Document:

EX-10.1

UGI CORPORATION

2004 OMNIBUS EQUITY COMPENSATION PLAN

Amended and Restated as of December 5, 2006

	 	 	 	 	 	 	 	 	 
	1. Purpose
	 	 	1	 	 	 	 	 
	2.
	 	Definitions
	 	 	1	 
	3.
	 	Administration
	 	 	3	 
	4.
	 	Grants
	 	 	4	 
	5.
	 	Shares Subject to the Plan
	 	 	4	 
	6.
	 	Eligibility for Participation
	 	 	5	 
	7.
	 	Options
	 	 	6	 
	8.
	 	Stock Units
	 	 	7	 
	9.
	 	Performance Units
	 	 	7	 
	10.
	 	Stock Awards
	 	 	8	 
	11.
	 	Stock Appreciation Rights
	 	 	8	 
	12.
	 	Dividend Equivalents
	 	 	9	 
	13.
	 	Other Stock-Based Awards
	 	 	10	 
	14.
	 	Qualified Performance-Based Compensation
	 	 	10	 
	15.
	 	Directors’ Equity Plan
	 	 	11	 
	16.
	 	Withholding of Taxes
	 	 	11	 
	17.
	 	Transferability of Grants
	 	 	12	 
	18.
	 	Consequences of a Change of Control
	 	 	12	 
	19.
	 	Requirements for Issuance of Shares
	 	 	13	 
	20.
	 	Amendment and Termination of the Plan
	 	 	13	 
	21.
	 	Miscellaneous
	 	 	14	 

1

UGI CORPORATION

2004 OMNIBUS EQUITY COMPENSATION PLAN

Amended and Restated as of December 5, 2006

	 	1.	 	Purpose

The purpose of the UGI Corporation 2004 Omnibus Equity Compensation Plan (the “Plan”) is to
provide (i) designated employees of UGI Corporation (“UGI”) and its subsidiaries, and (ii)
non-employee members of the board of directors of UGI with the opportunity to receive grants of
stock options, stock units, performance units, stock awards, stock appreciation rights, dividend
equivalents and other stock-based awards. UGI believes that by providing equity based
compensation, the Plan will encourage the participants to contribute materially to the growth of
UGI, thereby benefiting UGI’s shareholders, and will more closely align the economic interests of
the participants with those of the shareholders.

The Plan was adopted effective as of January 1, 2004, and was approved by the shareholders of
UGI. The UGI Corporation Directors’ Equity Compensation Plan was merged into the Plan as of
January 1, 2004. The Plan is hereby amended and restated effective December 5, 2006 to increase
the number of shares authorized to be issued under the Plan and to make other appropriate changes.
The amended and restated Plan is subject to shareholder approval, except that the changes to the
definition of Fair Market Value in Section 2(l), and the changes to the provisions for adjustments
in Section 5(d), shall be effective as of December 5, 2006.

	 	2.	 	Definitions

Whenever used in this Plan, the following terms will have the respective meanings set forth
below:

(a) “Board” means UGI’s Board of Directors as constituted from time to time.

(b) “Certificate” means a certificate, or electronic book entry equivalent, for a share of
Stock.

(c) “Change of Control” means a change of control of UGI as described on the attached Exhibit
A, or as modified by the Board from time to time.

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

(e) “Committee” means (i) with respect to Grants to Employees, the Compensation and Management
Development Committee of the Board or its successor, and (ii) with respect to Grants made to
Non-Employee Directors, the Board or its delegate.

(f) “Company” means UGI and any Subsidiary.

(g) “Date of Grant” means the effective date of a Grant; provided, however, that no
retroactive Grants will be made.

(h) “Directors’ Equity Plan” means the UGI Corporation Directors’ Equity Compensation Plan.

(i) “Dividend Equivalent” means an amount determined by multiplying the number of shares of
Stock subject to a Grant by the per-share cash dividend, or the per-share fair market value (as
determined by the Committee) of any dividend in consideration other than cash, paid by UGI on its
Stock.

(j) “Employee” means an employee of the Company (including an officer or director who is also
an employee). For purposes of the Plan, the term “Employee” shall also include a chief executive
officer or other officer or person who performs management and policymaking functions with respect
to a Subsidiary of UGI located outside the United States.

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

(l) “Fair Market Value” of Stock means the last reported sale price of a share of Stock on the
New York Stock Exchange on the day on which Fair Market Value is being determined, as reported on
the composite tape for transactions on the New York Stock Exchange. In the event that there are no
Stock transactions on the New York Stock Exchange on such day, the Fair Market Value will be
determined as of the immediately preceding day on which there were Stock transactions on that
exchange. Notwithstanding the foregoing, in the case of a broker-assisted exercise pursuant to
Section 7(f), the Fair Market Value will be the actual sale price of the shares issued upon
exercise of the Option.

(m) “Grant” means an Option, Stock Unit, Performance Unit, Stock Award, Stock Appreciation
Right, Dividend Equivalent or Other Stock-Based Award granted under the Plan.

(n) “Grant Letter” means the written instrument that sets forth the terms and conditions of a
Grant, including all amendments thereto.

(o) “Non-Employee Director” means a member of the Board who is not an employee of the Company.

(p) “Option” means an option to purchase shares of Stock, as described in Section 7.

(q) “Option Price” means an amount per share of Stock purchasable under an Option, as
designated by the Committee.

(r) “Other Stock-Based Award” means any Grant based on, measured by or payable in Stock (other
than Grants described in Sections 7, 8, 9, 10, 11 and 12 of the Plan) as described in Section 13.

(s) “Participant” means an Employee or Non-Employee Director designated by the Committee to
participate in the Plan.

(t) “Performance Unit” means an award of a phantom unit representing a share of Stock, as
described in Section 9.

(u) “Plan” means this 2004 Omnibus Equity Compensation Plan, as in effect from time to time.

(v) “Stock” means the common stock of UGI or such other securities of UGI as may be
substituted for Stock pursuant to Section 5(d) or Section 18.

(w) “Stock Appreciation Right” means a stock appreciation right with respect to a share of
Company Stock as described in Section 11.

(x) “Stock Award” means an award of Stock as described in Section 10.

(y) “Stock Unit” means an award of a phantom unit representing a share of Stock, as described
in Section 8.

(z) “Subsidiary” means any corporation or partnership, at least 20% of the outstanding voting
stock, voting power or partnership interest of which is owned, directly or indirectly, by UGI.

(aa) “Target Amount” means a target number of Shares to be issued based on achievement of the
performance goals and satisfaction of all conditions for payment of Performance Units at the 100%
level.

(bb) “UGI” means UGI Corporation, a Pennsylvania corporation or any successor thereto.

	 	3.	 	Administration

(a) Committee. The Plan shall be administered and interpreted by the Compensation and
Management Development Committee of the Board or its successor with respect to grants to Employees.
The Plan shall be administered and interpreted by the Board, or by a committee of directors to
whom the Board has delegated responsibility, with respect to grants to Non-Employee Directors. The
Board or committee, as applicable, that has authority with respect to a specific Grant shall be
referred to as the “Committee” with respect to that Grant. Ministerial functions may be performed
by an administrative committee comprised of Company employees appointed by the Committee.

(b) Committee Authority. The Committee shall have the sole authority to (i) determine
the Participants to whom Grants shall be made under the Plan, (ii) determine the type, size and
terms and conditions of the Grants to be made to each such Participant, (iii) determine the time
when the Grants will be made and the duration of any applicable exercise or restriction period,
including the criteria for exercisability and the acceleration of exercisability, (iv) amend the
terms and conditions of any previously issued Grant, subject to the provisions of Section 20 below,
and (v) deal with any other matters arising under the Plan.

(c) Committee Determinations. The Committee shall have full power and express
discretionary authority to administer and interpret the Plan, to make factual determinations and to
adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and
for the conduct of its business as it deems necessary or advisable, in its sole discretion. The
Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to
the powers vested in it hereunder shall be conclusive and binding on all persons having any
interest in the Plan or in any awards granted hereunder. All powers of the Committee shall be
executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in
keeping with the objectives of the Plan and need not be uniform as to similarly situated
Participants.

	 	4.	 	Grants

(a) Grants under the Plan may consist of Options as described in Section 7, Stock Units as
described in Section 8, Performance Units as described in Section 9, Stock Awards as described in
Section 10, Stock Appreciation Rights as described in Section 11, Dividend Equivalents as described
in Section 12 and Other Stock-Based Awards as described in Section 13. All Grants shall be subject
to such terms and conditions as the Committee deems appropriate and as are specified in writing by
the Committee to the Participant in the Grant Letter.

(b) All Grants shall be made conditional upon the Participant’s acknowledgement, in writing or
by acceptance of the Grant, that all decisions and determinations of the Committee shall be final
and binding on the Participant, his or her beneficiaries and any other person having or claiming an
interest under such Grant. Grants under a particular Section of the Plan need not be uniform as
among the Participants.

(c) The Committee may make Grants that are contingent on, and subject to, shareholder approval
of the Plan or an amendment to the Plan.

	 	5.	 	Shares Subject to the Plan

(a) Shares Authorized. The total aggregate number of shares of Stock that may be
issued under the Plan from January 1, 2004 is 15,000,000 shares, subject to adjustment as described
below. The maximum number of shares of Stock that may be issued under the Plan from January 1,
2004 pursuant to Grants other than Options or Stock Appreciation Rights during the term of the Plan
is 3,200,000 shares, subject to adjustment as described below. The shares may be authorized but
unissued shares of Stock or reacquired shares of Stock for purposes of the Plan.

(b) Share Counting. For administrative purposes, when the Committee makes a Grant
payable in Stock, the Committee shall reserve, and count against the share limit, shares equal to
the maximum number of shares that may be issued under the Grant. If and to the extent Options or
Stock Appreciation Rights granted under the Plan terminate, expire, or are canceled, forfeited,
exchanged or surrendered without having been exercised, and if and to the extent that any Stock
Awards, Stock Units, Performance Units or Other Stock-Based Awards are forfeited or terminated, or
otherwise are not paid in full, the shares reserved for such Grants shall again be available for
purposes of the Plan. Shares of Stock surrendered in payment of the Option Price of an Option, and
shares withheld or surrendered for payment of taxes, shall not be available for re-issuance under
the Plan. If Stock Appreciation Rights are granted, the full number of shares subject to the Stock
Appreciation Rights shall be considered issued under the Plan, without regard to the number of
shares issued upon settlement of the Stock Appreciation Rights and without regard to any cash
settlement of the Stock Appreciation Rights. To the extent that other Grants are designated in the
Grant Letter to be paid in cash, and not in shares of Stock, such Grants shall not count against
the share limits in subsection (a).

(c) Individual Limits. All Grants under the Plan, other than Dividend Equivalents,
shall be expressed in shares of Stock. The maximum aggregate number of shares of Stock with
respect to which all Grants may be made under the Plan to any individual during any calendar year
shall be 1,000,000 shares, subject to adjustment as described below. The maximum aggregate number
of shares of Stock with respect to which all Grants, other than Options and Stock Appreciation
Rights, may be made under the Plan to any individual during any calendar year shall be 200,000
shares, subject to adjustment as described below. A Participant may not accrue Dividend
Equivalents during any calendar year in excess of $750,000. The individual limits of this
subsection (b) shall apply without regard to whether the Grants are to be paid in Stock or cash.
All cash payments (other than with respect to Dividend Equivalents) shall equal the Fair Market
Value of the shares of Stock to which the cash payment relates.

(d) Adjustments. If there is any change in the number or kind of shares of Stock
outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or
combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation,
(iii) by reason of a reclassification or change in par value, or (iv) by reason of any other
extraordinary or unusual event affecting the outstanding Stock as a class without the Company’s
receipt of consideration, or if the value of outstanding shares of Stock is substantially reduced
as result of a spinoff or the Company’s payment of any extraordinary dividend or distribution, the
maximum number of shares of Stock available for issuance under the Plan, the maximum number of
shares of Stock for which any individual may receive Grants in any year, the kind and number of
shares covered by outstanding Grants, the kind and number of shares to be issued or issuable under
the Plan, and the price per share or the applicable market value of such Grants shall be required
to be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or
change in the kind or value of, issued shares of Stock to preclude, to the extent practicable, the
enlargement or dilution of rights and benefits under the Plan and such outstanding Grants;
provided, however, than any fractional shares resulting from such adjustment shall be eliminated.
Any adjustments to outstanding Grants shall be consistent with Section 409A of the Code, to the
extent applicable. Any adjustments determined by the Committee shall be final, binding and
conclusive.

	 	6.	 	Eligibility for Participation

(a) Eligible Persons. All Employees, including Employees who are officers or members
of the Board, and all Non-Employee Directors shall be eligible to participate in the Plan.

(b) Selection of Participants. The Committee shall select the Employees and
Non-Employee Directors to receive Grants and shall determine the number of shares of Stock subject
to each Grant.

	 	7.	 	Options

(a) General Requirements. The Committee may grant Options to an Employee or
Non-Employee Director upon such terms and conditions as the Committee deems appropriate under this
Section 7. Dividend Equivalents may not be granted with respect to Options.

(b) Number of Shares. The Committee shall determine the number of shares of Stock
that will be subject to each Grant of Options to Employees and Non-Employee Directors.

(c) Type of Option, Price and Term.

(i) The Committee may grant Options that are nonqualified stock options and are not considered
incentive stock options under section 422 of the Code.

(ii) The Option Price of Stock subject to an Option shall be determined by the Committee and
shall be equal to or greater than the Fair Market Value of a share of Stock on the Date of Grant.

(iii) The Committee shall determine the term of each Option. The term of an Option shall not
exceed ten years from the Date of Grant.

(d) Exercisability of Options. Options shall become exercisable in accordance with
such terms and conditions as may be determined by the Committee and specified in the Grant Letter.
The Committee may accelerate the exercisability of any or all outstanding Options at any time for
any reason.

(e) Termination of Employment or Service. Except as provided in the Grant Letter, an
Option may only be exercised while the Participant is employed by the Company, or providing service
as a Non-Employee Director. The Committee shall determine in the Grant Letter under what
circumstances and during what time periods a Participant may exercise an Option after termination
of employment or service.

(f) Exercise of Options. A Participant may exercise an Option that has become
exercisable, in whole or in part, by delivering a notice of exercise to the Company. The
Participant shall pay the Option Price for the Option (i) in cash, (ii) by delivering shares of
Stock owned by the Participant and having a Fair Market Value on the date of exercise equal to the
Option Price or by attestation to ownership of shares of Stock having an aggregate Fair Market
Value on the date of exercise equal to the Option Price, (iii) by payment through a broker in
accordance with procedures permitted by Regulation T of the Federal Reserve Board, or (iv) by such
other method as the Committee may approve. Shares of Stock used to exercise an Option shall have
been held by the Participant for the requisite period of time to avoid adverse accounting
consequences to the Company with respect to the Option. Payment for the shares pursuant to the
Option, and any required withholding taxes, must be received by the time specified by the Committee
depending on the type of payment being made, but in all cases prior to the issuance of the Stock.

	 	8.	 	Stock Units

(a) General Requirements. The Committee may grant Stock Units to an Employee or
Non-Employee Director, upon such terms and conditions as the Committee deems appropriate under this
Section 8. Each Stock Unit shall represent the right of the Participant to receive a share of
Stock or an amount based on the value of a share of Stock. All Stock Units shall be credited to
accounts on the Company’s records for purposes of the Plan.

(b) Terms of Stock Units. The Committee may grant Stock Units that are payable on
terms and conditions determined by the Committee. Stock Units may be paid at the end of a
specified period, or payment may be deferred to a date authorized by the Committee consistent with
section 409A of the Code. The Committee shall determine the number of Stock Units to be granted
and the requirements applicable to such Stock Units. The Committee may grant Dividend Equivalents
with respect to Stock Units.

(c) Payment With Respect to Stock Units. Payment with respect to Stock Units shall be
made in cash, in Stock, or in a combination of the two, as determined by the Committee in the Grant
Letter. The Grant Letter shall specify the maximum number of shares that can be issued under the
Stock Units.

(d) Requirement of Employment or Service. The Committee shall determine in the Grant
Letter under what circumstances a Participant may retain Stock Units after termination of the
Participant’s employment or service, and the circumstances under which Stock Units may be
forfeited.

	 	9.	 	Performance Units

(a) General Requirements. The Committee may grant Performance Units to an Employee or
Non-Employee Director, upon such terms and conditions as the Committee deems appropriate under this
Section 9. Each Performance Unit shall represent the right of the Participant to receive a share
of Stock or an amount based on the value of a share of Stock, if specified performance goals and
other conditions are met. All Performance Units shall be credited to accounts on the Company’s
records for purposes of the Plan.

