Document:

exhibit10-2.htm

    Exhibit
      10.2 
      
        

      

      
        

      

    

    

    LOAN
      MODIFICATION AGREEMENT

    (Loan
      No. 9117000148)

     

    

    This
      Loan
      Modification Agreement ("Modification") is made and entered as of December
      26,
      2006, between CALIFORNIA BANK & TRUST, a California banking
      corporation ("Bank"), and ICON INCOME FUND EIGHT B L.P.; ICON INCOME
      FUND NINE, LLC; ICON INCOME FUND TEN, LLC; and ICON LEASING
      FUND ELEVEN, LLC (separately and collectively "Borrower”).

     

    RECITALS

     

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

     

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

     

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

     

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

     

    AGREEMENT

     

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

     

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

     

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

      

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

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

     

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

     

    (i)  By
      deleting the definition of “Collateral” and replacing it with the
      following:

     

    “Collateral”
      means and includes, without limitation, all property and assets granted as
      collateral security for a Loan pursuant to the Security Agreement, whether
      real
      or personal property, whether granted directly or indirectly, whether granted
      now or in the future and whether granted in the form of a security interest,
      assignment, pledge, lien, or any other security or lien interest whatsoever,
      whether created by law, contract or otherwise. The word “Collateral” includes
      without limitation all collateral described in the section of this Agreement
      titled “Collateral;” provided, that notwithstanding anything to the
      contrary in this Agreement, the words “Accounts”, “Accounts Receivable”,
“Collateral Documents”, “Indirect Lease”, “Indirect Loan Contract”, “Inventory”,
“Lease”, “Loan Contract”, and “Revolving Loan Contract” shall not mean any
“Accounts”, “Accounts Receivable”, “Collateral Documents”, “Indirect Leases”,
“Indirect Loan Contracts”, “Inventory”, “Leases”, “Loan Contracts”, or
“Revolving Loan Contracts” that are owned or receivable by or to which ICON
      Leasing Fund Eleven ULC and/or ICON U.S. Equipment, LLC is a party, as
      applicable.

     

    (ii)  By
      deleting the definition of “Discount Rate” in its entirety.

     

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

     

    “Line
      of Credit Expiration Date” shall mean September 30, 2008, unless extended
      pursuant to Section 2.1.a.

     

    (iv)  By
      deleting the definition of "Liquidity" and replacing it in its entirety with
      the
      following:

     

    “Liquidity”
      means Borrower’s cash reserves (other than deposits reserved pursuant to
      Borrower’s non-recourse financing, if any) and unused Availability under the
      Line of Credit.

      

    (v)  By
      deleting the definition of "Present Value" and replacing it with the
      following:

     

    “Present
      Value” means any fixed unpaid payment obligation owed to Borrower by a
      Lessee under a lease or a Debtor under a loan (including, without limitation,
      unpaid regularly scheduled payments, puts and balloon payments) (in each case
      excluding leases and loans that are not Eligible Borrowing Base Contracts),
      such
      unpaid payments to be discounted to their present value on the date of
      calculation at the Prime Rate. If the contract is an Indirect Lease or Indirect
      Loan Contract, the Present Value shall be multiplied by that percentage of
      the
      foregoing that corresponds to Borrower’s interest in the Person that is the
      lessor or lender, as the case may be. If a lessee under a lease has the option
      to terminate the lease as of a date prior to its scheduled termination date,
      the
      Present Value of that lease shall be the lower of the following: (i) the Present
      Value based on the lease terminating at such prior date plus the amount of
      any
      payment that the lessee would be obligated to pay the lessor upon exercise
      of
      such option, discounted to its present value on the date of calculation at
      the
      Prime Rate; or (ii) the Present Value based on the lease terminating at its
      scheduled termination date.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Revolving
      Line of Credit. During the Line of Credit Availability Period and so
      long as no Event of Default has occurred and is continuing, Bank will, on a
      revolving basis, make advances to Borrower (“Line of Credit”), which,
      except as set forth below, may not at any time exceed an aggregate amount
      outstanding equal to the lesser of Seventeen Million Dollars ($17,000,000.00)
      or
      the Borrowing Base (collectively the “Line of Credit Limit”). Borrower’s
      obligation to repay advances under the Line of Credit shall be evidenced by
      a
      promissory note in a form acceptable to Bank (the “Line of Credit Note”).
      During the Line of Credit Availability Period, Borrower may repay principal
      amounts and reborrow them. Borrower agrees that Borrower will not permit the
      outstanding balance under the Line of Credit to exceed the Line of Credit Limit
      unless Borrower increases the Restricted Cash Deposit by an amount equal to
      the
      sum that would otherwise be overadvanced, in which case Borrower shall have
      the
      right to borrow an amount in excess of the Borrowing Base but not more than
      $17,000,000.00. Provided no Event of Default has occurred and is continuing
      at
      such time, Borrower may request (i) one year extensions of the Line of Credit
      Availability Period within 390 days of the then applicable Line of Credit
      Expiration Date, but Bank has no obligation to grant the extension and/or (ii)
      the addition to Borrower of an additional fund or funds managed by Manager
      or an
      Affiliate of Manager acceptable to Bank, but Bank has no obligation to grant
      the
      addition and/or (iii) in connection with any addition to Borrower pursuant
      to
      the immediately preceding clause (ii), the deletion from Borrower of a fund
      managed by Manager or an Affiliate of Manager, but Bank has no obligation to
      grant the deletion.

