ICON INCOME FUND TEN LLC - FORM 10-Q

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EX-31.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - ICON INCOME FUND TEN LLC	ex31-1.htm
EX-32.3 - CERTIFICATION OF PRINCIPAL ACCOUNTING AND FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - ICON INCOME FUND TEN LLC	ex32-3.htm
EX-31.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - ICON INCOME FUND TEN LLC	ex31-2.htm
EX-32.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - ICON INCOME FUND TEN LLC	ex32-2.htm
EX-32.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - ICON INCOME FUND TEN LLC	ex32-1.htm
EX-31.3 - CERTIFICATION OF PRINCIPAL ACCOUNTING AND FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - ICON INCOME FUND TEN LLC	ex31-3.htm
EXCEL - IDEA: XBRL DOCUMENT - ICON INCOME FUND TEN LLC	Financial_Report.xls

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended

September 30, 2011

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from

Commission_File_Number_

000-50654

ICON Income Fund Ten, LLC

(Exact name of registrant as specified in its charter)

Delaware	35-2193184
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

100 Fifth Avenue, 4th Floor, New York, New York	10011
(Address of principal executive offices)	(Zip code)

(212) 418-4700

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,’’ “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Smaller reporting company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes [X] No

Number of outstanding shares of limited liability company interests of the registrant on November 7, 2011 is 148,211.

ICON Income Fund Ten, LLC Table of Contents
		Page

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements		1

Consolidated Balance Sheets		1

Consolidated Statements of Operations		2

Consolidated Statements of Changes in Equity		3

Consolidated Statements of Cash Flows		4

Notes to Consolidated Financial Statements		6

Item 2. Manager’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3. Quantitative and Qualitative Disclosures About Market Risk		20

Item 4. Controls and Procedures		20

PART II – OTHER INFORMATION

Item 1. Legal Proceedings		21

Item 1A. Risk Factors		21

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		21

Item 3. Defaults Upon Senior Securities		21

Item 4. (Removed and Reserved)		21

Item 5. Other Information		21

Item 6. Exhibits		22

Signatures		23

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

ICON Income Fund Ten, LLC
(A Delaware Limited Liability Company)
Consolidated Balance Sheets

Assets

	September 30,
	2011			December 31,
	(unaudited)			2010
Current assets:
Cash and cash equivalents	$	4,657,132		$	2,740,590
Current portion of net investment in finance leases		-			616,088
Current portion of notes receivable		474,936			-
Service contracts receivable		192,681			441,742
Equipment held for sale or lease, net		-			23,393
Other current assets		642,869			845,417

Total current assets		5,967,618			4,667,230

Non-current assets:
Net investment in finance leases, less current portion		39,456,878			35,901,863
Fixed assets (less accumulated depreciation of
$5,038,344 and $3,909,365, respectively)		1,723,936			2,804,715
Notes receivable, less current portion		101,807			-
Investments in joint ventures		11,991,981			24,531,251
Investments in unguaranteed residual values		-			128,368
Other non-current assets, net		4,494			101,328

Total non-current assets		53,279,096			63,467,525

Total Assets	$	59,246,714		$	68,134,755

Liabilities and Equity

Current liabilities:
Due to Manager and affiliates	$	202,967		$	171,156
Accrued expenses		49,189			202,908
Other current liabilities		1,767,309			1,820,329

Total Liabilities		2,019,465			2,194,393

Commitments and contingencies (Note 10)

Equity:
Members' Equity:
Additional Members		59,453,457			68,395,072
Manager		(711,892	)		(621,572	)
Accumulated other comprehensive loss		(1,993,812	)		(1,964,780	)

Total Members' Equity		56,747,753			65,808,720

Noncontrolling Interests		479,496			131,642

Total Equity		57,227,249			65,940,362

Total Liabilities and Equity	$	59,246,714		$	68,134,755

See accompanying notes to consolidated financial statements.

Table of Contents

ICON Income Fund Ten, LLC
(A Delaware Limited Liability Company)
Consolidated Statements of Operations
(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2011			2010		2011			2010
Revenue:
Rental income	$	125,140		$	1,263,224	$	418,731		$	4,798,482
Finance income		1,617,892			1,437,338		4,705,700			4,180,296
Servicing income		1,139,138			1,252,101		3,590,536			4,050,192
(Loss) income from investments in joint ventures		(184,350	)		733,028		(9,143,897	)		2,142,084
Net gain on sales of equipment and unguaranteed residual values		2,468			942,208		801,215			1,101,178
Interest and other income		146,698			97,034		330,838			187,240

Total revenue		2,846,986			5,724,933		703,123			16,459,472

Expenses:
Management fees - Manager		79,847			183,858		349,437			620,999
Administrative expense reimbursements - Manager		165,810			150,481		618,780			629,001
General and administrative		1,713,230			1,579,499		5,427,123			4,882,021
Interest		8,668			7,933		18,724			26,602
Loss on guaranty		-			34,973		-			842,030
Impairment loss		23,393			-		23,393			-
Depreciation and amortization		370,022			1,203,640		1,161,957			4,154,672

Total expenses		2,360,970			3,160,384		7,599,414			11,155,325

Net income (loss)		486,016			2,564,549		(6,896,291	)		5,304,147

Less: Net (loss) income attributable to noncontrolling interests		(49,853	)		83,953		(69,624	)		257,877

Net income (loss) attributable to Fund Ten	$	535,869		$	2,480,596	$	(6,826,667	)	$	5,046,270

Net income (loss) attributable to Fund Ten allocable to:
Additional Members	$	530,510		$	2,455,790	$	(6,758,400	)	$	4,995,808
Manager		5,359			24,806		(68,267	)		50,462

	$	535,869		$	2,480,596	$	(6,826,667	)	$	5,046,270

Weighted average number of additional
shares of limited liability company interests outstanding		148,211			148,211		148,211			148,211

Net income (loss) attributable to Fund Ten per weighted
average additional share of limited liability company interests outstanding	$	3.58		$	16.57	$	(45.60	)	$	33.71

See accompanying notes to consolidated financial statements.

