Document:

<PAGE>

                                                                   EXHIBIT 10.39

           FIRST AMENDMENT TO INVESTMENT AND PARTICIPATION AGREEMENT
           ---------------------------------------------------------

         THIS FIRST AMENDMENT TO INVESTMENT AND PARTICIPATION AGREEMENT (this
"First Amendment") is dated as of November 12, 1999, among U.S. XPRESS
ENTERPRISES, INC., a Nevada corporation (the "Company") and WACHOVIA CAPITAL
INVESTMENTS, INC. (formerly known as Wachovia Capital Markets, Inc.), as Lessor
(the "Lessor");

                             W I T N E S S E T H:
                             - - - - - - - - - -

         WHEREAS, the Company and the Lessor executed and delivered that certain
Investment and Participation Agreement, dated as of the March 20, 1998 (the
"Investment Agreement");

         WHEREAS, the Company has requested and the Lessor has agreed to certain
amendments to the Investment Agreement, subject to the terms and conditions
hereof;

         NOW, THEREFORE, for and in consideration of the above premises and
other good and valuable consideration, the receipt and sufficiency of which
hereby is acknowledged by the parties hereto, the Company and the Lessor hereby
covenant and agree as follows:

         1.    Definitions. Unless otherwise specifically defined herein, each
               -----------
term used herein which is defined in Schedule 1.02 to the Investment Agreement
shall have the meaning assigned to such term in Schedule 1.02 to the Investment
Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and
each other similar reference and each reference to "this Agreement" and each
other similar reference contained in the Investment Agreement shall from and
after the date hereof refer to the Investment Agreement as amended hereby.

         2.    Amendment to Section 11.22. Section 11.22 of the Investment
               --------------------------
Agreement hereby is deleted in its entirety and the following is substituted
therefor:

               Section 11.22   Additional Facilities. Although this
                               ---------------------
               Agreement expressly refers to the Chattanooga,
               Tennessee corporate
<PAGE>

               headquarters Facility (the "Headquarters Facility"),
               this Agreement, the Lease and other Operative Documents
               may provide for up to 3 additional facilities for
               terminals to be added (the "Additional Facilities"),
               subject to:

                         (i)   the reasonable satisfaction of the
               Lessor with each such Additional Facility;

                         (ii)  the execution by the Lessee and the
               Lessor (and the Lease Participants, if any) and
               delivery to the Lessor of a Lease Supplement (a "Lease
               Supplement") with respect to such Additional Facility,
               in form and substance satisfactory to the Lessor and
               the Company which shall, among other things (a)
               describe the Site and the Additional Facility, (b) set
               forth the maximum Facility Cost with respect to such
               Additional Facility to take into account such
               Additional Facility (but in no event shall the Facility
               Cost for all Facilities and the Lessor Investment
               Commitment for all Facilities be increased to an amount
               in excess of $32,000,000);

                         (iii) if there are any Lease Participants,
               the execution by the Lessor and delivery to the Lease
               Participants (with a copy to the Lessee) of a new
               Ownership Certificate, taking into account the matters
               described in this Section 11.22; and

                         (iv)  the satisfaction as to such Additional
               Facility with all the relevant closing conditions set
               forth in the Operative Documents with respect to the
               Headquarters Facility and any other closing conditions
               which the Lessor may require with respect to the
               Additional Facility.

               If such Additional Facilities are added, the terms and
               conditions set forth in this Agreement, the Lease and
               the other Operative Documents with respect to the
               Headquarters Facility shall apply thereto the same as
               if they had been initially included herein, and the
               terms Facility and Site, and all other related terms,
               shall mean, include and be
<PAGE>

               applicable to, as the context shall require, the
               Headquarters Facility and any one, or more, or all, of
               such Additional Facilities, with such terms being
               separately applicable to each Facility.

