Document:

EX-10.1

Second Amendment to Loan Documents

This Second Amendment (this “Amendment”) is entered into as of May 14, 2007, by
and among MuniMae TEI Holdings, LLC, a Maryland limited liability company, MMA Construction
Finance, LLC, a Maryland limited liability company, and MMA Mortgage Investment Corporation, a
Florida corporation (formerly known as Midland Mortgage Investment Corporation) (each,
individually, a “Borrower,” and, collectively, the “Borrowers”), Municipal Mortgage
& Equity, LLC, a Delaware limited liability company (the “Guarantor”), Bank of America,
N.A., a national banking association (the “Administrative Agent”), and the lenders party to
the Credit Agreement (defined below) from time to time (the “Lenders”).

RECITALS:

Reference is made to the following facts that constitute the background of this amendment:

	 	A.	 	The parties hereto have entered into that certain Credit Agreement dated as of
November 12, 2004 (as amended and/or restated from time to time, the “Credit
Agreement”), pursuant to which the Lenders committed to loan an amount not to
exceed Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00) to the Borrowers.
Capitalized terms used herein and not otherwise defined herein shall have the same
meanings herein as ascribed to them in the Credit Agreement;

	 	B.	 	The Loan is (i) secured, in part, by that certain Security Agreement and
Collateral Assignment executed as of November 12, 2004 by the Borrowers in favor of
Administrative Agent (the “Security Agreement”); and (ii) guaranteed by the
Guarantor pursuant to the terms of that certain Guaranty Agreement dated as of November
12, 2004 and executed by the Guarantor (the “Guaranty”);

	 	C.	 	The Borrowers, the Guarantor, the Administrative Agent and the Lenders have
agreed, pursuant to the terms of the First Amendment to Loan Documents (the
“Previous Extension”), to extend the Maturity Date of the Credit Agreement from
November 12, 2006 to May 14, 2007 (the “Existing Maturity Date”);

	 	D.	 	In addition to the Previous Extension, the Borrowers have requested that the
Credit Agreement be renewed for a period of 364 days from the Existing Maturity Date,
with an additional 30-day extension option;

	 	E.	 	The Borrowers have also requested that the maximum amount of the Aggregate
Commitments be reduced to One Hundred Million and 00/100 Dollars ($100,000,000.00) and
that certain other provisions of the Loan Documents be amended; and

	 	F.	 	The Lenders and the Administrative Agent are willing to grant such requests,
and the Lenders, the Administrative Agent, the Borrowers and the Guarantor are willing
to amend the Credit Agreement solely upon the terms and conditions set forth in this
Amendment.

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the Borrowers, the Guarantor, the Administrative Agent and the Lenders hereby
covenant and agree as follows:

1. Maturity Date.

1.1 The definition of “Maturity Date” in Section 1.01 of the Credit Agreement is
hereby deleted in its entirety and the following is inserted in its place: “‘Maturity
Date’ means May 12, 2008.” From and after the date hereof, all references to the term
“Maturity Date” in the Loan Documents shall mean such term as amended hereby.

1.2 Section 2.12 of the Credit Agreement is hereby deleted in its entirety and the
following is inserted in its place: “2.12. Extension of Maturity Date. Intentionally deleted.”

2. Responsible Officer. The definition of “Responsible Officer” in Section 1.01 of
the Credit Agreement is hereby amended by deleting the wording: “and the certificate required by
Section 2.12(b)”. From and after the date hereof, all references to the term “Responsible
Officer” in the Loan Documents shall mean such term as amended hereby.

3. Aggregate Commitments.

3.1 The definition of “Aggregate Commitments” in Section 1.01 of the Credit Agreement
is hereby amended by replacing “$250,000,000.00” with “$100,000,000.00”. From and after the date
hereof, all references to the term “Aggregate Commitments” in the Loan Documents shall mean such
term as amended hereby.

3.2 In connection with the reduction in the Aggregate Commitments, (i) Schedule 2.01
to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01
attached hereto, (ii) the Commitment of each Lender is reduced on a pro rata basis to the
applicable amount set forth in Schedule 2.01 attached hereto, and (iii) the Borrowers shall
execute and deliver to each Lender a new Note evidencing its Commitment as so reduced (each, a
“Replacement Note”).

4. Threshold Amount. The definition of “Threshold Amount” in Section 1.01 of the
Credit Agreement is hereby amended by deleting the wording: “, except that for the purpose of the
Event of Default set forth in Section 8.01(e) the Threshold Amount for non-recourse Debt
shall be $20,000,000”. From and after the date hereof, all references to the term “Threshold
Amount” in the Loan Documents shall means such term as amended hereby.

