Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

MASTER TRANSACTION AGREEMENT

 

by and among

 

MMA CAPITAL MANAGEMENT, LLC,

 

MMA FINANCIAL, INC.,

 

MMA ENERGY CAPITAL, LLC,

 

HUNT FS HOLDINGS II, LLC

 

and

 

(solely with respect to its express obligations
under Article V)

 

HUNT COMPANIES, INC.

 

dated as of January 8, 2018

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS	2
	 	 	 
	Article II PURCHASE AND SALE	18
	Section 2.01	Purchase and Sale of the Transferred Assets	18
	Section 2.02	Excluded Assets	19
	Section 2.03	Obligations	19
	Section 2.04	Excluded Liabilities	19
	Section 2.05	Asset Purchase Price	21
	Section 2.06	IHS Working Capital Adjustment	21
	Section 2.07	Transactions to be Effected at the Closing	23
	Section 2.08	Acquisition of MMAC Common Shares	25
	Section 2.09	Contingent Purchase Price Payment	27
	Section 2.10	Allocation of Asset Purchase Price	28
	Section 2.11	Closing	29
	Section 2.12	Withholding	29
	 	 	 
	Article III REPRESENTATIONS AND WARRANTIES OF MMAC AND SELLER	29
	Section 3.01	Organization and Authority of Seller	29
	Section 3.02	Enforceability	30
	Section 3.03	Organization, Authority and Qualification of the Company and the Company Subsidiaries	30
	Section 3.04	Capitalization; Subsidiaries	30
	Section 3.05	No Conflicts; Consents	32
	Section 3.06	Company Financial Statements	33
	Section 3.07	SEC Reports; MMAC Financial Statements; Internal Controls	34
	Section 3.08	Undisclosed Liabilities	34
	Section 3.09	Absence of Certain Changes, Events and Conditions	35
	Section 3.10	Title to the Transferred Assets	37
	Section 3.11	Sufficiency and Condition Assets	38
	Section 3.12	Real Property; Tangible Personal Property	38
	Section 3.13	Legal Proceedings; Governmental Orders	40
	Section 3.14	Compliance with Laws; Permits	40
	Section 3.15	LIHTC Funds	41
	Section 3.16	Material Contracts	42
	Section 3.17	Intellectual Property	43
	Section 3.18	Environmental Matters	44
	Section 3.19	Insurance	45
	Section 3.20	Employee Benefit Matters	46
	Section 3.21	Employment Matters	48
	Section 3.22	ERISA	49
	Section 3.23	Taxes	49
	Section 3.24	The Management Arrangements and Management Fee Rights	51
	Section 3.25	Brokers	52

 

    	 	i	 

     

    

 

	Section 3.26	Absence of Unlawful Payments	52
	Section 3.27	Affiliate Transactions	53
	Section 3.28	Investment Company Act	53
	Section 3.29	Solvency	53
	Section 3.30	Compliance with NASDAQ Continued Listing Requirements	53
	Section 3.31	Anti-Takeover Provisions	54
	Section 3.32	Independent Investigation	54
	Section 3.33	No Other Representations and Warranties	54
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES OF BUYER	55
	Section 4.01	Organization and Authority of Buyer	55
	Section 4.02	Enforceability	55
	Section 4.03	No Conflicts; Consents	55
	Section 4.04	Buyer Financial Statements	56
	Section 4.05	Undisclosed Liabilities	56
	Section 4.06	Absence of Certain Changes, Events and Conditions	56
	Section 4.07	Title to Assets; Subsidiaries	57
	Section 4.08	Legal Proceedings; Governmental Orders	58
	Section 4.09	Compliance with Laws; Permits	58
	Section 4.10	Investment Purpose	58
	Section 4.11	Brokers	58
	Section 4.12	Independent Investigation	59
	Section 4.13	Securities Restrictions	59
	Section 4.14	Accredited Investor Status	59
	Section 4.15	No Other Representations and Warranties	59
	 	 	 
	Article V COVENANTS	60
	Section 5.01	Employees; Benefit Plans	60
	Section 5.02	Confidentiality	62
	Section 5.03	Third-Party Consents	62
	Section 5.04	Books and Records	62
	Section 5.05	MMAC NOL Rights Plan; Sale of MMAC Common Shares	62
	Section 5.06	Hunt Board Seats	63
	Section 5.07	Tax Matters	66
	Section 5.08	Public Announcements	67
	Section 5.09	Registration Rights	67
	Section 5.10	Termination of Affiliate Transactions	67
	Section 5.11	Further Assurances	67
	Section 5.12	Retransfer of Assets	67
	Section 5.13	Transfer Taxes	67
	Section 5.14	Non-Solicitation	68
	Section 5.15	MGM Assets	68
	Section 5.16	Cobb Theater Guaranty	70
	Section 5.17	IHS Management Fee Catch-Up Payments	70
	 	 	 
	Article VI SURVIVAL; INDEMNIFICATION	71
	Section 6.01	Survival	71

 

    	 	ii	 

     

    

 

	Section 6.02	Indemnification By MMAC	71
	Section 6.03	Indemnification By Buyer	72
	Section 6.04	Certain Limitations	72
	Section 6.05	Indemnification Procedures	74
	Section 6.06	Tax Treatment of Indemnification Payments	76
	Section 6.07	Effect of Investigation	76
	Section 6.08	Exclusive Remedies	76
	 	 	 
	Article VII MISCELLANEOUS	76
	Section 7.01	Expenses	76
	Section 7.02	Notices	77
	Section 7.03	Interpretation	77
	Section 7.04	Headings	78
	Section 7.05	Severability	78
	Section 7.06	Entire Agreement	78
	Section 7.07	Successors and Assigns	78
	Section 7.08	No Third-Party Beneficiaries	78
	Section 7.09	Amendment and Modification; Waiver	79
	Section 7.10	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	79
	Section 7.11	Specific Performance	80
	Section 7.12	Counterparts	80
	Section 7.13	Survival	80

 

    	 	iii	 

     

    

 

Schedules and Exhibits:

 

