Document:

EXHIBIT
      10.43

     

    PROMISSORY
      NOTE

    (this
      “Note”)

    

    
      	
              US$9,681,762

            	
              February
                24,
                2005

            

    

     

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”), promises to pay to the order of NB CAPITAL CORPORATION, a
      Maryland corporation, at its principal place of business at 125 West 55th
      Street, New York, New York 10019 (hereinafter referred to as “Lender”), or at
      such other place as the holder thereof may from time to time designate in
      writing, the principal sum of nine million six hundred eighty-one thousand
      seven
      hundred and sixty-two dollars (US$9,681,762) (the “Original Principal Amount”)
      in lawful money of the United States of America with interest on the principal
      amount outstanding from time to time to be computed from the date hereof until
      such principal amount is paid in full at an annual rate equal to the lesser
      of
      (i) the maximum non-usurious rate permitted by applicable law and (ii) six
      percent and three hundred and seventy-seven thousandths of a percent (6.377%)
      calculated monthly on a semi-annual basis (the “Interest
      Rate”), said
      Original Principal Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest Payment Date”). “Interest Period”
                means each calendar month or portion thereof during the term of the
                Note
                or, in the case of the initial Interest Period, the date hereof through
                February 28, 2005, “Business
                Day”
                means a day of the year on which banks are not required or authorized
                by
                law to close in Maryland, Bermuda and
                Quebec.

            

    

    

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan Agreement”), on February 15, 2008, (the “Maturity Date”)
                in
                whole.

            

    

    

    Section
      1.Incorporation
      by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

    

    Section
      2.Security.
      The
      indebtedness evidenced by this Note is secured pursuant to that certain mortgage
      loan assignment agreement of even date herewith (the “Mortgage Loan Assignment
      Agreement”), assigning the mortgage loans more particularly described therein as
      well as Borrower’s interest in the real property securing such Mortgage Loans
      (the “Mortgage Loans”) as security to Lender, subject to a reassignment upon
      satisfaction in full of any indebtedness evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section 6.1(g) of the Loan Agreement has occurred and
      is
      continuing, Lender may at any time, in addition to any other rights or remedies
      available to it pursuant to this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement, or at law or in equity, take such action, without notice
      or demand, that Lender deems advisable to protect and enforce its rights against
      Borrower and in any of the Collateral (as defined in the Loan Agreement),
      including, without limitation, by notice to Borrower, declare the Debt to be
      forthwith due and payable, whereupon such Debt shall become and be forthwith
      due
      and payable, without presentment, demand, protest or further notice of any
      kind,
      all of which are hereby expressly waived by Borrower, and may enforce or avail
      itself of any or all rights or remedies provided in this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement against Borrower and/or
      the
      Collateral (including selling the Mortgage Loans); and upon an Event of Default
      described in Section 6.1(g) of the Loan Agreement, the Debt shall automatically
      become and be due and payable, without presentment, demand, protest or any
      notice of any kind, all of which are hereby expressly waived by Borrower. “Debt”
means (a) the outstanding principal balance of this Note, (b) interest, default
      interest at the Default Rate, late charges and other sums, as provided in this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement, (c) all
      other monies agreed or provided to be paid by Borrower in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and (d) all sums advanced
      and costs and expenses incurred by Lender in connection with the Debt or any
      part thereof, any renewal, extension, or change of or substitution of the Debt
      or any part thereof, or the acquisition or perfection of the security therefor,
      whether made or incurred at the request of Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

    

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section 5, such late charge shall
      be in addition to, and not in lieu of, any other remedy Lender may have
and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum
      non-usurious rate permitted by applicable law or (y) three percent (3%) per
      annum above the applicable Interest Rate until such defaulted amount has been
      paid by Borrower, together with interest thereon at the Default Rate. Payment
      or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9.Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    Section
      10. Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11. Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12.Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including, without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13.Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14. Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set-off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    BORROWER

     

    NB
      FINANCE, LTD.

     

    By: 
/s/
      Vanessa Fontana

    
      
        

      

    

    Vanessa
      Fontana

     

    LENDER

     

    NB
      CAPITAL CORPORATION

     

    By: 
/s/
      Jean Dagenais

    
      
        

      

    

    Jean
      Dagenais

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      
        	
                US$17,535,114

              	
                February
                  24,
                  2005

              
	 	 

      

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”), promises to pay to the order of NB CAPITAL CORPORATION, a
      Maryland corporation, at its principal place of business at 125 West 55th
      Street, New York, New York 10019 (hereinafter referred to as “Lender”), or at
      such other place as the holder thereof may from time to time designate in
      writing, the principal sum of seventeen million five hundred thirty-five
      thousand one hundred and fourteen dollars (US$17,535,114) (the “Original
      Principal Amount”)
      in lawful money of the United States of America with interest on the principal
      amount outstanding from time to time to be computed from the date hereof until
      such principal amount is paid in full at an annual rate equal to the lesser
      of
      (i) the maximum non-usurious rate permitted by applicable law and (ii) six
      percent and three hundred and eighty-one thousandths of a percent (6.381%)
      calculated monthly on a semi-annual basis (the “Interest Rate”), said Original
      Principal Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest
                Payment
                Date”). “Interest
                Period” means
                each calendar month or portion thereof during the term of the Note
                or, in
                the case of the initial Interest Period, the date hereof through
                February
                28, 2005, “Business
                Day”
                means a day of the year on which banks are not required or authorized
                by
                law to close in Maryland, Bermuda and
                Quebec.

            

    

    

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan Agreement”),
                on
                January 15, 2015 (the “Maturity Date”) in
                whole.

            

    

    

    Section
      1.Incorporation
      by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

    

    Section
      2.Security.
      The
      indebtedness evidenced by this Note is secured pursuant to that certain mortgage
      loan assignment agreement of even date herewith (the “Mortgage Loan Assignment
      Agreement”), assigning the mortgage loans more particularly described therein as
      well as Borrower’s interest in the real property securing such Mortgage Loans
      (the “Mortgage Loans”) as security to Lender, subject to a reassignment upon
      satisfaction in full of any indebtedness evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section 6.1(g) of the Loan Agreement has occurred and
      is
      continuing, Lender may at any time, in addition to any other rights or remedies
      available to it pursuant to this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement, or at law or in equity, take such action, without notice
      or demand, that Lender deems advisable to protect and enforce its rights against
      Borrower and in any of the Collateral (as defined in the Loan Agreement),
      including, without limitation, by notice to Borrower, declare the Debt to be
      forthwith due and payable, whereupon such Debt shall become and be forthwith
      due
      and payable, without presentment, demand, protest or further notice of any
      kind,
      all of which are hereby expressly waived by Borrower, and may enforce or avail
      itself of any or all rights or remedies provided in this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement against Borrower and/or
      the
      Collateral (including selling the Mortgage Loans); and upon an Event of Default
      described in Section 6.1(g) of the Loan Agreement, the Debt shall automatically
      become and be due and payable, without presentment, demand, protest or any
      notice of any kind, all of which are hereby expressly waived by Borrower.
“Debt”means
      (a)
      the outstanding principal balance of this Note, (b) interest, default interest
      at the Default Rate, late charges and other sums, as provided in this Note,
      the
      Loan Agreement or the Mortgage Loan Assignment Agreement, (c) all other monies
      agreed or provided to be paid by Borrower in this Note, the Loan Agreement
      or
      the Mortgage Loan Assignment Agreement, and (d) all sums
      advanced
      and costs and expenses incurred by Lender in connection with the Debt or any
      part thereof, any renewal, extension, or change of or substitution of the Debt
      or any part thereof, or the acquisition or perfection of the security therefor,
      whether made or incurred at the request of Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount
      called for under this Note, or contracted for, charged or received with respect
      to this Note, or if the acceleration of the maturity of this Note or if any
      prepayment by Borrower results in Borrower having paid any interest in excess
      of
      that permitted by applicable law, then it is the express intent of the parties
      that all excess amounts theretofore collected by Lender be refunded to Borrower,
      and the provisions of this Note immediately be deemed reformed and the amounts
      thereafter collected under this Note reduced, without the necessity of the
      execution of any new document, so as to comply with the then applicable law,
      but
      so as to permit the recovery of the fullest amount otherwise called for under
      this Note.

