Document:

fa905amendment7.htm

Back to Form 10-K                                                                               Exhibit 10.55.8

 

	 HealthEase of Florida, Inc.	 	 Medicaid HMO Non-Reform Contract
	 	 	 
	 	 AHCA CONTRACT NO. FA905	 
	 	 AMENDMENT NO. 7	 

 

 

	 	THIS CONTRACT, entered into between the STATE OF FLORIDA, AGENCY FOR HEALTH CARE ADMINISTRATION, hereinafter referred to as the "Agency" and HEALTHEASE OF FLORIDA, INC., hereinafter referred to as the "Vendor" or “Health Plan”, is hereby amended as follows:

 

	
1.  

	
Effective November 1, 2011, Attachment I, Scope of Services, Capitated Health Plans, is hereby amended to include Attachment I, Exhibit 1-B, Revised Maximum Enrollment Levels, attached hereto and made a part of the Contract. All references in the Contract to Attachment I, Exhibits 1 and 1-A, shall hereinafter also refer to Attachment I, Exhibit 1- B, as appropriate.

 

	
2.  

	
Attachment II, Core Contract Provisions, Section XVI., Terms and Conditions, is hereby amended to include Item HH. as follows:

 

 

	 	HH.	Scrutinized Companies Lists

 

	 	 	The Vendor shall complete Attachment VI, Vendor Certification Regarding Scrutinized Companies Lists, attached hereto and made a part of the Contract, certifying that it is not listed on either the Scrutinized Companies with Activities in Sudan List or the Scrutinized Companies with Activities  in the Iran Petroleum Energy Sector List, created pursuant to section 215.473, Florida Statutes (F.S.).  Pursuant to section 287.135(5), F.S., the Vendor agrees the Agency may immediately terminate this Contract for cause if the Vendor is found to have submitted a false certifiation or if the Vendor is placed on the Scrutinized Companies with Activities in Sudan List or the Scrutinized Companies with Activitites in the iran Petroleum Energy Sector List during the term of the Contract.

 

	 	 	Unless otherwise stated, this amendment is effective upon execution by both parties.

 

	 	 	All provisions not in conflict with this amendment are still in effect and are to be performed at the level specified in the Cotnract.

 

	 	 	This amendment and all its attachments are hereby made a part of the Contract.

 

	 	 	This amendment cannot be executed unless all previous amendments to this Contract have been fully executed.

 

 

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AHCA Contract No. FA905, Amendment No. 7, Page 1 of 2

  

  

  

	
 

 

 

	HealthEase of Florida, Inc.	 	 Medicaid HMO Non-Reform Contract

 

	 	IN WITNESS WHEREOF, the Parties hereto have caused this seven (7) page amendment (including all attachments) to be executed by their officials thereunto duly authorized.

 

	 HEALTHEASE OF FLORIDA, INC.	 	
STATE OF FLORIDA, AGENCY FOR

HEALTH CARE ADMINISTRATION

	 	 	 	 	 
	 	 	 	 	 
	
SIGNED

BY:

	/s/Christina Cooper	 	
SIGNED

BY:

	/s/Elizabeth Dudek
	 	 	 	 	 
	NAME:	Christina Cooper	 	NAME:	Elizabeth Dudek
	 	 	 	 	 
	TITLE:	President, FL & HI Division	 	TITLE:	Secretary
	 	 	 	 	 
	DATE: 	11/8/11	 	DATE:	11/16/2011
	 	 	 	 	 

 

 

	
List of Attachments/Exhibits included as part of this amendment:

 

 

	
Specify

Type

	
Letter/

Number

	Description
	Exhibit	1-B	Revised Maximum Enrollment Levels (4 Pages)
	Attachment	VI	Vendor Certification Regarding Scrutinized Companies Lists (1 Page)

 

 

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AHCA Contract No. FA905, Amendment No. 7, Page 2 of 2

  

  

  

	
 

 

 

	 HealthEase of Florida, Inc.	 	 Medicaid HMO Non-Reform Contract
	 	 	 
	 	 ATTACHMENT I	 
	 	 EXHIBIT 1-B	 
	 	 REVISED MAXIUMU ENROLLMENT LEVELS	 

 

	 	
Maximum enrollment levels and Health Plan provider numbers associated with the counties and populations served. Exhibit 2-NR-B provide the capitation rate tables respective to the areas of operation listed below.

 

	 A.	Non-Reform 	
 

 

 

	See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates

 

Area 1 Counties: Escambia, Santa Rosa

 

	
Effective Date: 11/01/11 Escambia, 08/01/11 Santa Rosa

	
County

	
Enrollment Level

	
Provider Number

	
Escambia

	
67,500

	
TBD

	
Santa Rosa

	
31,500

	
015019343

 

	See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates

 

Area 2 Counties: Calhoun, Gadsden, Jefferson, Leon, Liberty, Madison, Wakulla

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Calhoun

	
800

	
015019340

	
Gadsden

	
3,500

	
015019315

	
Jefferson

	
1,000

	
015019318

	
Leon

	
7,000

	
015019320

	
Liberty

	
400

	
015019342

	
Madison

	
1,500

	
015019322

	
Wakulla

	
1,000

	
015019336

 

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AHCA Contract No. FA905, Attachment I, Exhibit 1-B, Page 1 of 4

  

  

	HealthEase of Florida, Inc.	 	 Medicaid HMO Non-Reform Contract

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates 

 

Area 3 Counties:  Citrus, Lake, Marion, Putnam

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Citrus

	
7,500

	
015019309

	
Lake

	
7,000

	
015019319

	
Marion

	
20,000

	
015019323

	
Putnam

	
6,000

	
015019329

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates 

 

Area 4 Counties: Duval, Volusia

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Duval

	
55,000

	
015019313

	
Volusia

	
15,000

	
015019335

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates

 

Area 5 Counties: Pasco, Pinellas

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Pasco

	
6,000

	
015019302

	
Pinellas

	
9,000

	
015019303

 

 

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AHCA Contract No. FA905, Attachment I, Exhibit 1-B, Page 2 of 4

  

  

 

	HealthEase of Florida, Inc.	 	 Medicaid HMO Non-Reform Contract

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates

 

Area 6 Counties: Highlands, Hillsborough, Manatee, Polk

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Highlands

	
3,000

	
015019317

	
Hillsborough

	
18,000

	
015019300

	
Manatee

	
6,000

	
015019301

	
Polk

	
10,000

	
015019304

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates

 

Area 7 Counties: Brevard, Orange, Osceola, Seminole

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Brevard

	
14,000

	
015019308

	
Orange

	
25,000

	
015019327

	
Osceola

	
8,000

	
015019328

	
Seminole

	
4,000

	
015019333

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates 

 

Area 8 County: Sarasota

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Sarasota

	
3,000

	
015019332

 

 

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AHCA Contract No. FA905, Attachment I, Exhibit 1-B, Page 3 of 4

  

  

 

 

 

	HealthEase of Florida, Inc.	 	 Medicaid HMO Non-Reform Contract

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates

 

Area 9 Counties: Martin, Palm Beach

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Martin

	
5,000

	
015019324

	
Palm Beach

	
10,500

	
015019339

 

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates 

 

Area 10 County: Broward

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Broward

	
13,500

	
015019337

	
  

	
See Exhibit 2-NR-B Table 2, General Capitation Rates plus Mental Health Rates, plus Transportation

 

Area 11 County: Miami-Dade

 

	
Effective Date: 09/01/09

	
County

	
Enrollment Level

	
Provider Number

	
Miami-Dade

	
25,000

	
015019338

 

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AHCA Contract No. FA905, Attachment I, Exhibit 1-B, Page 4 of 4

  

  

  

 

	 ATTACHMENT VI
	 VENDOR CERTIFICATION REGARDING
	 SCRUTINZED COMPANIES LISTS

 

 

	 	 
	 	 
	Vendor Name:	 HealthEase of Florida, Inc.	 
	 	 
