Document:

Exhibit 10.3

 

Execution Version

 

PLEDGE AND SECURITY
AGREEMENT

 

THIS PLEDGE AND SECURITY
AGREEMENT (this “Agreement”) is made this 8th day of January, 2018, by and between HUNT
FS HOLDINGS, LLC, a Delaware limited liability company (the “Pledgor”), and MMA CAPITAL MANAGEMENT,
LLC, a Delaware limited liability company (the “Lender”).

 

RECITALS

 

Lender and Hunt FS Holdings
II, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Pledgor (the “Company”),
have entered into a Purchase Agreement dated the date hereof (as the same may be amended from time to time called the “Purchase
Agreement”).

 

Pursuant to the Purchase
Agreement, the Company has delivered to Lender in payment of the Purchase Price (as defined in the Purchase Agreement) its Promissory
Note in the original principal amount of Fifty-Seven Million Dollars ($57,000,000) (the “Note”).

 

The Pledgor is the sole
member of the Company, and will receive substantial financial benefits from the transactions described in the Purchase Agreement
including the payment of the Purchase Price by delivery of the Note.

 

In order to induce the
Lender to accept the Note in payment of the Purchase Price, the Pledgor has agreed to pledge and grant to the Lender a continuing
security interest in and to the Collateral (as hereafter defined) to secure the payment of the Secured Obligations (as hereinafter
defined) and the performance by the Company of its obligations under the Note.

 

AGREEMENTS

 

NOW, THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Pledgor and the Lender agree as follows:

 

ARTICLE I

 

DEFINITIONS AND RULES OF CONSTRUCTION

 

SECTION 1.1.          Definitions.
Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings provided in the Note. In
addition, the following capitalized terms, when used in this Agreement, shall have the following meanings unless otherwise indicated:

 

“CMA” means
a Continuing Membership Application that must be filed by a member firm pursuant to FINRA Rule 1017 with FINRA seeking approval
to continue in membership after, among other events, a direct or indirect change in its equity ownership or partnership capital
that results in one or more Persons directly or indirectly owning or controlling twenty-five (25) percent or more of such member's
equity or partnership capital.

 

     

     

    

  

“Collateral”
has the meaning set forth in Section 2.1.

 

“Collateral
Documents” means this Agreement and any documents ancillary hereto.

 

“Distributions”
has the meaning set forth in Section 2.1(b).

 

“Equity Interests”
means (i) the membership, ownership and other equity interests in the Company both now and hereafter existing, (ii) any option,
warrant or other direct or indirect right to acquire, convert into or exchange for an equity interest in the Company, and (iii)
any and all rights, powers and remedies resulting from, or in connection with any of the foregoing, including, without limitation,
all rights, powers and remedies of any nature under or by reason of the Operating Agreement, and all claims, causes of action and
rights of suit resulting therefrom, or in connection therewith.

 

“Event of Default”
has the meaning set forth in Article V.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Hunt Securities”
means Hunt Financial Securities, LLC, which is registered with the SEC as a broker-dealer under Section 15(a) of the Securities
Exchange Act of 1934 (CRD# 169919), is a FINRA member, and is wholly-owned by the Company, which is wholly-owned by the Pledgor.

 

“Lien”
means any mortgage, deed of trust, pledge, security interest, assignment, encumbrance, judgment, lien, claim or charge of any kind
in, on, of or in respect of, any asset or property or any rights to any asset or property, including, without limitation, (a) any
interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating
to any such asset or property and (b) any option, right of first refusal or similar right.

 

“Operating
Agreement” means the Limited Liability Company Agreement of the Company dated as of July 20, 2017, as amended by
the First Amendment thereto, dated on or about the date hereof, and all other amendments thereto.

 

“Paid in Full”
and “Payment in Full” mean the payment in full of all Secured Obligations (other than in respect of contingent
indemnification and expense reimbursement claims not then due and owing).

 

“Permitted
Encumbrances” means Permitted Liens as described in clause (i) and (ii) of the definition thereof.

 

“Permitted
Liens” means (i) Liens on the Collateral in favor of the Lender, (2) Liens securing any Specified Notes and (iii)
Liens arising by operation of law.

 

“Pledged Equity
Interests” has the meaning set forth in Section 2.1(a).

 

“Records”
shall have the meaning ascribed to it in the UCC and shall include all agreements, books, ledgers, instruments, correspondence,
memoranda or other documents comprising, covering or relating to the Collateral.

 

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“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured Obligations”
means, collectively, the due and punctual payment and performance, when and, as due, of (a) the principal of Note and the interest
(including any Default Interest) accruing under the Note and all Payee Costs (as defined in the Note), and (b) all covenants, agreements,
duties, debts, obligations and liabilities of each of the Company and the Pledgor under or pursuant to the Note, this Agreement
and any other Collateral Documents, including, without limitation, all indemnification obligations and all Lender’s Costs.

 

“UCC”
or “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the
State of New York or, when the laws of any other state govern the method or manner of the perfection or enforcement of any security
interest in any of the Collateral, the Uniform Commercial Code as in effect from time to time in such state.

 

SECTION 1.2.          Rules
of Construction. Unless otherwise defined herein, all terms used herein which are defined by the UCC shall have the same meanings
as are assigned to them by the UCC unless and to the extent varied by this Agreement. No provision of this Agreement shall be construed
for or against any party on the grounds that one party or the other was the drafter hereof, it being acknowledged that this Agreement
was fully negotiated by the parties and their counsel. For purposes of this Agreement: (a) the words “include”, “includes”
and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or”
is not exclusive; and (c) the words “herein”, “hereof”, “hereby”, “hereto” and
“hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles,
Sections, and Exhibits mean the Articles and Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument
or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to
the extent permitted by the provisions thereof; and (z) to a statute means such statute as amended from time to time and includes
any successor legislation thereto and any regulations promulgated thereunder. The headings in this Agreement are for reference
only and shall not affect the interpretation of this Agreement.

 

ARTICLE II

 

THE COLLATERAL

 

SECTION 2.1.          The
Pledge and Grant. In order to secure the prompt and complete payment and performance when due of all of the Secured Obligations,
the Pledgor hereby pledges to the Lender, and hereby grants to the Lender a continuing security interest in and lien on, all of
the following property of the Pledgor, both now owned and existing and hereafter created, acquired or arising (all such property
being herein collectively referred to as the “Collateral”) and all right, title and interest of the Pledgor
in and to the Collateral:

 

(a)          the
Equity Interests owned by the Pledgor that have been issued by the Company and are outstanding as of the date hereof, and any additional
Equity Interests and other equity interests in the Company obtained by the Pledgor in the future (collectively, the “Pledged
Equity Interests”);

 

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(b)          all
monies and/or property (including, without limitation, general intangibles, (including payment intangibles), accounts, documents,
instruments, investment property, commercial tort claims, and chattel paper) due or to become due to the Pledgor under or in connection
with the Pledged Equity Interests including, without limitation: (i) any income, bonuses, profits or fees; (ii) any dividend or
distribution of cash or property, including, without limitation, (A) any and all distributions of cash flow and profits and (B)
any dividend or distribution occurring as a result of a split, revision, reclassification or other like change of the Pledged Equity
Interests; (iii) any return of capital contributions; (iv) any cash or property resulting from the dissolution, termination, winding
up, and/or liquidation of the Company; and (v) any other right to receive monies and/or property on account of, or in connection
with, the interests of the Pledgor as a member of the Company (collectively, “Distributions”);

 

(c)          all
cash and non-cash proceeds and products of the Collateral described in clauses (a) and (b) above, together with all substitutions,
replacements and renewals thereof; and

 

(d)          all
Records relating or pertaining to the Collateral described in clauses (a) through (c) above.

 

SECTION 2.2.          Pledge
and Security Interest for Security Only. The pledge and security interest granted hereby are intended as security only and
shall not subject the Lender to, or transfer or in any way affect or modify, any obligation or liability of the Pledgor with respect
to any of the Collateral or any transaction in connection therewith.

 

SECTION 2.3.          The
Equity Interests.

 

The Equity Interests shall
not be securities governed by Article 8 of the Uniform Commercial Code. The Equity Interests shall at all times be uncertificated
and the Operating Agreement shall require that all Equity Interests be uncertificated. In the event that any securities comprising
part of the Collateral nonetheless become certificated, the certificates shall be promptly delivered to the Lender, accompanied
by proper instruments of assignment substantially in the form attached hereto as Exhibit A, duly executed and endorsed by
the Pledgor and by such other instruments or documents as the Lender may reasonably request sufficient to transfer the title thereto
to the Lender or its nominee.

 

SECTION 2.4.          Voting
Rights, Distributions; Etc.

 

(a)          So
long as no Event of Default shall have occurred and be continuing:

 

(i)          the
Pledgor shall have the right, from time to time, and for any purpose not inconsistent with the Note and this Agreement, to exercise
all voting and ownership rights with respect to the Pledged Equity Interests and to consent to or ratify action taken at, or waive
notice of, any meeting of, or action taken by, members of the Company with the same force and effect as if such Pledged Equity
Interests were not pledged hereunder, provided that such action would not materially and adversely affect the rights or remedies
of the Lender hereunder;

 

(ii)         the
Pledgor shall be entitled to receive, retain, use and distribute any and all Distributions paid on the Collateral to the extent
and only to the extent that such Distributions are permitted by, and otherwise paid in accordance with, the terms and conditions
of the Note, the Operating Agreement and all applicable laws; and

 

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(iii)        the
Pledgor shall be entitled to exercise any subscription or conversion privileges accruing as the owner of the Pledged Equity Interests,
to the extent permitted in the Operating Agreement; provided that any additional interests obtained or purchased on account of
any such subscription or conversion privileges shall be subject to this Agreement and shall constitute part of the Collateral.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default, all rights of the Pledgor to receive Distributions which the
Pledgor is authorized to receive pursuant to paragraph (a)(ii) of this Section 2.4 shall cease, and all such rights shall thereupon
become vested in the Lender, which shall have the sole and exclusive right and authority to receive and retain such Distributions.
All Distributions which are received by the Pledgor contrary to the provisions of this Section 2.4 shall be received in trust for
the benefit of the Lender, shall be segregated from other property or funds of the Pledgor and shall be forthwith delivered to
the Lender in the same form as so received (together with any necessary endorsement, which the Pledgor hereby agrees to execute
and deliver). Any and all money and other property paid over to or received by the Lender pursuant to the provisions of this subparagraph
(b) shall be retained by the Lender and shall be applied to the Secured Obligations in accordance with the provisions of Section
6.2 hereof.

 

(c)          Upon
the occurrence and during the continuance of an Event of Default, all rights of the Pledgor to exercise the voting and other consensual
rights associated with 24.50% of the Pledged Equity Interests in the Company that the Pledgor would otherwise be entitled to exercise
pursuant to Section 2.4(a)(i) shall immediately cease, and all such rights shall thereupon become vested in the Lender, which shall
then have the sole right to exercise such voting and other consensual rights. The remaining voting and other consensual rights
retained by the Pledgor shall immediately cease for the Pledgor and become vested in the Lender upon the earlier of (1) FINRA approval
of the CMA, or (2) thirty (30) calendar days from the filing of a CMA deemed substantially complete by FINRA.

 

(d)          Upon
the occurrence and during the continuance of an Event of Default, all rights of the Pledgor to exercise the subscription and conversion
rights associated with 24.50% of the Pledged Equity Interests in the Company that the Pledgor would otherwise be entitled to exercise
pursuant to Section 2.4(a)(iii) shall immediately cease, and all such rights shall thereupon become vested in the Lender, which
shall then have the sole right to exercise such subscription and conversion rights. The remaining subscription and conversion rights
retained by the Pledgor shall immediately cease for the Pledgor and become vested in the Lender upon the earlier of (1) FINRA approval
of the CMA, or (2) thirty (30) calendar days from the filing of a CMA deemed substantially complete by FINRA.

 

(e)          All
rights of the Pledgor to exercise the management and control of the business, assets and affairs of the Company, it would otherwise
be entitled to exercise under the Operating Agreement shall immediately cease upon the earlier of (1) FINRA approval of the CMA,
or (2) thirty (30) calendar days from the filing of a CMA deemed substantially complete by FINRA (in each case following an Event
of Default), and all such rights shall thereupon become vested in the Lender, which shall have the sole right to exercise such
management and control rights.

 

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SECTION 2.5.          Filings.

 

(a)          At
any time upon the reasonable request of the Lender, the Pledgor shall promptly file in any relevant jurisdiction any financing
statement (or amendment) thereto that contains the information required by Article 9 of the UCC of such jurisdiction for the filing
of such financing statement (or amendment) relating to the Collateral, as the Lender may reasonably deem such financing statement
(or amendment) necessary or desirable in obtaining the full benefits of, or as applicable in perfection and preserving the Liens
of, the Lender.

 

(b)          The
Pledgor hereby irrevocably authorizes the Lender at any time and from time to time to file in any relevant jurisdiction any financing
statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction
for the filing of any financing statement or amendment relating to the Collateral without the signature of Pledgor where permitted
by law, in each case, as the Lender reasonably determines is necessary to perfect and continue perfected, maintain the priority
of or provide notice of the Lender’s security interest in the Collateral under this Agreement. Pledgor agrees to provide
all necessary information related to such filings to the Lender promptly upon request by the Lender.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

The Pledgor represents
and warrants to the Lender that the following statements are true, and correct:

 

SECTION 3.1.          General
Representations. As of the date hereof,

 

(a)          Existence.
The Pledgor: (i) is a Delaware limited liability company duly organized and validly existing under the laws of the State of Delaware;
(ii) is in good standing (or its equivalent) under the laws of the State of Delaware; (iii) has all requisite limited liability
company power, and has all governmental licenses, authorizations, consents and approvals necessary to own its assets and carry
on its business as now being or as proposed to be conducted except where the lack of such licenses, authorizations, consents and
approvals would not be reasonably likely to have a material adverse effect on the ability of Pledgor to perform its obligations
hereunder; and (iv) is qualified to do business and is in good standing (or its equivalent) in all other jurisdictions in which
the nature of the business conducted by it makes such qualification necessary except where failure so to qualify would not be reasonably
likely (either individually or in the aggregate) to have a material adverse effect on the ability of Pledgor to perform its obligations
hereunder.

 

(b)          No
Breach. The execution and delivery of this Agreement and the Collateral Documents to which Pledgor is a party and the performance
of Pledgor’s obligations hereunder and thereunder will not conflict with or result in (i) a breach of the organizational
documents of Pledgor, or (ii) a breach of any applicable law, rule or regulation, or (iii) a breach of any order, writ, injunction
or decree of any governmental authority, except where such breach would not be reasonably likely to have a material adverse effect
on the ability of Pledgor to perform its obligations hereunder, or (iv) a breach of any other agreement or instrument to which
Pledgor is a party or by which Pledgor of any of its property is bound or to which Pledgor is subject, except where such breach
would not be reasonably likely to have a material adverse effect on the ability of Pledgor to perform its obligations hereunder,
or (v) the creation or imposition of any lien (except for liens created pursuant to the Collateral Documents) upon any property
of Pledgor.

 

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(c)          Authorization.
Pledgor has all necessary limited liability company power, authority and legal right to execute, deliver and perform its obligations
under this Agreement and the Collateral Documents to which Pledgor is a party; the execution, delivery and performance by Pledgor
of this Agreement and the Collateral Documents to which Pledgor is a party have been duly authorized by all necessary corporate
or other action on its part; and this Agreement and the Collateral Documents to which Pledgor is a party have been duly and validly
executed and delivered by Pledgor.

 

(d)          Approvals.
No authorizations, approvals or consents of, and no filings or registrations with, any government authority or any securities exchange
are necessary for the execution, delivery or performance by Pledgor of this Agreement or the Collateral Documents to which Pledgor
is a party or for the legality, validity or enforceability hereof or thereof, except for filings and recordings in respect of the
liens created pursuant to the Collateral Documents.

 

(e)          Enforceability.
This Agreement and the Collateral Documents to which Pledgor is a party are legal, valid and binding obligations of Pledgor and
are enforceable against Pledgor in accordance with their terms except as such enforceability may be limited by (i) the effect of
any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and
(ii) general principles of equity.

 

(f)          Material
Adverse Effect. Since the date of the Closing Statements, there has been no development or event nor, to Pledgor’s knowledge,
any prospective development or event, which has had or is reasonably likely to have a material adverse effect on the ability of
Pledgor to perform its obligations under this Agreement and the Collateral Documents to which it is a party.

 

(g)          Compliance
with Applicable Law. The Pledgor, and to Pledgor's knowledge, the Company, and the Company's subsidiaries are in compliance
in all material respects with, and are not in material default or violation of, applicable federal, state, local or foreign law
(statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment,
decree, ruling or other similar requirement enacted, adopted, promulgated or applied by any governmental, self-regulatory, state,
municipal, local, or other authority, or any policy and/or guideline of any such authority related to the Pledgor, Company, or
the Company's subsidiaries, and their respective businesses, which has had or is reasonably likely to have a material adverse effect
on the value of the Company or its subsidiaries, or the ability of the Pledgor to perform its obligations under this Agreement
and the Collateral Documents to which it is a party.

 

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(h)          Litigation
& Regulatory Enforcement Action. There are no actions, suits, arbitrations, investigations or enforcement actions (including,
without limitation, any of the foregoing which, to the knowledge of Pledgor, are pending or threatened) or other legal, regulatory
or administrative proceedings affecting Pledgor, the Company, or the Company's subsidiaries before any governmental or other authority
which would reasonably be expected to have a material adverse effect on the value of the Pledgor, the Company or its subsidiaries,
or the ability of the Pledgor to perform its obligations under this Agreement and the Collateral Documents to which it is a party.

