Amendment #2
To
Master lease #46494 dated April 2, 1999 (the "Lease")
Between
Xxxxx Fargo Equipment Finance, Inc. ("Lessor")
And
PLM International, Inc. ("Lessee")
Lessor and Lessee hereby agree to amend the Lease as follows:
1. Paragraph 17(i) is amended by inserting the following to the beginning
thereof, "without Lessor's prior written consent which shall not be unreasonably
withheld, conditioned or delayed provided there is no material adverse change in
Lessee's credit worthiness as a result thereof,".
2. "Paragraph 17(j) is amended by inserting the following to the beginning
thereof, "without Lessor's prior written consent which shall not be unreasonably
withheld, conditioned or delayed provided the credit worthiness of the new
entity is equal or better than Lessee's as of the date of this lease,".
3. Paragraph 17 is further amended by adding the following to the end
thereof:
(k) Lessee shall fail to have closed the sale its subsidiary
operation, American Finance Group, Inc., by March 31, 2000, however, Lessor
retains the right to grant Lessee an extension to this date at Lessor's
sole discretion, which shall not be unreasonably withheld.
(l) Lessee's ration of Earnings Before Interest and Taxes (EBIT) to
Interest Expense shall be no less than 1.35 to 1.0. Lessee's Net Income
shall be no less than $1.00 for any two consecutive quarters.
(m) Lessee's Tangible Net Worth Leverage defined as Total Liabilities
to Tangible Net Worth shall be no greater than 3.0 to 1.0.
EBIT, Net Income and Tangible Net Worth shall be calculated in accordance
with GAAP.
4. Except as modified herein, the terms and conditions of the Lease remain
the same.
Dated: October 12, 1999
XXXXX FARGO EQUIPMENT FINANCE, INC. PLM INTERNATIONAL, INC.
By: Xxxxxx X. Xxxxxxxx By: /s/ Xxxxxxx X Xxxxx
Its: Officer Its: Chief Financial Officer
