AMENDMENT to MASTER EQUIPMENT LEASE Dated as of November 5, 2007 (“LEASE”) between M&T CREDIT SERVICES, LLC (“LESSOR”) and PREMIER ONCOLOGY MANAGEMENT OF NASSAU, LLC (“LESSEE”)
EXHIBIT
10.2
AMENDMENT
to
Dated
as of November 5, 2007 (“LEASE”)
between
M&T
CREDIT SERVICES, LLC (“LESSOR”)
and
PREMIER
ONCOLOGY MANAGEMENT OF NASSAU, LLC (“LESSEE”)
Lessee
hereby covenants and agrees that the Lease is hereby amended as
follows:
1.
A new
section 9.A Conditions Precedent is added after section 9 to read as
follows:
9.A.
Affirmative and Financial Covenants.
(i) |
At
all times during the Term of the Lease, Lessee shall maintain operating
account(s) at
Manufacturers and Traders Trust Company (“M&T
Bank”).
|
(ii) |
The
execution by Lessor of the Lease and any Schedule under the Lease
is
subject to an opening
day balance sheet satisfactory to Lessor, in Lessor’s sole
discretion.
|
(iii) |
Lessee
shall maintain a minimum Debt Service Coverage Ratio of 1.0:1.0,
to be
tested annually
based on Lessee’s fiscal year end.
|
“Debt
Service Coverage Ratio” shall be determined on a combined basis for Lessee and
Premier Oncology of Nassau, P.C. as follows: the numerator of the ratio defined
as the sum of net income, depreciation, amortization, interest expense and
other
non cash items, if any. The denominator of the ratio is defined as the sum
of
the current portion of long term debt at year-end and interest expenses of
the
current fiscal year. All defined terms used in this definition but not defined
herein shall have the meaning ascribed to them in the GAAP. "GAAP" shall mean
generally accepted accounting principles in effect from time to time in the
United States
2.
Section 21 of the Lease, Events of Default, is amended to include the following
as an additional Event of Default: Failure by Lessee to maintain its operating
account(s) at M&T Bank during the term of the Lease.
Except
as
specifically amended hereby, all of the terms and conditions set forth in the
Lease are unaffected and remain in full force and effect.
IN
WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS AMENDMENT THIS 5th DAY
OF
November
2007.
LESSEE:
|
LESSOR:
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PREMIER ONCOLOGY MANAGEMENT OF NASSAU, LLC | M&T CREDIT SERVICES, LLC |
By: /s/
Xxxxx X. Xxxxxxxxxx
Xxxxx
X. Xxxxxxxxxx, M.D.
Managing
Member
|
By: /s/
Xxxxxxxxx Xxxxx
Xxxxxxxxx
Xxxxx
Banking
Officer
|