Document:

Prepared by R.R. Donnelley Financial -- S.A. II Group Maximum death benefit with earnings

  
 EXHIBIT 4(j) 
  
 MAXIMUM ANNIVERSARY VALUE OPTIONAL 
 DEATH BENEFIT ENDORSEMENT 

 
 This Endorsement is made a part of, and subject to, the other terms and conditions of the Certificate to which it is attached. 

 
 This Endorsement modifies the AMOUNT OF DEATH BENEFIT under the DEATH OF PARTICIPANT BEFORE THE ANNUITY DATE and is effective on the
Certificate Date. 
  
 The following are added under the DEFINITIONS section of the Certificate: 
  
 CONTINUATION DATE 
 The Date on which
We receive, in Our Service Center: (a) the Spousal Beneficiary’s written request to continue the Certificate in force, and (b) Due Proof of Death of the Participant. If We receive (a) and (b) on different dates, the Continuation Date will be
the later date. 
  
 CONTINUATION YEAR 
 A year starting from the Continuation Date in one calendar year and ending on the day preceding the anniversary of such date in the succeeding calendar year. 
  
 NET PURCHASE PAYMENT 
 The sum of all Purchase Payments, reduced
proportionately on the date of each partial withdrawal by the percentage at which the Certificate Value is reduced by such withdrawal (including any fees or charges applicable to the withdrawal). 
  

SPOUSAL BENEFICIARY 
 The Participant’s spouse who: (a) is
designated as the primary Beneficiary; (b) is age 80 or younger at the time of the Participant’s death; and (c) elects to continue the Certificate as the Participant. 
  
 AMOUNT OF DEATH BENEFIT 
 If You are age 80 or younger on the Certificate Date, and You die prior to the Annuity Date, the
amount of the Death Benefit will be determined based upon the Death Benefit option You selected on the Participant Enrollment Form. Once a Death Benefit option is selected it cannot be changed or terminated. However, Your Spousal Beneficiary can
terminate this benefit on the Continuation Date. 
  
 Maximum Anniversary Optional Death Benefit Charge 
 On an annual basis, this charge equals [.25%] of Your average daily ending value of the assets attributable to the Accumulation Units of the Subaccount(s) to which the Certificate is allocated. We
deduct this charge daily. This charge is in addition to the charges in Your Certificate. 
  
 Maximum Anniversary Value Optional Death
Benefit 
 If upon Our receipt of Due Proof of Death of the Participant prior to the Annuity Date and prior to the Participant attaining age 90, the Beneficiary will receive
the greatest of: 
  

	(a)
	 
	Purchase Payments reduced for any partial withdrawals (and any fees or charges applicable to such withdrawals) in the same proportion that the Certificate Value
was reduced on the date of such withdrawal; or 
 

	(b)
	 
	Certificate Value; or 
 

 

 1 

  

	(c)
	 
	The Maximum Anniversary Value. 
 

  
 If the deceased Participant has attained age 90, then the death benefit will be the Certificate Value. 
  
 We will calculate
the Maximum Anniversary Value, by determining the Certificate Value for each Certificate anniversary prior to the Participant’s 81st birthday. The anniversary value is equal to the Certificate Value at each Certificate anniversary increased by
the dollar amount of any Purchase Payment(s) made since that anniversary and reduced proportionately for any partial withdrawals (and any fees or charges applicable to such withdrawals) in the same proportion that the Certificate Value was reduced
on the date of such withdrawal. If any of those anniversary values is greater than Your Certificate Value, You will receive that amount as the Maximum Anniversary Value. 
  
 Death Benefit Enhancement Before the Continuation Date 
  
 Earnings, for purposes of
calculating the Death Benefit Enhancement amount, equal the amount by which Your Certificate Value exceeds Net Purchase Payment(s) as of the date of Your death. If You have earnings as defined above in Your Certificate at the time We receive Your
Due Proof of Death, We will add any applicable Death Benefit Enhancement to the amount of Your Death Benefit. The Percentage of Earnings that will be added to Your Death Benefit as a Death Benefit Enhancement depends on how long Your Certificate was
in force prior to the date of Your death. This benefit is in addition to the Maximum Anniversary Value Death Benefit. The Death Benefit Enhancement terminates upon the Latest Annuity Date. 
  
 

	 Death Benefit Enhancement
 

	 Number of Years Elapsed*
 	    	 Percentage
 of Earnings
 	    	 Maximum Benefit
 Percentage
 
	 [0-4]
 	    	 [0-100%]
 	    	 [0-100]
 
	 [5-9]
 	    	 [0-100%*]
 	    	 [0-100*]
 
	 [10+]
 	    	 [0-100%*]
 	    	 [0-100*]
 

 
 
[*Does not apply on Spousal Continuation if Spousal Beneficiary is age 70
or older on the Continuation Date.] 
  
 For purposes of determining any Death Benefit Enhancement payable upon Your death the following
items in the Death Benefit Enhancement table are described as follows: 
  
 Number of Years Elapsed is the
number of full Certificate Years from the Certificate Date to the date of Your death. 
  
 Percentage of
Earnings is a percentage applied to the earnings in Your Certificate from the Certificate Date to the date of Your death. 
  
