Guarantee, dated October 5, 2005



 Exhibit 10.15 
  
 GUARANTEE 
  
 FOR VALUE RECEIVED, and for good and valuable consideration, the undersigned Taberna Realty Finance Trust (Guarantor), absolutely and
unconditionally guarantees the full and prompt payment, performance and delivery when due by Taberna Loan Holdings I, LLC (Obligor), of any and all Obligations (as defined below), now or hereafter owed by
Obligor arising from that certain MASTER REPURCHASE AGREEMENT dated as of October 4,2005 by and between Obligor and Bear, Stearns & Co. Inc. (the Guaranteed Obligations) to Bear, Stearns Securities Corp., Bear,
Stearns & Co. Inc., Bear Stearns International Limited, Bear Stearns Mortgage Capital Corporation and/or each of their direct and indirect subsidiaries, their affiliates, all trusts and other entities owned directly or indirectly by either,
and all other affiliates, whether existing as of the date hereof or is hereafter created or acquired (individually, each a Beneficiary or a Bear Stearns Entity). 
  
 Guarantor hereby agrees that if Obligor shall fail at any time to make due
and punctual payment to a Beneficiary of any Guaranteed Obligation or if Obligor shall fail at any time to perform any other Guaranteed Obligation to a Beneficiary, Guarantor shall forthwith pay such amount and perform such Guaranteed Obligation
without demand therefor. Guarantor’s Obligations hereunder shall be paid and performed without set-off or counter-claim against any obligation a Beneficiary may owe to Guarantor. 
  
 Section 1. Obligations Unconditional, Consents, Waivers and Renewals. (a) Guarantor hereby agrees that this
Guarantee is a continuing guarantee and that its Obligations hereunder shall be absolute and unconditional, irrespective of the value, validity or enforceability of the Guaranteed Obligations and, to the fullest extent permitted by applicable law,
irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor in its capacity as such. Without limiting the generality of the foregoing, the occurrence or
existence of one or more of the following at any time or from time to time, without notice to or the consent of Guarantor, shall not (x) preclude the exercise by a Beneficiary of any right, remedy or power hereunder or under any other agreement
with a Beneficiary, (y) constitute a legal or equitable defense to the payments and performance by Guarantor of its Obligations hereunder, or (z) alter or impair the obligations or liability of Guarantor hereunder, which will remain
absolute and unconditional as described above: 
  

	 	(i)	the time for any performance of or compliance with any of the Guaranteed Obligations shall be waived, extended, renewed, compromised, modified, or released;


  

	 	(ii)	any of the acts mentioned in any agreement between the Obligor and any Beneficiary shall be done or omitted; 

  

	 	(iii)	any of the Guaranteed Obligations shall become due prior to their stated maturity (whether upon liquidation, close-out, acceleration or early termination or otherwise), or any of
the Guaranteed Obligations shall be amended or otherwise modified in any respect, or any right under any governing agreement with any Beneficiary or any other agreement or instrument referred to therein shall be amended or otherwise modified in any
respect (other than any amendment or other modification of this Guarantee not consented to by Guarantor), or any other guarantee of any of the Guaranteed Obligations or any collateral for either such other guarantee or for the Guaranteed Obligations
shall be released, substituted or exchanged in whole or in part or otherwise dealt with; 

  

	 	(iv)	any lien or security interest granted to, or in favor of, a Beneficiary as security for any of the Guaranteed Obligations shall fail to be perfected; 

  

	 	(v)	the existence of any insolvency proceedings with respect to the Obligor or any other guarantor of or obligor on any of the Guaranteed Obligations; 

  

	 	(vi)	any right of set-off Guarantor may have against any Beneficiary, which right of set-off Guarantor agrees not to assert with respect to any Guaranteed Obligations;


  

	 	(vii)	any lack of or limitation on the status or power of the Obligor or any other guarantor of or obligor on any of the Guaranteed Obligations; or 

  

	 	(ix)	any of the Guaranteed Obligations are or become unenforceable for any reason. 

