--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Exhibit 10.1
 
THIRD AMENDMENT TO AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT AND JOINDER
 
 
This THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT AND
JOINDER (“Amendment”), dated as of November 16, 2012, is among Resource America,
Inc., a Delaware corporation (“Borrower”), TD BANK, N.A., a national banking
association, in its capacity as agent (“Agent”), TD BANK, N.A., a national
banking association, in its capacity as issuing bank (“Issuing Bank”) and each
of the financial institutions which are now or hereafter identified as Lenders
on Schedule A (as such Schedule may be amended, modified or replaced from time
to time) attached to the Loan Agreement (as defined below) (each such financial
institution, individually a “Lender” and collectively all “Lenders”).
 
BACKGROUND
 
A.      Pursuant to the terms of a certain Amended and Restated Loan and
Security Agreement dated as of March 10, 2011 among Borrower, Agent and Lenders
(as the same has been or may be supplemented, restated, superseded, amended or
replaced from time to time, the “Loan Agreement”), Lenders initially made
available to Borrower, inter alia, a revolving line of credit and term loan (the
“Loans”).  All capitalized terms used herein without further definition shall
have the respective meaning set forth in the Loan Agreement and all other Loan
Documents.
 
B.      The Loans are secured by, inter alia, continuing perfected security
interests in the Collateral.
 
C.      Pursuant to the Loan Agreement, certain affiliates of Borrower (each a
“Subsidiary Guarantor” and collectively the “Subsidiary Guarantors”) delivered
to Agent various security and collateral documents, including, without
limitation: (i) the Surety and Guaranty Agreement made by Subsidiary Guarantors
in favor of Agent, (ii) the Guarantor Security Agreement made by Subsidiary
Guarantors in favor of Agent, and (iii) the Subsidiary Collateral Pledge
Agreement made by certain Subsidiaries in favor of Agent relating to the assets
described therein, each as amended, restated, extended, supplemented or
otherwise modified in writing from time to time.
 
D.      The Loan Agreement provides that no Subsidiary Guarantor shall create or
acquire any Subsidiary unless (a)(i) such Subsidiary becomes party to the Surety
and Guaranty Agreement and Guarantor Security Agreement, or (ii) Borrower
otherwise provides an opinion of counsel that such Subsidiary is prohibited from
becoming a Subsidiary Guarantor pursuant to its organizational documents or any
loan documents to which it is a party, and (b) the Capital Stock of such
Subsidiary is pledged to Lender.
 
E.      Resource Real Estate, Inc. has created a new Subsidiary, Resource Real
Estate Funding II, Inc., a Delaware corporation (“Joining Guarantor”). Joining
Guarantor is an indirect Subsidiary of Borrower and, in recognition of the
benefits and privileges under the Loan Documents, Joining Guarantor and Borrower
have requested that Joining Guarantor be permitted to join into the Loan
Documents, as if an original signatory thereto, and Agent and Lender have so
consented subject to the terms and conditions hereof.
 
F.      Borrower has requested that Agent and Lenders consent to the payment in
full of the Existing Subordinated Debt on its scheduled maturity date and
modify, in certain respects, the terms of the Loan Agreement, and Agent and
Lenders have agreed to provide such consent and modifications in accordance with
and subject to the satisfaction of the conditions hereof.
 

 
 

--------------------------------------------------------------------------------

 

 
NOW, THEREFORE, with the foregoing Background incorporated by reference and
intending to be legally bound hereby, the parties agree as follows:
 
1.           Joinder.
 
a.           Joining Guarantor hereby becomes a Subsidiary Guarantor under the
Loan Agreement and the Loan Documents.  All references to Subsidiary Guarantors
contained in the Loan Agreement and Loan Documents are hereby deemed for all
purposes to also refer to and include Joining Guarantor as a Subsidiary
Guarantor and Joining Guarantor hereby agrees to comply with all of the terms
and conditions of the Loan Documents (to which the other Subsidiary Guarantors
are a party) as if an original signatory thereto.
 
b.           Joining Guarantor hereby joins in, assumes, adopts and becomes an
Undersigned (as defined therein) under the Surety and Guaranty Agreement. All
references to Undersigned contained in the Guaranty are hereby deemed for all
purposes to also refer to and include Joining Guarantor as an Undersigned and
Joining Guarantor hereby agrees to comply with all of the terms and conditions
of the Surety and Guaranty Agreement as if an original signatory
thereto.  Joining Guarantor is jointly and severally liable for, and hereby
guarantees and becomes surety for, the unconditional and prompt payment and
performance to Secured Parties of all Obligations.
 
c.           Joining Guarantor hereby joins in, assumes, adopts and becomes a
Debtor (as defined therein) under the Guarantor Security Agreement and hereby
grants Agent, for the ratable benefit of Secured Parties, a security interest in
all of Joining Guarantor’s Collateral (as defined in the Guarantor Security
Agreement).  All references to Debtors contained in the Guarantor Security
Agreement are hereby deemed for all purposes to also refer to and include
Joining Guarantor as a Debtor and Joining Guarantor hereby agrees to comply with
all of the terms and conditions of the Guarantor Security Agreement as if an
original signatory thereto.
 
2.           Amendment to Loan Documents.  Upon the effectiveness of this
Amendment, the Loan Documents shall be amended as follows:
 
a.           Section 1 of the Loan Agreement shall be amended by deleting the
definitions of “Applicable Base Rate”, “Applicable LIBOR Rate” and “Maturity
Date” and replacing each as follows:
 
“Applicable Base Rate” – The Base Rate plus two hundred twenty five (225) basis
points.
 
“Applicable LIBOR Rate” – The Adjusted LIBOR Rate plus three hundred (300) basis
points.
 

 
2

--------------------------------------------------------------------------------

 

 
 “Maturity Date” – The earlier of (a) the date on which the RCM Management
Agreement is terminated or expires in accordance with its terms and (b) December
31, 2014.
 
b.           Schedule I to the Sponsored CDO Pledge Agreement is hereby deleted
in its entirety and replaced with Schedule I attached to this Amendment as
Exhibit A.
 
3.           Consent.  Subject to the effectiveness of this Amendment, Agent and
Lenders hereby consent to the payment on October 15, 2013 of all amounts then
due on the Existing Subordinated Debt in accordance with its terms (the
“Subordinated Debt Maturity Payment”), provided that no Significant Default then
exists.  Agent’s and Lenders’ consent to the Subordinated Debt Maturity Payment
shall not otherwise affect the right of Agent and Lenders to demand compliance
by Borrower and Subsidiary Guarantors with all of the terms, conditions and
provisions of the Loan Agreement and Loan Documents or be deemed a waiver of any
other transaction or future action on the part of Borrower and Subsidiary
Guarantors requiring Agent or Required Lenders’ consent or approval under the
Loan Agreement.
 