    

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section 5, such late charge shall
      be in addition to, and not in lieu of, any other remedy Lender may have
and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum
      non-usurious rate permitted by applicable law or (y) three percent (3%) per
      annum above the applicable Interest Rate until such defaulted amount has been
      paid by Borrower, together with interest thereon at the Default Rate. Payment
      or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9.Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      10. Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11.Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12.Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including, without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13. Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14.Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set-off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

     

    PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      	
              US$7,986,713

            	
              February
                24, 2005

            
	 	 

    

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”),
      promises
      to pay to the order of NB CAPITAL CORPORATION, a Maryland corporation, at its
      principal place of business at 125 West 55th Street, New York, New York 10019
      (hereinafter referred to as “Lender”), or at such other place as the holder
      thereof may from time to time designate in writing, the principal sum of seven
      million nine hundred eighty-six
      thousand
      seven hundred and thirteen dollars (US$7,986,713) (the “Original
      Principal Amount”) in
      lawful
      money of the United States of America with interest on the principal amount
      outstanding from time to time to be computed from the date hereof until such
      principall amount is paid in full at an annual rate equal to the lesser of
      (i)
      the maximum non-usurious rate permitted by applicable law and (ii) seven percent
      and five hundred and seventy-five thousandths of a percent (7.575%) calculated
      monthly on a semi-annual basis (the “Interest Rate”), said Original Principal
      Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest Payment Date”). “Interest Period”
                means each calendar month or portion thereof during the term of the
                Note
                or, in the case of the initial Interest Period, the date hereof through
                February 28, 2005. “Business
                Day”
                means a day of the year on which banks are not required or authorized
                by
                law to close in Maryland, Bermuda and
                Quebec.

            

    

    

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan
                Agreement”),
                on January 15, 2015 (the “Maturity Date”)
                in
                whole.

            

    

    

    Section
      1.Incorporation
      by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

    

    Section
      2.Security.
      The
      indebtedness evidenced by this Note is secured pursuant to that certain mortgage
      loan assignment agreement of even date herewith (the “Mortgage Loan Assignment
      Agreement”), assigning the mortgage loans more particularly described therein as
      well as Borrower’s interest in the real property securing such Mortgage Loans
      (the “Mortgage Loans”) as security to Lender, subject to a reassignment upon
      satisfaction in full of any indebtedness evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4. Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section 6.1(g) of the Loan Agreement has occurred and
      is
      continuing, Lender may at any time, in addition to any other rights or remedies
      available to it pursuant to this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement, or at law or in equity, take such action, without notice
      or demand, that Lender deems advisable to protect and enforce its rights against
      Borrower and in any of the Collateral (as defined in the Loan Agreement),
      including, without limitation, by notice to Borrower, declare the Debt to be
      forthwith due and payable, whereupon such Debt shall become and be forthwith
      due
      and payable, without presentment, demand, protest or further notice of any
      kind,
      all of which are hereby expressly waived by Borrower, and may enforce or avail
      itself of any or all rights or remedies provided in this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement against Borrower and/or
      the
      Collateral (including selling the Mortgage Loans); and upon an Event of Default
      described in Section 6.1(g) of the Loan Agreement, the Debt shall automatically
      become and be due and payable, without presentment, demand, protest or any
      notice of any kind, all of which are hereby expressly waived by Borrower. “Debt”
means (a) the outstanding principal balance of this Note, (b) interest, default
      interest at the Default Rate, late charges and other sums, as provided in this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement, (c) all
      other monies agreed or provided to be paid by Borrower in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and (d) all sums advanced
      and costs and expenses incurred by Lender in connection with the Debt or any
      part thereof, any renewal, extension, or change of or substitution of the Debt
      or any part thereof, or the acquisition or perfection of the security therefor,
      whether made or incurred at the request of Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

    

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section
      5,
      such
      late charge shall be in addition to, and not in lieu of, any other remedy Lender
      may have and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum non
      usurious rate permitted by applicable law or (y) three percent (3%) per annum
      above the applicable Interest Rate until such defaulted amount has been paid
      by
      Borrower, together with interest thereon at the Default Rate. Payment or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

     

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any
      failure
      of Lender to insist upon strict performance by Borrower of any of the provisions
      of this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement
      shall
      not be deemed a waiver of any of the terms or provisions of this Note, the
      Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9.
      Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      10. Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11.Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12.Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including, without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13. Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14. Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set-off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

     

    PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      	
              US$9,989,065

            	
              February
                24, 2004

            
	 	 

    

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”), promises to pay to the order of NB CAPITAL CORPORATION, a
      Maryland corporation, at its principal place of business at 125 West 55th
      Street, New York, New York 10019 (hereinafter referred to as “Lender”), or at
      such other place as the holder thereof may from time to time designate in
      writing, the principal sum of nine million nine hundred eighty-nine thousand
      and
      sixty-five dollars (US$9,989,065) (the “Original Principal Amount”) in lawful
      money of the United States of America with interest on the principal amount
      outstanding from time to time to be computed from the date hereof until such
      principal amount is paid in full at an annual rate equal to the lesser of (i)
      the maximum non-usurious rate permitted by applicable law and (ii) eight percent
      and nine hundred and two thousandths of a percent (8.902%) calculated monthly
      on
      a semi-annual basis (the “Interest Rate”), said Original Principal Amount and
      interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest Payment Date”). “Interest Period”
                means each calendar month or portion thereof during the term of the
                Note
                or, in the case of the initial Interest Period, the date hereof through
                February 28, 2005. “Business Day” means a day of the year on which banks
                are not required or authorized by law to close in Maryland, Bermuda
                and
                Quebec.

            

    

    

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan Agreement”), on January 15, 2015 (the “Maturity Date”) in
                whole.

            

    

    

    Section
      1. Incorporation by Reference. All of the terms, covenants and
      conditions contained in the Mortgage Loan Assignment Agreement and the Loan
      Agreement with respect to the indebtedness evidenced by this Note are hereby
      made a part of this Note to the same extent and with the same force as if they
      were fully set forth herein.

     

    Section
      2. Security. The indebtedness evidenced by this Note is secured
      pursuant to that certain mortgage loan assignment agreement of even date
      herewith (the “Mortgage Loan Assignment Agreement”), assigning the mortgage
      loans more particularly described therein as well as Borrower’s interest in the
      real property securing such Mortgage Loans (the “Mortgage Loans”) as security to
      Lender, subject to a reassignment upon satisfaction in full of any indebtedness
      evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section
      6.1(g)
      of
      the Loan Agreement has occurred and is continuing, Lender may at any time,
      in
      addition to any other rights or remedies available to it pursuant to this Note,
      the Loan Agreement and the Mortgage Loan Assignment Agreement, or at law or
      in
      equity, take such action, without notice or demand, that Lender deems advisable
      to protect and enforce its rights against Borrower and in any of the Collateral
      (as defined in the Loan Agreement), including, without limitation, by notice
      to
      Borrower, declare the Debt to be forthwith due and payable, whereupon such
      Debt
      shall become and be forthwith due and payable, without presentment, demand,
      protest or further notice of any kind, all of which are hereby expressly waived
      by Borrower, and may enforce or avail itself of any or all rights or remedies
      provided in this Note, the Loan Agreement and the Mortgage Loan Assignment
      Agreement against Borrower and/or the Collateral (including selling the Mortgage
      Loans); and upon an Event of Default described in Section 6.1(g) of the Loan
      Agreement, the Debt shall automatically become and be due and payable, without
      presentment, demand, protest or any notice of any kind, all of which are hereby
      expressly waived by Borrower. “Debt” means (a) the outstanding principal balance
      of this Note, (b) interest, default interest at the Default Rate, late charges
      and other sums, as provided in this Note, the Loan Agreement or the Mortgage
      Loan Assignment Agreement, (c) all other monies agreed or provided to be paid
      by
      Borrower in this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, and (d) all sums advanced and costs and expenses incurred by Lender
      in connection with the Debt or any part thereof, any renewal, extension, or
      change of or substitution of the Debt or any part thereof, or the acquisition
      or
      perfection of the security therefor, whether made or incurred at the request
      of
      Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

     

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section 5, such late charge shall
      be in addition to, and not in lieu of, any other remedy Lender may have
and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum
      non-usurious rate permitted by applicable law or (y) three percent (3%) per
      annum above the applicable Interest Rate until such defaulted amount has been
      paid by Borrower, together with interest thereon at the Default Rate. Payment
      or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9.Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      10. Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11. Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12.Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including,. without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13.Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14.Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

     

    PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      	
              US$14,010,596

            	
              February
                24, 2004

            
	 	 

    

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”),
      promises
      to pay to the order of NB CAPITAL CORPORATION, a Maryland corporation, at its
      principal place of business at 125 West 55th Street, New York, New York 10019
      (hereinafter referred to as “Lender”), or at such other place as the holder
      thereof may from time to time designate in writing, the principal sum of
      fourteen million ten thousand five hundred and ninety-six dollars
      (US$14,010,596) (the “Original
      Principal
      Amount”) in lawful money of the United States of America with interest on the
      principal amount outstanding from time to time to be computed from the date
      hereof until such principal amount is paid in full at an annual rate equal
      to
      the lesser of (i) the maximum non usurious rate permitted by applicable law
      and
      (ii) nine percent and nine hundred and seventy-four thousandths of a percent
      (9.974%) calculated monthly on a semi-annual basis (the “Interest Rate”), said
      Original Principal Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest
                Payment Date”). “Interest Period” means
                each calendar month or portion thereof during the term of the Note
                or, in
                the case of the initial Interest Period, the date hereof through
                February
                28, 2005. “Business
                Day”
                means a day of the year on which banks are not required or authorized
                by
                law to close in Maryland, Bermuda and
                Quebec.