     

    (c)  Section
      3.2.a. of the Loan Agreement, entitled "Line of Credit Interest Rate," is
      modified by deleting "Prime Rate plus one quarter percent (P+0.25%)" and
      replacing it with "Prime Rate plus zero percent (P+0.00%)."

     

    (d)  Section
      3.2.b. of the Loan Agreement, entitled "Line of Credit Optional Interest,"
      is
      modified by deleting "LIBO Rate, as defined below, plus two and three quarters
      percent (L+2.75%)" and replacing it with "LIBO Rate, as defined below, plus
      two
      and a half percent (L+2.50%)."

     

    (e)  Section
      8.4 of the Loan Agreement, entitled "Minimum Debt Service Coverage Ratio,"
      is
      deleted and replaced in its entirety with the following:

       

    Minimum
      Debt Service Coverage Ratio. To maintain as of the end of each
      fiscal quarter based on the combined financial results as reported on SEC Form
      10-Q or 10-K, as applicable, of each entity comprising Borrower, a Debt Service
      Coverage Ratio of not less than 2.00 to 1.00 on a rolling four quarter
      basis.

     

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

     

    Tangible
      Net Worth. To maintain as of the end of each
      fiscal quarter, based on the financial results of each entity comprising
      Borrower as reported on SEC Form 10-Q or 10-K, as applicable, of each entity
      comprising Borrower, a combined Tangible Net Worth of not less than Two Hundred
      Seventy-Five Million Dollars ($275,000,000.00).

     

    (g)  Section
      8.6 of the Loan Agreement, entitled "Leverage Ratio," is deleted and replaced
      in
      its entirety with the following:

     

    Leverage
      Ratio. To collectively maintain, and cause each
      entity comprising Borrower to maintain, as of the end of each fiscal quarter,
      based on the financial results as reported on SEC Form 10-Q or 10-K, as
      applicable, of each entity comprising Borrower, a ratio of Adjusted Total
      Liabilities to Tangible Net Worth not to exceed 0.5 to 1.0.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    Minimum
      Liquidity. To maintain, as of the end of each
      fiscal quarter, based on the combined financial results as reported on the
      SEC
      Form 10-Q or 10-K, as applicable, of each entity comprising Borrower, Liquidity
      of at least Seven Million Dollars ($7,000,000.00).

     

    (i)  Section
      8.8 of the Loan Agreement, entitled "Restricted Cash Deposit," is deleted in
      its
      entirety.

     

    (j)  Section
      8.22 of the Loan Agreement, entitled "Operating/Business Accounts," is modified
      by deleting the last sentence thereof: "Borrower shall also open and maintain
      with Bank a lock box for Accounts Receivable collection."

     

    (k)  Section
      11 of the Loan Agreement, entitled “Miscellaneous,” is hereby amended to insert
      the following section at the end thereof:

     

    11.18
      Additional Collateral. With respect to any
      Person, that on or subsequent to the date of the Modification, (i) is or becomes
      a direct or indirect Subsidiary of any Borrower and (ii) Borrower elects to
      have
      one or more Eligible Borrowing Base Contracts to which such Subsidiary is a
      party added to the Borrowing Base and thereby contribute the assets related
      to
      such Eligible Borrowing Base Contract as Collateral, then Borrower shall cause
      such Subsidiary to execute and deliver to Bank such documentation to the
      Security Agreement as to (x) become a party to the Security Agreement and (y)
      grant Bank a lien on all of its assets for the benefit of Bank.

