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

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

Exhibit 10.2(d)
 
TWELFTH AMENDMENT TO CREDIT AGREEMENT

This TWELFTH AMENDMENT TO CREDIT AGREEMENT (the “Twelfth Amendment”) dated May
14, 2010, is by and among LEAF FINANCIAL CORPORATION, a Delaware corporation
(“LEAF Financial”), and LEAF FUNDING, INC., a Delaware corporation (“LEAF
Funding” and together with LEAF Financial, each individually a “Borrower” and
individually and collectively, jointly and severally, the “Borrowers”), the
various financial institutions and other Persons parties hereto (the “Lenders”),
and PNC BANK, NATIONAL ASSOCIATION, a national banking association, as successor
to National City Bank, as administrative agent and collateral agent for the
Lenders (in such capacity, the “Agent”).

BACKGROUND

A.      Pursuant to that certain Credit Agreement dated July 31, 2006, by and
among the Borrowers, the Lenders, and the Agent, as amended by a First Amendment
dated August 14, 2006, a Second Amendment dated December 22, 2006, a Third
Amendment dated March 14, 2007, a Fourth Amendment dated September 10, 2007, a
Fifth Amendment dated September 28, 2007, a Sixth Amendment dated October 18,
2007, a Seventh Amendment dated July 31, 2009, an Eighth Amendment dated
September 30, 2009, a Ninth Amendment dated November 30, 2009, a Tenth Amendment
dated January 29, 2010, and an Eleventh Amendment dated March 31, 2010 (as the
same may be modified and amended from time to time, including by this Twelfth
Amendment, the “Credit Agreement”), the Lenders agreed, inter alia, to extend to
the Borrowers a revolving credit facility in the current maximum aggregate
principal amount of $100,000,000.

B.      The Borrowers have requested an amendment to the Credit Agreement, to
which the Lenders are willing to agree, on the terms and subject to the
conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto agree
as follows:

1.      Definitions.

(a)      General Rule.  Except as expressly set forth herein, all capitalized
terms used and not defined herein shall have the respective meanings ascribed
thereto in the Credit Agreement.

(b)      Additional Definition.  The following additional definition shall be
added to Article 1 of the Credit Agreement to read in its entirety as follows:

“Twelfth Amendment” means the Twelfth Amendment to this Agreement dated May 14,
2010.

 
 
- 1-

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

 

        (c)           Amended Definition.  The following definition in Article 1
of the Credit Agreement is hereby amended and restated to read in its entirety
as follows:

“Termination Date” means the earliest of (a) May 31, 2010, and (b) the date on
which the Commitments are terminated in full or permanently reduced to zero
pursuant to the terms of this Agreement.

2.      Amendment to Section 2.2 of the Credit Agreement.  Section 2.2 of the
Credit Agreement is hereby amended by adding a new paragraph (e) at the end of
such Section, to read as follows:

“(e)            Not later than three (3) Business Days prior to any release of
Collateral with an aggregate value in excess of $5,000,000 to be requested in
connection with any payment or prepayment of any Loan, the Borrowers shall
provide to the Agent a tape run listing all such Collateral.”

3.      Amendment to Section 3.2 of the Credit Agreement.  Paragraph (b) of
Section 3.2 of the Credit Agreement is hereby amended and restated in its
entirety, to read as follows:

(b)           Default Rate.  Notwithstanding the foregoing, the Borrower will
pay to the Agent, for the account of the party entitled thereto, interest, at a
rate per annum (the “Default Rate”) equal to the Adjusted Base Rate from time to
time in effect (or, as to any LIBOR Loan then outstanding, the LIBOR (Reserve
Adjusted) rate applicable to such LIBOR Loan during the remainder of the related
Interest Period prior to conversion thereof pursuant to Section 2.4), plus the
sum of (i) the Applicable Margin applicable thereto and (ii) an additional
margin of 3% per annum, to the fullest extent permitted by law, on any
outstanding Obligations: (A) at any time an Event of Default has occurred and is
continuing; or (B) at any time on or after May 21, 2010, that the aggregate
principal amount of all outstanding Loans shall exceed $75,000,000.  Interest
shall accrue at the Default Rate on all outstanding Obligations for the period
from and including the first date any of the items described above occurs, to
but excluding the date none of the above described conditions any longer exists.
Interest payable at the Default Rate shall be payable from time to time on
demand or, if not earlier demanded, on the Termination Date.

