Document:

Exhibit 4.1

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

2 HANSON PLACE, 12TH FLOOR, BROOKLYN,
N.Y. 11217

 

 

 

March 21, 2013

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust, Morningstar Dividend Yield Focus Trust, Series 1

Dear Sirs:

The Bank of New York Mellon is acting as trustee for Smart Trust, Morningstar Dividend Yield Focus Trust,
Series 1 set forth above (the “Trust”). We enclosed a list of the Securities to be deposited in the Trust on
the date hereof. The prices indicated therein reflect our evaluation of such Securities as of close of business on March 21, 2013,
in accordance with the valuation method set forth in the Trust Indenture and Agreement. We consent to the reference to The Bank
of New York Mellon as the party performing the evaluations of the Trust Securities in the Registration Statement (No. 333-186258)
filed with the Securities and Exchange Commission with respect to the registration of the sale of the Trust Units and to the filing
of this consent as an exhibit thereto.

 

Very truly yours,

 

/s/
GERARDO CIPRIANO                     

Gerardo Cipriano

Vice PresidentExhibit 4.3

 

Consent of Independent Registered
Public Accounting Firm

We consent to the reference made to our firm under the caption “Independent Registered Public Accounting
Firm” in Part B of the Prospectus and to the use of our report dated March 21, 2013, in this Registration Statement (Form
S-6 No. 333-186258) of Smart Trust, Morningstar Dividend Yield Focus Trust, Series 1.

 

/s/ Grant
Thornton LLP

Grant
Thornton LLP

Chicago, Illinois

March 21, 2013Exhibit 10.2

 

 

 

 

 

LOAN
MODIFICATION  AGREEMENT 

 

This Loan  Modification  Agreement  (“Agreement”)  is  made  and  entered  as  of 

March  31, 
2013  between  CALIFORNIA  BANK  & 
TRUST, a California banking corporation ("Bank"),  and  ICON 
LEASING  FUND  ELEVEN, 
LLC (“Borrower”). 

 

RECITALS 

 

A.               
Pursuant to the terms of a Commercial Loan Agreement ("Loan Agreement") between  Bank  and 
Borrower  dated  as  of  May 
10,  2011,  Bank  agreed  to  make  a  revolving  Line  of
Credit available to Borrower.

 

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  obligations  under 
the  Note and Loan Agreement were originally secured, among 
other  things,  by  the  following: 

 

1.                 
A Security Agreement, dated the same date as the
Loan Agreement, executed by  Borrower  in  favor  of  Bank  granting 
Bank  a  security  interest  in  Borrower’s  personal property (“Security 
Agreement”).  The  security 
interest  was  perfected 
through  a  UCC-1
Financing Statement filed with the Delaware Secretary of State.

 

D.                   
Borrower  has  requested  additional  time to repay  the  indebtedness  owing 
under the Note.  Bank  is  agreeable  to  the  terms  set  forth  below. 

 

E.                
On  January  2,  2013, 
ICON  Capital  Corp., a
Delaware  corporation,  converted  to ICON Capital,  LLC,  a  Delaware 
limited  liability  company, 
pursuant  to  the  provisions  of  Section
18-214 of  the  Delaware  Limited  Liability  Company  Act. 

 

TERMS

 

NOW, THEREFORE,  Borrower 
and  Bank  agree 
as  follows: 

 

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

 

2.                 
Acknowledgement of Debt. 
Borrower acknowledges that there are no claims,
demands,  offsets  or  defenses 
at  law  or  in  equity 
that  would  defeat 
or diminish  Bank’s 
right  to collect the indebtedness evidenced by  the documents
described in the Recitals (“Loan Documents”)
and to proceed to enforce the rights and  remedies  available  to  Bank  as  provided  in the Loan Documents or by law. Capitalized terms  in  this  Modification  shall  have  the  meanings given to  them  in  the  Loan  Documents unless otherwise defined herein.

 

3.                 
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
by deleting the  definition  of  “Adjusted 
Total  Liabilities.” 

 

(b)          
Section  1.1  of  the  Loan  Agreement,  entitled “Definitions,” is modified by deleting the  definition  of  “Line  of  Credit  Expiration  Date” 
and  inserting  in  its
place the following:

 

“Line of Credit Expiration Date” means March 31, 2015.