 

(i)          Investment
Company Act. Pledgor is not required to be registered as an “investment company”, or a company “controlled
by an investment company,” within the meaning of the Investment Company Act of 1940.

 

(j)          Anti-Money
Laundering Laws. Pledgor has complied with all applicable anti-money laundering laws and regulations, including without limitation
the USA PATRIOT Act of 2001 (collectively, the “Anti-Money Laundering Laws”).

 

(k)          No
Prohibited Persons. None of the Pledgor, the Company, or the Company's subsidiaries nor, to Pledgor's knowledge, any of their
respective officers, directors or members is a Person (or fifty percent (50%) or greater owned by a Person): (i) whose name appears
on the United States Treasury Department’s Office of Foreign Assets Control’s (“OFAC”) most current
list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various
mediums including, but not limited to, the OFAC website or (ii) is otherwise the target of sanctions administered by OFAC.

 

(l)          Consents.
Pledgor has obtained the consent of all Persons whose consent is required for the execution, delivery and performance of this Agreement
other than such consents the lack of which would not reasonably be expected to have a material adverse effect on the ability of
Pledgor to perform its obligations under this Agreement and the Collateral Documents to which it is a party.

 

SECTION 3.2.          Title,
Liens and Authority. As of the date hereof, the Pledgor is the sole owner of the Collateral and has good and marketable title
to all of the Collateral, and has full power and authority to pledge, and/or grant a security interest in, the Collateral to the
Lender pursuant hereto and to execute, deliver and perform the obligations of the Pledgor in accordance with the terms of this
Agreement without the consent or approval of any Person other than (a) the regulatory approvals specified in Section 7.18 and (b)
any consent or approval which has been obtained and provided to the Lender. The Equity Interests are not securities governed by
Article 8 of the Uniform Commercial Code and are not represented by certificates. The Collateral is free and clear of any Liens
or adverse claims (except for, in the case of the Pledged Equity Interests, the Permitted Encumbrances, and in the case of any
other items of Collateral, subject to Permitted Liens) and no Person other than Pledgor has any interest whatsoever in any of the
Collateral. The security interest granted by the Pledgor to the Lender pursuant to this Agreement is a first priority (in the case
of the Pledged Equity Interests, subject only to the Permitted Encumbrances, and in the case of any other items of Collateral,
subject to Permitted Liens) security interest in the Collateral. As of the date hereof, the Pledgor has not executed or filed,
or authorized any third party to file, any financing statement or other instrument similar in effect covering all or any part of
the Collateral or listing the Pledgor as debtor in any recording office, except those that have been filed in favor of the Lender
pursuant to this Agreement.

 

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SECTION 3.3.          Names,
Locations, Etc. As of the date hereof, (i) each of the Pledgor and the Company is a limited liability company duly organized
and existing under the laws of the State of Delaware, (ii) the Lien on the Collateral granted to the Lender hereby does not contravene
any of the provisions of the Operating Agreement, (iii) the correct legal name of the Pledgor is that specified on the signature
page of this Agreement and the Pledgor has conducted business under such legal name since its formation, (iv) the organizational
identification number of the Pledgor in the State of Delaware is 0880855, (v) the federal tax identification number of the Pledgor
is 46-4074992, (vi) the Pledgor has not been the surviving entity in a merger within the last five (5) years, (vii) the chief executive
office of the each of the Pledgor and the Company is located at 230 Park Avenue, 19th Floor, New York, New York 10169,
and (viii) there have been no changes to foregoing information in the past five years.

 

SECTION 3.4.          The
Pledged Equity Interests. The Pledged Equity Interests include one hundred percent (100%) of the Equity Interests held by the
Pledgor as of the date hereof and one hundred percent (100%) of the total Equity Interests issued and outstanding as of the date
hereof. There are no agreements or commitments by the Company or any other Person for the issuance of: (a) any additional Equity
Interests; (b) any securities or equity interests convertible voluntarily by the holder thereof or automatically upon the occurrence
or nonoccurrence of any event or condition into, or exchangeable for, any Equity Interests; or (c) any warrants, options, rights
of first refusal or other rights, or other commitments entitling any Person to purchase or otherwise acquire any Equity Interests.
The Collateral is not subject to any voting trust agreement or other agreement relating to the ownership or voting control of the
Collateral. The Pledged Equity Interests have been duly and validly authorized and issued by the Company and are fully paid.

 

SECTION 3.5.          Perfected
Security Interest. Upon the filing of a UCC financing statement with the Secretary of State of the State of Delaware, the Lender
will have a valid, enforceable and perfected first priority (in the case of the Pledged Equity Interests, subject only to the Permitted
Encumbrances, and in the case of any other items of Collateral, subject to Permitted Liens) security interest in the Collateral.

 

ARTICLE IV

 

COVENANTS OF PLEDGOR

 

The Pledgor covenants and
agrees with the Lender as follows:

 

SECTION 4.1.          Title,
Liens and Taxes. The Pledgor shall, at the cost and expense of the Pledgor, take any and all actions necessary to defend the
Pledgor’s title to the Collateral against all Persons and against any adverse claim or Lien of any nature whatsoever (in
the case of the Pledged Equity Interests, subject only to the Permitted Encumbrances, and in the case of any other items of Collateral,
subject to Permitted Liens) and to defend the Lien of the Lender in the Collateral and the priority (or intended priority) thereof.
Except to the extent contested in good faith, the Pledgor will pay all taxes and assessments levied or placed on the Collateral
prior to the earlier of (a) the date when any interest or penalty would accrue for the nonpayment thereof, and (b) the date when
such taxes or assessments become a Lien subject to foreclosure (unless Pledgor has obtained a court order, posted a bond or taken
any similar measure which prevents foreclosure).

 

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SECTION 4.2.          Further
Assurances. Promptly following the reasonable request of the Lender, (a) furnish such further assurances of title as may be
reasonably required by the Lender, and (b) deliver and execute or cause to be delivered and executed, in form and content reasonably
satisfactory to the Lender, any assignment, security agreement, or other document as the Lender may reasonably request in order
to perfect, preserve, maintain, or continue the perfection of the Lender’s security interest in the Collateral and/or its
priority. The Pledgor will pay to the Lender within five Business Days following notice by the Lender the reasonable and documented
costs of preparing and filing any financing, continuation or termination statement as well as any recordation or transfer tax required
by law to be paid in connection with the filing or recording of any such statement. The Pledgor hereby authorizes the Lender at
any time and from time to time to file in any appropriate filing office any initial financing statements and amendments thereto
and continuations thereof covering the Collateral and any additional collateral for the Secured Obligations. Except as otherwise
permitted by applicable laws, the Pledgor shall not file any amendments, correction statements or termination statements concerning
the Collateral without the prior written consent of the Lender. Promptly following request of the Lender, the Pledgor shall deliver
to the Lender all evidence of its ownership of the Collateral as may be reasonably required by the Lender.

 

SECTION 4.3.          Notices.
The Pledgor will promptly, but no later than five (5) Business Days after obtaining knowledge thereof, give written notice to the
Lender of (i) any event which materially and adversely affects the value of the Collateral, (ii) any event which materially adversely
affects the ability of the Pledgor or of the Lender to dispose of the Collateral, or the rights and remedies of the Lender in relation
thereto, including, without limitation, the levy of any legal process against the Collateral and the adoption of any order, arrangement
or procedure affecting the Collateral, whether governmental or otherwise, (iii) any actions, suits, or proceedings pending, or
to the Pledgor’s knowledge, threatened in writing, against the Pledgor, the Pledgor’s property or against the Company,
which may, either in any one case or in the aggregate, materially adversely affect the Collateral, (iv) any default by the Company
in the payment or performance of any instrument or agreement relating to any Material Indebtedness of the Company, the effect of
which is to cause such Material Indebtedness to become due and payable prior to stated or scheduled maturity, and (v) any sale
or other disposition of any substantial part of the property and assets of the Company.

 

SECTION 4.4.          Changes
of Name; Jurisdiction of Organization etc. The Pledgor shall provide a written notice to the Lender within 20 days following
the change of its name, its jurisdiction of organization, its organization identification number or the location of its chief executive
office. The Pledgor shall cooperate with the Lender in making all filings that are reasonably required in order for the Lender
to continue at all times following such change to have a legal, valid and perfected security interest in all the Collateral.

 

SECTION 4.5.          Ownership.
Until the Payment in Full of the Note, the Pledgor shall at all times directly own 100% of the Equity Interests of the Company
free and clear of all Liens (except Liens of the Lender).

 

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SECTION 4.6.          Records.
The Pledgor will (a) at all times maintain at its chief executive office, in accordance with generally accepted accounting principles,
consistently applied, accurate and complete Records in all material respects, and (b) at such reasonable times and intervals during
normal business hours and upon reasonable notice, permit the Lender or any Person designated by the Lender to enter any places
of business of the Pledgor or any other premises where any Records may be kept and to examine, audit, inspect, and make extracts
from and photocopies of any such Records; provided that, excluding any such visits and inspections during the continuation of an
Event of Default, the Lender shall not exercise the rights under this clause (c) more than one time during any calendar year absent
the existence of an Event of Default.

 

SECTION 4.7.          Company
Affairs, Etc.

 

(a)          The
Pledgor will perform, observe and carry out in all material respects the provisions of the Operating Agreement (and its other organizational
documents, if any) to be performed, observed and carried out by the Pledgor. The Pledgor will promptly furnish to the Lender such
information concerning the operations, business, affairs and financial condition of the Company as the Lender may reasonably request.

 

(b)          The
Pledgor will not, without the prior written consent of the Lender, consent to or approve of any amendments or changes to the Operating
Agreement (or any of its other organizational documents, if any) in a manner that could reasonably be expected to adversely affect
in any material respect the rights or interests of the Lender (including, without limitation, any amendment causing its membership
interests or other equity interests, or any of them, to be a “security” as defined in and governed by Article 8 of
the Uniform Commercial Code of the State of New York - Investment Securities).

 

(c)          The
Pledgor shall not permit the Company to sell, transfer, convey, pledge or otherwise encumber all or substantially all of its assets
or to enter into a merger, consolidation, reorganization or similar restructure without the prior written consent of the Lender.

 

SECTION 4.8.          No
Restrictions on Disposition. Notwithstanding any provisions of the Operating Agreement which restrict the disposition of Equity
Interests or provide for rights of first refusal or an option, the Pledgor hereby waives all such restrictions and rights and agrees
that any sale, transfer, or other form of disposition by the Lender of all or any portion of the Collateral pursuant to the exercise
of its remedies under this Agreement shall not be subject to any restrictions on disposition or rights of first refusal or options
set forth in the Operating Agreement and, subject to any applicable regulatory approvals specified in Section 7.18, shall not require
the consent of any Person and upon such disposition, the purchaser, assignee or transferee shall automatically be admitted to the
Company as a substituted member.

 

SECTION 4.9.          Indemnification.
The Pledgor agrees to indemnify the Lender, each of its Affiliates and each of its and their respective directors, officers, managers,
members, employees, attorneys and agents (each, an “Indemnified Party”), and hold them harmless from,
any and all losses, claims, damages, liabilities and related expenses, including reasonable and documented counsel fees and expenses,
incurred by or asserted against it arising out of, or as a result of, the execution, delivery or performance of this Agreement
or any claim, litigation, investigation or proceeding relating hereto or to the Collateral; provided, however, that such
indemnity shall not be available to any Indemnified Party to the extent that such claims, damages, losses, liabilities or related
expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (i) the
fraud, bad faith, gross negligence or willful misconduct of the Lender, (ii) a claim brought by the Pledgor or the
Company against the Lender for breach in bad faith of the Lender’s obligations under the Note or any Collateral Document,
or (iii) a claim solely among the Lender (including in the capacity as agent) and its assignees permitted under Section 7.9 below. 
Without prejudice to the survival of any other agreement of Pledgor under this Agreement, the agreements and obligations of the
contained in this Section shall survive termination of this Agreement and Payment in Full. 

 

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SECTION 4.10.         CMA
Filing. Upon an Event of Default, the Pledgor shall, and shall direct the Company and Hunt Securities to, use their reasonable
best efforts to take all necessary and appropriate steps to obtain the regulatory and other authorizations required for Hunt Securities
to continue operating as a broker-dealer by, among other things: (a) ensuring that Hunt Securities, within ten Business Days of
an Event of Default, submits a CMA which it believes to be substantially complete to FINRA requesting “fast track”
approval; (b) responding to FINRA inquiries or requests related to the CMA, including requests for additional documents or information
within the time frames set forth in Rule 1017; and (c) ensuring that the Pledgor, the Company, Hunt Securities, and each of their
respective owners, officers, directors, employees, contractors, or other principals or agents, do not engage in activity during
pendency of the CMA application that could delay the approval of the CMA. In furtherance of and without limiting the Pledgor's
covenants under this Section 4.9, the Pledgor shall: (i) as promptly as practicable, notify the Lender of any written communication
from FINRA related to the CMA; (ii) permit the Lender to review in advance any proposed written communication to FINRA with respect
to the CMA and incorporate the Lender's comments thereto; (iii) provide the Lender with an opportunity to attend any substantive
meeting with FINRA in respect of the CMA; and (iv) furnish the Lender with copies of all written correspondence and filings between
the Pledgor, the Company, or Hunt Securities and their respective representatives on the one hand, and FINRA or members of its
staff on the other hand, related to the CMA.

 

ARTICLE V

 

EVENTS OF DEFAULT

 

Each of the following
shall be an “Event of Default” hereunder:

 

(a)          an
Event of Default as defined in the Note;

 

(b)          the
breach or violation in any material respect (or, with respect to any covenant qualified by materiality, in any respect) of any
covenant or agreement of Pledgor under this Agreement which is not cured within thirty (30) days of the earlier of written notice
from Lender or the Pledgor having knowledge of such breach or violation, except that no cure period shall be permitted for breach
or violation of Sections 2.3, 4.1, 4.3, 4.5, and 4.7(b) and (c); and

 

(c)          any
representation or warranty made by the Pledgor under Article III of this Agreement shall not be true in all material respects (or
if such representation or warranty is qualified by Material Adverse Effect or other materiality qualification, in all respects)
as of the date made.

 

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ARTICLE VI

 

RIGHTS AND REMEDIES

 

SECTION 6.1.          Rights
and Remedies of the Lender. Upon and after the occurrence and during the continuance of an Event of Default, the Lender may,
without notice or demand other than as expressly provided for under the provisions of this Agreement, exercise in any jurisdiction
in which enforcement hereof is sought, the following rights and remedies, in addition to the rights and remedies available to the
Lender under the other provisions of the Note, this Agreement and any other Collateral Documents, the rights and remedies of a
secured party under the UCC and all other rights and remedies available to the Lender under applicable laws, all such rights and
remedies being cumulative and enforceable alternatively, successively or concurrently:

 

(a)          The
Lender may sell the Collateral, or any part thereof, at public or private sale or at any broker’s board or on any securities
exchange, for cash, upon credit or for future delivery as the Lender shall deem appropriate, and at such price or prices as may
be satisfactory to the Lender, provided that the Lender shall be permitted only sell 24.50% of the Pledged Equity Interests immediately
and shall be permitted to sell 100% of the Pledged Equity Interests upon the earlier of (a) FINRA approval of the CMA, or (b) thirty
(30) calendar days from the filing of a substantially complete CMA. The Lender shall be authorized at any such sale (if it deems
it advisable to do so) to restrict the prospective bidders or purchasers of any of the Collateral to Persons who will represent
and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution
or sale thereof, and upon consummation of any such sale the Lender shall have the right to assign, transfer and deliver to the
purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property sold absolutely
free from any claim or right on the part of the Pledgor, and the Pledgor hereby waives all rights of redemption, stay, valuation
and appraisal which the Pledgor now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted.

 

The Lender shall give the
Pledgor ten (10) days’ prior written notice (which the Pledgor agrees is reasonable notice within the meaning of the UCC)
of the Lender’s intention to make any sale or other disposition of Collateral. Such notice, in the case of a public sale,
shall state the time and place for such sale, in the case of a sale at a broker’s board or on a securities exchange, shall
state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first
be offered for sale at such board or exchange and, in the case of a private sale or other disposition, shall state the date after
which such sale or other disposition may be made. Any such public sale shall be held at such time or times within ordinary business
hours and at such place or places as the Lender may fix and state in the notice of such sale. At any such sale, the Collateral,
or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Lender may (in its sole and
absolute discretion) determine. The Lender shall not be obligated to make any sale of any Collateral if it shall determine not
to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Lender may, without notice or
publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned.
In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained
by the Lender until the sale price is paid in full by the purchaser or purchasers thereof, but the Lender shall not incur any liability
in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure,
such Collateral may be sold again upon like notice. At any public sale made pursuant to this Section 6.1, the Lender may bid for
or purchase, free from any right of redemption, stay or appraisal on the part of the Pledgor (all of such rights being also hereby
waived and released by the Pledgor), the Collateral or any part thereof offered for sale and may make payment on account thereof
by using any claim then due and payable to the Lender from the Pledgor as a credit against the purchase price, and the Lender may,
upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to the Pledgor
therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale
thereof and the Lender shall be free to carry out such sale pursuant to such agreement, and the Pledgor shall not be entitled to
the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Lender shall have
entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full.

