Document:

EX-10.1

Exhibit 10.1

SENTISEARCH, INC.

     SentiSearch, Inc., a Delaware corporation (the “Company” or “SentiSearch”), is intending to
sell to a limited number of qualified investors an amount of shares of the Company’s common stock,
par value $.0001 per share (“Common Stock”), such that in the aggregate the Company will raise up
to $1,000,000. The actual closing of the sale may occur in multiple tranches, each at the then
public trading price for the Common Stock. It is expected that the initial closing will occur
after receipt by SentiSearch of subscriptions for not less than $500,000 (the “Initial Closing”),
and that subsequent closings will occur after receipt of subscriptions for not less than an
additional $250,000. The specific timing and amount of the closings, as well as the total dollar
amount of the subscriptions accepted, will be determined by the Company, in its sole discretion.
Based on the closing price on April 17, 2008 of $0.19 per share, the Company could be selling up to
approximately 5.3 million shares of Common Stock (the “Shares”) in the offering.

     The minimum subscription for the Shares by any investor is $50,000. The Company reserves the
right to accept or reject any subscription, in whole or in part, and any subscription that is not
accepted will be returned without interest. Subscriptions received by the Company will be placed
in the Company’s operating account, as no escrow will be established. To the extent investors
subscribe for an amount greater than the Company desires to receive, any excess amount shall be
returned to the investors pro rata based upon the number shares owned by such investor in relation
to the total number of shares owned by all investors whose subscriptions have been accepted by the
Company (as determined prior to the purchase of any Shares). Please review the Company’s Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2007 (the “Annual Report”) filed with
the Securities and Exchange Commission (the “SEC”), as well as the letter sent to all shareholders
of record of the Company on March 11, 2008 (a copy of which is additionally enclosed for your
convenience), prior to your completion of the Subscription Agreement.

     As described in the March 11, 2008 letter to our shareholders, we intend to use the money from
the financing for general working capital purposes, including possibly funding research and
development efforts and pursuing joint ventures or some form of collaboration with another entity
or entities who have interest in our olfaction technology. Various other academic institutions and
private companies have been and are engaged in this field, and some of the things being worked on
may be complimentary and others may be directly competitive to the Company’s intellectual property
and possible activities. The Company has recently advised one such company of the existence of the
Company’s intellectual property rights, and that it will defend all such rights against any
infringement.

     As of today, the Company is authorized to issue 8,000,000 shares of Common Stock, of which
7,694,542 shares are issued. The Company’s Board of Directors has authorized an increase of 6.5
million shares of Common Stock, subject to stockholder approval of this increase, in part to permit
the contemplated financing to occur. As a result, prior to the issuance of any Shares pursuant to
this Subscription Agreement, the Company is required to receive the approval of the holders of at
least a majority of its outstanding shares of Common Stock to amend the Company’s Certificate of
Incorporation to increase the number of authorized shares of Common Stock from 8,000,000 shares to
14,500,000 shares (“Stockholder Approval”). No Shares will be issued, and no subscribing person
will be deemed to own any Shares, until such time as Stockholder Approval has been received by the
Company. In the event that Stockholder Approval is not received by the Company, your dollar
subscription amount for the Shares will not be returned but instead will automatically be converted
into a subscription for debt of the Company to be issued at that time. The debt will be unsecured,
mature in one year from the date of issuance, and bear interest (which will accrue and be payable
at maturity) at a rate equal to ten percent (10%) per annum. The form of this debt security is
attached as Exhibit A hereto.

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INSTRUCTIONS TO INVESTORS

     Persons wishing to subscribe for Shares in the Company must perform the following:

	 	1.	 	Complete and execute the Subscription Agreement, inserting the date.
	 
	 	2.	 	Please indicate the dollar amount of Shares (based on the price as noted above)
you wish to purchase and include the purchase price in Section 1 of the Subscription
Agreement (on page S-3).
	 
	 	3.	 	Make a check payable to:
	 
	 	 	 	“SentiSearch, Inc.”
	 
	 	4.	 	Mail or send via overnight courier the check to:
	 
	 	 	 	Fulbright & Jaworski L.L.P.

666 Fifth Avenue

New York, New York 10103

Attention: Traci Tomaselli, Esq.

     4. Please note that the Initial Closing is expected to occur on or about Monday, May 12, 2008.
If you desire to be included in the Initial Closing please submit a completed Subscription
Agreement and check payable to SentiSearch, Inc. to Fulbright & Jaworski L.L.P., 666 Fifth Avenue,
New York, New York 10103, Attention: Traci Tomaselli, Esq., by no later than Friday, May 9, 2008.

Note to Partnership, Corporate and Trust Subscribers:

	 	—	 	Partnerships provide a copy of the partnership agreement, as amended to date,
showing the date of formation and giving evidence of the authority of the person(s)
signing the subscription documentation to do so.
	 
	 	—	 	Corporations provide a copy and the filing date of the articles of
incorporation and bylaws, as amended to date, and a corporate resolution authorizing
the purchase of the Shares and giving authority to the person(s) signing the
subscription documents to do so.
	 
	 	—	 	Trusts provide a copy of the trust agreement as amended to date, showing the
date of formation and giving evidence of the authority of the person(s) signing the
subscription documentation to do so.

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SUBSCRIPTION AGREEMENT

SENTISEARCH, INC.

SentiSearch, Inc.

1217 South Flagler Drive, 3rd Floor

West Palm Beach, Florida 33401

Attention: Chief Executive Officer

Ladies and Gentlemen:

     The undersigned (the “Investor”) hereby irrevocably subscribes for $___of shares of
Common Stock of SentiSearch, Inc., a Delaware corporation (the “Company”), based on the then public
trading price for the Common Stock on the date of the applicable closing (the “Subscription
Shares”) and subject to the following terms and conditions agreed upon by the Investor and the
Company. The undersigned Investor acknowledges that to the extent that Stockholder Approval is not
received by the Company, the dollar subscription amount of the Investor’s subscription hereunder
will not be returned but instead will automatically be converted into a subscription for debt of
the Company which will be unsecured, mature in one year from the date of issuance, and bear
interest (which will accrue and be payable at maturity) at a rate equal to ten percent (10%) per
annum. The form of this debt security is attached as Exhibit A hereto (the “Debt Securities”).
The securities issued pursuant to this Subscription Agreement, whether Subscription Shares or Debt
Securities, as the case may be, are referred to herein as “Subscription Securities”.

     1. Purchase Price. The Investor shall pay $___for the Subscription
Securities by a check payable to the order of SentiSearch, Inc., delivered by the Investor to
Fulbright & Jaworski L.L.P., 666 Fifth Avenue, New York, New York 10103, Attention: Traci
Tomaselli, with the execution and delivery of this Subscription Agreement.

     2. Acceptance of Subscription. It is understood and agreed that the Company shall
have the right, at any time prior to receipt of notice of cancellation from the Investor to accept
or reject this Subscription Agreement, in whole or in part, and that the same shall be deemed to be
accepted by the Company only when executed by an authorized officer of the Company. Further, the
Investor acknowledges and agrees that, to the extent investors oversubscribe for the Subscription
Securities then any excess amount shall be returned to the investors pro rata based upon the number
shares owned by such investor in relation to the total number of shares owned by all investors
whose subscriptions have been accepted by the Company (as determined prior to the purchase of any
Subscription Securities).

     3. Investor Representations. The Investor hereby represents and warrants to the
Company as follows:

	 	(a)	 	The Investor is relying solely on the information filed by the
Company with the SEC or contained in this Subscription Agreement, which the
Investor acknowledges it has received, read and understood the terms contained
herein and is not relying upon any oral representations in making the decision
to purchase the Subscription Securities.

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	 	(b)	 	The Investor has carefully reviewed and understands the risks
of, and other consideration relating to, the purchase of the Subscription
Securities, including without limitation the risks set forth in the “Risk
Factors” section of the Annual Report.
	 
	 	(c)	 	The Investor should be considered to be a sophisticated
investor, is familiar with the risks inherent in speculative investments such
as in the Company, has such knowledge and experience in financial business
matters that it is capable of evaluating the merits and risks of the investment
in the Subscription Securities.
	 
	 	(d)	 	The Investor is purchasing the Subscription Securities without
being furnished any offering literature or prospectus.
	 
	 	(e)	 	The Investor has been afforded the opportunity to ask questions
of, and receive answers from, the Company’s management about the business and
affairs of the Company and concerning the terms and conditions of the offering
of the Subscription Securities, and to obtain any additional information, to
the extent that the Company possessed such information or could acquire it
without unreasonable effort or expense, necessary to verify the accuracy of the
information otherwise obtained by or furnished to the Investor in connection
with the offering of the Subscription Securities. The Investor agrees that the
Company has furnished to the Investor all information which the Investor
considered necessary to form a decision concerning the purchase of the
Subscription Securities, and no valid request to the Company by the Investor
for information of any kind about the Company has been refused or denied by the
Company or remains unfulfilled as of the date hereof.
	 
	 	(f)	 	The Investor acknowledges that the Company does not currently
have enough authorized shares of Common Stock available to issue the Shares and
that Stockholder Approval must be received by the Company prior to the issuance
of the Subscription Shares to the Investor and further acknowledges that in the
event the Company is unable to receive Stockholder Approval that the Investor’s
subscription under this Subscription Agreement shall be deemed a subscription
for Debt Securities in an amount equal to the purchase price paid for such
Subscription Shares.
	 
	 	(g)	 	The Investor recognizes that the Subscription Securities have
not been registered under the Securities Act of 1933, as amended (“Securities
Act”), nor under the securities laws of any state and, therefore, cannot be
resold unless resale of the Subscription Securities is registered under the
Securities Act or unless an exemption from registration is available; no public
agency has passed upon the accuracy or adequacy of the information contained in
herein or the fairness of the terms of the offering; the Investor may not sell
the Subscription Securities without registering them under the Securities Act
and any applicable state securities laws unless exemptions from such
registration requirements are available with respect to any such sale.
	 