5. Minimum Holds. Section 10.07(b) of the Credit Agreement is hereby amended by
(i) replacing “$10,000,000” with “$5,000,000.00” and (ii) replacing “$25,000,000.00” with
“$20,000.000.00”.

6. Borrowing Base Sublimits.

6.1 Section 2 of Schedule 2.02 to the Credit Agreement is hereby amended by
deleting the portion beginning with the wording “provided, that” and ending at the end of
Section 2 in its entirety and inserting in its place thereof the following:

“provided, that, (1) the portion of the Borrowing Base comprised of (i) Qualified Tax-Exempt Bonds
that do not include Section 42 LIHTC Equity and (ii) Qualified Taxable Construction Loans that are
market rate, student and senior housing Taxable Construction Loans, shall not exceed an aggregate
amount equal to $20,000,000; (2) the portion of the Qualified Taxable Construction Loans included
in the Borrowing Base which are student and senior housing loans shall not exceed an aggregate
amount equal to $10,000,000; (3) any Tax-Exempt Bond or Taxable Construction Loan which exceeds (i)
$20,000,000 in principal amount shall be admitted into the Borrowing Base only with the prior
approval of the Administrative Agent and (ii) $35,000,000 in principal amount shall be admitted
into the Borrowing Base only with the prior approval of the Required Lenders; (4) the aggregate
amount of the Qualified Tax-Exempt Bonds and Qualified Taxable Construction Loans secured by
Projects located in the same state shall not exceed $30,000,000 in Borrowing Base Value; and (5)
the aggregate amount of Qualified Tax Exempt Bonds and Qualified Taxable Construction Loans, the
proceeds of which are directly or indirectly loaned to, and therefore to be repaid by, any Person
and its Affiliates, shall not exceed $20,000,000 in Borrowing Base Value.”

6.2 Exhibit G to the Credit Agreement is hereby deleted in its entirety and replaced
with Exhibit G attached hereto.

7. Unused Fee.

7.1 Section 1(c) of Schedule 2.02 to the Credit Agreement is hereby amended by
deleting it in its entirety and inserting in its place thereof the following: “(c) For the unused
fee, 0.175%.”

7.2 Section 2.07(a) of the Credit Agreement is hereby amended by deleting the last
sentence.

8. Venue. Section 10.17(b) of the Credit Agreement is hereby amended by deleting
it in its entirety and inserting in its place thereof the following:

“(b) NOTWITHSTANDING ANY PROVISION TO THE CONTRARY IN THE LOAN DOCUMENTS, INCLUDING
SECTION 18(E) OF THE BORROWER SECURITY AGREEMENT AND SECTION 9 OF THE GUARANTY, ANY COURT
PROCEEDINGS RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF
THE STATE OF NEW YORK LOCATED IN THE CITY OF NEW YORK OR THE COMMONWEALTH OF MASSACHUSETTS LOCATED
IN BOSTON (OR THE FEDERAL COURTS LOCATED THEREIN). BY EXECUTION AN DELIVERY OF THIS AMENDMENT, THE
BORROWERS EACH CONSENT, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS LISTED IN THE PRECEDING SENTENCE AND THE BORROWERS IRREVOCABLY WAIVE
ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH
JURISDICTIONS LISTED IN THE IMMEDIATELY PRECEDING SENTENCE IN RESPECT OF ANY LOAN DOCUMENT OR OTHER
DOCUMENTS RELATED THERETO. NOTWITHSTANDING THE FOREGOING, EACH OF THE BORROWERS AND THE GUARANTOR
AGREES THAT THE ADMINISTRATIVE AGENT OR THE LENDERS SHALL HAVE THE RIGHT TO PROCEED AGAINST EACH OF
THEM OR THEIR RESPECTIVE PROPERTY IN A COURT IN ANY LOCATION TO ENABLE THE ADMINISTRATIVE AGENT OR
SUCH LENDER, RESPECTIVELY, TO (1) OBTAIN PERSONAL JURISDICTION OVER ANY OF THEM, (2) REALIZE ON ANY
OF THE COLLATERAL OR (3) IN ORDER TO ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF
THE LENDER.

(c) WITHOUT PREJUDICING THEIR RIGHTS TO ASSERT SUCH COUNTERCLAIMS IN ANY OTHER CONTEXT, EACH
OF THE BORROWERS AND THE GUARANTOR FURTHER AGREES THAT IT WILL NOT ASSERT ANY PERMISSIVE
COUNTERCLAIMS IN ANY PROCEEDING BROUGHT BY THE ADMINISTRATIVE AGENT OR A LENDER TO REALIZE ON ANY
COLLATERAL OR OTHER SECURITY FOR THE OBLIGATIONS OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN
FAVOR OF THE ADMINISTRATIVE AGENT OR SUCH LENDER.