Table of Contents

ICON Income Fund Ten, LLC
(A Delaware Limited Liability Company)
Consolidated Statements of Changes in Equity


	Members' Equity
	Additional Shares
	of Limited Liability								Accumulated Other			Total
	Company Interests		Additional Members			Manager			Comprehensive Loss			Members' Equity			Noncontrolling Interests			Total Equity
Balance, December 31, 2010		148,211	$	68,395,072		$	(621,572	)	$	(1,964,780	)	$	65,808,720		$	131,642		$	65,940,362

Comprehensive income (loss):
Net (loss) income		-		(3,541,498	)		(35,773	)		-			(3,577,271	)		36,032			(3,541,239	)
Change in valuation of interest
rate swap contracts		-		-			-			90,447			90,447			-			90,447
Currency translation adjustments		-		-			-			142,021			142,021			-			142,021
Total comprehensive income (loss)		-		-			-			232,468			(3,344,803	)		36,032			(3,308,771	)
Stock based compensation in subsidiary		-		221,553			2,238			-			223,791			74,597			298,388
Investment by noncontrolling interest in subsidiary		-		(611,132	)		(6,173	)		-			(617,305	)		775,944			158,639
Cash distributions		-		(1,550,015	)		(15,657	)		-			(1,565,672	)		(122,407	)		(1,688,079	)

Balance, March 31, 2011 (unaudited)		148,211		62,913,980			(676,937	)		(1,732,312	)		60,504,731			895,808			61,400,539

Comprehensive (loss):
Net (loss)		-		(3,747,412	)		(37,853	)		-			(3,785,265	)		(55,803	)		(3,841,068	)
Change in valuation of interest
rate swap contracts		-		-			-			14,334			14,334			-			14,334
Currency translation adjustments		-		204,595			2,067			(265,238	)		(58,576	)		27,815			(30,761	)
Total comprehensive (loss)		-		-			-			(250,904	)		(3,829,507	)		(27,988	)		(3,857,495	)
Stock based compensation in subsidiary		-		227,539			2,298			-			229,837			76,612			306,449
Cash distributions		-		(550,006	)		(5,556	)		-			(555,562	)		(475,351	)		(1,030,913	)

Balance, June 30, 2011 (unaudited)		148,211		59,048,696			(715,981	)		(1,983,216	)		56,349,499			469,081			56,818,580

Comprehensive (loss) income:
Net income (loss)		-		530,510			5,359			-			535,869			(49,853	)		486,016
Change in valuation of interest
rate swap contracts		-		-			-			35,116			35,116			-			35,116
Currency translation adjustments		-		-			-			(45,712	)		(45,712	)		(15,238	)		(60,950	)
Total comprehensive (loss) income		-		-			-			(10,596	)		525,273			(65,091	)		460,182
Stock based compensation in subsidiary		-		224,254			2,265			-			226,519			75,506			302,025
Cash distributions		-		(350,003	)		(3,535	)		-			(353,538	)		-			(353,538	)

Balance, September 30, 2011 (unaudited)		148,211	$	59,453,457		$	(711,892	)	$	(1,993,812	)	$	56,747,753		$	479,496			57,227,249

See accompanying notes to consolidated financial statements.

Table of Contents

ICON Income Fund Ten, LLC
(A Delaware Limited Liability Company)
Consolidated Statements of Cash Flows
(unaudited)


	Nine Months Ended September 30,
	2011			2010
Cash flows from operating activities:
Net (loss) income	$	(6,896,291	)	$	5,304,147
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Finance income		(4,705,700	)		(4,180,296	)
Loss (income) from investments in joint ventures		9,143,897			(2,142,084	)
Net gain on sales of equipment and unguaranteed residual values		(801,215	)		(1,101,178	)
Depreciation and amortization		1,161,957			4,154,672
Impairment loss		23,393			-
Stock based compensation expense		906,862			-
Loss on financial instruments		70,669			6,410
Changes in operating assets and liabilities:
Collection of finance leases		1,766,773			2,384,206
Service contracts receivable		246,225			27,575
Other assets, net		(957,926	)		(415,287	)
Deferred revenue		-			(241,851	)
Due to Manager and affiliates		32,159			22,144
Accrued expenses		(153,719	)		66,056
Other current liabilities		(42,627	)		(277,059	)
Distributions from joint ventures		333,363			406,369

Net cash provided by operating activities		127,820			4,013,824

Cash flows from investing activities:
Proceeds from sales of equipment and unguaranteed residual values		2,118,652			4,460,598
Purchase of equipment		-			(3,236	)
Repayment of notes receivable		646,206			-
Investment in joint ventures		(8,158	)		-
Distributions received from joint ventures in excess of profits		1,958,651			2,328,278

Net cash provided by investing activities		4,715,351			6,785,640

Cash flows from financing activities:
Proceeds from revolving line of credit, recourse		-			1,350,000
Repayments of revolving line of credit, recourse		-			(1,450,000	)
Proceeds from sales of subsidiary shares		158,639			-
Cash distributions to members		(2,474,772	)		(8,162,527	)
Distributions to noncontrolling interests		(597,758	)		(1,196,253	)

Net cash used in financing activities		(2,913,891	)		(9,458,780	)

Effects of exchange rates on cash and cash equivalents		(12,738	)		(3,541	)

Net increase in cash and cash equivalents		1,916,542			1,337,143
Cash and cash equivalents, beginning of the period		2,740,590			2,428,058

Cash and cash equivalents, end of the period	$	4,657,132		$	3,765,201

See accompanying notes to consolidated financial statements.

