Document:

EX-1018

		

			

		

		

			EXECUTION COPY

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			PURCHASE AGREEMENT
		

		
			By and Between
		

		
			 General Electric Capital Corporation
		

		
			as Seller 
		

		
			and
		

		
			MMA Capital TC Fund I, LLC 
		

		
			as Purchaser
		

		

		

		 

 

		

			

		

		PURCHASE AGREEMENT
		

		
			THIS PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of the thirtieth (30th) day of November, 2015 (the “Effective Date”), by and between MMA Capital TC Fund, I, LLC, a Delaware limited liability company (“Purchaser”), and General Electric Capital Corporation, a Delaware corporation (“Seller”). Seller and Purchaser are sometimes referred to herein as the “Parties” and each individually as a “Party.”  Capitalized terms have the meanings given to such terms in Section 1 of this Agreement.
		

		
			RECITALS:
		

		
			A.WHEREAS, the Transferred Companies own, directly or indirectly, the Fund Interests and the Direct Operating Partnership Interests.
		

		
			 
		

		
			B.WHEREAS, Seller owns, directly or indirectly, all of the Equity Interests.
		

		
			 
		

		
			C.WHEREAS,  an Affiliate of Seller owns all of the interests in the Transferred Loans.
		

		
			 
		

		
			D.WHEREAS, Seller and its Affiliates desire to sell to Purchaser, and Purchaser desires to purchase from Seller and its Affiliates, (1) all of the Equity Interests and (2) all of Seller’s interests in the Transferred Loans, in each case in accordance with the terms hereof. 
		

		
			NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants and promises set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
		

		
			AGREEMENT:
		

			
	
			
				 1.
			

			
	
			
			Definitions.

		
			In this Agreement, the following terms shall have the following meanings:
		

		
			“Acquisition Proposal” has the meaning given in Section 23.
		

		
			“Actual Knowledge” means, with respect to the Seller, the actual knowledge as of the date hereof of the principal portfolio manager after due inquiry of certain relevant asset managers, excluding implied knowledge, constructive knowledge and similar concepts; provided, however, that with respect to each Indirect Operating Partnership, the Actual Knowledge of Seller is based solely on reporting, notices or other written communications actually received from the general partner or managing member of the applicable Fund, without further duty of inquiry.
		

		
			“Additional Deposit” has the meaning given in Section 2.5(c).
		

		
			“Affiliate” means as to any person or entity, any other person or entity which controls, is controlled by, or is under common control with, such person or entity.  Control means the 
		

		 

		

			 

		

 

		power to direct the affairs or management of a person or entity, whether by ownership of voting securities, contract right or otherwise.    
		

		
			“Agreement” has the meaning given in the Preamble.
		

		
			“Assets” means the Transferred Assets, the Fund Interests, the Operating Partnership Interests and the Properties.
		

		
			“Assignment and Assumption Agreement”  means the agreements in the form of  Exhibit  A and Exhibit B.
		

		
			“Base Purchase Price” has the meaning given in Section 2.2.1.
		

		
			“Books and Records” has the meaning given in Section 4.2.6.
		

		
			“Business Day” means any day on which federally chartered banks are open for business in New York, New York.
		

		
			“Closing” has the meaning given in Section 2.2.1.
		

		
			“Closing Date” has the meaning given in Section 2.2.1.
		

		
			“Closing Update” has the meaning given in Section 2.2.2.
		

		
			“Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.
		

		
			“Controlled Assets” has the meaning given in Section 2.2.2(a).
		

		
			“Deductible” has the meaning given in Section 16.2(c)(i).
		

		
			“Deposit” means the Initial Deposit and the Additional Deposit.
		

		
			“Direct Operating Partnership” means an Operating Partnership in which a Transferred Company or Subsidiary owns a Direct Operating Partnership Interest.
		

		
			“Direct Operating Partnership Interest” means an interest in an Operating Partnership that is owned directly by a Transferred Company or a  Subsidiary thereof (excluding any such interest held by a Fund), all of which interests are listed on Schedule 3, including as to each such Operating Partnership the Transferred Company or Subsidiary which owns the interest therein.
		

		
			“DLE” has the meaning given in Section 2.6.2 
		

		
			“Effective Date” has the meaning given in the Preamble.
		

		
			“Equity Interests”  means the equity interests in the Transferred Companies.
		

		

		

		 

		

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			“Escrow Account” has the meaning given in Section 2.5(b).
		

		
			“Force Majeure Event” means an act or event beyond the control of the parties and includes terrorism, cyber-attack, war, riot, large-scale electrical outage or an act of God.
		

		
			“Fund” means a proprietary or multi-investor Tax Credit fund that owns, directly or indirectly, one or more Operating Partnership Interests.
		

		
			“Fund Interest” means an interest in a Fund that is owned, directly or indirectly, by a Transferred Company, all of which interests are set forth on Schedule 4, including as to each such Fund the Transferred Company or the Subsidiary which owns the interest therein.
		

		
			“Heritage Interests” has the meaning given in Section 5.3.2(a).
		

		
			“HUD” means the United States Department of Housing and Urban Development.
		

		
			“Indemnitee” has the meaning given in Section 16.2(d)(i).
		

		
			“Indemnitor” has the meaning given in Section 16.2(d)(i).
		

		
			“Indirect Operating Partnership” means an Operating Partnership in which a Fund owns an Indirect Operating Partnership Interest.
		

		
			“Indirect Operating Partnership Interest” means an interest in an Operating Partnership that is owned, directly or indirectly, by a Fund, all of which interests are listed on Schedule 5, including as to each such Fund the Transferred Company or Subsidiary which owns the interest therein and each Operating Partnership in which the Fund owns an interest. 
		

		
			“Initial Deposit” has the meaning given in Section 2.5(b).
		

		
			“Liens” has the meaning give in Section 7.2.1. 
		

		
			“Loan Prepayment” has the meaning given in Section 2.2.2.
		

		
			“Loss” or “Losses” means all claims, losses, damages, costs and expenses, including, without limitation, reasonable attorneys’ fees, provided, that (i) Losses shall not include consequential damages, special damages, damages determined by any reference to a multiple, punitive damages, or lost profits, and (ii) for purposes of computing Losses incurred by an Indemnitee, there shall be deducted an amount equal to the amount of any insurance proceeds, indemnification payments, contribution payments or reimbursements received or receivable by such Indemnitee or any of such Indemnitee’s Affiliates in connection with such Losses or the circumstances giving rise thereto.  For the avoidance of doubt, Losses include any Tax Credits that are lost, disallowed or recaptured, and any associated penalties and interest, as a result of a breach by Seller of any representation, warranty, or covenant set forth in this Agreement or the failure of Seller to obtain all Required Consents other than any consents related to technical termination matters.
		

		

		

		 

		

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		“Material Adverse Effect” means any change or effect that is materially adverse to the business, operations, financial condition or results of operations of the Transferred Companies, taken as a whole.
		

		
			“Material Contract” means any contract which entitles a Transferred Company or Subsidiary to receive, or which obligates a Transferred Company or Subsidiary to pay, in excess of $100,000.
		

		
			“MHDC” has the meaning given in Section 5.3.2(a).
		

		
			“Multi-Investor Fund” means a Fund in which there are multiple investor members.
		

		
			“Operating Partnership Interest” means, collectively, all Direct Operating Partnership Interests and all Indirect Operating Partnership Interests.
		

		
			“Operating Partnership” means a limited partnership or limited liability company that owns a Property and in which a Transferred Company owns, directly or indirectly, an Operating Partnership Interest.
		

		
			“Organizational Documents” means the Certificate or Articles of Incorporation, By-laws and Shareholders’ Agreement (if any), as to any corporation, the Certificate of Limited Partnership and Partnership Agreement, as to any partnership, and the Certificate of Formation and Operating Agreement, as to any limited liability company, and any documents of a similar nature.
		

		
			“Party” has the meaning given in the Preamble.
		

		
			“Projected Credits” means the Tax Credits which, as of the date hereof, to the Actual Knowledge of Seller, are expected to be generated by each Direct Operating Partnership or Fund beginning in (and including) January 2016.  
		

		
			“Property” means a multifamily apartment project which is eligible for Tax Credits and is owned by an Operating Partnership.
		

		
			“Property Sale” has the meaning given in Section 2.2.2.
		

		
			“Purchase Price” has the meaning given in Section 2.2.1.
		

		
			“Purchaser” has the meaning given in the Preamble.
		

		
			“Purchaser Indemnitees” has the meaning given in Section 16.2(b).
		

		
			“Recapture” has the meaning given in Section 6.1
		

		
			“Regulatory Agreements” means any regulatory or similar agreement between the Operating Partnership and any governmental entity or pursuant to which a Property is bound in connection with regulatory schemes of any governmental entity or imposed by any applicable state housing authority as a condition to the allocation of Tax Credits 
		

		 

		

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		(whether federal or state) or which otherwise either (i) materially restricts the use or ownership of the properties owned by an Operating Partnership or the leasing thereof other than those generally applicable to rental properties; (ii) entitles an Operating Partnership or its Property, or persons leasing apartment units therein, to rental subsidies, including those under Section 8 of the United States Housing Act of 1937 or any comparable rental assistance program; (iii) entitles an Operating Partnership or its Property to an exemption, deferral or reduction in interest or debt service payable in connection with any mortgage financing provided by any such governmental entity or the direct or indirect holders of any such mortgage debt to an exemption from taxation or reduction in taxation of the interest paid or payable thereunder; or (iv) entitles an Operating Partnership or its Property to an exemption, reduction or deferral of property or similar taxes or payments in lieu thereof.
		

		
			“Reorganization” has the meaning given in Section 2.6.1.
		

		
			“Required Consents”  means the consent of all persons and entities (including any applicable governmental units or agencies) whose consent is required by law, by contract, by Regulatory Agreement or otherwise for the transfer to Purchaser or its designees of any of the Transferred Assets, the Fund Interests and the Operating Partnership Interests, or the lack of whose consent would constitute a violation of any law or contract applicable to the Transferred Assets, the Fund Interests, the Operating Partnership Interests, or the Operating Partnerships, including the consents of lenders, Tax Credit allocating agencies and the partners or members of any Operating Partnership or Fund.
		

		
			“Section 336(e) Allocation” has the meaning given in Section 6.9(b).
		

		
			“Section 336(e) Allocation Notice of Objection” has the meaning given in Section 6.9(b).  
		

		
			“Section 336(e) Allocation Review Period” has the meaning given in Section 6.9(b).
		

		
			“Section 336(e) Election” has the meaning given in Section 6.9(a).
		

		
			“Section 336(e) Sellers” means the Seller, Affordable Housing & Power Buyer Service Inc. and LN Realty, Inc.
		

		
			“Section 336(e) Targets” means the Transferred Companies and Subsidiaries that are treated as corporations for federal income tax purposes, all of which are members of the Seller’s affiliated group (within the meaning of Section 1501(a) of the Code) filing a consolidated federal income Tax Return.
		

		
			“Seller Indemnitees” has the meaning given in Section 16.2(a).
		

		
			“Subsidiaries” means Heller Affordable Housing, Inc., DLE Investors, L.P., Royal Kinau Partnership, and Capmark Affordable Tax Credit Fund 3, LLC.
		

		
			“Tax Credits” means the low-income housing tax credits allowed for low-income housing under Section 42 of the Code and any other comparable provision of state income tax law.  
		

		
			“Third Party Claim” has the meaning given in Section 16.2(d)(ii).
		

		

		

		 

		

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		“Transfer” means a sale, disposition, or other transfer of any nature.
		

		
			“Transferred Assets” means the Equity Interests and the Transferred Loans.
		

		
			“Transferred Companies” means the entities set forth on Schedule 1.  
		

		
			“Transferred Loans” means the loans set forth on Schedule 2, which Schedule includes the outstanding principal balance and the borrower of each loan as of November 19, 2015.
		

			
	
			
				 2.
			

			
	
			
			Sale and Purchase.

		
			2.1     Generally.
		

		
			  Subject to the terms and conditions of this Agreement, at the Closing Seller shall (or shall cause its Affiliates to) sell, assign and transfer to Purchaser, and Purchaser shall purchase, assume and acquire from Seller (or its Affiliates), (a) the Equity Interests and (b) the Transferred Loans.  Seller shall (or shall cause its Affiliates to) convey title to Purchaser or its designees as Purchaser may request.
		

		
			2.2     Purchase Price.
		

		
			2.2.1    Payment of Purchase Price. The purchase price for the Transferred Assets shall be Two Hundred Forty-Four Million Dollars ($244,000,000) (the “Base Purchase Price”).  The Base Purchase Price may be adjusted prior to Closing in accordance with this Section 2.2 (as so adjusted, the “Purchase Price”). The Purchase Price and any other amounts due pursuant to this Agreement shall be paid on the date (the “Closing Date”) of the closing under this Agreement (the “Closing”) by wire transfer of immediately available funds to an account designated by Seller. 
		

		
			2.2.2    Base Purchase Price Adjustments Prior to Closing.
		

		
			(a)    To the extent Seller and its Affiliates have the contractual right to cause or prevent a  Transfer of any Assets other than the Transferred Loans (the “Controlled Assets”), Seller and its Affiliates shall not cause or permit any such Transfer to be contracted for between the date hereof and the Closing, other than as described on Schedule 2.2.2(a), unless Purchaser has consented thereto, which consent shall set forth a minimum credit to be given to Purchaser on the Base Purchase Price as a result of the Transfer of such interest (the  “Minimum Credit”).  If, between the date hereof and the Closing, there is a Transfer of any non-Controlled Asset (other than a Transferred Loan), the Minimum Credit shall be $1.20 for every dollar of Projected Credits that will be lost as a result of the Transfer of such non-Controlled Asset.  
		

		
			(b)    Within two (2) Business Days of learning that a Transfer has been consummated, Seller shall submit to Purchaser a statement identifying (i) the Assets other than Transferred Loans (if any) that have been Transferred since the Effective Date and with respect to which proceeds of the Transfer have been received by Seller or its Affiliates (any such Transfer, a “Property Sale”), and (ii) Transferred Loans (if any) that have been amortized, prepaid or Transferred since November 19, 2015 and with respect to which the amortization proceeds, prepayment proceeds or proceeds of Transfer have been received by Seller or its Affiliates (any such transaction, a “Loan Prepayment”).  Such updates are collectively referred to as the 
		

		 

		

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		“Closing Update.”  If there has been a Property Sale after the Effective Date and prior to Closing, the Base Purchase Price shall be reduced dollar-for-dollar by the greater of (i) the amount actually received by Seller or its Affiliates as a result of such transaction, or (ii) the Minimum Credit for such Property Sale.  If there has been a Loan Prepayment after November 19, 20152 and prior to Closing, the Base Purchase Price shall be reduced  dollar-for-dollar by the amount actually received on account of principal in the case of amortization proceeds or prepayment proceeds and,   in the case of a Transfer,  by the greater of (i) the amount actually received by Seller or its Affiliates from such transaction other than any prepayment fees or penalties, or (ii) the outstanding principal amount as shown on Schedule 2. For the avoidance of doubt, if there has been a Loan Prepayment, all proceeds thereof shall be the property of Seller and its Affiliates. In addition, prior to Closing the Seller shall provide to Purchaser a schedule setting forth the amount of accrued but unpaid interest as of Closing for the month of December with respect to the Transferred Loans, and the Base Purchase Price shall be increased by such amount. In the event Seller receives any interest for which the Base Purchase Price has been increased, Seller shall promptly remit the payment to Purchaser or its designee.
		

		
			2.2.3   Access.  In connection with the Closing Update, Seller shall provide Purchaser with reasonable access to information reasonably appropriate to confirm the accuracy thereof, including regularly maintained electronic tapes of the Property, Operating Partnership Interest, Equity Interest and Transferred Loan portfolios, and documents and agreements related thereto.
		

		
			2.3No Financing Contingency.    Purchaser acknowledges and agrees that Purchaser’s obligations under this Agreement are not in any way conditioned upon obtaining any financing for all or any portion of the Transferred Assets for any of the amounts payable by Purchaser hereunder.  
		

		
			2.4Transfer Taxes. Purchaser shall be solely responsible for the payment of, and shall pay, any transfer, recording, deed or similar taxes that may be payable as a result of the transactions contemplated by this Agreement and Purchaser shall and does hereby indemnify and hold harmless each of Seller and its Affiliates with respect thereto.
		

		
			2.5Due Diligence; Deposit.  
		

		
			(a)    Purchaser shall have from the date hereof through and including Closing (or earlier termination of this Agreement),  in which to perform Purchaser’s due diligence of the Assets.  Seller shall use its reasonable best efforts to promptly provide Purchaser with any requested due diligence materials within Seller’s possession or control.  
		

		
			(b)    On the Effective Date Purchaser is depositing Five Million Dollars ($5,000,000) (the “Initial Deposit”) into an account (the “Escrow Account”) with Wells Fargo as escrow agent pursuant to an Escrow Agreement entered into by the parties.  The Initial Deposit shall be non-refundable as of the Effective Date, and shall be promptly released to Seller in the event this Agreement terminates prior to Closing, and Purchaser shall, as of such time, have no rights with respect thereto.
		

		
			(c)    If the Closing has not occurred on or prior to 11:59 P.M. Eastern time on December 10, 2015, Purchaser shall then deposit an additional Five Million Dollars 
		

		 

		

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		($5,000,000) into the Escrow Account. If the Closing has not occurred on or prior to 11:59 P.M. Eastern time on December 16, 2015, Purchaser shall then deposit an additional Five Hundred Thousand Dollars ($500,000) into the Escrow Account.  If the Closing has not occurred on or prior to 11:59 P.M. Eastern time on December 23, 2015, Purchaser shall then deposit an additional Five Hundred Thousand Dollars ($500,000) into the Escrow Account. At the time of depositing any additional amounts into the Escrow Account pursuant to this Section 2.5(c), Purchaser shall simultaneously provide to Seller a written list of any remaining outstanding due diligence items required by Purchaser and Purchaser’s expected timing to Closing. All amounts deposited into the Escrow Account pursuant to this Section 2.5(c) are referred to as the “Additional Deposit.” In the event the Closing has not occurred prior to 11:59 P.M. Eastern time on December 31, 2015,  the entire Additional Deposit shall be promptly released to Seller at such time, and Purchaser shall, as of such time, have no rights with respect thereto.
		

		
			(d)    At Closing, the Initial Deposit and the Additional Deposit and any earnings thereon shall be released to Seller and thereby applied to the Purchase Price.
		

		
			2.6Pre-Closing Organizational Changes.
		

		
			2.6.1    Reorganization.  Purchaser acknowledges that prior to the Closing, Seller and its Affiliates may undertake a reorganization (the “Reorganization”) that includes, among other things, (i) the transfer of (A) some or all of the assets and liabilities of Seller and/or certain of its Affiliates (which may include the Transferred Loans) and (B) some or all of the shares of direct or indirect subsidiaries of Seller (which may include the Equity Interests), in each case, to one or more direct or indirect subsidiaries of General Electric Company and (ii) the merger of Seller with and into General Electric Company.  Purchaser agrees that notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall prohibit or restrict the consummation of (or any agreements to consummate) the Reorganization; it being agreed that Seller or its successor shall cause all of the Transferred Assets transferred by it or any of its Affiliates in the Reorganization to be transferred to Purchaser at the Closing to the same extent as is required of Seller hereunder.  If the Reorganization shall occur prior to the Closing, then at the Closing Purchaser shall acquire the Transferred Assets from the then current owners of the Transferred Assets. Each of Seller and Purchaser understands and agrees that any transfers, assignments, sales or other dispositions of assets, interests, rights, capital stock or otherwise made pursuant to the Reorganization, shall be made on an “AS-IS,” “WHERE-IS” basis, without representation or warranty of any kind, and without recourse to the person making such transfer, assignment, sale or other disposition, and without recourse to the recipient thereof.  The foregoing shall not limit any of the representations, warranties or covenants made by Seller pursuant to this Agreement, or the liability of any successor by merger for the accuracy of Seller’s representations and warranties or for the violation of any of Seller’s covenants.
		

		
			2.6.2    WNC XXIII.  On or before December 28, 2015, Seller shall cause DLE Investors, L.P. (“DLE”) to relinquish to WNC Fund XXIII, L.P. that portion of its interest in such Fund as shall be necessary to reduce DLE’s interest in such Fund below, but as close as practicable to, fifty percent (50%). Such relinquishment shall not affect the Purchase Price unless the percentage is reduced below forty-nine and nine-tenths percent (49.9%).
		

		
			2.7Retention of Rights.  
		

		 

		

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			(a)    Seller shall be entitled to all Tax Credit adjuster and guaranty payments attributable to the loss, disallowance or recapture of any Tax Credits allocable to a Transferred Company or a Subsidiary for any period ending on or prior to the Closing Date. Purchaser shall be entitled to all Tax Credit adjuster and guaranty payments attributable to the loss, disallowance or recapture of any Tax Credits allocable to a Transferred Company or a Subsidiary for any period beginning after the Closing Date. If the aggregate amount of any Tax Credit adjuster or guaranty payments received by the Parties or a Transferred Company or Subsidiary with respect to an Operating Partnership is less than the full amount payable under the applicable Organizational Documents and related guaranty and indemnification agreements, such aggregate amount shall be shared by the Parties in proportion to the respective amounts that would have been payable to each Party if such full amount had been received.
		

		
			(b)    Nothing in this Agreement nor in any Assignment and Assumption Agreement shall in any way alter or diminish any indemnification rights of Seller or any of the Transferred Companies and Subsidiaries under the Organizational Documents of any Fund or Operating Partnership, as well as any related guaranty or indemnification agreements with any Affiliate thereof,  with respect to matters occurring prior to the Closing Date.  The foregoing notwithstanding, (i) nothing herein shall prevent Purchaser (or any of the Transferred Companies or Subsidiaries) from pursuing, independent of Seller, and with separate counsel, any and all indemnification rights Purchaser may seek to enforce under such Organizational Documents or related guaranty or indemnification agreements, and (ii) Seller shall not initiate any type of proceeding against any general partner or managing member of a Fund or an Operating Partnership if such general partner or managing member is an Affiliate of Purchaser or any of its members.
		

		
			(c)    Nothing in this Agreement shall prevent (i) Seller from making a claim against a Fund,  any Operating Partnership or Affiliate thereof for any amount of Tax Credit adjuster or guaranty payment payable to a Transferred Company or a Subsidiary with respect to any period ending on or prior to the Closing Date, or (ii) Purchaser from making a claim against a Fund,  any Operating Partnership or any Affiliate thereof for any amount of Tax Credit adjuster or guaranty payment payable to a Transferred Company or a Subsidiary with respect to any period beginning after the Closing Date.  Neither party shall have any liability of any kind or nature whatsoever to the other for any failure by a Fund or Operating Partnership to pay to such other party any Tax Credit adjuster or guaranty payment due to such other Party under any Organizational Document or any related guaranty or indemnification agreement.  Notwithstanding anything in this Section 2.7 to the contrary, Seller shall not initiate any type of proceeding against any general partner or managing member of a Fund or an Operating Partnership if such general partner or managing member is an Affiliate of Purchaser or any of its members.
		

		
			(d)    Purchaser shall, at Seller’s expense (but only with respect to out-of-pocket expenses payable to third parties), cooperate with Seller to facilitate Seller’s exercise of its rights under this Section 2.7, and Seller shall, at Purchaser’s expense (but only with respect to out-of-pocket expenses payable to third parties), cooperate with Purchaser to facilitate Purchaser’s exercise of its rights under this Section 2.7.
		

			
	
			
				 3.
			

			
	
			
			Certain Disclaimers.

		 

		

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			3.1“As Is, Where Is”. Purchaser acknowledges and agrees that, at Closing, Purchaser will acquire the Transferred Assets and, indirectly, a beneficial interest in the Funds, the Operating Partnerships and the Properties, and will accept the same “AS IS, WHERE IS, WITH ALL FAULTS,” without any representations or warranties whatsoever as to their fitness, condition, merchantability or any other warranty, express or implied, except to the extent expressly provided otherwise in this Agreement.  Purchaser is relying on its own investigations during due diligence and has not relied and will not rely on, and neither Seller nor any other person has made, any express or implied representations or warranties (except to the extent such representations and warranties are expressly provided in this Agreement), guarantees, statements or information pertaining to the Transferred Assets, the Transferred Companies, the Fund Interests, the Funds, the Operating Partnership Interests, the Properties, or any of them, to whomever made or given, directly or indirectly, orally or in writing.  Purchaser specifically disclaims any warranty, guaranty, or representation, oral or written, past or present, express or implied, concerning the foregoing, or matters related thereto, except as specifically set forth in this Agreement.  Purchaser represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and loans and that, except as expressly set forth in this Agreement, it is relying solely on its own expertise and that of its consultants and advisors in accordance with this Agreement and, except as to documents and information which are the subject of express representations and warranties in Section 7.2 of this Agreement, it shall make an independent verification of the accuracy of any documents and information provided, made available or obtained by Purchaser.  Purchaser acknowledges that none of Seller or its Affiliates, officers, directors, employees, agents or representatives has made any representations, warranties, promises, covenants, agreements or guaranties of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, concerning the suitability, manner or standard of construction or appropriateness of the improvements comprising a Property. 
		

		
			3.2RELEASE FROM LIABILITY.  EXCEPT AND SOLELY TO THE EXTENT EXPRESSLY SET FORTH IN THIS AGREEMENT:
		

		
			3.2.1    RELEASE  PURCHASER ACKNOWLEDGES AND AGREES THAT IT HAS HAD THE OPPORTUNITY IT DEEMS NECESSARY TO INVESTIGATE MATTERS RELATED TO THE TRANSFERRED ASSETS, THE TRANSFERRED COMPANIES, THE FUND INTERESTS, THE FUNDS, THE OPERATING PARTNERSHIP INTERESTS AND THE PROPERTIES DURING DUE DILIGENCE AND, EXCEPT AS EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT, PURCHASER HEREBY WAIVES AND FOREVER RELEASES AND DISCHARGES EACH OF SELLER AND ITS AFFILIATES, SUBSIDIARIES AND DIRECT AND INDIRECT SHAREHOLDERS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND REPRESENTATIVES FROM ANY AND ALL RIGHTS, CLAIMS, OBJECTIONS, COMPLAINTS AND DEMANDS, AT LAW OR IN EQUITY, WHETHER KNOWN OR UNKNOWN, AND WHETHER ARISING BEFORE, ON OR AFTER THE EFFECTIVE DATE OR THE CLOSING DATE, THAT PURCHASER HAS NOW OR MAY HAVE IN THE FUTURE, ARISING OUT OF (A) THE ABILITY OF ANY OPERATING PARTNERSHIP TO GENERATE PROJECTED CREDITS OR TO AVOID THE RECAPTURE OF TAX CREDITS, OR (B) THE PHYSICAL, ENVIRONMENTAL, ECONOMIC, LEGAL OR OTHER CONDITION OF THE PROPERTIES, INCLUDING ANY OBLIGATIONS UNDER ANY LEASE ENCUMBERING THE PROPERTIES RELATING TO THE PHYSICAL, ENVIRONMENTAL, ECONOMIC OR LEGAL COMPLIANCE STATUS OF THE 
		

		 

		

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		PROPERTIES, AND INCLUDING ALL CLAIMS IN TORT OR CONTRACT AND ANY CLAIM FOR INDEMNIFICATION OR CONTRIBUTION ARISING UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT (“CERCLA”), THE RESOURCE CONSERVATION AND RECOVERY ACT (“RCRA”), OR ANY SIMILAR FEDERAL, STATE OR LOCAL STATUTE, RULE OR REGULATION, AND ALL OTHER DUE DILIGENCE MATTERS DESCRIBED ABOVE IN THIS SECTION 3.2.1 OR ANY OTHER PROVISIONS OF THIS AGREEMENT.
		

		
			3.2.2    WAIVER.  PURCHASER WAIVES THE BENEFITS OF ANY LAW THAT GENERALLY PROVIDES THAT A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE THAT, IF KNOWN BY HIM, MAY HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
		

		
			3.3Acknowledgment.  Purchaser acknowledges and agrees that the disclaimers and other agreements set forth herein are an integral part of this Agreement and that Seller would not have agreed to enter into any portion of the transactions contemplated hereunder without the disclaimers and other agreements set forth above.  Seller acknowledges and agrees that Purchaser is relying on the representations and warranties which are expressly set forth in Section 7.2 of this Agreement.  This Section 3.3 shall survive the Closing or any termination of this Agreement. 
		

			
	
			
				 4.
			

			
	
			
			Closing.

		
			4.1Date and Time.  The Closing shall occur as promptly as practicable following, but in no event later than, the third (3rd) Business Day following the satisfaction or waiver of each of the conditions set forth in Section 4.3,  or such earlier date as mutually agreed upon in writing by Seller and Purchaser. If the Closing occurs prior to 11:59 P.M. Eastern time on December 31, 2015, then (i) the Closing shall occur in escrow and all required deliveries (including the Purchase Price) shall be made into the Escrow Account and the Escrow Account will be automatically released at 12:00 P.M. Eastern time on December 31, 2015, and (ii) the Closing shall be deemed to occur, and all transfers made pursuant to this Agreement shall be deemed to be effective, as of 11:59 P.M. Eastern time on December 31, 2015. The Closing shall take place on the Closing Date in the offices of Paul Hastings LLP, 75 East 55th Street, New York, NY 10022 at 10 A.M. Eastern time, or at such other place and time agreed between the Parties.  The failure of any Party to consummate the Closing on the date and time determined pursuant to this Section 4.1 shall not result in the termination of this Agreement and shall not relieve such Party of any obligation under this Agreement.
		

		
			4.2Deliveries.    
		

		
			4.2.1    Assignment and Assumption.  At Closing, Seller (and its Affiliates) and Purchaser (and its designees) shall deliver to each other duly executed counterparts of the Assignment and Assumption Agreements in the forms attached hereto as Exhibit A and Exhibit    B;  
		

		
			4.2.2    Payment of Purchase Price  At Closing, Purchaser shall pay to Seller the Purchase Price via one or more wire transfers of immediately available funds pursuant to Section 2.2.  
		

		 

		

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			4.2.3    Closing Update. Seller shall deliver to Purchaser the Closing Update and related materials no later than three business days prior to the Closing Date.
		

		
			4.2.4    Equity Conveyance Documents.    At Closing, Seller (and its Affiliates) shall deliver to Purchaser (or its designees) such stock certificates and similar instruments as may be necessary to convey title to the Equity Interests to Purchaser (or its designees).
		

		
			4.2.5    Notes, etc.  At Closing, to the extent that any Transferred Loan is owned by an entity other than a Transferred Company or a Subsidiary, Seller (and its Affiliates) shall assign, endorse and deliver to Purchaser (or its designees) such promissory notes and other loan documents as may be necessary to convey the Transferred Loans to Purchaser (and its designees).
		

		
			4.2.6    Books and Records.  Promptly following the Closing,  Seller shall, to the extent in the possession of Seller, deliver to Purchaser hard or electronic copies of all the books and records of the Transferred Companies and the Subsidiaries, including all books and records pertaining to the Fund Interests, the Operating Partnership Interests and the Transferred Loans (including the originals of all promissory notes) (collectively the “Books and Records”). Seller and its Affiliates shall have the right to retain copies (or if required by applicable law, originals) of the Books and Records relating to periods ending on or before the Closing Date. Purchaser agrees that it shall preserve and keep all original Books and Records for at least the longer of (i) any applicable statute of limitations and (ii) a period of six (6) years from the Closing Date. During such six-year or longer period, Seller and its Affiliates shall, upon reasonable notice and for any reasonable business purpose, have access during normal business hours to examine, inspect and copy such Books and Records.  After such six (6) year or longer period, before Purchaser shall dispose of any of such Books and Records, Purchaser shall, if so requested by Seller, give Seller or any of its Affiliates the opportunity, at their cost and expense, to remove and retain all or any part of such Books and Records as Seller may elect.
		

		
			4.2.7    Non-Public Confidential Supervisory Information.  If, after the Closing, Purchaser or any of its respective Affiliates inadvertently receives any materials containing non-public confidential information that, in the actual knowledge of Purchaser, Seller may be prohibited by law from disclosing to any third-party, Purchaser shall, or shall cause its applicable Affiliate to, (i) promptly deliver such information to Seller, or destroy such information, in each case without retaining any copy thereof (which shall include permanently erasing or deleting all electronic copies thereof), (ii) not use any such information for any purpose, and (iii) not directly or indirectly disclose to any other person any such information.
		

		
			4.2.8    Resignations.  At Closing, Seller shall deliver to Purchaser the resignations of all of the officers and directors of the Transferred Companies and the Subsidiaries.
		

		
			4.2.9    Bring Down Certificate.  At Closing, Seller shall provide Purchaser with a certificate reconfirming all of Seller’s representations and warranties as of the Closing Date. 
		

		
			4.2.10   Section 336(e) Election.  At Closing, Seller shall provide Purchaser with properly completed and duly executed Section 336(e) election statements with respect to the sale of the Section 336(e) Targets that comply with Treasury Regulation Sections 1.336-(h)(5)-(6) and is in form and substance reasonably satisfactory to the Purchaser.
		

		 

		

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			4.2.11     Section 336(e) Election Binding Agreements.  At Closing, Seller shall deliver to Purchaser a properly executed binding agreement between Seller and the Section 336(e) Targets that obligate each Section 336(e) Target to make the Section 336(e) Election and is in form and substance reasonably satisfactory to the Purchaser.
		

		
			4.2.12     Other Deliveries.  Each Party shall make such other deliveries as reasonably requested by the other Party in order to consummate the transactions contemplated hereunder.
		

		
			4.3Closing Conditions.  
		

		
			4.3.1    Conditions to Seller’s Obligations.    Seller’s obligation to consummate the transactions contemplated by this Agreement is subject to the satisfaction or waiver by Seller of the following conditions as of the Closing Date:
		

		
			(a)    Purchaser shall have complied in all material respects with all of its covenants and agreements hereunder;
		

		
			(b)    All of Purchaser’s representations and warranties shall be true and correct in all material respects when made except to the extent the failure to be true and correct in all material respects would not delay the ability of Purchaser to consummate the transactions contemplated by this Agreement;
		

		
			(c)    The transactions contemplated hereby (A) shall not be prohibited by any applicable law or governmental regulation and (B) shall be permitted by laws and regulations of the jurisdiction to which Seller is subject; 
		

		
			(d)    Any deliveries required of Purchaser under Section 4.2 shall have been made;
		

		
			(e)    Any “know your customer” diligence required pursuant to the terms of this Agreement is satisfactory to Seller.
		

		
			4.3.2    Conditions to Purchaser’s Obligations.  Purchaser’s obligation to consummate the transactions contemplated by this Agreement is subject to the satisfaction or waiver by Purchaser of the following conditions as of the Closing Date:
		

		
			(a)    Seller shall have complied in all material respects with all of its covenants and agreements hereunder;
		

		
			(b)    All of Seller’s representations and warranties shall be true and correct in all material respects as and when made and as of the Closing Date;
		

		
			(c)    The transactions contemplated hereby (A) shall not be prohibited by any applicable law or governmental regulation and (B) shall be permitted by laws and regulations of the jurisdiction to which Purchaser is subject; and
		

		
			(d)    Any deliveries required of Seller under Section 4.2 shall have been made.
		

		 

		

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				 5.
			

			
	
			
			Covenants.  After the Effective Date and until the Closing Date or termination of this Agreement under the terms hereof, the following shall apply:

		
			5.1Purchaser Covenants. 
		

		
			5.1.1    Closing Conditions.  Purchaser shall use commercially reasonable efforts to take all actions and do all things necessary, proper or advisable in order to consummate and make effective the transactions contemplated by this Agreement. 
		

		
			5.2Seller Covenants. 
		

		
			5.2.1    Closing Conditions.  Seller shall use commercially reasonable efforts to take all actions and do all things necessary, proper or advisable in order to consummate and make effective the transactions contemplated by this Agreement. 
		

		
			5.2.2    Access. Seller shall provide Purchaser and its representatives reasonable access, during regular business hours, to all information in Seller’s (or its Affiliates’) possession or control regarding the Transferred Assets, the Funds, the Fund Interests, the Operating Partnerships, the Operating Partnership Interests and the Properties.
		