	Vendor FEIN:	 59-3646690	 

	 	 	 
	Vendor's authorized Representative Name and Title:	Christina Cooper, President	 

	 	 
	Address:	 8735 Henderson Rd	 
	 	 	 

	City:	  Tampa	State:	  FL	Zip:	   33634	 
	 	 

	Telephone Number:	813-206-3213	 
	 	 	 

	Email Address:	chrissie.cooper @wellcare.com	 
	 	 
	 	 

 

 

	Section 287.135, Florida Statutes, prohibits agencies from contracting with companies, for goods or services over $1,000,000, that are on either the Scrutinized Compaies with Activities in Sudan List or the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List.  Both lists are created pursuant to section 215.473, Florida Statutes.
	 
	As the person authorized to sign on behal of the Vendor, I hereby certify that the company identified above in the section entitled "Vendor Name" is not listed on either the Scrutinized Companies with Activities in Sudan List or the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List.  I understand that pursuant to section 287.135, Florida Statutes, the submission of a false certification may subject company to civil penalties, attorney's fees, and/or costs.

 

	 
	 
	Certified By:	 /s/Christina Cooper	 , who is 
	authorized to sign on behalf of the above referenced company.

	 
	Authorized Signature Print Name and Title:  	 Christina Cooper, President	 
	 
	 

 

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AHCA Contract No. FA905, Attachment VI, Page 1 of 1exh10_1.htm

 

 

SECOND AMENDMENT TO AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT AND

JOINDER TO LOAN DOCUMENTS

 

This SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT AND JOINDER TO LOAN DOCUMENTS (“Amendment”), dated as of February 15, 2012, is among Resource America, Inc., a Delaware corporation (“Borrower”), the Joining Guarantors identified on the signature pages hereto (“Joining Guarantors”), 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 Amended and Restated Loan and Security Agreement dated as of March 10, 2011 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 initially made available to Borrower, inter alia, a revolving line of credit and term loan (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 the Loan Agreement, certain affiliates of Borrower (each a “Subsidiary Guarantor” and collectively the “Subsidiary Guarantors”) delivered to Agent various security and collateral documents, including, without limitation: (i) the Surety and Guaranty Agreement made by Subsidiary Guarantors in favor of Agent, (ii) the Guarantor Security Agreement made by Subsidiary Guarantors in favor of Agent, and (iii) the Subsidiary Collateral Pledge Agreement made by certain Subsidiaries in favor of Agent relating to the assets described therein, each as amended, restated, extended, supplemented or otherwise modified in writing from time to time.

 

D.      The Loan Agreement provides that no Subsidiary Guarantor shall create or acquire any Subsidiary unless (i) such Subsidiary becomes party to the Surety and Guaranty Agreement and Guarantor Security Agreement and (ii) the Capital Stock of such Subsidiary is pledged to Lender.

 

E.      Resource Financial Fund Management, Inc. has created the following Subsidiaries: Resource Income Advisors, Inc., a Delaware corporation (“Income”), Torsion Capital, LLC, a Delaware limited liability company (“Torsion Capital”) and Torsion Advisors, LLC, a Delaware limited liability company (“Advisors”).  Resource Capital Partners, II, LLC has created the following Subsidiary: Parkwin Services, LLC (“Parkwin” and together with Income, Torsion Capital and Advisors, each a “Joining Guarantor and collectively, “Joining Guarantors”).  Each Joining Guarantor is an indirect Subsidiary of Borrower and, in recognition of the benefits and privileges under the Loan Documents, each Joining Guarantor and Borrower have requested that such Joining Guarantor be permitted to join into the Loan Documents, as if an original signatory thereto, and Agent and Lender have so consented subject to the terms and conditions hereof.

 

  

  

  

 

F.           Borrower has requested that Agent and Lenders consent to the Apidos Transactions (as defined herein) and also modify, in certain respects, the terms of the Loan Agreement and Agent and Lenders have agreed to provide such consent and modifications 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.           Joinder.

 

a.           Each Joining Guarantor hereby becomes a Subsidiary Guarantor under the Loan Agreement and the Loan Documents.  All references to Subsidiary Guarantors contained in the Loan Agreement and Loan Documents are hereby deemed for all purposes to also refer to and include each Joining Guarantor as a Subsidiary Guarantor and each Joining Guarantor hereby agrees to comply with all of the terms and conditions of the Loan Documents (to which the other Subsidiary Guarantors are a party) as if an original signatory thereto.

 

b.           Each Joining Guarantor hereby joins in, assumes, adopts and becomes an Undersigned (as defined therein) under the Surety and Guaranty Agreement. All references to Undersigned contained in the Guaranty are hereby deemed for all purposes to also refer to and include each Joining Guarantor as an Undersigned and each Joining Guarantor hereby agrees to comply with all of the terms and conditions of the Surety and Guaranty Agreement as if an original signatory thereto.  Each Joining Guarantor is jointly and severally liable for, and hereby guarantees and becomes surety for, the unconditional and prompt payment and performance to Secured Parties of all Obligations.

 

c.           Each Joining Guarantor hereby joins in, assumes, adopts and becomes a Debtor (as defined therein) under the Guarantor Security Agreement and hereby grants Agent, for the ratable benefit of Secured Parties, a security interest in all of such Joining Guarantor’s Collateral (as defined in the Guarantor Security Agreement).  All references to Debtors contained in the Guarantor Security Agreement are hereby deemed for all purposes to also refer to and include each Joining Guarantor as a Debtor and such Joining Guarantor hereby agrees to comply with all of the terms and conditions of the Guarantor Security Agreement as if an original signatory thereto.

 

2.           Amendment to Sponsored CDO Pledge Agreement.  Schedule I to the Sponsored CDO Pledge Agreement is hereby deleted in its entirety and replaced with Scheduled I attached to this Amendment as Exhibit A.

 

3.           Amendment to Loan Documents.  Upon the effectiveness of this Amendment, the Loan Documents shall be amended as follows:

 

a.           Section 1 of the Loan Agreement shall be amended by adding the definition of “Apidos Transactions” in the appropriate alphabetical order:

 

  

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“Apidos Transactions” – Collectively, (i) the sale by Borrower and Resource Financial Fund Management, Inc. of 100% of the common Capital Stock of Apidos and (ii) consummation of the other transactions contemplated under that certain Sale and Purchase Agreement dated December 29, 2011 (“SPA”) between Borrower and CVC Capital Partners SICAV-FIS S.A.

 

b.           Borrower, Agent and Lender agree that notwithstanding Section 2.9(f) of the Loan Agreement, upon consummation of the Apidos Transactions, (i) the Maximum Revolving Credit Amount shall remain Seven Million Five Hundred Thousand Dollars ($7,500,000) and (ii) Borrower shall have no obligation to repay Revolving Credit Loans pursuant to Sections 2.9(d)(iii) or (f) of the Loan Agreement.

 

4.           Consent.  Subject to the effectiveness of this Amendment, Agent and Lenders consent to the consummation of the Apidos Transactions provided that (a) such transactions are consummated no later than June 14, 2012 and (b) at the time of the consummation, no Default or Event of Default exists.  Upon the consummation of the Apidos Transactions Agent shall, at Borrower’s sole cost and expense, execute and deliver to Borrower such documents as Borrower may reasonably request in order to release Apidos from the Surety and Guaranty Agreement and to terminate any security interests that Agent may have in any assets of Apidos, including execution of a Partial Release substantially similar to the form attached to this Amendment as Exhibit B.

 

5.           Covenants.  Borrower covenants and agrees that no later than the date of this Amendment, Borrower shall:

 

a.           Cause each of Highland Lodge Holdings, LLC, RRE Highland Lodge Manager, Inc., RSI I Manager, Inc. and RSI II Manager, Inc. to provide an opinion of counsel that each such Subsidiary is prohibited from becoming a Subsidiary Guarantor.

 

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

 

a.           Prior Representations.  Schedule C, Schedule D, Schedule G, Schedule 5.1, Schedule 5.7, Schedule 5.10(a), Schedule 5.11(c)(ii), Schedule 5.14(a), Schedule 5.14(b), Schedule 5.17 and Schedule 7.4(a), are amended and restated in their entirety and collectively attached as Schedule A to this Amendment.  After giving effect to the amended and restated Schedules attached hereto as Schedule A to this Amendment, the representations and warranties made to Lenders in the Loan Agreement are true and correct in all material respects.

 

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.