Table of Contents

ICON Income Fund Ten, LLC
(A Delaware Limited Liability Company)
Consolidated Statements of Cash Flows
(unaudited)

	Nine Months Ended September 30,
	2011		2010
Supplemental disclosure of non-cash investing and financing activities:
Transfer from leased equipment at cost to net investment in finance leases	$	-	$	2,440,135
Exchange of investment in joint venture for notes receivable	$	1,251,414	$	-

See accompanying notes to consolidated financial statements.

Table of Contents

ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(1)	Basis of Presentation and Consolidation

The accompanying consolidated financial statements of ICON Income Fund Ten, LLC (the “LLC”) have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q. In the opinion of the manager, ICON Capital Corp., a Delaware corporation (the “Manager”), all adjustments considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in the LLC’s Annual Report on Form 10-K for the year ended December 31, 2010. The results for the interim period are not necessarily indicative of the results for the full year.

The consolidated financial statements include the accounts of the LLC and its majority-owned subsidiaries and other controlled entities. All intercompany accounts and transactions have been eliminated in consolidation. In joint ventures where the LLC has majority ownership, the financial condition and results of operations of the joint venture are consolidated. Noncontrolling interest represents the minority owner’s proportionate share of its equity in the joint venture. The noncontrolling interest is adjusted for the minority owner’s share of the earnings, losses, investments and distributions of the joint venture.

The LLC accounts for its noncontrolling interests in joint ventures where the LLC has influence over financial and operational matters, generally 50% or less ownership interest, under the equity method of accounting. In such cases, the LLC’s original investments are recorded at cost and adjusted for its share of earnings, losses and distributions. The LLC accounts for investments in joint ventures where the LLC has virtually no influence over financial and operational matters using the cost method of accounting. In such cases, the LLC’s original investments are recorded at cost and any distributions received are recorded as revenue. All of the LLC’s investments in joint ventures are subject to its impairment review policy.

Reclassifications

Certain reclassifications have been made to the accompanying consolidated financial statements in prior periods to conform to the current presentation.

Recent Accounting Pronouncements

In June 2011, the FASB issued ASU No 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”), which revises the manner in which companies present comprehensive income in their financial statements. The new guidance removes the current option to report other comprehensive income and its components in the statement of changes in equity and instead requires presentation in one continuous statement of comprehensive income or two separate but consecutive statements. The adoption of ASU 2011-05 becomes effective for the LLC's interim and annual periods beginning January 1, 2012. The LLC does not believe the adoption of this guidance will have a material impact on its consolidated financial statements, as it only requires a change in the format of presentation.

Table of Contents

ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(2)	Net Investment in Finance Leases

Net investment in finance leases consisted of the following:

	September 30,			December 31,
	2011			2010
Minimum rents receivable, net	$	53,135,655		$	54,902,428
Estimated residual values		7,300,000			7,300,000
Unearned income		(20,978,777	)		(25,684,477	)
Net investment in finance leases		39,456,878			36,517,951

Less: Current portion of net investment in finance leases		-			616,088

Net investment in finance leases, less current portion	$	39,456,878		$	35,901,863

Telecommunications Equipment

On March 31, 2011, at the expiration of the leases and in accordance with their terms, a joint venture owned 79.31% by the LLC and 20.69% by ICON Income Fund Eight A L.P. Liquidating Trust (“Fund Eight A”), an entity also managed by the Manager, sold telecommunications equipment subject to leases with Global Crossing Telecommunications, Inc. (“Global Crossing”) to Global Crossing for the aggregate purchase price of $5.

(3)	Notes Receivable

Effective January 1, 2011, the LLC exchanged its 12.25% ownership interest in a joint venture for notes receivable from Northern Capital Associates XIV, L.P. (“Northern Capital Associates”), which notes receivable were previously owned by the joint venture. The aggregate principal balance of the notes was approximately $1,237,000, and the notes bear interest at rates ranging from 9.47% to 9.895% per year and mature between November 15, 2011 and January 15, 2013. No gain or loss was recorded as a result of this transaction. Upon completion of the exchange, the joint venture was terminated.

Credit Quality of Notes Receivable and Allowance for Credit Losses

The Manager weighs all credit decisions based on a combination of external credit ratings as well as internal credit evaluations of all potential borrowers. A potential borrower’s credit application is analyzed using those credit ratings as well as the potential borrower’s financial statements and other financial data deemed relevant.

The LLC’s notes receivable are limited in number. Accordingly, the LLC does not aggregate notes receivable into portfolio segments or classes. Due to the limited number of notes receivable, the LLC is able to estimate the allowance for credit losses based on a detailed analysis of each note receivable as opposed to using portfolio based metrics and allowance for credit losses. Notes are analyzed quarterly and categorized as either performing or non-performing based on payment history. If a note becomes non-performing due to a borrower’s missed scheduled payments or failed financial covenants, the Manager analyzes whether a reserve should be established or the note should be restructured. As of September 30, 2011 and December 31, 2010, the Manager determined that no allowance for credit losses was required.