		
			5.2.3    Conduct of the Business.  For the period commencing on the Effective Date of this Agreement and ending on the earlier of the Closing Date or the date this Agreement terminates, Seller shall cause the Transferred Companies and the Subsidiaries to conduct their business in the ordinary course consistent with past practice. During such time, except as otherwise authorized by this Agreement, or by Purchaser in writing, or as may be required by law or by contractual obligation or commitment, Seller shall:
		

		
			(a)    not amend or modify the Organizational Documents of any Transferred Company or Subsidiary;
		

		
			(b)    not sell, transfer, pledge, assign or lease to any person or entity any assets of any Transferred Company or Subsidiary, or create, incur assume, permit or suffer to exist any Lien on such assets;
		

		
			(c)    not create any new Subsidiary, or acquire, directly or indirectly, any equity or other ownership interest in any other person or entity;
		

		
			(d)    maintain the existence and good standing of the Transferred Companies and the Subsidiaries in their respective jurisdictions of organization;
		

		
			(e)    comply in all material respects with all laws applicable to the Transferred Companies and the Subsidiaries;
		

		
			(f)    continue to maintain the books and records of the Transferred Companies and the Subsidiaries in accordance with past practice and not make any material change in any of their accounting (or tax accounting) policies, practices or procedures except to the extent that such changes are applicable to any consolidated group in which the Transferred Companies and the Subsidiaries are included;
		

		 

		

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			(g)    not incur, create or assume any indebtedness or other liability of any nature on the part of any Transferred Company or Subsidiary;
		

		
			(h)    not permit any Transferred Company or Subsidiary to enter into any Material Contract, or amend or terminate any Material Contract, or enter into any contract with Seller or its Affiliates;
		

		
			(i)    other than the Reorganization, not liquidate or dissolve or adopt any plan or complete or partial liquidation or dissolution of any Transferred Company or Subsidiary;
		

		
			(j)    not waive or release any material claim or right relating to the Transferred Assets, the Fund Interests or the Operating Partnership Interests;
		

		
			(k)    not give any consent with respect to any matter involving an Operating Partnership except as consented to in advance in writing by Purchaser (which consent will not be unreasonably withheld, conditioned, or delayed);
		

		
			(l)    not consent to the release of any reserve funds held by or for the benefit of any Direct Operating Partnerships;
		

		
			(m)    preserve the relationships and goodwill of the Transferred Companies and the Subsidiaries with the general partners and managing members of the Funds, and where practicable, the Operating Partnerships; and
		

		
			(n)    not authorize, or commit or agree to take, any action in violation of the foregoing.
		

		
			5.3Purchaser and Seller Covenants
		

		
			5.3.1    HUD Matters. 
		

		
			(a)    Seller shall use commercially reasonable efforts to provide to Purchaser, on or before December 4, 2015, a list of all Direct Operating Partnerships and Indirect Operating Partnerships owned by a proprietary Fund that have either a HUD loan or a HUD-insured loan.  To the extent that Seller identifies any such Operating Partnership prior to December 4, 2015, it shall promptly provide information regarding such Operating Partnership to Purchaser and Nixon Peabody LLP, which is serving as joint special counsel on all matters relating to HUD.  Seller acknowledges and agrees that Nixon Peabody may contact the HUD office having jurisdiction over each such Operating Partnership prior to Closing in order to notify such HUD office of the pending transfer by Seller to Purchaser of Seller’s indirect limited partner interest in such Operating Partnership.  In the event Seller does not complete the list by December 4, 2015, Seller shall so notify Purchaser and shall continue to use commercially reasonable efforts to review the remaining Operating Partnerships and provide the requested HUD information to Purchaser and Nixon Peabody. 
		

		
			(b)    Prior to the Closing Date, Seller shall provide to Purchaser and Nixon Peabody LLP a list of all Operating Partnerships for which a Transferred Company or Subsidiary filed a HUD Form 2530 or a Limited Liability Corporate Investor Certification.  Seller and 
		

		 

		

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		Purchaser shall then direct Nixon Peabody to deliver to each applicable HUD office, on or prior to January 31, 2016, a written notice, the form of which must be approved by each of Seller and Purchaser, advising such HUD office of the transfer by Seller to Purchaser of Seller’s indirect limited partner interest in each such Operating Partnership that is subject to the jurisdiction of such HUD office.
		

		
			(c)    Purchaser and Seller acknowledge and agree that no filings, notices, consents or approvals with or from HUD are conditions to the obligation of Purchaser to consummate the Closing and that in agreeing to proceed to Closing on such basis, Purchaser is relying on Seller’s agreement in Section 16 to indemnify Purchaser for any Loss due to lack of Required Consents.
		

		
			5.3.2    Heritage Place Senior Living.  
		

		
			(a)    Seller shall use commercially reasonable efforts to seek the consent of the Missouri Housing Development Commission (“MHDC”) to convey the limited partnership interests held by Seller and LN Realty, Inc. (the “Heritage Interests”) in Heritage Place Senior Living, L.P. to EC, Inc.  Purchaser shall review and approve all items transmitted to MHDC in connection with such matter prior to their submission to MHDC.  In addition, Seller and LN Realty, Inc. shall cause the agreement of limited partnership of Heritage Place Senior Living, L.P. to be amended to provide for the distribution of all cash flow and capital transaction proceeds to be made ninety-nine and ninety-nine one hundredths percent (99.99%) to its limited partner, LN Realty, Inc.  and one one hundredth percent (.01%) to its general partner, ZJL Housing, Inc. after the payment of all third party liabilities.
		

		
			(b)    If the consent of MHDC is received prior to December 31, 2015,  Seller shall cause the Heritage Interests to be conveyed to EC, Inc. on December 31, 2015.  If the consent of MHDC is not received prior to such date,  Seller will cause LN Realty to assign its interest in the cash flows and capital transaction proceeds to EC, Inc.  Such amendment shall be effective at  11:59 P.M. Eastern time on December 31, 2015.   Purchaser shall review and approve such amendment prior to its execution.
		

		
			(c)    Purchaser shall bear any and all costs related to (i) seeking the consent of MHDC with respect to this matter, (ii) documenting the transfer of the Heritage Interests to EC, Inc., and (iii) amending the limited partnership agreement of Heritage Place Senior Living, L.P. as contemplated in Section 5.3.2(b).
		

		
			(d)    Purchaser and Seller acknowledge and agree that no filings, notices, consents or approvals with or from MHDC are conditions to the obligation of Purchaser to consummate the Closing.
		

		
			(e)    Seller agrees that on the Closing Date there shall be no debt owed by Heritage Place Senior Living, L.P. to Seller or any Affiliate. 
		

		
			 
		

		
			5.3.3    Certain Consents.  Seller shall reasonably cooperate with Purchaser in seeking the consents listed on Schedule 5.3.3, provided that Seller shall in no event be obligated to incur any out of pocket costs in this regard.
		

		 

		

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				 6.
			

			
	
			
			Tax Matters.  

		
			6.1Definitions.  
		

		
			“Tax” or “Taxes”  means any and all forms of taxation imposed by a government entity, including all federal, state, local or foreign taxes or any other tax, custom duty or governmental fee, or other like assessment charge of any kind, including any interest, penalty or addition thereto, whether disputed or not.
		

		
			“Tax Returns” means any return, declaration, report, claim for refund or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof, required to be filed with a tax authority.
		

		
			“Recapture” means a recapture of any previously claimed Tax Credits pursuant to Section 42(j) of the Code and includes any penalties and interest assessed in connection therewith.
		

		
			6.2Pre-Closing Period. Seller shall prepare all Tax Returns of the Transferred Companies and Subsidiaries for all periods ending on or prior to the Closing Date (“Pre-Closing Tax Periods”).  All such Tax Returns shall be prepared consistent with the past practices of Seller unless otherwise required by applicable law.  Seller shall timely file, or cause to be timely filed, each Tax Return for a Pre-Closing Tax Period and timely pay, or cause to be timely paid, all Taxes shown as due thereon.  Seller shall provide Purchaser with a copy of any such Tax Returns which are filed by a Transferred Company or a Subsidiary within thirty  (30) days of such filing. Nothing in this Section 6.2 shall be interpreted to require Seller or Affiliates thereof to provide to Purchaser or Affiliates thereof any consolidated or group or combined or unitary Tax Returns in which any Transferred Company or Subsidiary may be a participant for periods prior to the Closing Date.
		

		
			6.3Straddle Period. Purchaser shall prepare and file all Tax Returns of the Transferred Companies and Subsidiaries for periods including the Closing Date but ending after the Closing Date (“Straddle Tax Periods”).  All Tax Returns for Straddle Tax Periods shall be prepared consistent with the past practices of the Seller unless (i) otherwise required by applicable law, or (ii) Seller consents to a change from past practices (such consent not to be unreasonably withheld, delayed or conditioned).  Purchaser shall provide to Seller a draft of each Tax Return for  a Straddle Tax Period no later than forty-five (45) days prior to the applicable due date, including any applicable extensions (unless the applicable due date is less than sixty (60) days after the Closing Date, in which case Purchaser shall provide to Seller such draft Tax Return on the date that is midway between the Closing Date and the applicable due date).  Seller shall have fifteen (15) days from the receipt thereof to provide Purchaser with any comments or proposed adjustments to such draft Tax Return, and any such comments or proposed adjustments shall be considered by Purchaser in good faith.  If Seller has no objections to such draft Tax Return, or if Purchaser agrees to the changes proposed by Seller, such draft Tax Return shall be binding upon Seller.    If Purchaser and Seller cannot resolve any disagreements with respect to a proposed Tax Return for a Straddle Tax Period within ten (10) days prior to the applicable due date, Purchaser and Seller jointly shall select an independent tax expert to resolve such differences, with the fees and costs of such tax expert to be borne fifty percent (50%) by Purchaser and fifty percent (50%) by Seller, and with the 
		

		 

		

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		decision of such tax expert as to any matters in dispute between Purchaser and Seller to be binding and conclusive on all Parties.  Seller shall pay to Purchaser at least five (5) Business Days prior to the due date of such Straddle Period Tax Return the amount of any Tax due and payable with respect to such Tax Return for which Seller is responsible pursuant to Section 6.6 hereof.  Seller shall be entitled to all Tax refunds of or attributable to the Transferred Companies and any Subsidiaries for Pre-Closing Tax Periods and the portion of any Straddle Tax Period ending on the Closing Date, unless (i) such Tax refund is attributable to the carryback from a taxable period commencing after the Closing Date or the portion of any Straddle Tax Period beginning after the Closing Date of items of loss, deduction or credit, or other Tax items, of the Transferred Companies or any Subsidiaries (or any of their respective Affiliates, including the Purchaser) or (ii) otherwise specifically provided in this Agreement.  Purchaser shall be responsible for preparing and filing all other Tax Returns of the Transferred Companies and Subsidiaries.   Nothing in this Section 6.3 shall be interpreted as to require Seller or Affiliates thereof to provide to Purchaser or Affiliates thereof any consolidated or group or combined or unitary Tax Returns in which any Transferred Company or Subsidiary may be a participant for periods prior to the Closing Date.
		

		
			6.4Cooperation. Purchaser, on the one hand, and Seller, on the other hand, shall cooperate fully, as and to the extent reasonably requested by the other Party, in connection with the preparation and filing of any Tax Return, any Tax audit, Tax claim, Tax litigation, claim for Tax refund or other proceeding with respect to Taxes.  Such cooperation shall include the retention and (upon the other Party’s request) the provision of records and information that are reasonably relevant to any such Tax Return filing, Tax audit, Tax claim, Tax litigation or other Tax proceeding, providing powers of attorney, assisting with the signing and filing of Tax appeals and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.  The Parties agree to retain all books and records with respect to Tax matters pertinent to a Transferred Company or a Subsidiary relating to any Pre‐Closing Tax Period until the expiration of any applicable statute of limitations, and to abide by all record retention agreements entered into with any Tax authority for all periods required by such Tax authority.
		

		
			6.5Allocations. Seller shall cause all tax allocation agreements or tax sharing agreements between Seller or any of its Affiliates, on the one hand, and any Transferred Company, on the other hand, to be terminated as of the Closing Date, and shall ensure that such agreements are of no further force or effect as to any Transferred Company on and after the Closing Date and that there shall be no further liabilities or obligations imposed on any Transferred Company under any such agreements.
		

		
			6.6Responsibility for Taxes.  Except for those liabilities described in Section 2.4 of this Agreement,  Seller shall be responsible for, and shall indemnify Purchaser and its Affiliates (including the Transferred Companies and Subsidiaries) from and against, (a) all liabilities for Taxes assessed against a Transferred Company or any Subsidiary with respect to a Pre-Closing Tax Period or that portion of a Straddle Tax Period ending at the end of business on the Closing Date. Purchaser shall be responsible for, and shall indemnify Seller and its Affiliates from and against, all liabilities for Taxes assessed against a Transferred Company or any Subsidiary with respect to any Tax period commencing after the Closing Date or that portion of any Straddle Tax Period commencing on the day after the Closing Date.  For purposes of this Agreement, the amount of any Tax that is attributable to the portion of a Straddle Period ending on the Closing date shall 
		

		 

		

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		be: (a) in the case of a Tax that is based on net income or receipts, the amount of such Tax that would be due with respect to the portion of the Straddle Period beginning before and ending on the Closing Date if such portion were a separate taxable period, except that exemptions, allowances, deductions, or credits that are calculated on an annual basis shall be apportioned on a per diem basis, and (b) in the case of any Tax not described in clause (a) above, the total amount of such Tax for the Straddle Period multiplied by a fraction, the numerator of which is the number of days in the portion of the Straddle Period ending on the Closing Date and the denominator of which is the total number of days in such Straddle Period.
		

		
			6.7Responsibility for Recapture.
		

		
			(a)    Seller shall be responsible for, and shall indemnify Purchaser and its Affiliates (including the Transferred Companies and Subsidiaries) from and against, all liabilities for Recapture amounts assessed against a Transferred Company or any Subsidiary with respect to Tax Credits claimed for a Pre-Closing Tax Period or that portion of a Straddle Tax Period ending at the end of business on the Closing Date except to the extent such Recapture resulted from the fraud or willful misconduct of Purchaser.  Purchaser shall be responsible for, and shall indemnify Seller and its Affiliates from and against, all liabilities for Recapture amounts assessed against Seller, a Transferred Company or any Subsidiary with respect to any Tax Credits claimed for a Tax period commencing after the Closing Date or that portion of any Straddle Tax Period commencing on the day after the Closing Date except to the extent such Recapture resulted from the fraud or willful misconduct of Seller.
		

		
			(b)     Purchaser shall use commercially reasonable efforts, which shall be consistent with the practices employed by its partners or members in the management of other Tax Credit investments, to minimize any Recapture of Tax Credits claimed by a Transferred Company or Subsidiary for a Pre-Closing Tax Period or that portion of a Straddle Tax Period ending at the end of business on the Closing Date.   In furtherance thereof, if Purchaser is notified by a Fund sponsor or Affiliate thereof that a foreclosure or similar event may occur with respect to an Indirect Operating Partnership, such efforts shall include advising such Fund sponsor or Affiliate to use any available reserves to avoid such foreclosure or similar event.
		

		
			(c)    Promptly after Purchaser is notified that a material default has occurred with respect to a loan to an Operating Partnership, which default may result in a Recapture of Tax Credits claimed by a Transferred Company or Subsidiary with respect to a Pre-Closing Tax Period or that portion of a Straddle Tax Period ending at the end of business on the Closing Date, Purchaser shall in turn notify Seller of such material default.    If Seller advises Purchaser that it desires (at Seller’s expense) to cure such default in order to avoid such Recapture, Purchaser shall, at Seller’s expense (but only with respect to out-of-pocket expenses payable to third parties), cooperate with Seller to facilitate Seller’s efforts to cure such default.
		

		
			(d)    For the avoidance of doubt, Purchaser and its Affiliates shall have no obligation to make any loans or capital contributions or to otherwise advance any funds to prevent a Recapture event, and the failure to do so shall not create or increase any indemnity on the part of Purchaser to Seller hereunder or diminish or decrease any indemnity on the part of Seller to Purchaser hereunder.
		

		 

		

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			6.8Tax Proceedings.  Seller shall have the right to control any tax audit or other tax proceeding which (a) relates exclusively to a Pre-Closing Tax Period of a Transferred Company or any Subsidiary, or (b) involves a consolidated or combined return filed by Seller or its parent for periods ending on or before December 31, 2015.  Purchaser shall have the right to control any other tax audit or tax proceeding; provided, however, Seller shall have the right to participate, at its own expense, in such proceeding to the extent that such proceeding relates to a Pre-Closing Tax Period, and Purchasers shall not enter into any settlement or otherwise compromise any such Tax matter that materially affects the liability of the Seller pursuant to Section 6.6 hereof without the prior written consent of the Seller, which consent shall not be unreasonably conditioned, withheld, or delayed.
		

		
			6.9Section 336(e) Election.
		

		
			(a)    The Section 336(e) Sellers shall make and file timely elections under Section 336(e) of the Code with respect to the acquisition of the Section 336(e) Targets and any corresponding available elections under state, local or foreign Tax Law (collectively, the “Section 336(e) Election”).  Purchaser agrees to provide Seller with such information and cooperation as the Seller may reasonably request in connection with the preparation of any document or Tax Return necessary to effect the Section 336(e) Election, including IRS Form 8883 (Asset Allocation Statement under Section 338) (“Form 8883”).
		

		
			(b)    For purposes of the Section 336(e) Election, within twenty (20) days following the Effective Date, Purchaser shall provide Seller with a proposed allocation of the “adjusted grossed-up basis” as defined in Treasury Regulation 1.336-4(a) (“AGUB”) among the assets of the Section 336(e) Targets in accordance with the applicable Treasury Regulations (as finally determined pursuant to this Section 6.9(b) and including any subsequent adjustment thereto pursuant to this Section 6.9(b), the “Section 336(e) Allocation”).  In the case of any adjustment to the AGUB requiring an amendment to the Section 336(e) Allocation, Purchaser shall prepare such amendment and such amended Section 336(e) Allocation shall, subject to the review and dispute resolution provisions of this Section 6.9(b), become the Section 336(e) Allocation.  Upon receipt from Purchaser, Seller shall have fifteen (15) days to review the determinations set forth in the Section 336(e) Allocation (the “Section 336(e) Allocation Review Period”).  At Purchaser’s request, Seller (x) shall reasonably cooperate and assist, and shall cause its representatives to assist, Purchaser and its representatives in the preparation of the Section 336(e) Allocation, and (y) shall provide Purchaser and its representatives with any information reasonably requested by them in connection with the Section 336(e) Allocation.  If Seller disagrees with any determinations set forth on the AGUB or the Section 336(e) Allocation, Seller shall, on or prior to the last day of the Section 336(e) Allocation Review Period, deliver a written notice to Purchaser (the “Section 336(e) Allocation Notice of Objection”), setting forth its objections.  Unless Seller delivers the Section 336(e) Allocation Notice of Objection to Purchaser within the Section 336(e) Allocation Review Period, Seller shall be deemed to have accepted the determinations set forth in the Section 336(e) Allocation.  If Seller delivers the Section 336(e) Allocation Notice of Objection to Purchaser within the Section 336(e) Allocation Review Period, Seller and Purchaser shall, prior to Closing, use their commercially reasonable efforts to reach agreement on the disputed determinations.  If as of Closing, Purchaser and Seller cannot resolve any disagreements with respect to the Section 336(e) Allocation, Purchaser and Seller jointly shall within five (5) Business Days select an independent tax or valuation expert to resolve such differences, with the fees and 
		

		 

		

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		costs of such tax or valuation expert to be borne fifty percent (50%) by Purchaser and fifty percent (50%) by Seller, and with the decision of such tax or valuation expert as to any matters in dispute between Purchaser and Seller to be binding and conclusive on all Parties.  The parties shall duly select a tax or valuation expert who commits in writing to resolve the disagreement on or before January 31, 2016.  The Parties agree not to take any position, in connection with any Tax Return, audit or similar proceeding related to Taxes, that is inconsistent with the Section 336(e) Allocation as prepared (or resolved) pursuant to this Section 6.9(b) unless otherwise required by law.
		

		
			(c)    Seller shall bear all costs and expenses  (other than accounting and tax return preparation fees relating to periods commencing after the Closing Date) charged by any Fund or Operating Partnership as a result of any technical termination of a Fund or Operating Partnership resulting from Seller’s Section 336(e) Election.
		

			
	
			
				 7.
			

			
	
			
			Representations and Warranties.

		
			7.1Seller and Purchaser.  Each of Seller on the one hand and Purchaser on the other hand hereby represents and warrants to the other that:
		

		
			7.1.1    Organization; Good Standing.  Such Party is a corporation or limited liability company, as applicable, duly organized, validly existing and in good standing under the jurisdiction of its organization and has all requisite corporate or limited liability company power and authority, as applicable, to own, operate and lease its properties and to carry on its business as now being conducted.  Such Party is duly licensed and qualified to do business in and is in good standing under the laws of each state or other jurisdiction where failure to be so licensed and qualified would have a  material adverse effect on the businesses or properties of such Party.
		

		
			7.1.2    Authority.  Such Party has the full power, right and authority to enter into and perform its obligations under this Agreement.  Each Party has received all authorizations necessary to enter into and perform its obligations under this Agreement, and no other consents or authorizations are necessary.  Such Party’s execution, delivery and performance of this Agreement does not and will not conflict with or result in a violation of any agreement or instrument to which it is a Party or which is binding upon it or any law or regulation or any judgment, order or decree of any court or administrative body to which it is subject.
		

		
			7.1.3    Compliance.  Such Party’s funds are derived from legitimate business activities.  Such Party is not a person with whom any other Party is prohibited from engaging in this transaction due to any United States government embargoes, sanctions, or terrorism or money laundering laws, including, without limitation, due to having ownership in or control over being (i) subject to United States government embargoes or sanctions, (ii) in violation of terrorism or money laundering laws, or (iii) listed on a published United States government list (e.g., Specially Designated National and Blocked Persons List maintained by the Office of Foreign Assets Control or other lists of similar import).
		

		
			7.1.4    Enforceability of Agreement.  Such Party has duly executed and delivered this Agreement, which constitutes, the legal, valid and binding obligation of such Party, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating 
		

		 

		

			21

		

		

			 

		

 

		to, or affecting generally, the enforcement of creditors’ rights and remedies or by other equitable principles of general application.
		

		
			7.1.5    Proceedings.  There are no pending judicial or administrative proceedings (and no Party has not received any written notice of, and no Party has any actual knowledge of, any threatened litigation or administrative proceedings) against such Party that would have a material adverse effect on the ability of such Party to consummate the transactions contemplated under this Agreement.  No Party has:  (i) filed a petition in any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar proceeding in order to take advantage of any law for the benefit of debtors, or had a petition in any such proceeding filed against it; (ii) made an assignment for the benefit of creditors; (iii) applied for, consented to, or been subjected to the appointment of a receiver, trustee, liquidator or other similar official for itself or for all or a substantial part of its assets; or (iv) admitted in writing its inability to pay its debts as they come due or made an offer of settlement, extension or composition to its creditors generally.
		

		
			7.1.6    Brokers’ Fees.  No Party has any liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which any other Party could become liable or obligated.  Seller is solely responsible for and agrees to pay the fees of Kimberlite Group, LLC in connection with the transactions contemplated hereby.  Each Party shall defend, indemnify and hold the other harmless from any claims for fees or commissions arising from a breach of this Section 7.1.6.
		

		
			7.2Seller Representations.  Seller hereby represents and warrants to Purchaser that:
		

		
			7.2.1    Ownership.  
		

		
			(a)    Seller and its Affiliates own all of the Equity Interests and the Transferred Loans, and the Transferred Companies own and will at Closing own, directly or indirectly, through one or more of the Subsidiaries, the Fund Interests and the Direct Operating Partnership Interests, in each case free and clear of any and all liens, encumbrances, restrictions and claims of every kind (“Liens”) and with no restriction on the voting rights and other incidents of record and beneficial ownership pertaining thereto, other than any such restriction set forth in the limited partnership agreement or limited liability company agreement of a Fund or Operating Partnership or as set forth on Schedule 7.2.1.
		

		
			(b)    All of the issued and outstanding shares of the Transferred Companies have been duly authorized, are validly issued, fully paid and non-assessable, and are owned of record and beneficially by Seller. Upon consummation of the transactions contemplated by this Agreement, Seller shall transfer to Purchaser (or its designee)  all of the issued and outstanding stock in those Transferred Companies which are corporations and all of the membership interests in those Transferred Companies which are limited liability companies, free and clear of all Liens. There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any character relating to the capital stock or membership interests of the Transferred Companies or obligating Seller or the Transferred Companies to issue or sell any shares of capital stock of, or membership or other interests in, any of the Transferred Companies.  None of the Transferred Companies have outstanding or authorized any stock appreciation, phantom stock, profit participation or similar rights. There are no voting 
		

		 

		

			22

		

		

			 

		

 

		trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of the Transferred Companies.
		

		
			7.2.2    Taxes; Tax Returns.  
		

		
			(a)    General. Except as set forth on Schedule 7.2.2: (i) all income and any other material Tax Returns required to be filed by or on behalf of any Transferred Company and any Subsidiary have been timely filed; (ii) all such Tax Returns are true, correct and complete in all material respects; (iii) all Taxes (shown as due on such Tax Returns or otherwise) due and payable by any Transferred Company or any Subsidiary have been timely paid; (iv) there are no pending or, to the knowledge of Seller, threatened actions or proceedings, examinations, or audits for the assessment or collection of material Taxes against any Transferred Company or any Subsidiary; (v) there are no liens for any material Taxes on any assets of any Transferred Company or any Subsidiary other than liens for Taxes not yet due or payable; (vi) no claim has been made by a Tax authority in a jurisdiction where Tax Returns are not filed by or on behalf of any Transferred Company or any Subsidiary that such Transferred Company or Subsidiary is or may be subject to taxation by that jurisdiction; (vii) no Transferred Company or Subsidiary is a party to a Tax allocation or sharing agreement or similar agreement that will not be terminated pursuant to Section 6.5; (viii) no Transferred Company or Subsidiary has participated in any “listed transaction” within the meaning of Treasury Regulations Section 1.6011-4(b)(2); (ix) since incorporation, each Transferred Company or Subsidiary has been a member of an affiliated group (within the meaning of Code Section 1504(a)) filing a consolidated federal income Tax Return having either General Electric Company or Heller Financial, Inc., which Seller acquired on October 25, 2001, as its common parent; (x) no Transferred Company or Subsidiary will be required to include any item of income in, or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any (A) change in method of accounting for a taxable period ending on or prior to the Closing Date, (B) “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or foreign income Tax law) executed on or prior to the Closing Date, (C) intercompany transactions or any excess loss account described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign income Tax law), (D) installment sale or open transaction disposition made on or prior to the Closing Date, (E) prepaid amount received on or prior to the Closing Date, or (F) election under Section 108(i) of the Code;  (xi) no Transferred Company or Subsidiary has, within the two years preceding the Closing Date, been either a “distributing corporation” or a “controlled corporation” in a distribution in which the parties to such distribution treated the distribution as one to which Section 355 of the Code (or any corresponding or similar provision of state, local or foreign income Tax law) is applicable; (xii) all material Taxes required to be withheld, collected or deposited by a Transferred Company or Subsidiary have been timely withheld, collected or deposited and, to the extent required prior to the date hereof, have been paid to the relevant Tax authority; and (xiii) no Transferred Company or Subsidiary is liable for the Taxes of any third party.
		

		
			(b)    Extension of Statute of Limitations; Rulings.  Except as set forth on Schedule 7.2.2, there are (i) no outstanding waivers or agreements extending the statute of limitations for any period with respect to any Tax to which the Transferred Companies or any Subsidiary may be subject, (ii) no closing agreements with respect to Taxes, Tax rulings or written requests for Tax rulings are currently outstanding or in effect with respect to any Transferred 
		

		 

		

			23

		

		

			 

		

 

		Company or Subsidiary,  and (iii) no power of attorney with respect to Taxes with respect to a Transferred Company with any government authority which is still in force.
		

		
			(c)    No Foreign Seller.  Neither Seller nor any Affiliate thereof selling a Transferred Asset to Purchaser is a foreign person within the meaning of Section 1445(f) of the Code.
		

		
			(d)    Certain Limitations.  Notwithstanding anything to the contrary in this Agreement, no representation set forth in this Section 7.2.2 shall form the basis for any claim by Purchaser against Seller for any Taxes other than Recapture amounts incurred by Purchaser or its members or any of their Affiliates or any Transferred Company or Subsidiary with respect to any Tax Period other than a Pre-Closing Tax Period or that portion of any Straddle Tax Period ending at the end of business on the Closing Date.  In addition, with respect to each of Royal Kinau Partnership and Capmark Affordable Tax Credit Fund 3, LLC, the representations set forth in Section 7.2.2 (a) shall apply only with respect to Tax Returns filed after the date on which a Transferred Company (or Subsidiary) became the general partner or managing member of such entity.
		

		
			(e)    Exclusivity. Notwithstanding anything to the contrary contained in this Agreement, the representations and warranties made by Seller in this Section 7.2.2 and in Section 7.2.3 are the sole and exclusive representations and warranties made by Seller regarding Tax matters, including with respect to Tax Returns.
		

		
			(f)    Corporate Tax Status.  No Transferred Company, Subsidiary or Fund that is a limited liability company or partnership has filed an election to be taxed as a corporation for federal income tax purposes.
		

		
			7.2.3    Tax Credit Matters.   Except as set forth on Schedule 7.2.3,  to the Actual Knowledge of Seller, as of the date hereof:
		

		
			(a)    no event has occurred which could reasonably be expected to give rise to Recapture of any Projected Credits on the part of any Transferred Company or Subsidiary; provided, however, that the fact that an Operating Partnership is operating or has operated at a deficit shall not be treated as an “event” for purposes of this representation; Schedule 7.2.3 sets forth the debt service coverage ratio as of  December 31, 2014 of each Operating Partnership which to the Actual Knowledge of Seller is operating at a deficit;
		

		
			(b)    no income tax audit by the Internal Revenue Service or any state taxing authority is pending or threatened against any Transferred Company, Subsidiary, Fund or Operating Partnership, and no Operating Partnership is the subject of any investigation or other inquiry by the Internal Revenue Service or state housing agency pertaining to the right of such Operating Partnership to claim past or Projected Credits;
		

		
			(c)    no judicial or administrative proceeding is pending or threatened against any Fund or Operating Partnership;
		

		
			(d)    each of the Properties owned by the Operating Partnerships constitutes a “qualified low-income housing project” within the meaning of Section 42(g) of the Code;
		

		 

		

			24

		

		

			 

		

 

		
			(e)    no determination has been made by a housing credit agency or the Internal Revenue Service that an Operating Partnership is not in compliance in any material respect with any requirement of Section 42 of the Code or such agency, including any requirement set forth in any Regulatory Agreement;
		

		
			(f)    no default exists, and no event has occurred which, with the passage of time or the expiration of an applicable cure period, could give rise to a default under any document evidencing, governing or securing any loan to an Operating Partnership;
		

		
			(g)     no general partner or managing member of an Operating Partnership or Fund is in default with respect to any of its material obligations under the Organizational Documents governing such Operating Partnership or Fund;
		

		
			(h)    no Operating Partnership or general partner, manager or managing member thereof has made an assignment for the benefit of creditors, become a party to any liquidation or dissolution action or proceeding or any bankruptcy, reorganization, insolvency or other proceeding for the relief of financially distressed debtors, or had a receiver, liquidator, custodian or trustee appointed assets nor has any order for relief been entered against such Person under the United States Bankruptcy Code; and
		

		
			(i)    assuming the receipt of all Required Consents, neither the entering into of this Agreement nor the consummation of the transactions contemplated by this Agreement will constitute a material default under any loan to an Operating Partnership, under any Regulatory Agreement, or under the Organizational Documents of any Fund or Operating Partnership.
		

		
			7.2.4    No Required Capital Contributions.    Except as set forth on Schedule 7.2.4, no capital contributions or other monetary obligations are owed by Seller or any or its Affiliates with respect to any of the Fund Interests or Operating Partnership Interests.
		

		
			7.2.5    Subsidiaries.  All of the Subsidiaries are directly or indirectly wholly-owned by the Transferred Companies.  Except for the Subsidiaries, the Fund Interests and the Operating Partnership Interests, no Transferred Company owns or controls, directly or indirectly, any equity interest in any other corporation, limited liability company, partnership, trust, joint venture, association or other entity.  Each Subsidiary is duly organized, validly existing and in good standing in the State of its formation and is qualified to do business and is in good standing in every jurisdiction where the failure to so qualify would have a Material Adverse Effect.
		

		
			7.2.6    Governmental Filings.  Except as set forth on Schedule 7.2.6, no registration, qualification, designation, declaration or filing with, any governmental entity or other third party by Seller or any Affiliate is required as a condition to the consummation of the transactions contemplated by this Agreement.
		

		
			7.2.7    Compliance with Laws and Other Instruments; No Conflicts.
		

		
			(a)    No Transferred Company or Subsidiary is in violation or default of any provisions of its Organizational Documents, as amended to date, or any applicable laws, of any governmental entity having jurisdiction over such Transferred Company’s or Subsidiary’s business or properties, other than violations of laws that could not reasonably be expected to have a Material 
		

		 

		

			25

		

		

			 

		

 

		Adverse Effect.  No Transferred Company or Subsidiary is in material breach of or default under or, to Seller’s Actual Knowledge, alleged to be in breach of or default under, any material permit or contract to which it is a party or to which its properties are subject.
		

		
			(b)    The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein on the part of Seller, and the sale of the Transferred Assets pursuant hereto, will not result in a breach of or default under any permit or contract to which Seller is a party or its properties are subject or a violation of any law by which Seller is bound or its properties are subject, except such as would not have a Material Adverse Effect.
		

		
			7.2.8    Property and Assets.  Each Transferred Company and each Subsidiary has good and marketable title to all of its material properties and assets, in each case subject to no Lien other than Liens resulting from Taxes which have not yet become delinquent and Liens which do not in any case materially detract from the value of the property subject thereto or materially impair the use of such property.
		

		
			7.2.9    Insurance.  The Transferred Companies and the Subsidiaries are covered by valid policies of insurance with respect to their properties and business of the kinds and in amounts not less than are customarily obtained by companies of established reputation engaged in the same or similar business and similarly situated.
		

		
			7.2.10   Employees.  No Transferred Company or Subsidiary has, or has ever had, any employees during Seller’s ownership thereof.  At Closing, those persons serving as officers and directors of the Transferred Companies and the Subsidiaries shall resign.
		

		
			7.2.11   Securities Law Exemptions.  Based in part on the accuracy of the representations and warranties of Purchaser contained in Sections 7.3.2 and 7.3.3 hereof, the sale of the Equity Interests are and will be exempt from the registration requirements of the Securities Act, and the registration, permit or qualification requirements of any applicable state securities laws. Neither Seller nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will offer to sell any Equity Interests to any person or persons so as to bring the sale of the Equity Interests within the registration provisions of the Securities Act or any state securities law.
		

		
			7.2.12   Transferred Loans.  Except as set forth in Schedule 7.2.12,  as of the date hereof no Transferred Loan is in default.
		

		
			7.2.13   Environmental and Safety Laws.  The Transferred Companies, the Subsidiaries,  and to Seller’s Actual Knowledge, the Operating Partnerships and the Properties are not in violation in any material respect of any applicable law relating to the environment or occupational health and safety, and to its Actual Knowledge, no material expenditures are or will be required in order to comply with any such existing law.
		

		
			7.2.14   Affiliate Matters.  Except as set forth on Schedule 7.2.14, (a) no officer, member, director or employee of Seller or any of its Affiliates, and (b) no Affiliate of Seller has any interest in or is a party to any contract with, or relating to any Transferred Company or Subsidiary.
		

