Document:

EX-10.5 OMNIBUS AMEND. NO.1 TO SALE/SERVICE AGRMT.

Exhibit 10.5

OMNIBUS AMENDMENT NO. 1

(DWFC, LLC and Deerfield TRS (Bahamas) Ltd.)

     THIS
OMNIBUS AMENDMENT NO. 1, dated as of May 12, 2008 (this “Amendment”), is entered
into by and among Deerfield Capital LLC, as the originator (in such capacity, the
“Originator”) and as the servicer (in such capacity, the “Servicer”), DWFC, LLC and
Deerfield TRS (Bahamas) Ltd., as the borrowers (in such capacity, each individually a
“Borrower” and, collectively, the “Borrowers”), Wachovia Capital Markets, LLC, as
the Administrative Agent (the “Administrative Agent”) and as VFCC Agent (the “VFCC
Agent”), Variable Funding Capital Company LLC, as a Conduit Purchaser (“VFCC”) and
Wachovia Bank, National Association, as the Swingline Purchaser. Capitalized terms used and not
otherwise defined herein shall have the meanings given to such terms in the Agreement (as defined
below).

R E C I T A L S

     WHEREAS, the Originator, the Servicer, the Borrowers, the Administrative Agent, VFCC, the
Swingline Purchaser, U.S. Bank National Association, as collateral custodian and Lyon Financial
Services, Inc., as backup servicer are parties to that certain Sale and Servicing Agreement, dated
as of March 10, 2006, as amended by Amendment No. 1 to Sale and Servicing Agreement, dated as of
July 13, 2006, Amendment No. 2 to Sale and Servicing Agreement, dated as of February 7, 2007,
Amendment No. 3 to Sale and Servicing Agreement, dated as of March 7, 2007 and Amendment No. 4 to
Sale and Servicing Agreement, dated as of April 6, 2007 (as further amended, modified, waived,
supplemented or restated from time to time, the “Agreement”); and

     WHEREAS, the parties hereto desire to amend the Agreement and the various Transaction
Documents as provided herein;

     NOW, THEREFORE, based upon the above recitals, the mutual premises 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:

     SECTION 1. AMENDMENTS.

     (a) The Agreement is hereby amended to reflect the blacklined changes set forth in
Exhibit A to this Amendment.

     (b) Each of the Transaction Documents (other than the Agreement, which has been
modified as set forth in Exhibit A to incorporate the following amendment),
including the Exhibits and Schedules to the Agreement, is hereby amended such that any
reference to “Variable Funding Certificate” or “VFC” is hereby deemed to refer to “Variable
Funding Note” or “VFN”, respectively.

 

 

     SECTION 2. TRANSACTION DOCUMENTS IN FULL FORCE AND EFFECT AS AMENDED.

     Except as specifically amended hereby, all provisions of the Transaction Documents shall
remain in full force and effect. After this Amendment becomes effective, all references to the
Agreement, the “Transaction Documents, “Agreement,” “hereof,” “herein,” or words of similar effect
referring to the Transaction Documents and the Agreement shall be deemed to mean the Transaction
Documents and the Agreement as amended hereby. This Amendment shall not constitute a novation of
any Transaction Document (including the Agreement), but shall constitute an amendment thereof.
This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any
provision of any Transaction Document (including the Agreement) other than as expressly set forth
herein.

     SECTION 3. REPRESENTATIONS.

     Each of the Borrowers, the Originator and the Servicer represent and warrant as of the date of
this Amendment as follows:

     (a) it has taken all necessary action to authorize the execution, delivery and
performance of this Amendment;

     (b) this Amendment has been duly executed and delivered by such party and constitutes
such party’s legal, valid and binding obligation, enforceable in accordance with its terms,
except as such enforceability may be limited (x) by general principles of equity and
conflicts of laws or (y) by bankruptcy, reorganization, insolvency, moratorium or other laws
of general application relating to or affecting the enforcement, of creditors’ rights;

     (c) no consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is required in
connection with the execution, delivery or performance by such party of this Amendment;

     (d) the execution and delivery of this Amendment does not diminish or reduce its
obligations under the Agreement and the other Transaction Documents in any manner;

     (e) the representations and warranties of the parties set forth in Sections
4.1, 4.2, and 4.3 of the Agreement, as applicable, are true and correct
as of the date hereof (except those that expressly relate to an earlier date and those that
would not be true and correct as a result of the failure of Deerfield Capital LLC to
maintain stockholder’s equity of $240,000,000 plus 90% of the proceeds raised from equity
issuers (such failure, the “Net Worth Default”)) and all of the provisions of the
Agreement and the other Transaction Documents, except as amended hereby, are in full force
and effect;

     (f) after giving effect to the execution and delivery of this Amendment, no unwaived
event has occurred and is continuing which constitutes an Unmatured Termination Event or
Termination Event, other than a Net Worth Default; and

2

 

     (g) each of the Borrowers, the Originator and the Servicer acknowledge and agree that
the Amortization Period has commenced and the Purchasers shall not have any further
obligation to fund Advances under the Agreement.

     SECTION 4. CONDITIONS TO EFFECTIVENESS.

     The effectiveness of this Amendment is subject to the receipt by the Administrative Agent of
executed counterparts (or other evidence of execution, including facsimile signatures, satisfactory
to the Administrative Agent) of this Amendment, which collectively shall have been duly executed on
behalf of each of the parties hereto.

     SECTION 5. MISCELLANEOUS.

     (a) This Amendment may be executed in any number of counterparts (including by
facsimile), and by the different parties hereto on the same or separate counterparts, each
of which shall be deemed to be an original instrument but all of which together shall
constitute one and the same agreement.

     (b) Each of the Borrowers affirms the liens and security interests created and granted
by it in the Agreement and the other Transaction Documents and agrees that this Amendment
shall in no manner adversely affect or impair such liens and security interests.

     (c) The descriptive headings of the various sections of this Amendment are inserted for
convenience of reference only and shall not be deemed to affect the meaning or construction
of any of the provisions hereof.

     (d) This Amendment may not be amended or otherwise modified except as provided in the
Agreement.

     (e) The failure or unenforceability of any provision hereof shall not affect the other
provisions of this Amendment.

     (f) Whenever the context and construction so require, all words used in the singular
number herein shall be deemed to have been used in the plural, and vice versa, and the
masculine gender shall include the feminine and neuter and the neuter shall include the
masculine and feminine.

     (g) This Amendment represents the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the
parties. There are no unwritten oral agreements between the parties.

     (h) The Originator agrees to pay all reasonable costs and expenses incurred in
connection with the preparation, execution and delivery of this Amendment, including the
reasonable fees and expenses of the Administrative Agent’s legal counsel.

     (i) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT
SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE

3

 

STATE
OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PROVISIONS THEREOF (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

[Remainder of Page Intentionally Left Blank]

4

 

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 	 	 
	THE ADMINISTRATIVE AGENT 

AND THE VFCC AGENT:	 	WACHOVIA CAPITAL MARKETS, LLC	 	 
	 

	 	By:	 	/s/ Craig Benton	 	 
	 

	 	 	 	 

Name:    Craig Benton
	 	 
	 

	 	 	 	Title:      Vice President	 	 

[SIGNATURES CONTINUE ON NEXT PAGE]

Omnibus Amendment

 

	 	 	 	 	 	 	 
	Accepted and agreed:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	BORROWER:	 	DWFC, LLC,

as a Borrower	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Frederick L. White	 	 
	 

	 	 	 	 

Name: Frederick L. White
	 	 
	 

	 	 	 	Title: General Counsel	 	 
	 
	 	 	 	 	 	 
	BORROWER:	 	DEERFIELD TRS (BAHAMAS) LTD.,

as a Borrower	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Frederick L. White	 	 
	 

	 	 	 	 

Name: Frederick L. White
	 	 
	 

	 	 	 	Title: General Counsel	 	 
	 
	 	 	 	 	 	 
	ORIGINATOR/SERVICER:	 	DEERFIELD CAPITAL LLC.,

as the Originator and as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Frederick L. White	 	 
	 

	 	 	 	 

Name: Frederick L. White
	 	 
	 

	 	 	 	Title: General Counsel	 	 

[SIGNATURES CONTINUE ON NEXT PAGE]

Omnibus Amendment

 

	 	 	 	 	 	 	 
	Accepted and agreed:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	THE SWINGLINE PURCHASER:	 	WACHOVIA BANK,

NATIONAL ASSOCIATION,

as the Swingline Purchaser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mike Romanzano	 	 
	 

	 	 	 	 

Name: Mike Romanzano
	 	 
	 

	 	 	 	Title:   Director	 	 
	 
	 	 	 	 	 	 
	VFCC:	 	VARIABLE FUNDING

CAPITAL COMPANY LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Wachovia Capital Markets, LLC,

as attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ Douglas R. Wilson, Sr.	 	 
	 

	 	 	 	 

Name:  Douglas R. Wilson, Sr.
	 	 