	Schedule 1	Estimated IHS Working Capital; Current Assets and Current Liabilities
	Schedule 2	Interests; Subsidiaries; Other Entities; Project Partnerships
	Schedule 3	Excluded Assets
	Schedule 4	Company Financial Statements
	Schedule 5	Buyer Financial Statements
	Schedule 6	Buyer Subsidiaries
	Schedule 7	Required Consents
	Schedule 8	LIHTC Assets
	Schedule 9	MGM LIHTC Assets
	Schedule 10	Buyer’s Severance Policy
	Schedule 11	Additional Indemnifiable Matters
	 	 
	Exhibit A	Management Agreement
	Exhibit B	Pledge and Security Agreement
	Exhibit C	Purchase Money Note
	Exhibit D	Equity Assignment
	Exhibit E	Assignment and Assumption of MEC Management Agreement
	Exhibit F	Hunt Guaranty

 

    	 	iv	 

     

    

 

MASTER TRANSACTION AGREEMENT

 

THIS MASTER TRANSACTION AGREEMENT (this
“Agreement”), dated as of January 8, 2018, is entered into by and among MMA CAPITAL MANAGEMENT, LLC, a Delaware
limited liability company (“MMAC”), MMA FINANCIAL, INC., a Maryland corporation (“Seller”),
MMA ENERGY CAPITAL, LLC, a Maryland limited liability company (“MEC”), HUNT FS HOLDINGS II, LLC, a Delaware
limited liability company (“Buyer”) and, solely with respect to its express obligations under Article V,
HUNT COMPANIES, INC., a Delaware corporation (“Hunt”).

 

RECITALS

 

WHEREAS, Seller owns all of the Interests (as
defined below) in MuniMae Holdings, LLC, a Maryland limited liability company (the “Company”), and MMAC and
MEC are parties to certain Management Arrangements and Management Fee Rights (as defined below);

 

WHEREAS, transactions contemplated by the Contribution
Agreement (as defined below) have been completed prior to the execution of this Agreement, and the Company, directly or indirectly
through the Company Subsidiaries (as defined below), owns all of the assets used in connection with the Company Business (as defined
below);

 

WHEREAS, prior to the execution of this Agreement,
the MGM Principals (as defined below) and MMAC entered into a Purchase and Sale Agreement (the “MGM Purchase Agreement”),
pursuant to which MMAC agreed, subject to the terms and conditions contained therein, to purchase (or assign to Buyer the right
to purchase) the MGM Interests (as defined below) from the MGM Principals;

 

WHEREAS, concurrently with execution of the MGM
Purchase Agreement, MMAC entered into a Transfer Agreement with MG Woodside, LLC (the “Woodside Transfer Agreement”
and, together with the MGM Purchase Agreement, collectively, the “MGM Agreements”), pursuant to which MMAC agreed,
subject to the terms and conditions contained therein, to acquire one hundred percent (100%) of the general partnership interests
in OHC/Woodside, LTD, a Texas limited partnership and those certain five Promissory Notes of various dates of MG CAPREIT GTC Middle
Tier Fund II LLC as assigned to Charles M. Pinckney LLC and Johnson Holdings LLC in the aggregate principal amount of $886,954.09
(collectively, the “Woodside Assets” and together with the MGM Interests, the “MGM Assets”);

 

WHEREAS, upon the terms and conditions set forth
in this Agreement, (i) MMAC, MEC and Seller, as applicable, wish to sell, transfer and assign, or cause to be sold, transferred
and assigned, to Buyer, and (ii) Buyer wishes to purchase and acquire from MMAC, MEC and Seller, as applicable, the Interests and
the Management Arrangements and Management Fee Rights;

 

WHEREAS, in connection with the transactions contemplated
by this Agreement, MMAC desires to provide Buyer with the option to take an assignment of all of MMAC’s rights, obligations
and interests in the MGM Agreements;

 

     

     

    

 

WHEREAS, upon the terms and conditions set forth
in this Agreement, (i) MMAC, MEC and Seller, as applicable, wish to assign to Buyer, or have Buyer assume, the Obligations (as
defined below) and (ii) Buyer wishes to assume from MMAC, MEC and Seller, as applicable, the Obligations;

 

WHEREAS, upon the terms and conditions set forth
in this Agreement, at the Subsequent Closings (as defined below), MMAC wishes to issue and sell to Buyer or one of its Subsidiaries
or Affiliates, and Buyer or one of its Subsidiaries or Affiliates wishes to purchase and acquire from MMAC, the applicable number
of Purchased Shares (as defined below) (the “Share Purchase”);

 

WHEREAS, upon the terms and conditions set forth
in this Agreement, MMAC and its Affiliates desire to assign to Buyer all right, title and interest in and to the IRFA Cash Collateral
Account (as defined below), and Buyer desires to assume those certain IRFA Guarantees (as defined below);

 

WHEREAS, from and after the Closing, MMAC desires
that it (including the Retained Business (as defined below)) be managed by the Manager (as defined below) pursuant to the terms
of the Management Agreement (as defined below); and

 

WHEREAS, concurrently with the consummation of
the transactions contemplated by this Agreement, the Parties (as defined below) desire to enter into the other Transaction Documents
(as defined below).

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

The following terms have the meanings specified
or referred to in this Article I:

 

“Affiliate” of a Person means
any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, such Person. As used herein, the term “control” (including the terms “controlled by” and
“under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; provided,
that, following the Closing, neither Buyer, any of the Subsidiaries of Buyer nor the Manager shall be deemed an Affiliate of MMAC
or any of the MMAC Subsidiaries, and neither MMAC nor any of the MMAC Subsidiaries shall be deemed an Affiliate of Buyer, any of
the Subsidiaries of Buyer or the Manager.

 

“Affiliate Transactions” has
the meaning set forth in Section 3.27.

 

“Affiliate Transaction Terminations”
has the meaning set forth in Section 5.10.

 

    	 	2	 

     

    

 

“Aggregate Purchase Price”
means the sum of (a) the Asset Purchase Price plus (b) $30,200,000.

 

“Agreement” has the meaning
set forth in the preamble.

 

“Allocation Schedule” has the
meaning set forth in Section 2.10.

 

“Ancillary Agreement” means
the SCL Ancillary Agreement by and between MMAC and FP Solar Construction Holdings, LLC, a Delaware limited liability company,
dated November 7, 2016.

 

“Asset Purchase Price” has
the meaning set forth in Section 2.05.

 

“Assigned Contracts” means
the Contracts set forth on Section 3.16(a) of the Disclosure Schedules.

