Document:

Ex 10.16(c) First Amdmt to Purchase and Sale Agrmt, dated 122106

    EXECUTION
      COPY

     

    FIRST
      AMENDMENT TO PURCHASE AND SALE AGREEMENT

     

    THIS
      FIRST AMENDMENT TO THE PURCHASE AND SALE AGREEMENT, dated as December 21, 2006
      (this “Amendment”),
      is
      entered into by LEAF Funding, Inc., a Delaware corporation (“LEAF”) and Resource
      Capital Funding II, LLC, a Delaware limited liability company (the “Purchaser”).

     

    R E C I T A L S

     

    A.  LEAF
      and
      the Purchaser are parties to the Purchase and Sale Agreement, dated as of
      October 31, 2006 (as amended, supplemented or otherwise modified from time
      to
      time, the “Agreement”);

     

    B. The
      parties hereto desire to amend the Agreement on the terms and conditions set
      forth herein.

     

    NOW
      THEREFORE,
      for
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties agree as follows:

     

    1.  Certain
      Defined Terms.
      Capitalized terms used but not defined herein shall have the meanings set forth
      for such terms in Section
      1.2
      of the
      Agreement.

     

    2.  Amendments
      to the Agreement.
      The
      Agreement is hereby amended to incorporate the changes reflected on Exhibit
      A
      hereto.

     

    3.  Effect
      of Amendment.
      Except
      as expressly amended and modified by this Amendment, all provisions of the
      Agreement shall remain in full force and effect. After the date hereof, all
      references in the Agreement to “this Agreement”, “hereof”, or words of similar
      effect referring to such Agreement shall be deemed to be references to the
      Agreement as amended by this Amendment. This Amendment shall not be deemed
      to
      expressly or impliedly waive, amend or supplement any provision of the Agreement
      other than as set forth herein.

     

    4.  Counterparts.
      This
      Amendment may be executed in any number of counterparts and by different parties
      on separate counterparts, each of which shall be deemed to be an original and
      all of which when taken together shall constitute but one and the same
      instrument.

     

    5.  Governing
      Law.
      This
      Amendment shall be governed by, and construed in accordance with, the law of
      the
      State of New York without regard to any otherwise applicable principles of
      conflicts of law.

     

    6.  Section
      Headings.
      The
      various headings of this Amendment are included for convenience only and shall
      not affect the meaning or interpretation of this Amendment, the Agreement or
      any
      provision hereof or thereof.

     

    Signature
      pages follow

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

    

     

    LEAF
      FUNDING, INC.

    

    By:______________________________

    Name:

    Title:

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RESOURCE
      CAPITAL FUNDING II, LLC

    as
      Purchaser

    

    By:______________________________

    Name:

    Title:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    AMENDMENTSEx 10.16(d) Morgan Stanley Fee Letter, dated October 31, 2006

     

    MORGAN
      STANLEY BANK

     

      October
        [__],31,
        2006

     

    Resource
      Capital Funding II, LLC 

    c/o
      Resource Capital Corp. 

    1845
      Walnut Street, 10th Floor 

    Philadelphia,
      PA 19103

     

    Re: Fee
      Letter 

     

    Ladies
      and Gentlemen:

     

    Reference
      is made to the Receivables Loan and Security Agreement dated as of the date
      hereof (as such may be amended, restated and/or otherwise modified from time
      to
      time, the “RLSA”)
      among
      Resource Capital Funding II, LLC, as Borrower (the “Borrower”),
      LEAF
      Financial Corporation (“LEAF
      Financial”),
      as
      Servicer, Morgan Stanley Bank (“Morgan
      Stanley”)
      and
      the other Lenders party thereto from time to time, U.S. Bank National
      Association, as Custodian and the Lender’s Bank, and Lyon Financial Services,
      Inc. (d/b/a U.S. Bank Portfolio Services). Terms defined in the RLSA are used
      in
      this fee letter as therein defined.

     

    This
      fee
      letter is the fee letter referred to in Section 2.08(a) of the RLSA and sets
      forth the understanding of the parties hereto with respect to certain fees
      that
      are payable by the Borrower in connection with the financing provided by the
      Lenders pursuant to the RLSA.

     

    The
      parties hereto agree as follows:

     

    l. Resource
      Capital Corp. hereby agrees to pay to Morgan Stanley, a one-time, up-front,
      fully-earned and non-refundable due diligence fee (the “Due
      Diligence Fee”),
      in
      the amount of $25,000. The parties hereto acknowledge that the Due Diligence
      Fee
      shall be paid prior to the initial Borrowing and the Borrower shall receive
      a
      credit against the Arrangement Fee equal to any portion of the Due Diligence
      Fee
      not applied to the out-of-pocket expenses of Morgan Stanley.