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ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(4)	Investments in Joint Ventures

ICON Mayon, LLC

On June 26, 2007, the LLC and ICON Leasing Fund Twelve, LLC, an entity also managed by the Manager (“Fund Twelve”), formed a joint venture with ownership interests of 49% and 51%, respectively. The joint venture purchased an Aframax product tanker, the Mayon Spirit, from an affiliate of Teekay Corporation (“Teekay”), and bareboat chartered the vessel back to Teekay for a term of forty-eight months. As a result of negotiations to remarket and ultimately dispose of certain vessels, the Manager reviewed the joint venture’s investment in the vessel subject to charter and determined that the net book value exceeded the fair value. As a result, during the six months ended June 30, 2011, the joint venture recognized non-cash impairment charges of approximately $21,858,000. On September 23, 2011, the joint venture sold the vessel for net proceeds of approximately $8,200,000 and satisfied the remaining third-party debt. The LLC’s portion of the loss on sale was approximately $35,000.

The results of operations of the joint venture are summarized below:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011			2010		2011			2010
Revenue	$	761,164		$	1,549,555	$	3,860,275		$	4,656,550
Net (loss) income	$	(984,444	)	$	709,707	$	(21,207,345	)	$	1,965,081
LLC's share of net (loss) income	$	(477,566	)	$	366,583	$	(10,349,136	)	$	1,019,368

(5)	Revolving Line of Credit, Recourse

The LLC and certain other entities managed by the Manager were party to a Commercial Loan Agreement, as amended (the “Prior Loan Agreement”), with California Bank & Trust. The Prior Loan Agreement was terminated effective May 10, 2011.

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ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(6)	Transactions with Related Parties

The Manager performs certain services relating to the management of the LLC’s equipment leasing and other financing activities. Such services include, but are not limited to, the collection of lease payments from the lessees of the equipment or loan payments from borrowers, re-leasing services in connection with equipment that is off-lease, inspections of the equipment, liaising with and general supervision of lessees and borrowers to ensure that the equipment is being properly operated and maintained, monitoring performance by the lessees of their obligations under the leases and the payment of operating expenses.

Administrative expense reimbursements were costs incurred by the Manager or its affiliates that were necessary to the LLC’s operations. These costs included the Manager’s and its affiliates’ legal, accounting, investor relations and operations personnel costs, as well as professional fees and other costs that were charged to the LLC based upon the percentage of time such personnel dedicated to the LLC. Excluded were salaries and related costs, office rent, travel expenses and other administrative costs incurred by individuals with a controlling interest in the Manager.

Fees and other expenses paid or accrued by the LLC to the Manager or its affiliates were as follows:

			Three Months Ended September 30,				Nine Months Ended September 30,
Entity	Capacity	Description	2011		2010		2011		2010
ICON Capital Corp.	Manager	Management fees (1)	$	79,847	$	183,858	$	349,437	$	620,999
ICON Capital Corp.	Manager	Administrative expense reimbursements (1)		165,810		150,481		618,780		629,001
			$	245,657	$	334,339	$	968,217	$	1,250,000

(1) Amount charged directly to operations.

At September 30, 2011, the LLC had a net obligation of $202,967 due to the Manager and affiliates, which consisted primarily of a net payable due to the Manager for administrative expense reimbursements.

(7)	Derivative Financial Instruments

The LLC may enter into derivative transactions for purposes of hedging specific financial exposures, including movements in foreign currency exchange rates and changes in interest rates on its non-recourse long-term debt. The LLC enters into these instruments only for hedging underlying exposures. The LLC does not hold or issue derivative financial instruments for purposes other than hedging, except for warrants, which are not hedges. Certain derivatives may not meet the established criteria to be designated as qualifying accounting hedges, even though the LLC believes that these are effective economic hedges.

The LLC recognizes all derivatives as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. The LLC recognizes the fair value of all derivatives as either assets or liabilities on the consolidated balance sheets and changes in the fair value of such instruments are recognized immediately in earnings unless certain accounting criteria established by the accounting pronouncements are met.

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ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(7)	Derivative Financial Instruments - continued

These criteria demonstrate that the derivative is expected to be highly effective at offsetting changes in the fair value or expected cash flows of the underlying exposure at both the inception of the hedging relationship and on an ongoing basis and include an evaluation of the counterparty risk and the impact, if any, on the effectiveness of the derivative. If these criteria are met, which the LLC must document and assess at inception and on an ongoing basis, the LLC recognizes the changes in fair value of such instruments in accumulated other comprehensive income (loss) (“AOCI”), a component of equity on the consolidated balance sheets. Changes in the fair value of the ineffective portion of all derivatives are recognized immediately in earnings.

Interest Rate Risk

Interest rate derivatives are used to add stability to interest expense and to manage exposure to interest rate movements on the LLC’s variable non-recourse debt. The strategy to accomplish this objective is to match the projected future cash flows with the underlying debt service. Interest rate swaps designated as cash flow hedges involve the receipt of floating rate payments from a counterparty in exchange for the LLC or joint ventures making fixed rate payments over the life of the agreements without exchange of the underlying notional amount.

As of September 30, 2011, the LLC had interests through joint ventures in two floating-to-fixed interest rate swaps relating to the debt of ICON Eagle Corona Holdings, LLC and ICON Eagle Carina Holdings, LLC designated and qualifying as cash flow hedges with an aggregate notional amount of approximately $27,897,547. These interest rate swaps have maturity dates of November 14, 2013.

For these derivatives, the LLC records its interest in the gain or loss from the effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges in AOCI and such gain or loss is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings and is recorded as a component of (loss) income from investments in joint ventures. During the three and nine months ended September 30, 2011, the joint ventures recorded no hedge ineffectiveness in earnings.