	 	(h)	 	The Subscription Securities being acquired by Investor are
being acquired for the Investor’s own account and for the purpose of investment
and not with a view to,

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	 	 	 	or in connection with, the resale, transfer or other distribution thereof in
violation of the Securities Act, nor with any present intention of so
reselling, transferring or distributing the Subscription Securities. Any
sale, transfer or other disposition of the Subscription Securities will be
made only if such securities are registered under the Securities Act, or the
sale is made in compliance with an exemption under the Securities Act, or
the rules thereunder, and any applicable state securities laws. No one
other than the Investor has any beneficial interest in said securities.
	 
	 	(i)	 	The Investor understands and acknowledges that the Investor has
no right to require registration of resale of the securities purchased hereby
under the Securities Act or under any state securities laws.
	 
	 	(j)	 	The Investor is an Accredited Investor within the meaning of
Regulation D promulgated under the Securities Act. An Accredited Investor
shall mean any person who comes within any of the following categories, or who
the Company reasonably believes comes within any of the following categories,
at the time of the sale of the securities to that person:

	 	(1)	 	Any bank as defined in section 3(a)(2) of the
Securities Act or savings and loan association or other institution as
defined in Section 3(a)(5)(A) of the Securities Act whether acting in
an individual or fiduciary capacity; brokers and dealers registered
under Section 15 of the Securities Exchange Act of 1934; an insurance
company as defined in section 2(13) of the act; an investment company
registered under the Investment Company Act of 1940 or a business
development company as defined in section 2(a)(48) of that act; a Small
Business Investment Company licensed by the U. S. Small Business
Administration under section 301(c) or (d) of the Small Business
Investment Act of 1958; an employee benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974, if the
investment decision is made by a plan fiduciary, as defined in section
3(21) of such act, which is either a bank, insurance company, or
registered investment adviser, or if the employee benefit plan has
total assets in excess of $5,000,000;
	 
	 	(2)	 	Any private business development company as
defined in section 202(a)(22) of the Investment Advisers Act of 1940;
	 
	 	(3)	 	Any organization described in Section 501(c)(3)
of the Internal Revenue Code, corporation, Massachusetts or similar
business trust, or partnership, not formed for the specific purpose of
acquiring the securities offered, with total assets of more than
$5,000,000;
	 
	 	(4)	 	Any director, executive officer, or general
partner of the issuer of the securities being offered or sold, or any
director, executive officer, or general partner of a general partner of
that issuer;
	 
	 	(5)	 	Any natural person whose individual net worth,
or joint net worth with that person’s spouse, at the time of his
purchase exceeds $1,000,000;

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	 	(6)	 	Any natural person who had an individual income
in excess of $200,000 in each of the two most recent years or joint
income with that person’s spouse in excess of $300,000 in each of those
years and has a reasonable expectation of reaching that same level in
the current year;
	 
	 	(7)	 	Any trust, with total assets in excess of
$5,000,000, not formed for the specific purpose of acquiring the
securities offered, whose purchase is directed by a sophisticated
person as described in Rule 506(b)(2)(ii) of Regulation D; and
	 
	 	(8)	 	Any entity in which all of the equity owners
are Accredited Investors.

	 	(k)	 	The Investor recognizes that the total amount of funds tendered
to purchase the Subscription Securities is placed at the risk of the business
and may be completely lost. The Investor understands that there can be no
assurance of profitable operations and that the purchase of Subscription
Securities as an investment involves substantial risks.
	 
	 	(l)	 	The Investor realizes that the Subscription Securities cannot
readily be sold, that it may not be possible to sell or dispose of the
Subscription Securities and therefore the Subscription Securities must not be
purchased unless the Investor has liquid assets sufficient to assure that such
purchase will cause no undue financial difficulties and the Investor can
provide for current needs and possible personal contingencies.
	 
	 	(m)	 	The Investor confirms and represents that the Investor is able
(i) to bear the economic risk of Investor’s investment, (ii) to hold the
securities for an indefinite period of time, and (iii) to afford a complete
loss of the Investor’s investment. The Investor also represents that the
Investor has (i) adequate means of providing for the Investor’s current needs
and possible personal contingencies, and (ii) no need for liquidity in this
particular investment.
	 
	 	(n)	 	The Investor understands that there are substantial
restrictions on the transferability of the component parts of the Subscription
Securities and that any certificate or other document evidencing the component
parts of the Subscription Securities will have substantially the following
restrictive legend thereon:
	 
	 	 	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED
FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY
STATE. SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED AT ANY TIME EXCEPT UPON REGISTRATION OR UPON
DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR EVIDENCE
SATISFACTORY TO THE COMPANY THAT 

S-6

 

	 	 	 	ANY SUCH TRANSFER WILL NOT VIOLATE
THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE.”
	 
	 	(o)	 	All information which the Investor has provided to the Company
concerning the Investor’s financial position and knowledge of financial and
business matters is correct and complete as of the date set forth herein, and
if there should be any material change in such information prior to acceptance
of this Subscription Agreement by the Company, the Investor will immediately
provide the Company with such information.
	 
	 	(p)	 	In subscribing for the Subscription Securities, the Investor is
relying solely upon independent investigation and has carefully considered the
Company’s business, prospects, operations and financial condition and has, to
the extent the Investor believes such discussion necessary, discussed with the
Investor’s professional legal, tax and financial advisors and the Investor’s
other representative(s), if any, the suitability of an investment in the
Company for the Investor’s particular tax and financial situation and the
Investor and the Investor’s advisors or the Investor’s other representative(s),
if any, have determined that the investment is a suitable investment for the
Investor.
	 
	 	(q)	 	The Investor is familiar with the terms, risks and merits of an
investment in the Company through the subscription for the purchase of the
Subscription Securities. The Investor has been presented with and has acted
upon the opportunity to ask questions and receive answers from the Company
relating to the terms and conditions of the offering in order to obtain any
additional information necessary to verify the accuracy of the information made
available to Investor.
	 
	 	(r)	 	The Investor has not become aware of the offering of the
Subscription Securities by any form of general solicitation or advertising,
including, but not limited to advertisements, articles, notices or other
communications published in any newspaper, magazine or other similar media or
broadcast over television or radio or any seminar or meeting where those
individuals that have attended have been invited by any such or similar means
of general solicitation or advertising.
	 
	 	(s)	 	The Investor acknowledges that the Company is currently a
development stage company and has a limited operating history and that the
Company intends to use the money from the financing for general working capital
purposes, including possibly funding research and development efforts and
pursuing joint ventures or some form of collaboration with another entity or
entities who interest in the Company’s olfaction technology. The Investor
recognizes that various other academic institutions and private companies have
been and are engaged in this field, and some of the things being worked on may
be complimentary and others may be directly competitive to the Company’s
intellectual property and possible activities.
	 
	 	(t)	 	The Investor is a bona fide resident of the state set forth as
his, her or its “residence address” in Subscription Agreement, and that (i) if
a corporation,

S-7

 

	 	 	 	partnership, trust, or other form of business organization, it
has its principal office within such state; (ii) if an individual, he or she has his or her
principal residence in such state; and (iii) if a corporation, partnership,
trust, or other form of business organization which was organized for the
specific purpose of acquiring the Subscription Securities in the Company,
all of its beneficial owners are residents of such state.
	 
	 	(u)	 	The Investor agrees that:

	 	(1)	 	the subscription hereunder is irrevocable, and
that this Subscription Agreement and any agreements of the Investor
hereunder shall survive the death or disability of the Investor and
shall be binding upon and inure to the benefit of the parties and their
heirs, executors, administrators, successors, legal representatives and
assigns. If the Investor is more than one person, the obligations of
the Investor hereunder shall be joint and several and the agreements,
representations, warranties and acknowledgments herein contained shall
be deemed to be made by and be binding upon each such person and his or
her heirs, executors, administrators, successors, legal representatives
and assigns.
	 
	 	(2)	 	the Investor will not transfer or assign this
subscription or any interest therein;
	 
	 	(3)	 	this subscription may be accepted or rejected,
in whole or in part, by the Company, without giving any reason
therefor; and
	 
	 	(4)	 	in the event the offering of Subscriptions
Securities is oversubscribed, the Company may, in its sole discretion,
reject certain subscriptions or allocate Subscription Securities among
subscribers, or a combination thereof based upon the number shares
owned by such subscriber in relation to the total number of shares
owned by all subscribers whose subscriptions have been accepted by the
Company (as determined prior to the purchase of any Subscription
Securities).

	 	(v)	 	The Investor acknowledges that this Subscription Agreement will
not be valid, binding and enforceable until the subscription hereunder is
accepted and approved by the Company. The Investor understands and agrees that
the Company, in its sole discretion, reserves the right to accept or reject
this or any other subscription for the Subscription Securities in whole or in
part at any time prior to a Closing, notwithstanding prior receipt by the
Investor of notice of acceptance. In the event that this subscription is
rejected in whole or in part, the Company shall promptly cause the return of
the applicable portion of the purchase price of the Subscription Securities to
the Investor, and this Subscription Agreement shall thereafter have no force or
effect to that extent.

     4. Investor Consent. By executing this Subscription Agreement below, the Investor
hereby consents to, and irrevocably agrees to vote all shares of Common Stock held or voted by the
Investor in favor of, an amendment to the Company’s Certificate of Incorporation to increase the
number of

S-8

 

authorized shares of Common Stock from 8,000,000 shares of Common Stock to 14,500,000 shares
of Common Stock.

     5. Company Representations. The Company represents and warrants as follows:

	 	(a)	 	The Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and has the
corporate power and authority to carry on its business as now conducted, and to
own and operate the properties and assets now owned and operated by it.
	 
	 	(b)	 	Subject to the receipt of Stockholder Approval, the issuance of
the Subscription Shares has been duly authorized by all necessary corporate
action of the Company and does not conflict with the terms of the bylaws,
certificate of incorporation or material agreements of the Company. In the
event Stockholder Approval is not received, the issuance of the Debt Securities
has been duly authorized by all necessary corporate action of the Company and
does not conflict with the terms of the bylaws, certificate of incorporation or
material agreements of the Company.
	 
