Document:

Exhibit 10.4

Exhibit 10.4

Execution Copy

 

SENIOR SECURED CREDIT AGREEMENT

dated as of

March 5, 2010

between

CENTERLINE FINANCIAL HOLDINGS LLC

The LENDERS Party Hereto

and

NATIXIS FINANCIAL PRODUCTS INC.,

as Administrative Agent

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01 Defined Terms
	 	 	1	 
	SECTION 1.02 Terms Generally
	 	 	11	 
	SECTION 1.03 Accounting Terms; GAAP
	 	 	11	 
	 
	 	 	 	 
	ARTICLE II THE CREDITS
	 	 	12	 
	 
	 	 	 	 
	SECTION 2.01 The Loans and Commitments
	 	 	12	 
	SECTION 2.02 Loans and Borrowings
	 	 	12	 
	SECTION 2.03 Requests for Borrowings
	 	 	12	 
	SECTION 2.04 Funding of Borrowings
	 	 	13	 
	SECTION 2.05 Termination and Reduction of the Commitments
	 	 	13	 
	SECTION 2.06 Repayment of Loans; Evidence of Debt
	 	 	14	 
	SECTION 2.07 Prepayment of Loans
	 	 	14	 
	SECTION 2.08 Interest
	 	 	15	 
	SECTION 2.09 [Intentionally Deleted].
	 	 	15	 
	SECTION 2.10 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	 	 	15	 

 

 

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	SECTION 2.11 Replacement of Lenders
	 	 	17	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	17	 
	 
	 	 	 	 
	SECTION 3.01 Organization; Powers
	 	 	17	 
	SECTION 3.02 Authorization; Enforceability
	 	 	17	 
	SECTION 3.03 Governmental Approvals; No Conflicts
	 	 	18	 
	SECTION 3.04 Financial Condition; No Material Adverse Change
	 	 	18	 
	SECTION 3.05 Properties
	 	 	18	 
	SECTION 3.06 Litigation
	 	 	19	 
	SECTION 3.07 Compliance with Laws and Agreements
	 	 	19	 
	SECTION 3.08 Investment Company Status
	 	 	19	 
	SECTION 3.09 Taxes
	 	 	19	 
	SECTION 3.10 ERISA
	 	 	19	 
	SECTION 3.11 Disclosure
	 	 	19	 
	SECTION 3.12 Use of Credit
	 	 	20	 
	SECTION 3.13 Material Agreements and Liens
	 	 	20	 
	SECTION 3.14 Subsidiaries and Investments
	 	 	20	 
	SECTION 3.15 Security Documents
	 	 	20	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS
	 	 	20	 
	 
	 	 	 	 
	SECTION 4.01 Effective Date
	 	 	20	 
	SECTION 4.02 Each Credit Event
	 	 	21	 
	 
	 	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS
	 	 	22	 
	 
	 	 	 	 
	SECTION 5.01 Financial Statements and Other Information
	 	 	22	 
	SECTION 5.02 Notices of Material Events
	 	 	23	 
	SECTION 5.03 Existence; Conduct of Business
	 	 	23	 
	SECTION 5.04 Payment of Obligations
	 	 	23	 
	SECTION 5.05 Maintenance of Properties; Insurance
	 	 	24	 
	SECTION 5.06 Books and Records; Inspection Rights
	 	 	24	 
	SECTION 5.07 Compliance with Laws; Contractual Obligations
	 	 	24	 
	SECTION 5.08 Use of Proceeds
	 	 	24	 
	SECTION 5.09 Further Assurances
	 	 	24	 
	SECTION 5.10 Certain Additional Activities
	 	 	25	 
	SECTION 5.11 Cash Management
	 	 	25	 
	 
	 	 	 	 
	ARTICLE VI NEGATIVE COVENANTS
	 	 	25	 
	 
	 	 	 	 
	SECTION 6.01 Indebtedness
	 	 	25	 
	SECTION 6.02 Liens
	 	 	25	 
	SECTION 6.03 Fundamental Changes
	 	 	26	 
	SECTION 6.04 Lines of Business
	 	 	26	 
	SECTION 6.05 Investments
	 	 	26	 
	SECTION 6.06 Restricted Payments
	 	 	27	 
	SECTION 6.07 Transactions with Affiliates
	 	 	27	 
	SECTION 6.08 Restrictive Agreements
	 	 	27	 

 

 

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	SECTION 6.09 Management Fees
	 	 	27	 
	SECTION 6.10 Modifications of Certain Documents
	 	 	27	 
	SECTION 6.11 Bankruptcy
	 	 	28	 
	SECTION 6.12 Cash Freeze Event
	 	 	28	 
	 
	 	 	 	 
	ARTICLE VII EVENTS OF DEFAULT
	 	 	28	 
	 
	 	 	 	 
	SECTION 7.01 Events of Default
	 	 	28	 
	SECTION 7.02 Application of Payments
	 	 	30	 
	 
	 
	ARTICLE VIII AGENCY
	 	 	31	 
	 
	 
	SECTION 8.01 Administrative Agent
	 	 	31	 
	 
	 
	ARTICLE IX MISCELLANEOUS
	 	 	34	 
	 
	 
	SECTION 9.01 Notices
	 	 	34	 
	SECTION 9.02 Waivers; Amendments
	 	 	35	 
	SECTION 9.03 Expenses; Indemnity; Damage Waiver
	 	 	36	 
	SECTION 9.04 Successors and Assigns
	 	 	37	 
	SECTION 9.05 Survival
	 	 	40	 
	SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution
	 	 	40	 
	SECTION 9.07 Severability
	 	 	40	 
	SECTION 9.08 Right of Setoff
	 	 	41	 
	SECTION 9.09 Governing Law; Jurisdiction; Etc.
	 	 	41	 
	SECTION 9.10 WAIVER OF JURY TRIAL
	 	 	42	 
	SECTION 9.11 Headings
	 	 	42	 
	SECTION 9.12 Treatment of Certain Information; Confidentiality
	 	 	42	 
	SECTION 9.13 USA PATRIOT Act
	 	 	43	 
	SECTION 9.14 Arms-length Transaction
	 	 	43	 

 

 

 

SENIOR SECURED CREDIT AGREEMENT dated as of March 5, 2010, between CENTERLINE FINANCIAL
HOLDINGS LLC, the LENDERS party hereto, and NATIXIS FINANCIAL PRODUCTS INC., as Administrative
Agent.

The Borrower (as hereinafter defined) has requested that the Lenders (as hereinafter defined)
make loans to it in an aggregate principal amount as provided for herein.

The Lenders are prepared to make such loans upon the terms and conditions hereof, and,
accordingly, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

“Account Control Agreement” means the DB Account Control Agreement and the Wachovia
Account Control Agreement.

“Accrued Interest” has the meaning assigned to such term in Section 2.08(b).

“Administrative Agent” means Natixis, in its capacity as administrative agent for the
Lenders hereunder.

“Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

“Administrative Services Agreement” has the meaning assigned to such term in the
Operating Agreement.

“Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

“Applicable Percentage” means, with respect to any Lender, the percentage of the total
Commitments or Loans hereunder represented by the aggregate amount of such Lender’s Commitments or
Loans hereunder.

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

“Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in substantially the form reasonably agreed to by the
Administrative Agent and the Borrower.

“Availability Period” means the period from and including the Effective Date to and
including the Maturity Date.

 

 

 

“Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

“Board of Managers” has the meaning assigned to such term in Section 3.14.

“BofA Credit Documents” means the Second Amended and Restated Revolving Credit and
Term Loan Agreement dated on or about March 5, 2010 among CHC and CCG as the borrowers, the
guarantors party thereto, the lenders party thereto and Bank of America, N.A., as administrative
agent, and the documents executed in connection therewith.

“Borrower” means Centerline Financial Holdings LLC, a Delaware limited liability
company.

“Borrowing” means all Loans made or continued on the same date.

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03.

“Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed.

“Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

“CCG” means Centerline Capital Group Inc.

“Centerline Party” means, collectively, CHC, CCG, Centerline Affordable Housing
Advisors LLC, Centerline Guaranteed Manager LLC, Centerline Mortgage Capital Inc. and each of the
parties to the Master Agreement and the Receivables Assignment and Assumption Agreement (other than
the Borrower and Natixis).

“CFIN” means Centerline Financial LLC.

“CFIN Documents” means the Senior Loan Agreement dated as of June 28, 2006 among CFIN,
the lenders party thereto and Citibank, N.A., as senior agent and the other “Credit Documents” and
“Operating Agreement” referenced therein.

“CFIN Holdings BTB Agreements” has the meaning assigned to such term in the Master
Agreement.

“Change in Control” means at any time CCG and its Affiliates Controlled by CCG do not
collectively own, directly or indirectly, at least 51% of each class of Voting Interests of the
Borrower.

“CHC” means Centerline Holding Company (formerly known as CharterMac Corporation).

 

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“Code” means the Internal Revenue Code of 1986.

“Collateral” has the meaning assigned to such term in the Security Agreement.

“Commitment” means, with respect to each Lender, the commitment of such Lender to make
one or more Loans hereunder during the Availability Period pursuant to Section 2.01(a), expressed
as an amount representing the maximum aggregate principal amount of the Loans to be made by such
Lender hereunder, as such commitment may be (a) increased from time to time pursuant to Section
2.01(a), (b) reduced from time to time pursuant to Section 2.05 and (c) reduced or increased from
time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial
amount of each Lender’s Commitment is $20,000,000, or in the Assignment and Assumption pursuant to
which such Lender shall have assumed its Commitment, as applicable.

“Company Purposes” has the meaning assigned to such term in the Operating Agreement.

“Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

“Credit Enhanced Fund Expenses” has the meaning assigned to such term in the Master
Agreement.

“DB Account Control Agreement” means the Account Control Agreement dated as of the
date hereof among the Borrower, the Administrative Agent and Deutsche Bank National Trust Company,
as securities intermediary.

“Debt Service Shortfall Payments” has the meaning assigned to such term in the Master
Agreement.

“Default” means any event or condition which constitutes an Event of Default or which
with the giving of notice, the lapse of time or both would, unless cured or waived, become an Event
of Default.

“Dollars” or “$” refers to lawful money of the United States of America.

“Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

“Eligible Assignee” means (a) any Lender, any Affiliate of a Lender and any Approved
Fund, and (b) any commercial bank, savings and loan association or savings bank or any other entity
which extends credit or buys loans as one of its businesses, including insurance companies, mutual
funds, lease financing companies and commercial finance companies, in each case, which has a rating
of BBB- or higher from S&P or a rating of Baa3 or higher from Moody’s at the date that it becomes a
Lender and which, through its applicable lending office, is capable of lending to the Borrower
without the imposition of any withholding or similar taxes.

“Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in

 

- 3 -

 

a Person, and any warrants, options or other rights entitling the holder thereof to purchase
or acquire any such equity interest.

“ERISA” means the Employee Retirement Income Security Act of 1974.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the
Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code.

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is,
or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

“Event of Default” has the meaning assigned to such term in Article VII.

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

“Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower.

“Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

“GAAP” means generally accepted accounting principles in the United States of America.

“Governmental Authority” means the government of the United States of America or any
other nation, or of any political subdivision thereof, whether state or local, and any agency,
authority,

 

- 4 -

 

instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

“Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation;
provided that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business or customary and reasonable indemnity obligations in effect on
the Closing Date. The amount of any Guarantee shall be deemed to be an amount equal to the stated
or determinable amount of the Indebtedness in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming
such Person is required to perform thereunder) as determined by such Person in good faith.

“Hedging Agreement” means any agreement (other than any CFIN Holdings BTB Agreements)
with respect to any swap, forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt
instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these
transactions; provided that no phantom stock or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of
the Borrower or any of their Subsidiaries shall be a Hedging Agreement.

“Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase
price of property or services (excluding current accounts payable arising, and accrued expenses or
intercompany payables incurred, in the ordinary course of business), (e) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of
Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other
entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship
with such entity, except to the extent the terms of such Indebtedness provide that such Person is
not liable therefor.

 

- 5 -

 

“Independent Managers” has the meaning assigned to such term in the Operating
Agreement.

“Interest Accrual Date” means, with respect to any Loan, the last Business Day of
March, June, September and December in each year, the first of which shall be the first such day
after the date hereof.

“Interest Rate Swap” means the Master Agreement dated as of June 15, 2007 between the
Borrower and SP Pinewood LP, the Schedule thereto and the Confirmation thereunder dated as of June
15, 2007.

