Document:

EX-10.1

FIRST AMENDMENT TO CREDIT AGREEMENT, U.S. SECURITY AGREEMENT AND SUBSIDIARIES GUARANTY

FIRST AMENDMENT TO CREDIT AGREEMENT, U.S. SECURITY AGREEMENT AND SUBSIDIARIES GUARANTY, dated
as of February 3, 2011 (this “First Amendment”), and effective as of the First Amendment
Effective Date (defined below), among Endeavour International Corporation, a Nevada corporation,
(“Holdings”), Endeavour Energy UK Limited, a United Kingdom private limited company (the
“Borrower”), the Lenders party hereto and Cyan Partners, LP, as administrative agent (in
such capacity, the “Administrative Agent”). Capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement referred to
below.

W I T N E S S E T H:

WHEREAS, Holdings, the Borrower, the Lenders from time to time party thereto and the
Administrative Agent are parties to the Credit Agreement, dated as of August 16, 2010 (as amended,
restated, supplemented and/or otherwise modified from time to time, the “Credit
Agreement”);

WHEREAS, Holdings, the Borrower, the grantors from time to time party thereto and Cyan
Partners, LP, as collateral agent (in such capacity, the “Collateral Agent”), are parties
to the U.S. Security Agreement, dated as of August 16, 2010 (as amended, restated, supplemented
and/or otherwise modified from time to time, the “U.S. Security Agreement”);

WHEREAS, the guarantors from time to time party thereto and the Administrative Agent are
parties to the Subsidiaries Guaranty, dated as of August 16, 2010 (as amended, restated,
supplemented and/or otherwise modified from time to time, the “Subsidiaries Guaranty”); and

WHEREAS, subject to the terms and conditions of this First Amendment, the parties hereto wish
to amend the Credit Agreement, the U.S. Security Agreement and the Subsidiaries Guaranty as herein
provided;

NOW, THEREFORE, in consideration of the premises, covenants and agreements set forth herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

I. Amendments to the Credit Agreement.

1. The definition of “Intercreditor Agreement” appearing in Section 1.01 of the Credit
Agreement is hereby amended by deleting the reference to the amount “$25,000,000” appearing therein
and inserting the amount “$35,000,000” in lieu thereof.

2. Section 8.04(i) of the Credit Agreement is hereby amended by deleting the reference to the
amount “$25,000,000” appearing therein and inserting the amount “$35,000,000” in lieu thereof.

	II.	 	Amendments to the U.S. Security Agreement and the Subsidiaries Guaranty.

1. The final paragraph of Section 2 of the U.S. Security Agreement is hereby amended by
deleting the reference to the amount “$25,000,000” appearing therein and inserting the amount
“$35,000,000” in lieu thereof.

2. The penultimate paragraph of Section 1(a) of the Subsidiaries Guaranty is hereby amended by
deleting the reference to the amount “$25,000,000” appearing therein and inserting the amount
“$35,000,000” in lieu thereof.

	III.	 	Miscellaneous Provisions.

1. In order to induce the Lenders to enter into this First Amendment, each of Holdings and the
Borrower hereby represents and warrants that:

(i) all of the representations and warranties contained in the Credit Documents are
true and correct in all material respects both before and immediately after giving effect to
the First Amendment Effective Date (as defined below), with the same effect as though such
representations and warranties had been made on and as of the First Amendment Effective Date
(it being understood that any representation or warranty made as of a specific date shall be
true and correct in all material respects as of such specific date); and

(ii) no Default or Event of Default exists before or immediately after giving effect to
the amendments set forth in this First Amendment on the First Amendment Effective Date.

2. This First Amendment is limited as specified herein and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit Documents, all of which
other provisions are hereby ratified and confirmed and are in full force and effect. Each Credit
Party party to this First Amendment acknowledges and agrees that all Guaranteed Obligations (as
defined in the Subsidiaries Guaranty after giving effect to this First Amendment) remain secured by
the Security Documents and that the Secured Creditors remain entitled to the benefits of the
Security Documents.