4.           Representations and Warranties.  Borrower represents and warrants
to Agent, Issuing Bank and Lenders that:
 
a.           Prior Representations.  Schedule C, Schedule 5.1, Schedule 5.2,
Schedule 5.7, Schedule 5.9, Schedule 5.10(a), Schedule 5.11(c)(ii), Schedule
5.14(a), Schedule 5.14(b), Schedule 5.17, Schedule 5.22 and Schedule 7.4(a), are
amended and restated in their entirety and collectively attached as Schedule A
to this Amendment.  After giving effect to the amended and restated Schedules
attached hereto as Schedule A to this Amendment, the representations and
warranties made to Agent, Issuing Bank and Lenders in the Loan Agreement are
true and correct in all material respects.
 
b.           Authorization. The execution and delivery by Borrower of this
Amendment (i) are and will be within its powers, (ii) have been duly authorized
by all necessary action on behalf of Borrower and (iii) are not and will not be
in contravention of any order of court or other agency of government, of law or
of any indenture, agreement or undertaking to which Borrower is a party or by
which the property of Borrower is bound, or be in conflict with, result in a
breach of or constitute (with due notice and/or lapse of time) a default under
any such indenture, agreement or undertaking, or result in the imposition of any
lien, charge or encumbrance of  any nature on any of the properties of Borrower.
 
c.           Valid, Binding and Enforceable. This Amendment and any assignment
or other instrument, document or agreement executed and delivered in connection
herewith, will be valid, binding and enforceable in accordance with their
respective terms except as such enforceability may be limited by any federal or
state law affecting debtor and creditor rights or relating to the bankruptcy,
insolvency, reorganization, arrangement, moratorium, readjustment of debt,
dissolution, liquidation or similar laws, proceedings, or equitable principles
affecting the enforcement of creditors’ rights, as amended from time to time
 
d.           No Default.  No Default or Event of Default exists.
 
 
3

--------------------------------------------------------------------------------

 
 
5.           Ratification of Loan Documents.  This Amendment is hereby
incorporated into and made a part of the Loan Agreement and all other Loan
Documents respectively, the terms and provisions of which, except to the extent
expressly modified by this Amendment, are each ratified and confirmed and
continue unchanged in full force and effect.  Any reference to the Loan
Agreement and all other Loan Documents respectively in this or any other
instrument, document or agreement related thereto or executed in connection
therewith shall mean the Loan Agreement and all other Loan Documents
respectively as amended by this Amendment.  As security for the payment of the
Obligations, and satisfaction by Borrower of all covenants and undertakings
contained in the Loan Agreement, Borrower hereby confirms its prior grant to
Agent, for the ratable benefit of Secured Parties, of a continuing first lien on
and security interest in, upon and to all of Borrower’s now owned or hereafter
acquired, created or arising Collateral.
 
6.           Confirmation of Indebtedness. Borrower confirms and acknowledges
that as of the close of business on November 15, 2012, (a) it is indebted to
Agent and Lenders under the Loan Documents in the aggregate principal amount of
$0.00 and (b) Issuing Bank has issued Letters of Credit in the aggregate face
amount of $503,057.00, in each case without any deduction, defense, setoff,
claim or counterclaim of any nature as of the date of this Amendment, plus all
fees, costs and Expenses incurred to date in connection with the Loan Documents.
 
7.           Confirmation of Subsidiary Guarantors.  By its signature below,
each Subsidiary Guarantor hereby consents to and acknowledges the terms and
conditions of this Amendment and agrees that its obligations under the Surety
and Guaranty Agreement are ratified and confirmed and shall continue in full
force and effect and shall continue to cover all Obligations of Borrower
outstanding from time to time under the Loan Agreement as amended hereby. As
security for the payment of the Obligations, and satisfaction by each Subsidiary
Guarantor of all covenants and undertakings contained in the Loan Documents,
each Subsidiary Guarantor hereby confirms its prior grant to Agent, for the
ratable benefit of Secured Parties, of a continuing first lien on and security
interest in, upon and to all of such Subsidiary Guarantor’s now owned or
hereafter acquired, created or arising Collateral.
 
8.           Effectiveness Conditions.  This Amendment shall become effective
upon the satisfaction of the following conditions:
 
a.           Execution and delivery of this Amendment by the parties hereto;
 
b.           Payment to Agent for the ratable benefit of Lenders of a fully
earned, non-refundable amendment fee in the amount of $50,000.00;
 
c.           Delivery to Agent of (A) certified copies of resolutions of
the board of directors of Joining Guarantor authorizing the execution, delivery
and performance of this Amendment and the transactions contemplated hereby, and
(B) Joining Guarantor’s certificate of incorporation and by-laws, as applicable;
 
d.           Delivery to Agent of an incumbency certificate for Joining
Guarantor identifying all individuals authorized to execute this Amendment, with
specimen signatures;
 

 
4

--------------------------------------------------------------------------------

 

 
e.           Delivery to Agent of a good standing certificate for Joining
Guarantor showing Joining Guarantor to be in good standing in its state of
organization and in each other state in which it is doing business;
 
f.           Filing of a UCC Financing Statement against Joining Guarantor;
 
g.           Delivery to Agent of an opinion of counsel that each of RA
Equityco, LLC, RFIG Partners, LLC, and RFIG Partners II, LLC is prohibited from
becoming a Subsidiary Guarantor; and
 
h.           Payment by Borrower of all of Agent’s Expenses.
 
9.           Governing Law.  THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND
DOCUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE
LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. THE PROVISIONS OF THIS AMENDMENT AND
ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED
SEVERABLE, AND THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION SHALL NOT
AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND
EFFECT.
 
10.           Modification.  No modification hereof or any agreement referred to
herein shall be binding or enforceable unless in writing and signed by Borrower
and Agent or Lenders, as required under the Loan Agreement.
 
11.           Duplicate Originals.  Two or more duplicate originals of this
Amendment may be signed by the parties, each of which shall be an original but
all of which together shall constitute one and the same instrument.
 
12.           Release.  As further consideration for the agreement of Agent,
Issuing Bank and Lenders to enter into this Amendment, Borrower (and by its
execution below, each Subsidiary Guarantor) hereby waives, releases, and
discharges Agent, Issuing Bank and each Lender, all affiliates of Agent, Issuing
Bank and each Lender and all of the directors, officers, employees, attorneys
and agents of Agent, Issuing Bank and each Lender and all affiliates of such
Persons, from any and all claims, demands, actions or causes of action existing
as of the date hereof, arising out of or in any way relating to this Amendment,
the Loan Agreement, the Loan Documents and/or any documents, agreements,
instruments, dealings or other matters connected with this Amendment, the Loan
Agreement, the Loan Documents or the administration thereof.
 
 
 
5

--------------------------------------------------------------------------------

 
 
13.           Waiver of Jury Trial.  BORROWER, AGENT AND EACH LENDER EACH HEREBY
WAIVE ANY AND ALL RIGHTS EACH MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY
LITIGATION, PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO
ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS
INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT,
MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE
TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS.
 
[Balance of Page Intentionally Blank]
 
 
6

--------------------------------------------------------------------------------

 

 
IN WITNESS WHEREOF, the undersigned parties have executed this Amendment the day
and year first above written.
 
 
 
BORROWER:
 
Resource America, Inc.

 
By:           /s/ Thomas C. Elliott                        
Name:           Thomas C. Elliott
Title:              Senior Vice President and Chief Financial
                     Officer
 
 
JOINING GUARANTORS:
 
Resource Real Estate Funing II, Inc.
 