(b) Terms of Performance Units. The Committee shall establish the performance goals
and other conditions for payment of Performance Units. Performance Units may be paid at the end of
a specified performance or other period, or payment may be deferred to a date authorized by the
Committee, consistent with section 409A of the Code. The Committee shall determine the number of
Performance Units to be granted and the requirements applicable to such Performance Units. The
Committee may grant Dividend Equivalents with respect to Performance Units.

(c) Payment With Respect to Performance Units. Payment with respect to Performance
Units shall be made in cash, in Stock, or in a combination of the two, as determined by the
Committee in the Grant Letter. The Committee shall establish a Target Amount for Performance Units
in the Grant Letter. Payment of Performance Units in excess of the Target Amount shall be made in
cash.

(d) Requirement of Employment or Service. The Committee shall determine in the Grant
Letter under what circumstances a Participant may retain Performance Units after termination of the
Participant’s employment or service, and the circumstances under which Performance Units may be
forfeited.

	 	10.	 	Stock Awards

(a) General Requirements. The Committee may issue shares of Stock to an Employee or
Non-Employee Director under a Stock Award, upon such terms and conditions as the Committee deems
appropriate under this Section 10. Shares of Stock issued pursuant to Stock Awards may be issued
for cash consideration or for no cash consideration, and subject to restrictions or no
restrictions, as determined by the Committee. The Committee may establish conditions under which
restrictions on Stock Awards shall lapse over a period of time or according to such other criteria
as the Committee deems appropriate, including restrictions based upon the achievement of specific
performance goals.

(b) Number of Shares. The Committee shall determine the number of shares of Stock to
be issued pursuant to a Stock Award and any restrictions applicable to such shares.

(c) Requirement of Employment or Service. The Committee shall determine in the Grant
Letter under what circumstances a Participant may retain Stock Awards after termination of the
Participant’s employment or service, and the circumstances under which Stock Awards may be
forfeited.

(d) Restrictions on Transfer. While Stock Awards are subject to restrictions, a
Participant may not sell, assign, transfer, pledge or otherwise dispose of the shares of a Stock
Award except upon death as described in Section 17. Each Certificate for a share of a Stock Award
shall contain a legend giving appropriate notice of the restrictions in the Grant. The Participant
shall be entitled to have the legend removed when all restrictions on such shares have lapsed. The
Company may retain possession of any Certificates for Stock Awards until all restrictions on such
shares have lapsed.

(e) Right to Vote and to Receive Dividends. The Committee shall determine to what
extent, and under what conditions, the Participant shall have the right to vote shares of Stock
Awards and to receive any dividends or other distributions paid on such shares during the
restriction period.

	 	11.	 	Stock Appreciation Rights

(a) General Requirements. The Committee may grant Stock Appreciation Rights to an
Employee or Non-Employee Director separately or in tandem with any Option (for all or a portion of
the applicable Option). Dividend Equivalents may not be granted with respect to Stock Appreciation
Rights.

(b) Number of Shares, Term and Base Amount. The Committee shall establish the number
of shares, the term and the base amount of the Stock Appreciation Right at the time the Stock
Appreciation Right is granted. The term of a Stock Appreciation Right shall not exceed ten years
from the Date of Grant. The base amount of a Stock Appreciation Right shall not be less than the
Fair Market Value of a share of Stock on the Date of Grant of the Stock Appreciation Right.

(c) Exercisability. Stock Appreciation Rights shall become exercisable in accordance
with such terms and conditions as may be determined by the Committee and specified in the Grant
Letter. The Committee may accelerate the exercisability of any or all outstanding Stock
Appreciation Rights at any time for any reason. A tandem Stock Appreciation Right shall be
exercisable only during the period when the Option to which it is related is also exercisable.

(d) Termination of Employment or Service. Except as provided in the Grant Letter, a
Stock Appreciation Right may only be exercised while the Participant is employed by the Company, or
providing service as a Non-Employee Director. The Committee shall determine in the Grant Letter
under what circumstances and during what time periods a Participant may exercise a Stock
Appreciation Right after termination of employment or service.

(e) Exercise of Stock Appreciation Rights. When a Participant exercises a Stock
Appreciation Right, the Participant shall receive in settlement of such Stock Appreciation Right an
amount equal to the value of the Stock appreciation for the number of Stock Appreciation Rights
exercised. The Stock appreciation is the amount by which the Fair Market Value of the underlying
shares of Stock on the date of exercise of the Stock Appreciation Right exceeds the base amount of
the Stock Appreciation Right as specified in the Grant Letter. The Stock appreciation amount shall
be paid in shares of Company Stock, cash or any combination of the two, as the Committee shall
determine in the Grant Letter. For purposes of calculating the number of shares of Stock to be
received, shares of Stock shall be valued at their Fair Market Value on the date of exercise of the
Stock Appreciation Right.

12. Dividend Equivalents.

(a) General Requirements. When the Committee grants Stock Units or Performance Units
under the Plan, the Committee may grant Dividend Equivalents in connection with such Grants under
such terms and conditions as the Committee deems appropriate under this Section 12. Dividend
Equivalents may be paid to Participants currently or may be deferred, consistent with section 409A
of the Code, as determined by the Committee. All Dividend Equivalents that are not paid currently
shall be credited to accounts on the Company’s records for purposes of the Plan. Dividend
Equivalents may be accrued as a cash obligation, or may be converted to Stock Units for the
Participant, as determined by the Committee. Unless otherwise specified in the Grant Letter,
deferred Dividend Equivalents will not accrue interest. The Committee may provide that Dividend
Equivalents shall be payable based on the achievement of specific performance goals.

(b) Payment with Respect to Dividend Equivalents. Dividend Equivalents may be payable
in cash or shares of Stock or in a combination of the two, as determined by the Committee in the
Grant Letter.

	 	13.	 	Other Stock-Based Awards

The Committee may grant other awards that are based on, measured by or payable in Stock to
Employees or Non-Employee Directors, on such terms and conditions as the Committee deems
appropriate under this Section 13. Other Stock-Based Awards may be granted subject to achievement
of performance goals or other conditions and may be payable in Stock or cash, or in a combination
of the two, as determined by the Committee in the Grant Letter.

	 	14.	 	Qualified Performance-Based Compensation

(a) Designation as Qualified Performance-Based Compensation. The Committee may
determine that Stock Units, Performance Units, Stock Awards, Dividend Equivalents or Other
Stock-Based Awards granted to an Employee shall be considered “qualified performance-based
compensation” under section 162(m) of the Code. The provisions of this Section 14 shall apply to
any such Grants that are to be considered “qualified performance-based compensation” under section
162(m) of the Code.

(b) Performance Goals. When Stock Units, Performance Units, Stock Awards, Dividend
Equivalents or Other Stock-Based Awards that are to be considered “qualified performance-based
compensation” are granted, the Committee shall establish in writing (i) the objective performance
goals that must be met, (ii) the period during which performance will be measured, (iii) the
maximum amounts that may be paid if the performance goals are met, and (iv) any other conditions
that the Committee deems appropriate and consistent with the requirements of Section 162(m) of the
Code for “qualified performance-based compensation.” The performance goals shall satisfy the
requirements for “qualified performance-based compensation,” including the requirement that the
achievement of the goals be substantially uncertain at the time they are established and that the
performance goals be established in such a way that a third party with knowledge of the relevant
facts could determine whether and to what extent the performance goals have been met. The
Committee shall not have discretion to increase the amount of compensation that is payable, but may
reduce the amount of compensation that is payable, pursuant to Grants identified by the Committee
as “qualified performance-based compensation.”

(c) Criteria Used for Objective Performance Goals. The Committee shall use
objectively determinable performance goals based on one or more of the following criteria: stock
price, earnings per share, net earnings, operating earnings, margin, EBITDA (earnings before
interest, taxes, depreciation and amortization), net capital employed, return on assets,
shareholder return, return on equity, return on capital employed, growth in assets, unit volume,
sales, cash flow, market share, relative performance to a comparison group designated by the
Committee, or strategic business criteria consisting of one or more objectives based on meeting
specified revenue goals, market penetration goals, customer growth, geographic business expansion
goals, cost targets or goals relating to acquisitions or divestitures. The performance goals may
relate to the Participant’s business unit or the performance of the Company as a whole, or any
combination of the foregoing. Performance goals need not be uniform as among Participants.

(d) Timing of Establishment of Goals. The Committee shall establish the performance
goals in writing either before the beginning of the performance period or during a period ending no
later than the earlier of (i) 90 days after the beginning of the performance period or (ii) the
date on which 25% of the performance period has been completed, or such other date as may be
required or permitted under applicable regulations under section 162(m) of the Code.

(e) Certification of Results. The Committee shall certify the performance results for
the performance period specified in the Grant Letter after the performance period expires. The
Committee shall determine the amount, if any, to be paid pursuant to each Grant based on the
achievement of the performance goals and the satisfaction of all other terms of the Grant Letter.

(f) Death, Disability or Other Circumstances. The Committee may provide in the Grant
Letter that Grants identified as qualified performance-based compensation shall be payable, in
whole or in part, in the event of the Participant’s death or disability, a Change of Control or
under other circumstances consistent with the Treasury regulations and rulings under section 162(m)
of the Code.

	 	15.	 	Directors’ Equity Plan

The Directors’ Equity Plan was merged into this Plan as of January 1, 2004, and all
outstanding Units and accrued Dividend Equivalents under the Directors’ Equity Plan as of January
1, 2004 shall be issued and paid out of this Plan. No additional awards shall be made under the
Directors’ Equity Plan. Dividend Equivalents shall be credited under this Plan with respect to
outstanding Units under the Directors’ Equity Plan, according to terms and conditions established
by the Committee under Section 12.

	 	16.	 	Withholding of Taxes

(a) Required Withholding. All Grants under the Plan shall be subject to applicable
federal (including FICA), state and local tax withholding requirements. The Company may require
that the Participant or other person receiving or exercising Grants pay to the Company the amount
of any federal, state or local taxes that the Company is required to withhold with respect to such
Grants, or the Company may deduct from other wages paid by the Company the amount of any
withholding taxes due with respect to such Grants.

(b) Election to Withhold Shares. If the Committee so permits, a Participant may elect
to satisfy the Company’s tax withholding obligation with respect to Grants paid in Stock by having
shares of Stock withheld, at the time such Grants become taxable, up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state and local
tax liabilities.

	 	17.	 	Transferability of Grants

Only the Participant may exercise rights under a Grant during the Participant’s lifetime, and
a Participant may not transfer those rights except by will or by the laws of descent and
distribution. When a Participant dies, the personal representative or other person entitled to
succeed to the rights of the Participant may exercise such rights. Any such successor must furnish
proof satisfactory to the Company of his or her right to receive the Grant under the Participant’s
will or under the applicable laws of descent and distribution.

	 	18.	 	Consequences of a Change of Control

(a) Notice and Acceleration. Upon a Change of Control, unless the Committee
determines otherwise, (i) the Company shall provide each Participant who holds outstanding Grants
with written notice of the Change of Control, (ii) all outstanding Options and Stock Appreciation
Rights shall automatically accelerate and become fully exercisable, (iii) the restrictions and
conditions on all outstanding Stock Awards shall immediately lapse, (iv) all Stock Units and
Performance Units shall become payable in cash in an amount not less than their Target Amount or in
a larger amount, up to the maximum Grant value, as determined by the Committee, and (v) Dividend
Equivalents and Other Stock-Based Awards shall become payable in full in cash, in amounts
determined by the Committee.

(b) Assumption of Grants. Upon a Change of Control where the Company is not the
surviving corporation (or survives only as a subsidiary of another corporation), unless the
Committee determines otherwise, all outstanding Options and Stock Appreciation Rights that are not
exercised shall be assumed by, or replaced with comparable options or stock appreciation rights by,
the surviving corporation (or a parent or subsidiary of the surviving corporation), and other
Grants that remain outstanding after the Change of Control shall be converted to similar Grants of
the surviving corporation (or a parent or subsidiary of the surviving corporation).

(c) Other Alternatives. Notwithstanding the foregoing, subject to subsection (d)
below, in the event of a Change of Control, the Committee may take any of the following actions
with respect to any or all outstanding Grants, without the consent of any Participant: (i) the
Committee may require that Participants surrender their outstanding Options and Stock Appreciation
Rights in exchange for a payment by the Company, in cash or Stock as determined by the Committee,
in an amount equal to the amount, if any, by which the then Fair Market Value of the shares of
Stock subject to the Participant’s unexercised Options and Stock Appreciation Rights exceeds the
Option Price or base amount, (ii) after giving Participants an opportunity to exercise their
outstanding Options and Stock Appreciation Rights, the Committee may terminate any or all
unexercised Options and Stock Appreciation Rights at such time as the Committee deems appropriate,
and (iii) with respect to Participants holding Stock Units, Performance Units, Dividend Equivalents
or Other Stock-Based Awards, the Committee may determine that such Participants shall receive a
payment in settlement of such Stock Units, Performance Units, Dividend Equivalents or Other
Stock-Based Awards, in such amount and form as may be determined by the Committee. Such surrender
or termination shall take place as of the date of the Change of Control or such other date as the
Committee may specify.

(d) Committee. The Committee making the determinations under this Section 18
following a Change of Control must be comprised of the same members as those of the Committee
immediately before the Change of Control. If the Committee members do not meet this requirement,
the automatic provisions of subsections (a) and (b) shall apply, and the Committee shall not have
discretion to vary them.

(e) Other Transactions. The Committee may provide in a Grant Letter that a sale or
other transaction involving a Subsidiary or other business unit of the Company shall be considered
a Change of Control for purposes of a Grant, or the Committee may establish other provisions that
shall be applicable in the event of a specified transaction.

	 	19.	 	Requirements for Issuance of Shares

No Stock shall be issued in connection with any Grant hereunder unless and until all legal
requirements applicable to the issuance of such Stock have been complied with to the satisfaction
of the Committee. The Committee shall have the right to condition any Grant made to any
Participant hereunder on such Participant’s undertaking in writing to comply with such restrictions
on his or her subsequent disposition of such shares of Stock as the Committee shall deem necessary
or advisable, and Certificates representing such shares may be legended to reflect any such
restrictions. Certificates representing shares of Stock issued under the Plan will be subject to
such stop-transfer orders and other restrictions as may be required by applicable laws, regulations
and interpretations, including any requirement that a legend be placed thereon. No Participant
shall have any right as a shareholder with respect to Stock covered by a Grant until shares have
been issued to the Participant.

	 	20.	 	Amendment and Termination of the Plan

(a) Amendment. The Board may amend or terminate the Plan at any time; provided,
however, that the Board shall not amend the Plan without approval of the shareholders of UGI if
such approval is required in order to comply with the Code or applicable laws, or to comply with
applicable stock exchange requirements. No amendment or termination of this Plan shall, without
the consent of the Participant, materially impair any rights or obligations under any Grant
previously made to the Participant under the Plan, unless such right has been reserved in the Plan
or the Grant Letter, or except as provided in Section 21(c) below.

(b) No Repricing Without Shareholder Approval. Notwithstanding anything in the Plan
to the contrary, the Committee may not reprice Options or Stock Appreciation Rights, nor may the
Board amend the Plan to permit repricing of Options or Stock Appreciation Rights, unless the
shareholders of UGI provide prior approval for such repricing. The term “repricing” shall have the
meaning given that term in Section 303A(8) of the New York Stock Exchange Listed Company Manual, as
in effect from time to time.

(c) Shareholder Approval for “Qualified Performance-Based Compensation.” If Stock
Units, Performance Units, Stock Awards, Dividend Equivalents or Other Stock-Based Awards are
granted as “qualified performance-based compensation” under Section 14 above, the Plan must be
reapproved by the UGI shareholders no later than the first shareholders meeting that occurs in the
fifth year following the year in which the shareholders previously approved the provisions of
Section 14, if additional Grants are to be made under Section 14 and if required by section 162(m)
of the Code or the regulations thereunder.

(d) Termination of Plan. The Plan shall terminate on December 4, 2016, unless the
Plan is terminated earlier by the Board or is extended by the Board with the approval of the
shareholders. The termination of the Plan shall not impair the power and authority of the
Committee with respect to an outstanding Grant.

	 	21.	 	Miscellaneous

(a) Grants in Connection with Corporate Transactions and Otherwise. Nothing contained
in this Plan shall be construed to (i) limit the right of the Committee to make Grants under this
Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of
the business or assets of any corporation, firm or association, including Grants to employees
thereof who become Employees, or for other proper corporate purposes, or (ii) limit the right of
the Company to grant stock options or make other stock-based awards outside of this Plan. Without
limiting the foregoing, the Committee may make a Grant to an employee of another corporation who
becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or
property, reorganization or liquidation involving the Company in substitution for a grant made by
such corporation. The terms and conditions of the Grants may vary from the terms and conditions
required by the Plan and from those of the substituted stock incentives, as determined by the
Committee.

