|   | 1. | Term, Position and      Duties. |
|--------|----|---------------------------------|

|   | (a) | You      will be employed as a Director of Portfolio Administration.  You      will report to the Portfolio Manager or Managers of various funds managed      by the Company and any of itsaffiliates. |
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|   | (b) | You      agree to perform the duties of your position and such other duties as may      reasonably be assigned to you from time to time including, but not limited      to   overseeing trade settlement, trustee reporting, and      other documentation concerning loans, bonds, and other instruments      purchased or held by various types of collateralized loan obligation      (“CLO”) funds, synthetic collateralized debt obligation (“CDO”) funds, and      other credit-based funds (collectively “Funds”) as directed by the      Portfolio Manager.  You also agree that you will devote your      full business time and your best efforts, business judgment, skill and      knowledge exclusively to the advancement of the business and interests of      the Company. |
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|   | 2. | Compensation and      Benefits. During your employment, as compensation for all services      performed by you for the Company and its Affiliates, the Company will      provide you the following pay andbenefits: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Base Salary.      The Company will pay you a base salary at the rate of One Hundred Fifty      Thousand Dollars ($150,000) per year, payable in accordance with the      regular payroll practices of the Company and subject to increase from time      to time by the Committee in itsdiscretion. |
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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page2  |

|  | (b) | Bonus      Compensation. During employment, you will be considered for a      target annual minimum bonus of One Hundred and Twenty Five Thousand      Dollars ($125,000) each calendar year. You will be considered for an      increase in the annual bonus amount, solely at the discretion of the      Committee, based on the future growth and performance of the      Company.  Bonus awards will be determined by the Committee      against goals established annually by the Portfolio Manager after      consultation with you.  The bonus will be paid on or about      January 31 of each succeeding calendaryear. |
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|   | (c) | Vacation.  You      will be entitled to four (4) weeks paid vacation per calendar      year. |
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|  | (d) | Participation in      Employee Benefit Plans. You will be entitled to participate in all      employee benefit plans from time to time in effect for employees of the      Company generally, except to the extent such plans are duplicative of      benefits otherwise provided you under this agreement.  Your      participation will be subject to the terms of the applicable plan      documents and generally applicable Company  policies. |
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|   | 3. | Confidential      Information and RestrictedActivities. |
|--------|----|---------------------------------------------------------|

|   | (a) | Confidential      Information. During the course of your employment with the Company,      you will learn of Confidential Information, as defined below, and you may      develop Confidential Information on behalf of the Company.  You      agree that you will not use or disclose to any Person (except as required      by applicable law or for the proper performance of your regular duties and      responsibilities for the Company) any Confidential Information obtained by      you incident to your employment or any other association with the Company      or any of its Affiliates.  You understand that this restriction      shall continue to apply after your employment terminates, regardless of      the reason for such termination. |
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|   | (b) | Protection of      Documents. All documents, records and files, in any media of      whatever kind and description, relating to the business, present or      otherwise, of the Company or any of its Affiliates, and any copies, in      whole or in part, thereof (the “Documents”), whether or not prepared by      you shall be the sole and exclusive property of the Company. You agree to      safeguard all Documents and to surrender to the Company, at the time your      employment terminates or at such earlier time or times as the Committee or      its designee may specify, all Documents then in your possession or      control. |
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|   | (c) | Non-Competition.      You acknowledge that in your employment with the Company you will have      access to Confidential Information which, if disclosed, would assist in      competition against the Company and its Affiliates and that you will also      generate goodwill for the Company and its Affiliates in the course of your      employment. Therefore, you agree that the following restrictions on your      activities during and after your employment are necessary to protect the      goodwill, Confidential Information and other legitimate interests of the      Company and its Affiliates: |
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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page3  |