4.      Amendment to Section 5.2 of the Credit Agreement.  Paragraph (a) of
Section 5.2 of the Credit Agreement is hereby amended by deleting the period at
the end of such paragraph and replacing it with the following:

“; and

(iv)            at any time on or after May 21, 2010, the aggregate principal
amount of all outstanding Loans shall not exceed $75,000,000.”
 
 
- 2 -

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

 

                      5.        Representations and Warranties.  Each Borrower
hereby represents and warrants to the Agent and each Lender that, as to such
Borrower:

(a)      Representations.  each of the representations and warranties of such
Borrower contained in the Credit Agreement and/or the other Credit Documents are
true, accurate and correct in all material respects on and as of the date hereof
as if made on and as of the date hereof, except to the extent such
representation or warranty was made as of a specific date;

(b)      Power and Authority.  (i) such Borrower has the power and authority
under the laws of its jurisdiction of organization and under its organizational
documents to enter into and perform this Twelfth Amendment and any other
documents which the Lenders require such Borrower to deliver hereunder (this
Twelfth Amendment and any such additional documents delivered in connection with
the Twelfth Amendment are herein referred to as the “Amendment Documents”); and
(ii) all actions, corporate or otherwise, necessary or appropriate for the due
execution and full performance by the Borrower of this Twelfth Amendment have
been adopted and taken and, upon their execution, the Credit Agreement, as
amended by this Twelfth Amendment will constitute the valid and binding
obligations of the Borrower enforceable in accordance with their respective
terms (except as may be limited by applicable insolvency, bankruptcy,
moratorium, reorganization, or other similar laws affecting enforceability of
creditors’ rights generally and the availability of equitable remedies);

(c)      No Violations of Law or Agreements.  the making and performance of this
Twelfth Amendment will not violate any provisions of any law or regulation,
federal, state, local, or foreign, or the organizational documents of such
Borrower, or result in any breach or violation of, or constitute a default or
require the obtaining of any consent under, any agreement or instrument by which
such Borrower or its property may be bound;

(d)      No Default.  no Default or Event of Default has occurred and is
continuing; and

(e)      No Material Adverse Effect.  no Material Adverse Effect has occurred
since September 30, 2008.

6.      Additional Covenant.   In addition to (and not in substitution of) any
requirements set forth in the Credit Documents, the Borrowers agree to pay, (a)
on the earlier of (i) May 21, 2010, and (ii) the date the aggregate principal
amount of all outstanding Loans does not exceed $75,000,000, and (b) not less
frequently than every other week thereafter, all legal fees and expenses then
owing (not in excess of $25,000 for the initial payment described in (a)(i)
above) to any third-parties in connection with the negotiation, preparation,
execution and delivery of any financing or other arrangement intended to replace
or refinance the Credit Documents or the Obligations, whether or not the
transactions contemplated thereby are ongoing, completed or consummated.
 
 
- 3 -

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

 
 
                             7.         Conditions to Effectiveness of
Amendment.  This Twelfth Amendment shall be effective upon the Agent’s receipt
of the following, each in form and substance reasonably satisfactory to the
Lenders:

(a)      Twelfth Amendment.  this Twelfth Amendment, duly executed by the
Borrowers and the Lenders;

(b)      Consent and Waivers.  copies of any consents or waivers necessary in
order for the Borrowers to comply with or perform any of its covenants,
agreements or obligations contained in any agreement, which are required as a
result of the Borrowers’ execution of this Twelfth Amendment, if any;

(c)      Costs and Expenses.  all reasonable costs and expenses of the Agent in
connection with the preparation and review of this Twelfth Amendment, including,
but not limited to, the reasonable fees, expenses and disbursements of counsel
to the Agent; and

(d)      Other Documents and Actions.  such additional agreements, instruments,
documents, writings and actions as the Lenders may reasonably request.

