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

Exhibit 10.18

November 19, 2013

LEAF Fund II, LLC
Lease Equity Appreciation Fund II, L.P.
LEAF Financial Corporation
LEAF Funding, Inc.
Resource America, Inc.
110 South Poplar Street, Suite 101
Wilmington, Delaware 19801

Re: LEAF Fund II, LLC -- Confirmation of Payoff/Termination

 
Ladies and Gentlemen:
 
Reference is made to that certain Loan Agreement dated as of June 1, 2005, as
amended (the “Loan Agreement”), among Portigon AG, as successor to WestLB AG,
New York Branch (the “Lender”); U.S. Bank National Association, as collateral
agent and securities intermediary (“U.S. Bank”); LEAF Fund II, LLC, as Borrower
(the “Borrower”); Lease Equity Appreciation Fund II, L.P. (“Seller”), LEAF
Financial Corporation (“Servicer”), LEAF Funding, Inc. (“Originator”), and
Resource America, Inc. (“RAI”).  Capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in Appendix A to the Loan
Agreement.
 
On the Payment Date occurring on November 21, 2013 (the “Payoff Date”), the
Collection Account will contain an amount of money that exceeds the amounts
required to repay the Total Outstanding Advances, plus all accrued and unpaid
interest thereon, plus all other Secured Obligations then accrued, plus any
other amounts outstanding pursuant to the Loan Agreement and other Loan
Documents, in full.  Upon all payments being distributed in accordance with
Section 3.03 of the Loan Agreement on the Payoff Date, (i) Borrower, Seller,
Servicer, Originator and RAI are released of all of their respective obligations
under the Loan Agreement and the other Loan Documents, (ii) all of the security
interests in, and liens on, the Collateral are terminated and released and the
Collateral is released from all liens and security interests under the Loan
Agreement and the other Loan Documents, and (iii) the Lender authorizes the
filing of, and to execute (if necessary) and deliver, any and all Uniform
Commercial Code financing statement terminations and such other lien release
documents as Borrower shall reasonably request in order to evidence or otherwise
give public notice of such collateral terminations and releases, and (iv) none
of the Borrower, the Servicer, the Originator, the Seller or RAI shall have any
further obligations or liabilities under any Loan Document and each Loan
Document shall be terminated.

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

This confirmation may be signed by each of the parties hereto in counterparts. 
Delivery of a photocopy or facsimile of an executed counterpart of this
confirmation shall be effective as delivery of a manually executed original
counterpart of this confirmation.
 
 
Very truly yours,
 
 
 
 
PORTIGON AG,
 
as Lender
 
 
By:
/s/ Gerald Barrett
 
 
Name: Gerald Barrett
 
 
Title: Executive Director
 
 
By:
/s/ Alberto Zonca
 
 
Name: Alberto Zonca
 
 
Title: Director
 
 
 
 
Acknowledged and Agreed:
 
 
 
 
LEAF FUND II, LLC,
 
as Borrower
 
 
By:
/s/ Thomas Elliott
 
 
Name: Thomas Elliott
 
 
Title: Vice President
 
 
LEASE EQUITY APPRECIATION FUND II, L.P.,
 
 
 
  By: LEAF Financial Corporation,  
as general partner
 
 
By:
/s/ Robert K. Moskovitz
 
 
Name: Robert K. Moskovitz
 
 
Title: CFO
 
 
 
 
LEAF FUNDING, INC.,
 
as Originator
 
 
By:
/s/ Robert K. Moskovitz
 
 
Name: Robert K. Moskovitz
 
 
Title: CFO

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

 
LEAF FINANCIAL CORPORATION,
 
as Servicer
 
 
By:
/s/ Robert K. Moskovitz
 
 
Name: Robert K. Moskovitz
 
 
Title: CFO
 
 
RESOURCE AMERICA, INC.
 
 
By:
/s/ Thomas Elliott
 
 
Name: Thomas Elliott
 
 
Title: CFO

 
[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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

 
U.S. BANK NATIONAL ASSOCIATION,
 
as Collateral Agent and Securities Intermediary
 
 
By:
/s/ John L. Linssen
 
 
Name: John L. Linssen
 
 
Title: Vice President

 
 

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