 

“Assignment and Assumption of
MEC Management Agreement” means that certain Assignment and Assumption Agreement, dated as of the date hereof, by
and between MEC and the Manager, in the form attached hereto as Exhibit E, it being acknowledged and agreed
that, notwithstanding terms therein, as between the parties hereto, this Agreement shall control in the event of any
conflicts between this Agreement and the Assignment and Assumption of MEC Management Agreement.

 

“Benefit Plan” has the meaning
set forth in Section 3.20(a).

 

“Business Day” means any day
except Saturday, Sunday or any other day on which banking institutions located in New York, New York are authorized or
required by Law to be closed for business.

 

“Buyer” has the meaning set
forth in the preamble.

 

“Buyer Financial Statements”
has the meaning set forth in Section 4.04.

 

“Buyer Fundamental Representations”
means the representations and warranties set forth in Section 4.01 (Organization and Authority of Buyer), Section 4.02
(Enforceability), and Section 4.11 (Brokers).

 

“Buyer Indemnified Parties”
has the meaning set forth in Section 6.02.

 

    	 	3	 

     

    

 

“Buyer Material Adverse Effect”
means any effect, event, occurrence, circumstance, fact, development, condition or change that, individually or together with any
one or more effects, events, occurrences, circumstances, facts, developments, conditions or changes has had or would reasonably
be expected to have a materially adverse effect on (a) the assets, properties, liabilities, business, results of operations
or financial condition of the Buyer and the Buyer Subsidiaries, taken as a whole, or (b) the ability of Buyer to perform its
obligations under this Agreement or to timely consummate the transactions contemplated hereby; provided, however,
that, solely with respect to clause (a) of the foregoing, “Buyer Material Adverse Effect” shall not include
any effect, event, occurrence, circumstance, fact, development, condition or change to the extent attributable to: (i) general
economic or political conditions; (ii) conditions generally affecting the industries in which the Buyer operates; (iii) any
changes in financial, banking or securities markets in general (provided that the underlying causes of such changes (subject
to the other provisions of this definition) shall not be excluded); (iv) acts of war, armed hostilities or terrorism, or the
escalation or worsening thereof; (v) any action required by this Agreement or any action taken (or omitted to be taken) with
the written consent of or at the written request of MMAC, Seller or MEC; (vi) any changes in applicable Laws or accounting rules
(including GAAP) or the enforcement, implementation or interpretation thereof; (vii) the announcement of the transactions contemplated
by this Agreement; (viii) any natural or man-made disaster or acts of God; or (ix) any failure by the Buyer to meet any internal
or published projections, forecasts or revenue or earnings predictions (provided that the underlying causes of such failures
(subject to the other provisions of this definition) shall not be excluded); provided, further, however, that
any effect, event, occurrence, circumstance, fact, development, condition or change referred to in clauses (i) through (iv), (vi)
and (viii) immediately above shall be taken into account in determining whether a Buyer Material Adverse Effect has occurred or
could reasonably be expected to occur to the extent that such effect, event, occurrence, circumstance, fact, development, condition
or change has a disproportionate effect on the Buyer and the Buyer Subsidiaries compared to other participants in the industries
in which the Buyer, the Buyer Subsidiaries and their respective Affiliates operate.

 

“Buyer’s Knowledge” or
any other similar knowledge qualification, means the knowledge, after reasonable inquiry, of those persons listed on Section 1.01(b)(i) of
the Disclosure Schedules.

 

“Buyer Subsidiary” means each
Person in which Buyer has a direct or indirect equity interest, including those set forth on Schedule 6. Schedule 6
lists each Person in which Buyer owns directly or indirectly a majority of the equity or economic interests of such Person.

 

“CERCLA” means the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act
of 1986, 42 U.S.C. §§ 9601 et seq.

 

“CERCLIS” means the Comprehensive
Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency.

 

“Claim” means any claim, demand,
action, cause of action, suit, proceeding, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative,
regulatory or otherwise, whether at law or in equity, arbitration, Loss, charge, complaint, judgment, decree, debt, damage, Liability,
court costs, reasonable attorneys’ fees and any other expenses incurred or sustained.

 

“Closing” has the meaning set
forth in Section 2.11.

 

“Closing Date” has the meaning
set forth in Section 2.11.

 

“Closing IHS Working Capital”
has the meaning set forth in Section 2.06(c).

 

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

 

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

 

    	 	4	 

     

    

 

“Company Business” means, collectively,
(a) the business associated with the LIHTC Assets, (b) the IHS Business and (c) the legacy solar project of MMAC known as Thousand
Oaks (but expressly excluding all of MEC’s investments).

 

“Company Financial Statements”
has the meaning set forth in Section 3.06.

 

“Company Management Agreement”
has the meaning set forth in Section 3.15(a).

 

“Company Subsidiary” means
(a) each Subsidiary of the Company, (b) TC Fund I and (c) IHS PM, but excluding (x) the Other Entities, (y) any intermediate entities
through which the Other Entities own the multifamily apartment projects in which the Company is invested through the LIHTC Assets
and (z) the Project Partnerships, all as more particularly described on Schedule 2.

 

“Confidential Information”
has the meaning set forth in the Confidentiality Agreement.

 

“Confidentiality Agreement”
means the Confidentiality Agreement, dated as of February 2, 2017, between MMAC and HCH Holdings, LLC.

 

“Contingent Purchase Price Amount”
means the amount, if any, equal to thirty (30%) of the Gross Cash Flow in excess of the Contingent Purchase Price Hurdle to be
measured commencing on the Closing Date cumulatively through the end of each Interim Contingent Purchase Price Period or the Contingent
Purchase Price Period, as applicable.

 

“Contingent Purchase Price Hurdle”
means, and shall have occurred if, the Gross Cash Flow exceeds 158% percent of the Aggregate Purchase Price.

 

“Contingent Purchase Price Period”
means the period commencing on the Closing Date and ending on the ten (10) year anniversary of the Closing Date. If assets, liabilities
and/or guarantees included in the LIHTC Assets and the MGM LIHTC Assets are held by Buyer or its Affiliates at the end of the Contingent
Purchase Price Period, the fair market value of such assets (net of liabilities and guarantees) at such time, as determined by
an independent third party appraisal firm selected by mutual agreement of Seller and Buyer and paid for solely by Seller, shall
be treated as received or paid by Buyer on the last day of the Contingent Purchase Price Period in calculating the Final Contingent
Purchase Price Amount.