(b) Reduction of Responsibilities. The Committee shall have discretion to adjust an
Employee’s outstanding Grants if the Employee’s authority, duties or responsibilities are
significantly reduced.

(c) Compliance with Law. The Plan, the exercise of Options and the obligations of the
Company to issue or transfer shares of Stock under Grants shall be subject to all applicable laws
and to approvals by any governmental or regulatory agency as may be required. With respect to
persons subject to section 16 of the Exchange Act, it is the intent of the Company that the Plan
and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its
successors under the Exchange Act. In addition, it is the intent of the Company that Grants made
under Section 14 of the Plan comply with the applicable provisions of section 162(m) of the Code.
To the extent that any legal requirement of section 16 of the Exchange Act or section 162(m) of the
Code as set forth in the Plan ceases to be required under section 16 of the Exchange Act or section
162(m) of the Code, that Plan provision shall cease to apply. The Committee may revoke any Grant
if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory
government regulation. The Committee may also adopt rules regarding the withholding of taxes on
payments to Participants. The Committee may, in its sole discretion, agree to limit its authority
under this Section.

(d) Enforceability. The Plan shall be binding upon and enforceable against the
Company and its successors and assigns.

(e) Funding of the Plan; Limitation on Rights. This Plan shall be unfunded. The
Company shall not be required to establish any special or separate fund or to make any other
segregation of assets to assure the payment of any Grants under this Plan. Nothing contained in
the Plan and no action taken pursuant hereto shall create or be construed to create a fiduciary
relationship between the Company and any Participant or any other person. No Participant or any
other person shall under any circumstances acquire any property interest in any specific assets of
the Company. To the extent that any person acquires a right to receive payment from the Company
hereunder, such right shall be no greater than the right of any unsecured general creditor of the
Company.

(f) Rights of Participants. Nothing in this Plan shall entitle any Employee,
Non-Employee Director or other person to any claim or right to receive a Grant under this Plan.
Neither this Plan nor any action taken hereunder shall be construed as giving any individual any
rights to be retained by or in the employment or service of the Company.

(g) No Fractional Shares. No fractional shares of Stock shall be issued or delivered
pursuant to the Plan or any Grant. The Committee shall determine whether cash, other awards or
other property shall be issued or paid in lieu of such fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

(h) Employees Subject to Taxation Outside the United States. With respect to
Participants who are subject to taxation in countries other than the United States, the Committee
may make Grants on such terms and conditions as the Committee deems appropriate to comply with the
laws of the applicable countries, and the Committee may create such procedures, addenda and
subplans and make such modifications as may be necessary or advisable to comply with such laws.

2

(i) Governing Law. The validity, construction, interpretation and effect of the Plan and

Grant Letters issued under the Plan shall be governed and construed by and determined in accordance

with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict of laws

provisions thereof.Exhibit A

UGI CORPORATION

2004 OMNIBUS EQUITY COMPENSATION PLAN

AMENDED AND RESTATED AS OF DECEMBER 5, 2006

For purposes of the Plan, the term “Change of Control,” and other defined terms used in the
definition of “Change of Control,” shall have the following meanings:

1. “Change of Control” shall mean:

(i) Any Person (except UGI, any UGI Subsidiary, any employee benefit plan of UGI or of any UGI
Subsidiary, or any Person or entity organized, appointed or established by UGI for or pursuant to
the terms of any such employee benefit plan), together with all Affiliates and Associates of such
Person, becomes the Beneficial Owner in the aggregate of 20% or more of either (i) the then
outstanding shares of common stock of UGI (the “Outstanding UGI Common Stock”) or (ii) the combined
voting power of the then outstanding voting securities of UGI entitled to vote generally in the
election of directors (the “UGI Voting Securities”); or

(ii) Individuals who, as of the beginning of any 24-month period, constitute the UGI Board of
Directors (the “Incumbent UGI Board”) cease for any reason to constitute at least a majority of the
Incumbent UGI Board, provided that any individual becoming a director of UGI subsequent to the
beginning of such period whose election or nomination for election by the UGI shareholders was
approved by a vote of at least a majority of the directors then comprising the Incumbent UGI Board
shall be considered as though such individual were a member of the Incumbent UGI Board, but
excluding, for this purpose, any such individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the Directors
of UGI (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
Act); or

(iii) Consummation by UGI of a reorganization, merger or consolidation (a “Business
Combination”), in each case, with respect to which all or substantially all of the individuals and
entities who were the respective Beneficial Owners of the Outstanding UGI Common Stock and UGI
Voting Securities immediately prior to such Business Combination do not, following such Business
Combination, Beneficially Own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination in substantially the same proportion as their
ownership immediately prior to such Business Combination of the Outstanding UGI Common Stock and
UGI Voting Securities, as the case may be; or

(iv) Consummation of (a) a complete liquidation or dissolution of UGI or (b) a sale or other
disposition of all or substantially all of the assets of UGI other than to a corporation with
respect to which, following such sale or disposition, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors is then owned beneficially,
directly or indirectly, by all or substantially all of the individuals and entities who were the
Beneficial Owners, respectively, of the Outstanding UGI Common Stock and UGI Voting Securities
immediately prior to such sale or disposition in substantially the same proportion as their
ownership of the Outstanding UGI Common Stock and UGI Voting Securities, as the case may be,
immediately prior to such sale or disposition.

2. “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

3. A Person shall be deemed the “Beneficial Owner” of any securities: (i) that such Person or
any of such Person’s Affiliates or Associates, directly or indirectly, has the right to acquire
(whether such right is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding (whether or not in writing) or upon the exercise of
conversion rights, exchange rights, rights, warrants or options, or otherwise; provided, however,
that a Person shall not be deemed the “Beneficial Owner” of securities tendered pursuant to a
tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until
such tendered securities are accepted for payment, purchase or exchange; (ii) that such Person or
any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or
dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General
Rules and Regulations under the Exchange Act), including without limitation pursuant to any
agreement, arrangement or understanding, whether or not in writing; provided, however, that a
Person shall not be deemed the “Beneficial Owner” of any security under this clause (ii) as a
result of an oral or written agreement, arrangement or understanding to vote such security if such
agreement, arrangement or understanding (A) arises solely from a revocable proxy given in response
to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable
provisions of the General Rules and Regulations under the Exchange Act, and (B) is not then
reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor
report); or (iii) that are beneficially owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or
Associates) has any agreement, arrangement or understanding (whether or not in writing) for the
purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described in the
proviso to clause (ii) above) or disposing of any securities; provided, however, that nothing in
this Section 1(c) shall cause a Person engaged in business as an underwriter of securities to be
the “Beneficial Owner” of any securities acquired through such Person’s participation in good faith
in a firm commitment underwriting until the expiration of forty (40) days after the date of such
acquisition.

4. “Person” shall mean an individual or a corporation, partnership, trust, unincorporated
organization, association, or other entity.

5. “UGI Subsidiary” shall mean any corporation in which UGI directly or indirectly, owns at
least a fifty percent (50%) interest or an unincorporated entity of which UGI, as applicable,
directly or indirectly, owns at least fifty percent (50%) of the profits or capital interests.

Corpdocs/compensation/061205 Amended & Restated 2004 OECP

3EX-10.1

FOURTH AMENDED AND COMPLETELY RESTATED LOAN AGREEMENT

THIS FOURTH AMENDED AND COMPLETELY RESTATED LOAN AGREEMENT (the “Agreement”) is executed to be
effective as of 23rd day of February, 2007 (the “Effective Date”) by and among Synovus
Bank of Tampa Bay, a Florida banking corporation f/k/a United Bank And Trust Company and f/k/a
United Bank Of Pinellas (such party and its successors and assigns the “Lender”), MMA Capital
Corporation, a Michigan corporation f/k/a Midland Capital Corporation (“MCC”), MMA Mortgage
Investment Corporation, a Florida corporation f/k/a Midland Mortgage Investment Corporation
(“MMIC”), MMA Construction Finance, LLC, a Maryland limited liability company f/k/a MuniMae Midland
Construction Finance, LLC (“MMCF”), Municipal Mortgage & Equity LLC, a Delaware limited liability
company (“MMA”), MMA Financial Holdings, Inc., a Florida corporation f/k/a Midland Financial
Holdings, Inc. (“MFH”) and MMA Financial, Inc., a Maryland corporation (“MMA Financial”). For
convenience MCC, MMIC and MMCF shall be herein collectively called, the “Borrowing Group” and MMA,
MFH and MMA Financial shall be herein collectively called, the “Guarantor(s)”.

RECITALS

A. On or about May 31, 1988, MCC executed and delivered to Lender a promissory note in the
original principal amount of up to ONE MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS
($1,500,000.00), as well as a loan agreement and various other documents and instruments relating
thereto which agreement as it was amended pursuant to four subsequent addendums shall be herein
called the, “Original Loan Agreement”.

B. Effective June 1, 1992 the Lender, MCC, Midland Equity Corporation, a Florida corporation,
Ray F. Mathis, MFH, MMIC, Keith J. Gloeckl, H. C. Chris Gloeckl, Robert J. Banks and Jennifer Banks
executed that certain Amended and Restated Loan Agreement which amended and completely restated the
Original Loan Agreement. The Amended and Restated Loan Agreement as it was subsequently amended
pursuant to four separate addendums shall be herein called the “First Amendment”.

C. Effective June 27, 2003 the Lender, MCC, MFH, MMA, MMA Financial, LLC, a Maryland limited
liability company, and MuniMae Investment Services Corporation, a Maryland corporation entered into
that certain Second Amended and Completely Restated Loan Agreement (“Second Amendment”).

D. The Lender, the Borrowing Group and the Guarantors entered into that certain Third Amended
and Completely Restated Loan Agreement dated December 21, 2004 (“Third Amendment”).

E. The Borrowing Group and the Guarantors have requested Lender:

To increase the combined Asset Based Loan and L.O.C. Facility (both as hereafter
defined) from $50,000,000.00 and $10,000,000.00 respectively to a combined facility
of $100,000,000.00;

And otherwise to amend and completely restate the Third Amendment as hereinafter set
forth, and Lender is willing to do so.

F. In connection with all of the foregoing, the Guarantors have executed in favor of Lender
unconditional guaranties of Borrowing Group’s obligations to Lender and consented to the execution,
delivery and performance of this Fourth Amended and Completely Restated Loan Agreement.

G. Further, in connection with the matters referenced herein, the Borrowing Group has executed
a Renewal Promissory Note (“Note”), various Uniform Commercial Code financing statements, and other
documents and instruments (all such documents and instruments, with the other documents and
instruments referenced in these recitals, as amended hereby, are herein collectively called, the
“Loan Documents”).

NOW, THEREFORE, IN CONSIDERATION of the premises and the Asset Based Loan and the L.O.C.
Facility all as herein provided, the parties, intending to be legally bound, do hereby covenant
and agree that this Agreement shall amend and completely restate the Third Amendment as follows:

ARTICLE I

INCORPORATIONS BY REFERENCE

Section 1.01. Incorporation Of Premises. The parties agree that the statements of fact
set forth in the premises hereto are true and correct and by this reference are incorporated in and
made a part of this Agreement.

Section 1.02. Incorporation Of Exhibits. Exhibits referred to herein and attached
hereto by this reference are incorporated in and made a part of this Agreement.

ARTICLE II

DEFINITIONS AND INTERPRETATION

Section 2.01. Definitions. The following words, terms and phrases, when used in this
Agreement and in collateral documents, have the following meanings, unless the context clearly
indicates a different meaning:

(a) “Accounts” shall mean all accounts as that term is defined by the Uniform Commercial Code,
as adopted by the State of Florida.

(b) “Affiliate” shall mean any Person which directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with, any member of the
Borrowing Group, or five percent (5%) or more of the equity interest of which is held beneficially
or of record by the Borrowing Group and any Affiliate thereof.

(c) “Aggregate Credit Balance” shall mean the sum of (i) the outstanding principal balance of
the Asset Based Loan, and (ii) the aggregate face amount of letters of credit issued and
outstanding under the L.O.C. Facilty.

(d) “Applicable Rate” shall mean the rate described in Section 3.05 of the Agreement.

(e) “Approved Subordinated Debt” means Indebtedness which is unsecured and subordinated to
payment of the Obligations in a manner acceptable to Adminstrative Agent in its sole discretion.

(f) “Asset Based Loan” shall mean the line of credit established under this Loan Agreement in
Article III.

(g) “Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of any
Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the
capitalized amount of the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were
accounted for as a capital lease.

(h) “Authorized Officer(s)” shall mean those officers of the Borrowing Group listed in Exhibit
A attached.

(i) “Authorized Loan Administrator(s)” shall mean those officers or employees of members of
Borrowing Group listed in Exhibit B attached, provided that members of Borrowing Group may amend
the list of Authorized Loan Administrators from time to time without the consent of the Lenders but
by written notification to Lender

(j) “Borrowing Group’s Deposit Accounts” shall mean bank deposit accounts maintained by
members of the Borrowing Group or any of its Affiliates with a Synovus Affiliate; provided that
such term shall not include bank deposit accounts which are invested and reinvested by Federated
Investment, Inc., a fund manager but shall only include accounts which are not so invested. For
these purposes, “Synovus Affiliate” shall mean any financial institution which is under the control
of Synovus Financial Corp, a Georgia corporation.

(k) “Business Day” means any day on which state banks are customarily open for business in St.
Petersburg, Florida.

(l) “Consolidated CAD” means, for any period of determination, the cash available for
distribution for such period, as determined in accordance with MMA’s policies and procedures for
determining cash available for distribution (a) as reflected in its earnings packages furnished to
the SEC as supporting documentation for the financial information contained in its periodic filings
on Form 10-K or Form 10-Q or any relevant filings on Form 8-K or (b) as otherwise made available to
MMA’s investors and research analysts from time to time.

(m) “Consolidated Debt” means the total liabilities minus deferred taxes of the Guarantors and
their Subsidiaries, all as determined on a consolidated basis in accordance with GAAP, excluding
any liabilities of the Guarantors and their Subsidiaries existing solely as a result of the
application of FIN 46R.

(n) “Consolidated Interest Charges and Distributions” means, for any period, for MMA
and its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt
discounts, fees, charges and related expenses of MMA and its Subsidiaries in connection with
borrowed money (including capitalized interest) or in connection with the deferred purchase price
of assets, in each case to the extent treated as interest in accordance with GAAP, (b) the portion
of rent expense of MMA and its Subsidiaries with respect to such period under capital leases that
is treated as interest in accordance with GAAP, and (c) Restricted Payments made with respect to
the preferred shares of Guarantor and its Subsidiaries provided, that there shall be excluded any
interest which would otherwise have been included herein solely as a result of the application of
FIN 46R.

(o) “Consolidated Interest and Distributions Coverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated CAD for the four fiscal quarters most recently ended
for which MMA has delivered or should have delivered financial statements pursuant to Section 6.06,
plus Consolidated Interest Charges and Distributions for such period to (b) Consolidated Interest
Charges and Distributions for such period.

(p) “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Debt as of such date to (b) Consolidated Tangible Net Worth as of such date.

(q) “Consolidated Senior Indebtedness” means, as of any date of determination, the aggregate
amount of the following liabilities which would be shown on the consolidated balance sheet of MMA
and its Subsidiaries prepared in accordance with GAAP: (a) the outstanding principal amount of all
obligations, whether current or long term, for borrowed money (including Obligations hereunder) and
all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments, (b) all purchase money Indebtedness, (c) all obligations in respect of the deferred
purchase price of property or services (other than trade accounts payable in the ordinary course of
business), (d) Attributable Indebtedness in respect of capital leases and Synthetic Lease
Obligations, and (e) all Indebtedness of the types referred to in clauses (a) through (d) above of
any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which MMA or a Subsidiary is a general partner or joint venturer,
unless such Indebtedness is expressly made non-recourse to the Borrowers or such Subsidiary,
excluding, however (i) Approved Subordinate Debt and (ii) any such Indebtedness which exists solely
as a result of the application of FIN 46R.

(r) “Consolidated Tangible Net Worth” means, as of any date of determination, for MMA and its
Subsidiaries on a consolidated basis, Shareholders’ Equity of MMA and its Subsidiaries on that date
minus the Intangible Assets of MMA and its Subsidiaries on that date, provided, that the
determination of Consolidated Tangible Net Worth shall be adjusted to exclude the effect of FIN
46R.

