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RESOURCE AMERICA, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

April 28, 2014

Item 1.01. Entry into a Material Definitive Agreement.

On April 25, 2014, Resource America, Inc. (NASDAQ: REXI) (the "Company") entered into the Fourth Amendment (the "Amendment") to the Amended and Restated Loan and Security Agreement (the "Loan and Security Agreement") between the Company and TD Bank, N.A., for itself and as agent for the Lenders defined therein. Capitalized terms used in this Item 1.01 but not defined shall have the meaning set forth in the Amendment or the Loan and Security Agreement.

The Amendment (i) provides for an extension of the maturity date to the earlier of (A) the date of termination, expiration or sale of the Second Amended and Restated Management Agreement dated as of June 14, 2012, by and among the Company, Resource Capital Manager, Inc. and Resource Capital Corp. ("RSO"), as the same has or may be amended from time to time, and (B) December 31, 2017; (ii) increases the maximum revolving credit amount to $11,500,000 from $7,500,000 provided the Company maintains an aggregate value of Pledged Securities of $6,000,000; (iii) sets forth the Lenders' consent to the payment in full of the Company's outstanding 9% Senior Notes due March 31, 2015; and (iv) establishes a clean-up requirement whereby the Company is required to maintain the outstanding cash advance at zero dollars ($0) for 30 consecutive days during each one-year period beginning on April 25, 2014.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment which is attached hereto as Exhibit 10.1 and incorporated into this report by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Fourth Amendment to Amended and Restated Loan and Security Agreement

dated as of April 25, 2014.

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Source: Edgar Glimpses

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