**Exhibit      10.1**

**CONFIDENTIAL      TREATMENT REQUESTED**

**Confidential      material has been separately filed with the Securities and Exchange Commission      under an application for confidential treatment. Terms, for which confidential      treatment has been requested, have been omitted and marked as      redacted.**

**LIMITED      LIABILITY COMPANY AGREEMENT**

**OF**

**COPPERHEAD      VENTURES, LLC**

| 1.1.   | Formation. |
|------------------|------------|

| 1.2.   | Term. |
|------------------|-------|

| 1.3.   | Name. |
|------------------|-------|

| 1.4.   | Principal              Office. |
|------------------|--------------------------------|

----

| 2.   | DEFINITIONS. |
|----------------|--------------|

| (i)   | any              Person directly or indirectly Controlling, Controlled by, or under              common              Control with, the specified Person; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | any              Person owning or Controlling fifteen percent (15%)*** ***or              more of the outstanding voting securities of the specified              Person; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | any              Person that is an officer, director, partner or trustee of, or serves              in a              similar capacity with respect to the specified Person, or of which              the              specified Person is an officer, director, partner or trustee;              and |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | any              relative or spouse of the specified              Person. |
|------------------|---------------------------------------------------------------------------|

----

| (i)   | The              entry of an order for relief with respect to a Member in proceedings              under              the United States Bankruptcy Code, as amended or superseded from time              to              time; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | The              filing of an application by a Member for, or its consent to, the              appointment of a trustee, receiver or custodian of its              assets; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | The              making by a Member of a general assignment for the benefit of              creditors; |
|-------------------|--------------------------------------------------------------------------------------------------------|

| (iv)   | The              entry of an order, judgment or decree by any court of competent              jurisdiction appointing a trustee, receiver or custodian of the assets              of              a Member unless the proceedings and the person appointed are dismissed              within ninety (90) days; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | The              failure by a Member generally to pay its debts as the debts become              due              within the meaning of Section 303(h)(1) of the United States Bankruptcy              Code or the admission in writing of its inability to pay its debts              as they              become due; or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | A              Member’s Interest becoming subject to the enforcement of any rights of a              creditor of a Member, whether arising out of an attempted charge upon              such              Member’s Interest by judicial process or otherwise, if such Member shall              fail to obtain the release of those enforcement rights, whether by              legal              process, bonding, or otherwise, within ninety (90) days after actual              notice of such creditor’s action. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| (i)   | Any              tax exempt income, as described in Section 705(a)(1)(B) of the Code,              realized by the Company during such year and not otherwise taken into              account in computing Net Income or Net Loss shall be included as an              item              of gross income; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Any              expenditures of the Company described in Section 705(a)(2)(B) of the              Code              for such Fiscal Year or treated as being so described in Regulations              Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in              this              subsection shall be subtracted from such taxable income or taxable              loss;              and |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Notwithstanding              any other provision of this definition, any items that are specially              or              curatively allocated pursuant to Section 7 shall not be taken into              account              in computing Net Income or Net Loss. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| 3.   | NAME              AND PLACE OF BUSINESS. |
|----------------|------------------------------------------|

| 3.1.   | Name. |
|------------------|-------|

| 3.2.   | Place              of Business. |
|------------------|---------------------------------|

| 4.   | BUSINESS              OF COMPANY. |
|----------------|-----------------------------------|

----

| 5.   | MEMBERS              AND CAPITAL CONTRIBUTIONS. |
|----------------|-------------------------------------------------|

| 5.1.   | Members. |
|------------------|----------|

| 5.2.   | Initial              Capital Contributions. |
|------------------|---------------------------------------------|

| (a)   | All              Capital Contributions shall be made by the close of business on              September 15, 2006, to be deemed made effective September 16,              2006. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | IHCC              will contribute (or cause to be contributed) the following assets to              the              Company as Capital Contributions: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Its              ownership interests in the Series 3 Collateralized              Bonds; |
|-----------------|-----------------------------------------------------------------------------------------|

| (ii)   | IHCC              will cause Commercial Capital to assign its optional right to redeem              all              of the outstanding CCAO Series 3 Trust Collateralized Bonds;              and |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | IHCC              will deliver an executed copy of the Derivative Payments Agreement              with              the Company in the form of Exhibit              B              pursuant to which IHCC will agree to pay to the Company amounts equal              to              (A) the cash flow received by Commercial Capital with respect to the              Available Surplus and (B) the cash flow received by IHCC with respect              to              the Series 2 Collateralized Bonds. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | (i)Advisors              will contribute $184,000 to the Company as a Capital Contribution in              the              form of a promissory note in that principal amount (the “Advisors Note”)              bearing interest at a rate equal to the Prime Rate in the form attached              as              Exhibit              C. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) The            Company will forgive the remaining principal balance of the Advisors            Note            on March 15, 2009; provided that on that date Advisor remains a            Member of the Company. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | DBAH              will contribute to the Company as a Capital Contribution cash in an              amount              equal to Thirty Six Million Five Hundred Thousand Dollars              ($36,500,000.00). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3.   | Additional              Capital. |
|------------------|----------------------------------|

| (a)   | (i)If              the Board determines that additional capital, in excess of that which              the              Members are obligated to contribute to the Company pursuant to              Section 5.2,* *is              needed by the Company to avoid a default by the Company with respect              to              Debt Service or other Company obligations incurred in accordance with              this              Agreement, to carry out the Business Plan or to protect and preserve              the              value of the Company’s assets or property, the Board shall notify the              Members of the additional required capital. A Member may, but shall              not be              required to, lend money to the Company, which loan shall bear interest              at              a fluctuating rate equal to two (2) percentage points above the Prime              Rate              (but in no event at an interest rate higher than the maximum rate legally              permitted). Any such loan shall be repaid in full before any distributions              are made under Section 7. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   | (ii)If                any Member proposes to lend to the Company under                Section 5.3(a)(i),* *that                Member shall give a Loan Notice to the other Members. The other Members                shall have the right to lend to the Company their respective Proportionate                Shares of the loan amount, by giving notice to the first Member within                fifteen (15)* *days                after the Loan Notice is given, and such loan to the Company shall                be made                within that time period. |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4.   | Guaranty              of Company Indebtedness. |
|------------------|------------------------------------------------|

| 5.5.   | Additional              General Provisions on Capital and Obligations of              Members. |
|------------------|------------------------------------------------------------------------------------------------|