(d) THE PROVISIONS OF THIS SECTION 10.17 HAVE BEEN FULLY DISCUSSED BY THE BORROWERS, THE
GUARANTOR, THE ADMINISTRATIVE AGENT AND THE LENDERS, AND THE PROVISIONS HEREOF SHALL BE SUBJECT TO
NO EXCEPTIONS. THE BORROWERS AND THE GUARANTOR CERTIFY THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF THE ADMINISTRATIVE AGENT OR THE LENDERS HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE
ADMINISTRATIVE AGENT AND THE LENDERS WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVERS AND AGREEMENTS. THE FOREGOING WAIVERS AND AGREEMENTS CONSTITUTE A MATERIAL
INDUCEMENT FOR THE ADMINISTRATIVE AGENT AND THE LENDERS TO ENTER INTO THIS AGREEMENT.”

9. Subsidiaries. Schedule 5.13 to the Credit Agreement is hereby deleted in its
entirety and replaced with Schedule 5.13 attached hereto.

10. Administrative Agent.

10.1 Schedule 10.02 to the Credit Agreement is hereby amended by deleting the notice
addresses for Bank of America, N.A. in their entirety and inserting in their place thereof the
following:

“Administrative Agent’s Office

(for payments and Requests for Credit Extensions);

Bank of America, N.A.

Mail Code MA5-503-04-16

One Federal Street, Fourth Floor

Boston, MA 02110

Attn: Ugo Arinzeh, Senior Vice President

Telephone: (202) 624-4046

Facsimile: (202) 783-2428

Electronic Mail: ugo.arinzeh@bankofamerica.com

With a copy to:

Bank of America, N.A.

Mail Code MA5-503-04-16

One Federal Street

Boston, MA 02110

Attn: Michael B. Twomey

Telephone: (617) 346-2396

Facsimile: (617) 346-2819

Electronic Mail: michael.b.twomey@bankofamerica.com”.

10.2 Annex A to Exhibit H to the Credit Agreement is hereby amended by (i)
replacing “Mr. Journey” with “Ms. Arinzeh” and (ii) deleting the address for Bank of America, N.A.
in its entirety and inserting in its place thereof the following:

“Bank of America, N.A.

Mail Code MA5-503-04-16

One Federal Street, Fourth Floor

Boston, MA 02110

Attn: Ugo Arinzeh, Senior Vice President”.

11. 30-Day Extension. Pursuant to Section 6.01 of the Credit Agreement and
Section 18 of the Guaranty, on or before April 29, 2008 (the “Financial Statement
Deadline”), the Borrowers and the Guarantor are required to deliver to the Administrative Agent
certain audited financial statements for the 2007 fiscal year (the “Financial Statements”).
If the Borrowers and the Guarantor deliver the Financial Statements to the Administrative Agent on
or before the Financial Statement Deadline, and there is not then existing a Default, then the
Administrative Agent, in its sole discretion, shall have the option to extend the Maturity Date for
an additional 30 days (the “Extension Option”). If the Administrative Agent exercises the
Extension Option, then, on the day the Administrative Agent exercises the Extension Option (the
“Exercise Date”), (i) the Maturity Date will automatically be extended for an additional 30
days (the “30-Day Extension”), (ii) the definition of “Maturity Date” in Section
1.01 of the Credit Agreement shall be automatically amended by replacing “May 12, 2008” with
“June 11, 2008”, and (iii) the Borrowers and the Guarantor shall pay a commitment fee to the
Administrative Agent, for the ratable benefit of the Lenders, equal to 0.20% per annum of the
Aggregate Commitments as of the Exercise Date, pro rated for the 30-Day Extension. Such fee shall
be deemed fully-earned and non-refundable as of the Exercise Date. If the Administrative Agent
exercises the Extension Option, the Administrative Agent will provide the Lenders with written
notice that the Maturity Date has been extended.