		 

		

			26

		

		

			 

		

 

		
			7.2.15   Operating Partnerships. 
		

		
			(a)    Attached hereto as Schedule 6 is a true, correct and complete list of the Projected Credits for each Direct Operating Partnership and Fund beginning January 1, 2016; provided, however, there can be no assurance that the Projected Credits will be allocated by the Operating Partnerships and the Funds to the Purchaser or its designees.
		

		
			(b)    To the Actual Knowledge of Seller, as of the date hereof, and except as set forth in Schedule 7.2.15(b), no general partner, manager or managing member of any Direct Operating Partnership has been replaced during the twenty-four (24) month period prior to the Effective Date by Seller or its Affiliates.
		

		
			7.2.16   Real Property.  No Transferred Company or Subsidiary owns or leases or has owned or leased any real property.
		

		
			7.2.17     Investment Companies.  No Transferred Company or Subsidiary is, or at the Closing Date will be, required to be registered under the Investment Company Act.
		

		
			7.2.18   Material Contracts.  Schedule 7.2.18 lists all of the Material Contracts to which any Transferred Company or Subsidiary is a party (other than contracts evidencing the Transferred Assets).  None of the Transferred Companies are, and to the Seller’s Actual Knowledge, no other party to such a Material Contract is, in default thereof.
		

		
			7.2.19   Liabilities.  Except as set forth in Schedule 7.2.19, as of the date hereof, no Transferred Company and no Subsidiary has any material liabilities of any nature, matured or unmatured, fixed or contingent, liquidated or unliquidated; no representation is made as to the liabilities of the Funds and Operating Partnerships.
		

		
			7.2.20   Accuracy of Disclosures.    Schedules 1 through 5 are true, accurate and complete lists of the Transferred Companies, the Transferred Loans, the Direct Operating Partnership Interests and the Fund Interests, and based solely on reporting received from the Funds, the Indirect Operating Partnership Interests
		

		
			7.3Purchaser Representations.  Purchaser hereby represents and warrants to Seller that:
		

		
			7.3.1    Financial Capacity.  Purchaser has, or has access to, and will have available on the Closing Date, capital in an amount that is sufficient to pay the Purchase Price as required by and in accordance with this Agreement.
		

		
			7.3.2    Investment Intent. Purchaser is acquiring the Equity Interests for its own account with the present intention of holding such securities for investment purposes and not with a view to, or for sale in connection with, any distribution of such securities in violation of any federal or state securities laws. Purchaser is an “accredited investor” as defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended.  Purchaser acknowledges that it is informed as to the risks of the transactions contemplated hereby and of ownership of the Equity Interests. Purchaser acknowledges that the Equity Interests have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws and that the Equity Interests may not be sold, transferred, offered 
		

		 

		

			27

		

		

			 

		

 

		for sale, pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other disposition is pursuant to the terms of an effective registration statement under the Securities Act of 1933, as amended, and the Equity Interests are registered under any applicable state or foreign securities laws or sold pursuant to an exemption from registration under the Securities Act of 1933, as amended, and any applicable state or foreign securities laws.
		

		
			7.3.3    Investigation. Purchaser is knowledgeable about the affordable housing industry and the merits and risks associated with direct or indirect investments in or loans to entities that own and operate residential real estate projects that generate Tax Credits.  Purchaser has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Transferred Assets, and of its indirect investment in the Funds, the Operating Partnerships and the Properties, and has the ability to bear the economic risks of such investment.  Purchaser further represents that it has been afforded reasonable access to information about the Transferred Assets, the Funds, the Operating Partnerships and the Properties for purposes of conducting a due diligence investigation of the Transferred Assets, the Funds, the Operating Partnerships and the Properties.  In connection therewith, Purchaser has received answers to all inquiries it has made with respect to the Transferred Assets, the Funds, the Operating Partnerships and the Properties that are satisfactory to Purchaser. Purchaser does not have any knowledge of any inaccuracy or failure to be true of any of the representations or warranties of Seller in Sections 7.1 and 7.2. 
		

		
			7.3.4    No Inducement or Reliance; Independent Assessment. Purchaser has not been induced by and has not relied upon any representations, warranties or statements, whether express or implied, made by Seller or its Affiliates, officers, directors, employees, agents or representatives that are not expressly set forth in Sections 7.1 and 7.2 (including the Schedules thereto), whether or not any such representations, warranties or statements were made in writing or orally. Purchaser acknowledges that none of Seller or its Affiliates, officers, directors, employees, agents or representatives makes, will make or has made any representation or warranty, express or implied, as to the prospects of the Transferred Companies or their profitability for Purchaser, or with respect to any forecasts, projections or business plans made available to Purchaser or its Affiliates, officers, directors, employees, agents or representatives in connection with Purchaser’s due diligence review of the Transferred Assets and the Funds, the Operating Partnerships and the Properties.
		

			
	
			
				 8.
			

			
	
			
			Termination. This Agreement may be terminated prior to Closing only (a) by mutual written agreement of Purchaser and Seller, (b) after 12:00 P.M. Eastern time December 31, 2015 by either Purchaser or Seller if such Party is not in breach hereof and the Closing has not occurred by such date, provided that, if the Closing has not occurred by such date because the non-performing party is prevented from performing solely as a result of a Force Majeure Event, such date will be extended until the Force Majeure Event has been resolved, (c) by either Purchaser or Seller upon entry of a non-appealable injunction by a court or other government authority of competent jurisdiction (x) prohibiting the consummation of the transactions or (y) that would have a material adverse effect on the Transferred Assets, the Funds, the Operating Partnerships or the Properties, or (d) by Seller if Purchaser fails to provide any one or more of the deposits as and when required by Section 2.5.  Subject to the limitations in Section 16.2(f), no termination shall relieve any Party 
		

		 

		

			28

		

		

			 

		

 

			from liabilities for breach or failure to comply with any covenant hereunder prior to such termination and the provisions of Sections 2.5,  16.2(f), and 26 shall survive any such termination.

			
	
			
				 9.
			

			
	
			
			Assignment.    This Agreement will be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the Parties.  Neither Party may assign (whether by operation of law or otherwise) this Agreement or any rights, interests or obligations provided by this Agreement without the prior written consent of the other Party;  provided,  however, that either Party may assign this Agreement and any or all rights and obligations under this Agreement to any of its Affiliates upon prior written notice to the other Party; provided,  further, that no such assignment shall release either Party from any liability under this Agreement.  Notwithstanding the foregoing, pursuant to the Reorganization (a) Seller may assign this Agreement or any or all of its rights and obligations hereunder to any Affiliate with a net worth in excess of $500,000,000 that expressly assumes all of the obligations of Seller hereunder, in which case upon any such permitted assignment by Seller (i) the references in this Agreement to Seller shall apply to such assignee unless the context otherwise requires and (ii) Seller shall automatically and unconditionally be released and discharged from any liability or obligation under this Agreement without the requirement of any further action by any Person and (b) if Seller is merged or otherwise ceases to exist, Seller’s successor shall confirm in writing that it has assumed all of Seller’s obligations hereunder.   Any attempted assignment in violation of this Section 9 shall be void ab initio.

			
	
			
				 10.
			

			
	
			
			Notices.   All notices and other communications under this Agreement shall be in writing and shall be deemed duly given only if (a) personally delivered, with signed receipt, (b) sent by reputable commercial overnight delivery service, with signed receipt, (c) mailed by certified mail, return receipt requested, first class, postage prepaid, or (d) sent by facsimile with evidence of transmission, in each case to the addresses set forth as follows:

			
					
						 

					
					
						 

					
						 

					
						 

					
						Gary A. Mentesana

					
						 

					
						gary.mentesana@mmacapitalmanagement.com

					
						 

					
						(443) 263-2857

					
						 

					
						 

				
	
					
						If to Purchaser:

					
					
						MMA Capital TC Fund I, LLC

					
						c/o MMA Capital Management, LLC

					
						621 E. Pratt Street, Suite 600

					
						Baltimore, Maryland 21202

					
						Attn:   Gary A. Mentesana

					
						Megan Targarona Sophocles

					
						Email:  gary.mentesana@mmacapitalmanagement.com

					
						megan.targarona@mmacapitalmanagement.com

					
						Fax:   (443) 263-2857

					
						 

				
	
					
						With a copy to:

					
					
						Gallagher Evelius & Jones LLP

					
						218 N. Charles Street, Suite 400

					
						Baltimore, Maryland 21201

					
						Attn:   Stephen A. Goldberg, Esquire

					
						Email:   sgoldberg@gejlaw.com

					
						Fax:   (410) 468-2786

					
						 

				

		 

		

			29

		

		

			 

		

 

			
					
						If to Seller:

					
					
						General Electric Capital Corporation

					
						Attn: Jacob Sigel, Jay Marcus, Joe Manasseri, and Cindy Bell

					
						GE Capital Real Estate

					
						299 Park Avenue, 3rd Floor

					
						New York, NY 10171

					
						 

					
						901 Main Avenue, The Towers

					
						Norwalk, CT 06851

					
						 

					
						Email: jacob.sigel@ge.com

					
						            jay.marcus@ge.com

					
						            joe.manasseri@ge.com

					
						            cindy.bell@ge.com

					
						 

					
						 

				
	
					
						With a copy to:

					
					
						Paul Hastings LLP

					
						Attn: David Shine

					
						75 East 55th Street

					
						New York, NY 10022

					
						Email: davidshine@paulhastings.com

					
						Fax: (212) 319-4090

				

		
			 
		

		
			All notices will be deemed given three (3) business days following deposit in the United States mail with respect to certified letters, one (1) business day following deposit if delivered to an overnight courier guaranteeing next day delivery and on the same day if sent by personal delivery or by facsimile with a confirmatory delivery of the actual notice on the following business day.  Attorneys for each Party will be authorized to give notices for that Party.  Any Party may change its address for the service of notice by giving written notice of such change to the other Parties in any manner specified above.
		

			
	
			
				 11.
			

			
	
			
			Captions.  The section headings or captions appearing in this Agreement are for convenience only, are not a part of this Agreement, and are not to be considered in interpreting this Agreement.

			
	
			
				 12.
			

			
	
			
			Entire Agreement; Modification This Agreement, including, without limitation, the schedules and exhibits, constitutes the entire agreement between the Parties with respect to the subject matter contained in this Agreement and all prior negotiations, discussions, writings and agreements between the Parties with respect to the subject matter of this Agreement are superseded and of no further force and effect.  Except as otherwise provided in this Agreement, no covenant, term or condition of this Agreement will be deemed to have been waived by any Party unless such waiver is in writing signed by the Party charged with such waiver.  Each Party acknowledges and agrees that no representations, warranties, promises or inducements have been made to such Party, except as expressly set forth herein, and that such Party is entering into this Agreement without reliance on any written or oral statements or representations, other than those expressly set forth in this Agreement.

		 

		

			30

		

		

			 

		

 

			
	
			
				 13.
			

			
	
			
			Binding Effect.  Subject to the restrictions on assignment set forth in Section 9, this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns.

			
	
			
				 14.
			

			
	
			
			Controlling Law; Interpretation.  This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, excluding choice of law principles. The words “include,” “includes” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.” Defined terms used in this Agreement shall have the same meaning whether defined or used herein in the singular or the plural, as the case may be.

			
	
			
				 15.
			

			
	
			
			Severability.  If any term, provision, agreement, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void, or unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired, or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party.  Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby may be consummated as originally contemplated to the fullest extent possible.

			
	
			
				 16.
			

			
	
			
			Damages and Remedies    

		
			16.1Expiration of Representations and Warranties. All of the indemnity obligations of the parties set forth in this Agreement shall terminate and expire, and shall cease to be of any force or effect, at 5:00 P.M. (Eastern time) on the first anniversary of the Closing Date, and all liability and indemnification obligations with respect thereto shall thereupon be extinguished; provided, however, that (a) the representations and warranties in Sections 7.2.2(a) through (c), 7.2.2(f), 7.2.3(a), (b), (d),  7.2.10, and 7.2.15(a) shall survive until the eighteen (18) month anniversary of the Closing Date, (b) the representations and warranties in Sections 7.1 and 7.2.1  shall survive indefinitely and (c) the provisions of Section 2.4 shall survive for 18 months after Closing.  It is the express intent of the parties that, if the applicable survival period as contemplated by this Section 16.1 is shorter than the statute of limitations period that would otherwise have been applicable, then by virtue of this Agreement, the applicable statute of limitations period shall be reduced to the shortened survival period contemplated by this Section 16.1.  If notice of a claim has been given by an indemnitee party the limitations of this Section 16.1 shall not apply to such claim until it is finally resolved.  The parties further acknowledge that the time periods set forth in this Section 16.1 for the assertion of claims under this Agreement are the result of arms’-length negotiation among the parties and that they intend for the time periods to be enforced as agreed among the parties.
		

		
			16.2Indemnification
		

		
			(a)    By Purchaser. Subject to the provisions of this Section 16, from and after the Closing, Purchaser agrees to indemnify, defend and hold harmless Seller, its Affiliates, and their respective officers, directors, employees, shareholders, members, partners, agents, representatives, successors and assigns (collectively, “Seller Indemnitees”) from and against all Losses incurred by any of the Seller Indemnitees arising out of or relating to: (i) any breach of any representation 
		

		 

		

			31

		

		

			 

		

 

		or warranty made by Purchaser in Section 7 of this Agreement or (ii) any breach of any covenant or agreement of Purchaser contained in this Agreement.
		

		
			(b)    By Seller.  Subject to the provisions of this Section 16, from and after the Closing, Seller agrees to indemnify, defend and hold harmless Purchaser, its Affiliates, and their respective officers, directors, employees, shareholders, members, partners, agents, representatives, successors and assigns (collectively, “Purchaser Indemnitees”) from and against all Losses incurred by any of Purchaser Indemnitees arising out of or relating to: (i) any breach of any representation or warranty made by Seller in Section 7 of this Agreement, (ii) any breach of any covenant or agreement of Seller contained in this Agreement, or (iii) the failure of Seller to have obtained any Required Consents.  To the extent an indemnifiable Loss under this paragraph consists of the loss of Projected Credits or Recapture, Seller shall indemnify Purchaser for the loss of Projected Credits and Recapture at the rate of $1.20 for each dollar of Projected Credits lost or Tax Credits Recaptured plus any interest or penalties.
		

		
			(c)    Limitations on Rights of Indemnitees.
		

		
			(i)    Seller shall not be required to indemnify Purchaser Indemnitees with respect to any Losses unless and until the aggregate amount of all such Losses exceeds $500,000, in which event Purchaser Indemnitees will be entitled to recover Losses arising out of or relating to such matters only to the extent in excess thereof  (the “Deductible”).  Seller’s maximum liability to Purchaser Indemnitees with respect to any claim for indemnification arising out of or relating to matters described in Section 16.2(b) shall not exceed $30,000,000 in the aggregate (the “Cap”).  
		

		
			(ii)    Seller shall not be required to indemnify Purchaser Indemnitees with respect to any claim for indemnification arising out of or relating to matters described in Section 16.2(b) made by any Purchaser Indemnitee after Closing if the facts and circumstances giving rise to such claim are known to the Purchaser Indemnitee prior to the Closing or if, as the result of exercise of reasonable diligence and review, determined with due regard for Seller’s desire to close by December 31, 2015, should have been known to the Purchaser Indemnitee prior to the Closing.
		

		
			(iii)    Purchaser shall not be required to indemnify Seller Indemnitees with respect to any Losses unless and until the aggregate of all such Losses exceeds the Deductible, in which event Seller Indemnitees will be entitled to recover Losses arising out of or relating to such matters only to the extent in excess thereof and only up to the Cap.
		

		
			(iv)    Neither party shall have any obligation to indemnify the other to the extent the Loss arises from the fraud, willful misconduct, or the material breach of this Agreement by the indemnified party.
		

		
			(v)    Without limiting the generality of the foregoing, any indemnification claim involving Losses of less than $50,000 (the “De Minimus Amount”) shall not be entitled to indemnification under this Section 16.2 and shall not be counted toward satisfaction of the Deductible.  No Losses shall be included in determining whether the Deductible has been reached unless a notice seeking indemnification for such Losses has been given by the indemnified parties in accordance with Section 16.2(d).  The Deductible shall not apply to Seller’s obligation to indemnify Purchaser Indemnitees under Section 16.2(b)(iii).  In addition, neither the Deductible 
		

		 

		

			32

		

		

			 

		

 

		nor the De Minimus Amount exception shall apply to either (A) Purchaser’s obligations under Section 2.4 with respect to Transfer Taxes or (B) Seller’s obligations under Section 6.6 with respect to Taxes attributable to a Pre-Closing Tax Period or that portion of a Straddle Tax Period ending at the end of business on the Closing Date.
		

		
			(d)    Procedure.
		

		
			(i)    Direct Claims.  If either a Purchaser Indemnitee, on the one hand, or a Seller Indemnitee, on the other hand, shall have a claim for indemnification hereunder (the “Indemnitee”) for any claim other than a claim asserted by a third party, the Indemnitee shall, as promptly as is practicable, give written notice to the party from whom indemnification is sought (the “Indemnitor”) of the nature and, to the extent practicable, a good faith estimate of the amount, of the claim. The failure to make prompt delivery of such written notice by the Indemnitee to the Indemnitor (so long as a notice pursuant to this Section 16.2(d)(i), including the requisite certification, is given before the expiration of the applicable period set forth in Section 16.1) shall not relieve the Indemnitor from any liability under this Section 16.2 with respect to such matter, except to the extent the Indemnitor is actually prejudiced by failure to give such notice.
		

		
			(ii)    Third-Party Actions. If an Indemnitee receives notice or otherwise obtains knowledge of any matter or any threatened matter that may give rise to an indemnification claim against the Indemnitor (the “Third Party Claim”), then the Indemnitee shall promptly, and in any event within twenty (20) days of the receipt of notice or other knowledge of any such claim against the Indemnitor, deliver to the Indemnitor a written notice describing, to the extent practicable, such matter in reasonable detail and such notice must be accompanied by a copy of any written notice of the third party claimant to the Indemnitee asserting the Third Party Claim.  The failure to make prompt delivery of such written notice or of the copy of the written notice of the third party claimant by the Indemnitee to the Indemnitor (so long as a notice pursuant to this Section 16.2(d)(ii) that includes any written notice of the third party claimant is given before the expiration of the applicable period set forth in Section 16.1) shall not relieve the Indemnitor from any liability under this Section 16.2 with respect to such matter, except to the extent the Indemnitor is actually prejudiced by failure to give such notice.  The Indemnitee shall deliver to the Indemnitor copies of all other notices and documents (including court papers) received by the Indemnitee relating to the Third Party Claim.  The Indemnitor shall have the right, at its option, to assume the defense of any such matter with its own counsel.  Prior to the time the Indemnitee is notified by the Indemnitor as to whether the Indemnitor will assume the defense of such third Party Claim, the Indemnitee shall take all actions reasonably necessary to timely preserve the collective rights of the parties with respect to such Third Party Claim, including responding timely to legal process.
		

		
			(e)    Exclusive Remedies Following the Closing Date.  Following the Closing Date, the indemnification provisions of this Section 16 shall be the sole and exclusive remedy of the Purchaser Indemnitees and Seller Indemnitees, whether in contract, tort or otherwise, for all matters arising under or in connection with this Agreement and the transactions contemplated herein, including, without limitation, for any inaccuracy or breach of any representation, warranty, covenant or agreement set forth herein.
		

		
			(f)    Failure of Closing.  If Seller is obligated to consummate the Closing pursuant to Section 4.1 and fails to so consummate the Closing on or before 11:59 P.M. on  December 31, 
		

		 

		

			33

		

		

			 

		

 

		2015, Purchaser shall be entitled to the return of the Deposit in full and to liquidated damages in the amount of $10,000,000 as its sole and exclusive remedy.  If Purchaser is obligated to consummate the Closing pursuant to Section 4.1 and fails to so consummate the Closing on or before 11:59 P.M. on  December 31, 2015, Seller shall be entitled to retain the Initial Deposit and so much of  the Additional Deposits as have been posted by Purchaser as its sole and exclusive remedy for Purchaser’s failure to consummate the Closing.  Both parties agree that the amounts set forth in this paragraph are reasonable liquidated damages, the exact damages being difficult to quantify, and that such amounts are the subject of arms’ length negotiations.
		

			
	
			
				 17.
			

			
	
			
			Recordation.  Neither this Agreement nor any notice of this Agreement shall be recorded.

			
	
			
				 18.
			

			
	
			
			Waiver of Jury Trial.  EACH PARTY WAIVES ALL RIGHT TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT AND ACKNOWLEDGES THAT THIS WAIVER IS MADE KNOWINGLY, VOLUNTARILY, AND AFTER CONSULTING WITH (OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH) COUNSEL OF ITS OWN CHOOSING AS TO THE MEANING OF THIS WAIVER.

			
	
			
				 19.
			

			
	
			
			Time of Essence; Calculation of Time Periods.    Except as provided in Section 4.1, time is of the essence as to each and every provision of this Agreement.  If any date upon which action is required under this Agreement (including, without limitation, any date which serves as the expiration of any time period set forth herein) shall be a Saturday, Sunday or legal holiday, the date for the performance of such action shall be extended to the first Business Day after such date which is not a Saturday, Sunday or legal holiday.

			
	
			
				 20.
			

			
	
			
			Counterparts; Fax Signatures  Signatures to this Agreement transmitted by facsimile, telecopy or portable document format (.pdf) shall be binding on the Party transmitting such signatures and such Party shall not use as a defense against the enforceability of this Agreement the fact that such signature so transmitted is not original.  This Agreement may be signed in counterparts, each of which shall be enforceable against the Party executing and delivering same, and all of which shall constitute a single and enforceable agreement.  Any facsimile or portable document format (PDF) signature shall be replaced with an original signature as promptly as practicable.

			
	
			
				 21.
			

			
	
			
			No Third Party Rights.    Unless expressly stated in this Agreement to the contrary, nothing in this Agreement is intended to confer any rights or remedies under or by reason of this Agreement on any persons other than the Parties to this Agreement and their respective successors and permitted assigns.  Nothing in this Agreement is intended to relieve or discharge the obligation or liability of any third persons to any Party to this Agreement, nor shall any provision give any third persons any right of subrogation or action over or against any Party to this Agreement.

			
	
			
				 22.
			

			
	
			
			Confidentiality.    Purchaser shall, and shall cause all of its Affiliates, employees and advisors to, keep confidential and shall not disclose the terms of the transfers contemplated in this Agreement, including, without limitation, the Purchase Price and all other financial terms, without the prior written consent of Seller.  No press release or other public announcement concerning this Agreement or the transactions contemplated by this Agreement shall be made without the prior written consent of both Seller and Purchaser.  Notwithstanding the foregoing, Purchaser shall in its sole judgment be permitted to file a Current Report on Form 8-K, provided that none of the 
		

		 

		

			34

		

		

			 

		

 

			financial terms of this Agreement shall be disclosed, unless otherwise required in the opinion of Purchaser’s counsel in its sole discretion.  Any information to be provided therein shall be reviewed in advance by Seller, Purchaser shall use good faith in taking into account Seller’s comments (if any).  Purchaser shall prior to filing share a copy of the proposed filing with Seller.

			
	
			
				 23.
			

			
	
			
			Exclusivity.    From and after the Effective Date, , (i) neither the Seller nor any of its Affiliates shall enter into any agreement, commitment or understanding with respect to the transactions contemplated in this Agreement (an “Acquisition Proposal”), (ii) Seller shall promptly advise Purchaser of any unsolicited offer, inquiry or request for information received by it or any of its Affiliates, and (iii) Seller shall terminate and advise its affiliates, agents and representatives to terminate any and all existing discussions and negotiations with any persons or group of persons other than Purchaser and its Affiliates regarding any Acquisition Proposal received by Seller during the effective period of this Agreement;provided,however, that if Closing has not occurred by  12:00 P.M. Eastern time December 23, 2015, then clauses (i) through (iii) shall no longer apply; and further provided, that if Seller enters into an agreement as permitted after 12:00 P.M. on December 23, 2015, such agreement shall expressly permit Closing hereunder through December 31, 2015. 

			
	
			
				 24.
			

			
	
			
			Know Your Customer.  Seller must complete certain “know your customer” procedures regarding Purchaser, including, without limitation, understanding who Purchaser is and Purchaser’s source of funds.  To this end, Purchaser shall cooperate with Seller in these efforts consistent with Seller’s policies, including, without limitation, delivering to Seller upon request the full names of the individuals and business entities involved in the transaction on Purchaser’s behalf, all parties contributing or receiving any money, compensation or ownership interests, and a detailed Purchaser organization chart.  This Section 24 shall survive the Closing or any termination of this Agreement.

			
	
			
				 25.
			

			
	
			
			Purchaser’s Cooperation with Seller.  After the Closing Date, Purchaser agrees to reasonably cooperate with Seller, and to cause Purchaser’s Affiliates to reasonably cooperate with Seller, in providing such additional information and documentation on Purchaser's and its Affiliates’ legal or beneficial ownership, policies, procedures and sources of funds as Seller reasonably deems necessary or prudent to enable Seller to comply with Anti-Money Laundering Laws as now in existence or hereafter amended.   This Section 25 shall survive the Closing or any termination of this Agreement.

			
	
			
				 26.
			

			
	
			
			Limitation on Liability.  No present or future non-entity partner, member, director, officer, shareholder, employee, advisor, agent, attorney, asset manager, or sub-asset manager of Seller (a “Seller Party”) or Purchaser Party (a “Purchaser Party”) shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or in connection with the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Purchaser, for itself and all of its Affiliates, hereby waives any and all such personal liability as to each Seller Party and Seller, for itself and all of its Affiliates, hereby waives any and all such personal liability as to each Purchaser Party.  The limitations on liability contained in this Section 26 are in addition to, and not in limitation of, any limitation on liability applicable to Seller or Purchaser provided in any other provision of this Agreement or by law or by any other contract, agreement or instrument.

		 

		

			35

		

		

			 

		

 

			
	
			
				 27.
			

			
	
			
			Amendment; Waiver. This Agreement may be amended only by a written instrument executed by Seller and Purchaser.  Any failure of either Party to comply with any obligation, agreement or condition under this Agreement may only be waived in writing by the other Party, but any such waiver shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.  No failure by a Party to take any action against any breach of this Agreement or default by the other Party shall constitute a waiver of such Party’s right to enforce any provision of this Agreement or to take any such action.

			
	
			
				 28.
			

			
	
			
			Resolution of Conflicts.   If there is any inconsistency or conflict between the terms and provisions of this Agreement and the terms and provisions of any document executed by the Parties in connection herewith, the terms and provisions of this Agreement shall control as between Seller and Purchaser.

			
	
			
				 29.
			

			
	
			
			No Presumption Regarding Drafting.  Each Party acknowledges that it has reviewed this Agreement prior to its execution and that changes were made to this Agreement based upon its comments. If any disputes arise with respect to the interpretation of any provision of this Agreement, the provision shall be deemed to have been drafted by all of the Parties and shall not be construed against any Party on the basis that the Party was responsible for drafting that provision.

			
	
			
				 30.
			

			
	
			
			Business Days.  If any action is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action shall be deferred until the next Business Day.

		

		

		 

		

			36

		

		

			 

		

 

		
		

		
			IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered as of the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						General Electric Capital Corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/   Jacob Sigel 

				
	
					
						 

					
					
						Name:

					
					
						Jacob Sigel 

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MMA Capital TC Fund I, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/   Gary A. Mentesana

				
	
					
						 

					
					
						Name:

					
					
						Gary A. Mentesana 

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President

				

		
			 
		

		 

		

			37EX-1019v2

		

			Execution Draft

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			MMA CAPITAL TC FUND I, LLC
		

		
			LIMITED LIABILITY COMPANY OPERATING AGREEMENT
		

		
			December 31, 2015
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

 

		

			

		

		MMA CAPITAL TC FUND I, LLC
		

		
			LIMITED LIABILITY COMPANY OPERATING AGREEMENT
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Table of Contents

				
	
					
						 

					
					
						 

					
					
						Page

				
	
					
						ARTICLE I. DEFINED TERMS

					1 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE II. FORMATION OF THE COMPANY

					13 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 2.1.

					
					
						Continuation of the Limited Liability Company.

					13 
				
	
					
						Section 2.2.

					
					
						Name, Office and Resident Agent.

					14 
				
	
					
						Section 2.3.

					
					
						Title to Company Property.

					14 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE III. BUSINESS PURPOSE; TERM AND DISSOLUTION

					14 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 3.1.

					
					
						Business Purpose.

					14 
				
	
					
						Section 3.2.

					
					
						Company Activities.

					14 
				
	
					
						Section 3.3.

					
					
						Term and Dissolution.

					15 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE IV. LIMITED LIABILITY COMPANY MEMBERS AND CAPITAL

					15 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 4.1.

					
					
						Administrative Member.

					15 
				
	
					
						Section 4.2.

					
					
						Investor Member.

					15 
				
	
					
						Section 4.3.

					
					
						Company Capital.

					16 
				
	
					
						Section 4.4.

					
					
						Liability of Investor Member.

					18 
				
	
					
						Section 4.5.

					
					
						Investor Member Representations and Warranties.

					18 
				
	
					
						Section 4.6.

					
					
						Investor Member Voluntary Loans.

					20 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE V. RIGHTS, OBLIGATIONS AND POWERS OF THE ADMINISTRATIVE MEMBER

					20 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 5.1.

					
					
						Management of the Company.

					20 
				
	
					
						Section 5.2.

					
					
						Authority of the Administrative Member.

					21 
				
	
					
						Section 5.3.

					
					
						Authority of Administrative Member and its Affiliates To Deal with the Company, the Investment Entities, the Holding Entities, the Local Limited Partnerships and other Affiliated Entities.

					22 
				
	
					
						Section 5.4.

					
					
						Restrictions on Authority.

					22 
				
	
					
						Section 5.5.

					
					
						Other Activities.

					24 
				
	
					
						Section 5.6.

					
					
						Fiduciary Duty.

					25 
				
	
					
						Section 5.7.

					
					
						Tax Status of Company.

					25 
				
	
					
						Section 5.8.

					
					
						Indemnity.

					25 
				
	
					
						Section 5.9.

					
					
						Duties and Obligations of the Administrative Member.

					25 
				
	
					
						Section 5.10.

					
					
						Origination Loan.

					27 
				
	
					
						Section 5.11.

					
					
						Special Obligations of the Administrative Member.

					27 
				
	
					
						Section 5.12.

					
					
						Rights and Obligations Related to MLCS ISDA Master Agreement.

					29 
				

		
			 
		

		
			 
		

		
			 
		

		 

		

			i

		

 

		

			

		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VI. RIGHTS, POWERS AND DUTIES OF THE ADMINISTRATIVE MEMBER

					30 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 6.1.

					
					
						Delegation of Authority.

					30 
				
	
					
						Section 6.2.

					
					
						Reserves.

					30 
				
	
					
						Section 6.3.

					
					
						Asset Manager.

					30 
				
	
					
						Section 6.4.

					
					
						No-Value Local Limited Partnerships.

					31 
				
	
					
						Section 6.5.

					
					
						Administrative Member Representations and Warranties.

					31 
				
	
					
						Section 6.6.

					
					
						Indemnification of Administrative Member.

					33 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE VII. RETIREMENT OF THE ADMINISTRATIVE MEMBER

					34 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 7.1.

					
					
						Admission of Successor or Additional Administrative Members.

					34 
				
	
					
						Section 7.2.

					
					
						Removal of an Administrative Member.

					35 
				
	
					
						Section 7.3.

					
					
						Replacement Administrative Member and Rights of the Removed Administrative Member.

					35 
				
	
					
						Section 7.4.

					
					
						Consequences of Removal.

					35 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE VIII. TRANSFERABILITY OF THE INVESTOR MEMBER INTEREST

					36 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 8.1.

					
					
						Assignment.

					36 
				
	
					
						Section 8.2.

					
					
						Restrictions.

					36 
				
	
					
						Section 8.3.

					
					
						Substitute Investor Members.

					37 
				
	
					
						Section 8.4.

					
					
						Put Option.

					37 
				
	
					
						Section 8.5.

					
					
						Outside Activities.

					38 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE IX. PROFITS & LOSSES; DISTRIBUTIONS

					38 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 9.1.

					
					
						Allocation of Profits and Losses and Tax Credits.

					38 
				
	
					
						Section 9.2.

					
					
						Distribution of Cash Flow.

					39 
				
	
					
						Section 9.3.

					
					
						Distribution of Capital Proceeds.

					40 
				
	
					
						Section 9.4.

					
					
						Special Distributions.

					41 
				
	
					
						Section 9.5.

					
					
						Tax Issues on Liquidation.

					42 
				
	
					
						Section 9.6.

					
					
						Special Allocation Provisions.

					43 
				
	
					
						Section 9.7.

					
					
						Order of Application.

					45 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE X. DISSOLUTION AND LIQUIDATION OF THE COMPANY

					45 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 10.1.

					
					
						Events Causing Dissolution.

					45 
				
	
					
						Section 10.2.

					
					
						Liquidation.

					45 
				
	
					
						 

					
					
						 

				
	
					
						ARTICLE XI. BOOKS AND RECORDS, ACCOUNTING, TAX ELECTIONS, ETC.

					46 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 11.1.

					
					
						Books and Records.

					46 
				
	
					
						Section 11.2.

					
					
						Bank Accounts.

					46 
				
	
					
						Section 11.3.

					
					
						Intentionally Omitted.

					46 
				
	
					
						Section 11.4.

					
					
						Reports to Investor Member.

					46 
				
	
					
						Section 11.5.

					
					
						Tax Elections.

					48 
				
	
					
						Section 11.6.

					
					
						Special Basis Adjustments.

					48 
				
	
					
						Section 11.7.

					
					
						Fiscal Year and Accounting Method.

					49 
				
	
					
						Section 11.8.

					
					
						Tax Matters Partner.

					49 
				

		
			 
		

		

		

		 

		

			ii

		

 

		

			

		

		 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE XII. MISCELLANEOUS PROVISIONS

					51 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 12.1.

					
					
						Notices.

					51 
				
	
					
						Section 12.2.

					
					
						Word Meanings.

					52 
				
	
					
						Section 12.3.

					
					
						Binding Provisions.

					52 
				
	
					
						Section 12.4.

					
					
						Applicable Law.

					53 
				
	
					
						Section 12.5.

					
					
						Counterparts.

					53 
				
	
					
						Section 12.6.

					
					
						Survival of Representations and Warranties.

					53 
				
	
					
						Section 12.7.

					
					
						Severability of Provisions.

					53 
				
	
					
						Section 12.8.

					
					
						Intentionally Omitted.

					53 
				
	
					
						Section 12.9.

					
					
						Paragraph Titles.

					53 
				
	
					
						Section 12.10.

					
					
						Meeting of Members.

					53 
				
	
					
						Section 12.11.

					
					
						Amendment Procedure.

					54 
				
	
					
						Section 12.12.

					
					
						Partition.

					54 
				
	
					
						Section 12.13.

					
					
						Entire Understanding.

					54 
				
	
					
						Section 12.14.

					
					
						Separability of Provisions.

					54 
				
	
					
						Section 12.15.

					
					
						Tax Disclosure.

					54 
				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			SCHEDULES:
		

		
			A.Schedule of Members
		

		
			B.Apartment Complexes
		

		
			C.Investment Entities
		

		
			D.Direct LLPs
		

		
			E.Projected Tax Credits
		

		
			F.Notice of Default
		

		
			G.No-Value LLPs
		

		
			H.Origination Loan Note
		

		
			I.Tax Credit Exemptions
		

		
			J.Litigation and Investigation Exceptions
		

		
			K.Acquired Entities
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

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			MMA CAPITAL TC FUND I, LLC
		

		
			LIMITED LIABILITY COMPANY OPERATING AGREEMENT
		

		
			THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT of MMA CAPITAL TC FUND I, LLC (the “Company”) is made effective as of December 31, 2015 (the “Effective Date”)  by and between MUNIMAE TEI HOLDINGS, LLC, a Maryland limited liability company (“Administrative Member”), and BANK OF AMERICA, N.A. a National Association (the “Investor Member”).
		

		
			RECITALS
		

		
			A.The Administrative Member organized the Company pursuant to the Act by executing and filing a Certificate of Formation with the Delaware Secretary of State on November 20, 2015 ( the “Certificate”).
		