3. This First Amendment may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which counterparts when executed and delivered
(including by way of facsimile or other electronic transmission) shall be an original, but all of
which shall together constitute one and the same instrument. A complete set of counterparts shall
be lodged with the Borrower and the Administrative Agent.

4. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO
CONFLICTS OF LAWS RULES AND PRINCIPLES THEREUNDER).

5. This First Amendment shall become effective on the date (the “First Amendment Effective
Date”) when each of the following conditions shall have been satisfied:

(i) The Credit Parties and the Required Lenders shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered (including by way of
facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the
Americas, New York, NY 10036 Attention: Patrice Antoine (facsimile number: 212-354-8113 /
e-mail address: pantoine@whitecase.com); and

(ii) the Borrower shall have paid to the Administrative Agent all fees and reasonable
and documented out-of-pocket expenses owing to it in connection with the First Amendment and
shall have reimbursed the Administrative Agent for all reasonable and documented out-of
pocket legal expenses of White & Case LLP incurred in connection with the Credit Agreement
(including in connection with this First Amendment) and invoiced on or before the date
hereof.

6. From and after the First Amendment Effective Date, all references in each Credit Document
to the “Credit Agreement”, the “U.S. Security Agreement” and the “Subsidiaries Guaranty” shall be
deemed to be references to such documents as modified hereby on the First Amendment Effective Date.

7. The Credit Parties and the Collateral Agent agree to execute and deliver:

(a) (i) such amendments, supplements and/or other modifications to the English Security
Documents and (ii) new Security Documents that cover assets substantially similar to those
covered by the Scottish Security, in each case as the Collateral Agent may require in order
to effect (x) a $10,000,000 increase in the aggregate amount of obligations owing to
Approved Third Party Credit Providers, pursuant to Hedging Agreements and reimbursement
agreements with respect to Third Party Letters of Credit, that may be secured by assets that
are Collateral under the Security Documents (the “Secured Third Party Credit Obligations
Cap Increase”) and (y) such other changes as may be deemed appropriate by the Collateral
Agent in connection with the Secured Third Party Credit Obligations Cap Increase; and

(b) new Security Documents that cover assets substantially similar to those assets
covered by the English Security Documents in the event the Collateral Agent reasonably
determines that such new Security Documents are necessary or advisable (in lieu of the
amendments, supplements and/or modifications to the English Security Document referred to in
clause (a) above) to effect the Secured Third Party Credit Obligations Cap Increase.

The Lenders hereby authorize the Collateral Agent to execute and deliver the aforementioned
amendments, supplements and/or other modifications and any aforementioned new Security Documents
and take any other action (including, without limitation, such actions and steps described in
Section 7.12(b) of the Credit Agreement) with respect to any Collateral and Security Documents as
the Collateral Agent may deem necessary to effect the Secured Third Party Credit Obligations Cap
Increase.  All actions and steps described in this paragraph shall be at Holdings’ and the
Borrower’s expense.

* * *

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First
Amendment to be duly executed and delivered as of the date first above written.

ENDEAVOUR INTERNATIONAL CORPORATION

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Executive Vice President and

Chief Financial Officer

ENDEAVOR ENERGY UK LIMITED

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Authorized Signatory

ENDEAVOUR OPERATING CORPORATION

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Executive Vice President and

Chief Financial Officer

ENDEAVOUR INTERNATIONAL HOLDING B.V., with its
corporate seat in Amsterdam

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Managing Director A

ENDEAVOUR ENERGY NETHERLANDS B.V., with its
corporate seat in Amsterdam

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Managing Director A

ENDEAVOUR ENERGY NORTH SEA L.P.

By: ENDEAVOUR ENERGY NORTH SEA LLC, its General
Partner

By: /s/ Cathy Stubbs

Name: Catherine L. Stubbs

Title: Manager

ENDEAVOUR ENERGY NORTH SEA LLC

By: /s/ Cathy Stubbs

	 	 	Name: Catherine L. Stubbs

Title: Manager

END MANAGEMENT COMPANY

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Executive Vice President and

Chief Financial Officer

END ENERGY NEW VENTURES INC.