12. Compliance with Financial Covenants. In accordance with the terms of that certain
waiver letter, dated March 31, 2007, between, among others, the Borrowers, the Guarantor, the
Administrative Agent and the Lenders (the “Financials Waiver Letter”), the Administrative
Agent and the Required Lenders agreed that the Loan Parties may satisfy the financial reporting
requirements set forth in Sections 6.01(a), 6.01(b), 6.01(c),
6.02(a), 6.02(b) and 6.02(g) of the Credit Agreement with respect to the
Guarantor and MMA Construction Finance, LLC by delivering certain financial statements,
certificates of independent certified public accountants, Compliance Certificates, Bond Valuation
Reports, annual reports on Form 10-K and quarterly reports on Form 10-Q (collectively, the
“Financial Information”) on or before the applicable deadlines set forth in the Financials
Waiver Letter (the “Extended Deadlines”). Concurrently with delivery of the financial
statements required by Sections 6.01(a), 6.01(b) and 6.01(c), the Borrowers
and the Guarantor hereby agree to deliver to the Administrative Agent on or before the Extended
Deadlines, duly executed and completed Compliance Certificates and, where applicable, Bond
Valuation Reports, evidencing the Loan Parties compliance with the financial covenants and other
provisions of the Credit Agreement as of the date of such financial statements.

13. Conditions to Closing. As a condition to the closing of this Amendment, all of the
following shall have been satisfied:

13.1 The Borrowers, the Guarantor, the Administrative Agent, and each Lender shall have
executed and delivered this Amendment and the Borrowers shall have executed and delivered to each
Lender its Replacement Note;

13.2 The Borrowers and the Guarantor shall cause to be paid to the Administrative Agent, for
the ratable benefit of the Lenders, (i) an extension fee in an aggregate amount equal to
$202,222.22 (the “Extension Fee”) and (ii) the balance of the Waiver Fee required to be
paid pursuant to that certain waiver fee letter, dated March 31, 2007, between, among others, the
Borrowers, the Guarantor, the Administrative Agent and the Lenders;

13.3 The Borrowers and the Guarantor shall cause to be paid to the Administrative Agent the
fees described in the Fee Letter of even date herewith between the Administrative Agent, the
Borrowers and the Guarantor;

13.4 The Administrative Agent shall have timely received all financial statements and reports
required to be delivered by the Borrowers and the Guarantor pursuant to the Financials Waiver
Letter;

13.5 The Administrative Agent shall have received the other items set forth on the closing
checklist attached hereto as Attachment A; and

13.6 There shall not have occurred and be continuing any Default.

14. Representations and Warranties. The Borrowers and the Guarantor, jointly and
severally, represent and warrant to the Lenders and the Administrative Agent as of the date of this
Amendment that: (i) no Default is in existence or will result from the execution and delivery of
this Amendment or the consummation of any transactions contemplated hereby; (ii) each of the
representations and warranties of the Borrowers and the Guarantor in the Credit Agreement and the
other Loan Documents is true and correct in all material respects on the effective date of this
Amendment (except for representations and warranties limited as to time or with respect to a
specific event, which representations and warranties shall continue to be limited to such time or
event) and (iii) this Amendment, the Credit Agreement (as amended by this Amendment) and the other
Loan Documents are legal, valid and binding agreements of the Borrowers and the Guarantor and are
enforceable against them in accordance with their terms.

15. Ratification. Except as hereby amended, the Credit Agreement, all other Loan Documents
and each provision thereof are hereby ratified and confirmed in every respect and shall continue in
full force and effect, and this Amendment shall not be, and shall not be deemed to be, a waiver of
any Default or of any covenant, term or provision of the Credit Agreement or the other Loan
Documents. In furtherance of the foregoing ratification, by executing this Amendment in the space
provided below, the Guarantor hereby absolutely and unconditionally (i) reaffirms its obligations
under the Guaranty, and (ii) absolutely and unconditionally consents to (a) the execution and
delivery by the Borrowers of this Amendment, (b) the continued implementation and consummation of
arrangements and transactions contemplated by the Credit Agreement (including, without limitation,
as amended hereby) and the other Loan Documents, and (c) the performance and observance by each
Borrower and the Guarantor of all of its respective agreements, covenants, duties and obligations
under the Credit Agreement (including, without limitation, as amended hereby) and the other Loan
Documents.