     

    2. The
      Borrower hereby agrees to pay to Morgan Stanley a fee (the “Arrangement
      Fee”)
      in the
      amount of $500,000, which such fee shall have been earned, in its entirety,
      as
      of the date hereof. The Arrangement Fee is payable in four (4) equal
      installments according to the following schedule: 1st
      payment
      of $125,000 (minus
      the
      amount of the Due Diligence Fee not applied to the out-of-pocket expenses of
      Morgan Stanley) on 

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

      October 15, 2006; 2nd
        payment
        of $125,000 on January 15, 2007; 3rd
        payment
        of $125,000 on April 15, 2006; and 4th
        payment
        of $125,000 on July 15, 2007. 

       

    

    3. The
      Borrower hereby agrees that, in the event that the Lender increases the
      Borrowing Limit pursuant to Section 2.16 of the RLSA, the Borrower shall pay
      to
      the Agent, for its own account, immediately prior to the effectiveness of such
      increase, a fee (the “Increase
      Fee”)
      in an
      amount equal to 0.20% of the principal amount of such increase, which such
      fee
      shall have been earned, in its entirety, on the date of such
      increase.

     

    4. (a) During
      the period commencing on the date hereof and ending on the Collection Date,
      the
      Borrower shall pay Morgan Stanley, a fee (the “Unused
      Fee”)
      in
      respect of each Fee Period (other than the Fee Period commencing on the date
      hereof and the five following Fee Periods) which shall be equal to (A) 0.10%,
      if
      the Facility Amount is equal to or less than $100,000,000, and 0.25%, if the
      Facility Amount is greater than $100,000,000, multiplied
      by (B)
      an amount equal to (i) the Borrowing Limit (or, if more than one Borrowing
      Limit
      was in effect during such Fee Period, the daily average Borrowing Limit) in
      effect during such Fee Period minus
      (ii) the
      daily average Facility Amount during such Fee Period, as determined by the
      Lender, multiplied
      by (C) a
      fraction, the numerator of which shall be the actual number of days in such
      Fee
      Period and the denominator of which shall be 360 days.

     

    (b) The
      Unused Fee shall be payable by the Borrower in arrears on each Remittance Date
      commencing on the seventh (7th)
      Remittance Date after the Closing Date with respect to the Fee Period
      immediately preceding such Remittance Date, and on the Collection Date. The
      Unused Fee shall not be payable with respect to any Fee Period during interest
      in respect of the Loans Outstanding is computed by reference to the Default
      Funding Rate. 

     

    5. If
      the
      Borrower exercises its right to prepay, in whole or in part, the outstanding
      principal amount of the Loans in accordance with Section 2.15 of the RLSA,
      the
      Borrower shall pay Morgan Stanley a fee (the “Prepayment
      Premium”)
      in an
      amount equal to 0.50% multiplied
      by the
      Facility Amount. Notwithstanding the foregoing, such Prepayment Premium shall
      be
      credited against any fees paid to Morgan Stanley in connection with a
      securitization transaction.

     

    6. Whenever
      any payment hereunder shall be due on a day other than a Business Day, such
      payment shall be made on the next succeeding Business Day and such extension
      of
      time shall be included in the computation of such payment; provided,
      that no
      day shall be included in more than one Fee Period.

     

      7. For
        all
        purposes under the RLSA, “Adjusted
        Eurodollar Rate Margin”
shall
        mean (a) prior to the date the Facility Amount first exceeds $100,00,000,100,000,000,
        0.60%
        per annum and (b) on or after the date the Facility Amount first exceeds
        $100,000,000, 0.75% per annum.

     

    8. Unless
      otherwise required by applicable law, each party hereto agrees to maintain
      the
      confidentiality of this fee letter in communications with third parties and
      otherwise; provided,
      that,
      this fee letter may be disclosed by each party to its respective legal counsel
      and auditors, any rating agency and any provider of liquidity support or credit
      enhancement, if they 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    agree
      to hold it confidential. The terms and
      provisions of this fee letter shall be binding upon, and shall inure to the
      benefit of, the successors and assigns of the parties hereof. THIS FEE LETTER
      SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF
      THE
      STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT
      REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE
      APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

    [Remainder
      of page intentionally left blank.]

     

    
      
        
           

        

        
        

      

      
        3

        
          

        

      

      
        
        

        
        

      

    

    This
      fee
      letter may be executed in two or more counterparts, each of which shall be
      an
      original, but all of which together shall constitute one and the same
      instrument. Delivery of an executed counterpart of a signature page to this
      fee
      letter by facsimile shall be effective as delivery of a manually executed
      counterpart of this fee letter.

     

    Very
      truly yours,

     

    

     

    MORGAN
      STANLEY BANK, as Lender

     

    By: ________________________________

     

    Name:

    Title:

     

     

    Agreed
      and accepted as of 

    the
      date
      first above written:

     

    RESOURCE
      CAPITAL FUNDING II, LLC,

    as
      Borrower

     

    By: ___________________________

    Name:
      

    Title:

     

    
      
        
           

           

        

        
        

      

      
        S-1

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