		
			B.The willingness of the Investor Member to acquire an interest in the Company was dependent upon the Administrative Member entering into a series of agreements with the Investor Member’s affiliate, Merrill Lynch Capital Services, Inc., a Delaware corporation (“MLCS”), to support the commitment of the Administrative Member (or one of its members on its behalf) to lend funds to the Company to enable it to make any distributions to the Investor Member required by this Agreement or to make payments to the Investor Member directly.  MLCS and the Investor Member are part of the same consolidated group and filed federal income tax returns on a consolidated basis as Bank of America Corporation.  MLCS has entered into the MLCS ISDA Master Agreement, pursuant to which MLCS has agreed (by assignment) to make certain payments to the Investor Member if and to the extent the Administrative Member or the Company defaults in its obligation to make such payments pursuant to this Agreement.  
		

		
			C.In consideration for providing the MLCS ISDA Master Agreement, the MLCS IRFA Fee will be paid to MLCS by the Company from the proceeds of the Administrative Member’s  Origination Loan.    The Company has also agreed to pay an additional annual MLCS Contingent Fee to the MLCS on the terms set forth in this Agreement.
		

		
			D.The Members of the Company desire to: (i) provide for the admission of the Investor Member to the Company; (ii) set forth more fully the rights, obligations and duties of the Members; and (iii) continue the Company.
		

		
			NOW, THEREFORE, in consideration of the mutual promises made in this Agreement, the Members, intending to be legally bound, agree to continue the Company as follows:
		

		
			ARTICLE I.
DEFINED TERMS
		

		
			The following terms have the meanings specified below whenever used in this Agreement with initial capital letters:
		

		
			“2015 Act” has the meaning set forth in Section 11.8D.
		

		

		

		 

		

			 

		

 

		

			 

		

		“Accountants” means CohnReznick LLP or such other firm of certified public accountants of nationally recognized standing as may be engaged by the Administrative Member with the consent of the Investor Member.
		

		
			“Act” means the Limited Liability Company Act of the State of Delaware as it may, from time to time, be amended.
		

		
			“Administrative Member” means MuniMae TEI Holdings, LLC, a Maryland limited liability company, or any additional or successor Administrative Member named in any duly adopted amendment to this Agreement.
		

		
			“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of a Company Fiscal Year, after giving effect to the following adjustments:
		

		
			(i)Such Capital Account shall be increased by the amount of any Deficit Restoration Obligation of such Member.
		

		
			(ii)Such Capital Account shall be decreased by the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Allocation Regulations.
		

		
			The foregoing definition of Adjusted Capital Account Deficit and the application of such term in the manner provided in Article IX is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Allocation Regulations and shall be interpreted consistently therewith.
		

		
			“Affected Tax Return” has the meaning set forth in Section 11.8D.
		

		
			“Affiliate” means any: (i) Member; (ii) legal representative, successor or assignee of any Member; (iii) Entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with any Person referred to in the preceding clauses (i) or (ii); or (iv) Person who is an officer, director, trustee, employee, stockholder (ten percent (10%) or more) or Member (other than through the Company or through any other partnership, the principal purpose of which is to invest directly or indirectly in low income housing), of any Person referred to in the preceding clauses (i) through (iii). 
		

		
			“After-Tax Basis” means, with respect to a payment to be received by the Investor Member, the original amount of such payment supplemented by a further payment or payments so that, after deducting from such payment an amount calculated by multiplying a tax rate of 38%  by the amount of all taxable income or gain recognized by the Investor Member attributable to such payment(s), the balance of such payment(s) shall be equal to the original payment to which the Investor Member was entitled.
		

		
			“Agreement” means this Limited Liability Company Agreement, as it may be amended from time to time.
		

		
			“Allocation Regulations” means the Regulations issued under Sections 704(b) and 752 of the Code, as the same may be modified or amended from time to time.  If the Allocation Regulations are revised or amended subsequent to the Effective Date, references in this Agreement 
		

		 

		

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		to sections or paragraphs of the Allocation Regulations shall be deemed to be references to the applicable sections or paragraphs of the Allocation Regulations as then in effect.
		

		
			“Apartment Complex(es)” means any multifamily housing development owned by a Local Limited Partnership specifically listed on Schedule B as it may be amended from time to time.
		

		
			“Applicable Rules” has the meaning set forth in Section 11.8D(ii).
		

		
			“Asset Management Fee”  means the annual fee payable to the Asset Manager for the asset management services as described in Section 6.3.C hereof equal to Two Percent (2%) of IM Investment Proceeds.  The Asset Management Fee shall be payable in accordance with the priorities set forth in Sections 9.2  and 9.3 hereof and shall be due quarterly in advance as of each January 1, April 1, July 1, and October 1, of each Fiscal Year.  Any accrued but unpaid Asset Management Fees shall bear interest at the Stipulated Rate.
		

		
			“Asset Manager” has the meaning set forth in Section 6.3B.
		

		
			“Bankruptcy” or “Event of Bankruptcy” means as to any Person:
		

		
			(i)its filing a petition commencing a case as debtor under the Bankruptcy Code (as now or in the future amended), or the commencement of an involuntary case against it under the Bankruptcy Code, and the earlier of the entry of an order for relief or the appointment of an interim trustee to take possession of its estate or to operate any of its business;
		

		
			(ii)its making a general assignment for the benefit of its creditors;
		

		
			(iii)its consenting to the appointment of a receiver for all or a substantial part of its property;
		

		
			(iv)the entry of a court order appointing a receiver or trustee for all or a substantial part of its property without its consent, if not stayed, vacated or set aside within one hundred twenty (120) days; or
		

		
			(v)the assumption of custody or sequestration by a court of competent jurisdiction of all or substantially all of its property, if not stayed, vacated or set aside within one hundred twenty (120) days.
		

		
			“Capital Account” means the account maintained by the Company on behalf of each Member in accordance with Section 4.3.
		

		
			“Capital Contribution” means the total amount of cash actually contributed to the Company by each Member.  Any reference in this Agreement to the Capital Contribution of a Member shall include a Capital Contribution made by any predecessor holder(s) of the Interest of such Member.
		

		
			“Capital Proceeds” means (i) the gross proceeds received by the Company either directly or as a distribution from an Investment Entity or Holding Entity, as applicable resulting from (a) the liquidation of Company assets and/or (b) the occurrence of a Capital Transaction, less (ii) the 
		

		 

		

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		sum of actual expenses of the Company incident to such liquidation of Company assets and/or Capital Transaction.  
		

		
			“Capital Transaction” means the sale, transfer or other disposition (i) by the Company of all or part of its interest in any Investment Entity, or (ii) by any Investment Entity of all or part of its interest in a Holding Entity, or (iii) by a Holding Entity of all or part of its interest in a Local Limited Partnership, or (iv) by a Local Limited Partnership of its interest in an Apartment Complex, or any other transaction affecting the Company that is not in the ordinary course of the Company’s business, including the receipt by the Company of its share of the proceeds of a Capital Transaction as to the Investment Entity, a Holding Entity, or a Local Limited Partnership.  As the context may require, the term “Capital Transaction” shall, as to a Local Limited Partnership, mean any transaction the proceeds of which are not includible in determining cash flow of the Local Limited Partnership, including, without limitation, the sale, transfer or other disposition of all or substantially all the assets of such Local Limited Partnership and a  refinancing of an applicable Permanent Mortgage Loan.
		

		
			“Cash Flow” means, with respect to any Fiscal Year or other applicable period, the sum of (i) all cash receipts of the Company, including cash flow from Investment Entities, Holding Entities, and/or Local Limited Partnerships, but excluding Capital Contributions, Capital Proceeds, and Seller Indemnity Proceeds, and (ii) any funds deemed available for distribution by the Administrative Member from amounts previously set aside as Reserves or Tax Audit Reserves from Cash Flow, less Operating Expenses.
		

		
			“Cause” means:  (i) conduct that constitutes fraud, bad faith, gross negligence, willful misconduct or breach of fiduciary duty, (ii) the Bankruptcy of the Administrative Member, (iii) a material breach of this Agreement by the Administrative Member, or (iv) the inaccuracy in any material respect, of any representation made by the Administrative Member in this Agreement, (v) a monetary default by the Administrative Member under this Agreement.
		

		
			“Certificate” means the Certificate of Formation pursuant to which the Company was formed under the Act, as it may be amended or restated.
		

		
			“Challenge Period” has the meaning set forth in Section 6.2B.
		

		
			“Change in Tax Law” means amendments to the Code and uncodified legislative changes to the federal income tax laws after the Effective Date and amendments to or the promulgation of new Regulations after the Effective Date, but shall not include the promulgation of final, temporary or proposed Regulations to the extent that such Regulations correspond to final, temporary or proposed Regulations that were promulgated on or prior to the Effective Date.  The positions asserted by the IRS in the Technical Advice Memoranda Nos. 2000-430-15, 2000-430-16 (as modified by Technical Advice Memorandum No. 2002-160-27 dated March 11, 2002), 2000-430-17, each dated October 27, 2000, and Nos. 2000-44-004 and 2000-44-005, each dated November 3, 2000, regarding the inclusion of certain costs in computing eligible basis (as defined in Section 42(d) of the Code) reflect the present federal income tax laws such that any future successful assertion of such positions by the IRS which results in a reduction in the eligible basis of any Apartment Complex will not constitute a Change in Tax Law.
		

		

		

		 

		

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		“Closing Payment Direction Letter” means that certain letter from the Company to the Investor Member dated as of December 29, 2015 regarding the direction of payment of Capital Contributions of the Investor Member and certain obligations of the Administrative Member related thereto.
		

		
			“Code” means the Internal Revenue Code of 1986, as amended, and published rules, rulings (including private rulings) and regulations thereunder at the time of reference thereto.
		

		
			“Company” has the meaning set forth in the Preamble.
		

		
			“Consent” means the prior written consent of a Person to do the act or thing for which the consent is solicited, or the act of granting such consent, as the context may require.  The Consent of a Person may be granted or withheld in its sole and absolute discretion unless expressly provided otherwise in this Agreement.
		

		
			“Covered Tax Year” means the Fiscal Years ending on (i) December 31, 2016, (ii) December 31, 2017, (iii) December 31, 2018, (iv) December 31, 2019, and (v) December 31, 2020.
		

		
			“Covered Tax Year Deficiency Amount” means the amount determined as of December 31 of each Covered Tax Year equal to the excess, if any, of the Projected Tax Credits for such Covered Year over the actual Tax Credits properly allocated from the Company to the Investor Member for such Covered Tax Year.
		

		
			“Covered Tax Year Deficiency Notice” means any Notice described in Section 4.2B(i).
		

		
			“Covered Tax Year Deficiency Payment” means, for any Covered Tax Year, an amount equal to 95% of the Covered Tax Year Deficiency Amount, if any, together with interest at the Stipulated Rate, from December 31 of the relevant Covered Tax Year to the date of the distribution of such amount to the Investor Member.
		

		
			“Credit Recovery Loan” means the loan deemed to be made by the Investor Member to the Company, as more particularly described in Section 5.11C.
		

		
			“Damages” has the meaning set forth in Section 5.8.
		

		
			“Deficit Restoration Obligation” means, for each Member, the sum of: (i) any amounts that such Member is obligated to restore to the Company in accordance with the provisions of Sections 1.704-1(b)(2)(ii)(c), 1.704-1(b)(2)(ii)(h), or any other applicable provisions of the Allocation Regulations; (ii) such Member’s  share of Partnership Minimum Gain if any; and (iii) such Member’s  share of Partner Nonrecourse Debt Minimum Gain, if any.
		

		
			“Depreciation” means, for the Fiscal Year or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis.
		

		

		

		 

		

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		“Direct LLP” means a Local Limited Partnership in which the Company holds a direct interest or an indirect interest through a Holding Entity and not through an Investment Entity.
		

		
			“Effective Date” has the meaning set forth in the Preamble.
		

		
			“Entity” means any partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association or public agency.
		

		
			“Entity-Level Tax Items” has the meaning set forth in Section 5.4P.
		

		
			“Excluded Tax Credit Shortfall Amount” means an amount equal to the Tax Credits previously claimed by the Investor Member or projected to be available to the Investor Member through the end of the last Covered Tax Year, that are disallowed or otherwise not properly allocable to the Investor Member as a result of a Final Determination that the Company is not a partnership for federal income tax purposes or that the Investor Member is not a partner for federal income tax purposes.
		

		
			“Expense Loans” has the meaning set forth in Section 5.11B.
		

		
			“Final Determination” means the first to occur of: (i) the filing of a federal information return or an amended federal information return or a tax return reporting a Tax Detriment by the Company, an Investment Entity, any Holding Entity or any Local Limited Partnership; (ii) a decision, judgment, decree or other order issued by any court of competent jurisdiction confirming the assertion by the IRS that a Tax Detriment exists, which decision, judgment, decree or other order has become final (i.e., all allowable appeals have been exhausted); or (iii) any binding settlement in writing is made between the Administrative Member, the Company, an Investment Entity, any Holding Entity or any Local Limited Partnership and the IRS conceding the existence of a Tax Detriment.
		

		
			“Fiscal Year” means the calendar year or such other year which the Company is required by the Code to use as its taxable year.
		

		
			“Full Guaranty Extension Period Detriments” has the meaning set forth in Section 5.11A(ii).
		

		
			“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows:
		

		
			(i)The initial Gross Asset Value of any asset contributed by a Member of the Company shall be the gross fair market value of such asset, as determined by the contributing Member and the Company;
		

		
			(ii)The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined by the Administrative Member, as of the following times:  (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (b) the distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for an interest in the Company; (c) the liquidation of 
		

		 

		

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		the Company within the meaning of Section 1.704‐1(b)(2)(ii)(g) of the Allocation Regulations; or (d) in connection with the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a partner capacity, or by a new Member acting in a partner capacity or in anticipation of being a Member;  provided,  however, that the adjustments pursuant to clauses (a) (b) and (d) above shall be made only if the Administrative Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company;
		

		
			(iii)The Gross Asset Value of any Company asset distributed to any Member, for which the value is adjusted pursuant to clause (ii)(b), shall be the gross fair market value of such asset on the date of distribution; and
		

		
			(iv)The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section 1.704‐1(b)(2)(iv)(m) of the Allocation Regulations and Section 3.4;  provided,  however, that Gross Asset Values shall not be adjusted pursuant to this clause (iv) to the extent the Administrative Member determines that an adjustment pursuant to clause (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iv).
		

		
			If the Gross Asset Value of an asset has been determined or adjusted pursuant to clause (i), (ii) or (iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits or Losses.
		

		
			“Guaranty Extension Period” means the period beginning on the Effective Date and ending on December 31, 2025.
		

		
			“Guaranty Extension Period Detriments” has the meaning set forth in Section 5.11A(ii).
		

		
			“Guaranty Fee” means a  one-time fee equal to two percent (2%) of IM Investment Proceeds payable to the Administrative Member in exchange for its commitment to make Mandatory Loans.  The Guaranty Fee shall be payable in accordance with the priorities set forth in Sections 9.2 and 9.3 hereof and shall be due on December 31, 2015, and any accrued but unpaid portion of the Guaranty Fee shall bear interest at the Stipulated Rate.
		

		
			“Holding Entity” means a limited liability company in which an Investment Entity is the sole member, that serves as the investment vehicle through which the Investment Entity, and therefore the Company, holds its interest in each of the Local Limited Partnerships.
		

		
			“Holding Entity Interest” means the indirect ownership Interest of a Member in a Holding Entity at any time.
		

		
			“Interest” or “Membership Interest” means the ownership interest of a Member in the Company at any time, including the Member’s right to any benefits under this Agreement and under the Act together with the Member’s obligations to comply with all the terms and provisions 
		

		 

		

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		of this Agreement and of the Act.  Except as otherwise provided in this Agreement, the Interest of each Member shall be as set forth in Exhibit A to this Agreement.
		

		
			“Investment Entity” has the meaning set forth in Section 3.1 and a complete list of Investment Entities is set forth on Schedule C.
		

		
			“Investment Entity Agreement” means the operating agreement or limited partnership agreement of an Investment Entity pursuant to which the rights and obligations of the Company are set forth and described.
		

		
			“Investment Entity Interest” means the ownership interest of the Company in an Investment Entity at any time, including the Company’s right to any benefits under the applicable Investment Entity Agreement.  The Company’s percentage ownership interest for the purpose of the allocation of Tax Credits in each Investment Entity is set forth on Schedule C.
		

		
			“Investment Entity Manager” means the general partners, managers or managing members, as the case may be, of the Investment Entities.
		

		
			“Investor Member” means Bank of America, N.A. and any additional Person who may be admitted to the Company as a Substitute Investor Member or an additional Investor Member in accordance with this Agreement.
		

		
			“IM Investment Proceeds” shall mean the initial Capital Contribution of the Investor Member set forth on Exhibit A hereof. 
		

		
			“IM Voluntary Loan” has the meaning set forth in Section 4.6.
		

		
			“IRS” means the United States Internal Revenue Service.
		

		
			“Local General Partner” means the general partners, managers or managing members, as the case may be, of the Local Limited Partnerships.
		

		
			“Local Limited Partnership Interest” means the limited partnership interest or limited liability company interest, as the case may be, held by the Company through the Investment Entity and any applicable Holding Entity, in a Local Limited Partnership.
		

		
			“Local Limited Partnerships” has the meaning set forth in Section 3.1.
		

		
			“Losses” has the meaning set forth in the definition of “Profits” or “Losses.”
		

		
			“MLCS” shall mean Merrill Lynch Capital Services, Inc.
		

		
			“MLCS Contingent Fee” means an amount equal to twenty percent (20%) of the Company’s  remaining Capital Proceeds payable by the Company to MLCS in accordance with the priorities set forth in Section 9.3 and in accordance with the MLCS Contingent Fee Agreement in consideration of the provision by MLCS to the Company of the MLCS ISDA Master Agreement.
		

		

		

		 

		

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		“MLCS Contingent Fee Agreement” means that certain Agreement with Respect to Additional IRFA Fee, dated as of December 31, 2015, by and among MLCS, the Company, MMA Capital Management, LLC, and the Administrative Member.
		

		
			“MLCS IRFA Fee” means the upfront fee payable to MLCS for providing the MLCS ISDA Master Agreement in an amount equal to two percent (2%) of the IM Investment Proceeds which fee is due and payable by the Company to MLCS on December 31, 2015 pursuant to the MLCS ISDA Master Agreement.
		

		
			“MLCS ISDA Master Agreement” means that certain ISDA Master Agreement, dated as of December 28, 2015, effective as of December 31, 2015, between MLCS and the Company, together with Schedule to the 2002 Master Agreement dated as of December 28, 2015, effective as of December 31, 2015, the Credit Support Annex to the Schedule to the Master Agreement dated as of December 28, 2015, effective as of December 31, 2015, and Confirmation Letter to ISDA Master Agreement, dated December 28, 2015.
		

		
			“Mandatory Loan” means loans made to the Company by or on behalf of the Administrative Member pursuant to Sections 5.11A(i) and 5.11A(ii),  or MLCS ISDA Master Agreement payments which MLCS elects at its sole option to lend to the Company as Mandatory Loans, the proceeds of which shall be specially distributed to the Investor Member pursuant to Section 9.4.    
		

		
			“Member” means any Administrative Member or Investor Member.
		

		
			“No-Value Local Limited Partnerships” has the meaning set forth in Section 6.4.
		

		
			“Notice” means a writing containing the information required by this Agreement to be communicated to a Person and personally delivered to such Person or sent by registered or certified mail, postage prepaid, return receipt requested, to such Person at the last known address of such Person and to the attention of such officers and/or employees of such Person as shown on the books of the Company; provided, however, that written communication containing such information actually received by a Person shall constitute Notice for all purposes of this Agreement. The “Notice Date” with respect to such Notice, shall be the earlier of (i) the date of personal delivery to such address, or registry of or the certification receipt, as the case may be, or (ii) the date of actual receipt by such Person of written communication containing such information.
		

		
			“Notice Date” has the meaning set forth in the definition of “Notice”.
		

		
			“Operating Expenses” means, with respect to any fiscal period, expenses reasonably incurred by (i) the Company during such period in the ordinary course of the Company’s business, including, but not by way of limitation, all expenses for computer supplies, taxes, accounting, auditing, bookkeeping, legal, travel, telephone and organizational, offering and closing expenses, or (ii) the Tax Matters Partner or Partnership Representative in connection with an IRS audit or inquiry.  Without limiting the generality of the foregoing, Operating Expenses shall also include actual third-party out-of-pocket cost of goods, materials and administrative services used by or for the Company, the Tax Matters Partner or Partnership Representative, as the case may be, that are incurred by the Administrative Member, the Tax Matter Partner or Partnership Representative, as the case may be, in performing the foregoing functions; provided,  however, that no Member or its 
		

		 

		

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		Affiliates may be reimbursed for rent or depreciation, utilities, capital equipment, other administrative expenses or salaries or fringe benefits incurred by or allocated to Affiliates of such Member.  Operating Expenses shall not include fees paid by the Company to the Administrative Member and its Affiliates.
		

		
			“Operating Profits or Losses” means, for any Fiscal Year, the Profits or Losses of the Company for that year as determined for federal income tax purposes by the Accountants, excluding Profits or Losses from a Capital Transaction and determined without regard to any adjustments to basis pursuant to Sections 734 or 743 of the Code.
		

		
			“Origination Loan” has the meaning set forth in Section 5.10.
		

		
			“Partner Nonrecourse Debt” has the meaning set forth in Section 1.704‐2(b)(4) of the Allocation Regulations.  
		

		
			“Partner Nonrecourse Debt Minimum Gain” has the meaning set forth in Sections 1.704‐2(i)(2) and (3) of the Allocation Regulations.
		

		
			“Partner Nonrecourse Deductions” has the meaning set forth in Section 1.704-2(i)(1) of the Allocation Regulations.
		

		
			“Partnership Challenge” means the initiation of an IRS audit of the Investor Member and/or the Company, pursuant to which the IRS asserts or otherwise indicates that it is likely to challenge or assert that the Company is not a partnership for federal income tax purposes or that the Investor Member is not a partner for federal income tax purposes.
		

		
			“Partnership Minimum Gain” has the meaning set forth in Section 1.704-2(d) of the Allocation Regulations.
		

		
			“Partnership Representative” has the meaning set forth in Section 11.8D(i).
		

		
			“Payments” has the meaning set forth in Section 6.6A.
		

		
			“Permanent Mortgage Loan” means with respect to a Local Limited Partnership, the permanent mortgage loan or loans made to the Local Limited Partnership by a permanent mortgage lender or lenders, and secured by a mortgage or deed of trust and other related security documents and financing statements.
		

		
			“Permitted Temporary Investments” means dollar-denominated investments limited to bankers’ acceptances, negotiable or non-negotiable certificates of deposit, time or demand deposits (including non-interest bearing accounts) in, money market accounts with, or repurchase or reverse repurchase agreements or other short term investments constituting obligations of, commercial banks having a combined capital and surplus of not less than One Hundred Million Dollars ($100,000,000) or such other investments as are permitted by the Consent of the Investor Member.
		

		
			“Person” means any individual or Entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so requires; and, unless 
		

		 

		

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		the context otherwise requires, the singular shall include the plural, and the masculine gender shall include the feminine and the neuter and vice versa.
		

		
			“Profits” or “Losses” means, for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such Fiscal Year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments:
		

		
			(i)Any items described in Sections 705(a)(1)(B) and 705(a)(1)(C) of the Code that are not otherwise taken into account in computing Profits or Losses shall be added to such taxable income or loss.
		

		
			(ii)Any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Allocation Regulations, and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss.
		

		
			(iii)Gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value.
		

		
			(iv)If the Company distributes assets to a Member (whether in connection with a liquidation or otherwise), or if the Gross Asset Value of any Company asset is adjusted upon the acquisition of an additional interest in the Company, unrealized income, gain, loss and deduction inherent in such distributed or adjusted assets (not previously reflected in Capital Accounts) shall be allocated pursuant to Section 9.1 as if there had been a taxable disposition of such distributed or adjusted assets at fair market value.
		

		
			(v)In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period, computed in accordance with the definition of “Depreciation” set forth in this Agreement.
		

		
			Notwithstanding any other provision of this definition, any items that are specially allocated pursuant to Section 4.4 shall be taken into account in computing Profits or Losses only if the Accountants determine that such items should be so reflected.
		

		
			“Projected Tax Credits” means the Tax Credits expected to be allocated to the Investor Member for each Covered Tax Year as set forth on Schedule E.
		

		
			“Purchase Agreement” means that certain Purchase Agreement by and between General Electric Capital Corporation, as seller, and the Company, as purchaser, dated as of November 30, 2015.
		

		
			“Put Evaluation Notice” has the meaning set forth in Section 8.4A.
		

		

		

		 

		

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		“Put Evaluation Option” has the meaning set forth in Section 8.4A.
		

		
			“Put Evaluation Period” has the meaning set forth in Section 8.4A.
		

		
			“Put Notice” has the meaning set forth in Section 8.4C.
		

		
			“Put Option” has the meaning set forth in Section 8.4C.
		

		
			“Put Period” has the meaning set forth in Section 8.4C.
		

		
			“Put Price” has the meaning set forth in Section 8.4A.
		

		
			“Recapture” means the obligation of a Member to recapture Tax Credits allocated to such Member for any given Fiscal Year pursuant to Section 42(j) of the Code.
		

		
			“Replacement Administrative Member” has the meaning set forth in Section 7.2A.
		

		
			“Replacement Manager” has the meaning set forth in Section 7.2A.
		

		
			“Regulations” means the regulations promulgated by the United States Department of the Treasury pursuant to the Code.
		

		
			“Regulatory Allocations” means the allocations set forth in Sections 9.6.B through 9.6.F.
		

		
			“Reserves” has the meaning set forth in Section 6.2A.
		

		
			“Seller” means General Electric Capital Corporation, as seller under the Purchase Agreement.
		

		
			“Seller Indemnity Proceeds” means proceeds received by the Company from the Seller pursuant to Section 16 of the Purchase Agreement; provided, however, the Seller Indemnity Proceeds shall not include proceeds paid by the Seller in connection with (i) any assets that were not directly or indirectly acquired by the Company, or (ii) No-Value Local Limited Partnership after the Company no longer owns them.
		

		
			“Seller Tax Credit Indemnity Amount” means Seller Indemnity Proceeds (or the applicable portion thereof) that relates to the loss or recapture of Tax Credits as described in Section 16.2 of the Purchase Agreement.
		

		
			“Stipulated Rate” means an interest rate of six percent (6%) per annum compounded annually.
		

		
			“Stipulated Loan Rate” means an interest rate of nine and one half percent (9.5%) per annum compounded annually.
		

		
			“Subsidiary” has the meaning set forth in Section 3.1.
		

		
			“Substitute Investor Member” means any Person who is admitted to the Company as an Investor Member under the provisions of Article VIII.
		

		

		

		 

		

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		“Tax Audit Reserve” has the meaning set forth in Section 6.2B.
		

		
			“Tax Credit” means the low-income housing tax credit allowed for qualified low-income housing projects pursuant to Section 42 of the Code. 
		

		
			 “Tax Detriments” means, with respect to each  Fiscal Year, an amount equal to the sum of: (i) 100% of any Tax Credits of the Investor Member that are disallowed, reallocated, reduced, Recaptured or lost as a result of a Final Determination; plus (ii) 100% of any interest, additions to tax or penalties imposed on the Investor Member by the IRS as a result of such Final Determination. The inability of the Investor Member to utilize any Tax Credits as a result of its own tax position unrelated to its position in the Company, shall not be considered a Tax Detriment.  
		

		
			“Tax Items” means each item of Company income, gain, loss, deduction and Tax Credit, as determined for federal income tax purposes.
		

		
			 
		

		
			“Tax Matters Partner” has the meaning ascribed to the term in Section 11.8A.
		

		
			“Terminating Capital Transaction” means a Capital Transaction resulting in or involving the termination and winding up of the business of the Company or any other event resulting in the “liquidation” of the Company within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Allocation Regulations.
		

		
			“Top Loss Amount” means, with respect to any (i) Covered Tax Year Deficiency Amount, the excess of such Covered Tax Year Deficiency Amount and the Covered Tax Year Deficiency Payment for such Covered Tax Year, and any (ii)  Final Determination of Tax Detriments, excess of the Full Guaranty Extension Period Detriments over the related Guaranty Extension Period Detriments.  
		

		
			ARTICLE II.
FORMATION OF THE COMPANY
		

		
			Section 2.1.Continuation of the Limited Liability Company.
		

		
			The undersigned hereby continue the Company as a limited liability company under the Act.  To the extent that the laws of other jurisdictions shall be applicable to the operations of the Company, the Company is intended to be qualified as a foreign limited liability company under such laws.  Upon the execution of this Agreement by all parties hereto, the Administrative Member shall file any necessary amendments to the Certificate and take all actions required by law to perfect and maintain the Company as a limited liability company under the Act.
		

		
			Section 2.2.Name, Office and Resident Agent.
		

		
			The Company shall be conducted under the name of MMA Capital TC Fund I, LLC, which name shall be changed by the Administrative Member upon written request of the Investor Member.  The Administrative Member shall take all actions required by law to maintain the Company’s right to use its name under the Act.  The address of the registered office and the name and address of the registered agent for service of process is Corporation Service Company, 2711 
		

		 

		

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		Centerville Road, Suite 400,  Wilmington,  Delaware 19808.  The Company may have such additional offices as the Administrative Member may deem advisable.  The Administrative Member may at any time change the location of the principal office of the Company and the resident agent of the Company and shall give due Notice of any such change to the Investor Member.
		

		
			Section 2.3.Title to Company Property.
		

		
			All property owned by the Company, whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member shall have any individual ownership interest in such property.  The Company may hold any of its assets in its own name or in the name of its nominee, which nominee may be one or more individuals, corporations, partnerships, trusts or other entities.
		

		
			ARTICLE III.
BUSINESS PURPOSE; TERM AND DISSOLUTION
		

		
			Section 3.1.Business Purpose.
		

		
			The purpose of the Company is to invest, directly and indirectly, in the Apartment Complexes owned by the limited partnerships or limited liability companies (“Local Limited Partnerships”)  identified on Schedule B by acquiring pursuant to the Purchase Agreement, holding and disposing of (a) the companies listed on Schedule K (the “Subsidiaries”), (b) the limited liability company interests and limited partnership interests in tax credit investment funds identified on Schedule C  (together with the Subsidiaries, the “Investment Entities”) and (c) the direct limited liability company interests and limited partnership interests in the Local Limited Partnerships identified on Schedule D (the “Direct LLPs”) (it being understood that the No-Value Local Limited Partnerships listed on Schedule G and any corresponding Apartment Complexes held by such No-Value Local Limited Partnerships are not reflected on Schedules B and D.  Some Investment Entities hold some Local Limited Partnership Interests through special purpose single member limited liability companies (collectively, the “Holding Entities”).  Each Holding Entity, if applicable, in turn, owns interests in Local Limited Partnerships.  Each of the Local Limited Partnerships has acquired, developed, constructed, rehabilitated,  and owns and operates one of the Apartment Complexes identified on Schedule B.    The purpose of the Company is to invest in real properties that qualify or have qualified for the Tax Credit.
		

		
			Section 3.2.Company Activities.
		

		
			The Company may engage in any kind of lawful activity, and perform and carry out contracts of any kind, necessary or advisable in connection with the accomplishment of the purposes of the Company set forth in Section 3.1.  
		

		
			Section 3.3.Term and Dissolution.
		

		
			The Company shall commence as of the date hereof and shall continue in full force and effect until dissolution pursuant to the provisions of this Agreement, and upon the filing of a Certificate of Cancellation with the Delaware Secretary of State in accordance with Section 10.1B.    
		

		 

		

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			ARTICLE IV.
LIMITED LIABILITY COMPANY MEMBERS AND CAPITAL
		

		
			Section 4.1.Administrative Member.
		

		
			 The Administrative Member, its address, Membership Interest and Capital Contribution are set forth in Exhibit A attached hereto.  The Administrative Member shall not be required to make any additional Capital Contributions to the Company except at set forth in Section 9.5C.
		

		
			Section 4.2.Investor Member.
		

		
			A.The Investor Member, its address, Membership Interest and Capital Contribution are set forth in Exhibit A attached hereto.  In no event shall the Investor Member be obligated to make Capital Contributions in excess of the IM Investment Proceeds to be contributed on the Effective Date.
		

		
			B.The Investor Member shall be entitled to a distribution of cash from the Company under the following circumstances:
		

		
			(i)Covered Tax Year Deficiency Amount.  Not later than September 30th of the year following each Covered Tax Year, the Administrative Member shall prepare and deliver to the Investor Member a report of the Tax Credits generated during the preceding Covered Tax Year as evidenced on the Company’s  Schedule K-1 delivered to the Investor Member for such Covered Tax Year (“Covered Tax Year Report”).  Each Covered Tax Year Report shall include a determination by the Administrative Member based on the Tax Credits allocated to the Investor Member with respect to such Covered Tax Year, whether there is a Covered Tax Year Deficiency Amount and, if a Covered Tax Year Deficiency Amount exists the Covered Tax Year Report shall include supporting calculations related to its determination, together with any back-up documentation that the Investor Member may reasonably require in order to verify the calculation (the “Covered Tax Year Deficiency Notice”).  If the Administrative Member fails to cause the necessary Schedule K-1 to be timely prepared or otherwise fails to deliver to the Investor Member a complete Covered Tax Year Report by September 1 of the year following a Covered Tax Year, then the Tax Credits allocated to the Investor Member with respect to such year shall be deemed to be zero and the Covered Tax Year Deficiency Amount shall be the full amount of the Projected Tax Credits for such year.  If there is a Covered Tax Year Deficiency Amount, the Administrative Member shall make a Mandatory Loan as described in Section 5.11 and shall cause the Company to distribute to the Investor Member the Covered Tax Year Deficiency Payment (or, alternatively, the Administrative Member,  or MLCS may pay directly to the Investor Member an amount sufficient, on an After-Tax Basis, to pay the Covered Tax Year Deficiency Payment) within five (5) business days after the earlier of: (i) the issuance of the Covered Tax Year Deficiency Notice or (ii) September 1 of the year following the relevant Covered Tax Year, if no such Covered Tax Year Report has been delivered to the Investor Member.  Failure to provide the Covered Tax Year Deficiency Notice shall not affect the foregoing obligation to distribute or pay the Covered Tax Year Deficiency Payment to the Investor Member.
		

		
			(ii)Guaranty Extension Period Detriments.  If there are Guaranty Extension Period Detriments, the Administrative Member shall cause the Company to distribute to the 
		
		
 

		

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		Investor Member the Guaranty Termination Deficiency Payment  (or, alternatively, the Administrative Member,  or MLCS may pay directly to the Investor Member an amount sufficient on an After-Tax Basis, to pay the Guaranty Extension Period Detriments)  within the time specified in Section 5.11A(ii).

		
		
			Section 4.3.Company Capital.
		

		
			A.The capital of the Company shall be the aggregate amount of the cash and the Gross Asset Value of property contributed by the Administrative Member and by the Investor Member and Substitute Investor Members, if any, as set forth in Schedule A.  Except as specifically set forth in this Agreement, no Member shall have any right to make voluntary Capital Contributions to the Company, and no property other than cash may be contributed or accepted as a Capital Contribution without the Consent of the Investor Member.  No interest shall be paid by the Company on any Capital Contribution to the Company.  Schedule A shall be amended from time to time to reflect the withdrawal or admission of Members, any changes in the Membership Interests held by a Member arising from the transfer of a Membership Interest to or by such Member and any change in the amounts to be contributed or agreed to be contributed by any Member.
		