| (a)   | (i)A              Capital Account shall be established and maintained for each Member.              A              Member shall have a single Capital              Account, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | regardless              of the time or manner in which any portions of the Member’s Interest were              acquired. If an Interest is transferred in accordance with this Agreement,              the transferee shall succeed to the Capital Account of the transferor              to              the extent it relates to the transferred Interest. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In                accordance with Regulations Section 1.704-1(b)(2)(iv),                a Member’s Capital Account shall consist of (A) the sum of (1) its Capital                Contributions,* *(2)                allocations to it of Net Income and Gain from Sale (or items thereof)                (other than gain under Section 6.6) including income and gain exempt                from                tax, and (3) the amount of any Company liabilities assumed by that                Member                or which are secured by any Company assets distributed to that Member                (to                the extent of the value of the securing assets), minus                (B) the sum of (1) the cash and fair market value of property distributed                to it by the Company, (2) the amount of any liabilities of that Member                assumed by the Company or secured by any property contributed by                that                Member to the Company, (3) allocations to it of expenditures of the                Company described in Section 705(a)(2)(B) of the Code or treated                as such                expenditures under the Regulations, and (4)* *allocations                to it of Net Loss and Loss from Sale (or items                thereof). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | (A)In              accordance with Regulations Section 1.704-1(b)(2)(iv)(f), the book              value              of the Company’s assets shall be revalued and the Capital Account of each              Member shall be adjusted to reflect a revaluation of the Company’s assets              upon the occurrence of the following              events: |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | The              contribution of money or other property (other than a de minimis              amount) to the Company by a new or existing Member as consideration              for an              Interest; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The              distribution of money or other property (other than a de minimis              amount) by the Company to a retiring or continuing Member as consideration              for an Interest; or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | The              liquidation of the Company within the meaning of Regulation Section              1              .704-1(b)(2)(ii)(g). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | The                adjustment shall be based on the fair market value of Company property                (taking Section 7701(g) of the Code into account) on the date of                adjustment, and shall reflect the manner in which the unrealized                income,                gain, loss or deduction inherent in the property (that has not previously                been reflected in the Capital Accounts) would have                been |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (iv)   | If,              pursuant to Regulations Section 1.704-1(b)(2)(iv)(d) or              1.704-1(b)(2)(iv)(f), any Company asset has a book value that differs              from              the adjusted tax basis of that asset, then the Capital Accounts shall              be              adjusted in accordance with Regulation Sections 1.704-1(b)(2)(iv)(g)              and              for allocations of depreciation, depletion, amortization and gain or              loss              computed for book purposes rather than tax purposes, with respect to              such              asset. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | If              there is any basis adjustment pursuant to an election under Section              754 of              the Code, then the Capital Accounts shall be adjusted to the extent              required by the Regulations. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | The              principles in this Agreement governing the adjustments of Capital Accounts              are intended to satisfy the capital account maintenance requirements              of              Regulation Section 1 .704-l(b)(2)(iv) and shall be construed consistently              therewith. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | No              Member gives up any of its rights to be repaid its Capital Contribution              in              favor of the other Members. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | No              Member shall be paid interest on its Capital              Account. |
|-----------------|------------------------------------------------------------------------------------|

| (d)   | No              Member shall have the right to demand and receive any distribution              from              the Company in any form other than cash, regardless of the nature of              its              Capital Contribution. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Except              as otherwise provided in this Agreement, no Member shall have the right              to              demand and receive property of the Company in return of its Capital              Contribution or in respect of its Interest until the termination of              the              Company. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | The              liability of each Member to the Company or the other Members for the              losses, debts, liabilities and obligations of the Company shall be              limited              to paying its Capital Contributions when due under the Agreement, its              share of any undistributed assets of the Company, and (only to the              extent              required by the Act or other applicable law) any amounts previously              distributed to it from the Company. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6.   | No              Third Party Beneficiaries. |
|------------------|--------------------------------------------|

----

| 6.   | ALLOCATIONS. |
|----------------|--------------|

| 6.1.   | Net              Income, Net Loss and Credits. |
|------------------|------------------------------------------------|

| 6.2.   | Gain              from Sale. |
|------------------|------------------------------|

|   |   | Subject                to Sections 6.5 through 6.8, Gain from Sale shall be allocated among                the                Members in proportion to their respective                Interests. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3.   | Loss              from Sale. |
|------------------|------------------------------|

| 6.4.   | Mid-Year              Transfers. |
|------------------|----------------------------------|

| (a)   | All              Net Income and Loss allocable to the Interest shall be allocated between              the transferor and the transferee in the ratio of the number of days              in              the year before and after the effective date of the transfer without              regard to the dates during the year on which income was earned, losses              were incurred or Net Cash from Operations was              distributed. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Tax              credits, if any, shall be allocated among the Members at the time the              property with respect to which the credit is claimed is placed in              service. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | All              Gain or Loss from Sale shall be allocated to the holder of the Interest              as              of the date on which the Company recognizes that Gain or Loss from              Sale. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5.   | Minimum              Gain Chargeback. |
|------------------|---------------------------------------|

| (a)   | Notwithstanding              anything to the contrary in this Agreement, if there is a net decrease              in              the Company Minimum Gain during a fiscal year, then there shall be              allocated to the Members items of Company income and gain in accordance              with the Minimum Gain chargeback requirements of Regulations Section              1.704-2(f). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Notwithstanding              anything to the contrary in this Agreement, if there is a net decrease              in              Member Nonrecourse Debt Minimum Gain during a              fiscal |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | year,              there shall be allocated to any Member with a share of that Member              Nonrecourse Debt Minimum Gain items of income and gain in accordance              with              the requirements of Regulations Section 1              .704-2(i)(4). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6.   | Allocations              to Reflect Book Value/Tax Disparity. |
|------------------|---------------------------------------------------------------|

| 6.7.   | Qualified              Income Offset. |
|------------------|---------------------------------------|

| 6.8.   | Member              Nonrecourse Deductions. |
|------------------|---------------------------------------------|

----

| 6.9.   | Net              Cash from Operations. |
|------------------|----------------------------------------|

| 6.10.   | Net              Proceeds from Financing. |
|-------------------|-------------------------------------------|

| **6.11.  ** | Mandatory              Excess Cash Distribution. |
|-----------------------|--------------------------------------------------|

| 6.12.   | Mid-Year              Transfers. |
|-------------------|----------------------------------|

| (a)   | Net              Cash from Operations shall be distributed to the holder of the Interest              on              the date of distribution. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Net              Proceeds from Financing allocable to the Interest shall be distributed              to              the holder of the Interest on the date of              distribution. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.13.   | Outstanding              Loans to Company. |
|-------------------|--------------------------------------------|

----

| 6.14.   | Other              Payments to Advisors. |
|-------------------|------------------------------------------|

| (a)   | The              Members will negotiate in good faith with respect to the payment of              additional fees to Advisors in the event that Advisors is engaged by              the              Company to and successfully facilitates the early redemption of the              Series              2 Collateralized Bonds and/or the Series 3 Collateralized Bonds. To              the              extent Advisors does not receive such fees in cash, the Members will              negotiate in good faith to adjust the distributions and allocations              otherwise provided for in this Section 7 and in Section 6. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Advisors              shall receive a one-time fee, payable upon the repayment, maturity,              sale              or other liquidation of an investment of the Company, equal to one              percent              (1.0%) of the purchase price of any investment made by the Company              that              was introduced to the Company by Advisors. The fee payable to Advisors              pursuant to this subsection shall only be payable after the Company              recovers its basis in such investment plus a profit equal to the one-month              London Interbank Offered Rate compounded on a monthly basis from the              inception of the investment. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | MANAGEMENT. |
|----------------|-------------|

| 7.1.   | Board              of Directors. |
|------------------|----------------------------------|

| (a)   | The              Company Business shall be managed by a Board that shall consist initially              of two Directors, with the Voting Members each having the right to              designate one Director. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              Board shall, subject to the approval rights and other requirements              in              Section 4 and the approval rights reserved to the Voting Members in              Sections 5.4, 16 and 17, and subject to Section 8.8, have exclusive              authority and full discretion with respect to the management of the              Company Business. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The              Board shall act by resolution duly adopted at a meeting of the Board              or by              consent in writing of all Directors. Directors may vote or give their              consent in person or by proxy. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | No              action may be taken by the Board without the affirmative vote of at              least              two Directors. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| 7.2.   | Appointment              and Removal of Directors. |
|------------------|----------------------------------------------------|