	 

	 	 	 	Title:   Director	 	 

Omnibus Amendment

 

EXHIBIT A

(See Attached)

Omnibus Amendment

 

U.S. $300,000,000

SALE AND SERVICING AGREEMENT

by and among

DEERFIELD TRIARC CAPITAL LLC,

as the Originator

DEERFIELD TRIARC CAPITAL LLC,

as the Servicer

DWFC, LLC,

as a Borrower

DEERFIELD TRIARC TRS (BAHAMAS) LTD.,

as a Borrower

WACHOVIA BANK, NATIONAL ASSOCIATION,

as the Swingline Purchaser

EACH OF THE CONDUIT PURCHASERS AND INSTITUTIONAL PURCHASERS FROM TIME TO TIME PARTY HERETO,

together with the Swingline Purchaser, as the Purchasers

EACH OF THE PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO,

as the Purchaser Agents

WACHOVIA CAPITAL MARKETS, LLC,

as the Administrative Agent

U.S. BANK NATIONAL ASSOCIATION,

as the Collateral Custodian

and

LYON FINANCIAL SERVICES, INC.,

(d/b/a U.S. Bank Portfolio Services),

as the Backup Servicer

Dated as of March 10, 2006

 

 

	 	 	 
	
EXHIBITS
	 
	 	 
	EXHIBIT A-1

	 	Form of Borrowing Notice
	EXHIBIT A-1-S

	 	Form of Borrowing Notice (Swingline Funding Request)
	EXHIBIT A-2

	 	Form of Notice of Reduction of Advances Outstanding/Facility Amount
	EXHIBIT A-3

	 	Form of Notice of Reinvestment of Principal Collections
	EXHIBIT A-4

	 	Form of Borrowing Base Certificate
	EXHIBIT B-1

	 	Form of Variable Funding Note (Conduit Purchaser or Institutional Purchaser)
	EXHIBIT B-2

	 	Form of Variable Funding Note (Swingline Purchaser)
	EXHIBIT C

	 	Form of Servicing Report
	EXHIBIT D

	 	Form of Hedging Agreement (including Schedule and Confirmation)
	EXHIBIT E-1

	 	Form of Officer’s Certificate as to Solvency (Borrower)
	EXHIBIT E-2

	 	Form of Officer’s Certificate as to Solvency (Deerfield Triarc Capital LLC)
	EXHIBIT F-1

	 	Form of Officer’s Closing Certificate (Borrower)
	EXHIBIT F-2

	 	Form of Officer’s Closing Certificate (Deerfield Triarc Capital LLC)
	EXHIBIT G-1

	 	Form of Power of Attorney (Borrower)
	EXHIBIT G-2

	 	Form of Power of Attorney (Deerfield Triarc Capital LLC)
	EXHIBIT H

	 	Form of Release of Required Loan Documents
	EXHIBIT I

	 	Form of Servicer’s Certificate
	EXHIBIT J

	 	Form of Transferee Letter
	EXHIBIT K

	 	Form of Certificate of Closing Attorneys
	EXHIBIT L

	 	Form of Joinder Supplement
	 
	 	 
	
SCHEDULES
	 
	 	 
	SCHEDULE I

	 	Condition Precedent Documents
	SCHEDULE II

	 	Concentration Account Bank and Concentration Account
	SCHEDULE III

	 	Location of Required Loan Documents
	SCHEDULE IV

	 	Loan List
	SCHEDULE V

	 	Credit and Collection Policy
	SCHEDULE VI

	 	Agreed-Upon Procedures For Independent Public Accountants
	SCHEDULE VII

	 	Loan Rating Scale
	SCHEDULE VIII

	 	Moody’s Industry Classification Groups
	SCHEDULE IX

	 	Approved Hedge Counterparties
	 
	 	 
	
ANNEXES
	 
	 	 
	ANNEX A

	 	Addresses for Notices
	ANNEX B

	 	Commitments

vi 

 

SALE AND SERVICING AGREEMENT

     THIS SALE AND SERVICING AGREEMENT (as amended, modified, waived, supplemented, restated or
replaced from time to time, this “Agreement”) is made as of this March 10, 2006, by and
among:

     (1) DEERFIELD TRIARC CAPITAL LLC, a Delaware limited liability company, as the originator
(together with its successors and assigns in such capacity, the “Originator”) and as the
servicer (together with its successors and assigns in such capacity, the “Servicer”);

     (2) DWFC, LLC, a Delaware limited liability company, as a borrower (together with its
successors and assigns in such capacity, a “Borrower”);

     (3) DEERFIELD TRIARC TRS (BAHAMAS) LTD., a corporation formed under the laws of the
Commonwealth of The Bahamas, as a borrower (together with its successors and assigns in such
capacity, “TRS” or a “Borrower,” and together with DWFC, LLC, the “Borrowers”);

     (4) EACH OF THE CONDUIT PURCHASERS FROM TIME TO TIME PARTY HERETO, as a Conduit Purchaser;

     (5) EACH OF THE INSTITUTIONAL PURCHASERS FROM TIME TO TIME PARTY HERETO, as an Institutional
Purchaser;

     (6) EACH OF THE PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO, as a Purchaser Agent;

     (7) WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (together with its
successors and assigns, “Wachovia”), as the swingline purchaser (together with its
successors and assigns in such capacity, the “Swingline Purchaser” and together with the
Conduit Purchasers and the Institutional Purchasers, the “Purchasers”);

     (8) WACHOVIA CAPITAL MARKETS, LLC, a Delaware limited liability company (together with its
successors and assigns, “WCM”), as the administrative agent (together with its successors
and assigns in such capacity, the “Administrative Agent”);

     (9) LYON FINANCIAL SERVICES, INC. (d/b/a U.S. Bank Portfolio Services), not in its individual
capacity but as the backup servicer (together with its successors and assigns in such capacity, the
“Backup Servicer”); and

     (10) U.S. BANK NATIONAL ASSOCIATION, a national banking association (“U.S. Bank”), not
in its individual capacity but as the collateral custodian (together with its successors and
assigns in such capacity, the “Collateral Custodian”).

 

 

Agent’s sole discretion) as a result of a prepayment by the Borrowers of Advances Outstanding on
any day other than a Payment Date. All Breakage Costs shall be due and payable hereunder on each
Payment Date in accordance with Section 2.9(a) and Section 2.10(a). The
determination by the applicable Purchaser Agent of the amount of any such loss, cost or expense
shall be conclusive absent manifest error.

     “Business Day”: Any day (other than a Saturday or a Sunday) on which banks are not
required or authorized to be closed in New York, New York, Boston, Massachusetts, Florence, South
Carolina, Marshall, Minnesota, Chicago, Illinois or Charlotte, North Carolina.

     “Certificated Security”: The meaning specified in Section 8-102(a)(4) of the UCC.

     “Change of Control”: Any of the following:

          (a) the creation or imposition of any Lien on any equity interest in a Borrower;

          (b) a Borrower’s organizational documents shall fail to be in full force and effect;

          (c) Deerfield Triarc Capital LLC or one of its Affiliates shall fail to be the Servicer;

          (d) the failure of Deerfield to own, directly or indirectly, 100% of the equity interests in
each Borrower and the Originator;

          (e) the dissolution, termination or liquidation in whole or in part, transfer or other
disposition of all or substantially all of the assets of, the Originator; or

          (f) the Management Agreement is terminated or for any reason is
not in full force and effect.

     “Change of Tax Law”: Any change in application or public announcement of an official
position under or any change in or amendment to the laws (or any regulations or rulings promulgated
thereunder) of any jurisdiction in which an Obligor is organized, or any political subdivision or
taxing authority of any of the foregoing, affecting taxation, or any change in the official
application, enforcement or interpretation of such laws, regulations or rulings (including a
holding by a court of competent jurisdiction), or any other action taken by a taxing authority or
court of competent jurisdiction in the relevant jurisdiction.

     “Charged-Off Loan”: A Loan as to which any of the following has occurred: (i) the
Servicer has determined in accordance with the Credit and Collection Policy and the Servicing
Standard that such Loan is not collectible, (ii) the Loan has been a Delinquent
Loan for a period of 60 days or more (without giving effect to any Servicer Advance thereon or
any grace period permitted in the related Underlying Instruments), (iii) except in the case of a
DIP Loan, the related Obligor is subject to an Insolvency Event (without giving effect to any cure
period specified in the definition thereof) or (iv) except in the case of a DIP Loan, the related
Obligor is

7

 

associated with the issuance of such Conduit Purchaser’s Commercial Paper Notes, and (ii) other
borrowings by such Conduit Purchaser, including borrowings to fund small or odd dollar amounts that
are not easily accommodated in the commercial paper market, to the extent such amounts are
allocated, in whole or in part, by such Conduit Purchaser’s Purchaser Agent to fund such Conduit
Purchaser’s purchase or maintenance of the outstanding Advances made by such Purchaser during such
Accrual Period; provided that if any component of such rate is a discount rate, in calculating the
applicable “CP Rate” for such day, such Conduit Purchaser’s Purchaser Agent shall for such
component use the rate resulting from converting such discount rate to an interest bearing
equivalent per annum rate or (b) such other rate as may be set forth as such in such Conduit
Purchaser’s Purchaser Fee Letter.

     “Credit and Collection Policy”: With respect to the initial Servicer, the written
credit policies and procedures manual of Deerfield set forth on Schedule V, as such credit and
collection policy may be as amended or supplemented from time to time in accordance with Section
5.1(h) and Section 5.4(f), or, with respect to any Successor Servicer, the customary written
collection policies and procedures of such Successor Servicer.

     “Deerfield”: Deerfield Triarc Capital Corp., a Maryland corporation.

     “Deerfield LIBOR Rate”: The posted rate for one-month, two-month or three-month, as
applicable, deposits in Dollars appearing on Telerate Page 3750, as and when determined in
accordance with the applicable Underlying Instruments.

     “Deerfield Prime Rate”: The referenced prime rate specified by the Originator in the
applicable Underlying Instruments, such rate to change as and when the designated rate changes;
provided that the Deerfield Prime Rate is not intended to be lowest rate of interest charged by the
Originator in connection with extensions of credit to debtors.

     “Delinquent Loan”: A Loan (other than a Charged-Off Loan) as to which any of the
following has occurred: (a) all or any portion of any one or more payments of principal or interest
thereunder remains unpaid for at least 60 days from the original due date for such payment (without
giving effect to any Servicer Advance thereon or any grace period permitted in the Underlying
Instruments); (b) a Material Modification of the type described in clause (a), (b),
(c) or (f) of the definition thereof has been made with respect to such Loan; (c)
has been placed on non-accrual status; or (d) the Originator or one of its Affiliates has made a
loan to the related Obligor or one of its Affiliates for the purpose of paying principal or
interest on such Loan to avoid a payment default.

     “Determination Date”: The last day of each calendar month.

     “DIP Loan”: Any Loan to an Obligor that is a Chapter 11 debtor under the Bankruptcy
Code which is permitted by the Credit and Collection Policy and also which satisfies the following
criteria: (a) the Loan is duly authorized by a final order of the applicable bankruptcy court or
federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. § 364; (b) the Obligor’s bankruptcy case is still pending as a
case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been
dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy
Code; (c) the Obligor’s obligations under

12

 

denominator of which is equal to the liquidation value of the Related Property securing such Loan
(as determined by the Servicer in accordance with the Credit and Collection Policy and the
Servicing Standard).

