Document:

Exhibit 4.3

 Exhibit 4.3 
 SECOND SUPPLEMENTAL WARRANT AGREEMENT 
 This Second Supplemental Warrant Agreement (this
“Agreement”), dated March 24, 2008, is to the Warrant Agreement, dated as of August 30, 2006 (the “Warrant Agreement”), by and between MARATHON ACQUISITION CORP., a Delaware corporation, (the
“Company”), and THE BANK OF NEW YORK, a New York trust company (the successor thereto under the Warrant Agreement, MELLON INVESTOR SERVICES LLC, a New Jersey limited liability company, the “Warrant
Agent”). 
 WHEREAS, Section 6.01(b) of the Warrant Agreement provides that such Warrant Agreement may be amended by
the parties thereto with the consent of the Holders (as defined in the Warrant Agreement) of not fewer than a majority of the unexercised Warrants affected by such amendment, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders under this Agreement; and 
 WHEREAS, Marathon Investors, LLC, the Holder of all of the unexercised Sponsor Warrants (as defined in the Warrant Agreement) has consented to amend the Warrant Agreement in the manner set forth herein; and 
 WHEREAS, the Company has proposed to enter into an Agreement and Plan of Merger (the “Merger Agreement”), with GSL
Holdings, Inc., a Marshall Islands corporation and a wholly owned subsidiary of the Company, CMA CGM S.A., a société anonyme organized under the laws of France (the “Stockholder”), and Global Ship Lease, Inc., a
Marshall Islands corporation and a wholly owned subsidiary of Stockholder (the “Merger”); and 
 WHEREAS, the amendments to the Warrant Agreement as set forth in this Agreement shall only become effective if the Merger is consummated. 
 NOW, THEREFORE, in consideration of the mutual agreements contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby if and only if the Merger is consummated, the parties hereto agree as follows: 
  

	 	1.	Warrant Agreement.

 a. Pursuant
to Section 6.01(b) thereto, the Warrant Agreement is amended hereby by inserting the following paragraphs at the end of Section 2.03(a) thereto: 
 “Notwithstanding the above paragraph 2.03(a), in lieu of the payment of the Exercise Price in cash, a Holder seeking to exercise a Sponsor Warrant shall be obligated to convert any exercisable but unexercised
Sponsor Warrants into Shares (the “Cashless Exercise Conversion”) as follows: upon exercise of the Cashless Exercise Conversion, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in
cash) that number of Shares equal to the quotient obtained by dividing (x) the product of the number of Shares underlying the Sponsor Warrants being exercised, multiplied by the difference between the Fair Market Value and the Exercise Price by
(y) the Fair Market Value. However, the Cashless Exercise Conversion is not available unless the Fair Market Value exceeds the Exercise Price. As used herein, the term “Fair Market Value” shall mean the average reported last
sale price of the Company’s common stock, par value $.0001 per share, for the ten (10) trading days ending on the third Business Day prior to the exercise of the Cashless Exercise Conversion. 
 Sponsor Warrants may be exercised by a Holder in accordance with the Cashless Exercise Conversion during the Exercise Period by delivering, not later than
5:00 P.M., New York time, on any Business Day during the Exercise Period to the Warrant Agent at its stock transfer division (i) the Warrant Certificate evidencing the Sponsor Warrants to be exercised, and, in the case of a Book-Entry Warrant
Certificate, the Sponsor Warrants to be exercised free on the records of the Depository to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository from time to time,
(ii) an Election to Purchase, properly completed and executed by the Holder on the reverse of the Warrant Certificate or, in the case of a Book-Entry Warrant 