 

“Contribution Agreement” means
the Distribution and Contribution Agreement, dated as of the date hereof, by and among Seller, MMAC, the Company, MuniMae TEI Holdings,
LLC, MMA Financial TC, LLC, and MMA Financial International, LLC.

 

“Contract” means any contract,
lease, sublease, license, indenture, bond, debenture, note, mortgage, guarantee, instrument, agreement, deed of trust, conditional
sales contract or other legally binding arrangement, together with modifications, amendments, supplements, waivers or side-letters
related thereto (in each case, whether written or oral).

 

    	 	5	 

     

    

 

“Current Assets” means, as
of any date, the consolidated current assets of the IHS Business, which current assets shall include only the line items set forth
on Schedule 1 under the heading “Current Assets” and no other assets, and, in each case, determined in accordance
with GAAP, consistently applied.

 

“Current Liabilities” means,
as of any date, the consolidated current liabilities of the IHS Business, which current liabilities shall include only the line
items set forth on Schedule 1 under the heading “Current Liabilities” and no other liabilities, and, in each
case, determined in accordance with GAAP, consistently applied.

 

“Data Room” means the electronic
documentation site established by Kimberlite Group, LLC on behalf of Seller.

 

“Designation Notice” has the
meaning set forth in Section 5.06(d).

 

“Direct Claim” has the meaning
set forth in Section 6.05(c).

 

“Disclosure Schedules” means
the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery of this Agreement.

 

“Disputed Item” has the meaning
set forth in Section 2.06(e).

 

“Dollars” or “$”
means the lawful currency of the United States.

 

“Early Share Purchase Closing Notice”
has the meaning set forth in Section 2.08(a).

 

“Election Meeting” has the
meaning set forth in Section 5.06(c).

 

“Employees” means those Persons
employed by MMAC or any of its Affiliates immediately prior to the Closing.

 

“Encumbrance” means any lien,
pledge, mortgage, deed of trust, security interest, charge, claim, covenant, condition, right of first refusal, transfer restriction,
purchase option, title defect, easement, encroachment or other survey defect or other encumbrance.

 

“Environmental Claim” means
any allegation, written claim, demand, action, cause of action, suit, proceeding, citation, summons, subpoena or investigation
of any nature (civil, criminal, administrative, regulatory or otherwise, whether at law or in equity), complaint, judgment or decree
or other legal proceeding or lien by any Person alleging liability of whatever kind or nature (including liability or responsibility
for the costs of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources
damages, property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief)
arising out of, based on or arising or resulting from: (a) the presence, management, manufacture, use, containment, storage,
recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or Release of,
or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law or term or
condition of any Environmental Permit.

 

    	 	6	 

     

    

 

“Environmental Law” means any
applicable Law, and any Governmental Order or binding agreement with any Governmental Authority: (a) relating to pollution
(or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the
environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning the presence
of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation,
discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials. The term “Environmental
Law” includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act
of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and
Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et
seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251
et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning
and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended
by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health
Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

“Environmental Notice” means
any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating to actual or alleged
non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

“Environmental Permit” means
any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or issued, granted,
given, authorized by or made pursuant to Environmental Law.

 

“Equity Assignment” has the
meaning set forth in Section 2.07(a)(ii).

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“ERISA Affiliate” has the meaning
set forth in Section 3.20(d).

 

“Estimated IHS Working Capital”
has the meaning set forth in Section 2.06(a).

 

“Estimated Interim Contingent Purchase
Price Amount” has the meaning set forth in Section 2.09(b).

 

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

 

“Excluded Assets” has the meaning
set forth in Section 2.02.

 

    	 	7	 

     

    

 

“Excluded Liabilities” has
the meaning set forth in Section 2.04.

 

“Final Contingent Purchase Price Amount”
has the meaning set forth in Section 2.09(d).

 

“First Amendment to SCL/SPL Ancillary
Agreement” means that certain First Amendment to SCL Ancillary Agreement and SPL Ancillary Agreement dated as of the
date hereof by and between MMAC, FP Solar Construction Holdings, LLC, FP Solar Permanent Holdings, LLC and Manager.

 

“First Amendment to SDL Operating Agreement”
means that certain First Amendment to Limited Liability Company Operating Agreement of Solar Development Lending, LLC to be dated
as of the date hereof by and among the Manager, FP Solar Construction Finance LLC, Fundamental Partners II LP, Fundamental Partners
III LP and MEC.

 

“First Share Purchase Closing Date”
has the meaning set forth in Section 2.08(a).

 

“First Share Purchase Price”
means $4,125,000.

 

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

 

“Fund Operating Agreement”
has the meaning set forth in Section 3.15(a).

 

“GAAP” means United States
generally accepted accounting principles in effect from time to time.

 

“Governmental Authority” means
any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, including any state-owned or state controlled enterprises, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such
organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental Order” means
any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

 

    	 	8	 

     

    

 

“Gross Cash Flow” means, for
any fiscal period, the cumulative gross cash flows, including but not limited to all revenues, sale proceeds, residuals, return
of capital, distributions, releases, or deemed releases, of reserves or collateral, loan payments and all other sources of gross
cash outflows or inflows received or paid by Buyer in connection with the LIHTC Assets, the MGM LIHTC Assets and the ownership
interests of such assets, as well as the fair market value (as determined by an independent third party appraisal firm selected
by mutual agreement of Seller and Buyer and paid for solely by Seller) of any such assets held by Buyer at the end of the Contingent
Purchase Price Period (as described in the Contingent Purchase Price Period definition), which for the avoidance of doubt, excludes
any deduction for any management fee and/or operating expense, and includes (a) all interest received by Buyer from the MGM Subordinate
Loan Receivable; (b) all cash flows received by Buyer from (i) TC Fund I, (ii) the IRFA Cash Collateral, (iii) all net operating
cash flow distributions and residual proceeds from the (A) Hallmark at Garden Parkway loan and equity investments, (B) Hallmark
at Bluffton equity investment and (C) Orchard Springs loan and equity investments, and (iv) the Woodside loan and equity interests
included in the MGM LIHTC Assets; and (c) in the event Buyer does not acquire MGM, proceeds that the Buyer receives related to
the MGM Subordinate Loan Receivable if those proceeds result from the sale of the MGM Subordinate Loan Receivable to a Person which
is not an Affiliate of Buyer or from MGM paying off the MGM Subordinate Loan Receivable, but has deducted from it (x) all debt
service payments on the Guilford Trust loan, (y) any TC Fund I guarantee exposure that requires cash outflow by Buyer in excess
of $812,581 and (z) any guaranteed payment required to be made to a guaranteed fund or fund investor or as an additional IRFA collateral
pledge.