(s) “Control” means the power to direct the management and policies of a Person, directly or
indirectly, whether through the ownership of voting securities, by contract, pursuant to law and
regulations or otherwise; and, the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

(t) “Department” means any and every unit of federal, state and local government having
jurisdiction over any member of the Borrowing Group.

(u) “Disbursements” means that portion of the Asset Based Loan made by Lender to each member
of the Borrowing Group pursuant to each request made by it under Section 3.02 herein.

(v) “Eligible Loans/Eligible Loan Programs” shall refer to the following:

Construction /Permanent Loan Program as described in the Construction
/Permanent Guideline (“Construction/Permanant Underwriting
Guideline”) which is attached hereto as Exhibit F.

Interim Loans as described in the Interim Loan Guideline (“Interim
Loan Underwriting Guideline”) which is attached hereto as Exhibit G
and by reference made a part hereof.

Unenhanced tax exempt bonds as described in the Direct Purchase
Program, Unenhanced, Tax-Exempt Bond Financing guidelines (“Direct
Purchase Program Unenhanced Tax Exempt Bond Financing Guideline”)
which is attached hereto as Exhibit H and by reference made a part
hereof.

Supplemental Loan Program or Supplemental Loans as described in the
manual bearing that title published by MMA Financial, LLC f/k/a
MuniMae Midland, LLC dated January 23, 2003 and previously delivered
to Lender. (“Supplemental Loan Program Manual”).

Promissory Notes secured by first mortgages on non-multifamily real
estate; provided that in order to be deemed to be an “Eligible Loan”
each such loan (i) must be approved on a loan by loan basis by the
Lender in its absolute discretion, (ii) must have a loan to value
ratio of not more than 80% as determined by an appraisal acceptable
to the Lender, (iii) be supported by a minimum debt service coverage
of not less than 1.15 times as described in the Commercial Loan
(Non-Multifamily Loan) program guidelines attached hereto as Exhibit
I. For convenience elegible loans that are commercial mortgage loans
herein described shall be herein called, “Non-MultiFamily Mortgage
Loans”.

(w) “Eligible Receivables” shall mean Borrowing Group’s Eligible Loans where (i) the payments
of principal and interest are current within 90 actual days; and (ii) which have a Risk Rating of 4
or better (less) as assigned in accordance with the policies and procedures of the Borrowing Group
customarily assigned.

(x) “Equity Borrower” shall mean a Person obligated to a member of the Borrowing Group under a
Pledged Loan.

(y) “Event of Default” has the meaning set forth in Section 9.01.

(z) “FIN 46R” means the Interpretation of Accounting Research Bulletin no. 51, Consolidated
Financial Statements, promulgated by the Financial Accounting Standards Board, as the same may be
restated, modified or changed from time to time.

(aa) “GAAP” means generally accepted accounting principles in the United States set forth in
the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

(bb) “Intangible Assets” means assets that are considered to be intangible assets under GAAP,
including customer lists, goodwill, computer software, copyrights, trade names, trademarks,
patents, franchises, licenses, unamortized deferred charges, and unamortized debt discount.

(cc) “Loan Documents” means this Agreement, the Note, and any and all collateral instruments
and documents executed and delivered in connection herewith whether executed previously with
respect to Pledged Loans that continue to be pledged, or executed at the time of the execution of
this Agreement or subsequently as either Pledged Loans are collaterally assigned to the Lender or
L.O.C. Applications are submitted and letters of credit are issued by the Lender under the L.O.C.
Facility.

(dd) “Loan Manual(s)” shall refer to — Construction Underwriting Guideline, Direct Purchase
Program Unenhanced Tax Exempt Bond Financing Guideline, Supplemental Loan Program Manual, Fannie
Mae DUS Forward Commitment Guideline and Freddie Mac Forward Commitment – Tax Credit Properties
Guideline.

(ee) “L.O.C. Applications” shall mean the form that is attached hereto as Exhibit E. and by
reference made a part hereof and which are required to be executed and delivered to the Lender by a
member of the Borrowing Group making request hereunder for the issuance of a letter of credit.

(ff) “L.O.C. Facility” shall mean the rights of the Borrowing Group to request and the
obligations of the Lender to provide commercial letters of credit in accordance with the terms and
conditions of this Loan Agreement and as established under Article III hereof.

(gg) “Maturity” or “Maturity Date” means the second anniversary of this Loan Agreement.

(hh) “Note” shall refer the Renewal Promissory Note dated of even date herewith in the
original aggregate principal amount of One Hundred Million ($100,000,000.00) Dollars made by
Borrowing Group payable to the order of Lender as evidence of the combined Asset Based Loan and
L.O.C. Facility in form acceptable to Lender, which Note shall replace all notes and renewal notes
previously given under the Original Loan Agreement, or any subsequent amendments thereto.

(ii) “Obligations” shall mean any and all indebtedness, liabilities and obligations of any
member of the Borrowing Group to Lender whatsoever, including by way of illustration and not by way
of limitation, (i) any indebtedness, liability or obligation of any member of the Borrowing Group
or any Guarantor to Lender under the Note, this Agreement, any loan made to any member of the
Borrowing Group or any Guarantor by Lender prior to the date hereof and any and all extensions or
renewals thereof in whole or in part; (ii) any indebtedness, liability or obligation of any member
of the Borrowing Group or any Guarantor to Lender arising hereunder or as a result hereof, and any
and all extensions or renewals thereof in whole or in part; and (iii) any and all future or
additional indebtedness, liabilities or obligations of any member of the Borrowing Group or any
Guarantor to Lender whatsoever and in any event, whether existing as of the date hereof or
hereafter arising, whether arising under a loan, line of credit, letter of credit or other form of
financing, and whether direct, indirect, absolute as maker, endorser, guarantor, surety or
otherwise, and whether evidenced by, arising out of, or relating to a promissory note, bill of
exchange, check, draft, letter of credit, guaranty agreement, banker’s acceptance, foreign exchange
contract, security agreement, loan agreement or otherwise.

(jj) “Officers’ Certificate” means a written statement of facts, and conclusions of fact where
appropriate, setting forth information indicated by the provision of this Agreement in respect of
which such Officers’ Certificate is required to be delivered, certified to be true and correct as
of the date at which it is given, and signed by any Authorized Officer of the Borrowing Group.

(kk) “Person” means a natural person, a firm, a corporation, a partnership (including a joint
venture), an association, a joint stock company, a limited liability company, a trust, any
unincorporated organization, or a government or political subdivision department or agency thereof.

(ll) “Pledged Loans” means all Eligible Receivables which are pledged and delivered to Lender
from time to time to collateralize the Asset Based Loan and as evidenced by the Pledged Loan
Instruments and against which Lender makes Disbursements hereunder. Not more than 60% of the
Pledged Loans shall be “Supplemental Loans”, and not more than 50% of the Pledged Loans shall be
Non-Multifamily Mortgage Loans. Loans that have matured are not Eligible Receivables.

(mm) “Pledged Loan Instruments” means all documents and instruments relating to the Pledged
Loans, including, but not limited to, all mortgages, mortgage notes, syndication agreements,
agreements, reports, appraisals, title insurance commitments and policies, certificates and loan
commitments, collateral assignment agreements and all other documents and instruments requested by
Lender, in its sole discretion, delivered to Lender prior to its making a Disbursement.

(nn) “Pledged Property” means all Pledged Loans, Pledged Loan Instruments and all other
property pledged to Lender in connection herewith, including all proceeds, replacements,
modifications and additions thereto.

(oo) “Rated Bank” shall mean a bank regulated by either the United States or by one of the
states of the United States rated A or better by one of the following financial ratings services -
Moody’s, Standard & Poors or Fitch.

(pp) “Rated L.O.C.” shall mean a letter of credit (1) issued by a Rated Bank or a pension fund
rated A or better by either Moody’s, Standard & Poors or Fitch financial ratings services which
issuer shall otherwise be acceptable to the Lender in its absolute discretion, and (2) in form and
substance acceptable to Lender and its counsel in their absolute discretion.

(qq) “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

(rr) “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

(ss) “30 Day LIBOR” shall mean the rate reported as such in the Wall Street Journal in the
section entitled “Money & Investing” under the heading “Money Rates – Euordollars” or the
equivalent section.

(tt) “Unencumbered Liquidity” means, as of any date of determination, for any Person, the
aggregate market value of the following assets owned by such Person and which are neither (i) the
subject of any Lien nor (ii) being held for the benefit of third parties or otherwise restricted:

(i) cash, and obligations issued or guaranteed by the United States of America,

(ii) marketable direct obligations issued or guaranteed by any Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America pursuant to authority
granted by the Congress of the United States, and maturing within one year of the date of
acquisition thereof,

(iii) certificates of deposit issued, or banker’s acceptances drawn on and accepted by, or
money market accounts or time deposits in, commercial banks which are members of the Federal
Deposit Insurance Corporation and which have a combined capital, surplus and undistributed profits
of at least $50,000,000, and maturing within one year of the date of acquisition thereof,

(iv) repurchase agreements maturing within one year of the date of acquisition thereof with
any such commercial bank, or with broker-dealers or other institutions, that are secured by
marketable direct obligations issued or guaranteed by the United States of America or an agency or
instrumentality thereof,

(v) other money market instruments and mutual funds, substantially all of the assets of which
are invested in any or all of the investments described in clauses (a) through (d) above, and

(vi) commercial paper (other than commercial paper issued by any Borrower or any of its
Affiliates), maturing no more than ninety (90) days after the date of creation thereof, and with a
rating of at least P-1 by Moody’s or A-1 by S&P on the date of acquisition (the value of which
shall be determined in accordance with generally accepted accounting principles).

Section 2.02. Use of words and phrases. “Herein,” “hereby,” “hereunder,” “hereof,”
“hereinbefore,” “hereinafter” and other equivalent words refer to this Agreement as a whole and not
to any particular article, section or other subdivision hereof. The words, terms and phrases
defined herein and any pronoun used herein shall include the singular, plural and all genders.

Section 2.03. Accounting Terms. All accounting terms not otherwise defined herein
shall have the meanings assigned to them under generally accepted accounting principles unless
specifically defined herein.

Section 2.04. Action Required On Holidays. If any calendar day on which action is
required to be taken or payment is required to be made under the Loan Documents is not a Business
Day, then such action or payment shall be taken or made on the next succeeding Business Day.

Section 2.05. Headings. The headings contained in this Agreement are for convenience
of reference only, are not a part of this Agreement and shall not be deemed to limit, define or
affect in any manner the interpretation or construction of this Agreement.

Section 2.06. Construction. This Agreement has been negotiated by the parties hereto
and should not be construed in favor of or against any such party. The arrangement of the
provisions of this Agreement is for convenience only and later appearing provisions shall not be
given preference or priority over earlier appearing provisions.

Section 2.07. Uniform Commercial Code. Terms defined in, or by reference to, Article 9
of the Uniform Commercial Code as adopted in the State of Florida to the extent not otherwise
defined herein shall have the respective meanings given to them in said Article 9 with the
exception of the word “documents” unless the context clearly requires such meaning.

ARTICLE III

THE CREDIT FACILITIES

Section 3.01. Principal Amount of Note and Repayment. Lender is herein establishing
for the benefit of the Borrowing Group an Asset Based Loan with an Aggregate Credit Balance of up
to $100,000,000.00. Notwithstanding anything to the contrary contained herein, the Note or any
other document or instrument executed in connection herewith, Lender shall not be obligated to lend
or advance any amounts of the Asset Based Loan or provide additional letters of credit under the
L.O.C. Facility if such act would cause Lender to exceed or violate any limitation placed upon it
by law, regulation or otherwise.

Section 3.02. Asset Based Loan Disbursements/ Letter of Credit Issuance.

(a) From time to time prior to the Maturity Date, and for so long as no member of the
Borrowing Group and no Guarantor is in default under the terms and conditions of the Loan
Documents, Lender, in the exercise of its sole discretion, may lend funds to any member of the
Borrowing Group such that the aggregate outstanding principal amount advanced to the Borrowing
Group shall not exceed $100,000,000.00 at any one time and in no event shall the Aggregate Credit
Balance exceed either (i) 100% of the then current aggregate principal balance outstanding of the
Pledged Loans or (ii) $100,000,000.00; and

(b) Provided there are no existing uncured Events of Default hereunder, Lender shall issue
letters of credit under the L.O.C. Facility subject to the following terms, conditions and
procedures:

(i) Issue letters of credit having a term of two years or less (as requested by a member of
the Borrowing Group); provided the aggregate face value of such letters of credit shall not exceed
$100,000,000.00 Dollars at any one time and in no event shall the Aggregate Credit Balance exceed
either (i) 100% of the then current aggregate principal balance outstanding of the Pledged Loans
plus 100% of the Rated L.O.C.’s, or (ii) $100,000,000.00 The Borrowing Group shall pay to Lender
an issuance fee of 100 basis points per annum for each letter of credit issued under the L.O.C.
Facility that must be issued by or otherwise backed by a Rated Bank. All other Letters of Credit
not requiring issuance from a Rated Bank shall have an issuance fee of 75 basis points per annum.
All such letters of credit shall be in such form and contain such language as Lender and Borrowing
Group and their respective counsel may reasonably require. Notwithstanding the forgoing, to the
extent that L.O.C.’s are issued under this L.O.C. Facility backed by Rated L.O.C.’s, the fee to
Lender may be lower subject to negotiation on a case by case basis. Further, as of the date of
execution of this Loan Agreement, the ability of the Borrowing Group to support the L.O.C. Facility
with Rated L.O.C.’s in substitution for Pledged Loans has not been approved by either the Lender’s
loan committee or the various participants. The ability to substitute Rated L.O.C.’s for Pledged
Loans shall not be available unless and until all requisite approval has been obtained.

(ii) Letters of credit shall be issued by Lender to the requesting member of the Borrowing
Group on the fifth Business Day after the day of the request therefor; and provided further that
requests received by Lender after twelve o’clock noon on any Business Day shall be treated as
received on the following Business Day. Borrowing Group members may request letters of credit by
submitting to Lender an L.O.C. Application in the form attached hereto as Exhibit E by any method
for giving notices hereunder as set forth in Section 11.03 hereof. In addition, members of the
Borrowing Group may request letters of credit by forwarding e-mail to Lender at either of the
following e-mail addresses: cswanson@synovusbankfl.com or janiceporter@synovusbankfl.com. Lender
shall accept emails that appear to be initiated from Authorized Loan Administrators. Lender shall
have no obligation to determine the authenticity or accuracy of the source of any such e-mail
transmissions, and Borrowing Group absolves Lender from any obligation to do so.

(iii) All drafts paid by the Lender under the letters of credit issued shall constitute
principal sums evidenced by, and due and owing under, the Note. All such sums shall be immediately
payable to Lender at Maturity and shall accrue interest from the date of the acceptance of the
draft by the Lender until paid all as set forth in the Note.

(iv) The records prepared by the Lender in the ordinary course of its business shall evidence
the dates and amounts of drafts, disbursements, costs, payments and applicable effective dates
thereof.

(v) The Lender will not be liable for any damages arising out of the payment of a draft,
pursuant to the terms of any letter of credit, which is in excess of the amount subsequently
determined by judicial decree or otherwise, to be due to the party in whose favor the letter of
credit is issued, or the bonafide holder thereof.

(vi) Neither the Lender nor any financial institution acting as agent on behalf of any member
of the Borrowing Group shall be in any way responsible for performance by any letter of credit
beneficiary of its obligations to any member of the Borrowing Group, nor for the form, sufficiency,
correctness, genuineness, authority of person signing, falsification or legal effect of any
documents called for under any letter of credit if such documents on their face appear to be in
order.

(vii) The letters of credit shall be subject to, and performance by the Lender, and any
financial institution acting as agent for any member of the Borrowing Group, and any beneficiaries
thereunder shall be governed by the Uniform Commercial Code as enacted in Florida from time to time
(the “Code”) and to the extent not modified by said law, the “Uniform Customs and Practice of
Documentary Credits” as most recently published by the International Chamber of Commerce, (“ICC”).

(c) As conditions precedent for an Eligible Receivable to become a Pledged Loan hereunder and
counted to determine the eligibility of the Borrowing Group to request either a Disbursement or the
issuance of a letter of credit under this Agreement, the Borrowing Group shall have caused one or
more of its members to deliver to Lender:

(i) a properly completed and executed Collateral Checklist for the applicable Eligible Loan
Program and substantially in accordance with the form that is attached hereto as Exhibit “C”;

(ii) a collateral assignment (the “Collateral Assignment”) of all Pledged Loan Instruments
relating to such Disbursement in form acceptable to Lender and its counsel executed by an
Authorized Loan Administrator.