 
By:           /s/ Thomas C. Elliott                        
Name:           Thomas C. Elliott
Title:              Senior Vice President and Chief Financial
                     Officer
 
 
AGENT:
 
TD BANK, N.A.
 
By:           /s/ Eric C. Tweer                            
Name:           Eric C. Tweer
Title:              Vice President
 
LENDER:
 
TD BANK, N.A., as Lender
 
By:           /s/ Eric C. Tweer                            
Name:           Eric C. Tweer
Title:              Vice President

 
 
S-1

--------------------------------------------------------------------------------

 
 
 
AGREED TO AND ACCEPTED:
 
SURETIES:
 
Ischus Capital Management, LLC
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Chief Financial Officer
 
RAI Ventures, Inc.
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Senior Vice President
 
RCP Financial, LLC
 
By:  Resource Programs, Inc., its sole member
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Senior Vice President and Treasurer
 
Resource Capital Manager, Inc.

By:           /s/ Thomas C. Elliott                        
               Name:  Thomas C. Elliott
               Title:     Senior Vice President
 
Resource Capital Investor, Inc.
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Chief Financial Officer
 
 
 
S-2

--------------------------------------------------------------------------------

 
 
 
Resource Capital Partners, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     Senior Vice President
 
Resource Financial Institutions Group,  Inc.
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Vice President and Chief
                       Financial Officer
 
Resource Financial Fund Management, Inc.
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Senior Vice President

 
Resource Housing Investors I, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President
 
 
Resource Housing Investors II, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President
 
 
S-3

--------------------------------------------------------------------------------

 

Resource Housing Investors III, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President
 
Resource Housing Investors IV, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President
 
Resource Leasing, Inc.
 
By:           /s/ Thomas C. Elliott                        
                Name:  Thomas C. Elliott
                Title:    Treasurer

 
Resource Programs, Inc.
 
By:          /s/ Thomas C. Elliott                        
               Name:  Thomas C. Elliott
               Title:     Senior Vice President and Treasurer
 
Resource Properties XVII, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President

Resource Properties XXV, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President

 
 
 
S-4

--------------------------------------------------------------------------------

 

 
Resource Properties XXVI, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President

Resource Properties XXX, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President

Resource Properties XXXI, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President
 
Resource Properties XLVII, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:    President
 
Resource Real Estate, Inc.
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     Chief Executive Officer
 
Resource Real Estate Funding, Inc.
 
By:           /s/ Thomas C. Elliott                        
                Name:  Thomas C. Elliott
                Title:     Senior Vice President
 
 
 
S-5

--------------------------------------------------------------------------------

 
 
Resource Real Estate Holdings, Inc.
 
By:           /s/ Thomas C. Elliott                        
                Name:  Thomas C. Elliott
                Title:     Vice President and Treasurer
 
Resource Real Estate Management, LLC
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President
 
RRE1 Duraleigh Member, LLC
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     Senior Vice President

RRE2 Duraleigh Member, LLC
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     Senior Vice President
 
RRE Avalon Member, LLC
 
By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:     Senior Vice President
 
 
S-6

--------------------------------------------------------------------------------

 

Resource Capital Partners II, LLC
 
By:           Resource Real Estate, Inc., its sole member
 
          By:          /s/ Alan F. Feldman                          
                                Name:  Alan F. Feldman
                                Title:    Chief Executive Officer

 
RRE Leaseco, LLC
 
By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:    Senior Vice President
 
Resource Capital Markets, Inc.
 
By:          /s/ Thomas C. Elliott                        
                Name:  Thomas C. Elliott
                Title:    Chief Financial Officer

 
RRE D2R2 2007-1, LLC
 
By: Resource Real Estate, Inc., its sole member
 
          By:          /s/ Alan F. Feldman                          
                                Name:  Alan F. Feldman
                                Title:    Chief Executive Officer
 
RRE Investor, LLC
By: Resource Capital Partners II, LLC, its sole
 member
 
By: Resource Real Estate, Inc., its sole
 member
 
          By:          /s/ Alan F. Feldman                          
                                Name:  Alan F. Feldman
                                Title:    Chief Executive Officer
 
 
 
S-7

--------------------------------------------------------------------------------

 
 
Resource Real Estate Management, Inc.
 
By:          /s/ Steven R. Saltzman                        
                Name:  Steven R. Saltzman
                Title:    Chief Financial Officer

 
Resource Real Estate Opportunity
Advisor, LLC
 
By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:    Chief Executive Officer
 
Walnut Street Investments, LLC
 
By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:    President
 
Resource Real Estate Opportunity
Manager, LLC
 
By:          /s/ Steven R. Saltzman                        
                Name:  Steven R. Saltzman
                Title:     Chief Financial Officer and
                            Senior Vice President
 
Resource Income Advisors, Inc.
 
By:          /s/ Thomas C. Elliott                        
                Name:  Thomas C. Elliott
                Title:     Senior Vice President and Chief Financial
                            Officer
 
Torsion Capital, LLC
 
By:           /s/ Thomas C. Elliott                        
Name:           Thomas C. Elliott
Title:              Chief Financial Officer
 
 
 
S-8

--------------------------------------------------------------------------------

 
 
Torsion Advisors, LLC
 
By:           /s/ Thomas C. Elliott                        
Name:           Thomas C. Elliott
Title:              Chief Financial Officer
 
Parkwin Services, LLC
 
By:           /s/ Steven R. Saltzman                       
Name:           Steven R. Saltzman
Title:             Vice President and Treasurer

 
 
 
S-9

--------------------------------------------------------------------------------

 
 
SCHEDULE A
 
 
Selected Updated Schedules to Loan Agreement
 

 
 

--------------------------------------------------------------------------------

 

SCHEDULE C
 
LIST OF SUBSIDIARIES NOT GUARANTYING
 
1.
Resource Securities, Inc. (f/k/a Chadwick Securities, Inc.)

2.
Resource Europe Management Limited

3.
Resource RSI Phase I, LLC

4.
Resource RSI Phase II, LLC

5.
RCP Nittany Pointe Manager, Inc.

6.
RCP Fountains GP, Inc.

7.
RCP Avalon Manager, Inc.

8.
RCP Falls at Duraleigh Manager, Inc.

9.
RCP Sage Canyon Manager, Inc.

10.
RCP Cuestas Manager, Inc.

11.
RCP Holdco I Manager, Inc.

12.
RCP Reserves Manager, Inc.

13.
RCP Foxglove Manager, Inc.

14.
RCP Santa Fe Manager, Inc.

15.
RCP Regents Center Manager, Inc.

16.
RCP Highland Lodge Manager, Inc.

17.
RCP Grove Manager, LLC

18.
RCP Howell Bridge Manager, Inc.

19.
RCP Heritage Lake Manager, LLC

20.
RCP Westchase Wyndham Manager, LLC

21.
RCP Pear Tree Manager, LLC

22.
RCP Wind Tree Manager, LLC

23.
RCP Chenal Brightwaters Manager, LLC

24.
Resource Asset Management, LLC

25.
LEAF Asset Management, LLC

26.
FLI Holdings, Inc.

27.
LEAF Financial Corporation

28.
LEAF Funding, Inc.

29.
LEAF Ventures, LLC

30.
Merit Capital Manager, LLC

31.
Merit Capital Advance, LLC

32.
Resource Commercial Mortgages, Inc.

33.
RCP Magnolia Manager, LLC

34.
RCP West Wind Manager, LLC

35.
RCP Ryan’s Crossing Manager, LLC

36.
RCP Memorial Towers Manager, LLC

37.
RCP Villas Manager, LLC

38.
RCP Coach Lantern Manager, LLC

39.
RCP Foxcroft Manager, LLC

40.
RCP Tamarlane Manager, LLC

41.
RCP Park Hill Manager, LLC

42.
RCP Bent Oaks Manager, LLC

43.
RCP Cape Cod Manager, LLC

 
 