 

  

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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 except as such enforceability may be limited by any federal or state law affecting debtor and creditor rights or relating to the bankruptcy, insolvency, reorganization, arrangement, moratorium, readjustment of debt, dissolution, liquidation or similar laws, proceedings, or equitable principles affecting the enforcement of creditors’ rights, as amended from time to time

 

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

 

e.           SPA.  Borrower has delivered to Agent true and correct copies of the SPA and all amendments or modifications thereto and the SPA constitutes the valid binding and enforceable obligation of the parties thereto.

 

7.           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.

 

8.           Confirmation of Indebtedness. Borrower confirms and acknowledges that as of the close of business on February 13, 2012, (a) it is indebted to Agent and Lenders under the Loan Documents in the aggregate principal amount of $5,303,218.00 and (b) Issuing Bank has issued Letters of Credit in the aggregate face amount of $803,057.00, 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.

 

9.           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 obligations under the Surety and Guaranty Agreement are 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. 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.

 

  

4

  

 

10.           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;

 

b.           Payment to Agent for the ratable benefit of Lenders of a fully earned, non-refundable amendment fee in the amount of $25,000.00;

 

c.           Delivery to Agent of certified copies of (A) resolutions of the sole member(s) or board of directors, as applicable of each Joining Guarantor authorizing the execution, delivery and performance of this Amendment and the transactions contemplated hereby, and (B) each Joining Guarantor’s certificate of formation or incorporation (as certified by the appropriate state official) and operating agreement or by-laws, as applicable;

 

d.           Delivery to Agent of an incumbency certificate for each Joining Guarantor identifying all individuals authorized to execute this Amendment, with specimen signatures;

 

e.           Delivery to Agent of a good standing certificate for each Joining Guarantor showing such Joining Guarantor to be in good standing in its state of organization and in each other state in which it is doing and presently intends to do business;

 

f.           Delivery to Agent of UCC, judgment and tax lien searches with regard to Joining Guarantors (the results of which are to be satisfactory to Agent in its sole discretion);

 

g.           Delivery to Agent of any other agreements, documents, instruments and writings reasonably required by Agent to evidence and perfect Agent’s liens and security interest in the Collateral of each Joining Guarantor;

 

h.           Filing of UCC Financing Statements against Joining Guarantors; and

 

i.           Payment by Borrower of all of Agent’s Expenses.

 

11.           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.

 

12.           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.

 

  

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13.           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.

 

14.           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.

 

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

 

 

[Balance of Page Intentionally Blank]

 

 

  

6

  

 

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

JOINING GUARANTORS:

Resource Income Advisors, Inc.

By:           /s/ Thomas C. Elliott                        

Name:           Thomas C. Elliott

Title:              Senior Vice President and Chief Financial

                     Officer

 

Torsion Capital, LLC

By:           /s/ Thomas C. Elliott                        

Name:           Thomas C. Elliott

Title:              Chief Financial Officer

 

 

Torsion Advisors, LLC

By:           /s/ Thomas C. Elliott                        

Name:           Thomas C. Elliott

Title:              Senior Vice President and Chief Financial

                     Officer

Parkwin Services, LLC

 

By:           /s/ Steven R. Saltzman                       

Name:           Steven R. Saltzman

Title:              Vice President and Treasurer

 

  

S-1

  

AGENT:

TD BANK, N.A.

By:           /s/ Eric C. Tweer                            

Name:           Eric C. Tweer

Title:              Vice President

LENDER:

TD BANK, N.A., as Lender

 

By:           /s/ Eric C. Tweer                            

Name:           Eric C. Tweer

Title:              Vice President

 

  

S-2

  

 

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-3

  

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

 

 

  

S-4

  

 

Resource Housing Investors I, Inc.

 

By:           /s/ Alan F. Feldman                          

                Name:  Alan F. Feldman

                Title:     President

 

 

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

  

S-5

  

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

 

Resource Properties XLVII, Inc.

By:           /s/ Alan F. Feldman                          

                Name:  Alan F. Feldman

                Title:    President

 

  

S-6

  

 

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:     Senior Vice President 

 

Resource Real Estate Management, LLC

 

By:           /s/ Alan F. Feldman                          

                Name:  Alan F. Feldman

                Title:     Chief Executive Officer

 

  

S-7

  

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

Resource Capital Partners II, LLC

By:           Resource Real Estate, Inc.

 

          By:          /s/ Alan F. Feldman                          

                                Name:  Alan F. Feldman

                                          Title:     Chief Execitove Officer

 

RRE Leaseco, LLC

By:          /s/ Alan F. Feldman                          

               Name:  Alan F. Feldman

               Title:    Senior Vice President

 

  

S-8

  

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 Execitove 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 Execitove Officer

Resource Real Estate Management, Inc.

By:          /s/ Steven Saltzman                        

                Name:  Steven Saltzan

                Title:     Chief Financial Officer

 

Resource Real Estate OpportunityAdvisor, LLC

By:          /s/ Alan F. Feldman                          

               Name:  Alan F. Feldman

               Title:    Chief Executive Officer

  

S-9

  

Walnut Street Investments, LLC

By:          /s/ Alan F. Feldman                          

               Name:  Alan F. Feldman

               Title:    Chief Executive Officer

 

Apidos Partners, Inc.

 

By:          /s/ Oscar Anderson                            

               Name:  Oscar Anderson

               Title:    Managing Director

 

Resource Real Estate Opportunity

Manager, LLC

By:          /s/ Steven Saltzman                        

                Name:  Steven Saltzan

                Title:     Chief Financial Officer and

                                      Senior Vice President

 

 

  

S-10

  

 

 

SCHEDULE A

 

See Attached

 

  

  

  

 

SCHEDULE C

 

LIST OF SUBSIDIARIES NOT GUARANTYING

	
1.  

	
Resource Securities, Inc., F/K/A Chadwick Securities, Inc.

	
2.  

	
Resource Europe Management Limited

	
3.  

	
Resource RSI Phase I, LLC

	
4.  

	
Resource RSI Phase II, LLC

	
5.  

	
RCP Nittany Pointe Manager, Inc.

	
6.  

	
RCP Fountains GP, Inc.

	
7.  

	
RCP Avalon Manager, Inc.

	
8.  

	
RCP Falls at Duraleigh Manager, Inc.

	
9.  

	
RCP Sage Canyon Manager, Inc.

	
10.  

	
RCP Cuestas Manager, Inc.

	
11.  

	
RCP Holdco I Manager, Inc.

	
12.  

	
RCP Reserves Manager, Inc.

	
13.  

	
RCP Foxglove Manager, Inc.

	
14.  

	
RCP Santa Fe Manager, Inc.

	
15.  

	
RCP Regents Center Manager, Inc.

	
16.  

	
RCP Highland Lodge Manager, Inc.

	
17.  

	
RCP Grove Manager, LLC

	
18.  

	
RCP Howell Bridge Manager, Inc.

	
19.  

	
RCP Heritage Lake Manager, LLC

	
20.  

	
RCP Westchase Wyndham Manager, LLC

	
21.  

	
RCP Pear Tree Manager, LLC

	
22.  

	
RCP Wind Tree Manager, LLC

	
23.  

	
RCP Chenal Brightwaters Manager, LLC

	
24.  

	
Resource Asset Management, LLC

	
25.  

	
LEAF Asset Management, LLC

	
26.  

	
LEAF Commercial Finance Income Fund I, LP

	
27.  

	
LEAF Commercial Finance Income Fund II, LP

	
28.  

	
FLI Holdings, Inc.

	
29.  

	
LEAF Financial Corporation

	
30.  

	
LEAF Commercial Finance Co, LLC

	
31.  

	
LEAF Funding, Inc.

	
32.  

	
Resource Capital Funding II, LLC

	
33.  

	
LEAF Ventures, LLC

	
34.  

	
Merit Capital Manager, LLC

	
35.  

	
Merit Capital Advance, LLC

	
36.  

	
LEAF Capital Management, Inc.

	
37.  

	
LEAF Capital Management, Inc.

	
38.  

	
Resource Commercial Mortgages, Inc.

	
39.  

	
RCP Magnolia Manager, LLC

	
40.  

	
RCP West Wind Manager, LLC

	
41.  

	
RCP Ryan’s Crossing Manager, LLC

	
42.  

	
RCP Memorial Towers Manager, LLC

	
43.  

	
RCP Villas Manager, LLC

  

  

  

	
44.  

	
RCP Coach Lantern Manager, LLC

	
45.  