         3.    Amendments to Schedule 1.02. Schedule 1.02 to the Investment
               ---------------------------
Agreement hereby is amended by deleting the definitions of "A Percentage Lessor
Investment Commitment", "A Percentage Lessor Investments", "B Percentage Lessor
Investment Commitment", "B Percentage Lessor Investments", "Facility Cost",
"Lessor Investment Commitment", "Scheduled Lease Termination Date" and
"Syndication Requirement" and inserting the following new definitions of
"Facility Cost", "Lessor Investment Commitment" and "Scheduled Lease Termination
Date":

                         "A Percentage Lessor Investment Commitment": that
                          -----------------------------------------
               portion of the Lessor Investment Commitment which is equal to
               83.11% of the Lessor Investment Commitment.

                         "A Percentage Lessor Investments" means Lessor
                          -------------------------------
               Investments equal to 83.11% of the Lessor Investments.

                         "B Percentage Lessor Investment Commitment": that
                          -----------------------------------------
               portion of the Lessor Investment Commitment which is equal to
               16.89% of the Lessor Investment Commitment.

                         "B Percentage Lessor Investments" means Lessor
                          -------------------------------
               Investments equal to 16.89% of the Lessor Investments.

                         "Facility Cost": an aggregate amount equal to
                          -------------
               the lesser of: (i) the sum of (a) all costs associated
               with the Lessor's acquisition of a fee simple estate in
               the Site and any refinancing thereof, and (b) all
               Capitalized Expenses to be provided by the Lessor and
               the Lease Participants; and (ii) $18,000,000 (as to the
               Headquarters Facility and such amount as is set forth
               in a Lease Supplement as to any Additional Facility, up
               to a maximum amount for all Facilities of $32,000,000.

                         "Lessor Investment Commitment": An amount
                          ----------------------------
               initially equal to $32,000,000, as the same may be
               reduced at the request of the Company in accordance
               with Section 2.03 of the Investment Agreement.

                                       3
<PAGE>

                         "Scheduled Lease Termination Date":
                          --------------------------------

                         "Scheduled Lease Termination Date": the later
                          --------------------------------
               of: (i) the date that is 5 years after whichever is
               applicable of (x) the Lease Commencement Date, or (y)
               if but only if the Additional Facility to be located in
               San Bernardino, California is Complete on or before
               June 30, 2000, the Completion Date of such Additional
               Facility; or (ii) such later date to which it may be
               extended subject and pursuant to the provisions of
               Section 2(b) of the Lease.

         4.    Amendment to the Pricing Schedule (Schedule 1.02(b). The Pricing
               ---------------------------------------------------
Schedule (Schedule 1.02(b) to the Investment Agreement) hereby is amended by
deleting the table contained therein and substituting therefor the following
table:

<TABLE>
<CAPTION>
==============================================================================================================

          Pricing Level                  Level I        Level II       Level III    Level IV         Level V
--------------------------------------------------------------------------------------------------------------
<S>                                      <C>            <C>            <C>          <C>              <C>
Commitment Fee Rate                       0.15%          0.1875%        0.225%       0.25%           0.25%
--------------------------------------------------------------------------------------------------------------

Applicable Margin for Adjusted LIBO      0.925%             1.0%       1.1125%       1.25%           1.475%
Rate basis
--------------------------------------------------------------------------------------------------------------
</TABLE>

         5.    Restatement of Representations and Warranties. The Company hereby
               ---------------------------------------------
restates and renews each and every representation and warranty heretofore made
by it in the Investment Agreement and the other Loan Documents as fully as if
made on the date hereof and with specific reference to this First Amendment and
all other loan documents executed and/or delivered in connection herewith.

         6.    Effect of Amendment. Except as set forth expressly hereinabove,
               -------------------
all terms of the Investment Agreement and the other Loan Documents shall be and
remain in full force and effect, and shall constitute the legal, valid, binding
and enforceable obligations of the Company. The amendments contained herein
shall be deemed to have prospective application only, unless otherwise
specifically stated herein.

         7.    Ratification. The Company hereby restates, ratifies and reaffirms
               ------------
each and every term, covenant and condition set forth in the Investment
Agreement and the other Operative Documents effective as of the date hereof.

         8.    Counterparts. This First Amendment 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

                                       4
<PAGE>

counterparts, taken together, shall constitute but one and the same instrument.