By: /s/ J. Michael Kirksey

Name: J. Michael Kirksey

Title: Executive Vice President and

Chief Financial Officer

1

	 	 	 	CYAN
PARTNERS, LP, as Administrative Agent, as
Collateral Agent and as a Lender

By: /s/ Jonathan Tunis

Name: Jonathan Tunis

Title: Authorized Signatory

CYRUS OPPORTUNITIES FUND II, L.P.

BY: CYRUS CAPITAL PARTNERS, L.P., as
Investment Manager

By: /s/ Brennan McCain

Name: Brennan McCain

Title: Chief Financial Officer

CYRUS EUROPE FUND, L.P.

By: CYRUS CAPITAL PARTNERS, L.P., as
Investment Manager

By: /s/ Brennan McCain

Name: Brennan McCain

Title: Chief Financial Officer

CRESCENT 1, L.P.

By: CYRUS CAPITAL PARTNERS, L.P., as
Investment Manager

By: /s/ Brennan McCain

Name: Brennan McCain

Title: Chief Financial Officer

CYR FUND, L.P.

	 	 	 	By:
CYRUS CAPITAL PARTNERS, L.P., as Investment
Manager

By: /s/ Brennan McCain

Name: Brennan McCain

Title: Chief Financial Officer

MTP ENERGY INFRASTRUCTURE FINANCE MASTER FUND,
LTD.

	 	 	 	By:
MTP Energy Management LLC, its Investment
	 
	 	 	 	Manager

	 	 	 	By:
Magnetar Financial LLC, its Managing Member

By: /s/ Doug Litowitz

Name: Doug Litowitz

Title: Counsel

TRIANGLE PEAK PARTNERS PRIVATE EQUITY, LP

	 	 	 	By:
Triangle Peak Partners Private Equity GP, LLC,
	 
	 	 	 	its General Partner

By: /s/ Dain F. DeGroff

Name: Dain F. DeGroff

Title: Managing Member

HELIOS CORPORATE LLC

By:       

Name: Brett Cohen

Title: Authorized Signatory

THE ROTHSCHILD FOUNDATION EUROPE

	 	 	 	By:
/s/ Adam U. Bennett

	 	 	Name:
Adam Bennett

	 	 	 	Title: Authorised Signatory

2

DODER TRUST LIMITED

(as Trustee for the Jader Trust No 4)

	 	 	 	By:
/s/ Judith Benevides

	 	 	Name:
Judith Benevides

	 	 	 	Title: Authorized Signatory

	 	 	 	By:
/s/ Ayotola Jaqun

	 	 	Name:
Ayotola Jaqun

	 	 	 	Title: Authorized Signatory

DODER TRUST LIMITED

(as Trustee for the Bat Hanadiv Foundation No 3)

	 	 	 	By:
/s/ Judith Benevides

	 	 	Name:
Judith Benevides

	 	 	 	Title: Authorized Signatory

	 	 	 	By:
/s/ Ayotola Jaqun

	 	 	Name:
Ayotola Jaqun

	 	 	 	Title: Authorized Signatory

JGB CAPITAL, LP

	 	 	 	By:
     

Name:

	 	 	 	Title:

JGB CAPITAL OFFSHORE LTD

	 	 	 	By:
     

Name:

	 	 	 	Title:

SAMC LLC

	 	 	 	By:
     

Name:

	 	 	 	Title:

STEELHEAD NAVIGATOR MASTER, L.P.

