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SECOND AMENDMENT TO AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT AND
JOINDER TO LOAN DOCUMENTS
 
This SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT AND
JOINDER TO LOAN DOCUMENTS (“Amendment”), dated as of February 15, 2012, is among
Resource America, Inc., a Delaware corporation (“Borrower”), the Joining
Guarantors identified on the signature pages hereto (“Joining Guarantors”), 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(as the same has been or may be supplemented, restated, superseded, amended or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 (i) such Subsidiary becomes party to the Surety
and Guaranty Agreement and Guarantor Security Agreement and (ii) the Capital
Stock of such Subsidiary is pledged to Lender.
 
E.      Resource Financial Fund Management, Inc. has created the following
Subsidiaries: Resource Income Advisors, Inc., a Delaware corporation (“Income”),
Torsion Capital, LLC, a Delaware limited liability company (“Torsion Capital”)
and Torsion Advisors, LLC, a Delaware limited liability company
(“Advisors”).  Resource Capital Partners, II, LLC has created the following
Subsidiary: Parkwin Services, LLC (“Parkwin” and together with Income, Torsion
Capital and Advisors, each a “Joining Guarantor and collectively, “Joining
Guarantors”).  Each Joining Guarantor is an indirect Subsidiary of Borrower and,
in recognition of the benefits and privileges under the Loan Documents, each
Joining Guarantor and Borrower have requested that such 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.
 
 
 

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F.           Borrower has requested that Agent and Lenders consent to the Apidos
Transactions (as defined herein) and also 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.           Each 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 each Joining Guarantor as a
Subsidiary Guarantor and each 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.           Each 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 each Joining Guarantor as an Undersigned
and each 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.  Each 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.           Each 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 such 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 each
Joining Guarantor as a Debtor and such 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 Sponsored CDO Pledge Agreement.  Schedule I to the
Sponsored CDO Pledge Agreement is hereby deleted in its entirety and replaced
with Scheduled I attached to this Amendment as Exhibit A.
 
3.           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 adding the
definition of “Apidos Transactions” in the appropriate alphabetical order:
 
 
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“Apidos Transactions” – Collectively, (i) the sale by Borrower and Resource
Financial Fund Management, Inc. of 100% of the common Capital Stock of Apidos
and (ii) consummation of the other transactions contemplated under that certain
Sale and Purchase Agreement dated December 29, 2011 (“SPA”) between Borrower and
CVC Capital Partners SICAV-FIS S.A.
 
b.           Borrower, Agent and Lender agree that notwithstanding Section
2.9(f) of the Loan Agreement, upon consummation of the Apidos Transactions, (i)
the Maximum Revolving Credit Amount shall remain Seven Million Five Hundred
Thousand Dollars ($7,500,000) and (ii) Borrower shall have no obligation to
repay Revolving Credit Loans pursuant to Sections 2.9(d)(iii) or (f) of the Loan
Agreement.
 
4.           Consent.  Subject to the effectiveness of this Amendment, Agent and
Lenders consent to the consummation of the Apidos Transactions provided that (a)
such transactions are consummated no later than June 14, 2012 and (b) at the
time of the consummation, no Default or Event of Default exists.  Upon the
consummation of the Apidos Transactions Agent shall, at Borrower’s sole cost and
expense, execute and deliver to Borrower such documents as Borrower may
reasonably request in order to release Apidos from the Surety and Guaranty
Agreement and to terminate any security interests that Agent may have in any
assets of Apidos, including execution of a Partial Release substantially similar
to the form attached to this Amendment as Exhibit B.
 
5.           Covenants.  Borrower covenants and agrees that no later than the
date of this Amendment, Borrower shall:
 
a.           Cause each of Highland Lodge Holdings, LLC, RRE Highland Lodge
Manager, Inc., RSI I Manager, Inc. and RSI II Manager, Inc. to provide an
opinion of counsel that each such Subsidiary is prohibited from becoming a
Subsidiary Guarantor.
 
6.           Representations and Warranties.  Borrower represents and warrants
to Agent, Issuing Bank and Lenders that:
 
a.           Prior Representations.  Schedule C, Schedule D, Schedule G,
Schedule 5.1, Schedule 5.7, Schedule 5.10(a), Schedule 5.11(c)(ii), Schedule
5.14(a), Schedule 5.14(b), Schedule 5.17 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 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 the
Borrower.
 