 
 

--------------------------------------------------------------------------------

 
 
44.
RCP Woodland Hills Manager, LLC

45.
RCP Woodhollow Manager, LLC

46.
RCP Woodland Village Manager, LLC

47.
Merit Processing, LLC

48.
LEAF Ventures II, LLC

49.
Prompt Payment, LLC

50.
RRE Oak Park Leaseco, LLC

51.
RCP Wyndridge Manager, LLC

52.
RCP Waterstone Manager, LLC

53.
Highland Lodge Holdings, LLC

54.
RRE Highland Lodge Manager, Inc.

55.
RSI I Manager, Inc.

56.
RSI II Manager, Inc.

57.
RA Equityco, LLC

58.
RFIG Partners, LLC

59.
RFIG Partners II, LLC

 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.1
 
STATES OF QUALIFICATIONS
 
 
Entity Name
 
State(s) of Qualification
       
1.
Resource America, Inc.
 
DE, PA
2.
Ischus Capital Management, LLC
 
DE, NY
3.
RAI Ventures, Inc.
 
DE
4.
RCP Financial, LLC
 
PA
5.
Resource Capital Manager, Inc.
 
DE, NY
6.
Resource Capital Investor, Inc.
 
DE
7.
Resource Capital Partners, Inc.
 
DE, PA, CO
8.
Resource Financial Institutions Group, Inc.
 
DE
9.
Resource Financial Fund Management, Inc.
 
DE
10.
Resource Housing Investors I, Inc.
 
DE
11.
Resource Housing Investors II, Inc.
 
DE
12.
Resource Housing Investors III, Inc.
 
DE
13.
Resource Housing Investors IV, Inc.
 
DE
14.
Resource Leasing, Inc.
 
DE
15.
Resource Programs, Inc.
 
DE, PA, NY
16.
Resource Properties XVII, Inc.
 
DE
17.
Resource Properties XXV, Inc.
 
DE
18.
Resource Properties XXVI, Inc.
 
DE
19.
Resource Properties XXX, Inc.
 
DE, PA
20.
Resource Properties XXXI, Inc.
 
DE
21.
Resource Properties XLVII, Inc.
 
DE
22.
Resource Real Estate, Inc.
 
DE
23.
Resource Real Estate Funding, Inc.
 
DE, PA, CA
24.
Resource Real Estate Holdings, Inc.
 
DE
25.
Resource Real Estate Management, LLC
 
DE
26.
RRE1 Duraleigh Member, LLC
 
DE
27.
RRE2 Duraleigh Member, LLC
 
DE
28.
RRE Avalon Member, LLC
 
DE
29.
Resource Capital Partners II, LLC
 
DE
30.
RRE Leaseco, LLC
 
DE
31.
Resource Capital Markets, Inc.
 
DE
32.
RRE D2R2 2007-1, LLC
 
DE
33.
RRE Investor, LLC
 
DE
34.
Resource Real Estate Management, Inc.
 
DE, CA, OH, PA, CT,
     
AL, FL, SC
35.
Resource Real Estate Opportunity Advisor, LLC
 
DE
36.
Walnut Street Investments, LLC
 
DE
37.
Resource Real Estate Opportunity Manager, LLC
 
DE
38.
Parkwin Services, LLC
 
DE, D.C., MD
39.
Resource Income Advisors, Inc.
 
DE

 
 
 

--------------------------------------------------------------------------------

 
 
40.
Torsion Capital, LLC
 
DE
41.
Torsion Advisors, LLC
 
DE
42.
Resource Real Estate Funding II, Inc.
 
DE, PA

 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.2
 
PLEACES OF BUSINESS
 
1845 Walnut Street, 9 and 10th Floor
Philadelphia, PA 19103
 
2005 Market Street, 15th Floor
Philadelphia, PA 19103
 
712 Fifth Avenue, 12th Floor
New York, NY  10019
 
One Crescent Drive, Suite 203
Navy Yard Corporate Center
Philadelphia, PA 19112
 
2121 Rosecrans Avenue, Suite 3310
El Segundo, CA 90245
 
Resource Europe Management LTD
6 Brook St
London, England W1S 1BB
 
3033 East First Avenue, Suite 805
Denver, CO  80206
 
Resource Real Estate Management
14301 First National Bank Parkway
Suite 310
Omaha, NE  68154
 
Resource Securities, Inc. (Singapore Branch)
Ocean Financial Tower
10 Collyer Quay, Level 40
Singapore  049315
 
 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.7
 
FEDERAL TAX ID AND STATE ID NO.
 
Entity Name
 
EIN
 
State Id No.
 
Resource America, Inc.
 
72-0654145
 
  636908
 
Ischus Capital Management, LLC
 
42-1629547
 
3795325
 
RAI Ventures, Inc.
 
23-3052654
 
3270521
 
RCP Financial, LLC
 
04-3837567
 
  568031
 
Resource Capital Manager, Inc.
 
20-2287162
 
3919391
 
Resource Capital Investor, Inc.
 
20-2393947
 
3931224
 
Resource Capital Partners, Inc.
 
13-4214163
 
3562036
 
Resource Financial Institutions Group, Inc.
 
20-2593874
 
3929004
 
Resource Financial Fund Management, Inc.
 
04-3686974
 
3530885
 
Resource Housing Investors I, Inc.
 
23-2916186
 
2713100
 
Resource Housing Investors II, Inc.
 
23-2916188
 
2713232
 
Resource Housing Investors III, Inc.
 
23-2916190
 
2713037
 
Resource Housing Investors IV, Inc.
 
23-2916191
 
2713230
 
Resource Leasing, Inc.
 
51-0367697
 
2518557
 
Resource Programs, Inc.
 
23-2544941
 
2171187
 
Resource Properties XVII, Inc.
 
23-2836316
 
2489294
 
Resource Properties XXV, Inc.
 
51-0374877
 
2629014
 
Resource Properties XXVI, Inc.
 
52-2005749
 
2678319
 
Resource Properties XXX, Inc.
 
51-0374880
 
2629018
 
Resource Properties XXXI, Inc.
 
51-0365095
 
2464161
 
Resource Properties XLVII, Inc.
 
23-2972692
 
2864483
 
Resource Real Estate, Inc.
 
20-1093394
 
3799469
 
Resource Real Estate Funding, Inc.
 
20-4326931
 
4109391
 
Resource Real Estate Holdings, Inc.
 
