EX-10.01






Municipal Mortgage & Equity, LLC



621 East Pratt Street


Baltimore, Maryland 21202


T 443.263.2900 F 410.727.5387



March 3, 2008




	 	 	 	 	 
	Synovus Bank
	 	 
	12450 Roosevelt Boulevard,

	St. Petersburg, FL 33716
	 	 
	Attn:	 	Cathy Swanson,
	 	 	Senior Vice President
	
 
	 	Re:
	 	Notice and Request for Waiver
	
 
	 	 	 	 






Ladies and Gentlemen:



Reference is made to that certain Fourth Amended and Completely Restated Loan Agreement, dated
as of February 23, 2007, by and among Synovus Bank (formerly, United Bank and Trust), MMA Capital
Corporation, MuniMae TEI Holdings, LLC, MMA Mortgage Investment Corporation, MMA Construction
Finance, LLC, Municipal Mortgage & Equity, LLC MMA Financial Holdings, Inc. and MMA Financial, Inc.
(formerly, MuniMae Investment Services Corporation) (the “Agreement”). All capitalized
terms used but not defined herein shall have the meaning assigned to such terms in the Agreement.



Notice



This correspondence will serve as notice of the matters set forth herein given pursuant to the
requirements of Section 11.03 of the Agreement.



As we notified you by the Notice and Request for Waiver, dated November 2, 2007, and by prior
communications, our continuing efforts to restate certain of the historical GAAP financial
statements of Municipal Mortgage & Equity, LLC (“MuniMae”) and certain other matters have
delayed the completion of certain of our 2006 financial statements and periodic reports, as well as
the financial statements for certain of our affiliates.



We currently anticipate that we will file our annual report on Form 10-K for fiscal 2006 (the
“MuniMae 2006 Form 10-K”) on or before May 31, 2008.

        .


As a result and as we have informed you previously, we will be unable to comply with the
applicable financial reporting and related covenants set forth in Article VI and Section 6.06 of
the Agreement, including, without limitation, such covenants as they apply to the fiscal years 2007
and 2008.



Request for Waiver



We hereby request a waiver of compliance with the above-referenced covenants and any and all
Defaults or Events of Default with respect to the matters set forth herein, and such waiver shall
be in full force and effect until June 30, 2008; provided as follows: MuniMae shall deliver
audited financial statements for MuniMae as well as the MuniMae 2006 Form 10-K on or before May 31,
2008.



This notice is being delivered to you as confirmation of our earlier discussion with you on
the topics set forth above and our understanding that this situation dies not present any issues
under the Agreement. Please contact us if this is not the case.



Sincerely,



MUNICIPAL MORTGAGE & EQUITY, LLC



By: _/s/ Charles M. Pinckney     



	 	 	 	 	 
	 	 	Name:	 	 	Charles M. Pinckney
	 	 	Title: Chief Operating Officer





Please indicate your grant of the waivers requested above by signing below and returning a
copy of this page to me by e-mail or facsimile.



SYNOVUS BANK



	 	 	 	 	 	 	 	 	 
	By:	 	____/s/ Cathy Swanson __________________
	 	 	 
	 
	 	Name:	 	__Cathy Swanson _________________
	 
	 	 	 	 	 	 	 	 
	 
	 	Title:	 	__ Exec. Vice President_____________
	 
	 	 	 	 	 	 	 	 






Date:      3-3-08