LEASE EQUITY APPRECIATION FUND I LP
AMENDMENT NO 5 TO SECURED LOAN AGREEMENT
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>2
<FILENAME>w52431aexv10w4.htm
<DESCRIPTION>AMENDMENT NO 5 TO SECURED LOAN AGREEMENT
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.4</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>AMENDMENT No.&nbsp;5 TO SECURED LOAN AGREEMENT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT TO SECURED LOAN AGREEMENT (this &#147;Amendment&#148;) dated as of December&nbsp;21, 2007 among
WESTLB AG, NEW YORK BRANCH (the &#147;<u>Lender</u>&#148;), U.S. BANK NATIONAL ASSOCIATION, a national banking
association (the &#147;<u>Collateral Agent</u>&#148; and
&#147;<u>Securities Intermediary</u>&#148;), LEASE EQUITY APPRECIATION
FUND I, L.P., a Delaware limited partnership (&#147;<u>LEAF</u>&#148;
or the &#147;<u>Seller</u>&#148;), LEAF FINANCIAL
CORPORATION, a Delaware corporation (the &#147;<u>Servicer</u>&#148;), LEAF FUNDING INC., a Delaware corporation
(the &#147;<u>Originator</u>&#148;) and LEAF FUND I, LLC, a Delaware limited liability company (the &#147;<u>Borrower</u>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>W</u>
<u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u>
<u>T</u> <u>H</u>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto are parties to the Secured Loan Agreement, dated as of
December&nbsp;31, 2004 (as modified, amended or supplemented from time to time, the &#147;Secured Loan
Agreement&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section&nbsp;14.04 of the Secured Loan Agreement, the parties hereto wish
to amend the Secured Loan Agreement and hereby agree that the Secured Loan Agreement is hereby
amended; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. <U>Definitions.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever used in this Amendment, capitalized terms used and not
otherwise defined herein shall have the meanings set forth in Appendix&nbsp;A to the
Secured Loan Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Any term that relates to a document or a statute, rule, or regulation
includes any amendments, modifications, supplements, or any other changes that may
have occurred since the document, statute, rule, or regulation came into being,
including changes that occur after the date of this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. <U>Amendments.</U> The parties hereto hereby agree, pursuant to Section
14.04 of the Secured Loan Agreement, to amend the Secured Loan Agreement as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsections (a)&nbsp;and (b)&nbsp;of Section&nbsp;2.11 shall be struck in their
entirety and replaced with:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">(a) &#091;Reserved&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">(b) &#091;Reserved&#093;.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Subsection (jj)&nbsp;of Section&nbsp;7.02 shall be struck in its entirety and replaced
with:</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(jj) As of the last day of each fiscal quarter commencing March&nbsp;31, 2007, LEAF shall
maintain &#147;Adjusted Partner&#146;s Capital&#148; of no less than 75.00% of &#147;partner&#146;s equity&#148; (as reflected
in its financial statements) as of August&nbsp;15, 2004 (the last day of its offering period pursuant
to its Prospectus dated August&nbsp;15, 2002) as reported in its September&nbsp;2004 financial statements.&#148;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The definitions of Expected Facility Termination Date, Maximum Facility
Amount and Senior Leverage Ratio in Appendix&nbsp;A shall be struck in their entirety and
replaced with:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#147;Expected Facility Termination Date&#148;</U> means January
31, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#147;Maximum Facility Amount&#148;</U> means $110,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&#147;Senior Leverage Ratio&#148;</U> means, with respect to LEAF, the result obtained by dividing
LEAF&#146;s Combined Recourse Debt by LEAF&#146;S Adjusted Partner&#146;s Capital. For such determination,
&#147;Combined Recourse Debt&#148; means all of LEAF&#146;s debts and liabilities, but excluding third party
accounts payable, accrued expenses, non-recourse debt and intercompany obligations, and &#147;Adjusted
Partner&#146;s Capital&#148; means partner&#146;s capital (in accordance with GAAP with no adjustment for other
comprehensive income accounted for pursuant to SFAS 133/138) plus &#147;Due to General Partner&#148; plus
subordinated debt, if any. For such determination (including Section&nbsp;7.02(jj)), &#147;Due to General
Partner&#148; means amounts, as set forth in the financial statements of LEAF, that are due to LEAF
Financial Corporation and its affiliates, as general partner of LEAF, for management fees and
expenses due for servicing the Securitized Portfolio in addition to amounts LEAF Financial
Corporation has paid for property taxes due on the Securitized Portfolio that have been billed to
Customers.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The effective date of this amendment shall be the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3. <U>Representations and Warranties.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower, LEAF and Servicer each hereby severally certifies as to itself that its respective
representations and warranties set forth in Article&nbsp;VI of the Secured Loan Agreement (and any
other representations and warranties made by Borrower, LEAF or Servicer in the Secured Loan
Agreement) are true and correct on the date hereof with the same force and effect as if made on
the date hereof, except to the extent such representations and warranties speak specifically to an
earlier date in which case they shall have been true and correct on such date. In addition,
Borrower, LEAF and Servicer each severally represents and warrants (which representations and
warranties shall survive the execution and delivery hereof) that (a)&nbsp;no unwaived Facility
Termination Event or Event of Default (nor any event that but for notice or lapse of time or both
would constitute an unwaived Facility Termination Event or Event of Default) shall have occurred
and be continuing as of the date hereof nor shall any unwaived Facility Termination Event or Event
of Default (nor any event that but for notice or lapse of time or both would constitute an
unwaived Facility Termination Event or Event of Default) occur due to this Amendment becoming
effective, (b)&nbsp;Borrower, LEAF and Servicer each has the power