 
Certificate, properly completed by the Participant and substantially in the form included on the reverse of each Warrant Certificate, and (iii) an
instruction letter indicating that such Holder intends to exercise such Holder’s Sponsor Warrants in accordance with the Cashless Exercise Conversion applicable to such Sponsor Warrants and such other documentation as the Warrant Agent may
reasonably request; provided, that any Holder that holds Sponsor Warrants in a brokerage account shall follow the procedures of such Holder’s broker and the Depository Trust Company in order to exercise such Sponsor Warrants in
accordance with the Cashless Exercise Conversion. 
 The Warrant Agent shall have no duty or obligation to make any determinations with
respect to Section 2.03(a) including, but not limited to, determinations of Fair Market Value and any determination of how many Shares are to be delivered to a Holder in connection with the exercise of the Sponsor Warrants in accordance with
the Cashless Exercise Conversion described herein.” 
 b. Pursuant to Section 6.01(b) thereto, the Warrant Agreement
is amended hereby by (i) deleting “other than the then outstanding Sponsor Warrants held by Marathon Investors, LLC or its Permitted Transferees” from the first sentence of Section 4.01, and (ii) replacing the penultimate
sentence of the first paragraph of Section 4.01 with the following language: 
 “For the avoidance of doubt, the Company’s
Right of Redemption shall apply in all respects to all of the then outstanding Sponsor Warrants to the extent held by Marathon Investors, LLC or its Permitted Transferees; provided, that a registration statement need not be effective under
the Securities Act with respect to the Sponsor Warrants.” 
  

	 	2.	Miscellaneous. 

 a. GOVERNING LAW. THIS AGREEMENT, THE LEGAL RELATIONS BETWEEN AND AMONG THE PARTIES HERETO, THE ADJUDICATION AND THE ENFORCEMENT HEREOF SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION. 
 b. Condition to Effectiveness of Agreement. For the avoidance of doubt,
the amendments to the Warrant Agreement set forth in this Agreement will become effective if and when, and only if, the Merger (defined above) is consummated on the Closing Date, as such term shall be defined in the Merger Agreement;
provided, that the Company hereby agrees to provide written notice to the Warrant Agent of the pending consummation of the Merger at least three (3) Business Days (as defined in the Warrant Agreement) prior to the anticipated Closing
Date, and to thereafter confirm in writing to the Warrant Agent the Merger has been consummated, and that the amendments to the Warrant Agreement set forth herein have become effective. The Warrant Agent shall be fully protected in relying on any
such notice or statement therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge of the Merger unless and until it shall have received such notice. The parties hereto acknowledge and agree
that if the Merger is not consummated, the amendments to the Warrant Agreement set forth in this Agreement will not come into effect. 
 c. Merger Agreement. It is understood that the Warrant Agent is not a party to and has neither read nor received, nor does the Warrant Agent consent to, any provisions in the Merger Agreement. The parties
hereto agree that the Warrant Agent shall not be responsible for, or incur any liability in connection with, compliance with any provisions of the Merger Agreement or any agreement other than the Warrant Agreement and this Agreement. 
 d. Jurisdiction; Waiver of Jury Trial. Except as otherwise expressly provided in this Agreement, each of the parties hereto
irrevocably and unconditionally submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such court does not have 

 
jurisdiction, the New York State Supreme Court in the Borough of Manhattan, in any legal action arising out of or relating to this Agreement, agrees that all
claims in respect of the legal action may be heard and determined in any such court and agrees not to bring any legal action arising out of or relating to this Agreement in any other court. Each of the parties hereto irrevocably waives any and all
right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 
 e. Benefits of Agreement. Nothing in this Agreement expressed or implied and nothing that may be inferred from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the Company, the Warrant Agent and their respective successors and assigns, the Beneficial Owners (as defined in the Warrant Agreement) and the Holders any right, remedy or claim under or by reason of this Agreement or of any
agreement hereof; and all agreements contained in this Agreement shall be for the sole and exclusive benefit of the Company and the Warrant Agent and their respective successors and assigns and of the Beneficial Owners and Holders. 
 f. Indemnity. The Company agrees to pay the Warrant Agent compensation to be agreed upon by the Warrant Agent and the Company
for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for all reasonable out-of-pocket expenses (including reasonable counsel fees) incurred by the Warrant Agent in connection with the services rendered by it under the
Warrant Agreement and this Agreement. The Company also agrees to indemnify the Warrant Agent for, and hold it harmless against, any loss, liability or expense incurred without (or other than as the result of) negligence or willful misconduct on the
part of the Warrant Agent (each as determined by a final non-appealable order of a court of competent jurisdiction), arising out of or in connection with its acting as Warrant Agent under the Warrant Agreement and this Agreement. The execution of
this Agreement by the Warrant Agent shall in no case be deemed to constitute negligence or willful misconduct on the part of the Warrant Agent. 
 g. Liability. The Company agrees that Section 5.02(l) of the Warrant Agreement is incorporated herein by reference. 
 h. Severability. If any provision in this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions, or of such provisions in any other jurisdiction, shall not in any way be affected or impaired thereby. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent possible. 
 i. Counterparts. This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same document. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Supplemental Warrant Agreement as of the date first
written above. 
  

