor 	 
	 
	 	 	 
	 	By:  	Alliance Capital Management 	 
	 	 	Corporation, as General Partner 	 
	 
	 	 	 
	 	By:  	                     /s/ Nantha Suppiah
 	 
	 	 	Name:  	Nantha Suppiah 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	HARBOUR TOWN FUNDING LLC,

as a Lender

 	 
	 	By:  	/s/ Diana M. Himes
 	 
	 	 	Name:  	Diana M. Himes 	 
	 	 	Title:  	Assistant Vice President 	 
	 

 

 

	 	 	 	 	 
	 	COLUMBIA FLOATING RATE ADVANTAGE FUND

 	 
	 	By:  	Highland Capital Management, L.P., its 	 
	 	 	Investment Advisor 	 
	 
	 	as a Lender

 	 
	 	By:  	/s/ Todd Travers
 	 
	 	 	Name:  	Todd Travers 	 
	 	 	Title:  	Senior Portfolio Manager
Highland Capital Management, L.P. 	 
	 

 

 

	 	 	 	 	 
	 	COLUMBIA FLOATING RATE LIMITED LIABILITY

COMPANY

 	 
	 	By:  	Highland Capital Management, L.P., its 	 
	 	 	Investment Advisor 	 
	 
	 	as a Lender

 	 
	 	By:  	/s/ Todd Travers
 	 
	 	 	Name:  	Todd Travers 	 
	 	 	Title:  	Senior Portfolio Manager

Highland Capital Management, L.P. 	 
	 

 

 

	 	 	 	 	 
	 	LOAN FUNDING IV LLC

 	 
	 	By:  	Highland Capital Management, L.P. As 	 
	 	 	Portfolio Manager 	 
	 
	 	as a Lender

 	 
	 	By:  	/s/ Todd Travers
 	 
	 	 	Name:  	Todd Travers 	 
	 	 	Title:  	Senior Portfolio Manager
Highland Capital Management, L.P. 	 
	 

 

 

	 	 	 	 	 
	 	LOAN FUNDING VII LLC

 	 
	 	By:  	Highland Capital Management, L.P.
As Collateral Manager
 	 
	 	 	 	 
	 	as a Lender 	 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	     /s/ Todd Travers
 	 
	 	 	Name:  	Todd Travers 	 
	 	 	Title:  	Senior Portfolio Manager

Highland Capital Management, L.P. 	 
	 

 

 

	 	 	 	 	 
	 	AIMCO CLO SERIES 2001-A

as a Lender

 	 
	 	By:  	/s/ Chris Goergen
 	 
	 	 	Name:  	Chris Goergen 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	 	 
	 	By:  	           /s/ Jerry D. Zinkula
 	 
	 	 	Name:  	Jerry D. Zinkula 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	AIMCO CDO Series 2000-A

as a Lender

 	 
	 	By:  	/s/ Chris Goergen
 	 
	 	 	Name:  	Chris Goergen 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	 	 
	 	By:  	           /s/ Jerry D. Zinkula
 	 
	 	 	Name:  	Jerry D. Zinkula 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	ALLSTATE LIFE INSURANCE COMPANY

as a Lender

 	 
	 	By:  	/s/ Chris Goergen
 	 
	 	 	Name:  	Chris Goergen 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	 	 
	 	By:  	         /s/ Jerry D. Zinkula
 	 
	 	 	Name:  	Jerry D. Zinkula 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	Emerald Orchard Limited,

as a Lender

 	 
	 	By:  	/s/ Gwen Zirkle
 	 
	 	 	Name:  	Gwen Zirkle 	 
	 	 	Title:  	Attorney in Fact 	 
	 

 

 

	 	 	 	 	 
	 	Wachovia Bank, National Association,

as a Lender

 	 
	 	By:  	/s/ Colleen McCullum
 	 
	 	 	Name:  	Colleen McCullum 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	ARES III CLO Ltd.

 	 
	 	By:  	ARES CLO Management LLC
 	 
	 
	 	Its: Investment Manager

 	 
	 	By:  	                 /s/ Seth J. Brufsky
 	 
	 	 	Name:  	Seth J. Brufsky 	 
	 	 	Title             Vice President 	 
	 

 

 

	 	 	 	 	 
	 	Area VII CLO Ltd.

 	 
	 	By:  	Ares CLO Management VII, L.P.,
Investment Manager
 	 
	 	 	 
	 	By:  	                Ares CLO GP VII, LLC,
 	 
	 
	 	Its: General Partner

 	 
	 	By:  	                /s/ Seth J. Brufsky
 	 
	 	 	Name:  	Seth J. Brufsky 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	Ares VIII CLO Ltd.

 	 
	 	By:  	Ares CLO Management VIII, L.P.,
 	 
	 
	 	Its: Investment Manager

 	 
	 	By:  	               Ares CLO GP VIII, LLC,

 	 
	 	Its: General Partner

 	 
	 	By:  	               /s/ Seth J. Brufsky
 	 
	 	 	Name:  	Seth J. Brufsky 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	Hanover Square CLO Ltd.

 	 
	 	By:  	Blackstone Debt Advisors L.P.
As Collateral Manager
 	 
	 	 	 	 
	 	 	 	 
	 
	 	as a Lender

 	 
	 	By:  	/s/ Dean Criares
 	 
	 	 	Name:  	Dean Criares 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

	 	 	 	 	 
	 	Union Square CDO Ltd.

 	 
	 	By:  	Blackstone Debt Advisors L.P.
As Collateral Manager
 	 
	 	 	 	 
	 	 	 	 
	 
	 	as a Lender

 	 
	 	By:  	/s/ Dean Criares
 	 
	 	 	Name:  	Dean Criares 	 
	 	 	Title:  	Managing Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]