  


	(b)	 Guarantor hereby expressly waives any requirement that a Beneficiary exhaust any right, power or remedy or proceed against the Obligor (including any right of
set-off) under common law or any agreement with a Beneficiary or any other 











	 	 
agreement or instrument referred to therein, or against any other person or entity under any other guarantee of, or security for, any of the Guaranteed
Obligations, it being agreed that this Guarantee is a guarantee of payment and not of collection. 


  

	(c)	Guarantor hereby expressly waives notice of acceptance of this Guarantee and of a Beneficiary entering into any transaction and also expressly waives diligence, presentment, demand
of payment, performance, protest and notice of dishonor, the filing of claims and all demands whatsoever. 

  

	(d)	Guarantor hereby agrees that, until the payment and satisfaction in full of all Guaranteed Obligations and the termination of all outstanding transactions, Guarantor will not
exercise any right or remedy (excluding the filing of any proof of claim in any insolvency proceedings with respect to the Obligor) against the Obligor or any other guarantor of any of the Guaranteed Obligations or any security therefor arising by
reason of any performance by Guarantor of its Obligations, whether by subrogation or otherwise. Such Beneficiary shall have no obligation, and Guarantor’s Obligations hereunder shall not be affected by any failure by such Beneficiary, to file
any proof of claim relating to the Guaranteed Obligations in any insolvency proceedings with respect to the Obligor. 

  

	(e)	This Guarantee shall be discharged upon the full, final and irrevocable payment and performance to each Beneficiary of all Guaranteed Obligations incurred while it is effective.
This Guarantee, and any security therefor, shall continue to be effective or be reinstated (as the case may be) if at any time all or any part of any payment or interest thereon of a Guaranteed Obligation or delivery or other performance by Obligor
or by Guarantor of a Guaranteed Obligation is avoided, repaid or restored for any reason whatsoever, all as though such payment, delivery or performance had not been made. 

  
 Section 2. Representations, Warranties and Covenants. Guarantor represents, warrants and covenants to each Beneficiary
that (a) Guarantor has the full right, power and authority to make, execute, deliver and perform this Guarantee and to pay and perform the Guaranteed Obligations under this Guarantee and has taken all necessary action to authorize the
execution, delivery and performance of this Guarantee; (b) Guarantor has obtained all consents, approvals or authorizations required in connection with the execution, delivery, payment or performance of this Guarantee and the payment and
performance of the Guaranteed Obligations; (c) Guarantor does not hold Bear Stearns stock that is not freely transferable within the meaning of NYSE Rule 431(f)(4) and is otherwise in compliance with the requirements of NYSE Rule 431(f)(4);
(d) this Guarantee constitutes the valid and legally binding obligation of Guarantor, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors’ rights generally, in each case, as they relate to a proceeding or relief pertaining to Guarantor and not to Obligor, and (ii) as limited by laws relating to the availability of
specific performance or injunctive relief; and (e) Guarantor agrees that it shall provide Bear Stearns at the address for notices set forth in Section 9 below with quarterly financial statements by the 20th day of the month following the end of each quarter. 
  
 Section 3. Security Interest and Lien; Assignment. Guarantor hereby grants to each Beneficiary a valid and first priority, perfected, continuing
security interest in and assigns (a) all rights Guarantor has in any obligation that a Beneficiary owes to Guarantor; (b) any and all rights, claims or causes of action Guarantor may now or hereafter have against a Beneficiary (including,
without limitation, all rights Guarantor has in any repurchase agreement to which a Beneficiary is a party other than any agreement relating to trust preferred securities); and (c) all proceeds of or distributions on any of the foregoing
(collectively (a) through (c), Guarantor Collateral), as security for the payment and performance of any and all of Guarantor’s Obligations under this Guarantee. Guarantor agrees that each Beneficiary may proceed at any time,
in its sole discretion, and without prior demand or notice, to enforce such security interest by the sale of any and all Guarantor Collateral in any manner and upon such terms as a Beneficiary may determine in its sole discretion. The assertion or
enforcement by a Beneficiary of such security interest or any demand that Guarantor perform its Obligations under this Guarantee, or any action or proceedings brought to enforce this Guarantee, shall not release Guarantor as Guarantor or otherwise
affect this Guarantee, or the liability of Guarantor for any Guaranteed Obligation and shall not release or otherwise affect the security interest granted by Guarantor to each Beneficiary. 
  