     “Loan-to-Value Ratio”: With respect to any Loan, measured as of any Determination
Date, the percentage equivalent of a fraction, (i) the numerator of which is equal to the
Outstanding Loan Balance under the related Underlying Instruments plus the outstanding principal
balance of any other senior or pari passu indebtedness of the related Obligor and (ii) the
denominator of which is equal to the enterprise value of the related Obligor (as determined by the
Servicer in good faith in accordance with the Credit and Collection Policy and the Servicing
Standard, unless the Administrative Agent in its sole discretion disagrees with such valuation, in
which case the decision of the Administrative Agent as to the enterprise value of the Related
Property shall be conclusive and binding). For the avoidance of doubt, in the case of Eligible Real
Estate Loans, the denominator in the foregoing calculation shall be the lower of the Obligor’s cost
to acquire the Mortgage Property or the current appraised value of the Mortgage Property.

     “Management Agreement”: The Management Agreement, dated as of December 23, 2004,
between Deerfield Triarc Capital LLC and Deerfield.

     “Margin Stock”: “Margin Stock” as defined under Regulation U.

     “Material Adverse Effect”: With respect to any event or circumstance, means a material
adverse effect on (a) the business, condition (financial or otherwise), operations, performance or
properties of the Originator, the Servicer, or either Borrower taken as a whole, (b) the validity
or enforceability of this Agreement or any other Transaction Document against the Originator, the
Servicer or either Borrower or the validity, enforceability or collectibility of the Loans and
Related Property generally or any material portion of the Loans and Related Property, (c) the
rights and remedies of the Secured Parties with respect to matters arising under this Agreement or
any other Transaction Document, (d) the ability of each Borrower, the Originator or the Servicer to
perform its obligations under this Agreement or any Transaction Document, or (e) the status,
existence, perfection, priority or enforceability of the Administrative Agent’s lien on the Loans
and Related Property (except to the extent arising due to an act or omission of the Administrative
Agent).

     “Material Modification”: Any amendment or waiver of, or modification or supplement to,
an Underlying Instrument governing a Loan (i) executed or effected with
the intent of making such Loan eligible for funding hereunder or (ii) executed or effected on
or after the date on which the applicable Borrower acquired such Loan, which, in either case:

          (a) reduces or forgives any or all of the principal amount due under such Loan;

          (b) delays or extends the required or scheduled amortization of such Loan in any way that
increases the Weighted Average Life; provided that the Weighted Average Life of such Loan may be
increased by not more than 20% from its Weighted Average Life on the related Funding Date if the
total leverage ratio (if defined in the related Underlying Instruments,

30

 

that is secured, directly or indirectly, by all Loansany Loan currently or formerly
included in the Collateral or any portion thereof or any interest therein released from the Lien of
this Agreement, including, without limitation, any collateralized loan obligation or collateralized
debt obligation offering or other asset securitization (provided that as of May 9, 2008 the
foregoing transactions shall only constitute a Permitted Securitization if the proceeds of such
transaction are in an amount sufficient to reduce the Aggregate
Unpaids to zero); provided that
if WCM or an Affiliate thereof does not act in the case of a term securitization transaction as
sole or lead initial purchaser (or in a comparable role) or in the case of a conduit securitization
transaction as administrative agent (or in a comparable role), then such Originator, Borrower or
Affiliate must obtain the prior written consent of WCM; provided that no such consent shall be
required if all Collateral is released from the Lien hereof and all Aggregate Unpaids hereunder are
repaid in full concurrently with the closing of such Permitted Securitization.

     “Person”: An individual, partnership, corporation, limited liability company, joint
stock company, trust (including a statutory or business trust), unincorporated association, sole
proprietorship, joint venture, government (or any agency or political subdivision thereof) or other
entity.

     “PIK Loan”: A Loan which provides for a portion of the interest that accrues thereon
to be added to the principal amount of such Loan for some period of the time prior to such Loan
requiring the current cash payment of such previously capitalized interest, which cash payment
shall be treated as an Interest Collection at the time it is received.

     “Pool Charged–Off Ratio”: As of any Determination Date, the percentage equivalent of a
fraction, (i) the numerator of which is equal to the sum of the Outstanding Loan Balances of all
Loans that became Charged-Off Loans, net of Recoveries, during the twelve (12) (or such fewer
number of calendar months that have accrued since the Closing Date) immediately preceding calendar
months, and (ii) the denominator of which is equal to the weighted average of the Aggregate
Outstanding Loan Balance as of the beginning of the preceding twelve (12) (or such fewer number of
calendar months that have accrued since the Closing Date) calendar months.

     “Pool Delinquency Ratio”: As of any Determination Date, the percentage equivalent of a
fraction, (i) the numerator of which is equal to the sum of the Outstanding Loan Balances of all
Loans that are Delinquent Loans as of such Determination Date, and (ii) the denominator of which is
equal to the Aggregate Outstanding Loan Balance as of such Determination Date.

     “Pool Yield”: As of any Determination Date, the annualized percentage equivalent of a
fraction, (a) the numerator of which is equal to all Interest Collections on Loans that are
deposited into the Collection Account during the immediately preceding Collection Period minus the
sum, calculated as of such Determination Date, of (i) Interest, (ii) the Commitment Fee, (iii) the
Program Fee, (iv) the Servicing Fee, (v) the Backup Servicer Fee, (vi) the Collateral Custodian Fee
and (vii) the net amounts owed to each Hedge Counterparty, and (b) the denominator of which is
equal to the average of the Aggregate Outstanding Loan Balances as of the first day of each
calendar month during the immediately preceding Collection Period.

     “Predecessor Servicer Work Product”: Defined in Section 6.16(e).

36

 

interests of such Borrower; (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any class of equity interests of a
Borrower now or hereafter outstanding, and (iii) any payment made to redeem, purchase, repurchase
or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to
acquire equity interests of a Borrower now or hereafter outstanding.

     “Retained Interest”: (a) With respect to any Revolving Loan or any Term Loan with an
unfunded commitment that does not provide by its terms that funding thereunder is in the applicable
Borrower’s sole and absolute discretion and the right to receive payment (but not the obligation of
the Originator to provide additional fundings) with respect to such Loan is transferred by the
Originator to the applicable Borrower and/or by the applicable Borrower to the Purchasers, all of
the obligations, if any, of the applicable Borrower to provide additional funding with respect to
such Loan, and (b) with respect to any Loan arising as part of a syndicated loan transaction, (i)
all of the obligations, if any, of the agent(s) under the documentation evidencing such Loan and
(ii) the applicable portion of the interests, rights and obligations under the documentation
evidencing such Loan that relate to such portion(s) of the indebtedness that is owned by another
lender or is being retained by the Originator pursuant to clause (a) of this definition.

     “Retransfer Date”: Defined in Section
2.18(b).

     “Retransfer Price”: Defined in Section
2.18(b)(i).

     “Review Criteria”: Defined in Section
8.2(b)(i).

     “Revolving Loan”: A Loan that is a line of credit or contains an unfunded, partially
or fully funded commitment arising from an extension of credit to an Obligor, pursuant to the terms
of which amounts borrowed may be repaid and subsequently reborrowed.

     “Revolving Period”: The period commencing on the Closing Date and ending on the day
preceding the Termination Date.

     “Risk Rating”: With respect to any Loan, the “Risk Rating” of such Loan as determined
in accordance with the Credit and Collection Policy.

     “S&P”: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any
successor thereto.

     “Sale Agreement”: Each or both (as applicable) of the Purchase and Sale Agreement,
dated as of the date hereof, between the Originator and DWFC, LLC, and the Purchase and Sale
Agreement, dated as of the date hereof, between the Originator and Deerfield Triarc TRS (Bahamas)
Ltd.

     “Scheduled Payment”: Each scheduled payment of principal and/or interest required to
be made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related
Required Loan Documents.

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equipment, and (iv) employs a cash control mechanism acceptable to the Administrative Agent in its
reasonable discretion.

     “Senior Secured Real Estate Loan”: Any Real Estate Loan that (i) is secured by a valid
and perfected first priority Mortgage on the applicable Mortgaged Property, senior to all other
Liens other than Permitted Liens in the applicable Mortgaged Property, and (ii) has a Loan-to-Value
Ratio of not greater than 80%.

     “Senior Subordinated Loan”: Any Loan that (i) is not a Large Syndicated Loan, Senior
Secured ABL, First Lien Loan, Qualified Second Lien Loan, Second Lien Loan, DIP Loan, Preferred
Loan or Real Estate Loan, and (ii) has a Loan-to-Value Ratio of not greater than 75%. For the
avoidance of doubt, Senior Subordinated Loans may be secured or unsecured and the Underlying
Instruments or a related intercreditor agreement may include provisions that allow a senior lender
to block payment of interest or principal under the Senior Subordinated Loan during the occurrence
of a default or Obligor Insolvency Event.

     “Servicer”: Deerfield Triarc Capital LLC and each successor appointed as Successor
Servicer (including, for the avoidance of doubt, the Backup Servicer upon its appointment as
Successor Servicer) pursuant to Section 6.16(a), subject to the limitations therein provided.

     “Servicer Advance”: An advance of Scheduled Payments made by the Servicer with respect
to a Loan pursuant to Section 6.5.

     “Servicer Default”: Defined in Section 6.15.

     “Servicer Termination Notice”: Defined in Section 6.15.

     “Servicer’s Certificate”: Defined in Section 6.10(c).

     “Servicing Fee”: The servicing fee payable to the Servicer on each Payment Date in
arrears in respect of each Collection Period, which fee shall be equal to the product of (i) 1.00%,
(ii) the weighted average Aggregate Outstanding Loan Balance during the related Collection Period
and (iii) the actual number of days in such Collection Period divided by 360.