	
RCP Foxcroft Manager, LLC

	
46.  

	
RCP Tamarlane Manager, LLC

	
47.  

	
RCP Park Hill Manager, LLC

	
48.  

	
RCP Bent Oaks Manager, LLC

	
49.  

	
RCP Cape Cod Manager, LLC

	
50.  

	
RCP Woodland Hills Manager, LLC

	
51.  

	
RCP Woodland Village Manager, LLC

	
52.  

	
RCP Woodhollow Manager, LLC

	
53.  

	
Merit Processing, LLC

	
54.  

	
LEAF Ventures II, LLC

	
55.  

	
Prompt Payment, LLC

	
56.  

	
LEAF Commercial Finance Fund, LLC

	
57.  

	
RRE Oak Park Leaseco, LLC

	
58.  

	
Apidos Select Corporate Credit Fund GP, LLC

	
59.  

	
RRE VIP Borrower, LLC

	
60.  

	
RRE VIP International Village, LLC

	
61.  

	
RRE VIP Regency Park, LLC

	
62.  

	
RRE Wyndridge Holdings, LLC

	
63.  

	
RCP Wyndridge Manager, LLC

	
64.  

	
RRE Mill Creek Holdings, LLC

	
65.  

	
RCP Mill Creek Manager, LLC

	
66.  

	
RRE VIP Pinnacle at Brownsboro, LLC

	
67.  

	
RRE VIP Highline Club, LLC

	
68.  

	
RRE VIP Bingham, LLC

	
69.  

	
RRE VIP Northside Village, LLC

	
70.  

	
RRE VIP Parkway Terrace, LLC

	
71.  

	
RRE VIP Wingate, LLC

	
72.  

	
RRE VIP Birch Sycamore, LLC

	
73.  

	
Highland Lodge Holdings, LLC

	
74.  

	
RRE Highland Lodge Manager, Inc.

	
75.  

	
RSI I Manager, Inc.

	
76.  

	
RSI II Manager, Inc.

 

  

  

  

 

 

SCHEDULE D

 

LEGACY ENTITIES

	
1.  

	
Resource Properties XVII, Inc.

	
2.  

	
Resource Properties XXV, Inc.

	
3.  

	
Resource Properties XXVI, Inc.

	
4.  

	
Resource Properties XXX, Inc.

	
5.  

	
Resource Properties XXXI, Inc.

	
6.  

	
Resource Properties XLVII, Inc.

  

  

  

 

SCHEDULE G

ENTITIES TO BE DISSOLVED

	
1.  

	
RRE VIP Participant, LLC

  

  

  

 

SCHEDULE 5.1

States of Qualifications

                                                                                                                             

	 	Entity Name	State(s) of Qualification
	
1.

	
Resource America, Inc.

	
DE, PA

	
2.

	
Apidos Capital Management, LLC

	
DE, NY

	
3.

	
Apidos Partners, Inc.

	
DE

	
4.

	
Ischus Capital Management, LLC

	
DE, NY

	
5.

	
Parkwin Services, LLC

	
DE, MD, DC, IN

	
6.

	
RAI Ventures, Inc.

	
DE

	
7.

	
RCP Financial, LLC

	
PA

	
8.

	
Resource Capital Manager, Inc.

	
DE, NY

	
9.

	
Resource Capital Investor, Inc.

	
DE

	
10.

	
Resource Capital Partners, Inc.

	
DE, PA, CO

	
11.

	
Resource Financial Institutions Group, Inc.

	
DE

	
12.

	
Resource Financial Fund Management, Inc.

	
DE

	
13.

	
Resource Housing Investors I, Inc.

	
DE

	
14.

	
Resource Housing Investors II, Inc.

	
DE

	
15.

	
Resource Housing Investors III, Inc.

	
DE

	
16.

	
Resource Housing Investors IV, Inc.

	
DE

	
17.

	
Resource Income Advisors, Inc.

	
DE

	
18.

	
Resource Leasing, Inc.

	
DE

	
19.

	
Resource Programs, Inc.

	
DE, PA, NY

	
20.

	
Resource Properties XVII, Inc.

	
DE

	
21.

	
Resource Properties XXV, Inc.

	
DE

	
22.

	
Resource Properties XXVI, Inc.

	
DE

	
23.

	
Resource Properties XXX, Inc.

	
DE

	
24.

	
Resource Properties XXXI, Inc.

	
DE

	
25.

	
Resource Properties XLVII, Inc.

	
DE

	
26.

	
Resource Real Estate, Inc.

	
DE

	
27.

	
Resource Real Estate Funding, Inc.

	
DE, PA, CA

	
28.

	
Resource Real Estate Holdings, Inc.

	
DE, PA

	
29.

	
Resource Real Estate Management, LLC

	
DE

	
30.

	
Resource Real Estate Opportunity Advisor, LLC

	
DE

	
31.

	
Resource Real Estate Opportunity Manager, LLC

	
DE

	
32.

	
RRE1 Duraleigh Member, LLC

	
DE

	
33.

	
RRE2 Duraleigh Member, LLC

	
DE

	
34.

	
RRE Avalon Member, LLC

	
DE

	
35.

	
Resource Real Estate Management, Inc.

	
DE, CA, OH, PA, CT

	
36.

	
RRE Leaseco, LLC

	
DE

	
37.

	
RRE Investor, LLC

	
DE

	
38.

	
Resource Capital Partners II, LLC

	
DE

	
39.

	
Resource Capital Markets, Inc.

	
DE

	
40.

	
RRE D2R2 2007-1, LLC

	
DE

	
41.

	
Torsion Advisors, LLC

	
DE

	
42.

	
Torsion Capital, LLC

	
DE

	
43.

	
Walnut Street Investments, LLC

	
DE

  

  

  

SCHEDULE 5.7

Federal Tax Id. and State ID No.

 

 

	
Entity Name

	 	
EIN

	 	
State Id No.

	  	 	  	 	  
	
Resource America, Inc.

	 	
72-0654145

	 	
636908

	
Apidos Capital Management, LLC

	 	
59-3794454

	 	
3911350

	
Apidos Partners, Inc.

	 	
27-4899935

	 	
4938527

	
Ischus Capital Management, LLC

	 	
42-1629547

	 	
3795325

	
Parkwin Services, LLC

	 	
45-0707333

	 	
4956185

	
RAI Ventures, Inc.

	 	
23-3052654

	 	
3270521

	
RCP Financial, LLC

	 	
04-3837567

	 	
568031

	
Resource Capital Manager, Inc.

	 	
20-2287162

	 	
3919391

	
Resource Capital Investor, Inc.

	 	
20-2393947

	 	
3931224

	
Resource Capital Partners, Inc.

	 	
13-4214163

	 	
3562036

	
Resource Financial Institutions Group, Inc.

	 	
20-2593874

	 	
3929004

	
Resource Financial Fund Management, Inc.

	 	
04-3686974

	 	
3530885

	
Resource Housing Investors I, Inc.

	 	
23-2916186

	 	
2713100

	
Resource Housing Investors II, Inc.

	 	
23-2916188

	 	
2713232

	
Resource Housing Investors III, Inc.

	 	
23-2916190

	 	
2713037

	
Resource Housing Investors IV, Inc.

	 	
23-2916191

	 	
2713230

	
Resource Income Advisors, Inc.

	 	
45-1167549

	 	
4956941

	
Resource Leasing, Inc.

	 	
51-0367697

	 	
2518557

	
Resource Programs, Inc.

	 	
23-2544941

	 	
2171187

	
Resource Properties XVII, Inc.

	 	
23-2836316

	 	
2489294

	
Resource Properties XXV, Inc.

	 	
51-0374877

	 	
2629014

	
Resource Properties XXVI, Inc.

	 	
52-2005749

	 	
2678319

	
Resource Properties XXX, Inc.

	 	
51-0374880

	 	
2629018

	
Resource Properties XXXI, Inc.

	 	
51-0374880

	 	
2629018

	
Resource Properties XLI, Inc.

	 	
23-2929392

	 	
2804989

	
Resource Properties XLVII, Inc.

	 	
23-2972692

	 	
2864483

	
Resource Real Estate, Inc.

	 	
20-1093394

	 	
3799469

	
Resource Real Estate Funding, Inc.