65-1173932
 
3624814
 
Resource Real Estate Management, LLC
 
22-3914452
 
3976137
 
RRE1 Duraleigh Member, LLC
 
52-2448330
 
3900088
 
RRE2 Duraleigh Member, LLC
 
52-2448325
 
3900089
 
RRE Avalon Member, LLC
 
20-2081491
 
3906054
 
Resource Capital Partners II, LLC
 
26-3419877
 
4604475
 
RRE Leaseco, LLC
 
64-0960020
 
4346241
 
Resource Capital Markets, Inc.
 
26-2740281
 
4550415
 
RRE D2R2 2007-1, LLC
 
45-0573586
 
4428599
 
RRE Investor, LLC
 
13-4214163
 
4685839
 
Resource Real Estate Management, Inc.
 
22-3914452
 
4404764
 
Resource Real Estate Opportunity Advisor, LLC
 
27-0332311
 
4696255
 
Walnut Street Investments, LLC
 
30-3665750
 
4942797
 
Resource Real Estate Opportunity Manager, LLC
 
27-0332473
 
4696257
 
Parkwin Services, LLC
 
45-0707333
 
4956185
 
Resource Income Advisors, Inc.
 
45-1167549
 
4956941
 
Torsion Capital, LLC
 
45-3727472
 
5037586
 
Torsion Advisors, LLC
 
45-3727806
 
5056141
 
Resource Real Estate Funding II, Inc.
 
36-4736439
 
5176588
 

 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.10(a)
 
EXISTING GUARANTIES, INVESTMENTS AND BORROWINGS
 
GUARANTEES:
 
Limited Loan Guarantee dated as of July ___, 2012
 
 
Guarantor                             Borrower                                                                         Lender
Borrower                              Lease Equity Appreciation Fund I,
L.P.                                                     Portigon Financial
Services
                                      Lease Equity Appreciation Fund II, L.P.
 
INVESTMENTS:                                                                                                           Balance
at 6/30/12
Investments in real estate,
net                                                                                          $    19,356,205.54
Investment Securities, at fair
value:                                                                                  $    19,880,490.71
Investment in Unconsolidated
Entities:                                                                              $    12,740,007.33
Investment in Unconsolidated Loan
Manager                                                                    $    35,980,029.29
 
 
INTERCOMPANY BORROWINGS:
 
Lender
 
Borrower
 
Balance at 6/30/12
 
Resource Programs
 
RAI Corporate
  $ 24,286,173.44  
RAI Corporate
 
Real Estate
    17,347,647.05  
Resource Capital Partners, Inc.
 
RAI Corporate
    43,862,652.95  
Resource Real Estate Funding
 
RAI Corporate
    233,169.95  
Resource Real Estate Management, Inc.
 
RAI Corporate
    1,000.00  
Resource Leasing
 
RAI Corporate
    35,732,287.36  
RAI Corporate
 
LEAF Financial Corp
    47,783,115.10  
RAI Corporate
 
Flih
    17,946,115.76  
RAI Corporate
 
Resource Financial Fund Management
    24,706,624.80  
RAI Corporate
 
Ischus
    28,013,390.05  
RAI Corporate
 
RFIG
    5,581,655.57  
RAI Corporate
 
Resource Capital Manager, Inc.
    2,023,319.46  
Resource Capital Investor
 
RAI Corporate
    4,235,139.97  
RAI Corporate
 
Trapeza
    94,399.79  
RAI Corporate
 
Resource Asset Management, Inc. (RAMI)
    733,546.25  
RAI Corporate
 
RAI Ventures
    6,395,780.24  
RAI Corporate
 
Resource Securities, Inc.
    1,572,042.83  
RAI Corporate
 
Resource Europe
    284,600.79  
RAI Corporate
 
Resource Capital Markets, Inc.
    2,707,556.43  
Resource Real Estate
 
Resource Programs
    41,416,593.38  
Resource Real Estate Funding
 
Resource Capital Manager
    6,940,036.03  
LEAF Financial
 
Resource Financial Fund Mgt.
    77,769.69  
Resource Capital Markets
 
Resource Securities, Inc.
    50,461.19  
Resource Capital Partners, Inc.
 
Resource Securities, Inc.
    233,279.02  
Resource Securities, Inc.
 
Resource Real Estate Opportunity Advisor
    101,530.92  
Resource Europe
 
Resource Securities, Inc.
    65,934.99  
Resource Europe
 
Resource Capital Markets, Inc.
    151,455.12  

 
 

--------------------------------------------------------------------------------

 
 
 
RRE Opportunity Advisor, LLC
 
Resource Securities, Inc.
    156,811.36  
RRE Opportunity Advisor, LLC
 
RAI Corporate
    2,884.92  
Resource Capital Markets
 
Resource Financial Fund Management
    2,253,684.18  
Resource Capital Markets
 
Resource Capital Manager, Inc.
    109,394.75  

 

 

         
BALANCE AT
 
LENDER
 
BORROWER
   
6/30/12
               
Senior Notes
 
Resource America, Inc.
    $ 10,000,000  
Resource Capital Corp.
 
Resource Capital Partners, Inc.
      1,677,432  
Cantor Commercial Real Estate Lending, L.P.
 
Resource RSI Phase I & II, LLC
      10,573,532  
CIT
 
Resource America, Inc.
      365,929               22,616,893  
TD Bank, N.A.
 
Resource America, Inc. line of credit
      0  
Total borrowings per balance sheet at 6/30/12:
        $ 22,616,893  

 
 
 
 

--------------------------------------------------------------------------------

 
 
 
SCHEDULE 5.11(c)(ii)
 
 
The Resource America, Inc. Employee Stock Ownership Plan (“ESOP”)
The Company had sponsored an Employee Stock Ownership Plan (“ESOP”) which was a
qualified non-contributory retirement plan.  The Company has terminated the ESOP
and, in connection with this termination, distributed the remaining plan assets
to participants and liquidated the ESOP trust in the fourth quarter of fiscal
2012.
 
The Resource America, Inc. Investment Savings Plan (“401k”)
The Company sponsors a qualified 401(k) Plan to enable employees to save for
their retirement on a tax deferred basis.  On January 1, 2012, the Plan was
amended to become a Safe Harbor Plan and the match was changed to equal (1) 100%
of participant contributions up to the first 3% of participant compensation,
plus (2) 50% of participant contributions on the next 2% of participant
compensation.  In addition, matching contributions made after January 1, 2012
are 100% vested.  As of September 30, 2012, the Plan is in compliance with all
regulatory requirements.
 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.14(a)

OTHER ASSOCIATIONS

Resource Financial Fund Management holds a Limited Partnership interest in each
of the partnerships below:

   
Percentage of Limited
Entity
 
Partnership Interests Owned
Trapeza Partners I L.P.
    10.15%        
Trapeza Partners II L.P
    7.73%        
Trapeza Partners III L.P.
    6.10%        
Trapeza Partners IV L.P.
    5.04%        
Trapeza Partners V L.P.
    13.25%        
Compass Island Partners, L.P.
    10.00%        
Compass Island Partners A, L.P.
    10.00%        
Cradle Cove Partners, L.P.
    10.51%        
Cradle Cove Partners II, L.P.
    5.81%        
Cradle Cove Investment Opportunities Fund, L.P.
    5.90%        
Cradle Cove Investment Opportunities Fund A, L.P.
    0.10%        
Cradle Cove Investment Opportunities Fund C, L.P.
    0.10%        
CVC Global Credit Opportunities  Fund, L.P.
    2.70%