(iii) a certificate from the Borrower, in the form attached as Exhibit C, and otherwise in
form acceptable to Lender and Lender’s counsel that the Collateral Assignment has been duly
executed by the member of the Borrowing Group pledging the collateral, and that such member of the
Borrowing Group has been duly authorized to execute and deliver the same; that the execution and
delivery of the Collateral Assignment is the act and deed of such member of the Borrowing Group
that such execution and delivery does not contravene nor is it prohibited by the articles of
incorporation, charter, bylaws or outstanding resolutions of such member of the Borrowing Group or
agreements to which such member of the Borrowing Group is a party; the Collateral Assignment is
sufficient to grant to Lender a first priority, perfected security interest in the applicable
Pledged Property; and the Pledged Loans have been underwritten, documented and advanced by such
member of the Borrowing Group in accordance with the applicable Loan Manual; and

(iv) all such additional documentation customarily requested by Lender, in Lender’s reasonable
discretion; provided, that the foregoing must be of form and substance satisfactory to Lender and
its counsel, in Lender’s sole discretion. Provided that each member of the Borrowing Group has
satisfied the other requirements of this Agreement, disbursements shall be made by Lender to the
requesting member of the Borrowing Group on the Business Day when received, provided that requests
received by Lender after two P.M. on any Business Day shall be treated as received and shall be
funded on the following Business Day. Borrowing Group members may request disbursements by any
method for giving notices hereunder as set forth in Section 11.03 hereof. In addition, members of
the Borrowing Group may request disbursements by forwarding e-mail to Lender at either of the
following e-mail addresses: BethLeidecker@synovusbankfl.com or CherylMcNeill@synovusbankfl.com.
Lender shall accept emails that appear to be initiated from Authorized Loan Administrators. Lender
shall have no obligation to determine the authenticity or accuracy of the source of any such e-mail
transmissions, and Borrowing Group absolves Lender from any obligation to do so.

Section 3.03 Use of Proceeds. The proceeds from the Asset Based Loan shall be used by
members of the Borrowing Group for any corporate purpose.

Section 3.04 Payments And Reborrowing. So long as there is no existing and uncured
Event of Default hereunder, and Borrowing Group has repaid amounts outstanding from time to time
hereunder and under the Note when due or earlier as provided herein, any such repayments prior to
the Maturity Date shall not reduce the maximum amount Borrowing Group may borrow at any one time
and members of the Borrowing Group may reborrow any such amount repaid from time to time as long as
the Aggregate Credit Balance does not exceed either (i) 100% of the then current aggregate
principal balance outstanding of the Pledged Loans or (ii) $100,000,000.00. Any payments of
principal shall be credited to Borrowing Group on the day of receipt provided that Lender receives
the payment prior to 2 o’clock p.m. Any payments received after 2 o’clock p.m. shall be credited
on the next Business Day. All unpaid principal and interest shall be due and payable in full on
the Maturity Date.

Section 3.05. Interest Rate On Note. During any calendar quarter during the term of
this Agreement, Borrowing Group shall pay interest on the outstanding principal amount of the Note
at the Applicable Rate based upon the average of the Borrowing Group’s Deposit Accounts during the
prior twelve month period as follows:

(a) If the average of the Borrower Group’s Deposit Accounts during the previous twelve month
period was greater than $50,000,000.00, then the Applicable Rate shall be 30 Day LIBOR + 150 basis
points; or

(b) If the average of the Borrower Group’s Deposit Accounts during the previous twelve month
period was less than $50,000,000.00, then the Applicable Rate shall be 30 Day LIBOR + 300 basis
points.

Thirty Day LIBOR shall be adjusted daily, and interest shall be calculated on a basis of the
actual number of days elapsed during the applicable interest payment period over a 360 day year.
Notwithstanding anything herein apparently to the contrary, in no event shall the Applicable Rate
be less than Four (4%) per cent per annum. Interest shall be adjusted daily, and calculated on a
basis of the actual number of days elapsed during the applicable interest payment period over a 360
day year. At any time there shall occur and be continuing an Event of Default, Borrowing Group
shall pay interest on the outstanding amounts at the lower of (i) eighteen percent (18%) per annum
or (ii) the maximum interest rate permitted by applicable law from the date of such Event of
Default until the principal, all accrued interest thereon and other amounts due hereunder, under
the Note and the other Loan Documents, is fully paid.

Section 3.06. Payment of Principal and Interest on Note. Borrowing Group shall pay or cause to
be paid to Lender principal and interest on the Note in accordance with the terms of the Note
either (i) at Lender’s headquarters at 333 Third Ave. N, St. Petersburg, FL or by mail at P. O. Box
30707, Tampa, FL 33630-3707, or other location identified by notice given by Lender to Borrowing
Group in accordance with Section 11.03 hereof, or (ii) in accordance with such wiring instructions
as Lender may, from time to time, provide to the Borrowing Group for such purpose. Notwithstanding
anything contained herein to the contrary or in the Note, all payments of principal received by
Borrowing Group with respect to the Pledged Loans shall be promptly paid to Lender as a principal
reduction on the Asset Based Loan.

Section 3.07. Acceleration. If an Event of Default shall have occurred, Lender may
declare the entire aggregate outstanding principal amount of the Note immediately due and payable;
and, Borrowing Group shall upon such declaration forthwith pay to Lender the entire outstanding
principal amount of the Note, together with interest accrued thereon and any other sums payable
thereon to the date of such payment.

Section 3.08. Limitation on Interest Payable. Notwithstanding any other provision of
this Agreement and the Note or of any instrument securing this Agreement and the Note or any other
Loan Documents, it is expressly agreed that the amounts payable under this Agreement and the Note
or under the other aforesaid instruments for the payment of interest or any other payment in the
nature of or which would be considered as interest or other charge for the use or loan of money
shall not exceed the highest contract rate allowable by state or federal law, whichever shall be
lower, from time to time, and in the event the provisions of this Agreement and the Note or of such
other instruments referred to herein with respect to the payment of interest or other payments in
the nature of or which would be considered as interest or other charge for the use or loan of money
shall result in exceeding such limitation, then the excess over such limitation shall not be
payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that
such limitation will not be exceeded, and if any payment actually made shall result in such
limitation being exceeded, the amount of the excess shall constitute and be treated as a payment on
the unpaid principal amount hereof and shall operate to reduce such principal amount by the amount
of such excess, or if in excess of the principal indebtedness, such excess shall be refunded to
Borrowing Group. To the extent permitted by applicable law, all sums paid, or agreed to be paid, to
Lender for the use, forbearance, and detention of the indebtedness of Borrowing Group to Lender
shall be amortized, pro rated, allocated, and spread throughout the full term of the applicable
Note whether the Note until payment is made in full so that the actual rate of the interest does
not exceed the lower of (i) eighteen percent (18%) per annum or (ii) the highest rate allowable by
law of the States of Maryland, Michigan or Florida in effect at any particular time during the full
term thereof.

ARTICLE IV

PLEDGED PROPERTY

Section 4.01. Grant of Security Interest. As security for the prompt satisfaction of
all of Borrowing Group’s Obligations to Lender under the Loan Documents or otherwise, the Borrowing
Group hereby pledges and hereby reaffirms, and grants and assigns to Lender a first lien security
interest in, and hereby acknowledges that Lender shall have and shall continue to have at all times
during the term of this Agreement a first lien security interest in the following:

(a) all loans as to which a security interest was previously granted in the Original Loan
Agreement, and all subsequent amendments thereto. To the extent Lender was granted a security
interest in Accounts of Borrowing Group or its Affiliates pursuant to the Original Loan Agreement,
as amended, such security interest shall not be reduced, abridged or restricted by the terms
hereof, but shall continue in full force and effect;

(b) all Pledged Loans;

(c) all loan commitments or agreements to lend money in connection with the Pledged Loans in
any form whatsoever, entered into between any member of the Borrowing Group and any third party,
now or hereafter existing, and all proceeds therefrom;

(d) all Accounts of each member of the Borrowing Group maintained with respect to Pledged
Loans to the extent such Accounts are collateral accounts or reserves maintained with respect to a
Pledged Loan and required in order for Lender to service the respective Pledged Loans, but only to
the extent of the Borrowing Group member’s interest in such Accounts, together with the proceeds
thereof, including, without limitation, all proceeds of any insurance thereof, all guarantees,
securities and liens which such Borrowing Group member may hold for the payment of such Accounts
maintained with respect to Pledged Loans;

(e) all of each member of the Borrowing Group’s contract rights, general intangibles and
general receivables, including, without limitation, goodwill, trademarks, trade styles, trade
names, patents, patent applications and deposit accounts, relating to Pledged Loans, whether now or
hereafter created or acquired; and

(f) all of each member of the Borrowing Group’s documents, notes, mortgages, warehouse
receipts, instruments and chattel paper relating to Pledged Loans, whether now owned or hereafter
acquired.

Section 4.02.Covenants.

(a) Each member of Borrowing Group shall assign, deliver and transfer over to Lender, upon
request, instruments, certificates and other documents evidencing ownership in the Pledged Property
for which such member has an interest, together with appropriate, duly signed and executed
instruments of assignment to Lender.

(b) Each member of the Borrowing Group, as appropriate shall assign, deliver and transfer over
to Lender at any time during the term of this Agreement any additional instruments, certificates
and other documents evidencing ownership of the Pledged Property for which such member has an
interest, together with appropriate, duly signed and executed instruments of assignment, when
requested.

(c) Each member of the Borrowing Group, as appropriate shall also perform any other acts and
execute any other documents required during the term of this Agreement by Lender in order to
protect Lender’s interest in the Pledged Property.

(d) Borrowing Group agrees not to perform or fail to perform any act if such performance or
failure would encumber, pledge or hypothecate the Pledged Property, or in any manner impair the
security interest of Lender intended to be afforded hereby.

(e) Borrowing Group agrees to conform to and comply with each and every requirement or
regulation imposed by any governmental authority or other regulatory body with respect to the
Pledged Property.

Section 4.03. Maintenance of Collateral. Lender shall not be liable for any loss or
diminution in value of the Pledged Property or the proceeds thereof while all or any portion
thereof is in the possession or control of Lender, except for such loss or diminution caused by the
gross negligence or willful misconduct of Lender, its officers, directors, stockholders, agents,
employees, or legal representatives. Lender shall pay no interest on the Pledged Property and shall
assume no responsibility for the earning of any income thereon. In particular and without
limitation, Lender shall not be liable for any destruction, conversion, misappropriation, or loss
of the instruments, certificates or documents representing all or any portion of the Pledged
Property after such instruments, certificates or documents are delivered to Lender except such
destruction, conversion, misappropriation or loss caused by the gross negligence or willful
misconduct of Lender, its officers, directors, stockholders, agents, employees, or legal
representatives.

Section 4.04. Release of Pledged Property. The Pledged Property shall stand as one
general, continuing collateral security for all Obligations to Lender and may be retained by Lender
until all Obligations have been satisfied in full. Lender will release Pledged Loans at the
request of the Borrowing Group so long as Aggregate Credit Balance immediately following such a
release will not exceed 100% of the then current aggregate principal balance outstanding of the
Pledged Loans.

ARTICLE V

GENERAL REPRESENTATIONS AND WARRANTIES

OF BORROWING GROUP AND GUARANTORS

Section 5.01. Representations And Warranties. To induce Lender to enter into this
Fourth Amended and Completely Restated Loan Agreement, the Borrowing Group and each Guarantor
represent and warrant to Lender as set forth in this Article V.

Section 5.02. Organization and Existence. Each member of the Borrowing Group and each
Guarantor is either a corporation or a limited liability company duly organized, validly existing
and in good standing under the laws of the state under which they are organized and existing; each
member of the Borrowing Group and each Guarantor has obtained all material licenses, permits and
other governmental authorizations currently required for the conduct of its business, except such
licenses, permits or other governmental authorizations which, if not so obtained, would not in the
aggregate result in a material adverse effect on its financial condition or its ability to conduct
its business as currently conducted; all such licenses, permits and other governmental
authorizations so obtained are in full force and effect and each member of the Borrowing Group and
each Guarantor is in all material respects complying therewith; and no member of the Borrowing
Group nor any Guarantor has failed to qualify as a foreign corporation in any jurisdiction where
the failure to so qualify would have a material adverse effect on its financial condition or its
ability to conduct is business as currently conducted.

Section 5.03. Compliance With Other Obligations. To each member of the Borrowing
Group’s knowledge and to the knowledge of the Guarantors, no member of the Borrowing Group nor any
Guarantor is in violation of its articles of incorporation, bylaws, articles of association,
operating agreement or regulations, as applicable or in default in any material respect in the
performance or observance of any material obligation, agreement, covenant or condition contained in
any material contract, lease, loan agreement, indenture or other instrument to which it is a party
or by which it is bound or in which it has a beneficial interest; and, the execution and delivery
of the Loan Documents, the consummation of the transactions therein contemplated and the pledge of
the Pledged Property, do not and will not conflict with or constitute a breach of or default under
articles of incorporation, bylaws, articles of association, operating agreement or regulations, as
applicable of any member of the Borrowing Group or any Guarantor or any material contract, lease,
loan agreement, indenture or other instrument to which it is a party or by which it is bound or in
which it has a beneficial interest or, to the knowledge or information of each member of the
Borrowing Group and each Guarantor, any law, regulation, court order or decree or administrative
ruling having jurisdiction over Borrowing Group and Guarantors.

Section 5.04. Compliance With Law and Regulation. To any member of the Borrowing
Group’s knowledge, no member of the Borrowing Group nor any Guarantor is in violation of any
directive or order from any Department to make any material change in the method of conducting its
business for which there would be a materially adverse impact on the Borrowing Group or any
Guarantor; and each member of the Borrowing Group has conducted and is conducting its business so
as to comply in all material respects with all applicable statutes and regulations, including,
without limitation, all regulations, decisions, directives and orders of any Department.

Section 5.05. Investigations and Litigation. Except as disclosed to Lender, there is
no charge, investigation, action, suit or proceeding against or involving any member of the
Borrowing Group or any Guarantor before or by any court, regulatory authority or governmental
agency or body pending or, to the best of the knowledge and information of each member of the
Borrowing Group or any Guarantor, threatened, which could materially adversely affect the Borrowing
Group’s performance of the Loan Documents or the consummation of the transactions therein
contemplated or which could result in any material adverse change in the condition (financial or
otherwise) and in the business and prospects of the Borrowing Group or the Guarantors or which
could materially adversely affect the properties and assets or the Borrowing Group or the
Guarantors.

Section 5.06. Financial Statements.

(a) The financial statements of MMA, MMA Financial, MFH, MMIC, MMCF and MCC, copies of which
have been furnished to Lender, have been prepared by management in accordance with generally
accepted accounting principles consistently applied and, in the view of management, correctly and
fairly present the financial condition and results of operations at said date and for the period
then ended and disclose all liabilities of any kind required to be disclosed under generally
accepted accounting principles; provided, however, that (1) no outside auditor has either reviewed
or audited such information and (2) adjustments to such financial statements may subsequently need
to be made based on issues arising from the procedures conducted in connection with the restatement
efforts underway with respect to the Borrowing Group and the Guarantors of which the Lender is
aware.

(b) Subject to the provisos set forth in (a) above, since the date of the financial statements
described in (a) above, there has not been any material adverse change in the assets, properties,
liabilities, financial condition, business or prospects (financial or otherwise) of the Borrowing
Group or any Guarantor from that set forth or are reflected in their respective balance sheets
described above, other than changes in the ordinary course of business, none of which, individually
or in the aggregate, are materially adverse, except those changes other than bankruptcy or
receivership of which Lender has been advised and has approved, both in writing, prior to the
closing date.

(c) Subject to the provisions set forth in (a) above, no member of the Borrowing Group nor any
Guarantor has any material direct or contingent liabilities, liabilities for taxes, long-term
leases or unusual forward or long term commitments as of the date of this Agreement which are not
disclosed by, provided for, or reserved against in their respective balance sheets at the date of
the financial statements previously submitted to Lender and there are no material unrealized or
anticipated losses from any unfavorable commitments of any member of the Borrowing Group.

Section 5.07. Authorization, Execution and Delivery. The Loan Documents have been duly
and validly authorized and, when executed and delivered by the respective parties thereto, will
have been duly executed and delivered and will constitute on the date they become effective, valid
and legally binding obligations of each member of the Borrowing Group and each Guarantor,
enforceable in accordance with their terms.

Section 5.08. Truth of Statements. The Loan Documents, the Officers’ Certificates and
all other documents and instruments delivered and to be delivered by each member of the Borrowing
Group and each Guarantor or their respective representatives in connection with the transactions
contemplated by the Loan Documents, as of their respective dates, do not, and will not, include any
untrue statement of a material fact or omit to state a material fact necessary to make the
statements herein and therein, in the light of the circumstances under which they are or will be
made, not misleading.