	 	
20-4326931

	 	
4109391

	
Resource Real Estate Holdings, Inc.

	 	
65-1173932

	 	
3624814

	
Resource Real Estate Management, LLC

	 	
22-3914452

	 	
3976137

	
Resource Real Estate Opportunity Advisor, LLC

	 	
27-0332311

	 	
4696255

	
Resource Real Estate Opportunity Manager, LLC

	 	
27-0332473

	 	
4696257

	
RRE1 Duraleigh Member, LLC

	 	
52-2448330

	 	
3900088

	
RRE2 Duraleigh Member, LLC

	 	
52-2448325

	 	
3900089

	
RRE Avalon Member, LLC

	 	
20-2081491

	 	
3906054

	
Resource Real Estate Management, Inc.

	 	
22-3914452

	 	
4404764

	
RRE Leaseco, LLC

	 	
64-0960020

	 	
4346241

	
RRE Investor, LLC

	 	
27-0148773

	 	
4685839

	
Resource Capital Partners II, LLC

	 	
26-3419877

	 	
4604475

	
Resource Capital Markets, Inc.

	 	
26-2740281

	 	
4428599

	
RRE D2R2 2007-1, LLC

	 	
45-0573586

	 	
4428599

	
Torsion Advisors, LLC

	 	
45-3727806

	 	
5056141

	
Torsion Capital, LLC

	 	
45-3727472

	 	
5037586

	
Walnut Street Investments, LLC

	 	
30-0665750

	 	
4942797

 

 

  

  

  

 

SCHEDULE 5.10(a)

 

Existing Guaranties, Investments and Borrowings

GUARANTEES:

None

INVESTMENTS:                                                                                                           Balance at 12/31/11

Investments in real estate, net                                                                                          $    19,099,900.82

Investment Securities, at fair value:                                                                                  $    17,330,028.74

Investment in Unconsolidated Entities:                                                                              $    13,196,973.98

INTERCOMPANY BORROWINGS:

	
Lender

	 	
Borrower

	 	
Balance at 

12/31/11

	 
	
Resource Programs

	 	
RAI Corporate

	 	$	24,311,181.25	 
	
RAI Corporate

	 	
Real Estate

	 	 	18,347,647.05	 
	
Resource Capital Partners, Inc.

	 	
RAI Corporate

	 	 	43,873,395.35	 
	
Resource Real Estate Funding

	 	
RAI Corporate

	 	 	233,169.95	 
	
Resource Real Estate Management, Inc.

	 	
RAI Corporate

	 	 	1,000.00	 
	
Resource Leasing

	 	
RAI Corporate

	 	 	35,732,412.36	 
	
RAI Corporate

	 	
LEAF Financial Corp

	 	 	50,821,511.41	 
	
RAI Corporate

	 	
Flih

	 	 	17,946,115.76	 
	
Resource Financial Fund Mgt.

	 	
RAI Corporate

	 	 	30,395,913.78	 
	
RAI Corporate

	 	
Apidos

	 	 	44,581,493.12	 
	
RAI Corporate

	 	
Apidos Select Corporate Credit Fund

	 	 	360,663.00	 
	
RAI Corporate

	 	
Apidos Partners

	 	 	24,742.00	 
	
RAI Corporate

	 	
Ischus

	 	 	27,914,769.06	 
	
RAI Corporate

	 	
RFIG

	 	 	5,113,343.60	 
	
RAI Corporate

	 	
Resource Capital Manager, Inc.

	 	 	2,086,352.97	 
	
Resource Capital Investor

	 	
RAI Corporate

	 	 	4,041,213.38	 
	
RAI Corporate

	 	
Trapeza

	 	 	24,183.29	 
	
RAI Corporate

	 	
Resource Asset Management, Inc (RAMI)

	 	 	623,546.25	 
	
RAI Corporate

	 	
RAI Ventures

	 	 	3,832,771.24	 
	
RAI Corporate

	 	
Resource Securities, Inc.

	 	 	1,110,712.50	 
	
RAI Corporate

	 	
Resource Europe

	 	 	420,724.51	 
	
RAI Corporate

	 	
Resource Capital Markets, Inc.

	 	 	2,451,901.89	 
	
Resource Real Estate

	 	
Resource Programs

	 	 	41,416,593.38	 
	
Resource Real Estate Funding

	 	
Resource Capital Manager

	 	 	4,971,608.24	 
	
LEAF Financial

	 	
Resource Financial Fund Mgt.

	 	 	77,769.69	 
	
Resource Capital Markets

	 	
Resource Securities, Inc.

	 	 	123,929.56	 
	
Resource Capital Partners, Inc.

	 	
Resource Securities, Inc.

	 	 	134,466.07	 
	
Resource Europe

	 	
Resource Securities, Inc.

	 	 	86,881.47	 
	
Resource Europe

	 	
Resource Capital Markets, Inc.

	 	 	144,648.88	 
	
RRE Opportunity Advisor, LLC

	 	
Resource Securities, Inc.

	 	 	156,811.36	 
	
RRE Opportunity Advisor, LLC

	 	
RAI Corporate

	 	 	2,884.92	 

  

  

  

 

	
Lender

	 	
Borrower

	 	
Balance at 

12/31/11

	 
	
Resource Capital Markets

	 	
Resource Financial Fund Management

	 	 	1,752,398.68	 
	
Resource Capital Markets

	 	
Resource Capital Manager, Inc.

	 	 	109,394.75	 

 

  

  

  

SCHEDULE 5.10(a) continued

 

Existing Guaranties, Investments and Borrowings

 

 

 

	  	 	  	 	
BALANCE AT

	 
	
LENDER

	 	
BORROWER

	 	
12/31/11

	 
	
Senior Notes

	 	
Resource America, Inc.

	 	$	10,000,000	 
	
Resource Capital Corp.

	 	
Resource Capital Partners, Inc.

	 	 	1,677,432	 
	
Cantor Commercial Real Estate Lending, L.P.

	 	
Resource RSI Phase I & II, LLC

	 	 	10,659,770	 
	
CIT

	 	
Resource America, Inc.

	 	 	486,510	 
	
First Insurance Funding

	 	
Resource America, Inc.

	 	 	344,528	 
	  	 	  	 	 	23,168,240	 
	
TD Bank, N.A.

	 	
Resource America, Inc. line of credit

	 	 	5,303,218	 
	
Total borrowings per balance sheet at 12/31/11

	 	  	 	$	28,471,458	 

 

  

  

  

Section 5.11(c)(ii)

The Resource America, Inc. Employee Stock Ownership Plan (“ESOP”) 

In December 2008, the Company filed an application under the voluntary correction program ("VCP") with the Internal Revenue Service (“IRS”) in order to correct certain compliance errors that were made with respect to the ESOP.  The Company has finalized the corrections required under the VCP compliance statement.  Furthermore, the Department of Labor (“DOL”) closed its audits of the ESOP and the Resource America, Inc. Investment Savings Plan (“401(k) Plan”) for the plan years from 2005 to 2009 without any significant changes or corrections required. The Company has decided to terminate the ESOP and, in connection with this termination, has filed for a final determination letter with the IRS.  After receipt of this final determination letter (which the Company anticipates will be received in fiscal 2012), the Company then plans to distribute the available plan assets to participants and liquidate the ESOP trust.

The Resource America, Inc. Investment Savings Plan (“401k”)

In May 2010, the Company discovered errors in the calculation of the employer match and the calculation of the vested percentages for some employees and has paid the corrections to the Plan.  In January 2011, the Company filed for approval of the corrections under the VCP.

  

  

  

 

SCHEDULE 5.14(a)

Other Associations

Resource Financial Fund Management holds a Limited Partnership interest in each of the partnerships below:

	

 

Entity

 

	 	

Percentage of Limited Partnership Interest Owned

	 
	
Trapeza Partners III L.P.

	 	 	 6.10%	 
	
Trapeza Partners IV L.P.

	 	 	 5.04%	 
	
Trapeza Partners V L.P.

	 	 	13.25%	 
	
Compass Island Partners, L.P.

	 	 	10.00%	 
	
Compass Island Partners A, L.P.

	 	 	10.00%	 
	
Cradle Cove Partners, L.P.

	 	 	10.66%	 
	
Cradle Cove Partners II, L.P.