“Investment” means, for any Person: (a) the acquisition (whether for cash, property,
services or securities or otherwise) of capital stock, bonds, notes, debentures, partnership or
other ownership interests or other securities of any other Person or any agreement to make any such
acquisition (including any “short sale” or any sale of any securities at a time when such
securities are not owned by the Person entering into such sale); (b) the making of any deposit
with, or advance, loan or other extension of credit to, any other Person (including the purchase of
property from another Person subject to an understanding or agreement, contingent or otherwise, to
resell such property to such Person); (c) the entering into of any Guarantee of, or other
contingent obligation with respect to, Indebtedness or other liability of any other Person and
(without duplication) any amount committed to be advanced, lent or extended to such Person; or (d)
the entering into of any Hedging Agreement.

“Lenders” means the Persons listed on the signature pages hereof and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such
Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

“Liquidating Event” has the meaning assigned to such term in the Operating Agreement.

“Loan Documents” means, collectively, this Agreement and the Security Documents.

“Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement.

“Management Fees” means, for any period, the sum of all fees, salaries and other
compensation paid or incurred by the Borrower to Affiliates (other than Affiliates that are
employees of the Borrower and its Subsidiaries) in respect of services rendered in connection with
the management or supervision of the Borrower and its Subsidiaries.

“Margin Stock” means “margin stock” within the meaning of Regulations T, U and X of
the Board.

“Master Agreement” has the meaning assigned to such term in the Operating Agreement.

 

- 6 -

 

“Master Note” means the Master Notes dated as of the date hereof, each between the
Borrower and a Credit Enhanced Fund Entity (as defined in the Master Agreement) and any other
“Master Note” entered into with the Borrower.

“Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations or financial condition of the Borrower and its Subsidiaries taken as a whole, (b) the
ability of the Borrower to perform any of its obligations under this Agreement or any of the other
Loan Documents, (c) the legality, validity, binding effect or enforceability of this Agreement or
any of the other Loan Documents against the Borrower or (d) the rights of or benefits available to
the Lenders under this Agreement or any of the other Loan Documents; provided that no such
material adverse effect shall be deemed to have occurred with respect to the Borrower and its
Subsidiaries as a result of any such material adverse effect occurring with respect to, either
individually or in the aggregate, any Credit Enhanced Entity, Middle-Tier Entity, Credit Enhanced
Local Partnership or any Property held by any Credit Enhanced Local Partnership (as each such term
is defined in the Master Agreement).

“Material Agreements” means any credit agreement, loan agreement, indenture, purchase
agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to
any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or
Guarantee by, the Borrower.

“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in
respect of one or more Hedging Agreements, of any one or more of the Borrower and its Subsidiaries
in an aggregate principal amount exceeding $1,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of any Person in respect of any
Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that such Person would be required to pay if such Hedging Agreement were terminated at
such time.

“Maturity Date” means March 5, 2037.

“Moody’s” means Moody’s Investors Service, Inc.

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

“Natixis” means Natixis Financial Products Inc.

“Natixis Lender” means Natixis as a Lender under this Agreement.

“Natixis CDS” means the credit default swaps listed in Schedule A to the Master
Agreement.

“Natixis Portfolio Properties” means the properties listed on Schedule D to the Master
Agreement.

“Operating Account” means the securities account referenced in the DB Account Control
Agreement.

 

- 7 -

 

“Operating Agreement” means the First Amended and Restated Limited Liability Company
Agreement dated as of the date hereof by and among the members and the independent managers of the
Borrower.

“Participant” means any Person to whom a participation is sold as permitted by clause
(d) of Section 9.04.

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

“Permitted Encumbrances” means:

(a) Liens imposed by law for taxes that are not yet due or are being contested in
compliance with Section 5.04;

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations
that are not overdue by more than 30 days or are being contested in compliance with Section
5.04;

(c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

(d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;

(e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (j) of Article VII;

(f) easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations and do not materially detract from the value of the affected property
or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; and

(g) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by
a lessor’s, sublessor’s, licensor’s or sublicensor’s interest under any lease permitted by
this Agreement;

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness for borrowed money.

“Permitted Investments” means:

(a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the
extent such obligations are backed by the full faith and credit of the United States of
America), in each case maturing within two years from the date of acquisition thereof;

 

- 8 -

 

(b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or from Moody’s;

(c) investments in certificates of deposit, banker’s acceptances and time deposits
maturing within 1 year from the date of acquisition thereof issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State
thereof which has a combined capital and surplus and undivided profits of not less than
$250,000,000;

(d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clauses (a) and (b) of this definition and entered into with a
financial institution satisfying the criteria described in clause (c) of this definition;

(e) money market funds that (i) comply with the criteria set forth in Securities and
Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA
by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and

(f) any other investment approved by the Administrative Agent.

“Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

“Receivables Assignment and Assumption Agreement” means the Receivables Assignment and
Assumption Agreement dated as of the date hereof among CCG, CHC, certain other parties thereto and
the Borrower.

“Register” has the meaning set forth in Section 9.04.

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

“Required Lenders” means, at any time, Lenders having outstanding Loans and unused
Commitments representing more than 50% of the sum of the total outstanding Loans and unused
Commitments at such time.

“Restricted Payment” means membership distributions of the Borrower (in cash, property
or obligations) on, or other payments or distributions on account of, or the setting apart of money
for a sinking or other analogous fund for, or the purchase, redemption, retirement or other
acquisition of, any portion of any membership interest in the Borrower or of any warrants, options
or other rights to acquire any such membership interest (or to make any payments to any Person,
such as “phantom stock” payments, where the amount thereof is calculated with reference to fair
market or equity value of the Borrower or any Subsidiary).

 

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“S&P” means Standard & Poor’s Ratings Services, a Division of the McGraw-Hill
Companies, Inc.

“Security Agreement means the Security Agreement dated as of the date hereof between
the Borrower and the Administrative Agent.

“Security Documents” means, collectively, the Security Agreement, the Account Control
Agreement, and all other instruments and documents executed and delivered pursuant to any of the
foregoing.

“Stabilization Payments” has the meaning assigned to such term in the Master
Agreement.

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower; it being understand that pursuant to the representation set
forth in Section 3.14 the only Subsidiary of the Borrower on the date hereof is CFIN.

“Tax Credit Partnerships” means the tax credit partnerships with respect to which
Natixis has entered into the Natixis CDS relating to the Natixis Portfolio Properties.

“Tax Payment Amount” means, for any period, an amount not exceeding in the aggregate
the amount of Federal, state and local income taxes the Borrower would otherwise have paid in the
event it were a corporation (other than an “S corporation” within the meaning of Section 1361 of
the Code) for such period.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

“Transactions” means the execution, delivery and performance by the Borrower of this
Agreement and the other Loan Documents, the borrowing of Loans and the use of the proceeds thereof.

“Transaction Documents” means the (i) Loan Documents, (ii) the Operating Agreement,
(iii) the CFIN Holdings BTB Agreements, (iv) the Administrative Services Agreement, (v) the Warrant
Agreement, (vi) the Registration Rights Agreement (as defined in the Warrant Agreement), (vii) the
Master Agreement, (viii) the Master Note, (ix) the Receivables Assignment and Assumption Agreement,
(x) the Interest Rate Swap, (xi) any Work-Out Guaranty and (xii) any document executed in
connection with any of the foregoing.

 

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“Voting Interests” of any Person at any time shall mean the Equity Interests of such
Person that are at such time entitled to vote in the election of the Board of Managers of such
Person.

“Wachovia Account Control Agreement” means the Account Control Agreement dated as of
the date hereof among the Borrower, the Administrative Agent and Wachovia Bank, National
Association.

“Wachovia Deposit Account” means the deposit account referenced in the Wachovia
Account Control Agreement.

“Warrant Agreement” has the meaning assigned to such term in the Operating Agreement.

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

“Work-Out Guaranty” has the meaning assigned to such term in the Master Agreement.

SECTION 1.02 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein, including in Section 6.10), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns,
(c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles and Sections shall be construed to refer to Articles and Sections of
this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified, supplemented, re-enacted or
redesignated from time to time and (f) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.

SECTION 1.03 Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP as in
effect from time to time; provided that, if the Borrower notifies the Administrative Agent
that the Borrower requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. To enable the ready and consistent determination of
compliance with the covenants set forth in Article VI, the Borrower

 

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will not change the last day of its fiscal year from December 31, or the last days of the
first three fiscal quarters in each of its fiscal years from March 31, June 30 and September 30,
respectively.

ARTICLE II

THE CREDITS

SECTION 2.01 The Loans and Commitments.

(a) Loans and Commitments. Subject to the terms and conditions set forth herein, each
Lender agrees to make one or more Loans to the Borrower during the Availability Period in an
aggregate principal amount not exceeding such Lender’s Commitment, provided that each
Lender’s Commitment shall automatically increase by its Applicable Percentage of any Credit
Enhanced Fund Expenses required to be paid by the Borrower pursuant to Section 4.4 of the Master
Agreement up to an aggregate amount for all Commitments not exceeding $1,000,000 per calendar year
beginning with calendar year 2010. Amounts prepaid or repaid in respect of Loans may not be
reborrowed.

(b) Debt Service Shortfall Payments Loans. Any Lender may, in such Lender’s sole and
absolute discretion, make loans to the Borrower subject to the condition set forth in Section 4.02,
which loans shall constitute a “Loan” of such Lender for all purposes under this Agreement. Unless
the context otherwise requires, for all purposes of this Agreement references to the “principal
amount” of Loans shall include any such loans from the date on which such loans are made. Any
Loans made pursuant to this Section 2.01(b) shall be included in the repayment of the Loans on the
Maturity Date. Amounts prepaid or repaid in respect of Loans may not be reborrowed. It is
understood and agreed that this Section 2.01(b) shall not constitute or give rise to any obligation
to provide any financing.

SECTION 2.02 Loans and Borrowings. Each Loan shall be made as part of a Borrowing
consisting of Loans made by the Lenders ratably in accordance with their respective Commitments.
The failure of any Lender to make any Loan required to be made by it shall not relieve any other
Lender of its obligations hereunder; provided that the Commitments of the Lenders are
several and no Lender shall be responsible for any other Lender’s failure to make Loans as
required.

SECTION 2.03 Requests for Borrowings.

(a) Notice by the Borrower. To request a Borrowing, the Borrower shall notify the
Administrative Agent of such request not later than 11:00 a.m., New York City time, three Business
Days before the date of the proposed Borrowing. Each Borrowing Request shall be irrevocable and
shall be in writing and signed by the Borrower.

(b) Content of Borrowing Requests. Each Borrowing Request shall specify the following
information in compliance with Section 2.02:

(i) the aggregate amount of the requested Borrowing;

(ii) the date of such Borrowing, which shall be a Business Day; and

(iii) the bank account of the Tax Credit Partnership to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04, or, with respect to any
Borrowing on the Closing Date, the Operating Account.

 

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(c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of
a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the
requested Borrowing.

SECTION 2.04 Funding of Borrowings.

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder
on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New
York City time, to the account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to the account designated by
the Borrower in the applicable Borrowing Request.

(b) Presumption by the Administrative Agent. Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the
Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender agrees to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation. If the Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly
remit to the Borrower the amount of such interest paid by the Borrower for such period. If such
Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so
paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have
failed to make such payment to the Administrative Agent.

SECTION 2.05 Termination and Reduction of the Commitments.

(a) Scheduled Termination. Unless previously terminated, the Commitments shall
terminate at 5:00 p.m., New York City time, on the last day of the Availability Period.

(b) Voluntary Termination or Reduction. The Borrower may at any time terminate, or
from time to time reduce, the Commitments; provided that each partial reduction of the
Commitments pursuant to this Section shall be in an amount that is at least $1,000,000 or a larger
multiple of $1,000,000.

(c) Notice of Voluntary Termination or Reduction. The Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section at least three Business Days prior to the effective date of such termination or
reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice
delivered by the Borrower pursuant to this Section shall be irrevocable.

 

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(d) Effect of Termination or Reduction. Any termination or reduction of the
Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the
Lenders in accordance with their respective Commitments.

SECTION 2.06 Repayment of Loans; Evidence of Debt.

(a) Repayment. The Borrower hereby unconditionally promises to pay to the
Administrative Agent for account of the Lenders the outstanding principal amount of the Loans on
the Maturity Date.