 

    	 	13	 

     

    

  

The Pledgor recognizes
that the Lender may be unable to effect a public sale or other disposition of the Collateral due to the lack of a ready market
for the Collateral, a limited number of potential buyers of the Collateral or certain prohibitions contained in the Securities
Act of 1933, as amended (the “Securities Act”), state securities laws, and other applicable laws, and
that the Lender may be compelled to resort to one or more private sales or other dispositions thereof to a restricted group of
purchasers. The Pledgor agrees that such private sales or other dispositions may be at prices and other terms less favorable to
the seller than if sold at public sales or other dispositions and that such private sales or other dispositions shall not solely
by reason thereof be deemed not to have been made in a commercially reasonable manner. The Lender shall be under no obligation
hereunder or otherwise (except as provided by applicable law) to delay a sale or other disposition of any of the Collateral for
the period of time necessary to permit the registration of such securities for public sale or other public disposition under the
Securities Act and applicable state securities laws. Any such sale or other disposition of all or a portion of the Collateral may
be for cash or on credit or for future delivery and may be conducted at a private sale or other disposition where the Lender or
any other Person or entity may be the purchaser of all or part of the Collateral so sold or otherwise disposed of. The Lender shall
incur no liability as a result of the sale or other disposition of any of the Collateral, or any part thereof, at any private sale
which complies with the requirements of this Article VI. The Pledgor hereby waives, to the extent permitted by applicable law,
any claims against the Lender arising by reason of the fact that the price at which any of the Collateral, or any part thereof,
may have been sold or otherwise disposed of at such private sale was less than the price that might have been obtained at a public
sale or other public disposition, even if the Lender accepts the first offer deemed by the Lender on good faith to be commercially
reasonable under the circumstances and does not offer any of the Collateral to more than one offeree.

 

(b)          If
the Lender determines to exercise its right to sell all or any of the Collateral pursuant to this Article VI, the Pledgor agrees
that, upon request of the Lender, the Pledgor will, at its own expense: (i) provide the Lender with such information and projections
as may be necessary or, in the opinion of the Lender, advisable to enable the Lender to effect the sale of such Collateral; and
(ii) do or cause to be done all such other acts and things as may be necessary to make the sale of such Collateral valid and binding
and in compliance with all applicable laws. Pledgor agrees that a breach of any of the covenants contained in this Article VI will
cause irreparable injury to the Lender, that the Lender have no adequate remedy at law in respect of such breach and, as a consequence,
agree that each and every covenant contained in this Article VI shall be specifically enforceable against the Pledgor by the Lender.

 

    	 	14	 

     

    

  

(c)          The
Lender shall immediately with respect to 24.50% of the Pledged Equity Interests, have the right, but not the obligation, to exercise
all voting rights of the Pledgor in the Company as set forth in Section 2.4(c). The Lender shall obtain the preceding rights with
respect to 100% of the Pledged Equity Interests upon the earlier of (a) FINRA approval of the CMA, or (b) thirty (30) calendar
days from the filing of a substantially complete CMA. The Lender shall be able to exercise these rights without liability of any
kind to the Pledgor or account for any property actually received by the Lender. The Lender shall have no duty to exercise any
of the aforesaid rights and shall not be responsible for any failure to do so or delay in so doing.

 

(d)          Notwithstanding
anything to the contrary contained herein, the Note or any other Collateral Document, the Pledgor does not waive its right to receive
any Collateral or proceeds thereof that remain after the exercise of remedies by the Lender and the Payment in Full.

 

SECTION 6.2.          Application.
The proceeds of collection, sale or other disposition of all or any part of the Collateral coming into the Lender’s possession
after the occurrence and during the continuance of an Event of Default shall be applied by the Lender in the manner set forth in
Section 5 of the Note. Any proceeds remaining after the Payment in Full shall be paid to the Pledgor.

 

SECTION 6.3.          No
Waiver, Etc. No failure or delay by the Lender to insist upon the strict performance of any term, condition, covenant or agreement
of the Note, this Agreement or of the other Collateral Documents, or to exercise any right, power or remedy consequent upon a breach
thereof, shall constitute a waiver of any such term, condition, covenant or agreement or of any such breach, or preclude the Lender
from exercising any such right, power or remedy at any later time or times. By accepting payment after the due date of any amount
payable under the Note, this Agreement or any of the other Collateral Documents, the Lender shall not be deemed to waive the right
either to require prompt payment when due of all other amounts payable under the Note, this Agreement or any of the other Collateral
Documents, or to declare an Event of Default for failure to effect such prompt payment of any such other amount. The payment by
the Pledgor, the Company or any other Person and the acceptance by the Lender of any other amount due and payable under the provisions
of the Note, this Agreement or the other Collateral Documents at any time during which an Event of Default exists shall not in
any way or manner be construed as a waiver of such Event of Default by the Lender or preclude the Lender from exercising any right
of power or remedy consequent upon the occurrence and during the continuance of such Event of Default. All rights and remedies
herein provided are cumulative and are not exclusive of any rights or remedies provided by law.

 

    	 	15	 

     

    

  

ARTICLE VII

 

MISCELLANEOUS

 

SECTION 7.1.          Course
of Dealing; Amendment. No course of dealing between the Lender and the Pledgor shall be effective to amend, modify or change
any provision of this Agreement, the Note or any other Collateral Documents. The Lender shall have the right at all times to enforce
the provisions of this Agreement, the Note and each other Collateral Documents in strict accordance with the provisions hereof
and thereof, notwithstanding any conduct or custom on the part of the Lender in refraining from so doing at any time or times.
The failure of the Lender at any time or times to enforce its rights under such provisions, strictly in accordance with the same,
shall not be construed as having created a custom in any way or manner contrary to specific provisions of the Note, this Agreement
or the other Collateral Documents or as having in any way or manner modified or waived the same. This Agreement may not be amended,
modified, or changed in any respect except by an agreement in writing signed by the Lender and the Pledgor.

 

SECTION 7.2.          Waiver
of Default. The Lender may, at any time and from time to time, execute and deliver to the Pledgor a written instrument waiving,
on such terms and conditions as the Lender may specify in such written instrument, any of the requirements of this Agreement or
any Event of Default and its consequences, provided, that any such waiver shall be for such period and subject to such conditions
as shall be specified in any such instrument. In the case of any such waiver, the Pledgor and the Lender shall be restored to their
former positions prior to such Event of Default and shall have the same rights as they had hereunder. No such waiver shall extend
to any subsequent or other Event of Default, or impair any right consequent thereto and shall be effective only in the specific
instance and for the specific purpose for which given.

 

SECTION 7.3.          Security
Interest Absolute. Until the termination or release pursuant to Section 7.12 (and subject to reinstatement thereunder), all
rights and remedies of the Lender hereunder and under applicable laws and all agreements and obligations of the Pledgor hereunder
shall be absolute and unconditional irrespective of, and shall not be released, discharged, impaired or affected by, (a) any lack
of validity or enforceability of the Note, this Agreement or any of the other Collateral Documents, (b) any change in the amount
of any or all of the Secured Obligations or any change in the time, manner or place of payment of any or all of the Secured Obligations
or any change of any other provision or term of any or all of the Secured Obligations, (c) any amendment to, or modification or
waiver of, consent to, or departure from, any of the provisions of the Note, this Agreement or the other Collateral Documents,
(d) any exchange, substitution, release, addition or non-perfection of any collateral and security for any of the Secured Obligations,
(e) the release of, in whole or in part, any Person, including, without limitation, the Company and the Pledgor, obligated or liable
for the payment of all or any part of the Secured Obligations or any attempt, pursuit, enforcement or exhaustion of any rights
or remedies the Lender may have against any such Person or against any collateral and security for any or all of the Secured Obligations,
(f) the failure, omission, lack of diligence or delay by the Lender to exercise or enforce any rights and remedies it may have
under the Note, this Agreement, the other Collateral Documents or applicable laws, and (g) any other event or circumstance which
might otherwise constitute a legal or equitable discharge, release or defense of the Pledgor or of the Collateral (other than Payment
in Full).

 

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SECTION 7.4.          Certain
Waivers. To the extent permitted by law:

 

(a)          Until
the termination or release pursuant to Section 7.12 (and subject to reinstatement thereunder), the Pledgor hereby waives and relinquishes
all rights and remedies accorded to pledgors, sureties or guarantors and agrees not to assert or take advantage of any such rights
or remedies, including: (i) any right to require the Lender to proceed against the Company or any other Person or to proceed against
or exhaust any security held by the Lender at any time or to pursue any other remedy in the Lender’s power before proceeding
against a Pledgor; (ii) any defense that may arise by reason of the incapacity, lack of power or authority, death, dissolution,
merger, termination or disability of the Pledgor, the Company or any other Person or the failure of the Lender to file or enforce
a claim against the estate (in administration, bankruptcy or any other proceeding) of the Pledgor, the Company or any other Person;
(iii) any right to enforce any remedy that the Lender may have against the Company or any other Person and any right to participate
in any security held by the Lender; (iv) any right to require the Lender to give any notices of any kind, including, without limitation,
notices of nonpayment, nonperformance, protest, dishonor, default, delinquency or acceleration, or to make any presentments, demands
or protests, except as set forth herein or expressly provided in the Note of any of the Collateral Documents; (v) any right to
assert the bankruptcy or insolvency of the Company or any other Person as a defense hereunder or as the basis for rescission hereof
and any right under any law purporting to reduce the Pledgor’s obligations hereunder if the Secured Obligations are reduced
other than as a result of payment of such Secured Obligations; (vi) any defense based on the repudiation of the Note or any of
the Collateral Documents by the Company or any other Person, the failure by the Lender to enforce any claim against the Pledgor,
the Company or any other Person or the unenforceability in whole or in part of the Note or any of the Collateral Documents; (vii)
all suretyship and guarantor’s defenses generally; (viii) any right to insist upon, plead or in any manner whatever claim
or take the benefit or advantage of, any appraisal, valuation, stay, extension, marshaling of assets, redemption or similar law,
or exemption, whether now or at any time hereafter in force, that may delay, prevent or otherwise affect the performance by the
Pledgor of its obligations under, or the enforcement by the Lender of, this Agreement; (ix) any requirement on the part of the
Lender to mitigate the damages resulting from any default; (x) any defense based upon an election of remedies by the Lender, including
an election to proceed by non-judicial rather than judicial foreclosure, that destroys or otherwise impairs the subrogation rights
of the Pledgor, the right of the Pledgor to proceed against the Company or another Person for reimbursement, or both; (xi) any
defense based on any offset against any amounts that may be owed by any Person to the Pledgor for any reason whatsoever; (xii)
any defense based on any act, failure to act, delay or omission whatsoever on the part of the Company or the failure by Company
to do any act or thing or to observe or perform any covenant, condition or agreement to be observed or performed by it under the
Note or any of the Collateral Documents, (xiii) any defense, setoff or counterclaim that may at any time be available to or asserted
by the Company against the Lender or any other Person under the Note or any of the Collateral Documents; (xiv) any duty on the
part of the Lender to disclose to the Pledgor any facts the Lender may now or hereafter know about the Company, regardless of whether
the Lender has reason to believe that any such facts materially increase the risk beyond that which the Pledgor intends to assume,
or have reason to believe that such facts are unknown to the Pledgor, or have a reasonable opportunity to communicate such facts
to the Pledgor; and (xv) any defense based on any change in the time, manner or place of any payment under, or in any other term
of, the Note or any of the Collateral Documents or any other amendment, renewal, extension, acceleration, compromise or waiver
of or any consent or departure from the terms of the Note or any of the Collateral Documents (other than Payment in Full).

 

(b)          The
Pledgor waives the posting of any bond otherwise required of the Lender in connection with any judicial process or proceeding to
obtain possession of, replevy, attach, or levy upon the Collateral, to enforce any judgment or other security for the Secured Obligations,
to enforce any judgment or other court order entered in favor of the Lender, or to enforce by specific performance, temporary restraining
order, preliminary or permanent injunction, this Agreement or any other agreement or document between the Pledgor and the Lender.

 

    	 	17	 

     

    

  

(c)          So
long as this Agreement is in effect, (i) the Pledgor shall not have any right of subrogation and the Pledgor waives all rights
to enforce any remedy that the Lender now has or may hereafter have against the Company, and waives the benefit of, and all rights
to participate in, any security now or hereafter held by the Lender and (ii) the Pledgor waives any claim, right or remedy that
the Pledgor may now have or hereafter acquire against the Company that arises hereunder and/or from the performance by the Pledgor
hereunder, including any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation
in any claim, right or remedy of the Lender against the Company or any security that the Lender now has or hereafter acquires.
Any amount paid to the Pledgor on account of any such subrogation rights prior to the Payment in Full shall be held in trust for
the benefit of the Lender and shall immediately thereafter be paid to the Lender.

 

SECTION 7.5.          Notices.
Unless otherwise provided herein, any notice or other communication required or permitted to be given under this Agreement shall
be in writing and shall be given in the manner and become effective as set forth in the Note, and, as to the Pledgor, addressed
to it at the address of the Company set forth in the Note and as to the Lender, addressed to it at the address set forth in the
Note, or in each case at such other address as shall be designated by such party in a written notice to the other party.

 

SECTION 7.6.          Performance
for Pledgor; Power of Attorney.

 

(a)          If
the Pledgor shall fail to perform any covenants contained in this Agreement or if any representation or warranty on the part of
the Pledgor contained herein shall be breached, the Lender may (but shall not be obligated to) do the same or cause it to be done
or remedy any such breach, and may make payments for such purpose; provided, however, that the Lender shall in no event be bound
to inquire into the validity of any tax, Lien, imposition or other obligation which the Pledgor fails to pay or perform as and
when required hereby. Any and all amounts so paid by the Lender shall be reimbursed by the Pledgor in accordance with the provisions
of Section 7.7. Neither the provisions of this Section 7.7 nor any action taken by the Lender pursuant to the provisions of this
Section 7.7 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation
or warranty from constituting an Event of Default.

 

    	 	18	 

     

    

  

(b)          Subject
to Section 7.18, the Pledgor hereby appoints the Lender the attorney-in-fact of the Pledgor for the purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument which the Lender may deem necessary or advisable
to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting the generality
of the foregoing, the Lender shall have the right, upon the occurrence and during the continuance of an Event of Default which
is not cured within ten (10) days of Lender’s written notice to Pledgor of its intent to exercise the rights set forth in
this Section 7.6, with full power of substitution either in the Lender’s name or in the name of the Pledgor, (a) to
ask for, demand, sue for, collect, receive, receipt and give acquittance for any and all moneys due or to become due and under
and by virtue of any Collateral, (b) to endorse checks, drafts, orders and other instruments for the payment of money payable to
the Pledgor representing any interest, dividend or other distribution payable in respect of the Collateral or any part thereof
or on account thereof, (c) to give full discharge for all or any part of the Collateral, (d) to settle, compromise, prosecute or
defend any action, claim or proceeding with respect to all or any part of the Collateral, (e) to sell, assign, endorse, pledge,
transfer and make any agreement respecting all or any part of the Collateral, or (f) to otherwise deal with all or any part of
the Collateral as though the Lender were the absolute owner thereof; provided, however, that nothing herein contained shall be
construed as requiring or obligating the Lender to make any commitment or to make any inquiry as to the nature or sufficiency of
any payment received by the Lender, or to present or file any claim or notice, or to take any action with respect to the Collateral
or any part thereof or the moneys due or become due in respect thereof or any property covered thereby, and no action taken by
the Lender or omitted to be taken with respect to the Collateral or any part thereof shall give rise to any defense, counterclaim
or offset in favor of the Pledgor or to any claim or action against the Lender except to the extent that such defense, counterclaim
or offset is determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (i) the
bad faith, gross negligence or willful misconduct of the Lender which, for the avoidance of doubt, shall not include the entering
into of the Note, this Agreement and the other Collateral Documents or any actions in connection therewith, (ii) a claim brought
by the Pledgor or any Affiliate thereof against the Lender for breach of the Lender’s obligations under the Note or any Collateral
Document, or (iii) a claim solely among the Lender (including in the capacity as agent) and its assignees permitted under Section
7.9 below.

 

SECTION 7.7.          Lender
Costs. The Pledgor shall pay to the Lender within five Business Days following written demand all Lender’s reasonable
and documented out-of-pocket costs and expenses, including reasonable and documented attorneys’ fees incurred by Lender in
protecting or asserting any of Lender’s rights under this Agreement or any other Collateral Document (including, without
limitation, documented costs incurred in seeking legal advice in connection with any matter related to the administration or enforcement
of this Agreement or in connection with any default or potential default, regardless of whether suit is filed) (“Lender
Costs”). Lender Costs shall be included in the Secured Obligations secured hereby. Without prejudice to the survival
of any other agreement of Pledgor under this Agreement or any other Collateral Documents, the agreements and obligations of the
contained in this Section shall survive termination of this Agreement and Payment in Full.

 

SECTION 7.8.          Severability.
If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (a) the
other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of
the Lender in order to carry out the intentions of the parties hereto as nearly as may be possible, (b) the invalidity or unenforceability
of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction,
and (c) the parties hereto shall endeavor in good faith negotiations to replace the invalid or unenforceable provisions with valid
and enforceable provisions, the economic effect of which comes as close as possible to that of the invalid or unenforceable provisions.

 

    	 	19	 

     

    

  

SECTION 7.9.          Assignment.
The Pledgor shall not have the right to assign its rights or obligations hereunder or any interest herein without the prior written
consent of the Lender. The Lender may assign or transfer all or any part of the Secured Obligations with the Pledgor’s or
the Company’s consent (in each case not to be unreasonably withheld). In the event of any such assignment with the requisite
consent, the rights and remedies of the Lender hereunder shall extend to, and vest in, any such assignee or assignees who shall
have the right to enforce the provisions of this Agreement as fully as the Lender; provided that the Lender shall continue to have
the unimpaired right to enforce the provisions of this Agreement as to so much of the Secured Obligations that it has not sold,
assigned or transferred. The Pledgor will use commercially reasonable efforts to cooperate with the Lender in connection with any
such assignment to the extent consented to as provided in the foregoing sentence, and will execute and deliver such consents and
acceptances to any such assignment and amendments to this Agreement in order to effect any such assignment (including, without
limitation, the appointment of the Lender as agent for itself and all assignees).

