Document:

Sixth Admendment with Sovereign Bank

    

    January
      31, 2006

    

    

    Mr.
      Steven Kessler

    Executive
      Vice President and CFO

    Resource
      America

    1845
      Walnut Street

    Philadelphia,
      PA 19103

    

    

    RE:
      Resource Properties Line of Credit

    

     

    Dear
      Mr.
      Kessler

    

    Please
      note that effective immediately, the Bank has modified the annual debt service
      coverage ratio on the $18,000,000 Revolving Credit Facility to Resource
      Properties, Inc., Resource Properties XXX, Inc, Resource Properties XXXI, Inc,
      Resource Properties XXIV, Inc. and Resource Properties XXIV, Inc. Section 1
      (e)
      of the Modification of Revolving Credit Loan and Security Agreement dated March
      30, 2000 should be deleted in its entirety and substituted with the
      following:

    

    “Borrower
      shall maintain a ratio of consolidated Net Operating Income, calculated on
      an
      annualized basis, to the greater of (i) actual interest paid or payable on
      the
      Line during the period of calculation or (ii) $1,250,000.00, of not less than
      1.25 to 1.0.”

    

    This
      covenant will be used to measure the December 31, 2005 performance. Further,
      based on the current collateral, borrowings are limited to
      $12,500,000.

    

    This
      replaces any previous communication you may have received on this matter. If
      you
      agree with this modification, please sign below and send back to my attention
      at
      the following address:

     

    Sovereign
      Bank

    1500
      Market Street

    Philadelphia,
      PA 19102

     

    If
      you
      have any questions or comments, please call me at (267) 256-2856.

    

    Sincerely

    

    /s/
      Matthew A. Anzideo

    Matthew
      A. Anzideo

    Vice
      President

    

    

    Agreed
      and Accepted

    /s/
      Steven Kessler

    Steven
      Kessler

    Executive
      Vice President and CFOTwelth Amendment with National City

    TWELFTH
      AMENDMENT TO REVOLVING

    CREDIT AGREEMENT
      AND ASSIGNMENT

    

    THIS
      TWELFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND ASSIGNMENT
(this
      “Twelfth
      Amendment”)
      is
      made as of November 28, 2005, by and among LEAF
      FINANCIAL CORPORATION,
      a
      Delaware corporation with offices previously at 1845 Walnut Street,
      10th
      Floor,
      Philadelphia, Pennsylvania 19103 and now at 1818 Market Street, 9th
      Floor,
      Philadelphia, PA 19103 (“Leaf
      Financial”)
      and
LEAF
      FUNDING, INC.,
      a
      Delaware corporation with offices at 110 S. Poplar Street, Suite 101,
      Wilmington, Delaware 19801 (“Leaf
      Funding”,
      and
      together with Leaf Financial, each a “Debtor”
and,
      collectively, the “Debtors”)
      and
NATIONAL
      CITY BANK,
      a
      national banking association with offices at One South Broad Street,
      14th
      Floor,
      Philadelphia, Pennsylvania 19107 (“Secured
      Party”).

    

    BACKGROUND

     

    A. On
      June
      11, 2002, Leaf Financial and Secured Party entered into that certain Revolving
      Credit Agreement and Assignment (the “Credit
      Agreement”),
      pursuant to which Secured Party promised from time to time to make loans to
      Leaf
      Financial, evidenced by a master note of even date therewith.

    

    B. On
      April
      1, 2003, the Credit Agreement was amended to add Leaf Funding as a debtor
      pursuant to a Second Amendment to the Credit Agreement of even date therewith.
      The Credit Agreement has thereafter been amended from time to time.

    

    C. Debtors
      and Secured Party mutually desire to further amend the Credit Agreement and
      are
      entering into this Twelfth Amendment to set forth their entire understanding
      and
      agreement with respect thereto.

    

    AGREEMENT

    

    NOW
      THEREFORE,
      in
      consideration of the premises and the mutual covenants hereinafter set forth,
      and intending to be legally bound hereby, the parties hereto agree that the
      Credit Agreement is further amended as follows:

    

    A. Amendment.
      The
      Credit Agreement is hereby amended to provide that the “Commitment Termination
      Date” described in Section 1(a) of the Credit Agreement shall occur on January
      31, 2006, unless earlier terminated pursuant to the terms of the Credit
      Agreement.