	 	 	 	By:
STEELHEAD PARTNERS, LLC, its Sole Member

	 	 	 	By:
/s/ Greg M. Stevenson

	 	 	Name:
Greg M. Stevenson

	 	 	 	Title: President

CEC 1, LLC

	 	 	 	By:
CHAMBERS ENERGY CAPITAL, LP, its Managing Member

	 	 	 	By:
CEP GP, LLC, its General Partner

	 	 	 	By:
/s/ Guy Hoffman

	 	 	Name:
Guy Hoffman

	 	 	 	Title: Authorized Signatory

RIVER BIRCH CAPITAL PARTNERS, LP

	 	 	 	By:
/s/ Alex Kirk

	 	 	Name:
Alex Kirk

	 	 	 	Title: Managing Member

3exh10_1j.htm

 

 

 

 

Exhibit 10.1(j)

 

NINTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

 

This NINTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (“Amendment”), dated as of December 14, 2010, is among Resource America, Inc., a Delaware corporation (“Borrower”), TD BANK, N.A., a national banking association, in its capacity as agent (“Agent”), TD BANK, N.A., a national banking association, in its capacity as issuing bank (“Issuing Bank”) and each of the financial institutions which are now or hereafter identified as Lenders on Schedule A (as such Schedule may be amended, modified or replaced from time to time) attached to the Loan Agreement (as defined below) (each such financial institution, individually a “Lender” and collectively all “Lenders”).

 

BACKGROUND

 

A.           Pursuant to the terms of a certain Loan and Security Agreement dated May 24, 2007 among Borrower, Agent and Lenders (as the same has been or may be supplemented, restated, superseded, amended or replaced from time to time, the “Loan Agreement”), Lenders made available to Borrower, inter alia, a revolving line of credit (the “Loans”).  All capitalized terms used herein without further definition shall have the respective meaning set forth in the Loan Agreement and all other Loan Documents.

 

B.           The Loans are secured by, inter alia, continuing perfected security interests in the Collateral.

 

C.           Pursuant to a certain Purchase Agreement among Resource Europe Management Limited (“REML”), Resource Financial Fund Management, Inc. (“RFFM”) and Intermediate Capital Managers Limited (“Intermediate Capital”) dated as of November 16, 2010 (“REML Purchase Agreement”), (i) REML is selling to Intermediate Capital all of REML’s rights to a certain Investment Management and Collateral Administration Agreement dated May 22, 2007, among REML, Resource Europe CLO I B.V., The Bank of New York as Collateral Administrator and Custodian, and BNY Corporate Trustee Services Limited, as Trustee (“REML Management Agreement”), together with certain other rights of REML, all or more fully set forth in the REML Purchase Agreement (the “REML Transaction”) and (ii) RFFM is selling to Intermediate Capital €5,000,000 in original principal amount of Class M Subordinated Notes due 2023 (ISIN: XS0297124330) issued by Resource Europe CLO I B.V. (the “Subordinated Notes”).

 

D.           Borrower has requested that Agent and Lenders modify, in certain respects, the terms of the Loan Agreement and consent to the consummation of the transactions contemplated under the REML Purchase Agreement, and Agent and Lenders have agreed to make such modifications and grant such consent in accordance with and subject to the satisfaction of the conditions hereof.

 

NOW, THEREFORE, with the foregoing Background incorporated by reference and intending to be legally bound hereby, the parties agree as follows:

 

1.           Amendment to Loan Agreement.  a) Section 1.1 of the Loan Agreement shall be amended by inserting in the appropriate alphabetical order the new definitions “Resource VIII” and “Resource XLI” reading in full as follows:

 

  

  

  

 

Resource VIII –Resource Properties VIII, Inc., a Delaware corporation.

 

Resource XLI –Resource Properties XLI, Inc., a Delaware corporation.

 

(b)           Section 6 of the Loan Agreement shall be amended by insertion of a new Section 6.27 reading in full as follows:

 

“6.27           Dissolution of Resource VIII and Resource XLI.  Borrower shall cause Resource VIII and Resource XLI to dissolve and be fully wound-up within sixty (60) days of the date hereof.  Borrower shall promptly provide Agent with written evidence of such dissolution.”