 
 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.14(b)

 
SPONSORED CDO OFFERINGS AND STRUCTURED FINANCE INVESTMENTS
 

Direct Investments in CDOs
 
Total $ CDO Equity
   
RFFM $ Share of Equity
 
Trapeza IX
    23,000,000       1,000,000  
Trapeza X
    39,500,000       2,500,000  
Trapeza XII
    25,000,000       950,000  
Trapeza XIII
    30,000,000       2,500,000  
Ischus I (RFFM)
    17,000,000       500,000  
Ischus HG COLL 2007-1
    15,800,000       1,000,000  
Ischus Mezz III
    23,000,000       2,000,000  
Ischus Synthetic II
    36,000,000       3,000,000  
Apidos IV
    27,000,000       1,000,000  
Apidos Quattro
    25,500,000       1,000,000  
Apidos IX
    38,925,000       1,287,330                    
Total Direct Equity Investments in CDOs
    300,725,000       16,737,330  

 
 
 
Investment in CDOs Through
 
Total Partnership Capital
   
RFFM Share of
       
Trapeza Partnerships
 
Allocated to CDO
   
Partnership Cap
   
% Owned
 
Trapeza III
    18,032,100       1,100,000       6.10  
Trapeza IV
    7,542,600       380,000       5.04  
Trapeza V
    8,300,100       1,100,000       13.25  
Total Investments in CDOs
    33,874,800       2,580,000       7.62  

 
 
 
Investment in Joint Ventures
 
Total Investment Amount
 
CVC Credit Partners, L.P.
  $ 35,980,029  

 
 
 
 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.17
 
CAPITAL STOCK OR UNITS
 

   
Authorized Shares / Units /
 
 Shares/Units/
   
% Interests Issued
 
% Interests
         
RESOURCE AMERICA, INC.
       
Preferred Stock
 
1,000,000
 
0
Common Stock
 
49,000,000
 
18,308,813
Ischus Capital Management, LLC
 
100%
 
100%
RAI Ventures, Inc.
 
1,000
 
100
RCP Financial, LLC
 
100%
 
100%
Resource Capital Manager, Inc.
 
1,000
 
1,000
Resource Capital Investor, Inc.
 
1,000
 
1,000
Resource Capital Partners, Inc.
 
1,000
 
100
Resource Financial Institutions Group, Inc.
 
1,000
 
1,000
Resource Financial Fund Management, Inc.
 
1,000
 
100
Resource Housing Investors I, Inc.
 
1,000
 
100
Resource Housing Investors II, Inc.
 
1,000
 
100
Resource Housing Investors III, Inc.
 
1,000
 
100
Resource Housing Investors IV, Inc.
 
1,000
 
100
Resource Leasing, Inc.
 
1,000
 
100
Resource Programs, Inc.
 
100
 
100
Resource Properties XVII, Inc.
 
1,000
 
100
Resource Properties XXV, Inc.
 
1,000
 
100
Resource Properties XXVI, Inc.
 
1,000
 
100
Resource Properties XXX, Inc.
 
1,000
 
100
Resource Properties XXXI, Inc.
 
1,000
 
100
Resource Properties XLVII, Inc.
 
1,000
 
100
Resource Real Estate, Inc.
 
1,000
 
100
Resource Real Estate Funding, Inc.
 
1,000
 
1,000
Resource Real Estate Holdings, Inc.
 
1,000
 
100
Resource Real Estate Management, LLC
 
100%
 
100%
RRE1 Duraleigh Member, LLC
 
100%
 
100%
RRE2 Duraleigh Member, LLC
 
100%
 
100%
RRE Avalon Member, LLC
 
100%
 
100%
Resource Capital Partners II, LLC
 
100%
 
100%
RRE Leaseco, LLC
 
100%
 
100%
Resource Capital Markets, Inc.
 
1,000
 
1,000
RRE D2R2 2007-1, LLC
 
100%
 
100%
RRE Investor, LLC
 
100%
 
100%
Resource Real Estate Management, Inc.
 
1,000
 
1,000
Resource Securities, Inc.
 
1,000
 
1,000
Resource Europe Management Limited
 
1
 
1
Resource RSI Phase I, LLC
 
100%
 
100%

 
 

--------------------------------------------------------------------------------

 
 
Resource RSI Phase II, LLC
 
100%
 
100%
RCP Nittany Pointe Manager, Inc.
 
1,000
 
100
RCP Fountains GP, Inc.
 
1,000
 
100
RCP Avalon Manager, Inc.
 
1,000
 
1,000
RCP Falls at Duraleigh Manager, Inc.
 
1,000
 
1,000
RCP Sage Canyon Manager, Inc.
 
1,000
 
1,000
RCP Cuestas Manager, Inc.
 
1,000
 
1,000
RCP Holdco I Manager, Inc.
 
1,000
 
1,000
RCP Reserves Manager, Inc.
 
1,000
 
1,000
RCP Foxglove Manager, Inc.
 
1,000
 
1,000
RCP Santa Fe Manager, Inc.
 
1,000
 
1,000
RCP Regents Center Manager, Inc.
 
1,000
 
1,000
RCP Highland Lodge Manager, Inc.
 
1,000
 
1,000
RCP Grove Manager, LLC
 
100%
 
100%
RCP Howell Bridge Manager, Inc.
 
1,000
 
1,000
RCP Heritage Lake Manager, LLC
 
100%
 
100%
RCP Westchase Wyndham Manager, LLC
 
100%
 
100%
RCP Pear Tree Manager, LLC
 
100%
 
100%
RCP Wind Tree Manager, LLC
 
100%
 
100%
RCP Chenal Brightwaters Manager, LLC
 
100%
 
100%
Resource Asset Management, LLC
 
30,000,000
 
22,500,000
LEAF Asset Management, LLC
 
100%
 
100%
FLI Holdings, Inc.
 
1,000
 
100
LEAF Financial Corporation
 
10,000,000
 
9,900,000
LEAF Funding, Inc.
 
1,000
 
1,000
LEAF Ventures, LLC
 
100%
 
100%
Merit Capital Manager, LLC
 
100%
 
100%
Merit Capital Advance, LLC
 
100%
 
100%
Resource Commercial Mortgages, Inc.
 
1,000
 
100
RCP Magnolia Manager, LLC
 
100%
 
100%
RCP West Wind Manager, LLC
 
100%
 
100%
RCP Ryan’s Crossing Manager, LLC
 
100%
 
100%
RCP Memorial Towers Manager, LLC
 
100%
 
100%
RCP Villas Manager, LLC
 
100%
 
100%
RCP Coach Lantern Manager, LLC
 
100%
 
100%
RCP Foxcroft Manager, LLC
 
100%
 
100%
RCP Tamarlane Manager, LLC
 
100%
 
100%
RCP Park Hill Manager, LLC
 
100%
 
100%
RCP Bent Oaks Manager, LLC
 
100%
 
100%
RCP Cape Cod Manager, LLC
 
100%
 
100%
RCP Woodland Hills Manager, LLC
 
100%
 
100%
RCP Woodhollow Manager, LLC
 
100%
 
100%
Merit Processing, LLC
 
100%
 
100%
LEAF Ventures II, LLC
 
100%
 
100%
Prompt Payment, LLC
 
100%
 
100%
RRE Oak Park Leaseco, LLC
 
100%
 
100%
RCP Wyndridge Manager, LLC
 
100%
 
100%

 
 

--------------------------------------------------------------------------------

 

RCP Waterstone Manager, LLC
 
100%
 
100%
RCP Woodland Village Manager, LLC
 
100%
 
100%
Resource Real Estate Opportunity Advisor, LLC
 
100%
 
100%
Walnut Street Investments, LLC
 
100%
 
100%
Resource Real Estate Opportunity Manager, LLC
 
100%
 
100%
Parkwin Services, LLC
 
100%
 
100%
Resource Income Advisors, Inc.
 