 

SECTION 7.10.        Survival.
All representations and warranties contained in or made under or in connection with this Agreement shall survive the execution,
delivery and performance of this Agreement.

 

SECTION 7.11.        Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Pledgor and the Lender and their respective heirs,
personal representatives, successors and assigns.

 

SECTION 7.12.       Continuing
Agreement; Termination. This Agreement and the security interest granted hereby shall be continuing and binding on the Pledgor
regardless of how long before or after the date hereof any of the Secured Obligations were or are incurred. This Agreement and
the security interest granted hereby shall automatically terminate without any further action by any Person when all of the Secured
Obligations have been Paid in Full, at which time the Lender will deliver to the Pledgor and authorize the filing of all proper
Uniform Commercial Code termination statements and other releases of the Collateral prepared by the Pledgor which are reasonably
requested by the Pledgor to evidence such termination, and the Lender shall return all Collateral in its possession to the Pledgor.
The Pledgor agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any
time all or part of any payment of any Secured Obligation is rescinded or must otherwise be returned by the Lender or any other
Person upon the insolvency, bankruptcy or reorganization of the Company or any of its Affiliates.

 

SECTION 7.13.         Applicable
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed and interpreted in accordance
with the laws of the State of New York (excluding conflicts of laws principles (other than Sections 5-1401 of the New York General
Obligations Law)), both in interpretation and performance, provided that the law governing perfection, the effect of perfection
or non-perfection, and the priority of security interests, shall be determined in accordance with Part 3 of Title 9 of the UCC.
The other provisions of Sections 15, 18, and 19 of the Note are incorporated herein, mutatis mutandis, as if a part hereof.

 

SECTION 7.14.        [Reserved.]

 

SECTION 7.15.       Duplicate
Originals and Counterparts. This Agreement may be executed in any number of duplicate originals or counterparts and delivered
in original or electronic form in a .pdf (portable document format), with the same effect as execution and delivery of originals.
Each of such duplicate originals or counterparts shall be deemed to be an original and all taken together shall constitute but
one and the same instrument.

 

    	 	20	 

     

    

  

SECTION 7.16.        Exhibits
and Schedules. Any exhibits and schedules attached to this Agreement are an integral part hereof and are hereby incorporated
herein and included in the term “this Agreement”.

 

SECTION 7.17.         Headings.
Article and Section headings in this Agreement are included herein for convenience of reference only, shall not constitute a part
of this Agreement for any other purpose and shall not be deemed to affect the meaning or construction of any of the provisions
hereof.

 

SECTION 7.18.        Regulatory
Savings Clause; Change in Law. It is the intention of the Pledgor and the Lender to effect a change in control of Hunt Securities,
due to the Lender’s exercise of remedies hereunder, only in compliance with all applicable regulatory requirements for the
Collateral, including, without limitation, the Pledged Equity Interests. The enforcement of the remedies under this Agreement,
the Note, or any other Collateral Documents, shall be made in compliance with all applicable law and regulations as in effect at
the time.

 

SECTION 7.19        Notice.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a
PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses
(or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.19.)

 

	 	If to Pledgor:	Hunt FS Holdings, LLC
	 	 	4401 North Mesa
	 	 	El Paso, TX 79902
	 	 	Attention: Kara E. Harchuck, General Counsel
	 	 	Fax No.: 312-799-3909
	 	 	Email: kara.harchuck@huntcompanies.com
	 	 	 
	 	With a copy to (which does not constitute notice):
	 	 
	 	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	 	1285 Avenue of the Americas
	 	 	New York, New York 10019-6064
	 	 	Attention: Jeffrey D. Marell, Esquire
	 	 	Ross A. Fieldston, Esquire
	 	 	Facsimile: (212) 492-0105, (212) 492-0075
	 	 	E-mail:  jmarell@paulweiss.com and rfieldston@paulweiss.com

 

    	 	21	 

     

    

  

	 	If to Lender:	MMA Capital Management, LLC
	 	 	3600 O’Donnell Street, Suite 600
	 	 	Baltimore, Maryland 21224
	 	 	Attention:  Gary A. Mentesana and Megan Sophocles
	 	 	Fax No.:  (443) 263-2857
	 	 	Email:  gary.mentesana@mmacapitalmanagement.com and megan.sophocles@mmacapitalmanagement.com

 

	 	With a copy to (which does not constitute notice):
	 	 
	 	 	Gallagher Evelius & Jones LLP 
	 	 	218 N. Charles Street, Suite 400
	 	 	Baltimore, Maryland 21201
	 	 	Attention: Stephen A. Goldberg, Esquire
	 	 	Fax No.:  (410) 468-2786
	 	 	Email: sgoldberg@gejlaw.com

 

[Remainder of Page Left Intentionally blank;
Signature Page Follows]

 

    	 	22	 

     

    

 

IN WITNESS WHEREOF,
intending to be legally bound hereby, each of the parties hereto have executed and delivered this Agreement as of the day and year
first written above.

 

	 	PLEDGOR:
	 	 
	 	HUNT FS HOLDINGS, LLC
	 	 
	 	By:	/s/ James. C. Hunt
	 	 	Name:	James C. Hunt
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Pledge
and Security Agreement]

 

     

     

    

 

	 	LENDER:
	 	 
	 	MMA CAPITAL MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ Michael L. Falcone
	 	 	Name:	Michael L. Falcone
	 	 	Title:	Chief Executive Officer and President

 

[Signature Page to Pledge
and Security Agreement]Exhibit 10.4

 

EXECUTION VERSION

 

 

MANAGEMENT AGREEMENT

 

by and between

 

MMA CAPITAL MANAGEMENT, LLC

 

and

 

HUNT INVESTMENT MANAGEMENT, LLC

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions	1
	 	 	 
	Section 2.	Appointment and Duties of the Manager	7
	 	 	 
	Section 3.	Additional Activities of the Manager; Allocation of Investment Opportunities; Non-Solicitation; Restrictions	15
	 	 	 
	Section 4.	Bank Accounts	18
	 	 	 
	Section 5.	Records; Confidentiality	18
	 	 	 
	Section 6.	Compensation	19
	 	 	 
	Section 7.	Expenses of the Company	20
	 	 	 
	Section 8.	Limits of the Manager’s Responsibility; Indemnification	25
	 	 	 
	Section 9.	No Joint Venture	28
	 	 	 
	Section 10.	Term; Renewal; Termination Without Cause	28
	 	 	 
	Section 11.	Assignments	29
	 	 	 
	Section 12.	Termination for Cause	30
	 	 	 
	Section 13.	Action Upon Termination	30
	 	 	 
	Section 14.	Release of Money or Other Property Upon Written Request	31
	 	 	 
	Section 15.	Representations and Warranties	31
	 	 	 
	Section 16.	Miscellaneous	33

 

    	 	i	 

     

    

 

MANAGEMENT AGREEMENT

 

THIS MANAGEMENT AGREEMENT, dated as of January
8, 2018, by and between MMA Capital Management, LLC, a Delaware limited liability company (the “Company”), and
Hunt Investment Management, LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS, the Company is a Delaware limited
liability company organized in accordance with the Delaware Limited Liability Company Act;

 

WHEREAS, the Manager is a Delaware limited
liability company organized in accordance with the Delaware Limited Liability Company Act and an indirect wholly owned subsidiary
of Hunt Companies;

 

WHEREAS, pursuant to that certain Master Transaction
Agreement, dated as of the date hereof (the “Transaction Agreement”), by and among the Company, MMA Financial,
Inc., MMA Energy Capital, LLC, Hunt FS Holdings II, LLC (“Buyer”), and, solely with respect to Section 2.07
and its express obligations under Article V of the Transaction Agreement, Hunt Companies, Inc. (“Hunt Companies”),
Buyer agreed to purchase the Transferred Assets (as defined below) and assume the Obligations (as defined below);

 

WHEREAS, in connection with the consummation
of the transactions contemplated by the Transaction Agreement, the Company desires to, subject to the supervision of the Board,
retain the Manager to manage the investments and day-to-day business and affairs of the Company and its Subsidiaries and to perform
services for the Company in the manner and on the terms set forth herein; and

 

WHEREAS, the Manager is willing to render
such services for the Company, subject to the supervision of the Board, on the terms and subject to the conditions hereinafter
set forth.

 

NOW THEREFORE, in consideration of the premises
and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Section 1.          Definitions.

 

(a)       The
following terms shall have the meanings set forth in this Section 1(a):

 

“Affiliate” means with
respect to a Person (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person,
(ii) any executive officer or general partner of such Person, (iii) any member of the board of directors or board of managers (or
bodies performing similar functions) of such Person, and (iv) any legal entity for which such Person acts as an executive officer
or general partner; provided, that, it is acknowledged and agreed that (x) Hunt Companies and Affiliates thereof shall not
be deemed an Affiliate of the Manager except (1) in the case of Section 2(e) and Section 3(d) and (2) for the Hunt
Affiliates in the case of the Allocation Policy, and (y) the Company and its Subsidiaries shall not be deemed an Affiliate of Hunt
Companies or any of its Affiliates.

 

     

     

    

 

“Agreement” means this
Management Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

“Allocation Policy” means
the investment allocation policy and procedures of the Manager, in effect from time to time, with respect to, subject to applicable
law, the allocation of investment opportunities among the Company, on the one hand, and the Manager and the Hunt Affiliates, on
the other hand (as the same may be amended, updated or revised from time to time, subject to the consent of a majority of the Board
(which must include a majority of the then incumbent Independent Directors)).

 

“Automatic Renewal Term”
has the meaning set forth in Section 10(a) hereof.

 

“Board” means the board
of directors of the Company.

 

“Business Day” means any
day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required to be open.

 

“Cause Event” means (i)
a final judgment by any court or governmental body of competent jurisdiction not stayed or vacated within thirty (30) days that
the Manager, its agents or permitted assignees has committed a felony that has a material adverse effect on the business of the
Company or the ability of the Manager to perform its duties under the terms of this Agreement (including if the Manager enters
a plea of nolo contendere with respect thereto) or a material violation of applicable securities laws that would reasonably
be expected to cause material reputational harm to the Company, (ii) an order for relief in an involuntary bankruptcy case relating
to the Manager or the Manager authorizing or filing a voluntary bankruptcy petition, (iii) the dissolution of the Manager, (iv)
the occurrence of a payment Event of Default under the Note as a result of which the Company has notified the Maker (as defined
therein) that all obligations outstanding under the Note have become immediately due and payable, or the occurrence of an Event
of Default under the Note resulting from a Restricted Payment (as defined therein) made in violation of the terms of the Note and
which Event of Default is not cured by the Maker or Parent (as defined therein) (including pursuant to the terms of the Parent
Undertaking Guaranty (as defined therein)) within twenty (20) days following Maker's or Parent's receipt of the notice
from the Company to accelerate all outstanding obligations under the Note, (v) an assignment by Manager not permitted under Section
11(a), (vi) a material breach of this Agreement which has a material adverse effect on the business of the Company, taken as
a whole or (vii) a final and non-appealable judicial determination that the Manager has (A) committed Fraud (1) against the Company
or (2) any other Person for whom the Manager serves in a similar capacity to its role hereunder, (B) misappropriated or embezzled
funds of the Company, or (C) acted, or failed to act, in a manner constituting bad faith, willful misconduct, gross negligence
or reckless disregard in the performance of its duties under this Agreement; provided, however, that if any of the
actions or omissions described in this clause (vii) are caused by an employee and/or officer of the Manager or one of its Affiliates
and the Manager takes all necessary action against such person and cures the direct monetary damage caused by such actions or omissions
within thirty (30) days of such determination, then such event shall not constitute a Cause Event.

 

“Claim” has the meaning
set forth in Section 8(c) hereof.

 

    	 	2	 

     

    

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Common Share” means an
equity interest in the Company, designated as such in accordance with the Company’s Second Amended and Restated Certificate
of Formation and Operating Agreement, with no stated par value.

 

“Company” has the meaning
set forth in the Preamble to this Agreement.

 

“Company Business” means
the Leveraged Bonds Business and Renewable Energy Business.

 

“Company Indemnified Party”
has meaning set forth in Section 8(b) hereof.

 

“Conduct Policies” has
the meaning set forth in Section 2(o) hereof.

 

“Confidential Information”
means all confidential, proprietary or non-public information of, or concerning the performance, terms, business, operations, activities,
personnel, training, finances, actual or potential investments, plans, compensation, clients or investors of the Company or any
of its Subsidiaries, written or oral, obtained by the Manager from and after the date hereof in connection with the services rendered
hereunder; provided that Confidential Information shall not include information which (i) is or becomes public domain information
other than by reason of a disclosure by the Manager in breach of this Agreement, (ii) was already in the possession of, or known
to, the Manager (as demonstrated by the Manager’s written records) lawfully prior to the time it was received by the Manager,
or the Manager obtained access thereto, from the Company or its Affiliates, (iii) has been or is hereafter rightfully furnished
to the Manager without restriction on disclosure by a third person lawfully in possession thereof, or (iv) was developed independently
by the Manager without using or referring to any of the Confidential Information.

 

“Diluted GAAP Equity Per Share”
means, for any period, (a) the Company’s GAAP Common Shareholders’ Equity at the end of such period (i) increased
by the amount of any dividends paid during such period and (ii) decreased by an amount equal to any Contingent Purchase Price previously
paid to the Company pursuant to the Transaction Agreement, divided by (b) the number of shares outstanding at the end of
such period computed on a fully diluted basis. For purposes of computing Diluted GAAP Per Share as of December 31, 2017, GAAP Common
Shareholders’ Equity shall be increased by the sum of the Company’s GAAP gain as a result of the closing under the
Transaction Agreement plus the Company’s GAAP gain as a result of the closing on the MGM Agreements described in the Transaction
Agreement, plus the Company’s first quarter 2018 revenue recognition GAAP gain associated with MGM. Until such time as actual
results are available for each of the components, the parties agree to use the projected GAAP gains of $32,000,000, $13,800,000
and $9,200,000, respectively, to be replaced by the actual results for each component as and when each becomes available. For the
avoidance of doubt, if at any time during the period between the date of this Agreement and the Effective Termination Date, any
change in the number of shares of the Company shall occur as a result of any stock split (including a reverse stock split) or combination
thereof, then the Diluted GAAP Equity Per Share shall be equitably adjusted by the Company and the Manager to reflect such change.

 

    	 	3	 

     

    

 

“Earn-Out Amount” has the
meaning set forth in the Transaction Agreement.

 

“Effective Date” means
the date hereof.

 

“Effective Termination Date”
has the meaning set forth in Section 10(b) hereof.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Fraud” means actual and
intentional fraud. For the avoidance of doubt, “Fraud” does not include any claim for equitable fraud, promissory
fraud, unfair dealings fraud, or any torts based on negligence or recklessness.

 

“GAAP” means generally
accepted accounting principles in effect in the United States on the date such principles are applied.

 

“GAAP Common Shareholders’
Equity” means the Company’s (and, without duplication, its Subsidiaries’) period-end common shareholders’
equity, computed in accordance with GAAP on a fully diluted basis, adjusted to exclude the effect of (a) the value of the Company’s
and its Subsidiaries’ net operating loss carry forwards, and (b) any gains or losses attributable to third-party owners of
the Company’s Subsidiaries or Joint Ventures to the extent not otherwise excluded by the application of GAAP. An illustrative
calculation of the Company’s GAAP Common Shareholders’ Equity is set forth on Schedule 1 attached hereto.

 

“Governing Agreements”
means, with regard to any entity, the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation,
the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership,
the certificate of formation and limited liability company agreement in the case of a limited liability company, the trust instrument
in the case of a trust, or similar governing documents in each case as amended from time to time.

 

“Hunt” means, collectively,
Hunt Companies and any Affiliate thereof.

 

“Hunt Affiliate” means
Hunt Companies and its controlled Affiliates other than (i) the Manager, (ii) Hunt Financial Securities, LLC, a Delaware limited
liability company, and (iii) Amber Infrastructure Group Holdings Limited, a company incorporated under the laws of England and
Wales, and any of its controlled Affiliates.

 

“Hunt Companies” has the
meaning set forth in the Recitals to this Agreement.

 

“Incentive Compensation”
means the incentive fee calculated and payable with respect to each calendar year, commencing with calendar year 2018, in arrears,
in an amount (which shall not be less than zero) equal to: the product of (i) 20% and (ii) (A) the excess of (1) Diluted GAAP Equity
Per Share as of the end of the most recently completed calendar year over (2) 107% of Diluted GAAP Equity Per Share as of the end
of the preceding calendar year, multiplied by (B) the weighted average number of shares outstanding during the preceding calendar
year.

 

    	 	4	 

     

    

 

Incentive Compensation shall be pro-rated
for partial periods, to the extent necessary, as the case may be (including any calendar year during which any Effective Termination
Date occurs).

 

“Indemnified Party” has
the meaning set forth in Section 8(b) hereof.

 

“Independent Director”
means a member of the Board who is “independent” in accordance with the Company’s Governing Agreements and the
rules of the applicable National Securities Exchange.

 

“Initial Term” has the
meaning set forth in Section 10(a) hereof.

 

“Investment Advisers Act”
means the Investment Advisers Act of 1940, as amended.

 

“Investment Company Act”
means the Investment Company Act of 1940, as amended.

 

“Investment Guidelines”
means the investment guidelines proposed by the Manager and approved by the Board, a copy of which is attached hereto as Exhibit
A, as the same may be amended, restated, modified, supplemented or waived by the Manager, subject to the consent of a majority
of the Board (which must include a majority of the then incumbent Independent Directors).

 

“Joint Ventures” means
joint ventures between the Company or any of its Subsidiaries, on the one hand, and a third party investor or capital provider,
on the other hand.