 

“Guilford Trust Obligations”
means that certain Promissory Note in the original principal amount of $3,875,000 dated September 23, 2016 of Seller payable to
the order of Guilford Portfolio Asset Management Trust, together with that certain Pledge and Security Agreement dated September
23, 2016 by MuniMae TEI Holdings, LLC in favor of Guilford Portfolio Asset Management Trust, including all interest accrued thereon
but excluding, for the avoidance of doubt, any Liabilities arising as a result of the Closing and consummation of the transactions
contemplated by this Agreement.

 

“Hazardous Materials” means:
(a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each
case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, radioactive, toxic, a waste, a contaminant
or words of similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products,
radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation
and polychlorinated biphenyls.

 

“Hunt” has the meaning set
forth in the preamble.

 

“Hunt Designees” means the
individual(s) selected by Hunt for nomination as director(s) of MMAC in accordance with Section 5.06.

 

“Hunt Election Notice” has
the meaning set forth in Section 5.15(a).

 

“Hunt Guaranty” means the Guaranty
of Hunt Companies, Inc. in the form attached hereto as Exhibit F.

 

“Hunt/MGM Election Right” has
the meaning set forth in Section 5.15(a).

 

“Hunt Observer” has the meaning
set forth in Section 5.06(a).

 

“IHS” means MMA Financial International,
LLC, a limited liability company formed under the laws of the State of Maryland.

 

    	 	9	 

     

    

 

“IHS Business” means IHS’s
100% equity investment in (a) International Housing Solutions S.à r.l., a Société à responsabilité
limitée formed under the laws of Luxembourg, that is engaged in raising, investing in and managing private real estate funds and
other entities that invest in residential real estate in sub-Saharan Africa and (b) IHS PM that provides property management
services to certain of the properties of entities managed by IHS.

 

“IHS Objection Notice” has
the meaning set forth in Section 2.06(d).

 

“IHS PM” means IHS Property
Management Proprietary Limited, a private company registered in South Africa.

 

“IHS Working Capital” means,
at any date, all Current Assets minus all Current Liabilities as of such date.

 

“IHS Working Capital Adjustment”
has the meaning set forth in Section 2.06(b).

 

“Indemnified Party” has the
meaning set forth in Section 6.04.

 

“Indemnifying Party” has the
meaning set forth in Section 6.04.

 

“Independent Accountant” means
Ernst & Young, or if Ernst & Young is unable to serve, another impartial nationally recognized firm of independent certified
public accountants mutually appointed by Buyer and MMAC other than KPMG.

 

“Insurance Policy” has the
meaning set forth in Section 3.19.

 

“Intellectual Property” means
any patents, patent applications, trademarks and service marks, trademark and service mark applications, trade names, logos, URLs
and Internet domain names, copyrights, Software, proprietary know-how and trade secrets.

 

“Interests” means 100% of the
issued and outstanding equity interests in the Company.

 

“Interim Contingent Purchase Price Period”
has the meaning set forth in Section 2.09(b).

 

“IP Licenses” means licenses
of Intellectual Property from the Company or a Company Subsidiary to any third party or to the Company or a Company Subsidiary
from any third party, pursuant to which the Company or a Company Subsidiary has received or made payments of more than $500,000
in the fiscal year ended December 31, 2016, but excluding (a) customer Contracts (including such Contracts with resellers, distributors
and systems integrators); (b) Contracts with consultants or other services providers whose rights to use the Owned Intellectual
Property are limited to use for the benefit of the Company and the Company Subsidiaries; and (c) off-the shelf licenses for generally
commercially available software, including shrink wrap and click wrap licenses.

 

“IRFA Cash Collateral Account”
means the cash collateral account posted for the guarantees with MLCS.

 

    	 	10	 

     

    

 

“IRFA Guarantees” means, collectively,
(i) any and all obligations of MMA Financial Holdings, Inc. (“MFH”) under the terms of that certain ISDA Master Agreement,
dated as of June 14, 2004, between MFH and MLCS, including the Multicurrency Cross Border Schedule and the Credit Support Annex
thereto and the Confirmation Letters thereunder for Transaction Nos. 001 through 0012, all as amended, restated and/or supplemented
from time to time, and (ii) any and all obligations of MMA Capital Management, LLC under the terms of that certain Amended and
Restated Guarantee of MMA Capital Management, LLC, dated December 28, 2015, in favor of MLCS relating to the obligations of MFH
described in clause (i) above.

 

“IRS” means the United States
Internal Revenue Service

 

“IT Assets” means computers,
Software, servers, workstations, routers, hubs, switches, circuits, networks, data communications lines and all other information
technology equipment (including communications equipment, terminals and hook-ups that interface with third party software or systems)
and all associated documentation, owned, licensed, leased or otherwise used by the Company, a Company Subsidiary or otherwise used
in connection with the Company Business or related to the Transferred Assets.

 

“Knowledge of Seller, Seller’s
Knowledge” or any other similar knowledge qualification, means the knowledge, after reasonable inquiry, of those persons
listed on Section 1.01(b)(ii) of the Disclosure Schedules.

 

“Law” means any statute, law,
ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, policy, or other requirement or rule
of law of any Governmental Authority.

 

“Leased Real Property” has
the meaning set forth in Section 3.12(c).

 

“Liability” means any liability,
obligation, debt or commitment of whatever kind or nature whatsoever (whether known or unknown, whether asserted or unasserted,
whether absolute or contingent, whether accrued or unaccrued, whether matured or unmatured, whether liquidated or unliquidated
and whether due or to become due or otherwise) regardless of when arising.