100%
 
100%
Torsion Capital, Inc.
 
100%
 
100%
Torsion Advisors, Inc.
 
100%
 
100%
Highland Lodge Holdings, LLC
 
100%
 
100%
RRE Highland Lodge Manager, Inc.
 
100%
 
100%
RSI I Manager, Inc.
 
100%
 
100%
RSI II Manager, Inc.
 
100%
 
100%
RA Equityco, LLC
 
100%
 
100%
Resource Real Estate Funding II, Inc.
 
1,000
 
1,000
RFIG Partners, LLC
 
100%
 
100%
RFIG Partners II, LLC
 
100%
 
100%

 
 

--------------------------------------------------------------------------------

 
 
SCHEDULE 5.22
 
DEPOSIT ACCOUNTS
 
Resource America
The Bancorp Bank
Resource America
TD Bank N.A.
Resource America
TD Bank N.A.
Resource Financial Fund Management, Inc.
TD Bank N.A.
Resource Financial Fund Management, Inc.
TD Bank N.A.
Resource Financial Institutions Group
TD Bank N.A.
Resource Capital Manager, Inc.
TD Bank N.A.
Resource Capital Investor, Inc.
TD Bank N.A.
Ischus Capital Management LLC
TD Bank N.A.
Resource Capital Markets, Inc.
TD Bank N.A.
Resource Capital Partners, Inc.
TD Bank N.A.
Resource Real Estate Funding, LLC
TD Bank N.A.
Resource Real Estate Management, Inc.
TD Bank N.A.
RRE D2R2 2007-1, LLC
TD Bank N.A.
Resource Capital Partners, Inc.
Bank of America

 
 

--------------------------------------------------------------------------------

 

SCHEDULE 7.4(a)
 
AFFILIATE TRANSACTIONS
 
Receivables and Payables with Related Parties
 

   
June 30,
   
September 30,
     
2012
   
2011
 
Receivables from managed entities and related parties, net:
           
Commercial finance investment entities
  $ 19,853     $ 29,725  
Real estate investment entities
    18,398       19,796  
Financial fund management investment entities
    3,550       2,652  
RSO
    4,907       2,539  
Other
    209       103  
Receivables from managed entities and related parties
  $ 46,917     $ 54,815                    
Payables due to managed entities and related parties, net:
               
Real estate investment entities
  $ 1,396     $ 1,010  
RSO
    30       222  
Payables to managed entities and related parties
  $ 1,426     $ 1,232  

 
 
Fees and Expenses Reimbursements With Related Parties
 

   
Three Months Ended
   
Nine Months Ended
     
June 30,
   
June 30,
     
2012
   
2011
   
2012
   
2011
 
Fees from unconsolidated investment entities (1) :
                       
Real estate(2) 
  $ 4,405     $ 3,753     $ 12,862     $ 9,909  
Financial fund management
    765       1,038       2,468       3,523  
RSO:
                               
Management, incentive and servicing fees
    4,181       2,582       11,521       8,880  
Dividends received
    510       612       1,646       1,835  
Reimbursement of expenses
    1,134       687       2,731       1,708  
RRE Opportunity REIT:
Reimbursement of costs and expensesand expenses
    150       473       785       1,441  
Dividends received
    14       −       14       −  
Atlas Energy, L.P. - reimbursement of net costs and
expenses
    160       220       478       830  
LEAF:
                               
Reimbursement of net costs and expenses
    84       −       226       −  
Payment for rent and related expenses
    (193 )     −       (497 )     −  
Payment for sub-servicing the commercial finance
      investment partnerships
    (585 )     −       (1,696 )     −  
1845 Walnut Associates Ltd - payment of rent and
operating expenses
    (155 )     (152 )     (469 )     (522 )
Graphic Images, LLC - payment for printing services 
    (34 )     (61 )     (136 )     (96 )
9 Henmar LLC - payment of broker/consulting fees 
    (20 )     (20 )     (42 )     (46 )
Ledgewood P.C. - payment for legal services 
    (239 )     (357 )     (508 )     (491 )
TBBK – reimbursement of net costs and expenses 
    32       8       106       8  

 
 

 
 

--------------------------------------------------------------------------------

 

EXHIBIT A
 
 
Schedule I to Subsidiary Collateral Pledge Agreement
 

 
 

--------------------------------------------------------------------------------

 

EXHIBIT A
 
SCHEDULE I
 
Collateral
 
The following Collateral is hereby pledged by each respective Pledgor to Secured
Party pursuant to the Collateral Pledge Agreement to which this Schedule is
attached:
 
A.           Pledged Capital Stock
 
Name of Corporation
State of Inc.
Class of
Stock
Certificate No.
Number
of Shares
Pledgor
Resource Capital Corp.
MD
Common
CUSIP
76120W203 76120W906
100,000
11,349
Resource Capital Manager, Inc.
Resource Capital Corp.
MD
Common
RCC-284
RCC-296
RCC-297
RCC-359
RCC-363
RCC-383
RCC-497
RCC-632
RCC-615
RCC-690
RCC-728
RCC-736
RCC-743
RCC-769
RCC-771
RCC-775
RCC-792
RCC-794
TBD
5,738
2,086
6,252
9,960
11,349
26,194
17,839
42,239
26,097
143,334
73,815
124,688
53,490
4,482
29,808
45,938
28,252
83,776
34,506
Resource Capital Manager, Inc.
Resource Capital Corp.
MD
Common
CUSIP 7612W203
900,000
Resource Capital Investor, Inc.
Resource Capital Corp.
MD
Common
 
200,000
Resource Capital Investor, Inc.
Resource Capital Manager, Inc.
DE
Common
1
1,000
Resource Financial Fund Management, Inc.
Resource Financial Institutions Group, Inc.
DE
Common
1
1,000
Resource Financial Fund Management, Inc.
Resource Real Estate Funding, Inc.
DE
Common
1
1,000
Resource Real Estate, Inc.
Resource Real Estate Funding II, Inc.
DE
Common
1
1,000
Resource Real Estate, Inc.
Resource Capital Partners, Inc.
DE
Common
3
100
Resource Real Estate, Inc.
Resource Real Estate, Inc.
DE
Common
1
1,000
Resource Real Estate Holdings, Inc.
Resource Real Estate Management, Inc.
DE
Common
1
1,000
Resource Capital Partners, Inc.
 Resource Capital Markets, Inc.  DE  Common  1  1,000  RAI Ventures

 
 
 
 
 

--------------------------------------------------------------------------------

 
 
