RENEWAL RENTAL SCHEDULE NO. A-l6RN1 (the "Renewal Rental Schedule") DATED AS OF February 1, 1998 TO MASTER LEASE AGREEMENT NO. 8607TXG245 (the "Master Lease") DATED AS OF July 15, 1986 LESSOR LESSEE American Income Partners V-C LP Zeigler Coal Holding Company c/o EQUIS FINANCIAL GROUP 50 Jerome Lane 88 BROAD STREET Fairview Heights, IL BOSTON, MA 02110 62208 1. LEASE TERM. PAYMENT DATES. This Renewal Rental Schedule, between American Income Partners V-C LP, as lessor, lessor's interest therein having been previously sold and assigned by American Finance Group and Lessee incorporates by reference the terms and conditions of the Master Lease. Lessor hereby leases to Lessee and Lessee hereby leases from Lessor those items of Equipment described on the attached Schedule B, for the Renewal Lease Term and at the Renewal Term Basic Rent payable on the Payment Dates hereinafter set forth on the attached Schedule A, on the terms and conditions set forth in the Master Lease. 2. BASIC RENT. Renewal Term Basic Rent is computed by multiplying the Total Equipment Cost by the Renewal Lease Rate set forth on the attached Schedule A. 3. ENTIRE AGREEMENT. MODIFICATION AND WAIVERS. EXECUTION IN COUNTERPARTS. This Renewal Rental Schedule and the Master Lease constitute the entire agreement between Lessee and Lessor with respect to the leasing of the Equipment. Capitalized terms not defined herein shall have the meanings assigned to them in the Master Lease. To the extent any of the terms and conditions set forth in this Renewal Rental Schedule conflict with or are inconsistent with the Master Lease, this Renewal Rental Schedule shall govern and control. No amendment, modification or waiver of this Renewal Rental Schedule or the Master Lease will be effective unless evidenced in writing signed by the party to be charged. This Renewal Rental Schedule may be executed in counterparts, all of which together shall constitute one and the same instrument. RENEWAL RENTAL SCHEDULE NO. A-l6RN1 PAGE TWO The undersigned, being the duly authorized representative of the Lessee, hereby certifies that the items of Equipment described on the attached Schedule B have been duly delivered to the Lessee in good order and duly inspected and accepted by the Lessee as conforming in all respects with the requirements and provisions of the Master Lease, as of the Renewal Term Commencement Date stated on the attached Schedule A. American Income Partners V-C LP Zeigler Coal Holding Company By: AFG Leasing IV Incorporated Lessee Lessor By: /s/ Gail O. Ofgant By: /s/ [ILLEGIBLE] ------------------------------- ----------------------------- Title: Vice President Title: Treasurer ---------------------------- ------------------------- COUNTERPART NO. 1 OF 2 SERIALLY NUMBERED MANUALLY EXECUTED COUNTERPARTS. TO THE EXTENT IF ANY THAT THIS DOCUMENT CONSTITUTES CHATTEL PAPER UNDER THE UNIFORM COMMERCIAL CODE, NO SECURITY INTEREST MAY BE CREATED THROUGH THE TRANSFER AND POSSESSION OF ANY COUNTERPART OTHER THAN COUNTERPART NO. 1 EQUIS FINANCIAL GROUP Page 1 Schedule A - Rental Schedule Economics LESSEE: SHELL OIL COMPANY LESSOR: EQUIS FINANCIAL GROUP RENTAL SCHEDULE: A-l6RN1 LEASE TERM (months): 24 PRIMARY START DATE: 2/01/1998 LEASE EXPIRATION DATE: 1/31/2000 PAYMENT FREQUENCY: MONTHLY ADVANCE/ARREARS: ADVANCE LEASE RATE: .008520750 PER DIEM LEASE RATE: .000284025 PERIODIC RENT: $8,999.99 NUMBER OF PAYMENTS: 24 TOTAL INTERIM RENT: $ .00 PAYMENT COMMENCEMENT DATE: 2/01/1998 