 

“Leveraged Bonds Business”
means the investment in and ownership and management of Unrated Tax-Exempt Bonds, together with the Company’s associated
leverage of its Unrated Tax-Exempt Bonds business through the use of Total Return Swaps (including the direct entry into Total
Return Swaps for Unrated Tax-Exempt Bonds not previously owned). The Leveraged Bonds Business portfolio as of the date hereof is
set forth on Schedule 2 attached hereto.

 

“Losses” has the meaning
set forth in Section 8(a) hereof.

 

“Management Arrangements and Management
Fee Rights” has the meaning set forth in the Transaction Agreement.

 

“Management Fee” means
the management fees, without duplication, payable quarterly in arrears with respect to each calendar quarter commencing with the
quarter in which the Effective Date occurs, in an amount equal to (i) 2% per annum (0.5% per quarter) of the Company’s GAAP
Common Shareholders’ Equity for so long as the Company’s GAAP Common Shareholders’ Equity is less than or equal
to $500,000,000 plus (ii) if the Company’s GAAP Common Shareholders’ Equity exceeds $500,000,000, 1.0% per annum
(0.250% per quarter) of the Company’s GAAP Common Shareholders’ Equity in excess of $500,000,000. The Management Fee
shall be pro-rated for partial periods, to the extent necessary, as described more fully elsewhere herein. Notwithstanding the
foregoing, the Management Fee payable for the first two calendar quarters of fiscal year 2018 shall be $1,000,000 per quarter.

 

    	 	5	 

     

    

 

“Manager” has the meaning
set forth in the Preamble to this Agreement.

 

“Manager Expenses” has
the meaning set forth in Section 7(a) hereof.

 

“Manager Indemnified Party”
has the meaning set forth in Section 8(a) hereof.

 

“Manager Permitted Disclosure Parties”
has the meaning set forth in Section 5 hereof.

 

“National Securities Exchange”
means any national securities exchange or nationally recognized automated quotation system on which the Common Shares (or shares
of common equity of an Affiliate of the Company) are listed, traded, exchanged or quoted.

 

“Obligations” has the meaning
set forth in the Transaction Agreement.

 

“Person” means any natural
person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal, state, county
or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such
capacity on behalf of the foregoing.

 

“Purchase Money Note” means
that certain Purchase Money Note of even date herewith by Hunt FS Holdings II, LLC, as maker, in favor of the Company, as payee,
in the original principal amount of $57,000,000.

 

“Regulation FD” means Regulation
FD as promulgated by the SEC.

 

“Renewable Energy Business”
means the origination, directly or indirectly, of debt financing to provide late stage renewable energy development loans, renewable
energy construction loans and renewable energy permanent loans in North America of the type, size and nature originated by the
Company in its renewable energy Joint Ventures as of or prior to the date hereof and the provision of servicing, asset management
and other management services in connection therewith. The Renewable Energy Business portfolio as of the date hereof is set forth
on Schedule 3 attached hereto.

 

“Renewable Energy Reimbursements”
means all expense reimbursements under the Management Arrangements and Management Fee Rights.

 

“SEC” means the United
States Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Subsidiary” means a corporation,
limited liability company, partnership, joint venture or other entity or organization of which: (i) the Company or any other subsidiary
of the Company is a general partner or managing member, or (ii) voting power to elect a majority of the board of directors, managers,
trustees or other Persons performing similar functions with respect to such entity or organization is held by the Company or by
any one or more of the Company’s subsidiaries.

 

    	 	6	 

     

    

 

“Termination Fee” means
a termination fee equal to (a) three (3) times the sum of (i) the average annual Management Fee and (ii) the average annual Incentive
Compensation, plus (b) the average annual Renewable Energy Reimbursements, plus (c) until the Company’s GAAP
Common Shareholders’ Equity first exceeds $500,000,000, the average annual reimbursements under Section 7(b)(xxi),
in each case, earned by the Manager during the 24-month period immediately preceding the most recently completed calendar quarter
prior to the Effective Termination Date.

 

“Termination Notice” has
the meaning set forth in Section 10(b) hereof.

 

“Termination Without Cause”
has the meaning set forth in Section 10(b) hereof.

 

“Transaction Agreement”
has the meaning set forth in the Recitals to this Agreement.

 

“Transferred Assets” has
the meaning set forth in the Transaction Agreement.

 

(b)          As
used herein, accounting terms relating to the Company and its Subsidiaries, if any, not defined in Section 1(a) and accounting
terms partly defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them under
GAAP. As used herein, “calendar quarters” shall mean the period from January 1 to March 31, April 1 to June 30, July
1 to September 30 and October 1 to December 31 of the applicable year.

 

(c)          Any
reference in this Agreement to “$” shall mean U.S. dollars.

 

(d)          The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this
Agreement unless otherwise specified.

 

(e)          The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words
include, includes and including shall be deemed to be followed by the phrase “without limitation.”

 

“Unrated Tax-Exempt Bonds”
means unrated tax-exempt bonds that finance affordable housing and municipal redevelopment in the United States of America of the
type, size and nature held by the Company on the date hereof.

 

Section 2.          Appointment
and Duties of the Manager.

 

(a)      The
Company hereby retains the Manager, as agent, to manage the investments and day-to-day business and affairs of the Company and
its Subsidiaries, subject at all times to applicable law, the further terms and conditions set forth in this Agreement and to the
supervision of the Board. Except as otherwise provided in this Agreement, the Manager hereby agrees to use its commercially reasonable
efforts to perform each of the duties set forth herein, provided that the Company pays and reimburses the Manager for all
fees, costs and expenses in accordance with Section 6 and Section 7 hereof. The retention of the Manager shall be
exclusive to the Manager, except to the extent that the Manager elects, in its sole and absolute discretion, subject to the terms
of this Agreement, to cause the duties of the Manager as set forth herein to be provided by (x) third parties under the Manager’s
supervision or (y) the Manager’s Affiliates.

 

    	 	7	 

     

    

 

(b)          The
Manager, in its capacity as manager of the investments and the operations of the Company, at all times will be subject to the supervision
and direction of the Board and will have only such functions and authority as the Board may delegate to it, including managing
the Company’s investment activities and other business affairs in conformity with the Investment Guidelines and other policies
that are approved and monitored by the Board. The Company and the Manager hereby acknowledge the recommendation by the Manager
and the approval by the Board of the Investment Guidelines.

 

(c)          Subject
to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines), the Manager
will have authority with respect to the management of the business and affairs of the Company and will be responsible for the day-to-day
management of the Company. The Manager will perform (or cause to be performed through one or more of its Affiliates or Subsidiaries)
such services and activities relating to the investments and business and affairs of the Company as may be appropriate or otherwise
mutually agreed from time to time, which may include, without limitation:

 

(i)          serving
as an advisor to the Company with respect to the establishment and periodic review of the Investment Guidelines for the Company’s
investments, financing activities and operations, any modifications to which will be approved by a majority of the Board, including
a majority of the Independent Directors;

 

(ii)         identifying,
investigating, analyzing, and selecting possible investment opportunities (including investments relating to the Company Business)
and the origination, negotiation, acquisition, consummation, monitoring, financing, retaining, disposition, negotiation for prepayment,
restructuring, refinancing, hypothecating, pledging or otherwise disposing of investments (including investments relating to the
Company Business), in each case, consistent in all material respects with the Investment Guidelines;

 

(iii)        identifying
and analyzing prospective purchases, sales, exchanges, financing or other dispositions of investments (including investments relating
to the Company Business), conducting negotiations on the Company’s behalf with sellers, purchasers, borrowers and other counterparties
and, if applicable, their respective agents, advisors and representatives;

 

(iv)        serving
as the Company’s consultant with respect to decisions regarding any repurchase agreements, interest rate, currency or total
return swap agreements, financing arrangements (including one or more credit facilities), foreign exchange transactions, derivative
transactions, and other agreements and instruments required or appropriate in connection with the Company’s activities;

 

    	 	8	 

     

    

 

(v)        engaging
and supervising, on the Company’s behalf and at the Company’s expense, independent contractors, advisors, consultants,
attorneys, accountants, auditors, and other service providers (which may include Affiliates of the Manager) that provide various
services with respect to the Company, including investment banking, securities brokerage, mortgage brokerage, credit analysis,
risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence
services, underwriting review services, and all other services (including transfer agent and registrar services) as may be required
relating to the Company’s activities or investments (or potential investments), including activities or investments relating
to the Company Business, subject to the approval of a majority of the Independent Directors to the extent Board (or a committee
thereof) approval is required by applicable law or regulation, including the applicable rules of any securities exchange or regulatory
body;

 

(vi)       coordinating
and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with the
joint venture or co-investment partners;

 

(vii)       providing
executive and administrative personnel, office space and office services required in rendering services to the Company;

 

(viii)     administering
the day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the
Company’s management as may be agreed upon by the Manager and the Board, including the collection of revenues and the payment
of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative functions;

 

(ix)        communicating
on the Company’s behalf with the holders of any of the Company’s equity or debt securities as required to satisfy the
reporting and other requirements of any governmental bodies or agencies or trading markets (including any applicable National Securities
Exchange) and to maintain effective relations with such holders;

 

(x)         advising
the Company in connection with policy decisions to be made by the Board;

 

(xi)        engaging
one or more sub-advisors with respect to the management of the Company, including, where deemed appropriate by the Manager, Affiliates
of the Manager;

 

(xii)       evaluating
and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s behalf, consistent with
the Investment Guidelines;

 

(xiii)      causing
the Company to retain a third party advisor regarding the maintenance of the Company’s exemption from regulation as an investment
company under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemption and using
commercially reasonable efforts to cause the Company to maintain such exemption from regulation as an investment company under
the Investment Company Act;

 

    	 	9	 

     

    

 

(xiv)      furnishing
reports to the Company and the Board regarding the Company’s activities and services performed for the Company by the Manager
and its Affiliates, including, if requested by the Board, causing the Chief Executive Officer and the Chief Financial Officer of
the Company to furnish a quarterly report regarding the status of any buy-to-hold investments within the Company Business that
were allocated to the Company by the Manager during the applicable quarter;

 

(xv)       monitoring
the operating performance of the Company’s investments and providing periodic reports with respect thereto to the Board,
including comparative information with respect to such operating performance and budgeted or projected operating results;

 

(xvi)      investing
and reinvesting any moneys and securities of the Company (including investing in short-term investments pending investment in other
investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company’s equity holders)
and advising the Company as to the Company’s capital structure and capital raising;

 

(xvii)    causing
the Company to retain a qualified independent public accounting firm and legal counsel, as applicable, to assist in developing
appropriate accounting procedures and systems, internal controls and other compliance procedures and systems with respect to financial
reporting obligations and to conduct periodic compliance reviews with respect thereto;

 

(xviii)    assisting
the Company in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;

 

(xix)       assisting
the Company in complying with all regulatory requirements applicable to the Company in respect of the Company’s business
activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual
undertakings and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by any National Securities
Exchange, and facilitating compliance with the Sarbanes-Oxley Act of 2002 and the listing rules of any National Securities Exchange;

 

(xx)       assisting
the Company in taking all necessary actions to enable the Company to make required tax filings and reports;

 

(xxi)       placing,
or arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the Company either
directly with the issuer or with a broker or dealer (including any affiliated broker or dealer), and selecting the markets in which
such orders shall be executed;

 

(xxii)      handling
and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or
negotiations) in which the Company or its Subsidiaries may be involved or to which the Company or its Subsidiaries may be subject,
arising out of the Company’s or its Subsidiaries day-to-day activities (other than with the Manager or its Affiliates), subject
to such reasonable limitations or parameters (including settlement authorization) as may be imposed from time to time by the Board;

 

    	 	10	 

     

    

 

(xxiii)     using
commercially reasonable efforts to cause expenses incurred by the Company or on the Company’s behalf to be commercially reasonable
or commercially customary and within any reasonable budgeted parameters or expense guidelines set by the Board from time to time;

 

(xxiv)    advising the
Company with respect to and structuring short-term and long-term financing vehicles for the Company’s portfolio of assets,
and offering and selling securities publicly or privately in connection with any such structured financing;

 

(xxv)     serving
as the Company’s advisor with respect to decisions regarding any of the Company’s financings, hedging activities or
borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing
that is specifically tailored to the Company’s investment objectives, and (2) advising the Company with respect to obtaining
appropriate financing for the Company’s investments (which, in accordance with applicable law and the terms and conditions
of this Agreement and the Company’s Governing Agreements, may include financing by the Manager or its Affiliates);

 

(xxvi)    providing
the Company with portfolio management and other related services;

 

(xxvii)   arranging marketing
materials and other related documentation, advertising, industry group activities (such as conference participations and industry
organization memberships) and other promotional efforts designed to promote the Company’s business; and

 

(xxviii)  performing
such other services from time to time in connection with the management of the business and affairs of the Company and its investment
activities (including investment activities relating to the Company Business) as the Board, including a majority of the Independent
Directors, shall reasonably request and/or the Manager shall deem appropriate under the particular circumstances.

 

(d)          For
the duration of and on the terms and conditions set forth in this Agreement, the Company and each of its wholly-owned Subsidiaries
hereby constitutes, appoints and authorizes the Manager, and any officer of the Manager acting on its behalf from time to time,
as the Company’s true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver
and enter into any certificates, instruments, agreements, authorizations and other documentation in the name and on behalf of the
Company as the Manager, in its sole discretion, deems necessary or appropriate in connection with the performance of its services
hereunder. This power of attorney is deemed to be coupled with an interest. In performing such services, as an agent of the Company,
the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its
obligations under this Agreement, including the following powers, subject in each case to the terms and conditions of this Agreement,
including the Investment Guidelines:

 

    	 	11	 

     

    

 

(i)          to
originate, purchase, exchange, finance or otherwise acquire and to sell, exchange or otherwise dispose of, any investment (including
any investment relating to the Company Business) at public or private sale;

 

(ii)         to
borrow and, for the purpose of securing the repayment thereof, to pledge, mortgage or otherwise encumber investments (including
investments relating to the Company Business) and enter into agreements in connection therewith, including repurchase agreements,
master repurchase agreements, International Swap Dealer Association swap, caps and other agreements and annexes thereto and other
futures and forward agreements;

 

(iii)        to
originate, purchase, take and hold investments (including investments relating to the Company Business) subject to mortgages or
other liens;

 

(iv)       to
extend the time of payment of any liens or encumbrances which may at any time be encumbrances upon any investment (including any
investment relating to the Company Business), irrespective of by whom the same were made;

 

(v)         to
foreclose, to reduce the rate of interest on, and to consent to the modification and extension of the maturity or other terms of
any investments (including any investments relating to the Company Business), or to accept a deed in lieu of foreclosure;

 

(vi)       to
join in a voluntary partition of any investment (including any investment relating to the Company Business);

 

(vii)      to
enter into joint ventures or otherwise participate in investment vehicles investing in investments (including investments relating
to the Company Business);

 

(viii)     to
obtain and maintain insurance in such amounts and against such risks as are prudent in accordance with customary and sound business
practices in the appropriate geographic area;

 

(ix)        to
cause any property to be maintained in good state of repair and upkeep and to pay the taxes, upkeep, repairs, carrying charges,
maintenance and premiums for insurance;

 

(x)         to
use the personnel and resources of its Affiliates in performing the services specified in this Agreement;

 

(xi)        to
designate and engage all professionals, consultants and other service providers subject to and in accordance with, as applicable,
Section 2(e), to perform services (directly or indirectly) on behalf of the Company and its Subsidiaries, including accountants,
legal counsel and engineers; and

 

(xii)        to
take any and all other actions as are necessary or appropriate in connection with the Company’s and/or its Subsidiaries’
investments or activities (including investments or activities relating to the Company Business).

 

    	 	12	 

     

    

 

The Manager shall be authorized to represent
to third parties that it has the power to perform the actions which it is authorized to perform under this Agreement.

 

(e)          The
Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of the persons and firms
referred to in Section 7(b) hereof as the Manager deems necessary or advisable in connection with the management and operations
of the Company, which may include Affiliates of the Manager; provided, that, any such services may be provided by Affiliates
only to the extent (i) the provision and cost of such services are on arm’s length terms and competitive market rates in
relation to terms that are then customary for agreements regarding the provision of such services to companies that have assets
similar in type, quality and value to the assets of the Company and its Subsidiaries, and (ii) such services and the costs thereof
are approved by a majority of the Independent Directors. In performing its duties under this Section 2, the Manager shall
be entitled to rely reasonably on qualified experts and professionals (including accountants, legal counsel and other professional
service providers) hired by the Manager at the Company’s sole cost and expense. The Manager shall not charge the Company
for the cost and expense of sub-advisors unless, in the good faith opinion of the Manager, such sub-advisors are providing services,
expertise or other specialized support or assistance which the Manager does not possess on the date hereof.

 

(f)          The
Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment
Guidelines, (ii) would adversely and materially affect the Company’s and its Subsidiaries’ status as entities excluded
from investment company status under the Investment Company Act, or (iii) would materially violate the Conduct Policies, any applicable
law, rule or regulation of any governmental body or agency having jurisdiction over the Company and its Subsidiaries or any applicable
National Securities Exchange or that would otherwise not be permitted by the applicable Governing Agreements. If the Manager is
ordered to take any action by the Board, the Manager shall seek to promptly notify the Board if it is the Manager’s reasonable
judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or Governing
Agreements and, if the Manager so notifies the Board and the Board nonetheless insists that the Manager comply with the Board’s
order, unless the Board provides a written opinion of counsel (upon which the Manager is entitled to rely), the Manager shall be
permitted to treat such order as an event of default for purposes of Section 12(b) hereof. Notwithstanding the foregoing,
neither the Manager nor any of its Affiliates shall be liable to the Company, the Board, or the Company’s equity holders
for any act or omission by the Manager or any of its Affiliates, except as expressly provided in Section 8 of this Agreement
and subject to the limitations thereof.