			
	MARATHON ACQUISITION CORP.
		
	By:	 	/s/ Michael S. Gross
	Name:	 	Michael S. Gross
	Title:	 	Chairman, Chief Executive Officer and Secretary

  

			
	MELLON INVESTOR SERVICES LLC
		
	By:	 	/s/ Christopher T. Coleman
	Name:	 	Christopher T. Coleman
	Title:	 	Vice President, BNY Mellon Shareholder ServicesTerm Sheet for Proposed Financing dated March 24, 2008

 Exhibit 10.1 
  

			
	Strictly Confidential	  	Execution

 MP/TMA 
 TERM SHEET FOR PROPOSED FINANCING 
 March 24, 2008 
  

			
	ISSUER:	  	Thornburg Mortgage, Inc.
		
	INVESTMENT AMOUNT:	  	$1,150,000,000, up to an additional $200,000,000 contingent upon the extent to which the Tender Offer referred to below is accepted (the “Investment Amount
Increase”).
		
	INVESTMENT:	  	 •       Senior Subordinated Secured Notes (the “Notes”);

  
 •       detachable Warrants (the “Warrants”) for the purchase of up to 48% of the fully-diluted shares of common stock, par value $0.01 per share, of the Issuer (the “Common
Stock”) after giving effect to such issuance and all anti-dilution adjustments under all existing instruments and agreements; and
  
 •       prepaid cash-settled agreement relating to the Issuer’s and its
subsidiaries’ portfolio of mortgages and other assets constituting the Collateral (as defined below) providing for a payment of the excess of the principal of such portfolio over the related debt as set forth below (collectively, the
“Investment”).

		
	INVESTORS:	  	MatlinPatterson Global Opportunities Partners III L.P., a Delaware limited partnership, MatlinPatterson Global Opportunities Partners (Cayman) III L.P., a Cayman limited partnership and/or one
or more entities created by or affiliated with either of the foregoing partnerships (collectively, “MatlinPatterson”) - $450,000,000; other investors reasonably acceptable to MatlinPatterson – TBD.
	
	SENIOR SUBORDINATED SECURED NOTES
		
	 Security:
	  	$1,150,000,000 aggregate principal amount of Notes, plus up to an additional $200,000,000 upon the occurrence of the Investment Amount Increase.
		
	 Purchase Price:
	  	$1,050,000,000, plus up to an additional $200,000,000 upon the occurrence of the Investment Amount Increase.
		
	 Maturity:
	  	March 31, 2015
		
	 Interest:
	  	The Notes will bear interest, payable in cash semi-annually in arrears, at a rate equal to 18% per annum, subject to the Interest Rate Change upon the occurrence of the Triggering Event and the
issuance of the Additional Warrants (as defined below).
		
	 Interest Payment Dates:
	  	March 31 and September 30, commencing September 30, 2008.

 Strictly Confidential 
  

			
		
	 Ranking:
	  	 The Notes will be general senior subordinated secured obligations of the Issuer and (without giving effect to their collateral position):

 
 •        are
subordinated in right of payment to all existing senior debt of the Issuer;
  
 •        rank equally in right of payment to any future senior subordinated debt of the Issuer; and
  
 •        are
senior in right of payment to all existing and future subordinated debt of the Issuer.

		
	 Guarantees:
	  	By each domestic subsidiary of the Issuer; guarantees shall be subordinated only if and to the extent necessary pursuant to the terms of existing agreements.
		
	 Collateral:
	  	Secured by as senior a lien as possible on any available assets of the Issuer and its subsidiaries pursuant to the terms of existing agreements.
		
	 Mandatory Offers to Purchase:
	  	Change of control put at 101%. Put for certain asset dispositions at 100%.
		