 

(c)           Upon the effectiveness of this Amendment, Schedule 1.1(b) of the Loan Agreement shall be modified to reflect that Liens in favor of Sovereign Bank in certain assets specified on such Schedule 1.1(b) may secure a line of credit facility in favor of a financial institution that Borrower may determine (“Replacement Lender”).  Upon request of Borrower and at Borrower’s sole cost and expense, Agent will execute and/or authorize the filing of such documentation as may be reasonably requested by any such Replacement Lender to reflect that the Lien of Agent and Lenders with respect to the assets identified on Schedule 1.1(b) to the Loan Agreement is subordinate to the Lien of any such Replacement Lender.

 

2.           Consent.  b) Agent and Lenders consent to the consummation of the REML Transaction provided that immediately upon consummation thereof, 30% of the aggregate net proceeds of such sale (i.e. gross proceeds less the reasonable and customary costs and expenses of such sale, including, without limitation, any taxes paid or to be paid in connection therewith) received by REML (“Cash Collateral Proceeds”) shall be deposited as cash collateral for the Obligations into a bank account at HSBC Bank plc or such other financial institution as mutually agreed by Borrower and Agent (“Deposit Bank”), which account shall be subject to a security interest (or comparable equivalent under English law) in favor of Agent, as evidenced by the execution and delivery by REML to Agent of a Security Assignment (“Security Assignment”), in form and substance satisfactory to Agent, and REML’s delivery of written notice (in accordance with the terms of the Security Assignment) of such assignment to Deposit Bank.  Agent shall, at Borrower’s sole cost and expense, execute any documents, necessary to release Agent’s Lien on the rights under the REML Management Agreement and/or any other rights being transferred by REML to Intermediate Capital upon the consummation of the REML Transaction.

 

(b)           Agent and Lenders consent to the consummation of the sale of the Subordinated Notes by RFFM to Intermediate Capital, provided that immediately upon the consummation thereof, 30% of the aggregate net proceeds of such sale (i.e. gross proceeds less the reasonable and customary costs and expenses of such sale, including, without limitation, any taxes paid or to be paid in connection therewith) received by RFFM, shall be paid to Agent, which sum shall be applied to prepay the Revolving Credit Loans in accordance with Section 2.9(c) of the Loan Agreement.  Agent shall, at Borrower’s sole cost and expense, execute any documents necessary to release Agent’s Lien on the Subordinated Notes.

 

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

 

 

  

2

  

 

(a)           Prior Representations.  Each of the Schedules to the Loan Agreement other than Schedule A, are amended and restated in their entirety and collectively attached as Schedule B to this Amendment.  Borrower, by its execution of this Amendment and after giving effect to the amended and restated Schedules attached as Schedule B to this Amendment, reconfirms all warranties and representations made to Lenders under the Loan Agreement and the other Loan Documents and restates such warranties and representations as of the date hereof, all of which shall be deemed continuing until all of the Obligations due to Secured Parties are indefeasibly paid and satisfied in full.

 

(b)           Authorization. The execution and delivery by Borrower of this Amendment (i) are and will be within its powers, (ii) have been duly authorized by all necessary action on behalf of Borrower and (iii) are not and will not be in contravention of any order of court or other agency of government, of law or of any indenture, agreement or undertaking to which Borrower is a party or by which the property of Borrower is bound, or be in conflict with, result in a breach of or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or undertaking, or result in the imposition of any lien, charge or encumbrance of  any nature on any of the properties of the Borrower.

 

(c)           Valid, Binding and Enforceable. This Amendment and any assignment or other instrument, document or agreement executed and delivered in connection herewith, will be valid, binding and enforceable in accordance with their respective terms.

 

(d)           No Default.  No Default or Event of Default exists.