| (a)   | Each              Voting Member shall promptly designate its Director so that the Board              shall at all times consist of two              Directors. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | Either              Voting Member may at any time, by notice to the other Members, remove              any              or all of its Directors, with or without cause, and substitute new              Directors to serve in their stead. No Director shall be removed from              office, with or without cause, without the consent of the Voting Member              that designated him. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | If              any Director is unwilling or unable to serve or is removed from office              by              the Voting Member that designated him, the Voting Member that designated              him shall designate the successor to that              Director. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The              notice of a Voting Member appointing a Director shall in each case              set              forth that Director’s business and residence addresses and business              telephone number. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Each              Voting Member shall promptly give notice to the other Voting Member              of any              change in the business or residence address or business telephone number              of any of its Directors. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3.   | Exercise              of Authority Granted to the Board. |
|------------------|----------------------------------------------------------|

| (a)   | Subject              to the limitations of Section 8.3(b), the Board may delegate such general              or specific authority to the officers of the Company as it from time              to              time considers desirable, and the officers of the Company may, subject              to              any restraints or limitations imposed by the Board, exercise the authority              granted to them. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Notwithstanding              anything contained herein to the contrary, the authority to determine              the              following matters with respect to the Company shall be retained by              the              Board (subject to Section 8.6) and any action with respect thereto              may be              taken by the officers of the Company (within such general or specific              limits as may be determined by the Board) only after the Board has              approved the action in question in accordance with this              Section: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Investing              the assets of the Company (provided that the Manager may invest assets              of              the Company in short term instruments with original maturities of ninety              (90) days or fewer and that are rated the equivalent of AAA by two              of the              three national ratings agencies, without the approval of the Board); |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Take              any action that would have the effect of causing the Company not to              cause              the redemption of the CCAO Series 3 Trust Collateralized Bonds issued              pursuant to the Series 3 Supplement in February              2009; |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Appointing              or removing the Manager, subject to Section              8.6(e); |
|-------------------|------------------------------------------------------------------------------------------|

| (iv)   | Determining              the amount and necessity for loans pursuant to Section              5.3(a); |
|------------------|------------------------------------------------------------------------------------------------------|

----

| (v)   | Determining              the amount and timing of distributions to the              Members; |
|-----------------|----------------------------------------------------------------------------------------------|

| (vi)   | Entering              into any transaction between the Company and any Member or any Affiliate              of a Member, other than a loan pursuant to Section              5.3(a); |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)   | Acquiring              or starting up any new business activity within the Company              Business; |
|-------------------|-----------------------------------------------------------------------------------------------------------|

| (viii)   | Except              as provided in Section 5.3(a), borrowing money, other than trade debt              in              the ordinary course of the Company Business or as provided for in the              Annual Business Plan then in effect; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | Pledging,              placing in trust, assigning or otherwise encumbering any existing              property, now owned or hereafter acquired by the Company, excluding              accounts receivable from trade creditors, as collateral or security              for              any borrowing or other obligation of the Company, except for pledges              or              deposits under workmen’s compensation, unemployment insurance and social              security laws or to secure the performance of bids, tenders, contracts              (other than for the repayment of money), or leases, or to secure statutory              obligations or surety or appeal bonds or to secure indemnity, performance              or similar bonds used in the ordinary course of              business; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)   | Selling              or otherwise disposing of, or contracting to sell or otherwise dispose              of,              any of the Company’s assets in any one transaction or in any series of              transactions out of the ordinary course of the Company Business, other              than as contemplated by the Annual Business Plan then in              effect; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xi)   | Causing              the Company to be merged, pooled or combined with any other business              or              enterprise; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------|

| (xii)   | Adopting              overall financial policies for the Company including, without limitation,              adopting or changing significant tax or accounting principles or policies,              adopting the initial and subsequent Annual Business Plans or any              amendments thereto, or any change in the amount of any reserves to              be              maintained by the Company; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xiii)   | Assuming,              guaranteeing (other than credit card obligations for employees), endorsing              or otherwise becoming liable for the obligations of any Person except              by              endorsement for purposes of discount or collection of notes or other              instruments received by the Company from customers in the ordinary              course              of business; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xiv)   | Commencing              or entering into the resolution of any actual or threatened litigation              involving the Company with respect to which the aggregate amount in              controversy exceeds $10,000 or that is otherwise material or seeking              injunctive relief against or on behalf of the              Company; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xv)   | Making              loans or advances to any party, excluding advances for travel              expenses; |
|------------------|----------------------------------------------------------------------------------------------------------|

| (xvi)   | Entering              into any contract or commitment obligating the Company to make aggregate              expenditures of more than $25,000; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (xvii)   | Dissolving              the Company except as otherwise provided in              Section 14.1(a)(i); |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| (xviii)   | Selecting              or changing the Auditor; |
|---------------------|-------------------------------------------------|

----

| (xix)   | Changing              the fiscal year of the Company or any accounting policy or procedure              of              the Company, except as required by law; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xx)   | Entering              into any collective bargaining agreement; |
|------------------|-----------------------------------------------------------------|

| (xxi)   | Amending              or modifying any contract, agreement or arrangement required to be              approved by the Board pursuant to this Section 8.2(b); |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xxii)   | Declaring              bankruptcy of the Company; and |
|--------------------|-------------------------------------------------------|

| (xxiii)   | Making              any other decision material to the Company’s operations, management,              business or financial condition. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4.   | Chairman              of the Board. |
|------------------|-------------------------------------|

| (a)   | The              Chairman of the Board, who shall be one of the Directors, shall be              selected by each Voting Member on a rotating basis for a one (1) year              term. The initial Chairman of the Board shall be designated by              DBAH. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              Chairman of the Board shall preside at Board meetings. |
|-----------------|-------------------------------------------------------------------------|

| 7.5.   | Meetings              of the Board. |
|------------------|-------------------------------------|

| (a)   | The              Directors shall hold not less than four (4) regular meetings each year              on              such dates and at such times as may be designated by the              Board. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Special              meetings of the Board may be held at any time, upon call of the Manager              or              any Director. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Unless              waived in writing by all of the Directors (before or after a meeting),              at              least two (2) business days’ prior notice of any meeting              shall |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d)   | be              given to each Director. Such notice shall, in the case of a special              meeting, state the purpose for which such meeting has been called.              No              business can be conducted or action taken at such meeting that is not              provided for in such notice. Except as otherwise determined by the              Board,              the locations of all meetings of the Board shall be alternated between              locations within the United States (unless otherwise agreed by the              Voting              Members) designated by each Voting Member. Meetings of the Board shall              be              conducted in accordance with Roberts Rules of              Order. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | A              quorum for any meeting of the Board shall be at least two (2) of the              Directors then in office. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| (f)   | The              Board shall cause to be kept a book of minutes of all of its meetings              in              which there shall be recorded the time and place of such meeting, whether              regular or special, and if special, by whom such meeting was called,              the              notice thereof given, the names of those present, and the proceedings              thereof. Copies of any consents in writing shall also be filed in such              minute book. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | Members              of the Board may participate in a meeting of the Board by means of              conference telephone or similar communications equipment by means of              which              all persons participating in the meeting can hear each other, and such              participation shall constitute presence in person at such meeting.              Either              Voting Member may permit its employees or employees of its Affiliates              to              attend Board meetings as non-voting              observers. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.6.   | Manager. |
|------------------|----------|