	 	(c)	 	To the Company’s knowledge, the Company’s Annual Report on Form
10-KSB for the year ended December 31, 2007 as filed with the SEC, was, on the
date it was filed, complete and accurate in all material respects, and did not
contain any material misstatement or omit to state any facts that are material
to the operations or financial results of the Company, as of the date made.
	 
	 	(d)	 	The authorized capital stock of the Company as of April 17,
2008 consists of 8,000,000 shares of Common Stock, of which 7,694,542 shares
are issued and outstanding. All of the issued and outstanding shares of
capital stock of the Company are, and, subject to receipt of Stockholder
Approval, the Subscription Shares will be, duly authorized, validly issued,
fully paid and non-assessable.

     6. Closing. Subject to the terms and conditions contained herein, it is expected that
the initial closing of the transactions contemplated hereby will take place upon receipt from
Investors, and acceptance by the Company, of subscriptions to purchase at least $500,000 of Shares
(the “Initial Closing”); and that the Company may hold additional closings with respect to the sale
of Shares at any time following the Initial Closing upon the receipt from the investors of
subscriptions to purchase not less than $250,000 of additional Shares (each an “Additional
Closing”). The specific timing of the Initial Closing and each Additional Closing, as well as the
total dollar amount of the subscriptions accepted, will be determined by the Company, in its sole
discretion. The date of the Initial Closing and each Additional Closing is referred to herein as a
“Closing Date”. To the extent Stockholder Approval is received, the Company shall issue shares
representing the Subscription Shares promptly following the later of the applicable Closing Date or
the date Stockholder Approval is received. To the extent Stockholder Approval is not received, the
Company shall issue debt representing the Debt Securities promptly following the later of the
applicable Closing Date or the date Stockholder Approval is voted against.

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     7. Indemnification. It is acknowledged that the meaning and legal consequences of the
representations and warranties contained in this Subscription Agreement are understood and the
Investor hereby agrees to indemnify and hold harmless the Company and each officer and director
thereof, and the Company hereby agrees to indemnify and hold harmless the Investor, from and
against any and all loss, damage and liability due to or arising out of a breach of any of the
representations and warranties made in this Subscription Agreement by the Investor or the Company,
as the case may be. The representations and warranties contained herein are intended to and shall
survive delivery of this Subscription Agreement, and the completion of the transactions set forth
herein.

     8. Miscellaneous.

          (a) Amendment or Waiver; Assignment. This Subscription Agreement may not be modified
or amended without the prior consent of the parties hereto. No failure or delay on the part of
either party in exercising any right hereunder shall operate as a waiver; nor shall any single or
partial exercise of any such right preclude any other or further exercise thereof or the exercise
of any other rights. No waiver of any such right or amendment hereof shall be effective unless
given in writing. No waiver of any such right shall be deemed a waiver of any other right
hereunder. Neither this Subscription Agreement nor any right or benefits hereunder may be assigned
by the Company, but Investor may assign this Subscription Agreement to any transferee of the
Subscription Shares, subject to compliance by Investor with all state and federal securities laws
and regulations.

          (b) Binding Effect. This Subscription Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

          (c) Severability. If any provision hereof shall be held to be void, illegal or
unenforceable it shall be deemed severable from the remaining provisions hereof which shall remain
in full force and effect.

          (d) Notices. Any notice to be given hereunder shall be given (except as otherwise
expressly set forth herein) by registered prepaid airmail, air courier service or by fax or may be
delivered by hand and shall be deemed to have been received, if given by registered prepaid
airmail, seven days after posting; if given by telecopier, on receipt of the telecopier
confirmation; and if delivered by hand or by air courier, at the time of such delivery, if to
Investor at the address set forth on the signature page hereof, and if to the Company at
SentiSearch, Inc., 1217 South Flagler Drive, 3rd Floor, West Palm Beach, Florida,
Attention: Chief Executive Officer.

          (e) Governing Law; Jurisdiction.

               (i) THIS SUBSCRIPTION AGREEMENT AND THE OBLIGATIONS OF THE PARTIES HEREUNDER WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
CONFLICTS OF LAWS PROVISIONS THEREOF THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY
OTHER JURISDICTION.

               (ii) Each party hereto knowingly and voluntarily waives any and all rights it may have to a
trial by jury with respect to any litigation based on, or arising out of, under, or in connection
with, this Subscription Agreement. Each party is hereby authorized to submit, as conclusive

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evidence of such waiver of jury trial, this Subscription Agreement to a court that has jurisdiction
over the subject matter of such litigation and the parties to this Subscription Agreement.

               (f) Entire Agreement. This Subscription Agreement contains the entire agreement
between the parties relating to the subject matter herein and supersedes all previous oral
statements and other writings with respect thereto.

               (g) Execution in Counterparts. This Subscription Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one
and the same agreement.

TYPE OF OWNERSHIP (CHECK ONE)

	 	 	 	 	 	 	 
	___

	 	INDIVIDUAL OWNERSHIP (one

signature required)
	 	___
	 	COMMUNITY PROPERTY (one
signature if shares are held in one
name, i.e., managing spouse; two
signatures required if interest is
held in both names)
	 
	 	 	 	 	 	 
	___

	 	CORPORATION (Please include
certified corporate resolution
authorizing signature.)
	 	___
	 	PARTNERSHIP (Please include a
copy of the statement of partnership
or partnership agreement authorizing
signature.)
	 
	 	 	 	 	 	 
	___

	 	TRUST (Please include name of
trust, name of trustee, date trust
was formed and copy of the trust
agreement or other authorization.)	 	 	 	 

 

Please print the exact name (registration)

Investor desires on records of the Company.

	 	 	 
	 

Street Address                      Suite or Apt.

	 	 
	 
	 	 
	 

City,                      State                      Zip Code

	 	 
	 
	 	 
	
(           
) 

Telephone

	 	 
	 
	 	 
	 

Social Security or Taxpayer I.D. Number

	 	 
	 
	 	 
	 

State of Residence

	 	 

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EXECUTION

Please execute this Subscription Agreement by completing the appropriate section below.

	1.	 	If the subscriber is an INDIVIDUAL, complete the following:

	 	 	 
	 

	 	 
	 

	 	Signature of Investor
	 
	 	 
	 

	 	 
	 

	 	Name (please type or print)
	 
	 	 
	 

	 	 
	 

	 	Signature of Spouse or Co-Owner if funds are to be
invested as joint tenants by the entirety or
community property.
	 
	 	 
	 

	 	 
	 

	 	Name (please type or print)

	2.	 	If the subscriber is a CORPORATION, complete the following:
	 
	 	 	The undersigned hereby represents, warrants and covenants that the undersigned has
been duly authorized by all requisite action on the part of the corporation listed
below (“Corporation”) to acquire the Subscription Shares (or the Debt Securities, as
applicable) and, further, that the Corporation has all requisite authority to
acquire such Subscription Shares (or the Debt Securities, as applicable).
	 
	 	 	The officer signing below represents and warrants that each of the above
representations or agreements or understandings set forth herein applies to that
Corporation and that he has authority under the articles of incorporation, bylaws,
and resolutions of the board of directors of such Corporation to execute this
Subscription Agreement. Such officer encloses a true copy of the articles of
incorporation, the bylaws and, as necessary, the resolutions of the board of
directors authorizing a purchase of the investment herein, in each case as amended
to date.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name of Corporation (please type or print)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

S-12

 

	3.	 	If the subscriber is a PARTNERSHIP, complete the following:
	 
	 	 	The undersigned hereby represents, warrants and covenants that the undersigned is a
general partner of the partnership named below (“Partnership”), and has been duly
authorized by the Partnership to acquire the Subscription Shares (or the Debt
Securities, as applicable) and that he has all requisite authority to acquire such
Subscription Shares (or the Debt Securities, as applicable) for the Partnership.
	 
	 	 	The undersigned represents and warrants that each of the above representations or
agreements or understandings set forth herein applies to that Partnership and he is
authorized by such Partnership to execute this Subscription Agreement. Such partner
encloses a true copy of the partnership agreement of said Partnership, as amended to
date, together with a current and complete list of all partners thereof.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name of Partnership (please type or print)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	4.	 	If the subscriber is a TRUST, complete the following:
	 
	 	 	The undersigned hereby represents, warrants and covenants that he is duly authorized
by the terms of the trust instrument (“Trust Instrument”) for the (“Trust”) set
forth below to acquire the Subscription Shares (or the Debt Securities, as
applicable) and the undersigned, as trustee, has all requisite authority to acquire
such Subscription Shares (or the Debt Securities, as applicable) for the Trust.
	 
	 	 	The undersigned, as trustee, executing this Subscription Agreement on behalf of the
Trust, represents and warrants that each of the above representations or agreements
or understandings set forth herein applies to that Trust and he is authorized by
such Trust to execute this Subscription Agreement. Such trustee encloses a true
copy of the Trust Instrument of said Trust as amended to date.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name of Trust (Please type or print)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

S-13

 

ACCEPTED BY THE COMPANY this            day of                      2008.

SENTISEARCH, INC.

	 	 	 	 
	By:
	 	 
	Name:

	 	Joseph K. Pagano
	Title:

	 	Chief Executive Officer and Chairman of the Board

S-14

 

EXHIBIT A

SENTISEARCH, INC.

FORM OF UNSECURED PROMISSORY NOTE

			
	 	 	 
	$                    
	 	                    , 2008

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, OFFERED FOR
SALE OR TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE NOTE
UNDER SUCH ACT AND SUCH LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

     For Value Received, SENTISEARCH, INC., a Delaware corporation (“Maker”), promises to pay to
           
            
            
      (the “Holder”), the principal sum of   
             
      Dollars ($         
           ),
together with interest on the unpaid principal balance hereof from time to time outstanding at the
rate set forth below, until the Note is paid in full.

     The entire unpaid principal balance of this Note, together with accrued and unpaid interest
thereon, shall be paid on the first anniversary of the date of this Note, or the first business day
thereafter if such date is not a business day (the “Maturity Date”). The Note may be prepaid by
Maker at any time prior to the maturity date without penalty or premium but only if Maker delivers
to Holder, together with the full payment of principal on the Note, an amount equal to all interest
accrued through the payment date. The Note is an unsecured obligation of Maker.