		
			B.An individual Capital Account shall be established and maintained for each Member, including any Substitute Investor Member that shall hereafter receive an interest in the Company.  The Capital Account of each Member shall be maintained in accordance with the following provisions:
		

		
			(i)To each Member’s Capital Account there shall be credited such Member’s Capital Contributions, such Member’s distributive share of Profits pursuant to Section 9.1, and any items in the nature of income or gain that are specially allocated pursuant to Section 9.6, and the amount of any Company liabilities that are assumed by such Member or that are secured by any Company property distributed to such Member;
		

		
			(ii)To each Member’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any Company property distributed to such Member pursuant to any provision of this Agreement, such Member’s distributive share of Losses pursuant to Section 9.1, and any items in the nature of expenses or losses that are specially allocated pursuant to Section 9.6, and the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed by such Member to the Company.
		

		
			If the Gross Asset Value of Company assets is adjusted pursuant to this Agreement, the Capital Accounts of all Members shall be adjusted simultaneously to reflect the aggregate net adjustment as if the Company recognized gain or loss equal to the amount of such aggregate net adjustment.
		

		
			C.The original Capital Account established for any substituted Member shall be in the same amount as, and shall replace, the adjusted Capital Account of the Member that such substituted Member succeeds, and, for the purposes of this Agreement, such substituted Member shall be deemed to have made the Capital Contribution, to the extent actually paid in, of the Member that such substituted Member succeeds.  The term “substituted Member,” as used in this 
		
		
 

		

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		paragraph, shall mean a Person that shall become entitled to receive a share of the Profits or Losses, Tax Credits and distributions of the Company by reason of such Person succeeding to the Membership Interest of a Member by assignment of all or any part of a Membership Interest.  To the extent a substituted Member receives less than 100% of the Membership Interest of a Member, its Capital Account and Capital Contribution shall be in proportion to the Membership Interest it receives, and the Capital Account and Capital Contribution of the Member that retains a partial interest in the Company shall continue, and not be replaced, in proportion to the Membership Interest it retains.

		
		
			D.The foregoing provisions and the other provisions of this Agreement relating to the maintenance of the Capital Accounts are intended to comply with the Allocation Regulations and shall be interpreted and applied in a manner consistent with such Allocation Regulations.  If the Administrative Member determines, based on the written advice of the Accountants, that it is necessary to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with the Allocation Regulations, the Accountants may make such modification, subject to the provisions of Section 9.5D, provided that such modification does not have a material adverse effect on the Investor Member.  The Administrative Member shall adjust the amounts debited or credited to Capital Accounts with respect to (i) any property contributed to the Company or distributed to the Members, and (ii) any liabilities that are secured by such contributed or distributed property that are assumed by the Company or the Members, if the Administrative Member determines such adjustments are necessary or appropriate pursuant to Section 1.704-1(b)(2)(iv) of the Allocation Regulations.  Subject to the provisions of Section 9.5D, the Administrative Member also shall make any necessary modifications, based on the written advice of the Accountants, if unanticipated events might otherwise cause this Agreement not to comply with the Allocation Regulations.
		

		
			E.The Company shall not redeem or repurchase any Membership Interest, and no Member shall have the right to withdraw, or receive any return of, its Capital Contribution, except as specifically provided in this Agreement.  No Capital Contribution may be returned in the form of property other than cash or cash equivalents.  The Administrative Member shall have no personal liability for the repayment of the Capital Contribution of any Investor Member, except as specifically provided in this Agreement.  
		

		
			F.Any return of capital under this Section 4.3 shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Act, and the Investor Member shall not be obligated to return any such money to the Company or a creditor of the Company.
		

		
			Section 4.4.Liability of Investor Member.
		

		
			The liability of the Investor Member for the losses, debts, liabilities and obligations of the Company shall be limited to payment of its Capital Contribution and its share of any undistributed profits of the Company; provided,  however, that under applicable law the Investor Member may be liable to the Company to the extent of previous distributions made to it, with interest, if the Company does not have sufficient assets to discharge its liabilities.  The Investor Member shall not be required to lend any funds to the Company or to make any further Capital Contribution to the Company.  It is the intent of the Company that, for purposes of establishing liability of the Investor Member as discussed in this Section 4.4, no distribution (or any part of any distribution) 
		

		 

		

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		made to the Investor Member pursuant to Article IX shall be deemed a return or withdrawal of capital, and that the Investor Member shall not be obligated to pay any such amount to or for the account of the Company or any creditor of the Company.  If any court of competent jurisdiction holds, however, that, notwithstanding the provisions of this Agreement, the Investor Member is obligated to make any such payment, such obligation shall be the obligation of the Investor Member and not of the Administrative Member.
		

		
			Section 4.5.Investor Member Representations and Warranties.
		

		
			The Investor Member hereby makes the following representations and warranties as of the date hereof:
		

		
			A.The Investor Member is acquiring its Membership Interest for investment for the Investor Member’s own account and not with a view to distribution or resale and the Investor Member has no present intention to sell or otherwise transfer its Membership Interests.  
		

		
			B.The Investor Member is an “Accredited Investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under the 1993 Act) and a “Qualified Institutional Buyer” (as such term is defined in SEC Rule 144A).
		

		
			C.The Investor Member acknowledges that the Company has made available to the Investor Member all documents that the Investor Member has requested relating to an investment in the Company and has provided answers to all of the Investor Member’s questions concerning the offering and an investment in the Company.  In evaluating the suitability of an investment in the Company, the Investor Member has not relied upon any representations or other information from the Company or its agents (whether oral or written) other than as contained in any documents or written answers to questions so furnished to the Investor Member by the Company.  
		

		
			D.The Investor Member is not a closely-held C corporation as such term is defined in Section 469(j)(1) of the Code.
		

		
			E.The Investor Member recognizes that the Company has no financial and operating history and investment in the Company involves certain risks, and the Investor Member has taken full cognizance of and understands all of the risk factors related to its investment in the Company.
		

		
			F.The Investor Member hereby certifies the following:
		

		
			(i)The Investor Member represents that it is not a “foreign person” within the meaning of Section 1445 of the Code; that it is not a person “which is not a United States Person” within the meaning of Section 1446 of the Code; that it is not a tax-exempt entity; that it is not a real estate investment trust subject to taxation under subchapter M of the Code; and that it is not a corporation which is an electing small business corporation under Subchapter S of the Code; and
		

		
			(ii)the Investor Member is not subject to backup withholding under the provisions of Section 3406(a)(1)(c) of the Code.
		

		
			The Investor Member agrees to inform the Company if the Investor Member becomes a foreign person at any time during the three year period immediately following the date hereof.  The 
		

		 

		

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		Investor Member understands that this certification may be disclosed to the IRS by the Company and that any false statement contained herein could be punished by fine, imprisonment, or both.  Under penalties of perjury the undersigned declares that this information is true, correct, and complete, and further declares that the undersigned has authority to sign this document on behalf of the Investor Member.
		

		
			G.The execution and delivery of this Agreement and all other documents and agreements relating to an investment by the Investor Member in the Company (i) have been duly authorized by all necessary corporate action and constitute the legal, valid and binding obligations of the Investor Member enforceable in accordance with their terms (subject to bankruptcy, insolvency or other similar laws affecting creditors’ rights, and to general principles of equity), and (ii) do not, and the performance of the terms thereof will not, contravene any provision of existing law or regulations or of the charter or by-laws of the Investor Member, and will not conflict with or result in any breach of the terms, conditions or provisions of, or constitute a default under, or result in or permit the creation or imposition of any lien, charge or encumbrance upon any of the properties of the Investor Member pursuant to, any indenture, mortgage, or other agreement or instrument or any judgment, decree, order or decision to which the Investor Member is a party or by which it is bound.
		

		
			H.Under existing law, no approval, authorization, license, permit or other action by or filing with, any federal, state, municipal or other government commission, board or agency is required in connection with the execution and delivery by the Investor Member of this Agreement.
		

		
			I.None of the funds provided or to be provided by the Investor Member for its investment in the Company constitute assets of an “employee benefit plan” as described in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a “plan” as described in Section 4975(e)(1) of the Code, or any other “benefit plan investor” as described in Treasury Reg. 29 CFR Sec. 2510.3-101.
		

		
			J.The Investor Member acknowledges that state and federal income tax benefits that may be available to it may be lost through the adoption of new laws or Regulations or changes in the interpretation of existing laws and Regulations, provided, however, that its acknowledgement does not modify, reduce or diminish the Investor Member’s rights and remedies under this Agreement.
		

		
			K.The Investor Member is aware of its inability to readily liquidate its investment in case of an emergency and the fact that the Interest being purchased by it may have to be held for an indefinite period of time.  The Investor Member understands that the Interests being purchased by it have not been registered under the 1933 Act or applicable state securities laws, and cannot be sold, transferred or otherwise disposed of unless subsequently registered under the 1933 Act and any applicable state securities laws or an exemption from such registration is available; that such registration is unlikely at any time in the future; that no transfers of its Interest may be made that would not be in compliance with all requirements of the 1933 Act and applicable state securities laws and tax laws; and that there may not be any market for resale of such Interest.
		

		 

		

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			L.The Investor Member understands that no state or governmental authority has made any finding or determination relating to the fairness for investment of the Interest offered by the Company.
		

		
			M.The Investor Member’s officers and principal employees are not on the list of persons blocked by the U.S. Department of Treasury pursuant to Executive Order 13224 - Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism.
		

		
			Section 4.6.Investor Member Voluntary Loans.
		

		
			The Investor Member shall have the right but not the obligation to make a voluntary loan (the “IM Voluntary Loan”) to the Company to allow the Company to pay Operating Expenses related to the reimbursement of the costs incurred by the Tax Matters Partner or the Partnership Representative to the extent that Company funds are not available.  Such IM Voluntary Loans shall bear interest at the Stipulated Loan Rate, and shall be repaid from available cash in the priorities set forth in Article IX.  
		

		
			ARTICLE V.
RIGHTS, OBLIGATIONS AND POWERS OF THE ADMINISTRATIVE MEMBER
		

		
			Section 5.1.Management of the Company.
		

		
			A.The Administrative Member, within the authority granted to it under this Agreement, and subject to the limitations set forth in Section 5.4,  shall have full, complete and exclusive discretion to manage the business of the Company to the best of its ability and to use its best efforts to carry out the purpose of the Company.  In so doing, the Administrative Member shall take all actions necessary or appropriate to protect the interests of the Investor Member.  All decisions made for and on behalf of the Company by the Administrative Member within the scope of the Administrative Member’s authority shall be binding upon the Company.  The Administrative Member shall devote such time as is necessary to the affairs of the Company.  The Administrative Member shall not receive compensation therefor from the Company other than as expressly provided in this Agreement.  The Administrative Member and the Investment Member are required to jointly Consent to certain actions as outlined in Section 5.4 and once such action is Consented to by both Members, the Administrative Member is required to take such action.
		

		
			B.No Person dealing with the Administrative Member shall be required to determine its authority to make any undertaking on behalf of the Company or to determine any facts or circumstances bearing upon the existence of such authority.
		

		
			C.If and to the extent the Administrative Member becomes obligated under this Agreement to advance or pay any funds to the Company or to the Investor Member, whether pursuant to a Mandatory Loan obligation under Section 5.11A,  an Expense Loan obligation pursuant to Section 5.11B, an obligation to pay a Put Price under Section 8.3, or any other obligation under this Agreement, such funds may be advanced or paid by another party on behalf of the Administrative Member and, to the extent advanced or paid, shall be treated for all purposes as if having been advanced or paid by the Administrative Member.  Nothing in this Section 5.1C 
		
		
 

		

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		is intended to affect the fact that the requirement to make all such advances or payments remains the obligation of the Administrative Member.

		
		
			Section 5.2.Authority of the Administrative Member.
		

		
			A.Subject to the provisions of Section 5.4, the Administrative Member for, in the name of, and on behalf of, the Company is hereby authorized, without limitation:
		

		
			(i)to negotiate for and enter into agreements to hold, and otherwise manage the interest of the Company in the Subsidiaries; 
		

		
			(ii)with respect to Local Limited Partnerships, to give the Consent of the Company, in its capacity as the direct or indirect investor member or limited partner of any Investment Entity to any action proposed to be taken by a Local Limited Partnership that, under the provisions of its Local Limited Partnership Agreement, requires the Consent of the Investment Entity or the Holding Entity that holds an interest in such Local Limited Partnership, other than the sale or refinancing of any Apartment Complex or other property;
		

		
			(iii)to borrow money and issue evidences of indebtedness in connection with the Mandatory Loans and Expense Loans;
		

		
			(iv)to engage agents, managers, accountants, attorneys, consultants and other Persons necessary or appropriate to carry out the business and operations of the Company, and to pay fees, expenses and other compensation to such Persons;
		

		
			(v)to pay, extend, renew, modify, adjust, submit to arbitration, prosecute, defend or compromise, upon such terms as it may determine and upon such evidence as it may deem sufficient, any obligation, suit, liability, cause of action or claim, including taxes (but subject to Section 11.8), either in favor of or against the Company;
		

		
			(vi)to determine the appropriate accounting method or methods to be used by the Company (the Company intends to utilize the accrual method of accounting); 
		

		
			(vii)to cause the Company to make or revoke any of the elections referred to in Sections 108, 195, 709, 732, 754, or 1017 of the Code or any similar provisions enacted in lieu thereof or any other elections beneficial to the Members of the Company (if such election is in accordance with the written recommendations of the Accountants);
		

		
			(viii)to allocate income, gains, losses, deductions, or credits (or item thereof) in accordance with Article IX;
		

		
			(ix)to invest all funds not immediately needed in the operation of the business of the Company in Permitted Temporary Investments;
		

		
			(x)to obtain loans for the Company from the Administrative Member or any Affiliate of the Administrative Member in accordance with the requirements of Section 5.3; and/or
		

		 

		

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			(xi)to take such actions as are necessary and appropriate to permit or restrict the transfer of Interests, in accordance with the provisions of this Agreement.
		

		
			Section 5.3.Authority of Administrative Member and its Affiliates To Deal with the Company, the Investment Entities, the Holding Entities, the Local Limited Partnerships and other Affiliated Entities.
		

		
			A.The Administrative Member and its Affiliates may serve as a Local General Partner of a Local Limited Partnership, either jointly with an unaffiliated Local General Partner or as the sole Local General Partner.  The Administrative Member agrees that it shall notify the Investor Member within five business days if it or an Affiliate subsequently becomes a Local General Partner in any Local Limited Partnership.  
		

		
			B.The Administrative Member and its Affiliates shall have the right to contract or otherwise deal with the Company, any Investment Entity, any Holding Entity, or any Local Limited Partnership for the sale of goods or services provided that:  (i) all services rendered shall be rendered pursuant to a written contract that shall contain a clause allowing termination without penalty on 60 days’ Notice; and (ii) goods and services will be provided at a cost or the price no greater than that which would be charged for such goods or services by independent parties.  
		

		
			C.The Origination Loan, Mandatory Loans and Expense Loans made by the Administrative Member or its Affiliate, or MLCS (at its sole option), to the Company pursuant to Sections 5.10  and 5.11 are deemed to be on commercially reasonable terms for purposes of this Agreement.
		

		
			Section 5.4.Restrictions on Authority.
		

		
			In exercising management of the Company, the Administrative Member, on behalf of the Company and in furtherance of the business of the Company, shall have the authority to perform the acts outlined below once Consent is obtained from both Members:
		

		
			A.perform any act in violation of this Agreement or any applicable law or regulation thereunder;
		

		
			B.elect to dissolve the Company or Consent on behalf of the Company or permit any Investment Entity or any Holding Entity to Consent to the dissolution of any Investment Entity, any Holding Entity, or any Local Limited Partnership;
		

		
			C.file for Bankruptcy, merge or consolidate with any entity (except as authorized in this Agreement) or do any other act that would make it impossible to carry on the ordinary business of the Company or permit any of the foregoing acts by any Investment Entity, any Holding Entity or, to the extent the Holding Entity in the relevant Local Limited Partnership has the right to consent to any Bankruptcy of the Local Limited Partnership, any Local Limited Partnership;
		

		
			D.permit the Company to file for Bankruptcy, or to merge or consolidate with any entity;
		

		 

		

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			E.possess Company property, or assign its rights in specific Company property, for other than a Company purpose;
		

		
			F.admit a Person as a Administrative Member or as an Investor Member, except as provided in this Agreement; 
		

		
			G.perform any act that would subject the Investor Member to liability as a general partner in any jurisdiction;
		

		
			H.confess a judgment against the Company;
		

		
			I.cause the Company to enter into any business or activity unrelated to the purposes set forth in Section 3.1, or cause an Investment Entity or a Holding Entity, to enter into any business activity unrelated to their respective purposes as set forth in each of such entity’s operating agreements;
		

		
			J.except as provided in this Agreement, amend or modify this Agreement or cause the Company to vote for, Consent to or approve any material amendment to or material modification of, or waive any material provision of, an Investment Entity Agreement or the operating agreement of any Holding Entity;
		

		
			K.cause the Company to transfer, assign or otherwise dispose of all or any portion of the Company’s interest in an Investment Entity or Direct LLP;
		

		
			L.Consent (i) to an Investment Entity’s sale, assignment or other transfer of its interest in any one or more Holding Entities or Local Limited Partnerships, or (ii) to the sale or disposition by a Local Limited Partnership of all or any material portion of the assets of a Local Limited Partnership, including the sale of any Apartment Complex or refinancing of any Apartment Complex or other property or (iii) to a Subsidiary’s sale, assignment or other transfer of its interest in any one or more Investment Entities or Direct LLPs;
		

		
			M.change the principal place of business of the Company or change the identity or address of the agent for service of process on the Company;
		

		
			N.commingle the funds of the Company with those of any other Person;
		

		
			O.employ any Person as an employee;
		

		
			P.extend the statute of limitations on assessment and collection with respect to “partnership items” as defined in Code Section 6231(a)(3) (“Entity-Level Tax Items”) of the Company or an Investment Entity or consent or permit an Investment Entity or a Holding Entity to consent to the extension of the statute of limitations on assessment and collection with respect to Entity-Level Tax Items ofany Local Limited Partnership
		

		
			Q.cause the Company to incur any indebtedness other than as expressly permitted by this Agreement;
		

		
			R.borrow or allow any Affiliate to borrow from the Company; 
		

		 

		

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			S.redeem or purchase any Interests except as provided in this Agreement;
		

		
			T.cause the Company to acquire any interest, or permit an Investment Entity to acquire any interest in any real estate investment vehicles, other than those identified on Schedule B;  
		

		
			U.give Consent on behalf of the Company to the withdrawal of an Investment Entity Manager from any Investment Entity, the transfer of the interest of an Investment Entity Manager in such Investment Entity, or the admission of an additional or substitute Investment Entity Manager in an Investment Entity, without the prior Consent of the Investor Member;  
		

		
			V.give Consent on behalf of the Company to the admission of any additional or supplemental member to any Holding Entity; or
		

		
			W.give Consent on behalf of the Company, or permit an Investment Entity or any Holding Entity to Consent to any modification, amendment or waiver of any provision of a Local Limited Partnership, which modification, amendment or waiver could materially affect any Tax Credits available to the Investor Member or the Company; 
		

		
			X.make an election under Section 754 of the Code or any other material tax election or change the Company’s accounting methods if such election or change of accounting method could reasonably be expected to have an adverse impact on the Company’s ability to realize the anticipated tax benefits; provided, that the Administrative Member shall, make all reasonable efforts to cause any Local Limited Partnership or other Partnership in which the Company is directly or indirectly invested to make a Section 754 election provided that the Administrative Member in its sole discretion deems such election to be in the best interests of the Company; or
		

		
			Y.alter the tax status of the Company or determining any action of the Company or any subsidiary with respect to any tax controversy.
		

		
			Section 5.5.Other Activities.
		

		
			    Any Affiliate of the Administrative Member may engage in or possess interests in other business ventures of every kind and description for its own account, including, without limitation, serving as general partner or limited partner of other partnerships or as manager, managing member or non-managing member of other limited liability companies that own, either directly or through interests in other entities, or make loans with respect to Apartment Complexes and other properties similar to the Apartment Complexes and other properties.  Neither the Company nor the Investor Member shall have any rights by virtue of this Agreement in or to such other business ventures or to the income or profits derived therefrom.
		

		
			Section 5.6.  Fiduciary Duty.
		

		
			    The Administrative Member shall have a fiduciary responsibility to the Investor Member for the safekeeping and use of all Company property, whether or not in its immediate possession or control, and shall not use or dispose of Company property in any manner except for the Company’s exclusive benefit.  The Administrative Member shall not contract away its fiduciary duties under the common law of agency.
		

		 

		

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			Section 5.7.Tax Status of Company.
		

		
			    In entering this Agreement, it is the intention of the Investor Member and the Administrative Member to form and operate the Company as a partnership for federal income tax purposes.  The Administrative Member shall take or cause the Company to take any and all reasonable steps that shall be deemed necessary by counsel to the Company to assure that the Company shall at all times be classified as a partnership for federal income tax purposes.
		

		
			Section 5.8.Indemnity.
		

		
			The Administrative Member shall defend, indemnify and hold harmless the (i) the Company and the Investor Member from any liability, loss, damage, fees, costs and expenses (“Damages”) incurred by reason of any demands, claims, suits, actions or proceedings against the Investor Member arising out of conduct of the Administrative Member or the Company that constitutes gross negligence, willful misconduct, breach of fiduciary duty, fraud, or breach of its representations, warranties, covenants or obligations set forth in this Agreement and (ii) the Investor Member from any Damages incurred by it for Company obligations (including, without limitation, any liability under any statute, regulation, ordinance or other provision of local, state or federal law pertaining to the protection of the environment or otherwise pertaining to public health or employee health and safety), and (iii) the Investor Member for any state, county or local real estate transfer tax or other similar liability or Damages imposed on Investor Member as a result of its investment in the Company;  each of the Damages described in the preceding subparts (i), (ii) and (iii) shall include all reasonable legal fees and costs incurred in defending against any such demands, suits, actions, proceedings, claims or liability or protecting themselves or the Company from, or lessening the effect of, any such activities.  The foregoing indemnification shall be a recourse obligation of the Administrative Member and the Company, and shall survive the dissolution of the Company and/or the retirement, insolvency, Bankruptcy or withdrawal of the Administrative Member.  The Administrative Member shall have no obligation to indemnify the Investor Member for any loss or Damage caused by the gross negligence or willful misconduct of the Investor Member.
		

		
			Section 5.9.Duties and Obligations of the Administrative Member.
		

		
			  In addition to the duties, obligations and covenants otherwise set forth in this Agreement, the Administrative Member has certain specific duties and obligations.
		

		
			A.The Administrative Member shall promptly take all action that may be necessary or appropriate for the formation and qualification of the Company as a limited liability company under the Act and in order to qualify the Company in each jurisdiction in which the Company is doing business or in which such qualification is necessary to protect the limited liability of the Investor Member or is required by law.
		

		
			B.The Administrative Member shall prepare or cause to be prepared and shall file on or before the due date (or any extension thereof) any federal, state or local tax returns required to be filed by the Company.  The Administrative Member shall cause the Company to pay any taxes payable by the Company.
		

		 

		

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			C.The Administrative Member will inform the Investor Member on a timely basis when the Administrative Member becomes aware of any event or occurrence that is asserted by any federal, state or local governmental entity to be a violation of any federal, state or local statute or regulation by any Local Limited Partnership.  The Administrative Member shall send to the Investor Member a copy of any notice or report that it receives with respect to such event or occurrence and, if such report indicates that such a violation has been asserted, the Administrative Member shall monitor the correction of such asserted violation and report to the Investor Member regarding corrective measures and the adverse consequences resulting from such asserted violation.  
		

		
			D.The Administrative Member shall obtain, or shall cause the general partner or managing member of any Investment Entity, Holding Entity and Local Limited Partnership, or the Seller, to obtain, all consents or approvals of any governmental authority or other person necessary in connection with the transactions contemplated by this Agreement or necessary to admit Investor Member to the Company and to cause the Company to acquire the Subsidiaries including, without limitation, (i) previous participation clearances (HUD Form 2530) and transfer of physical assets approval from HUD and Rural Development Services, and (ii) consents from lenders, trustees, governmental authorities and regulators, sellers, ground lessors and withdrawing or other partners or members, to the extent required under applicable loan or project documents.
		

		
			E.Pursuant to the Purchase Agreement, as of closing, the Company shall acquire directly or indirectly from the Seller and Affiliates of the Seller all of the issued and outstanding capital stock of the Subsidiaries that are corporations.  Seller has represented in the Purchase Agreement that since incorporation, each such corporation has been a member of an affiliated group (within the meaning of Section 1504(a) of the Code) filing a consolidated federal income Tax Return having either General Electric Company or Heller Financial, Inc. as its common parent.    Before the close of the Effective Date, the Administrative Member shall cause each of the Subsidiaries that is a corporation to be converted to a limited liability company under the applicable state law resulting in a tax liquidation of each such corporation on the Effective Date.  Pursuant to the Purchase Agreement, the Seller and Affiliates of the Seller that own the Subsidiaries which are converting to limited liability companies immediately upon the Effective Date shall make and file timely elections under Section 336(e) of the Code with respect to the sale of the Subsidiaries to the Company and any corresponding available elections under state, local or foreign Tax Law (collectively, the “336(e) Election”).  Further, the Company has agreed to provide Seller with such information and cooperation as Seller may reasonably request in connection with the preparation of any document or tax return necessary to effect the Section 336(e) Election, including IRS Form 8883 (Asset Allocation Statement under Section 338).
		

		
			F.The representations and covenants of the Administrative Member set forth in the Closing Payment Direction Letter are incorporated herein by reference.  The Administrative Member covenants and agrees to perform its obligations and duties pursuant to the Closing Payment Direction Letter.
		

		
			Section 5.10.Origination Loan.
		

		
			  In addition to the Administrative Member’s Capital Contributions, the Administrative Member shall make a loan (the “Origination Loan”) in the amount of Five Million Three Hundred 
		

		 

		

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		Thousand Dollars ($5,300,000) to the Company, repayable by the Company to the Administrative Member pursuant to a Promissory Note issued by the Company on the terms described herein.  The Origination Loan shall accrue interest as of the date made at the Stipulated Loan Rate.  A copy of the promissory note memorializing the Origination Loan is attached hereto as Schedule H.  The Origination Loan (together with all accrued, unpaid interest thereon) shall be repaid to the Administrative Member out of any amounts otherwise distributable to the Members pursuant to Article IX.
		

		
			Section 5.11.   Special Obligations of the Administrative Member.    
		

		
			 
		

		
			The Administrative Member has certain special obligations and rights.
		

		
			 
		

		
			A.Mandatory Loans.  The Administrative Member shall be obligated to make Mandatory Loans to the Company at the designated dates and under the circumstances described below.  Alternatively, the Administrative Member may, at its option, pay directly to the Investor Member the amounts described below on an After-Tax Basis on the designated dates.  All such Mandatory Loans shall be non-recourse to the Investor Member, shall bear interest at the Stipulated Loan Rate and shall be repaid from Cash Flow in the priority set forth in Section 9.2 or from Capital Proceeds in the priority set forth in Section 9.3.  The obligation of the Administrative Member to make such Mandatory Loans shall be absolute and unconditional and to the fullest extent permitted by law shall not be subject to any delay, reduction, setoff, defense, counterclaim, or recoupment.  The times and circumstances under which the Administrative Member shall be obligated to make such Mandatory Loans are as follows:
		

		
			(i)Covered Tax Year Deficiency Amount.  If, and when the Investor Member is entitled to a Covered Tax Year Deficiency Payment pursuant to Section 4.2B(i), the Administrative Member shall either (i) make a Mandatory Loan to the Company in the amount needed to enable the Company to distribute the Covered Tax Year Deficiency Payment and shall cause the Company to immediately make such distribution or, alternatively, (ii) pay directly to the Investor Member the amount (on an After-Tax Basis) needed for the Covered Tax Year Deficiency Payment.  If the Investor Member has not received a distribution or payment in an amount equal to the Covered Tax Year Deficiency Payment by the date specified in Section 4.2B(i), the Investor Member shall have the right to provide the Administrative Member and MLCS a Notice of Default on the form set forth as Schedule F  and make a demand for payment in accordance with the terms of the MLCS ISDA Master Agreement, provided that no delay in giving such notice shall affect the obligations of the Administrative Member pursuant to this Agreement.
		

		
			(ii)Guaranty Extension with Respect to Tax Detriments.  The Administrative Member shall be obligated either (i) to make Mandatory Loans to the Company (if the Investor Member is still a Member of the Company) or (ii) to make direct payments to the Investor Member on an After-Tax Basis if, and to the extent that, during the Guaranty Extension Period, the Investor Member recognizes Tax Detriments relating to any of the Tax Credits previously claimed by the Investor Member on its federal tax return for a Covered Tax Year.  The obligations to advance funds or make payments pursuant to this Section 5.11A(ii) shall survive the termination of the Company.  If the Investor Member, whether or not it is still a Member of the Company, receives notice from the IRS of any such Tax Detriments, it shall notify the Administrative Member within 30 days after the Investor Member receives such notice; provided,  however, that the failure to 
		
		
 

		

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		provide such notice shall not relieve the Administrative Member of its obligations pursuant to this Agreement.  If the Company, or the its Tax Matters Partner (or Partnership Representative, if applicable), receives notice from the IRS of any such Tax Detriments that are Entity-Level Tax Items, then the Member or Partnership Representative (if applicable) shall promptly provide a copy of such notice to the Members. Within 25 days after any Final Determination that Tax Detriments exist, the Administrative Member shall make a Mandatory Loan to the Company in the amount of such Tax Detriments (the “Full Guaranty Extension Period Detriment”) less, five percent (5%) of the Full Guaranty Extension Period Detriment (the “Guaranty Extension Period Detriments”) and cause the Company to distribute out to the Investor Member an amount equal to such Guaranty Extension Period Detriment, or pay directly out to the Investor Member the amount necessary, on an After-Tax Basis, equal to such Guaranty Extension Period Detriment.  If the Investor Member has not received a distribution or payment in an amount equal to the Guaranty Extension Period Detriments within 30 days after such Final Determination that such Tax Detriments exist, the Investor Member shall have the right to provide the Administrative Member and MLCS a Notice of Default and to make a demand for payment in accordance with the terms of the MLCS ISDA Master Agreement.

		
		
			(iii)Limitations on Mandatory Loans.  Notwithstanding anything to the contrary in this Section 5.11A or elsewhere in this Agreement, the Administrative Member shall not be obligated to make Mandatory Loans or direct payment to the Investor Member in lieu of a Mandatory Loan, and MLCS shall have no obligation to make any such Mandatory Loan or direct payment pursuant to this Agreement or under the MLCS ISDA Master Agreement, if and to the extent of: (a) the aggregate amount of such Mandatory Loans (or direct payments to the Investor Member in lieu of a Mandatory Loan) or, without duplication, MLCS ISDA Master Agreement payments would exceed 70% of the aggregate Projected Credits, (b) such Covered Tax Year Deficiency Payment or Tax Detriment arises from an adjustment applicable to a taxable year beginning later than December 31, 2020, (c)  of any Excluded Tax Credit Shortfall Amount, or (d) the reason for the Covered Tax Year Deficiency Payment or any Tax Detriment is the result any Change in Tax Law that impacts the ability of the Investor Member to receive or use the Tax Credits.  Notwithstanding anything to the contrary contained in the preceding subpart (b), if due to the application of the 2015 Act and Applicable Rules a Tax Detriment is made effective in a taxable year after December 31, 2020 but is a result of an adjustment to a Covered Tax Year, then the limitation contained in Section 5.11A(iii)(b) shall not apply.
		

		
			(iv)The failure by Administrative Member to make a Mandatory Loan shall not constitute an event of default under this Agreement, provided that MLCS shall make its requisite payment in a timely manner as provided under the MLCS ISDA Master Agreement.
		

		
			(v)In the event that a Mandatory Loan is not made as and when required hereunder and MLCS fails to make payment when due under the MLCS ISDA Master Agreement, the Investor Member shall be entitled to all otherwise distributable Cash Flow and Capital Proceeds from the Company in an amount equal to the related Covered Tax Year Deficiency Payment or Guaranty Extension Period Detriments plus interest thereon beginning as of the date of such failure by MLCS to make payment at the Stipulated Rate out of any amounts otherwise distributable to the Members pursuant to Article IX, prior to making any other distributions or payment of any kind to the Members.
		

		 

		

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			B.Expense Loans.  The Administrative Member shall make, or cause to be made, loans to the Company in an amount sufficient to enable the Company to meet its Operating Expenses (other than fees, payments of interest or other reimbursements to the Administrative Member or its Affiliates) in excess of otherwise available cash (the “Expense Loans”).  Such Expense Loans shall be non-recourse to the Members of the Company, bear interest at the Stipulated Loan Rate, and shall be repaid from available cash in the priorities set forth in Article IX.
		

		
			C.Credit Recovery Loans.    If and to the extent of any Excluded Tax Credit Shortfall Amount or any Top Loss Amount, the Investor Member shall be deemed to have made a loan (a “Credit Recovery Loan”) to the Company (a) in the amount of all Top Loss Amounts and (b) an amount equal on an After-Tax Basis to the sum of (i) such Excluded Tax Credit Shortfall Amount, and (ii) the amount of any additional interest and/or penalty that may be assessed by the IRS for any years as a result of such Final Determination.  Interest shall accrue on all Credit Recovery Loans from the date of the Final Determination at the Stipulated Loan Rate.  Credit Recovery Loans shall be repaid only from the Tax Audit Reserve and from available cash in the priorities set forth in Article IX.
		

		
			Section 5.12.Rights and Obligations Related to MLCS ISDA Master Agreement.
		

		
			A.The Members hereby Consent (i) to the execution and delivery by the Administrative Member on behalf of the Company of all agreements with MLCS to establish and implement the MLCS ISDA Master Agreement, (ii) the assignment by the Company to the Investor Member of all payments to which the Company is entitled under the MLCS ISDA Master Agreement, and (iii) to the payment by the Company of the MLCS IRFA Fee and the MLCS Contingent Fee.  
		

		
			B.Any collateral posted by MLCS under the “Credit Support Annex” of the MLCS ISDA Master Agreement shall be held in an account in the name of the Company.  The account will be maintained at Bank of America, N.A. and transactions with respect to such account will require the signature of the Investor Member.
		

		
			C.The Investor Member shall have sole and absolute authority, on behalf of the Company, to control all calculations to be made by the Company as the calculation agent under the MLCS ISDA Master Agreement and the valuation agent under the “Credit Support Annex” to the MLCS ISDA Master Agreement.
		

		
			D.The Administrative Member shall have no authority to amend the MLCS ISDA Master Agreement or cause a termination of the transactions thereunder without the Consent of the Investor Member.  In addition, the Investor Member shall have sole and absolute authority to control the selection and enforcement of all remedies under the MLCS ISDA Master Agreement.
		

		

		

		 

		

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			ARTICLE VI. 
		

		
			RIGHTS, POWERS AND DUTIES OF THE ADMINISTRATIVE MEMBER
		

		
			 
		

		
			Section 6.1.Delegation of Authority.   
		

		
			Subject to the provisions of this Article VI, the Administrative Member may delegate all or any of its powers, rights and obligations pursuant to this Agreement, and may appoint, retain, contract or otherwise deal with any Person for the transaction of the business of the Company, which Person may, under supervision of the Administrative Member, perform any acts or services for the Company as the Administrative Member may approve.  Prior to such delegation, the Administrative Member shall provide Notice to the Investor Member of its intent to delegate pursuant to this Section 6.1, the specific powers, rights and obligations that the Administrative Member intends to delegate and the Person to whom the Administrative Member will make such delegation.
		

		
			Section 6.2.Reserves.
		

		
			A.The Administrative Member is authorized to establish and fund from Cash Flow reserves (“Reserves”) as the Administrative Member may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; provided, however, that the Consent of the Investor Member shall be required prior to funding aggregate Reserves in excess of One Hundred Fifty Thousand Dollars ($150,000).  To the extent that the Administrative Member determines that amounts held in Reserve are no longer necessary, such amounts shall be released and distributed as Cash Flow, as set for in Article IX.
		