(b) Ratable Application of Payments. Each payment of a Borrowing shall be applied
ratably to the Loans included in such Borrowing.

(c) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with
its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting
from each Loan made by such Lender, including the amounts of principal and interest payable and
paid to such Lender from time to time hereunder.

(d) Maintenance of Records by the Administrative Agent. The Administrative Agent
shall maintain records in which it shall record (i) the amount of each Loan made hereunder, (ii)
the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for account of the Lenders and each Lender’s share thereof.

(e) Effect of Entries. The entries made in the records maintained pursuant to
paragraph (c) or (d) of this Section shall be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided that the failure of any Lender or
the Administrative Agent to maintain such records or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans in accordance with the terms of this
Agreement.

(f) Promissory Notes. Any Lender may request that Loans made by it be evidenced by a
promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a
promissory note payable to such Lender and in a form reasonably approved by the Administrative
Agent and the Borrower.

SECTION 2.07 Prepayment of Loans.

(a) Optional Prepayments. The Borrower shall have the right at any time and from time
to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section.

(b) Notices, Etc. The Borrower shall notify the Administrative Agent in writing of
any optional prepayment hereunder not later than 11:00 a.m., New York City time, two Business Days
before the date of such prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and any
other information required to be in such notice pursuant to Section 2.06(b). Promptly following
receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the
Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount
equal to $500,000 or a larger multiple of $100,000. Each prepayment of a Borrowing shall be
applied ratably to the Loans included in the prepaid Borrowing.

 

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SECTION 2.08 Interest.

(a) Loans. Each Loan shall accrue interest at a rate per annum equal to 10%.

(b) Deferral and Payment of Interest. On each Interest Accrual Date prior to the
Maturity Date, in lieu of a payment to each Lender of accrued interest on the Loans on such
Interest Accrual Date, such accrued interest shall not be due and payable hereunder on such
Interest Accrual Date but instead shall be deferred and payable on the Maturity Date. Interest
shall accrue on each such deferred interest amount at a rate per annum equal to 10% and shall be
compounded on each subsequent Interest Accrual Date. All deferred and/or unpaid interest under
this Section 2.08(b) (collectively, “Accrued Interest”) shall be paid on the Maturity Date.
Unless the context requires otherwise, references herein to “interest” shall include Accrued
Interest.

(c) Default Interest. Notwithstanding the foregoing, if any principal of or interest
on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due,
whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear
interest, after as well as before judgment, at a rate per annum equal to 12%.

(d) Computation. All interest hereunder shall be computed on the basis of a year of
360 days, and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

SECTION 2.09 [Intentionally Deleted].

SECTION 2.10 Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

(a) Payments by the Borrower. The Borrower shall make each payment required to be
made by it hereunder (whether of principal, interest or fees or otherwise), or under any other Loan
Document (except to the extent otherwise provided therein), prior to 12:00 noon, New York City
time, on the date when due, in immediately available funds, without setoff or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent at its offices as
designated by the Administrative Agent to the other parties hereto except as otherwise expressly
provided in the relevant Loan Document and except payments pursuant to Section 9.03, which shall be
made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such
payments received by it for account of any other Person to the appropriate recipient promptly
following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of
any payment accruing interest, interest thereon shall be payable for the period of such extension.
All payments hereunder or under any other Loan Document (except to the extent otherwise provided
therein) shall be made in Dollars.

(b) Application of Insufficient Payments. If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts of principal,
interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and
fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees then due to such parties, and (ii) second, to pay principal then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal
then due to such parties.

 

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(c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each
Borrowing shall be made from the Lenders, each Borrowing shall be allocated among the Lenders, and
each termination or reduction of the amount of the Commitments under Section 2.05 shall be applied
to the respective Commitments of the Lenders, pro rata according to the amounts of their respective
Commitments; (ii) each payment or prepayment of principal of Loans by the Borrower shall be made
for account of the Lenders pro rata in accordance with the respective unpaid principal amounts of
the Loans held by them; and (iii) each payment of interest on Loans by the Borrower shall be made
for account of the Lenders pro rata in accordance with the amounts of interest on such Loans then
due and payable to the respective Lenders.

(d) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on
any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a
proportion of the aggregate amount of its Loans and accrued interest thereon or other such
obligations greater than its pro rata share thereof as provided herein, then the Lender receiving
such greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase
(for cash at face value) participations in the Loans and such other obligations of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Loans and other amounts owing them,
provided that:

(i) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest; and

(ii) the provisions of this paragraph shall not be construed to apply to (x) any
payment made by the Borrower pursuant to and in accordance with the express terms of this
Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans to any assignee or participant, other than to
the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall
apply).

The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against the Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower in the amount of
such participation.

(e) Payments by the Borrower; Presumptions by the Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which any
payment is due to the Administrative Agent for the account of the Lenders hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

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(f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make
any payment required to be made by it pursuant to Section 2.04(b) or Section 2.10(e), then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply
any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully
paid.

SECTION 2.11 Replacement of Lenders. If any Lender defaults in its obligation to
fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by, Section
9.04), all of its interests, rights and obligations under this Agreement and the related Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that:

(i) the Borrower shall have paid to the Administrative Agent the assignment fee
specified in Section 9.04;

(ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable
to it hereunder and under the other Loan Documents from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts);

(iii) such assignment does not conflict with applicable law;

(iv) if applicable, the replaced Lender shall be obligated to make such replacement,
without such Lender’s consent, in accordance with the provisions of Section 9.04; and

(v) any such replacement shall not be deemed to be a waiver of any rights that the
Borrower, the Administrative Agent or any other Lender shall have against the replaced
Lender.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment and delegation cease to apply.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Administrative Agent and the Lenders that:

SECTION 3.01 Organization; Powers. The Borrower is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, has all requisite
power and authority to carry on its business as now conducted and, except where failure to be so
qualified could not reasonably be expected to have a Material Adverse Effect, is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required.

SECTION 3.02 Authorization; Enforceability. The Transactions are within the
Borrower’s limited liability company and other powers and have been duly authorized by all
necessary

 

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limited liability company action and, if required, by all necessary member or shareholder
action. This Agreement and each of the other Transaction Documents to which the Borrower is a
party has been duly executed and delivered by the Borrower and constitutes, and each of the other
Loan Documents or Transaction Documents to which the Borrower is to be a party when executed and
delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable in
accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the
enforcement of creditors’ rights and (b) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law).

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions:

(a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except for filings and recordings in respect of
the Liens created pursuant to the Security Documents,

(b) will not violate any applicable law or any order of any Governmental Authority,
except to the extent such violation could not reasonably be expected to have a Material
Adverse Effect,

(b) will not violate the Operating Agreement or other organizational documents of the
Borrower or any of its Subsidiaries,

(d) will not violate or result in a default under any indenture, agreement or other
instrument binding upon the Borrower or any of its Subsidiaries or assets or the BofA Credit
Documents, or give rise to a right thereunder to require any payment to be made by any such
Person, and

(e) except for the Liens created pursuant to the Security Documents, will not result in
the creation or imposition of any Lien on any asset of the Borrower or any of its
Subsidiaries.

SECTION 3.04 Financial Condition; No Material Adverse Change. The Borrower has
heretofore furnished to the Lenders its consolidated balance sheet and statements of income,
stockholders’ equity and cash flows (i) as of and for the fiscal year ended December 31, 2008 and
(ii) the first three quarters of the fiscal year ended December 31, 2009. Such financial
statements present fairly in all material respects the financial position and results of operations
and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in
accordance with GAAP. Since December 31, 2008, there has been no material adverse change in the
business, assets, operations or financial condition of the Borrower and its Subsidiaries, taken as
a whole, provided that no such material adverse change shall be deemed to have occurred
with respect to the Borrower and its Subsidiaries as a result of any such material adverse change
occurring with respect to, either individually or in the aggregate, any Credit Enhanced Entity,
Middle-Tier Entity, Credit Enhanced Local Partnership or any Property held by any Credit Enhanced
Local Partnership (as each such term is defined in the Master Agreement).

SECTION 3.05 Properties

(a) Property Generally. Each of the Borrower and its Subsidiaries has good title to,
or valid leasehold interests in, all its real and personal property (other than intellectual
property) material

 

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to its business, subject only to Liens permitted by Section 6.02 and except for minor defects
in title that do not interfere with its ability to conduct its business as currently conducted or
to utilize such properties for their intended purposes.

(b) Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is
licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property
material to its business, and the use thereof by the Borrower and its Subsidiaries does not
infringe upon the rights of any other Person to an extent that could reasonably be expected to have
a Material Adverse Effect.

SECTION 3.06 Litigation. There are no actions, suits or proceedings by or before any
arbitrator or Governmental Authority now pending against or, to the knowledge of the Borrower,
threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which (a) on the
Closing Date is a reasonable possibility of an adverse determination or (b) after the Closing Date
which if adversely determined could reasonably be expected to have a Material Adverse Effect or
(ii) that involve this Agreement or the Transactions.

SECTION 3.07 Compliance with Laws and Agreements. On the Closing Date each of the
Borrower and its Subsidiaries is in compliance with all indentures, agreements and other
instruments binding upon it or its property. Each of the Borrower and its Subsidiaries is in
compliance with (i) all laws, regulations and orders of any Governmental Authority applicable to it
or its property, except to the extent any such non-compliance could not reasonably be expected to
have a Material Adverse Effect, and (ii) in all material respects all indentures, agreements and
other instruments binding upon it or its property. No Default has occurred and is continuing.

SECTION 3.08 Investment Company Status. Neither the Borrower nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

SECTION 3.09 Taxes. Each of the Borrower and its Subsidiaries has timely filed or
caused to be filed all Federal and other material Tax returns, information statements and reports
required to have been filed and has paid or caused to be paid all Federal and other material Taxes
required to have been paid by it, except with respect to any Taxes owing after the date hereof to
the extent such Taxes are being contested in compliance with Section 5.04.

SECTION 3.10 ERISA. No ERISA Event has occurred.

SECTION 3.11 Disclosure. The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject.
The Borrower has disclosed to the Lenders all matters known to it that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the
reports, financial statements, certificates or other information furnished by or on behalf of the
Borrower to the Lenders in connection with the negotiation of this Agreement and the other Loan
Documents or delivered hereunder or thereunder (considered as a whole with any modification or
supplement thereto) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided that, with respect to projections, estimates and
forward-looking information, the Borrower represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time, it being recognized by the
Lenders that such projections, estimates and forward-looking information as it

 

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relates to future events is not to be viewed as fact and that actual results during the period
or periods covered by such projections, estimates and forward-looking information may differ from
the projected results set forth therein, and such differences may be material.

SECTION 3.12 Use of Credit. Neither the Borrower nor any of its Subsidiaries is
engaged principally, or as one of its important activities, in the business of extending credit for
the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no
part of the proceeds of any Loan hereunder will be used to buy or carry any Margin Stock.

SECTION 3.13 Material Agreements and Liens.

(a) Material Agreements. There are no Material Agreements outstanding on the date
hereof other than the (i) Loan Documents, (ii) the CFIN Holdings BTB Agreements, (iii) the Interest
Rate Swap and (iv) the Master Note.

(b) Liens. There are no Liens other than Liens permitted under Section 6.02.

SECTION 3.14 Subsidiaries and Investments. The Borrower’s only Subsidiary is CFIN, a
Delaware limited liability Company. CFIN has no Subsidiaries. The Borrower does not hold any
Investments other than Investments permitted under Section 6.05.

SECTION 3.15 Security Documents. The Security Documents to which the Borrower is a
party create valid and perfected first priority security interests in the Collateral, securing the
payment of the obligations owing to the Administrative Agent and the Lenders under this Agreement,
subject to no equal or senior Lien, except as expressly permitted under Section 6.02.

ARTICLE IV

CONDITIONS

SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans hereunder
shall not become effective until the date on which the Administrative Agent shall have received
each of the following documents, each of which shall be satisfactory to the Administrative Agent
(and to the extent specified below, to each Lender) in form and substance in its sole discretion
(or such condition shall have been waived in accordance with Section 9.02):

(a) Executed Counterparts. From each party hereto either (i) a counterpart of
this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed signature page to
this Agreement) that such party has signed a counterpart of this Agreement.