16. Usury Savings Clause. It is expressly stipulated and agreed to be the intent of the
Borrowers, the Administrative Agent and all Lenders at all times to comply with applicable state
law or applicable United States federal law (to the extent that it permits a Lender to contract
for, charge, take, reserve, or receive a greater amount of interest than under state law) and that
this Section shall control every other covenant and agreement in this Amendment and the other Loan
Documents. If applicable state or federal law should at any time be judicially interpreted so as
to render usurious any amount called for under the Notes or under the Credit Agreement or any of
the other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to
the Loan, or if the Administrative Agent’s exercise of the option to accelerate the Maturity Date,
or if any prepayment by the Borrowers results in the Borrowers having paid any interest in excess
of that permitted by applicable law, then it is the Administrative Agent’s and each Lender’s
express intent that all excess amounts theretofore collected by the Administrative Agent and each
Lender shall be credited on the principal balance of the Notes and all other indebtedness and the
provisions of the Credit Agreement, the Notes and the other Loan Documents shall immediately be
deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without
the necessity of the execution of any new documents, so as to comply with the applicable law, but
so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder.
All sums paid or agreed to be paid to the Lenders for the use, forbearance, or detention of the
Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full stated term of the Loan until payment in full so that the rate or amount
of interest on account of the Loan does not exceed the maximum lawful rate from time to time in
effect and applicable to the Loan for so long as the Loan is outstanding.

17. Counterparts. This Amendment may be executed and delivered in any number of
counterparts with the same effect as if the signatures on each counterpart were upon the same
instrument.

18. Amendment as Loan Document. Each party hereto agrees and acknowledges that this
Amendment constitutes a “Loan Document” under and as defined in the Credit Agreement.

19. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN
SUCH STATE (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT OTHERWISE
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES); PROVIDED THAT THE ADMINISTRATIVE AGENT AND
EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

20. Successors and Assigns. This Amendment shall be binding upon, and shall inure to the
benefit of, each of the parties hereto and their respective successors and assigns.

21. Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.

22. Expenses. Each Borrower jointly and severally agrees to promptly reimburse the
Administrative Agent and the Lenders for all expenses, including, without limitation, reasonable
fees and expenses of outside legal counsel, it has heretofore incurred or hereafter incurs in
connection with the preparation, negotiation and execution of this Amendment and all other
instruments, documents and agreements executed and delivered in connection with this Amendment.

23. Integration. This Amendment contains the entire understanding of the parties hereto
with regard to the subject matter contained herein. This Amendment supersedes all prior or
contemporaneous negotiations, promises, covenants, agreements and representations of every nature
whatsoever with respect to the matters referred to in this Amendment, all of which have become
merged and finally integrated into this Amendment. Each of the parties hereto understands that in
the event of any subsequent litigation, controversy or dispute concerning any of the terms,
conditions or provisions of this Amendment, no party shall be entitled to offer or introduce into
evidence any oral promises or oral agreements between the parties relating to the subject matter of
this Amendment not included or referred to herein and not reflected by a writing included or
referred to herein.

24. Further Assurances. The parties hereto shall execute such other documents as may be
necessary or as may be required, in the opinion of counsel to the Administrative Agent, to effect
the transactions contemplated hereby and to extend the liens and/or security interests of all other
collateral instruments, as modified by this Amendment, including, without limitation, any
modifications to, or re-filing of any financing statements previously filed by the Administrative
Agent. The Borrowers also agree to provide to the Administrative Agent, on behalf of the Lenders,
such other documents and instruments as the Administrative Agent reasonably may request in
connection with the modification of the Loan effected hereby.

25. No Course of Dealing. The Administrative Agent and the Lenders have entered into this
Amendment on the express understanding with each Borrower and the Guarantor that in entering into
this Amendment, the Administrative Agent and the Lenders are not establishing any course of dealing
with the Borrowers or the Guarantor. The Administrative Agent’s and the Lenders’ rights to require
strict performance with all of the terms and conditions of the Credit Agreement and the other Loan
Documents shall not in any way be impaired by the execution of this Amendment. None of the
Administrative Agent and the Lenders shall be obligated in any manner to execute any further
amendments or waivers and if such waivers or amendments are requested in the future, assuming the
terms and conditions thereof are satisfactory to them, the Administrative Agent and the Lenders may
require the payment of fees in connection therewith. Each of the Borrowers and the Guarantor
agrees that none of the ratifications and reaffirmations set forth herein, nor the Administrative
Agent’s nor any Lender’s solicitation of such ratifications and reaffirmations, constitutes a
course of dealing giving rise to any obligation or condition requiring a similar or any other
ratification or reaffirmation from the Borrowers or the Guarantor with respect to any subsequent
modification, consent or waiver with respect to the Credit Agreement or any other Loan Document.

26. Jury Trial Waiver. THE BORROWERS, THE GUARANTOR, THE ADMINISTRATIVE AGENT AND THE
LENDERS BY ACCEPTANCE OF THIS AMENDMENT MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AMENDMENT, THE CREDIT AGREEMENT, OR ANY OTHER LOAN DOCUMENT CONTEMPLATED
TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF
CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER
RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NO
PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT
BE OR HAS NOT BEEN WAIVED.