         9.    Section References. Section titles and references used in this
               ------------------
First Amendment shall be without substantive meaning or content of any kind
whatsoever and are not a part of the agreements among the parties hereto
evidenced hereby.

         10.   No Default. To induce the Agent and the Banks to enter into this
               ----------
First Amendment and to continue to make advances pursuant to the Investment
Agreement, the Company hereby acknowledges and agrees that, as of the date
hereof, and after giving effect to the terms hereof, there exists (i) no Default
or Event of Default and (ii) no right of offset, defense, counterclaim, claim or
objection in favor of the Company arising out of or with respect to any of the
Rent or other obligations of the Company owed to the Lessor under the Investment
Agreement, the Lease or the other Operative Documents.

         11.   Further Assurances. The Company agrees to take such further
               ------------------
actions as the Lessor shall reasonably request in connection herewith to
evidence the amendments herein contained to the Company.

         12.   Governing Law. This First Amendment shall be governed by and
               -------------
construed and interpreted in accordance with, the laws of the State of New York.

         13.   Conditions Precedent. This First Amendment shall become effective
               --------------------
only upon execution and delivery (i) of this First Amendment by each of the
parties hereto, and (ii) of the Consent and Reaffirmation of Guarantors and
First Amendment to Guaranty at the end hereof by each of the Guarantors and the
Lessor.

                                       5
<PAGE>

         IN WITNESS WHEREOF, the Company the Lessor have caused this First
Amendment to be duly executed, under seal, by its duly authorized officer as of
the day and year first above written.

                                 U.S. XPRESS ENTERPRISES, INC., (SEAL)
                                 as Company

                                 By: /s/
                                    -------------------------------------------
                                      Title:

                                 WACHOVIA CAPITAL INVESTMENTS, INC. (SEAL)
                                 (formerly known as Wachovia Capital
                                 Markets, Inc.)

                                 By: /s/
                                    -------------------------------------------
                                      Title:

                                       6
<PAGE>

                    CONSENT AND REAFFIRMATION OF GUARANTORS
                  AND FIRST AMENDMENT TO SUBSIDIARY GUARANTY

     Each of the undersigned Subsidiary Guarantors (i) acknowledges receipt of
the foregoing First Amendment to Investment Agreement (the "First Amendment"),
(ii) consents to the execution and delivery of the First Amendment by the
parties thereto and (iii) reaffirms all of its obligations and covenants under
the Subsidiary Guaranty dated as of March 20, 1998 executed by it, and agrees
that none of such obligations and covenants shall be affected by the execution
and delivery of the First Amendment.

     Each of the Subsidiary Guarantors and the Lessor hereby agrees that the
Subsidiary Guaranty hereby is amended by deleting the symbol and number
"$30,000,000" in the 14th line of the 5th "WHEREAS" clause thereof and
substituting therefor the symbol and number "$32,000,000".

     This Consent and Reaffirmation and First Amendment to Subsidiary Guaranty
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 counterparts, taken together, shall
constitute but one and the same instrument.

                           U.S. XPRESS, INC.
                           CSI/CROWN, INC.
                           JTI, INC.
                           XPRESS AIR, INC.
                           U.S. XPRESS LEASING, INC.

                           By: /s/
                              -------------------------------------------------
                                Name:
                                Title:

                           WACHOVIA CAPITAL INVESTMENTS, INC. (SEAL)
                           (formerly known as Wachovia Capital
                           Markets, Inc.)