(b) Opinion of Counsel to the Borrower. A written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of Paul, Hastings,
Janofsky & Walker LLP, counsel for the Borrower and covering such matters relating to the
Borrower, this Agreement or the Transactions as the Administrative Agent or the Required
Lenders shall request (and the Borrower hereby instructs such counsel to deliver such
opinion to the Lenders and the Administrative Agent).

 

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(c) Limited Liability Company Documents. Such documents and certificates as
the Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of the Borrower and the authorization of the Transactions, all
in form and substance satisfactory to the Administrative Agent and its counsel.

(d) Officer’s Certificate. A certificate, dated the Effective Date and signed
by a Financial Officer of the Borrower confirming compliance with the conditions set forth
in clauses (a) and (b) of the first sentence of Section 4.02.

(e) Security Agreement. The Security Agreement, duly executed and delivered by
the Borrower and the Administrative Agent. In addition, the Borrower shall have taken such
other action as the Administrative Agent shall have requested in order to perfect the
security interests created pursuant to the Security Agreement.

(f) Account Control Agreements. Each Account Control Agreement, duly executed
and delivered by the parties thereto.

(g) Governmental Approvals; Third Party Approvals. The Borrower has
demonstrated to the satisfaction of the Administrative Agent that all necessary consent or
approval of, registration or filing with, or any other action by, any Governmental Authority
and all necessary consent or approval of any third party (including with respect to the BofA
Credit Documents) have been obtained or made and are in full force and effect in connection
with the Transactions.

(h) Insurance. The Administrative Agent shall have received satisfactory
evidence that the Borrower has obtained, from financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily maintained by
companies engaged in the same or similar businesses operating in the same or similar
locations.

SECTION 4.02 Each Credit Event. The obligation of each Lender to make any Loan is
additionally subject to the satisfaction of the following conditions:

(a) the representations and warranties of the Borrower set forth in this Agreement and
in the other Loan Documents shall be true and correct (taking into account any “materiality”
qualifiers set forth therein) on and as of the date of such Loan, except to the extent such
representations and warranties expressly relate to an earlier date, in which case such
representations and warranties were true and correct (taking into account such “materiality”
qualifiers) as of such earlier date;

(b) at the time of and immediately after giving effect to such Loan, no Default shall
have occurred and be continuing;

(c) the Administrative Agent shall have received at least three Business Days before
the date of the proposed Borrowing (other than the Borrowing on the Closing Date) a
certificate dated the date of such Loan and signed by a Financial Officer of the Borrower,
and shall:

(i) provide reasonably detailed calculations of the corresponding Debt Service
Shortfall Payments or Credit Enhanced Fund Expenses; and

 

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(ii) certify that the Borrower is obligated under the Master Agreement to pay
such Debt Service Shortfall Payments or Credit Enhanced Fund Expenses, as
applicable, and all of the conditions set forth therein with respect to such payment
have been complied with.

Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on
the date thereof as to the matters specified in the preceding sentence.

ARTICLE V

AFFIRMATIVE COVENANTS

Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and
agrees with the Lenders that:

SECTION 5.01 Financial Statements and Other Information. The Borrower will furnish
to the Administrative Agent and each Lender:

(a) (i) if the Borrower has sufficient funds to pay the independent public accountants,
within 120 days after the end of each fiscal year of the Borrower, the audited consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows of
the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous fiscal year, all reported on by
independent public accountants of recognized national standing to the effect that such
consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, and (ii) if the Borrower does not have
sufficient funds to pay the independent public accountants, within 120 days after the end of
each fiscal year of the Borrower, unaudited consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows of the Borrower and its
Subsidiaries as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all certified by a Financial Officer of the
Borrower as presenting fairly in all material respects the financial condition and results
of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied;

(b) within 60 days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, the consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of
the end of and for such fiscal quarter and the then elapsed portion of the fiscal year,
setting forth in each case in comparative form the figures for (or, in the case of the
balance sheet, as of the end of) the corresponding period or periods of the previous fiscal
year, all certified by a Financial Officer of the Borrower as presenting fairly in all
material respects the financial condition and results of operations of the Borrower and its
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes;

(c) concurrently with any delivery of financial statements under clause (a) or (b) of
this Section, a certificate of a Financial Officer of the Borrower certifying as to whether
a Default

 

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has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto and (ii) stating whether any
change in GAAP or in the application thereof has occurred since the date of the financial
statements referred to in Section 3.04 and, if any such change has occurred, specifying the
effect of such change on the financial statements accompanying such certificate;

(d) by 5:00 p.m., New York City time, within 10 Business Days after the end of each
calendar month or at any other time as the Administrative Agent or any Lender may reasonably
request, a statement indicating the current balance of the Operating Account and the
Wachovia Deposit Account as of the close of business as of the last Business Day of such
month; and

(e) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Borrower, or compliance with the
terms of this Agreement and the other Loan Documents, as the Administrative Agent or any
Lender may reasonably request.

SECTION 5.02 Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender prompt written notice of the following:

(a) promptly after any officer of the Borrower has actual knowledge of facts that would
give him or her reason to believe that any Default has occurred, the occurrence of any
Default;

(b) the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting the Borrower or its Subsidiaries
which if adversely determined could be reasonably expected to have a Material Adverse
Effect;

(c) the occurrence of any material default, of which any officer of the Borrower has
actual knowledge under any Transaction Document;

(e) any foreclosure proceedings commenced or, to its knowledge, threatened with respect
to any Natixis Portfolio Property; and

(f) any other development that results in, or could reasonably be expected to result
in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial
Officer of the Borrower setting forth the details of the event or development requiring such notice
and any action taken or proposed to be taken with respect thereto.

SECTION 5.03 Existence; Conduct of Business. The Borrower will do or cause to be
done all things necessary to preserve, renew and keep in full force and effect (a) its legal
existence and (b) the rights, licenses, permits, privileges and franchises material to the conduct
of its business, except in the case of clause (b), to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall
not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

SECTION 5.04 Payment of Obligations. The Borrower will pay its obligations,
including tax liabilities, that, if not paid, could reasonably be expected to result in a Material
Adverse

 

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Effect before the same shall become delinquent or in default, except where (a) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower has
set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a
Material Adverse Effect.

SECTION 5.05 Maintenance of Properties; Insurance. The Borrower will (a) keep and
maintain all property material to the conduct of its business in good working order and condition,
ordinary wear and tear excepted, except for failures that could not reasonably be expected to
result in a Material Adverse Effect, and (b) maintain, with financially sound and reputable
insurance companies, insurance in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION 5.06 Books and Records; Inspection Rights. The Borrower will keep proper
books of record and account in which full, true and correct entries in all material respects are
made of all financial and other material dealings and transactions in relation to its business and
activities. The Borrower will permit any representatives designated by the Administrative Agent,
upon reasonable prior notice and during normal business hours, to visit and inspect its properties,
to examine and make extracts from its books and records, and to discuss its affairs, finances and
condition with its officers and independent accountants, all at such reasonable times during normal
business hours and as often as reasonably requested.

SECTION 5.07 Compliance with Laws; Contractual Obligations. The Borrower will comply with
all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
property, and with all of its contractual obligations (including in respect of its obligation as
managing member of CFIN), hereunder or otherwise, unless failure to comply could not (either
individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.

SECTION 5.08 Use of Proceeds. The proceeds of the Loans shall only be used for
Stabilization Payments (with the consent of the Administrative Agent), Debt Service Shortfall
Payments or Credit Enhanced Fund Expenses and shall only be used as permitted by the Operating
Agreement and to the extent required by the Master Agreement, provided that (a) in no event
shall such proceeds be used for Credit Enhanced Fund Expenses exceeding (i) $10,000 per any
individual Natixis Portfolio Property in any calendar year or (ii) $1,000,000 in the aggregate for
all Natixis Portfolio Properties in any calendar year. No part of the proceeds of any Loan will be
used, whether directly or indirectly, for any purpose that entails a violation of any of the
Regulations of the Board, including Regulations U and X.

SECTION 5.09 Further Assurances. The Borrower will take such action from time to
time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and
objectives of this Agreement. Without limiting the generality of the foregoing, the Borrower will
take such action from time to time (including filing appropriate Uniform Commercial Code financing
statements and executing and delivering such assignments, mortgages, deeds of trust, security
agreements, account control agreements and other instruments) as shall be reasonably requested by
the Administrative Agent to create, in favor of the Administrative Agent for the benefit of the
Lenders, perfected security interests and Liens in all of the property of the Borrower as
collateral security for its obligations hereunder; provided that any such security interest
or Lien shall be subject to the relevant requirements of the Security Documents.

 

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SECTION 5.10 Certain Additional Activities. The Borrower will (i) be a limited
purpose company whose activities are restricted to those activities permitted by Section 6.04 and
(ii) comply in all material respects with the terms and conditions set forth in the Operating
Agreement (including complying with the special-purpose covenants set forth in Section 3.3 of the
Operating Agreement).

SECTION 5.11 Cash Management. The Borrower will cause all monies and Permitted
Investments received by it after the date hereof to be credited or deposited into and held in the
Operating Account or the Wachovia Deposit Account, provided that the Borrower shall not
permit at any time the aggregate balance of the Wachovia Deposit Account to exceed $100,000.

ARTICLE VI

NEGATIVE COVENANTS

Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees
with the Lenders that:

SECTION 6.01 Indebtedness. The Borrower will not create, incur, assume or permit to
exist any Indebtedness, except:

(a) Indebtedness created hereunder;

(b) Indebtedness in respect of the CFIN Holdings BTB Agreements;

(c) [Intentionally Deleted];

(d) Indebtedness in respect of the Interest Rate Swap;

(e) Indebtedness to Deutsche Bank National Trust Company or Wachovia Bank, National
Association arising solely in connection with their respective Account Control Agreement and
the bank accounts referenced therein; and

(f) Indebtedness pursuant to any Work-Out Guaranty.

SECTION 6.02 Liens. The Borrower will not create, incur, assume or permit to exist
any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any
income or revenues (including accounts receivable) or rights in respect of any thereof, except:

(a) Liens created pursuant to the Security Documents,

(b) Liens created pursuant to the CFIN Holdings BTB Agreements;

(c) [Intentionally Deleted];

(d) Liens created pursuant to the Interest Rate Swap;

 

- 25 -

 

(e) Permitted Encumbrances;

(f) Customary ordinary course Liens in favor of Deutsche Bank National Trust Company or
Wachovia Bank, National Association securing obligations of the Borrower (including
Indebtedness permitted by Section 6.01(e)) under their respective Account Control Agreement
or pursuant to the establishment of the bank accounts referenced therein; and

(g) Liens on Unrestricted Stabilization Sources (as defined in the Master Agreement) in
lieu of Stabilization Payments to the extent permitted by the Master Agreement.

SECTION 6.03 Fundamental Changes.

(a) The Borrower will not enter into any transaction of merger or consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution).

(b) The Borrower will not acquire any business or property from, or capital stock of, or be a
party to any acquisition of, any Person except for purchases of inventory and other property to be
sold or used in the ordinary course of business.

(c) The Borrower will not convey, sell, lease, transfer or otherwise dispose of, in one
transaction or a series of transactions, any part of its business or property, whether now owned or
hereafter acquired, other than (i) Permitted Investments, (ii) loans and advances under the Master
Note to fund Stabilization Payments, Debt Service Shortfall Payments or Credit Enhanced Fund
Expenses to the extent required by the Master Agreement, (iii) Investments permitted by Section
6.05, and (iv) Restricted Payments permitted by Section 6.06.

SECTION 6.04 Lines of Business. The Borrower will not engage in any business other
than for Company Purposes.

SECTION 6.05 Investments. The Borrower will not make or permit to remain outstanding
any Investments except:

(a) the Operating Account and the Wachovia Deposit Account;

(b) Permitted Investments;

(c) Investments in CFIN as in effect on the date hereof;

(d) the CFIN Holdings BTB Agreements;

(e) [Intentionally Deleted];

(f) loans and advances under the Master Note to fund Stabilization Payments, Debt
Service Shortfall Payments or Credit Enhanced Fund Expenses to the extent required by the
Master Agreement;

(g) the Interest Rate Swap;

 

- 26 -

 

(h) Investments that were Permitted Investments at the time such Investment was made,
provided that the Borrower shall promptly sell any such Investment.

The Borrower will not enter into any arrangement, directly or indirectly, with any Person
whereby it shall sell or transfer any property, real or personal, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property or other
property which it intends to use for substantially the same purpose or purposes as the property
being sold or transferred.