            

    

    

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan
                Agreement”),
                on December 15, 2014 (the “Maturity Date”) in
                whole.

            

    

    

    Section
      1.Incorporation
      by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

     

    Section
      2.Security. The indebtedness evidenced by this Note is secured
      pursuant to that certain mortgage loan assignment agreement of even date
      herewith (the “Mortgage Loan Assignment Agreement”), assigning the mortgage
      loans more particularly described therein as well as Borrower’s interest in the
      real property securing such Mortgage Loans (the “Mortgage Loans”) as security to
      Lender, subject to a reassignment upon satisfaction in full of any indebtedness
      evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section
      6.1(g) of
      the
      Loan Agreement has occurred and is continuing, Lender may at any time, in
      addition to any other rights or remedies available to it pursuant to this Note,
      the Loan Agreement and the Mortgage Loan Assignment Agreement, or at law or
      in
      equity, take such action, without notice or demand, that Lender deems advisable
      to protect and enforce its rights against Borrower and in any of the Collateral
      (as defined in the Loan Agreement), including, without limitation, by notice
      to
      Borrower, declare the Debt to be forthwith due and payable, whereupon such
      Debt
      shall become and be forthwith due and payable, without presentment, demand,
      protest or further notice of any kind, all of which are hereby expressly waived
      by Borrower, and may enforce or avail itself of any or all rights or remedies
      provided in this Note, the Loan Agreement and the Mortgage Loan Assignment
      Agreement against Borrower and/or the Collateral (including selling the Mortgage
      Loans); and upon an Event of Default described in Section 6.1(g) of the Loan
      Agreement, the Debt shall automatically become and be due and payable, without
      presentment, demand, protest or any notice of any kind, all of which are hereby
      expressly waived by Borrower. “Debt” means (a) the outstanding principal balance
      of this Note, (b) interest, default interest at the Default Rate, late charges
      and other sums, as provided in this Note, the Loan Agreement or the Mortgage
      Loan Assignment Agreement, (c) all other movies agreed or provided to be paid
      by
      Borrower in this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, and (d) all sums advanced and costs and expenses incurred by Lender
      in connection with the Debt or any part thereof, any renewal, extension, or
      change of or substitution of the Debt or any part thereof, or the acquisition
      or
      perfection of the security therefor, whether made or incurred at the request
      of
      Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

     

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section 5, such late charge shall
      be in addition to, and not in lieu of, any other remedy Lender may have
and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum
      non-usurious rate permitted by applicable law or (y) three percent (3%) per
      annum above the applicable Interest Rate until such defaulted amount has been
      paid by Borrower, together with interest thereon at the Default Rate. Payment
      or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

     

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

     

    Section
      9.Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    Section
      10. Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11. Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12.Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including, without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13.
      Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14. Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set-off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower
      has caused this instrument to be duly executed as of the date in the year first
      above written.

     

     

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

     

    PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      	
              US$5,248,783

            	
              February
                24, 2005

            
	 	 

    

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”), promises to pay to the order of NB CAPITAL CORPORATION, a
      Maryland corporation, at its principal place of business at 125 West 55th
      Street, New York, New York 10019 (hereinafter referred to as “Lender”), or at
      such other place as the holder thereof may from time to time designate in
      writing, the principal sum of five million two hundred forty-eight thousand
      seven hundred and eighty-three dollars (US$5,248,783) (the “Original
Principal
      Amount”) in
      lawful
      money of the United States of America with interest on the principal amount
      outstanding from time to time to be computed from the date hereof until such
      principal amount is paid in full at an annual rate equal to the lesser of (i)
      the maximum non-usurious rate permitted by applicable law and (ii) six percent
      and three hundred sixty-nine thousandths of a percent (6.369%) calculated
      monthly on a semi-annual basis (the “Interest Rate”), said Original Principal
      Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest Payment Date”).
                “Interest Period” means
                each calendar month or portion thereof during the term of the Note
                or, in
                the case of the initial Interest Period, the date hereof through
                February
                28, 2005. “Business
                Day” means
                a day of the year on which banks are not required or authorized by
                law to
                close in Maryland, Bermuda and
                Quebec.

            

    

     

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan Agreement”), on January 15, 2012 (the “Maturity Date”) in
                whole.

            

    

    

    Section
      1.Incorporation
      ...by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

    

    Section
      2.Security.
      The
      indebtedness evidenced by this Note is secured pursuant to that certain mortgage
      loan assignment agreement of even date herewith (the “Mortgage Loan Assignment
      Agreement”), assigning the mortgage loans more particularly described therein as
      well as Borrower’s interest in the real property securing such Mortgage Loans
      (the “Mortgage Loans”) as security to Lender, subject to a reassignment upon
      satisfaction in full of any indebtedness evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section 6.1(g) of the Loan Agreement has occurred and
      is
      continuing, Lender may at any time, in addition to any other rights or remedies
      available to it pursuant to this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement, or at law or in equity, take such action, without notice
      or demand, that Lender deems advisable to protect and enforce its rights against
      Borrower and in any of the Collateral (as defined in the Loan Agreement),
      including, without limitation, by notice to Borrower, declare the Debt to be
      forthwith due and payable, whereupon such Debt shall become and be forthwith
      due
      and payable, without presentment, demand, protest or further notice of any
      kind,
      all of which are hereby expressly waived by Borrower, and may enforce or avail
      itself of any or all rights or remedies provided in this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement against Borrower and/or
      the
      Collateral (including selling the Mortgage Loans); and upon an Event of Default
      described in Section 6.1(g) of the Loan Agreement, the Debt shall automatically
      become and be due and payable, without presentment, demand, protest or any
      notice of any kind, all of which are hereby expressly waived by Borrower. “Debt”
means (a) the outstanding principal balance of this Note, (b) interest, default
      interest at the Default Rate, late charges and other sums, as provided in this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement, (c) all
      other monies agreed or provided to be paid by Borrower in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and (d) all sums advanced
      and costs and expenses incurred by Lender in connection with the Debt or any
      part thereof, any renewal, extension, or change of or substitution of the Debt
      or any part thereof, or the acquisition or perfection of the security therefor,
      whether made or incurred at the request of Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

    

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section 5, such late charge shall
      be in addition to, and not in lieu of, any other remedy Lender may have
and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum
      non-usurious rate permitted by applicable law or (y) three percent (3%) per
      annum above the applicable Interest Rate until such defaulted amount has been
      paid by Borrower, together with interest thereon at the Default Rate. Payment
      or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9. Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      10. Authority. Borrower (and the undersigned representative of
      Borrower, if any) represents that Borrower has full power, authority and legal
      right to execute and deliver this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement and that this Note, the Loan Agreement and the Mortgage
      Loan Assignment Agreement are valid and binding in accordance with their
      terms.

    

    Section
      11. Applicable Law. This Note shall be governed, construed, applied and
      enforced in accordance with the laws of Bermuda.

    

    Section
      12. Counsel Fees. In the event that it should become necessary to
      employ counsel to collect the Debt or to protect or foreclose the security
      therefor, Borrower also agrees to pay all reasonable fees and expenses of
      Lender, including, without limitation, reasonable attorney’s fees for the
      services of such counsel whether or not suit be brought.