     Interest on this Note shall accrue on the principal balance outstanding at a rate equal to ten
percent (10%) per annum. Maker will pay all accrued and unpaid interest to the Holder on the
Maturity Date (or prepayment date).

     The following shall constitute events of default hereunder (collectively, “Events of
Default”):

          (1) default in the payment of any principal or interest due under this Note unless Maker shall
cure such payment default during the period of five business days thereafter;

          (2) the entry of a decree or order for relief by a court having jurisdiction in the premises
in respect to Maker in an involuntary case under the federal bankruptcy laws, as now constituted or
hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar
laws, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of Maker or for any substantial part of any of its property, or ordering the winding-up
or liquidation of any

 

 

of its affairs and the continuance of any such decree or order unstayed and in effect for a
period of 90 consecutive days; or

          (3) the commencement by Maker of a voluntary case under the federal bankruptcy laws, as now
constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency
or other similar laws, or the consent by Maker to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of
Maker or any substantial part of its property, or the making by Maker of any assignment for the
benefit of creditors, or the taking of corporate action by Maker in furtherance of or which might
reasonably be expected to result in any of the foregoing.

     Upon the occurrence of an Event of Default, then, the principal of and accrued and unpaid
interest on all of this Note shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Holder. In addition, the Holder
shall have then, or at any time thereafter, all of the remedies afforded by the Uniform Commercial
Code or afforded by other applicable law.

     None of the terms or provisions of this Note may be excluded, modified, or amended except by a
written instrument duly executed on behalf of the Holder expressly referring hereto and setting
forth the provision so excluded, modified or amended.

     This Note shall be governed by the laws of the State of New York.

	 	 	 	 	 	 	 
	 	 	SENTISEARCH, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Joseph K. Pagano
	 	 
	 

	 	Title:
	 	Chief Executive Officer and Chairman of
the BoardEX-10.55

Exhibit 10.55

Execution Copy

JOINDER AND AMENDMENT NO. 1 TO

FORBEARANCE AGREEMENT 

     THIS JOINDER AND AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT (this “Amendment”) is
entered into at Columbus, Ohio, as of March 31, 2008 (the “Amendment Effective Date”), by
and among the BORROWERS listed on Schedule 1 hereto (each, a “Borrower” and
collectively, the “Borrowers”), FRANKLIN CREDIT MANAGEMENT CORPORATION, a Delaware
corporation (“FCMC” or “Guarantor”) and THE HUNTINGTON NATIONAL BANK
(“Huntington” or “Lender”). This Amendment amends and modifies a certain
Forbearance Agreement and Amendment to Credit Agreements dated as of December 28, 2007 (as amended,
supplemented, restated or otherwise modified from time to time prior to the date hereof, the
“Forbearance Agreement”), by and among the Borrowers (other than the Additional
Subsidiaries), FCMC and Lender. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Forbearance Agreement.

RECITALS:

     A. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries), FCMC and
Lender executed the Forbearance Agreement amending and restating the terms of certain extensions of
credit to the Borrowers and FCMC, as applicable; and

     B. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (A Note) in the
original principal sum of $600,000,000 (the “Tranche A Note”); and

     C. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (B-1 Note) in the
original principal sum of $79,051,123.50 (the “Tranche B-1 Note”); and

     D. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (B-2 Note) in the
original principal sum of $79,051,123.50, the original outstanding principal balance of which was
ultimately confirmed to be $61,110,686.61, pursuant to a certain letter agreement dated January 11,
2008 (the “Tranche B-2 Note”); and

     E. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (B-3 Note) in the
original principal sum of $79,051,123.50 (the “Tranche B-3 Note”); and

     F. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (B-4 Note) in the
original principal sum of $79,051,123.50 (the “Tranche B-4 Note”); and

 

 

     G. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (B-5 Note) in the
original principal sum of $25,000,000 (the “Tranche B-5 Note”); and

     H. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (C Note) in the
original principal sum of $125,000,000 (the “Tranche C Note”); and

     I. As of December 28, 2007, the Borrowers (other than the Additional Subsidiaries) executed
and delivered to Lender, inter alia, an Amended and Restated Promissory Note (D Note) in the
original principal sum of $5,000,000 (the “Tranche D Note” and together with the Tranche A
Note, the Tranche B-1 Note, the Tranche B-2 Note, the Tranche B-3 Note, the Tranche B-4 Note, the
Tranche B-5 Note, and the Tranche C Note, collectively, the “Notes”); and

     J. Lender has required all Subsidiaries of FCMC to be parties to the Forbearance Agreement,
the Notes and the other Loan Documents, and Rontex 1617 Corporation, Juniper Corp., Newport 50
Corporation, Fort 100 Corporation, Fort 100 B Corporation, Tribeca Funding Corporation, Six
Harrison Corporation, Hudson Management Corporation, New Haven 58 Corporation, Norwich 42
Corporation, Island 52 Corporation, Flow 2007 E Corp. and Emgold 57 Corp. (the “Additional
Subsidiaries” and individually, an “Additional Subsidiary”) are each a Subsidiary of
FCMC and are not parties signatory to the Forbearance Agreement, the Notes or other Loan Documents
previously and desire to join as Borrowers to the Forbearance Agreement, the Notes and the other
Loan Documents; and

     K. FCMC and the applicable Borrowers have failed to comply with certain provisions of Section
11, “Certain Post-Closing Deliverables,” of the Forbearance Agreement by failing to deliver
certain financial statements, schedules, documents and other items as required by the Forbearance
Agreement, and Section 12(d), “Interest Coverage Ratios,” of the Forbearance Agreement for
the monthly period ending January 31, 2008, by failing to maintain a minimum ratio of Adjusted
EBITDA to Interest Expense, as required by the Forbearance Agreement (collectively, the
“Identified Forbearance Defaults”), and each of the Acknowledged Defaults are continuing;
and

     L. FCMC and the Borrowers have requested that Lender (i) join the Additional Subsidiaries as
Borrowers and parties to the Forbearance Agreement and the other Loan Documents, (ii) extend an
additional period of forbearance in respect of the Static Loans, (iii) extend additional credit to
Borrowers pursuant to Tranche D, (iv) amend and modify certain terms and covenants in the
Forbearance Agreement, (v) adjust the Interest Period, the Interest Rate, and the Payment Date with
respect to interest on the Tranche C, and (vi) extend the time periods or modify the requirements
for FCMC and the Borrowers to satisfy certain post-closing deliverables composing the Identified
Forbearance Defaults, and Lender is willing to do so upon the terms and subject to the conditions
contained herein.

     NOW, THEREFORE, in consideration of the mutual covenants, agreements and promises contained
herein, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound, the parties hereto for themselves and their successors and assigns do hereby agree,
represent and warrant as follows:

- 2 -

 

     1. Joinder. Each Additional Subsidiary hereby acknowledges, agrees and confirms that,
by its execution of this Amendment, such Additional Subsidiary will be a Borrower under the
Forbearance Agreement, each Note and other Loan Document and shall have all of the obligations of a
Borrower thereunder as if it had executed the Forbearance Agreement each Note and other Loan
Document. Each Additional Subsidiary hereby ratifies, as of the date hereof, and agrees to be
bound by, all of the terms, provisions and conditions contained in the Forbearance Agreement, each
Note and other Loan Document, including without limitation (a) all of the representations and
warranties of the Borrowers set forth in Section 9 of the Forbearance Agreement, and (b) all of the
covenants set forth in Section 12 of the Forbearance Agreement.

     2. Extension of Forbearance for Static Loans. Absent the occurrence and continuance
of a Forbearance Default, prior to July 31, 2008, Lender agrees not to initiate collection
proceedings or exercise its remedies under the Loan Documents in respect of any Static Loan against
Guarantor, any Borrower or any Collateral or elect to have interest accrue under the respective
Loan Documents at the stated rate applicable after default.

     3. Definitions Amended. The definitions of “Interest Period,” “Interest
Rate,” “Payment Date,” “Tranche C Collections Amount,” “Tranche D” and
“Tranche D Commitment” set forth in Section 2, “Certain Defined Terms,” of the
Forbearance Agreement are hereby amended to recite as follows:

“Interest Period” shall mean, with respect to any Advance, (i)
initially, the period commencing on any funding date with respect to such
Advance and ending on the calendar day prior to the Payment Date of the next
succeeding month (except with respect to a Tranche C Advance, as to which the
“Interest Period” shall commence on the Tranche C Accrual Date) (ii)
thereafter, each period commencing on the Payment Date of one month and
ending on the calendar day prior to the Payment Date of the next succeeding
month; provided, that if any Interest Period would otherwise expire
on a day which is not a business day, such Interest Period shall be extended
to the next succeeding business day; provided, however, that if such
next succeeding business day occurs in the following calendar month, then
such Interest Period shall expire on the immediately preceding business day,
and provided further that interest shall continue to accrue on all
amounts due and payable hereunder that remain unpaid on the applicable
Termination Date until such time as such amounts are paid in full.

“Interest Rate” shall mean, for each day in respect of (a) the
Tranche A Advances, the Tranche B Advances or the Tranche D Advances, as
applicable, a per annum rate equal to LIBOR for that day plus the relevant
Applicable Margin, and (b) the Tranche C Advances, a rate of 20% per annum.

“Payment Date” shall mean either (a) the fifth (5th) day of each
calendar month or, if such day is not a business day, the next succeeding
business day, or (b) in the case of the final Payment Date for the Tranche A
Advances, the Tranche B Advances, the Tranche C Advances or the Tranche D
Advances, the Tranche A Termination Date, the Tranche B Termination Date, the

- 3 -

 

Tranche C Termination Date or the Tranche D Termination Date, respectively;
provided, however, payments of interest accrued on the Advances shall
commence on February 5, 2008 (except with respect to the Tranche C Advances,
which shall commence on the first Payment Date following the Tranche C
Accrual Date). If the due date of any payment due in respect to any Advance
shall be a day that is not a business day, such due date shall be extended to
the next succeeding business day; provided, however, that if such next
succeeding business day occurs in the following calendar month, then such due
date shall be the immediately preceding business day.

