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March 13, 2009

Natixis Real Estate Capital, Inc.
9 West 57th Street
New York, New York  10019

 
Re:
RCC Real Estate SPE 3, LLC (“SPE 3”) and Resource Capital Corp. (“RCC”)

Dear Sirs:

Reference is made to that certain Master Repurchase Agreement dated as of April
12, 2007, as amended, between Natixis Real Estate Capital, Inc. (“Natixis”) and
SPE 3 (the “Repurchase Agreement”), together with the guarantee thereof pursuant
to a Guaranty dated April 12, 2007, as amended, from RCC to Natixis.  This
letter is to reflect certain understandings and agreements with respect to the
Guaranty and the Repurchase Agreement, as follows:

1. Net Worth Covenant.  Natixis hereby waives the requirements of clause (A) of
Section 6(b)(i) of the Guaranty for the period (the “Waiver Period”) beginning
December 31, 2008 and expiring May 12, 2009 and agrees that, for such period,
RCC shall be required to maintain a Net Worth (as such term is defined in the
Guaranty) in excess of $165,000,000.  Upon expiration of the Waiver Period, the
amount of RCC’s Net Worth shall revert to the amount in effect prior to the
Waiver Period and, as a result, RCC shall then be required to maintain a Net
Worth in excess of $200,000,000.

2. Partial Payment of Repurchase Price.  SPE 3 hereby agrees that, upon
execution of this letter by Natixis, it shall pay Natixis $1,000,000 in
reduction of the Repurchase Price of the Lembi IV Existing Assets (as each such
term is defined in the Repurchase Agreement).  Such payment shall be by wire
transfer to such account as may be designated by Natixis in writing.  This
letter agreement shall terminate and be of no force or effect if such amount is
not paid by 5:00 p.m. of the first business day following receipt by SPE 3 and
RCC of a copy of this letter executed by Natixis.

3. Certain Undertakings.  Each of SPE 3, RCC and Natixis undertakes, during the
Waiver Period, to use its commercially reasonable efforts to negotiate certain
modifications of affecting the Repurchase Agreement and Guaranty including the
following matters:

 
 

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(i)  
a reduction in the aggregate amount of the outstanding Repurchase Prices under
the Repurchase Agreement; and

 
(ii)  
a reduction in the amount of Net Worth RCC is required to maintain under clause
(A) of Section 6(b)(i) of the Guaranty.

Nothing contained herein shall constitute a waiver (except as expressly provided
herein during the Waiver Period), modification or amendment of the Repurchase
Agreement, the Guaranty or the other Transaction Documents and, except as
expressly provided herein during the Waiver Period, all of such documents remain
unmodified and in full force and effect. Natixis shall have no liability or
obligation to SPE3, RCC or any other Person if the parties are unable or
unwilling, for any reason or no reason whatsoever, to agree on any further
modifications to the Transaction Documents pursuant to paragraph 3. If the
foregoing correctly reflects our understandings and agreements, please execute
this letter in the space provided below.

 
Very truly yours,
     
RCC REAL ESTATE SPE 3, LLC
     
By:  /s/ Thomas C. Powers
 
Name:  Thomas C. Powers
 
Title:    Vice President

 
Very truly yours,
     
RESOURCE CAPITAL CORP.
     
By:  /s/ Jeffrey D. Blomstrom
 
Name:  Jeffrey D. Blomstrom
 
Title:    Senior Vice President

Accepted and agreed to this
13th day of March 2009
     
NATIXIS REAL ESTATE CAPITAL, INC.
     
By:  /s/ Jonathan Love
 
Name:  Jonathan Love
 
Title:    Managing Director
     
By:  /s/ Thomas G. Sharpe
 
Name:  Thomas G. Sharpe
 
Title:    Managing Director, Deputy General Counsel
     

 
 

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