    

    Section
      13. Notices. All notices and other communications provided for
      hereunder shall be in writing (including telegraphic, telecopy or telex
      communication) and mailed, telegraphed, telecopied, telexed or delivered, if
      to
      Borrower, at its address c/o Codan Services Limited, Clarendon House, 2 Church
      Street, Hamilton, HM 11 Bermuda, Attention: Secretary; and if to Lender, at
      its
      address at 125 West 55th Street, New York, New York 10019, Attention: Chief
      Executive Officer; with a copy to National Bank of Canada, as servicer of
      Lender, at National Bank Tower, 600 de La Gauchetiere West, Montreal, Quebec
      H3B
      4L2 or as to each other party, at such other address as shall be designated
      by
      such party in a written notice to Borrower and Lender. All such notices and
      communications shall, when mailed, telegraphed, telecopied or telexed, be
      effective when deposited in the mails, delivered to the telegraph company,
      transmitted by telecopier or confirmed by telex answerback,
      respectively.

    

    Section
      14. Payment. Borrower shall make each payment, irrespective of any
      right of counterclaim or set-off, not later than 11:00 a.m. (Eastern Standard
      time) on each Interest Payment Date in United States dollars to Lender at an
      account or accounts Lender may designate from time to time in same day funds.
      All computations of interest and fees shall be made by Lender on the basis
      of a
      year of 360 days consisting of twelve (12) months of thirty (30) days each.
      Each
      determination by Lender of interest or fees hereunder shall be conclusive and
      binding for all purposes, absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      	
              US$3,055,639

            	
              February
                24,
                2004

            
	 	 

    

     FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”), promises to pay to the order of NB CAPITAL CORPORATION, a
      Maryland corporation, at its principal place of business at 125 West 55th
      Street, New York, New York 10019 (hereinafter referred to as “Lender”), or at
      such other place as the holder thereof may from time to time designate in
      writing, the principal sum of three million fifty-five thousand six hundred
      and
      thirty-nine dollars (US$3,055,639) (the “Original Principal Amount”) in lawful
      money of the United States of America with interest on the principal amount
      outstanding from time to time to be computed from the date hereof until such
      principal amount is paid in full at an annual rate equal to the lesser of (i)
      the maximum non-usurious rate permitted by applicable law and (ii) seven percent
      and six hundred and thirty-three thousandths of a percent (7.633%) calculated
      monthly on a semi-annual basis (the “Interest
      Rate”),
      said Original Principal Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest Payment Date”). “Interest Period”
                means each calendar month or portion thereof during the term of the
                Note
                or, in the case of the initial Interest Period, the date hereof through
                February 28, 2005. “Business
                Day”
                means a day of the year on which banks are not required or authorized
                by
                law to close in Maryland, Bermuda and
                Quebec.

            

    

    

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan
                Agreement”), on
                January 15, 2012 (the “Maturity Date”) in
                whole.

            

    

    

    Section
      1.Incorporation
      by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

    

    Section
      2.Security.
      The
      indebtedness evidenced by this Note is secured pursuant to that certain mortgage
      loan assignment agreement of even date herewith (the “Mortgage Loan Assignment
      Agreement”), assigning the mortgage loans more particularly described therein as
      well as Borrower’s interest in the real property securing such Mortgage Loans
      (the “Mortgage Loans”) as security to Lender, subject to a reassignment upon
      satisfaction in full of any indebtedness evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section 6.1(g) of the Loan Agreement has occurred and
      is
      continuing, Lender may at any time, in addition to any other rights or remedies
      available to it pursuant to this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement, or at law or in equity, take such action, without notice
      or demand, that Lender deems advisable to protect and enforce its rights against
      Borrower and in any of the Collateral (as defined in the Loan Agreement),
      including, without limitation, by notice to Borrower, declare the Debt to be
      forthwith due and payable, whereupon such Debt shall become and be forthwith
      due
      and payable, without presentment, demand, protest or further notice of any
      kind,
      all of which are hereby expressly waived by Borrower, and may enforce or avail
      itself of any or all rights or remedies provided in this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement against Borrower and/or
      the
      Collateral (including selling the Mortgage Loans); and upon an Event of Default
      described in Section 6.1(g) of the Loan Agreement, the Debt shall automatically
      become and be due and payable, without presentment, demand, protest or any
      notice of any kind, all of which are hereby expressly waived by Borrower. “Debt”
means (a) the outstanding principal balance of this Note, (b) interest, default
      interest at the Default Rate, late charges and other sums, as provided in this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement, (c) all
      other monies agreed or provided to be paid by Borrower in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and (d) all sums advanced
      and costs and expenses incurred by Lender in connection with the Debt or any
      part thereof, any renewal, extension, or change of or substitution of the Debt
      or any part thereof, or the acquisition or perfection of the security therefor,
      whether made or incurred at the request of Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

    

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section
      5,
      in the
      event that any installment of interest or principal shall become overdue for
      a
      period in excess of five (5) days, a “late charge” in an amount equal to five
      percent (5%) of the amount so overdue may be charged to Borrower by Lender
      for
      the purpose of defraying the expenses incident to handling such delinquent
      payments. Subject to Section 5, such late charge shall be in addition to, and
      not in lieu of, any other remedy Lender may have and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum
      non-usurious rate permitted by applicable law or (y) three percent (3%) per
      annum above the applicable Interest Rate until such defaulted amount has been
      paid by Borrower, together with interest thereon at the Default Rate. Payment
      or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9.Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize
      upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      10.Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11. Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12. Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including, without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13. Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14. Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set-off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

    

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    PROMISSORY
      NOTE

    (this
      “Note”)

     

    
      	
              US$5,530,258

            	
              February
                24, 2005

            
	 	 

    

    FOR
      VALUE
      RECEIVED, NB FINANCE, LTD., a Bermuda corporation, having its registered office
      in Clarendon House, 2 Church Street, Hamilton, Bermuda (hereinafter referred
      to
      as “Borrower”), promises to pay to the order of NB CAPITAL CORPORATION, a
      Maryland corporation, at its principal place of business at 125 West 55th
      Street, New York, New York 10019 (hereinafter referred to as “Lender”), or at
      such other place as the holder thereof may from time to time designate in
      writing, the principal sum of five million five hundred thirty thousand two
      hundred and fifty-eight dollars (US$5,530,258) (the “Original Principal Amount”)
      in lawful money of the United States of America with interest on the principal
      amount outstanding from time to time to be computed from the date hereof until
      such principal amount is paid in full at an annual rate equal to the lesser
      of
      (i) the maximum non-usurious rate permitted by applicable law and (ii) ten
      percent and one hundred and fifty thousandths of a percent (10.150%) calculated
      monthly on a semi-annual basis (the “Interest
      Rate”), said
      Original Principal Amount and interest to be paid as follows:

    

    
      	(i)	
              With
                respect to each Interest Period, interest payments shall be paid
                in
                arrears on the fifteenth (15th) day of each calendar month immediately
                following such Interest Period; provided, however, that if such day
                is not
                a Business Day, interest payments shall be made on the immediately
                succeeding Business Day (the “Interest Payment Date”). “Interest Period”
                means each calendar month or portion thereof during the term of the
                Note
                or, in the case of the initial Interest Period, the date hereof through
                February 28, 2005. “Business
                Day”
                means a day of the year on which banks are not required or authorized
                by
                law to close in Maryland, Bermuda and
                Quebec.

            

    

     

    
      	(ii)	
              The
                Original Principal Amount shall be due and payable, unless otherwise
                accelerated or prepaid in accordance with the terms of this Note
                or the
                Loan Agreement dated as of the date hereof, between Borrower and
                Lender
                (the “Loan
                Agreement”), on
                February 15, 2012 (the “Maturity Date”)
                in
                whole.

            

    

    

    Section
      1.Incorporation
      by Reference.
      All of
      the terms, covenants and conditions contained in the Mortgage Loan Assignment
      Agreement and the Loan Agreement with respect to the indebtedness evidenced
      by
      this Note are hereby made a part of this Note to the same extent and with the
      same force as if they were fully set forth herein.

    

    Section
      2.Security.
      The
      indebtedness evidenced by this Note is secured pursuant to that certain mortgage
      loan assignment agreement of even date herewith (the “Mortgage Loan Assignment
      Agreement”), assigning the mortgage loans more particularly described therein as
      well as Borrower’s interest in the real property securing such Mortgage Loans
      (the “Mortgage Loans”) as security to Lender, subject to a reassignment upon
      satisfaction in full of any indebtedness evidenced by this Note.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    Section
      3.Prepayment.
      The
      Original Principal Amount of this Note is not subject to optional prepayment
      but
      is subject to mandatory prepayment prior to the Maturity Date upon the terms
      and
      conditions specified in the Loan Agreement.