|   | (i) | While      you are employed by the Company and for six (6) months after your      employment terminates (in the aggregate, the “Non-Competition Period”),      you agree that you will not, without the prior written consent of the      Company, directly or indirectly, own, manage, operate, join, control,      finance, or participate in the ownership, marketing, management,      operation, control, fundraising or financing of, or be connected as an      officer, director, employee, partner, principal, agent, representative,      consultant, or otherwise use or permit your name to be used in connection      with any business or enterprise engaged in the United States in the      business of structuring CDO or CLO securitization vehicles, analyzing and      acquiring loans and other assets to be held by CDO or CLO vehicles,      arranging for the issuance of debt and preferred securities by CDO or CLO      vehicles, acting as collateral managers for such securitizations, or      performing similar functions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | You      agree that during the Non-Competition Period, you will not, directly or      through any other Person, (i) hire any employee of the Company or any of      its Affiliates or seek to persuade any employee of the Company or any of      its Affiliates to discontinue employment, (ii) solicit or encourage any      customer or investor of the Company or any of its Affiliates or      independent contractor providing services to the Company or any of its      Affiliates to terminate or diminish its relationship with them or (iii)      seek to persuade any customer or investor or prospective customer or      investor of the Company or any of its Affiliates to conduct with anyone      else any business or activity that such customer or investor or      prospective customer or investor conducts or could conduct with the      Company or any of its Affiliates. |
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|   | (d) | In      signing this agreement, you give the Company assurance that you have      carefully read and considered all the terms and conditions of this      agreement, including the restraints imposed on you under this Section      3.  You agree without reservation that these restraints are      necessary for the reasonable and proper protection of the Company and its      Affiliates and that each and every one of the restraints is reasonable in      respect to subject matter, length of time and geographic      area.  You further agree that, were you to breach any of the      covenants contained in this Section 3, the damage to the Company and its      Affiliates would be irreparable.  You therefore agree that the      Company, in addition to any other remedies available to it, shall be      entitled to preliminary and permanent injunctive relief against any breach      or threatened breach by you of any of those covenants, without having to      post bond.  You and the Company further agree that, in the event      that any provision of this Section 3 is determined by any court of      competent jurisdiction to be unenforceable by reason of its being extended      over too great a time, too large a geographic area or too great a range of      activities, that provision shall be deemed to be modified to permit its      enforcement to the maximum extent permitted by law.  It is also      agreed that each of the Company's Affiliates shall have the right to      enforce all of your obligations to that Affiliate under this agreement,      including without limitation pursuant to this Section  3. |
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|   | 4. | Termination of      Employment. Your employment under this agreement may be terminated      at any time pursuant to this Section4. |
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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page4  |

|   | (a) | The      Company may terminate your employment for cause upon notice to you setting      forth in reasonable detail the nature of the cause.  The      following shall constitute cause for termination:  (i) your      repeated material failure to perform (other than by reason of disability),      or gross negligence in the performance of, your duties and      responsibilities to the Company or any of its Affiliates which failure is      not cured within thirty (30) days after written notice of such failure or      negligence is delivered to you; (ii) your material breach of this      agreement or any other agreement between you and the Company or any of its      Affiliates which breach is not cured within thirty (30) days after written      notice of such breach is delivered to you; or (iii)  commission      by you of a felony involving moral turpitude or fraud with respect to the      Company or any of its Affiliates.  The Company also may      terminate your employment at any time without cause upon notice to      you. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | This      agreement shall automatically terminate in the event of your death during      employment, and you shall be entitled to the severance payments set forth      under 5 (a) below.  In the event of your death, any amounts owed      to you under this agreement will be paid to the beneficiary designated in      writing by you or, if no beneficiary has been so designated by you, to      your estate.  In the event you become disabled during employment      and, as a result, are unable to continue to perform substantially all of      your duties and responsibilities under this agreement, the Company will      continue to pay you your base salary and to provide you benefits in      accordance with Section 2(a) above, to the extent permitted by plan terms,      for up to twelve (12) weeks of disability during any period of three      hundred and sixty-five (365) consecutive calendar days.  If you      are unable to return to work after twelve (12) weeks of disability, the      Company may terminate your employment, upon written notice to you, and you      shall be entitled to the severance payments set forth under 5(a)      below.  If any question shall arise as to whether you are      disabled to the extent that you are unable to perform substantially all of      your duties and responsibilities for the Company and its Affiliates, you      shall, at the Company's request, submit to a medical examination by a      physician selected by the Company to whom you or your guardian, if any,      has no reasonable objection to determine whether you are so disabled and      such determination shall for the purposes of this agreement be conclusive      of the issue.  If such a question arises and you fail to submit      to the requested medical examination, the Company's determination of the      issue shall be binding on you. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | You      may terminate your employment hereunder for “Good Reason” by providing      written notice to the Company of the condition giving rise to the Good      Reason no later than thirty (30) days following the occurrence of the      condition; by giving the Company thirty (30) days to remedy the condition;      and, if the Company fails to remedy the condition, by terminating your      employment within ten (10) days following the expiration of such thirty      (30) day period.  For purposes of this letter agreement, the      term “Good Reason” means, without your consent, the occurrence of one or      more of the following events:  (i) material diminution in the      nature or scope of your responsibilities, duties or authority as      contemplated by this letter agreement; (ii) failure by the Company to pay      the minimum Bonus Compensation set forth in 2(b) above in any year under      this letter agreement if you have achieved the annual financial target      referenced therein; or (iii) your being required to relocate to a      principal place of employment outside of the New York metropolitan      area.  For purposes of this paragraph 4(c) a change in reporting      relationships resulting from a Change in Control will constitute Good      Reason.  In addition, a termination of your employment by you      for any reason during the 90-day period immediately following a Change in      Control shall be deemed to be a termination for Good Reason for all      purposes of this letteragreement. |
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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page5  |