SECTION 6.06 Restricted Payments. The Borrower will not make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except that the Borrower may make Restricted
Payments (a) pursuant to the Warrant Agreement so long as such Restricted Payment is permitted
under the Operating Agreement and (b) to its members on or after April 12 of each fiscal year (the
“current year”) in an amount equal to the Tax Payment Amount for the immediately preceding
fiscal year (the “prior year”), so long as at least fifteen days prior to making any such
Restricted Payment, the Borrower shall have delivered to each Lender (i) notification of the amount
and proposed payment date of such Restricted Payment and (ii) a statement from the Borrower’s
independent certified public accountants setting forth a detailed calculation of the Tax Payment
Amount for the prior year and showing the amount of such Restricted Payment and all prior
Restricted Payments; provided that notwithstanding the foregoing the Borrower shall not
make any such Restricted Payment if any Event of Default shall have occurred and be continuing.

SECTION 6.07 Transactions with Affiliates. The Borrower will not sell, lease or
otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property
or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
(a) transactions in the ordinary course of business at prices and on terms and conditions not less
favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from
unrelated third parties, (b) any Restricted Payment permitted by Section 6.06 and (c) transactions
permitted by Section 6.03(c)(ii).

SECTION 6.08 Restrictive Agreements. Except for the Loan Documents, the CFIN
Documents, the CFIN Holdings BTB Agreements, the Interest Rate Swap, the Master Agreement, any
Work-Out Guaranty and the credit default swap transactions with CFIN, the Borrower will not
directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement
that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any
Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b)
the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of
its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or
to Guarantee Indebtedness of the Borrower or any other Subsidiary.

SECTION 6.09 Management Fees. The Borrower will not pay any Management Fees other
than pursuant to the Administrative Services Agreement and payments required under the Master
Agreement.

SECTION 6.10 Modifications of Certain Documents. The Borrower will not consent to
any amendment, modification, supplement or waiver of any of the provisions of the Operating
Agreement, any Transaction Document or any agreement, instrument or other document evidencing or
relating to the Transaction Documents without the prior consent of the Administrative Agent.

 

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SECTION 6.11 Bankruptcy. The Borrower will not, without the approval of the
Independent Managers, (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other similar relief under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect; (ii) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition seeking (a)
liquidation, reorganization or other similar relief in respect of the Borrower or its debts, or of
a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (b) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Borrower or for a
substantial part of its assets; (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Borrower or for a
substantial part of its assets; (iv) file an answer admitting the material allegations of a
petition filed against it in any such proceeding; (v) make a general assignment for the benefit of
creditors; or (vi) take any action for the purpose of effecting any of the foregoing.

SECTION 6.12 Cash Freeze Event. The Borrower will not permit any amounts held in the
Operating Account or the Wachovia Deposit Account or any other funds of the Borrower to be used
without the consent of the Lenders if a Cash Freeze Event has occurred and is continuing.

ARTICLE VII

EVENTS OF DEFAULT

SECTION 7.01 Events of Default. If any of the following events (each, an “Event
of Default”) shall occur:

(a) the Borrower shall fail to pay (i) any principal of or interest on any Loan when
and as the same shall become due and payable, whether at the due date thereof or at a date
fixed for prepayment thereof or otherwise, or (ii) any fee or any other amount payable under
this Agreement or under any other Loan Document within 5 days after the same shall become
due and payable, whether at the due date thereof or at a date fixed for prepayment thereof
or otherwise;

(b) any representation or warranty made or deemed made by or on behalf of the Borrower
or any of the Borrower’s Subsidiaries in or in connection with this Agreement or any other
Loan Document or any amendment or modification hereof or thereof, or any waiver hereunder or
thereunder, or in any report, certificate, financial statement or other document furnished
pursuant to or in connection with this Agreement or any other Loan Document or any amendment
or modification hereof or thereof, or any waiver hereunder or thereunder, shall prove to
have been incorrect when made or deemed made in any material respect;

(c) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02(a), Section 5.03 (with respect to the Borrower’s existence),
Section 5.08, Section 5.09, Section 5.10(i), Section 5.11 or in Article VI;

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement or any other Loan Document (other than those specified in clause
(a) or (c) of this Article) and such failure shall continue unremedied for a period of 30 or
more days;

 

- 28 -

 

(e) the Borrower or any of the Borrower’s Subsidiaries shall fail to make any payment
(whether of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable;

(f) any event or condition shall occur that results in any Material Indebtedness
becoming due prior to its scheduled maturity or that enables or permits (with or without the
giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material
Indebtedness to become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity; provided that this clause (f)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale
or transfer of the property or assets securing such Indebtedness;

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or
any of the Borrower’s Subsidiaries or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any of the Borrower’s
Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding
or petition shall continue undismissed for a period of 75 or more days or an order or decree
approving or ordering any of the foregoing shall be entered;

(h) the Borrower or any of the Borrower’s Subsidiaries shall (i) voluntarily commence
any proceeding or file any petition seeking liquidation, reorganization or other relief
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect (other than as a direct result of a “Wind Down Event” under the
operating agreement of CFIN), (ii) consent to the institution of, or fail to contest in a
timely and appropriate manner, any proceeding or petition described in clause (g) of this
Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any of the Borrower’s
Subsidiaries or for a substantial part of its assets, (iv) file an answer admitting the
material allegations of a petition filed against it in any such proceeding, (v) make a
general assignment for the benefit of creditors or (vi) take any action for the purpose of
effecting any of the foregoing;

(i) the Borrower or any of the Borrower’s Subsidiaries shall become unable, admit in
writing its inability or fail generally to pay its debts as they become due;

(j) one or more judgments for the payment of money in an aggregate amount in excess of
$1,000,000 (exclusive of judgment amounts to the extent covered by insurance or
indemnification of creditworthy third parties) shall be rendered against the Borrower or any
of the Borrower’s Subsidiaries or any combination thereof and the same shall remain
undischarged for a period of 45 consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Borrower or any of its Subsidiaries to enforce any such
judgment;

(k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events that have occurred, could reasonably be
expected to result in a Material Adverse Effect;

 

- 29 -

 

(l) a Change in Control shall occur;

(m) the Borrower shall be terminated, dissolved or liquidated (as a matter of law or
otherwise) or proceedings shall be commenced by any Person (including the Borrower) seeking
the termination, dissolution or liquidation of the Borrower or any of its Subsidiaries;

(n) the Liens created by the Security Documents shall at any time not constitute a
valid and perfected Lien on the collateral intended to be covered thereby (to the extent
perfection by filing, registration, recordation or possession is required herein or therein)
in favor of the Administrative Agent, free and clear of all other Liens (other than Liens
permitted under Section 6.02 or under the respective Security Documents), or, except for
expiration in accordance with its terms, any of the Security Documents shall for whatever
reason be terminated or cease to be in full force and effect, or the enforceability thereof
shall be contested by the Borrower;

(o) any of the Operating Agreement, any Loan Document, the Master Agreement, the Master
Note, the Receivables Assignment and Assumption Agreement and the CFIN Holdings BTB
Agreements ceases for any reason to be legal, valid or binding on the Borrower or any other
Centerline Party, or the Borrower or any other Centerline Party shall state in writing that
such document should cease for any reason to be legal valid or binding on the Borrower or
such other Centerline Party; or

(p) a Liquidating Event shall occur;

then, and in every such event (other than an event with respect to the Borrower described in clause
(g) or (h) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower
described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees
and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower.

SECTION 7.02 Application of Payments. Anything herein to the contrary
notwithstanding, but subject to Section 4.09 of the Security Agreement, following the occurrence
and during the continuance of an Event of Default, and notice thereof to the Administrative Agent
by the Borrower or the Required Lenders, all payments received by the Administrative Agent
(including any payments received in respect of optional prepayments under Section 2.07) shall be
applied as follows:

(i) first, to the payment to the Administrative Agent of its costs and
expenses, if any, of collection including out-of-pocket expenses of the Administrative Agent
and the fees and expenses of its agents and its counsel;

 

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(ii) next, to the payment in full of the principal of and interest on the
Loans, in each case ratably in accordance with the respective amounts thereof then due and
payable; and

(iii) finally, after the payment in full of the principal and interest on the
Loans, to the Borrower, or its successors or assigns, or as a court of competent
jurisdiction may direct.

ARTICLE VIII

AGENCY

SECTION 8.01 Administrative Agent. Each of the Lenders hereby irrevocably appoints
Natixis to act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof and thereof,
together with such actions and powers as are reasonably incidental thereto. Without limiting the
generality of the foregoing, by its signature hereto each Lender authorizes the Administrative
Agent to execute, deliver and perform the Transaction Documents and agrees to be bound by the terms
and conditions thereof as if such Lender were a party thereto. Subject to the provisions of this
Article VIII, the Administrative Agent shall take such actions under the Security Agreement as
shall be directed by the Required Lenders. The provisions of this Article are solely for the
benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a
third party beneficiary of any of such provisions.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated
or unless the context otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if
such Person were not the Administrative Agent hereunder and without any duty to account therefor to
the Lenders.

The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Loan Documents. Without limiting the generality of the foregoing,
the Administrative Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

(b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and

 

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(c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as the Administrative Agent or any of its Affiliates in any
capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 9.02) or (ii) in the absence of its own
gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given to the
Administrative Agent by the Borrower or a Lender.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally
or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the
making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the
Administrative Agent may presume that such condition is satisfactory to such Lender unless the
Administrative Agent shall have received notice to the contrary from such Lender prior to the
making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel
for the Borrower), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts.

The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent.

Each Lender by its execution and delivery of this Agreement agrees that, in the event it shall
hold any Permitted Investments of the Borrower, such Permitted Investments shall be held in the
name and under the control of such Lender, and such Lender shall hold such Permitted Investments as
a

 

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collateral sub-agent for the Administrative Agent thereunder. The Borrower by its execution
and delivery of this Agreement hereby consents to the foregoing.

The Administrative Agent may at any time give notice of its resignation to the Lenders and the
Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the
right, with the reasonable consent of the Borrower, to appoint a successor, which shall be a bank
with an office in New York, New York, or an Affiliate of any such bank with an office in New York,
New York. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of
its resignation, then the retiring Administrative Agent may on behalf of the Lenders, with the
reasonable consent of the Borrower, appoint a successor Administrative Agent meeting the
qualifications set forth above provided that if the Administrative Agent shall notify the Borrower
and the Lenders that no qualifying Person has accepted such appointment, then such resignation
shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents (except that in the case of any collateral security held by the Administrative
Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent
shall continue to hold such collateral security until such time as a successor Administrative Agent
is appointed) and (2) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender directly, until such
time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents (if not already discharged therefrom as provided above in this paragraph). The fees
payable by the Borrower to a successor Administrative Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the
provisions of this Article and Section 9.03 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as Administrative Agent.

Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or
thereunder.

Except as otherwise provided in Section 9.02(b) with respect to this Agreement, the
Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise),
consent to any modification, supplement or waiver under any of the Loan Documents, except that no
such consent shall be required, and the Administrative Agent is hereby authorized, to release any
Lien covering property that is the subject of either a disposition of property permitted hereunder
or a disposition to which the Required Lenders have consented.

 

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After the Full Distribution Date (as defined in the Master Agreement), upon request of the
Borrower, the Administrative Agent shall (without notice to, or vote or consent of, any Lender)
take such actions as shall be required to promptly release its security interest in all Collateral.
Any such release shall be deemed subject to the provision that the Secured Obligations (as defined
in the Security Agreement) shall be reinstated if after such release any portion of any payment in
respect of such Secured Obligations shall be rescinded or must otherwise be restored or returned
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower, or
upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, the Borrower or any substantial part of its property, or otherwise, all as
though such payment had not been made.

ARTICLE IX

MISCELLANEOUS

SECTION 9.01 Notices.

(a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail or sent by telecopier, as
follows:

(i) if to the Borrower, to it at Centerline Financial Holdings LLC, 625 Madison Avenue,
5th Floor, New York, New York 10022, Attention of Michael Larsen (Telecopier No.
212-751-3550; Telephone No. 212-317-5727);

(ii) if to the Administrative Agent, to Natixis Financial Products Inc., 9 W. 57th
Street, New York, New York 10019 Attention of Kevin Alexander (Telecopier No. 212-891-5780;
Telephone No. 212-891-6265); and

(iii) if to a Lender, to it at its address (or telecopier number) set forth in its
Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by telecopier shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).
Notices delivered through electronic communications to the extent provided in paragraph (b) below,
shall be effective as provided in said paragraph (b).