[Remainder of page intentionally left blank; signature pages follow]

1

IN WITNESS WHEREOF, this Amendment is executed effective as of the date first written
above.

BORROWERS:

MUNIMAE TEI HOLDINGS, LLC,

a Maryland limited liability company

By: /s/ Anthony Mifsud

Name: Anthony Mifsud

Title: Senior Vice President and Treasurer

MMA CONSTRUCTION FINANCE, LLC,

a Maryland limited liability company

By: /s/ Anthony Mifsud

Name: Anthony Mifsud

Title: Senior Vice President and Treasurer

MMA MORTGAGE INVESTMENT CORPORATION, a Florida corporation

By: /s/ Anthony Mifsud

Name: Anthony Mifsud

Title: Senior Vice President and Treasurer

[Signatures continued on next page]

2

GUARANTOR:

MUNICIPAL MORTGAGE & EQUITY, LLC,

a Delaware limited liability company

By: /s/ Anthony Mifsud

Name: Anthony Mifsud

Title: Senior Vice President and Treasurer

ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A., as administrative agent

By: /s/ Ugo Arinzeh

Name: Ugo Arinzeh

Title: Senior Vice President

LENDERS:

BANK OF AMERICA, N.A.

By: /s/ Ugo Arinzeh

Name: Ugo Arinzeh

Title: Senior Vice President

U.S. BANK NATIONAL ASSOCIATION

By: /s/ A. Jeffrey Jacobson

Name: A. Jeffrey Jacobson

Title: Vice President

[Signatures continued on next page]

3

ROYAL BANK OF CANADA

By: /s/ Dan LePage

Name: Dan LePage

Title: Authorized Signatory

CITICORP USA, INC.

By: /s/ Maria McKeon

Name: Maria McKeon

Title: Vice President

COMERICA BANK

By: /s/ Lisa Kotula

Name: Lisa Kotula

Title: Vice President

FANNIE MAE

By: /s/ Carl W. Riedy, Jr.

Name: Carl W. Riedy, Jr.

Title: Vice President

4

Schedule 2.01

Commitments and Pro Rata Shares

	 	 	 	 	 	 	 	 	 
	LENDER	 	COMMITMENT	 	PRO RATA SHARE
	Bank of America, N.A.
	 	$	20,000,000.00	 	 	 	20.000000000000	%
	U.S. Bank National Association
	 	$	20,000,000.00	 	 	 	20.000000000000	%
	Royal Bank of Canada
	 	$	20,000,000.00	 	 	 	20.000000000000	%
	Citicorp USA, Inc.
	 	$	20,000,000.00	 	 	 	20.000000000000	%
	Comerica Bank
	 	$	6,000,000.00	 	 	 	6.000000000000	%
	Fannie Mae
	 	$	14,000,000.00	 	 	 	14.000000000000	%
	 
	 	 	 	 	 	 	 	 
	Total
	 	$	100,000,000.00	 	 	 	100.000000000000	%

5exv4w1

 

Exhibit 4.1

     TRUST
AGREEMENT, dated as of May 10, 2007, among DEUTSCHE BANK CONTINGENT CAPITAL LLC II,
a Delaware limited liability company (the “Sponsor”), and THE BANK OF NEW YORK, a New York banking
corporation (the “Property Trustee”), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking
corporation (the “Delaware Trustee”), as trustees (together with such other trustees as the Sponsor
may, from time to time, appoint hereunder, the “Trustees”). The Sponsor and the Trustees hereby
agree as follows:

     1. The trust created hereby shall be known as “Deutsche Bank Contingent Capital Trust II,” in
which name the Trustees, or the Sponsor to the extent provided herein, may conduct the business of
the Trust, make and execute contracts, and sue and be sued.

     2. The Sponsor hereby assigns, transfers, conveys and sets over to the Property Trustee the
sum of $10. The Property Trustee hereby acknowledges receipt of such amount in trust from the
Sponsor, which amount shall constitute the initial trust estate. The Sponsor shall be the initial
beneficial owner of the Trust. It is the intention of the parties hereto that the Trust created
hereby constitute a statutory trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq. (the “Statutory Trust Act”), and that this document constitute the governing
instrument of the Trust. The Trustees are hereby authorized, empowered and directed to execute and
file a certificate of trust in the office of the Secretary of State of the State of Delaware in the
form attached hereto. The Trust is hereby established by the Sponsor and the Trustees for the
purpose of (i) issuing trust preferred securities (“Preferred Securities”) representing undivided
beneficial interests in the assets of the Trust in exchange for cash and investing the proceeds
thereof in Class B Preferred Securities of the Sponsor, (ii) issuing and selling common securities
(“Common Securities” and, together with the Preferred Securities, “Trust Securities”) representing
undivided beneficial interests in the assets of the Trust to the Sponsor in exchange for cash and
investing the proceeds thereof in additional Class B Preferred Securities of the Sponsor and (iii)
engaging in such other activities as are necessary, convenient or incidental thereto.