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and authority to execute and deliver this Amendment and has taken or caused to be taken all
necessary actions to authorize the execution and delivery of this Amendment, (c)&nbsp;no consent of any
other person (including, without limitation, members or creditors of Borrower, LEAF or Servicer),
and no action of, or filing with any governmental or public body or authority is required to
authorize, or is otherwise required in connection with the execution and performance of this
Amendment, other than such that have been obtained, (d)&nbsp;the Secured Loan Agreement, as amended by
this Amendment, constitutes the legal, valid and binding obligation of Servicer, LEAF and the
Borrower, enforceable against them in accordance with its terms except as the enforceability
thereof may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws
of general application affecting creditors&#146; rights generally and by general principles of equity
(whether such enforceability is considered in a proceeding in equity or law), and (e)&nbsp;the
execution, delivery and performance of this Amendment will not violate any provision of any
existing law or regulation or any order or decree of any court, regulatory body or administrative
agency or the certificate of formation or the limited liability company agreement of Servicer, LEAF
or Borrower or any material indenture, agreement, mortgage, deed of trust or other instrument to
which Servicer, LEAF or the Borrower is a party or by which it is bound.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. <U>Ratification</U>. Upon execution of this Amendment, the Secured Loan Agreement
shall be amended in accordance herewith, and the respective rights, limitations, obligations,
duties, liabilities and immunities of the parties shall hereafter be determined, exercised and
enforced subject in all respects to such amendments, and the terms of this Amendment shall be a
part of the Secured Loan Agreement for any and all purposes. Except as modified and expressly
amended by this Amendment, the Amendment is in all respects ratified and confirmed, and all the
terms, provisions and conditions thereof shall be and remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. <U>GOVERNING LAW</U>. THIS AGREEMENT SHALL, IN
ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW
PRINCIPLES THEREOF.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6. <U>Counterparts</U>. For the purpose of facilitating the execution of this
Amendment and for other purposes, this Amendment may be executed simultaneously in any number of
counterparts, each of which shall be deemed to be an original and together shall constitute and be
one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7. <U>Severability of Provisions</U>. If any one or more of the provisions or terms
of this Amendment shall be for any reason whatsoever held invalid, then such provisions or terms
shall be deemed severable from the remaining provisions or terms of this Amendment and shall in no
way affect the validity or enforceability of the other provisions or terms of this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8. <U>Amendment</U>. This Amendment may be amended or modified from time to time by
the parties hereto, but only by an instrument in writing signed by each of the parties hereto.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9. <U>Headings</U>. The Section headings are not part of this Amendment and shall
not be used in its interpretation.
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK&#093;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>


<TD colspan="4" align="left"><DIV style="margin-left:300px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEAF FUND I, LLC, <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Borrower<BR>
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;/s/ Miles Herman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Miles Herman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President </TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
    <TD width="15%"></TD>
</TR>
<TR>

    <TD colspan="4" align="left"><DIV style="margin-left:300px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEASE EQUITY APPRECIATION FUND I, L.P.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Seller<BR>
&nbsp;</div></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left">By:&nbsp;LEAF FINANCIAL CORPORATION,
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">as General Partner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                                  &nbsp;&nbsp;/s/ Miles Herman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Miles Herman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and COO&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="4" align="left"><DIV style="margin-left:300px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEAF FINANCIAL CORPORATION, as Servicer<BR>
&nbsp;</div></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;/s/ Miles Herman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Miles Herman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and COO&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="4" align="left"><DIV style="margin-left:300px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEAF FUNDING, INC., as Originator<BR>
&nbsp;</div></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;/s/ Miles Herman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Miles Herman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and COO&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR>
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    <TD width="1%">&nbsp;</TD>
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    <TD width="15%">&nbsp;</TD>
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    <TD colspan="4" align="left"><div style="margin-left: 48%">U.S.
BANK NATIONAL ASSOCIATION, as</div>
<div style="margin-left: 48%">Collateral Agent and Securities
Intermediary</div><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Diane L. Reynolds</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Diane L. Reynolds</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="4" align="left"><div style="margin-left: 48%">WESTLB
AG, NEW YORK BRANCH, as Lender</div>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Matthew Tallo
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Matthew Tallo&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Vesselina Koleva
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Vesselina Koleva  &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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