 
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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.
 
e.           SPA.  Borrower has delivered to Agent true and correct copies of
the SPA and all amendments or modifications thereto and the SPA constitutes the
valid binding and enforceable obligation of the parties thereto.
 
7.           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
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.
 
8.           Confirmation of Indebtedness. Borrower confirms and acknowledges
that as of the close of business on February 13, 2012, (a) it is indebted to
Agent and Lenders under the Loan Documents in the aggregate principal amount of
$5,303,218.00 and (b) Issuing Bank has issued Letters of Credit in the aggregate
face amount of $803,057.00, 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.
 
9.           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.
 
 
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10.           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 $25,000.00;
 
c.           Delivery to Agent of certified copies of (A) resolutions of the
sole member(s) or board of directors, as applicable of each Joining Guarantor
authorizing the execution, delivery and performance of this Amendment and the
transactions contemplated hereby, and (B) each Joining Guarantor’s certificate
of formation or incorporation (as certified by the appropriate state official)
and operating agreement or by-laws, as applicable;
 
d.           Delivery to Agent of an incumbency certificate for each Joining
Guarantor identifying all individuals authorized to execute this Amendment, with
specimen signatures;
 
e.           Delivery to Agent of a good standing certificate for each Joining
Guarantor showing such Joining Guarantor to be in good standing in its state of
organization and in each other state in which it is doing and presently intends
to do business;
 
f.           Delivery to Agent of UCC, judgment and tax lien searches with
regard to Joining Guarantors (the results of which are to be satisfactory to
Agent in its sole discretion);
 
g.           Delivery to Agent of any other agreements, documents, instruments
and writings reasonably required by Agent to evidence and perfect Agent’s liens
and security interest in the Collateral of each Joining Guarantor;
 
h.           Filing of UCC Financing Statements against Joining Guarantors; and
 
i.           Payment by Borrower of all of Agent’s Expenses.
 
11.           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.
 
12.           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.
 
 
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13.           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.
 
14.           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.
 
15.           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]
 
 
 
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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 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
 
 
Torsion Advisors, LLC

By:           /s/ Thomas C. Elliott                        
Name:           Thomas C. Elliott
Title:              Senior Vice President and Chief Financial
                     Officer

Parkwin Services, LLC
 
By:           /s/ Steven R. Saltzman                       
Name:           Steven R. Saltzman
Title:              Vice President and Treasurer

 
 
S-1

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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-2

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AGREED TO AND ACCEPTED:

SURETIES:

Apidos Capital Management, LLC
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Chief Financial Officer
 

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:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     President

Resource Capital Manager, Inc.

By:           /s/ Thomas C. Elliott                        
               Name:  Thomas C. Elliott
               Title:     Senior Vice President
 

 
S-3

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Resource Capital Investor, Inc.
 
By:           /s/ Thomas C. Elliott                        
          Name:  Thomas C. Elliott
          Title:     Chief Financial Officer
 
 
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 and Chief
                       Financial Officer

 
 
 
S-4

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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

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

 
S-5

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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

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

 
 
S-6

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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
 
 
Resource Real Estate Holdings, Inc.
 
By:           /s/ Thomas C. Elliott                        
                Name:  Thomas C. Elliott
                Title:     Senior Vice President

 
Resource Real Estate Management, LLC
 
By:           /s/ Alan F. Feldman                          
                Name:  Alan F. Feldman
                Title:     Chief Executive Officer

 

 
S-7

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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

Resource Capital Partners II, LLC

By:           Resource Real Estate, Inc.
 
          By:          /s/ Alan F. Feldman                          
                                Name:  Alan F. Feldman
                                          Title:     Chief Execitove Officer

 
RRE Leaseco, LLC

By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:    Senior Vice President
 

 
S-8

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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 Execitove 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 Execitove Officer

Resource Real Estate Management, Inc.

By:          /s/ Steven Saltzman                        
                Name:  Steven Saltzan
                Title:     Chief Financial Officer

 
Resource Real Estate OpportunityAdvisor, LLC

By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:    Chief Executive Officer

 
S-9

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Walnut Street Investments, LLC

By:          /s/ Alan F. Feldman                          
               Name:  Alan F. Feldman
               Title:    Chief Executive Officer
 

Apidos Partners, Inc.
 