 Guarantor and each Bear Stearns Entity hereby acknowledge and agree, for the
benefit of each Bear Stearns Entity, that all Guarantor Collateral is held as Guarantor Collateral by each Bear Steams Entity for itself, and, as agent and bailee for all other Bear Stearns Entities. Each Bear Stearns Entity agrees to act as agent
and bailee of and for each other Bear Stearns Entity in respect of Guarantor Collateral and shall hold any Guarantor Collateral both as secured party and as agent and bailee of and for each other Bear Stearns Entity. Each Bear Stearns Entity, shall,
and hereby agrees to, and Guarantor agrees that it may comply, without Guarantor’s further consent, with any orders or instructions of each Beneficiary with respect to Guarantor’s 








 
Collateral, including (without limitation), (a) any entitlement orders or other instructions, including without limitation, all notifications such Bear
Stearns Entity receives directing it to transfer (including, without limitation, to a Beneficiary) or redeem any Collateral and (b) if the Bear Stearns Entity is a commodity intermediary, any instructions to such Bear Stearns Entity to apply
any value distributed on account of a commodity contract as directed by each Beneficiary. Each Bears Stearns Entity has the right, in its sole discretion, to not comply with (i) any entitlement order or other instructions originated by
Guarantor or a third party that would require a Bear Stearns Entity to make a delivery of Guarantor Collateral to Guarantor or any other person and (ii) any instruction from Guarantor to apply any value on account of any commodity contract
(whether such value is distributable or not), to the extent that such. Guarantor Collateral is necessary to satisfy any Guaranteed Obligation (including, without limitation, any requirement for margin or other security) to itself or any Bear Steams
Entity if such other Bear Stearns Entity requests (orally or in writing, itself or through an agent) that such entitlement order or instruction not be complied with. Guarantor agrees that the actions of a Bear Steams Entity in not complying with
Guarantor’s instructions as allowed in this Section 3 satisfy any duties a Bear Stearns Entity may have under the Uniform Commercial Code. 
  
 Section 4. Additional Guarantees; Effect of Guaranty on Guarantor’s Accounts. Guarantor understands that, in addition to this Guarantee, other
entities may issue similar guarantees to ensure the complete performance of Obligor’s Obligations. This Guarantee shall not be diminished in any way by the grant of additional guarantees of Obligor’s Obligations to a Beneficiary or by the
existence of other guarantors, and this Guarantee may be enforced in full against Guarantor without joining any other guarantor, as the case may be, provided, however, that any payment made by another Guarantor of the Guaranteed Obligations shall
reduce the amount outstanding of the Guaranteed Obligations. Guarantor waives the doctrine or marshalling of assets and any other similar doctrine. 
  
 Section 5. Termination. This Guarantee shall be and remain effective with respect to all Guaranteed Obligations incurred prior to 5:00 P.M. (New York
time) on the fifth Business Day after notice of termination by Guarantor is received by a Beneficiary (the Effective Termination Time); provided however, that notwithstanding such notice of termination, this Guarantee (a) shall
remain effective with respect to any Guaranteed Obligations incurred prior to the Effective Termination Time; and (b) shall be reinstated as provided above. 
  
 Section 6. Successors; Assigns. Any assignment of this Guarantee without the prior written consent of an authorized
representative of each Beneficiary shall be null and void. This Guarantee shall inure to the benefit of any successor or permitted assignees of each Beneficiary. If Guarantor is an individual, this Guarantee shall be binding upon the respective
estate, heirs, personal representatives, assignees and successors and the death of Guarantor shall not terminate liability hereunder, including, but not limited to, Guaranteed Obligations incurred after Guarantor’s death, which can be
terminated only by notice in accordance with Section 9 below and on the terms set forth herein. 
  
 Section 7. Governing Law. This Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York without giving
effect to the conflict of law principles thereof. 
  
