Document:

Exhibit 10.2

 

 

	Banc of America Leasing & Capital, LLC	Addendum to Master Lease Agreement No.  30350-90000

 

This Addendum (“Addendum”)
to Master Lease Agreement No. 30350-90000 dated as of December 9, 2015 (the “Agreement”) is by and between
Banc of America Leasing & Capital, LLC ("Lessor") and Private National Mortgage Acceptance Company,
LLC ("Lessee"), who have determined that it is to their mutual benefit to make certain amendments to the Agreement.
All capitalized terms used herein without definition shall have the respective meaning set forth or referred to them in the Agreement.
For purposes of this Addendum, all financial terms contained herein that are not specifically defined herein shall have the meanings
and values determined in accordance with generally accepted accounting principles in the United States, as defined by controlling
pronouncements of the Financial Accounting Standards Board, as from time to time supplemented and amended, and consistently applied.
Accordingly, for good and valuable consideration, intending to be legally bound and pursuant to the terms and conditions of the
Agreement, it is hereby agreed as follows:

 

For so long as any Obligations of
the Lessee owing to Lessor remain outstanding, Lessee covenants and agrees that it shall:

 

		1)	Minimum Liquidity: maintain unrestricted cash and cash equivalents, short term cash investments,
net trade receivables and marketable securities not classified as long term investments on a consolidated basis, in an amount at
least equal to $25,000,000;

 

		2)	Minimum Net Worth: maintain a “Tangible Net Worth” (defined for purposes of
this Addendum as shareholders’ equity less intangible assets, and excluding amounts due from Affiliates and capitalized software
costs) of at least $500,000,000; provided that the term “Affiliates” shall include only Lessee and its wholly owned
subsidiaries;

 

		3)	Maximum Indebtedness to Tangible Net Worth Ratios: maintain a ratio of total liabilities
excluding the amount of any non-recourse debt, including any securitization debt, and any intercompany debt eliminated in consolidation
to Tangible Net Worth of not more than 5-to-1;

 

		4)	Minimum Profitability: maintain net profits (earnings after depreciation, depletion, amortization
and other non-cash charges, and after taxes) of at least $1 during each calendar quarter; and

 

		5)	Covenant Compliance Testing and Compliance Certificates: on a calendar quarterly basis,
provide Lessor, within 45 days following the close of each quarter, a compliance certificate in form and substance satisfactory
in all respects to Lessor, together with supporting financial information and statements, certified by Lessee’s chief financial
officer certifying as to Lessee’s compliance with the financial covenants set forth above and that no Event of Default, or
event or condition which, with the giving of notice or the passage of time or both, would constitute an Event of Default, exists
under the Agreement.

 

It is expressly agreed
by the parties that this Addendum is supplemental to the Agreement and made a part thereof and all the terms, conditions and provisions
thereof, unless specifically modified herein, are to remain in full force and effect. In the event of any conflict, inconsistency
or incongruity between the provisions of this Addendum and any of the provisions of the Agreement, the provisions of this Addendum
shall in all respects govern and control.

 

IN WITNESS WHEREOF, the
parties have caused this Addendum to be executed on the dates set forth below.

 

	
        Private
        National Mortgage Acceptance Company, LLC

         

         

        By: /s/ Pamela Marsh

         

        Print Name: Pamela Marsh

         

        Title: Executive Vice President, Treasurer

         

        Date: 12/9/15
	
        Banc
        of America Leasing & Capital, LLC 

         

         

         

        By: /s/ Terri J. Preston

         

        Print Name: Terri J. Preston

         

        Title: Vice President

         

        Date: 12/9/15Exhibit 10.3

 

	 	Schedule (Lease Intended as Security)	Schedule
	Banc of America Leasing & Capital, LLC	to Master Lease Agreement	Number 001

 

This Schedule ("Schedule"),
dated as of December 9, 2015, between Banc of America Leasing & Capital, LLC ("Lessor") and
Private National Mortgage Acceptance Company, LLC ("Lessee") is executed pursuant to Master Lease Agreement
Number 30350-90000 dated December 9 , 2015 (the “Master Lease”), incorporated in this Schedule
by this reference. Unless otherwise defined in this Schedule, capitalized terms used in this Schedule have the respective meanings
assigned to such terms in the Master Lease. If any provision of this Schedule conflicts with any provision of the Master Lease,
the provisions contained in this Schedule shall prevail. Lessee hereby authorizes Lessor to insert the serial numbers and other
identification data of the Equipment, dates, and other omitted factual matters or descriptions in this Schedule.