 

4.           Ratification of Loan Documents.  This Amendment is hereby incorporated into and made a part of the Loan Agreement and all other Loan Documents respectively, the terms and provisions of which, except to the extent modified by this Amendment are each ratified and confirmed and continue unchanged in full force and effect.  Any reference to the Loan Agreement and all other Loan Documents respectively in this or any other instrument, document or agreement related thereto or executed in connection therewith shall mean the Loan Agreement and all other Loan Documents respectively as amended by this Amendment.  As security for the payment of the Obligations, and satisfaction by Borrower of all covenants and undertakings contained in the Loan Agreement, Borrower hereby confirms its prior grant to Agent, for the ratable benefit of Secured Parties, of a continuing first lien on and security interest in, upon and to all of Borrower’s now owned or hereafter acquired, created or arising Collateral.

 

5.           Confirmation of Indebtedness. Borrower confirms and acknowledges that as of the close of business on December 9, 2010, (a) it is indebted to Agent and Lenders under the Loan Documents in the aggregate principal amount of $13,826,884.00 and (b) Issuing Bank  has issued Letters of Credit in the aggregate face amount of $400,604.00, in each case  without any deduction, defense, setoff, claim or counterclaim of any nature as of the date of this Amendment, plus all fees, costs and Expenses incurred to date in connection with the Loan Documents.

 

6.           Confirmation of Subsidiary Guarantors.  By its signature below, each Subsidiary Guarantor hereby consents to and acknowledges the terms and conditions of this Amendment and agrees that its Surety and Guaranty Agreement dated May 24, 2007 is ratified and confirmed and shall continue in full force and effect and shall continue to cover all obligations of Borrower outstanding from time to time under the Loan Agreement as amended hereby. 

 

  

3

  

 

As security for the payment of the Obligations, and satisfaction by each Subsidiary Guarantor of all covenants and undertakings contained in the Loan Documents, each Subsidiary Guarantor hereby confirms its prior grant to Agent, for the ratable benefit of Secured Parties, of a continuing first lien on and security interest in, upon and to all of such Subsidiary Guarantor’s now owned or hereafter acquired, created or arising Collateral.

 

7.           Effectiveness Conditions.  This Amendment shall become effective upon the satisfaction of the following conditions:

 

(a)           Execution and delivery of this Amendment by the parties hereto; and

 

(b)           Payment by Borrower of all of Agent’s Expenses.

 

8.           Governing Law.  THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. THE PROVISIONS OF THIS AMENDMENT AND ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT.

 

9.           Modification.  No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed by Borrower and Agent or Lenders, as required under the Loan Agreement.

 

10.           Duplicate Originals.  Two or more duplicate originals of this Amendment may be signed by the parties, each of which shall be an original but all of which together shall constitute one and the same instrument.

 

11.           Release.  As further consideration for the agreement of Agent, Issuing Bank and Lenders to enter into this Amendment, Borrower (and by its execution below, each Subsidiary Guarantor) hereby waives, releases, and discharges Agent, Issuing Bank and each Lender, all affiliates of Agent, Issuing Bank and each Lender and all of the directors, officers, employees, attorneys and agents of Agent, Issuing Bank and each Lender and all affiliates of such Persons, from any and all claims, demands, actions or causes of action existing as of the date hereof, arising out of or in any way relating to this Amendment, the Loan Agreement, the Loan Documents and/or any documents, agreements, instruments, dealings or other matters connected with this Amendment, the Loan Agreement, the Loan Documents or the administration thereof.

 

12.           Waiver of Jury Trial.  BORROWER, AGENT AND EACH LENDER EACH HEREBY WAIVE ANY AND ALL RIGHTS EACH MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT,

 

  

4

  

MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS.

 

[signature pages follow]

 

  

5

  

 

 

IN WITNESS WHEREOF, the undersigned parties have executed this Amendment the day and year first above written.

 

BORROWER:

Resource America, Inc.

By:             /s/ Thomas C. Elliott                                                    

Name:        Thomas C. Elliott

Title:           Senior Vice President and Chief Financial

    Officer

 

AGENT:

TD BANK, N.A.