       

    (l)  Section
      9 of the Security Agreement, entitled “Miscellaneous,” is hereby amended to
      insert the following section at the end thereof:

     

    9.9
      Additional Grantor. Each Subsidiary of the
      Grantor that becomes a party to this Security Agreement pursuant to Section
      11.18 of the Loan Agreement shall become a Grantor for all purposes of this
      Security Agreement upon execution and delivery by such Subsidiary of an
      Assumption Agreement in the form of Annex I attached to the
      Modification.

     

    (m)  Section
      2 of the Security Agreement is modified by adding the following after the last
      sentence thereof: “Notwithstanding the foregoing or anything to the contrary in
      this Security Agreement, the words “Accounts”, “Chattel Paper”, “Collateral”,
“Contracts”, “Documents”, “Equipment”, “Financial Assets”, “Fixtures”, “General
      Intangibles”, “Instruments”, “Inventory”, “Investment Property”, “Letter of
      Credit Rights”, and “Proceeds” shall not mean any “Accounts”, “Chattel Paper”,
“Collateral”, “Contracts”, “Documents”, “Equipment”, “Financial Assets”,
“Fixtures”, “General Intangibles”, “Instruments”, “Inventory”, “Investment
      Property”, “Letter of Credit Rights”, or “Proceeds” that are owned or receivable
      by or to which ICON Leasing Fund Eleven ULC and/or ICON U.S. Equipment, LLC
      is a
      party, as applicable.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

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

     

    (a)  Execution
      and delivery by Borrower of this Modification in form satisfactory to
      Bank;

     

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

     

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

     

    (d)  Payment
      of an extension fee of Forty Two Thousand Five Hundred Dollars ($42,500) to
      Bank; and

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

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

     

    
      	
              ICON
                INCOME FUND EIGHT B L.P.,

              a
                Delaware limited partnership

              By: ICON
                CAPITAL CORP.,  its general partner

               

               

              By: /s/
                Thomas W. Martin  

              Thomas
                W. Martin

              Chief
                Operating Officer and

              Chief
                Financial Officer

            	
              CALIFORNIA
                BANK & TRUST,

              a
                California banking corporation

               

               

              By: /s/
                J. Michael Sullivan  

              Name: J.
                Michael Sullivan

              Title: Vice
                President and  Relationship Manager

            
	
              Address
                where notices are to be sent:

               

              ICON
                INCOME FUND EIGHT B L.P.

              c/o
                ICON Capital Corp., its general partner

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:
                General Counsel

              Attention:
                Thomas W. Martin, CFO

              Facsimile
                No.: (212) 418-4739

            	
              Address
                where notices are to be sent:

               

              South
                Bay Commercial Banking

              1690
                South El Camino Real

              San
                Mateo, CA 94402

            
	
               

              ICON
                INCOME FUND NINE, LLC,

              a
                Delaware limited liability company

              By: ICON
                CAPITAL CORP.,  its manager

               

               

              By: /s/
                Thomas W. Martin  

              Thomas
                W. Martin

              Chief
                Operating Officer and

              Chief
                Financial Officer

            	
               

            
	
              Address
                where notices are to be sent:

               

              ICON
                INCOME FUND NINE, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:
                General Counsel

              Attention:
                Thomas W. Martin, CFO

              Facsimile
                No.: (212) 418-4739

            	
               

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              ICON
                INCOME FUND TEN, LLC,

              a
                Delaware limited liability company

              By: ICON
                CAPITAL CORP.,  its manager

               

               

              By: /s/
                Thomas W. Martin  

              Thomas
                W. Martin

              Chief
                Operating Officer and

              Chief
                Financial Officer

            	
               

            
	
              Address
                where notices are to be sent:

               

              ICON
                INCOME FUND TEN, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:
                General Counsel

              Attention:
                Thomas W. Martin, CFO

              Facsimile
                No.: (212) 418-4739

            	
               

            

    

     

    
      	
              ICON
                LEASING FUND ELEVEN, LLC,

              a
                Delaware limited liability company

              By: ICON
                CAPITAL CORP.,  its manager

               

               

              By: /s/
                Thomas W. Martin  

              Thomas
                W. Martin

              Chief
                Operating Officer and

              Chief
                Financial Officer

            	
               

            
	
              Address
                where notices are to be sent:

               

              ICON
                LEASING FUND ELEVEN, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:
                General Counsel

              Attention:
                Thomas W. Martin, CFO

              Facsimile
                No.: (212) 418-4739

            	
               

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      Annex
        I
        to

       

      Security
        Agreement

       

      ASSUMPTION
        AGREEMENT, dated as of ________________, 20__, made by _______________________,
        a ______________ [limited liability company] (the “Additional Grantor”),
        in favor of California Bank & Trust, a California banking corporation, as
        lender (“Secured Party”) to the Loan Agreement referred to below. All
        capitalized terms not defined herein shall have the meaning ascribed to them
        in
        the Security Agreement referred to below.