 

1.Description of Equipment; Location.
The Equipment subject to this Schedule, which has a cost to Lessor in the aggregate of $13,577,761.95, which may include
taxes, shipping, installation and other related expenses, if any (collectively "Lessor’s Cost"), are as
follows:

 

	Quantity	Description	Serial Number	Lessor's Cost
	 	 	 	 
	 	 	See attached Exhibit A	 

 

Location of Equipment. The
Equipment will be located or (in the case of over-the-road vehicles) based at the following locations:

 

	Location	Address	City	County	State	ZIP
	 	 	 	 	 	 
	See attached Exhibit A

 

2.Acceptance. Lessee acknowledges
and represents that the Equipment (a) has been delivered to, received and inspected by Lessee, (b) is in good operating order,
repair, condition and appearance, (c) is of the manufacture, design and capacity selected by Lessee and are suitable for the purposes
for which the Equipment are leased, and are acceptable and satisfactory to Lessee, (d) do not require any additions or modifications
to make them suitable for use, other than ancillary modifications or additions normally made by lessees of similar assets, and
are available for use and lease by Lessee and Lessor, and (e) have been irrevocably accepted as "Equipment" leased by
Lessee under this Schedule as of the date written below (the "Acceptance Date"). Lessee hereby authorizes and
directs Lessor to reimburse Lessee or pay Vendors for the purchase price of the Equipment in accordance with Vendors’ invoices
therefor, receipt and approval of which are hereby reaffirmed by Lessee.

 

3.Lease Term. The original Lease
Term for the Lease of Equipment under this Schedule consist of: (i) an "Interim Term" (if any) beginning on the
Acceptance Date, and continuing through and including the day preceding the Base Date; and (ii) a "Base Term"
of thirty-six (36) months, beginning on  January 9, 2016  (the "Base Date").

 

4.Rent. Rent payable under this
Schedule consists of: (i) “Interim Rent”, which shall be due Lessor for each day of the interim Term and shall equal
the daily equivalent of the initial Base Rent, and payable on the Base Date; and (ii) “Base Rent”, which shall be payable
in arrears in thirty-six (36) consecutive monthly installments of the payment amount and interest (the "Payments")
commencing on January 9, 2016 (the “Initial Payment”). Each Payment shall be in the principal amount
of $377,160.05, plus interest as described in the following paragraph, and due and payable on the same day of the month as the
Initial Payment set forth above in each succeeding payment period (each, a "Payment Date") during the Lease Term.
All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each.

 

Interest shall accrue on the entire Lessor’s
Cost of this Schedule outstanding for any calendar month or portion thereof as reduced by each Payment of principal, at a per annum
rate of interest equal to (i) [***] plus the rate of interest equal to the “average of interbank offered rates
for dollar deposits in the London Market based on quotations of sixteen (16) major banks” for a term of thirty days as published
in the Wall Street Journal under a heading entitled “Money Rates, London Interbank Offered Rates (LIBOR)” or any future
or substitute heading, on the fifteenth day of the month preceding the month in which the Payment Date occurs for the applicable
Payment, or (ii) if less, the highest rate of interest permitted by applicable law (the "Interest Rate").

 

 

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5.Tax Exemption; Personal Property Taxes.
 Lessor will invoice Lessee for all sales and use taxes as and when due and payable in accordance with applicable law, unless
Lessee timely delivers to Lessor a valid exemption certificate with respect to such taxes. Delivery of such certificate shall constitute
Lessee's representation and warranty that no such taxes shall become due and payable with respect to the Equipment, and Lessee
shall indemnify and hold harmless Lessor from and against any and all liability or damages, including late charges and interest
which Lessor may incur by reason of the assessment of such taxes. Notwithstanding any provision to the contrary in this Lease,
Lessee shall file directly with all appropriate taxing authorities all declarations, returns, inventories and other documentation
with respect to any personal property taxes due or to become due with respect to the Equipment ("Taxes") and shall
pay on or before the date when due all such Taxes assessed, billed or otherwise payable with respect to such Equipment directly
to such taxing authorities. Upon request by Lessor, Lessee shall provide Lessor with copies of satisfactory documentation and proof
of payment of such Taxes, and any penalties and interest thereon, and any other liabilities and damages that Lessor may incur arising
out of the failure of Lessee to pay when due such Taxes. The indemnity and covenants set forth herein shall continue in full force
and effect and shall survive the expiration or earlier termination of this Lease.