| (a)   | The              Manager shall act as agent of the Company and shall have such powers              as              are usually exercised by officers of a Delaware corporation and shall              have              the power to bind the Company through the exercise of such powers,              to the              extent consistent with the terms hereof. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              initial Manager of the Company shall be Dynex              Capital. |
|-----------------|--------------------------------------------------------------------------------------|

| (c)   | Unless              the Board otherwise approves as provided in Section 8.3(b)(ii), the              Manager shall take all actions necessary to cause the Company to exercise              the rights assigned to it by Commercial Capital to redeem the CCAO              Series              3 Assets in February 2009 in accordance with the terms of the Base              Indenture and the Series 3 Supplement or any other documents governing              those securities. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Unless              the Board otherwise directs, the Manager shall take all actions necessary              to enforce, on behalf of the Company, the obligation of IHCC under              the              Derivative Payments Agreement to cause the redemption of the CCAO Series              2              Trust Collateralized Bonds at the earliest possible date that those              bonds              may be redeemed. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (e)   | The              Manager may be removed for "Cause" (as defined below) by either Voting              Member, by the DBAH Directors or by the IHCC Directors. In the event              of              removal, a new Manager reasonably acceptable to each Voting Member              shall              be appointed by the Board. There shall be Cause to remove the Manager              if              the Manager or any Affiliate of the Manager: (i) intentionally engages              in              dishonest conduct in connection with the Manager's performance of services              for the Company; (ii) is convicted of, or pleads guilty or *nolo              contendere*              to, a felony or any crime involving moral turpitude; (iii) willfully              fails              or refuses to perform the Manager's material obligations under any              agreement with the Company; (iv) breaches in any material respect any              fiduciary duties to the Company; or (v) willfully breaches or violates              in              a material respect any law, rule or regulation in connection with the              Manager's performance of services for the              Company. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.7.   | Annual              Business Plan. |
|------------------|------------------------------------|

| (a)   | The              Manager shall, on or before December 31 of each year, propose an              annual budget (collectively, the “Annual Business Plan”) for the Company              for the next fiscal year and submit that budget to the Board for its              approval. The budget shall include a profit and loss statement, a cash              flow statement and a balance sheet for the next fiscal year, as of              year              end, and proposals for deployment of the Company's assets. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              Board shall consider the adoption of the Annual Business Plan at a              meeting              called for that purpose and may modify or adjust the Annual Business              Plan              or any aspect thereof in such manner as it deems appropriate. The Company              Business shall be carried on in accordance with the Annual Business              Plan              as adopted by the Board. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.8.   | Limitation              on Other Members’ Powers. |
|------------------|---------------------------------------------------------|

| 7.9.   | Execution              of Documents. |
|------------------|--------------------------------------|

| (a)   | Any              deed, deed of trust, bill of sale, lease agreement, security agreement,              financing statement, contract of sale or other contract or instrument              purporting to bind the Company or to convey or encumber any of the              assets              of the Company in the ordinary course of business, may be signed by              Stephen J. Benedetti in his capacity as an executive officer of the              Manager, or by another executive officer of the Manager, after              obtaining |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | the              approval required by this Agreement, and no other signature shall be              required. For the purposes of this Agreement, “executive officer” shall              have the same meaning given that term under Rule 3b-7 promulgated by              the              Securities and Exchange Commission under the Securities Exchange Act              of              1934. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Any              Person dealing with the Company shall be entitled to rely on a certificate              of the Manager, as conclusive evidence of the incumbency of the Manager              and its authority to take action on behalf of the Company and shall              be              entitled to rely on a copy of any resolution or other action taken              by the              Board and certified by the Manager, as conclusive evidence of such              action              and of the authority of the Manager to bind the Company to the extent              set              forth therein. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | COMPENSATION              AND REIMBURSEMENT OF MEMBERS. |
|----------------|---------------------------------------------------------|

| 8.1.   | Compensation              of Members. |
|------------------|---------------------------------------|

| (a)   | Except              as provided in Section 10 or as the Board may otherwise determine,              no              Member shall receive any compensation for its services to the              Company. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If              the Manager is a Member or an Affiliate of any Member, the Manager              will              not be entitled to receive any compensation from the Company for its              services. If the Manager is not a Member or an Affiliate of a Member,              the              Manager will be entitled to receive from the Company a quarterly              Management Fee equal to 0.017% of the value of the Net Assets in the              Company's portfolio as of the last business day of each calendar quarter.              The Company shall pay the Management Fee for the preceding calendar              quarter to the Manager not later than the tenth (10th)              day of each calendar quarter. The value of the Net Assets in the Company’s              portfolio as of the last business day of each calendar quarter shall              be              determined by reference to the financial statements of the Company              prepared in accordance with generally accepted accounting              principles. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.   | Reimbursement              Restrictions. |
|------------------|------------------------------------------|

| (a)   | No              Member shall, without Board approval, be entitled to be reimbursed              for any              expenses incurred by that Member in its capacity as Member including,              without limitation, direct out-of-pocket expenses, overhead or              administrative expenses or any allocated expenses of employees or              staff. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Except              with respect to travel and related expenses incurred by the Directors              in              conjunction with attendance at meetings of the Board, no compensation              of,              or expenses incurred by, the Directors incident to their duties and              responsibilities as Directors (as contrasted with expenses incurred              by the              Manager) under this Agreement shall be paid by, or charged to, the              Company. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | AUTHORITY              OF THE MEMBERS AND AFFILIATES TO DEAL WITH THE COMPANY, COMPETE WITH              THE              COMPANY AND COMPETE WITH EACH OTHER. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3.   | General              Authority. |
|------------------|---------------------------------|

| 8.4.   | Competition              with the Company. |
|------------------|--------------------------------------------|

| (a)   | Except              as expressly limited by this Section 10.2(a), any of the Members and              any              Affiliate of a Member may engage in and possess an interest in any              business venture of any nature and description, independently or with              others; and neither the Company nor the other Members shall, except              as              otherwise provided in this Section 10.2(a), have any right by virtue              of              this Agreement in and to any such independent ventures or to the income              or              profits derived therefrom. Neither a Member nor any Affiliate of a              Member              shall be obligated to present any particular investment opportunity              to the              Company even if such opportunity is of a character which, if presented              to              the Company, could be taken by the Company, and each of them shall              have              the right to take for its own account (individually or as a trustee)              or to              recommend to others any such particular investment opportunity. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                the provisions of Section 10.2(a), Advisors shall not intentionally                engage                in willful misconduct that Advisors reasonably knows or should know                will                have a material adverse effect on the Company or its business, operations                or reputation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5.   | Redemption              of Bonds. |
|------------------|-----------------------------------|