		
			B.Upon receipt of an information disclosure request or other notice from the IRS indicating that the IRS intends to initiate an investigation of or pursue a Partnership Challenge, the Administrative Member shall establish a reserve (the “Tax Audit Reserve”) to be used to pay any costs associated with the responding to the IRS inquiry and for repayment of a Credit Recovery Loan, if applicable.  During the pendency of a Partnership Challenge and until a Final Determination or other resolution of such IRS audit (the “Challenge Period”),  any amounts otherwise distributable to the Members pursuant to Article IX shall be applied to the Tax Audit Reserve, prior to making any other distributions or payment of any kind to the Members; provided, however, that the balance of the Tax Audit Reserve shall not exceed Five Hundred Thousand Dollars ($500,000).  During the Challenge Period, to the extent that Cash Flow and Capital Proceeds are insufficient to pay the costs of the Tax Matters Partner or Partnership Representative in connection with such audit or inquiry the Administrative Member shall cause proceeds held in the Tax Audit Reserve to be used to pay such costs.  Following the Challenge Period, the Tax Audit Reserve shall be released and applied first to any Credit Recovery Loan and then, as a distribution of Cash Flow, as set for in Article IX.
		

		
			Section 6.3.Asset Manager.
		

		
			A.Unless and until the Members shall agree to engage a third party to provide asset management services for the Company’s investments, the Administrative Member shall serve as the Company’s asset manager (the “Asset Manager”), and in consideration of such services as 
		
		
 

		

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		Asset Manager shall receive the Asset Management Fee payable in accordance with the priorities set forth in Sections 9.2 and 9.3 hereof.  Subject to Section 5.4,  in its capacity as Asset Administrative,  the Administrative Member shall take all actions that it, in its discretion, deems necessary or appropriate in managing the Company’s direct or indirect investment in the Local Limited Partnerships, including but not limited to the following:

		
		
			(i)quarterly receipt and review of financial and operating reports which it receives for any Investment Entity or Direct LLP;
		

		
			(ii)maintenance of “watch lists” of all Local Limited Partnerships known to the Administrative Member to be experiencing financial or other difficulty;
		

		
			(iii)to the extent of the Company’s right to do so, requiring or approving, as applicable, the replacement of a Local Limited Partnership’s management agent, accountant or Local General Partner if circumstances warrant; and
		

		
			(iv)monitoring to the extent of information available to it, compliance with state allocation agency requirements, Tax Credit requirements, lender requirements, regulatory agreements and requirements of any federal, state or local rent or other subsidy providers.
		

		
			B.An Asset Manager that is an Affiliate of either Member may only be terminated for Cause.  A Replacement Asset Manager may only be appointed by Consent of the Members.
		

		
			Section 6.4.    No-Value Local Limited Partnerships.    
		

		
			 
		

		
			The Administrative Member hereby represents and warrants to the Investor Member that the Local Limited Partnerships and Investment Entity Interests included and listed on Schedule G (collectively, the “No Value Local Limited Partnerships”)  are not projected to generate Tax Credits and no residual value is reasonably predicted in connection therewith.  The parties acknowledge and agree that during the period beginning on the Effective Date and ending on December 31, 2016, the Administrative Member, without further Consent of the Investor Member, may cause the Company to transfer any of the No-Value Local Limited Partnerships which the Administrative Member then reasonably still believes have no residual value to the Administrative Member or its designee for consideration in the amount of Ten Dollars ($10.00).    After December 2016, both Members must Consent to the transfer or sale of any No-Value Local Limited Partnerships and once such Consent is obtained, the Administrative Member shall pursue such action.
		

		
			 
		

		
			Section 6.5.Administrative Member Representations and Warranties.
		

		
			A.The Administrative Member represents and warrants to the Investor Member that, as of the date hereof, to the best of its knowledge, the following are true:
		

		
			(i)The Company is a duly organized limited liability company validly existing under the laws of the State of Delaware and has complied with all filing requirements necessary under the Act for the preservation of the limited liability of the Investor Member.
		

		
			(ii)The Administrative Member is a duly organized limited liability company validly existing under the laws of the State of Delaware and is qualified to do business in each 
		

		 

		

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		state in which such qualification is necessary, and has complied with all the filing requirements necessary under the Act for the preservation of the limited liability of the Investor Member. 
		

		
			(iii)No event, occurrence or proceeding is pending that would materially adversely affect the ability of the Administrative Member to perform its obligations hereunder.
		

		
			(iv)The execution and delivery of all instruments and the performance of all acts heretofore or hereafter made or taken or to be made or taken pertaining to the Company or by the Administrative Member have been or will be duly authorized by all necessary corporate or other action, and the consummation of any such transactions with or on behalf of the Company by the Administrative Member or one of its Affiliates will not constitute a breach or violation of, or a default under, the organizational documents of the Administrative Member or said Affiliate or any agreement by which the Administrative Member or such Affiliate is bound, nor, to the best of its knowledge and belief, constitute a violation of any law, administrative regulation or court decree.
		

		
			(v)The Company will be treated as a partnership and not as an association taxable as a corporation for federal income tax purposes.
		

		
			(vi)The Administrative Member has complied with all of its obligations under this Agreement and is not otherwise in breach of this Agreement.
		

		
			(vii)The Administrative Member has complied with and has caused the Company to comply with all applicable local, state and federal laws, statutes, regulations, rules and ordinances (including without limitation all applicable filing and disclosure requirements related thereto).
		

		
			(viii)The Administrative Member has not received notice from the IRS that it considers the Administrative Member or any Affiliate of the Administrative Member to be involved in any abusive tax shelter and it is not aware of any facts which, if known to the IRS, would cause such notice to be issued.
		

		
			(ix)No event, action, investigation, litigation, occurrence or proceeding is pending that would materially adversely affect the ability of the Administrative Member or any Affiliate to perform its obligations pursuant to this Agreement or under any other agreement with respect to the Company, an Investment Entity or any Holding Entity, including, without limitation, (i) previous participation clearances (HUD Form 2530) and transfer of physical assets approval from HUD and Rural Development Services, and (ii) consents from lenders, trustees, governmental authorities and regulators, sellers, ground lessors and withdrawing or other partners or members, to the extent required under applicable loan or project documents.
		

		
			(x)No event of Bankruptcy concerning the Administrative Member or its Affiliates has occurred.
		

		
			(xi)To Administrative Member’s knowledge, each Local Limited Partnership owns the Apartment Complex that  the Administrative Member has identified that it owns.  The Administrative Member knows of no reason why any Apartment Complex will not qualify for Tax Credits in the amounts set forth in the Projected Tax Credits, except as set forth on Schedule J.
		

		 

		

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			(xii)No election has been made by or on behalf of the Investment Entity, any Holding Entity or any Local Limited Partnership under Regulations Section 301.7701-3(c)(1)(i) to be treated as a corporation for federal income tax purposes.  
		

		
			B.The Administrative Member hereby covenants to the Investor Member that:
		

		
			(i)The Administrative Member has complied and will comply with and has caused and will cause the Company to comply with all applicable local, state and federal laws, statutes, regulations, rules and ordinances (including, without limitation, all applicable filing and disclosure requirements).
		

		
			(ii)The Administrative Member shall not employ any Person as an employee of the Company.
		

		
			(iii)The Administrative Member will comply in all material respects with each provision of this Agreement to be observed or performed by the Administrative Member.
		

		
			(iv)Except for this annual Asset Management Fee and other amounts payable under the terms of this Agreement, including amounts payable under Section 6.3,  the Administrative Member and its Affiliates shall not accept or receive any fee, commission, consideration, limited liability company interest or other payment or remuneration from any Investment Entity or Local Limited Partnership  without the consent of the Investor Member.
		

		
			(v)To Administrative Member’s knowledge, except as set forth on Schedule J, none of the Local Limited Partnerships (or partners or members therein) (i) is or has been subject to investigation, examination or inquiry by any governmental or regulatory agency, (ii) is or has been engaged in litigation (other than litigation in the ordinary course of operating an Apartment Complex), or a dispute likely to involve litigation or (iii) has received notice of any violations of laws or regulations.  If the Administrative Member becomes aware of the existence of (or potential for) any matter described in clauses (i), (ii) and (iii) above with respect to each of the Local Limited Partnerships (and partners or members therein), the Administrative Member shall immediately report any material findings in reasonable written detail to the Investor Member (together with its written assurance delivered to the Investor Member in each instance that it will, to the extent of its legal right to do so, use commercially reasonable efforts to promptly resolve or remedy any such matter to the reasonable satisfaction of the Investor Member).
		

		
			Section 6.6.Indemnification of Administrative Member.
		

		
			A.The Administrative Member and its Affiliates shall have no liability to the Company or to any Member for any loss suffered by the Company that arises out of any action or inaction of the Administrative Member or its Affiliates, if the Administrative Member or its Affiliates, in good faith, determined that such course of conduct was in the best interests of the Company and was within the scope of the authority granted hereunder, and such course of conduct did not constitute fraud, gross negligence, malfeasance, breach of any representation, warranty, covenant or agreement as set forth in this agreement, violation of law which has a material adverse effect on the Company or any Member, breach of fiduciary duty, or willful misconduct of the Administrative Member or its Affiliates.  The provisions of this paragraph shall in no way limit the indemnity made by the Administrative Member in Section 5.8.
		

		

		

		 

		

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		Except as otherwise provided in this paragraph, the Administrative Member and its Affiliates shall be indemnified by the Company for any losses, judgments, liabilities, expenses and amounts paid by the Administrative Member or its Affiliates in connection with the Company (collectively, any “Payments”) if the Administrative Member, in good faith, determined that the course of conduct which resulted in such Payment was in the best interests of the Company, provided that such course of conduct did not constitute fraud, gross negligence, malfeasance, breach of any representation, warranty, covenant or agreement set forth in this Agreement, a violation of law which has a material adverse effect on the Company or any Member, breach of fiduciary duty or willful misconduct on the part of the Administrative Member and its Affiliates.  Any indemnity under this Section 6.6 shall be paid from, and only to the extent of, Company assets other than Reserves and Tax Audit Reserves, shall not be paid unless the Investor Member has received the Projected Credits (or the proceeds of any required Mandatory Loans, Credit Recovery Loans or IRFA payments).  The Investor Member shall not have any personal liability to fund indemnity payments under this paragraph.  Notwithstanding the foregoing, the indemnity provided under this Section 6.6 shall not apply to any losses, judgments, liabilities, expenses, and amounts paid in settlement of any claims sustained which arise out of or in conjunction with actions brought by any Member or any governmental authority relating to federal or state securities law matters.  The Company shall not pay for any insurance covering liability of the Administrative Member for actions or omissions for which indemnification is not permitted hereunder.  
		

		
			ARTICLE VII.
RETIREMENT OF THE ADMINISTRATIVE MEMBER
		

		
			Section 7.1.Admission of Successor or Additional Administrative Members.
		

		
			A.The Administrative Member shall not have the right to retire or voluntarily dissolve (including the filing of a certificate of dissolution or the equivalent) or withdraw voluntarily from the Company or sell, transfer, assign, encumber or otherwise dispose of all or any portion of its Administrative Member’s Interest without the Consent of the Investor Member.  For purposes of the foregoing, the sale of a direct or indirect interest in the Administrative Member shall be treated as a sale of the Administrative Member’s Interest.  Any attempted transfer, assignment or withdrawal in contravention if any of the provisions of this Section 7.1 shall be void and ineffectual and shall not bind, or be recognized by, the Company.  
		

		
			B.If there is a Bankruptcy of the Administrative Member, the Administrative Member shall be deemed to have withdrawn from the Company and the Investor Member shall have the right to elect to continue the business of the Company either as a single member limited liability company under the Act or with a Replacement Administrative Member or Replacement Manager selected by the Investor Member in accordance with Section 7.2.
		

		
			Section 7.2.Removal of an Administrative Member.
		

		
			A.The Investor Member, without the Consent of the Administrative Member, may remove the Administrative Member for Cause, and, if it does so, may elect to continue the Company as a single member limited liability company under the Act or elect a replacement for the Administrative Member, who may be admitted as a successor Administrative Member (a 
		
		
 

		

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		“Replacement Administrative Member”) or who may be a non-Member manager (a “Replacement Manager”).  

		
		
			B.If the Investor Member elects to remove the Administrative Member, it shall provide the Administrative Member with Notice thereof, which Notice shall specify the Cause for the removal, and set forth the date upon which such removal is to become effective.
		

		
			C.Upon removal, the Administrative Member shall have the rights afforded to it pursuant to Section 7.3 below.
		

		
			Section 7.3.Replacement Administrative Member and Rights of the Removed Administrative Member.
		

		
			If the Investor Member elects to have a Replacement Administrative Member admitted to the Company, the Replacement Administrative Member shall, upon such admission, immediately succeed to the management rights previously held by the removed or Bankrupt Administrative Member, which will surrender all such rights, and the Replacement Administrative Member shall have the right to acquire from the removed Administrative Member all of the removed Administrative Member’s Company Interest for a purchase price of One Hundred Dollars ($100).  From and after the date of removal or Bankruptcy, the removed Administrative Member shall not have the right to accrue any further fees to which it might formerly have been entitled.  The removed Administrative Member shall remain entitled to receive any fees that had accrued but been unpaid prior to the removal date, and shall also remain entitled to repayment of any loans it may previously have made to the Company, in the same priority that such fees or loans would otherwise have been paid or repaid; provided,  however, that the Company shall have the right to offset against such fees or loans any damages incurred by the Company or the Investor Member as a result of the events giving rise to the Cause for which the Administrative Member was removed.  From and after the removal date, the Replacement Administrative Member shall be entitled to receive any fees for services it performs after such removal date and for which the removed Administrative Member would previously have been entitled but for its removal.
		

		
			Section 7.4.Consequences of Removal.
		

		
			If the Administrative Member is removed or otherwise replaced pursuant to this Article VII, becomes Bankrupt or withdraws, its obligations under this Agreement, including without limitation its obligations to provide Mandatory Loans, shall survive and, except as provided in the last sentence of this Section 7.4, the obligation of MLCS under the MLCS ISDA Master Agreement shall remain in full force and effect.  In addition, the Administrative Member’s indemnification obligations set forth in Section 5.8 shall continue and shall survive with respect to any liability incurred by the Investor Member as a result of events that occurred prior to the removal of the Administrative Member.  However, a removed Administrative Member shall be free of any indemnification obligation set forth in Section 5.8 as a result of the events that occur from and after the date of such removal and any such obligations shall not be covered by the MLCS ISDA Master Agreement.  
		

		 

		

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			ARTICLE VIII.
TRANSFERABILITY OF THE INVESTOR MEMBER INTEREST
		

		
			Section 8.1.Assignment.
		

		
			The Investor Member shall not, without the Consent of the Administrative Member, and compliance with Section 8.2,  have the right to assign all or part of its Interest in the Company including its rights as beneficiary of any Covered Tax Year Deficiency Payment or Guaranty Extension Period Detriments,  and to have such assignee admitted as a Substitute Investor Member.  Notwithstanding the foregoing, the restrictions set forth in this Section 8.1  and Section 8.2 need not be satisfied if the Investor Member exercises the Option pursuant to Section 8.4.  The assignment of the MLCS ISDA Master Agreement in connection with any such assignment of an Investor Member’s Interest shall be governed by the terms thereof. 
		

		
			Section 8.2.Restrictions.
		

		
			A.No assignment of all or any part of the Investor Member Interest, or admission of a Substitute Investor Member shall be permitted if it would cause a material adverse tax consequence to the Administrative Member; provided,  however, that such assignment shall be permitted if the assigning Investor Member agrees in writing, in form and substance satisfactory to the Administrative Member, to indemnify the Administrative Member from any such adverse tax consequences, and the assigning Investor Member obtains all required consents for such transfers.
		

		
			B.No assignment of all or any part of the Investor Member Interest or admission of a Substitute Investor Member shall be permitted unless the Administrative Member has been provided with an opinion of counsel that such assignment and/or substitution complies with applicable federal and state securities laws and the assignee/Substitute Investor Member certifies that it is an “accredited investor” as defined in Regulation D of the Securities and Exchange Commission.
		

		
			C.Any attempted assignment or substitution in contravention of any of the provisions of Section 8.1 or this Section 8.2 shall be void and ineffectual and shall not bind, or be recognized by, the Company.
		

		
			D.The  Investor Member agrees that it will not sell, assign or otherwise transfer its Investor Member Interest or any fraction thereof to any Person who does not represent and warrant to the Administrative Member and to the Company that its acquisition of its Investor Member Interest is made for its own account and not for the account of others and has no present intention of reselling its Investor Member Interest, and that does not similarly represent and warrant and similarly agree not to sell, assign or transfer such Investor Member Interest or any fraction thereof to any Person who does not similarly represent, warrant and agree.
		

		
			Section 8.3.Substitute Investor Members.
		

		
			A.Any Substitute Investor Member shall, as a condition of receiving any Interest in the Company, agree to be bound (to the same extent as its assignor was bound) by the provisions of this Agreement.
		

		 

		

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			B.Upon the admission of a Substitute Investor Member, Schedule A shall be amended to reflect the name and address of such Substitute Investor Member and, if appropriate, to eliminate the name and address of its assignor, and an amendment to the Certificate reflecting such admission shall be filed, if required by the Act, in accordance with the applicable provisions of the Act.  Each Substitute Investor Member shall execute such instrument or instruments as shall be required by the Administrative Member to signify such Substitute Investor Member’s agreement to be bound by all the provisions of this Agreement. 
		

		
			Section 8.4.Put Option.
		

		
			A.Put Evaluation Period.  During the six (6) month period ending on  June 30, 2020 (the “Put Evaluation Period”), the Investor Member shall have the right to exercise an option to require the Company to initiate an evaluation period and determine  (the “Put Evaluation Option”) by delivering a Notice (the “Put Evaluation Notice”)  to the Company.  Upon exercise of the Put Evaluation Option, the Administrative Member covenants and agrees to provide reasonable access to necessary information, make commercially reasonable efforts to obtain information from Investment Entities and Local Limited Partnerships, and make good faith efforts to determine the Fair Market Value of the Interest using the process described in Section 8.4B (the “Put Price”). Upon delivery of the Put Evaluation Notice and determination of Put Price as set forth below, the Investor Member shall have the right to exercise the Put Option as set forth in Section 8.4C, below.
		

		
			B.Put Price. Within thirty (30) days of delivery of the Put Evaluation Notice, each Member shall appoint an appraiser qualified to appraise low income housing tax credit properties and interests in entities which directly or indirectly own such properties or interests therein.  The appraisers shall be instructed to value the interest of the Investor Member in the Company, taking into consideration all appropriate discounts.  If the higher of the two appraisals is less than or equal to 120% of the lower of the two appraisals the Fair Market Value of the Investor Member’s Interest shall be the mean average of the two appraisals.  If the higher appraisal is more than 120% of the lower appraisal, the two appraisers shall within thirty (30) days of delivery of the first two appraisals appoint a third appraiser, who shall value the Interest in accordance with the same guidelines, and the Fair Market Value of the Interest shall be the mean average of the two appraisals which are closest to each other.    The Members agree to cause all appraisals to be delivered not later than November 1, 2020.  Notwithstanding the foregoing, the Members may at any time in the process agree on the fair market value of the Investor Member’s Interest, in which case the Fair Market Value of the Interest shall be the fair market value as so agreed.
		

		
			C.Put Period.  During the thirty (30) day period ending on December 15, 2020 (the “Put Period”), the Investor Member shall have the right to exercise an option to require the Company to redeem all but not less than all of the Investor Member’s Interest (the “Put Option”) by delivering a Notice (the “Put Notice”) to the Company, which Put Notice shall be irrevocable.  Upon receipt of the Put Notice, the Administrative Member shall be obligated to pay the Put Price and cause the Company to redeem the Investor Member’s Interest as set forth in Section 8.3D.
		

		
			D.Closing.  Closing of any redemption hereunder shall occur on December 31, 2020.  On the date of the closing of the redemption, the Administrative Member shall pay the consideration in cash.  At the closing of a redemption under this Section 8.4, (i) the Investor Member shall deliver to the Company an assignment of the Investor Member’s Interests, which 
		
		
 

		

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		assignment shall be free and clear of all legal and equitable liens, claims and encumbrances (other than legal and equitable claims, if any, pursuant to this Agreement); (ii) the Company shall deliver to the Investor Member the consideration for such interest and an assumption of such Investor Member’s obligations under this Agreement arising from and after the date of such assignment, and (iii) the Company and the Investor Member shall represent and warrant to each other to the extent applicable that each is duly organized, validly existing, has the necessary capacity, power and authority to consummate the subject transactions and requires no consents which have not been obtained.  Each party shall pay its own costs and expenses in connection with the conveyance.  The parties shall take such other actions and execute such other documents as may be necessary or appropriate to give effect to any disposition contemplated by this Section 8.4.  

		
		
			Section 8.5.Outside Activities.
		

		
			Nothing contained in this Agreement shall be construed to constitute the Investor Member the agent of any other Member or to limit in any manner the Investor Member in the carrying on of its own businesses or activities.  The Investor Member may engage in and possess any interest in other business ventures (including limited partnerships and limited liability companies) of every kind, nature and description, independently or with others, whether existing as of the date hereof or hereafter coming into existence, including, without limitation, acting as Administrative Member, member or Investor Member of other entities which own, directly or through interests in other entities, housing projects similar to, or in competition with, the Apartment Complexes.  Neither the Company nor any of the Members shall have any rights by virtue of this Agreement in or to any such other business ventures or to the income or profits derived therefrom and nothing shall be construed to render them members in any such business ventures.
		

		
			ARTICLE IX.
PROFITS & LOSSES; DISTRIBUTIONS
		

		
			Section 9.1.Allocation of Profits and Losses and Tax Credits.
		

		
			A.After giving effect to the special allocation provisions of Section 9.6, Operating Profits or Losses and Tax Credits for any Company Fiscal Year shall be allocated 0.01% to the Administrative Member and 99.99% to the Investor Member.  
		

		
			B.After giving effect to the special allocation provisions of Section 9.6, Profits or Losses from a Capital Transaction in any Company Fiscal Year shall be allocated to and among the Members as follows:
		

		
			(i)As to Profits:
		

		
			i.First, an amount of Profits equal to the aggregate negative balances (if any) in the Capital Accounts of all Members having negative balance Capital Accounts shall be allocated to such Members in proportion to their negative Capital Account balances until all such Capital Accounts have zero balances; and
		

		
			ii.Second, an amount of Profits shall be allocated to each of the Members until the positive balance in the Capital Account of each Member equals the amount of cash that would be distributed to such Member in accordance with 
		
		
 

		

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		the provisions of Sections 9.3J if all the assets of the Company were sold at their Gross Asset Value as of the end of such Company Fiscal Year.

		
		
			(ii)As to Losses:
		

		
			i.First, an amount of Losses equal to the aggregate positive balances (if any) in the Capital Accounts of all Members having positive balance Capital Accounts shall be allocated to such Members in proportion to their positive Capital Account balances until all such Capital Accounts have zero balances; provided,  however, that if the amount of Losses so to be allocated is less than the sum of the positive balances in the Capital Accounts of those Members having positive balances in their Capital Accounts, then such Losses shall be allocated to the Members in such proportions and in such amounts so that the Capital Account balances of each Member shall equal, as nearly as possible, the amount such Member would receive if an amount equal to the excess of (i) the sum of all Members’ balances in their Capital Accounts computed prior to the allocation of Losses under this Section 9.1B(ii) over (ii) the aggregate amount of Losses to be allocated to the Members pursuant to this Section 9.1B(ii)  were distributed to the Members in accordance with the provisions of Section 9.3J; and
		

		
			ii.Second,  the balance, if any, of such Losses shall be allocated 0.01% to the Administrative Member and 99.99% to the Investor Member.
		

		
			Section 9.2.Distribution of Cash Flow.
		

		
			Subject to the provisions of Section 5.11A(v),  Cash Flow shall be applied and distributed within one hundred twenty (120) days after the close of each Fiscal Year to and among the Members in the following amounts and order of priority:
		

		
			A.First,  to the Investor Member to the repayment of any Credit Recovery Loan, including any accrued but unpaid interest thereon; 
		

		
			B.Second,  to the Investor Member to the repayment of any IM Voluntary Loan, including any accrued but unpaid interest thereon; 
		

		
			C.Third, to the Administrative Member to the repayment of any Mandatory Loans, including any accrued but unpaid interest thereon;
		

		
			D.Fourth,  to the Administrative Member to the repayment of any Expense Loans, including any accrued but unpaid interest thereon;
		

		
			E.Fifth,  to the setting up and funding of any Reserves, as permitted pursuant to Section 6.2;
		

		
			F.Sixth,  to the payment of any accrued but unpaid Guaranty Fee due to the Administrative Member,  including any accrued but unpaid interest thereon;
		

		 

		

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			G.Seventh,  to the payment of any accrued but unpaid Asset Management Fees due to the Administrative Member,  including any accrued but unpaid interest thereon;
		

		
			H.Eighth,  (i)until December 31, 2020, 30% of any remaining Cash Flow to the repayment of the Origination Loan (including any accrued but unpaid interest thereon), and
		

		
			(ii)on and after January 1, 2021, 100% to the repayment in full of the Origination Loan (including any accrued but unpaid interest therein); and
		

		
			I.Ninth,  the balance, pro rata to the Members, in accordance with their Membership Interests.
		

		
			Notwithstanding the foregoing, in the event of a Partnership Challenge all Cash Flow of the Company shall be applied to the Audit Reserve pursuant and subject to Section 6.2B.  
		

		
			Section 9.3.Distribution of Capital Proceeds.
		

		
			Subject to the provisions of Section 5.11A(v), Capital Proceeds shall be distributed quarterly, but not prior to the delivery to the Investor Member of the quarterly Company financial statements for the applicable quarter pursuant to Section 10.4A hereof and the payment of all outstanding Operating Expenses as follows: 
		

		
			A.First, to the Investor Member to the repayment of any Credit Recovery Loan, including any accrued but unpaid interest thereon; 
		

		
			B.Second, to the Investor Member to the repayment of any IM Voluntary Loan, including any accrued but unpaid interest thereon;
		

		
			C.Third, to the Administrative Member to the repayment any Mandatory Loans including any accrued but unpaid interest thereon,
		

		
			D.Fourth, to the Administrative Member to the repayment any Expense Loans, including any accrued but unpaid interest thereon;
		

		
			E.Fifth, to the setting up and funding of any Reserves, as permitted pursuant to Section 6.2;
		

		
			F.Sixth,  twenty percent (20%) of any remaining Capital Proceeds to the payment of the MLCS Contingent Guaranty Fee; 
		

		
			G.Seventh,  to the payment of any accrued but unpaid Guaranty Fee (including any accrued but unpaid interest thereon);
		

		
			H.Eighth,  to the payment of any accrued but unpaid Asset Management Fees due to the Administrative Member (including any accrued but unpaid interest thereon);
		

		
			I.Ninth,  (i)until December 31, 2020, 30% of any remaining Capital Proceeds to the payment of the Origination Loan (including any accrued but unpaid interest thereon), and
		

		

		

		 

		

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		(ii)on and after January 1, 2021, 80% to the payment in full of the Origination Loan (including any accrued but unpaid interest therein); and
		

		
			J.Tenth,  the balance, to the Members, thirty percent (30%) to the Investor Member and seventy percent (70%) to the Administrative Member.
		

		
			Notwithstanding the foregoing, in the event of a Partnership Challenge all Capital Proceeds of the Company shall be applied to the Audit Reserve pursuant and subject to Section 6.2B.
		

		
			Section 9.4.Special Distributions.  
		

		
			A.Mandatory Loan Proceeds.  To the extent the Company receives Mandatory Loan proceeds pursuant to Section 5.11A, such proceeds shall, promptly after receipt be distributed 100% to the Investor Member.
		

		
			B.Seller Indemnity Proceeds.The Administrative Member is authorized directly or through an agent to enforce any and all rights, claims and remedies that the Company may have against the Seller and its Affiliates to seek Seller Indemnity Proceeds or other payments.  Any Seller Indemnity Proceeds shall be applied or paid over as set forth in this Section 9.4B.  If the Company receives Seller Indemnity Proceeds, such proceeds shall be distributed first, to the Investor Member an amount equal to the excess, if any, of the Seller Tax Credit Indemnity Amount over the Mandatory Loan proceeds received by the Investor Member with respect to the same Tax Credits from which the Seller Tax Credit Indemnity Amount arose; second, to the Investor Member to the extent of any Damages incurred by the Investor Member; third, to the Administrative Member, to the extent of any Damages incurred by the Administrative Member; and, thereafter,  if the sum of first, second and third do not exceed the Seller Tax Credit Indemnity Amount, the remainder of the Seller Tax Credit Indemnity Amount shall be distributed as Capital Proceeds.  All other Seller Indemnity Proceeds including all Seller Indemnity Proceeds which are unrelated to Tax Credits shall be received by the Company and treated as Capital Proceeds.  Any funds received from Seller which are not Seller Indemnity Proceeds shall be held in trust by the Company and paid over to the Administrative Member.
		

		
			Section 9.5.Tax Issues on Liquidation.
		

		
			A.Subject to the provisions of Section 9.5B, any Capital Proceeds from a Terminating Capital Transaction remaining after payment of, or adequate provision for, the debts and obligations of the Company shall be distributed to those Members with positive Capital Account balances (after taking into account all Capital Account adjustments for the Company taxable year) in proportion to said Capital Account balances.
		

		
			B.If following the “liquidation” of a Member’s interest in the Company (as defined in Section 1.704-1(b)(2)(ii)(g) of the Allocation Regulations) or the dissolution of the Company and the distribution or liquidation of its assets in accordance with the foregoing provisions of this Section 9.5, the Administrative Member has a deficit balance in its Capital Account after adjusting such Capital Account to reflect the allocations and distributions required under Sections 9.1, 9.2 and 9.3 above (including, without limitation, the allocation to the Administrative Member of its share of Partnership Minimum Gain and/or Partner Nonrecourse Debt Minimum Gain), the Administrative Member shall contribute to the capital of the Company an amount equal to the 
		
		
 

		

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		lesser of (i) such deficit balance or (ii) the amount required under Section 1.704-1(b)(2)(iii)(c)(2) of the Allocation Regulations to permit the Administrative Member to be allocated at least 0.01% of each Tax Item of the Company for each Fiscal (and taxable) Year.  Such contribution shall be made on the first to occur of (i) the date that is 10 days after the delivery to the Administrative Member of a certificate of the Accountants, prepared in good faith and at the expense of the Company, setting forth the calculation of the Administrative Member’s negative Capital Account balance, or (ii) the later of (a) the last day of the taxable year of the Company in which such liquidation occurs, or (b) 90 days after the date of the liquidation.  Any such amount shall be distributed to those Members having positive Capital Account balances in proportion to, and to the extent necessary to eliminate such positive balances, or in such other manner as may be required under Section 1.704-1(b)(2)(ii)(b)(3) of the Allocation Regulations.  In no event shall the Investor Member have any obligation to restore any negative balance in its Capital Account following the allocation to it of its share of Partnership Minimum Gain, and its share of Partner Nonrecourse Debt Minimum Gain, if any.

		
		
			C.The parties intend that, as a result of the application of the allocation and distribution provisions contained in this Article IX, any Capital Proceeds from a Terminating Capital Transaction will be distributed in the same manner as Capital Proceeds are distributed under the provisions of Section 9.3.  If the Company is advised at any time by the Accountants or counsel that an actual distribution of Capital Proceeds at the end of any Fiscal Year in accordance with the provisions of Section 9.5B would not result in each Member receiving the amount that it would have received if Section 9.3 rather than Section 9.5B applied to such distribution, the Administrative Member shall so notify the Investor Member and, with the Consent of the Investor Member, is authorized and empowered to amend the provisions of this Article IX relating to the allocation of Profits or Losses (other than the Regulatory Allocations) for such Fiscal Year (and for subsequent Fiscal Years if necessary) to cure such defect consistent with the principles set forth in the first sentence of this Section 9.5D.
		

		
			Section 9.6.Special Allocation Provisions.
		

		
			Notwithstanding anything to the contrary contained in this Agreement: 
		

		
			A.Nonrecourse Deductions shall be allocated 99.99% to the Investor Member and 0.01% to the Administrative Member.  
		

		
			B.Partner Nonrecourse Deductions shall be allocated to and among the Members in the manner provided in the Allocation Regulations.  
		

		
			C.Subject to the provisions of Section 9.6N, if there is a net decrease in Partnership Minimum Gain for a Company Fiscal Year, the Members shall be allocated items of Company income and gain in accordance with the provisions of Section 1.704-2(f) of the Allocation Regulations.  
		

		
			D.Subject to the provisions of Section 9.6N, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain for a Company Fiscal Year, then any Member with a Share of such Partner Nonrecourse Debt Minimum Gain shall be allocated items of Company income and gain in accordance with the provisions of Section 1.704-2(i)(4) of the Allocation Regulations.    
		

		 

		

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			E.Subject to the provisions of Sections 9.6A through 9.6D above, if the Investor Member unexpectedly receives any adjustments, allocations or distributions described in Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) of the Allocation Regulations, items of Company income and gain shall be specially allocated to the Investor Member in an amount and manner sufficient to eliminate, to the extent required by the Allocation Regulations, the Adjusted Capital Account Deficit of the Investor Member as quickly as possible.  This Section 9.6E is intended to constitute a “qualified income offset” provision within the meaning of the Allocation Regulations and shall be interpreted consistently therewith.  
		

		
			F.Subject to the provisions of Sections 9.6A through 9.6E above, in no event shall the Investor Member be allocated Losses that would cause it to have an Adjusted Capital Account Deficit as of the end of any Company Fiscal Year.  Any Losses that are not allocated to the Investor Member by reason of the application of the provisions of this Section 9.6F shall be allocated to the Administrative Member.  
		

		
			G.Subject to the provisions of Sections 9.6A through 9.6F above, if the Investor Member has an Adjusted Capital Account Deficit at the end of any Company Fiscal Year, items of Company income and gain shall be specially allocated to the Investor Member in the amount of such Adjusted Capital Account Deficit as quickly as possible.    
		

		
			H.In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial Gross Asset Value.  If the Gross Asset Value of any Company property is adjusted pursuant to the terms of this Agreement, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder.  Any elections or other decisions relating to such allocations shall be made by the Administrative Member in any manner that reasonably reflects the purpose and intention of this Agreement.  Allocations pursuant to this Section 9.6H are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.  
		

		
			I.For purposes of determining the Profits, Losses, Tax Credits or any other items allocable to any period, Profits, Losses, Tax Credits and any such other items shall be determined on a daily, monthly, or other basis, as determined by the Administrative Member using any permissible method under Code Section 706 and the Regulations thereunder.
		

		
			J.To the extent that interest on loans (or other advances that are deemed to be loans) made by the Administrative Member to the Company is determined to be deductible by the Company in excess of the amount of interest actually paid by the Company, such additional interest deduction(s) shall be allocated solely to the Administrative Member.
		

		
			K.If the IRS successfully disallows the deduction of all or any part of any fee paid by the Company to the Administrative Member or its Affiliates by recharacterizing such fee as a 
		
		
 

		

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		distribution to the Administrative Member, there shall be, to the extent permitted by the Code, a special allocation of gross income to the Administrative Member for the Fiscal Year with respect to which such disallowed deduction was claimed by the Company in the amount of such disallowed deduction.

		
		
			L.For purposes of determining each Member’s proportionate share of the excess Nonrecourse Liability of the Company pursuant to Section 1.752‐3(a)(3) of the Allocation Regulations, the Investor Member shall be deemed to have a 99.99% interest in Profits and the Administrative Member shall be deemed to have a 0.01% interest in Profits.  
		

		
			M.Any Recapture of any Tax Credit shall be allocated to and among the Members in the same manner in which the Members share the expenditures giving rise to such Tax Credit.
		

		
			N.If for any Fiscal Year the application of the minimum gain chargeback provisions of Sections 9.6C or 9.6D would cause a distortion in the economic arrangement among the Members and it is not expected that the Company will have sufficient other income to correct that distortion, the Administrative Member may request a waiver from the Commissioner of the IRS of the application in whole or in part of Sections 9.6C or 9.6D in accordance with Section 1.704‐2(f)(4) of the Allocation Regulations.  Furthermore, if additional exceptions to the minimum gain chargeback requirements of the Allocation Regulations have been provided through revenue rulings or other IRS pronouncements, the Administrative Member is authorized to cause the Company to take advantage of such exceptions if to do so would be in the best interest of a majority in interest of the Members.
		