 

(g)          The
Company (including the Board) agrees to take all actions reasonably required to permit and enable the Manager to carry out its
duties and obligations under this Agreement, including all steps reasonably necessary to allow the Manager to make any filing required
to be made under the Securities Act, Exchange Act, Code, or other applicable law, rule or regulation, including the rules and regulations
of a National Securities Exchange, on behalf of the Company in a timely manner. The Company further agrees to make available to
the Manager all resources, information and materials reasonably requested by the Manager to enable the Manager to satisfy its obligations
hereunder, including its obligations to deliver financial statements and any other information or reports with respect to the Company.
If the Manager is not able to provide a service, or in the reasonable judgment of the Manager it is not prudent to provide a service,
without the approval of the Board, as applicable, then the Manager shall be excused from providing such service (and shall not
be in breach of this Agreement) until the applicable approval has been obtained.

 

    	 	13	 

     

    

 

(h)          As
frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board, the Manager shall prepare,
or, at the sole cost and expense of the Company, cause to be prepared, (i) reports and other information on the Company’s
operations, including quarterly budget to actual comparisons, and (ii) other information relating to any proposed or consummated
investment as may be reasonably requested by the Company.

 

(i)          The
Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all periodic reports and financial
statements with respect to the Company reasonably required by the Board in order for the Company to comply with its Governing Agreements,
or any other materials required to be filed with any governmental body or agency, including the SEC, and shall prepare, or, at
the sole cost and expense of the Company, cause to be prepared, all materials and data necessary to complete such reports and other
materials, including an annual audit of the Company’s books of account by a nationally recognized independent accounting
firm approved by the Independent Directors of the Board (or applicable committee thereof).

 

(j)          The
Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, regular reports for the Board to
enable the Board to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance,
asset performance and compliance with the Investment Guidelines, and policies approved by the Board.

 

(k)          The
Manager shall prepare and present to the Board for approval a proposed annual budget at least thirty (30) days prior to the start
of the calendar year to which the budget applies. Unless and until such budget is approved, the prior year’s budget shall
apply with respect to each item of expense, increased, in each case, by three percent (3%), except as to non-discretionary expenses
(e.g., taxes) which shall be paid at the actual cost thereof.

 

(l)          Directors,
officers, employees and agents of the Manager and its Affiliates may serve as directors, officers, employees, agents, nominees
or signatories for the Company or any of its Subsidiaries, to the extent permitted by their Governing Agreements, and by any resolutions
duly adopted by the Board. When executing documents or otherwise acting in such capacities for the Company or any of its Subsidiaries,
such Persons shall indicate in what capacity they are executing on behalf of the Company or any of its Subsidiaries. Without limiting
the foregoing, while this Agreement is in effect, the Manager will provide the Company with a management team, including a Chief
Executive Officer and Chief Financial Officer or similar positions, along with appropriate support personnel, to provide the management
services to be provided by the Manager to the Company hereunder, who shall devote such of their time to the management of the Company
as necessary and appropriate, commensurate with the level of activity of the Company from time to time.

 

    	 	14	 

     

    

 

(m)          At
all times during the term of this Agreement, the Manager shall maintain customary “errors and omissions” and “fidelity”
insurance coverage and other customary insurance coverage for asset managers and advisors performing similar services to those
set forth herein, with respect to assets similar to those of the Company.

 

(n)          The
Manager may provide, or at the sole cost and expense of the Company, shall cause to be provided, such internal audit, compliance,
legal, finance and control services as may be required for the Company to comply with applicable law (including the Securities
Act, Investment Advisers Act and Exchange Act), regulation (including SEC regulations) and the rules and requirements of the National
Securities Exchange and as otherwise reasonably requested by the Company or its Board from time to time.

 

(o)          The
Manager acknowledges receipt of the Company’s Code of Ethics and Principles of Business Integrity and Corporate Governance
Guidelines (collectively, the “Conduct Policies”), and agrees to require its officers, directors, members, and
employees and any officers or employees of its Affiliates acting on behalf of the Manager, in each case, who are involved in the
business and affairs of the Company, to comply with the Conduct Policies to the extent applicable to such Persons.

 

		Section 3.	Additional Activities of the Manager; Allocation of
Investment Opportunities; Non-Solicitation; Restrictions.

 

(a)          Nothing
in this Agreement shall (i) prevent the Manager, Hunt or any of their Affiliates, or any of its or their officers, directors or
employees, from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not
the investment objectives or policies of any such other Person or entity are similar to those of the Company, including the management
of Hunt which has or may employ investment objectives or strategies that overlap, in whole or in part, with the Investment Guidelines,
(ii) in any way bind or restrict the Manager, Hunt or any of their Affiliates, or any of its or their officers, directors or employees
from buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the
Manager, Hunt or any of their Affiliates, or any of its or their officers, directors or employees may be acting, subject, however,
to the Company’s Insider Trading Policy as to employees of Manager serving as officers or directors of the Company or any
of its Subsidiaries and to applicable law regarding persons in receipt of material non-public information of the Company, or (iii)
prevent the Manager, Hunt or any of their Affiliates from receiving fees or other compensation or profits from such activities
described in this Section 3(a) which shall be for the Manager’s (and/or Hunt or their Affiliates’) sole benefit.
While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment,
be appropriate under the circumstances and in light of the investment objectives and policies of the Company, they may be different
in certain material respects from the information and recommendations supplied by the Manager or any Affiliate of the Manager to
others (including, for greater certainty, Hunt and its Affiliates and their respective investors). The Company shall be entitled
to equitable treatment under the circumstances in receiving information, recommendations and any other services, but the Company
recognizes that it is not entitled to receive preferential treatment as compared with the treatment given by the Manager or any
Affiliate of the Manager to others (including Hunt and its Affiliates) or themselves. The Manager and the Company acknowledge and
agree that, notwithstanding anything to the contrary contained herein, (A) Affiliates of the Manager advise and/or manage Hunt,
(B) the Manager will allocate investment opportunities that overlap with the Investment Guidelines and with the investment objectives
of the Manager and the Hunt Affiliates in accordance with the Allocation Policy and (C) nothing in this Agreement shall prevent
the Company from investing in, acquiring, selling assets to or merging with or entering into any joint ventures with Hunt or purchasing
assets from, selling assets to, merging with or arranging financing from or providing financing to Hunt, provided that any
such transaction described in this clause (C) receives the prior approval of the Board (which must include a majority of the then
incumbent Independent Directors).

 

    	 	15	 

     

    

 

(b)          In
connection with the services of the Manager hereunder, the Company and the Board acknowledge and/or agree that (i) as part of Hunt’s
regular businesses, personnel of the Manager and its Affiliates may from time-to-time work on other projects and matters, and that
conflicts may arise with respect to the allocation of personnel between the Company and Hunt and/or the Manager and its Affiliates,
(ii) there may be circumstances where investments that are consistent with the Investment Guidelines may be shared with or
allocated to Hunt (in lieu of the Company) but only in accordance with the Allocation Policy, (iii) Hunt may invest, from time-to-time,
in investments in which the Company may also invest (including at a different level of an issuer’s capital structure (e.g.,
an investment by Hunt in an equity or mezzanine interest with respect to the same entity in which the Company owns a debt interest
or vice versa) or in a different tranche of fundraising with respect to an issuer in which the Company has an interest), and while
the Manager will resolve any such conflicts in a fair and equitable manner in accordance with the Allocation Policy, such transactions
shall not be required to be presented to the Board for approval, and there can be no assurance that any such conflicts will be
resolved in favor of the Company, (iv) the Manager and its Affiliates may from time-to-time receive fees from other issuers or
entities for the arranging, underwriting, syndication or refinancing of investments or other additional fees, including acquisition
fees, loan servicing fees, special servicing fees, administrative fees and advisory or asset management fees, and while such fees
may give rise to conflicts of interest the Company will not receive the benefit of any such fees, and (v) the terms and conditions
of the governing agreements of Hunt (including with respect to the economic, reporting, and other rights afforded to investors
in Hunt) are materially different from the terms and conditions applicable to the Company and its equity holders, and neither the
Company nor any such equity holder (in such capacity) shall have the right to receive the benefit of any such different terms applicable
to investors in Hunt as a result of an investment in the Company or otherwise. The Manager shall keep the Board reasonably informed
on a periodic basis in connection with the foregoing, including with respect to any transactions that present conflicts of the
types described in clause (iii) of this Section 3(b) and shall provide the Board quarterly updates in respect of such matters.

 

(c)          Where
investments that are consistent with the Investment Guidelines are shared with Hunt, the Manager may, but is not obligated to,
aggregate sales and purchase orders of securities and other investments of the Company with similar orders being made simultaneously
for Hunt, if in the Manager’s judgment, such aggregation is likely to result generally in an overall economic benefit to
the Company. The determination of such economic benefit to the Company by the Manager is subjective and represents the Manager’s
evaluation that the Company is benefited by relatively better purchase or sales prices, lower commission expenses, increased access
to investment opportunities, beneficial timing of transactions or a combination of these and other factors.

 

    	 	16	 

     

    

 

(d)          Subject
to Section 3(b), the Board may periodically review the Investment Guidelines and the Company’s investment portfolio
when and as determined in its discretion, but will not review each proposed investment; provided, that the Manager shall
not consummate on behalf of the Company any transaction that involves (i) the sale of any investment to or (ii) the acquisition
of any investment from Hunt unless such transaction has been approved in advance by a majority of the Independent Directors. In
connection with the foregoing, it is understood and/or agreed for greater certainty that while conflicts of interests may arise
from time-to-time in connection with the investment activities of the Company and Hunt (including as more fully described in Section
3(b) above) and that the Manager will resolve any such conflicts of interest in a fair and equitable manner in accordance with
the Allocation Policy, only those transactions set forth above shall be required to be presented for approval by the Independent
Directors; provided, that the foregoing shall not limit the ability of the Manager, in its discretion, to present additional
matters involving the Company to the Independent Directors from time-to-time for review, advice and/or approval to the extent the
Manager reasonably determines that doing so is appropriate under the circumstances (including as a result of a determination that
such matters give rise to material conflicts of interest that are appropriate to be reviewed and/or approved by the Independent
Directors); provided, further, that if (x) the majority of the Independent Directors approve any matter or transaction
presented for their approval despite a conflict of interest after the Manager has disclosed all material facts relating to such
conflict of interest or (y) the Manager acts in a manner, or pursuant to standards or procedures, approved by a majority of the
Independent Directors with respect to such conflicts of interest that arise or may arise from time to time, then none of the Manager,
Hunt or any of their Affiliates shall have any liability to the Company or any of its equity holders by reason of such conflict
of interest for actions in respect of such matter taken in good faith by any of them, including actions in the pursuit of their
own interests.

 

(e)          In
the event of a Termination Without Cause of this Agreement by the Company pursuant to Section 10(b) hereof, for two (2)
years after such termination of this Agreement, the Company shall not, without the prior written consent of the Manager, employ
or otherwise retain any employee of the Manager, Hunt or any of their respective Affiliates or any person who has been employed
by the Manager or any of its Affiliates at any time within the two (2)-year period immediately preceding the date on which such
person commences employment with or is otherwise retained by the Company; provided, however, that following the payment
of the Termination Fee by the Company to the Manager, the Company may, without first obtaining the consent of the Manager, employ
the Persons serving in the capacity of Chief Executive Officer, Chief Operating Officer/President and Chief Financial Officer of
the Company. The Company acknowledges and agrees that, in addition to any damages, the Manager may be entitled to equitable relief
for any violation of this Section 3(e) by the Company, including injunctive relief.

 

(f)          At
the reasonable request of the Board, the Manager shall review the Investment Guidelines and the Allocation Policy with the Board
and respond to reasonable questions regarding the Investment Guidelines and the Allocation Policy as it relates to services under
this Agreement.

 

    	 	17	 

     

    

 

(g)          In
the event that (i) the Manager or any Hunt Affiliate is paid fees by third parties for investments allocated to the Company (other
than customary origination fees or other similar fees) or (ii) the Manager is engaged directly in a material investment or activity,
which conflicts with the Company’s interest, the Manager shall provide the Board with notice thereof.

 

Section 4.          Bank
Accounts. At the direction of the Board, the Manager may establish and maintain, as agent
on behalf of the Company, one or more bank accounts with a “qualified custodian” in the name of the Company or any
Subsidiary in accordance with applicable law, and may cause the Company to deposit into any such account or accounts, and disburse
funds from any such account or accounts, under such terms and conditions as the Board may approve, and the Manager shall ensure
that such custodian(s) from time to time render statements, including appropriate accountings of such collections and payments
to the Board and, upon request, to the auditors of the Company or any Subsidiary.

 

Section 5.          Records;
Confidentiality.

 

(a)      The
Manager shall maintain appropriate books of account, records and files relating to services performed hereunder, and such books
of account, records and files shall be accessible for inspection by representatives of the Company or any Subsidiary, and their
respective independent accounting firms and outside consultants, at any time during normal business hours upon reasonable advance
written notice. Manager shall also provide the Company, its Subsidiaries and their representatives, independent accounting firms
and outside consultants with reasonable access to appropriate personnel of the Manager, during normal business hours and upon reasonable
advance written notice, so as to enable the accountants and consultants to conduct the Company’s annual audit and to review,
design and test the Company’s internal controls over financial reporting. The Manager shall have full responsibility for
the maintenance, care and safekeeping of all such books of account, records and files (it being understood that services may be
provided with respect to the Company by service providers (e.g., administrators, prime brokers and custodians) and so long as such
service providers are monitored by the Manager with due care, the Manager shall be in compliance with the foregoing).

 

(b)      Until
the second (2nd) anniversary of the termination of this Agreement, the Manager shall keep confidential any and all Confidential
Information and shall not disclose Confidential Information, in whole or in part, to any Person other than (a) to officers, directors,
employees, agents, representatives, advisors of the Manager, Hunt or their respective Affiliates who need to know such Confidential
Information for the purpose of rendering services hereunder or in connection with Hunt’s asset management or capital markets
businesses, (b) to appraisers, lenders or other financing sources, co-originators, custodians, administrators, brokers, commercial
counterparties or any similar entity and others in the ordinary course of the Company’s business, (c) to appraisers, lenders
or other financing sources, custodians, administrators, brokers, advisors or any similar entity in connection with Hunt’s
debt securities or offerings ((a), (b) and (c) collectively, “Manager Permitted Disclosure Parties”), (d) in
connection with any governmental or regulatory filings of the Company, Hunt or their respective Affiliates, disclosure or presentations
to investors of the Company or Hunt (subject to compliance with Regulation FD) or any securities offerings or debt agreements of
Hunt, (e) to governmental agencies or officials having jurisdiction over the Company or the Manager, (f) as requested or required
by applicable law, legal process or regulatory request or requirement (including SEC rules or regulations), (g) to existing or
prospective investors in Hunt and their advisors to the extent such persons reasonably request such information, subject to an
undertaking of confidentiality, non-disclosure and non-use, or (h) otherwise with the consent of the Company, including pursuant
to a separate agreement entered into between the Manager and/or Hunt and the Company. The Manager agrees to inform each of its
Manager Permitted Disclosure Parties of the non-public nature of the Confidential Information. Nothing herein shall prevent the
Manager from disclosing Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request
or demand of, or pursuant to any law or regulation to, any regulatory agency or authority, (iii) to the extent reasonably required
in connection with the exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided,
however that with respect to clauses (i) and (ii), it is agreed that, so long as not legally prohibited, the Manager will
(x) consider, and if advisable seek, at the Company’s sole expense, an appropriate protective order or confidentiality agreement,
(y) notify the Board of such disclosure, and (z) in in the absence of an appropriate protective order or confidentiality agreement,
disclose only that portion of such information that is responsive, in the Manager’s reasonable discretion, to such request
or demand.

 

    	 	18	 

     

    

 

Section 6.         Compensation.

 

(a)      For
the services rendered under this Agreement, the Company shall pay the Management Fee and the Incentive Compensation to the Manager.
The Manager will not receive any compensation for the period prior to the Effective Date.

 

(b)      The
parties acknowledge that the Management Fee is intended in part to compensate the Manager and its Affiliates for the costs and
expenses (other than reimbursable costs and expenses) they will incur hereunder, as well as certain expenses not otherwise reimbursable
under Section 7 below, in order for the Manager to provide the Company the investment advisory services and certain general
management services rendered under this Agreement.

 

(c)      The
Management Fee shall be payable in arrears in cash, in quarterly installments commencing at the end of the quarter in which the
Effective Date occurs. If applicable, the initial and final installments of the Management Fee shall be pro-rated based on the
number of days during the initial and final quarter, respectively, that this Agreement is in effect. The Manager shall calculate
each quarterly installment of the Management Fee, and deliver such calculation to the Company, promptly following the filing of
the Company’s periodic report on Form 10-Q for the first three quarters of each calendar year and the receipt of the Company’s
completed audit as to the fourth quarter of each calendar year. The Company shall pay the Manager each installment of the Management
Fee within five (5) Business Days after the date of delivery to the Company of such computations.

 

(d)      The
Incentive Compensation shall be payable in arrears in cash, in annual installments commencing with calendar year 2018. The Manager
shall compute each annual installment of the Incentive Compensation within five (5) Business Days of the completion of the Company’s
annual audit. A copy of the computations made by the Manager to calculate such installment shall thereafter promptly be delivered
to the Board and, upon such delivery, payment of such installment of the Incentive Compensation shown therein shall be due and
payable no later than the date which is five (5) Business Days after the date of delivery to the Board of such computations.