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ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(7)	Derivative Financial Instruments - continued

The table below presents the effect of the LLC’s derivative financial instruments designated as cash flow hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2011 and 2010:

Three Months Ended September 30, 2011

	Amount of Gain (Loss)			Location of Gain (Loss)
	Recognized			Reclassified	Gain (Loss) Reclassified
	in AOCI on Derivative			from AOCI into Income	from AOCI into Income
Derivatives	(Effective Portion)			(Effective Portion)	(Effective Portion)

Interest rate swaps	$	(22,575	)	(Loss) income from investments in joint ventures	$	(57,691	)

Nine Months Ended September 30, 2011

	Amount of Gain (Loss)			Location of Gain (Loss)
	Recognized			Reclassified	Gain (Loss) Reclassified
	in AOCI on Derivative			from AOCI into Income	from AOCI into Income
Derivatives	(Effective Portion)			(Effective Portion)	(Effective Portion)

Interest rate swaps	$	(99,933	)	(Loss) income from investments in joint ventures	$	(239,830	)

Three Months Ended September 30, 2010

	Amount of Gain (Loss)			Location of Gain (Loss)
	Recognized			Reclassified	Gain (Loss) Reclassified
	in AOCI on Derivative			from AOCI into Income	from AOCI into Income
Derivatives	(Effective Portion)			(Effective Portion)	(Effective Portion)

Interest rate swaps	$	(145,429	)	(Loss) income from investments in joint ventures	$	(121,486	)

Nine Months Ended September 30, 2010

	Amount of Gain (Loss)			Location of Gain (Loss)
	Recognized			Reclassified	Gain (Loss) Reclassified
	in AOCI on Derivative			from AOCI into Income	from AOCI into Income
Derivatives	(Effective Portion)			(Effective Portion)	(Effective Portion)

Interest rate swaps	$	(462,938	)	(Loss) income from investments in joint ventures	$	(380,546	)

At September 30, 2011, the total unrealized loss recorded to AOCI related to the joint ventures’ interest in the change in fair value of these interest rate swaps was approximately $202,000.

During the twelve months ending September 30, 2012, the LLC estimates that approximately $137,000 will be reclassified from AOCI to (loss) income from investments in joint ventures.

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ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(7)	Derivative Financial Instruments - continued

Non-designated Derivatives

As of September 30, 2011, warrants are the only derivatives that the LLC holds for purposes other than hedging. All changes in the fair value of the warrants are recorded directly in earnings.

The table below presents the fair value of the LLC’s derivative financial instruments and their classification within the LLC’s consolidated balance sheets as of September 30, 2011 and December 31, 2010:

	Asset Derivatives
		September 30,		December 31,
		2011		2010
	Balance Sheet Location	Fair Value		Fair Value
Derivatives not designated as hedging instruments:

Warrants	Other non-current assets	$	-	$	70,669

The LLC’s derivative financial instruments not designated as hedging instruments generated a net loss recorded in general and administrative expense on the consolidated statements of operations for the three and nine months ended September 30, 2011 of $64,262 and $70,669, respectively.

Derivative Risks

The LLC manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that the LLC has with any individual bank and through the use of minimum credit quality standards for all counterparties. The LLC does not require collateral or other security in relation to derivative financial instruments. Since it is the LLC’s policy to enter into derivative contracts with banks of internationally acknowledged standing only, the LLC considers the counterparty risk to be remote.

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ICON Income Fund Ten, LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

September 30, 2011

(unaudited)

(8)	Accumulated Other Comprehensive Loss

AOCI included unrealized accumulated losses on derivative financial instruments of joint ventures and currency translation adjustments of approximately $202,000 and $1,792,000, respectively, at September 30, 2011 and accumulated unrealized losses on derivative financial instruments of joint ventures and currency translation adjustments of approximately $342,000 and $1,623,000, respectively, at December 31, 2010.

Total comprehensive income (loss) for the three and nine months ended September 30, 2011 was $460,182 and $(6,706,084), respectively. Total comprehensive loss for the three and nine months ended September 30, 2010 was $2,762,144 and $5,159,517, respectively.

(9)	Stock Based Compensation

In January 2011, the LLC sold 25% of Pretel Group Limited (“Pretel”) to its new Chief Executive Officer for £100,000. This sale consisted of 100,000 class B Pretel shares (“Pretel Shares”) representing 25% of the voting and earning rights of Pretel. The difference of approximately £750,000 between the fair market value of the Pretel Shares on the date of the sale and the amount paid will be charged to compensation expense ratably during 2011, with a corresponding credit to equity. For the three and nine months ended September 30, 2011, the LLC recorded £187,500 (approximately $302,000) and £562,500 (approximately $907,000) as compensation expense related to the Pretel Shares.

(10)	Commitments and Contingencies

At the time the LLC acquires or divests of its interest in an equipment lease or other financing transaction, the LLC may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. The Manager believes that any liability that may arise as a result of any such indemnification obligations will not have a material adverse effect on the consolidated financial condition of the LLC taken as a whole.

In connection with certain acquisitions, certain joint ventures maintain restricted cash accounts with certain banks. The aforementioned cash amounts are presented within investments in joint ventures in the LLC’s consolidated balance sheets as of September 30, 2011 and December 31, 2010.

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Item 2. Manager’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our current financial position and results of operations. This discussion should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2010. This discussion should also be read in conjunction with the disclosures below regarding “Forward-Looking Statements” and the “Risk Factors” set forth in Item 1A of Part II of this Quarterly Report on Form 10-Q.

As used in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or similar terms include ICON Income Fund Ten, LLC and its consolidated subsidiaries.