     “Servicing File”:

          (a) For each Eligible Loan or Eligible Real Estate Loan, the following documents or
instruments:

               (i) copies of each of the documents included in the Required Loan Documents definition;

          (b) the executed copies for any related subordination agreement, intercreditor agreement, or
similar instruments, Insurance Policy, assumption or substitution agreement or similar material
operative document, in each case together with any amendment or modification thereto;

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Custodian Fees and Transition Expenses, and (b) incurred but unreimbursed reasonable third-party,
out-of-pocket expenses relating to their respective duties as Backup Servicer or Collateral
Custodian hereunder, in respect of which the Backup Servicer or the Collateral Custodian, as
applicable, has provided prior written notice to the Servicer and the Administrative Agent, for the
payment thereof; provided that amounts payable pursuant to this clause (b) shall not exceed
$5,000 for any Payment Date;

                    (3) to the Servicer, in an amount equal to any unreimbursed Servicer Advances (but, in each
case, solely to the extent of Collections in respect of the Loan for which such Servicer Advance
was made);

                    (4) to the Servicer, in an amount equal to any accrued and unpaid Servicing Fees, plus any
amounts payable to the Successor Servicer pursuant to the last sentence of Section 6.16(e);
provided that for so long as Deerfield Triarc Capital LLC or any Affiliate thereof is the Servicer
under this Agreement it shall not be entitled to any Servicing Fees pursuant to this Section
2.9(a)(4);

                    (5) pro rata in accordance with the amounts due under this clause, to each Purchaser Agent and
the Swingline Purchaser, in an amount equal to any accrued and unpaid Interest, Program Fee,
Commitment Fee and Breakage Costs;

                    (6) pro rata in accordance with the amounts due under subclauses (a) and (b)
of this clause, (a) to each Purchaser Agent and the Swingline Purchaser for the account of the
applicable Purchaser, if the Required Advance Reduction Amount is greater than zero, an amount
necessary to reduce the Required Advance Reduction Amount to zero, pro rata in accordance with the
amount of Advances Outstanding hereunder, and (b) pro rata in accordance with the amounts due under
this subclause (b), to each Hedge Counterparty, any Hedge Breakage Costs owing to that
Hedge Counterparty under its respective Hedging Agreement;

                    (7) pro rata in accordance with the amounts due under this clause to the Administrative Agent,
each Purchaser Agent, any applicable Purchaser, the Backup Servicer, the Collateral Custodian, the
Affected Parties, the Indemnified Parties, each Hedge Counterparty or the Secured Parties, all
other amounts, including any Increased Costs, Taxes or Indemnified Amounts, but other than the
principal of Advances Outstanding, then due under this Agreement;

                    (8) to the Servicer, in an amount equal to the sum of (i) any unreimbursed Servicer Advances,
to the extent not paid pursuant to clause (3) above, and (ii) any Nonrecoverable Advance;
and

                    (9) to the extent that after giving effect to such release the Maximum Availability would
exceed $0, any remaining amounts shall be distributed to the applicable Borrower based on the
proportion of such amounts representing proceeds of such Borrower’s Loans.

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                    (2) pro rata in accordance with the amounts due under this
clause and to the extent not paid by the Originator, to the Backup Servicer and the
Collateral Custodian, in an amount equal to (a) any accrued and unpaid Backup Servicing
Fees, Collateral Custodian Fees and Transition Expenses, and (b) incurred but unreimbursed
reasonable third-party, out-of-pocket expenses relating to their respective duties as
Backup Servicer or Collateral Custodian hereunder, in respect of which the Backup Servicer
or the Collateral Custodian, as applicable, has provided prior written notice to the
Servicer and the Administrative Agent, for the payment thereof; provided that amounts
payable pursuant to this clause (b) shall not exceed $5,000 for any Payment Date;

                    (3) to the Servicer, in an amount equal to any unreimbursed
Servicer Advances (but, in each case, solely to the extent of Collections in respect of
the Loan for which such Servicer Advance was made);

                    (4) to the Servicer, in an amount equal to any accrued and unpaid Servicing Fees,
plus any amounts payable to the Successor Servicer pursuant to the last
sentence of Section 6.16(e); provided that for so long as Deerfield Triarc Capital
LLC or any Affiliate thereof is the Servicer under this Agreement it shall not be entitled to any
Servicing Fees pursuant to this Section 2.10(a)(4);

                    (5) pro rata in accordance with the amounts due under this
clause, to each Purchaser Agent and the Swingline Purchaser, in an amount equal to any
accrued and unpaid Interest, Program Fee, Commitment Fee and Breakage Costs;

                    (6) pro rata in accordance with the amounts due under
subclauses (a) and (b) of this clause, (a) to each Purchaser Agent and to
the Swingline Purchaser for the account of the applicable Purchaser, in an amount
necessary to reduce the Advances Outstanding and Aggregate Unpaids (other than Hedge
Breakage Costs) to zero, and (b) pro rata in accordance with the amounts due under this
subclause (b), to each Hedge Counterparty, any Hedge Breakage Costs owing to that
Hedge Counterparty under its respective Hedging Agreement;

                    (7) pro rata in accordance with the amounts due under this
clause to the Affected Parties, the Indemnified Parties or the Secured Parties, all other
amounts, including any Increased Costs, Taxes or Indemnified Amounts;

                    (8) to the Servicer, in an amount equal to the sum of (i) any
unreimbursed Servicer Advances, to the extent not paid pursuant to clause (3)
above, and (ii) any Nonrecoverable Advance; and

                    (9) any remaining amounts shall be distributed to the
applicable Borrower based on the proportion of such amounts representing proceeds of such
Borrower’s Loans.

     Section 2.11. Collections and Allocations.

          (a) Collections. The Servicer shall promptly identify any collections
received as being on account of Interest Collections, Principal Collections or other
Collections and shall

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Agent under laws and regulations (including without limitation Articles 8 and 9 of the UCC, as
applicable) in effect at the time of such grant):

               (i) in the case of an Instrument or a Certificated Security represented by a Security
Certificate in registered form by having it specially Indorsed to the Administrative Agent or in
blank by an effective Indorsement or registered in the name of the Administrative Agent and by (A)
delivering such Instrument or Security Certificate to the Collateral Custodian at the address
specified in Schedule III hereto and (B) causing the Collateral Custodian to maintain (on
behalf of the Administrative Agent) continuous possession of such Instrument or Security
Certificate at the address specified in Schedule III hereto;

               (ii) in the case of an Uncertificated Security, by (A) causing the Administrative Agent to
become the registered owner of such Uncertificated Security and (B) causing such registration to
remain effective;

               (iii) in the case of any Security Entitlement, by causing the Administrative Agent to become
the Entitlement Holder of such Security Entitlement;

               (iv) in the case of general intangibles (including any loan not evidenced by an Instrument)
by filing, maintaining and continuing the effectiveness of, financing statements naming the
applicable Borrower as debtor and the Administrative Agent as secured party and describing the
Loan or Permitted Investment (as the case may be) as the collateral at the filing office of the
Secretary of State for the State of Delaware (in the case of DWFC, LLC) or the District of
Columbia (in the case of Deerfield Triarc TRS (Bahamas) Ltd.), as applicable.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

     Section 4. 1. Representations and Warranties of the Borrowers.

     Each Borrower represents and warrants as to itself and the Collateral in which it has an
interest as follows as of the Closing Date, each Funding Date, and as of each other date provided
under this Agreement or the other Transaction Documents on which such representations and
warranties are required to be (or deemed to be) made:

          (a) Organization and Good Standing. The Borrower has been duly organized, and is
validly existing as a limited liability company or corporation, as applicable, in good standing,
under the laws of the State of Delaware or the Commonwealth of The Bahamas, with all requisite
power and authority to own or lease its properties and conduct its business as such business is
presently conducted, and had at all relevant times, and now has all necessary power, authority and
legal right to acquire, own, sell and pledge the Collateral.

          (b) Due Qualification. The Borrower is duly qualified to do business and is in good
standing as a limited liability company, and has obtained all necessary qualifications, licenses
and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of
its business requires such qualifications, licenses or approvals.

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of the Administrative Agent upon original issue or registration of transfer by the
Borrower of such certificated security; and

               (xiii) with respect to Collateral that constitutes an “uncertificated security”,
that the Borrower of such uncertificated security has registered the Administrative Agent
as the registered owner of such uncertificated security.

          (l) Reports Accurate. All Servicing Reports (if prepared by the Borrower, or
to the extent that information contained therein is supplied by the Borrower),
information, exhibits, financial statements, documents, books, records or reports
furnished or to be furnished by the Borrower to the Administrative Agent, Backup
Servicer, Collateral Custodian, each Purchaser Agent or any Purchaser in connection with
this Agreement are true, complete and correct in all material respects.

          (m) Location of Offices. The Borrower’s location (within the meaning of Article 9 of the
UCC) is Delaware (in the case of DWFC, LLC) or the District of Columbia (in | the case of Deerfield
TriarcTRS (Bahamas) Ltd.), as applicable. The office where the Borrower
keeps all the Records is at the address of the Borrower referred to in Annex A
hereto (or at such other locations as to which the notice and other requirements
specified in Section 5.2(g) shall have been satisfied). The Borrower’s Federal
Employee Identification Number is correctly set forth on
Exhibit F-1. The
Borrower has not changed its name (whether by amendment of its certificate of formation,
by reorganization or otherwise) or its jurisdiction of organization and has not changed
its location for purposes of the applicable UCC within the four months preceding the
Closing Date.

          (n) Concentration Account. The name and address of the Concentration Account
Bank, together with the account number of the Concentration Account of the Borrowers at
such Concentration Account Bank is specified in Schedule II. The Concentration
Account is the only account to which Collections on the Collateral are sent. Except as
contemplated by the Concentration Agreement, the Borrowers have not granted any Person
other than the Administrative Agent an interest in the Concentration Account.

          (o) Tradenames. The Borrower has no trade names, fictitious names, assumed
names or “doing business as” names or other names under which it has done or is doing
business.

          (p) Sale Agreement. The Sale Agreement is the only agreement pursuant to
which the Borrower acquires Loans and Related Security from the Originator.

          (q) Value Given. The Borrower shall have given reasonably equivalent value
to the Originator or the applicable third party seller of Loans and Related Security in
consideration for the transfer to the Borrower of the Loans and Related Security as
contemplated by the applicable sale agreement, no such transfer shall have been made for
or on account of an antecedent debt, and no such transfer is or may be voidable or
subject to avoidance as to the Borrower under any section of the Bankruptcy Code.