 Maximum Benefit Percentage is a percentage that when applied to the Net Purchase Payment(s) defines the maximum amount of the Death Benefit Enhancement. Net Purchase Payments received by Us after the [0-10th] Certificate Anniversary, must remain in Your Certificate for at least [0-12 full months] to be included in the
calculation of the maximum amount of the Death Benefit Enhancement. 
 

 2 

  
 Death Benefit Enhancement After the Continuation Date 
  
 Upon receipt of Due Proof of Death of the Spousal Beneficiary, We will add any applicable Death Benefit Enhancement to the amount of the Spousal
Beneficiary’s Death Benefit. 
  
 For purposes of determining any Death Benefit Enhancement amount payable upon the Spousal
Beneficiary’s death, the following items in the Death Benefit Enhancement table are described as follows: 
  
 Number of Years Elapsed is the number of full Continuation Years from the Continuation Date to the date of death of the Spousal Beneficiary. 
  
 Percentage of Earnings is a percentage applied to the earnings in the Certificate from the Continuation Date to the Spousal Beneficiary’s date of death. For
purposes of this calculation, earnings are defined as (a) minus (b) where: 

	 	(a)
	 
	is the Certificate Value on the Spousal Beneficiary’s date of death; and 
 

	 	(b)
	 
	is the sum of the Certificate Value on the Continuation Date (including any amount added to the Certificate Value by Us), and any Net Purchase Payment(s)
received on or after the Continuation Date. 
 

  
 Maximum Benefit Percentage is a percentage,
that when applied to the sum of (a) plus (b) below, defines the maximum amount of the Death Benefit Enhancement, where: 

	 	(a)
	 
	is the Certificate Value on the Continuation Date (including any amount added to the Certificate Value by Us on the Continuation Date), reduced proportionately
on the date of each partial withdrawal occurring on or after the Continuation Date, by the percentage at which the Certificate Value is reduced by such withdrawal (including any fees or charges applicable to the withdrawal) on that date;

 

	 	(b)
	 
	is any Net Purchase Payment(s) made on or after the Continuation Date until the Spousal Beneficiary’s date of death. Purchase Payments received by Us after
[0-10] Continuation Years, must remain in Your Certificate for at least [0-12 full months] to be included in the calculation of the maximum amount of the Death Benefit Enhancement. 
 

  

	Signed
	 
	for the Company to be effective on the Certificate Date. 
 

  

	ANCHOR
	 
	NATIONAL LIFE INSURANCE COMPANY 
 

  

	

 
	 
	 By:
 	 	 /s/    CHRISTINE A.
NIXON        
 
	 	  	 	 By:
 	 	 /s/    JAY S.
WINTROB        
 

	  	 	 Christine A. Nixon
 Secretary

	 	  	 	  	 	 Jay S. Wintrob
 President

 
 

 3<PAGE>
                                                                   Exhibit 10.15

[LOGO] Master Repurchase
       Agreement
       -------------------------------------------------------------------------
       September 1996 Version

       Dated as of    March 20, 2002

       Between:       Liquid Funding, Ltd.

       and            LNR CMBS Holdings Corp.

       1.   Applicability
            From time to time the parties hereto may enter into transactions in
            which one party ("Seller") agrees to transfer to the other ("Buyer")
            securities or other assets ("Securities") against the transfer of
            funds by Buyer, with a simultaneous agreement by Buyer to transfer
            to Seller such Securities at a date certain or on demand, against
            the transfer of funds by Seller. Each such transaction shall be
            referred to herein as a "Transaction" and, unless otherwise agreed
            in writing, shall be governed by this Agreement, including any
            supplemental terms or conditions contained in Annex I hereto and in
            any other annexes identified herein or therein as applicable
            hereunder.

       2.   Definitions
            (a)  "Act of Insolvency", with respect to any party, (i) the
                  commencement by such party as debtor of any case or proceeding
                  under any bankruptcy, insolvency, reorganization, liquidation,
                  moratorium, dissolution, delinquency or similar law, or such
                  party seeking the appointment or election of a receiver,
                  conservator, trustee, custodian or similar official for such
                  party or any substantial part of its property, or the
                  convening of any meeting of creditors for purposes of
                  commencing any such case or proceeding or seeking such an
                  appointment or election, (ii) the commencement of any such
                  case or proceeding against such party, or another seeking such
                  an appointment or election, or the filing against a party of
                  an application for a protective decree under the provisions of
                  the Securities Investor Protection Act of 1970, which (A) is
                  consented to or not timely contested by such party, (B)
                  results in the entry of an order for relief, such an
                  appointment or election, the issuance of such a protective
                  decree or the entry of an order having a similar effect, or
                  (C) is not dismissed within 15 days, (iii) the making by such
                  party of a general assignment for the benefit

<PAGE>

               of creditors, or (iv) the admission in writing by such party of
               such party's inability to pay such party's debts as they become
               due;

          (b)  "Additional Purchased Securities", Securities provided by Seller
               to Buyer pursuant to Paragraph 4(a) hereof;

          (c)  "Buyer's Margin Amount", with respect to any Transaction as of
               any date, the amount obtained by application of the Buyer's
               Margin Percentage to the Repurchase Price for such Transaction as
               of such date;