(b) Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet
or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender
has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. The Administrative Agent or the Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications.

 

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(i) Notices and other communications sent to an e-mail address shall be deemed received upon
the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement),
provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the
opening of business on the next business day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

(c) Change of Address, Etc. Any party hereto may change its address or telecopier
number for notices and other communications hereunder by notice to the other parties hereto (or, in
the case of any such change by a Lender, by notice to the Borrower and the Administrative Agent).

SECTION 9.02 Waivers; Amendments.

(a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative
Agent or any Lender in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent and the Lenders hereunder are cumulative and are not exclusive of any rights, powers or
remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by the Borrower therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Without limiting the generality of
the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless
of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default
at the time.

(b) Amendments. Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the
Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent
of the Required Lenders; provided that no such agreement shall

(i) increase the Commitment of any Lender without the written consent of each Lender
adversely affected thereby,

(ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or
reduce any fees payable hereunder, without the written consent of each Lender adversely
affected thereby,

(iii) postpone the scheduled date of payment of the principal amount of any Loan, or
any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby,

(iv) change Section 2.10(c) or (d) in a manner that would alter the pro rata sharing of
payments required thereby without the written consent of each Lender affected thereby, or

 

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(v) change any of the provisions of this Section or the percentage in the definition of
the term “Required Lenders” or any other provision hereof specifying the number or
percentage of Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender;

and provided further that no such agreement shall amend, modify or otherwise affect
the rights or duties of the Administrative Agent hereunder without the prior written consent of the
Administrative Agent.

SECTION 9.03 Expenses; Indemnity; Damage Waiver.

(a) Costs and Expenses. Each party hereto shall pay its own expenses (including the
fees, charges and disbursements of counsel) in connection with the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents. The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent
or any Lender (including the reasonable fees, charges and disbursements of any one counsel per
jurisdiction (except otherwise required due to conflicts of interest) for the Administrative Agent
and the Lenders) in connection with any amendments, modifications or waivers of the provisions this
Agreement and the other Loan Documents (whether or not the transactions contemplated thereby shall
be consummated) and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any
Lender (including the fees, charges and disbursements of any one counsel per jurisdiction (except
otherwise required due to conflicts of interest) for the Administrative Agent and the Lenders) in
connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with
the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans and (ii) all costs, expenses, taxes,
assessments and other charges incurred in connection with any filing, registration, recording or
perfection of any security interest contemplated by any Security Document or any other document
referred to therein.

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the
fees, charges and disbursements of any one counsel per jurisdiction (except otherwise required due
to conflicts of interest) for any Indemnitee) incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties hereto of their
respective obligations hereunder or thereunder or the consummation of the Transactions or any other
transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the
proceeds therefrom and any payments that the Administrative Agent is required to make under any
indemnity issued to any bank pursuant to any Security Document, or (iii) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the Borrower, and
regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee or its respective officers, directors or employees or (y) result from a claim brought by
the Borrower against an Indemnitee or its respective officers, directors or employees for breach in
bad faith

 

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of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court
of competent jurisdiction.

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to
the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such
Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent) in its capacity as such, or against any Related Party of any of the
foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such
capacity.

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, none of the Administrative Agent, any Lender or the Borrower shall assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any
Loan or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be
liable for any damages arising from the use by unintended recipients of any information or other
materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby, except to the extent that such damages are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee or its respective officers, directors or
employees.

(e) Payments. All amounts due under this Section shall be payable promptly after
demand therefor.

SECTION 9.04 Successors and Assigns.

(a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this
Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this
Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of paragraph (e) of this Section (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants, to the extent provided in paragraph (d) of this Section
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

 

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(b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it) to any Eligible Assignee;
provided that any such assignment shall be subject to the following conditions:

(i) Minimum Amounts.

(A) In the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

(B) in any case not described in paragraph (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the applicable Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than $1,000,000, unless each of the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower otherwise consents
(each such consent not to be unreasonably withheld or delayed).

(ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loan or the Commitment assigned.

(iii) Required Consents. No consent shall be required for any assignment
except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

(A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed) shall be required unless (x) an Event of Default has occurred and is
continuing at the time of such assignment or (y) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund and

(B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Lender.

(iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

(v) No Assignment to the Borrower. No such assignment shall be made to the
Borrower.

(vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

 

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(vii) Natixis. Natixis Financial Products Inc. may not at any time hold less
than a majority of the outstanding Loans and Commitments.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Section 9.03 with respect to facts and circumstances occurring prior to
the effective date of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (d) of this Section.

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at one of its offices in New York, New York a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall
be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower and any Lender, at any reasonable time and from time to
time upon reasonable prior notice.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) in all or a portion of
such Lender’s rights and/or obligations under this Agreement (including all or a portion of its
Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in Section 9.02(b) that
affects such Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 9.08 as though it were a Lender, provided that such Participant
agrees to be subject to Section 2.10(d) as though it were a Lender.

(e) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or

 

- 39 -

 

assignment shall release such Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto.

SECTION 9.05 Survival. All covenants, agreements, representations and warranties
made by the Borrower herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of this Agreement and the making of any
Loans, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so
long as the Commitments have not expired or been terminated. The provisions of Section 9.03 and
Article VIII shall survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Commitments or the termination of this Agreement or any provision hereof.

SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution

(a) Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents, and any separate letter agreements with respect to
fees payable to the Administrative Agent, constitute the entire contract between and among the
parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page to this Agreement by telecopy or in Portable Document
Format shall be effective as delivery of a manually executed counterpart of this Agreement.

(b) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

SECTION 9.07 Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

- 40 -

 

SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender or
any such Affiliate to or for the credit or the account of the Borrower against any and all of the
obligations of the Borrower now or hereafter existing under this Agreement or any other Loan
Document to such Lender, irrespective of whether or not such Lender shall have made any demand
under this Agreement or any other Loan Document and although such obligations of the Borrower may
be contingent or unmatured or are owed to a branch or office of such Lender different from the
branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender
and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender or their respective Affiliates may have. Each
Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff
and application, provided that the failure to give such notice shall not affect the
validity of such setoff and application.

SECTION 9.09 Governing Law; Jurisdiction; Etc.

(a) Governing Law. This Agreement shall be governed by, and construed in accordance
with, the law of the State of New York.

(b) Submission to Jurisdiction. The Administrative Agent, each Lender and the
Borrower irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the
United States District Court for the Southern District of New York, and any appellate court from
any thereof, in any action or proceeding arising out of or relating to this Agreement or any other
Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State court or, to the fullest extent permitted by
applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any
other Loan Document shall affect any right that the Administrative Agent or any Lender may
otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against the Borrower or its properties in the courts of any jurisdiction.

(c) Waiver of Venue. The Administrative Agent, each Lender and the Borrower
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
objection that it may now or hereafter have to the laying of venue of any action or proceeding
arising out of or relating to this Agreement or any other Loan Document in any court referred to in
paragraph (b) of this Section. Each of the parties hereto irrevocably waives, to the fullest
extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

(d) Service of Process. Each party hereto irrevocably consents to service of process
in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the
right of any party hereto to serve process in any other manner permitted by applicable law.

 

- 41 -

 

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12 Treatment of Certain Information; Confidentiality.

(a) Treatment of Certain Information. The Borrower acknowledges that from time to
time financial advisory, investment banking and other services may be offered or provided to the
Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any
Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby
authorizes each Lender to share any information delivered to such Lender by the Borrower and its
Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter
into this Agreement, to any such subsidiary or affiliate, it being understood that any such
subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph
(b) of this Section as if it were a Lender hereunder. Such authorization shall survive the
repayment of the Loans, the expiration or termination of the Commitments or the termination of this
Agreement or any provision hereof.

(b) Confidentiality. Each of the Administrative Agent and the Lenders agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors,
officers, employees, agents, advisors and other representatives (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (ii) to the extent requested by
any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any
other party hereto, (v) in connection with the exercise of any remedies hereunder or under any
other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement
containing provisions substantially the same as those of this Section, to (A) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the
Borrower or (viii) to the extent such Information (A) becomes publicly available other than as a
result of a breach of this

 

- 42 -

 

Section or (B) becomes available to the Administrative Agent or any Lender or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower.

For purposes of this Section, “Information” means all information received from the
Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of
their respective businesses, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower
or any of its Subsidiaries; provided that, in the case of information received from the
Borrower or any of its Subsidiaries after the date hereof, such information is clearly identified
at the time of delivery as confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information.

SECTION 9.13 USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant
to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)), such Lender may be required to obtain, verify and record information that identifies
the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender to identify the Borrower in accordance with said Act.

SECTION 9.14 Arms-length Transaction. The Borrower acknowledges and agrees that the
transactions contemplated by this Agreement and the other Loan Documents (including the exercise of
rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the
Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other, and in
connection therewith, (i) neither the Administrative Agent nor the Lenders have assumed an advisory
or fiduciary responsibility in favor of the Borrower, its Subsidiaries, its equity holders or its
Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or
remedies with respect thereto) or any other obligation to the Borrower except the obligations
expressly set forth in this Agreement and (ii) the Administrative Agent and the Lenders are acting
solely as a principal and not as the agent or fiduciary of the Borrower, its Subsidiaries,
management, equity holders, Affiliates, creditors or any other person. The Borrower has consulted
its own legal and financial advisors to the extent it deemed appropriate and that it is responsible
for making its own independent judgment with respect to such transactions and the process leading
thereto. The Borrower agrees that it will not claim that the Administrative Agent and/or the
Lenders has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to the Borrower or its Subsidiaries, in connection with such transactions.

 

- 43 -

 

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

	 	 	 	 	 
	 	CENTERLINE FINANCIAL HOLDINGS LLC

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chairman
 	 
	 	LENDERS

NATIXIS FINANCIAL PRODUCTS INC.,

    individually, as Administrative Agent and as

    Lender

 	 
	 	By:  	/s/ Kevin Alexander
 	 
	 	 	Name:  	Kevin Alexander 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	                                              /s/ Thomas Sharpe
 	 
	 	 	Name:  	Thomas Sharpe 	 
	 	 	Title:  	 	 

 

- 44 -Exhibit 10.5

Exhibit 10.5

RECEIVABLES ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS RECEIVABLES ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement” or this “Assignment and
Assumption Agreement”), dated and effective as of March 5, 2010 , is entered into by and between
CENTERLINE HOLDING COMPANY, a Delaware statutory trust (“CHC”), CENTERLINE CAPITAL GROUP
INC., a Delaware corporation (“CCG”), CENTERLINE AFFORDABLE HOUSING ADVISORS LLC, a
Delaware limited liability company (“CAHA”), CENTERLINE GUARANTEED MANAGER LLC, a Delaware
limited liability company (“Guaranteed Manager”), each of the entities listed on Schedule A
under the heading Credit Enhanced Fund General Partner (each a “Credit Enhanced Fund
General Partner”, and collectively the “Credit Enhanced Fund General
Partners”), each of the entities listed on Schedule A under the heading Credit Enhanced
Partnership General Partner (each a “Credit Enhanced Partnership General Partner”, and
collectively the “Credit Enhanced Partnership General Partners”), each of the entities
listed on Schedule B under the heading Special Limited Partner (each a “Special Limited
Partner”, and collectively the “Special Limited Partners” and, together with CHC, CCG,
CAHA, Guaranteed Manager, the Credit Enhanced Fund General Partners and the Credit Enhanced
Partnership General Partners, the “Assignors”) and CENTERLINE FINANCIAL HOLDINGS LLC
(“CFin Holdings” or “Assignee” ).