Forward-Looking Statements

Certain statements within this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “will,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We operate as an equipment leasing and finance program in which the capital our members invested was pooled together to make investments, pay fees and establish a small reserve. We were primarily engaged in the business of purchasing equipment and leasing or servicing it to third parties, equipment financing, acquiring equipment subject to lease and, to a lesser degree, acquiring ownership rights to items of leased equipment at lease expiration.

Our Manager manages and controls our business affairs, including, but not limited to, our equipment leases and other financing transactions, pursuant to the terms of our LLC’s amended and restated operating agreement (the “LLC Agreement”). We completed our operating period on April 30, 2010 and entered our liquidation period effective May 1, 2010. During our liquidation period, we are selling and will continue to sell our assets in the ordinary course of business. As we sell our assets, both rental income and finance income will decrease over time, as will expenses related to our assets, such as depreciation and amortization expense. As leased equipment is sold, we will incur gains or losses on these sales. We will continue to liquidate our assets during this period and we expect to see a reduction in revenue and expenses accordingly.

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Recent Significant Transactions

We engaged in the following significant transactions since December 31, 2010:

Notes Receivable

Effective January 1, 2011, we exchanged our 12.25% ownership interest in a joint venture for notes receivable from Northern Capital Associates, which notes receivable were previously owned by the joint venture. The aggregate principal balance of the notes was approximately $1,237,000, and the notes bear interest at rates ranging from 9.47% to 9.895% per year and mature between November 15, 2011 and January 15, 2013. No gain or loss was recorded as a result of this transaction. Upon completion of the exchange, the joint venture was terminated.

Telecommunications Equipment

On January 3, 2011, at the expiration of the lease and in accordance with its terms, a joint venture in which we have a 45% ownership interest sold telecommunications equipment subject to lease with Global Crossing to Global Crossing for approximately $2,077,000. Our share of the gain was approximately $351,000, which is included in income from investments in joint ventures.

On March 31, 2011, at the expiration of the leases and in accordance with their terms, a joint venture owned 79.31% by us and 20.69% by Fund Eight A sold telecommunications equipment subject to leases with Global Crossing to Global Crossing for the aggregate purchase price of $5.

Investment in Joint Venture

During the six months ended June 30, 2011, a joint venture owned 49% and 51% by us and Fund Twelve, respectively, recognized non-cash impairment charges related to the Mayon Spirit vessel of approximately $21,858,000, of which our share was approximately $10,700,000, which is included in income from investments in joint ventures. On September 23, 2011, the joint venture sold the vessel for net proceeds of approximately $8,200,000 and satisfied the remaining related third-party debt. Our portion of the loss on sale was approximately $35,000.

Materials Handling and Manufacturing Equipment

On April 29, 2011, we sold equipment for approximately $329,000 and recorded a gain on sale of approximately $197,000.

Sale of Noncontrolling Interest

Effective January 17, 2011, we sold a 25% interest in Pretel to its new CEO for £100,000.

Recent Accounting Pronouncements

There are no recent accounting pronouncements that are expected to have a significant impact on our consolidated financial statements as of September 30, 2011. See Note 1 to our consolidated financial statements for a discussion of recent accounting pronouncements.

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Results of Operations for the Three Months Ended September 30, 2011 (the “2011 Quarter”) and 2010 (the “2010 Quarter”)

Revenue for the 2011 Quarter and the 2010 Quarter is summarized as follows:

	Three Months Ended September 30,
	2011			2010		Change
Rental income	$	125,140		$	1,263,224	$	(1,138,084	)
Finance income		1,617,892			1,437,338		180,554
Servicing income		1,139,138			1,252,101		(112,963	)
(Loss) income from investments in joint ventures		(184,350	)		733,028		(917,378	)
Net gain on sales of equipment and unguaranteed residual values		2,468			942,208		(939,740	)
Interest and other income		146,698			97,034		49,664

Total revenue	$	2,846,986		$	5,724,933	$	(2,877,947	)

Total revenue for the 2011 Quarter decreased $2,877,947, or 50.3%, as compared to the 2010 Quarter. Rental income decreased as a result of the sale of the majority of our remaining leased equipment at cost. The net gain on sales of equipment and unguaranteed residual values decreased as we received less revenue from such sales than we did from the sale of assets on lease to MW Texas Die Casting, Inc. and Cerion MPI, LLC in the 2010 Quarter. Income from investments in joint ventures decreased because our interest in one joint venture recognized a loss in the 2011 Quarter as a result of operations and also because of the sale of the Mayon Spirit vessel.

Expenses for the 2011 Quarter and the 2010 Quarter are summarized as follows:

	Three Months Ended September 30,
	2011		2010		Change
Management fees - Manager	$	79,847	$	183,858	$	(104,011	)
Administrative expense reimbursements - Manager		165,810		150,481		15,329
General and administrative		1,713,230		1,579,499		133,731
Interest		8,668		7,933		735
Loss on guaranty		-		34,973		(34,973	)
Impairment loss		23,393		-		23,393
Depreciation and amortization		370,022		1,203,640		(833,618	)

Total expenses	$	2,360,970	$	3,160,384	$	(799,414	)

Total expenses for the 2011 Quarter decreased $799,414, or 25.3%, as compared to the 2010 Quarter. Depreciation and amortization expense decreased due to the sale of the majority of the remaining leased equipment at cost, at which time we ceased recording depreciation expense on those assets.

Noncontrolling Interests

Net (loss) income attributable to noncontrolling interests decreased $133,806, from income of $83,953 in the 2010 Quarter to a loss of $49,853 in the 2011 Quarter. This decrease was primarily attributable to the sale of assets on lease to Global Crossing, as well as the loss attributable to the noncontrolling interest in Pretel.