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          (b) Preservation of Existence. The Collateral Custodian will preserve and maintain its
existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and
remain qualified in good standing in each jurisdiction where failure to preserve and maintain such
existence, rights, franchises, privileges and qualification has had, or could reasonably be
expected to have, a Material Adverse Effect.

          (c)
Location of Required Loan Documents. Subject to Section 8.8, the Required
Loan Documents shall remain at all times in the possession of the Collateral Custodian at the
address set forth on Annex A to this Agreement unless notice of a different address is
given in accordance with the terms hereof or unless the Administrative Agent agrees to allow
certain Required Loan Documents to be released to the Servicer on a temporary basis in accordance
with the terms hereof, except as such Required Loan Documents may be released pursuant to this
Agreement.

     Section 5.9. Negative Covenants of the Collateral Custodian.

     From the date hereof until the Collection Date:

          (a) Required Loan Documents. The Collateral Custodian will not dispose of any
documents constituting the Required Loan Documents in any manner that is inconsistent with the
performance of its obligations as the Collateral Custodian pursuant to this Agreement and will not
dispose of any Collateral except as contemplated by this Agreement.

          (b) No Changes to Collateral Custodian Fee. The Collateral Custodian will not make any
changes to the Collateral Custodian Fee set forth in the Collateral Custodian Fee Letter without
the prior written approval of the Administrative Agent and each Purchaser Agent.

ARTICLE VI.

ADMINISTRATION AND SERVICING OF CONTRACTS

     Section 6.1. Designation of the Servicer.

          (a) Initial Servicer. The servicing, administering and collection of the Collateral
shall be conducted by the Person designated as the Servicer hereunder from time to time in
accordance with this Section 6.1. Until the Administrative Agent gives to Deerfield Triarc
Capital LLC a Servicer Termination Notice, Deerfield Triarc Capital LLC is hereby appointed as, and
hereby accepts such appointment and agrees to perform the duties and responsibilities of, the
Servicer pursuant to the terms hereof.

          (b) Successor Servicer. Upon the Servicer’s receipt of a Servicer Termination Notice
from the Administrative Agent pursuant to Section 6.15, the Servicer agrees that it will
terminate its activities as Servicer hereunder in a manner that the Administrative Agent believes
will facilitate the transition of the performance of such activities to a successor Servicer, and
the successor Servicer shall assume each and all of the Servicer’s obligations to service and
administer the Collateral, on the terms and subject to the conditions herein set forth, and the
Servicer shall use its best efforts to assist the successor Servicer in assuming such obligations.

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event may any Financial Asset held in any Account be registered in the name of, payable to the
order of, or specially Indorsed to, a Borrower, unless such Financial Asset has also been Indorsed
in blank or to the Collateral Custodian or other Securities Intermediary that holds such Financial
Asset in such Account.

          (g) Underlying Instruments. Notwithstanding any term hereof (or any term of the UCC
that might otherwise be construed to be applicable to a “securities intermediary” as defined in the
UCC) to the contrary, none of the Collateral Custodian nor any Securities Intermediary shall be
under any duty or obligation in connection with the acquisition by the Borrowers of or the grant by
the Borrowers to the Administrative Agent of a security interest in any Loan to examine or evaluate
the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrowers
under the related Underlying Instruments, or otherwise to examine the Underlying Instruments, in
order to determine or compel compliance with any applicable requirements of or restrictions on
transfer (including without limitation any necessary consents). The Collateral Custodian shall hold
any Instrument delivered to it evidencing any Loan hereunder as custodial agent for the
Administrative Agent in accordance with the terms of this Agreement.

          (h) Establishment of the Collection Account. The Servicer shall cause to be
established, on or before the Closing Date, with the Collateral Custodian, and maintained in the
name of the Borrowers, subject to the lien of the Administrative Agent, a segregated corporate
trust account entitled “Collection Account for DWFC, LLC and Deerfield Triarc TRS (Bahamas) Ltd.,
subject to the lien of Wachovia Capital Markets, LLC, as Administrative Agent for the Secured
Parties” (the “Collection Account”), and the Servicer shall further cause to be maintained two
subaccounts linked to and constituting part of the Collection Account for the purpose of
segregating, within two Business Days of the receipt of any Collections, Principal Collections
(the “Principal Collections Account”) and Interest Collections (the “Interest
Collections Account”), respectively, over which the Collateral Custodian as agent for the
Secured Parties, shall have control and from which none of the Originator, the Servicer nor the
Borrowers shall have any right of withdrawal except in accordance with Section 2.9(b) and
distributions paid to the Borrowers in accordance with
Section 2.9(a).

          (i) Adjustments. If (i) the Servicer makes a deposit into the Collection Account in
respect of a Collection of a Loan and such Collection was received by the Servicer in the form of
a check that is not honored for any reason or (ii) the Servicer makes a mistake with respect to
the amount of any Collection and deposits an amount that is less than or more than the actual
amount of such Collection, the Servicer shall appropriately adjust the amount subsequently
deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled
Payment in respect of which a dishonored check is received shall be deemed not to have been paid.

     Section 6.5. Servicer Advances.

          (a) For each Collection Period, if the Servicer determines that any Scheduled Payment (or
portion thereof) that was due and payable pursuant to a Loan during such Collection Period was not
received prior to the last day of such Collection Period, the Servicer may (in its sole and
absolute discretion) make an advance in an amount up to the amount of such delinquent

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available
therefor pursuant to the provisions of Section 2.9(a)(4) and Section 2.10(a)(4), as applicable.

     Section 6. 9. Payment of Certain Expenses by Servicer.

     The Servicer will be required to pay all expenses incurred by it in connection with its
activities under this Agreement, including fees and disbursements of its independent accountants,
Taxes imposed on the Servicer, expenses incurred by the Servicer in connection with payments and
reports pursuant to this Agreement, and all other fees and expenses not expressly stated under
this Agreement for the account of the Borrowers, but excluding Servicer Advances and Liquidation
Expenses incurred as a result of activities contemplated by
Section 6.6; provided that
for avoidance of doubt, to the extent Servicer Advances and Liquidation Expenses relate to a Loan
and a Retained Interest such Liquidation Expenses shall be allocated pro rata. The initial
Servicer will be required to pay all reasonable fees and expenses owing to any bank or trust
company in connection with the maintenance of the Accounts and the Concentration Account. The
initial Servicer shall be required to pay such expenses for its own account and shall not be
entitled to any payment therefor other than the Servicing Fee.

     Section 6.10. Reports.

          (a) Borrowing Notice. Notice of Reduction of Advances Outstanding/Facility Amount and
Notice of Reinvestment of Principal Collections. On each Funding Date, the applicable Borrower
(and the Servicer on its behalf) will provide a Borrowing Notice, on each reduction of Advances
Outstanding pursuant to Section 2.5(b), the applicable Borrower (and the Servicer on its
behalf) will provide a Notice of Reduction of Advances Outstanding/Facility Amount and on each
reinvestment of Principal Collections pursuant to
Section 2.9(b), the applicable Borrower
(and the Servicer on its behalf) will provide a Notice of Reinvestment of Principal Collections, in
each case with a Borrowing Base Certificate, each updated as of such date, to the Administrative
Agent and each Purchaser Agent (with a copy to the Backup Servicer and Collateral Custodian).

          (b) Servicing Report. On each Reporting Date, the Servicer will provide to the
Borrowers, the Administrative Agent, each Purchaser Agent, the Backup Servicer, the Collateral
Custodian and any Liquidity Bank, a monthly statement including a Borrowing Base calculated as of
the most recent Determination Date (a “Servicing Report”), with respect to the related
calendar month, signed by a Responsible Officer of the Servicer and the Borrowers and substantially
in the form of Exhibit C.

          (c) Servicer’s Certificate. Together with each Servicing Report, the Servicer shall
submit to the Administrative Agent and each Purchaser Agent (with a copy to the Backup Servicer and
the Collateral Custodian) a certificate substantially in the form of Exhibit I (a
“Servicer’s Certificate”), signed by a Responsible Officer of the Servicer, which shall
include a certification by such Responsible Officer that, to its knowledge, no Termination Event or
Unmatured Termination Event has occurred.

          (d)
Financial Statements. (i) For so long as the Servicer is
Deerfield Triarc Capital
LLC, the Servicer will submit to the Administrative Agent, each Purchaser Agent and

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Administrative Agent or any Purchaser Agent or (ii) the date on which a Responsible Officer of the
Servicer acquires actual knowledge thereof;

          (c) the failure of the Servicer to make any payment when due (after giving effect to any
related grace period) with respect to any recourse debt or other obligations, which debt or other
obligations are in excess of United States $3,500,000, individually or in the aggregate, or the
occurrence of any event or condition that has resulted in the acceleration of such recourse debt or
other obligations, whether or not waived;

          (d) an Insolvency Event shall occur with respect to the Servicer;

          (e) the occurrence of a Termination Event;

          (f) the Servicer fails in any material respect to comply with the Credit and Collection Policy
and the Servicing Standard regarding the servicing of the Collateral and the same continues
unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to
occur of (i) the date on which written notice of such failure requiring the same to be remedied
shall have been given to the Servicer by the Administrative Agent or any Purchaser Agent or (ii)
the date on which a Responsible Officer of the Servicer acquires actual knowledge thereof;

          (g) the Servicer consents to or otherwise permits to occur, without the prior written consent
of the Administrative Agent and each Purchaser Agent, any material amendment, modification, change,
supplement or rescission (any of the foregoing an “amendment” for purposes of this Section 6.15(g))
of or to the Credit and Collection Policy that could reasonably be expected to have a
Material Adverse Effect, and the Servicer either: (i) fails to notify the Administrative Agent
within seven Business Days after the effectiveness of such amendment, or (ii) has not cured the
amendment within ten Business Days of the date the Administrative Agent was notified of such
amendment; provided that no such written consent shall be required in the case of an amendment
which was mandated by any Applicable Law or Governmental Authority;

          (h) Deerfield or an Affiliate thereof shall cease to be the Servicer;

          (i) the occurrence or existence of any change with respect to the Servicer which has a
Material Adverse Effect;

          (j) Deerfield Triarc Capital LLC fails to maintain stockholder’s equity (as determined in
accordance with GAAP) of $240,000,000 plus 90% of the proceeds raised from any future equity
issuances;

