Document:

Form of Investment Management Trust Agreement

 Exhibit 10.5 
 FORM OF 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This INVESTMENT MANAGEMENT TRUST AGREEMENT is made as of             , 2008 by
and between RAI Acquisition Corp. (the “Company”) and American Stock Transfer & Trust Company, as Trustee (the “Trustee”). 
 WHEREAS, the Company’s Registration Statement on Form S-1, File No. 333-148491 (“Registration Statement”), for its initial public offering of securities (the “IPO”)
has been declared effective as of the date hereof (the “Effective Date”) by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and 
 WHEREAS, J.P. Morgan Securities Inc. (“JPMorgan”) is acting as the representative of the
underwriters (the “Underwriters”) in the IPO pursuant to an underwriting agreement dated on or about the date hereof between the Company and the Underwriters (the “Underwriting Agreement”); and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation
(“Certificate of Incorporation”), $246,370,000 of the gross proceeds of the IPO, including certain deferred underwriting discounts and commissions and proceeds from the sale of the 6,000,000 warrants to Resource America, Inc. for a
price of $1.00 per warrant in a private placement immediately before the completion of this offering (the “Sponsor Warrants”) (or $282,557,500 if the Underwriters' over-allotment option is exercised in full or a pro rata portion
thereof pursuant to the terms of the Underwriting Agreement if the Underwriters' over-allotment option is exercised in part, but not in full, prior to the time of its expiration), will be delivered to the Trustee to be deposited and held in a trust
account for the benefit of the Company and the holders of the Company's common stock, par value $.0001 per share, issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the
“Property”, the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the
“Beneficiaries”); and 
 WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to
$8,750,000 (or $10,062,500, if the Underwriters’ over-allotment option is exercised in full or a pro rata portion thereof pursuant to the terms of the Underwriting Agreement if the Underwriters' over-allotment option is exercised in part, but
not in full, prior to the time of its expiration) is attributable to deferred underwriting commissions that will become payable by the Company to the Underwriters upon the consummation of a Business Combination (as defined in the Company’s
Certificate of Incorporation) (the “Deferred Discount”); and 
  

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 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms
and conditions pursuant to which the Trustee shall hold the Property. 
 NOW, THEREFORE, in consideration of the foregoing and the
mutual covenants and agreements herein contained, the parties hereto agree as follows: 
 1. Agreements and Covenants of Trustee. The
Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement, in a segregated trust account (“Trust Account”) established by the Trustee with [            ]; 
 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 
 (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property and any proceeds derived from the Property in any
“Government Security” or in money market funds selected by the Company meeting the conditions specified in Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by the Company. As used herein,
“Government Security” means any Treasury Bill issued by the United States, having a maturity of one hundred eighty days or less; 
 (d) Collect and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,” as such term is used herein; 
 (e) Promptly notify the Company and JPMorgan of all communications received by it with respect to the Property requiring action by the Company;

 (f) Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
the tax returns relating to the income from the Property in the Trust Account or the Company; 
 (g) Participate in any plan or
proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or JPMorgan in writing to do so; 
 (h) Render to the Company, and JPMorgan, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and 
 (i) Commence liquidation of the Trust Account upon receipt of, and in accordance with, the terms of a letter
(the “Termination Letter”), in a form substantially similar to that attached hereto as Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer,
Secretary or Assistant Secretary or other authorized officer of the Company, and complete the liquidation of the Trust Account and 

  