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Net Income Attributable to Fund Ten

As a result of the foregoing factors, net income attributable to us for the 2011 Quarter and the 2010 Quarter was $535,869 and $2,480,596, respectively. Net income attributable to us per weighted average additional share of limited liability company interests (“Share”) outstanding for the 2011 Quarter and the 2010 Quarter was $3.58 and $16.57, respectively.

Results of Operations for the Nine Months Ended September 30, 2011 (the “2011 Period”) and 2010 (the “2010 Period”)

Revenue for the 2011 Period and the 2010 Period is summarized as follows:

	Nine Months Ended September 30,
	2011			2010		Change
Rental income	$	418,731		$	4,798,482	$	(4,379,751	)
Finance income		4,705,700			4,180,296		525,404
Servicing income		3,590,536			4,050,192		(459,656	)
(Loss) income from investments in joint ventures		(9,143,897	)		2,142,084		(11,285,981	)
Net gain on sales of equipment and unguaranteed residual values		801,215			1,101,178		(299,963	)
Interest and other income		330,838			187,240		143,598

Total revenue	$	703,123		$	16,459,472	$	(15,756,349	)

Total revenue for the 2011 Period decreased $15,756,349, or 95.7%, as compared to the 2010 Period. The decrease in total revenue was primarily due to the loss from investments in joint ventures related to the joint venture that recognized an impairment loss of approximately $21,858,000 in the 2011 Period, of which our share was approximately $10,711,000. In addition, rental income decreased resulting primarily from the sale of the majority of our remaining leased equipment at cost, as well as the reclassification of our lease with Global Crossing from an operating lease to a finance lease effective March 17, 2010.

Expenses for the 2011 Period and the 2010 Period are summarized as follows:

	Nine Months Ended September 30,
	2011		2010		Change
Management fees - Manager	$	349,437	$	620,999	$	(271,562	)
Administrative expense reimbursements - Manager		618,780		629,001		(10,221	)
General and administrative		5,427,123		4,882,021		545,102
Interest		18,724		26,602		(7,878	)
Loss on guaranty		-		842,030		(842,030	)
Impairment loss		23,393		-		23,393
Depreciation and amortization		1,161,957		4,154,672		(2,992,715	)

Total expenses	$	7,599,414	$	11,155,325	$	(3,555,911	)

Total expenses for the 2011 Period decreased $3,555,911, or 31.9%, as compared to the 2010 Period. Depreciation and amortization expense decreased due to the sale of the majority of the remaining leased equipment at cost, as well as the reclassification of our lease with Global Crossing from an operating lease to a finance lease effective March 17, 2010. In addition, during the 2010 Period, we recorded a loss on guaranty in connection with the credit support agreement related to financing provided to the MW Universal, Inc. (“MWU”) subsidiaries. The total decrease was partially offset by an increase in general and administrative expense primarily due to Pretel’s compensation expenses related to the hiring of a new CEO in the fourth quarter of 2010.

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Noncontrolling Interests

Net (loss) income attributable to noncontrolling interests decreased $327,501 from income of $257,877 in the 2010 Period to a loss of $69,624 in the 2011 Period. This decrease was primarily attributable to the sale of assets on lease to Global Crossing, as well as the loss attributable to the noncontrolling interest in Pretel.

Net Income Attributable to Fund Ten

As a result of the foregoing factors, net (loss) income attributable to us for the 2011 Period and the 2010 Period was $(6,826,667) and $5,046,270, respectively. Net (loss) income attributable to us per weighted average additional Share for the 2011 Period and the 2010 Period was $(45.60) and $33.71, respectively.

Financial Condition

This section discusses the major balance sheet variances at September 30, 2011 compared to December 31, 2010.

Total Assets

Total assets decreased $8,888,041, from $68,134,755 at December 31, 2010 to $59,246,714 at September 30, 2011. The decrease was primarily due to a decrease in our investments in joint ventures resulting from our interest in a joint venture that recognized an impairment loss of approximately $21,858,000 in the 2011 Period, of which our share was approximately $10,711,000. The decrease is also attributable to the depreciation and amortization of assets, as well as cash distributions to members and noncontrolling interests. The decrease was partially offset by the appreciation of our finance leases, resulting from the finance income accrued during the 2011 Period exceeding the cash collected.

Current Assets

Current assets increased $1,300,388, from $4,667,230 at December 31, 2010 to $5,967,618 at September 30, 2011. The increase was primarily due to distributions received from a joint venture owned 49% by us, which sold the Mayon Spirit vessel in September 2011. The increase is also attributable to the restructuring of ICON Northern Leasing, LLC, resulting in our investment in a joint venture being exchanged for a note receivable, the current portion of which was $474,936 as of September 30, 2011. This increase was partially offset by a decrease in the current portion of net investment in finance leases, as a lease expired on March 31, 2011.

Equity

Equity decreased $8,713,113, from $65,940,362 at December 31, 2010 to $57,227,249 at September 30, 2011. The decrease was the result of our net loss and distributions paid to our members and noncontrolling interests in the 2011 Period.

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Liquidity and Capital Resources

Summary

At September 30, 2011 and December 31, 2010, we had cash and cash equivalents of $4,657,132 and $2,740,590, respectively. Cash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. Our cash and cash equivalents are held principally at one financial institution and at times may exceed insured limits. We have placed these funds in a high quality institution in order to minimize risk relating to exceeding insured limits. During our liquidation period, which we entered May 1, 2010, our main sources of liquidity have been and are expected to continue to be the collection of rentals pursuant to our non-leveraged leases and proceeds from sales of equipment and our main use of liquidity has been and is expected to continue to be distributions to our members.