----

| 8.6.   | Bank              Accounts. |
|------------------|-----------------------------|

| 8.7.   | Maintenance              of Books. |
|------------------|------------------------------------|

| 8.8.   | Method              of Accounting. |
|------------------|------------------------------------|

| 8.9.   | Financial              Reports. |
|------------------|---------------------------------|

| (a)   | The              Company shall prepare or cause to be prepared and shall provide to              each              Member, within ten (10) business days after the end of each month,              a              statement of profit and loss, a cash flow statement for such month              showing              variations from the budgeted amount for such month and the year to              date,              and a balance sheet as of the end of such month, all on a consolidated              basis and separately for each reporting              unit. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              Company shall also cause to be prepared and shall send to each Member              within ninety (90) days after the end of each fiscal year, audited              financial statements and a statement of profit and loss approved by              the              Auditors. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | In              addition, the Company shall cause to be prepared and shall send to              each              Member within ninety (90) days after the end of each fiscal year, a              report              stating each Member’s distributive share of each class of income, gain,              loss or deduction, including tax preference items, for the              year. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d)   | Tax              Returns and Information. |
|-----------------|-------------------------------------------|

| (e)   | It              is intended that the Company be characterized and treated as a partnership              for, and solely for, federal, state and local income tax purposes.              For              such purpose, the Company shall be subject to all of the provisions              of              subchapter K of chapter 1 of subtitle A of the Code, and all references              to              a “Partner,” to “Partners” and to the “Partnership” in the provisions of              the Code and Regulations cited in this Agreement shall be deemed to              refer              to a Member, the Members and the Company,              respectively. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | The              Company shall cause to be prepared and timely filed annually the federal,              state and local tax returns of the Company. Drafts of the tax returns              shall be submitted to each Member for review at least thirty (30) days              before the earlier of (a) the proposed filing date or (b) the due date              for              filing, including extensions that have been granted. The Company shall              cause to be delivered to each Member (i) the tax information required              to              enable the Members to prepare and file their tax returns in a timely              manner, and (ii) copies of all tax returns and amendments thereto filed              by              the Company. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.10.   | Tax              Matters Partner. |
|-------------------|-----------------------------------|

| (a)   | IHCC              is designated as the Tax Matters Partner for purposes of the              Code. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (b)   | (i)The              Tax Matters Partner shall keep the other Members informed of all              administrative and judicial proceedings and shall promptly provide              the              other Members with copies of all notices and other communications to              and              from the Internal Revenue Service or other federal, state or local              administrative agency pertaining to any tax or similar return filed              by the              Company. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | The              Tax Matters Partner shall promptly give notice to the other Members              of the              time and place of meetings with representatives of the Internal Revenue              Service or other federal, state or local administrative agency pertaining              to any tax or similar return filed by the Company, and DBAH shall be              given              the opportunity to have a representative attend any such              meeting. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | If              any matter concerning the Company is in litigation, the Tax Matters              Partner shall keep the other Members informed of the progress of the              litigation and shall afford DBAH, through its representative, the              opportunity to attend all meetings and hearings pertaining to such              litigation. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | The              Tax Matters Partner shall provide the other Members with copies of              all              pleadings, notices or other material documents or communications relating              to such litigation. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (v)   | Notwithstanding              any right or power that may be granted to the Tax Matters Partner under              the Code or any other provision of law, the Tax Matters Partner shall              not,              without the approval of the Board or an individual designated by each              Voting Member for such purpose: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | extend              the statute of limitations on behalf of the              Company; |
|------------------|---------------------------------------------------------------------------------------|

| (vii)   | determine              the Company’s choice of the forum for the litigation of any matter              pertaining to the treatment of items of income, deduction or              credit; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)   | determine              whether to appeal or not appeal any administrative or judicial              determination; |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| (ix)   | enter              into any settlement agreement with the Internal Revenue Service which              purports to bind a Member other than the Tax Matters Partner; or |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)   | file              any request for an administrative adjustment under Section 6227 of              the              Code. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| 8.11.   | Fair              Value Information. |
|-------------------|--------------------------------------|

| 9.   | EXCULPATION              AND INDEMNIFICATION OF THE MEMBERS. |
|----------------|--------------------------------------------------------------|

| 9.1.   | Exculpation. |
|------------------|--------------|

| 9.2.   | General              Indemnification. |
|------------------|---------------------------------------|

| (a)   | To              the extent that a corporation is permitted to indemnify its directors              under the Delaware General Corporation Law, the Company shall indemnify              and hold harmless the Members, the Manager and the Directors from and              against all costs, loss, damage and expense, including reasonable              attorney’s fees, arising out of or resulting from any act performed by              such Member, Manager or Director, within the scope of the authority              conferred |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | upon              it by this Agreement or delegated to it pursuant to this Agreement,              except              for (i) acts of gross negligence, fraud, willful misconduct or knowing              violations of law by such Member, Manager or Director, or (ii) damages              arising from a transaction from which such Member, Manager or Director              derived an improper personal benefit. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Each              Member shall indemnify and hold harmless the Company and the other              Members              from and against all costs, loss, damage and expense, including reasonable              attorney’s fees, arising out of or resulting from any act performed by the              indemnifying Member beyond the scope of authority conferred upon the              indemnifying Member by this Agreement or by reason of any act of fraud,              bad faith, gross negligence, willful misconduct, knowing violation              of law,              or arising from a transaction from which the Member derived an improper              personal benefit. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | TRANSFER              OF INTERESTS AND WITHDRAWAL. |
|-----------------|----------------------------------------------------|

| 10.1.   | No              Right to Resign or Withdraw. |
|-------------------|----------------------------------------------|

| 10.2.   | Transfer              of Interest. |
|-------------------|------------------------------------|

| 10.3.   | Permitted              Transfers. |
|-------------------|-----------------------------------|

| (a)   | Notwithstanding              the above, a Member may transfer all or any portion of its Interest              at any              time to any of the following (the "Permitted              Transferees"): |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Other              Members (subject to Section 13.4 with respect to the Interest of              Advisors); |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (ii)   | A              Member’s Affiliate. |
|------------------|------------------------------------------|

----

| (b)   | For              the purposes of this Agreement, if a Voting Member transfers all or              any              portion of its Interest to a Permitted Transferee, and the Permitted              Transferee is admitted as a substitute Member pursuant to Section 13.5,              then all references to a Voting Member or Voting Members in this Agreement              shall be deemed to refer collectively to such Voting Member and its              Permitted Transferees that have become Members. For the purposes of              any              action to be taken or vote or approval to be made or given under this              Agreement, an action shall be deemed to have been taken, vote shall              be              deemed to have been made, and/or approval deemed to have been given              or              withheld if such vote, action or approval (or withholding of approval)              is              authorized by a majority in Interest of the Members comprising that              Voting              Member. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4.   | Disposition              by Advisors. |
|-------------------|---------------------------------------|

| (a)   | Except              as provided in this Section 13.4, Advisors shall have no right to              voluntarily resign or otherwise withdraw from the Company without the              written consent of all Voting Members, and may not make a Disposition              of              all or any part of the Interest now or subsequently acquired by it              other              than to a Permitted Transferee. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If              Advisors desires to transfer all or any portion of its Interest to              a              Voting Member that has agreed to purchase all or a portion of that              Interest, Advisors may transfer that Interest only after first offering              the Interest to the other Voting Member by providing the other Voting              Member a notice that includes a copy of the agreement to purchase the              Interest with the purchasing Voting Member. This notice shall specify              the              portion of the Interest proposed to be purchased by the other Voting              Member, the proposed price for the Interest and the other terms of              the              proposed transfer. Within sixty (60) days following this notice, the              other              Voting Member shall have the right to purchase its pro rata share of              the              Interest being sold by Advisors. The purchase price for such Interest              shall be the proportionate amount of the price offered to be paid by              the              other Voting Member, and the other terms of the purchase shall be              identical to the terms agreed to with the other Voting              Member. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | Advisors              shall have the right, exercisable by written notice to the Company,              to              request that the Company redeem its Interest, which request may be              acted              upon by the Company in its sole discretion, at a purchase price equal              to              the amount of Advisors’ Capital Contribution or such other purchase price              as may be mutually agreed to by Advisors and the              Company. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5.   | Withdrawal              by Voting Member. |
|-------------------|-------------------------------------------|