 

6.Status of Lease as “Lease Intended
as Security.” Any provision of the Master Lease to the contrary notwithstanding, Lessor and Lessee acknowledge and agree
that the Lease of Equipment under this Schedule is and is intended to be a transaction which creates a security interest in personal
property in favor of Lessor, and shall be construed to constitute a lease intended as security for all commercial law and federal
income and state tax purposes. Lessee and Lessor further acknowledge and agree that: (i) any right, title or interest of Lessor
in and to the Equipment is held for collateral security purposes and that Lessor shall be entitled to all of the rights and remedies
of a secured party under Article 9 of the UCC and otherwise provided under applicable law; (ii) Section 7(c) of the Master Lease
shall not be applicable to the Lease evidenced by this Schedule; (iii) Lessee shall be treated for both federal and state income
tax purposes as the owner of the Equipment and shall be entitled to take all of the tax benefits (including, without limitation,
all depreciation deductions) that may be available with respect to the Equipment; (iv) upon the payment and performance of all
of Lessee’s Obligations under this Schedule, and provided that there then exists no Event of Default, Lessee shall not be
obligated to return the Equipment to Lessor pursuant to the provisions of Section 8 of the Master Lease; and (v) the last sentence
of Section 12(a) of the Master Lease as it relates to the Lease evidenced by this Schedule is deleted and replaced with the following:
“Any payments received by Lessor after the occurrence of an Event of Default, including proceeds of any disposition of Equipment,
shall be applied in the following order: (A) to all costs, and (including Attorneys’ Fees), charges and expenses incurred
in taking, removing, holding, repairing and selling or leasing the Equipment or other Collateral or enforcing the provisions hereof;
(B) to the extent not previously paid by Lessee, to pay Lessor for any damages then remaining unpaid hereunder; and (C) the balance,
if any, shall be paid to Lessee and/or other parties lawfully entitled thereto.”

 

7.Further Representations and Agreements.
Lessee represents, warrants and agrees as follows: (a) all representations and warranties of Lessee contained in the Master
Lease are restated as of the Acceptance Date and are true and correct as of such date; (b) there has been no material adverse change
in the operations, business, properties or condition (financial or otherwise) of Lessee or any Guarantor since November 16,
2015; (c) there exists no Default or Event of Default as of the Acceptance Date; and (d) the operation and maintenance
of any Equipment in the ordinary course by Lessee do not require the entry into any software or other intellectual property rights
agreement with any licensor or other person, except as disclosed to Lessor in writing prior to the Acceptance Date.

 

8.End of Lease Term Purchase. At
the end of the Base Term, or within 15 days thereafter, Lessee shall purchase the Equipment on an "AS IS, WHERE IS" quitclaim
basis, without representations or warranties of any kind, express or implied, for the cash amount of one dollar ($1.00)
("Purchase Price"). Lessee shall pay Lessor the Purchase Price on or before the expiration of the Base
Term in immediately available funds.

 

	BANC OF AMERICA LEASING & CAPITAL, LLC	Private National Mortgage Acceptance Company, LLC
	 	 
	By:/s/ Terri J. Preston	By:/s/Pamela Marsh
	 	 
	Printed Name: Terri J. Preston	Printed Name: Pamela Marsh
	Title: Vice President	Title: Executive Vice President, Treasurer
	 	 
	 	Acceptance Date:  12/9/15

 

 

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Where multiple counterpart originals
of this Schedule have been executed by Lessee and Lessor, only the counterpart marked “Lessor's Copy” shall be deemed
chattel paper evidencing the Lease of Equipment subject to this Schedule, and a security interest in such chattel paper and Lease
may be perfected through the transfer and possession of the “Lessor’s Copy” of such Schedule only, without the
need to transfer possession of the Master Lease, any Related Agreement or any other document executed and delivered in connection
with this Lease.

 

 

 

 

 

 

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