TOTAL EQUIPMENT COST: $1,056,244.48 DOCUMENTATION FEE: ___________________ LESSEE INITIALS - --------------------------- /s/ GDO LESSOR INITIALS - --------------------------- EQUIS FINANCIAL GROUP PAGE 1 ASSET ACTIVITY CHECKLIST REPORT PREPARED BY: STEVEN LASPINA APPROVALS: /s/ SL / ------------------------ TYPE OF TRANSACTION (/) RENEWAL LEASE ( ) CASUALTY AT STIPULATED LOSS VALUE ( ) SALE TO ORIGINAL USER ( ) EARLY TERMINATION ( ) SALE TO THIRD PARTY USER ( ) WAREHOUSE OF ASSETS ( ) OTHER ___________________________ PRIMARY TERM DATA ORIGINAL LESSEE SHELL OIL COMPANY STREET ADDRESS 1 ZEIGLER COAL HOLDING CO STREET ADDRESS 2 50 JEROME LANE CITY, STATE, ZIP FAIRVIEW HEIGHTS IL 62208 CONTACT NAME ROBERT MCPEAK PHONE NUMBER 618-394-2480 FAX NUMBER 618-394-2488 MASTER LEASE NUMBER 8607TXG245 LEASE DATE 7/15/1986 RENTAL SCHEDULE A-16 START DATE 1/01/1991 EXPIRATION DATE 12/31/1997 PAYMENT FREQUENCY M/ADV LEASE RATE FACTOR .013672000 ASSUMED DEBT RATE 8.8900 TREASURY RATE 7.97 LENDER/LOAN NUMBER KFNL KFNL012 EQUITY OWNER(S) 1053 100.000000000 1 ( ) ORIGINAL TITLES 3 ( ) STOP BILL FORM 2 ( ) PRODUCE IRR REPORT 4 ( ) COLLATERAL DOCS REQUESTED I. WAREHOUSE DATA (SEE ATTACHED EQUIPMENT LIST) WAREHOUSE COST $_____________________ DATE WAREHOUSED _____________________ STOP BILL DATE _____________________ EQUIS FINANCIAL GROUP PAGE 2 ASSET ACTIVITY CHECKLIST REPORT II. EQUIPMENT SALE DATA (SEE ATTACHED EQUIPMENT AND PRICE LIST) NEW LESSEE OR BUYER STREET ADDRESS 1 STREET ADDRESS 2 CITY, STATE, ZIP CONTACT NAME PHONE NUMBER FAX NUMBER SALE TYPE BS LS OS RS TAX EXEMPTION STATUS YES NO EXEMPTION NUMBER TOTAL SALE PRICE $_________________ BROKERAGE FEE $___________________ SALE DATE/STOP BILL DATE __________________ 1 ( ) CREATE MEMO CODE 6 ( ) CHANGE MEMO CODE 2 ( ) AS/400 INPUT 7 ( ) DELIVERY INSTRUCTIONS 3 ( ) MISCELLANEOUS INVOICE 8 ( ) REMOVE RS COUNTERPART IF ALL 4 ( ) PRODUCE DOCUMENTS/SEND TO BUYER ASSETS SOLD 5 ( ) RECEIPT OF PAYMENT 9 ( ) PREP FOR SCANNING 10 ( ) FINAL DOCUMENTS TO BUYER III. RENEWAL DATA (ATF MAY NEED TO BE CREATED) NEW RENTAL SCHEDULE A-16RN1 TERM 24 MONTHS START DATE 1/1/98 EXPIRATION DATE 12/31/99 PAYMENT FREQUENCY [M/ADV] Q/ADV S/ADV A/ADV N/ARR Q/ARR S/ARR A/ARR STIPULATED LOSS VALUE $_________________ LRF/RENT $.00852075 SEND DOCUMENTS TO LESSEE __________________ END OF LEASE OPTIONS FMV 1 (/) AS/400 INPUT 5 ( ) ACTIVATION REPORT 2 (/) UPDATE EQUITY OWNER 6 ( ) PREP FOR SCANNING 3 (/) PRODUCE DOCUMENTS/SEND TO LESSEE 7 ( ) FINAL DOCUMENTS TO LESSEE 4 ( ) REQUEST UPDATED INSURANCE IV. NOTES, COMMENTS AND OTHER INFORMATION _________________________________________ _________________________________________ EQUIS FINANCIAL GROUP PAGE 1 ASSET ACTIVITY REPORT - EQUIPMENT DESCRIPTION LESSEE: SHELL OIL COMPANY RENTAL SCHEDULE: A-16 Asset Equipment Cost Serial Number Manufacturer Model Type Status Bill Code - ------------------------------------------------------------------------------------------------------------------------------------ 0013615 973,744.48 74290 EUCLID R-190 TRUCK LEASE WY002 0013616 82,500.00 3700 R57 HAUL TRUCK WHEELS LEASE WY002 ------------- 1,056,244.48 Total for Location BUCKSKIN MINE GILLETTE WY 82716 CODE WY001 ============= 1,056,244.48 Total Equipment Cost ** END OF REPORT ** [LOGO] Triton Coal Company 113 S. Gillette Avenue, Suite 203 Division Office Gillette, Wyoming 82716 (307) 687-2062 ================================================================================ November 20, 1997 Mr. Steve Laspina Equis Financial Group 88 Broad Street Boston, MA 02110 Dear Steve: To follow up our discussions concerning the Euclid R-190 truck leases, Schedule(s) A-15 and A-16, Triton has elected to extend the current lease agreement for another 24 months per the terms set forth in your letter of July 24, 1997. These terms were also set forth in the October 1, 1997 letter, however, we would rather not consider stating a Purchase Price at this time. Simply, a 24 month extension at $9,000.00 per month will most closely fit with our mine planning at this time. As I interpret this proposal, the same language regarding options at termination will hold as set forth in the original lease agreement. Please forward the proper documentation required to initiate this 24 month extension so that I can prepare the paperwork necessary for management approval signatures at my location. If there is anything more that I need to do, or if you have any questions regarding this matter, please call. Sincerely, /s/ Bill Seay Bill Seay Materials Manager cc: John Willson Dick Grady Scott Deppe Randy Roos EQUIS FINANCIAL GROUP PAGE 1 Schedule B Equipment Description LESSEE: SHELL OIL COMPANY RENTAL SCHEDULE AND ACCEPTANCE CERTIFICATE NUMBER: A-16RN1 LESSOR: EQUIS FINANCIAL GROUP Acceptance Equipment Cost Serial Number Year Manufacturer Model Type Date - ------------------------------------------------------------------------------------------------------------------------------ 973,744.48 74290 EUCLID R-190 TRUCK 1/01/1998 82,500.00 3700 R57 HAUL TRUCK WHEELS 1/01/1998 - ------------------ 1,056,244.48 Total for Location BUCKSKIN MINE GILLETTE WY 82716 ================== 1,056,244.48 Total Equipment Cost RENEWAL RENTAL SCHEDULE NO. A-15RN1 (the "Renewal Rental Schedule") DATED AS OF February 1, 1998 TO MASTER LEASE AGREEMENT NO. 8607TXG245 (the "Master Lease") DATED AS OF July 15, 1986 LESSOR LESSEE American Income Partners V-C LP Zeigler Coal Holding Company c/o EQUIS FINANCIAL GROUP 50 Jerome Lane 88 BROAD STREET Fairview Heights, IL BOSTON, MA 02110 62208 1. LEASE TERM. PAYMENT DATES. This Renewal Rental Schedule, between American Income Partners V-C LP, as lessor, lessor's interest therein having been previously sold and assigned by American Finance Group and Lessee incorporates by reference the terms and conditions of the Master Lease. Lessor hereby leases to Lessee and Lessee hereby leases from Lessor those items of Equipment described on the attached Schedule B, for the Renewal Lease Term and at the Renewal Term Basic Rent payable on the Payment Dates hereinafter set forth on the attached Schedule A, on the terms and conditions set forth in the Master Lease. 2. BASIC RENT. Renewal Term Basic Rent is computed by multiplying the Total Equipment Cost by the Renewal Lease Rate set forth on the attached Schedule A. 3. ENTIRE AGREEMENT. MODIFICATION AND WAIVERS. EXECUTION IN COUNTERPARTS. This Renewal Rental Schedule and the Master Lease constitute the entire agreement between Lessee and Lessor with respect to the leasing of the Equipment. Capitalized terms not defined herein shall have the meanings assigned to them in the Master Lease. To the extent any of the terms and conditions set forth in this Renewal Rental Schedule conflict with or are inconsistent with the Master Lease, this Renewal Rental Schedule shall govern and control. No amendment, modification or waiver of this Renewal Rental Schedule or the