	 	 	 5.78%	 
	
Cradle Cove Investment Opportunities Fund, L.P.

	 	 	 5.72%	 
	
Apidos Select Corporate Credit Fund, L.P.

	 	 	 2.59%	 

 

  

  

  

 

SCHEDULE 5.14(b)

Sponsored CDO Offerings and Structured Finance Investments

	
Direct Investments in CDOs

	 	
Total $ CDO Equity

	 	 	
RFFM $ Share of Equity

	 
	
Trapeza IX

	 	 	23,000,000	 	 	 	1,000,000	 
	
Trapeza XII

	 	 	5,000,000	 	 	 	950,000	 
	
Trapeza XIII

	 	 	30,000,000	 	 	 	2,500,000	 
	
Ischus I (RFFM)

	 	 	17,000,000	 	 	 	500,000	 
	
Ischus HG COLL 2007-1

	 	 	15,800,000	 	 	 	1,000,000	 
	
Ischus Mezz III

	 	 	23,000,000	 	 	 	2,000,000	 
	
Ischus Synthetic II

	 	 	36,000,000	 	 	 	3,000,000	 
	
Apidos II

	 	 	32,000,000	 	 	 	2,000,000	 
	
Apidos IV

	 	 	27,000,000	 	 	 	1,000,000	 
	
Apidos Quattro

	 	 	25,500,000	 	 	 	1,000,000	 
	
Total Direct Equity Investments in CDOs

	 	 	254,300,000	 	 	 	14,950,000	 

	
Investment in CDOs Through

Trapeza Partnership

	 	
Total Partnership Capital

Allocated to CDO

	 	 	
RFFM Share of

Partnership Cap

	 	 	

% Owned

	 
	
Trapeza III

	 	 	18,032,100	 	 	 	1,100,000	 	 	 	  6.10	 
	
Trapeza IV

	 	 	7,542,600	 	 	 	380,000	 	 	 	  5.04	 
	
Trapeza V

	 	 	8,300,100	 	 	 	1,100,000	 	 	 	13.25	 
	
Total Investments in CDOs

	 	 	33,874,800	 	 	 	2,580,000	 	 	 	  7.62	 

 

  

  

  

SCHEDULE 5.17

Capital Stock or Units

 

	RESOURCE AMERICA	 	Authorized Shares / Units / % Interests	 	 	
Shares / Units / 

% Interests Issued

	 
	 	 	 	 	 	 	 
	
  Preferred Stock

	 	 	1,000,000	 	 	 	0	 
	
  Common Stock

	 	 	49,000,000	 	 	 	19,647,622	 
	
Apidos Capital Management, LLC

	 	 	100	%	 	 	100	%
	
Ischus Capital Management, LLC

	 	 	100	%	 	 	100	%
	
RAI Ventures, Inc.

	 	 	1,000	 	 	 	100	 
	
RCP Financial, LLC

	 	 	100	%	 	 	100	%
	
Resource Capital Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Capital Investor, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Capital Partners, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Financial Institutions Group,  Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Financial Fund Management, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Housing Investors I, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Housing Investors II, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Housing Investors III, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Housing Investors IV, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Leasing, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Programs, Inc.

	 	 	100	 	 	 	100	 
	
Resource Properties XVII, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Properties XXV, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Properties XXVI, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Properties XXX, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Properties XXXI, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Properties XLVII, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Real Estate, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Real Estate Funding, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Real Estate Holdings, Inc.

	 	 	1,000	 	 	 	100	 
	
Resource Real Estate Management, LLC

	 	 	100	%	 	 	100	%
	
RRE1 Duraleigh Member, LLC

	 	 	100	%	 	 	100	%
	
RRE2 Duraleigh Member, LLC

	 	 	100	%	 	 	100	%
	
RRE Avalon Member, LLC

	 	 	100	%	 	 	100	%
	
Resource Capital Partners II, LLC

	 	 	100	%	 	 	100	%
	
RRE Leaseco, LLC

	 	 	100	%	 	 	100	%
	
Resource Capital Markets, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RRE D2R2 2007-1, LLC

	 	 	100	%	 	 	100	%
	
RRE Investor, LLC

	 	 	100	%	 	 	100	%
	
Resource Real Estate Management, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Securities, Inc., F/K/A Chadwick Securities, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Europe Management Limited

	 	 	1	 	 	 	1	 
	
Resource RSI Phase I, LLC

	 	 	100	%	 	 	100	%
	
Resource RSI Phase II, LLC

	 	 	100	%	 	 	100	%
	
RCP Nittany Pointe Manager, Inc.

	 	 	1,000	 	 	 	100	 
	
RCP Fountains GP, Inc.

	 	 	1,000	 	 	 	100	 
	
RCP Avalon Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Falls at Duraleigh Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Sage Canyon Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Cuestas Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Holdco I Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Reserves Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Foxglove Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Santa Fe Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Regents Center Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Highland Lodge Manager, Inc.

	 	 	1,000	 	 	 	1,000	 

  

  

  

	
RCP Grove Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Howell Bridge Manager, Inc.

	 	 	1,000	 	 	 	1,000	 
	
RCP Heritage Lake Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Westchase Wyndham Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Pear Tree Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Wind Tree Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Chenal Brightwaters Manager, LLC

	 	 	100	%	 	 	100	%
	
Resource Asset Management, LLC

	 	 	30,000,000	 	 	 	22,500,000	 
	
LEAF Asset Management, LLC

	 	 	100	%	 	 	100	%
	
FLI Holdings, Inc.

	 	 	1,000	 	 	 	100	 
	
LEAF Financial Corporation

	 	 	10,000,000	 	 	 	8,500,000	 
	
LEAF Funding, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Capital Funding II, LLC

	 	 	100	%	 	 	100	%
	
LEAF Ventures, LLC

	 	 	100	%	 	 	100	%
	
Merit Capital Manager, LLC

	 	 	100	%	 	 	100	%
	
Merit Capital Advance, LLC

	 	 	100	%	 	 	100	%
	
Resource Commercial Mortgages, Inc.

	 	 	1,000	 	 	 	100	 
	
RCP Magnolia Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP West Wind Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Ryan’s Crossing Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Memorial Towers Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Villas Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Coach Lantern Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Foxcroft Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Tamarlane Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Park Hill Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Bent Oaks Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Cape Cod Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Woodland Hills Manager, LLC

	 	 	100	%	 	 	100	%
	
RCP Woodhollow Manager, LLC

	 	 	100	%	 	 	100	%
	
Merit Processing, LLC

	 	 	100	%	 	 	100	%
	
LEAF Ventures II, LLC

	 	 	100	%	 	 	100	%
	
Prompt Payment, LLC

	 	 	100	%	 	 	100	%
	
LEAF Commercial Finance Fund, LLC

	 	 	100	%	 	 	100	%
	
RRE Oak Park Leaseco, LLC

	 	 	100	%	 	 	100	%
	
Apidos Select Corporate Credit Fund GP, LLC

	 	 	100	%	 	 	100	%
	
RRE Wyndridge Holdings, LLC

	 	 	100	%	 	 	100	%
	
RCP Wyndridge Manager, LLC

	 	 	100	%	 	 	100	%
	
RRE Mill Creek Holdings, LLC

	 	 	100	%	 	 	100	%
	
RCP Mill Creek Manager, LLC

	 	 	100	%	 	 	100	%
	
Resource Income Advisors, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Torsion Capital, LLC

	 	 	1,000	 	 	 	1,000	 
	
Torsion Advisors, LLC

	 	 	1,000	 	 	 	1,000	 
	
Parkwin Services, LLC

	 	 	100	%	 	 	100	%
	
Resource Real Estate Opportunity Advisors, LLC

	 	 	100	%	 	 	100	%
	
Walnut Street Investments, LLC

	 	 	100	%	 	 	100	%
	
Apidos Partners, Inc.

