Document:

EX-10.1

WARRANT TERMINATION AGREEMENT

This WARRANT TERMINATION AGREEMENT (this “Agreement”) is made and entered into as of
December 5, 2008 by and between RAIT FINANCIAL TRUST, a Maryland real estate investment trust (the
“Company”), and CEDRIC LLC, a Delaware limited liability company (the “Recipient”).

The Company and the Recipient entered into the Warrant Issuance Agreement dated as of
September 19, 2008 (the “Warrant Issuance Agreement”) pursuant to which the Company issued
to the Recipient the Series A Warrant Agreement dated as of September 19, 2008 (the
“Warrant,” and, together with the Warrant Issuance Agreement, the “Warrant
Documents”). The Company and the Recipient desire to terminate the Warrant Documents on the
terms and conditions set forth herein.

In consideration of the foregoing and of the representations, warranties, covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. Termination of Warrant Documents. The Company and the Recipient hereby agree that:

(a) On the date hereof, the Company shall initiate a wire transfer of $115,000 (the
“Termination Price”) in cash to the Recipient to the following account (the
“Account”):

Citibank N.A.

ABA #: 021 000 089

Credit A/C: J.P. Morgan Clearing Corp.

Credit A/C #: 09253186

Credit Sub A/C: Cedric, LLC

Credit Sub A/C #: 102-30554-2

(b) Upon the receipt of the Termination Price in cash in the Account, the Warrant Documents
shall be deemed to have been cancelled and terminated and, within three business days of such
receipt, Recipient shall surrender to the Company the Warrant, as originally executed by the
Company, by delivery to the Chief Legal Officer of the Company.

2. Representations and Warranties of the Company. In connection with the termination
of the Warrant Documents, the Company represents and warrants to the Recipient as of the date
hereof as follows:

2.1 Organization. The Company is a real estate investment trust duly formed, validly
existing and in good standing under the laws of the State of Maryland and has all requisite power
and authority to execute, deliver and perform its obligations under this Agreement.

2.2 Authorization. All corporate action on the part of the Company, its officers,
trustees and shareholders necessary for the authorization, execution and delivery of this Agreement
and the performance of all obligations of the Company hereunder has been taken and this Agreement,
when executed and delivered by the Company, shall constitute a valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms except as limited by
applicable bankruptcy or insolvency laws.

2.3 Government Consents. No consent, approval, order or authorization of, or
registration, qualification, designation, declaration or filing with, any federal, state or local
governmental authority on the part of the Company is required in connection with the consummation
of the transactions contemplated by this Agreement, except for filings pursuant to the Securities
Exchange Act of 1934, as amended, which filings will be effected within the time prescribed by law.

2.4 Compliance with Other Instruments. The execution, delivery and performance of the
transactions contemplated by this Agreement do not and will not result in any violation or
conflict, or constitute, with or without the passage of time and giving of notice, either a default
or breach under any such provision, instrument, judgment, order, writ, decree, mortgage, agreement
or contract to which the Company is subject or a party.

3. Representations and Warranties of the Recipient. In connection with the
termination of the Warrant Documents, the Recipient represents and warrants to the Company as of
the date hereof as follows:

3.1 Sophistication. The Recipient is aware of the Company’s business affairs and
financial condition, and has acquired information about the Company sufficient to reach an informed
and knowledgeable decision to terminate the Warrant Documents.

3.2 Accredited Investor; Residence. The Recipient is an “accredited investor” as such
term is defined in Rule 501 of Regulation D promulgated under the Act and is a Delaware limited
liability company whose principal office is located in New York.

3.3 Ownership. The Recipient is the lawful owner of the Warrant, free and clear of
all security interests, liens, encumbrances, equities and other charges or rights of any other
party. The Recipient has not transferred all or any portion of the Warrant to any other party and
continues to hold the entire Warrant originally issued to the Recipient.

3.4 Authorization. All corporate action on the part of the Recipient, its officers,
managers and members necessary for the authorization, execution and delivery of this Agreement and
the performance of all obligations of the Recipient hereunder has been taken and this Agreement,
when executed and delivered by the Recipient, shall constitute a valid and legally binding
obligation of the Recipient, enforceable against the Recipient in accordance with its terms except
as limited by applicable bankruptcy or insolvency laws.

4. Indemnification. Each party to this Agreement shall defend, protect, indemnify and
hold harmless the other party to this Agreement from and against any and all actions, causes of
action, suits, claims, losses, costs, penalties, fees, liabilities and damages and expenses in
connection therewith (irrespective of whether the such other party is a party to the action for
which indemnification hereunder is sought), and including reasonable attorneys’ fees and
disbursements, incurred by such other party as a result of the breach of any representation or
warranty contained in this Agreement made by such party to the other party.

5. General Provisions.

5.1 Entire Agreement; Severability. This Agreement shall supersede any existing
agreements between the parties relating to the Warrant Documents. Each provision and agreement
herein shall be treated as separate and independent from any other provision or agreement herein
and shall be enforceable notwithstanding the unenforceability of any such other provision or
agreement. Notwithstanding the foregoing, this Agreement shall not have any effect on the Agency
Agreement and the Repurchase Agreements (as defined in the Warrant) and any agreements related
thereto between the parties hereto (other than the Warrant Documents) which continue in full force
and effect.

5.2 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

5.3 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.