|   | 5. | Severance Payments and      Other Matters Related toTermination. |
|--------|----|------------------------------------------------------------------|

|   | (a) | In      the event of termination of your employment by the Company without cause,      the Company will continue to pay you your base salary (“severance      payments”) and will continue to contribute to the premium cost of your      health insurance on the same terms and conditions as it contributes for      active employees provided that you make a timely election under the      federal law known as “COBRA”.  The Company may, in its sole      discretion, elect to cease the continuation of base salary and      contributions toward health insurance premiums at any point after you have      received six (6) months of base salary continuation and health insurance      contributions (or one (1) year if you are terminated by the Company within      ninety (90) days of the completion of a Change in Control) provided that      it also releases you from your remaining obligation under Section 3(c)(i)      above.  The Company will also pay you on the date of termination      any base salary earned but not paid through the date of termination and      pay for any vacation time accrued but not used to that date.  In      addition, the Company will pay you any bonus compensation and profit      sharing payment to which you are entitled in accordance with Sections 2(b)      and 2(d) above, prorated to the date of termination and payable at the      time such monies are payable to Company executives      generally.  Any obligation of the Company to provide you      severance payments or other payments or benefits under this Section 5(a)      is conditioned, however, upon your signing and not revoking a release of      claims in the form provided by the Company (the “Employee Release”), which      shall be delivered to you not later than ten (10) business days following      the date of termination and you shall be required to execute the Employee      Release and return it to the Company, if at all, not later than the date      determined by the Company to be the last day of the period it must provide      to you by law to consider the Employee Release.  All severance      payments will be in the form of salary continuation, payable in accordance      with the normal payroll practices of the Company, and will begin at the      Company's next regular payroll period following the effective date of the      Employee Release, but shall be retroactive to the date of      termination.  Notwithstanding anything else contained in this      agreement, no bonus or severance payments or other payments or benefits      will be due and payable under any provision of this Section 5(a) until the      next regular Company payday following the effective date of the Employee      Release. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In      the event of termination of your employment by the Company for cause or by      you for any reason, the Company will pay you any base salary earned but      not paid through the date of termination and pay for any vacation time      accrued but not used to that date.  The Company shall have no      obligation to you for any bonus or other incentive compensation, benefits      continuation or severancepayments. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page6  |

|   | (c) | In      the event of termination of your employment by death, or by disability,      the Company will pay you any base salary earned but not paid through the      date of termination, pay for any vacation time accrued but not used to      that date, and any bonus or other incentive compensation to which you are      entitled in accordance with Sections 2(b) and 2(c) above, prorated to the      date of termination and payable at the time such bonuses are payable to      Company executives generally.  The Company shall have no      obligation to you for any severance payments or benefits      continuation. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Except      for any rights you may have under Section 5(a) above or under the federal      law known as “COBRA” to continue participation in the Company's group      health and dental plans at your cost, benefits shall terminate in      accordance with the terms of the applicable benefit plans based on the      date of termination of your employment, without regard to any continuation      of base salary or other payment to you following      termination.  Your Option and/or Restricted Stock Agreement will      govern your exercise, if any, of your option following termination of      employment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Provisions      of this agreement shall survive any termination if so provided in this      agreement or if necessary or desirable to accomplish the purposes of other      surviving provisions, including without limitation your obligations under      Section 3 of this agreement.  The obligation of the Company to      make payments to you under this Section 5 is expressly conditioned upon      your continued full performance of obligations under Section 3      hereof.   Upon termination by either you or the Company,      all rights, duties and obligations of you and the Company to each other      shall cease, except as otherwise expressly provided in this      agreement. |
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|   | 6. | Definitions.      For purposes of this agreement, the following definitions      apply: |
|--------|----|-----------------------------------------------------------------------------------------|