 

“LIHTC Assets” means (a) the
Company’s assets, as in existence immediately prior to Closing, related to the affordable housing projects that qualify for
the low income housing tax credit under Section 42 of the Code and (b) the IRFA Cash Collateral Account, in each case, as
set forth on Schedule 8.

 

“LIHTC Fund” means a partnership
or limited liability company formed for the purpose of investing, directly or indirectly, in partnerships or limited liability
companies that own multifamily properties which qualify for the low income housing tax credit under Section 42 of the Code.

 

“LIHTC Fund GP” means the general
partner, managing member or other party who controls a MMA LIHTC Fund or MGM LIHTC Fund, as applicable.

 

    	 	11	 

     

    

 

“LIHTC Management Agreement”
has the meaning set forth in Section 3.15(b).

 

“Losses” means losses, damages,
liabilities, deficiencies, Claims, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind, including
reasonable attorneys’ fees, the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance
providers.

 

“Management Agreement” means
that certain Management Agreement to be entered into at the Closing by and between MMAC and the Manager, in the form attached hereto
as Exhibit A.

 

“Management Arrangements and Management
Fee Rights” means, individually and collectively, (a) the MEC Management Agreement, (b) MEC’s Administrative
Member Interest as described and provided for in the Limited Liability Company Operating Agreement of Solar Development Lending,
LLC, dated as of November 21, 2016, as amended by that certain First Amendment thereto, dated as of _____________, 2017, and
(c) MMAC’s right to receive the MMA Fee described in Section 3 of the Ancillary Agreement.

 

“Manager” means Hunt Investment
Management, LLC, a Delaware limited liability company.

 

“Material Adverse Effect” means
any effect, event, occurrence, circumstance, fact, development, condition or change that, individually or together with any one
or more effects, events, occurrences, circumstances, facts, developments, conditions or changes has had or would reasonably be
expected to have a materially adverse effect on (a) the assets, properties, liabilities, business, results of operations or financial
condition of (1) the Company and the Company Subsidiaries, taken as a whole, the Company Business or the Transferred Assets or
(2) MMAC and the MMAC Subsidiaries, taken as a whole, or the Retained Business, or (b) the ability of MMAC, MEC, and
Seller to perform its obligations under this Agreement or to timely consummate the transactions contemplated hereby; provided,
however, that, solely with respect to clause (a) of the foregoing, “Material Adverse Effect” shall not
include any effect, event, occurrence, circumstance, fact, development, condition or change to the extent attributable to: (i) general
economic or political conditions; (ii) conditions generally affecting the industries in which MMAC and the Company operate;
(iii) any changes in financial, banking or securities markets in general (provided that the underlying causes of such
changes (subject to the other provisions of this definition) shall not be excluded); (iv) acts of war, armed hostilities or
terrorism, or the escalation or worsening thereof; (v) any action required by this Agreement or any action taken (or omitted
to be taken) with the written consent of or at the written request of Buyer; (vi) any changes in applicable Laws or accounting
rules (including GAAP) or the enforcement, implementation or interpretation thereof; (vii) the announcement of the transactions
contemplated by this Agreement; (viii) any natural or man-made disaster or acts of God; or (ix) any failure by MMAC or the
Company to meet any internal or published projections, forecasts or revenue or earnings predictions (provided that the underlying
causes of such failures (subject to the other provisions of this definition) shall not be excluded); provided, further,
however, that any effect, event, occurrence, circumstance, fact, development, condition or change referred to in clauses
(i) through (iv), (vi) and (viii) immediately above shall be taken into account in determining whether a Material Adverse Effect
has occurred or could reasonably be expected to occur to the extent that such effect, event, occurrence, circumstance, fact, development,
condition or change has a disproportionate effect on MMAC, the MMAC Subsidiaries, the Company or the Company Subsidiaries, the
Transferred Assets or the Retained Business compared to other participants in the industries in which MMAC, the MMAC Subsidiaries,
the Company, the Company Subsidiaries and their respective Affiliates operate.

 

    	 	12	 

     

    

 

“MEC” has the meaning set forth
in the preamble.

 

“MEC Management Agreement”
means that certain Management Agreement dated as of November 7, 2016, by and between MEC and Renewable Energy Lending, LLC,
a Delaware limited liability company.

 

“MGM” means Morrison Grove
Management, LLC, a Delaware limited liability company.

 

“MGM Agreements” has the meaning
set forth in the recitals.

 

“MGM Assets” has the meaning
set forth in the recitals.

 

“MGM Closing Notice” has the
meaning set forth in Section 5.15(a).

 

“MGM Interests” means all of
the issued and outstanding membership interests in MGM.

 

“MGM LIHTC Assets” means the
business associated with MGM, as in existence immediately prior to the Closing and set forth on Schedule 9.

 

“MGM LIHTC Fund” has the meaning
set forth in Section 3.15(b).

 

“MGM Management Agreement”
has the meaning set forth in Section 3.15(b).

 

“MGM Principals” means, collectively,
Charles M. Pinckney, LLC, Johnson Holdings, LLC, and Morrison Grove CS Venture Partner, Inc.

 

“MGM Purchase Agreement” has
the meaning set forth in the recitals.

 

“MGM Subordinate Loan Receivable”
means the subordinate indebtedness of MGM owing under that certain Subordinate Loan Agreement by and between Seller and MGM, dated
as of June 24, 2015.

 

“MLCS” has the meaning set
forth in Section 2.07(a)(vi).

 

“MMA LIHTC Fund” has the meaning
set forth in Section 3.15(a).

 

“MMAC” has the meaning set
forth in the preamble.

 

    	 	13	 

     

    

 

“MMAC and Seller Fundamental Representations”
means the representations and warranties set forth in Section 3.01 (Organization and Authority of Seller), Section 3.02
(Enforceability), Section 3.03 (Organization, Authority and Qualification of the Company and the Company Subsidiaries),
Section 3.04 (Capitalization; Subsidiaries), Section 3.05(c) (No Conflicts; Consents), Section 3.10 (Title
to the Transferred Assets and the Purchased Shares), Section 3.25 (Brokers), Section 3.28 (Investment Company Act),
and Section 3.31 (Anti-Takeover Provisions).

 

“MMAC Audited Financial Statements”
means the consolidated financial statements of MMAC, filed as an exhibit to MMAC’s Annual Report on Form 10-K on December
31, 2016.