| (a)   | A              Voting Member may elect to withdraw from the Company by giving a              Withdrawal Notice to the other Voting Members during the term of this              Agreement. Upon the receipt of a Withdrawal Notice, the other Voting              Members shall be entitled to take any of the following actions (which              shall not be deemed applicable to a Change in Control Notice, Dynex              Special Withdrawal Notice or Regulatory              Notice): |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Elect              the dissolution of the Company as provided in Section              15.1; |
|-----------------|---------------------------------------------------------------------------------------------|

| (ii)   | Cause              the Company to redeem the Interest of the Withdrawing Member as provided              in this Section 13.5; or |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Purchase              the interest of the Withdrawing Member as provided in this Section              13.5. |
|-------------------|-------------------------------------------------------------------------------------------------------------|

| (b)   | Upon              receipt of a Withdrawal Notice, the Non-Withdrawing Member shall deliver              an Election Notice to the Withdrawing Member within thirty (30) days              following receipt of the Withdrawal Notice, specifying the election              it has              made pursuant to Section 13.5(a). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | If              the Non-Withdrawing Member has elected to cause the dissolution of              the              Company, then the Company shall be dissolved as provided in Section              15.1(b), provided that the distribution to be received by the Withdrawing              Member pursuant to Section 15.1(b) shall be reduced by ten percent              (10%)              if the Withdrawal Notice is given on or prior to September 15, 2007,              and shall be reduced by four percent (4%) if the Withdrawal Notice              is              given on or prior to September 15, 2008. If the Non-Withdrawing              Member elects to cause the Company to redeem the Interest of the              Withdrawing Member or to purchase the Interest of the Withdrawing Member,              then the redemption or purchase shall take place in accordance with              provisions of Section 13.5(d). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | (i)Closing              for the Purchase of a Withdrawing Member’s Interest shall take place              within thirty (30) days following the date of delivery of the Withdrawal              Notice; provided, however, that if the Election Notice includes a              statement to the effect that the Company or the Non-Withdrawing Member              requires financing in order to complete the redemption or purchase              of the              Withdrawing Member’s Interest, the Non-Withdrawing Member shall have the              option to postpone |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (e)   | the              closing for the redemption or purchase of the Non-Withdrawing Member’s              Interest until a date that is no later than ninety (90) days following              the              date of the Withdrawal Notice, unless the Withdrawal Notice contained              an              offer by the Withdrawing Member to finance the redemption or purchase              of              the Withdrawing Member’s Interest that complies with the terms described              in Section 13.5(e). Unless the Voting Members agree otherwise, if the              Non-Withdrawing Member or the Company, as the case may be, is unable              to              obtain financing within the ninety (90) day period following the              Withdrawal Notice, the Company shall be dissolved in accordance with              Section 15. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | The              purchase price for the redemption or purchase of the Withdrawing Member’s              Interest shall be such price as is mutually agreed to by the Withdrawing              Member and the Non-Withdrawing Member. If the Withdrawing Member and              the              Non-Withdrawing Member cannot mutually agree upon the purchase price              within ten (10) business days after receipt of the Election Notice              by the              Withdrawing Member, the purchase price shall be the lower of (A) the              value              of the Capital Account of the Withdrawing Member as of the last day              of the              calendar month next preceding the date of closing (the "Measuring Date"),              or (B) as of the Measuring Date, the Withdrawing Member’s Proportionate              Share multiplied by (x) the amount of cash and cash equivalents of              the              Company, plus (y) the fair market value of the assets of the Company              other              than cash and cash equivalents, which shall be determined by obtaining              a              third party valuations from a qualified investment banker that is not              an              Affiliate of any Member for each of the assets of the Company other              than              cash or cash equivalents. If the Withdrawing Member and the              Non-Withdrawing Member cannot agree on the investment banker selected              to              provide the valuations, then each of them shall select a qualified              investment banker that is not an Affiliate of any Member to provide              the              valuations. If the higher aggregate valuation amount for the assets              of the              Company received from one of the investment bankers is no more than              ten              percent (10%) greater than the aggregate valuation amount received              from              the second investment banker, then the aggregate valuation amount shall              be              deemed to be the average of the aggregate valuation amounts received              from              the two investment bankers. However, if the higher aggregate valuation              amount exceeds the lesser aggregate valuation amount by more than ten              percent (10%), then the two investment bankers shall jointly select              a              third investment banker to provide valuations. If the aggregate valuation              amount provided by the third investment banker is between the aggregate              valuation amounts provided by the other two investment bankers, then              the              aggregate valuation amount shall be deemed to be the aggregate valuation              amount provided by the third appraiser. If the              aggregate |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (ii)   | valuation              amount provided by the third appraiser is greater than the highest              aggregate valuation amount provided by the first two appraisers, or              less              than the lowest aggregate valuation amount provided by the first two              appraisers, then the aggregate valuation amount shall be deemed to              be the              aggregate valuation amount received from the one of the first two              appraisers whose aggregate valuation amount is closest to the aggregate              valuation amount provided by the third appraiser. The aggregate valuation              amount shall be adjusted for any applicable discount as provided in              the              next sentence. Any valuation of the assets of the Company shall be              discounted by ten percent (10%) if the Withdrawal Notice is delivered              on              or prior to the first anniversary of the date of this Agreement, and              shall              be discounted by four percent (4%) if the Withdrawal Notice is delivered              after the first anniversary of the date of this Agreement but on or              prior              to the second anniversary of the date of this              Agreement. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | If              the Withdrawing Member has provided in the Withdrawal Notice that it              is              willing to finance the purchase or redemption of its Interest, then              such              financing shall satisfy the condition provided for in Section 13.5(d)              if the financing provides for a term of not less than one year and              interest rates consistent with the interest costs made available to              a              typical counterparty of DBAH’s Affiliates under reverse repurchase              agreements. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6.   | Additional              or Substituted Member. |
|-------------------|------------------------------------------------|

| (a)   | A              transferee of a Member’s Interest may become an additional or substituted              Member in place of its transferor only if all of the following conditions              are satisfied: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | The              requirements of Section 13.3 have been              fulfilled. |
|-----------------|---------------------------------------------------------------------------------|

| (ii)   | The              instrument of assignment sets forth the intention of the assignor that              the              assignee shall succeed to the assignor’s Interest as an additional or              substituted Member. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | The              assignor and assignee shall have executed such other instruments as              the              Board may reasonably require, including written acceptance by the assignee              of this Agreement and any ancillary agreements to which the Members              are              parties. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | The              assignee shall have paid all reasonable fees and costs incurred by              the              Company in connection with its addition or substitution as a Member              as              determined by the Board, including all costs of amending this Agreement              and any ancillary agreements to which the Members are parties in order              to              accommodate the assignee’s addition or substitution as a              Member. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (v)   | Unless              named in this Agreement or admitted to the Company as provided in Sections              13.6, 14.1(a)(iii), or 16, no Person shall be considered a Member,              and the              Company, each Member, and any other Person having business with the              Company need deal only with Members so named and so admitted. Neither              the              Company, another Member or any other Person having business with the              Company shall be required to deal with any other Person by reason of              any              Disposition by a Member or by reason of the dissolution of a Member,              except as otherwise provided in this Agreement. In the absence of              substitution of a Member for an assigning or dissolved Member, any              payment              to such Member, or to its successors, shall release the Company of              all              liability to any other Person who may be interested in such payment              by              reason of an assignment by the Member or by reason of its              dissolution. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7.   | Deadlock              Regarding a Sale of Assets. |
|-------------------|---------------------------------------------------|