 Section 8. Expenses. Guarantor agrees to pay, on demand, all out-of-pocket expenses (including legal fees and disbursements) incurred by each Beneficiary in connection with the enforcement or protection of its rights hereunder or any
litigation, procedures or discovery related to this Guarantee. 
  
 Section 9. Miscellaneous. (a) Notices to Beneficiaries. Notices by or on behalf of Guarantor to a Beneficiary shall be written, addressed to Bear Stearns, 383 Madison Avenue, New York, New York 10179, Attention: Senior
Managing Director, Global Credit Department or such other address of which a Beneficiary gives Guarantor written notice and shall be effective upon actual receipt by a Beneficiary at such address. Notwithstanding the foregoing, copies of all notices
from Guarantor shall be sent to Bear Stearns Global Lending Limited and shall be addressed to: Bear Stearns Global Lending Limited, c/o Director of Operations, Bear, Stearns International Limited, One Canada Square, London E14 5AD, England.
(b) Notices to Guarantors. Notices, demands, or other communications to Guarantor under this Guarantee will be delivered, transmitted or mailed to the address, e-mail address, telephone (followed by a written or e-mail copy of the
notice) or facsimile number listed below or such other address of which Guarantor gives the Beneficiaries written notice, unless and until three business days after a Beneficiary has received written notice from Guarantor of a different address or
telephone or facsimile number. Notices to Guarantor shall be deemed received when properly addressed (a) 3 days after mailing postage prepaid or (b) the day delivered if personally delivered, including a facsimile transmission, or sent by
overnight courier. Notices given to Guarantor by facsimile transmission shall be deemed received during normal business hours of the recipient when the transmitting facsimile signals the successful transmission of the facsimile during such normal
business hours. Notices given to Guarantor by telephone shall be deemed received when a Beneficiary calls by telephone the person authorized to receive telephone notices listed below, during normal business hours of the recipient at the telephone
number listed below, (c) Facsimile copies. Guarantor hereby authorizes each Beneficiary to accept facsimile copies of this or any other document or instruction as if it were the original and to accept 










 
signatures on facsimiles as if they were originals. (d) Waiver. Neither a Beneficiary’s failure to insist at any time upon strict compliance
with this Guarantee or with any of the terms hereof nor any continued course of such conduct on its part shall constitute or be considered a waiver by such Beneficiary of any of its rights or privileges hereunder.4 (e) Jurisdiction to Hear
Disputes; Service of Process. If there is not an Institutional Account Agreement in effect between a Beneficiary and Guarantor, then the provisions of Annex A hereto, which shall be deemed incorporated herein by reference, shall be applicable
with respect to any suit, action or proceeding relating to this Guarantee. 
  
 Section 10. Definitions. 
  
 Affiliate, when used with respect to a Beneficiary, means any entity which is owned directly or indirectly by The Bear Stearns Companies Inc. or which is controlled by or under common control with any entity
which is owned directly or indirectly by The Bear Steams Companies Inc. whether such entity exists as of the date hereof or is hereafter created or acquired. 
  
 Obligations means each and every obligation or liability Obligor, or Guarantor, as the case may be, owes or may owe to a Beneficiary
(whether when stated to become due, upon liquidation, close-out, acceleration or early termination or otherwise), arising out of the MASTER REPURCHASE AGREEMENT, including, without limitation, this Guarantee or otherwise that Obligor, or Guarantor,
as the case may be, has provided to a Beneficiary and every obligation or requirement Obligor has under the MASTER REPURCHASE AGREEMENT to maintain or deliver margin or collateral with respect to such transaction or in connection with a guarantee,
or its acceleration, cancellation, termination or liquidation, whether arising hereunder, heretofore, or hereafter. 
  

			
	 GUARANTOR

		
	By:	 	/S/    JACK
SALMON        
	 Name:
	 	Jack Salmon
	 Title:
	 	CFO
		
	 Attest:
	 	/S/    RAPHAEL
LICHT        
	 Name:
	 	Raphael Licht
	 Title:
	 	Secretary

  
 Address for Notice to Guarantor: 
 1818 Market Street 
 28th
Floor 
 Philadelphia, PA 19103 
  
 Attn: Chief Financial Officer 
  
 Dated: 10/5/2005 
 ___________________________________________ 
  
 (corporate seal) ______________________________ 
 Telephone Number: 215 861 7777 
 Facsimile Number: 215 861 7878 









 ANNEX A TO GUARANTEE 
  
 (a) (i) ARBITRATION IS FINAL AND BINDING ON THE PARTIES. 
  
