AMENDMENT TO MANAGEMENT AGREEMENT
RMI COVERED XXXXXX RAILCAR MANAGEMENT PROGRAM 79-1
This Amendment to Management Agreement is made as of the date set forth
below opposite the signature of "Owner".
The undersigned signatory identified as "Owner" is party to a
Management Agreement with PLM Investment Management, Inc. ("IMI"), formerly "PLM
Railcar Management, Inc.", covering the management of Owner's covered xxxxxx
railcar(s) identified therein.
In consideration of the continuing appointment of IMI as Manager by
Owner, and for other good and valuable consideration, Owner and IMI do hereby
amend the Management Agreement as follows:
1. The Management Agreement shall be extended for a fixed term not to
exceed five years, ending October 1, 1994. If investor has not given written
notice to the Manager, provided herein below, this Agreement shall, at the
option of Manager, be renewed for an additional term of five years. If investor
elects to terminate this Agreement at the expiration date, investor shall so
notify Manager no fewer than 60 days prior to the expiration date.
2. IMI shall receive a minimum monthly management fee of $38 per car.
Said minimum monthly management fee shall be prorated on a daily basis for any
period less than a full month. In addition, IMI shall receive an incentive
management fee of 15% of net income over $750 per car per quarter.
3. Any notice to IMI shall be addressed as follows:
PLM Investment Management, Inc.
000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxxxx, XX 00000
Attn: Investor Services
or to such other address as may be designated by IMI in writing.
Except as modified by this Amendment, all other terms and conditions of
the Management Agreement shall remain the same for the extended term of the
Management Agreement.
IN WITNESS WHEREOF, the parties have executed this Amendment to
Management Agreement as of the date set forth below opposite the signature of
Owner.
PLM INVESTMENT MANAGEMENT, INC.
By: /s/Xxxxxxx X. Xxxx
Title: Senior Vice President
OWNER
By: /s/Xxxxxxx Armbrustor