Master Lease will be effective unless evidenced in writing signed by the party to be charged. This Renewal Rental Schedule may be executed in counterparts, all of which together shall constitute one and the same instrument. RENEWAL RENTAL SCHEDULE NO. A-15RN1 PAGE TWO The undersigned, being the duly authorized representative of the Lessee, hereby certifies that the items of Equipment described on the attached Schedule B have been duly delivered to the Lessee in good order and duly inspected and accepted by the Lessee as conforming in all respects with the requirements and provisions of the Master Lease, as of the Renewal Term Commencement Date stated on the attached Schedule A. American Income Partners V-C LP Zeigler Coal Holding Company By: AFG Leasing IV Incorporated Lessee Lessor By: /s/ Gail O. Ofgant By: /s/ [ILLEGIBLE] ------------------------------- ----------------------------- Title: Vice President Title: Treasurer ---------------------------- ------------------------- COUNTERPART NO. 2 OF 2 SERIALLY NUMBERED MANUALLY EXECUTED COUNTERPARTS. TO THE EXTENT IF ANY THAT THIS DOCUMENT CONSTITUTES CHATTEL PAPER UNDER THE UNIFORM COMMERCIAL CODE, NO SECURITY INTEREST MAY BE CREATED THROUGH THE TRANSFER AND POSSESSION OF ANY COUNTERPART OTHER THAN COUNTERPART NO. 1 EQUIS FINANCIAL GROUP PAGE 1 Schedule A - Rental Schedule Economics LESSEE: SHELL OIL COMPANY LESSOR: EQUIS FINANCIAL GROUP RENTAL SCHEDULE: A-15RN1 LEASE TERM (months): 24 PRIMARY START DATE: 2/01/1998 LEASE EXPIRATION DATE: 1/31/2000 PAYMENT FREQUENCY: MONTHLY ADVANCE/ARREARS: ADVANCE LEASE RATE: .008521700 PER DIEM LEASE RATE: .000284057 PERIODIC RENT: $8,999.99 NUMBER OF PAYMENTS: 24 TOTAL INTERIM RENT: $ .00 PAYMENT COMMENCEMENT DATE: 2/01/1998 TOTAL EQUIPMENT COST: $1,056,126.73 DOCUMENTATION FEE: ___________________ LESSEE INITIALS - --------------------------- /s/ GDO LESSOR INITIALS - --------------------------- EQUIS FINANCIAL GROUP PAGE 1 ASSET ACTIVITY CHECKLIST REPORT PREPARED BY: STEVEN LASPINA APPROVALS: /s/ SL / ------------------------ TYPE OF TRANSACTION (/) RENEWAL LEASE ( ) CASUALTY AT STIPULATED LOSS VALUE ( ) SALE TO ORIGINAL USER ( ) EARLY TERMINATION ( ) SALE TO THIRD PARTY USER ( ) WAREHOUSE OF ASSETS ( ) OTHER _____________________________ PRIMARY TERM DATA ORIGINAL LESSEE SHELL OIL COMPANY STREET ADDRESS 1 ZEIGLER COAL HOLDING CO STREET ADDRESS 2 50 JEROME LANE CITY, STATE, ZIP FAIRVIEW HEIGHTS IL 62208 CONTACT NAME ROBERT MCPEAK PHONE NUMBER 618-394-2480 FAX NUMBER 618-394-2488 MASTER LEASE NUMBER 8607TXG245 LEASE DATE 7/15/1986 RENTAL SCHEDULE A-15 START DATE 1/01/1991 EXPIRATION DATE 12/31/1997 PAYMENT FREQUENCY M/ADV LEASE RATE FACTOR .013672000 ASSUMED DEBT RATE 9.4700 TREASURY RATE 7.97 LENDER/LOAN NUMBER KFNL KFNL012 EQUITY OWNER(S) 1053 100.000000000 1 ( ) ORIGINAL TITLES 3 ( ) STOP BILL FORM 2 ( ) PRODUCE IRR REPORT 4 ( ) COLLATERAL DOCS REQUESTED I. WAREHOUSE DATA (SEE ATTACHED EQUIPMENT LIST) WAREHOUSE COST $_____________________ DATE WAREHOUSED _____________________ STOP BILL DATE _____________________ EQUIS FINANCIAL GROUP PAGE 2 ASSET ACTIVITY CHECKLIST REPORT II. EQUIPMENT SALE DATA (SEE ATTACHED EQUIPMENT AND PRICE LIST) NEW LESSEE OR BUYER STREET ADDRESS 1 STREET ADDRESS 2 CITY, STATE, ZIP CONTACT NAME PHONE NUMBER FAX NUMBER SALE TYPE BS LS OS RS TAX EXEMPTION STATUS YES NO EXEMPTION NUMBER TOTAL SALE PRICE $_________________ BROKERAGE FEE $___________________ SALE DATE/STOP BILL DATE __________________ 1 ( ) CREATE MEMO CODE 6 ( ) CHANGE MEMO CODE 2 ( ) AS/400 INPUT 7 ( ) DELIVERY INSTRUCTIONS 3 ( ) MISCELLANEOUS INVOICE 8 ( ) REMOVE RS COUNTERPART IF ALL 4 ( ) PRODUCE DOCUMENTS/SEND TO BUYER ASSETS SOLD 5 ( ) RECEIPT OF PAYMENT 9 ( ) PREP FOR SCANNING 10 ( ) FINAL DOCUMENTS TO BUYER III. RENEWAL DATA (ATF MAY NEED TO BE CREATED) NEW RENTAL SCHEDULE A-15RN1 TERM 24 MONTHS START DATE 1/1/98 EXPIRATION DATE 12/31/99 PAYMENT FREQUENCY [M/ADV] Q/ADV S/ADV A/ADV N/ARR Q/ARR S/ARR A/ARR STIPULATED LOSS VALUE $_________________ LRF/RENT $.00852070/9,000 SEND DOCUMENTS TO LESSEE __________________ END OF LEASE OPTIONS FMV 1 (/) AS/400 INPUT 5 ( ) ACTIVATION REPORT 2 (/) UPDATE EQUITY OWNER 6 ( ) PREP FOR SCANNING 3 (/) PRODUCE DOCUMENTS/SEND TO LESSEE 7 ( ) FINAL DOCUMENTS TO LESSEE 4 ( ) REQUEST UPDATED INSURANCE IV. NOTES, COMMENTS AND OTHER INFORMATION _________________________________________ _________________________________________ EQUIS FINANCIAL GROUP PAGE 1 ASSET ACTIVITY REPORT - EQUIPMENT DESCRIPTION LESSEE: SHELL OIL COMPANY RENTAL SCHEDULE: A-15 Asset Equipment Cost Serial Number Manufacturer Model Type Status Bill Code - ------------------------------------------------------------------------------------------------------------------------------------ 0013613 973,626.73 74289 EUCLID R-190 TRUCK LEASE WY002 0013614 82,500.00 3700 R57 HAUL TRUCK WHEELS LEASE WY002 ------------- 1,056,126.73 Total for Location BUCKSKIN MINE GILLETTE WY 82716 CODE WY001 ============= 1,056,126.73 Total Equipment Cost ** END OF REPORT ** [LOGO] Triton Coal Company 113 S. Gillette Avenue, Suite 203 Division Office Gillette, Wyoming 82716 (307) 687-2062 ================================================================================ November 20, 1997 Mr. Steve Laspina Equis Financial Group 88 Broad Street Boston, MA 02110 Dear Steve: To follow up our discussions concerning the Euclid R-190 truck leases, Schedule(s) A-15 and A-16, Triton has elected to extend the current lease agreement for another 24 months per the terms set forth in your letter of July 24, 1997. These terms were also set forth in the October 1, 1997 letter, however, we would rather not consider stating a Purchase Price at this time. Simply, a 24 month extension at $9,000.00 per month will most closely fit with our mine planning at this time. As I interpret this proposal, the same language regarding options at termination will hold as set forth in the original lease agreement. Please forward the proper documentation required to initiate this 24 month extension so that I can prepare the paperwork necessary for management approval signatures at my location. If there is anything more that I need to do, or if you have any questions regarding this matter, please call. Sincerely, /s/ Bill Seay Bill Seay Materials Manager cc: John Willson Dick Grady Scott Deppe Randy Roos EQUIS FINANCIAL GROUP PAGE 1 Schedule B Equipment Description LESSEE: SHELL OIL COMPANY RENTAL SCHEDULE AND ACCEPTANCE CERTIFICATE NUMBER: A-15RN1 LESSOR: EQUIS FINANCIAL GROUP Acceptance Equipment Cost Serial Number Year Manufacturer Model Type Date - ------------------------------------------------------------------------------------------------------------------------------ 973,626.73 74289 EUCLID R-190 TRUCK 1/01/1998 82,500.00 3700 R57 HAUL TRUCK WHEELS 1/01/1998 - ------------------ 1,056,126.73 Total for Location BUCKSKIN MINE GILLETTE WY 82716 ================== 1,056,126.73 Total Equipment Cost