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distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein, as part of the
Company’s: (i) plan of dissolution and liquidation or (ii) Business Combination approved by the stockholders, as applicable; provided, however, that in the event that a Termination Letter has not been received by the
Trustee by the date which is 24-months after the date of completion of the IPO (the “Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B
hereto and distributed to the Public Stockholders of record on the Last Date. In all cases, the Trustee shall provide JPMorgan with a copy of any Termination Letters and/or any other correspondence that it receives with respect to any proposed
withdrawal from the Trust Account promptly after it receives same. 
 2. Limited Distributions of Income on Property. 
 (a) If there is any income tax obligation relating to the income from the Property in the Trust Account as determined by the Company, then, at the written
instruction of the Company, the Trustee shall disburse to the Company, the Internal Revenue Service or applicable state or local taxing authority by wire transfer or check (as directed by the Company in its instruction letter), out of the Property
in the Trust Account, the amount indicated by the Company as required to pay income taxes. For the purposes of this paragraph, the phrase “income tax” shall mean any tax measured in whole or in part by income. 
 (b) Upon written request from the Company containing certification that such distribution pursuant to this Section 2(b) shall only be used to fund
the working capital requirements of the Company and the costs related to identifying and researching a prospective target businesses in each case as described in the prospectus that forms a part of the Registration Statement, the Trustee shall
distribute to the Company an amount up to an aggregate of $3,850,000 from the interest earned on the Property and proceeds derived from the Property, which such amount shall be after taxes payable on interest earned on the Property and such
proceeds, through the last day of the month immediately preceding the date of receipt of the Company’s written request, it being agreed that the Company shall be permitted to withdraw interest monthly. 
 (c) Except as provided in this Section 2, no other distributions from the Trust Account shall be permitted except in accordance with
Section 1(i) hereof. 
 3. Agreements and Covenants of the Company. The Company hereby agrees and covenants: 
 (a) To provide all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer, Chief Financial Officer or
other authorized officer. In addition, except with respect to its duties under paragraph 1(i), 2(a) and 2(b), the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in
good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 
  

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 (b) To hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way
arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence, willful
misconduct or bad faith. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Company shall have the right to conduct and manage the defense against such Indemnified Claim, provided that the Company
shall obtain the consent of the Trustee with respect to the selection of counsel, which consent shall not be unreasonably withheld, conditioned or delayed. The Company may not agree to settle any Indemnified Claim without the prior written
consent of the Trustee, which shall not be unreasonably withheld, conditioned or delayed. The Trustee may participate in such action with its own counsel at its own expense; 
 (c) Pay the Trustee an initial acceptance fee and a monthly fee as set forth on Schedule A hereto, which fees shall be subject to written modification by
the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees and further agreed that said monthly fees may be deducted by the Trustee from the disbursements made to the Company pursuant to
Section 2(b). The Company shall pay the Trustee the initial acceptance fee at the consummation of the IPO and shall thereafter pay the monthly fees. The Trustee shall refund to the Company the monthly fee (on a pro rata basis) with respect to
any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being
expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); 
 (d) In connection with
any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm may be
the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination; and; 
 (e) Within five business days
after the Underwriters’ over-allotment option (or any unexercised portion thereof) expires or is exercised, partially or in full, to provide the Trustee notice in writing (with a copy to JPMorgan) of the total amount of the Deferred Discount,
which shall in no event be less than $8,750,000 ($10,062,500 if the over-allotment option is exercised in full). 
 4. Limitations of
Liability. The Trustee shall have no responsibility or liability to: 
 (a) take any action with respect to the Property, other than as
directed in Sections 1 and 2 hereof and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence, willful misconduct or bad faith; 
  

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 (b) institute any proceeding for the collection of any principal and income arising from, or institute,
appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to
it funds sufficient to pay any expenses incident thereto; 
 (c) invest any Property other than in compliance with Section 1(c);

 (d) refund any depreciation in principal of any Property; 
 (e) assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a
written revocation of such authority to the Trustee; 
 (f) the Company or to anyone else for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained) which is in accordance with the requirements of this Agreement and is believed by the Trustee, in reasonable good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee
signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any Business Combination or other action taken by the Company is as contemplated by the Registration
Statement; 
 (h) prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to income and activities
relating to the Trust Account regardless of whether such tax is payable by the Trust Account or the Company (it being expressly understood that the Trustee’s sole obligation with respect to taxes shall be as provided for by Section 2(a)
hereof); and 
 (i) verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a),
2(b) or 2(c) above. 
 5. Trustee Resignation; Termination of Agreement. 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee during 

  

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which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a
successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including, but not limited to, the transfer
of copies of the reports and statements relating to the Trust Account, whereupon the successor trustee shall be bound by the terms of this Agreement; provided, however, that, in the event that the Company does not locate a successor trustee within
ninety days of receipt of the resignation notice from the Trustee, the Trustee may, but shall not be obligated to, submit an application to have the Property deposited with the United States District Court for the Southern District of New York and
upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party after such deposit; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof, and distributed the Property in accordance with the provisions of the
Termination Letter, this Agreement shall terminate except with respect to Section 3(b). 
 6. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred
from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an authorized individual at an authorized telephone number as listed on the attached Exhibit C. The Company and the Trustee will
each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such
information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a Beneficiary, Beneficiary’s bank or intermediary bank, rather than names. The
Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. Facsimile or other electronic signatures shall constitute original signatures for all
purposes of this Agreement. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior
written consent of JPMorgan, who, along with each other Underwriter, the parties specifically agree, are and shall be third party beneficiaries for purposes of this Agreement. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.
  