          (d)  "Buyer's Margin Percentage", with respect to any Transaction as
               of any date, a percentage (which may be equal to the Seller's
               Margin Percentage) agreed to by Buyer and Seller or, in the
               absence of any such agreement, the percentage obtained by
               dividing the Market Value of the Purchased Securities on the
               Purchase Date by the Purchase Price on the Purchase Date for such
               Transaction;

          (e)  "Confirmation", the meaning specified in Paragraph 3(b) hereof;

          (f)  "Income", with respect to any Security at any time, any principal
               thereof and all interest, dividends or other distributions
               thereon;

          (g)  "Margin Deficit", the meaning specified in Paragraph 4(a) hereof;

          (h)  "Margin Excess" the meaning specified in Paragraph 4(b) hereof;

          (i)  "Margin Notice Deadline", the time agreed to by the parties in
               the relevant Confirmation, Annex I hereto or otherwise as the
               deadline for giving notice requiring same-day satisfaction of
               margin maintenance obligations as provided in Paragraph 4 hereof
               (or, in the absence of any such agreement, the deadline for such
               purposes established in accordance with market practice);

          (j)  "Market Value", with respect to any Securities as of any date,
               the price for such Securities on such date obtained from a
               generally recognized source agreed to by the parties or the most
               recent closing bid quotation from such a source, plus accrued
               Income to the extent not included therein (other than any Income
               credited or transferred to, or applied to the obligations of,
               Seller pursuant to Paragraph 5 hereof) as of such date (unless
               contrary to market practice for such Securities);

          (k)  "Price Differential", with respect to any Transaction as of any
               date, the aggregate amount obtained by daily application of the
               Pricing Rate for such Transaction to the Purchase Price for such
               Transaction on a 360 day per year basis for the actual number of
               days during the period commencing on (and including) the Purchase
               Date for such Transaction and ending on (but excluding) the date
               of determination

2 September 1996 Master Repurchase Agreement

<PAGE>

               (reduced by any amount of such Price Differential previously paid
               by Seller to Buyer with respect to such Transaction);

          (l)  "Pricing Rate", the per annum percentage rate for determination
               of the Price Differential;

          (m)  "Prime Rate", the prime rate of U.S. commercial banks as
               published in The Wall Street Journal (or, if more than one such
               rate is published, the average of such rates);

          (n)  "Purchase Date", the date on which Purchased Securities are to be
               transferred by Seller to Buyer;

          (o)  "Purchase Price", (i) on the Purchase Date, the price at which
               Purchased Securities are transferred by Seller to Buyer, and (ii)
               thereafter, except where Buyer and Seller agree otherwise, such
               price increased by the amount of any cash transferred by Buyer to
               Seller pursuant to Paragraph 4 (b) hereof and decreased by the
               amount of any cash transferred by Seller to Buyer pursuant to
               Paragraph 4(a) hereof or applied to reduce Seller's obligations
               under clause (ii) of Paragraph 5 hereof;

          (p)  "Purchased Securities", the Securities transferred by Seller to
               Buyer in a Transaction hereunder, and any Securities substituted
               therefor in accordance with Paragraph 9 hereof. The term
               "Purchased Securities" with respect to any Transaction at any
               time also shall include Additional Purchased Securities delivered
               pursuant to Paragraph 4(a) hereof and shall exclude Securities
               returned pursuant to Paragraph 4(b) hereof;

          (q)  "Repurchase Date", the date on which Seller is to repurchase the
               Purchased Securities from Buyer, including any date determined by
               application of the provisions of Paragraph 3(c) or 11 hereof;

          (r)  "Repurchase Price", the price at which Purchased Securities are
               to be transferred from Buyer to Seller upon termination of a
               Transaction, which will be determined in each case (including
               Transactions terminable upon demand) as the sum of the Purchase
               Price and the Price Differential as of the date of such
               determination;

          (s)  "Seller's Margin Amount", with respect to any Transaction as of
               any date, the amount obtained by application of the Seller's
               Margin Percentage to the Repurchase Price for such Transaction as
               of such date;

          (t)  "Seller's Margin Percentage", with respect to any Transaction as
               of any date, a percentage (which may be equal to the Buyer's
               Margin Percentage) agreed to by Buyer and Seller or, in the
               absence of any

                                    3 September 1996 Master Repurchase Agreement

<PAGE>

               such agreement, the percentage obtained by dividing the Market
               Value of the Purchased Securities on the Purchase Date by the
               Purchase Price on the Purchase Date for such Transaction.

     3.   Initiation; Confirmation; Termination
          (a)  An agreement to enter into a Transaction may be made orally or in
               writing at the initiation of either Buyer or Seller. On the
               Purchase Date for the Transaction, the Purchased Securities shall
               be transferred to Buyer or its agent against the transfer of the
               Purchase Price to an account of Seller.