                           By: /s/
                              -------------------------------------------------
                                Title:

                                       7<PAGE>

                                                                   EXHIBIT 10.40

          SECOND AMENDMENT TO INVESTMENT AND PARTICIPATION AGREEMENT
          ----------------------------------------------------------

     THIS SECOND AMENDMENT TO INVESTMENT AND PARTICIPATION AGREEMENT (this
"Second Amendment") is dated as of March 30, 2000, among U.S. XPRESS
ENTERPRISES, INC., a Nevada corporation (the "Company") and WACHOVIA CAPITAL
INVESTMENTS, INC. (formerly known as Wachovia Capital Markets, Inc.), as Lessor
(the "Lessor");

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, the Company and the Lessor executed and delivered that certain
Investment and Participation Agreement, dated as of the March 20, 1998, as
amended by that certain First Amendment to Investment and Participation
Agreement dated as of November 12, 1999 (as amended, the "Investment
Agreement");

     WHEREAS, the Company has requested and the Lessor has agreed to certain
amendments to the Investment Agreement, subject to the terms and conditions
hereof;

     NOW, THEREFORE, for and in consideration of the above premises and other
good and valuable consideration, the receipt and sufficiency of which hereby is
acknowledged by the parties hereto, the Company and the Lessor hereby covenant
and agree as follows:

     1.   Definitions. Unless otherwise specifically defined herein, each term
          -----------
used herein which is defined in Schedule 1.02 to the Investment Agreement shall
have the meaning assigned to such term in Schedule 1.02 to the Investment
Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and
each other similar reference and each reference to "this Agreement" and each
other similar reference contained in the Investment Agreement shall from and
after the date hereof refer to the Investment Agreement as amended hereby.

     2.   Amendments.
          ----------

          (a)  Schedule 1.02(b) to the Investment Agreement is amended and
restated in its entirety as set forth on Schedule 1.02(b) attached to this
Second Amendment.

          (b)  Section 8.24 of the Investment Agreement is hereby amended and
restated in its entirety as follows:

          Section 8.24.  Restricted Payments. Beginning on January 1, 2000 and
                         -------------------
     thereafter, the Company shall not declare or make any Restricted Payments,
     provided that, so long as after giving effect thereto no Default shall be
     in existence or be created thereby, the Company may:

               (a)  during the period beginning on January 1, 2000 and ending on
     December 31, 2000, inclusive ("Fiscal Year 2000"), purchase, redeem or
     retire up to Ten Million and No/100 Dollars ($10,000,000) of the Company's
     Class A Capital Stock at a weighted average price per share not to exceed
     Thirteen and No/100 Dollars ($13.00) (the "Repurchase");

               (b)  during Fiscal Year 2000, make Restricted Payments in
     addition to any made pursuant to the Repurchase so long as the aggregate of
     all such Restricted Payments made during Fiscal Year 2000 do not exceed the
     greater of (i) five percent (5%) of cumulative Consolidated Net Income
     earned during Fiscal Year 2000, or (ii) twenty-five percent (25%) of
     cumulative Consolidated Net Income earned during Fiscal Year 2000 less
<PAGE>

     the amount of aggregate Restricted Payments made during Fiscal Year 2000
     (including those made pursuant to the Repurchase); and

               (c)  during the period beginning on January 1, 2001 and ending on
     the Lease Termination Date, make Restricted Payments so long as the
     Restricted Payments made during any Fiscal Year do not exceed the sum of
     (x) twenty-five percent (25%) of cumulative Consolidated Net Income for
     that Fiscal Year, plus (y) solely with respect to Fiscal Year 2001,
     Restricted Payments permitted but not paid during Fiscal Year 2000 under
     Section 8.24(b).

          (c)  Section 8.26 of the Investment Agreement is hereby amended and
restated in its entirety as follows:

          Section 8.26   Investments. Neither the Company nor any of its
                         -----------
     Subsidiaries shall make Investments in any Person except as permitted by
     Section 8.25 and except Investments in (i) direct obligations of the United
     States Government maturing within one year, (ii) certificates of deposit
     issued by a commercial bank whose credit is satisfactory to the Agent,
     (iii) commercial paper rated A1 or the equivalent thereof by S&P or P1 or
     the equivalent thereof by Moody's and in either case maturing within 6
     months after the date of acquisition, (iv) tender bonds the payment of the
     principal of and interest on which is fully supported by a letter of credit
     issued by a United States bank whose long-term certificates of deposit are
     rated at least AA or the equivalent thereof by S&P and Aa or the equivalent
     thereof by Moody's, (v) acquisitions of the stock of a Person permitted by
     Section 8.34, or (vi) Transplace.com, consisting of cash and certain
     intangible assets (collectively, the "Transplace Investment"), so long as
     (a) the cash portion of the Transplace Investment does not exceed Five
     Million Dollars ($5,000,000), in the aggregate, and (b) the ownership
     interest of Borrower in Transplace.com and the other terms of the
     Transplace Investment are substantially as described by the Borrower to the
     Administrative Agent and to the Banks in written correspondence provided by
     the Borrower, and in conferences held with the Borrower, prior to March 30,
     2000; provided, however, immediately after giving effect to the making of
           --------  -------
     any Investment, no Default shall have occurred and be continuing.