Section 5.09. Completeness of Statements. The Officers’ Certificates and all other
documents and instruments delivered and to be delivered by any member of the Borrowing Group, any
Guarantor or their respective representatives in connection with the transactions contemplated by
the Loan Documents are or will be on the dates on which they are or will be delivered true and
complete in all material respects.

Section 5.10. Adverse Events. To the best of the knowledge and information of each
member of the Borrowing Group and each Guarantor, nothing exists which materially adversely
affects, or which could reasonably be expected to in the future, materially adversely affect, the
business, assets, properties or condition, financial or otherwise, of the Borrowing Group or any
Guarantor, except as set forth or referred to in the Loan Documents or otherwise disclosed in
writing to Lender.

Section 5.11. Regulatory Approval. No approval of the Loan Documents or the
transactions contemplated by the Loan Documents is required by any Department; no Department has
issued an order preventing or suspending the transactions contemplated hereby and thereby; and, to
the best of the knowledge and information of each member of the Borrowing Group and each Guarantor,
no proceedings therefor or related thereto have been initiated or threatened by any Department.

Section 5.12. Tax Matters. All required federal, state, foreign and other tax returns
of each member of the Borrowing Group and each Guarantor required to be filed as of the date hereof
have been filed or such Borrowing Group member or Guarantor has obtained valid extensions to such
required filings. All federal, state, foreign and other taxes imposed upon each member of the
Borrowing Group and each Guarantor or on any of their respective assets, properties, income,
licenses or franchises which are currently due and payable have been paid, except for taxes which
are being contested in good faith by appropriate proceedings being diligently conducted and for
which adequate reserves in conformity with generally accepted accounting principles have been
established on the books of each member of the Borrowing Group and each Guarantor.

Section 5.13. Agreement or Contract Restrictions. No member of the Borrowing Group nor
any Guarantor is a party to, nor is any such party bound by, any agreement, contract or instrument,
or subject to any other restriction which materially and adversely affects the business,
properties, assets, operations, or condition (financial or otherwise) of the Borrowing Group or any
Guarantor except as disclosed in the financial statements and notes thereto described in Section
5.06.

Section 5.14. Effective Date of Representations, etc. All representations and
warranties made by any member of the Borrowing Group or any Guarantor in this Agreement, all of
which shall be deemed continuing during the term of this Agreement, shall be true and correct as of
the date at execution and delivery of this Agreement, and at all times throughout the term hereof,
except where Lender otherwise agrees, and have been and will be relied upon by Lender and
constitute an inducement for the making and continuing of the Asset Based Loan and the L.O.C.
Facility.

ARTICLE VI

COVENANTS OF BORROWING GROUP AND GUARANTORS

Each member of the Borrowing Group and each Guarantor covenant and agree with Lender as
follows:

Section 6.01. Payment of Principal of and Interest on Note. Each member of the
Borrowing Group shall duly and punctually pay the principal of and interest on the Note, at the
time and in the manner provided in such Note, and the fees provided herein and therein.

Section 6.02. Compliance With Loan Documents. Each member of the Borrowing Group and
each Guarantor shall fully and punctually comply with each and every term, condition, requirement
and obligation under the Loan Documents, and shall assure that Lender has at all times during the
term of the this Agreement a perfected first lien security interest in the Pledged Property.

Section 6.03. Maintenance of Corporate Existence. Unless failure to do so would not
have a materially adverse effect on any member of the Borrowing Group’s or any Guarantor’s ability
to perform hereunder, each member of the Borrowing Group and each Guarantor shall maintain its
corporate existence (or existence as a limited liability company, as applicable and good standing
under the laws of the state under which they are organized and existing during the term of this
Agreement. No member of the Borrowing Group nor any Guarantor shall, directly or indirectly,
distribute, dissolve, sell, lease or otherwise dispose of substantially all of its assets except in
the normal course of business; and, will not consolidate with or merge into another corporation or
entity or permit one or more other corporations or entities to consolidate with or merge into it,
unless the Borrowing Group member or Guarantor, as the case may be, or any of their subsidiaries is
the surviving entity.

Section 6.04. Conduct of Business. Unless failure to do so would not have a materially
adverse effect on any member of the Borrowing Group’s or any Guarantor’s ability to perform
hereunder, each member of the Borrowing Group and each Guarantor will do or cause to be done all
things necessary to preserve and to keep in full force and effect its rights, franchises, trade
names, patents, trademarks, permits and licenses which are necessary for the continuance of its
business and continue to engage principally in their current respective businesses.

Section 6.05. Accounts. Each member of the Borrowing Group shall mark its records
evidencing Pledged Loans in a manner satisfactory to Lender so as to show that same have been
assigned to Lender; and give Lender such financial statements, reports, certificates, list of
customers (showing names, addresses and amounts owing) and other data concerning accounts,
contracts, collections, inventory and other matters relative to Pledged Loans as Lender may from
time-to-time specify.

Section 6.06. Financial Statements and Other Deliveries.

(a) As soon as practical, and in any event within sixty (60) days after the end of each fiscal
quarter (other than the last quarter of the year), each member of the Borrowing Group (other than
MCC) and each Guarantor shall furnish to Lender their quarterly unaudited financial statements,
including balance sheets and income statements, for the fiscal quarter just ended, certified by an
Authorized Officer. As soon as practical, and in any event within one hundred and twenty (120)
days after the end of each fiscal year, each member of the Borrowing Group, MMA Financial and MFH
shall furnish to Lender their respective management-prepared unaudited annual financial statements,
prepared in accordance with GAAP and practices applied on a basis consistently maintained
throughout the period involved, for the twelve (12) month period just ended. As soon as practical,
and in any event within one hundred and twenty (120) days after the end of each fiscal year, MMA
shall furnish to Lender annual audited reports, certified without material qualification by an
independent certified public accountant acceptable to Lender, prepared in accordance with GAAP and
practices applied on a basis consistently maintained throughout the period involved, together with
relevant financial statements for the twelve (12) month period just ended. Borrowing Group
represents that each member of the Borrowing Group’s fiscal year is the same as the calendar year.

(b) Concurrently with the delivery of the financial statements referred to in clause (a)
above, the Borrowing Group and the Guarantors will cause to be delivered a Compliance Certificate
in the form attached hereto as Exhibit J signed by an Authorized Officer.

Section 6.07. Right of Inspection. Each member of the Borrowing Group and each
Guarantor shall permit any person designated by Lender, at Borrowing Group’s expense, to visit and
inspect any of the properties, corporate books, records, papers and financial reports of any member
of the Borrowing Group or any Guarantor relating to the Eligible Loan Programs to make copies
thereof, and to discuss the affairs, finances and accounts of each member of the Borrowing Group or
each Guarantor with their respective principal officers and independent accountants, all at such
reasonable times and as often as Lender may reasonably request, provided Lender provides the
Borrowing Group member or Guarantor with seventy-two (72) hours prior written notice. In addition,
Lender (or any Person or Persons designated by it) shall have the right, but not obligation, at
Lender’s expense, to have an inspection and audit of substance and scope acceptable to Lender in
its sole discretion of any and all assets pledged or purported to be pledged as collateral in
connection with any Obligations. Such inspection and audit may include, but not be limited to, a
review of all original documentation deemed relevant by Lender and discussions with all persons a
party to, holding or connected with any such documentation.

Section 6.08. Fees and Expenses of Borrowing Group. Borrowing Group shall pay all
taxes, fees and expenses incurred in connection with the Asset Based Loan, the L.O.C. Facility and
the closing of the transaction contemplated hereby.

Section 6.09. Further Assurances. Each member of the Borrowing Group shall execute
and deliver all such additional documents and instruments and do all such additional acts as (A)
Lender shall require to more fully and effectually secure the due and punctual payment and
performance of Borrowing Group’s Obligations under the Loan Documents, (B) may be necessary to
assure to Lender a first lien security interest in the Pledged Property, and (C) Lender may
reasonably request for the foregoing purposes.

Section 6.10. Service of Process. Each member of the Borrowing Group and each
Guarantor shall at all times during the term of this Agreement maintain an office or agent for
service of process in the State of Florida.

Section 6.11. Attorneys’ Fees and Expenses. Borrowing Group shall pay the reasonable
fees and expenses of Lender’s counsel for negotiating, drafting and reviewing the Loan Documents
and all documents amendatory or supplementary thereto and closing of the Loan Documents.

Section 6.12. Attorneys’ Fees and Expenses on Default. In the event any member of the
Borrowing Group or any Guarantor fails to perform or observe or breaches any obligation, term,
condition, covenant or agreement under the Loan Documents and Lender employs attorneys or incurs
other expenses for the collection on the Notes (including exercising all of its legal rights with
respect to the Pledged Property of the Pledged Property) or enforcement of the performance or
observance of any obligation, covenant or agreement on the part of any member of the Borrowing
Group or any Guarantor therein contained, Borrowing Group shall, on demand therefor, forthwith pay
to Lender the reasonable actual fees and expenses of such attorneys, including fees and expenses on
appeal and for post judgment relief, and such other expenses reasonably incurred.

Section 6.13. Payment of Taxes. Each member of the Borrowing Group and each Guarantor
shall promptly pay or cause to be paid (i) all material taxes, assessments and other governmental
charges that may be lawfully levied or assessed upon them or their respective income or properties;
and (ii) all charges for labor, materials and supplies which if unpaid could become a lien or
charge on the Pledged Property, except, in each case, those being contested in good faith by
appropriate proceedings being diligently conducted and for which adequate reserves in conformity
with generally accepted accounting principles have been established on the books of the Borrowing
Group member or the Guarantor, as applicable.

Section 6.14. Compliance With Law. Each member of the Borrowing Group and each
Guarantor shall remain in material compliance with all applicable provisions of applicable laws,
rules, regulations and orders of every Department having jurisdiction over the Borrowing Group
member or the Guarantors, as applicable, or its properties except for noncompliance that could not
reasonably be expected to result in a material adverse effect on the property, business or
financial condition of the Borrowing Group or any Guarantor.

Section 6.15. Notice of Material Claims and Changes. In the event any litigation is
filed or threatened against any member of the Borrowing Group or any Guarantor or its properties,
which, in the event of an unfavorable outcome, could create a liability in excess of $15,000,000,
or could reasonably be expected to impair the conduct of the business of any member of the
Borrowing Group or any Guarantor or could reasonably be expected to materially adversely affect
financially or otherwise its business, operations, assets, properties, prospects, or condition or
there is any material adverse change in the nature or status of any such litigation, Borrowing
Group shall notify Lender within ten (10) days of any member of the Borrowing Group’s receipt of
written notice of the commencement of such litigation or change and shall advise Lender within ten
(10) days of the occurrence of any other matters of which any member of the Borrowing Group or any
Guarantor has actual knowledge which, in the event of an unfavorable outcome, could reasonably be
expected to have a material adverse effect on the business and financial condition of any member of
the Borrowing Group or any Guarantor or would result in suspension, revocation or material
impairment of any license, franchise or permit required or necessary in connection with the
business of any member of the Borrowing Group or any Guarantor. Borrowing Group shall also promptly
notify Lender of any material change in any material fact or circumstance represented or warranted
in this Agreement.

Section 6.16. Indemnification of Lender. In addition to amounts payable under the
provisions hereof, the Borrowing Group agrees to pay, and to indemnify and save Lender harmless
from and against, any damage, loss, cost or expense (including reasonable attorneys’ fees) which
the Lender may incur or be subject to as a consequence, direct or indirect, of (1) any breach by
any member of the Borrowing Group or any Guarantor of any warranty, representation, covenant, term
or condition in, or the occurrence of any breach thereof or default or Event of Default thereunder,
together with all reasonable expenses resulting from the compromise or defense of any claims or
liabilities arising as a result of any such breach or default, and (2) any defense against any
legal action commenced to challenge the validity of any of the Loan Documents.

Section 6.17. Notices. Borrowing Group shall promptly deliver or cause to be
delivered to Lender copies of all material violation notices, notices of non-compliance and
similar notices, orders and directives of any Department received by any member of the Borrowing
Group in connection with its business.

Section 6.18. Change Of Name. Principal Place Of Business, Office Or Agent. The
Borrowing Group will notify Lender of the occurrence of any change in the name of any member of the
Borrowing Group or any Guarantor, a change in the principal place of business of any member of the
Borrowing Group or any Guarantor, the office where the books and records of any member of the
Borrowing Group or any Guarantor are kept, or any change in the registered agent of any member of
the Borrowing Group or any Guarantor for the purposes of service of process within thirty (30) days
of any such change.

Section 6.19. Pledged Property. Until Borrowing Group has paid and otherwise satisfied
all obligations under the Loan Documents, no member of Borrowing Group shall pledge or grant any
security interest in the Pledged Property to any other Person, except security interests for the
benefit of Lender, without the Lender’s prior written consent.

Section 6.20. Working Capital Loan Report. The Borrowing Group shall forward a report
to Lender with an effective date as of the last day of each and every month during the term hereof
which report shall arrive at Lender no later than the 7th Business Day following its
effective date. Such report shall contain current information on all Pledged Loans pledged by
Borrowing Group members to Lender as Lender may reasonably request from time to time including but
not limited to (a) the member of the Borrowing Group making the loan, (b) the identification of
each loan by the Eligible Loan Program, and to the extent applicable, the type of loan within such
program and (c) the Risk Rating assigned by the such member of the Borrowing Group pursuant to its
internal Risk Rating Standards in accordance with the requirements of the Loan Manual for such
Eligible Loan Program and in accordance with (i) the Statement of Financial Accounting Standards
No. 107, Disclosures about Fair Value of Financial Instruments, (ii) Statement of Financial Account
Standards No. 114, Accounting by Creditors for Impairment of a Loan and amendment of FASB
Statements No. 5 and 15. Initially, the Working Capital Loan Report shall be in the form of that
which is attached hereto as Exhibit D. The report shall be certified by an appropriate officer of
relevant member of the Borrowing Group.

Section 6.21 Intentionally Omitted.

Section 6.22. Loan Program Manuals and Guidelines. The Borrowing Group shall notify
Lender in writing of any material modifications or amendments to the Loan Manuals or Guidelines.

Section 6.23. Unencumbered Liquidity. The Unencumbered Liquidity of MMA will not be
less than $15,000,000 at any time.

Section 6.24. Minimum Consolidated Tangible Net Worth. The Minimum Consolidated
Tangible Net Worth of MMA will not be less than $350,000,000 at any time.

Section 6.25. Consolidated Leverage Ratio. The Consolidated Leverage Ratio of the
MMA will not be greater than 5:1 at any time.

Section 6.26. Consolidated Senior Indebtedness to Consolidated Tangible Net Worth.
Consolidated Senior Indebtedness of the Guarantor to Consolidated Tangible Net Worth of the MMA
will not exceed 3.5:1 at any time.

Section 6.27. Consolidated Interest and Distribution Coverage Ratio. The
Consolidated Interest and Distribution Coverage Ratio of the MMA will not be less than 1.5:1 at any
time.

ARTICLE VII

REPRESENTATIONS. WARRANTIES. AGREEMENTS AND COVENANTS

OF GUARANTORS

Section 7.01. Representations And Warranties As To Consideration. Each Guarantor
represents and warrants that it has received good, valuable and sufficient consideration for
guaranteeing the performance and observance of the Borrowing Group’s covenants and agreements under
the Loan Documents.

Section 7.02. Guarantys. Each Guarantor shall execute and deliver an unconditional
guaranty of Borrowing Group’s obligations to Lender in form acceptable to Lender.

ARTICLE VIII

CONDITIONS TO LENDER’S OBLIGATIONS

Section 8.01. Conditions To Be Satisfied. The obligations of Lender to make and
continue the Asset Based Loan and to issue letters of credit under the L.O.C. Facility are, unless
waived in writing by Lender, subject to the further conditions set forth in this Article VIII.
Disbursements against the Asset Based Loan shall only be made and letters of credit will only be
issued under the L.O.C. Facility after sufficient collateral is pledged in accordance herewith.
Notwithstanding the foregoing, all collateral shall secure all parties’ (other than Lender)
Obligations hereunder.

Section 8.02. Conformity with Loan Manuals. All Pledged Loans shall be Eligible Loans
of the variety described in the Loan Manuals, and shall have been underwritten and documented in
accordance with the requirements and procedures set forth in the applicable Loan Manual as further
represented and warranted in the appropriate Officer’s Certificate.