          (b)  Upon agreeing to enter into a Transaction hereunder, Buyer or
               Seller (or both), as shall be agreed, shall promptly deliver to
               the other party a written confirmation of each Transaction (a
               "Confirmation"). The Confirmation shall describe the Purchased
               Securities (including CUSIP number, if any), identify Buyer and
               Seller and set forth (i) the Purchase Date, (ii) the Purchase
               Price, (iii) the Repurchase Date, unless the Transaction is to be
               terminable on demand, (iv) the Pricing Rate or Repurchase Price
               applicable to the Transaction, and (v) any additional terms or
               conditions of the Transaction not inconsistent with this
               Agreement. The Confirmation, together with this Agreement, shall
               constitute conclusive evidence of the terms agreed between Buyer
               and Seller with respect to the Transaction to which the
               Confirmation relates, unless with respect to the Confirmation
               specific objection is made promptly after receipt thereof. In the
               event of any conflict between the terms of such Confirmation and
               this Agreement, this Agreement shall prevail.

          (c)  In the case of Transactions terminable upon demand, such demand
               shall be made by Buyer or Seller, no later than such time as is
               customary in accordance with market practice, by telephone or
               otherwise on or prior to the business day on which such
               termination will be effective. On the date specified in such
               demand, or on the date fixed for termination in the case of
               Transactions having a fixed term, termination of the Transaction
               will be effected by transfer to Seller or its agent of the
               Purchased Securities and any Income in respect thereof received
               by Buyer (and not previously credited or transferred to, or
               applied to the obligations of, Seller pursuant to Paragraph 5
               hereof) against the transfer of the Repurchase Price to an
               account of Buyer.

     4.   Margin Maintenance
          (a)  If at any time the aggregate Market Value of all Purchased
               Securities subject to all Transactions in which a particular
               party hereto is acting as Buyer is less than the aggregate
               Buyer's Margin Amount for all such Transactions (a "Margin
               Deficit"), then Buyer may by notice to Seller require Seller in
               such Transactions, at Seller's option, to transfer to Buyer cash
               or additional Securities reasonably acceptable to Buyer

4 September 1996 Master Repurchase Agreement

<PAGE>

          ("Additional Purchased Securities"), so that the cash and aggregate
          Market Value of the Purchased Securities, including any such
          Additional Purchased Securities, will thereupon equal or exceed such
          aggregate Buyer's Margin Amount (decreased by the amount of any Margin
          Deficit as of such date arising from any Transactions in which such
          Buyer is acting as Seller).

     (b)  If at any time the aggregate Market Value of all Purchased Securities
          subject to all Transactions in which a particular party hereto is
          acting as Seller exceeds the aggregate Seller's Margin Amount for all
          such Transactions at such time (a "Margin Excess"), then Seller may by
          notice to Buyer require Buyer in such Transactions, at Buyer's option,
          to transfer cash or Purchased Securities to Seller, so that the
          aggregate Market Value of the Purchased Securities, after deduction of
          any such cash or any Purchased Securities so transferred, will
          thereupon not exceed such aggregate Seller's Margin Amount (increased
          by the amount of any Margin Excess as of such date arising from any
          Transactions in which such Seller is acting as Buyer).

     (c)  If any notice is given by Buyer or Seller under subparagraph (a) or
          (b) of this Paragraph at or before the Margin Notice Deadline on any
          business day, the party receiving such notice shall transfer cash or
          Additional Purchased Securities as provided in such subparagraph no
          later than the close of business in the relevant market on such day.
          If any such notice is given after the Margin Notice Deadline, the
          party receiving such notice shall transfer such cash or Securities no
          later than the close of business in the relevant market on the next
          business day following such notice.

     (d)  Any cash transferred pursuant to this Paragraph shall be attributed to
          such Transactions as shall be agreed upon by Buyer and Seller.

     (e)  Seller and Buyer may agree, with respect to any or all Transactions
          hereunder, that the respective rights of Buyer or Seller (or both)
          under subparagraphs (a) and (b) of this Paragraph may be exercised
          only where a Margin Deficit or Margin Excess, as the case may be,
          exceeds a specified dollar amount or a specified percentage of the
          Repurchase Prices for such Transactions (which amount or percentage
          shall be agreed to by Buyer and Seller prior to entering into any such
          Transactions).

     (f)  Seller and Buyer may agree, with respect to any or all Transactions
          hereunder, that the respective rights of Buyer and Seller under
          subparagraphs (a) and (b) of this Paragraph to require the elimination
          of a Margin Deficit or a Margin Excess, as the case may be, may be
          exercised whenever such a Margin Deficit or Margin Excess exists

                                    5 September 1996 Master Repurchase Agreement

<PAGE>

                    with respect to any single Transaction hereunder (calculated
                    without regard to any other Transaction outstanding under
                    this Agreement).

          5.   Income Payments
               Seller shall be entitled to receive an amount equal to all Income
               paid or distributed on or in respect of the Securities that is
               not otherwise received by Seller, to the full extent it would be
               so entitled if the Securities had not been sold to Buyer. Buyer
               shall, as the parties may agree with respect to any Transaction
               (or, in the absence of any such agreement, as Buyer shall
               reasonably determine in its discretion), on the date such Income
               is paid or distributed either (i) transfer to or credit to the
               account of Seller such Income with respect to any Purchased
               Securities subject to such Transaction or (ii) with respect to
               Income paid in cash, apply the Income payment or payments to
               reduce the amount, if any, to be transferred to Buyer by Seller
               upon termination of such Transaction. Buyer shall not be
               obligated to take any action pursuant to the preceding sentence
               (A) to the extent that such action would result in the creation
               of a Margin Deficit, unless prior thereto or simultaneously
               therewith Seller transfers to Buyer cash or Additional Purchased
               Securities sufficient to eliminate such Margin Deficit, or (B) if
               an Event of Default with respect to Seller has occurred and is
               then continuing at the time such Income is paid or distributed.