“Tranche C Collections Amount” shall mean, with respect to any
Payment Date and the portion of the Applicable Collections Amount for such
Payment Date remaining after giving effect to the payments provided in
clauses first through eleventh of Section 5(d), (i) 90% of
such remaining Applicable Collections Amount for so long as FCMC is
continuing to service the Mortgage Loans pledged as Collateral, and (ii)
otherwise 100% of such remaining Applicable Collections Amount if FCMC is no
longer servicing such Mortgage Loans until all Tranche C Advances are paid in
full.

“Tranche D” shall mean (i) a revolving credit facility to Borrowers
in the maximum principal sum outstanding at any time of $10,000,000, and, in
addition, (ii) a Letter of Credit facility pursuant to which Lender in its
discretion may issue Letters of Credit for the account of FCMC, Tribeca or
any other Borrower; provided that Letter of Credit Exposure shall at no time
exceed $5,500,000.

“Tranche D Commitment” shall mean as to Lender, subject to the terms
and conditions of this Agreement, the commitment of Lender to (i) fund
Tranche D Advances up to $10,000,000 outstanding at any time under the
revolving credit portion of Tranche D and (ii) issue Letters of Credit;
provided that Letter of Credit Exposure shall at no time exceed $5,500,000.

     4. Definitions Added. The following defined terms are hereby added to Section 2,
“Certain Defined Terms,” of the Forbearance Agreement in their correct alphabetical order
and shall recite as follows:

“Amendment No. 1” shall mean a certain Joinder and Amendment No. 1 to
Forbearance Agreement dated as of March 31, 2008.

“Reserves” shall mean such reserves as Lender reasonably deems
appropriate to establish in such amounts, and with respect to such matters,
as Lender in its good faith discretion shall deem necessary or appropriate,
including without limitation, reserves with respect to (i) sums that FCMC or
any Borrower is required to pay pursuant to its contractual obligations (such
as taxes, assessments, insurance premiums, or, in the case of leased assets,
rents or other amounts payable under such leases), (ii) Liens or trusts for
ad valorem, excise, sales, or other taxes where given priority under
applicable law in and to an item of Collateral, and (iii) up to $5,000,000 at
any time as a reserve for

- 4 -

 

the payment of any Required Payment or interest under any Advance, or any
fees or expenses owing or anticipated to be owing to Lender under the terms
of any Loan Document.

“Tranche C Accrual Date” shall mean the first Business Day following
payment in full satisfaction of all outstanding amounts under the Tranche A
Note and shall be the date upon which interest shall begin to accrue on the
Tranche C Note.

     5. Amendments to Tranche D Provisions. New subsections (iv) and (v) are hereby added
to Paragraph (d), “Tranche D Advances,” of Section 3, “Amended and Restated
Advances,” of the Forbearance Agreement and shall recite as follows:

(iv) The proceeds of each Tranche D Advance under the revolving portion of
Tranche D shall be used (x) in an amount up to $1,000,000 shall be designated
for use by Tribeca to assure that certain state licensing requirements of
Tribeca are met (including without limitation, “wet funding” of qualified
Mortgage Loans) (y) for the working capital and general corporate needs of
each Borrower as Lender shall advance in its sole discretion and (z) to
enable FCMC, Tribeca or a Borrower to purchase real property in which such
Person has a Lien, whether by foreclosure, trustee’s sale, power of sale or
other involuntary arrangement or pursuant to a deed-in-lieu of foreclosure or
other voluntary conveyance arrangement (including without limitation paying
indebtedness secured by a prior Lien on such real property) and to pay
expenses of any such voluntary or involuntary arrangement with respect to
such real property; provided, however that FCMC, Tribeca or such Borrower (A)
has presented to Lender at least fifteen (15) days prior to any such proposed
date for foreclosure sale or purchase an analysis satisfactory to Lender
concerning any such proposed purchase and disbursements and a draw request
for a Tranche D Advance, and (B) Lender has provided its prior written
consent to such purchase of real estate and disbursements related thereto.
Each Tranche D Advance relating to any Letter of Credit shall be used to
solely assure that all state licensing requirements of the applicable
Borrower are met.

(v) Upon the request of Lender, within five (5) Business Days after the
acquisition of any REO Property by FCMC or any Subsidiary, FCMC shall, and
shall cause each such Subsidiary to execute and deliver to the Lender a
mortgage, deed of trust, assignment or other appropriate instrument
evidencing a Lien in favor of Lender upon any such REO Property, together
with such title policies, certified surveys, environmental reports, local
counsel opinions and such other property assurances, agreements, documents
and instruments which Lender deems necessary or desirable, and to be subject
only to (i) Liens in favor of Lender and (ii) such other Liens as Lender may
reasonably approve, it being understood that the granting of such additional
security for the Obligations is a material inducement to the execution and
delivery of this Agreement by Lender.

- 5 -

 

     6. RESERVED.

     7. Amendments to Section 5. Section 5, “Payments of Interest and Principal on the
Advances,” of the Forbearance Agreement is hereby amended to recite in its entirety as follows:

          5. Payments of Interest and Principal on the Advances.

               (a) Interest on the Advances; PIK Interest.

               (i) The Borrowers shall pay to Lender interest on the aggregate outstanding principal amount
of the Advances of each Tranche for the period from and including the respective dates of such
Advances (except in the case of the Tranche C Advance as to which it shall pay interest from the
Tranche C Accrual Date) to but excluding the respective dates such Advances are paid in full, in
each case at a rate per annum equal to the applicable Interest Rate. Notwithstanding the foregoing,
the Borrowers shall pay to Lender interest at the applicable
Post-Default Rate (i) on the outstanding principal amount of any Advances
during any period when any Forbearance Default has occurred and is continuing
and (ii) on any interest or amount (other than principal of any Advance)
payable by the Borrowers hereunder or under any applicable Note that shall
not be paid in full when due, for the period from and including the due date
thereof to but excluding the date the same is paid in full. Accrued and
unpaid interest on each Advance shall be payable monthly on each Payment Date
and on the Tranche A Termination Date, Tranche B Termination Date, Tranche C
Termination Date, or Tranche D Termination Date, as applicable, except that
interest payable at the applicable Post-Default Rate shall accrue daily and
shall be payable promptly upon demand.

               (ii) Anything contained in Section 5 (a)(i) to the contrary
notwithstanding, Guarantor, on behalf of the Borrowers, has elected as of the
Forbearance Effective Date and Lender has consented thereto, to pay the
accrued and unpaid interest due in respect of the Tranche C Advances from and
after the date that such interest begins to accrue on the Tranche C Accrual
Date by adding the amount thereof to the outstanding principal amount of the
Tranche C Advances (any such interest in respect of the Tranche C Advances
that is so added to the outstanding principal amount of the Tranche C
Advances being “PIK Interest”). Upon request of Lender, Borrowers
will execute and deliver to Lender an additional Tranche C Note for the
amount of such PIK Interest or a replacement Tranche C Note in a face amount
equal to the then outstanding principal sum, plus the amount of such PIK
Interest; provided, however, the failure of Lender to request that the
Borrowers execute, or the failure of the Borrowers to provide, any such
additional Tranche C Note shall in no way affect the Borrowers obligation to
pay any such PIK Interest at the time and in the manner of other Tranche C
Advances.

- 6 -

 

     (b) Scheduled Principal Payments in Respect of Tranche A Advances
and Tranche B Advances, Principal Payments. On each Payment Date in
respect of the Tranche A Advances and the Tranche B Advances, the Borrowers
shall pay to Lender, the Minimum Tranche A Payment Amount and the Minimum
Tranche B Payment Amount, as applicable, for such Payment Date. The Borrowers
shall pay all remaining amounts of Tranche C Advances and Tranche D Advances
as set forth in paragraphs (d) and (e) below and on the applicable
Termination Date.

     (c) Payment Date Reports. No later than two business days prior
to each Payment Date, Lender shall provide to Guarantor a report stating (i)
the amount of interest due for the current Interest Period pursuant to
Section 5(a), separately stated for the applicable Tranche A Advances, the
Tranche B Advances, the Tranche C Advances, if applicable, and the
Tranche D Advances, (ii) the Minimum Tranche A Payment Amount and the Minimum
Tranche B Payment Amount for such Payment Date, and (iii) if such Payment
Date occurs on a Termination Date, the aggregate outstanding principal amount
of the Tranche A Advances, Tranche B Advances, Tranche C Advances and/or
Tranche D Advances, as applicable; provided, that the failure of
Lender to make any such report shall not affect the obligations of the
Borrowers to make payment when due of any amount owing hereunder or under any
Note in respect of the related Advances.

     (d) Collateral Collection. Without in any way limiting the
obligations of the Borrowers to make the payments of principal and interest
that are required to be made in respect of the Advances pursuant to Sections
5(a) and 5(b) (with respect to any Payment Date, the “Required
Payments”), the Borrowers hereby authorize and direct Lender, on each
Payment Date, to apply all Collections received from and after the
immediately preceding Payment Date (or, in the case of the first Payment
Date, from and after the Forbearance Effective Date) to but excluding such
Payment Date (the aggregate amount of such Collections, minus any Reserves
established during such period, being the “Applicable Collections
Amount” in respect of such Payment Date) in the following order of
priority:

first, to the payment of interest on the Tranche A Advances
as calculated for such Payment Date;

second, to the payment of interest on the Tranche B Advances
as calculated for such Payment Date;

third, to the payment of interest on the Tranche D Advances
as calculated for such Payment Date;

fourth, to the payment of amounts constituting additional
periodic payments of interest required under any Interest Rate Hedge
Agreement to Lender in full;

- 7 -

 

fifth, to pay any Letter of Credit Facing Fee or Letter of
Credit Fee;

sixth, to pay the Minimum Tranche A Payment Amount for such
Payment Date;

seventh, to pay the Minimum Tranche B Payment Amount for such
Payment Date;

eighth, to prepay the outstanding principal amount of the
Tranche A Advances until the same are paid in full, with such
prepayments being applied in the inverse order of maturity to the
remaining Minimum Tranche A Payment Amounts;

ninth, to prepay the outstanding principal amount of the
Tranche B Advances until the same are paid in full, with such
prepayments being applied in the order set forth in the definition of
Minimum Tranche B Payment Amounts;

tenth, to any unpaid amounts on the Static Loans;

eleventh, on a pro rata basis to repay Tranche D
Advances in full, Letter of Credit Exposure in full and any
Obligations (other than payments constituting additional periodic
payments of interest payable under item “fourth” above) under any
Interest Rate Hedge Agreement to Lender in full;

twelfth, to the payment of PIK Interest on the Tranche C
Advances as calculated for such Payment Date;

thirteenth, to the extent of the applicable Tranche C
Collections Amount, to pay the outstanding interest and principal
amount of the Tranche C Advances until the same are paid in full,
with such payments being applied first to any outstanding PIK
Interest in respect of the Tranche C Advances and thereafter
to the remaining principal amount thereof; and

fourteenth, to pay any unpaid Tribeca Advances until paid in
full and then to Guarantor for the benefit of the Borrowers.