By:          /s/ Oscar Anderson                            
               Name:  Oscar Anderson
               Title:    Managing Director
 

Resource Real Estate Opportunity
Manager, LLC

By:          /s/ Steven Saltzman                        
                Name:  Steven Saltzan
                Title:     Chief Financial Officer and
                                      Senior Vice President

 
 
 
S-10

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SCHEDULE A
 
See Attached
 
 
 

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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.  
LEAF Commercial Finance Income Fund I, LP

27.  
LEAF Commercial Finance Income Fund II, LP

28.  
FLI Holdings, Inc.

29.  
LEAF Financial Corporation

30.  
LEAF Commercial Finance Co, LLC

31.  
LEAF Funding, Inc.

32.  
Resource Capital Funding II, LLC

33.  
LEAF Ventures, LLC

34.  
Merit Capital Manager, LLC

35.  
Merit Capital Advance, LLC

36.  
LEAF Capital Management, Inc.

37.  
LEAF Capital Management, Inc.

38.  
Resource Commercial Mortgages, Inc.

39.  
RCP Magnolia Manager, LLC

40.  
RCP West Wind Manager, LLC

41.  
RCP Ryan’s Crossing Manager, LLC

42.  
RCP Memorial Towers Manager, LLC

43.  
RCP Villas Manager, LLC

 
 

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44.  
RCP Coach Lantern Manager, LLC

45.  
RCP Foxcroft Manager, LLC

46.  
RCP Tamarlane Manager, LLC

47.  
RCP Park Hill Manager, LLC

48.  
RCP Bent Oaks Manager, LLC

49.  
RCP Cape Cod Manager, LLC

50.  
RCP Woodland Hills Manager, LLC

51.  
RCP Woodland Village Manager, LLC

52.  
RCP Woodhollow Manager, LLC

53.  
Merit Processing, LLC

54.  
LEAF Ventures II, LLC

55.  
Prompt Payment, LLC

56.  
LEAF Commercial Finance Fund, LLC

57.  
RRE Oak Park Leaseco, LLC

58.  
Apidos Select Corporate Credit Fund GP, LLC

59.  
RRE VIP Borrower, LLC

60.  
RRE VIP International Village, LLC

61.  
RRE VIP Regency Park, LLC

62.  
RRE Wyndridge Holdings, LLC

63.  
RCP Wyndridge Manager, LLC

64.  
RRE Mill Creek Holdings, LLC

65.  
RCP Mill Creek Manager, LLC

66.  
RRE VIP Pinnacle at Brownsboro, LLC

67.  
RRE VIP Highline Club, LLC

68.  
RRE VIP Bingham, LLC

69.  
RRE VIP Northside Village, LLC

70.  
RRE VIP Parkway Terrace, LLC

71.  
RRE VIP Wingate, LLC

72.  
RRE VIP Birch Sycamore, LLC

73.  
Highland Lodge Holdings, LLC

74.  
RRE Highland Lodge Manager, Inc.

75.  
RSI I Manager, Inc.

76.  
RSI II Manager, Inc.

 
 
 

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

 
 
 
SCHEDULE D
 
LEGACY ENTITIES

1.  
Resource Properties XVII, Inc.

2.  
Resource Properties XXV, Inc.

3.  
Resource Properties XXVI, Inc.

4.  
Resource Properties XXX, Inc.

5.  
Resource Properties XXXI, Inc.

6.  
Resource Properties XLVII, Inc.

 
 

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

 
 
SCHEDULE G

ENTITIES TO BE DISSOLVED

1.  
RRE VIP Participant, LLC

 
 

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

 
 
SCHEDULE 5.1

States of Qualifications

                                                                                                                             