          (d)  Section 8.30 of the Investment Agreement is hereby amended and
               restated in its entirety as follows:

          Section 8.30.  Ratio of Consolidated Total Adjusted Debt to
                         --------------------------------------------
     Consolidated EBILTDA. The ratio of Consolidated Total Adjusted Debt to
     --------------------
     Consolidated EBILTDA will not at any time exceed (i) 3.25 to 1.00 during
     the Fiscal Quarters ending on March 31, 2000 and June 30, 2000, and (ii)
     thereafter, 3.00 to 1.00.

          (e)  Section 8.31 of the Investment Agreement is hereby amended and
restated in its entirety as follows:

          Section 8.31.  Ratio of Consolidated EBILT to Consolidated Fixed
                         -------------------------------------------------
     Charges. The ratio of (a) Consolidated EBILT to (b) Consolidated Fixed
     -------
     Charges will at all times exceed the following amounts during the
     corresponding periods set forth below:

          Period                                                    Amount
          ------                                                    ------

          Fiscal Quarters ending 03/31/00 through 06/30/00          1.10 to 1.00

          Fiscal Quarter ending 09/30/00                            1.15 to 1.00

                                       2
<PAGE>

          Fiscal Quarter ending 12/31/00                            1.20 to 1.00

          Each Fiscal Quarter ending thereafter                     1.25 to 1.00

          (f)  Section 8.34(i) of the Investment Agreement is hereby amended and
restated in its entirety as follows:

               (i)  during the calendar year 1998, the Company may acquire all
     of the outstanding capital stock of Victory Express, Inc. and PST Vans,
     Inc., provided that the acquisition of the capital stock of PST Vans, Inc.
     is on the terms and conditions set forth in that certain Agreement and Plan
     of Merger dated as July 7, 1998, by and among PST Vans, Inc., U.S. Xpress
     Enterprises, Inc., and PST Acquisition Corp., and further provided that for
     any Fiscal Year thereafter the aggregate total consideration for all such
     acquisitions shall not exceed $75,000,000;"

     3.   Conditions Precedent.  This Second Amendment and the obligations of
          --------------------
the Lenders evidenced hereunder shall not be effective until the execution and
delivery of this Second Amendment by each of the parties hereto and until the
Lessor shall have received a Reaffirmation of Guaranty from each Subsidiary in
substantially the form of Exhibit A-1 hereto.

     4.   Restatement of Representations and Warranties.  The Company hereby
          ---------------------------------------------
restates and renews each and every representation and warranty heretofore made
by it in the Investment Agreement and the other Operative Documents as fully as
if made on the date hereof and with specific reference to this Second Amendment
and all other documents executed and/or delivered in connection herewith.

     5.   Effect of Amendment.  Except as set forth expressly hereinabove, all
          -------------------
terms of the Investment Agreement and the other Operative Documents shall be and
remain in full force and effect, and shall constitute the legal, valid, binding
and enforceable obligations of the Company. The amendments contained herein
shall be deemed to have prospective application only, unless otherwise
specifically stated herein. The execution, delivery and performance of this
Second Amendment 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 the Lessor or any Lease Participant under the Investment Agreement or any of
the other Operative Documents.

     6.   Ratification.  The Company hereby restates, ratifies and reaffirms
          ------------
each and every term, covenant and condition set forth in the Investment
Agreement and the other Operative Documents effective as of the date hereof.