 

“MMAC Board” has the meaning
set forth in Section 3.31.

 

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

 

“MMAC Current Financial Statements”
means the consolidated financial statements of MMAC, filed as an exhibit to MMAC’s Form 10-Q on September 30, 2017.

 

“MMAC Financial Statements”
means the MMAC Audited Financial Statements together with the MMAC Current Financial Statements.

 

“MMAC Subsidiary” means each
Subsidiary of MMAC other than the Company, the Company Subsidiaries, Cypress Spanish Fort III, LLC, the Other Entities and the
Project Partnerships.

 

“Note Purchase Price” has the
meaning set forth in Section 2.05.

 

“Obligations” has the meaning
set forth in Section 2.03.

 

“OFAC” means the U.S. Department
of Treasury’s Office of Foreign Assets Control.

 

“Organizational Documents”
means with respect to any Person, the Articles or Certificate of Incorporation, Articles of Organization, Certificate of Formation,
Articles or Certificate of Limited Partnership and any Bylaws, Operating Agreement, Partnership Agreement, Shareholders Agreement
or any other similar or analogous documents, in each case as amended from time to time to the Closing Date.

 

“Other Entities” has the meaning
set forth in Section 3.04(g).

 

“Owned Intellectual Property”
has the meaning set forth in Section 3.17(a).

 

“Owned Real Property” has the
meaning set forth in Section 3.12(b).

 

    	 	14	 

     

    

 

“Party”
or “Parties” means MMAC, MEC, Seller, Buyer and Hunt or any one or some of them, as the context requires.

 

“Permits” means all permits,
licenses, franchises, approvals, authorizations, registrations, certificates, variances, consents and similar rights granted or
obtained, or required to be obtained, from Governmental Authorities.

 

“Permitted Encumbrances” has
the meaning set forth in Section 3.12.

 

“Person” means an individual,
corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust,
association or other entity.

 

“Pledge and Security Agreement”
means the Pledge and Security Agreement to be entered into by and between Buyer and MMAC at the Closing in the form attached hereto
as Exhibit B.

 

“Pre-Closing Tax Period” means
any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning before and ending after
the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

“Project Partnership” means
the limited partnerships and limited liability companies that directly own the multifamily apartment projects in which the Company
is invested through the LIHTC Assets.

 

“Purchase Money Note” means
the Purchase Money Note to be issued by Buyer to MMAC at the Closing in the form attached hereto as Exhibit C.

 

“Purchase Price” means the
Asset Purchase Price plus the First Share Purchase Price plus the Second Share Purchase Price.

 

“Purchased Shares” has the
meaning set forth in Section 2.08(a).

 

“Qualified Benefit Plan” has
the meaning set forth in Section 3.20(c).

 

“Real Property” means the real
property owned, leased or subleased by the Company, the Company Subsidiaries, MMAC or the MMAC Subsidiaries.

 

“Real Property Lease” has the
meaning set forth in Section 3.12(c).

 

“Release” means any actual
or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building, structure, facility
or fixture).

 

    	 	15	 

     

    

 

“Representative” means, with
respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other
agents of such Person.

 

“Required Consents” has the
meaning set forth in Section 2.07(b)(vi).

 

“Retained Business” means the
business retained by MMAC following the Closing which shall comprise of the Excluded Assets and Excluded Liabilities.

 

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

 

“SEC Filings” means the Annual
Report on Form 10-K for the fiscal year ended December 31, 2016 and all other reports filed by MMAC pursuant to the Exchange Act
since the filing of such Annual Report and prior to the date hereof.

 

“Second Share Purchase Closing Date”
has the meaning set forth in Section 2.08(a).

 

“Second Share Purchase Price”
means $4,250,000.

 

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

 

“Seller” has the meaning set
forth in the preamble.

 

“Seller Books and Records”
means originals, or where not available, copies, of all books and records relating in any way to the Company or any of the Company
Subsidiaries, the Company Business, the Transferred Assets or the Obligations, including books of account, ledgers and general,
financial and accounting records, Tax Returns (or portions thereof) relating solely to the Company, the Company Subsidiaries, the
Company Business, the Transferred Assets or the Obligations, machinery and equipment maintenance files, customer and distributor
lists, customer and distributor purchasing histories, price lists, distribution lists, supplier lists, sourcing data, quality control
records and procedures, customer complaints and inquiry files, research and development files, records and data (including all
correspondence with any Governmental Authority), sales material and records (including pricing history, total sales, terms and
conditions of sale, sales and pricing policies and practices), strategic plans, internal financial statements, and marketing and
promotional surveys.

 

“Seller Indemnified Parties”
has the meaning set forth in Section 6.03.

 

“Senior Loan” has the meaning
set forth in Section 5.15(b)(ii).

 

“Share Purchase” has the meaning
set forth in the recitals.

 

“Software” means computer software
programs, including all source code, object code, specifications, designs and documentation therefor.

 

    	 	16	 

     

    

 

“Solvent” means, with respect
to any Person, that (i) the fair saleable value of the property of such Person is, on the date of determination, greater than the
total amount of liabilities of such Person as of such date, (ii) such Person is able to pay all liabilities of such Person as such
liabilities mature and (iii) such Person does not have unreasonably small capital for conducting the business theretofore or proposed
to be conducted by such Person.

 

“Subsequent Closing” has the
meaning set forth in Section 2.08(a).

 

“Subsidiary” of a Person means
any corporation, partnership, limited liability company or other legal entity of which a Person (either alone or through or together
with any other Subsidiary) (a) directly or indirectly owns a majority of the outstanding share capital, voting securities or other
equity interests or (b) is entitled, by Contract or otherwise, to elect, appoint or designate a majority of the members of the
board of directors or managers or other governing body of such legal entity.

 

“Target IHS Working Capital”
has the meaning set forth in Section 2.06(b).

 

“Taxes” means (a) all federal,
state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration,
profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental,
stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes,
fees, assessments or charges of any kind whatsoever; (b) any interest, fine, assessment, penalty or additions to the amounts set
forth in clause (a), whether disputed or not; and (c) any liability in respect of any of the items described in clauses (a) and
(b) payable by reason of successor, transferee, or other liability, operation of law, Treasury Regulations Section 1.1502-6(a)
(or any predecessor or successor thereto or any analogous or similar provision under law) or otherwise.