  Entity Name State(s) of Qualification
1.
Resource America, Inc.
DE, PA
2.
Apidos Capital Management, LLC
DE, NY
3.
Apidos Partners, Inc.
DE
4.
Ischus Capital Management, LLC
DE, NY
5.
Parkwin Services, LLC
DE, MD, DC, IN
6.
RAI Ventures, Inc.
DE
7.
RCP Financial, LLC
PA
8.
Resource Capital Manager, Inc.
DE, NY
9.
Resource Capital Investor, Inc.
DE
10.
Resource Capital Partners, Inc.
DE, PA, CO
11.
Resource Financial Institutions Group, Inc.
DE
12.
Resource Financial Fund Management, Inc.
DE
13.
Resource Housing Investors I, Inc.
DE
14.
Resource Housing Investors II, Inc.
DE
15.
Resource Housing Investors III, Inc.
DE
16.
Resource Housing Investors IV, Inc.
DE
17.
Resource Income Advisors, Inc.
DE
18.
Resource Leasing, Inc.
DE
19.
Resource Programs, Inc.
DE, PA, NY
20.
Resource Properties XVII, Inc.
DE
21.
Resource Properties XXV, Inc.
DE
22.
Resource Properties XXVI, Inc.
DE
23.
Resource Properties XXX, Inc.
DE
24.
Resource Properties XXXI, Inc.
DE
25.
Resource Properties XLVII, Inc.
DE
26.
Resource Real Estate, Inc.
DE
27.
Resource Real Estate Funding, Inc.
DE, PA, CA
28.
Resource Real Estate Holdings, Inc.
DE, PA
29.
Resource Real Estate Management, LLC
DE
30.
Resource Real Estate Opportunity Advisor, LLC
DE
31.
Resource Real Estate Opportunity Manager, LLC
DE
32.
RRE1 Duraleigh Member, LLC
DE
33.
RRE2 Duraleigh Member, LLC
DE
34.
RRE Avalon Member, LLC
DE
35.
Resource Real Estate Management, Inc.
DE, CA, OH, PA, CT
36.
RRE Leaseco, LLC
DE
37.
RRE Investor, LLC
DE
38.
Resource Capital Partners II, LLC
DE
39.
Resource Capital Markets, Inc.
DE
40.
RRE D2R2 2007-1, LLC
DE
41.
Torsion Advisors, LLC
DE
42.
Torsion Capital, LLC
DE
43.
Walnut Street Investments, LLC
DE

 
 

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

 

SCHEDULE 5.7

Federal Tax Id. and State ID No.
 
 
Entity Name
 
EIN
 
State Id No.
         
Resource America, Inc.
 
72-0654145
 
636908
Apidos Capital Management, LLC
 
59-3794454
 
3911350
Apidos Partners, Inc.
 
27-4899935
 
4938527
Ischus Capital Management, LLC
 
42-1629547
 
3795325
Parkwin Services, LLC
 
45-0707333
 
4956185
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 Income Advisors, Inc.
 
45-1167549
 
4956941
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.
 
51-0374880
 
2629018
Resource Properties XLI, Inc.
 
23-2929392
 
2804989
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
Resource Real Estate Opportunity Advisor, LLC
 
27-0332311
 
4696255
Resource Real Estate Opportunity Manager, LLC
 
27-0332473
 
4696257
RRE1 Duraleigh Member, LLC
 
52-2448330
 
3900088
RRE2 Duraleigh Member, LLC
 
52-2448325
 
3900089
RRE Avalon Member, LLC
 
20-2081491
 
3906054
Resource Real Estate Management, Inc.
 
22-3914452
 
4404764
RRE Leaseco, LLC
 
64-0960020
 
4346241
RRE Investor, LLC
 
27-0148773
 
4685839
Resource Capital Partners II, LLC
 
26-3419877
 
4604475
Resource Capital Markets, Inc.
 
26-2740281
 
4428599
RRE D2R2 2007-1, LLC
 
45-0573586
 
4428599
Torsion Advisors, LLC
 
45-3727806
 
5056141
Torsion Capital, LLC
 
45-3727472
 
5037586
Walnut Street Investments, LLC
 
30-0665750
 
4942797

 
 
 
 

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

 
 
SCHEDULE 5.10(a)
 
Existing Guaranties, Investments and Borrowings
GUARANTEES:
None

INVESTMENTS:                                                                                                           Balance
at 12/31/11
Investments in real estate,
net                                                                                          $    19,099,900.82
Investment Securities, at fair
value:                                                                                  $    17,330,028.74
Investment in Unconsolidated
Entities:                                                                              $    13,196,973.98

INTERCOMPANY BORROWINGS:

Lender
 
Borrower
 
Balance at
12/31/11
 
Resource Programs
 
RAI Corporate
  $ 24,311,181.25  
RAI Corporate
 
Real Estate
    18,347,647.05  
Resource Capital Partners, Inc.
 
RAI Corporate
    43,873,395.35  
Resource Real Estate Funding
 
RAI Corporate
    233,169.95  
Resource Real Estate Management, Inc.
 
RAI Corporate
    1,000.00  
Resource Leasing
 
RAI Corporate
    35,732,412.36  
RAI Corporate
 
LEAF Financial Corp
    50,821,511.41  
RAI Corporate
 
Flih
    17,946,115.76  
Resource Financial Fund Mgt.
 