    

    Section
      4.Default
      and Acceleration.
      If an
      Event of Default (as defined in the Loan Agreement), other than an Event of
      Default described in Section 6.1(g) of the Loan Agreement has occurred and
      is
      continuing, Lender may at any time, in addition to any other rights or remedies
      available to it pursuant to this Note, the Loan Agreement and the Mortgage
      Loan
      Assignment Agreement, or at law or in equity, take such action, without notice
      or demand, that Lender deems advisable to protect and enforce its rights against
      Borrower and in any of the Collateral (as defined in the Loan Agreement),
      including, without limitation, by notice to Borrower, declare the Debt to be
      forthwith due and payable, whereupon such Debt shall become and be forthwith
      due
      and payable, without presentment, demand, protest or further notice of any
      kind,
      all of which are hereby expressly waived by Borrower, and may enforce or avail
      itself of any or all rights or remedies provided in this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement against Borrower and/or
      the
      Collateral (including selling the Mortgage Loans); and upon an Event of Default
      described in Section 6.1(g) of the Loan Agreement, the Debt shall automatically
      become and be due and payable, without presentment, demand, protest or any
      notice of any kind, all of which are hereby expressly waived by Borrower. “Debt”
means (a) the outstanding principal balance of this Note, (b) interest, default
      interest at the Default Rate, late charges and other sums, as provided in this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement, (c) all
      other monies agreed or provided to be paid by Borrower in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and (d) all sums advanced
      and costs and expenses incurred by Lender in connection with the Debt or any
      part thereof, any renewal, extension, or change of or substitution of the Debt
      or any part thereof, or the acquisition or perfection of the security therefor,
      whether made or incurred at the request of Borrower or Lender.

    

    Section
      5.Savings
      Clause.
      It is
      expressly stipulated and agreed to be the intent of Borrower and Lender that
      this Note complies with the applicable usury and other laws relating to this
      Note now or hereafter in effect. If any such applicable laws render usurious
      any
      amount called for under this Note, or contracted for, charged or received with
      respect to this Note, or if the acceleration of the maturity of this Note or
      if
      any prepayment by Borrower results in Borrower having paid any interest in
      excess of that permitted by applicable law, then it is the express intent of
      the
      parties that all excess amounts theretofore collected by Lender be refunded
      to
      Borrower, and the provisions of this Note immediately be deemed reformed and
      the
      amounts thereafter collected under this Note reduced, without the necessity
      of
      the execution of any new document, so as to comply with the then applicable
      law,
      but so as to permit the recovery of the fullest amount otherwise called for
      under this Note.

    

    Section
      6. Late
      Charges; Mortgage Default Interest Rate.

    

    (a)
      Subject to Section 5, in the event that any installment of interest or principal
      shall become overdue for a period in excess of five (5) days, a “late charge” in
      an amount equal to five percent (5%) of the amount so overdue may be charged
      to
      Borrower by Lender for the purpose of defraying the expenses incident to
      handling such delinquent payments. Subject to Section
      5,
      such
      late charge shall be in addition to, and not in lieu of, any other remedy Lender
      may have and
      is in
      addition to Lender’s right to collect reasonable fees and charges of any agents
      or attorneys which Lender may employ in connection with any
      default.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (b)
      If
      Borrower shall default in any payment of principal or interest, or any other
      amount owed by Borrower under this Note, the Loan Agreement or the Mortgage
      Loan
      Assignment Agreement, Borrower shall pay interest on the unpaid principal amount
      of this Note, payable in arrears on each Interest Payment Date and on demand,
      at
      a rate per annum equal at all times to the lesser of (x) the maximum non
      usurious rate permitted by applicable law or (y) three percent (3%) per annum
      above the applicable Interest Rate until such defaulted amount has been paid
      by
      Borrower, together with interest thereon at the Default Rate. Payment or
      acceptance of the increased rate as provided in this Section is not a permitted
      alternative for timely payment and shall not constitute a waiver of a Default
      or
      an Event of Default or an amendment to this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement and shall not otherwise prejudice or limit
      any rights or remedies of Lender.

    

    Section
      7.No
      Oral Change.
      This
      Note may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by act or failure to act on the part of Borrower or Lender,
      but only by an agreement,in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    

    Section
      8.Waivers.
      Except
      for any notices expressly provided for in this Note, the Loan Agreement or
      the
      Mortgage Loan Assignment Agreement, Borrower and all others who may become
      liable for the payment of all or any part of the Debt do hereby severally waive
      presentment and demand for payment, notice of dishonor, protest and notice
      of
      protest and non-payment and all other notices of any kind. No release of any
      security for the Debt or extension of time for payment of this Note or any
      installment hereof, and no alteration, amendment or waiver of any provision
      of
      this Note, the Loan Agreement or the Mortgage Loan Assignment Agreement between
      Lender or any other person or party shall release, modify, amend, waive, extend,
      change, discharge, terminate or affect the liability of Borrower, and any other
      person or entity who may become liable for the payment of all or any part of
      the
      Debt, under this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement. No notice to or demand on Borrower shall be deemed to be a waiver
      of
      the obligation of Borrower or of the right of Lender to take further action
      without further notice or demand as provided for in this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement. Any failure of Lender
      to
      insist upon strict performance by Borrower of any of the provisions of this
      Note, the Loan Agreement or the Mortgage Loan Assignment Agreement shall not
      be
      deemed a waiver of any of the terms or provisions of this Note, the Loan
      Agreement or the Mortgage Loan Assignment Agreement, and Lender shall have
      the
      right thereafter to insist upon strict performance by Borrower of any and all
      of
      them.

    

    Section
      9.Non
      Recourse.
      Except
      as otherwise provided herein and the Loan Agreement and the Mortgage Loan
      Assignment Agreement, Lender shall not enforce the liability and obligation
      of
      Borrower to perform and observe the obligations contained in this Note, the
      Loan
      Agreement and the Mortgage Loan Assignment Agreement by any action or proceeding
      wherein a money judgment shall be sought against Borrower, except that Lender
      may bring an action or proceeding to enable Lender to enforce and realize
      upon
      this Note, the Loan
      Agreement and the Mortgage Loan Assignment Agreement, and the interest in the
      Mortgage Loans and in any Collateral (as defined in the Loan Agreement) given
      to
      Lender created by this Note, the Loan Agreement or the Mortgage Loan Assignment
      Agreement, provided, however, that any judgment in any action or proceeding
      shall be enforceable against Borrower only to the extent of Borrower’s interest
      in the Mortgage Loans and other Collateral given to Lender. The provisions
      of
      this Section shall not however (i) constitute a waiver, release or impairment
      of
      any obligation evidenced or secured by this Note, the Loan Agreement or the
      Mortgage Loan Assignment Agreement, (ii) affect the validity or enforceability
      of any indemnity made in connection with this Note, the Loan Agreement or the
      Mortgage Loan Assigninent Agreement, or (iii) impair the enforcement of the
      Mortgage Loan Assignment Agreement.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      10.Authority.
      Borrower
      (and the undersigned representative of Borrower, if any) represents that
      Borrower has full power, authority and legal right to execute and deliver this
      Note, the Loan Agreement and the Mortgage Loan Assignment Agreement and that
      this Note, the Loan Agreement and the Mortgage Loan Assignment Agreement are
      valid and binding in accordance with their terms.

    

    Section
      11.Applicable
      Law.
      This
      Note shall be governed, construed, applied and enforced in accordance with
      the
      laws of Bermuda.

    

    Section
      12.Counsel
      Fees.
      In the
      event that it should become necessary to employ counsel to collect the Debt
      or
      to protect or foreclose the security therefor, Borrower also agrees to pay
      all
      reasonable fees and expenses of Lender, including, without limitation,
      reasonable attorney’s fees for the services of such counsel whether or not suit
      be brought.

    

    Section
      13. Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including telegraphic, telecopy or telex communication) and mailed,
      telegraphed, telecopied, telexed or delivered, if to Borrower, at its address
      c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton, HM
      11
      Bermuda, Attention: Secretary; and if to Lender, at its address at 125 West
      55th
      Street, New York, New York 10019, Attention: Chief Executive Officer; with
      a
      copy to National Bank of Canada, as servicer of Lender, at National Bank Tower,
      600 de La Gauchetiere West, Montreal, Quebec H3B 4L2 or as to each other party,
      at such other address as shall be designated by such party in a written notice
      to Borrower and Lender. All such notices and communications shall, when mailed,
      telegraphed, telecopied or telexed, be effective when. deposited in the mails,
      delivered to the telegraph company, transmitted by telecopier or confirmed
      by
      telex answerback, respectively.