ARTICLE IX

EVENTS OF DEFAULT. REMEDIES AND NO SET OFF

Section 9.01. Events Of Default Defined. Each of the following events shall constitute
an Event of Default:

(a) default in the payment of any principal and interest on the Note as and when the same
shall become due and payable, unless same is cured within the cure period, if any, provided for in
the Note; or

(b) failure or default in the performance or observance of any Financial Covenant. For
purposes hereof, “Financial Covenant” shall mean the covenants set forth in Sections 6.23 through
and including 6.27 hereof.

(c) material breach, failure or default in the performance or observance of any other
covenant, agreement or condition under the Loan Documents (not described in either of clause (a) or
(b) above) for a period of thirty (30) days after the Borrowing Group’s receipt of notice from
Lender of such breach, failure or default; or

(d) any representation, warranty or statement made or furnished to Lender pursuant to the Loan
Documents proves to have been false or misleading in any material respect when made, furnished or
otherwise required to be true; or

(e) any material adverse change in the financial condition of the Borrowing Group or any
Guarantor;

(f) the issuance or filing against any member of the Borrowing Group or any Guarantor of a tax
lien or the issuance or filing of any attachment, injunction, execution or judgment which is not
removed within fifteen (15) days after issuance or filing and such issuance or filing shall have a
material adverse effect on the ability of the Borrowing Group or any Guarantor to perform its
obligations under the Loan Documents;

(g) Borrowing Group in the aggregate or any Guarantor shall fail to pay indebtedness due any
third Persons beyond any applicable grace period and such failure shall have a material adverse
effect on the ability of the Borrowing Group or any Guarantor to perform its obligations under the
Loan Documents;

(h) a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator,
regulatory authority (or other similar official) shall take possession of any member of the
Borrowing Group or any Guarantor or a substantial part of the property thereof, or exercise
Control thereof or thereover, without its consent or a court having jurisdiction in the premises
shall enter a decree or order for relief in respect of any member of the Borrowing Group or any
Guarantor in an involuntary case under any applicable bankruptcy, receivership, insolvency or
other similar laws hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, conservator, sequestrator, regulatory authority (or other similar official) of any member
of the Borrowing Group or any Guarantor or for any substantial part of their property, or ordering
the winding-up or liquidation of its affairs and such decree or order shall continue unstayed and
in effect for a period of ninety (90) consecutive days, or any member of the Borrowing Group or
any Guarantor shall commence a voluntary case under any applicable bankruptcy, receivership,
insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an
order for relief in an involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian, conservator,
sequestrator, regulatory authority (or other similar official) of any member of the Borrowing
Group or any Guarantor or of any substantial part of their property, or shall make any general
assignment for the benefit of its or any Guarantor’s creditors, or shall take any corporate action
in furtherance of any of the foregoing; or

Section 9.02. Remedies On Default. Whenever an Event of Default shall have occurred
and be continuing, in addition to declaration of acceleration provided in Section 3.07, Lender
shall have all of the rights and remedies of a secured creditor under the Uniform Commercial Code
as in effect in the State of Florida, and without limiting in any way the foregoing, shall also
have by action of the Lender the following specific rights and remedies:

(a) to declare the entire Asset Based Loan, all principal and interest evidenced by the Note
and all other indebtedness of Borrowing Group to Lender, or any part thereof, immediately due and
payable, whereupon it shall be due and payable;

(b) to terminate further Disbursements and further issuances of letters of credit under the
L.O.C. Facility;

(c) to reduce any claim to judgment;

(d) to take such steps as Lender may deem appropriate to foreclose or otherwise enforce the
security interest granted to Lender to secure payment and the performance of the Borrowing Group
under the Loan Documents; and

(e) to exercise any and all rights afforded by the laws of the State of Florida or any other
jurisdiction as Lender shall deem appropriate, including, but not limited to, the Uniform
Commercial Code of the State of Florida or of such other jurisdiction (the “Code”), or by the Loan
Documents or by law or equity or otherwise; or(f) to institute any action at law or proceedings in
equity or in bankruptcy or otherwise, upon or under the Loan Documents, or for the appointment of a
receiver or trustee, or for any other remedy hereunder or under the Loan Documents.

Section 9.03. Remedies Cumulative And Continuing. All remedies given under this
Article IX at law, in equity and in bankruptcy shall, to the extent permitted by law, be deemed
cumulative, shall be in addition to every other right and remedy given hereunder at law, in equity
or bankruptcy and by statute and not exclusive of any other hereof, to enforce the performance or
observance of the covenants and agreements contained herein, and no delay or omission of Lender to
exercise any right or remedy arising upon any failure, breach or Event of Default occurring and
continuing as aforesaid shall impair any such right or the availability of any such remedy or
shall be construed as a waiver of any such failure, breach or Event of Default or an acquiescence
therein; and, every right and remedy given by this Article IX or by law, in equity and in
bankruptcy to Lender may be exercised from time to time and as often as shall be deemed expedient
by Lender.

Section 9.04. No Implied Waiver. The express waiver of any failure hereunder or
breach hereof or of any Event of Default shall be limited to the particular failure, breach or
Event of Default so waived and shall not be deemed, by implication or otherwise, to waive any
other failure, breach or Event of Default hereunder. Lender, at its sole option, may waive
compliance with any covenant herein contained.

Section 9.05. No Setoff. No setoff, subrogation, contribution, counterclaim, reduction
or diminution of any obligation or any defense of any kind or nature which any member of the
Borrowing Group has or may have, or may come to have, against Lender or against its properties or
assets, shall be available hereunder to such party against Lender.

ARTICLE X

SURVIVAL. SATISFACTION AND TERMINATION

Section 10.01. Existing Obligations. This Agreement modifies certain terms and
conditions of valid, existing obligations evidenced by the instruments described in the Recitals.
The parties hereto agree that this Agreement is not intended to substitute or extinguish such
valid, existing obligations, nor is this Agreement intended to effect a novation of such valid,
existing obligations. The Uniform Commercial Code financing statements previously executed by the
parties to this Agreement in favor of Lender shall not be affected by this Agreement, but shall
continue to secure obligations of the parties hereto to Lender.

Section 10.02. Survival. The covenants, agreements, representations and warranties
made herein and in any document pursuant hereto shall survive the execution and delivery of the
Loan Documents by each member of the Borrowing Group and shall continue in full force and effect so
long as any indebtedness created in connection therewith is outstanding and unpaid; and each member
of the Borrowing Group hereby specifically waives and tolls the running of any applicable
limitation of action on, relating to or arising out of the Loan Documents until the date all
Obligations of the Borrowing Group under the Loan Documents shall become due and fully payable.

Section 10.03. Satisfaction Of Obligations And Termination.  If at any time Borrowing
Group shall pay and satisfy the outstanding Obligations under the Loan Documents, then this
Agreement shall terminate and the parties shall be released from the obligations and liabilities
under the Loan Documents.

ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01. Assignment. Successors And Assigns Of Parties.

(a) Neither this Agreement nor the duties and obligations of Borrowing Group nor any
Guarantor created hereunder and under the Note shall be assigned by any member of the Borrowing
Group or any Guarantor.

(b) The Loan Documents may be assigned, in whole or in part, by Lender.

Section 11.02. Liability Joint and Several. The liability of the members of the
Borrowing Group under the Loan Documents shall be joint and several.

Section 11.03. Notices. Any notice, demand, declaration or certificate which is, by
the terms of the Loan Documents, required or permitted to be given or served by one party to or
upon the other party may be given or served by hand delivery, registered or certified mail, return
receipt requested, overnight delivery, or facsimile transmission with written evidence of receipt
of delivery if to or upon:

	 	 	 	 	 
	Borrowing Group and

each Guarantor:

	 	 	 	c/o Municipal Mortgage & Equity, LLC

621 East Pratt Street, Suite 300

Baltimore, Maryland 21202

Attn: Anthony Mifsud
	 
	 	 	 	 
	
 
	 	with a copy to:
	 	Rana Johnson, VP

MMA Financial, Inc.

3000 Bayport Drive, Suite 1100

Tampa, FL 33607

Direct Line: 813.868.8181

Toll free: 800.237.9946

Fax: 813.425.8000
	 
	 	 	 	 
	
 
	 	with a copy to:
	 	Stephen A. Goldberg, Esq.

Gallagher Evelius & Jones LLP

218 N. Charles Street, 4th Floor

Baltimore, Maryland 21201
	 
	 	 	 	 
	Lender:

	 	 	 	Synovus Bank of Tampa Bay

P.O. Box 14517

St. Petersburg, FL 33733

Attn: Ms. Cathy P. Swanson, Executive Vice President
	 
	 	 	 	 
	
 
	 	with a copy to:
	 	Biber O’Toole Delano Fowler & Clarkson P.L.

	 	360	 	Central
Avenue, Suite 1560

	 	 	 	St. Petersburg,
Florida 33701

Attn: G. Kristin Delano

or to such other person or address as to which the parties shall give notice in accordance with the
terms of this section. Any such notice shall be effective when received, or when it should have
been received, by the party to whom such notice is directed. No notice or demand which is given,
but which is not required by the terms of this Agreement, shall entitle Borrowing Group to any
other or further notice or demand in the same, similar or other circumstances.

Section 11.04. Severability. In the event any provision of any of the Loan Documents
shall be held invalid or unenforceable by a court of competent jurisdiction, such holding shall not
invalidate or render unenforceable the remaining provisions of all of the Loan Documents and there
shall be inserted, if practicable, in lieu of such invalid or unenforceable provision, a provision
which is valid and enforceable and which as nearly as practicable carries out the intent of the
parties expressed in the invalid or unenforceable provision.

Section 11.05. Amendment And Waiver. No course of dealings between Lender and
Borrowing Group shall be effective to amend, modify, or change any provision of the Loan Documents.
No amendment, modification or waiver of any provision of the Loan Documents or consent to any
departure therefrom shall be effective unless it is made in writing and signed by Lender, each
member of the Borrowing Group and each Guarantor.

Section 11.06. Entire Agreement Counterparts. This document sets forth the entire
agreement between the parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings; provided that Loan Documents (other than the Original Agreement and
all amendments which are expressly hereby amended and completely restated) executed with regard to
Pledged Loans that are continuing collateral for the Obligations and the Commitment Letter shall
survive the execution hereof and remain in full force and effect. This Agreement amends and
completely restates the Third Amendment, as further amended and modified. This Agreement may be
executed in any number of counterparts, all of which when taken together shall constitute one
Agreement as if all parties hereto had signed the same document.

Section 11.07. Jurisdiction And Venue. Any action or proceeding against any member of
the Borrowing Group relating in any way to the Loan Documents may at Lender’s option be brought,
and each such Loan Document may at Lender’s option be enforced, in the courts of the State of
Florida in and for Pinellas County and the United States District Court for the Middle District of
Florida and each member of the Borrowing Group irrevocably submits to the jurisdiction of each such
court in respect of any such action or proceeding.

Section 11.08. Governing Law. The Loan Documents shall be governed by and construed in
accordance with the laws of the State of Florida (not including the choice of law rules thereof).

ARTICLE XII

WAIVER AND RELEASE

Section 12.01. Release. Each member of the Borrowing Group and each Guarantor, for
itself and its legal representatives, successors, predecessors and assigns, and its officers,
directors, stockholders, agents, employees and beneficiaries and releases, quits and forever
discharges Lender and its officers, directors, stockholders, agents, attorneys, employees,
successors and assigns of and from any and all claims, demands, debts, actions and causes of action
which any member of the Borrowing Group or any Guarantor now has or might hereafter have against
Lender or any other such party by reason of any act, omission to act, matter, contract, agreement
or thing whatsoever up to the date hereof except with respect to any claim, matter, action, demand
or cause of action resulting from the gross negligence or willful misconduct of Lender, or its
officers, directors, employees, agents, stockholders, or legal representatives.

Section 12.02. Waiver of Defenses. Each member of the Borrowing Group and each
Guarantor hereby waive in favor of Lender, and its successors and assigns, any and all claims or
defenses they may now have with respect to each of the Loan Documents up to the date hereof, and
each such party further agrees not to raise such claims or defenses, if any, against Lender or its
successors and assign in any civil or other proceedings.

Section 12.03. Borrowing Group Not In Default. Lender warrants and represents that
neither no member of the Borrowing Group, nor any Guarantor is in default with respect to the Loan
Documents.

ARTICLE XIII

WAIVER OF JURY TRIAL

EACH MEMBER OF THE BORROWING GROUP, EACH GUARANTOR AND THE LENDER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT AND ANY
AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE LENDER ACCEPTING THIS AGREEMENT AND MAKING ANY LOAN, ADVANCE OR OTHER
EXTENSION OF CREDIT TO THE BORROWING GROUP.

IN WITNESS WHEREOF, the parties have executed this Agreement, by their duly authorized
officers or representatives, to be effective as of the day and year first above set forth.

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered
	 	 	 	 	 	LENDER:
	in the presence of:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	SYNOVUS BANK OF TAMPA BAY

	/s/ Charlene M. Harris
	 	 	 	 	 	By: /s/ Cathy Swanson

	Print Name: Charlene M. Harris
	 	 	 	 	 	Cathy Swanson

	 
	 	 	 	 	 	As Its Executive Vice President

	/s/ G Kristin Delano
Print Name: G. Kristin Delano
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	BORROWING GROUP:
	 
	 	 	 	 	 	MMA CAPITAL CORPORATION

	/s/ Virginia Connolly
	 	 	 	 	 	By: /s/ Anthony Mifsud

	Print Name: Virginia Connolly
	 	 	 	 	 	Anthony Mifsud

	 
	 	 	 	 	 	As Its Senior Vice President

	/s/ Brian D. Sims
Print Name: Brian D. Sims
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	MMA MORTGAGE INVESTMENT

	 
	 	 	 	 	 	CORPORATION

	/s/ Virginia Connolly
	 	 	 	 	 	By: /s/ Anthony Mifsud

	Print Name: Virginia Connolly
	 	 	 	 	 	Anthony Mifsud

	 
	 	 	 	 	 	As Its Senior Vice President

	/s/ Brian D. Sims
Print Name: Brian D. Sims
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	MMA CONSTRUCTION FINANCE, LLC

	/s/ Virginia Connolly
	 	 	 	 	 	By: /s/ Anthony Mifsud

	Print Name: Virginia Connolly
	 	 	 	 	 	Anthony Mifsud

	 
	 	 	 	 	 	As Its Senior Vice President

	/s/ Brian D. Sims
Print Name: Brian D. Sims
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	GUARANTORS:
	 
	 	 	 	 	 	MUNICIPAL MORTGAGE & EQUITY LLC

	/s/ Virginia Connolly
	 	 	 	 	 	By: /s/ Anthony Mifsud

	Print Name: Virginia Connolly
	 	 	 	 	 	Anthony Mifsud

	 
	 	 	 	 	 	As Its Senior Vice President

	/s/ Brian D. Sims
Print Name: Brian D. Sims

	 	 	 	 	 	MMA FINANCIAL HOLDINGS, INC.

	/s/ Virginia Connolly
	 	 	 	 	 	By: /s/ Anthony Mifsud

	Print Name: Virginia Connolly
	 	 	 	 	 	Anthony Mifsud

	 
	 	 	 	 	 	As Its Senior Vice President

	/s/ Brian D. Sims
Print Name: Brian D. Sims

	 	 	 	 	 	MMA FINANCIAL, INC.

	/s/ Virginia Connolly
	 	 	 	 	 	By: /s/ Anthony Mifsud

	Print Name: Virginia Connolly
	 	 	 	 	 	Anthony Mifsud

	 
	 	 	 	 	 	As Its Senior Vice President

	/s/ Brian D. Sims
Print Name: Brian D. Sims
	 	 	 	 	 	 	 	 
	STATE OF            Florida
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	COUNTY OF            Pinellas
	 	 	)	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

The foregoing instrument was acknowledged before me this 26th day of February,
2007, by Cathy Swanson, as Executive Vice President of SYNOVUS BANK OF TAMPA BAY, a Florida
corporation, on behalf of the corporation. He/She is personally known to me or who has
produced      as identification and who did take an oath.

/s/ G. Kristin Delano

	 	 	Notary Public for State Florida

Print Name: G. Kristin Delano

My Commission Expires: 10/21/2007

(SEAL)

STATE OF      Maryland      )

COUNTY OF      Anne Arundel      )

The foregoing instrument was acknowledged before me this 22 day of February, 2007, by Anthony
Mifsud, as Senior Vice President of MMA Capital Corporation, a Michigan corporation, on behalf of

the corporation. He/She is personally known to me or who has produced   —   as
identification and who did take an oath.