8.      No Waiver; Ratification.   The execution, delivery and performance of
this Twelfth Amendment shall not operate as a waiver of any right, power or
remedy of the Agent or the Lenders under the Credit Agreement or any Credit
Document, or constitute a waiver of any provision thereof.  Except as expressly
modified hereby, all terms, conditions and provisions of the Credit Agreement
and the other Credit Documents shall remain in full force and effect and are
hereby ratified and confirmed by any Borrower.  Nothing contained herein
constitutes an agreement or obligation by the Agent or any Lender to grant any
further amendments to any of the Credit Documents.

9.      Acknowledgments.  To induce the Lenders to enter into this Twelfth
Amendment, each Borrower acknowledges, agrees, warrants, and represents that:

(a)      Acknowledgment of Obligations; Collateral; Waiver of Claims. (i) the
Credit Documents are valid and enforceable against, and all of the terms and
conditions of the Credit Documents are binding on, the Borrowers; (ii) the liens
and security interests granted to the Agent by the Borrowers pursuant to the
Credit Documents are valid, legal and binding, properly recorded or filed and
first priority perfected liens and security interests; and (iii) the Borrowers
hereby waive any and all defenses, set-offs and counterclaims which they,
whether jointly or severally, may have or claim to have against the Agent or any
Lender as of the date hereof; and

(b)      No Waiver of Existing Defaults.  no Default or Event of Default exists
immediately before or immediately after giving effect to this Twelfth
Amendment.  Nothing in this Twelfth Amendment nor any communication between the
Agent, any Lender, any Borrower or any of their respective officers, agents,
employees or representatives shall be deemed to constitute a waiver of (i) any
Default or Event of Default arising as a result of the foregoing representation
proving to be false or incorrect in any material respect; or (ii) any rights or
remedies which the Agent or any Lender has against any Borrower under the Credit
Agreement or any other Credit Document and/or applicable law, with respect to
any such Default or Event of Default arising as a result of the foregoing
representation proving to be false or incorrect in any material respect.
 
 
 
- 4 -

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

 
 
10.      Binding Effect.  This Twelfth Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.

11.      Governing Law.  This Twelfth Amendment and all rights and obligations
of the parties hereunder shall be governed by and be construed and enforced in
accordance with the laws of the internal laws of the Commonwealth of
Pennsylvania.

12.      Headings.  The headings of the sections of this Twelfth Amendment are
inserted for convenience only and shall not be deemed to constitute a part of
this Twelfth Amendment.

13.      Counterparts.  This Twelfth Amendment may be executed in any number of
counterparts with the same affect as if all of the signatures on such
counterparts appeared on one document and each counterpart shall be deemed an
original.
 
[Remainder of Page Intentionally Left Blank’
 
 
- 5 -

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

 

IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to
Credit Agreement to be executed under seal by their duly authorized officers,
all as of the day and year first written above.
 

 
LEAF FINANCIAL CORPORATION

By: ________________________________
       Name:
       Title:

LEAF FUNDING, INC.

By: ________________________________
       Name:
       Title:

Borrowers Signature Page
Twelfth Amendment to Credit Agreement

 
 

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

 

PNC BANK, NATIONAL ASSOCIATION, assuccessor to National City Bank, as Agent,
Swingline Lender and as a Lender

By: ________________________________
       Name:
       Title:

Agent Signature Page
Twelfth Amendment to Credit Agreement
 
 
 

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

 

 
HSH NORDBANK AG, NEW YORK BRANCH

By: ________________________________
       Name:
       Title:

By: ________________________________
       Name:
       Title:
Lender Signature Page
Twelfth Amendment to Credit Agreement
 
 
 
 

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

 

SOVEREIGN BANK

By: ________________________________
       Name:
       Title:
 
Lender Signature Page
Twelfth Amendment to Credit Agreement
 
 
 

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

 
 
 
BANK OF AMERICA, N.A.

By: ________________________________
       Name:
       Title:
 
 
Lender Signature Page
Twelfth Amendment to Credit Agreement
 
 
 
 

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

 

TD BANK, N.A.

By: ________________________________
       Name:
       Title:
 
Lender Signature Page
Twelfth Amendment to Credit Agreement
 
 
 
 

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

 

 
WELLS FARGO BANK, N.A., successor toWachovia Bank, National Association

By: ________________________________
       Name:
       Title:
 
Lender Signature Page
Twelfth Amendment to Credit Agreement
 

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

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