          (k) any change in the management of Deerfield Capital Management LLC, the manager of
Deerfield Triarc Capital LLC’s parent company, Deerfield, (including by resignation, termination,
disability or death) the result of which is that any two of Gregory Sachs, Scott Roberts and
Jonathan Trutter either are no longer under the employ of Deerfield Capital Management LLC or fail
to provide active and material participation in the investment activities of Deerfield Triarc
Capital LLC including, but not limited to, general management, underwriting and the credit
approval process and credit monitoring activities, and in such event, a reputable, experienced
individual, reasonably satisfactory to the Administrative Agent, has not been

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appointed to fulfill the duties of the departing executive within 60 days of such event, provided,
however, that any member then currently serving on the Deerfield Investment Committee is deemed an
automatically approved replacement to any of the three individuals named above or any replacements
of such individuals or their replacements;

          (l) any failure by the Servicer to deliver any required Servicing Report or other Required
Reports hereunder on or before the date occurring two Business Days after the date such report is
required to be made or given, as the case may be, under the terms of this Agreement;

          (m) any representation, warranty or certification made by the Servicer in any Transaction
Document or in any certificate delivered pursuant to any Transaction Document shall prove to have
been incorrect when made, which has a Material Adverse Effect on the Secured Parties and which
continues to be unremedied for a period of thirty (30) days after the earlier to occur of (i) the
date on which written notice of such incorrectness requiring the same to be remedied shall have
been given to the Servicer by the Administrative Agent or any Purchaser Agent or (ii) the date on
which a Responsible Officer of the Servicer acquires knowledge thereof;

          (n) any financial or other information reasonably requested by the Administrative Agent, any
Purchaser Agent or any Purchaser is not provided as requested within a reasonable amount of time
following such request;

          (o) the rendering against the Servicer of one or more nonappealable final judgments, decrees
or orders for the payment of money in excess of United States $500,000, individually or in the
aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any
period of more than 60 consecutive days without a stay of execution; or

          (p) the failure of Deerfield to own, directly or indirectly, 100% of the limited liability
company interests of Deerfield Triarc Capital LLC,

then notwithstanding anything herein to the contrary, the Administrative Agent, by written notice
to the Servicer (with a copy to the Collateral Custodian and Backup Servicer) (a “Servicer
Termination Notice”), may terminate all of the rights and obligations of the Servicer as
Servicer under this Agreement.

     Section 6.16. Appointment of Successor Servicer.

          (a) On and after the receipt by the Servicer of a Servicer Termination Notice pursuant to
Section 6. 15, the Servicer shall continue to perform all servicing functions under this
Agreement until the date specified in the Servicer Termination Notice or otherwise specified by
the Administrative Agent in writing or, if no such date is specified in such Servicer Termination
Notice or otherwise specified by the Administrative Agent, until a date mutually agreed upon by
the Servicer and the Administrative Agent and shall be entitled to receive, to the extent of funds
available therefor pursuant to Section 2.9 or
Section 2.10, as applicable, the
Servicing Fee therefor until such date, together with the sum of: (i) an amount equal to all
unreimbursed Nonrecoverable Advances made by such Servicer which remain outstanding as of such
date plus

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by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective, upon receipt, or in the case of (a) notice by mail, five days after being
deposited in the United States mail, first class postage prepaid, (b) notice by e-mail, when verbal
or electronic communication of receipt is obtained, or (c) notice by facsimile copy, when verbal
communication of receipt is obtained; provided, however, that notices to and communications to
Deerfield Triarc TRS (Bahamas) Ltd. shall be effective only if copies thereof are provided to Blank
Rome LLP and Deerfield Triarc Capital Management LLC as provided on Annex A hereto.

     Section 13.3. Ratable Payments.

     If any Secured Party, whether by setoff or otherwise, has payment made to it with respect to
any portion of the Aggregate Unpaids owing to such Secured Party (other than payments received
pursuant to Section 11.1) in a greater proportion than that received by any other Secured
Party, such Secured Party agrees, promptly upon demand, to purchase for cash without recourse or
warranty a portion of the Aggregate Unpaids held by the other Secured Parties so that after such
purchase each Secured Party will hold its ratable proportion of the Aggregate Unpaids; provided
that if all or any portion of such excess amount is thereafter recovered from such Secured Party,
such purchase shall be rescinded and the purchase price restored to the extent of such recovery,
but without interest.

     Section 13.4. No Waiver; Remedies.

     No failure on the part of the Administrative Agent, the Purchaser Agents, the Collateral
Custodian, the Backup Servicer or a Secured Party to exercise, and no delay in exercising, any
right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right. The rights and remedies herein provided are cumulative and not
exclusive of any rights and remedies provided by law.

     Section 13.5. Binding Effect; Benefit of Agreement.

     This Agreement shall be binding upon and inure to the benefit of the Borrowers, the Servicer,
the Administrative Agent, the Purchaser Agents, the Backup Servicer, the Collateral Custodian, the
Secured Parties and their respective successors and permitted assigns. Each Hedge Counterparty,
each Affected Party and each Indemnified Party shall be an express third party beneficiary of this
Agreement.

     Section 13.6. Term of this Agreement.

     This Agreement, including, without limitation, the Borrowers’ representations and covenants
set forth in Articles IV and V, and the Servicer’s representations, covenants and duties
set forth in Articles VI, VII and VIII, create and constitute the continuing
obligation of the parties hereto in accordance with its terms, and shall remain in full force and
effect until the Collection Date; provided that the rights and remedies with respect to any breach
of any representation and warranty made or deemed made by the Borrowers pursuant to Articles
III and IV, the indemnification and payment provisions of Article XI and the
provisions of Section 13.9, Section

137

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 	 	 
	BORROWER:	 	DWFC, LLC, as a  
	 
	 	 	 	 	 	 
	 	 	Borrower
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	BORROWER:	 	DEERFIELD TRIARC TRS (BAHAMAS)

LTD., as a
	 
	 	 	 	 	 	 
	 	 	Borrower
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	THE ORIGINATOR:	 	 DEERFIELD
TRIARC CAPITAL LLC,

as the Originator
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	THE SERVICER: 	 	DEERFIELD TRIARC CAPITAL LLC,

as the Servicer
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

[Signatures Continued on the Following Page]

 

 

Annex A

DWFC, LLC

Until March 24, 2006:

c/o Deerfield Capital Management LLC

8700 W. Bryn Mawr Avenue, 12th Floor

Chicago, Illinois 60631

Attention: General Counsel

Facsimile no.: (773) 380-1601

Commencing on March 24, 2006 and thereafter:

c/o Deerfield Capital Management LLC

6250 N. River Road, 9th Floor

Rosemont, Illinois 60018

Attention: General Counsel

Facsimile no.: (773) 380-1601

DEERFIELD TRIARC TRS (BAHAMAS) LTD.

c/o Lyford Corporate Services

Lyford Financial Centre

Lyford Cay

P.O. Box N-7776

Nassau, Bahamas

Facsimile No.: (242) 362-6873

Confirm No: (242) 362-6872

with a copy to:

Blank Rome LLP

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attention: George N. Abrahams, Esq.

Facsimile No.: (917) 332-3763

Confirm No: (212) 885-5207

and

 

 

Annex A (Continued)

Deerfield Capital Management LLC

Until March 24, 2006:

c/o Deerfield Capital Management LLC

8700 W. Bryn Mawr Avenue, 12th Floor

Chicago, Illinois 60631

Attention: General Counsel

Facsimile no.: (773) 380-1601

Commencing on March 24, 2006 and thereafter:

c/o Deerfield Capital Management LLC

6250 N. River Road, 9th Floor

Rosemont, Illinois 60018

Attention: General Counsel

Facsimile no.: (773) 380-1601

DEERFIELD TRIARC CAPITAL LLC

Until March 24, 2006:

c/o Deerfield Capital Management LLC

8700 W. Bryn Mawr Avenue, 12th Floor

Chicago, Illinois 60631

Attention: General Counsel

Facsimile no.: (773) 380-1601

Commencing on March 24, 2006 and thereafter:

c/o Deerfield Capital Management LLC

6250 N. River Road, 9th Floor

Rosemont, Illinois 60018

Attention: General Counsel

Facsimile no.: (773) 380-1601

 

 

Annex A (Continued)

Collateral Custodian:

U. S. BANK NATIONAL ASSOCIATION

1719 Range Way

Florence, South Carolina 29501

Attention: Sandra Farrow

Ref: Deerfield Triarc Capital LLC/Wachovia

Mail Code: Ex — SC — FLOR

Facsimile No.: (843) 673-4925

Confirmation No.: (843) 673-4929

U. S. BANK NATIONAL ASSOCIATION

Corporate Trust Services — CDO Unit

One Federal Street, Third Floor

Boston, Massachusetts

Attention: Daniel Scully, Jr.

Ref: Deerfield Triarc Capital /Wachovia

Facsimile No.: (866) 881-2589

Confirmation No.: (617) 603-6407

Backup Servicer:

LYON FINANCIAL SERVICES, INC.

d/b/a U. S. Bank Portfolio Services

1301 Madrid, Suite 103

Marshall, Minnesota 56258

Attention: Joe Andries

Ref: Deerfield Triarc Capital/Wachovia

Facsimile No.: (507) 532-7129

Confirmation No: (507) 537-5201EX-10.6 AMEND. NO. 1, TO THE NOTE PURCHASE AGRMT.

Exhibit 10.6

Execution Copy

AMENDMENT No. 1

          This AMENDMENT No. 1, dated as of May 12, 2008 (this “Amendment”), to and under the
Note Purchase Agreement (the “Series A NPA”), dated as of December 21, 2007, by and among
DFR MERGER COMPANY, LLC, an Illinois limited liability company (“Buyer Sub”), DEERFIELD &
COMPANY LLC, an Illinois limited liability company (“Deerfield & Co.” and, together with
the Buyer Sub, the “Issuer”), DEERFIELD CAPITAL CORP (formerly known as Deerfield Triarc
Capital Corp.), a Maryland corporation (“DFR” or the “Parent”), TRIARC COMPANIES,
INC., as Collateral Agent, the Purchasers, TRIARC COMPANIES, INC., as Administrative Holder, and
each other Purchaser. All capitalized terms used herein and not otherwise defined herein are used
herein as defined in the Series A NPA.