	 	 	1,000	 	 	 	1,000	 
	
Resource Real Estate Opportunity Manager, LLC

	 	 	100	%	 	 	100	%

 

  

  

  

 

SCHEDULE 7.4(a)

Affiliate Transactions

Receivables and Payables with Related Parties

	  	 	
December 31,

	 	 	
September 30,

	 
	  	 	

2011

	 	 	

2011

	 
	
Receivables from managed entities and related parties, net:

	 	 	 	 	 	 
	
Commercial finance investment partnerships

	 	$	27,765	 	 	$	29,725	 
	
Real estate investment partnerships

	 	 	20,182	 	 	 	19,796	 
	
Financial fund management investment entities

	 	 	2,725	 	 	 	2,652	 
	
RCC

	 	 	3,416	 	 	 	2,539	 
	
LEAF

	 	 	101	 	 	 	−	 
	
Other

	 	 	159	 	 	 	103	 
	
Receivables from managed entities and related parties

	 	$	54,348	 	 	$	54,815	 
	  	 	 	 	 	 	 	 	 
	
Payables due to managed entities and related parties, net:

	 	 	 	 	 	 	 	 
	
Real estate investment entities

	 	$	241	 	 	$	1,010	 
	
RCC

	 	 	34	 	 	 	222	 
	
Payables to managed entities and related parties

	 	$	275	 	 	$	1,232	 

  

  

  

 

SCHEDULE 7.4(a)

 

Fees and Expenses Reimbursements With Related Parties

	  	 	
Three Months Ended

	 
	  	 	
December 31,

	 
	  	 	

2011

	 	 	

2010

	 
	
Fees from unconsolidated investment entities:

	 	 	 	 	 	 
	
Real Estate

	 	$	3,768	 	 	$	3,060	 
	
Financial Fund Management

	 	$	850	 	 	$	1,594	 
	
Commercial finance

	 	$	−	 	 	$	−	 
	
RCC:

	 	 	 	 	 	 	 	 
	
Management, incentive and servicing fees

	 	$	3,830	 	 	$	3,910	 
	
Reimbursement of costs and expenses

	 	$	705	 	 	$	468	 
	
Dividends

	 	$	631	 	 	$	611	 
	
Resource Real Estate Opportunity REIT, Inc.. − reimbursement of costs

and expenses

	 	$	105	 	 	$	443	 
	
Atlas Energy − reimbursement of net costs and expenses

	 	$	169	 	 	$	190	 
	
LEAF:

	 	 	 	 	 	 	 	 
	
Reimbursement of net costs and expenses

	 	$	60	 	 	$	−	 
	
Payment for rent and related costs

	 	$	(120	)	 	$	−	 
	
Payment for sub-servicing the lease investment partnerships

	 	$	(405	)	 	$	−	 
	
1845 Walnut Associates Ltd - payment of rent and operating expenses

	 	$	(106	)	 	$	(161	)
	
Ledgewood P.C. – payment for legal services

	 	$	(155	)	 	$	(41	)
	
Graphic Images, LLC – payment for printing services

	 	$	(8	)	 	$	(5	)
	
9 Henmar LLC – payment of broker/consulting fees

	 	$	(18	)	 	$	(21	)
	
The Bancorp, Inc. − reimbursement of costs and expenses

	 	$	45	 	 	$	−	 

 

  

  

  

 

EXHIBIT A

 

Schedule I to Subsidiary Collateral Pledge Agreement

 

(See Attached)

 

 

  

  

  

 

SCHEDULE I

Collateral

The following Collateral is hereby pledged by each respective Pledgor to Secured Party pursuant to the Collateral Pledge Agreement to which this Schedule is attached:

A.           Pledged Capital Stock

 

	
Name of Corporation

	
State of Inc.

	
Class of Stock

	
Certificate No.

	
Number of Shares

	
Pledgor

	
Resource Capital Corp.

	
MD

	
Common

	
CUSIP

76120W203 

76120W906

	
100,000

 11,349

	
Resource Capital Manager, Inc.

	
Resource Capital Corp.

	
MD

	
Common

	
RCC-284

RCC-296

RCC-297

RCC-359

RCC-363

RCC-383

RCC-497

RCC-632

RCC-615

RCC-690

RCC-728

RCC-736

RCC-743

RCC-769

RCC-771

RCC-775

	
   5,738

   2,086

   6,252

   9,960

 11,349

 26,194

 17,839

 42,239

 26,097

143,334

 73,815

124,688

 53,490

   4,482

 29,808

 45,938

	
Resource Capital Manager, Inc.

	
Resource Capital Corp.

	
MD

	
Common

	
CUSIP 

7612W203

	
900,000

	
Resource Capital Investor, Inc.

	
Resource Capital Corp.

	
MD

	
Common

	  	
200,000

	
Resource Capital Investor, Inc.

	
Resource Capital 

Manager, Inc.

	
DE

	
Common

	
1

	
1,000

	
Resource Financial Fund 

Management, Inc.

	
Resource Financial 

Institutions Group, Inc.

	
DE

	
Common

	
1

	
1,000

	
Resource Financial Fund 

Management, Inc.

	
Resource Real Estate 

Funding, Inc.

	
DE

	
Common

	
1

	
1,000

	
Resource Real Estate, Inc.

	
Resource Capital Partners, Inc.

	
DE

	
Common

	
3

	
100

	
Resource Real Estate, Inc.

	
Resource Real Estate, Inc.

	
DE

	
Common

	
1

	
1,000

	
Resource Real Estate 

Holdings, Inc.

	
Resource Real Estate 

Management, Inc.

	
DE

	
Common

	
1

	
1,000

	
Resource Capital Partners, Inc.

	
Resource Capital 

Markets, Inc.

	
DE

	
Common

	
1

	
1,000

	
RAI Ventures, Inc.

  

  

  

 

B.           Pledged Partnership Interests

 

	
Name of Partnership

	
Type of 

Partnership

	
Partnership 

Interests Pledged

	
Percentage 

of Pledged

 Units

	
Percentage of 

Total

	
Pledgor

	
Trapeza Partners L.P.

	
Limited

	
13,512,261

	
100%

	
50.8

	
Resource Financial Fund Management, Inc.

	
Trapeza Partners II L.P.

	
Limited

	
12,951,000

	
100%

	
33.5

	
Resource Financial Fund Management, Inc.

	
Trapeza Partners III L.P.

	
Limited

	
1,100,000

	
100%

	
6.10

	
Resource Financial Fund Management, Inc.

	
Trapeza Partners IV L.P.

	
Limited

	
380,000

	
100%

	
5.04

	
Resource Financial Fund Management, Inc.

	
Trapeza Partners V L.P.

	
Limited

	
1,100,000

	
100%

	
13.25

	
Resource Financial Fund Management, Inc.

	
Compass Island Partners, L.P.

	
Limited

	
1,743,472

	
100%

	
10.0

	
Resource Financial Fund Management, Inc.

	
Compass Island Partners A, L.P.

	
Limited

	
1,965,442

	
100%

	
10.0

	
Resource Financial Fund Management, Inc.

	
Cradle Cove Partners, L.P.

	
Limited

	
1,182,408

	
100%

	
 10.7

	
Resource Financial Fund Management, Inc.

	
Cradle Cove Partners II, L.P.

	
Limited

	
737,315

	
100%

	
5.8

	
Resource Financial Fund Management, Inc.

	
Cradle Cove Investment Opportunities Fund, L.P.

	
Limited

	
214,400

	
100%

	
5.7

	
Resource Financial Fund Management, Inc.

	
Compass Island Investment Opportunities Fund A, L.P.

	
Limited

	
1,000

	
100%

	
0.1

	
Resource Financial Fund Management, Inc.

	
Compass Island Investment Opportunities Fund C, L.P.

	
Limited

	
1,000

	
100%

	
0.1

	
Resource Financial Fund Management, Inc.

	
RCP Partners, LP

	
Limited

	
0

	
100%

	
99.0

	
Resource Programs, Inc.

	
Resource Real Estate Investors, L.P.

	
Limited

	
95,138.89

	
100%

	
11.50

	
Resource Capital Partners, Inc.

	
Resource Real Estate Investors II, L.P.

	
Limited

	
92,264.21

	
100%

	
6.43

	
Resource Capital Partners, Inc.

	
Resource Real Estate Investors III, L.P.

	
Limited

	
186,375.90

	
100%

	
7.40

	
Resource Capital Partners, Inc.

	
Resource Real Estate Investors IV, L.P.

	
Limited

	
163,954.08

	
100%

	
5.53

	
Resource Capital Partners, Inc.

	
Resource Real Estate Investors V, L.P.

	
Limited

	
220,825.89

	
100%

	
6.28

	
Resource Capital Partners, Inc.

	
Resource Real Estate Investors 6, L.P.