By:                                                                                              

Name:

Title:

 

LENDER:

TD BANK, N.A., as Lender

By:                                                                                              

Name:

Title:

  

S-1

  

 

AGREED TO AND ACCEPTED:

SURETIES:

Apidos Capital Management, LLC

By:  /s/ Thomas C. Elliott    

Name:  Thomas C. Elliott

Title:    Chief Financial Officer

 

Ischus Capital Management, LLC

 

By:  /s/ Thomas C. Elliott                                                              

Name:  Thomas C. Elliott

Title:    Chief Financial Officer

 

RAI Ventures, Inc.

By:  /s/ Thomas C. Elliott                                                              

Name:  Thomas C. Elliott

Title:    Senior Vice President

RCP Financial, LLC

By:  /s/ Alan F. Feldman                                                              

Name:  Alan F. Feldman

Title:    President

 

Resource Capital Manager, Inc.

By:  /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Senior Vice President

 

  

S-2

  

Resource Capital Investor, Inc.

By:  /s/ Thomas C. Elliott                            

Name:  Thomas C. Elliott

Title:    Chief Financial Officer

 

Resource Capital Partners, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    Senior Vice President

 

 

Resource Financial Institutions Group,  Inc.

By:  /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Vice President and Chief

              Financial Officer

 

 

Resource Financial Fund Management, Inc.

By:  /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Senior Vice President and Chief

              Financial Officer

 

 

Resource Housing Investors I, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

  

S-3

  

Resource Housing Investors II, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

 

 

Resource Housing Investors III, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

 

 

Resource Housing Investors IV, Inc.

 

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

 

Resource Leasing, Inc.

By:  /s/ Thomas C. Elliott    

Name:  Thomas C. Elliott

Title:    Treasurer

 

 

Resource Programs, Inc.

By:  /s/ Thomas C. Elliott

Name:  Thomas C. Elliott

Title:    Senior Vice President and Treasurer

 

Resource Properties VIII, Inc.

 

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

  

S-4

  

 

 

Resource Properties XVII, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties XXV, Inc.

 

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties XXVI, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties XXX, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties XXXI, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

  

S-5

  

Resource Properties XLI, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties XLVII, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties XLIX, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Properties 54, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

Resource Real Estate, Inc.

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    Chief Executive Officer

Resource Real Estate Funding, Inc.

 

By:  /s/ Thomas C. Elliott                              

Name:  Thomas C. Elliott

Title:    Senior Vice President

 

Resource Real Estate Holdings, Inc.

 

By:  /s/ Thomas C. Elliott                             

Name:  Thomas C. Elliott

Title:    Vice President and Treasurer

 

 

Resource Real Estate Management, LLC

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    President

RRE1 Duraleigh Member, LLC

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    Senior Vice President

RRE2 Duraleigh Member, LLC

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    Senior Vice President

 

RRE Avalon Member, LLC

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    Senior Vice President

  

S-6

  

Resource Capital Partners II, LLC

By:           Resource Real Estate, Inc.

By:  Alan F. Feldman                                          

Name:  Alan F. Feldman

Title:   Chief Executive Officer

 

 

RRE Leaseco, LLC

By:  /s/ Alan F. Feldman    

Name:  Alan F. Feldman

Title:    Senior Vice President

Resource Capital Markets, Inc.

By:  /s/ Thomas C. Elliott                          

Name:  Thomas C. Elliott

Title:    Chief Financial Officer

 

RRE D2R2 2007-1, LLC

By: Resource Real Estate, Inc., its sole member

By:  /s/ Alan F. Feldman                              

Name:  Alan F. Feldman

        Title:    Chief Executive Officer

RRE Investor, LLC

By: Resource Capital Partners II, LLC, its sole

 member

By: Resource Real Estate, Inc., its sole

 member

By:  /s/ Alan F. Feldman                              

Name:  Alan F. Feldman

        Title:    Chief Executive Officer

  

S-7

  

 

 

Resource Real Estate Management, Inc.

By:  /s/ Steven Saltzman

Name:  Steven Saltzman

Title:   Chief Financial Officer

 

 

S-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}]]