          6.   Security Interest
               Although the parties intend that all Transactions hereunder be
               sales and purchases and not loans, in the event any such
               Transactions are deemed to be loans, Seller shall be deemed to
               have pledged to Buyer as security for the performance by Seller
               of its obligations under each such Transaction, and shall be
               deemed to have granted to Buyer a security interest in, all of
               the Purchased Securities with respect to all Transactions
               hereunder and all Income thereon and other proceeds thereof.

          7.   Payment and Transfer
               Unless otherwise mutually agreed, all transfers of funds
               hereunder shall be in immediately available funds. All Securities
               transferred by one party hereto to the other party (i) shall be
               in suitable form for transfer or shall be accompanied by duly
               executed instruments of transfer or assignment in blank and such
               other documentation as the party receiving possession may
               reasonably request, (ii) shall be transferred on the book-entry
               system of a Federal Reserve Bank, or (iii) shall be transferred
               by any other method mutually acceptable to Seller and Buyer.

          8.   Segregation of Purchased Securities
               To the extent required by applicable law, all Purchased
               Securities in

6 September 1996 Master Repurchase Agreement

<PAGE>

               the possession of Seller shall be segregated from other
               securities in its possession and shall be identified as subject
               to this Agreement. Segregation may be accomplished by appropriate
               identification on the books and records of the holder, including
               a financial or securities intermediary or a clearing corporation.
               All of Seller's interest in the Purchased Securities shall pass
               to Buyer on the Purchase Date and, unless otherwise agreed by
               Buyer and Seller, nothing in this Agreement shall preclude Buyer
               from engaging in repurchase transactions with the Purchased
               Securities or otherwise selling, transferring, pledging or
               hypothecating the Purchased Securities, but no such transaction
               shall relieve Buyer of its obligations to transfer Purchased
               Securities to Seller pursuant to Paragraph 3, 4 or 11 hereof, or
               of Buyer's obligation to credit or pay Income to, or apply Income
               to the obligations of, Seller pursuant to Paragraph 5 hereof.

     Required Disclosure for Transactions in Which the Seller Retains Custody of
     the Purchased Securities Seller is not permitted to substitute other
     securities for those subject to this Agreement and therefore must keep
     Buyer's securities segregated at all times, unless in this Agreement Buyer
     grants Seller the right to substitute other securities. If Buyer grants the
     right to substitute, this means that Buyer's securities will likely be
     commingled with Seller's own securities during the trading day. Buyer is
     advised that, during any trading day that Buyer's securities are commingled
     with Seller's securities, they [will]* [may]** be subject to liens granted
     by Seller to [its clearing bank]* [third parties]** and may be used by
     Seller for deliveries on other securities transactions. Whenever the
     securities are commingled, Seller's ability to resegregate substitute
     securities for Buyer will be subject to Seller's ability to satisfy [the
     clearing]* [any] ** lien or to obtain substitute securities.

* Language to be used under 17 C.F.R. 403:4 (e) if Seller is a government
securities broker or dealer other than a financial institution.
** Language to be used under 17 C.F.R. 403.5(d) if Seller is a financial
institution.

          9.   Substitution
               (a)  Seller may, subject to agreement with and acceptance by
                    Buyer, substitute other Securities for any Purchased
                    Securities. Such substitution shall be made by transfer to
                    Buyer of such other Securities and transfer to Seller of
                    such Purchased Securities. After substitution, the
                    substituted Securities shall be deemed to be Purchased
                    Securities.

               (b)  In Transactions in which Seller retains custody of Purchased
                    Securities, the parties expressly agree that Buyer shall be
                    deemed, for purposes of subparagraph (a) of this Paragraph,
                    to have agreed to and accepted in this Agreement
                    substitution by Seller of other Securities

                                    7 September 1996 Master Repurchase Agreement

<PAGE>

                    for Purchased Securities; provided, however, that such other
                    Securities shall have a Market Value at least equal to the
                    Market Value of the Purchased Securities for which they are
                    substituted.

          10.  Representations
               Each of Buyer and Seller represents and warrants to the other
               that (i) it is duly authorized to execute and deliver this
               Agreement, to enter into Transactions contemplated hereunder and
               to perform its obligations hereunder and has taken all necessary
               action to authorize such execution, delivery and performance,
               (ii) it will engage in such Transactions as principal (or, if
               agreed in writing, in the form of an annex hereto or otherwise,
               in advance of any Transaction by the other party hereto, as agent
               for a disclosed principal), (iii) the person signing this
               Agreement on its behalf is duly authorized to do so on its behalf
               (or on behalf of any such disclosed principal), (iv) it has
               obtained all authorizations of any governmental body required in
               connection with this Agreement and the Transactions hereunder and
               such authorizations are in full force and effect and (v) the
               execution, delivery and performance of this Agreement and the
               Transactions hereunder will not violate any law, ordinance,
               charter, bylaw or rule applicable to it or any agreement by which
               it is bound or by which any of its assets are affected. On the
               Purchase Date for any Transaction Buyer and Seller shall each be
               deemed to repeat all the foregoing representations made by it.