All Collections in respect of the Static Loans shall be applied pursuant to
the terms of the Franklin Master Agreement. Furthermore, notwithstanding the
foregoing applications of Collections, all Collections arising from the sale,
lease or other disposition of REO Property purchased or acquired with any
Tranche D Advance shall be used first to repay the principal of the revolving
credit portion of any such Tranche D Advance until the same is paid in full
and then applied pursuant to clauses first through fourteenth
of this Section 5(d).

- 8 -

 

     8. Amendments to Financial Reporting. Paragraph (c) of Section 10, “Financial
Statements,” of the Forbearance Agreement is hereby amended to recite as follows:

     (c)(i) as soon as available and in any event within 30 days after the
end of each monthly fiscal period of each fiscal year of Guarantor, (A) the
consolidated balance sheets of Guarantor and its consolidated Subsidiaries as
at the end of such period and (B) the related unaudited consolidated
statements of income and retained earnings for Guarantor and its consolidated
Subsidiaries for such period and the portion of the fiscal year through the
end of such period, setting forth in each case in comparative form the
figures for the previous year, and (C) accompanied by a certificate of the
chief financial officer of Guarantor, which certificate shall state that said
consolidated financial statements fairly present the consolidated financial
condition and results of operations of Guarantor and its Subsidiaries in
accordance with GAAP, consistently applied, as at the end of, and for, such
period (subject to normal year-end audit adjustments) and shall contain a
calculation of the financial covenants contained in Section 12 (d);

     (ii) as soon as available and in any event within 20 days after the end
of each monthly fiscal period of each fiscal year, a thirteen (13)
consecutive week statement of Guarantor and its Subsidiaries projecting
prospective cash receipts and cash payments, disbursements and advances for
the 13 week consecutive period beginning on the first day after such
month-end; and

     (iii) as soon as available and in any event within 20 days after the
end of each monthly fiscal period of each fiscal year of Guarantor, a
schedule of REO Properties in form satisfactory to Lender.

     9. Post-Closing Items. Section 11, “Certain Post-Closing Deliverables,” of
the Forbearance Agreement is hereby amended to recite in its entirety as follows:

     11. Certain Post-Closing Deliverables.

     FCMC and the Borrowers shall comply with each requirement set forth on
Schedule 11 to Amendment No. 1 within the time period specified
therein (or such later date as Lender may agree in writing). Each Borrower
and FCMC agree to deliver to Lender, on a post-closing basis, the items
described in Schedule 11 attached to Amendment No. 1, each in form
and content satisfactory to Lender (the “Post-Closing Items”). Each
Borrower and FCMC agree to deliver the Post-Closing Items to Lender no later
than the time periods specified in Schedule 11 (or such later date as
Lender may agree in writing). The failure to deliver any Post-Closing Item
by the required date shall constitute a Forbearance Default. Upon Lender’s
demand therefor, each Borrower and FCMC will indemnify, protect, defend and
hold harmless Lender for and against all losses, damages, and expenses
incurred by Lender arising from or relating to FCMC’s or any Borrower’s
failure to deliver any Post-Closing Item in accordance with Amendment No. 1.

- 9 -

 

     10. Amendment to Financial Covenants. The first sentence of Paragraph (d),
“Interest Coverage Ratios,” of Section 12, “Covenants,” of the Forbearance
Agreement is hereby amended to recite as follows:

     (d) Interest Coverage Ratios. Until such time as all Tranche A
Advances and Tranche B Advances are indefeasibly paid in full, Guarantor and
each Subsidiary, on a consolidated basis, shall maintain for each quarterly
period (i) a ratio of Adjusted EBITDA to Adjusted Interest Expense of not
less than 1.25 to 1.00, and (ii) a ratio of Adjusted EBITDA to Interest
Expense of not less than 1.05 to 1.00, with each such ratio being determined
(A) beginning March 31, 2008, and continuing as of the end of each quarter
through and including September 30, 2008, as of the end of each such quarter
for the period from January 1, 2008, through the end of such quarter of
determination (on a year-to-date basis), and (B) beginning December 31, 2008,
and continuing as of the end of each quarter thereafter, for the most
recently-ended twelve consecutive (12) month period ending on such date.

     11. Waiver of Identified Forbearance Defaults. Lender hereby waives the Identified
Forbearance Defaults for the period through and including March 31, 2008.

     12. Consent to Certain Originations. Pursuant to the first sentence of Section 12
(g) of the Forbearance Agreement, Lender hereby consents to FCMC, Tribeca or any Borrower
originating any Mortgage Loan in order to refinance any existing Mortgage Loan in which FCMC or
any Borrower has an interest which Lender has approved for purchase and subsequent sale in the
secondary market or which Lender determines are qualified for purchase by Fannie Mae (formerly
known as the Federal National Mortgage Association) or Freddie Mac (formerly known as the Federal
Home Loan Mortgage Corporation), or any successor of either of the foregoing; provided that the
proceeds of any such refinancing or Mortgage Loan are paid to Lender for application pursuant to
Section 5 (d) of the Forbearance Agreement.

     13. Replacement of Schedule 1. Schedule 1 to the Forbearance Agreement is hereby
amended and replaced with the Schedule 1 attached to this Amendment.

     14. Addition of Schedule 11. Schedule 11 to the Forbearance Agreement is hereby
attached to this Amendment as Schedule 11.

     15. Conditions of Effectiveness. This Amendment shall become effective as of the
Amendment Effective Date, upon satisfaction of all of the following conditions precedent:

     (a) Lender shall have received execution and delivery of, by all parties signatory thereto,
originals, or completion as the case may be, to the satisfaction of Lender and its counsel,
containing such information requested by Lender and its counsel and reflecting the absence of any
material fact or issues and in all respect satisfactory to Lender, each of the following Loan
Documents:

- 10 -

 

	 	(i)	 	Three duly executed copies of this Amendment;
	 
	 	(ii)	 	Second Amended and Restated Promissory Note (D Note) in the
amount of $10,000,000;
	 
	 	(iii)	 	Joinder to Security Agreement by Additional Subsidiaries;
	 
	 	(iv)	 	Resolutions of the Additional Subsidiaries;
	 
	 	(v)	 	Concurrence of M & I;

     (b) Lender shall have received a fee in respect of this Amendment in the amount of $10,000.00;
and

     (c) The representations contained in the immediately following paragraph shall be true and
accurate.

     16. Representations and Warranties. Each Borrower and FCMC represent and warrant to
Lender as follows: except in respect of the Acknowledged Defaults, (a) after giving effect to this
Amendment, each representation and warranty made by or on behalf of such Borrower and FCMC in the
Forbearance Agreement and in any other Loan Document is true and correct in all respects on and as
of the date hereof as though made on and as of such date, except to the extent that any such
representation or warranty expressly relates solely to a date prior hereto; (b) the execution,
delivery and performance by such Borrower and FCMC of this Amendment and each other Loan Document
have been duly authorized by all requisite corporate or organizational action on the part of such
Borrower and FCMC and will not violate any Constituent Document (as defined below) of such Borrower
and FCMC; (c) this Amendment has been duly executed and delivered by such Borrower and FCMC, and
each of this Amendment, the Forbearance Agreement and each other Loan Document as amended hereby
constitutes the legal, valid and binding obligation of such Borrower and FCMC, enforceable against
such Borrower and FCMC in accordance with the terms thereof; and (d) no event has occurred and is
continuing, and no condition exists, which would constitute a Forbearance Default.
“Constituent Document” means with respect to any entity, each of (i) the articles or
certificate of incorporation or organization or partnership agreement (or equivalent organizational
documents) of such entity, (ii) the regulations, by-laws or operating agreement (or equivalent
governing documents) of such entity and (iii) any document setting forth the designation, amount or
relative rights, limitations and preferences of any class or series of capital stock, warrants,
options or other equity interests.

     17. Ratification and Reaffirmation. Each Borrower and FCMC agree (i) that all the
obligations, indebtedness and liabilities of such Borrower and FCMC to Lender under the Forbearance
Agreement are the valid and binding obligations of such Borrower and FCMC respectively; (ii) that
the obligations, indebtedness and liabilities of such Borrower and FCMC evidenced by each Note
executed and delivered by the each Borrower are valid and binding without any present right of
offset, claim, defense or recoupment of any kind and are hereby ratified and confirmed in all
respects; and (iii) that the Liens and security interests granted to Lender as security for all
obligations and liabilities of each Borrower and FCMC under the Forbearance Agreement and the Notes
are valid and binding and are hereby ratified and confirmed in all respects.

- 11 -

 

     18. Reference to and Effect on the Loan Documents. (a) Upon the effectiveness of this
Amendment, each reference in the Forbearance Agreement to “Forbearance Agreement and Amendment to
Credit Agreements,” “Forbearance Agreement,” “Agreement,” the prefix “herein,” “hereof,” or words
of similar import, and each reference in the Loan Documents to the Forbearance Agreement, shall
mean and be a reference to the Forbearance Agreement as amended hereby. (b) Except to the extent
amended or modified hereby, all of the representations, warranties, terms, covenants and conditions
of the Forbearance Agreement and the other Loan Documents shall remain as written originally and in
full force and effect in accordance with their respective terms and are hereby ratified and
confirmed, and nothing herein shall affect, modify, limit or impair any of the rights and powers
which Lender may have hereunder or thereunder. Nothing in this Amendment shall constitute an
novation. The amendments set forth herein shall be limited precisely as provided for herein, and
shall not be deemed to be a waiver of, amendment of, consent to or modification of any of Lender’s
rights under, or of any other term or provisions of, the Forbearance Agreement or any other Loan
Document, or of any term or provision of any other instrument referred to therein or herein or of
any transaction or future action on the part of the Borrower which would require the consent of
Lender.