 

(c)                                   
Section  1.1  of  the  Loan  Agreement,  entitled “Definitions,” is modified by adding a definition of “Total Liabilities” as follows:

 

“ Total Liabilities” shall
mean, as of the date of determination, 

the sum of  current liabilities plus long  term  liabilities  of  Borrower; 
all calculated in accordance 
with  GAAP, consistently applied. 

 

(d)      
The  last  sentence  of  section  2.1.a 
of  the Loan Agreement, entitled “Revolving Line of  Credit,”  is  deleted. 

 

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

 

Tangible
Net Worth.  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,  Tangible 
Net Worth of not less than Thirty Million Dollars ($30,000,000.00) effective as of
December 31, 2012.

 

(f)     
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 by any  amendments,  modifications,  extensions  or
renewals of the same which are
hereafter agreed to in writing by
the parties.

 

(g)        
Section  8.6  of  the  Loan  Agreement,  entitled 
“Leverage  Ratio,” 
is  deleted  and replaced with the following:

 

Leverage Ratio.  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,  a  ratio  of  Total Liabilities to Tangible
Net Worth not to exceed 1.00 to 1.00
effective as of December
31, 2012.

 

4.                 
Conditions  Precedent.  The  modification  of  the  Loan  Documents  under  Section 
3 above is  subject 
to  Borrower’s  compliance  with  the  following  conditions  precedent  to  Bank’s
complete
satisfaction: 

 

(a)           
Execution  of  this  Modification  by  Borrower delivery of  the  executed 
Modification 

the Bank  by  March  31,  2013; 

(b)          
Borrower  shall 
pay  a  renewal  fee  of  $19,000.00; 

 

(c)           
Borrower  shall  pay  all  accrued 
interest  on  the  Line of
Credit   

 

 

 

 

 

through February 
28,  2013;  and 

 

(d)          
Borrower shall reimburse
the Bank for the attorneys’
fees incurred by  Bank 
in  preparation  of 
this Modification.

 

5.                 
Borrower’s  Representations  and  Warranties.  Borrower 
represents  and  warrants 
to Bank as of the date of this Modification and until repayment
of all indebtedness of Borrower to Bank:

 

(a)                   
Accuracy of Representations in Modification   and Existing Loan Documents.  All
representations and

warranties made  and  given 
by  Borrower in this  Modification

and the Loan Documents are
accurate and correct except to the
extent that any breach 
thereof  would  not  result  in  a  Material  Adverse 
Change. 

 

(b)              
No  Default. 
No default has occurred and is continuing under the Loan Documents, and no event has occurred and is
continuing which,  with  notice  or
the passage of time or both, would be
a default which could be reasonably  expected 
to  result  in  a  Material  Adverse
Change.

 

(c)               
Enforceable  Loan  Documents/No  Conflicts.  The
Loan Documents  and  this  Modification  are  legal,  valid 
and binding agreements of Borrower, enforceable in accordance with their respective terms.  This Modification does not conflict with any law, agreement, or obligation by which Borrower is  bound. 

 

6.                 
Borrower Acknowledgment.  Borrower 
hereby  acknowledges  and  agrees  that: 

 

(a)                
No Breach by Bank.  Bank  has  not  breached 
any duty to Borrower in connection with the Loan Documents, and
Bank  has  fully 
performed  all  obligations  the  Bank  may
have had  or  now  has  to  Borrower 
and  Guarantors. 

 

(b)              
Interest,  Fees,  and  Other  Charges.  All
interest, fees or other charges imposed,
accrued, or  collected by Bank
under the Loan Documents or this Modification, and the method of computing the interest,  fees,  or  other  charges, were and  are  proper 
and  agreed  to  by  Borrower 
and Guarantors and  were  properly  computed  and  collected. 

 

(c)               
No  Waiver. 
By entering into this Modification, Bank does  not  waive  any  existing  defaults 
or  any  defaults 

hereafter occurring,  and  Bank  does
not become obligated to waive any  condition  or  obligation  in  any  agreement
between or  among  any  of  the  parties 
hereto. 

 

(d)              
No Third Party Beneficiaries.  This  Modification  is not intended for, and shall not be construed  to  be  for,  the benefit of  any  person 
not  a  signatory  hereto. 

 

(e)               
Fair Consideration.  All
payments made by Borrower to   

 

 

 

 

 

Bank under  the  Loan  Documents  and  this
Modification  were  and  are 
for  fair  consideration  and reasonably equivalent value.

 

7.                 
Governing  Law. 
This Modification shall be construed,
governed and enforced in accordance  with  the  laws  of  the State of California.