		
			O.Unless otherwise specifically provided in this Agreement, all Tax Items shall be allocable to and among the Members in accordance with their allocable shares of Profits or Losses.
		

		
			Section 9.7.Order of Application.
		

		
			The provisions of this Article IX shall be applied in the order required by the applicable provisions of the Allocation Regulations or if no such order is specified, in the manner determined by the Accountants.
		

		
			ARTICLE X.
DISSOLUTION AND LIQUIDATION OF THE COMPANY
		

		
			Section 10.1.Events Causing Dissolution.
		

		
			A.The Company shall dissolve upon the happening of any of the following events:
		

		
			(i)the passage of 90 days after the liquidation or sale of (i) all Apartment Complexes and other properties and/or the Investment Entity Interests or Local Limited Partnership Interests, and/or Holding Entity Interests, and/or the Company’s Interest or the Subsidiaries’ Interest in the Investment Entities, as applicable, and (ii) the sale or other disposal of substantially all other assets of the Company, unless the Administrative Member needs to continue the Company business for the purpose of the receipt and collection of a note or notes receivable and payments thereon or the collection of any other consideration to be received in exchange for 
		

		 

		

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		the assets of the Company (which activities shall be deemed to be a part of the winding up of the affairs of the Company); or
		

		
			(ii)the election by the Administrative Member, with the Consent of the Investor Member, to dissolve the Company; or
		

		
			(iii)Any other event which the Act requires to cause dissolution of the Company.
		

		
			B.Dissolution of the Company shall be effective on the day on which the event occurs giving rise to the dissolution, but the Company shall not terminate until a Certificate of Cancellation shall be filed with the Delaware Secretary of State and the assets of the Company shall have been distributed as provided in Section 9.5. Notwithstanding the dissolution of the Company, prior to the termination of the Company, the business of the Company and the affairs of the Members shall continue to be governed by this Agreement.
		

		
			Section 10.2.Liquidation.
		

		
			A.Upon dissolution of the Company, the Administrative Member shall liquidate the assets of the Company, apply and distribute the proceeds thereof as contemplated by Section 9.5 and cause the cancellation of the Certificate.
		

		
			B.If the Administrative Member shall determine that an immediate sale of part or all of the Company’s assets would cause undue loss to the Company, the Administrative Member may, after having given Notice to the Investor Member, to the extent not then prohibited by any applicable law of any jurisdiction in which the Company is then formed or qualified, defer liquidation of, and withhold from distribution, for a reasonable time any assets of the Company except those necessary to satisfy the Company’s debts and obligations.  No distributions in kind shall be made.
		

		
			C.Upon dissolution of the Company, if there is no Administrative Member, such other Person who may be appointed in accordance with applicable law shall be responsible to take all action related to the winding up and distribution of assets of the Company and shall perform the actions of the Administrative Member described in this Section 10.2.
		

		
			D.No Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.  Nothing in this Section 10.2 shall alter the limitation on liability of the Administrative Member or its Affiliates pursuant to Section 6.6.
		

		
			ARTICLE XI.
BOOKS AND RECORDS, ACCOUNTING, TAX ELECTIONS, ETC.
		

		
			Section 11.1.Books and Records.
		

		
			The Administrative Member shall keep or cause to be kept complete and accurate books and records of the Company and supporting documentation of transactions with respect to the conduct of the Company’s business.  The books and records shall be maintained in accordance with sound accounting practices, consistently applied, and shall be available at the principal office 
		

		 

		

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		of the Company for examination by any Member, or its duly authorized representatives, at any reasonable time during normal business hours at the office of the Company.  The Company may maintain such books and records and may provide such financial or other statements as the Administrative Member deems advisable, consistent with the practices of businesses of a like kind and character.  The Administrative Member shall obtain any reports to which it is entitled from the Investment Entities and Local Limited Partnerships and maintain records and documentation sufficient to provide the reports required to be provided to the Investor Member under this Agreement.
		

		
			Section 11.2.Bank Accounts.
		

		
			The bank accounts of the Company shall be maintained at Bank of America, N.A.  All deposits and other funds not immediately needed in the operation of the business may be invested in Permitted Temporary Investments, as directed by the Administrative Member.  The funds of the Company shall not be commingled with the funds of any other Person.    
		

		
			Section 11.3.Intentionally Omitted.
		

		
			Section 11.4.Reports to Investor Member. 
		

		
			The Administrative Member shall cause to be sent to the Investor Member the following:
		

		
			A.as soon as available and in no event later than sixty (60) days after the end of each fiscal quarter:
		

		
			(i)a consolidated statement of income/(loss) and Tax Credits, detailing expected current year tax benefits from each Investment Entity,  Direct LLP Partnership and the Company;
		

		
			(ii)an annual Investor Member benefits schedule;
		

		
			(iii)a narrative description of material developments related to the Company and, to the extent known to the Administrative Member,  the Local Limited Partnerships other than those listed on Schedule G;
		

		
			(iv)a  “watch list” of Local Limited Partnerships known to the Administrative Member to be at risk of foreclosure or loss of Projected Tax Credits other than those listed on Schedule G;
		

		
			(v)the unaudited financial statements comprised only of a balance sheet, income statement, and trial balance of the Company; and
		

		
			(vi)if applicable  and known to the Administrative Member, a summary of any of the following relating to the Company and Local Limited Partnerships: (a) notice of any default or reduction in benefits under any federal, state or local rent subsidy or other grant agreement, (b) notice of noncompliance or IRS Form 8823 Low Income Housing Credit Agency’s Report of Noncompliance, and (c) such other information regarding the state of the business, financial condition and affairs and the Company or Local Limited Partnerships or the Apartment Complexes 
		
		
 

		

			46

		

 

		

			 

		

		as the Investor Member, from time to time, may reasonably request to the extent known to the Administrative Member;

		
		
			B.as soon as available and in any event not later than ninety (90) days after the end of each Fiscal Year, all information necessary for the preparation of the Investor Member’s Federal income tax return for each year in respect of Company income, gains, losses, deductions or tax credits and the allocations thereof, including Schedule K-1 (or other comparable form subsequently required by the IRS) and a copy of the Federal “Company Return” and each state or local tax return for the Company, and copies of the Federal “Company Return” for each Investment Entity and Direct LLP and any state or local tax returns required to be filed by each Investment Entity and Direct LLP to the extent such returns are provided to the Company; and no later than March 15 after the end of each Fiscal Year, an estimate, as of the expected date of filing the Federal income tax return for the Company, of the income, gains, losses, deductions and credits of the Company and the allocations to be made to each Member.  The Administrative Member shall cause the Schedule K-1 to be prepared on a tax basis;
		

		
			C.as soon as available and in any event not later than one hundred twenty (120) days after the end of each Fiscal Year, the audited financial statements of the Company, as of the end of such year, audited by the Accountants with generally accepted accounting practices applied on a consistent basis with the exception of the following:  a) Administrative Member plans to amortize the Company’s limited partner interests using the proportional amortization method, rather than the equity method; and b) Administrative Member does not plan to evaluate and apply consolidation accounting on behalf of the Company.  The Investor Member acknowledges and  agrees that the audit opinion by the Accountants will likely be a qualified opinion to take into account these two non-GAAP items, which could result in the nature of the Accountant’s report being the equivalent of an agreed upon procedures report rather than an audit; 
		

		
			D.upon receipt of notice from a Local Limited Partnership or upon the Administrative Member’s actual knowledge, (i) notice of any default by the Local Limited Partnership in any loan or financial obligation, (ii) notice of any default or reduction in benefits under any federal, state, or local rent subsidy or other subsidy or grant agreement, (iii) notice of any material litigation and/or any alleged violation of law, (iv) IRS Form 8823 Low Income Housing Credit Agency’s Report of Noncompliance or similar notice of noncompliance issued by the relevant state tax credit allocation agency; (v) notice of any IRS proceeding involving the Local Limited Partnership, (vi) notice of any demand for payment or draw under any construction completion guarantee, performance bond or letter of credit regarding the Local Limited Partnership, (vii) notice of any potential reallocation or 704(b)/minimum gain issues, or (viii) a report, after any natural disaster and/or incident of widespread property damage having an impact on any of the Apartment Complexes, containing the following information, to the extent available: (a) the extent of damage to the Apartment Complexes; (b) any expected delays in construction or rehabilitation, (c) the effect that the damage sustained, if any, may have on marketing and lease-up activity and (d) the amount anticipated to be recoverable under available insurance policies;
		

		
			Section 11.5.Tax Elections.
		

		
			In connection with the acquisition by the Company of the Investment Entity Interests and the Direct LLPs, the Administrative Member shall consult with the Investor Member in a timely 
		

		 

		

			47

		

 

		

			 

		

		manner to determine where having Local Limited Partnerships make elections under Sections 754 of the Code is advantageous.  If the Investor Member determines that such an election is beneficial, the Administrative Member shall compel, where such rights exist, and shall diligently pursue, in all instances, each Local Limited Partnership to make an election under Section 754 of the Code.  Subject to the provisions of Section 5.4, all elections required or permitted to be made by the Company under the Code shall be made by the Administrative Member upon Investor Member Consent, in such manner as will, in the opinion of the Accountants, be most advantageous to the Investor Member.
		

		
			Section 11.6.Special Basis Adjustments.
		

		
			In the event of a transfer of all or any part of the Interest of any Member, including a transfer of an Interest pursuant to Article VIII, the Company will elect, pursuant to Section 754 of the Code (or corresponding provisions of succeeding law), to adjust the basis for the Company property if in the opinion of the Accountants such election would be most advantageous to the Investor Member.  Notwithstanding anything contained in Article IX of this Agreement, any adjustments made pursuant to Section 743 shall affect only the successor in interest to the transferring Member.  Each Member will furnish the Company with all information necessary to give effect to such election.  Except as the Administrative Member may otherwise direct, each Member benefiting from the election will pay or reimburse the Company for all additional accounting expenses occasioned by such election.
		

		
			Section 11.7.Fiscal Year and Accounting Method.
		

		
			Unless otherwise required by the Code and regulations thereto, the Fiscal Year of the Company shall be the same as the Fiscal Year of the Investor Member.
		

		
			Section 11.8.Tax Matters Partner.
		

		
			A.The Investor Member shall be the “tax matters partner”  (“Tax Matters Partner”) of the Company for Federal income tax purposes.  The Tax Matters Partner shall have and perform all of the duties required under the Code, including the following duties:
		

		
			(i)furnish the name, address, profits interest, and taxpayer identification number of each Member to the IRS; and
		

		
			(ii)within fifteen (15) business days after the receipt of any correspondence or communication relating to the Company or a Member from the IRS, the Tax Matters Partner shall forward to each Member a photocopy of all such correspondence or communication(s).  The Tax Matters Partner shall, within fifteen (15) calendar days thereafter, advise each Member in writing of the substance and form of any conversation or communication held with any representative of the IRS.
		

		
			B.The Tax Matters Member has the authority to take any of the following actions after good faith consultation with the Administrative Member:
		

		
			(i)extend the statute of limitations for assessing or computing any tax liability against the Company (or the amount or character of any Tax Items);
		

		 

		

			48

		

 

		

			 

		

		
			(ii)settle any audit with the IRS concerning the adjustment or readjustment of any Company tax item(s);
		

		
			(iii)file a request for an administrative adjustment with the IRS at any time or file a petition for judicial review with respect to any IRS adjustment;
		

		
			(iv)initiate or settle any judicial review or action concerning the amount or character of any Company tax item(s);
		

		
			(v)intervene in any action brought by any other Member for judicial review of a final adjustment; or
		

		
			(vi)take any other action not expressly permitted by this Section 11.8 on behalf of the Members or the Company in connection with any administrative or judicial tax proceeding.
		

		
			C.The Company shall indemnify and reimburse the Tax Matters Partner for all expenses, including legal and accounting fees, claims, liabilities, losses and damages incurred in connection with any administrative or judicial proceeding with respect to the tax liability of the Members, provided, however, that the tax matters Member will not be entitled to indemnification if its conduct otherwise giving rise to a right of indemnification constituted fraud, gross negligence, willful misconduct or breach of fiduciary duty.  The payment of all such expenses shall be made before any distributions are made from Cash Flow or Capital Proceeds or any discretionary reserves are set aside by the Administrative Member.  Neither the Administrative Member, nor any Affiliate, nor any other Person shall have any obligation to provide funds for such purpose.  The provisions on limitations of liability of the Investor Member and indemnification set forth in Section 5.8 of this Agreement shall be fully applicable to the tax matters Member in its capacity.
		

		
			D.Application of Bipartisan Budget Act of 2015.  If, and to the extent that, provisions of the Bipartisan Budget Act of 2015 (the “2015 Act”) apply to any audit of any tax return of the Partnership, any Investment Entity, any Holding Entity or any Local Limited Partnership of which the Partnership is a partner (“Affected Tax Return”), then the following provisions shall apply:
		

		
			(i)Designation of Partnership Representative.  The Investor Member shall be the “partnership representative” (the “Partnership Representative”) pursuant to the Code in connection with any audit of such Affected Tax Return.  The Company may engage accountants and legal counsel to assist the Partnership Representative in discharging its duties hereunder.  
		

		
			(ii)Replacement Partnership Representative.  If the Investor Member determines, in its sole and absolute discretion, to designate a new Partnership Representative, the Members shall designate such successor Partnership Representative as the Investor Member designates in accordance with applicable rules of the Code, Regulations, and the IRS that apply to audits conducted pursuant to the 2015 Act (“Applicable Rules”) and the successor Partnership Representative shall take such action, including notifying the IRS of its designation as such, as may be necessary or appropriate under Applicable Rules. 
		

		
			(iii)No Consent of Administrative Member Generally Required.  Notwithstanding any provision in this Section 11.8 to the contrary, to the extent permitted by Applicable Rules, the Investor Member, in its role as Partnership Representative and after good 
		
		
 

		

			49

		

 

		

			 

		

		faith consultation with the Administrative Member,  is hereby authorized to take any of the following actions without the Consent of the Administrative Member:

		
		
			a.enter into any agreement with the IRS to extend the period for assessing any tax that is attributable to any item that may be the subject of an audit of an Affected Tax Return;
		

		
			b.settle any audit of an Affected Tax Return with the IRS concerning the adjustment of any Partnership item;
		

		
			c.commence or settle any Tax Court case or other judicial or administrative proceeding with respect to any Affected Tax Return;
		

		
			d.consent, to the extent its consent is required under the applicable Investment Entity Agreement, Local Limited Partnership Agreement or otherwise requested by a Local General Partner, to the taking by a Local Partnership of any of the actions described in the immediately preceding clauses of this Section 11.8; or
		

		
			e.elect to have the provisions of the 2015 Act apply to any tax return of the Partnership or any Local Partnership of which the Company is a partner for any tax year that commences prior to 2018.
		

		
			(iv)Notices.  The Partnership Representative shall keep the Administrative Member promptly advised of any dispute the Company may have with any federal, state or local taxing authority. 
		

		
			(v)Liability to be Allocated to Partners of the Partnership for the Year Being Examined.  Unless the Investor Member elects otherwise and after good faith consultation with the Administrative Member, the Company shall timely elect to utilize the alternative procedure described in Section 6226 of the Code (as modified by the 2015 Act) to have the Members of the Company for the year which is under examination pay the applicable tax liability, and the Partnership Representative shall provide the IRS and each affected Member with such information as required by such Section 6226 and any Regulations promulgated thereunder.  Each Member agrees to cooperate with the Company in utilizing the procedures under Section 6226 of the Code, whether or not such person is a Member at the time of a final partnership adjustment.
		

		
			E.Amendments to Comply with Applicable Law.  The Members agree to work together, reasonably and in good faith, to amend this Agreement where appropriate to provide for provisions intended to address the application of the Applicable Rules, as they may be amended or interpreted from time-to-time, to the audit of any Affected Tax Return.  Such provisions should, to the extent reasonably possible, preserve and maintain (including through relevant elections and credit support) the relative and analogous economic and other rights, duties, responsibilities, indemnities, obligations and risk of the Partners to those provided under this Agreement as of the date it was first executed by the Partners. 
		

		 

		

			50

		

 

		

			 

		

		
			ARTICLE XII.
MISCELLANEOUS PROVISIONS
		

		
			Section 12.1.Notices.
		

		
			The Notice addresses for the parties hereto are:
		

		
			Administrative Member
		

		
			 
		

		
			MuniMae TEI Holdings, LLC
		

		
			c/o MMA Capital Management, LLC
		

		
			621 E. Pratt Street, Suite 600
		

		
			Baltimore, Maryland 21202
		

		
			Attn: Gary A. Mentesana
		

		
			Attn:  Megan Sophocles
		

		
			Fax:  (443) 263-2857
		

		
			Email:  gary.mentesana@mmacapitalmanagement.com
		

		
			Email:  megan.targarona@mmacapitalmanagement.com
		

		
			 
		

		
			with a copy to:
		

		
			 
		

		
			Gallagher Evelius & Jones LLP
		

		
			218 N. Charles Street, Suite 400
		

		
			Baltimore, Maryland 21201
		

		
			Attn:  Stephen A. Goldberg, Esquire
		

		
			Fax:  (410) 468-2786
		

		
			Email:  sgoldberg@gejlaw.com
		

		
			 
		

		
			Investor Member
		

		
			 
		

		
			Bank of America, N.A.
		

		
			MA1-225-02
		

		
			225 Franklin Street
		

		
			Boston, MA 02110
		

		
			Attn:  Marianne Votta
		

		
			Fax:  (617) 346-2724
		

		
			Email:  marianne.c.votta@baml.com
		

		
			 
		

		
			 
		

		
			with copy to:
		

		
			 
		

		
			Holland & Knight
		

		
			10 St. James Avenue
		

		
			Boston, MA  02116
		

		
			Attn:  Edward R. Hickey
		

		
			Fax:  (617) 523-6850
		

		
			Email:  ted.hickey@hklaw.com
		

		

		

		 

		

			51

		

 

		

			 

		

		All such notices or periodic reports in order to be effective shall be addressed to the last address of record on the Company books when given by the Administrative Member and intended for the other Members; and to the address of the Company when given by the Investor Member and intended for the Administrative Member.
		

		
			Section 12.2.Word Meanings.
		

		
			The singular shall include the plural and the masculine gender shall include the feminine and neuter, and vice versa, unless the context otherwise requires.
		

		
			Section 12.3.Binding Provisions.
		

		
			The covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the heirs, legal representatives, successors and assigns of the respective parties hereto, however, none of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company.
		

		
			Section 12.4.Applicable Law.
		

		
			This Agreement and all other documents, instruments and agreements entered into in connection with or related to this Agreement, unless otherwise specifically stated to the contrary, shall be construed and enforced in accordance with the laws of the State of Delaware.
		

		
			Section 12.5.Counterparts.
		

		
			This Agreement may be executed in several counterparts and all so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the original or the same counterpart.  Any counterpart hereof signed by the party against whom enforcement of this Agreement is sought shall be admissible into evidence as an original hereof to prove the contents hereof.
		

		
			Section 12.6.Survival of Representations and Warranties.
		

		
			All representations and warranties herein shall survive the dissolution and final liquidation of the Company, except to the extent that a representation or warranty expressly provides otherwise.
		

		
			Section 12.7.Severability of Provisions.
		

		
			Each provision of this Agreement shall be considered severable and (i) if for any reason any provision or provisions herein are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement which are valid, or (ii) if for any reason any provision or provisions herein would cause the Investor Member to be bound by the obligations of the Company under the laws of the State of Delaware as the same may now or hereafter exist, such provision or provisions shall be deemed void and of no effect.
		

		 

		

			52

		

 

		

			 

		

		
			Section 12.8.Intentionally Omitted.
		

		
			Section 12.9.Paragraph Titles.
		

		
			Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof.
		

		
			Section 12.10.Meeting of Members.
		

		
			The Investor Member may request in writing that the Administrative Member call a meeting of the Members.  The Administrative Member shall be required to call a meeting of the Members in Baltimore, Maryland within thirty (30) days of the receipt of the Investor Member’s request.  The Administrative Member shall give twenty-one (21) days written notice of the meeting to all Members.
		

		
			Section 12.11.Amendment Procedure.
		

		
			(i)Except as otherwise provided herein, this Agreement may not be modified or amended except upon Consent of the Members.
		

		
			(ii)The Administrative Member shall, upon advice of the Accountants and counsel for the Company and with the Consent of the Investor Member, amend Article IX in order to cause the provisions of Article IX to comply with the Regulations promulgated under Sections 42, 704(b) and 706 and any other sections of the Code relating to the allocations of profits and losses and tax credits among Members; provided, however, that any such amendment shall be for the benefit of and not adverse to the interests of the Investor Member and shall not diminish the share of the Investor Member in Profits, Losses, Credits, Cash Flow or Capital Proceeds.
		

		
			Section 12.12.Partition.
		

		
			The Members hereby agree that no Member nor any successor-in-interest to any Member shall have the right while this Agreement remains in effect to have the property of the Company partitioned, or to file a complaint or institute any proceeding at law or in equity to have the property of the Company partitioned, and each Member, on behalf of itself, its successors, representatives, heirs and assigns, hereby waives any such right. It is the intention of the Members that during the term of this Agreement, the rights of the Members and their successors in interest, as among themselves, shall be governed by the terms of this Agreement, and that the right of any Member or successor in interest to assign, transfer, sell or otherwise dispose of its Interest in the Company’s properties shall be subject to the limitations and restrictions of this Agreement.
		

		
			Section 12.13.Entire Understanding.
		

		
			This Agreement, including the Exhibits hereto, constitute the entire understanding among the Members and supersede all prior written or oral agreements among them with respect to the matters contained herein.  There are no representations, agreements, arrangements or understandings, oral or written, among the Members hereto relating to the subject matters hereof that are not fully expressed herein.
		

		 

		

			53

		

 

		

			 

		

		
			Section 12.14.Separability of Provisions.
		

		
			Each provision of this Agreement shall be considered separable and if for any reason any provision or provisions of this Agreement are determined to be invalid and contrary to any law, such invalidity shall not impair the operation of or affect those portions of this Agreement that are valid.
		

		
			Section 12.15.Tax Disclosure.  
		

		
			Notwithstanding anything in this Agreement to the contrary, except as reasonably necessary to comply with applicable securities laws, the Investor Member (and each employee, representative or other agent of the Investor Member) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the Company and all materials of any kind (including opinions or other tax analyses) that are provided to the Investor Member relating to such tax treatment and tax structure.  For this purpose, “tax structure” is limited to facts relevant to the U.S. federal income tax treatment of the Company and does not include information relating to the identity of the organizers of the Company.
		

		
			 
		

		
			< Signatures Appear on the Following Page >
		

		
			IN WITNESS WHEREOF, the Members have executed this Agreement effective as of the date first written above.
		

		

		

		 

		

			Signature Page 1 of 2

		

		

			Limited Liability Company Operating Agreement

		

		

			 MMA Capital TC Fund I, LLC

		

 

		

			 

		

		
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						ADMINISTRATIVE MEMBER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MUNIMAE TEI HOLDINGS, LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/   Michael L. Falcone

				
	
					
						Name:

					
					
						Michael L. Falcone

				
	
					
						Title:

					
					
						President and Chief Executive Officer

				

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Signature Page 1 of 2

		

		

			Limited Liability Company Operating Agreement

		

		

			 MMA Capital TC Fund I, LLC

		

 

		

			 

		

		 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						INVESTOR MEMBER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF AMERICA, N.A

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/   Marianne C. Votta

				
	
					
						Name:

					
					
						Marianne C. Votta

				
	
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Signature Page 2 of 2

		

		

			Limited Liability Company Operating Agreement

		

		

			 MMA Capital TC Fund I, LLC

		

 

		

			 

		

		SCHEDULE  A
		

		
			 
		

		
			MMA CAPITAL TC FUND I, LLC
		

		
			
SCHEDULE OF MEMBERS
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Name and Address

					
					
						Capital

					
						Commitment

					
					
						Percentage

					
						Interest

				
	
					
						Administrative Member:

					
						 

					
						MuniMae TEI Holdings, LLC

					
						c/o MMA Capital Management, LLC

					
						621 E. Pratt Street, Suite 600

					
						Baltimore, Maryland 21202

					
						 

					
					
						$100

					
					
						0.01%

				
	
					
						Investor Member:

					
						 

					
						Bank of America, N.A.

					
						MA1-225-02

					
						225 Franklin Street

					
						Boston, MA 02110

					
						 

					
					
						$211,369,500

					
					
						99.99%

				
	
					
						TOTAL

					
					
						$211,369,600

					
					
						100%

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Schedule A-1

		

 

		

			 

		

		SCHEDULE B
		

		
			 
		

		
			APARTMENT COMPLEXES
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Type

					
					
						Investment Entity

					
					
						Apartment Complex

				
	
					
						Direct

					
					
						Amberton Riverstone

					
					
						Amberton Apartments

				
	
					
						Direct

					
					
						Bent Oaks Apartments

					
					
						Bent Oaks Apartments

				
	
					
						Direct

					
					
						Briarwood

					
					
						Briarwood

				
	
					
						Direct

					
					
						Burnett Place Apartments

					
					
						Burnett Place Apartments

				
	
					
						Direct

					
					
						Casa Bonita Apartments

					
					
						Casa Bonita Apartments

				
	
					
						Direct

					
					
						Casa Del Sol

					
					
						Casa Del Sol I & II

				
	
					
						Direct

					
					
						Cedar Creek Senior Housing

					
					
						Cedar Creek I

				
	
					
						Direct

					
					
						Cedar Creek Senior Housing II, LLC

					
					
						Cedar Creek II

				
	
					
						Direct

					
					
						Chowen Bend

					
					
						Chowen Bend

				
	
					
						Direct

					
					
						Clearlake

					
					
						Clearlake Apartments

				
	
					
						Direct

					
					
						Driftwood / Water’s Edge

					
					
						Driftwood Apartments

				
	
					
						Direct

					
					
						Ellm View Apartments

					
					
						Elm View Apartments

				
	
					
						Direct

					
					
						Fountainview

					
					
						Fountainview

				
	
					
						Direct

					
					
						Franciscan Senior Estates

					
					
						Franciscan Senior Estates

				
	
					
						Direct

					
					
						Frost Woods Senior Apartments

					
					
						Frost Woods Senior Apartments

				
	
					
						Direct

					
					
						Heritage Park Apartments

					
					
						Heritage Park Apartments

				
	
					
						Direct

					
					
						Highland Village/Watertown PH II

					
					
						Highland Senior Apts Phase II

				
	
					
						Direct

					
					
						Logan Park

					
					
						Logan Park Apartments

				
	
					
						Direct

					
					
						Moonridge

					
					
						Moonridge

				
	
					
						Direct

					
					
						Oakland Village

					
					
						Oakland Village Townhomes

				
	
					
						Direct

					
					
						Oaks Hitchcock

					
					
						Oaks at Hitchcock

				
	
					
						Direct

					
					
						Orland

					
					
						Orland Apartments

				
	
					
						Direct

					
					
						Pinewood Park

					
					
						Pinewood Park

				
	
					
						Direct

					
					
						Prairie Hill at Woodland Ridge

					
					
						Prairie Hill at Woodland Ridge

				
	
					
						Direct

					
					
						Prairie Oaks  / Verona

					
					
						Prairie Oaks  / Verona

				
	
					
						Direct

					
					
						San Andreas

					
					
						San Andreas

				
	
					
						Direct

					
					
						San Pedro

					
					
						San Pedro Commons

				
	
					
						Direct

					
					
						Sprucewood Apartments - Debt

					
					
						Sprucewood Apartments

				
	
					
						Direct

					
					
						St. James Senior Housing

					
					
						St. James Senior Housing

				
	
					
						Direct

					
					
						Stamford Metro Apartments

					
					
						Stamford Metro Apartments

				
	
					
						Direct

					
					
						Tinton Falls Const

					
					
						Tinton Falls Apts

				
	
					
						Direct

					
					
						Valley Terrace

					
					
						Valley Terrace Apartments

				
	
					
						Direct

					
					
						Veranda at the Villages at Carver

					
					
						Veranda at the Villages at Carver

				
	
					
						Direct

					
					
						Watertown Senior Apartments

					
					
						Watertown Senior Apartments

				
	
					
						Direct

					
					
						Westminster Senior Apts.

					
					
						Westminster Senior Housing

				
	
					
						Direct

					
					
						Whittier Townhomes

					
					
						Whittier Townhomes

				
	
					
						Direct

					
					
						Wood Bayou

					
					
						Wood Bayou

				

		 

		

			Schedule B-1

		

 

		

			 

		

			
					
						Direct

					
					
						Woodland Ridge/ Greenfield

					
					
						Crestview Apartments at Woodland Ridge

				
	
					
						Direct

					
					
						Wyngate

					
					
						Wyngate Townhomes

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Banyan Trace II

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Brick Hollow

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						County Estates (4 sites)

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Divine Senior Apts

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Hickory Meadows

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Laguna Apts

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Lakeside Apts

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Landings @ Pebble Creek

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Larkfield Oaks

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Lincoln School

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Market Place

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						North Pointe

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Ottawa Middle School

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Park East Enterprises Lofts

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Rockville Center

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Roosevelt Place

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						St. Vincent Villas I

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						St. Vincent Villas II

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Tiger Bay

				
	
					
						Multi Investor

					
					
						Alliant Fund 35

					
					
						Wesley L. Scott Senior Living

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Beacon Crest

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Bridgham Manor

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Catalina Apts

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Celtics Townhomes

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						East Main Mews

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Mark Twain Hotel MF

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Monte Vista

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Monticello Park II

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Pinnacle Pointe

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Poppyfield Estates

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Town West Manor

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Tri-City

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Tynan Village

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Villa Andrea

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						William Watters House

				
	
					
						Multi Investor

					
					
						Alliant Fund 40

					
					
						Willow Creek Phase 2

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Astoria Senior

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Clifton Seniors

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Court Plaza Senior

				

		 

		

			Schedule B-2

		

 

		

			 

		

			
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Elizabeth Crossing

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Fredonia Commons

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Horizons at Plainfield

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Horizons at Wawayanda

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Park Lake

				
	
					
						Multi Investor

					
					
						Alliant Fund 41

					
					
						Pinecrest

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Alabama Manor

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Arbor Court

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Biola Village

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Camille Village

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Fairfax Bluffs

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						HDR I & II

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Jeffries

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						King Plaza

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Lincoln Plaza

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Northwood Terrace

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Oaks Hotel

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Orchards

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Parkside (WY)

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Parkside Court

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Red Hook

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Rolling Meadows

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Sentney Lofts

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Sichel

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Springhill Senior Housing

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Stevenson Manor

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Uptown Preservation Apartments

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Whitney Young Manor

				
	
					
						Multi Investor

					
					
						Alliant Fund 42

					
					
						Willow Plaza

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Abigail Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Alstead Senior Housing

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Applegate Village Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						April Woods Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Becket House

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Bernice Park Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Bradford Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Burnt Ordinary Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Cane River Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Castlerock Apts (The Buttes)

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Center Ridge Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Cobre Village

				

		 

		

			Schedule B-3

		

 

		

			 

		

			
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Corinth Tower Ridge Apts

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Cottonwood Senior Apts

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Edenwood Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Fairway Crossing Apts

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Fortuna Family

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Heritage Village at Lawrence

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Heritage Village at Manalapan

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Hillcrest Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Homeworks Project Phase II

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Idlewilde Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Laurel Woods Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Maddox Estates

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Manning Gardens

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Ocean East Belfast

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Parker Lane Senior (aka City View)

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Parkside Commons

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Patty Place

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Peabody II Ashley Station

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Pembrooke Court Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Piedmont Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Royal Crescent Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Sherwood Glen

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Studio 15

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Sunmark Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						The Courtyards at Arcata II

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Victoria Place Phase II

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Walker Landing I & II

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 27

					
					
						Willow Creek Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Amber Pointe Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Bolivar Landing

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Bridle Ridge Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Brookhaven Plaza

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Citron Court Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Clark Biscuit Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Cole-Harbour Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Cottonwood Apts – AR

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Cottonwood Apts – CO

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Englewood Senior Housing

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Ephesus Homes

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Flagship Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Gateway Town Homes

				

		 

		

			Schedule B-4

		

 

		

			 

		

			
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Jesse Lee Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Lebanon Square Apartments (38.27%)

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Levis Hill House Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Madonna Manor Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Maple Ridge (aka Whitman Woods) Apts

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Mauldin Gardens Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						McMillan Towers

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Oakwood Terrace Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Park Ridge Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Paseo de Paz Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Phoenix Place Gardens Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Princeton Manor Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Residences at Eastland

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Residences at Onion Creek

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Riverknoll at Radisson

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Seattle Homeworks, Phase III

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Sherwood Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Shiloh House Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Sons of Italy

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Summit Point Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital Fund 29

					
					
						Windshire Apartments

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Old Town Partners VIII (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Cabool (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Shelbina (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Willow Springs (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						D.A. Holmes Development (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Parkview Place Apartments (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Pevely Square (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Jackson Senior Housing II (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Sikestone Properties (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Park Hills Housing (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Whittington Estates (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						Gentemann Manor (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing Fund XIV

					
					
						MACO II (0.01%)

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						63 Washington Avenue

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Auburn Park

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Bristol Pines Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Cambridge Court II Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Camelot Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Cobbs Creek Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Coliseum Gardens II

				

		 

		

			Schedule B-5

		

 

		

			 

		

			
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Congress Square

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Creighton Storey Homes

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Deer Ridge Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Durango Housing Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						East 35th Street Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Ellis Hollow Road Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Fox Hollow

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Hallmark at Jeffersonville

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Harrison Courts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Highbridge Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Hurd’s Crossing

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Irvington Family

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Jennings Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Lathrop Elderly Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Loomis Court Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Meadows at Greentree

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Mill City Parc

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Mt. Pleasant

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						North Mountain Village

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Palacio del Sol

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Park View at Cheltenham

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Park View at South Pantops

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Peters Creek Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Pierce Street Senior Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Ruggles Shawmut

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Summerdale Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						The Ridge at Jackson

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Towne Park Fredericksburg II

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Valley View Seniors

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Verano Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Wahoo Frazier

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Wedgewood Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Westchester Avenue Triangle

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Whaler’s Place

				
	
					
						Multi Investor

					
					
						MMA ITC 30

					
					
						Whispering Woods (Cane Run)

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						250 East 60th Street

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Alden-Berkley Townhomes

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Artisan at Military

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Aurora Place Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Barnes School

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Crossland Place (a/k/a Clarksville Apts)

				

		 

		

			Schedule B-6

		

 

		

			 

		

			
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Eagle Place Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Fair Oaks Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Foxwell Memorial Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Francis Housing

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						George Washington Carver Sr. Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Hallmark at Columbia

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Harris Branch Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Hart Village

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Hill View II

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Honolulu Street Family Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Lafayette Square Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Lakeview V Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Lindbergh Parc Senior Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Merrimack Street Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Old Brookside I

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Park View at Conventry Station

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Plantation Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Plaza South Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Presbyterian House Dillsbury (Schartner House)

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Quinnipiac Terrace Phase 2

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Silverbell Homes

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Southwood Crossing Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Southwood Crossing II

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Squantum Gardens I

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Squantum Gardens II

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Statesboro Summit

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Sungate Villa

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						The Oakmoor Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						The Walldorf Astor

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Two Bridges

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Union Point Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Valley View II

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Villa Avenue Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Villas of Jonesboro

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Wabash Crossing Phase II

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Walnut Park Plaza

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Westbrook Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Willow Trace at Windsor Hill

				
	
					
						Multi Investor

					
					
						MMA ITC 31

					
					
						Windward Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Alliance Inn

				

		 

		

			Schedule B-7

		

 

		

			 

		

			
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Angell Park Senior Housing

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Ashland Commons

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Bathgate Avenue Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Berkshire Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Bridgeton IV

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Brook Willis Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Central Avenue Lofts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Church Hill & Fairmont

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Coliseum Gardens III (Lions Creek)

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Collinson Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						David Chavis

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						East Tremont Ave

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Edgewood Park I

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Edgewood Park II

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Fern Hall

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Florence Square II

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Foxwood Place (aka Apple Blossom)

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Girls Latin II (aka New Girls Latin)

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Granville Heights

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Greenbriar Village

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Hallmark at Bellevue

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Harmon Pines

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Harrington I

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						HART Phase I

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						HART Phase II

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Hunters Pointe Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Inglis Apts at Elmwood

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Iris Commons

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Isabella I Estates

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Isabella II Estates

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Jesup Heights Apts II

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						La Mision Village

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Lincoln Park Apts

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Maple Ridge Townhomes

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Mayfair Mansions

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Melville Towers

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Merry Place

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Miliken Towers

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Monticello Park

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Navigation Points

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						North Post Commons

				

		 

		

			Schedule B-8

		

 

		

			 

		

			
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Ocean Gate

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Pacific Pines III

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Park View at Ashland

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Prime Square Apartments

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Puerto del Sol (aka Jamboree West Gateway)

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Saddlecreek Park

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Seven Directions

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						The Blakeley Building

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Valencia Point Apts.