	 Interest Rate Change:
	  	Upon the occurrence of the Triggering Event and the issuance of the Additional Warrants, interest payable on the Notes will decrease to 12% per annum, payable in cash semi-annually in arrears on
each March 31 and September 30 (the “Interest Rate Change”). All unpaid interest accrued at a rate in excess of 12% per annum at the time of the Interest Rate Change shall be cancelled.
		
	 Covenants:
	  	Customary restrictive covenants for secured bond financings with customary exceptions, including, without limitation, limitations on the Issuer’s and its subsidiaries’ ability to
incur, assume or guarantee indebtedness; issue redeemable stock and preferred stock; pay dividends or distributions or redeem or repurchase capital stock; prepay, redeem or repurchase debt that is junior in right of payment to the notes; make loans,
investments and capital expenditures; incur liens; layer indebtedness; restrict dividends, loans or asset transfers from our subsidiaries; sell or otherwise dispose of assets, including capital stock of subsidiaries; consolidate or merge with or
into, or sell substantially all of our assets to, another person; enter into transactions with affiliates; and enter into new lines of business. Subject to satisfactory completion of a due diligence investigation by the Investors, the foregoing
restrictive covenants will be as consistent as practicable with the covenants contained in the indenture governing the Senior Notes of the Issuer due May 15, 2013. In addition, covenant limiting the Issuer’s and its subsidiaries’ ability
to incur, assume or guarantee any senior indebtedness. Lastly, the Issuer and the Investors will covenant to treat the Notes as debt for U.S. federal income tax purposes.
		
	 Representations and Warranties:
	  	

Customary representations and warranties provided to the initial purchasers of secured bond financings.

  

 - 2 - 

 Strictly Confidential 
  

			
		
	 Events of Default:
	  	Customary events for secured bond financings to be agreed upon, with grace periods and materiality thresholds to be agreed upon where appropriate, including, without limitation, nonpayment of
principal or interest, violation of covenants, incorrectness of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material judgments and the early expiration or termination of the Override
Agreement.
		
	 Transfer & Registration Rights:
	  	The holders of the Notes will receive customary rights to an exchange offer and/or shelf registration rights with respect to the Notes, including the requirement to have consummated an exchange
offer or to have an effective resale shelf registration statement within 90 days of issuance.
		
	 Governing Law:
	  	New York
	
	PREPAID CASH-SETTLED AGREEMENT
		
		  	The Issuer and the Investors shall enter into a 7-year prepaid cash-settled agreement (the “Prepaid Agreement”) whereby the Investors shall pay the Issuer $100,000,000 and in return
the Investors shall receive, commencing in April 2009, a payment in the amount of the excess of (x) the principal payments on the portfolio of mortgages and other assets constituting Collateral (as defined in the Override Agreement) received prior
to the maturity of the Prepaid Agreement and mark-to-market valuation of the Collateral at the maturity of the Prepaid Agreement over the (y) principal amount of the obligation under the Financing Agreement (as defined in the Override Agreement)
relating to such Collateral. The Prepaid Agreement may consist of one or more agreements covering all or portions of the Collateral. The Issuer shall make payments on such Prepaid Agreement only to the extent that any amounts in respect of principal
on the Collateral are released to the Issuer or its subsidiaries under the Financing Agreement and upon maturity of the Prepaid Agreement. The Prepaid Agreement shall be subject to an early termination before the 7th year anniversary at the Issuer’s option upon the occurrence of the Trigger Event and upon the Issuer issuing to the Investors additional warrants (the “Additional
Warrants”) to purchase such number of shares of Common Stock such that the Initial Warrants and the Additional Warrants collectively will be exercisable for shares of Common Stock that constitute 90% of the shares of Common Stock outstanding on
a fully diluted basis (after giving effect to all anti-dilution adjustments under all existing instruments and agreements). The Investors shall have no liability under the Prepaid Agreement in the event the excess of (x) over (y) above is negative,
other than to the extent of the initial $100,000,000 payment.
		
	WARRANTS	  	
		
	 Warrants:
	  	Warrants (the “Initial Warrants”) to purchase approximately 48% of the shares of Common Stock outstanding on a fully diluted basis after giving effect to such issuance and all
anti-dilution adjustments under all existing instruments and agreements.