----

| (a)   | Advisors              hereby grants to the Company the right to purchase, at the Company’s              option, the Interest held by Advisors if Advisors or any of its Affiliates              (i) intentionally engages in willful misconduct that Advisors              reasonably knew or should have known would have a material adverse              effect              on the Company or its business, operations or reputation or (ii) is              convicted of, or pleads guilty or *nolo              contendere*              to, a felony or any crime involving moral              turpitude. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              Company may exercise the foregoing right to purchase by giving notice              to              Advisors within 60 days after the occurrence of one of the events              specified above. Such notice shall set forth the date, time and place              for              the closing of such purchase. The purchase price for such Interest              shall              be the lesser of (i) the value of the Capital Account of Advisors as              of              the date the Company provides such notice to Advisors or (ii) the              remaining principal balance of the Advisors              Note. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | CONTINUATION              OF THE COMPANY BUSINESS IN CERTAIN EVENTS. |
|-----------------|----------------------------------------------------------------------|

| 11.1.   | Bankruptcy. |
|-------------------|-------------|

| (a)   | (i)Upon              the Bankruptcy of a Member, the other Voting Member or Voting Members              shall have the option either to (A) purchase not less than all of the              Interest of the Bankrupt Member and its Affiliates, at a price determined              pursuant to Section 14.1(b), (B) dissolve the Company, or (C) continue              the              business of the Company and allow the Successor in Interest to the              Bankrupt Member to become a Member. The option shall be exercised by              giving notice to the Bankrupt Member and its Successor in Interest              within              ninety (90) days after the determination of value under Section              14.1(b). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | If              the option to purchase is exercised, closing shall be within thirty              (30)              days after the giving of notice of exercise or lifting of the automatic              stay, whichever is later. If the option to purchase is exercised, the              business of the Company shall be continued without winding up the              Company’s affairs. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | If              the non-Bankrupt Member does not elect to dissolve the Company, the              business of the Company shall continue without winding up the Company’s              affairs, and the Successor in Interest to the Bankrupt Member shall              become              a Member with all the benefits and obligations of its predecessor in              interest and shall be deemed to be a party to this              Agreement. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If              the Voting Member or Voting Members having the option to purchase and              the              Successor in Interest to the Bankrupt Member cannot agree              upon |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | the              purchase price within thirty (30) days after the first event of              Bankruptcy, then the purchase price shall be based upon the Bankrupt              Member’s Proportionate Share multiplied by (x) the amount of cash and              cash equivalents of the Company, plus (y) the fair market value of              the assets of the Company other than cash and cash equivalents determined              as provided in Section 13.5(d)(ii). Any valuation of the assets of              the Company other than cash or cash equivalents shall be discounted              by a              ten percent (10%) if the event of Bankruptcy occurs on or prior to              June 30, 2007, and shall be discounted by four percent (4%) if the              event of Bankruptcy occurs on or prior to June 30,              2008. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | If              the option to purchase is exercised, the expenses of all investment              bankers shall be paid by the purchasing Member or Members. If the option              to purchase is not exercised, the expenses of all investment bankers              shall              be paid by the Company. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The              purchase price, if the option is exercised, shall be payable as              follows: |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (i)   | Twenty              percent (20%) of the purchase price shall be paid at closing in cash;              and |
|-----------------|------------------------------------------------------------------------------------------------------------|

| (ii)   | The              balance of the purchase price shall be paid within ninety (90) days              after,              the closing, plus interest on such amount at the Prime Rate plus two              percent (2%) (but in no event at any interest rate higher than the              maximum              rate legally permitted). If not sooner paid, such purchase price balance              and accrued interest thereon shall be payable in full upon sale or              all or              substantially all of the assets of the Company. The Successor in Interest              shall have a continuing lien on the Interest being acquired by the              purchaser to secure the payment of the balance of the purchase price              and              the interest due thereon, which lien may be foreclosed and enforced              under              applicable law. The purchaser will execute and deliver such instruments              as              may be necessary or appropriate to create such              lien. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | DISSOLUTION. |
|-----------------|--------------|

| 12.1.   | Events              Causing Dissolution. |
|-------------------|------------------------------------------|

| (a)   | The              election by the Board to dissolve the              Company; |
|-----------------|------------------------------------------------------------------------------|

| (b)   | An              election to dissolve under Section              14.1(a)(i); |
|-----------------|-----------------------------------------------------------------------------|

| (c)   | The              sale or other disposition of all or substantially all of the Company’s              assets; |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

----

| (d)   | The              delivery by IHCC of a Change in Control Notice or Dynex Special Withdrawal              Notice as provided in Section 15.3; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The              delivery by a Member of a Regulatory Notice as provided in              Section 15.4;** ** |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (f)   | An              election to dissolve by a Non-Withdrawing Member under Section              13.5; |
|-----------------|---------------------------------------------------------------------------------------------------|

| (g)   | The              failure of the Company or the Non-Withdrawing Member to pay the purchase              price for the redemption or purchase of the Withdrawing Member’s Interest              pursuant to Section 13.5(d), unless the Voting Members agree otherwise;              and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | Unless              the Voting Members otherwise agree, the sixtieth (60th)              day following the redemption of the CCAO Series 3 Trust Collateralized              Bonds (which redemption date is expected to be, as of the date of this              Agreement, on or about February 15,              2009). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.   | Winding              Up Company Affairs. |
|-------------------|------------------------------------------|

----

| 12.3.   | Dynex              Withdrawals. |
|-------------------|---------------------------------|

| (a)   | On              or before June 30, 2008, IHCC may deliver a Change in Control Notice              to              the other Members. A Change in Control Notice shall specify that the              Board              of Directors of Dynex Capital, Inc. has determined in good faith, after              consultation with its financial advisors and outside legal counsel,              that              it is consistent with its fiduciary duties to cause IHCC to withdraw              from              and cause the dissolution of the Company in order to engage in a Change              in              Control Transaction. The delivery of a Change in Control Notice shall              be              deemed to be an event causing the withdrawal of IHCC as a Member of              the              Company and the dissolution of the Company as provided in Section              15.1(d). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | IHCC              may deliver a Dynex Special Withdrawal Notice to the other Members              in              either of the following circumstances: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | IHCC              has determined, in good faith after consultation with its outside legal              counsel, that the transactions contemplated by this Agreement or the              status of IHCC will have the effect of causing the Company, IHCC, Dynex              or              any Affiliate of Dynex to be treated as a company required to register              under the Investment Company Act of 1940. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***(ii)  *** | IHCC              has determined, in good faith after consultation with its outside legal              counsel, that the transactions contemplated by this Agreement or the              status of IHCC will have the effect of causing IHCC to not qualify              as a              qualified REIT subsidiary or to cause Dynex Capital to cease to satisfy              the requirements under the Code and Regulations to continue to be treated              as a “real estate investment trust.” |
|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4.   | Regulatory              Event. |
|-------------------|--------------------------------|