     3. Concurrent with the first issuance of any Trust Securities by the Trust, the Sponsor and
the Trustees intend to enter into an amended and restated Trust Agreement, satisfactory to each
such party, to provide for the contemplated operation of the Trust created hereby and the issuance
of the Preferred Securities and the Common Securities referred to therein. Prior to the execution
and delivery of such amended and restated Trust Agreement, the Trustees shall not have any duty or
obligation hereunder or with respect to the trust estate other than (i) the execution of the
Certificate of Trust and (ii) the receipt and holding in trust of $10 as the initial trust estate.
The Sponsor, as agent for the Trust pursuant to Section 3806(b)(7) of the Statutory Trust Act,
shall take any and all action on behalf of the Trust prior to the execution and delivery of the
amended and restated Trust Agreement as may be necessary to obtain any licenses, consents or
approvals as required by applicable law or otherwise, and to take the actions contemplated by
paragraph 5 hereof.

     4. The Delaware Trustee is appointed to serve as the trustee of the Trust in the State of
Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the Statutory
Trust Act that the Trust have at least one trustee with a principal place of business in

 

 

the State of Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee
shall have none of the duties or liabilities of the other Trustees. The duties of the Delaware
Trustee shall be limited to (a) accepting legal process served on the Trust in the State of
Delaware and (b) the execution of any certificates required to be filed with the Delaware Secretary
of State which the Delaware Trustee is required to execute under Section 3811 of the Statutory
Trust Act. To the extent that, at law or in equity, the Delaware Trustee has duties (including
fiduciary duties) and liabilities relating thereto to the Trust, the beneficial owners thereof or
any other person, it is hereby understood and agreed by the other parties hereto that, to the
fullest extent permitted by applicable law, such duties and liabilities are replaced by the duties
and liabilities of the Delaware Trustee expressly set forth in this Agreement.

     5. The Sponsor and the Trustees hereby authorize and direct the Sponsor, as the sponsor and
agent of the Trust, (i) to prepare an offering circular (the “Offering Circular”) in preliminary
and final form, in relation to the offering and sale of the Preferred Securities; (ii) to negotiate
the terms of, and execute on behalf of the Trust, a purchase agreement among the Trust, the Sponsor
and any underwriter, dealer or agent relating to the offer and sale of the Preferred Securities,
satisfactory to each such party; (iii) to prepare or cause the preparation of and to file with the
New York Stock Exchange, Inc. or any other national stock exchange or The Nasdaq National Market or
any foreign stock exchange (each, an “Exchange”) and execute on behalf of the Trust one or more
listing applications and all other applications, statements, certificates, agreements and other
instruments as shall be necessary or desirable to cause the Preferred Securities to be listed on
any of the Exchanges; (iv) to prepare or cause the preparation of and to file and execute on behalf
of the Trust such applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents as shall be necessary or desirable
to register the Preferred Securities under the securities or blue sky laws of such jurisdictions as
the Sponsor, on behalf of the Trust, may deem necessary or desirable; and (v) to execute and
deliver on behalf of the Trust any and all letters or documents to, or instruments for filing with,
a depository relating to the Preferred Securities of the Trust. In the event that any filing
referred to in clauses (iii) or (iv) above is required by the rules and regulations of the New York
Stock Exchange Inc., or The Nasdaq National Market or state securities or blue sky laws to be
executed on behalf of the Trust by the Trustees, the Trustees are hereby authorized and directed to
join in any such filing and to execute on behalf of the Trust any and all of the foregoing, it
being understood that the Trustees shall not be required to join in any such filing or execute on
behalf of the Trust any such document unless required by the rules and regulations of the New York
Stock Exchange Inc., or The Nasdaq National Market or state securities or blue sky laws.