    

    Section
      14. Payment.
      Borrower
      shall make each payment, irrespective of any right of counterclaim or set off,
      not later than 11:00 a.m. (Eastern Standard time) on each Interest Payment
      Date
      in United States dollars to Lender at an account or accounts Lender may
      designate from time to time in same day funds. All computations of interest
      and
      fees shall be made by Lender on the basis of a year of 360 days consisting
      of
      twelve (12) months of thirty (30) days each. Each determination by Lender of
      interest or fees hereunder shall be conclusive and binding for all purposes,
      absent manifest error.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Borrower has caused this instrument to be duly executed as
      of
      the date in the year first above written.

     

    
      BORROWER

       

      NB
        FINANCE, LTD.

       

      By: 
/s/
        Vanessa Fontana

      
        
          

        

      

      Vanessa
        Fontana

       

      LENDER

       

      NB
        CAPITAL CORPORATION

       

      By: 
/s/
        Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

      
        
          
          

        

        -5-EX 10.44

    
      EXHIBIT
        10.44

       

      AUGUST
        2005 MORTGAGE LOAN ASSIGNMENT AGREEMENT

       

      (August
        2005 Series 1 Loan)

       

      THIS
        MORTGAGE LOAN ASSIGNMENT AGREEMENT (this ”Assignment”)
        made
        as of August 29, 2005, constitutes an assignment from NB FINANCE, LTD., a
        Bermuda corporation (the ”Assignor”),
        to
        NB CAPITAL CORPORATION, a Maryland corporation, (the ”Assignee”),
        and
        an agreement by and among Assignor, Assignee and NATIONAL BANK OF CANADA,
        a
        Canadian chartered bank, as custodian and servicer on behalf of Assignee
        (the ”Bank”).

       

      W I T N E S S E T H
        :

       

      WHEREAS,
        Assignor and Assignee have entered into a certain Loan Agreement, as of August
        29, 2005 (such Loan Agreement, as it may be amended or modified from time
        to
        time, the “Loan
        Agreement”),
        under
        the terms of which Assignee has, subject to the terms and conditions thereof,
        lent with respect to the August 2005 Series 1 Loan (as defined in the Loan
        Agreement) a principal amount of US$97,736,747.47 to Assignor, as of August
        29,
        2005.

       

      WHEREAS,
        to evidence and secure its obligations with respect to the August 2005
        Series 1 Loan under the Loan Agreement, Assignor shall execute and deliver
        certain Loan Documents (as defined in the Loan Agreement).

       

      WHEREAS,
        Assignee has required and Assignor has agreed that Assignor shall assign
        all of
        its right, title and interest in, to and under the mortgage loans listed
        on
        Exhibit A attached hereto (the ”Mortgage
        Loans”),
        each
        such Mortgage Loan evidenced by certain agreements, deeds and proceedings
        (the ”Mortgage
        Loan Document”)
        to
        Assignee and permit Assignee or its agents, to administer, perform and enforce
        the Mortgage Loans upon the terms and conditions hereinafter set
        forth.

       

      NOW,
        THEREFORE, in consideration of the transactions hereinabove described, and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the parties hereto agree as follows:

       

      1.    Assignment.

       

      (a)    Assignor
        as beneficial owner hereby assigns, charges and sets over to Assignee, and
        its
        successors and assigns, without recourse to Assignor, all of Assignor’s right,
        title and interest now or hereafter acquired in, to and under the Mortgage
        Loans
        and all of the real property (together with any proceeds (including, but
        not
        limited to, any insurance, casualty and mortgage insurance proceeds), products,
        substitutions, additions or replacements of any collateral mortgaged, assigned
        or pledged under the Mortgage Loans) described therein (collectively,
        the ”Collateral”).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)    Assignee
        hereby accepts the foregoing assignment, on behalf of itself and its respective
        successors and assigns.

       

      (c)    Assignor
        hereby appoints Assignee the true and lawful attorney-in-fact of Assignor,
        with
        full power of substitution, in its own name, both before and/or after any
        Event
        of Default (as defined in the Loan Agreement), to take any action under or
        in
        connection with the Mortgage Loans. This power shall be deemed to be coupled
        with an interest and shall be irrevocable.

       

      (d)    Assignor
        agrees that the assignment herein provided is absolute and from and after
        the
        date hereof, subject to Section 16,
        Assignee shall obtain legal title to the Mortgage Loans and Assignor shall
        not
        have, and shall not exercise, any rights in and to the Collateral, including,
        without limitation, any rights as payee, mortgagee or assignee under any
        of the
        Mortgage Loan Documents, or any rights to receive any payments or to exercise
        or
        omit to exercise, waive, compromise or make any other actions or determinations
        or give or receive any notices under or in respect of the Mortgage Loan
        Documents, except such as Assignee may direct in order to better effectuate
        the
        rights, remedies and security herein provided or contemplated.

       

      (e)    Assignee,
        as payee under the Mortgage Loans, shall have the right, both before and
        after
        an Event of Default (as defined in the Loan Agreement) to collect and receive
        all payments of principal and interest and any other amounts due and payable
        under the Mortgage Loan Documents. On each Interest Payment Date (as defined
        in
        the Loan Agreement), Assignee shall apply the US Dollar Equivalent (as
        defined in the Loan Agreement) of the funds collected under the Mortgage
        Loan
        Documents (i) first, to the payment of any interest due and payable under
        the Loan Documents, (ii) second, to the payment of any scheduled or
        unscheduled principal payments due and payable under the Loan Documents,
        (iii) third, to the payment of any Excess Loan Amount (as defined in the
        Loan Agreement) and (iv) fourth, to any other amounts due and payable under
        the Loan Documents and shall, to the extent available after payment of the
        amounts in clauses (i), (ii), (iii) and (iv) above, remit the balance of
        any collections or payments to Assignor.

       

      TO
        HAVE
        AND TO HOLD the same unto Assignee, and its successors and assigns.

       

      2.    Representations
        and Warranties of Assignor.  Assignor
        represents and warrants as follows:

       

      (a)    Assignor
        (i) is the sole owner of the Mortgage Loans and such ownership is free and
        clear of any lien, security interest or other encumbrance, (ii) has not
        granted any participation or other interest or assignment, other option or
        rights to the Mortgage Loans, other than to Assignee, and (iii) has not
        pledged, collaterally assigned or otherwise hypothecated any interest therein
        or
        agreed to do so, other than to Assignee.

       

      (b)    The
        registered office and principal place of business of the Assignor is located
        in
        Hamilton, Bermuda.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

      (c)    The
        execution, delivery and performance of this Assignment by Assignor are within
        Assignor’s power and authority, have been duly authorized by all necessary
        action and do not and will not (i) require any authorization which has not
        been obtained, (ii) contravene the articles of incorporation or by-laws of
        the Assignor, any applicable laws or any agreement or restriction binding
        on or
        affecting Assignor or its property, or (iii) result in or require the
        creation or imposition of any lien or right of others upon or with respect
        to
        any property now or in the future owned by Assignor (other than liens created
        in
        favor of Assignee hereunder). No authorization which has not been obtained
        is
        required for the assignment hereunder or the enforcement by Assignee of its
        remedies under this Assignment. This Assignment, when executed and delivered,
        will constitute the legal, valid and binding obligation of Assignor enforceable
        against Assignor in accordance with its terms, except as enforcement may
        be
        limited by bankruptcy, insolvency or other similar laws affecting the rights
        of
        creditors generally.

       

      (d)    The
        originals (including duplicate originals, if any) of all the Mortgage Loan
        Documents, have been simultaneously herewith delivered to the Bank as custodian
        for Assignee (except for any loan documents which have been or will be submitted
        to public officials for filing or recording and policies of title or other
        insurance which have not yet been received by Assignor, which in either case
        will be delivered directly to the Bank or forthwith turned over to the Bank
        as
        and when received by the Assignor).