RAI Corporate
    30,395,913.78  
RAI Corporate
 
Apidos
    44,581,493.12  
RAI Corporate
 
Apidos Select Corporate Credit Fund
    360,663.00  
RAI Corporate
 
Apidos Partners
    24,742.00  
RAI Corporate
 
Ischus
    27,914,769.06  
RAI Corporate
 
RFIG
    5,113,343.60  
RAI Corporate
 
Resource Capital Manager, Inc.
    2,086,352.97  
Resource Capital Investor
 
RAI Corporate
    4,041,213.38  
RAI Corporate
 
Trapeza
    24,183.29  
RAI Corporate
 
Resource Asset Management, Inc (RAMI)
    623,546.25  
RAI Corporate
 
RAI Ventures
    3,832,771.24  
RAI Corporate
 
Resource Securities, Inc.
    1,110,712.50  
RAI Corporate
 
Resource Europe
    420,724.51  
RAI Corporate
 
Resource Capital Markets, Inc.
    2,451,901.89  
Resource Real Estate
 
Resource Programs
    41,416,593.38  
Resource Real Estate Funding
 
Resource Capital Manager
    4,971,608.24  
LEAF Financial
 
Resource Financial Fund Mgt.
    77,769.69  
Resource Capital Markets
 
Resource Securities, Inc.
    123,929.56  
Resource Capital Partners, Inc.
 
Resource Securities, Inc.
    134,466.07  
Resource Europe
 
Resource Securities, Inc.
    86,881.47  
Resource Europe
 
Resource Capital Markets, Inc.
    144,648.88  
RRE Opportunity Advisor, LLC
 
Resource Securities, Inc.
    156,811.36  
RRE Opportunity Advisor, LLC
 
RAI Corporate
    2,884.92  

 
 

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

 

 
Lender
 
Borrower
 
Balance at
12/31/11
 
Resource Capital Markets
 
Resource Financial Fund Management
    1,752,398.68  
Resource Capital Markets
 
Resource Capital Manager, Inc.
    109,394.75  

 

 
 

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

 

SCHEDULE 5.10(a) continued
 
Existing Guaranties, Investments and Borrowings
 
 
 

       
BALANCE AT
 
LENDER
 
BORROWER
 
12/31/11
 
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
    10,659,770  
CIT
 
Resource America, Inc.
    486,510  
First Insurance Funding
 
Resource America, Inc.
    344,528             23,168,240  
TD Bank, N.A.
 
Resource America, Inc. line of credit
    5,303,218  
Total borrowings per balance sheet at 12/31/11
      $ 28,471,458  

 

 
 

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

 

Section 5.11(c)(ii)

The Resource America, Inc. Employee Stock Ownership Plan (“ESOP”) 
In December 2008, the Company filed an application under the voluntary
correction program ("VCP") with the Internal Revenue Service (“IRS”) in order to
correct certain compliance errors that were made with respect to the ESOP.  The
Company has finalized the corrections required under the VCP compliance
statement.  Furthermore, the Department of Labor (“DOL”) closed its audits of
the ESOP and the Resource America, Inc. Investment Savings Plan (“401(k) Plan”)
for the plan years from 2005 to 2009 without any significant changes or
corrections required. The Company has decided to terminate the ESOP and, in
connection with this termination, has filed for a final determination letter
with the IRS.  After receipt of this final determination letter (which the
Company anticipates will be received in fiscal 2012), the Company then plans to
distribute the available plan assets to participants and liquidate the ESOP
trust.

The Resource America, Inc. Investment Savings Plan (“401k”)
In May 2010, the Company discovered errors in the calculation of the employer
match and the calculation of the vested percentages for some employees and has
paid the corrections to the Plan.  In January 2011, the Company filed for
approval of the corrections under the VCP.