    

    B. Consent.
      Secured
      Party hereby consents to the foregoing Amendment and waives all prohibitions
      thereto in the Credit Agreement. Such consent and waiver does not, however,
      constitute a waiver to any future actions prohibited by the Credit
      Agreement.

    

    C. General
      Provisions.

    

    1.  Except
      as
      expressly set forth herein, the Credit Agreement remains unmodified and will
      continue in full force and effect. The parties hereto will construe all other
      provisions of the Credit Agreement to give effect to the provisions
      hereof.

    

    2.  This
      Twelfth Amendment shall be binding upon and shall inure to the benefit of the
      parties hereto and their nominees, successors and assigns.

    

    3.  This
      Twelfth Amendment may be executed in any number of counterparts, all of which
      together shall constitute one agreement binding on all parties hereto,
      notwithstanding that all parties have not signed the same
      counterpart.

    

    4.  This
      Twelfth Amendment, once executed by a party, may be delivered to the other
      parties hereto by facsimile transmission of a copy of this Twelfth Amendment
      bearing the signature of the party so delivering this Twelfth Amendment.
      Confirmation of execution by electronic transmission of a facsimile signature
      page shall be binding upon any party so confirming.

    

    5.  This
      Twelfth Amendment shall be governed by and construed in accordance with the
      laws
      of the Commonwealth of Pennsylvania.

    

    

    

    

    

    

    [SIGNATURES
      APPEAR ON FOLLOWING PAGE]

    
      
         

         

      

      
         

        
          

        

      

      
         

      

    

    

    

    IN
      WITNESS WHEREOF,
      the
      parties have executed and delivered this Twelfth Amendment to Revolving Credit
      Agreement and Assignment as of the date first above written.

        

    DEBTORS:

    

    Address
      for Notices:       
LEAF
      FINANCIAL CORPORATION,
      a

    1818
      Market Street, 9th
      Floor         
Delaware
      corporation

    Philadelphia,
      PA 19103                 By:
       /s/
      Miles Herman   

                          
      Miles Herman,
      President

    

    

    

    Address
      for Notices:                  LEAF
      FUNDING, INC., a
      Delaware

    c/o
      Leaf
      Financial Corporation corporation

    1818
      Market Street, 9th
      Floor

    Philadelphia,
      PA 19103           By:
       /s/
      Miles Herman   

           
                          
      Miles Herman, Senior Vice President

    

    

    

    SECURED
      PARTY:

    

    NATIONAL
      CITY BANK,
      a
      national

    banking
      association

    

    

    By:
       /s/
      Michael J. Labrum   

    Michael
      J. Labrum

    Senior
      Vice PresidentThirteenth Amendment with National City

    THIRTEENTH
      AMENDMENT TO REVOLVING

    CREDIT AGREEMENT
      AND ASSIGNMENT

    

    THIS
      THIRTEENTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND ASSIGNMENT
(this
      “Thirteenth
      Amendment”)
      is
      made as of January 31, 2006, by and among LEAF
      FINANCIAL CORPORATION,
      a
      Delaware corporation with offices previously at 1845 Walnut Street,
      10th
      Floor,
      Philadelphia, Pennsylvania 19103 and now at 1818 Market Street, 9th
      Floor,
      Philadelphia, PA 19103 (“Leaf
      Financial”)
      and
LEAF
      FUNDING, INC.,
      a
      Delaware corporation with offices at 110 S. Poplar Street, Suite 101,
      Wilmington, Delaware 19801 (“Leaf
      Funding”,
      and
      together with Leaf Financial, each a “Debtor”
and,
      collectively, the “Debtors”)
      and
NATIONAL
      CITY BANK,
      a
      national banking association with offices at One South Broad Street,
      14th
      Floor,
      Philadelphia, Pennsylvania 19107 (“Secured
      Party”).