       

      3.    Servicing.  Until
        the satisfaction in full of all obligations of Assignor under the Loan Agreement
        shall have occurred:

       

      (a)    Assignee
        or its agents, shall have the sole power and authority to do or refrain from
        doing any act under or in connection with the Mortgage Loan Documents and
        the
        property described therein and/or this Assignment, including, without
        limitation, the sole power and authority in its sole discretion, to
        (i) advance funds thereunder, (ii) determine that all conditions to
        the advance of funds thereunder have been satisfied (or to waive some or
        all of
        the conditions to advance thereunder), and (iii) determine that a default
        or event of default has occurred thereunder and to give any notice, demand
        or
        protest in respect thereof;

       

      (b)    Assignor
        acknowledges that (i) the Bank, as agent of Assignee, shall be named as
        mortgagee and loss payee on all fire, extended coverage and other hazard
        insurance policies required under the Mortgage Loan Documents, to the extent
        set
        forth therein and (ii) Assignor and any mortgage and all other parties
        obligated to Assignor under the Mortgage Loan Documents shall deal solely
        with
        the Bank, acting on behalf of Assignee, under the Mortgage Loan Documents
        and
        this Assignment, Assignor and all other parties so obligated shall be entitled
        to rely on their actions so taken with respect to the Bank and upon the action
        taken by the Bank, acting on behalf of Assignee, with respect to them until
        the
        satisfaction in full of all obligations of Assignor under the Loan Agreement
        or
        until Assignee shall appoint another person to act on its behalf (or otherwise
        revoke the Bank’s authority to act on behalf of Assignee);

       

      (c)    Assignor
        agrees that Assignee or it agents shall have the full power and authority,
        in
        its discretion, to take, or defer from taking, any and all actions with respect
        to the administration and enforcement of the Loan Documents, in order to
        effectuate the purposes contemplated herein and therein, including the right,
        power and authority to exercise any and all of the rights, remedies and options
        reserved to Assignee or its agents in, or given by law or equity to Assignee
        or
        it agents as holder of the Mortgage Loan Documents, to enforce the Mortgage
        Loan
        Documents, and to take such other actions for the protection and preservation
        of
        the lien of the Mortgages, and protect and preserve all property described
        therein should Assignee or its agents become the owner thereof by foreclosure
        or
        otherwise as may be necessary and/or appropriate.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

      4.    Event
        of Default: Remedies.  If
        an event of default shall occur under any Mortgage Loan (an “Event
        of Default”),
        Assignee or its agents shall have all the rights and remedies which would
        be
        available to Assignor (but for this Assignment) under the Mortgage Loan
        Documents as set forth therein and as permitted thereunder or otherwise
        available to Assignor (but for this Assignment) in law or in equity, including,
        without limitation but in each instance to the extent provided in and as
        conditioned by the Mortgage Loan Documents, the right:

       

      (a)    To
        accelerate the maturity of such Mortgage Loan and all other amounts due under
        the applicable Mortgage Loan Documents and to declare the same to be or become
        immediately due and payable and enforce payment thereof upon the happening
        of
        any Event of Default by the mortgagor under such Mortgage Loan, as permitted
        therein, after the giving of such applicable notice and/or the passage of
        such
        time as may be provided for in such Mortgage Loan;

       

      (b)    To
        take
        such steps, institute and prosecute such actions and proceedings and do or
        omit
        such acts which, in its judgment, are advisable in order to enforce payment
        of
        all amounts due under the Mortgage Loan Documents and realize upon the security
        provided therefor, including, without limitation, (i) to select any of the
        remedies available under the Mortgage Loan Documents or otherwise available
        at
        law or in equity, (ii) to enter into or consent to any amendment,
        modification and/or extension of the Mortgage Loan Documents, (iii) to
        enter into or consent to any release, substitution or exchange of all or
        any
        part of any security for such Mortgage Loan, (iv) to waive any claim
        against the mortgagor or any person or entity obligated under the Loan Documents
        and (v) to defer, extend, increase or decrease any payment, instalment or
        other sum required or on account of such Mortgage Loan and/or the applicable
        Mortgage Loan Documents;

       

      (c)    To
        discontinue any such action or proceeding commenced as provided in subsection 4(b)
        above or
        to stay, delay, defer, discontinue or withdraw the same;

       

      (d)    To
        enter
        or cause to be entered a bid at any foreclosure sale of the property mortgaged
        securing such Mortgage Loan pursuant to the applicable Mortgage Loan Documents
        (each such property a “Mortgaged
        Property”)
        or any
        portion thereof;

       

      (e)    To
        acquire title in and to any Mortgaged Property or any portion thereof in
        any
        foreclosure proceeding in its name or the name of its nominee or
        designee;

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

       

      (f)    To
        accept
        a deed to any Mortgaged Property or any portion thereof in lieu of foreclosure
        and to release the mortgagor from its obligations under the Mortgage Loan
        in
        consideration of such deed in lieu of foreclosure;

       

      (g)    To
        operate, manage and/or develop, or hire agents to operate, manage and/or
        develop, any foreclosed or acquired Mortgaged Property and to lease all or
        any
        portion thereof upon such terms and conditions as it deems to be in the best
        interests of Assignee;

       

      (h)    To
        sell
        any foreclosed or acquired Mortgaged Property or any portion thereof, upon
        such
        terms as it may deem to be in the best interests of Assignee, including,
        without
        limitation, the right to take back one or more purchase money notes and
        mortgages;

       

      (i)    To
        make
        advances for the payment for taxes, assessments, water, sewer and vault charges,
        and all interest and penalties thereon, insurance premiums and other similar
        or
        dissimilar items relating to any Mortgaged Property, to the extent permitted
        by
        the applicable Mortgage Loan Documents;

       

      (j)    To
        make
        advances for the account of the mortgagor under such Mortgage Loan, to the
        extent permitted by the applicable Mortgage Loan Documents;

       

      (k)    To
        collect, sue for, receive and, subject to applicable provisions of law, settle
        or compromise any claims for loss or damage covered by insurance and/or
        condemnation of all or any portion of any Mortgaged Property and to exercise
        its
        discretion in the proper application and disposition of the net proceeds
        of such
        insurance and/or condemnation award;

       

      (l)    To
        sell
        the Mortgage Loan at a fair market value; and

       

      (m)    Generally
        to do and take any and all actions which, but for this Assignment, the Assignor
        would be entitled to do and take under or with respect to the applicable
        Mortgage Loan Documents; it being understood and agreed that this Assignment
        does not confer upon the Assignee any greater rights with respect to the
        Mortgage Loan Documents than granted to Assignor or expand or extend such
        rights, the purpose of this Assignment being, inter
        alia,
        to
        assign, transfer and allocate such rights and not to create new rights against
        any mortgagor under the applicable Mortgage Loan, or to limit the rights
        or
        expand the obligations of any such mortgagor, and in the event of any conflict
        between the provisions of this Assignment and the provisions of the Mortgage
        Loan Documents, the provisions of the Mortgage Loan Documents, shall
        control.

       

      5.    Possession
        of Mortgage Loan Documents.  From
        and after the date of this Assignment, the Bank shall no longer hold the
        duly
        executed originals of the Mortgage Loan Documents on its own behalf or as
        custodian for Assignor, but shall hold the same as custodian for Assignee,
        pursuant to the terms of (i) the custodial agreement dated as of August 29,
        2005 by and between the Bank and Assignee and (ii) the Amended and Restated
        Servicing Agreement dated as of June 28, 2005 by and between the Bank and
        Assignee.

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

      6.    Further
        Assurances.

       

      (a)    Assignor
        agrees that at any time and from time to time, at the expense of Assignor,
        Assignor will promptly execute and deliver all further instruments and
        documents, and take all further action, that may be necessary or desirable,
        or
        that Assignee may reasonably request, to effectuate the purpose or provisions
        of
        this Assignment or to confirm or perfect any transaction described or
        contemplated herein or to enable Assignee or its agents to exercise and enforce
        its rights and remedies hereunder with respect to any Mortgage Loan Document.
        Assignor and Assignee agree that Assignor shall reasonably cooperate (i) in
        preparing, executing, delivering or having prepared, delivered and executed
        by
        April 1, 2006 such documents or instruments which are necessary or
        desirable to register legal title to each Mortgage Loan in the name of Assignee
        in the appropriate land registry or other office of public record, and
        (ii) in registering legal title to each Mortgage Loan in the name of
        Assignee in the event the credit rating of the Bank (or such other agent
        as may
        hold the Mortgage Loans on behalf of Assignee) will fall below either “BBB-” by
        Standard & Poor’s Rating Services or “Baa” by Moody’s Investor Service,
        Inc.

       

      (b)    Assignor
        hereby authorizes Assignee or its agents to file and record one or more
        financing or continuation statements and amendments thereto, relative to
        all or
        any part of the Loan Documents without the signature of Assignor where permitted
        by the law.

       

      7.    Assignment.  This
        Assignment shall be binding upon and shall inure to the benefit of the parties
        and their respective successors and assigns.