 

    	 	19	 

     

    

 

(e)       The
Company shall have the right at the end of each calendar year to audit the Manager’s calculation of Management Fee and Incentive
Compensation in accordance with the procedures set forth in Section 7(d).

 

Section 7.         Expenses
of the Company.

 

(a)      Subject
to Section 7(b), the Manager shall be responsible for the expenses related to any and all personnel of the Manager and its
Affiliates who provide services to the Company pursuant to this Agreement (including each of the officers of the Company and its
Subsidiaries and any directors of the Company who are also directors, officers, employees or agents of the Manager or any of their
respective Affiliates), including salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such
personnel, and costs of insurance (other than insurance specifically required under this Agreement) with respect to such personnel
(“Manager Expenses”).

 

(b)       The
Company shall pay all of its costs and expenses and shall reimburse the Manager and its Affiliates for expenses of the Manager
and its Affiliates incurred on behalf of the Company or any of its Subsidiaries in accordance with this Agreement other than Manager
Expenses. The Manager shall not charge to the Company any expense reimbursable by the Company under this Section 7(b) or
Section 7(f) to the extent that the Manager has actually received reimbursement for such expense from a third party, whether
as part of the Renewable Energy Reimbursement, or otherwise, and nothing herein shall be construed to entitle the Manager to any
reimbursement not provided for in this Section 7(b) or Section 7(f). Without limiting the generality of the foregoing,
it is specifically agreed that the following costs and expenses of the Company and any Subsidiary shall be paid by the Company
and shall not be considered or covered by Manager Expenses and shall not be required to be paid by the Manager or Affiliates of
the Manager:

 

(i)          all
fees, costs and expenses associated with the formation and capital raising activities of the Company and any of its Subsidiaries,
including the costs and expenses of (A) the preparation of the Company’s registration statements, and (B) any subsequent
offerings and any filing fees and costs of being a public company, including filings with the SEC, the Financial Industry Regulatory
Authority, Inc. and any National Securities Exchange (and any other exchange or over-the-counter market), among other such entities;

 

(ii)         all
fees, costs and expenses in connection with the acquisition, negotiation, disposition, structuring, settling, financing, hedging
and ownership (in each case, whether or not consummated) of the Company’s or any Subsidiary’s business or investments
(including the Company Business), including fees, costs and expenses incurred in contracting with third parties to provide such
services, such as legal fees, accounting fees, consulting fees, trustee fees, appraisal fees, insurance premiums, commitment fees,
administrative fees, investment banking or brokerage fees and commissions and guaranty fees;

 

    	 	20	 

     

    

 

(iii)        reimbursements
of fees, costs and expenses (to the extent such fees, costs and expenses would otherwise be reimbursable if incurred by the Manager
or its Affiliates under this Section 7(b)) of a sub-advisor, but subject to Section 2(c)(xi) and, with respect to
sub-advisors who are Affiliates of the Manager, only to the extent approved as provided in Section 2(e) hereof;

 

(iv)        all
legal, audit (including internal audit), accounting, consulting, investor relations, proxy solicitation, brokerage, listing, filing,
custodian, transfer agent, rating agency, registration and other fees, costs and charges, printing, engraving and other expenses
and taxes incurred in connection with the issuance, distribution, transfer, registration and stock exchange listing of the Company’s
or any Subsidiary’s equity securities or debt securities;

 

(v)         all
fees, costs and expenses relating to communications to holders of equity securities or debt securities issued by the Company or
any Subsidiary and other third party services (including bookkeeping and other clerical services) utilized in maintaining relations
with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or
agencies (including the SEC), including any costs of computer services in connection with this function, the costs payable by the
Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s securities on
any exchange, the fees payable by the Company to any such exchange in connection with its listing, the costs of preparing, printing
and mailing certificates for such securities and proxy solicitation materials and reports to holders of the Company’s or
any Subsidiary’s securities and the cost of any other reports or related statements to third parties;

 

(vi)        all
fees, costs and expenses of money borrowed by the Company or any of its Subsidiaries, including principal, interest and the costs
associated with the establishment and maintenance of any credit facilities, other financing arrangements, or other indebtedness
of the Company and its Subsidiaries, if any (including commitment fees, accounting and legal fees, closing and other costs);

 

(vii)       all
taxes and license fees applicable to the Company or any Subsidiary, including interest and penalties thereon;

 

(viii)      all
fees paid to and expenses of third-party advisors and independent contractors, consultants, managers and other agents engaged by
the Company, any Subsidiary or by the Manager for the account of the Company or any Subsidiary;

 

(ix)         all
insurance costs incurred by the Company or any Subsidiary, including the cost of obtaining and maintaining (A) liability or other
insurance to indemnify (1) the Manager, (2) the directors and officers of the Company, and (3) underwriters of any securities of
the Company, (B) “errors and omissions” insurance coverage, and (C) any other insurance deemed necessary or advisable
by the Board for the benefit of the Company and its directors and officers;

 

(x)          all
compensation and fees paid to directors of the Company or any Subsidiary (excluding those directors who are also directors, officers,
employees or agents of Manager, Hunt or any of their Affiliates), and all expenses of all directors of the Company or any Subsidiary
incurred in their capacity as such;

 

    	 	21	 

     

    

 

(xi)         all
third-party legal, compliance, accounting and auditing fees, costs and expenses and other similar services relating to the Company’s
or any Subsidiary’s operations (including all quarterly and annual audit or tax fees, costs and expenses and including, for
the avoidance of doubt, all fees, costs and expenses of any third party advisor or sub-advisor retained regarding the maintenance
of the Company’s and its Subsidiaries’ exemption from regulation as an investment company under the Investment Company
Act);

 

(xii)        all
third-party legal, expert and other fees, costs and expenses relating to any actions, proceedings, lawsuits, demands, causes of
action and claims, whether actual or threatened, made by or against the Company or any of its Subsidiaries, or which the Company
or any Subsidiary is authorized or obligated to pay under applicable law or its Governing Agreements or by the Board;

 

(xiii)       subject
to Section 8 below, any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise)
against the Company or any Subsidiary, or against any trustee, director, partner, member or officer of the Company or any Subsidiary
in his capacity as such for which the Company or any Subsidiary is required to indemnify such trustee, director, partner, member
or officer by any court or governmental agency, or settlement of pending or threatened proceedings;

 

(xiv)      all
travel and related expenses of directors, officers, managers, agents and employees of the Company, any of its Subsidiaries and
the Manager, incurred in connection with attending meetings of the Board or holders of securities of the Company or any Subsidiary
or performing other business activities that relate to the Company or any Subsidiary (including the Company Business), including
travel and related expenses incurred in connection with the purchase, consideration for purchase, financing, refinancing, sale
or other disposition of any investment or potential investment of the Company or any Subsidiary; provided, however,
that the Company shall only be responsible for (A) a proportionate share of such expenses, as determined by the Manager in good
faith, where such expenses were not incurred solely for the benefit of the Company, and (B) expenses incurred in accordance with
the Company’s travel expense reimbursement policies;

 

(xv)       all
expenses of organizing, modifying or dissolving the Company or any Subsidiary and costs preparatory to entering into a business
or activity, or of winding up or disposing of a business activity of the Company or any of its Subsidiaries (including any activity
relating to the Company Business);

 

(xvi)      all
expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by
the Board to or on account of holders of the securities of the Company or any Subsidiary, including in connection with any dividend
reinvestment plan or direct stock purchase plan;

 

(xvii)     all
fees, costs and expenses related to (A) the design and maintenance of the Company’s or any Subsidiary’s web site or
sites and (B) the Company’s allocable share of costs associated with technology-related expenses, including any computer
software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates
of the Manager that is used for the Company or any of its Subsidiaries, technology service providers and related software/hardware
utilized in connection with the Company’s or any Subsidiary’s investment and operational activities;

 

    	 	22	 

     

    

 

(xviii)    all fees,
costs and expenses incurred with respect to market information systems and publications, research publications and materials, and
settlement, clearing and custodial fees and expenses; provided, however, that the Company shall only be responsible
for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely
for the benefit of the Company or any of its Subsidiaries;

 

(xix)       all
fees, costs and expenses incurred with respect to administering the Company’s or any Subsidiary’s equity incentive
plans, if any;

 

(xx)        rent
and other fees (including disaster recovery facilities costs and expenses) relating to office(s), telephone, utilities, office
furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for
the Company’s or any Subsidiary’s operations; provided, however, that the Company shall only be responsible
for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely
for the benefit of the Company;

 

(xxi)       the
Company’s allocable share of the compensation including, without limitation, annual base salary, bonus, any related withholding
taxes and employee benefits, paid to corporate finance, tax, accounting, internal audit, legal risk management, operations, compliance,
and other non-investment personnel of the Manager or its Affiliates who spend all or a portion of their time managing the Company’s
and/or its Subsidiaries’ affairs, including the Manager’s or its Affiliate’s personnel serving as the Company’s
Chief Executive Officer and Chief Financial Officer, in each case, based on the percentage of his or her time spent managing the
Company’s and/or its Subsidiaries’ affairs. The Company’s share of such costs shall be based upon the percentage
of time devoted by such personnel of the Manager or its Affiliates to the Company’s and/or its Subsidiaries’ affairs,
subject, however, to the following:

 

(1)         during
each of the first two (2) years following the Effective Date, the amount reimbursable by the Company under this clause (xxi) shall
be capped at $2,500,000 per year;

 

(2)         for
each year beginning on or after the second anniversary of the Effective Date, the amount reimbursable by the Company under this
clause (xxi) shall be capped at $3,500,000 per year until the Company’s GAAP Common Shareholders’ Equity exceeds $500,000,000,
after which there shall be no cap on the amount reimbursable by the Company under this clause (xxi), provided that any cap for
a prior period shall be pro-rated for any partial annual period through and including the calendar quarter in which the Company’s
GAAP Common Shareholders’ Equity first exceeds $500,000,000;

 

    	 	23	 

     

    

 

(3)         commencing
with the calendar quarter following the first calendar quarter in which the Company’s GAAP Common Shareholders’ Equity
exceeds $500,000,000, the compensation paid to of the Manager’s or its Affiliate’s employee serving as the Company’s
Chief Executive Officer shall constitute a Manager Expense and shall no longer be subject to reimbursement by the Company under
this clause (xxi);

 

(4)         if,
after the Company’s GAAP Common Shareholders’ Equity exceeds $500,000,000, the Company’s GAAP Common Shareholders’
Equity subsequently declines such that it no longer exceeds $500,000,000, the provisions set forth in sub-clauses (2) and (3) of
this clause (xxi), as applicable, shall continue to apply as if the Company’s GAAP Common Shareholders’ Equity exceeds
$500,000,000;

 

(5)         with
respect to any expense reimbursable under this Section 7(b)(xxi), the Manager shall be entitled to reimbursement for such
expense from the Company under this Section 7(b)(xxi) only to the extent that the Manager has not actually received reimbursement
for such expense from a third party; and

 

(xxii)      all
other expenses actually incurred by the Manager or its Affiliates or their respective directors, officers, managers, employees,
representatives or agents, or any Affiliates thereof, which are reasonably necessary for the performance by the Manager of its
duties and functions under this Agreement (including any fees, costs or expenses relating to the Company’s or any Subsidiary’s
compliance with all governmental and regulatory matters and reporting obligations).

 

(c)          Notwithstanding
anything to the contrary set forth in this Agreement, the Manager shall be entitled to incur and pay fees, costs and expenses on
behalf of the Company and/or any of its Subsidiaries, including any fees, costs and expenses described in Section 7(b).
Fees, costs and expenses described in Section 7(b) and incurred or paid by the Manager on behalf of the Company and/or any
of its Subsidiaries shall be reimbursed quarterly to the Manager. The Manager shall prepare a written statement in reasonable detail
documenting such costs and expenses of the Company and its Subsidiaries and those incurred by the Manager on behalf of the Company
and its Subsidiaries during each quarter, and shall use commercially reasonable efforts to deliver such written statement to the
Company within forty-five (45) days after the end of each applicable calendar quarter. The Manager may, at its option, elect not
to seek reimbursement for certain expenses described in Section 7(b) during a given quarterly period, which determination
shall not be deemed to constitute a waiver of reimbursement for similar expenses in future periods. The Company shall pay all amounts
payable to the Manager pursuant to this Section 7(d) within five (5) Business Days after the receipt of the written statement
without demand, deduction, offset or delay (unless those amounts are the subject of a good faith dispute); provided, that
such payments may be offset by the Manager against amounts due to the Company from the Manager. Cost and expense reimbursement
to the Manager shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company
as set forth in Section 7(d). Notwithstanding the forty-five (45) day period described above, the Manager shall use commercially
reasonable efforts to provide the Company with copies of all third-party bills and invoices expected to be included in the quarterly
reimbursement no later than fifteen (15) days after the end of each calendar quarter.

 

    	 	24	 

     

    

 

(d)      The
Company shall have the right, at its sole cost and expense, at the end of each calendar year, in connection with its annual audit,
to audit the Manager’s calculation of reimbursable expenses, the Management Fee and the Incentive Compensation. The Manager
agrees to make available to the Company and its representatives all books and records reasonably necessary for such audit. If the
audit shows an overpayment by the Company, the Company will be entitled to a credit in the amount of such overpayment against future
Management Fees and expense reimbursements. If the amount of the overpayment exceeds 110% of the amounts paid by the Company to
the Manager for such calendar year, the Company shall also be entitled to a one-time payment equal to ten percent (10%) of the
overpayment. If the audit shows a shortfall, the Company shall promptly pay the shortfall to Manager.

 

(e)       Where
this Section 7 provides for an allocation of costs among the Company and Hunt or others, the Company shall be entitled to
be treated on a substantially as favorable a basis as any other Person to whom such costs are allocated.

 

(f)       The
Manager shall be entitled to the Renewable Energy Reimbursements. The Company shall pay all Renewable Energy Reimbursements payable
to the Manager pursuant to this Section 7(f) within five (5) Business Days after the receipt by the Company of such amounts,
in each case without demand, deduction, offset or delay; provided, that such payments may be offset by the Manager against
amounts due to the Company from the Manager.

 

(g)       Although
the parties do not generally expect that the Company will directly pay any Manager expense and the Company is not authorized hereunder
to do so, in the event the Company does so, the Manager shall reimburse the Company for the documented amount expended, or provide
a credit on the Management Fee for the amount expended solely to the extent that any such paid Manager expenses are not expenses
for which the Manager would be reimbursed hereunder.

 

(h)       The
provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement to the extent such expenses
have previously been incurred or are incurred in connection with such expiration or termination.

 

Section 8.          Limits
of the Manager’s Responsibility; Indemnification.

 

(a)       The
Manager assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and
shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Manager,
including as set forth in the Investment Guidelines. To the fullest extent permitted by law, the Manager, Hunt and their respective
Affiliates, including their respective directors, officers, employees, managers, trustees, control persons, partners, stockholders,
and equity holders, will not be liable to the Company, any Subsidiary, the Board, the Company’s equity holders or any Subsidiary’s
equity holders or partners for any acts or omissions by the Manager, its Affiliates, Hunt or any of their respective directors,
officers or employees performed in accordance with and/or pursuant to this Agreement, whether by or through attempted piercing
of the corporate veil, by or through a claim, by the enforcement of any judgment or assessment or by any legal or equitable proceeding,
or by virtue of any statute, regulation or other applicable law, or otherwise, except by reason of acts or omissions constituting
bad faith, Fraud, willful misconduct, gross negligence or reckless disregard of their respective duties under this Agreement. The
Company shall, to the full extent lawful, reimburse, indemnify and hold harmless the Manager, Hunt, their respective Affiliates
and its and their respective directors, officers, employees, agents, managers, members, trustees, control persons, partners, stockholders
and equity holders (each, a “Manager Indemnified Party”), of and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) (collectively “Losses”)
in respect of or arising from any acts or omissions of such Manager Indemnified Party performed in good faith under this Agreement
and not constituting bad faith, Fraud, willful misconduct, gross negligence or reckless disregard of duties of such Manager Indemnified
Party under this Agreement. In addition, no Manager Indemnified Party will be liable for trade errors that may result from ordinary
negligence, including errors in the investment decision making process and/or in the trade process.

 

    	 	25	 

     

    

 

(b)      The
Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, its Subsidiaries and the directors,
officers and employees of the Company and its Subsidiaries and each Person, if any, controlling the Company (each, a “Company
Indemnified Party”; a Manager Indemnified Party and a Company Indemnified Party are each sometimes hereinafter referred
to as an “Indemnified Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions
of the Manager constituting bad faith, Fraud, willful misconduct, gross negligence or reckless disregard of duties of the Manager
under this Agreement or (ii) any claims by the Manager’s or its Affiliate’s employees relating to the terms and conditions
of their employment by the Manager or its Affiliate. Notwithstanding the foregoing, (A) in no event shall the Manager be liable
to any Company Indemnified Party for (1) any indirect, special, incidental or consequential damages, including lost profits or
savings, whether or not such damages are foreseeable (except, subject to the following clause (2), in the case of claims by third
parties), or (2) any claims (whether derivative or direct and whether based in contract, tort, by statute or otherwise) of any
holder of any equity or other ownership interest in the Company or any of its Subsidiaries, relating to services to be provided
by the Manager hereunder and (B) the aggregate liability of the Manager pursuant to this Section 8 shall in no event exceed
the aggregate amount of the Management Fees and Incentive Compensation paid to and received by the Manager at the time a Company
Indemnified Party submits a Claim for indemnification against the Manager in accordance with the terms of this Agreement; provided,
that, to the extent the Manager is liable to a Company Indemnified Party pursuant to this Section 8 during the first twelve
(12) months of this Agreement, the aggregate liability of the Manager in connection with such Claim shall not exceed the greater
of (x) $3.5 million and (y) the aggregate amount of the Management Fees and Incentive Compensation payable to the Manager during
such twelve (12)-month period, and the Manager’s obligations with respect to any such Claim shall be satisfied by offset
against such Management Fees and Incentive Compensation.