    

    BACKGROUND

     

    A. On
      June
      11, 2002, Leaf Financial and Secured Party entered into that certain Revolving
      Credit Agreement and Assignment (the “Credit
      Agreement”),
      pursuant to which Secured Party promised from time to time to make loans to
      Leaf
      Financial, evidenced by a master note of even date therewith.

    

    B. On
      April
      1, 2003, the Credit Agreement was amended to add Leaf Funding as a debtor
      pursuant to a Second Amendment to the Credit Agreement of even date therewith.
      The Credit Agreement has thereafter been amended from time to time.

    

    C. Debtors
      and Secured Party mutually desire to further amend the Credit Agreement and
      are
      entering into this Thirteenth Amendment to set forth their entire understanding
      and agreement with respect thereto.

    

    AGREEMENT

    

    NOW
      THEREFORE,
      in
      consideration of the premises and the mutual covenants hereinafter set forth,
      and intending to be legally bound hereby, the parties hereto agree that the
      Credit Agreement is further amended as follows:

    

    A. Amendment.
      The
      Credit Agreement is hereby amended in the following respects effective as of
      the
      date hereof:

    

    1. The
      “Commitment Termination Date” described in Section 1(a) of the Credit Agreement
      shall occur on March 31, 2006, unless earlier terminated pursuant to the terms
      of the Credit Agreement.

    

    2. The
      first
      sentence of subsection 1(d)(i) of the Credit Agreement is hereby amended and
      restated as follows:

    

    The
      interest rate applicable to the Loans will be determined and adjusted using
      either (A) the “Prime
      Rate”
(as
      defined below) plus one percent (1%)
      per
      annum and interest on such Loans shall be the Prime Rate of the Secured Party
      announced in Cleveland, Ohio or (B) LIBOR
      plus two
      percent (2.00%)
      per
      annum.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    B. Consent.
      Secured
      Party hereby consents to the foregoing Amendment and waives all prohibitions
      thereto in the Credit Agreement. Such consent and waiver does not, however,
      constitute a waiver to any future actions prohibited by the Credit
      Agreement.

    

    C. General
      Provisions.

    

    1.  Except
      as
      expressly set forth herein, the Credit Agreement remains unmodified and will
      continue in full force and effect. The parties hereto will construe all other
      provisions of the Credit Agreement to give effect to the provisions
      hereof.

    

    2.  This
      Thirteenth Amendment shall be binding upon and shall inure to the benefit of
      the
      parties hereto and their nominees, successors and assigns.

    

    3.  This
      Thirteenth Amendment may be executed in any number of counterparts, all of
      which
      together shall constitute one agreement binding on all parties hereto,
      notwithstanding that all parties have not signed the same
      counterpart.

    

    4.  This
      Thirteenth Amendment, once executed by a party, may be delivered to the other
      parties hereto by facsimile transmission of a copy of this Thirteenth Amendment
      bearing the signature of the party so delivering this Thirteenth Amendment.
      Confirmation of execution by electronic transmission of a facsimile signature
      page shall be binding upon any party so confirming.

    

    5.  This
      Thirteenth Amendment shall be governed by and construed in accordance with
      the
      laws of the Commonwealth of Pennsylvania.

    

    

    [SIGNATURES
      APPEAR ON FOLLOWING PAGE]

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have executed and delivered this Thirteenth Amendment to Revolving
      Credit Agreement and Assignment as of the date first above written.

    

    

    DEBTORS:

    

    Address
      for Notices:       
LEAF
      FINANCIAL CORPORATION,

    1818
      Market Street, 9th
      Floor        
a
      Delaware corporation

    Philadelphia,
      PA 19103 

    

    By:
      /s/ Miles Herman

         
Miles
      Herman, President

    

    

    

    Address
      for Notices:                
LEAF
      FUNDING, INC.,

    c/o
      Leaf
      Financial Corporation             a
      Delaware corporation

    1818
      Market Street, 9th
      Floor

    Philadelphia,
      PA 19103   

    By:  /s/
      Miles Herman

          
Miles
      Herman, Senior Vice President

    

    

    

    SECURED
      PARTY:

    

    NATIONAL
      CITY BANK,

    a
      national banking association

    

    

    By: 
      /s/ Michael J. Labruin

    Name:
      Michael J. Labruin

    Title:
      Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]