 
 

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

 
 
SCHEDULE 5.14(a)

Other Associations

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

 
Entity
 
 
Percentage of Limited Partnership Interest Owned
 
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.
    10.66%  
Cradle Cove Partners II, L.P.
     5.78%  
Cradle Cove Investment Opportunities Fund, L.P.
     5.72%  
Apidos Select Corporate Credit Fund, L.P.
     2.59%  

 

 
 

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

 
 
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 XII
    5,000,000       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 II
    32,000,000       2,000,000  
Apidos IV
    27,000,000       1,000,000  
Apidos Quattro
    25,500,000       1,000,000  
Total Direct Equity Investments in CDOs
    254,300,000       14,950,000  

Investment in CDOs Through
Trapeza Partnership
 
Total Partnership Capital
Allocated to CDO
   
RFFM Share of
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  

 

 
 

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

 

SCHEDULE 5.17

Capital Stock or Units
 

RESOURCE AMERICA   Authorized Shares / Units / % Interests    
Shares / Units /
% Interests Issued
               
  Preferred Stock
    1,000,000       0  
  Common Stock
    49,000,000       19,647,622  
Apidos Capital Management, LLC
    100 %     100 %
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., F/K/A Chadwick 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       8,500,000  
LEAF Funding, Inc.
    1,000       1,000  
Resource Capital Funding II, LLC
    100 %     100 %
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 %
LEAF Commercial Finance Fund, LLC
    100 %     100 %
RRE Oak Park Leaseco, LLC
    100 %     100 %
Apidos Select Corporate Credit Fund GP, LLC
    100 %     100 %
RRE Wyndridge Holdings, LLC
    100 %     100 %
RCP Wyndridge Manager, LLC
    100 %     100 %
RRE Mill Creek Holdings, LLC
    100 %     100 %
RCP Mill Creek Manager, LLC
    100 %     100 %
Resource Income Advisors, Inc.
    1,000       1,000  
Torsion Capital, LLC
    1,000       1,000  
Torsion Advisors, LLC
    1,000       1,000  
Parkwin Services, LLC
    100 %     100 %
Resource Real Estate Opportunity Advisors, LLC
    100 %     100 %
Walnut Street Investments, LLC
    100 %     100 %
Apidos Partners, Inc.
    1,000       1,000  
Resource Real Estate Opportunity Manager, LLC
    100 %     100 %

 

 
 

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

 
 
SCHEDULE 7.4(a)

Affiliate Transactions

Receivables and Payables with Related Parties

   
December 31,
   
September 30,
     
2011
   
2011
 
Receivables from managed entities and related parties, net:
           
Commercial finance investment partnerships
  $ 27,765     $ 29,725  
Real estate investment partnerships
    20,182       19,796  
Financial fund management investment entities
    2,725       2,652  
RCC
    3,416       2,539  
LEAF
    101       −  
Other
    159       103  
Receivables from managed entities and related parties
  $ 54,348     $ 54,815                    
Payables due to managed entities and related parties, net:
               
Real estate investment entities
  $ 241     $ 1,010  
RCC
    34       222  
Payables to managed entities and related parties
  $ 275     $ 1,232  

 
 

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

 
 
SCHEDULE 7.4(a)
 
Fees and Expenses Reimbursements With Related Parties

   
Three Months Ended
     
December 31,
     
2011
   
2010
 
Fees from unconsolidated investment entities:
           
Real Estate
  $ 3,768     $ 3,060  
Financial Fund Management
  $ 850     $ 1,594  
Commercial finance
  $ −     $ −  
RCC:
               
Management, incentive and servicing fees
  $ 3,830     $ 3,910  
Reimbursement of costs and expenses
  $ 705     $ 468  
Dividends
  $ 631     $ 611  
Resource Real Estate Opportunity REIT, Inc.. − reimbursement of costs
and expenses
  $ 105     $ 443  
Atlas Energy − reimbursement of net costs and expenses
  $ 169     $ 190  
LEAF:
               
Reimbursement of net costs and expenses
  $ 60     $ −  
Payment for rent and related costs
  $ (120 )   $ −  
Payment for sub-servicing the lease investment partnerships
  $ (405 )   $ −  
1845 Walnut Associates Ltd - payment of rent and operating expenses
  $ (106 )   $ (161 )
Ledgewood P.C. – payment for legal services
  $ (155 )   $ (41 )
Graphic Images, LLC – payment for printing services
  $ (8 )   $ (5 )
9 Henmar LLC – payment of broker/consulting fees
  $ (18 )   $ (21 )
The Bancorp, Inc. − reimbursement of costs and expenses
  $ 45     $ −  

 
 
 

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

 
 
EXHIBIT A
 
Schedule I to Subsidiary Collateral Pledge Agreement
 
(See Attached)
 
 
 
 

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

 
 
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
   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
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 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, Inc.

 
 

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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
13,512,261
100%
50.8
Resource Financial Fund Management, Inc.
Trapeza Partners II L.P.
Limited
12,951,000
100%
33.5
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%
 10.7
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%
5.7
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.
RCP Partners, LP
Limited
0
100%
99.0
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.
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%
7.00
Resource Properties XXV, Inc.