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 (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the
State and County of New York for purposes of resolving any disputes hereunder. The parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive, and hereby waive any objections to such exclusive jurisdiction and
accept such venue, and waive any objection that such courts represent an inconvenient forum. 
 (e) Any notice, consent or request to be
given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile
transmission: 
 if to the Trustee, to: 
 American Stock Transfer & Trust Company 
 59 Maiden Lane 
 Plaza Level 
 New York, New York 10038

 Attn: Herbert Lemmer 
 Fax No.:
(718) 331-1852 
 if to the Company, to: 
 RAI Acquisition Corp. 
 One Crescent Drive, Suite 203 
 Navy Yard Corporate Center 
 Philadelphia, PA
19112 
 Attn: Secretary 
 Fax
No.: (215) 465-0600 
 in either case with a copy to: 
 J.P. Morgan Securities Inc. 
 277 Park Avenue, 8th Floor 
 New York, New York 10172 
 Fax No.:
(917) 546-2619 
 and 
 Ledgewood, P.C. 
 1900 Market Street, Suite 750 
 Philadelphia, Pennsylvania 19103 
 Attn.: J. Baur Whittlesey, Esq. 
 Fax: No.: (215) 753-2513 
  

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 and 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 
 Attn: Raymond B.
Check, Esq. 
 Fax No.: (212) 225-3999 
 (f) This Agreement may not be assigned or delegated by the Trustee without the prior written consent of the Company and JPMorgan. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated
hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. The Trustee
hereby waives any and all right, title, interest, or claim of any kind (“Claim”) in or to any distribution of the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment, or satisfaction for any Claim against
the Trust Account for any reason whatsoever. 
 (h) The Trustee hereby consents to the inclusion in the Registration Statement or references
to it as the Trustee hereunder and other materials relating to the IPO. 
 [Signature Page Follows] 
  

 8 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as
of the date first written above. 
  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	RAI ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to RAI Acquisition Corp. Investment Management Trust Agreement] 

 

 9 

 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 American Stock Transfer & Trust Company 
 59 Maiden Lane 
 Plaza Level 
 New York, New York 10038 
 Attn: 
 Re: Trust Account No. [    ] Termination
Letter 
 Gentlemen: 
 Pursuant to
Section 1(i) of the Investment Management Trust Agreement between RAI Acquisition Corp. (the “Company”) and American Stock Transfer & Trust Company (the “Trustee”), dated as of
            , 2008 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement (a “Business Agreement”) with
             (the “Target Business”) to consummate a business combination with Target Business (a “Business Combination”) on or about
[            ]. The Company shall notify you at least 2 business days in advance of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement. 
 In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for
transfer to the account or accounts that the Company shall direct in writing on the Consummation Date. 
 On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated or will, concurrently with your transfer of funds to the accounts as directed by the Company, be consummated, (ii) the
Company shall deliver to you [an affidavit] [a certificate] of             , which verifies the vote of the Company's stockholders in connection with the Business Combination and written
instructions with respect to the transfer of the funds held in the Trust Account, including the Deferred Discount (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the counsel’s written notification and the Instruction Letter in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by
the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company or be
distributed immediately and the penalty incurred. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 
  

 A-1 

 In the event that the Business Combination is not consummated on the Consummation Date described in the
notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice. 
  

			
	Very Truly Yours,
	
	RAI ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

 cc: J.P. Morgan Securities Inc. 
  