RECITALS:

          WHEREAS, the parties hereto desire to amend the Series A NPA as set forth in this Amendment.

          NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO THE SERIES A NPA

     1.1 Section 1.1 (Defined Terms) of the Series A NPA. Section 1.1 of the Series A NPA
is hereby amended as follows:

          (a) new definitions of the terms “Amendment No. 1 Effective Date,” “Approved
Costs,” “Deerfield Capital,” “Deerfield Capital Intercompany Notes,”
“Designated DWFC Note,” “Designated Subsidiaries Notes,” “Designated TRS
(Bahamas) Note,” “Designated TRS Holdings Note,” “DWFC,” “One O’Hare Centre
Lease,” “Special Manager,” “Subordinated Junior Notes,” Subordinated Notes
Guaranties,” “Subordinated Notes Indentures,” “Subordinated Notes Obligations”
and “Wachovia Agreement” are hereby inserted, each to read in its entirety as follows:

          “Amendment No. 1 Effective Date” means May 12, 2008.

          “Approved Costs” means, with respect to any Person, the reasonable and documented
costs and expenses of such Person relating to the maintenance of such Person’s legal existence and
good standing under any applicable law, including amounts paid to satisfy such Person’s tax
liabilities and related accounting and tax preparation services.

          “Deerfield Capital” means Deerfield Capital LLC (formerly known as Deerfield Triarc
Capital LLC), a Delaware limited liability company.

          “Deerfield Capital Intercompany Notes” means the Revolving Notes issued by Deerfield
Capital, as maker, to the order of (i) DFR Middle Market Sub-1, Inc., a Delaware corporation, (ii)
DFR Middle Market Sub-2, Inc., a Delaware corporation, (iii) DFR Middle Market Sub-3, Inc., a
Delaware corporation, (iv) DFR Middle Market Sub-4, Inc., a Delaware corporation, and (v) DFR
Middle Market Sub-5, Inc., a Delaware corporation, in each case of (i) through and including (v)
above, for a principal amount of up to $100,000,000, (y) dated as of January 1, 2008, and (z)
without giving effect to any amendment thereof entered into after the Amendment No. 1 Effective
Date.

 

 

          “Designated DWFC Note” means the Revolving Note, dated as of March 1, 2006, issued by
DWFC, as maker, to the order of Deerfield Capital, without giving effect to any amendment thereof
entered into after the Amendment No. 1 Effective Date.

          “Designated Subsidiaries Notes” means (i) the Designated DWFC Note, (ii) the
Designated TRS (Bahamas) Note and (iii) the Designated TRS Holdings Note.

          “Designated TRS (Bahamas) Note” means the Revolving Note, dated as of March 1, 2006,
issued by Deerfield TRS (Bahamas), LLC (formerly known as Deerfield Triarc TRS (Bahamas), LLC), a
Delaware limited liability company, as maker, to the order of Deerfield Capital, without giving
effect to any amendment thereof entered into after the Amendment No. 1 Effective Date.

          “Designated TRS Holdings Note” means the Revolving Note, dated as of August 11, 2005,
issued by Deerfield TRS Holdings, LLC (formerly known as Deerfield Triarc TRS Holdings, LLC), a
Delaware limited liability company, as maker, to the order of Deerfield Capital, without giving
effect to any amendment thereof entered into after Amendment No. 1 Effective Date.

          “DWFC” means DWFC, LLC, a Delaware limited liability company.

          “One O’Hare Centre Lease” means the lease dated as of July 1, 2005 between Prentiss
Properties Acquisition Partners, L.P., a Delaware limited partnership, as landlord, and Deerfield &
Co., as tenant.

          “Special Manager” has the meaning specified in Section 7.01(k).

          “Subordinated Junior Notes” means each of the notes issued pursuant to any of the
Subordinated Notes Indentures.

          “Subordinated Notes Guaranties” means the parent guaranties provided by Parent in
connection with the Subordinated Junior Notes.

          “Subordinated Notes Indentures” means (i) the Junior Subordinated Indenture, dated as
of September 29, 2005, between Deerfield Capital and JPMorgan Chase Bank, National Association, as
trustee; (ii) the Junior Subordinated Indenture, dated as of August 2, 2006, between Deerfield
Capital and JPMorgan Chase Bank, National Association, as trustee, and (iii) the Junior
Subordinated Indenture, dated as of October 27, 2006, between Deerfield Capital and The Bank of New
York Trust Company, National Association, as trustee.

          “Subordinated Notes Obligations” means the obligations of Deerfield Capital and Parent
under any Subordinated Junior Note, any Subordinated Notes Indenture and any Subordinated Notes
Guaranty and any other obligation under any “Operative Document” as defined in each Subordinated
Notes Indenture.

          “Wachovia Agreement” means the Sale and Servicing Agreement, dated as of May 10, 2006,
by and among Deerfield Capital, as originator and servicer, DWFC, as a borrower, Deerfield TRS
(Bahamas) Ltd., as a borrower, the purchasers party thereto, Wachovia Capital Markets, LLC, as
administrative agent, Lyon Financial Services, Inc., as backup servicer, and U.S. Bank National
Association, as collateral custodian.

2

 

     1.2 Section 5.15 (Affirmative Covenants; Special Manager) of the Series A NPA. A new
Section 5.15 of the Series A NPA is hereby inserted as follows: 

          5.15 Appointment of Special Managers. On or before the date that is 60 days after the
Amendment No. 1 Effective Date, Parent shall appoint or cause to be appointed to the board of
managers of each of the Issuer and Deerfield Capital, one (1) Special Manager nominated by the
Administrative Holder who shall be a senior executive officer or director of the Administrative
Holder (or other person nominated by the Administrative Holder and consented to by the Parent
(which consent shall not be unreasonably withheld)) and who shall serve as a Special Manager of
each of the Issuer and Deerfield Capital until the earlier of (i) such Special Manager’s death,
permanent disability to serve in such capacity, resignation or removal by the Administrative Holder
(at which time the Administrative Holder shall be entitled to appoint a replacement Special Manager
who shall be a senior executive officer or director of the Administrative Holder (or other person
appointed by the Administrative Holder and consented to by the Parent (which consent shall not be
unreasonably withheld)) and (ii) the date on which the Obligations have been indefeasibly paid in
full in cash. In no event shall a Special Manager receive or be entitled to receive any
compensation in connection with its position as a Special Manager. To
the extent that the Administrative Holder shall not have
so nominated a Person meeting the requirements set forth above within 50 days after the Amendment No.
1 Effective Date, the 60 days period set forth above shall be extended
until a date that is ten days after date on which the Administrative Holder shall have
informed the Parent of such nomination. For the avoidance of doubt, the Special Managers shall have no power or
authority to participate in or receive information regarding the management of the Issuer or
Deerfield Capital, as the case may be (including with respect to meetings of the its board of
managers, if any), except to the extent necessary for the Special Managers to exercise the special
vote described in clause (ii) of Section 7.01(k).

     1.3 Section 6.01 (Negative Covenants; Indebtedness) of the Series A NPA. Section 6.01
of the Series A NPA is hereby amended by inserting the following new paragraphs (m), (n) and (o) at
the end thereof:

          (m) Indebtedness under any of the Deerfield Capital Intercompany Notes;

          (n) Indebtedness consisting of reimbursement obligations relating to letters of credit issued
as security for the performance of tenant’s obligations under the One O’Hare Center Lease;
provided that the aggregate principal amount of all Indebtedness permitted under this
clause (n) shall not exceed $3,000,000 at any time outstanding; and

          (o) any Subordinated Notes Obligation to the extent it constitutes Indebtedness.

     1.4 Section 6.05 (Negative Covenants; Restricted Payments) of the Series A NPA.
Section 6.05 of the Series A NPA is hereby amended by inserting the following new paragraph (l)
immediately prior to the last proviso thereof:

          ; (l) Deerfield Capital may make Restricted Payments with respect to any of the Deerfield
Capital Intercompany Notes in the form of interest and/or principal payments unless a Default or
Event of Default shall be continuing at the time such Restricted Payment is to be made;
provided that the aggregate amount of Restricted Payments made under this clause (l) shall
be applied to pay Approved Costs of the noteholder receiving such payment, and shall not exceed the
amount of the Approved Costs of the noteholder receiving such payment which have not been funded by
previous payments on such Deerfield Capital Intercompany Notes.

3

 

     1.5 Section 6.06 (Negative Covenants; Transactions with Affiliates) of the Series A
NPA. Section 6.06 of the Series A NPA is hereby amended by inserting the following new
paragraphs (i) and (j) at the end thereof:

          (i) each of the Deerfield Capital Intercompany Notes; and

          (j) each of the Designated Subsidiary Notes.

     1.6 Section 6.10 (Negative Covenants; Investments) of the Series A NPA. Section 6.10
of the Series A NPA is hereby amended by inserting the following new paragraphs (m) and (n) at the
end thereof:

          (m) any of the Deerfield Capital Intercompany Notes; and

          (n) Investments pursuant to (i) the Designated DWFC Note, in an aggregate principal amount not
to exceed $3,050,000 at any time outstanding; provided that (x) not less than $3,000,000 of
proceeds received under such Investment shall be applied by DWFC to make payments under the
Wachovia Agreement and (y) no more than $50,000 of proceeds received under such Investment shall be
used for Approved Costs, (ii) the Designated TRS (Bahamas) Note, in an aggregate principal amount
not to exceed $50,000 at any time outstanding; provided that any proceeds received under
such Investment shall be used solely for Approved Costs, and (iii) the Designated TRS Holdings
Note, in an aggregate principal amount not to exceed $1,050,000 at any time outstanding;
provided that no more than $50,000 of proceeds received under such Investment shall be used
for Approved Costs.

     1.7 Section 7.01 (Events of Default) of the Series A NPA. Section 7.01 of the Series
A NPA is hereby amended as follows:

          (a) by inserting the words “Section 5.15, ” immediately prior to the words
“Section 6.07” in clause (b)(ii).