|   | (i) | The      acquisition by any person, entity or “group”, within the meaning of      Section 13(d)(3) or 14(d)(2) of the Exchange Act, (excluding, for this      purpose, the Company or its Affiliates) of beneficial ownership of 33% or      more of either the then outstanding shares of the Company’s common stock      or the combined voting power of the Corporation’s then outstanding voting      securities entitled to vote generally in the election of      directors. |
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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page7  |

|   | (ii) | Individuals      who, as of the date hereof, constitute the Board (the “Incumbent Board”)      cease for any reason to constitute at least a majority of the Board,      provided that any person who first becomes a director subsequent to the      date hereof whose recommendation, election or nomination for election by      the Company’s stockholders was approved by a vote of at least a majority      of the directors then comprising the Incumbent Board (other than an      election or nomination of an individual whose initial assumption of office      is in connection with an actual or threatened election contest relating to      the election of the directors of the Company as described in Rule 14a-11      of Regulation 14A promulgated under the Exchange Act) shall be, for the      purposes of this Agreement, considered as though such person were a member      of the Incumbent Board; or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Approval      by the stockholders of the Company of a reorganization      share  exchange, merger or consolidation with respect to which,      in any such case, the persons who were the stockholders of the Company      immediately prior to such reorganization, share exchange, merger or      consolidation do not, immediately thereafter, own more than 50% of the      combined voting power entitled to vote in the election of directors of the      reorganized, merged or consolidated company;or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Liquidation      or dissolution of the Company or a sale of all or substantially all of the      assets of the Company. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | 7. | Conflicting      Agreements. You hereby represent and warrant that your signing of      this agreement and the performance of your obligations under it will not      breach or be in conflict with any other agreement to which you are a party      or are bound and that you are not now subject to any covenants against      competition or similar covenants or any court order that could affect the      performance of your obligations under this agreement.  You agree      that you will not disclose to or use on behalf of the Company any      proprietary information of a third party without that party's      consent. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8. | Withholding.      All payments made by the Company under this agreement shall be reduced by      any tax or other amounts required to be withheld by the Company under      applicable law. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9. | Assignment.      Neither you nor the Company may make any assignment of this agreement or      any interest in it, by operation of law or otherwise, without the prior      written consent of the other; provided, however, that the Company may      assign its rights and obligations under this agreement without your      consent to one of its Affiliates or to any Person with whom the Company      shall hereafter affect a reorganization, consolidate with, or merge into      or to whom it transfers all or substantially all of its properties or      assets.  This Agreement shall inure to the benefit of and be      binding upon you and the Company, and each of our respective successors,      executors, administrators, heirs and permitted  assigns. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Mr.      Daniel Gilligan |   |
|--------------------------|--------|
| August 13, 2009          | Page8  |

|  | 10. | Severability.      If any portion or provision of this agreement shall to any extent be      declared illegal or unenforceable by a court of competent jurisdiction,      then the remainder of this agreement, or the application of such portion      or provision in circumstances other than those as to which it is so      declared illegal or unenforceable, shall not be affected thereby, and each      portion and provision of this agreement shall be valid and enforceable to      the fullest extent permitted bylaw. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11. | Miscellaneous.      This agreement sets forth the entire agreement between you and the Company      and replaces all prior and contemporaneous communications, agreements and      understandings, written or oral, with respect to the terms and conditions      of your employment.  This agreement may not be modified or      amended, and no breach shall be deemed to be waived, unless agreed to in      writing by you and an expressly authorized representative of the      Committee.  The headings and captions in this agreement are for      convenience only and in no way define or describe the scope or content of      any provision of this Agreement.  This agreement may be executed      in two or more counterparts, each of which shall be an original and all of      which together shall constitute one and the same instrument. This is a      Delaware contract and shall be governed and construed in accordance with      the laws of the State of Delaware, without regard to the conflict of laws      principles thereof. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12. | Notices.      Any notices provided for in this agreement shall be in writing and shall      be effective when delivered in person or deposited in the United States      mail, postage prepaid, and addressed to you at your last known address on      the books of the Company or, in the case of the Company, to it at its      principal place of business, attention of the Committee, or to such other      address as either party may specify by notice to the other actually      received. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Sincerely      yours,               |
|-------------------------------------|
|                                |
| /s/      E.A. Kratzman              |
| E.A.      Kratzman                  |
| President      and PortfolioManager |

| /s/      Daniel Gilligan |
|--------------------------|
| Daniel      Gilligan     |

| August 13, 2009 |
|-----------------|
| Date            |

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