       

      W
        I T
        N E S S E T H :

       

      WHEREAS,
        ICON Income Fund Eight B L.P., a Delaware limited partnership, and ICON Income
        Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC,
        Delaware limited liability companies (separately, and collectively,
“Borrower”), and Secured Party have entered into a Commercial Loan
        Agreement, dated as of August 31, 2005, (as amended, supplemented, restated
        or
        otherwise modified from time to time, the “Loan Agreement”);

       

      WHEREAS,
        in connection with the Loan Agreement, the Borrower has entered into a Security
        Agreement, dated as of August 31, 2005 (as amended, supplemented, restated
        or
        otherwise modified from time to time, the “Security Agreement”) in favor
        of the Secured Party; and

       

      WHEREAS,
        the Additional Grantor has agreed to execute and deliver this Assumption
        Agreement in order to become a party to the Security Agreement;

       

      NOW,
        THEREFORE, IT IS AGREED:

       

      1.
        Security Agreement. By executing and delivering this Assumption
        Agreement, the Additional Grantor, as provided in Section 9.9 of the Security
        Agreement, hereby becomes a party to the Security Agreement as a Grantor
        thereunder with the same force and effect as if originally named therein
        as a
        Grantor and, without limiting the generality of the foregoing, hereby expressly
        assumes all obligations and liabilities of a Grantor thereunder. The Additional
        Grantor hereby represents and warrants that each of the representations and
        warranties contained in Section 4 of the Security Agreement is true and correct
        on and as the date hereof (after giving effect to this Assumption Agreement)
        as
        if made on and as of such date.  

       

      2.
        Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND
        CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
        CALIFORNIA.

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

      IN
        WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to
        be duly
        executed and delivered as of the date first above written.

       

      ADDITIONAL
        GRANTOR

       

        

      
        	
                 

              
	
                 By: 
                                                             _   

              
	
                     Name:
                  _________________

              
	
                     Title:  
                  _________________exhibit10-3.htm

    Exhibit
      10.3 
      
        

      

      
        

      

    

    

    LOAN
      MODIFICATION AGREEMENT

    (Loan
      No. 9117000148)

     

    

    This
      Loan
      Modification Agreement ("Modification") is made and entered as of June 20,
      2007,
      between CALIFORNIA BANK & TRUST, a California banking
      corporation ("Bank"); ICON INCOME FUND EIGHT B L.P.; ICON INCOME FUND
      NINE, LLC; ICON INCOME FUND TEN, LLC; and ICON LEASING FUND
      ELEVEN, LLC (separately and collectively " Original Borrower”),
      and ICON LEASING FUND TWELVE, LLC (“Added
      Borrower”).  As used herein the term “Borrower” means, separately and
      collectively, the Added Borrower and the Original Borrower.

     

    RECITALS

     

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

     

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

     

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

     

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

     

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

     

    AGREEMENT

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

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

     

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

     

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

     

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

     

    (i)  By
      deleting the definition of “Borrower” and replacing it with the
      following:

     

    “Borrower”
      shall mean ICON Income Fund Eight B L.P.; ICON Income Fund Nine, LLC; ICON
      Income Fund Ten, LLC; ICON Leasing Fund Eleven, LLC; and ICON Leasing Fund
      Twelve, LLC, separately and collectively.

     

    

     

    (b)  Section
      8.3 of the Loan Agreement, entitled “Financial Information,” is modified by
      deleting subsection (a) thereof and replacing it with the
      following:

     

    As
      soon as available, and in any event
      within one hundred five (105) days (onehundred twenty (120) days in the case
      of
      Manager) after the end of each fiscalyear, Borrower’s and Manager’s unqualified
      CPA audited annual financial statements with balance sheets, income statements
      and operating budgets.  Statements shall be prepared by Hays &
Company, LLP or other accounting firm reasonably acceptable to
      Bank.

     

     

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

     

    (d)  The
      Security Agreement, as previously amended,  is further amended so that
      the term “Grantor” as used therein means and refers to Added Borrower and each
      entity comprising Original Borrower, separately and collectively.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    (e)  The
      Designation of Deposit Accounts, dated August 31, 2005, entered by Original
      Borrower is modified to add the following deposit account at Bank as one of
      Borrower’s “Designated Accounts”:

     

    ICON
      Leasing Fund Twelve,
      LLC                                                                                     117008191

     

    (f)  The
      Alternative Dispute Resolution Agreement, dated August 31, 2005, entered by
      Original Borrower and Bank is modified to add Added Borrower among the
“Obligors” as that term is defined therein.