We anticipate that our liquidity requirements for the remaining life of the fund will be financed by the expected results of our operations, as well as cash received from our investments at maturity.

We anticipate being able to meet our liquidity requirements into the foreseeable future. However, our ability to generate cash in the future is subject to general economic, financial, competitive, regulatory and other factors that affect us and our lessees’ businesses that are beyond our control.

Cash Flows

Operating Activities

Cash provided by operating activities decreased $3,886,004, from $4,013,824 in the 2010 Period to $127,820 in the 2011 Period due to the termination of four leases during the 2011 Period.

Investing Activities

Cash provided by investing activities decreased $2,070,289, from $6,785,640 in the 2010 Period to $4,715,351 in the 2011 Period. The decrease was primarily due to the reduction of proceeds from the sale of equipment and unguaranteed residual values in the 2011 Period as compared to the 2010 Period.

Financing Activities

Cash used in financing activities decreased $6,544,889, from $9,458,780 in the 2010 Period to $2,913,891 in the 2011 Period. The change was primarily due to a decrease in cash distributions to members and noncontrolling interests.

Distributions

We, at our Manager’s discretion, paid monthly distributions to each of our additional members and noncontrolling interests beginning the first month after each such member’s admission and the commencement of our joint venture operations, respectively, through April 30, 2010, the end of our operating period. During the liquidation period, we plan to make distributions in accordance with the terms of our LLC Agreement. We expect that distributions made during the liquidation period will vary, depending on the timing of the sale of our assets and our receipt of rental and other income from our investments. We paid distributions to our Manager, additional members and noncontrolling interests of $24,748, $2,450,024 and $597,758, respectively, during the 2011 Period.

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

In connection with certain acquisitions, certain joint ventures maintain restricted cash accounts with certain banks. The aforementioned cash amounts are presented within investments in joint ventures in our consolidated balance sheets as of September 30, 2011 and December 31, 2010.

Off-Balance Sheet Transactions

None.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There are no material changes to the disclosures related to this item since the filing of our Annual Report on Form 10-K for the year ended December 31, 2010.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended September 30, 2011, as well as the financial statements for our Manager, our Manager carried out an evaluation, under the supervision and with the participation of the management of our Manager, including its Co-Chief Executive Officers and the Principal Accounting and Financial Officer, of the effectiveness of the design and operation of our Manager’s disclosure controls and procedures as of the end of the period covered by this report pursuant to the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Principal Accounting and Financial Officer concluded that our Manager’s disclosure controls and procedures were effective.

In designing and evaluating our Manager’s disclosure controls and procedures, our Manager recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our Manager’s disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.

Evaluation of internal control over financial reporting

There have been no changes in our internal control over financial reporting during the three months ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of conducting our business, we may be subject to certain claims, suits and complaints filed against us. In our Manager’s opinion, the outcome of such matters, if any, will not have a material impact on our consolidated financial position, cash flows or results of operations. We are not aware of any material legal proceedings that are currently pending against us or against any of our assets.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2010.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell or redeem any Shares during the three months ended September 30, 2011.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. (Removed and Reserved)

Item 5. Other Information

Not applicable.

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Item 6. Exhibits

3.1	Certificate of Formation of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form S-1 filed with the SEC on February 28, 2003 (File No. 333-103503)).

4.1	Amended and Restated Operating Agreement of Registrant (Incorporated by reference to Exhibit 4.1 to Pre-Effective Amendment No. 3 to Registrant’s Registration Statement on Form S-1 filed with the SEC on June 2, 2003 (File No. 333-103503)).

10.1	Commercial Loan Agreement, dated as of August 31, 2005, by and among California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated August 31, 2005).

10.2	Loan Modification Agreement, dated as of December 26, 2006, between California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated December 26, 2006).

10.3	Loan Modification Agreement, dated as of June 20, 2007, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC (Incorporated by reference to Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, filed November 12, 2009).

10.4	Third Loan Modification Agreement, dated as of May 1, 2008, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008, filed May 19, 2008).

10.5	Fourth Loan Modification Agreement, dated as of August 12, 2009, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC, ICON Leasing Fund Twelve, LLC and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, filed August 14, 2009).

10.5	Termination of Commercial Loan Agreement, by and among California Bank & Trust and ICON Income Fund Eight B L.P.; ICON Income Fund Nine, LLC; ICON Income Fund Ten, LLC; ICON Leasing Fund Eleven, LLC; ICON Leasing Fund Twelve, LLC; and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., dated as of May 10, 2011 (Incorporated by reference to Exhibit 10.6 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, filed May 13, 2011).

31.1	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.

31.2	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.

31.3	Rule 13a-14(a)/15d-14(a) Certification of Principal Accounting and Financial Officer.

32.1	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.3	Certification of Principal Accounting and Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


101.INS*	XBRL Instance Document

101.SCH*	XBRL Taxonomy Extension Schema Document

101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document

101.PRE*	XBRL Taxonomy Extension Presentation Linkbase

*	XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ICON Income Fund Ten, LLC

(Registrant)

By: ICON Capital Corp.

(Manager of the Registrant)

November 10, 2011

By: /s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Keith S. Franz

Keith S. Franz

Senior Vice President - Finance

(Principal Accounting and Financial Officer)

ICON INCOME FUND TEN LLC - FORM 10-Q - November 10, 2011

Attached files

ICON INCOME FUND TEN LLC Reports