  

 - 3 - 

 Strictly Confidential 
  

			
		
	 Exercise Price:
	  	$0.01 per share.
		
	 Exercise Period:
	  	From the date of issuance to 5:00 p.m., New York City time, on March 31, 2015.
		
	 Antidilution Adjustments:
	  	The Exercise Price and number of shares of Common Stock issuable upon exercise of each Warrant are subject to adjustment in the event of distributions of Common Stock, subdivisions, splits and
combinations of Common Stock, any cash distributions, distributions with respect to Common Stock other than in Common Stock or in cash and certain issuer tender offers for Common Stock.
		
	 Other:
	  	The Warrants will be issued in a private placement transaction and, as such, will not be registered under the Securities Act of 1933, as amended. The holders of the Warrants will receive
customary demand, piggyback and shelf registration rights with respect to the shares of Common Stock underlying the Warrants, including the requirement to have an effective shelf registration statement within 180 days of closing. MatlinPatterson and
certain other holders of warrants will each have the right to designate directors of the Issuer.
		
	 Listing:
	  	The Issuer will apply to list the shares of Common Stock issuable upon exercise of the Warrant on the NYSE.
		
	 Governing Law:
	  	New York
		
	USE OF PROCEEDS:	  	As set forth on Schedule I
		
	TRIGGERING EVENT:	  	The occurrence of both of the following events shall be the “Triggering Event.”
		
	 Shareholder Vote:
	  	The Issuer shall hold a shareholder vote as promptly as practicable but no later than by June 15, 2008 at which its shareholders shall approve, among other things, amendments to its Articles of
Incorporation to increase the number of authorized shares of Common Stock. Outside Maryland counsel to the Issuer shall opine as to the effectiveness of the foregoing.
		
	 Tender Offer:
	  	The Issuer will complete, as promptly as practicable, self-tenders for at least 90% of the aggregate liquidation preference of its outstanding preferred stock and at least 66 2/3% of the
aggregate liquidation preference of each series of its outstanding preferred stock, at a price of $5 per $25 of liquidation value plus, if the Shareholder Vote is obtained, Warrants to purchase an aggregate of 5% of the Common Stock outstanding on a
fully diluted basis and, if the Shareholder Vote is not obtained, alternative consideration. The tender offers will be combined with consent solicitations to delete restrictive covenants, including without limitation voting and dividend blocker
provisions in the Articles Supplementary for such series of preferred stock.

  

 - 4 - 

 Strictly Confidential 
  

			
	 ADDITIONAL COVENANTS:
	  	
		
	 NYSE Shareholder Vote:
	  	By March 31, 2008, the Issuer shall have obtained the shareholder approval required by Section 312.03 of the New York Stock Exchange’s (the “NYSE’s”) Listed Company
Manual or shall comply with all the requirements of the exception set forth in Section 312.05 of the NYSE’s Listed Company Manual.
		
	 Board Action:
	  	The Issuer’s Board of Directors shall waive any limitations on ownership of Common Stock under Maryland law, under the Issuer’s Articles of Incorporation and under the Issuer’s
Shareholder Rights Agreement. Outside Maryland counsel to the Issuer shall opine as to the effectiveness of the foregoing (counsel need not opine as to the adequacy of the evidence submitted pursuant to Article 10(E) of the Issuer’s Articles of
Incorporation).
		
	 Management Agreement:
	  	Waiver of Change of Control put right by Thornburg Mortgage Advisory Corporation.
		
	 Hart-Scott-Rodino Antitrust Improvements Act of 1976:
	  	The Issuer and the Investors shall make all necessary filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as promptly as practicable.
		
	 Opinions:
	  	Counsel to the Issuer shall provide customary opinions relating to the Investment.
		
	CONFIDENTIALITY:	  	This Term Sheet, as well as the existence, substance and status of discussions between the parties concerning the transactions contemplated hereby, will be kept strictly confidential and its
contents will remain strictly confidential and will not be disclosed to any person, whether orally or in writing, other than legal, accounting and financial advisors of the parties unless and until the parties agree upon the language and timing of
an announcement.
		