 

8.                 
Interpretation.  No  provision  of  this  Modification  is to be  interpreted  for  or  against Borrower or Bank because that party, or that party's representative, drafted such provision.

 

9.                 
No Impairment/Security.  Except  as  otherwise 
specifically  set  forth 
herein,  the Loan
Documents  shall 
each  remain  unaffected  by  this Modification
and all such documents shall remain in full force and effect.  Borrower’s payment and performance of Borrower’s various obligations to  Bank  under 
the  Loan  Documents,  including  all  extensions,  amendments,  renewals or replacements  thereof,  continue 
to  be  and  shall  be  secured 
by  the  liens  arising 
under  the  Loan Documents.  Nothing contained herein shall be deemed
a waiver of any of the rights and remedies
that Bank may have against
Borrower, or  of  any  of  Bank’s 
rights  and  remedies  arising out of the Loan Documents. 

 

10.             
Purpose  and  Effect 
of  Bank’s 
Approval.  Bank’s  approval 
of  any  matter  in connection with  the  Loan  Documents  shall  be  for  the sole purpose of protecting Bank’s security, rights, and  remedies  under  the  Loan
Documents.  No  such  approval shall result  in  a  waiver  of
any default  of  Borrower.  In  no  event 
shall  Bank’s approval be a representation 
of  any  kind  by Bank with  regard  to  the  matter  being 
approved. 

 

11.             
Counterparts.  This Modification may be executed in as many counterparts as necessary or
convenient, and by the  different  parties  on  separate 
counterparts each of which, when so  executed,  shall  be  deemed  an  original,  but  all  such  counterparts  shall  constitute  but  one and the same agreement. 

 

12.             
Invalidity.  If any court of competent jurisdiction  determines  any  provision  of  this
Modification or any of the Loan Documents to be invalid,  illegal  or  unenforceable,  that  portion shall be deemed severed from the rest, which shall remain
in full force and effect as though the invalid, illegal or unenforceable portion had never been a part of this Modification or the Loan Documents. 

 

13.             
Successors  and  Assigns.  This  Modification  shall  be binding
upon and inure to the benefit of the parties hereto and their  respective  successors 
and  assigns. 

14.             
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, including
provisions on prepayment, late charges,  default interest and attorneys
fees. 

 

15.             
The  Current  Status 
of  the  Line  of  Credit. 
Borrower  hereby  acknowledges  the following: (a)  except  as  modified  by  this  Modification,  the  Loan  Documents  remain  in  full  force and effect, and remains the binding obligation of Borrower; and (b) Borrower has no known or
suspected defense to its obligations under the
Loan Documents, and no claim or offset whatsoever against 
Bank  in  connection  with the Loan  Documents  or  otherwise. 

 

16.             
Entire Agreement. 
This Modification and the Loan  Documents  constitute  the entire, complete  and  exclusive  understanding  between  the  parties 
regarding the Loan
and may not be modified, amended, or terminated except by  a  written  agreement  signed 
by  the  party against whom enforcement is sought. No modification, change or supplement of the Loan Documents and this Modification shall be
binding on Bank unless in writing signed by an authorized officer of Bank.  No
waiver of or any  acquiescence  to  any  Event 
of  Default  or  any
failure or  delay  by  Bank  in  enforcing  any  right  or  remedy   

 

 

 

 

 

shall be  construed  to  be  a  waiver,
acquiescence,  or  consent  to  any  preceding  or  subsequent 
Event  of  Default 
or  a  waiver  of  any right or remedy. 

 

17.             
Documentation.  In addition
to the instruments and documents mentioned or referred to  herein, 
Borrower  will,  at  Borrower’s  own  cost  and  expense, 
supply  Bank  with  such other instruments,  documents,  information  and  data  as  are  reasonably  necessary
for the purposes hereof, all of which shall be in form and  content 
as  reasonably  required 
by  Bank. 

 

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

 

ICON  LEASING 
FUND  ELEVEN,  LLC,

a Delaware  limited  liability  company  

By:      ICON  CAPITAL,  LLC,its manager 

 

 

 

By:  /s/ Michael A. Reisner                   

Michael A. Reisner

              Co-President and Co-Chief Executive Officer 

 

 

 

CALIFORNIA  BANK  & 
TRUST, 

a California  banking 
corporation 

 

 

 

By:      /s/ J. Michael Sullivan             

J. Michael Sullivan 

First Vice President
and Relationship Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}]]