     19. Waiver and Release of All Claims and Defenses; Communications.

     (a) FCMC and each Borrower, for itself and its respective successors and assigns, agents,
employees, officers and directors, hereby forever waive, relinquish, discharge and release all
defenses and Claims of every kind or nature, whether existing by virtue of state, federal, or local
law, by agreement or otherwise, against (i) Lender, its successors, assigns, directors, officers,
shareholders, agents, employees and attorneys, and (ii) all participants in any Commercial Loans or
Advances, such participants’ successors, assigns, directors, officers, shareholders, agents,
employees and attorneys, (iii) any obligation evidenced by any Credit Agreement, any promissory
note, instrument or other Loan Document in connection therewith, and (iv) any Collateral, in each
instance, which FCMC or any Borrower, may have or may have made at any time up through and
including the date of this Amendment, including without limitation, any affirmative defenses,
counterclaims, setoffs, deductions or recoupments, by FCMC or any Borrower. “Claims” means
all debts, demands, actions, causes of action, suits, dues, sums of money, accounts, bonds,
warranties, covenants, contracts, controversies, promises, agreements or obligations of any kind,
type or description, and any other claim or demand of any nature whatsoever, whether known or
unknown, accrued or unaccrued, disputed or undisputed, liquidated of contingent, in contract, tort,
at law or in equity, which FCMC, each Borrower or any or them ever had, claimed to have, now has,
or shall or may have. The term Claims also includes all causes of action, liabilities and rights
arising under or by virtue of any Credit Agreement, promissory note or other document or any
transaction entered into in connection therewith. Nothing contained in this Amendment prevents
enforcement of this waiver and release.

     (b) Each party to this Amendment acknowledges and agrees that one purpose of this Amendment is
to facilitate the resolution of the Identified Forbearance Defaults and the Acknowledged Defaults
and that, consistent with such purpose, no part of any oral or written communications between or
among any Borrower, FCMC or Lender regarding the transactions contemplated in this Amendment,
exclusive of this written Amendment itself (collectively, “Communications”), shall be
utilized or deemed to be admissible as evidence in any litigation involving any party to this
Amendment. Communications shall be deemed to constitute “compromise negotiations,” and not to
constitute evidence that is “discoverable,” as those phrases

- 12 -

 

are used in the Federal Rules of Evidence and any applicable state rules of evidence, and no
Communications shall be deemed to constitute evidence that is otherwise admissible for any other
purpose.

     (c) The release and communication provisions provided by paragraphs (a) and (b) of this
Section, shall survive and continue in full force and effect notwithstanding the occurrence of a
Forbearance Default under the terms of this Amendment or the termination of this Amendment.

     20. No Waiver. Nothing in this Amendment shall be construed to waive, modify, or cure
any default or Event of Default or Forbearance Default (other than the Identified Forbearance
Defaults) that exist that exists or may exist under the Forbearance Agreement or other Loan
Document.

     21. Waiver of Right to Trial by Jury. EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (1) ARISING UNDER
THIS AMENDMENT OR ANY LOAN DOCUMENT, OR (2) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO
THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT OR ANY OTHER LOAN
DOCUMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE, AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY
COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO
TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     22. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be an original, and all of which together will constitute one and the same instrument.
Receipt by Lender of a facsimile copy of an executed signature page hereof will constitute receipt
by Lender of an executed counterpart of this Amendment.

     23. Costs and Expenses. FCMC and each Borrower agree to pay on demand all costs and
expenses of Lender in connection with the preparation, reproduction, execution and delivery of this
Amendment and all other Loan Documents entered into in connection herewith, including the
reasonable fees and out-of-pocket expenses of Lender’s counsel with respect thereto.

     24. Further Assurances. FCMC and each Borrower hereby agree to execute and deliver
such additional documents, instruments and agreements reasonably requested by Lender as may be
reasonably necessary or appropriate to effectuate the purposes of this Amendment.

     25. Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with, the laws of the
State of Ohio.

- 13 -

 

     26. Headings. Section headings in this Amendment are included herein for convenience
of reference only and will not constitute a part of this Amendment for any other purpose.

     27. Patriot Act Notice. Lender hereby notifies FCMC and each Borrower that pursuant
to the requirements of the USA Patriot Act (Title III of Pub.L. 10756, signed into law October 26,
2001) (the “Act”), it is required to obtain, verify and record information that identifies
FCMC and each Borrower, which information includes the name and address of FCMC and each Borrower
and other information that will allow Lender to identify FCMC or any Borrower in accordance with
the Act.

[Signature Pages Follow.]

- 14 -

 

          IN WITNESS WHEREOF, the Borrowers, FCMC and Lender have hereunto set their hands as of the
date first set forth above.

EACH BORROWER LISTED ON SCHEDULE 1

ATTACHED HERETO:

By: /s/ Alexander Gordon Jardin          

Name: Alexander Gordon Jardin

Title: as Chief Executive Officer of, and on

behalf of, each Borrower listed on Schedule

1 attached hereto.

Address for Notices:

101 Hudson St., 25th Floor

Jersey City, N.J. 07302

Fax: 201-604-4400

Attention: General Counsel

With a copy to:

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Fax: 212-715-8346

Attention: J. Michael Mayerfeld

FRANKLIN CREDIT MANAGEMENT CORPORATION

By: /s/ Thomas J. Axon                    

Name: Thomas J. Axon

Title: President

Address for Notices

Same as above

Signature Page to Joinder and Amendment No. 1 to Forbearance Agreement

 

 

THE HUNTINGTON NATIONAL BANK

By: /s/ Alan D. Seitz                    

Name: Alan D. Seitz

Title: Senior Vice President

Address for Notices:

The Huntington National Bank

41 South High Street

Columbus, Ohio 43215

Attn: Special Assets

Fax: (614) 480-3795

With a copy to:

Porter Wright Morris & Arthur LLP

41 South High Street

Columbus, Ohio 43215

Attn: Jack R. Pigman and Timothy E. Grady

Fax: (614) 227-2100

Signature Page to Joinder and Amendment No. 1 to Forbearance Agreement

 

 

SCHEDULE 1

[See Attached]

 

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

FCMC 2000 B CORP.

FCMC 2000 C CORP.

FCMC 2000 D CORP.

FCMC 2001 A CORP.

FCMC 2001 B CORP

FCMC 2001 C CORP.

FCMC 2001 D CORP.

FCMC 2001 E CORP.

FCMC 2001 F CORP.

FCMC 2002 A CORP.

FCMC 2002 B CORP.

FCMC 2002 C CORP.

FCMC 2002 D CORP.

FCMC 2002 E CORP.

FCMC 2002 F CORP.

FCMC 2002 G CORP.

FCMC 2002 H CORP.

FCMC 2003 A CORP.

FCMC 2003 B CORP.

FCMC 2003 C CORP.

FCMC 2003 D CORP.

FCMC 2003 E CORP.

FCMC 2003 F CORP.

FCMC 2003 G CORP.

FCMC 2003 H CORP.

FCMC 2003 I CORP.

FCMC 2003 J CORP.

FCMC 2003 K CORP.

FCMC 2004 A CORP

FCMC 2004 B CORP.

FCMC 2004 C CORP.

FCMC 2004 D CORP.

FCMC 2004 E CORP.

FCMC 2004 F CORP.

FCMC 2004 G CORP.

FCMC 2004 H CORP.

FCMC 2004 I CORP.

FCMC 2004 J CORP.

FCMC 2004 K CORP.

FCMC 2004 L CORP.

FCMC 2004 M CORP.

FCMC 2005 A CORP.

FCMC 2005 B CORP.

FCMC 2005 C CORP.

FCMC 2005 D CORP.

FCMC 2005 E CORP.

1

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

FCMC 2005 F CORP.

FCMC 2005 G CORP.

FCMC 2005 H CORP.

FCMC 2005 I CORP.

FCMC B-ONE 2004 A CORP.

FCMC B-ONE 2004 B CORP.

FCMC B-ONE 2004 C CORP.

FCMC B-ONE 2004 D CORP.

FCMC B-ONE 2004 E CORP.

FCMC B-ONE 2004 F CORP.

FLOW 2000A CORP.

FLOW 2000B CORP.

FLOW 2000C CORP.

FLOW 2000D CORP.

FLOW 2000E CORP.

FLOW 2000F CORP.

FLOW 2001 A CORP.

FLOW 2001 B CORPORATION

FLOW 2001 C CORPORATION

FLOW 2001 D CORP

FLOW 2001 E CORPORATION

FLOW 2001 F CORPORATION

FLOW 2001 G CORPORATION

FLOW 2001 H CORP.

FLOW 2001 I CORP.

FLOW 2001 J CORP.

FLOW 2001 K CORP

FLOW 2001 L CORP.

FLOW 2002 A CORP.

FLOW 2002 B CORP.

FLOW 2002 C CORP.

FLOW 2002 D CORP.

FLOW 2002 E CORP.

FLOW 2002 F CORP.

FLOW 2002 G CORP.

FLOW 2002 H CORP.

FLOW 2002 I CORP.

FLOW 2002 J CORP.

FLOW 2002 K CORP.

FLOW 2002 L CORP.

FLOW 2003 A CORP.

FLOW 2003 B CORP.

FLOW 2003 C CORP.

FLOW 2003 D CORP.

FLOW 2003 E CORP.

FLOW 2003 F CORP.

2

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

FLOW 2003 G CORP.

FLOW 2003 H CORP.

FLOW 2003 I CORP.

FLOW 2003 J CORP.

FLOW 2003 K CORP.

FLOW 2003 L CORP.

FLOW 2003 M CORP.

FLOW 2004 A CORP.

FLOW 2004 B CORP.