 A-2 

 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 American Stock Transfer & Trust Company 
 59 Maiden Lane 
 Plaza Level 
 New York, New York 10038 
 Attn: 
 Re: Trust Account No. [    ] Termination
Letter 
 Gentlemen: 
 Pursuant to paragraphs
1(i) and 2(c) of the Investment Management Trust Agreement between RAI Acquisition Corp. (the “Company”) and American Stock Transfer & Trust Company (the “Trustee”), dated as of
            , 2008 (the “Trust Agreement”), this is to advise you that the Board of Directors of the Company has voted the plan of dissolution and to liquidate the
Trust Account (as defined in the Trust Agreement). Attached hereto is a certified copy of the Certificate of Dissolution as filed with the Delaware Secretary of State. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account as part of the Company’s plan of dissolution and liquidation. In connection with this
liquidation, you are hereby authorized to establish a record date for the purposes of determining the stockholders of record entitled to receive their per share portion of the Trust Account. The record date shall be the Last Date (as defined in the
Trust Agreement). You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (the “Transfer Date”) in accordance with the terms of the Trust Agreement and the
Amended and Restated Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company
and you shall oversee the distribution of such funds. Upon the payment of all the funds in the Trust Account, the Trust Agreement shall be terminated. 
  

			
	Very Truly Yours,
	
	RAI ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

 cc: J.P. Morgan Securities Inc. 
  

 B-1 

 EXHIBIT C 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	  	 AUTHORIZED
 TELEPHONE NUMBER(S)

	Company:	  	
		
	RAI Acquisition Corp.	  	
	One Crescent Drive, Suite 203	  	
	Navy Yard Corporate Center	  	
	Philadelphia, PA 19112	  	
	Attn: Secretary	  	
	Fax No.: (215) 465-0600	  	
		
	Underwriters:	  	
		
	J.P. Morgan Securities Inc.	  	
	277 Park Avenue, 8th Floor	  	
	New York, New York 10172	  	
	Fax No.: (917) 546-2619	  	
		
	Trustee:	  	
		
	American Stock Transfer & Trust Company	  	
	59 Maiden Lane	  	
	Plaza Level	  	
	New York, New York 10038	  	
	Attn: Herbert Lemmer	  	
	Fax No.: (718) 331-1852	  	

  

 C-1 

 SCHEDULE A 
 Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement 
 between RAI
Acquisition Corp. and American Stock Transfer & Trust Company 
  

					
	 Fee Item
	  	 Time and method of
 payment
	  	Amount
	 	  	 	  	 
	 	  	 	  	 

  

							
		 		 	Agreed:
		 	 Dated:             , 2008
	 		 	
		 		 	RAI ACQUISITION CORP.
				
		 		 	By:	 	  

			
		 		 	AMERICAN STOCK TRANSFER & TRUST CO.
				
		 		 	By:	 	  

		 		 	                Authorized OfficerService Agreement

 Exhibit 10.6 
 RAI ACQUISITION CORP. 
             , 2008 
 Resource America, Inc. 
 One Crescent Drive, Suite 203 
 Navy Yard Corporate Center 
 Philadelphia, Pennsylvania 19112 
 Re: Administrative Services 
 Ladies and Gentlemen: 
 This letter will confirm our
agreement, that commencing on the completion date of the initial public offering (the “Effective Date”) of the securities of RAI Acquisition Corp. (the “Company”) and continuing until the consummation by the Company of a business
combination or upon the Company’s liquidation (in each case as described in the registration statement on Form S-1 filed with the Securities and Exchange Commission (the “Registration Statement”) with respect to the initial public
offering (the “IPO”)) (such earlier date hereinafter referred to as the “Termination Date”), Resource America, Inc. (“Resource America”) shall make available to the Company, at One Crescent Drive, Suite 203, Navy Yard
Corporate Center, Philadelphia, Pennsylvania 19112 (or any successor location), office space, utilities, technology, secretarial support and other administrative services as may be reasonably required by the Company to carry on its business as
described in the Registration Statement. In exchange therefor, the Company shall pay to Resource America the sum of $7,500 per month (the “Fee”) for the first time on the Effective Date and continuing monthly thereafter until the
Termination Date. Resource America shall refund to the Company the monthly fee (on a pro rata basis) with respect to any period after the Termination Date. 
 This letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 
 This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto. 
 No party hereto may assign either this letter agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this
paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. 

 This letter agreement shall be governed by and construed in accordance with the laws of the Commonwealth
of Pennsylvania, without regard to the principles of conflicts of laws thereof. 
  

			
	Very truly yours,
	
	RAI ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Agreed to and Accepted by:
	
	RESOURCE AMERICA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to RAI Acquisition Corp. Services Agreement

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