 

    	 	26	 

     

    

 

(c)      In
case any such claim, suit, action, investigation or proceeding (a “Claim”) is brought against any Indemnified
Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall
give prompt written notice thereof to the indemnifying party, which notice shall include all documents and information in the possession
of or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall
specifically state that indemnification for such Claim is being sought under this Section 8; provided, however,
that the failure of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s
rights pursuant to this Section 8 unless the failure to provide such notice results in material prejudice to the indemnifying
party. Upon receipt of such notice of Claim (together with such documents and information from such Indemnified Party), the indemnifying
party shall, at its sole cost and expense, in good faith control and defend any such Claim (including any settlement thereof) with
counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party
pursuant to the next succeeding sentence of this Section 8, also represent the indemnifying party in such Claim. In the
alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably determines
that the conduct of its defense by the indemnifying party could be materially prejudicial to its interests, (ii) the indemnifying
party refuses to assume such defense (or fails to give written notice to the Indemnified Party within ten (10) days of receipt
of a notice of Claim that the indemnifying party assumes such defense), or (iii) the indemnifying party shall have failed, in such
Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying party may settle any Claim against
such Indemnified Party, provided (A) such settlement is without any Losses (including equitable relief) whatsoever to such
Indemnified Party, (B) the settlement does not include or require any admission of liability or culpability by such Indemnified
Party and (C) the indemnifying party obtains an effective written release of liability for such Indemnified Party from the party
to the Claim with whom such settlement is being made, which release must be reasonably acceptable to such Indemnified Party, and
a dismissal with prejudice with respect to all claims made by the party against such Indemnified Party in connection with such
Claim. Subject to the immediately prior sentence, the applicable Indemnified Party shall reasonably cooperate with the indemnifying
party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance
with the terms hereof. If such Indemnified Party is entitled pursuant to this Section 8 to elect to defend such Claim by
counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such
Claim entered into by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may
pay or settle any Claim and seek reimbursement therefor under this Section 8.

 

(d)      Any
Indemnified Party entitled to indemnification hereunder shall first seek recovery from any other indemnity then available with
respect to any applicable insurance policies by which such Indemnified Party is indemnified or covered prior to seeking recovery
hereunder and shall obtain the written consent of the Company or Manager (as applicable) prior to entering into any compromise
or settlement which would result in an obligation of the Company or Manager (as applicable) to indemnify such Indemnified Party.
If such Indemnified Party shall actually recover any amounts under any applicable insurance policies or other indemnity then available,
it shall offset the net proceeds so received against any amounts owed by the Company or Manager (as applicable) by reason of the
indemnity provided hereunder or, if all such amounts shall have been paid by the Company or Manager (as applicable) in full prior
to the actual receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid
by the Company or Manager (as applicable) to such Indemnified Party) to the Company or Manager (as applicable). If the amounts
in respect of which indemnification is sought arise out of the conduct of the business and affairs of the Company or Manager and
also of any other Person or entity for which the Indemnified Party hereunder was then acting in a similar capacity, the amount
of the indemnification to be provided by the Company or Manager (as applicable) may be limited to the Company’s or Manager’s
(as applicable) allocable share thereof as determined by the Company or Manager (as applicable) in good faith. Notwithstanding
anything to the contrary in this Section 8 and for greater certainty, it is understood and/or agreed that the Company’s
or Manager’s (as applicable) obligation, if any, to indemnify any Indemnified Party shall be reduced by any amount that such
Indemnified Party shall collect as indemnification from any then available insurance policies, which the Indemnified Party shall
have an obligation to seek payment from prior to seeking payment from the Company or Manager in respect of such Claims, and if
the Company or Manager pays or causes to be paid any amounts that should have been paid under such insurance policies, then the
Company or Manager (as applicable) shall be fully subrogated to all rights of the relevant Indemnified Party with respect to such
payment and shall be entitled to recover under such policy up to the amount owed or paid by the Company or Manager (as applicable)
to the Indemnified Party.

 

    	 	27	 

     

    

 

(e)      The
provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement.

 

Section 9.          No
Joint Venture. The Company and the Manager are not partners or joint venturers with each
other by virtue of this Agreement and nothing herein shall be construed to make them such partners or joint venturers or impose
any liability as such on either of them.

 

Section 10.       Term;
Renewal; Termination Without Cause.

 

(a)      This
Agreement became effective on the Effective Date and shall continue in operation, unless terminated in accordance with the terms
hereof, until December 31, 2022 (the “Initial Term”). After the Initial Term, this Agreement shall be deemed
renewed automatically for additional two (2)-year periods (each, an “Automatic Renewal Term”) unless the Company
or the Manager elects not to renew this Agreement in accordance with Section 10(b) or Section 10(c), respectively.

 

(b)      Notwithstanding
any other provision of this Agreement to the contrary, upon the expiration of the Initial Term or any Automatic Renewal Term and
upon twelve (12) months prior written notice to the Manager (the “Termination Notice”), the Company may, without
cause, in connection with the expiration of the Initial Term or the then current Automatic Renewal Term, decline to renew this
Agreement (any such nonrenewal, a “Termination Without Cause”) upon the affirmative vote of a majority of the
Independent Directors. In the event of a Termination Without Cause, the Company shall pay the Manager the Termination Fee on or
before the last day of the Initial Term or applicable Automatic Renewal Term, as the case may be (the “Effective Termination
Date”). The Company may terminate this Agreement for cause pursuant to Section 12 hereof even after a Termination
Notice and, in such case, no Termination Fee shall be payable.

 

(c)      No
later than twelve (12) months prior to the expiration of the Initial Term or the then current Automatic Renewal Term, the Manager
may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon
this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the expiration date of the then
current term. The Company shall not be required to pay the Manager any Termination Fee if the Manager terminates this Agreement
pursuant to this Section 10(c).

 

    	 	28	 

     

    

 

(d)      Except
as set forth in this Section 10, a nonrenewal of this Agreement pursuant to this Section 10 shall be without any
further liability or obligation of either party to the other, except as provided in Section 3(b), Section 5, Section
7, Section 8 and Section 14 of this Agreement.

 

(e)      Prior
to the Effective Termination Date, the Manager shall cooperate, at the Company’s expense, with the Company in executing an
orderly transition of the management of the Company’s consolidated assets to a new manager or to the Company, as the Company
may elect.

 

Section 11.       Assignments.

 

(a)      Assignments
by the Manager. This Agreement shall terminate automatically without payment of the Termination Fee in the event of its assignment,
in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company and with the consent of a
majority of the Independent Directors. The failure of the Persons set forth on Schedule 11(a) to, in the aggregate, directly
or indirectly, own fifty-one percent (51%) of the equity interests of the Manager or its ultimate parent entity, shall be deemed
an assignment hereunder requiring such consent. Any such permitted assignment by the Manager shall bind the assignee under this
Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all acts or omissions
of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of
this Agreement naming such assignee as the Manager. Notwithstanding the foregoing, the Manager may, at any time without the approval
of the Company and without the approval of the Company’s Independent Directors, (i) assign this Agreement to one or more
Affiliates of the Manager or Hunt and (ii) delegate to one or more of its Affiliates, including Affiliate sub-advisors approved
under Section 2(e), the performance of any of its responsibilities hereunder so long as it remains liable for any such Affiliate’s
performance, in each case, so long as such assignment or delegation does not require the Company’s approval under the Investment
Company Act or the Company’s consent under the Investment Advisers Act (but if such approval or consent is required, the
Company shall not unreasonably withhold, condition or delay its consent). Nothing contained in this Agreement shall preclude any
pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement.

 

(b)      Assignments
by the Company. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, and the
failure to obtain such prior written consent will result in the Manager having the right to terminate this Agreement in its sole
discretion. Any permitted assignment shall bind the assignee under this Agreement in the same manner as the Company is bound under
this Agreement. For the avoidance of doubt, the merger, consolidation or similar reorganization of the Company shall be deemed
an assignment of this Agreement by the Company upon which the Manager may terminate this Agreement and shall receive the Termination
Fee; provided, however, that in connection with such termination, the Company shall not be required to pay the Termination
Fee if such assignment, merger, consolidation or similar reorganization of the Company does not cause the Company to become privately
held or otherwise result in the delisting of the Common Shares from any applicable National Securities Exchange.

 

    	 	29	 

     

    

 

Section 12.       Termination
for Cause.

 

(a)      The
Company may terminate this Agreement effective upon ninety (90) days’ prior written notice of termination from the Company
to the Manager, without payment of any Termination Fee, upon the occurrence of a Cause Event.

 

(b)      The
Manager may terminate this Agreement effective upon ninety (90) days’ prior written notice of termination to the Company
in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained
in this Agreement and such default shall continue for a period of thirty (30) days in the case of a payment default and ninety
(90) days in the case of any other default after written notice thereof specifying such default and requesting that the same be
remedied in such thirty (30)-day or ninety (90)-day period. The Company is required to pay to the Manager the Termination Fee if
the termination of this Agreement is made pursuant to this Section 12(b).

 

(c)      The
Manager may terminate this Agreement if the Company becomes required to register as an investment company under the Investment
Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall not be required
to pay the Termination Fee.

 

Section 13.        Action
Upon Termination. From and after the effective date of termination of this Agreement pursuant
to Sections 10, 11, or 12 of this Agreement, the Manager shall not be entitled to compensation for further
services hereunder, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section
12(b) hereof or not renewed pursuant to Section 10(b) hereof, the Termination Fee as set forth in the applicable Section.
Upon any such termination, the Manager shall forthwith:

 

(a)      after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or
a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement;

 

(b)     deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board with respect to the Company and any Subsidiaries
through the Effective Termination Date; and

 

(c)      deliver
to the Board all property and documents of the Company and any Subsidiaries then in the custody of the Manager, provided
that the Manager shall be permitted to retain copies of such documents for its records, and if so retained, the Manager shall continue
to be bound by the confidentiality obligations and other obligations set forth in Section 5 hereof with respect to the retained
documents.

 

    	 	30	 

     

    

 

Section 14.         Release
of Money or Other Property Upon Written Request. The Manager agrees that any money or
other property of the Company (which such term, for the purposes of this Section 14, shall be deemed to include any and
all of its Subsidiaries, if any) shall be held in the name of the Company or any Subsidiary, and in the case of securities and
funds of the Company, shall be maintained by a qualified custodian in the name of the Company or any Subsidiary in accordance
with applicable law. The Manager shall not be liable to the Company, the Board, or the Company’s equity holders or partners
for any acts or omissions by the custodian in connection with the money or other property held by such custodian(s) in accordance
with this Section 14. The Company shall indemnify the Manager and each other Manager Indemnified Party against any and
all Losses which arise in connection with the Manager’s or such Manager Indemnified Party’s proper release or direction
of such money or other property to the Company’s custodian(s) in accordance with the terms of this Section 14. Indemnification
pursuant to this provision shall be in addition to any right of the Manager and each other Manager Indemnified Party to indemnification
under Section 8 of this Agreement.

 

Section 15.       Representations
and Warranties.

 

(a)      The
Company hereby represents and warrants to the Manager as follows:

 

(i)          Each
of the Company and each Subsidiary thereof, if any, is organized or incorporated, as applicable, validly existing and in good standing
under the laws of the state of its organization, formation or incorporation, as applicable, has the limited liability company,
corporate or partnership power and authority, as applicable, and the legal right to own and operate its assets, to lease any property
it may operate as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign limited liability
company, corporation or partnership, as applicable, and in good standing under the laws of each jurisdiction where its ownership
or lease of property or the conduct of its business requires such qualification, except for failures to be so qualified, authorized
or licensed that could not in the aggregate have a material adverse effect on the business operations, assets or financial condition
of the Company and its Subsidiaries, if any, taken as a whole.

 

(ii)         The
Company has the limited liability company power and authority and the legal right to make, deliver and perform this Agreement and
all obligations required hereunder and has taken all necessary limited liability company action to authorize this Agreement on
the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder.
No consent of any other Person that has not already been obtained, including equity holders and creditors of the Company, and no
license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with,
any governmental authority is required by the Company or any Subsidiary thereof in connection with this Agreement or the execution,
delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has
been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Company,
and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute,
the legally valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

    	 	31	 

     

    

 

(iii)        The
execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any
provision of any existing law or regulation binding on the Company or any Subsidiary thereof, or any order, judgment, award or
decree of any court, arbitrator or governmental authority binding on the Company or any Subsidiary thereof, or the Governing Agreements
of, or any securities issued by, the Company or any Subsidiary thereof, or of any mortgage, indenture, lease, contract or other
agreement, instrument or undertaking to which the Company or any Subsidiary thereof is a party or by which the Company or any Subsidiary
thereof or any of their respective assets may be bound, the violation of which would have a material adverse effect on the business
operations, assets or financial condition of the Company and its Subsidiaries, if any, taken as a whole, and will not result in,
or require, the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of any
such mortgage, indenture, lease, contract or other agreement, instrument or undertaking.

 

(b)      The
Manager hereby represents and warrants to the Company as follows:

 

(i)          The
Manager is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the limited liability
company power and authority and the legal right to conduct the business in which it is now engaged and is duly qualified as a foreign
limited liability company and in good standing under the laws of each jurisdiction where its ownership or lease of property or
the conduct of its business requires such qualification, except for failures to be so qualified, authorized or licensed that could
not in the aggregate have a material adverse effect on the business operations, assets or financial condition of the Manager.

 

(ii)         The
Manager has the limited liability company power and authority and the legal right to make, deliver and perform this Agreement and
all obligations required hereunder and has taken all necessary limited liability company action to authorize this Agreement on
the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder.
No consent of any other Person, including members and creditors of the Manager, and no license, permit, approval or authorization
of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the
Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement
and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder will be, executed
and delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument or document required
hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation of the Manager, enforceable
against the Manager in accordance with its terms.

 

(iii)        The
execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any
provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Manager, or the Governing Agreements of, or any securities issued by the Manager or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which
the Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien on any
of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking.

 

    	 	32	 

     

    

 

Section 16.       Miscellaneous.

 

(a)      Notices.
Any notices that may or are required to be given hereunder by any party to another shall be deemed to have been duly given if (i)
personally delivered or delivered by facsimile, when received, (ii) sent by United States Express Mail or recognized overnight
courier, on the second following Business Day (or third following Business Day if mailed outside the United States), or (iii) delivered
by electronic mail upon confirmation of transmission:

 

The Company:

 

MMA Capital Management, LLC

3600 O'Donnell Street, Suite 600

Baltimore, Maryland 21224

		Attention:	Chief Executive Officer

		Email:	Michael.Falcone@mmacapitalmanagement.com

with a copy to:

 

MMA Capital Management, LLC

c/o Charlesmead Advisors, LLC

800 N. Charles Street Suite 201

Baltimore, Maryland 21201

Attention: Frank Gallagher, Chairman

Email: fgallagher@charlesmead.com

and

 

Gallagher Evelius & Jones LLP

218 North Charles Street, Suite 400

Baltimore, Maryland 21201

		Attention:	Stephen A. Goldberg

		Email:	sgoldberg@gejlaw.com

		Facsimile:	(410) 468-2786

 

The Manager:

 

Hunt Investment Management, LLC

980 North Michigan Avenue, Suite 1150

Chicago, Illinois 60611

Attention: Kara E. Harchuck, General Counsel

Facsimile: 312-799-3909

Email: kara.harchuck@huntcompanies.com

 

    	 	33	 

     

    

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas

New York, New York 10019-6064

		Attention:	Jeffrey D. Marell

Ross A. Fieldston

		Email:	jmarell@paulweiss.com

rfieldston@paulweiss.com

		Facsimile:	(212) 492-0105

(212) 492-0075

 

(b)      Binding
Nature of Agreement; Successors and Assigns; No Third Party Beneficiaries. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, personal representatives, permitted successors and permitted assigns
as provided herein. Except for Section 3 and Section 8, none of the provisions of this Agreement are intended to
be, nor shall they be construed to be, for the benefit of any third party.

 

(c)      Integration.
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof,
and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any
course of performance and/or usage of the trade inconsistent with any of the terms hereof.

 

(d)      Amendments.
Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except in an instrument in writing executed
by the parties hereto.

 

(e)      GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD
RESULT IN THE APPLICATION OF LAW OTHER THAN LAW OF THE STATE OF NEW YORK. EXCEPT AS SPECIFICALLY PROVIDED IN THE DEFINITION OF
“CONSUMER PRICE INDEX,” EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE
OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE
LAYING OF VENUE IN SUCH COURT.

 

    	 	34	 

     

    

 

(f)       WAIVER
OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

(g)      Survival
of Representations and Warranties. All representations and warranties made hereunder, and in any document, certificate or statement
delivered pursuant hereto or in connection herewith, shall survive the execution and delivery of this Agreement.

 

(h)      No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

 

(i)       Costs
and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements of counsel and
accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement, and all matters
incident thereto.

 

(j)       Section
Headings. The section and subsection headings in this Agreement are for convenience in reference only and shall not be deemed
to alter or affect the interpretation of any provisions hereof.

 

(k)      Counterparts.
This Agreement may be executed by the parties to this Agreement on any number of separate counterparts (including by facsimile),
and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(l)       Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	35	 

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has executed this Management Agreement as of the date first written above.

 

	 	MMA CAPITAL MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ Michael L. Falcone
	 	 	Name: Michael L. Falcone
	 	 	Title:   Chief Executive Officer and President
	 	 
	 	HUNT INVESTMENT MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ Kara Harchuck
	 	 	Name: Kara E. Harchuck
	 	 	Title:   EVP and General Counsel

 

[Signature Page to Management Agreement]

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