          (b) by inserting the following new paragraph (k) at the end thereof:

          (k) Consent for Issuer or Deerfield Capital Dissolutions. At any time after the date
that is 30 days after the Amendment No. 1 Effective Date, each of the Issuer’s and Deerfield
Capital’s Organizational Documents shall not have been amended (i) to increase the number of
managers of each of the Issuer and Deerfield Capital by two managers who shall have, in each case,
as their only power the right to vote pursuant to clause (ii) below (each such manager, a
“Special Manager”), and (ii) to provide that the Issuer or Deerfield Capital, as
applicable, shall not (A) dissolve or liquidate, in whole or part, or institute proceedings to be
adjudicated bankrupt or insolvent, (B) institute or consent to the institution of bankruptcy or
insolvency proceedings against it, (C) file a petition seeking or consent to reorganization or
relief under any applicable federal or state law relating to bankruptcy or insolvency, (D) seek or
consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or
any similar official for the Issuer or Deerfield Capital, as applicable, (E) make any assignment
for the benefit of the Issuer’s or Deerfield Capital, as applicable, creditors, and (F) take any
action in furtherance of any of the foregoing, if, in each case, each of the Special Managers votes
against the Issuer or Deerfield Capital, as applicable, taking such action (including, giving such
consent).

4

 

SECTION 2. WAIVERS

     2.1 Any Default or Event of Default under the Series A NPA that occurred, or may have
occurred, is hereby waived to the extent that such Default or Event of Default (i) would not have
occurred, if the amendments effected hereby were made prior to the occurrence of such Default or
Event of Default and (ii) is a Default or an Event of Default resulting from the Parent’s and the
Subsidiaries’ failure to deliver a certificate of a Financial Officer as required under Section
5.02(a) (Certificates; Other Information) of the Series A NPA on the last day of each of the
calendar quarter ended December 31, 2007 and the calendar quarter March 31, 2008, in each case with
respect to the calendar quarter then ended.

SECTION 3. CONDITIONS PRECEDENT TO EFFECTIVENESS

     The provisions of Sections 1 and 2 hereof shall become effective as of the first date (the
“Effective Date”) on which all of the following conditions precedent have been satisfied:

          (a) the Administrative Holder shall have received (i) this Amendment, duly executed by each of
the Parent and the Issuer and the Required Holders; and (ii) a certificate of a Financial Officer
of the Parent stating that, to the best of such Financial Officer’s knowledge, after giving effect
to this Amendment, no Default or Event of Default has occurred and is continuing as of the
Effective Date.

          (b) the Administrative Holder shall have received a duly executed consent and agreement to
subordination, in substantially the form attached hereto as Exhibit A, with respect to the
subordination of the rights under each of the Deerfield Capital Intercompany Notes from each of DFR
Middle Market Sub-1, Inc., DFR Middle Market Sub-2, Inc., DFR Middle Market Sub-3, Inc., DFR Middle
Market Sub-4, Inc. and DFR Middle Market Sub-5, Inc.;

          (c) the representations and warranties set forth in Section 4 hereof shall be true and correct
as of the Effective Date;

          (d) the Administrative Holder shall have received payment of the fees and expenses described
in Section 5.1, to the extent a summary invoice of such fees and expenses is received by the Issuer
before 10:00 AM New York time on the Amendment No. 1 Effective Date; and

          (e) the Administrative Holder shall have received a fully executed and effective copy of the
Designated TRS Holdings Note.

SECTION 4. REPRESENTATIONS AND WARRANTIES

          The Issuer and the Parent hereby represents and warrants that:

     4.1 Corporate Power and Authority. Each of the Issuer and the Parent has all
requisite corporate power and authority to enter into this Amendment and to carry out the
transactions contemplated hereby in all material respects, and perform its obligations under the
Series A NPA and the other Note Documents, in each case in all material respects.

     4.2 Authorization of Amendment. The execution and delivery of this Amendment has been
duly authorized by all necessary action on the part of each of the Issuer and the Parent.

5

 

     4.3 No Conflict. The execution, delivery and performance by each of the Issuer and
the Parent of this Amendment have been duly authorized by all necessary corporate or other
organizational action of such Person, and do not and will not (with the passage of time, the giving
of notice or otherwise) (a) contravene or Conflict with the terms of any of such Person’s
Organizational Documents; (b) Conflict with, or result in the creation of any Lien (other than
Permitted Encumbrances) under, (i) any material Contractual Obligation to which such Person is a
party, (ii) any Material Indebtedness or (iii) any Judgment or any arbitral award to which such
Person or its property is subject; or (c) violate any Law.

     4.4 Binding Obligation. This Amendment has been duly executed and delivered by Issuer
and the Parent and is the legally valid and binding obligation of such Person, enforceable against
such Person in accordance with its respective terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability.

     4.5 Incorporation of Representations and Warranties From Series A NPA. The
representations and warranties contained in Section 4 of the Series A NPA are and will be true,
correct and complete in all material respects on and as of the Effective Date to the same extent as
though made on and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct and complete in all
material respects on and as of such earlier date.

SECTION 5. MISCELLANEOUS

     5.1 Costs and Expenses. As provided in Section 9.04 (Payment of Expenses) of the
Series A NPA, the Issuer agrees to reimburse the Agents and the Holders for all reasonable and
documented out of pocket costs and expenses incurred in connection with this Amendment, including
the Attorney Costs of one principal counsel for the Required Holders and the Agents, to the extent
invoiced to the Issuer.

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

     5.3 Severability. In case any provision in or obligation hereunder shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

     5.4 Reference to Series A NPA. On and after the Effective Date, each reference in the
Series A NPA to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring
to the Series A NPA, and each reference in the other Note Documents to the “Series A NPA”,
“thereunder”, “thereof” or words of like import referring to the Series A NPA shall mean and be a
reference to the Series A NPA as amended by this Amendment.

     5.5 Effect on Series A NPA. Except as specifically amended by this Amendment, the
Series A NPA and the other Note Documents shall remain in full force and effect and are hereby
ratified and confirmed.

     5.6 Execution. The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or operate as a
waiver of any right, power or remedy of any Agent or Holder under, the Series A NPA or any of the
other Note Documents.

6

 

     5.7 Headings. Section headings herein are included herein for convenience of
reference only and shall not constitute a part hereof for any other purpose or be given any
substantive effect.

     5.8 APPLICABLE LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE
APPLICATION OF LAWS OTHER THAN THOSE OF THE STATE OF NEW YORK.

     5.9 Counterparts. This Amendment may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument.

     5.10 Note Document. This Amendment is a Note Document (as defined in the Series A
NPA).

[The remainder of this page is intentionally left blank.]

7

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as of
the date first written above.

	 	 	 	 	 
	 	PARENT:

DEERFIELD CAPITAL CORP.

 	 
	 	By:  	/s/ Frederick L. White	 
	 	 	Name:  	Frederick L. White	 
	 	 	Title:  	General Counsel	 
	 

	 	 	 	 	 
	 	ISSUER:

DEERFIELD & COMPANY LLC

 	 
	 	By:  	/s/ Robert A. Contreras	 
	 	 	Name:  	Robert A. Contreras	 
	 	 	Title:  	General Counsel	 
	 

[SIGNATURE PAGE TO AMENDMENT No. 1]

 

 

	 	 	 	 	 
	 	REQUIRED HOLDERS:

TRIARC COMPANIES, INC.

 	 
	 	By:  	/s/ Nils H. Okeson	 
	 	 	Name:  	Nils H. Okeson	 
	 	 	Title:  	SVP and General Counsel	 
	 

[SIGNATURE PAGE TO AMENDMENT No. 1]

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE HOLDER:

TRIARC COMPANIES, INC.

 	 
	 	By:  	/s/ Nils H. Okeson	 
	 		Name:  	Nils H. Okeson	 
	 	 	Title:  	SVP and General Counsel	 
	 

[SIGNATURE PAGE TO AMENDMENT No. 1]

 

 

FORM OF CONSENT TO SUBORDINATION

May [__], 2008

			
	To:	 	Triarc Companies, Inc.,

as the Collateral Agent under the

Intercreditor Agreement referred to below

     Reference is hereby made to that certain Note Purchase Agreement (the “Series A NPA”),
dated as of December 21, 2007, by and among DFR MERGER COMPANY, LLC, an Illinois limited liability
company (“Buyer Sub”), DEERFIELD & COMPANY LLC, an Illinois limited liability company
(“Deerfield & Co.” and, together with the Buyer Sub, the “Issuer”), DEERFIELD
CAPITAL CORP (formerly known as Deerfield Triarc Capital Corp.), a Maryland corporation
(“DFR” or the “Parent”), TRIARC COMPANIES, INC., as Collateral Agent, the
Purchasers, TRIARC COMPANIES, INC., as Administrative Holder, and each other Holder. All
capitalized terms used herein and not otherwise defined herein are used herein as defined in the
Intercreditor Agreement (as defined in the Series A NPA.

     The undersigned hereby consents and agrees that any Indebtedness and other obligations of
Deerfield Capital LLC, a Delaware limited liability company (“Deerfield Capital”), now or
hereafter owing to the undersigned under that certain Revolving Note, dated as of January 1, 2008,
issued by Deerfield Capital, as maker, to the order of the undersigned, for a principal amount of
$100,000,000, whether heretofore, now or hereafter created (the “Subordinated Debt”), are
hereby subordinated to all of the Claims and that, except as expressly permitted under the Note
Documents, the undersigned Subordinated Debt shall not be paid in whole or in part, and no payments
(including interest payments) shall be made to the holders of the Subordinated Debt until the
Claims have been indefeasibly paid in full in cash. The undersigned shall not accept any payment
of or on account of any Subordinated Debt at any time in contravention of the foregoing. Each
payment on the Subordinated Debt received in violation of any of the provisions hereof shall be
deemed to have been received by the undersigned as trustee for the Administrative Holder for the
purpose of repaying the Claims and shall be paid over to the Administrative Holder immediately for
application to the Claims.

     In witness whereof, the undersigned has caused this letter agreement to be duly
executed and delivered as of May ___, 2008.

	 	 	 	 	 
	 	DFR MIDDLE MARKET SUB-[1][2][3][4][5], INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]