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Village at Cambridge

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Village Creek

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Vineyard Point

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Weinberg Village IV

				
	
					
						Multi Investor

					
					
						MMA ITC 32

					
					
						Westview Ranch Apts

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Ceatrice Polite

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						City Heights

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Conway Gardens

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Dancing Oaks

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Deer Run

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Gardens at Tomball

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Los Altos Villas

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						New Canonchet Cliffs Apts

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Oak Crest

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Prairie Villa Senior Apartments

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Sanctuary Walk

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Villas at Mesquite Creek

				
	
					
						Multi Investor

					
					
						Red Capital Fund 17

					
					
						Water Street Apts

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Amelia Parc

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Coventry Apartment

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Desoto Landing

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Holman Homes

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Home Town at Matador Ranch

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Mansions at Hastings Green

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Metro Lomas

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Nacogdoches Vista Pines

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Rivers Senior

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Shadows Apartments

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Sunset View

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Timber Ridge

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Town Square Apartments

				
	
					
						Multi Investor

					
					
						Red Capital Fund XXIV

					
					
						Waco River Park

				

		 

		

			Schedule B-9

		

 

		

			 

		

			
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Bluestem Homes

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Cedar Street Apts

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Cottages of ND

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Glenpark Village

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Hunt Ridge

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Kennedy Towers II

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Oak Tree Square Apt

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Paumanack Village II

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Ridgecrest Estates

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Riverwood I & II Apts

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Royalton Manor Apts

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						St. Anne’s Senior Housing

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Suites of ND

				
	
					
						Multi Investor

					
					
						WNC Fund XXIII

					
					
						Washington Court Apts

				
	
					
						Proprietary

					
					
						AIMCO Capital Tax Credit Fund III

					
					
						Arvada House

				
	
					
						Proprietary

					
					
						AIMCO Capital Tax Credit Fund III

					
					
						Cambridge Court

				
	
					
						Proprietary

					
					
						AIMCO Tax Credit Fund IV

					
					
						Pleasant Hills Apartments

				
	
					
						Proprietary

					
					
						AIMCO Tax Credit Fund IV

					
					
						Tamarac Pines Apartments

				
	
					
						Proprietary

					
					
						AIMCO Tax Credit Fund IV

					
					
						Whitefield Place

				
	
					
						Proprietary

					
					
						Alliant Fund 2

					
					
						Coral Village/Sterling Manor

				
	
					
						Proprietary

					
					
						Alliant Fund 2A

					
					
						Kay Larkin

				
	
					
						Proprietary

					
					
						Alliant Fund 2B

					
					
						Redland Arms

				
	
					
						Proprietary

					
					
						Alliant Fund 2C

					
					
						Courtyard at Ridgecrest

				
	
					
						Proprietary

					
					
						Capmark Affordable Tax Credit Fund 3

					
					
						Hickory Hills Apartments

				
	
					
						Proprietary

					
					
						Carolina Funding

					
					
						Boiling Springs/Wilson Place

				
	
					
						Proprietary

					
					
						Carolina Funding

					
					
						Greenwood/Cardinal Glen

				
	
					
						Proprietary

					
					
						Carolina Funding

					
					
						Rock Hill/Cardinal Pointe

				
	
					
						Proprietary

					
					
						Carolina Funding

					
					
						Walhalla/Highland Glen

				
	
					
						Proprietary

					
					
						Carolina Funding

					
					
						Williamston/Parkview

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Carutersville (Lundemann/Rivers Edge)

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Gentemann Manor II

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Lincoln Hubbard

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Mexico I Apartments

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Newton Place

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Oakview II

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Park Meadows

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Pleasant Hill (Apple Manor)

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Star Lofts

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						Weathered Rock II

				
	
					
						Proprietary

					
					
						CPS 2007

					
					
						West Court/ Cape Girardeau

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Cassville Heights

				

		 

		

			Schedule B-10

		

 

		

			 

		

			
					
						Proprietary

					
					
						CPS XIII

					
					
						Chase

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Hanley Crossing

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Kirksville Gardens

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Lilbourn Gardens

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Malden Gardens

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Meadow Woods

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						New Madrid Gardens

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Oak Tree

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Springwood

				
	
					
						Proprietary

					
					
						CPS XIII

					
					
						Swope Parkway

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Canterbury Park

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Hamptons at Neosho

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Hawthorn

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Hayti IV

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Hayti V

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Hayti VI

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Lackland

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Marshall

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Park Place

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Piedmont

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Union Place

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

					
					
						Woodcrest

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Cabool I

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Jordan Estates

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Kathleen Manor

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Parkview Place

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Pateville Estates

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Radcliff Manor

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Shelbina

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Victory Crossing

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

					
					
						Willow Springs

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Anthony Arms

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Ash Place

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Dulles Park

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Heathrow Sr. Village

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Hickory Hollow

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Kingston Gardens

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Pecan Hills

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Regency Manor II

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Sardis/Cross Creek

				
	
					
						Proprietary

					
					
						CPS XX

					
					
						Spring Gardens

				

		 

		

			Schedule B-11

		

 

		

			 

		

			
					
						Proprietary

					
					
						CPS XX

					
					
						Wilshire Hills

				
	
					
						Proprietary

					
					
						First Sterling

					
					
						Fairview Manhattan

				
	
					
						Proprietary

					
					
						First Sterling

					
					
						Granite Terrace/Concord Avenue

				
	
					
						Proprietary

					
					
						First Sterling

					
					
						Intervale Avenue

				
	
					
						Proprietary

					
					
						LNR 2001 Fund III

					
					
						Apache Pines

				
	
					
						Proprietary

					
					
						LNR 2001 Fund III

					
					
						Center Commons / 5819 NE Glisan

				
	
					
						Proprietary

					
					
						LNR 2001 Fund III

					
					
						Center Village

				
	
					
						Proprietary

					
					
						LNR 2001 Fund III

					
					
						Cherry Tree

				
	
					
						Proprietary

					
					
						LNR 2001 Fund III

					
					
						Orchard Hills

				
	
					
						Proprietary

					
					
						LNR 99 Fund I (Jolt II)

					
					
						Morris Glen

				
	
					
						Proprietary

					
					
						LNR Fund 12

					
					
						Coventry Heights

				
	
					
						Proprietary

					
					
						LNR Fund 12

					
					
						Horizon Pines

				
	
					
						Proprietary

					
					
						LNR Fund 12

					
					
						Santa Rosa Gardens

				
	
					
						Proprietary

					
					
						LNR Fund 12

					
					
						Solara Court

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Boone Sundance Apts

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Cape Girardeau

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Hays Sundance

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Hays Sundance II

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Lebanon Sundance

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Marshalltown Sundance

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Newton Sundance

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Paola Sundance

				
	
					
						Proprietary

					
					
						Midwest Fund

					
					
						Prospectors Pointe

				
	
					
						Proprietary

					
					
						North Gate Apartments

					
					
						Northgate 28

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXI 

					
					
						Country Meadow Residences

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXI 

					
					
						Fountains at Tidwell

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXI 

					
					
						Kate’s Trace

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXI 

					
					
						Overton Park Townhomes

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXIV 

					
					
						Fallbrook Ranch Apts

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXV 

					
					
						Heatherbrook Apts

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXVIII 

					
					
						Acacia Meadows

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

					
					
						Heron II

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

					
					
						Laurel Ridge Development

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

					
					
						Nantucket III

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

					
					
						Parkway Place

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

					
					
						Surry Village

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

					
					
						Washington  Plaza

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Berkeley Square

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Bolivar Courts

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Brookhaven, L.P.

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Main Street Plaza Apartments

				

		 

		

			Schedule B-12

		

 

		

			 

		

			
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Pine Tree I

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Pine Tree Village Phase II

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Senior Suites of Ravenswood

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Shepherds Glen

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

					
					
						Vineland, LP

				
	
					
						Proprietary

					
					
						USA Institutional Tax Credit Fund LXVI

					
					
						Blooming Glen

				
	
					
						Proprietary

					
					
						USA Institutional Tax Credit Fund LXVI

					
					
						Irvington Heights

				

		
			 
		

		
			 
		

		

		

		 

		

			Schedule B-13

		

 

		

			 

		

		SCHEDULE C
		

		
			 
		

		
			INVESTMENT ENTITIES
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Multi-Investor

					
					
						Alliant Fund 35

				
	
					
						Multi-Investor

					
					
						Alliant Fund 40

				
	
					
						Multi-Investor

					
					
						Alliant Fund 41

				
	
					
						Multi-Investor

					
					
						Alliant Fund 42

				
	
					
						Multi-Investor

					
					
						Boston Capital Fund 27

				
	
					
						Multi-Investor

					
					
						Boston Capital Fund 29

				
	
					
						Multi-Investor

					
					
						MMA ITC 30

				
	
					
						Multi-Investor

					
					
						MMA ITC 31

				
	
					
						Multi-Investor

					
					
						MMA ITC 32

				
	
					
						Multi-Investor

					
					
						Red Capital Fund 17

				
	
					
						Multi-Investor

					
					
						Red Capital Fund XXIV

				
	
					
						Multi-Investor

					
					
						WNC Fund XXIII

				
	
					
						Proprietary

					
					
						AIMCO Capital Tax Credit Fund III

				
	
					
						Proprietary

					
					
						AIMCO Tax Credit Fund IV

				
	
					
						Proprietary

					
					
						Alliant Fund 2

				
	
					
						Proprietary

					
					
						Alliant Fund 2A

				
	
					
						Proprietary

					
					
						Alliant Fund 2B

				
	
					
						Proprietary

					
					
						Alliant Fund 2C

				
	
					
						Proprietary

					
					
						Capmark Affordable Tax Credit Fund 3

				
	
					
						Proprietary

					
					
						Carolina Funding

				
	
					
						Proprietary

					
					
						CPS 2007

				
	
					
						Proprietary

					
					
						CPS XIII

				
	
					
						Proprietary

					
					
						CPS XIV (AEP V)

				
	
					
						Proprietary

					
					
						CPS XVII (AEP VII)

				
	
					
						Proprietary

					
					
						CPS XX

				
	
					
						Proprietary

					
					
						First Sterling

				
	
					
						Proprietary

					
					
						LNR 2001 Fund III

				
	
					
						Proprietary

					
					
						LNR 99 Fund I (Jolt II)

				
	
					
						Proprietary

					
					
						LNR Fund 12

				
	
					
						Proprietary

					
					
						Midwest Fund

				
	
					
						Proprietary

					
					
						North Gate Apartments

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXI 

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXIV 

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXV 

				
	
					
						Proprietary

					
					
						PER – Hudson Housing Fund XXVIII 

				
	
					
						Proprietary

					
					
						Raymond James Housing Opportunities 5

				
	
					
						Proprietary

					
					
						USA Institutional Fund XI

				

		 

		

			 

		

		

			Schedule C-1

		

 

		

			 

		

			
					
						Proprietary

					
					
						USA Institutional Tax Credit Fund LXVI

				

		
			 
		

		
			 
		

			
					
						Multi-Investor

					
					
						Missouri Affordable Housing Fund XIV, LP

				

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			Schedule C-2

		

 

		

			 

		

		SCHEDULE D
		

		
			 
		

		
			DIRECT LLPs
		

		
			 
		

			
					
						 

				
	
					
						Amberton Riverstone

				
	
					
						Bent Oaks Apartments

				
	
					
						Briarwood

				
	
					
						Burnett Place Apartments

				
	
					
						Casa Bonita Apartments

				
	
					
						Casa Del Sol

				
	
					
						Cedar Creek Senior Housing

				
	
					
						Cedar Creek Senior Housing II, LLC

				
	
					
						Chowen Bend

				
	
					
						Clearlake

				
	
					
						Driftwood / Water’s Edge

				
	
					
						Ellm View Apartments

				
	
					
						Fountainview

				
	
					
						Franciscan Senior Estates

				
	
					
						Frost Woods Senior Apartments

				
	
					
						Heritage Park Apartments

				
	
					
						Highland Village/Watertown PH II

				
	
					
						Logan Park

				
	
					
						Moonridge

				
	
					
						Oakland Village

				
	
					
						Oaks Hitchcock

				
	
					
						Orland

				
	
					
						Pinewood Park

				
	
					
						Prairie Hill at Woodland Ridge

				
	
					
						Prairie Oaks  / Verona

				
	
					
						San Andreas

				
	
					
						San Pedro

				
	
					
						Sprucewood Apartments – Debt

				
	
					
						St. James Senior Housing

				
	
					
						Stamford Metro Apartments

				
	
					
						Tinton Falls Const

				
	
					
						Valley Terrace

				
	
					
						Veranda at the Villages at Carver

				
	
					
						Watertown Senior Apartments

				
	
					
						Westminster Senior Apts.

				
	
					
						Whittier Townhomes

				
	
					
						Wood Bayou

				
	
					
						Woodland Ridge/ Greenfield

				
	
					
						Wyngate

				

		
			 
		

		
			 
		

		

		

		 

		

			Schedule D-1

		

 

		

			 

		

		SCHEDULE E
		

		
			 
		

		
			PROJECTED TAX CREDITS
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Fiscal Year Ended

					
					
						Projected Tax Credits

				
	
					
						December 31, 2016

					
					
						72,336,000

				
	
					
						December 31, 2017

					
					
						52,826,000

				
	
					
						December 31, 2018

					
					
						24,577,000

				
	
					
						December 31, 2019

					
					
						6,058,000

				
	
					
						December 31, 2020

					
					
						440,000

				
	
					
						December 31, 2021

					
					
						175,000

				
	
					
						December 31, 2022

					
					
						147,000

				
	
					
						December 31, 2023

					
					
						11,000

				
	
					
						Total

					
					
						156,570,000

				

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			Schedule E-1

		

 

		

			 

		

		SCHEDULE F
		

		
			 
		

		
			NOTICE OF DEFAULT
		

		
			 
		

			
					
						MMA Capital TC Fund I, LLC

					
						c/o MuniMae TEI Holdings, LLC

					
						c/o MMA Capital Management, LLC

					
						621 E. Pratt Street, Suite 600

					
						Baltimore, MD21202

					
						Attn: Gary A. Mentesana

					
						 

					
					
						MuniMae TEI Holdings, LLC

					
						c/o MMA Capital Management, LLC

					
						621 E. Pratt Street, Suite 600

					
						Baltimore, MD21202

					
						Attn: Gary A. Mentesana

					
						 

				
	
					
						Bank of America Merrill Lynch

					
						1133 Avenue of the Americas

					
						42nd Floor, NY1-533-42-01

					
						New York, New NY 10036-6710

					
						Attn: Agreements and Documentation

					
						Facsimile No.: (212) 548-8622

					
						 

					
					
						MMA Financial Holdings, Inc.

					
						621 E. Pratt Street, Suite 600

					
						Baltimore, MD21202

					
						Attn: Gary A. Mentesana

					
						 

					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			Re:      Limited Liability Company Operating Agreement (the “Agreement”) of MMA Capital TC Fund I, LLC (the “Company”), dated as of December 31, 2015 by and among Munimae TEI Holdings, LLC, a Delaware limited liability company (the “Administrative Member”), and Bank of America, N.A. (the “Investor Member”). 
		

		
			Ladies and Gentlemen:
		

		
			Capitalized terms used but not defined in this Notice shall have the meaning set forth in the Agreement.
		

		
			Pursuant to the Agreement, the undersigned Investor Member hereby certifies to you that (please check all that apply): 
		

		
			☐  In accordance with Section 5.11A(i) of the Agreement, the Investor Member has not received a distribution or payment in an amount equal to the Covered Tax Year Deficiency Payment by the date specified in Section 4.2B(i) of the Agreement.
		

		
			☐  In accordance with Section 5.11A(ii) of the Agreement, the Investor Member has not received a distribution or payment in an amount equal to the Guaranty Extension Period Detriments within 30 days after a Final Determination that such Tax Detriments Exists.
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Schedule F-1

		

 

		

			 

		

		The undersigned Member is entitled to and hereby makes a demand under the terms of the MLCS ISDA Master Agreement.
		

		
			Very truly yours,
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF AMERICA, N.A

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/   Marianne C. Votta

				
	
					
						Name:

					
					
						Marianne C. Votta

				
	
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Schedule F-2

		

 

		

			 

		

		SCHEDULE G
		

		
			 
		

		
			NO-VALUE LLPs
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Type

					
					
						Investment Entity

					
					
						Apartment Complex

				
	
					
						Multi Investor

					
					
						Alliant Fund 5

					
					
						Chapel Oaks

				
	
					
						Multi Investor

					
					
						Alliant Fund 5

					
					
						Creekbridge Court

				
	
					
						Multi Investor

					
					
						Alliant Fund 5

					
					
						Dumas

				
	
					
						Multi Investor

					
					
						Alliant Fund 5

					
					
						Helena

				
	
					
						Multi Investor

					
					
						Alliant Fund 5

					
					
						Silver Oaks

				
	
					
						Multi Investor

					
					
						American Tax Credit *

					
					
						American Tax Credit Properties III

				
	
					
						Multi Investor

					
					
						American Tax Credit Trust

					
					
						American Tax Credit Trust

				
	
					
						Multi Investor

					
					
						Boston Capital

					
					
						Commonwealth Apts. II

				
	
					
						Multi Investor

					
					
						Boston Capital

					
					
						Park at Clear Creek

				
	
					
						Multi Investor

					
					
						Boston Capital

					
					
						Plum Creek

				
	
					
						Multi Investor

					
					
						Boston Capital

					
					
						Spring Apartments

				
	
					
						Multi Investor

					
					
						Boston Capital

					
					
						Villas at Costa Brava

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Berry Park

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Bethel Estates

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Camby Housing

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Candle Ridge

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Deerfield Apts

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Garden Oaks Apts

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Highland Park I (Oskaloosa Senior Housing)

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Highland Park II (Oskaloosa II Senior Housing)

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Hillside

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Kissimmee Oak Leaf

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Kulshan L.L.C

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Longleaf

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Lyn Circle Townhomes

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Lyons Walk

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Mission Vista

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Northpointe Church of God Retirement House

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Park Place Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Park Springs

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						Starview

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund II

					
					
						The Depot

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund III

					
					
						Columbia Housing Partners Corp. Tax Credit

				
	
					
						Multi Investor

					
					
						Columbia Housing Fund III

					
					
						Northgate Manor

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Cannery Row Apartments

				

		 

		

			Schedule G-1

		

 

		

			 

		

			
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Chandler Ridge

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Lee Hotel

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Mariposa Park

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Missions Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Mountain Run Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Summerchase Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Vista Park

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund I

					
					
						Woodmere Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Amistad Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Capital Woods

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Carnegie Place

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						El Centro Senior Villas

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Kingsway Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Misty Village Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Northpoint Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Park Lane Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Piney Pointe Apartments

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Raintree of Lake County

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Valley Springs

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Villa Del Mar

				
	
					
						Multi Investor

					
					
						Columbia Housing PNC Fund VII

					
					
						Vintage Desert Rose Senior Apartments

				
	
					
						Multi Investor

					
					
						Lehman VI - Echelon

					
					
						Brentwood Oaks Apts

				
	
					
						Multi Investor

					
					
						Lehman VI - Echelon

					
					
						Renaissance Center

				
	
					
						Multi Investor

					
					
						Lehman VI - Echelon

					
					
						Rivoli House

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Dulles Town Center Phase II

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Leightons Landing Townhomes

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Orchard Run I

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Orchard Run II

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Park Yellowstone

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Paseo Plaza Apts.

				
	
					
						Multi Investor

					
					
						Lend Lease XII - Carlson

					
					
						Victory Village Apartments

				
	
					
						Multi Investor

					
					
						Napico VI - Carlson Port

					
					
						Birchwood

				
	
					
						Multi Investor

					
					
						Napico VI - Carlson Port

					
					
						Cameron Park - VI

				
	
					
						Multi Investor

					
					
						Napico VI - Carlson Port

					
					
						Commonwealth

				
	
					
						Multi Investor

					
					
						Napico VI - Carlson Port

					
					
						Hardin Hammock

				
	
					
						Multi Investor

					
					
						Napico VI - Carlson Port

					
					
						Huntington Hacienda - VI

				
	
					
						Multi Investor

					
					
						Napico VII - Echelon Port.

					
					
						Burlington Hotel

				
	
					
						Multi Investor

					
					
						Napico VII - Echelon Port.

					
					
						Courtyards at Kirnwood

				
	
					
						Multi Investor

					
					
						Napico VII - Echelon Port.

					
					
						Courtyards of Arlington

				
	
					
						Multi Investor

					
					
						Napico VII - Echelon Port.

					
					
						Douglas Landing

				
	
					
						Multi Investor

					
					
						Napico VII - Echelon Port.

					
					
						Monticello Manor

				

		 

		

			Schedule G-2

		

 

		

			 

		

			
					
						Multi Investor

					
					
						Napico VII - Echelon Port.

					
					
						Willow Court

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Bay Manor

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Crestwood

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Greenleaf Apts

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Jackson Creek

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Nature’s Edge

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Stonecrest

				
	
					
						Multi Investor

					
					
						Paramount III - Echelon/Carlson

					
					
						Union Sq. Apts

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						3013 Place

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Bayview Apartments/Palacios Sr.

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Chapel Ridge II/El Dorado Housing Assoc.

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Cielo Lindo/HVM Edcouch II

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Columbia Heights Townhomes

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Fairway Estates/SPNIA

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Glenwood Meadows

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Highlands II

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Homestead/Pahrump

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Idaho Ridge/East Idaho Housing

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Landisville Apartments II

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Riverwood Commons

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Treehouse Apartments

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Woodland Park

				
	
					
						Multi Investor

					
					
						WNC INS FUND XI

					
					
						Woodstone Apartments

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Exmore/Virginia Realty

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Georgetown Commons Apts.

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Grottoes II Apts.

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Laurel Glen Apts./Hartnell Glen

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Old Fort/Fort Gibson

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Parkview Apts.

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Pismo-Buchon Apts.

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Shadow Creek II Apts.

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Terraces of Geneva/Lake Geneva

				
	
					
						Multi Investor

					
					
						WNC TAX FUND IX

					
					
						Woodhaus Apts.

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Old Town Partners VIII (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Cabool (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Shelbina (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Willow Springs (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						D.A. Holmes Development (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Parkview Place Apartments (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Pevely Square (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Jackson Senior Housing II (0.01%)

				

		 

		

			Schedule G-3

		

 

		

			 

		

			
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Sikeston Properties (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Park Hills Housing Associates (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Whittington Estates (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						Gentemann Manor (0.01%)

				
	
					
						Multi Investor

					
					
						Missouri Affordable Housing

					
					
						MACO 11 (0.01%)

				
	
					
						Proprietary

					
					
						Boston Capital Fund I (Sr. Suites of Hegewisch)

					
					
						Senior Suites at Hegewisch

				
	
					
						Proprietary

					
					
						Boston Capital Fund II

					
					
						Alumni Apartments

				
	
					
						Proprietary

					
					
						Boston Capital Fund II

					
					
						Arcadia East Apartments

				
	
					
						Proprietary

					
					
						Boston Capital Fund II

					
					
						County Farm

				
	
					
						Proprietary

					
					
						Boston Capital Fund II

					
					
						Senior Suites of Jefferson Park

				
	
					
						Proprietary

					
					
						Boston Capital Fund II

					
					
						Webster Place Apartments

				
	
					
						Proprietary

					
					
						CPS X

					
					
						Cliffview Pointe/C & C

				
	
					
						Proprietary

					
					
						CPS X

					
					
						Gateway Villas

				
	
					
						Proprietary

					
					
						CPS X

					
					
						Jackson Senior

				
	
					
						Proprietary

					
					
						CPS X

					
					
						Monett Meadows

				
	
					
						Proprietary

					
					
						CPS X

					
					
						Oak Knoll/Phase 2

				
	
					
						Proprietary

					
					
						CPS X

					
					
						St. Joseph/Wellington

				
	
					
						Proprietary

					
					
						CPS X

					
					
						The Vineyard

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Dexter Seniors

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Flier Drive/Pacific Heights

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Hunters Ridge

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Lincoln Villas

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Marble Hill II

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Maryville Meadows

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Nesho Villas

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Sedalia Heights

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Settlement Estates

				
	
					
						Proprietary

					
					
						CPS XI

					
					
						Southwind

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Cape Girardeau II

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Cedar Lane

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Cedar Ridge

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Hanover Gardens

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Oak View

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Park View Plaza

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Regency Manor

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Wildwood

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Windcrest Apartments

				
	
					
						Proprietary

					
					
						CPS XII

					
					
						Windwood Estates

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						Blackwater Cove

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						DeSoto I

				

		 

		

			Schedule G-4

		

 

		

			 

		

			
					
						Proprietary

					
					
						CPS XIX

					
					
						Fulton I

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						Lakeview (Missouri)

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						Lofts @917/Old Town IX

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						Mountain View

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						Waltower Lofts/Old Town X

				
	
					
						Proprietary

					
					
						CPS XIX

					
					
						West Plains

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Chambers Lofts

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Charbonier Manor

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Dexter III

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Gardens at Parkway

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Hanover Lofts

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Hunters Ridge II

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Huntsville

				
	
					
						Proprietary

					
					
						CPS XV (AEP VI)

					
					
						Woodcrest Villas

				

		
			 
		

		
			 
		

		

		

		 

		

			Schedule G-5

		

 

		

			 

		

		 
		

		
			SCHEDULE H
		

		
			 
		

		
			December 31, 2015                                                                                         $5,300,000
		

		
			 
		

		
			ORIGINATION LOAN
		

		
			PROMISSORY NOTE
		

		
			 
		

		
			FOR VALUE RECEIVED,  the undersigned (the “Borrower”) promises to pay to the order of MuniMae TEI Holdings, LLC (the “Lender”) at the Lender’s offices at 621 East Pratt Street, Suite 600, Baltimore, Maryland 21202, or at such other place as the Lender may from time to time designate, the principal sum of Five Million Three Hundred Thousand Dollars ($5,300,000), together with interest thereon at the rate hereinafter provided and any and all other sums which may be owing to the Lender by the Borrower, in accordance with the schedule set forth in paragraph 2 below, but in no event later than December 31, 2025, which is the final and absolute due date of this Note (the “Maturity Date”).  The following terms shall apply to this Note. 
		

		
			 
		

		
			1.Interest Rate.  Until all sums due and owing hereunder have been paid in full, interest shall accrue on the unpaid balance hereunder at the rate of nine and one-half percent (9.5%) per annum, compounded annually.
		

		
			 
		

		
			2.Repayment.  Principal and interest on this Note shall be due and payable out of Borrower’s Cash Flow, Capital Proceeds and dissolution proceeds as and when required under Sections 9.2, 9.3 and 9.4 of the Limited Liability Company Operating Agreement of Borrower dated as of December 31, 2015 (the “Operating Agreement”).  The entire outstanding principal amount hereof, together with all accrued and unpaid interest, as well as any other fees and charges due hereunder, shall be due and payable in full on the Maturity Date.
		

		
			 
		

		
			3.Calculation of Interest.  Interest shall be calculated on the basis of a  three hundred sixty-five (365) day per year factor applied to the actual days on which there exists an unpaid principal balance and shall be compounded monthly.
		

		
			 
		

		
			4.Application of Payments.  All payments made hereunder, except principal and interest installments timely paid when due, shall be applied first to late penalties or other sums owing the Lender, next to accrued interest, and then to principal, or in such other order of application as the Lender hereof may elect.
		

		
			 
		

		
			5.Optional Prepayment; Penalty.  The unpaid principal balance of this Note may be prepaid in whole or in part at any time without penalty or additional interest.
		

		
			 
		

		
			6.Extensions of Maturity.  All parties to this Note, whether maker, indorser, or guarantor, agree that the maturity of this Note, or any payment due hereunder, may be extended at any time or from time to time without releasing, discharging, or affecting the liability of such party.
		

		
			 
		

		
			7.Late Payment Penalty; Costs of Collection; Default Interest.  Should any payment of interest or principal, or both, due hereunder be received by the Lender of this Note more 
		

		 

		

			Schedule H-1

		

 

		

			 

		

		than fifteen (15) days after its due date, (a) the Borrower shall pay a one-time late payment penalty equal to five percent (5%) of the overdue amount and (b) the entire outstanding principal balance shall bear interest at the default rate of eighteen percent (18%) per annum, compounded monthly, until such time as all payment defaults are cured; provided, however, that if Lender shall have accelerated this Note as a result of any payment or other default hereunder, interest shall accrue and be payable at the default rate until this Note is indefeasibly paid in full.  In addition, Borrower shall pay Lender all costs and expenses, including reasonable attorney’s fees, incurred by Lender in protecting or asserting any of its rights under this Note, including without limitation costs incurred in seeking legal advice in connection with any default or potential default, regardless of whether suit is filed. 
		

		
			 
		

		
			8.Waiver of Protest.  The Borrower, and all parties to this Note, whether maker, indorser, or guarantor, waive presentment, notice of dishonor and protest.
		

		
			 
		

		
			9.Commercial Loan.  The Borrower warrants that this Note is the result of a commercial loan transaction.
		

		
			 
		

		
			10.Choice of Law.  This Note shall be governed, construed and enforced in accordance with the law of the State of Maryland.  
		

		
			 
		

		
			11.Invalidity of Any Part.  If any provision or part of any provision of this Note, or the application thereof to any facts or circumstances, shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions or the remaining part of any effective provisions of the Note, or the application of any provisions hereof to other facts or circumstances, and this Note shall be  construed as if such invalid, illegal, or unenforceable provision or part thereof had never been contained herein, but only to the extent of its invalidity, illegality, or unenforceability.
		

		
			 
		

		
			12.Collateral.  This Note is secured by Borrower’s accounts receivable and bank accounts.
		

		
			 
		

		
			13.Operating Agreement.  Borrower shall not amend Borrower’s Operating Agreement without Lender’s prior written consent.
		

		
			 
		

		
			14.Confession of Judgment; Jurisdiction and Venue.  Subject to the other provisions of this Note, at any time after a default in the payment of any installment of interest, or of principal and interest, or in the payment of any other sums due hereunder, the Borrower authorizes any attorney admitted to practice before any court of record in the United States to confess judgment on behalf of the Borrower against the Borrower in the full amount due on this Note plus attorneys’ fees to the extent allowed to be included in confessed judgments, not to exceed, however, fifteen percent (15%) of such amount.  (This provision shall not limit the obligation of the Borrower to pay all actual attorneys’ fees incurred by the Lender or requiring Borrower to pay more attorneys’ fees than Lender actually incurs.)  In any action brought by the Lender under this Note, Borrower consents to the exercise of personal jurisdiction over it by the courts of the city or county of the State of Maryland in addition to any other court were venue may be proper.  The Borrower waives and releases, to the extent permitted by law, all errors and all rights of exemption, appeal, stay of execution, inquisition and extension upon any levy on real estate or personal property to which the 
		

		 

		

			Schedule H-2

		

 

		

			 

		

		Borrower may otherwise be entitled under he laws of the United States of America or of any State or Possession of the United States of America now in force or which may hereafter be passed, as well as the benefit of any and every statute, ordinance, or rule of court which may be lawfully waived conferring upon the Borrower any right or privilege of exemption, stay of execution, or supplementary proceedings, or other relief from the enforcement or immediate enforcement of a judgment or related proceedings on a judgment.  The authority and power to appear for and enter judgment against the Borrower shall be exercisable concurrently in one or more jurisdictions and shall not be exhausted or extinguished by one or more exercises thereof, or by any imperfect exercise thereof or by any judgment entered pursuant thereto.  Such authority and power may be exercised on one or more occasions, from time to time, in the same or different jurisdictions, as often as the Lender shall deem necessary or desirable, for all of which this Agreement shall be sufficient warrant.
		

		
			 
		

		
			15.Waiver of Jury Trial.  Borrower and Lender by its acceptance of this Note, hereby waive trial by jury in any action or proceeding brought hereunder or pertaining hereto.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						WITNESS:

					
					
						 

					
					
						BORROWER:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						MMA CAPITAL TC FUND I, LLC, 

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						MuniMae TEI Holdings, LLC,

				
	
					
						 

					
					
						 

					
					
						 

					
					
						its Administrative Member

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/   Michael L. Falcone

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael L. Falcone

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						President and Chief Executive Officer

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Schedule H-3

		

 

		

			 

		

		SCHEDULE I
		

		
			 
		

		
			TAX CREDIT EXCEPTIONS
		

		
			 
		

		
			 
		

		
			1.Summit Point Apartments (Boston Capital Fund 29) – The Forms 8609 issued to this Operating Partnership were delayed. 
		

		
			 
		

		
			2. Lindbergh Parc Senior Apartments (MMA 31) – As of September 30, 2015, the Forms 8609 for this Operating Partnership had not been issued because of an ADA issue. The Fund sponsor has been working to resolve the issue and Forms are expected. 
		

		
			 
		

		
			3.Heatherbrook Apartments (Hudson Housing Fund XXV) – At risk of having a 704b issue in the future per CohnReznick.
		

		
			 
		

		
			4.Acacia Meadows (Hudson Housing Fund XXVIII) – At risk of having a 704b issue in the future per CohnReznick.
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Schedule I-1

		

 

		

			 

		

		SCHEDULE J
		

		
			 
		

		
			LITIGATION AND INVESTIGATION EXCEPTIONS
		

		
			 
		

		
			 
		

		
			1.Camille Village (in Alliant 40 and 42) – Disclosed in sponsor report, “GP in litigation with original general contractor and architect”.
		

		
			 
		

		
			2.Bradford Apts (Boston Capital 27) – Disclosed in sponsor report, “HUD conducted audit that resulted in the revelation that the GP had “over subsidized” units in the amount of $177,000.  The GP has since repaid the amount.  Waiting on Audit closed letter from HUD.”
		

		
			 
		

		
			3. Jennings Apts (MMA ITC 30) – Disclosed in sponsor report, “water intrusion on certain units has led to litigation”.
		

		
			 
		

		
			4.Meadows at Greentree (MMA ITC 30) – Disclosed in sponsor report, “MCAP litigation”.
		

		
			 
		

		
			5.Bathgate (MMA ITC 32) - Disclosed in sponsor report, “Compliance issue stemming from 8823 filed on 11/19/13 for 2011.  Case considered to be a low priority given IRS determination of No Changes and finalization of exam process is thought to be imminent”.  
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Schedule J-1

		

 

		

			 

		

		 
		

		
			SCHEDULE K
		

		
			 
		

		
			ACQUIRED ENTITIES
		

		
			 
		

		
			Subsidiaries:
		

		
			 
		

		
			DCT, Inc.
		

		
			GEMSTC, LLC1
		

		
			HJB, Inc
		

		
			Jolt Realty Incorporated
		

		
			LN Realty, Inc.
		

		
			ZJL Housing, Inc.
		

		
			 
		

		
			 
		

		
			 
		

		
			Other:
		

		
			 
		

		
			Heller Affordable Housing, Inc.2 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
	
			
				 1)
			

			
	
			
			GEMSTC, LLC is a Subsidiary but is not converting to a limited liability company.

		
			 
		

			
	
			
				 2)
			

			
	
			
			Heller Affordable Housing, Inc. is converting to a limited liability company as of the closing, but since it is not directly acquired by the Company, it is excluded from the defined term “Subsidiaries”.

		
			 
		

		
			 
		

		 

		

			Schedule K-1

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