     6. This Trust Agreement may be executed in one or more counterparts.

     7. The number of Trustees initially shall be two (2) and thereafter the number of Trustees
shall be such number as shall be fixed from time to time by a written instrument signed by the
Sponsor which may increase or decrease the number of Trustees; provided, however, that the number
of Trustees shall in no event be less than one (1); and provided, further, however, that to the
extent required by the Statutory Trust Act, one Trustee shall either be a natural person who is a
resident of the State of Delaware or, if not a natural person, an entity which has its principal
place of business in the State of Delaware and meets any other

 

 

requirements imposed by applicable law. Subject to the foregoing, the Sponsor is entitled to
appoint or remove without cause any Trustee at any time. Any Trustee may resign upon thirty (30)
days prior notice to the Sponsor provided that its office shall only terminate if there is at least
one (1) remaining Trustee satisfying the requirements of this Trust Agreement or if a successor
trustee has been appointed.

     8. The recitals contained in this Trust Agreement shall be taken as statements of the Sponsor,
and the Trustees do not assume any responsibility for their correctness. The Trustees make no
representations as to the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this Trust Agreement.

     9. (a) The Trustees (the “Fiduciary Indemnified Persons”) shall not be liable, responsible or
accountable in damages or otherwise to the Trust, the Sponsor, the Trustees or any holder of the
Trust Securities (the Trust, the Sponsor and any holder of the Trust Securities being a “Covered
Person”) for any loss, damage or claim incurred by reason of any act or omission performed or
omitted by the Fiduciary Indemnified Persons in good faith on behalf of the Trust and in a manner
the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority conferred
on the Fiduciary Indemnified Persons by this Trust Agreement or by law, except that the Fiduciary
Indemnified Persons shall be liable for any such loss, damage or claim incurred by reason of the
Fiduciary Indemnified Person’s gross negligence or bad faith with respect to such acts or
omissions.

     (b) The Fiduciary Indemnified Persons shall be fully protected in relying in good faith upon
the records of the Trust and upon such information, opinions, reports or statements presented to
the Trust by any person as to matters the Fiduciary Indemnified Persons reasonably believes are
within such other person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Trust, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits, losses, or any other
facts pertinent to the existence and amount of assets from which distributions to holders of Trust
Securities might properly be paid.

     10. The Sponsor agrees, to the fullest extent permitted by applicable law,

     (a) to indemnify and hold harmless each Fiduciary Indemnified Person, or any of its officers,
directors, shareholders, employees, representatives or agents, from and against any loss, damage,
liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by the
Fiduciary Indemnified Persons by reason of the creation, operation or termination of the Trust in a
manner the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority
conferred on the Fiduciary Indemnified Persons by this Trust Agreement, except that no Fiduciary
Indemnified Persons shall be entitled to be indemnified in respect of any loss, damage or claim
incurred by the Fiduciary Indemnified Persons by reason of gross negligence or willful misconduct
with respect to such acts or omissions; and

     (b) to advance expenses (including reasonable legal fees and expenses) incurred by a Fiduciary
Indemnified Person in defending any claim, demand, action, suit or

 

 

proceeding shall, from time to time, prior to the final disposition of such claim, demand, action,
suit or proceeding, upon receipt by the Trust of an undertaking by or on behalf of such Fiduciary
Indemnified Persons to repay such amount if it shall be determined that such Fiduciary Indemnified
Person is not entitled to be indemnified as authorized in the preceding subsection.

     11. The provisions of Section 9 and Section 10 shall survive the termination of this Trust
Agreement or the earlier resignation or removal of the Fiduciary Indemnified Persons.

     12. The Trust may terminate without issuing any Trust Securities at the election of the
Sponsor.

     13. This Trust Agreement and the rights of the parties hereunder shall be governed by and
interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall
be governed by such laws without regard to the principles of conflict of laws.

[signature page follows]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed as
of the day and year first above written.

	 	 	 	 	 
	 	DEUTSCHE BANK CONTINGENT CAPITAL LLC II, as Sponsor

BY: Deutsche Bank Aktiengesellschaft, a Federal

Republic of Germany corporation, as Member

 	 
	 	By:  	/s/ Joachim Bartsch
 	 
	 	 	Name:  	Joachim Bartsch 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                                              /s/ Marco Zimmermann
 	 
	 	 	Name:  	Marco Zimmermann 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Property Trustee

 	 
	 	By:  	/s/ Lesley Daley
 	 
	 	 	Name:  	Lesley Daley 	 
	 	 	Title:  	Assistant Vice President 	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY 

DELAWARE, as Delaware Trustee

 	 
	 	By:  	/s/
Elizabeth B. Ferry
 	 
	 	 	Name:  	Elizabeth B. Ferry 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Michelle Siwik
 	 
	 	 	Name:  	Michelle Siwik 	 
	 	 	Title:  	Associate

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]