 
B.           Pledged Partnership Interests
 
Name of Partnership
Type of
Partnership
Partnership
Interests
Pledged
Percentage of
Pledged
Units
Percentage
of Total
Pledgor
Trapeza Partners L.P.
Limited
2,750,000
100%
10.15
Resource Financial Fund Management, Inc.
Trapeza Partners II L.P.
Limited
3,000,000
100%
7.73
Resource Financial Fund Management, Inc.
Trapeza Partners III L.P.
Limited
1,100,000
100%
6.10
Resource Financial Fund Management, Inc.
Trapeza Partners IV L.P.
Limited
380,000
100%
5.04
Resource Financial Fund Management, Inc.
Trapeza Partners V L.P.
Limited
1,100,000
100%
13.25
Resource Financial Fund Management, Inc.
Compass Island Partners, L.P.
Limited
1,743,472
100%
10.0
Resource Financial Fund Management, Inc.
Compass Island Partners A, L.P.
Limited
1,965,442
100%
10.0
Resource Financial Fund Management, Inc.
Cradle Cove Partners, L.P.
Limited
1,182,408
100%
 10.5
Resource Financial Fund Management, Inc.
Cradle Cove Partners II, L.P.
Limited
737,315
100%
5.8
Resource Financial Fund Management, Inc.
Cradle Cove Investment Opportunities Fund, L.P.
Limited
214,400
100%
5.9
Resource Financial Fund Management, Inc.
Compass Island Investment Opportunities Fund A, L.P.
Limited
1,000
100%
0.1
Resource Financial Fund Management, Inc.
Compass Island Investment Opportunities Fund C, L.P.
Limited
1,000
100%
0.1
Resource Financial Fund Management, Inc.
CVC Global Credit Opportunities Fund, L.P.
Limited
250,000
100%
2.70%
Resource Financial Fund Management, Inc.
RCP Partners, LP
Limited
0
100%
99
Resource Programs, Inc.
Resource Real Estate Investors, L.P.
Limited
95,138.89
100%
11.50
Resource Capital Partners, Inc.
Resource Real Estate Investors II, L.P.
Limited
92,264.21
100%
6.43
Resource Capital Partners, Inc.
Resource Real Estate Investors III, L.P.
Limited
186,375.90
100%
7.40
Resource Capital Partners, Inc.
Resource Real Estate Investors IV, L.P.
Limited
163,954.08
100%
5.53
Resource Capital Partners, Inc.
Resource Real Estate Investors V, L.P.
Limited
220,825.89
100%
6.28
Resource Capital Partners, Inc.

 
 

--------------------------------------------------------------------------------

 
 
Name of Partnership
Type of Partnership
Partnership
Interests
Pledged
Percentage of
Pledged
Units
Percentage
of Total
Pledgor
Resource Real Estate Investors 6, L.P.
Limited
204,678.36
100%
5.73
Resource Capital Partners, Inc.
Resource Real Estate Investors 7, L.P.
Limited
180,768.33
100%
5.53
Resource Capital Partners, Inc.
The Metropolitan Fund: Dover Pension Investors – 1986
Limited
7,000
100%
7.000
Resource Properties XXV, Inc.

 
 
C.           Pledged Membership Interests
 
Name of Limited Liability Company
State of Org.
Class of
Membership
Interests
Percentage
Voting
Interest
Percentage Economic
Interest
Pledgor
Resource Real Estate Management, LLC
DE
Voting
100%
100%
Resource Capital Partners, Inc.
Ischus Capital Management, LLC
DE
Voting
100%
100%
Resource Financial Fund Management, Inc.
Trapeza Capital Management, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza Funding, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza Funding II, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza Funding III, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza Funding IV, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza Funding V, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza TPS, LLC
DE
Voting
50%
50%
Resource Financial Fund Management, Inc.
Trapeza Management Group, LLC
DE
Voting
33.3%
33.3%
Resource Financial Fund Management, Inc.
RCP Financial LLC
PA
Voting
100%
100%
Resource Programs, Inc.
RRE Leaseco, LLC
DE
Voting
100%
100%
Resource Real Estate, Inc.
Walnut Street Investments, LLC
DE
Voting
100%
100%
Resource Capital Partners II, LLC
Resource Capital Partners II, LLC
DE
Voting
100%
100%
Resource Real Estate, Inc.
RRE Investor, LLC
DE
Voting
100%
100%
Resource Capital Partners II, LLC
RRE D2R2 2007-1, LLC
DE
Voting
100%
100%
Resource Real Estate, Inc.
Resource Real Estate Opportunity Advisor, LLC
DE
Voting
100%
100%
Resource Real Estate, Inc.
Resource Real Estate Opportunity Manager, LLC
DE
Voting
100%
100%
Resource Real Estate, Inc.
RRE1 Duraleigh Member, LLC
DE
Voting
100%
100%
Resource Capital Partners, Inc.
RRE2 Duraleigh Member, LLC
DE
Voting
100%
100%
Resource Capital Partners, Inc.
RRE Avalon Member, LLC
DE
Voting
100%
100%
Resource Capital Partners, Inc.
Parkwin Services, LLC
DE
Voting
100%
100%
Resource Capital Partners II, LLC
Torsion Capital, LLC
DE
Voting
100%
100%
Resource Financial Fund Management, Inc.
Torsion Advisors, LLC
DE
Voting
100%
100%
Resource Financial Fund Management, Inc.

 
 
 
D.           Other Pledged Equity Interests
 
Name of LLC
State of Org.
Interest
Certificate /
Note Number
Dollar Amount /
Preferred Shares
Pledgor
Trapeza CDO IX, Ltd.
Cayman Islands
Sub Notes
R-l
$1,000,000
Resource Financial Fund Management, Inc.
Trapeza CDO X, Ltd.
Cayman Islands
Sub Notes
R-29
$2,500,000
Resource Financial Fund Management, Inc.
Trapeza CDO XII, Ltd.
Cayman Islands
Sub Notes
R-3
$950,000
Resource Financial Fund Management, Inc.
Trapeza CDO XIII, Ltd.
Cayman Islands
Sub Notes
R-2
$2,500,000
Resource Financial Fund Management, Inc.
Ischus CDO I Ltd.
Cayman Islands
Preference Shares
R-4
500 Preference Shares
Resource Financial Fund Management, Inc.
Ischus Mezzanine CDO III, Ltd.
Cayman Islands
Preference Shares
C-l
2,000 Preference Shares
Resource Financial Fund Management, Inc.
Ischus Synthetic ABS CDO 2006-2 Ltd.
Cayman Islands
Preference Shares
004
3,000,000 Preference Shares
Resource Financial Fund Management, Inc.
HG-COLL 2007-1 Ltd.
Cayman Islands
Preference Shares
004
1,000,000 Preference Shares
Resource Financial Fund Management, Inc.
Apidos CDO IV
Cayman Islands
Sub Notes
C-l
$1,000,000
Resource Financial Fund Management, Inc.
Apidos Quattro CDO
Cayman Islands
Sub Notes
C-l
$1,000,000
Resource Financial Fund Management, Inc.
Apidos CLO IX
Cayman Islands
Sub Notes
C-2
$1,287,330
Resource Financial Fund Management, Inc.

 
 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------