	
Limited

	
204,678.36

	
100%

	
5.73

	
Resource Capital Partners, Inc.

	
Resource Real Estate Investors 7, L.P.

	
Limited

	
180,768.33

	
100%

	
5.53

	
Resource Capital Partners, Inc.

	
The Metropolitan Fund: Dover Pension Investors – 1986

	
Limited

	
7,000

	
100%

	
7.00

	
Resource Properties XXV, Inc.

 

 

 

  

  

  

 

C.           Pledged Membership Interests

 

	
Name of Limited Liability 

Company

	
State of Org.

	
Class of 

Membership

Interests

	
Percentage 

Voting

Interest

	
Percentage 

Economic

Interest

	
Pledgor

	
Resource Real Estate Management, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Capital Partners, Inc.

	
Apidos Capital Management, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Financial Fund Management, Inc.

	
Ischus Capital Management, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Financial Fund Management, Inc.

	
Trapeza Capital Management, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza Funding, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza Funding II, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza Funding III, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza Funding IV, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza Funding V, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza TPS, LLC

	
DE

	
Voting

	
50%

	
50%

	
Resource Financial Fund Management, Inc.

	
Trapeza Management Group, LLC

	
DE

	
Voting

	
33.3%

	
33.3%

	
Resource Financial Fund Management, Inc.

	
RCP Financial LLC

	
PA

	
Voting

	
100%

	
100%

	
Resource Programs, Inc.

	
RRE Leaseco, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Real Estate, Inc.

	
Walnut Street Investments, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Capital Partners II, LLC

	
Resource Capital Partners II, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Real Estate, Inc.

	
RRE Investor, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Capital Partners II, LLC

	
RRE D2R2 2007-1, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Real Estate, Inc.

	
RRE HUD MF 2007, LLC

	
DE

	
Voting

	
50%

	
5%

	
RRE D2R2 2007-1, LLC

	
Resource Real Estate Opportunity Advisor, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Real Estate, Inc.

	
Resource Real Estate Opportunity Manager, LLC

	
DE

	
Voting

	
100%

	
100%

	
Resource Real Estate, Inc.

  

  

  

D.           Other Pledged Equity Interests

 

	
Name of LLC

	
State of Org.

	
Interest

	
Certificate /

Note Number

	
Dollar Amount / 

Preferred Shares

	
Pledgor

	
Trapeza CDO IX, Ltd.

	
Cayman Islands

	
Sub Notes

	
R-l

	
$1,000,000

	
Resource Financial Fund Management, Inc.

	
Trapeza CDO X, Ltd.

	
Cayman Islands

	
Sub Notes

	
R-29

	
$2,500,000

	
Resource Financial Fund Management, Inc.

	
Trapeza CDO XII, Ltd.

	
Cayman Islands

	
Sub Notes

	
R-3

	
$950,000

	
Resource Financial Fund Management, Inc.

	
Trapeza CDO XIII, Ltd.

	
Cayman Islands

	
Sub Notes

	
R-2

	
$2,500,000

	
Resource Financial Fund Management, Inc.

	
Ischus CDO I Ltd.

	
Cayman Islands

	
Preference Shares

	
R-4

	
500 Preference Shares

	
Resource Financial Fund Management, Inc.

	
Ischus High Grade 

Funding I Ltd.

	
Cayman Islands

	
Preference Shares

	
R-1

	
3,150 Preference Shares

	
Resource Financial Fund Management, Inc.

	
Ischus Mezzanine 

CDO III, Ltd.

	
Cayman Islands

	
Preference Shares

	
C-l

	
2,000 Preference Shares

	
Resource Financial Fund Management, Inc.

	
Ischus Synthetic ABS 

CDO 2006-2 Ltd.

	
Cayman Islands

	
Preference Shares

	
004

	
3,000,000 Preference Shares

	
Resource Financial Fund Management, Inc.

	
Apidos CDO II

	
Cayman Islands

	
Sub Notes

	
DTC

	
$2,000,000

	
Resource Financial Fund Management, Inc.

	
Apidos CDO IV

	
Cayman Islands

	
Sub Notes

	
C-l

	
$1,000,000

	
Resource Financial Fund Management, Inc.

	
Apidos Quattro CDO

	
Cayman Islands

	
Sub Notes

	
C-l

	
$1,000,000

	
Resource Financial Fund Management, Inc.

	
Ischus Mezzanine 

CDO IV, Ltd.

	
Cayman Islands

	
Sub Notes

	
C-l

	
$1,800,000

	
Resource Financial Fund Management, Inc.

	
HG-COLL 2007-1 Ltd.

	
Cayman Islands

	
Preference Shares

	
004

	
1,000,000 Preference Shares

	
Resource Financial Fund Management, Inc.

 

  

  

  

 

EXHIBIT B

 

See Attached

 

  

  

  

PARTIAL RELEASE

THIS PARTIAL RELEASE (this “Partial Release”), dated as of ___________, 2012, is among Resource America, Inc., a Delaware corporation (“Borrower”), Apidos Capital Management, LLC, a Delaware limited liability company (“Apidos”), and TD BANK, N.A., a national banking association, in its capacity as agent (“Agent”) for 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”).

RECITALS

           WHEREAS, pursuant to the terms of a certain Amended and Restated Loan and Security Agreement dated as of March 10, 2011 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 initially made available to Borrower, inter alia, a revolving line of credit and term loan.  All capitalized terms used herein without further definition shall have the respective meaning set forth in the Loan Agreement and all other Loan Documents.

WHEREAS, pursuant to the Loan Agreement, Apidos delivered to Agent various security and collateral documents, including, without limitation: (i) the Surety and Guaranty Agreement made by Subsidiary Guarantors in favor of Agent, and (ii) the Guarantor Security Agreement made by Subsidiary Guarantors in favor of Agent, each as amended, restated, extended, supplemented or otherwise modified in writing from time to time.

WHEREAS, pursuant to that certain Sale and Purchase Agreement dated December 29, 2011 (as the same has been or may be supplemented, restated, superseded, amended or replaced from time to time, the “SPA”) between Borrower and CVC Capital Partners SICAV-FIS S.A., Borrower has agreed to the sale of 100% of the common Capital Stock of Apidos.

 

NOW THEREFORE, in consideration of the premises, covenants 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:

1.           Release of Guaranties and other Obligations.  Subject to the closing of the transactions contemplated by the SPA, Agent, for itself and on behalf of Lenders, pursuant to Section 9.10 of the Loan Agreement hereby fully and forever releases and discharges, without recourse (provided, without recourse shall not be construed as limiting Borrower’s rights under Section 4 below) or warranty, (a) any and all Liens granted to or held by Agent and Lenders under any Loan Document encumbering (i) any property owned by Apidos or (ii) the Capital Stock of Apidos, and (b) Apidos from any and all obligations under any Loan Document.

  

  

  

2.           Authority to File.  Agent hereby authorizes Borrower and/or Apidos to file the UCC-3 termination statements for the financing statements set forth on Exhibit A hereto.

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

	
  

	
a.

	
No Default.  No Default or Event of Default exists.

 

	
  

	
b.

	
SPA.  Borrower has delivered to Agent true and correct copies of the SPA and all amendments or modifications thereto and the SPA constitutes the valid binding and enforceable obligation of the parties thereto.

 

4.           Further Assurances.  Agent agrees, at the expense of Borrower, to take any further action and deliver (in form and substance reasonably acceptable to Agent) any further releases, powers, instruments and other documents as may be commercially reasonably requested by Borrower and/or Apidosfor the purpose of effecting or confirming (i) the termination, release and discharge of the Liens and obligations described in Section 1 and (ii) the termination of the financing statements described in Section 2.

5.           Governing Law.  THIS PARTIAL RELEASE, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

 

  

  

  

 

           IN WITNESS WHEREOF, the parties have caused this Partial Release to be duly executed effective as of the day and year first above written.

AGENT:

TD BANK, N.A.

By:                                                      

Name:      Eric C. Tweer

Title:         Vice President

BORROWER:

Resource America, Inc.

 

By:                                                      

Name:      Thomas C. Elliott

Title:         Senior Vice President and Chief Financial

                Officer

APIDOS:

Apidos Capital Management, LLC

 

By:                                  ____________ 

Name:      Thomas C. Elliott

Title:         Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]