/s/ Virginia Connolly

	 	 	Notary Public for State of Maryland

Print Name: Virginia G. Connolly

My Commission Expires: 5/01/08

(SEAL)

STATE OF      Maryland      )

COUNTY OF      Anne Arundel      )

The foregoing instrument was acknowledged before me this 22 day of February, 2007, by Anthony
Mifsud, as Senior Vice President of MMA Mortgage Investment Corporation, a Florida corporation, on

behalf of the corporation. He/She is personally known to me or who has produced   —   as
identification and who did take an oath.

/s/ Virginia Connolly

	 	 	Notary Public for State of Maryland

Print Name: Virginia G. Connolly

My Commission Expires: 5/01/08

(SEAL)

STATE OF      Maryland      )

COUNTY OF      Anne Arundel      )

The foregoing instrument was acknowledged before me this 22 day of February, 2007, by Anthony
Mifsud, as Senior Vice President of MMA Construction Finance, LLC, a Maryland limited liability

company. He/She is personally known to me or who has produced   —   as identification and
who did take an oath.

/s/ Virginia Connolly

	 	 	Notary Public for State of Maryland

Print Name: Virginia G. Connolly

My Commission Expires: 5/01/08

(SEAL)

STATE OF      Maryland      )

COUNTY OF      Anne Arundel      )

The foregoing instrument was acknowledged before me this 22 day of February, 2007, by Anthony
Mifsud, as Senior Vice President of Municipal Mortgage & Equity LLC, a Delaware limited liability

company, on behalf of the company. He/She is personally known to me or who has produced   —
 as identification and who did take an oath.

/s/ Virginia Connolly

	 	 	Notary Public for State of Maryland

Print Name: Virginia G. Connolly

My Commission Expires: 5/01/08

(SEAL)

STATE OF      Maryland      )

COUNTY OF      Anne Arundel      )

The foregoing instrument was acknowledged before me this 22 day of February, 2007, by Anthony
Mifsud, as Senior Vice President of MMA Financial Holdings, Inc., a Florida corporation, on behalf

of the corporation. He/She is personally known to me or who has produced   —   as
identification and who did take an oath.

/s/ Virginia Connolly

	 	 	Notary Public for State of Maryland

Print Name: Virginia G. Connolly

My Commission Expires: 5/01/08

(SEAL)

STATE OF      Maryland      )

COUNTY OF      Anne Arundel      )

The foregoing instrument was acknowledged before me this 22 day of February, 2007, by Anthony
Mifsud, as Senior Vice President of MMA Financial, Inc, a Maryland corporation, on behalf of the
company. He/She is personally known to me or who has produced   —   as identification and
who did take an oath.

/s/ Virginia Connolly

	 	 	Notary Public for State of Maryland

Print Name: Virginia G. Connolly

My Commission Expires: 5/01/08

(SEAL)

	 	 	 
	Exhibits:

	 	

	A

B

C

D

E

F

G

I

	 	Authorized Officers

Authorized Loan Administrators

Collateral Checklist

Working Capital Loan Report

Letter of Credit Worksheet

Construction Loan Underwriting Guideline

Bridge/Interim Loan Program

Commercial Loan (Non-Multifamily Loan) Program Guidelines

	 	J.	 	Compliance Certificate

1

EXHIBIT A

AUTHORIZED OFFICERS

As to each member of the Borrowing Group, its Chairman, President, Treasurer or any of its Vice
Presidents

2

EXHIBIT B

AUTHORIZED LOAN ADMINISTRATORS

Melanie M. Lundquist

Anthony Mifsud

Bruno Soenen

Megan Targarona

Erin Edwards

3

EXHIBIT C

COLLATERAL CHECKLIST

PROJECT:     DATE:     

BORROWING GROUP MEMBER:      

DOCUMENTS:

	 	 	 	 	 
	________Loan/Bond Documents including Equity Note or Bond Endorsed by Borrowing Group Member to

	Synovus Bank of Tampa Bay
	 	 	 	 
	________Executed Collateral Assignment of Equity/Bond Documents

	________Borrower’s Officer Certificate attesting that the Collateral Assignment of Equity/Bond

	Documents is a valid and binding document sufficient to grant to Synovus Bank of Tampa Bay a

	security interest in the Equity/Bond Collateral, among other things.

	Follow-up documents to be submitted upon receipt by Borrowing Group Member:

	Loan Number:
	 	 	 	 
	Name of Project:
	 	 	 	 
	Type of Loan:
	 	 	 	 
	Risk Grade:
	 	 	 	 
	Midland Equity Syndication:
	 	 	 	 
	Collateral:
	 	 	 	 
	Equity Loan/Bond Face Amount:
	 	$	—	 
	Loan/Bond Balance at time of Collateral Assignment:
	 	$	—	 
	100% of Aggregate Credit Facility :
	 	$	—	 

CERTIFIED BY:     

ON BEHALF OF:

(Name of Member of Borrowing Group)

DATE:      

REVIEWED BY:     

ON BEHALF OF SYNOVUS BANK OF TAMPA BAY

DATE:      

4

EXHIBIT D

WORKING CAPITAL LOAN REPORT

THE UNDERSIGNED OFFICER of _[name of entity]     , a      [type of entity and
state where organized]  (“Reporting Company”) does hereby certify to Synovus Bank of Tampa
Bay, a Florida banking corporation (“Lender”) as follows:

	 	1.	 	That the attached Working Capital Report is true, correct and complete. It is
not misleading and fairly represents the subject matter thereof.

	 	2.	 	This statement is being made with the intention that Lender shall rely hereon
with regard to the administration of the Loan to MMA Capital Corporation, a Michigan
corporation f/k/a Midland Capital Corporation, MMA Mortgage Investment Corporation, a
Florida corporation, MMA Construction Finance, LLC, a Maryland limited liability
company f/k/a MuniMae Midland Construction Finance, LLC, under that certain Fourth
Amended and Restated Loan Agreement made by and among Lender, the aforesaid companies,
Municipal Mortgage & Equity LLC, a Delaware limited liability company and MMA Financial
Holdings, Inc., a Florida corporation f/k/a Midland Financial Holdings, Inc, and MMA
Financial, Inc., a      corporation.

IN WITNESS WHEREOF the undersigned officer of Reporting Company has set his hands and seal
this      day of      ,      .

     

By:      

As Its      

5

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	EXHIBIT "D"	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	WORKING CAPITAL LOAN REPORT	 	 	 	 
	 	 	MCC	 	 	 	 	 	 	 	 	 	 	 	 	 	90% Margined	 	 	 	 	 	 	 	Actual
	Type of	 	Risk	 	Type of	 	 	 	 	 	Loan	 	Loan	 	Account	 	Collateral	 	Date	 	Maturity	 	Interest	 	Days
	Loan	 	Rating	 	Loan	 	Borrower	 	Project	 	Number	 	Amount	 	Balance	 	Balance	 	Funded	 	Date	 	Paid Thru	 	Past Due
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL MCC LOANS HELD BY SYNOVUS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	-	 	-	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL COLLATERAL HELD BY SYNOVUS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	-	 	-	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MAXIMUM COLLATERALIZED CREDIT LINE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	COLLATERAL IN EXCESS/DEFICIT OF CREDIT LINE BORROWINGS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MAXIMUM COLLATERALIZED CREDIT LINE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CREDIT LINE BORROWINGS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AVAILABLE ON CREDIT LINE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

6

EXHIBIT E

LETTER OF CREDIT WORKSHEET

SYNOVUS BANK OF TAMPA BAY

Name of Applicant      

(Entity requesting the credit)

Amount of L/C      

Term of L/C      

Beneficiary      

Beneficiary Contact Name      

Phone Number      

Fax Number      

Address of Beneficiary      

     

     

Anticipated date of L/C      

Does the Beneficiary require a Rated Bank      yes      no

Does the L/C need to be transferable?      yes      no

Are partial draws required?      yes      no

Does the L/C need to be automatically renewed?      yes      no

What is the purpose of this L/C?      

     

     

     

Conditions that must be met in order for the L/C to be drawn      

     

     

     

MMA Contact      

Phone number      

Fax number      

Who will sign documents on behalf of MMA      

7

EXHIBIT F

CONSTRUCTION LOANS

Construction loans represent short term financing for the new construction and/or substantial
renovation of a real estate project, with loan proceeds disbursed periodically in installments as
the work progresses. Construction loans are generally underwritten with an anticipated third party
take-out from government sponsored enterprises (GSEs) or Conduits. In some instances, MMA will
provide construction-only financing. Loans are generally recourse and secured by a first lien
Mortgage and assignment of all contractual agreements, rents, and leases encumbering the property.
The term is typically 24-36 months with longer terms considered for certain property types. One or
more short-term extensions may be available.

The construction loan amount is typically calculated to be the lesser of: (i) a certain Loan to
Value ratio, based on the property’s stabilized market value as determined by an independent MAI
appraisal report prepared for and approved by MMA; and (ii) a certain Debt Coverage ratio based on
the current permanent loan funding requirements assuming completion of construction and current
market rents. For LIHTC properties, MMA will fund up to the permanent loan amount plus additional
installments against future syndication disbursements, resulting in a loan not to exceed the sum of
the permanent loan amount and subsequent syndication installments (installments funded at
construction completion and stabilization).

	 	 	 
	Property Type:

	 	Multifamily; new construction or substantial rehabilitation
	 
	 	 
	Loan Size:

	 	$1 million minimum, with acceptable permanent loan commitment in place
	 
	 	 
	Term:

	 	Up to 24 months for Tax Credit properties, with other terms considered for Market Rate properties.
	 
	 	 
	Interest Rate:

	 	Spread over LIBOR or Wall Street Journal Prime Rate
	 
	 	 
	Guaranty:

	 	Full recourse for project completion and repayment
	 
	 	 
	Take-out:

	 	The construction loan must be backed by a forward take-out provided by an agency or a third-party lender.

Funding Requirements

	 	 	 	Maximum LTV: 80% for market rate; not applicable to affordable projects due to funding of
future LIHTC equity installments

	 	 	 	Minimum DCR: 1.25x for market rate; not applicable to affordable projects due to funding of
future LIHTC equity installments

8

Exhibit G

Bridge/Interim Loan Program

Interim Loans are loans supporting multifamily projects that are originated or purchased by MMA
after completion of construction. These loans are secured by a first lien on the property; the term
is typically 2-5 years or less. The loans pass a full credit underwriting by the normal standards
of MMA. The loans are underwritten as new assets, with all typical third party reports and security
documents in place. This would include new appraisals, environmental reports, engineering surveys
and title policies.

LTV/DSC: As required by anticipated exit strategy (e.g. Fannie Mae, Freddie Mac or other secondary
market source).

Interest Rate: Spread over LIBOR

Amortization: Typically Interest-Only, but amortization may be required depending on the structure
of the individual transaction.

Recourse: Non-recourse if property is existing and stabilized. Full or partial recourse may be
required if there is additional risk, depending on circumstances.

Loan Sizing: NOI/LTV used to determine loan amount does not assume rent trending or property
operation improvement (i.e. “as-is” operations)

Additional proceeds: Additional proceeds above what is supportable by current NOI considered on a
limited case-by-case basis with strong borrowers. The additional proceeds must be secured by cash
collateral (including letters of credit from an AA rated third-party provider) and a guaranty.

9

EXHIBIT H

Direct Purchase Program

Unenhanced, Tax-Exempt Bond Financing

Represents investments in municipal bonds issued to finance affordable housing and other types
of multifamily bonds.

	 	 	 
	Property Type:

	 	Multifamily; for new construction and rehabilitation
	 
	 	 
	Loan Amount:

	 	Up to $40 million
	 
	 	 
	Interest Rate:

	 	Priced at the then current market rate
	 
	 	 
	Amortization:

	 	Up to 45 years

Typically starts 30-42 months after closing. Bonds are subject to resizing
upon stabilization. Resizing can be extended upon payment of extension fees.

	 	 	 	 	 
	Term:
	 	Up to 45 years, but most bonds have matching call/put in 17-20 years.

	Debt Service
Coverage:
	 	 	1.10-1.15	 
	Loan to Value:
	 	Up to 95%

	 
	 	Recourse: Varies, but typically full recourse through stabilization.
	Prepayment:
	 	Typical lockout is 17-20 years.

10

EXHIBIT I

COMMERCIAL LOAN PROGRAM (NON-MULTIFAMILY LOANS)

This program is designed to provide a short term financing alternative for transactions that
are either stabilized, or in need of renovation/re-tenanting, or other value-added and
redevelopment strategies. General program requirements are as follows:

	 	 	 
	Property Types:

Loan Size:

Loan-to-Value:

Debt Service

Coverage:

Loan Term:

Amortization:

Interest Rate:

Loan-to-Cost:

Guarantees:

	 	Office, Industrial, Retail, Hotels, Condos, Apartments and Seniors Housing.

Minimum $3 million

Maximum 80%

Minimum 1.15

Typically 2 to 5 years

Typically interest-only, but amortization may be required depending on the structure of the individual

transaction

Spread over LIBOR

Up to 90%

Subject to standard carve-outs. Additional guarantees may be required depending on the individual

transaction structure.
	 
	 	 

11

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Exhibit "J"	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Compliance Certificate	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Financial Covenants Summary	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	As of	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 
	This certificate is delivered pursuant to Section 6.23 - 6.27 of the Loan Agreement between MMA Capital Corp., et al
	 	 	 	 	 	 	 	 	 	 	 	 
	and Synovus Bank of Tampa Bay dated
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Section
	 	 	 	 	 	 	 	 	 	Description	 	 	 	 	 	 	 	 	 	Calculation
	 	 	 
	 	 	 	 
	6.23
	 	 	 	 	 	Unencumbered Liquidity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 		A.		 	Actual Unencumbered Liquidity
	 	 	 	 	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		B.		 	Minimum required Unencumbered Liquidity
	 	 	 	 	 	 	 	 	 		15,000,000	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		C.		 	Excess (deficient) for covenant compliance (Line 6.23.A - 6.23.B)
	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.24	 	 	 	 	 	Minimum Consolidated Tangible Net Worth
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		A.		 	Actual Consolidated Tangible Net Worth at Statement Date:
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 		1		 	Shareholders' Equity
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 		2		 	Intangible Assets
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 		3		 	Consolidated Tangible Net Worth (Line 6.24.A.1 less 6.24.A.2)
	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		B.		 	Minimum required Consolidated Tangible Net Worth
	 	 	 	 	 	 	 	 	 		350,000,000	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		C.		 	Excess (deficient) for covenant compliance (Line 6.24.A - 6.24.B)
	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.25
	 	 	 	 	 	Consolidated Leverage Ratio	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		A.		 	Consolidated Debt at Statement Date
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		B.		 	Consolidated Tangible Net Worth (Line 6.25.A.3 above)
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		C.		 	Consolidated Leverage Ratio (Line 6.25.A to Line 6.25.B)
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		D.		 	Maximum Consolidated Leverage Ratio
	 	 	 	 	 	 	 	 	 		5:1	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.26	 	 	 	 	 	Consolidated Senior Indebtedness to Consolidated Tangible Net Worth
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 		A.		 	Consolidated Senior Indebtedness
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		B.		 	Consolidated Tangible Net Worth (Line 6.24.A.3 above)
	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		C.		 	Consolidated Senior Indebtedness to Consolidated Tangible Net Worth (Line 6.26.A to Line 6.26.B)
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		D.		 	Maximum Consolidated Senior Indebtedness to Consolidated Tangible Net Worth
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		3.5:1	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.27	 	 	 	 	 	Consolidated Interest and Distribution Coverage Ratio
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		A.		 	Consolidated CAD for four consecutive fiscal quarters ending on above date (“Subject Period”)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		B.		 	Consolidated Interest Charges and Distribution for Subject Period
	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		C.		 	Consolidated Interest and Distribution Coverage Ratio (Line 6.27.A plus Line 6.27.B to Line 6.27.B)
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		D.		 	Minimum Consolidated Interest and Distribution Coverage ratio
	 	 	 	 	 	 	 	 	 		1.5:1	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of Restricted Payments that represent distributions to holders of preferred shares included in above
	 	 	 	 
	 
	 		E.		 	calculations.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	The undersigned hereby certifies that:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	The foregoing is true and correct to the best of his / her knowledge and belief. The borrower covenants and agrees to notify the Bank of any substantial financial change

	A.	 	affecting these covenants occuring between the date hereof and the date on which the subsequent report is due.
	 	 	 	 	 	 	 	 
	 	 	Except as otherwise indicated in any accompanyingreport, no condition exists and no event has occurred which would constitute a default as defined in the Loan Agreement on

	B.	 	which, after notice or lapse of time or both, would constitute a default.
	 	 	 	 	 	 	 	 	 	 	 	 
	By:
	 		 		 		 		 		 		 		 		 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date:
	 		 		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

12

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