FLOW 2004 C CORP.

FLOW 2004 D CORP.

FLOW 2004 E CORP.

FLOW 2004 F CORP.

FLOW 2004 G CORP.

FLOW 2004 H CORP.

FLOW 2004 I CORP.

FLOW 2005 A CORP.

FLOW 2005 B CORP.

FLOW 2005 C CORP.

FLOW 2005 D CORP.

FLOW 2005 E CORP.

FLOW 2005 F CORP

FLOW 2005 G CORP

FLOW 2005 H CORP

FLOW 2005 I CORP

FLOW 2005 J CORP

FLOW 99-70 CORP.

FLOW 99-76 CORP.

FLOW 99-88 CORP.

FLOW 99-92 CORP.

CAL SECOND 49 CORPORATION

CAPE 77 CORP.

COAST 56 CORPORATION

COAST 62 CORPORATION

EMERGE 64 CORPORATION

JACKSON UNION 28 CORPORATION

MORGAN 85 CORP.

PANCAL 93 CORP.

PARK 86 CORP.

PARK 94 CORP.

SHELTON 46 CORPORATION

NEW HAVEN 40 CORPORATION

FIRSTGOLD 69 CORP.

ACCU 95 CORP.

ACCU 99 CORP.

ACREDIT 75 CORP.

3

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

ARK 38 CORPORATION

BEACH FUNDING CORP.

BRANFORD 55 CORPORATION

CAPT 47 CORPORATION

CENTURY 78 CORP.

COAST 74 CORP.

COAST 96 CORP.

DAPT 51 CORPORATION

EMGOLD 67 CORP.

EMOD 65 CORP.

EMSEC 66 CORP.

ERICSSON ASSOCIATES INC.

FIRSTCO 80 CORP.

FORT GRANITE 44 CORPORATION

FREE 73 CORP.

FREE 81 CORP.

GARFIELD 48 CORPORATION

GREEN 89 CORP.

GREENWICH FIRST CORPORATION

GREENWICH FUNDING CORPORATION

GREENWICH MANAGEMENT CORPORATION

HARRISON FINANCIAL CORPORATION

HOME FED 57 CORPORATION

IVY CITY 72 CORP.

JERSEY 45 CORPORATION

KEARNY 39 CORPORATION

KEARNY 61 CORPORATION

MADISON 54 CORPORATION

MASS FED 29 CORPORATION

MODGOLD 68 CORP.

NEW HAVEN 53 CORPORATION

NEW HAVEN 63 CORPORATION

NORTH FORK 41 CORPORATION

NY APT. 33 CORPORATION

PAN CAL 98 CORP.

PANCAL 82 CORP.

PARK 97 CORP.

PENN 100B CORP.

PENN 100 CORP.

POINT 91 CORP.

RAPID POINT 60 CORPORATION

ST. PETE 43 CORPORATION

TAMPA 79 CORP.

VANTAGE 90 CORP.

WELL 84 CORP.

WFB 83 CORP.

4

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

STATES 87 CORP.

FCMC 2005 J CORP.

FCMC 2005 K CORP.

FCMC 2005 L CORP.

FCMC 2005 M CORP.

FCMC 2005 N CORP.

FCMC 2005 O CORP.

FCMC 2005 P CORP.

FCMC 2005 Q CORP.

FCMC 2005 R CORP.

FCMC 2005 S CORP.

FCMC 2006 A CORP.

FCMC 2006 B CORP.

FCMC 2006 C CORP.

FCMC 2006 D CORP.

FCMC 2006 E CORP.

FCMC 2006 F CORP.

FCMC 2006 G CORP.

FCMC 2006 H CORP.

FCMC 2006 I CORP.

FCMC 2006 J CORP.

FCMC 2006 K CORP.

FCMC 2006 L CORP.

FCMC 2006 M CORP.

FCMC 2006 N CORP.

FCMC 2006 O CORP.

FCMC 2006 P CORP.

FCMC 2006 Q CORP.

FCMC 2006 R CORP.

FCMC 2006 S CORP.

FCMC 2006 T CORP.

FCMC 2006 U CORP.

FCMC 2006 V CORP.

FCMC 2006 W CORP.

FCMC 2006 X CORP.

FCMC 2006 Y CORP.

FCMC 2006 Z CORP.

FCMC 2007 A CORP.

FCMC 2007 B CORP.

FCMC 2007 C CORP.

FCMC 2007 D CORP.

FCMC 2007 E CORP.

FCMC 2007 F CORP.

FCMC 2007 G CORP.

FCMC 2007 H CORP.

FCMC 2007 H CORP.

5

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

FCMC 2007 I CORP.

FCMC 2007 J CORP.

FCMC 2007 K CORP.

FCMC 2007 L CORP.

FCMC 2007 M CORP.

FCMC 2007 N CORP

FCMC 2007 O CORP.

FCMC 2007 P CORP.

FCMC 2007 Q CORP.

FCMC 2007 R CORP.

FCMC 2007 S CORP.

FCMC 2007 T CORP.

FCMC 2007 U CORP

FCMC 2007 V CORP.

FCMC 2007 W CORP.

FCMC 2007 X CORP.

FCMC 2007 Y CORP.

FCMC 2007 Z CORP

FCMC 2007 AA CORP.

FCMC 2007 AB CORP.

FCMC 2007 AC CORP.

FLOW 2006 A CORP.

FLOW 2006 B CORP.

FLOW 2006 C CORP.

FLOW 2006 D CORP.

FLOW 2006 E CORP.

FLOW 2006 F CORP.

FLOW 2006 G CORP.

FLOW 2006 H CORP.

FLOW 2007 A CORP.

FLOW 2007 B CORP

FLOW 2007 C CORP.

FLOW 2007 D CORP.

RONTEX CORPORATION

SIX HARRISON CORPORATION

HARRISON FIRST CORPORATION

HARRISON FINANCIAL ASSOCIATES, INC.

HARRISON FUNDING CORPORATION

FCMC Corporate Refinance

FLOW PURCHASE 98 CORPORATION

TRIBECA LENDING CORP.

RONTEX 1617 CORPORATION

JUNIPER CORP.

NEWPORT 50 CORPORATION

FORT 100 CORPORATION

6

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Franklin Subsidiaries

FORT 100 B CORPORATION

SIX HARRISON CORPORATION

HUDSON MANAGEMENT CORPORATION

TRIBECA FUNDING CORPORATION

EMGOLD 57 CORP.

ISLAND 52 CORPORATION

NEW HAVEN 58 CORPORATION

NORWICH 42 CORPORATION

FLOW 2007 E CORP.

7

 

SCHEDULE 11

	 	 	 	 	 
	 	 	2008 Date Due	 	Franklin Post-Closing Item
	1.

	 	April 30
	 	Original stock certificates for each direct and
indirect Subsidiary of FCMC with stock powers signed
in blank. The following certificates and stock
powers are pending:
	 

	 	 	 	•  Emsec 66 Corp.

	 

	 	 	 	•   Fort 100 Corporation

	 

	 	 	 	•   Fort 100 B Corporation

	 

	 	 	 	•   Six Harrison Corp.

	 

	 	 	 	•   FCMC Corporate Refinance

	 

	 	 	 	•   Flow 2007 E Corp.

	 

	 	 	 	•   Century 78 Corp.

	 

	 	 	 	•   Flow 2000B Corp.

	 

	 	 	 	•   Flow 2000C Corp.

	 

	 	 	 	•   States 87 Corp.

	 

	 	 	 	•   Rontex Corporation

	 

	 	 	 	•   Harrison Financial Associates, Inc.

	 

	 	 	 	•   Hudson Management Corporation

	 

	 	 	 	•   Tribeca Funding Corporation

	 

	 	 	 	•   Tribeca LXIV Corp.

	 

	 	 	 	•   Tribeca LXV Corp.

	 

	 	 	 	•   Tribeca XVI 2004 Corp.

	 

	 	 	 	•   Tribeca LI 2005 Corp.

	 
	 	 	 	 
	2.

	 	March 31
	 	For each bank where any deposit account is
maintained, a fully executed control agreement for
each deposit account of Guarantor or any Borrower,
and if Guarantor and each Borrower fail to so deliver
such control agreements within such time frame, each
such Person shall close such deposit accounts and
establish replacement accounts at Lender. The
following DACA is pending:
	 
	 	 	 	 
	 

	 	 	 	a.    North Fork Bank

	 
	 	 	 	 
	3.

	 	March 31
	 	A thirteen (13) consecutive week statement of
Guarantor and its Subsidiaries projecting prospective
cash receipts and cash payments, disbursements and
advances for the 13 week consecutive period beginning
on the first day after such month-end.
	 
	 	 	 	 
	4.

	 	March 31
	 	FCMC shall deliver to Lender its financial statements
for the fiscal quarter and year-to-date period ending
September 30, 2007.

 

	 	 	 	 	 
	 	 	2008 Date Due	 	Franklin Post-Closing Item
	5.

	 	April 30
	 	Guarantor shall have deposited with Lender a copy of
each software program in which Guarantor has an
interest and any data which are necessary to conduct
all loan servicing activities of Guarantor, except to
the extent Guarantor is prohibited by any effective
license agreement from so depositing a copy. Further
if Guarantor is prohibited by any license agreement
from so depositing a copy, Guarantor shall use its
best efforts to secure a licensor consent to the
pledge of such software in form satisfactory to
Lender. Licensor Consents to be obtained with:
	 
	 	 	 	 
	 

	 	 	 	•   MortgageFlex Systems, Inc.

	 

	 	 	 	•   Nobel Systems Corporation

	 
	 	 	 	 
	6.

	 	April 30
	 	Interest Rate Hedge Agreements with respect to the
Advances, in an aggregate notional principal amount
of not less than $275,000,000.
	 
	 	 	 	 
	7.

	 	June 30
	 	Guarantor, the applicable Borrower or such other
Subsidiary owning or having control of any REO
Property shall grant to Lender a first Lien Mortgage
on such Person’s REO Properties to secure the
Advances pursuant to mortgages, deeds of trust or
other Loan Documents and other closing conditions or
documents as are satisfactory to Lender.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]