     

    (g)  The
      Contribution Agreement, dated August 31, 2005, entered by Original Borrower
      is
      modified to add Added Borrower among the “ICON Funds” as that term is defined
      therein.

     

    (h)  Added
      Borrower assumes the obligations of Original Borrower under the Loan Documents
      and Contribution Agreement, as they may have been previously modified and as
      further modified or superseded hereby, and agrees to be bound by terms of the
      those Loan Documents and the Contribution Agreement as if Original Borrower
      had
      executed the same and any the prior amendments thereto.

     

    (i)  The
      form
      of the Notice of Borrowing and Compliance Certificate shall be replaced by
      the
      Amended Notice of Borrowing and Amended Compliance Certificate appended
      hereto.

     

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

     

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

     

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

     

    (b)  Bank
      shall file and is authorized to file a UCC-1 Financing Statement identifying
      Added Borrower as “Debtor” in form satisfactory to the Bank with the Delaware
      Secretary of State;

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              ICON
                INCOME FUND EIGHT B L.P.,

              a
                Delaware limited partnership

              By: ICON
                CAPITAL CORP.,its general partner

               

               

              By:
                /s/ Thomas W.
                Martin        

              Thomas
                W. Martin

              Chief
                Executive Officer

               

            	
              
                CALIFORNIA
                  BANK & TRUST,

                a
                  California banking corporation

                 

                 

                By: /s/
                  J. Michael Sullivan  

                Name: J.
                  Michael Sullivan

                Title: Vice
                  President and  Relationship Manager

              

            
	
              Address
                where notices are to be sent:

               

              ICON
                INCOME FUND EIGHT B L.P.

              c/o
                ICON Capital Corp., its general partner

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:  General
                Counsel

              Attention:  Thomas
                W. Martin, CEO

              Facsimile
                No.:  (212) 418-4739

               

            	
              Address
                where notices are to be sent:

               

              South
                Bay Commercial Banking

              1690
                South El Camino Real

              San
                Mateo, CA 94402

               

            
	
               

              ICON
                INCOME FUND NINE, LLC,

              a
                Delaware limited liability company

              By:
                ICON CAPITAL CORP.,its manager

               

               

              By:
                /s/ Thomas W. Martin

              Thomas
                W. Martin

              Chief
                Executive Officer

               

            	 
	
              Address
                where notices are to be sent:

               

              ICON
                INCOME FUND NINE, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:  General
                Counsel

              Attention:  Thomas
                W. Martin, CEO

              Facsimile
                No.:  (212) 418-4739

               

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
               

              ICON
                INCOME FUND TEN, LLC,

              a
                Delaware limited liability company

              By: ICON
                CAPITAL CORP.,its manager

               

               

              By:
                /s/ Thomas W. Martin

              Thomas
                W. Martin

              Chief
                Executive Officer

               

            	 
	
              Address
                where notices are to be sent:

               

              ICON
                INCOME FUND TEN, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:  General
                Counsel

              Attention:  Thomas
                W. Martin, CEO

              Facsimile
                No.:  (212) 418-4739

               

            	 

    

    

    
      	
              ICON
                LEASING FUND ELEVEN, LLC,

              a
                Delaware limited liability company

              By:
                ICON CAPITAL CORP.,its manager

               

               

              By:
                /s/ Thomas W. Martin

              Thomas
                W. Martin

              Chief
                Executive Officer

               

            
	
              Address
                where notices are to be sent:

               

              ICON
                LEASING FUND ELEVEN, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:  General
                      Counsel

              Attention:  Thomas
                W. Martin, CEO

              Facsimile
                No.:  (212) 418-4739

               

            

    
 
    
    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              ICON
                LEASING FUND TWELVE, LLC,

              a
                Delaware limited liability company

              By: ICON
                CAPITAL CORP.,its manager

               

               

              By:
                /s/ Thomas W. Martin 

              Thomas
                W. Martin

              Chief
                Executive Officer

               

            	 
	
              Address
                where notices are to be sent:

               

              ICON
                LEASING FUND TWELVE, LLC

              c/o
                ICON Capital Corp., its manager

              100
                Fifth Avenue, 4th
                Floor

              New
                York, NY 10011

              Attention:  General
                Counsel

              Attention:  Thomas
                W. Martin, CEO

              Facsimile
                No.:  (212) 418-4739

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]