     7.   Counterparts.  This Second Amendment 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 counterparts, taken together, shall constitute but one and the same
instrument.

     8.   Section References. Section titles and references used in this
          ------------------
Second Amendment shall be without substantive meaning or content of any kind
whatsoever and are not a part of the agreements among the parties hereto
evidenced hereby.

     9.   No Default.  To induce the Lessor and the Lease Participants to enter
          ----------
into this Second Amendment and to continue to make advances pursuant to the
Investment Agreement, the Company hereby acknowledges and agrees that, as of the
date hereof, and after giving effect to the terms hereof, there exists (i) no
Default or Event of Default and (ii) no right of offset, defense, counterclaim,
claim or objection in favor of the Company arising out of or with respect to any
of the Rent or other obligations of the Company owed to the Lessor under the
Investment Agreement, the Lease or the other Operative Documents.

                                       3
<PAGE>

     10.  Further Assurances.  The Company agrees to take such further actions
          ------------------
as the Lessor shall reasonably request in connection herewith to evidence the
amendments herein contained to the Company.

     11.  Governing Law.  This Second Amendment shall be governed by and
          -------------
construed and interpreted in accordance with, the laws of the State of New York.

     12.  Conditions Precedent.  This Second Amendment shall become effective
          --------------------
only upon execution and delivery (i) of this Second Amendment by each of the
parties hereto, and (ii) of the Consent and Reaffirmation of Guarantors and
Second Amendment to Guaranty at the end hereof by each of the Guarantors and the
Lessor.

                     [Signatures begin on following page]

                                       4
<PAGE>

     IN WITNESS WHEREOF, each of the Company and the Lessor have caused this
Second Amendment to be duly executed, under seal, by its duly authorized officer
as of the day and year first above written.

                                     U.S. XPRESS ENTERPRISES, INC., (SEAL)
                                     as Company

                                     By: /s/
                                         ---------------------------------------
                                         Name:
                                         Title:

                                     WACHOVIA CAPITAL INVESTMENTS, INC. (SEAL)

                                     By: /s/
                                         ---------------------------------------
                                         Name:
                                         Title:

                                       5
<PAGE>

                    CONSENT AND REAFFIRMATION OF GUARANTORS
                  AND SECOND AMENDMENT TO SUBSIDIARY GUARANTY

     Each of the undersigned Subsidiary Guarantors (i) acknowledges receipt of
the foregoing Second Amendment to Investment Agreement (the "Second Amendment"),
(ii) consents to the execution and delivery of the Second Amendment by the
parties thereto and (iii) reaffirms all of its obligations and covenants under
the Subsidiary Guaranty dated as of March 20, 1998 executed by it, and agrees
that none of such obligations and covenants shall be affected by the execution
and delivery of the Second Amendment.

         This Consent and Reaffirmation and Second Amendment to Subsidiary
Guaranty 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 counterparts, taken together,
shall constitute but one and the same instrument.

                                   U.S. XPRESS, INC.
                                   CSI/CROWN, INC.
                                   JTI, INC.
                                   XPRESS AIR, INC.
                                   U.S. XPRESS LEASING, INC.

By: /s/
    ----------------------------------------------------------------------------
                                     Name:
                                     Title:

                                       6
<PAGE>

                               SCHEDULE 1.02(b)

                               Pricing Schedule

     Each of the terms "Applicable Margin" (for Yield accruing based on the
                        -----------------
Adjusted LIBO Rate) and "Commitment Fee Rate" means, for any day, the rate per
                         -------------------
annum set forth below:

          (i)  for the period commencing on March 30, 2000, to and including the
     next Performance Pricing Determination Date, the Applicable Margin shall
     equal 1.75%, and the Commitment Fee Rate shall equal 0.375%; and

          (ii) from and after such next Performance Pricing Determination Date,
     the rate per annum set forth in the table below, in the row opposite such
     term and in the column of the table corresponding to the Pricing Level that
     applies on such day:

          ==================================================================
            Pricing Level        Level    Level    Level    Level   Level
                                   I        II      III       IV      V
          ------------------------------------------------------------------
           Commitment Fee        0.20%    0.25%     0.30%   0.375%   0.50%
           Rate
          ------------------------------------------------------------------
           Applicable Margin     0.75%    1.00%     1.375%  1.75%    2.25%
           for Adjusted LIBO
           Rate basis
          ------------------------------------------------------------------

     For purposes of this Pricing Schedule, the following terms have the
following meanings:

          "Adjusted Total Debt/EBILTDA Ratio" means the ratio of Consolidated
           ---------------------------------
Total Adjusted Debt to Consolidated EBILTDA.

          "Level I Pricing" applies if the Adjusted Total Debt/EBILTDA Ratio at
           ---------------
the most recent Performance Pricing Determination Date was less than or equal
1.50 to 1.00.

          "Level II Pricing" applies if the Adjusted Total Debt/EBILTDA Ratio at
           ----------------
the most recent Performance Pricing Determination Date was greater than 1.50 to
1.00 and less than or equal to 2.00 to 1.00.

          "Level III Pricing" applies if the Adjusted Total Debt/EBILTDA Ratio
           -----------------
at the most recent Performance Pricing Determination Date was greater than 2.00
to 1.00 and less than or equal to 2.50 to 1.00.

          "Level IV Pricing" applies if the Adjusted Total Debt/EBILTDA Ratio at
           ----------------
the most recent Performance Pricing Determination Date was greater than 2.50 to
1.00 and less than or equal to 3.00 to 1.00.

          "Level V Pricing" applies if the Adjusted Total Debt/EBILTDA Ratio at
           ---------------
the most recent Performance Pricing Determination Date was greater than 3.00 to
1.00.

          "Performance Pricing Determination Date" means each date that occurs
           --------------------------------------
45 days after the end of the first 3 Fiscal Quarters, and 90 days after the end
of the last Fiscal Quarter, of the Company.

     In determining the Applicable Margin and Commitment Fee Rate, the Lessor
shall refer to the Company's most recent financial statements delivered to the
Funding Parties pursuant to Section 8.01(i) of the Investment Agreement
(together with the Compliance Certificate delivered in connection therewith, the
"Audited Statements") and Section 8.01(ii) of the Investment Agreement (together
 ------------------
with the Compliance

                                       7
<PAGE>

Certificate delivered in connection therewith, the "Unaudited Statements");
                                                    --------------------
provided, that, should any relevant Audited Statements or Unaudited Statements
--------  ----
be delivered on a date later than a Performance Pricing Determination Date, any
necessary changes in the Applicable Margin and Commitment Fee Rate shall not be
effective, except to the extent hereinafter provided to the contrary, until the
next succeeding Performance Pricing Determination Date; provided, further, that,
                                                        --------  -------
if the Audited Statements reflect an Adjusted Total Debt/EBILTDA Ratio or
Consolidated EBILT different from the Adjusted Total Debt/EBILTDA Ratio or
Consolidated EBILT determined by the Unaudited Statements for the third Fiscal
Quarter, then (i) if the Audited Statements reveal that Yield and Commitment
Fees should have been at a higher rate for the period from the last Performance
Pricing Determination Date to the next Performance Pricing Determination Date,
then the Company (as Acquisition/Construction Agent for the Lessor, or as Lessee
under the Lease) shall immediately pay to the Lessor such amounts as are
necessary to cause the Lessor to have received the appropriate return (and the
Lessor shall pay to the A Percentage Lease Participants and the B Percentage
Lease Participants their A Percentage Share and B Percentage Share,
respectively, thereof, and (ii) if the Audited Statements reveal that Yield and
Commitment Fees should have been at a lower rate for the period from the last
Performance Pricing Determination Date to the next Performance Pricing
Determination Date, then, so long as no Default shall be in existence, the
Company shall be entitled to a credit against future payments for such amounts
as are necessary to cause the Lessor to have received the appropriate return.
All determinations hereunder shall be made by the Lessor unless the Majority
Funding Parties shall object to any such determination.

                                       8

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