          11.  Events of Default
               In the event that (i) Seller fails to transfer or Buyer fails to
               purchase Purchased Securities upon the applicable Purchase Date,
               (ii) Seller fails to repurchase or Buyer fails to transfer
               Purchased Securities upon the applicable Repurchase Date, (iii)
               Seller or Buyer fails to comply with Paragraph 4 hereof, (iv)
               Buyer fails, after one business day's notice, to comply with
               Paragraph 5 hereof, (v) an Act of Insolvency occurs with respect
               to Seller or Buyer, (vi) any representation made by Seller or
               Buyer shall have been incorrect or untrue in any material respect
               when made or repeated or deemed to have been made or repeated, or
               (vii) Seller or Buyer shall admit to the other its inability to,
               or its intention not to, perform any of its obligations hereunder
               (each an "Event of Default"):

               (a)  The nondefaulting party may, at its option (which option
                    shall be deemed to have been exercised immediately upon the
                    occurrence of an Act of Insolvency), declare an Event of
                    Default to have occurred hereunder and, upon the exercise or
                    deemed exercise of such option, the Repurchase Date for each
                    Transaction hereunder shall, if it has not already occurred,
                    be deemed immediately to occur (except that, in the event
                    that the Purchase Date for any Transaction has not yet
                    occurred as of the date of such exercise or deemed exercise,
                    such Transaction

8 September 1996 Master Repurchase Agreement

<PAGE>

                    shall be deemed immediately canceled). The nondefaulting
                    party shall (except upon the occurrence of an Act of
                    Insolvency) give notice to the defaulting party of the
                    exercise of such option as promptly as practicable.

               (b)  In all Transactions in which the defaulting party is acting
                    as Seller, if the nondefaulting party exercises or is deemed
                    to have exercised the option referred to in subparagraph (a)
                    of this Paragraph, (i) the defaulting party's obligations in
                    such Transactions to repurchase all Purchased Securities, at
                    the Repurchase Price therefor on the Repurchase Date
                    determined in accordance with subparagraph (a) of this
                    Paragraph, shall thereupon become immediately due and
                    payable, (ii) all Income paid after such exercise or deemed
                    exercise shall be retained by the nondefaulting party and
                    applied to the aggregate unpaid Repurchase Prices and any
                    other amounts owing by the defaulting party hereunder, and
                    (iii) the defaulting party shall immediately deliver to the
                    nondefaulting party any Purchased Securities subject to such
                    Transactions then in the defaulting party's possession or
                    control.

               (c)  In all Transactions in which the defaulting party is acting
                    as Buyer, upon tender by the nondefaulting party of payment
                    of the aggregate Repurchase Prices for all such
                    Transactions, all right, title and interest in and
                    entitlement to all Purchased Securities subject to such
                    Transactions shall be deemed transferred to the
                    nondefaulting party, and the defaulting party shall deliver
                    all such Purchased Securities to the nondefaulting party.

               (d)  If the nondefaulting party exercises or is deemed to have
                    exercised the option referred to in subparagraph (a) of this
                    Paragraph, the nondefaulting party, without prior notice to
                    the defaulting party, may:

                    (i)  as to Transactions in which the defaulting party is
                         acting as Seller, (A) immediately sell, in a recognized
                         market (or otherwise in a commercially reasonable
                         manner) at such price or prices as the nondefaulting
                         party may reasonably deem satisfactory, any or all
                         Purchased Securities subject to such Transactions and
                         apply the proceeds thereof to the aggregate unpaid
                         Repurchase Prices and any other amounts owing by the
                         defaulting party hereunder or (B) in its sole
                         discretion elect, in lieu of selling all or a portion
                         of such Purchased Securities, to give the defaulting
                         party credit for such Purchased Securities in an amount
                         equal to the price therefor on such date, obtained from
                         a generally recognized source or the most recent
                         closing bid quotation from such a source, against the
                         aggregate unpaid Repurchase Prices and any other
                         amounts owing by the defaulting party hereunder; and

                                    9 September 1996 Master Repurchase Agreement

<PAGE>

                    (ii) as to Transactions in which the defaulting party is
                         acting as Buyer, (A) immediately purchase, in a
                         recognized market (or otherwise in a commercially
                         reasonable manner) at such price or prices as the
                         nondefaulting party may reasonably deem satisfactory,
                         securities ("Replacement Securities") of the same class
                         and amount as any Purchased Securities that are not
                         delivered by the defaulting party to the nondefaulting
                         party as required hereunder or (B) in its sole
                         discretion elect, in lieu of purchasing Replacement
                         Securities, to be deemed to have purchased Replacement
                         Securities at the price therefor on such date, obtained
                         from a generally recognized source or the most recent
                         closing offer quotation from such a source.