----

| (a)   | If              IHCC delivers a Change in Control Notice on or before June 30, 2007,              IHCC              shall reimburse the Company and DBAH for the reasonable costs of formation              of the Company incurred by the Company or DBAH,              respectively. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If              IHCC delivers a Change in Control Notice after June 30, 2007, or delivers              a Dynex Special Withdrawal Notice, or if a Member delivers a Regulatory              Notice, then the party giving the notice shall pay all costs associated              with effecting the withdrawal contemplated by the notice, including              the              costs and expenses of the Company and the other              Members. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | ADMISSION              OF ADDITIONAL MEMBERS. |
|-----------------|-----------------------------------------------|

| 14.   | AMENDMENTS. |
|-----------------|-------------|

| 15.   | NOTICES. |
|-----------------|----------|

| 15.1.   | Form              of Notice.              All notices, requests and other communications required or permitted              to be              given by this Agreement shall be in writing (including telexes,              telecopies, facsimile transmissions, and similar writings) and shall              be              given to a Member or other Person at its address or telecopier or              facsimile number set forth on Exhibit A or such other address or              telecopier facsimile number as such Member or other Person may hereafter              specify for that purpose by notice to the              Members. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2.   | Effective              Date of Notice. Each such notice, request or other communication shall              be              effective (1) if given by telecopier facsimile, when such              telecommunication is transmitted and confirmation of receipt obtained;              provided, however, that if any |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.3.   | notice,              request or other communication so transmitted is received other than              during the regular business hours of the recipient, it shall be deemed              to              have been given on the opening of business on the next business day              of the              recipient, (2) if given by mail, five days after such communication              is              deposited in the mails with first class postage prepaid, addressed              as              aforesaid or (3) if given by any other means, when delivered at the              address specified on Exhibit A. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.   | POWER              OF ATTORNEY. |
|-----------------|---------------------------------|

| 16.1.   | Appointment              of Members as Attorney-in-Fact.              Each Member irrevocably constitutes and appoints, with full power of              substitution, the other Voting Member or Voting Members as its true              and              lawful attorney-in-fact with full power and authority in its name,              place              and stead for the following purposes: to execute, certify, acknowledge,              deliver, swear to, file and record at the appropriate public offices,              (i)              any certificate identifying the Members, their addresses, the address              of              the Company and/or the term of the Company, (ii) any certificate              identifying the name or names under which the Company conducts the              Company              Business, and (iii) any amendment of any certificate described in              subsection (i) or (ii), which may be necessary to qualify, or to continue              the qualification of, the Company to do business in any jurisdiction              or              which may otherwise be required in connection with the Company’s              transaction of business in any              jurisdiction. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2.   | Irrevocable              Appointment. The appointment by each Member of the other Voting Member              or              Voting Members as its attorney-in-fact is irrevocable and shall be              deemed              to be a power coupled with an interest and shall survive the Bankruptcy              or              dissolution of any Voting Member giving such power and the transfer              or              assignment of all or any part of the Interest of such Member; provided,              however, that in the event of the transfer by a Member of all or any              part              of its Interest, this power of attorney of a transferor Member shall              survive such transfer only until such time, if any, as the transferee              shall have been admitted to the Company as a substituted Member and              all              required documents and instruments shall have been duly executed, filed              and recorded to effect such substitution. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.   | ARBITRATION. |
|-----------------|--------------|

| 17.1.   | Except              as provided in Section 20.3, the Members acknowledge and agree that              any              dispute or controversy arising out of, relating to, or in connection              with              this Agreement, or the interpretation, validity, construction,              performance, breach, or termination thereof, shall be submitted to              binding              arbitration in New York City before a panel of three arbitrators under              the              auspices of the American Arbitration Association, Commercial Arbitration              Rules and Mediation Procedures (the “Rules”). The parties shall be deemed              to have made these Rules, as amended and in effect as of the date of              the              submission of the dispute, a part of their agreement. Each party shall              appoint a single arbitrator and the two party-selected arbitrators              shall              themselves appoint the third arbitrator, who shall serve as the panel              chairman. The arbitrators may grant injunctions or other relief              in |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.2.   | such              dispute or controversy. The decision of the arbitrators shall be final,              conclusive and binding on the parties to the arbitration. Judgment              may be              entered on the arbitrators’ decision in any court having jurisdiction. In              the arbitration, each party shall bear its own attorneys’ fees, and the              Company shall bear the other costs and expenses of the arbitration,              unless              and to the extent the arbitrators shall determine that under the              circumstances such fees, costs and expenses should be paid by one of              the              parties. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3.   | The              arbitrators shall apply Delaware law to the merits of any dispute or              claim, without reference to rules of conflicts of law. Each Member              hereby              consents to the personal jurisdiction of the state and federal courts              located in Virginia and New York for any action or proceeding arising              from              or relating to this Agreement or relating to any arbitration in which              the              parties are participants. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4.   | The              parties may apply to any court of competent jurisdiction for a temporary              restraining order, preliminary injunction, or other interim or              conservatory relief, as necessary, without breach of this arbitration              agreement and without abridgment of the powers of the              arbitrators. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.5.   | EACH              MEMBER HEREBY CONFIRMS IT HAS READ AND UNDERSTANDS THIS SECTION 20.4,              WHICH DISCUSSES ARBITRATION, AND UNDERSTANDS THAT BY SIGNING THIS              AGREEMENT, IT AGREES, EXCEPT AS PROVIDED IN SECTION 20.3, TO SUBMIT              ANY              CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT,              OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH              OR              TERMINATION THEREOF TO BINDING ARBITRATION, UNLESS OTHERWISE REQUIRED              BY              LAW, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF ITS RIGHT              TO              A JURY TRIAL. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.   | GOVERNING              LAW. |
|-----------------|-----------------------------|

| 19.   | CAPTIONS. |
|-----------------|-----------|

| 20.   | CONSTRUCTION. |
|-----------------|---------------|

----

| 21.   | SEVERABILITY. |
|-----------------|---------------|

| 22.   | EXECUTION              AND COUNTERPARTS. |
|-----------------|------------------------------------------|

| 23.   | SUCCESSORS. |
|-----------------|-------------|

| 24.   | ENTIRE              AGREEMENT. |
|-----------------|--------------------------------|

----

----

**EXHIBIT      A**

**Percentage      Interests in the Company**

| **Member**                                                                                                                                                                                                                                                                                                                                                    | **Percentage                Interest** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
| Issued                Holdings CapitalCorporationc/o                Dynex Capital, Inc.4551                Cox RoadSuite                300Glen                Allen, Virginia 23060 Fax: (804) 217-5860                                                                                                                                                      | 49.875%                                |
| DBAH                Capital, LLC60                Wall StreetNew                York, NY 10005Fax:                212-797-5152                                                                                                                                                                                                                                | 49.875%                                |
| Dartmouth                Investments, LLP16294                Via VenetiaDelray                Beach, FL 33484Fax:                561-330-8006 With                a copy to: John                KnobelsdorfMcNaughton                Knobelsdorf3730                Kirby DriveHouston,                TX 77098Fax:                (713) 665-4369 | 0.25%                                  |

----

**EXHIBIT      B**

**Derivative      Payments Agreement**

----

**EXHIBIT      C**

**Form      of Advisors Note**

----

**Exhibit      B to the LLC Agreement**

----

----

----

----

----

----

----

**Exhibit      C to the LLC Agreement**

**PROMISSORY      NOTE**

**DARTMOUTH      INVESTMENTS, LLP,**
**COPPERHEAD      VENTURES, LLC,**

----

----

**MAKER**
**:**

----