(a) THE PARTIES HERETO HEREBY AGREE TO THE NON–EXCLUSIVE JURISDICTION OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. PARTIES HERETO HEREBY WAIVE ANY OBJECTION
BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY
OF THE AFOREMENTIONED COURTS AND CONSENT TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY SUCH COURT.

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, PARTIES HERETO HEREBY WAIVE ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN
THE PARTIES HERETO AND THEIR AFFILIATES, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL
WITHOUT A JURY.

5.4 Counterparts. This Agreement may be executed in any number of counterparts, each
of which counterparts shall be deemed to be an original, and such counterparts shall constitute but
one and the same instrument.

5.5 Waiver or Amendment. No amendment, waiver or other modification of any provision
of this Agreement is effective without the written agreement of the parties hereto. Any waiver or
consent shall be effective only in the specific instance and for the specific purpose for which
given. Any provision of this Agreement may be waived by the either of parties hereto; provided,
that no failure or delay on the part of the waiving party in exercising any right, power or
privilege hereunder and no course of dealing with respect to any right, power or privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder. The rights, powers and remedies herein expressly
provided are cumulative and not exclusive of any rights, powers or remedies which either of the
parties hereto would otherwise have. No notice to or demand on a party hereto in any case entitles
such party hereto to any other or further notice or demand in similar or other circumstances or
constitutes a waiver of the rights of the party hereto providing such notice or demand to any other
or further action in any circumstances without notice or demand.

5.6 Acknowledgement. Each party hereto hereby acknowledges that it has been advised
by counsel in the negotiation, execution and delivery of this Agreement.

[Remainder of page intentionally left blank]

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first set forth above.

	 	 	 	COMPANY:

	 	 	 	RAIT
FINANCIAL TRUST

a Maryland real estate investment trust

	 	 	 	By:
/s/ Jack E. Salmon
     

	 	 	Name: Jack E. Salmon

	 	 	 
	Title: Chief Financial OfficerRECIPIENT:

	CEDRIC LLC

By:

	 	

/s/ Joseph R. Wekselblatt
	
 
	 	 

	 	 	Name: Joseph R. Wekselblatt

Title: Chief Financial Officer

2_

Exhibit No. 4.1

				
	NUMBER

* 01 *

	 
	 
	SHARES

* 9,950 *

COASTAL BANKING COMPANY, INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF SOUTH CAROLINA

		
	 
	Transfer of this stock is restricted in accordance with 

conditions printed on the reverse of this certificate.

		
	THIS CERTIFIES THAT

	UNITED STATES DEPARTMENT OF TREASURY

	 
	 

	is the owner of

	NINE THOUSAND NINE HUNDRED AND FIFTY SHARES

FULLY PAID AND NON-ASSESSABLE SHARES OF 

FIXED RATE CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A, OF

COASTAL BANKING COMPANY, INC.

(hereinafter called the "Company").  The Company will furnish a description of the relative rights, preferences and limitations of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, without charge, upon receipt of a written request.  The shares represented by this certificate are transferable on the books of the Company by said owner or by his or her duly authorized attorney, upon the surrender of this Certificate properly endorsed.

IN WITNESS WHEREOF, the Company has caused this Certificate to be signed by its duly authorized officers and its corporate seal to be hereunto affixed.

Date:  December 5, 2008.

[SEAL]

			
	/s/ JAMES W. HOLDEN, JR.

	 
	/s/ MICHAEL G. SANCHEZ

	James W. Holden, Jr.

	 
	Michael G. Sanchez

	Secretary

	 
	President & Chief Executive Officer

       UST Sequence Number: 90

THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

THE FOLLOWING ABBREVIATIONS, WHEN USED IN THE INSCRIPTION ON THE FACE OF THIS CERTIFICATE, SHALL BE CONSTRUED AS THOUGH THEY WERE WRITTEN OUT IN FULL ACCORDING TO APPLICABLE LAWS OR REGULATIONS:

							
	TEN COM

	-

	AS TENANTS IN COMMON

	UGMA/(STATE)

	 
	CUSTODIAN

	 

	TEN ENT

	-

	AS TENANTS BY THE ENTIRETIES

	 
	(CUSTODIAN)

	 
	(MINOR)

	JTWROS

	-

	AS JOINT TENANTS WITH RIGHT OF SURVIVORSHIP AND NOT AS TENANTS IN COMMON

	

UNDER THE UNIFORM GIFT TO MINORS ACT/(STATE)

For value received, ____________________ hereby sell, assign and transfer unto

			
	PLEASE INSERT SOCIAL SECURITY OR OTHER

	 

	IDENTIFYING NUMBER OF ASSIGNEE

	 

	 
	 
	 

	

	 
	 

	 
	 
	 

	 

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint 

Attorney to transfer the said shares on the records of the within-named Company with full power of substitution in the premises.

	 
	 
	 

	 
	 
	 

	(DATE)

	 
	 

	 

	 

	AND (SIGNATURE:  THE SIGNATURE ON THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.)

	 
	 
	 

	 
	 
	 

	(SIGNATURE GUARANTEE:  SIGNATURE MUST BE GUARANTEED BY A COMMERCIAL BANK, A SAVINGS AND LOAN ASSOCIATION OR A TRUST COMPANY IN THE UNITED STATES OR BY A MEMBER FIRM OF ANY NATIONAL SECURITIES EXCHANGE OR OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.)

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