 
 
 

 
 

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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.
Apidos Capital Management, LLC
DE
Voting
100%
100%
Resource Financial Fund Management, 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.
RRE HUD MF 2007, LLC
DE
Voting
50%
5%
RRE D2R2 2007-1, LLC
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.

 
 

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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 High Grade
Funding I Ltd.
Cayman Islands
Preference Shares
R-1
3,150 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.
Apidos CDO II
Cayman Islands
Sub Notes
DTC
$2,000,000
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.
Ischus Mezzanine
CDO IV, Ltd.
Cayman Islands
Sub Notes
C-l
$1,800,000
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.

 
 
 

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EXHIBIT B
 
See Attached
 

 
 

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PARTIAL RELEASE

THIS PARTIAL RELEASE (this “Partial Release”), dated as of ___________, 2012, is
among Resource America, Inc., a Delaware corporation (“Borrower”), Apidos
Capital Management, LLC, a Delaware limited liability company (“Apidos”), and TD
BANK, N.A., a national banking association, in its capacity as agent (“Agent”)
for 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”).

RECITALS

           WHEREAS, 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.  All capitalized terms used herein without further definition shall have
the respective meaning set forth in the Loan Agreement and all other Loan
Documents.

WHEREAS, pursuant to the Loan Agreement, Apidos 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, and (ii)
the Guarantor Security Agreement made by Subsidiary Guarantors in favor of
Agent, each as amended, restated, extended, supplemented or otherwise modified
in writing from time to time.

WHEREAS, pursuant to that certain Sale and Purchase Agreement dated December 29,
2011 (as the same has been or may be supplemented, restated, superseded, amended
or replaced from time to time, the “SPA”) between Borrower and CVC Capital
Partners SICAV-FIS S.A., Borrower has agreed to the sale of 100% of the common
Capital Stock of Apidos.
 
NOW THEREFORE, in consideration of the premises, covenants and agreements
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:

1.           Release of Guaranties and other Obligations.  Subject to the
closing of the transactions contemplated by the SPA, Agent, for itself and on
behalf of Lenders, pursuant to Section 9.10 of the Loan Agreement hereby fully
and forever releases and discharges, without recourse (provided, without
recourse shall not be construed as limiting Borrower’s rights under Section 4
below) or warranty, (a) any and all Liens granted to or held by Agent and
Lenders under any Loan Document encumbering (i) any property owned by Apidos or
(ii) the Capital Stock of Apidos, and (b) Apidos from any and all obligations
under any Loan Document.

 
 

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

 
2.           Authority to File.  Agent hereby authorizes Borrower and/or Apidos
to file the UCC-3 termination statements for the financing statements set forth
on Exhibit A hereto.

3.           Representations and Warranties.  Borrower represents and warrants
to Agent, Issuing Bank and Lenders that:

 
a.
No Default.  No Default or Event of Default exists.

 
 
b.
SPA.  Borrower has delivered to Agent true and correct copies of the SPA and all
amendments or modifications thereto and the SPA constitutes the valid binding
and enforceable obligation of the parties thereto.

 
4.           Further Assurances.  Agent agrees, at the expense of Borrower, to
take any further action and deliver (in form and substance reasonably acceptable
to Agent) any further releases, powers, instruments and other documents as may
be commercially reasonably requested by Borrower and/or Apidosfor the purpose of
effecting or confirming (i) the termination, release and discharge of the Liens
and obligations described in Section 1 and (ii) the termination of the financing
statements described in Section 2.

5.           Governing Law.  THIS PARTIAL RELEASE, AND ALL RELATED AGREEMENTS
AND DOCUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
SUBSTANTIVE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA.

[SIGNATURES APPEAR ON FOLLOWING PAGE]
 
 
 

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           IN WITNESS WHEREOF, the parties have caused this Partial Release to
be duly executed effective as of the day and year first above written.

AGENT:

TD BANK, N.A.

By:                                                      
Name:      Eric C. Tweer
Title:         Vice President

BORROWER:

Resource America, Inc.
 
By:                                                      
Name:      Thomas C. Elliott
Title:         Senior Vice President and Chief Financial
                Officer

APIDOS:

Apidos Capital Management, LLC
 
By:                                  ____________ 
Name:      Thomas C. Elliott
Title:         Chief Financial Officer

 
 

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