 (ii) THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL. 
  
 (iii) PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT
PROCEEDINGS. 
  
 (iv) THE ARBITRATORS’ AWARD IS NOT REQUIRED TO
INCLUDE FACTUAL FINDINGS OR LEGAL REASONING AND ANY PARTY’S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED. 
  

(v) THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY. BY SIGNING THE GUARANTEE,
GUARANTOR AGREES THAT CONTROVERSIES ARISING UNDER OR RELATING TO THIS GUARANTEE BETWEEN GUARANTOR AND A BENEFICIARY, ITS PREDECESSORS, AND ANY OF THEIR RESPECTIVE SUCCESSORS, ASSIGNS, AND ANY OF THEIR DIRECTORS, EMPLOYEES, OR ANY CONTROL PERSONS AND
ANY OF THEIR AGENTS, WHETHER ARISING PRIOR TO, ON, OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE DETERMINED BY BINDING ARBITRATION. ANY ARBITRATION UNDER THE GUARANTEE SHALL BE HELD ONLY AT THE FACILITIES OF, BEFORE AN ARBITRATION PANEL APPOINTED BY,
AND PURSUANT TO THE RULES OF THE NEW YORK STOCK EXCHANGE, INC., THE AMERICAN STOCK EXCHANGE, INC., OR THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. GUARANTOR MAY ELECT ONE OF THE FOREGOING FORUMS FOR ARBITRATION, BUT IF GUARANTOR FAILS TO
MAKE SUCH ELECTION BY REGISTERED MAIL OR TELEGRAM ADDRESSED TO BEAR, STEARNS SECURITIES CORP., 383 MADISON AVENUE, NEW YORK, NEW YORK 10179, ATTENTION: CHIEF LEGAL OFFICER (OR ANY OTHER ADDRESS OF WHICH GUARANTOR IS ADVISED IN WRITING), BEFORE THE
EXPIRATION OF TEN DAYS AFTER RECEIPT OF A WRITTEN REQUEST FROM A BENEFICIARY TO MAKE SUCH ELECTION, THEN SUCH BENEFICIARY MAY MAKE SUCH ELECTION. THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD
RENDERED MAY BE ENTERED IN ANY COURT, STATE OR FEDERAL, HAVING JURISDICTION. NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PRE-DISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN
COURT A PUTATIVE CLASS ACTION; WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL: (x) THE CLASS CERTIFICATION IS DENIED; (y) THE CLASS IS
DECERTIFIED; OR (z) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THE GUARANTEE EXCEPT TO THE EXTENT STATED HEREIN. 

 
 (b) Notwithstanding the provisions of subparagraph (a) above, either party may seek,
in the U.S. District Court for the Southern District of New York or the Supreme Court of the State of New York for the County of New York, any such temporary or provisional relief or remedy (“provisional remedy”) provided for by the laws
of the U.S. or the laws of the State of New York as would be available in an action based upon such dispute or controversy in the absence of an agreement to arbitrate. The parties acknowledge and agree that it is their intention to have any such
application for a provisional remedy decided by the Court to which it is made and that such application shall not be referred to or settled by arbitration. No such application for a provisional remedy, nor any act or conduct by either party in
furtherance of or in opposition to such application, shall constitute a relinquishment or waiver of any right to have the underlying dispute or controversy with respect to which such application is made settled by arbitration in accordance with
subparagraph (a) above. (c) With respect to any application for a provisional remedy and any application for judgment on an arbitration award, each party irrevocably (i) submits to the jurisdiction of the U. S. District Court for the
Southern District of New York or the Supreme Court of the State of New York for the County of New York, (ii) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any
claim that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such party, and (iii) consents to service of
process by certified mail, return receipt requested, to the address provided for herein.