	TERMINATION FEE:	  	If MatlinPatterson and the Company do not enter into enter definitive Documents with respect to the Investment by March 27, 2008, then the Company shall pay to MatlinPatterson by two business
days thereafter the amount of (i) $18,000,000 plus (ii) the out-of-pocket expenses of MatlinPatterson with respect to the negotiation of this Term Sheet and the definitive Documents, including the fees and expenses of its legal, financial and tax
advisors.
		
	TIMING OF TRANSACTION:	  	MatlinPatterson and the Issuer acknowledge and agree, upon the signing of this Term Sheet, to prepare and negotiate in good faith the legal documents necessary to make the Investment including
but not limited to, an indenture governing the Notes, the Notes, a Warrant Agreement with respect to the Warrants, the Warrants, and the Prepaid Agreement (collectively, the “Documents”).

  

 - 5 - 

 Strictly Confidential 
  

			
	CONDITIONS PRECEDENT:	  	 The Investment by the Investors is subject to (i) the preparation, negotiation and execution of definitive Documents, which definitive Documents
shall contain customary representations, warranties, and covenants in form and substance acceptable to the Investors, (ii) the successful negotiation of an equity investment in Thornburg Mortgage Advisory Corp. by the Investors with certain consent
rights, (iii) the absence of any material adverse change in the business condition, financial or otherwise, of the Issuer and (iv) the performance by the Issuer and its affiliates of the Additional Covenants and their other obligations hereunder.

  
 The Investment by MatlinPatterson is further subject to an aggregate Investment by
other Investors of at least $700,000,000, or up to $900,000,000 upon the occurrence of the Investment Amount Increase.
  
 Issuer’s acceptance of the Investment is subject to the preparation, negotiation and execution of definitive Documents in form and substance acceptable to the Issuer.

  

 - 6 - 

 Strictly Confidential 
  

 This Term Sheet does not constitute an offer to sell or the solicitation of an offer to buy
securities. This Term Sheet constitutes a binding commitment by the parties hereto, subject, except in the case of the sections above entitled “Confidentiality” and “Termination Fee”, to the fulfillment of the Conditions
Precedent. 
 This Term Sheet supersedes all prior discussions and agreements between the Parties with respect to the subject matter hereof,
and contains the sole and entire agreement between the Parties hereto with respect to the matters referred to immediately above hereof. 
 The parties, being fully aware of the content and legal implications of this Term Sheet, have executed this Term Sheet as of the date set forth on the first page of this Term Sheet. 
  

			
	 MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS III L.P.

	
	BY: MATLINPATTERSON GLOBAL ADVISOR LLC, as Investment Manager
		
	 By:
	 	 /s/ David J. Matlin

	 Name:
	 	 David J. Matlin

	 Title:
	 	 Chief Executive Officer

	
	 MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS (CAYMAN) III L.P.

	
	BY: MATLINPATTERSON GLOBAL ADVISERS LLC, as Investment Manager
		
	 By:
	 	 /s/ David J. Matlin

	 Name:
	 	 David J. Matlin

	 Title:
	 	 Chief Executive Officer

	
	 THORNBURG MORTGAGE INC.

		
	 By:
	 	 /s/ Larry A. Goldstone

	 Name:
	 	 Larry A. Goldstone

	 Title:
	 	 President & Chief Executive Officer

	
	 THORNBURG MORTGAGE ADVISORY CORPORATION

		
	 By:
	 	 /s/ Larry A. Goldstone

	 Name:
	 	 Larry A. Goldstone

	 Title:
	 	 Managing Director

  

 - 7 - 

 Strictly Confidential 
  

 Schedule I 
 Sources & Uses of Proceeds 
 (in millions) 
  

									
	 Sources
	  	 	  	 Uses
	  	 
		  			  	Margin Calls on Repo and Auction Swaps with Counterparties	  	$	530
		  			  	Satisfaction of Deficiencies	  	$	50 - $60
		  			  	Liquidity Fund	  	$	350
		  			  	Tender Offer	  	$	200
	 Proceeds from Investment
	  	$	1,350	  	Working Capital	  	$	210 - $220
		  			  	 	  	 	 
		  			  	 Total
	  	$	1,350

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