W I T N E S S E T H :

WHEREAS, Guaranteed Manager is the manager of each of the respective Credit Enhanced Fund
General Partners and of each of the Special Limited Partners except for RCC Credit Enhanced SLP LP
- Series A, a Delaware limited partnership, of which RCC Credit Enhanced Asset Managers LLC-Series
A, a Delaware limited liability company (and a Credit Enhanced Fund General Partner), is the
general partner;

WHEREAS, each Credit Enhanced Fund General Partner is (i) the general partner of the
respective limited partnership listed on Schedule A in the same row as that Credit Enhanced Fund
General Partner under the heading Credit Enhanced Fund (each, a “Credit Enhanced
Fund” and collectively, the “Credit Enhanced Funds”); (ii) the managing
member of the respective Credit Enhanced Partnership General Partner listed on Schedule A in the
same row as that Credit Enhanced Fund General Partner under the heading Credit Enhanced Partnership
General Partner (each a “Credit Enhanced Partnership General Partner” and collectively, the
“Credit Enhanced Partnership General Partners”), and each such Credit Enhanced Partnership
General Partner is the general partner of the respective limited partnership listed on Schedule A
in the same row as that Credit Enhanced Partnership General Partner under the heading Credit
Enhanced Partnership (each a “Credit Enhanced Partnership” and collectively, the
“Credit Enhanced Partnerships”);

WHEREAS, CAHA is the sole member of Guaranteed Manager and CCG is the sole member of CAHA;

 

 

 

WHEREAS, pursuant to that certain Master Novation Stabilization, Assignment, Allocation,
Servicing and Asset Management Agreement, dated as of even date hereof (the “Master
Agreement”) by and among CHC, CCG, CAHA, Guaranteed Manager, CFin Holdings, Centerline Mortgage
Capital Inc., a Delaware corporation, and Natixis Financial Products Inc., a Delaware corporation
(“Natixis”), CFin Holdings has among other things agreed to cause to be advanced to the
Credit Enhanced Funds amounts necessary to cause Stabilization to occur with respect to certain
Properties, and in consideration of such obligation, Assignors will transfer, assign and convey
(“Transfer”) to CFin Holdings the Receivables defined in Section 1 below;

WHEREAS, each of the Assignors believes that making the Transfers contained herein is in the
best interests of the Assignors and each of the Credit Enhanced Funds, Credit Enhanced Partnerships
and Credit Enhanced Local Partnerships, in which the Assignors hold a direct or indirect interest:

NOW, THEREFORE, it is hereby agreed as follows:

Section 1. Transfers of Receivables. Subject to the other terms of this Agreement, for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
respective Assignors hereby Transfer to CFin Holdings all right, title, claim and interest of the
respective Assignors in and to the following, whether presently owed and/or accrued or owed or
accrued in the future (such rights being, collectively, the “Receivables”):

(a) the Fee Rights;

(b) the Loan Receivables;

(c) the agreements and other contractual rights and interests that give rise to or
create the Fee Rights and Loan Receivables; and

(d) all other rights and assets set forth in Exhibit 4.3 to the Master Agreement.

It is expressly acknowledged by the parties hereto that

(i) CFin Holdings is not assuming any liabilities of any Assignor with respect
to the Receivables by virtue of acceptance of the Transfer of Receivables contained
herein;

(ii) each Assignor agrees that it will not cause or permit any Receivable, or
any agreement, instrument or interest that gives rise, or could give rise, to a
Receivable, to be converted into an equity interest (however designated); and

(iii) the Transfers of the Receivables to CFin Holdings are intended to be
absolute transfers, assignments and conveyances in exchange for the consideration
provided by CFin Holdings under this Agreement and the other Restructuring
Documents, and not merely a collateral grant. However, if for any reason the
Transfer of the Receivables to CFin Holdings is deemed not to be an

 

2

 

absolute transfer, assignment and conveyance, then the Assignors hereby grant a
security interest on the Receivables (and proceeds thereof) in favor of CFin
Holdings to secure their obligations to CFin Holdings under this Agreement.

Section 2. Directions to Constituent Parties.

(a) Guaranteed Manager shall cause the respective Credit Enhanced Fund to pay the Asset
Management Fees, Disposition Fees and other Fee Rights to CFin Holdings and to repay the
Loan Receivables as and when such Asset Management Fees, Disposition Fees and other Fee
Rights or Loan Receivables may become payable under the terms of the respective Credit
Enhanced Partnership Agreement. The Assignors make no representation as to whether the
Credit Enhanced Funds will have sufficient assets to pay the Asset Management Fees and
Disposition Fees or the Loan Receivables, either when due or at any other time.

(b) The Assignors shall direct all payors with respect to the Receivables to remit all
payments with respect to the Receivables directly to the Operating Account unless otherwise
directed by Natixis (and any payments made by any payor to any other account, or in any
other manner, shall not discharge any obligations of such payor in respect of such
Receivables), and each Assignor hereby agrees that to the extent it is a payor with respect
to any Receivable, it shall remit all payments thereon to the Operating Account.

(c) If any Assignor or any Credit Enhanced Fund receives any amount with respect to a
Receivable, it shall immediately remit such amount to the Operating Account.

(d) Each of the Credit Enhanced Funds and Credit Enhanced Fund General Partners, by
executing this Agreement acknowledge such directions.

Section 3. No Other Encumbrances of Membership Interest. The Assignors hereby jointly and
severally covenant and warrant to CFin Holdings that (a) the Assignors have not executed any prior
transfer, assignment, conveyance or pledge which is still valid of any Assignor’s interest in the
Receivables, (b) each Assignor has full right and authority to make this Agreement, (c) this
Agreement is enforceable against each Assignor and (d) each Assignor will not transfer, sell,
convey or make any additional assignment of the Receivables (other than pursuant to this Agreement
or pursuant to any pledge given to CFin Holdings or Natixis in connection with their obligations to
the Credit Enhanced Partnerships).

Section 4. Representations And Warranties of Assignor. The Assignors hereby jointly and
severally, represent and warrant to CFin Holdings that as of the date hereof:

(a) The rights and interests being conveyed hereunder constitute valid and existing
rights and interests of the Assignors, and each Assignor has full legal title to, and has
not designated to any other Person, the right to receive payment with respect to any right
or interest it purports to Transfer hereunder.

 

3

 

(b) Each Assignor’s respective Organizational Documents are in full force and effect
and constitute the valid, legal and binding obligations of the respective parties thereto.
There are no defaults currently existing under the Assignors’ corporate, organizational or
company governance documents and agreements and no events exist which, with the giving of
notice or passage of time or both, would constitute defaults under such documents or
agreements.

(c) Each Assignor has been duly formed and is in good standing in the State of Delaware
and in each jurisdiction in which it is required to be in good standing; all necessary
certificates, and all amendments thereto, have been duly recorded in the proper public
records, and no state of facts now exists with respect to the Assignors that does not
conform to the applicable certificates.

(d) Guaranteed Manager will not, by reason of entering into this Agreement, cease to be
the manager of the Credit Enhanced Funds, the Local General Partners or the Special Limited
Partners.

(e) The Master Agreement provides a direct and tangible benefit to the Assignors.

(f) The Receivables as of the date hereof are as set forth on Exhibit 4.3 of the Master
Agreement.

Section 5. Covenants of Assignor Irrespective of Default. From and after the date of this
Agreement, the Assignors hereby covenant and warrant that:

(a) The Assignors will not, with respect to the Credit Enhanced Funds, without the
prior written consent of CFin Holdings and Natixis or unless otherwise permitted herein,
take any action that could subordinate the present rights of Assignors to receive payments
of the Asset Management Fees and Disposition Fees or Loan Receivables to any other rights of
third parties.

(b) The Assignors will not, without the prior written consent of CFin Holdings and
Natixis, sell, transfer by gift, or otherwise alienate or dispose of any part of any
Assignor’s interest in the Credit Enhanced Entities.

(c) The Assignors will not, without the prior written consent of CFin Holdings and
Natixis, amend, modify, or rescind any Organizational Documents or waive any rights
thereunder, except those which are not material in nature and do not and will not, in the
future, affect in any manner, the rights of CFin Holdings hereunder.

(d) The Assignors will not, without the prior written consent of CFin Holdings and
Natixis, take or consent to any action which could result in a sale, encumbrance or
hypothecation of any or all of the Receivables that are the subject of the Transfers
hereunder.

 

4

 

(e) The Assignors will, immediately after obtaining knowledge thereof, give written
notice to CFin Holdings in the event of any default under any Organizational Documents by
any party thereto.

(f) No Assignor shall, nor shall it permit any of its Subsidiaries to, cause any
payment or distribution in respect of any equity interest in any Centerline Controlled
Entity (other than any Credit Enhanced Partnership) to be made to any Person unless such
payment or distribution is made to CFin Holdings.

Section 6. No Conflicting Agreements. The Assignors hereby covenant and warrant to CFin
Holdings that this Agreement does not and will not constitute a default by the Assignors or any of
the Credit Enhanced Entities under the Organizational Documents or any mortgage, deed of trust,
security agreement, loan agreement, or other contract or agreement to which the Assignors or any of
the Credit Enhanced Entities are a party.

Section 7. Binding Effect of Agreement. This Agreement will remain in full force and effect
so long as the Credit Enhanced Funds are in existence and each Credit Enhanced Fund General Partner
is the general partner of the respective Credit Enhanced Fund or any Receivables remain payable,
and will bind and benefit the successors and permitted assigns of the Assignors and CFin Holdings.
In any event this Agreement shall not terminate prior to the Full Distribution Date. CFin Holdings
may at any time assign or otherwise transfer, in whole or in part, any interest it may have
hereunder including (without limitation) pursuant to the Security Agreement and, in connection with
any enforcement of rights under the Security Agreement, the Administrative Agent shall have the
right to cause CFin Holdings’ rights hereunder to be transferred to any person or entity selected
by the Administrative Agent, all without notice to or consent by any Assignor. No Credit Enhanced
Fund General Partner shall transfer or assign its interest in the respective Credit Enhanced Fund,
nor shall Guaranteed Manager transfer or assign its interest in the Credit Enhanced Partnership
General Partner, without the prior written consent of CFin Holdings, which may be conditioned upon
such assignee’s or transferee’s assumption in writing of each Assignor’s interests, rights and
obligations in and under this Agreement. Nothing contained herein shall prohibit any party from
assigning their rights, other than their rights in connection with the Receivables, as collateral
security for a loan to such party or its Affiliates.

Section 8. Remedies.

(a) The rights, powers and remedies given to CFin Holdings by this Agreement will be in
addition to all rights, powers and remedies given to CFin Holdings by virtue of any statute
or rule of law.

(b) No act done or omitted by CFin Holdings pursuant to the rights and powers granted
to it by this Agreement will be deemed a waiver by CFin Holdings of its rights and powers
pursuant to any instrument executed in connection with this Agreement and is made and
accepted without any prejudice to any of the rights and powers possessed by CFin Holdings
with regard to the terms of any such instruments executed in connection therewith.

 

5

 

Section 9. No Petition. Each Assignor hereby agrees (which agreement shall be binding upon
its successors, assigns and participants) that, notwithstanding any other provision of this
Agreement to the contrary, it shall not, prior to the date that is one year and one day (or, if
longer, one day longer than any applicable preference period then in effect) after the Full
Distribution Date, institute against, or join any other Person in instituting against, CFin
Holdings, any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws. Nothing
in this Section 9 shall preclude, or be deemed to stop, such party (i) from taking any action prior
to the expiration of the aforementioned period in (A) any case or proceeding voluntarily filed or
commenced by CFin Holdings or (B) any involuntary insolvency proceeding filed or commenced by a
Person other than such party or any of its Affiliates or (ii) from commencing against CFin Holdings
or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation proceeding.

Each Assignor agrees that the terms of this Section 9 are for the benefit of the
Administrative Agent and the Lender (and their respective successors, assigns and participants)
under the Credit Agreement, and shall be directly enforceable by the Administrative Agent (on
behalf of itself and the Lender and their respective successors, assigns and participants),
including, without limitation, by injunctive relief and other specific performance, as if such
Persons were direct parties hereto.

CFin Holdings agrees that it shall not, after the date hereof, become party to any agreement
that does not include “non-petition” provisions therein that are substantively the same as the
provisions set forth above in this Section 9 (and shall not amend or eliminate any “non-petition”
provisions in any agreement to which it is party).

The provisions of this Section 9 shall survive termination of this Agreement.

Section 10. 1Third Party Beneficiary. Notwithstanding anything herein to the
contrary, the parties hereto agree that the Administrative Agent shall be an express direct third
party beneficiary of all of the agreements, undertakings and obligations of the Assignors contained
in this Agreement, and acknowledge the security interest held by the Administrative Agent in and to
the Receivables that are the subject of the Transfers herein. The Assignors hereby authorize the
Administrative Agent to file any Uniform Commercial Code financing statements (including “all
assets” financing statements) required by the Administrative Agent to perfect (i) the Transfer of
Receivables hereunder (including prior Transfers to any Receivables Assignor) and (ii) (for back-up
security interest purposes only) the security interest created in Section 1(iii) hereof.