               Unless otherwise provided in Annex I, the parties acknowledge and
               agree that (1) the Securities subject to any Transaction
               hereunder are instruments traded in a recognized market, (2) in
               the absence of a generally recognized source for prices or bid or
               offer quotations for any Security, the nondefaulting party may
               establish the source therefor in its sole discretion and (3) all
               prices, bids and offers shall be determined together with accrued
               Income (except to the extent contrary to market practice with
               respect to the relevant Securities).

               (e)  As to Transactions in which the defaulting party is acting
                    as Buyer, the defaulting party shall be liable to the
                    nondefaulting party for any excess of the price paid (or
                    deemed paid) by the nondefaulting party for Replacement
                    Securities over the Repurchase Price for the Purchased
                    Securities replaced thereby and for any amounts payable by
                    the defaulting party under Paragraph 5 hereof or otherwise
                    hereunder.

               (f)  For purposes of this Paragraph 11, the Repurchase Price for
                    each Transaction hereunder in respect of which the
                    defaulting party is acting as Buyer shall not increase above
                    the amount of such Repurchase Price for such Transaction
                    determined as of the date of the exercise or deemed exercise
                    by the nondefaulting party of the option referred to in
                    sub-paragraph (a) of this Paragraph.

               (g)  The defaulting party shall be liable to the nondefaulting
                    party for (i) the amount of all reasonable legal or other
                    expenses incurred by the nondefaulting party in connection
                    with or as a result of an Event of Default, (ii) damages in
                    an amount equal to the cost (including all fees, expenses
                    and commissions) of entering into replacement transactions
                    and entering into or terminating hedge transactions in
                    connection with or as a result of an Event of Default, and
                    (iii) any other loss, damage, cost or expense directly
                    arising or resulting from the occurrence of an Event of
                    Default in respect of a Transaction.

               (h)  To the extent permitted by applicable law, the defaulting
                    party shall be liable to the non-defaulting party for
                    interest on any amounts owing by

10 September 1996 Master Repurchase Agreement

<PAGE>

                    the defaulting party hereunder, from the date the defaulting
                    party becomes liable for such amounts hereunder until such
                    amounts are (i) paid in full by the defaulting party or (ii)
                    satisfied in full by the exercise of the nondefaulting
                    party's rights hereunder. Interest on any sum payable by the
                    defaulting party to the nondefaulting party under this
                    Paragraph 11(h) shall be at a rate equal to the greater of
                    the Pricing Rate for the relevant Transaction or the Prime
                    Rate.

               (i)  The nondefaulting party shall have, in addition to its
                    rights hereunder, any rights otherwise available to it under
                    any other agreement or applicable law.

          12.  Single Agreement
               Buyer and Seller acknowledge that, and have entered hereinto and
               will enter into each Transaction hereunder in consideration of
               and in reliance upon the fact that, all Transactions hereunder
               constitute a single business and contractual relationship and
               have been made in consideration of each other. Accordingly, each
               of Buyer and Seller agrees (i) to perform all of its obligations
               in respect of each Transaction hereunder, and that a default in
               the performance of any such obligations shall constitute a
               default by it in respect of all Transactions hereunder, (ii) that
               each of them shall be entitled to set off claims and apply
               property held by them in respect of any Transaction against
               obligations owing to them in respect of any other Transactions
               hereunder and (iii) that payments, deliveries and other transfers
               made by either of them in respect of any Transaction shall be
               deemed to have been made in consideration of payments, deliveries
               and other transfers in respect of any other Transactions
               hereunder, and the obligations to make any such payments,
               deliveries and other transfers may be applied against each other
               and netted.

          13.  Notices and Other Communications
               Any and all notices, statements, demands or other communications
               hereunder may be given by a party to the other by mail,
               facsimile, telegraph, messenger or otherwise to the address
               specified in Annex II hereto, or so sent to such party at any
               other place specified in a notice of change of address hereafter
               received by the other. All notices, demands and requests
               hereunder may be made orally, to be confirmed promptly in
               writing, or by other communication as specified in the preceding
               sentence.

          14.  Entire Agreement; Severability
               This Agreement shall supersede any existing agreements between
               the parties containing general terms and conditions for
               repurchase transactions. 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

                                   11 September 1996 Master Repurchase Agreement

<PAGE>

               any such other provision or agreement.

          15.  Non-assignability; Termination
               (a)  The rights and obligations of the parties under this
                    Agreement and under any Transaction shall not be assigned by
                    either party without the prior written consent of the other
                    party, and any such assignment without the prior written
                    consent of the other party shall be null and void. Subject
                    to the foregoing, this Agreement and any Transactions shall
                    be binding upon and shall inure to the benefit of the
                    parties and their respective successors and assigns. This
                    Agreement may be terminated by either party upon giving
                    written notice to the other, except that this Agreement
                    shall, notwithstanding such notice, remain applicable to any
                    Transactions then outstanding.

               (b)  Subparagraph (a) of this Paragraph 15 shall not preclude a
                    party from assigning, charging or otherwise dealing with all
                    or any part of its interest in any sum payable to it under
                    Paragraph 11 hereof.

          16.  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.