       

      8.    Notices.  All
        notices and other communications provided for hereunder shall be in writing
        (including telegraphic, telecopy or telex communication) and mailed,
        telegraphed, telecopied, telexed or delivered, if to Assignor, at its address
        at
        c/o Codan Services Limited, Clarendon House, 2 Church Street, Hamilton,
        HM 11, Bermuda, Attention: Secretary; and if to Assignee, at its address at
        65 East 55th Street, 31st
        Floor,
        New York, New York, Attention: Chief Financial Officer; or as to each other
        party, at such other address as shall be designated by such party in a written
        notice to Assignee and Assignor. All such notices and communications shall,
        when
        mailed, telegraphed, telecopied or telexed, be effective when deposited in
        the
        mails, delivered to the telegraph company, transmitted by telecopier or
        confirmed by telex answerback, respectively.

       

      9.    Governing
        Law.  This
        Assignment and Agreement shall be governed by and construed in accordance
        with
        the laws of Bermuda.

       

      10.    Jurisdiction.

       

      (a)    Each
        of
        the parties hereto hereby irrevocably and unconditionally submits, for itself
        and its property, to the nonexclusive jurisdiction of any court sitting in
        Bermuda, and any appellate court thereof, in any action or proceeding arising
        out of or relating to this Assignment, or for recognition or enforcement
        of any
        judgment, and each of the parties hereto hereby irrevocably and unconditionally
        agrees that all claims in respect of any such action or proceeding may be
        heard
        and determined in any such Bermuda court. Each of the parties hereto agrees
        that
        a final judgment in any such action or proceeding shall be conclusive and
        may be
        enforced in other jurisdictions by suit on the judgment or in any other manner
        provided by law. Nothing in this Assignment shall affect any right that any
        party may otherwise have to bring any action or proceeding relating to this
        Assignment in the courts of any jurisdiction.

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

      (b)    Each
        of
        the parties hereto irrevocably and unconditionally waives, to the fullest
        extent
        it may legally and effectively do so, any objection that it may now or hereafter
        have to the laying of venue of any suit, action or proceeding arising out
        of or
        relating to this Assignment in any Bermuda court. Each of the parties hereto
        hereby irrevocably waives, to the fullest extent permitted by law, the defense
        of an inconvenient forum to the maintenance of such action or proceeding
        in any
        such court. Assignee hereby irrevocably appoints Codan Services Limited,
        Clarendon House, Church Street, Hamilton HM CX, Bermuda (“Assignee’s
        Process Agent”),
        as
        its agent to receive, on behalf of Assignee, service of copies of the summons
        and complaint and any other process which may be served in any such action
        or
        proceeding. Any such service may be made by mailing or delivering a copy
        of such
        process, if to Assignee, in care of Assignee’s Process Agent at Assignee’s
        Process Agent’s above address. Assignee hereby irrevocably authorizes and
        directs its respective process agent to accept such service on its
        behalf.

       

      11.    Counterparts.  This
        Assignment may be executed in one or more counterparts, each of which shall
        be
        considered an original. Delivery of an executed counterpart of a signature
        page
        to this Assignment by telecopier shall be effective as delivery of a manually
        executed counterpart of this Assignment. Any delivery of a counterpart signature
        by telecopier shall, however, be promptly followed by delivery of a manually
        executed counterpart.

       

      12.    Change
        and Modifications.  This
        Assignment may not be changed, terminated or modified orally or in any manner
        other than by an agreement in writing signed by the party sought to be charged
        therewith.

       

      13.    No
        Waiver.  No
        waiver by any party of any provision of this Assignment or any right, remedy
        or
        option hereunder shall be controlling, nor shall it prevent or estop such
        party
        from thereafter enforcing such provision, right, remedy or option, and the
        failure or refusal of any party hereto to insist in any one or more instances
        upon the strict performance of any of the terms or provisions of this Assignment
        by any other party hereto shall not be construed as a waiver or relinquishment
        for the future of any such term or provision, but the same shall continue
        in
        full force and effect, it being understood and agreed that the rights, remedies
        and options of Assignee or the Bank, acting as servicer on behalf of Assignee,
        hereunder are and shall be cumulative and in addition to all other rights,
        remedies and options of Assignee or the Bank, acting as servicer on behalf
        of
        Assignee, in law or in equity or under any other agreement.

       

      14.    Recitals.  All
        of the recitals hereinabove set forth are incorporated in this Assignment
        by
        reference.

       

      15.    Paragraph
        Headings, etc.  The
        headings of paragraphs contained in this Assignment are provided for convenience
        only. They form no part of this Assignment and shall not affect its construction
        or interpretation. All references to paragraphs or subparagraphs of this
        Assignment refer to the corresponding paragraphs and subparagraphs of this
        Assignment. All words used herein shall be construed to be of such gender
        or
        number as the circumstances require. This “Assignment” shall each mean this
        Assignment as a whole and as the same may from time to time hereafter be
        amended
        or modified. The words “herein,” “hereby,” “hereof,” “hereto,” “hereinabove” and
“hereinbelow,” and words of similar import, refer to this Assignment as a whole
        and not to any particular paragraph, clause or other subdivision hereof,
        unless
        otherwise specifically noted.

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

       

      16.    Termination.  Upon
        satisfaction in full of all obligations of Assignor under the Loan Documents,
        this Assignment shall terminate and be of no further force and effect and
        Assignee shall execute documents evidencing the assignment of any outstanding
        Mortgage Loans to Assignor (without recourse), provided however, that in
        the
        event an Event of Default under any Mortgage Loan occurs, Assignee’s obligation
        to assign such defaulted Mortgage Loan back to Assignor as provided in this
        Section shall terminate, provided, further, however, that to the extent any
        amounts collected by Assignee with respect to such defaulted Mortgage Loan
        exceed an amount equal to the sum of (i) the amount by which the principal
        amount of the Loan secured by such defaulted Mortgage Loan was reduced pursuant
        to Section 2.04(b)(B) of the Loan Agreement, (ii) any interest accrued
        on such amount at the applicable Interest Rate (as defined in the Loan
        Agreement) compounded monthly, and (iii) the amount of any collection
        expenses (including legal fees), such excess shall be applied against the
        Excess
        Loan Amount and any remaining amount shall be remitted to Assignor.

       

      17.    Partial
        Invalidity.  In
        case any provision in this Assignment shall be invalid, illegal or
        unenforceable, the validity, legality and enforceability of the remaining
        provisions shall not in any way be affected or impaired thereby.

       

      18.    National
        Housing Act.  Subject
        to the terms and provisions of the Servicing Agreement referred to above,
        the
        Mortgage Loans hereby assigned will be administered and serviced by the Bank,
        as
        agent of Assignee, in accordance with the National
        Housing Act
        (Canada)
        and National
        Housing Regulations
        (Canada).

       

      IN
        WITNESS WHEREOF,
        Company, Servicer and Custodian have caused their names to be duly signed
        hereto
        by their respective officers thereunto duly authorized, all as of the date
        first
        above written.

       

       

      ASSIGNOR

       

      NB
        FINANCE, LTD.

       

      By: 
        /s/ Martin-Pierre Boulianne

      
        
          

        

      

      Martin-Pierre
        Boulianne

       

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

       

       

      ASSIGNEE

       

      NB
        CAPITAL CORPORATION

       

      By: 
        /s/ Jean Dagenais

      
        
          

        

      

      Jean
        Dagenais

       

       

      BANK

       

      NATIONAL
        BANK OF CANADA

       

      By:
         /s/ Martin-Pierre Boulianne

      
        
          

        

      

      Martin-Pierre
        Boulianne

       

      By: 
        /s/ Linda Caty

      
        
          

        

      

      Linda
        Caty

       

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

       

      
        	PROVINCE OF QUÉBEC	)	 
	
              	)
                ss.:	 
	DISTRICT OF MONTRÉAL	)	 

      

       

       

      On
        the
        fourteenth (14th)
        day of
        March, Two thousand and six (2006), before me personally came Martin-Pierre
        Boulianne to me known, who, being by me duly sworn, did depose and say that
        he
        resides at 4098, avenue de Melrose, Montreal, Province of Québec, H4A 2S4, that
        he is the Assistant Secretary of NB Finance, Ltd., the corporation
        described in and which executed the foregoing instrument; and that he signed
        his
        name thereto by authority of the board of directors of said
        corporation.

       

       

       

      MÉLANIE
        FRAPPIER, attorney

      
        
          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        A

       

      Mortgage
        Loans

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