Section 11. Governing Law. This Agreement will be governed by and construed in accordance
with the internal laws of the State of New York.

Section 12. Amendment. None of the terms or provisions of this Agreement may be waived,
altered, modified, limited or amended except by an agreement executed by the Assignors and CFin
Holdings.

 

	 	 	 
	1	 	Note: Unnecessary — protected by fraud/theft statutes

 

6

 

Section 13. Rights Supplement. The rights granted to CFin Holdings herein will be
supplementary and in addition to those granted in any other agreements with respect to the Credit
Enhanced Funds.

Section 14. Notices. All notices and communications provided for hereunder will be in writing
and sent (a) by facsimile if the sender on the same day sends a confirming copy of such notice by a
recognized overnight delivery service (changes prepaid), (b) by registered or certified mail with
return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (with
charges prepaid). Any such notice must be sent:

	 	 	 	 	 
	 

	 	If to CFin Holdings:
	 	Centerline Capital Group Inc.
	 

	 	 	 	625 Madison Avenue
	 

	 	 	 	New York, NY 10022
	 

	 	 	 	Attention: Andrew J. Weil
	 
	 	 	 	 
	 

	 	with copies to:
	 	Natixis Financial Products Inc.
	 

	 	 	 	9 West 57th Street, 35th Floor
	 

	 	 	 	New York, NY 10019
	 

	 	 	 	Attention: Kevin Alexander
	 
	 	 	 	 
	 

	 	 	 	and
	 
	 	 	 	 
	 

	 	 	 	Natixis Capital Markets
	 

	 	 	 	9 West 57th Street, 35th Floor
	 

	 	 	 	New York, NY 10019
	 

	 	 	 	Attention: General Counsel
	 
	 	 	 	 
	 

	 	If to the Assignor:
	 	Centerline Capital Group Inc.
	 

	 	 	 	625 Madison Avenue
	 

	 	 	 	New York, NY 10022
	 

	 	 	 	Attention: Andrew J. Weil
	 
	 	 	 	 
	 

	 	with copies to:
	 	Paul, Hastings, Janofsky & Walker LLP
	 

	 	 	 	75 East 55th Street
	 

	 	 	 	New York, NY 10022
	 

	 	 	 	Attention: Alan S. Cohen, Esq.

Section 15. Counterparts. This Agreement may be executed in any number of counterparts, and
all such counterparts executed and delivered, each as an original, will constitute but one and the
same executed and delivered document.

 

7

 

Section 16. Definitions. All capitalized terms used, but not defined herein, shall have the
meaning ascribed to them in the Master Agreement.

[Remainder of page intentionally left blank]

 

8

 

IN WITNESS WHEREOF, the parties hereto have executed this Assignment and Assumption Agreement
by their duly authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	CENTERLINE HOLDING COMPANY

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer: 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CENTERLINE CAPITAL GROUP INC.

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer 	 
	 
	 	CENTERLINE AFFORDABLE HOUSING ADVISORS LLC

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

	 	 	 	 	 
	 	CENTERLINE GUARANTEED MANAGER LLC

 	 
	 	By:  	
/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer 	 
	 
	 	CENTERLINE FINANCIAL HOLDINGS LLC

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chairman 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

	 	 	 	 	 
	 	EACH OF THE FUND GENERAL 

PARTNERS LISTED ON SCHEDULE A

 	 
	 	By:  	Centerline Guaranteed Manager, its manager
 	 

	 	 	 	 	 
	 	By:  	                                                       /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer 	 

	 	 	 	 	 
	 	EACH OF THE SPECIAL LIMITED PARTNERS 

LISTED ON SCHEDULE B (EXCEPT FOR RCC 

CREDIT ENHANCED SLP LP- SERIES A)

 	 
	 	By:  	Centerline Guaranteed Manager, its manager
 	 

	 	 	 	 	 
	 	By:  	                                                       /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer 	 

	 	 	 	 	 
	 	RCC CREDIT ENHANCED SLP LP — SERIES A

 	 
	 	By:  	RCC Credit Enhanced Asset Managers LLC- Series A, its general partner
 	 

	 	 	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

	 	 	 	 	 
	 	

RCC CREDIT ENHANCED ASSET MANAGERS 

LLC-SERIES A, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	RCC CREDIT ENHANCED ASSET MANAGERS 

LLC-SERIES B, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	RCC CREDIT ENHANCED ASSET MANAGERS 

LLC-SERIES C, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	RCC CREDIT ENHANCED ASSET MANAGERS 

LLC-SERIES D, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CHARTERMAC CREDIT ENHANCED ASSET MANAGERS 

LLC-SERIES E, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CHARTERMAC CREDIT ENHANCED ASSET MANAGERS 

LLC-SERIES F, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

	 	 	 	 	 
	 	

CHARTERMAC CREDIT ENHANCED ASSET
MANAGERS LLC-SERIES G, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CENTERLINE CREDIT ENHANCED ASSET 

MANAGERS LLC-SERIES H, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CHARTERMAC CREDIT ENHANCED ASSET 

MANAGERS LLC-SERIES I, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CHARTERMAC CREDIT ENHANCED ASSET 

MANAGERS LLC-SERIES J, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CENTERLINE CREDIT ENHANCED ASSET 

MANAGERS LLC-SERIES K, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 
	 	CENTERLINE CREDIT ENHANCED ASSET 

MANAGERS LLC-SERIES L, NUMBER 1

 	 
	 	By:  	/s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Credit Enhanced Partners LP- Series A

By: RCC Credit Enhanced Asset Managers LLC — Series A, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Centerline Credit Enhanced Partners LP- Series B

By: RCC Credit Enhanced Asset Managers LLC — Series B, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Credit Enhanced Partners LP- Series C

By: RCC Credit Enhanced Asset Managers LLC — Series C, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Centerline Credit Enhanced Partners LP- Series D

By: RCC Credit Enhanced Asset Managers LLC — Series D, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Credit Enhanced Partners LP- Series E

By: CharterMac Credit Enhanced Asset Managers LLC — Series E, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Centerline Credit Enhanced Partners LP- Series F

By: CharterMac Credit Enhanced Asset Managers LLC — Series F, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Credit Enhanced Partners LP- Series G

By: CharterMac Credit Enhanced Asset Managers LLC — Series G, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Centerline Credit Enhanced Partners LP- Series H

By: Centerline Credit Enhanced Asset Managers LLC — Series H, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Credit Enhanced Partners LP- Series I

By: CharterMac Credit Enhanced Asset Managers LLC — Series I, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Centerline Credit Enhanced Partners LP- Series J

By: CharterMac Credit Enhanced Asset Managers LLC — Series J, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Credit Enhanced Partners LP- Series K

By: Centerline Credit Enhanced Asset Managers LLC — Series K, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 

Centerline Credit Enhanced Partners LP- Series L

By: Centerline Credit Enhanced Asset Managers LLC — Series L, its general partner

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer  	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

Centerline Guaranteed Manager LLC, as manager of

2665 Favor Road LLC

3629 Montreal Creek Circle LLC

2038 Bent Creek Way LLC

5420 Riverdale Road LLC

10401 Brockington Road LLC

CCL East Riverside Road LLC

CCL Airport Road LLC

CCL West St. Andrews Drive LLC

CCL Southeast Moreland School Road LLC

I-70 South Service Road LLC

	 	 	 	 	 
	 	 	 
	 	By:  	                    /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

RCC Guaranteed SLP III, LP-Series A

By: RCC Guaranteed Asset Managers III LLC — Series A, its general partner

By: Centerline Guaranteed Manager LLC, its manager

	 	 	 	 	 
	 	 	 
	 	By:  	                    /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer 	 
	 

Centerline Texas GP Holdings LLC

By: Centerline GP Holdings LLC, its managing member

	 	 	 	 	 
	 	 	 
	 	By:  	             /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Member 	 
	 

Centerline HA LLC

	 	 	 	 	 
	 	By:  	 Centerline Affordable Housing Advisors LLC,
 	 
	 	 	its managing member 	 

	 	 	 	 	 
	 	 	 
	 	By:  	             /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Chief Executive Officer and President 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

The foregoing Assignment and Assumption Agreement

is hereby confirmed and acknowledged.

8600 Winkler Road LLC

	 	 	 	 	 
	 	 	 
	 	By:  	Centerline Texas GP Holdings LLC,

its sole member
 	 

	 	 	 	 	 
	 	By:  	            Centerline GP Holdings LLC, its managing member
 	 

	 	 	 	 	 
	 	By:  	                     /s/ Marc D. Schnitzer
 	 
	 	 	Marc D. Schnitzer 	 
	 	 	Member 	 
	 

Signature Page to Receivables Assignment and Assumption Agreement

 

 

 

SCHEDULE A

	 	 	 	 	 	 	 
	 	 	 	 	Credit Enhanced Fund General	 	Credit Enhanced Partnership General
	Credit Enhanced Fund	 	Credit Enhanced Partnership	 	Partner	 	Partner
	Centerline Credit
Enhanced Partners
LP-Series A

	 	Centerline Credit Enhanced
Partnership LP-Series A,
Number 1
	 	RCC Credit Enhanced
Asset Managers
LLC-Series A
	 	RCC Credit Enhanced
Asset Managers
LLC-Series A,
Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series B

	 	Centerline Credit Enhanced
Partnership LP-Series B,
Number 1
	 	RCC Credit Enhanced
Asset Managers
LLC-Series B
	 	RCC Credit Enhanced
Asset Managers
LLC-Series B,
Number 1
	 
	 	 	 	 	 	 
	Centerline Credit

	 	Centerline Credit Enhanced
	 	RCC Credit Enhanced
	 	RCC Credit Enhanced
	Enhanced Partners
LP-Series C

	 	Partnership LP-Series C,
Number 1
	 	Asset Managers
LLC-Series C
	 	Asset Managers
LLC-Series C,
Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series D

	 	Centerline Credit Enhanced
Partnership LP-Series D,
Number 1
	 	RCC Credit Enhanced
Asset Managers
LLC-Series D
	 	RCC Credit Enhanced
Asset Managers
LLC-Series D,
Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series E

	 	Centerline Credit Enhanced
Partnership LP-Series E,
Number 1
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

E
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

E, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series F

	 	Centerline Credit Enhanced
Partnership LP-Series F,
Number 1
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

F
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

F, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series G

	 	Centerline Credit Enhanced
Partnership LP-Series G,
Number 1
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

G
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

G, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series H

	 	Centerline Credit Enhanced
Partnership LP-Series H,
Number 1
	 	Centerline Credit

Enhanced Asset

Managers LLC-Series

H
	 	Centerline Credit

Enhanced Asset

Managers LLC-Series

H, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series I

	 	Centerline Credit Enhanced
Partnership LP-Series I,
Number 1
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

I
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

I, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series J

	 	Centerline Credit Enhanced
Partnership LP-Series J,
Number 1
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

J
	 	CharterMac Credit

Enhanced Asset

Managers LLC-Series

J, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series K

	 	Centerline Credit Enhanced
Partnership LP-Series K,
Number 1
	 	Centerline Credit

Enhanced Asset

Managers LLC-Series

K
	 	Centerline Credit

Enhanced Asset

Managers LLC-Series

K, Number 1
	 
	 	 	 	 	 	 
	Centerline Credit
Enhanced Partners
LP-Series L

	 	Centerline Credit Enhanced
Partnership LP-Series L,
Number 1
	 	Centerline Credit

Enhanced Asset

Managers LLC-Series

L
	 	Centerline Credit

Enhanced Asset

Managers LLC-Series

L, Number 1

 

 

 

SCHEDULE B

Special Limited Partners

RCC Credit Enhanced SLP LP — Series A

RCC Credit Enhanced SLP LLC — Series B

RCC Credit Enhanced SLP LLC — Series C

RCC Credit Enhanced SLP LLC — Series D

CharterMac Credit Enhanced SLP LLC — Series E

CharterMac Credit Enhanced SLP LLC — Series F

CharterMac Credit Enhanced SLP LLC — Series G

Centerline Credit Enhanced SLP LLC — Series H

CharterMac Credit Enhanced SLP LLC — Series I

CharterMac Credit Enhanced SLP LLC — Series J

Centerline Credit Enhanced SLP LLC — Series K

Centerline Credit Enhanced SLP LLC — Series L

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]