Exhibit 10.25

Swap Executed – Final Terms October 12, 2005

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Fixed Rate Payer:

Elk Associates Funding Corp.

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Floating Rate Payer:

Citibank, N.A.

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Notional Principal:

$5MM USD

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Amortization:

None

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Trade Date:

October 12, 2005

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Effective:

October 14, 2005

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Maturity:

October 15, 2007

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Fixed Rate:

6.20% (Subject to market movement until locked in, includes loan credit spread)

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Fixed Payment Dates:

Monthly, commencing November 14, 2005 up to and including the maturity date,
with adjustment for period end dates, following a NY Business Day Convention

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Fixed Day Count:

A/360

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Business Days for Payment:

New York

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Calculation Agent:

Citigroup

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Floating Rate:

1 Month LIBOR

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Spread:

1.50%

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Rate determination:

2 London business days prior to reset

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Floating Rate Payment:

Monthly, commencing November 14, 2005 up to and including the maturity date with
adjustment for period end dates, following a NY Business Day Convention

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Early Termination:

Governed by 2-way yield maintenance

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Credit Provisions:

To be provided by Alan Ackbarali – Middle Market, NY

citigroup