          17.  No Waivers, Etc.
               No express or implied waiver of any Event of Default by either
               party shall constitute a waiver of any other Event of Default and
               no exercise of any remedy hereunder by any party shall constitute
               a waiver of its right to exercise any other remedy hereunder. No
               modification or waiver of any provision of this Agreement and no
               consent by any party to a departure herefrom shall be effective
               unless and until such shall be in writing and duly executed by
               both of the parties hereto. Without limitation on any of the
               foregoing, the failure to give a notice pursuant to Paragraph
               4(a) or 4(b) hereof will not constitute a waiver of any right to
               do so at a later date.

          18.  Use of Employee Plan Assets
               (a)  If assets of an employee benefit plan subject to any
                    provision of the Employee Retirement Income Security Act of
                    1974 ("ERISA") are intended to be used by either party
                    hereto (the "Plan Party") in a Transaction, the Plan Party
                    shall so notify the other party prior to the Transaction.
                    The Plan Party shall represent in writing to the other party
                    that the Transaction does not constitute a prohibited
                    transaction under ERISA or is otherwise exempt therefrom,
                    and the other party may proceed in reliance thereon but
                    shall not be required so to proceed.

               (b)  Subject to the last sentence of subparagraph (a) of this
                    Paragraph, any such Transaction shall proceed only if Seller
                    furnishes or has furnished to Buyer its most recent
                    available audited statement of its financial

12 September 1996 Master Repurchase Agreement

<PAGE>

                    condition and its most recent subsequent unaudited statement
                    of its financial condition.

               (c)  By entering into a Transaction pursuant to this Paragraph,
                    Seller shall be deemed (i) to represent to Buyer that since
                    the date of Seller's latest such financial statements, there
                    has been no material adverse change in Seller's financial
                    condition which Seller has not disclosed to Buyer, and (ii)
                    to agree to provide Buyer with future audited and unaudited
                    statements of its financial condition as they are issued, so
                    long as it is a Seller in any outstanding Transaction
                    involving a Plan Party.

          19.  Intent
               (a)  The parties recognize that each Transaction is a "repurchase
                    agreement" as that term is defined in Section 101 of Title
                    11 of the United States Code, as amended (except insofar as
                    the type of Securities subject to such Transaction or the
                    term of such Transaction would render such definition
                    inapplicable), and a "securities contract" as that term is
                    defined in Section 741 of Title 11 of the United States
                    Code, as amended (except insofar as the type of assets
                    subject to such Transaction would render such definition
                    inapplicable).

               (b)  It is understood that either party's right to liquidate
                    Securities delivered to it in connection with Transactions
                    hereunder or to exercise any other remedies pursuant to
                    Paragraph 11 hereof is a contractual right to liquidate such
                    Transaction as described in Sections 555 and 559 of Title 11
                    of the United States Code, as amended.

               (c)  The parties agree and acknowledge that if a party hereto is
                    an "insured depository institution," as such term is defined
                    in the Federal Deposit Insurance Act, as amended ("FDIA"),
                    then each Transaction hereunder is a "qualified financial
                    contract," as that term is defined in FDIA and any rules,
                    orders or policy statements thereunder (except insofar as
                    the type of assets subject to such Transaction would render
                    such definition inapplicable).

               (d)  It is understood that this Agreement constitutes a "netting
                    contract" as defined in and subject to Title IV of the
                    Federal Deposit Insurance Corporation Improvement Act of
                    1991 ("FDICIA") and each payment entitlement and payment
                    obligation under any Transaction hereunder shall constitute
                    a "covered contractual payment entitlement" or "covered
                    contractual payment obligation", respectively, as defined in
                    and subject to FDICIA (except insofar as one or both of the
                    parties is not a "financial institution" as that term is
                    defined in FDICIA).

          20.  Disclosure Relating to Certain Federal Protections
               The parties acknowledge that they have been advised that:

                                   13 September 1996 Master Repurchase Agreement

<PAGE>

               (a)  in the case of Transactions in which one of the parties is a
                    broker or dealer registered with the Securities and Exchange
                    Commission ("SEC") under Section 15 of the Securities
                    Exchange Act of 1934 ("1934 Act"), the Securities Investor
                    Protection Corporation has taken the position that the
                    provisions of the Securities Investor Protection Act of 1970
                    ("SIPA") do not protect the other party with respect to any
                    Transaction hereunder;

               (b)  in the case of Transactions in which one of the parties is a
                    government securities broker or a government securities
                    dealer registered with the SEC under Section 15C of the 1934
                    Act, SIPA will not provide protection to the other party
                    with respect to any Transaction hereunder; and

               (c)  in the case of Transactions in which one of the parties is a
                    financial institution, funds held by the financial
                    institution pursuant to a Transaction hereunder are not a
                    deposit and therefore are not insured by the Federal Deposit
                    Insurance Corporation or the National Credit Union Share
                    Insurance Fund, as applicable.

By: Liquid Funding, Ltd.                     By: LNR CMBS Holdings Corp.
    -------------------------------              -------------------------------

Title: ____________________________          Title: ____________________________

Date:  ____________________________          Date:  ____________________________

14 September 1996 Master Repurchase Agreement

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