 

“Tax Return” means any return,
declaration, report, claim for refund, information return or statement or other document filed or required to be filed with respect
to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“TC Fund I” means MMA Capital
TC Fund I, LLC, a Delaware limited liability company.

 

“Third-Party Claim” has the
meaning set forth in Section 6.05(a).

 

“Threshold” has the meaning
set forth in Section 6.04(a).

 

“Transaction Documents” means
this Agreement, the Management Agreement, the Purchase Money Note, the Pledge and Security Agreement, the Equity Assignment, the
First Amendment to SDL Operating Agreement, the First Amendment to SCL/SPL Ancillary Agreement, the Assignment and Assumption of
MEC Management Agreement, the Hunt Guaranty, the Contribution Agreement, the MGM Agreements and all other documents executed and
delivered in accordance with this Agreement at Closing.

 

“Transferred Assets” has the
meaning set forth in Section 2.01.

 

    	 	17	 

     

    

 

“Treasury Regulations” means
the Treasury regulations promulgated under the Code.

 

“WARN Act” has the meaning
set forth in Section 3.21(e).

 

“Woodside Assets” has the meaning
set forth in the recitals.

 

“Woodside Transfer Agreement”
has the meaning set forth in the recitals.

 

Article
II

PURCHASE AND SALE

 

Section 2.01         Purchase
and Sale of the Transferred Assets. Subject to the terms and conditions set forth herein and for the consideration specified
in Section 2.05(a), at the Closing, (i) Seller shall sell, assign, transfer, convey and deliver to Buyer, and Buyer
shall purchase and acquire from Seller, free and clear of all Encumbrances, all of Seller’s right, title and interest in
the Interests, and (ii) MMAC and MEC shall assign, convey and transfer to the Buyer their respective rights to and interests
in the Management Arrangements and Management Fee Rights, free and clear of all Encumbrances other than the Encumbrances set forth
on Section 3.10 of the Disclosure Schedules (the Interests and the Management Arrangements and Management Fee Rights being
collectively, the “Transferred Assets”). Immediately prior to the Closing, the Company shall hold all of the
assets related to the Company Business which, for the avoidance of doubt, shall include the following:

 

(a)          (i)
all of the assets, properties and rights of every kind and nature, whether real, personal or mixed, tangible or intangible wherever
located and whether now existing or hereafter acquired, (ii) cash and cash equivalents, (iii) all accounts or notes receivable,
(iv) all IT Assets, including all Software, (v) all inventory, finished goods, raw materials, work in progress, suppliers, parts
or other inventories, (vi) all Permits, (vii) all Real Property, (viii) all furniture, fixtures, equipment, machinery, tools, vehicles,
office equipment, supplies, computers, telephones and other tangible personal property, and (ix) all of the goodwill and going
concern value, in each case, relating to, used or arising in connection with the Company Business;

 

(b)          all
rights to any Claims of any nature available to or being pursued by Seller, MMAC, MEC or any of their respective Affiliates to
the extent related to the Company Business, the Transferred Assets or the Obligations, whether arising by way of counterclaim or
otherwise;

 

(c)          all
prepaid expenses, credits, advance payments, Claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment,
deposits, charges, sums and fees (including any such item relating to the payment of Taxes);

 

    	 	18	 

     

    

 

(d)          all
of Seller, MMAC, MEC’s and their respective Affiliates’ rights under warranties, indemnities and all similar rights
against third parties to the extent related to the Company Business or any of the Transferred Assets or the Obligations;

 

(e)          the
Assigned Contracts;

 

(f)           all
insurance benefits, including rights and proceeds, arising from or relating to the Company Business, the Transferred Assets or
the Obligations; and

 

(g)          the
Seller Books and Records.

 

Section 2.02         Excluded
Assets. Notwithstanding anything to the contrary contained in this Agreement, it is expressly acknowledged and agreed that
the following (collectively, the “Excluded Assets”) are not purchased, acquired or assumed by Buyer pursuant
to this Agreement: (a) all assets, properties, interests, Contracts and rights set forth on Schedule 3, and (b) all other
assets, properties, interests, Contracts and rights of each of Seller, MEC, MMAC and their respective Affiliates that are not included
among the Transferred Assets or used in connection with the Company Business.

 

Section 2.03         Obligations.
Subject to the terms and conditions set forth herein, at the Closing, Buyer shall assume and agree to pay, perform and discharge
when due, directly or through the acquisition of the Interests, only (a) the Current Liabilities, (b) any Liabilities (including
any Liabilities under the Contracts of the Company or the Company Subsidiaries listed on Schedule 3.16(a) of the Disclosure
Schedule) of the Company or any Company Subsidiary solely to the extent related to the Company Business, and arising out of, or
resulting from, facts, events, or circumstances occurring or relating to the period from and after the Closing Date (but excluding,
for the avoidance of doubt, any Liabilities arising as a result of the Closing and consummation of the transactions contemplated
by this Agreement), (c) any Liabilities of MEC under the MEC Management Agreement solely to the extent arising out of, or resulting
from, facts, events, or circumstances occurring or relating to the period from and after the Closing Date (but excluding, for the
avoidance of doubt, any Liabilities arising as a result of the Closing and consummation of the transactions contemplated by this
Agreement), (d) any Liabilities of the Company or any Company Subsidiary with respect to the Guilford Trust Obligations, and (e)
the IRFA Guarantees (collectively, the “Obligations”).

 

Section 2.04         Excluded
Liabilities. Notwithstanding anything to the contrary in this Agreement, Buyer shall not assume and shall not be responsible
to pay, perform or discharge and shall have no responsibility for any Liabilities of Seller, MMAC, the MMAC Subsidiaries, MEC or
any of their respective Affiliates of any kind or nature whatsoever other than the Obligations (collectively, the “Excluded
Liabilities”). Without limiting the generality of the foregoing, the Excluded Liabilities shall include, but not be limited
to, the following (other than the Obligations, which shall not be Excluded Liabilities):

 

    	 	19	 

     

    

 

(a)          any
Liabilities of the Company or any of its Affiliates (including any Company Subsidiary) arising prior to the Closing Date (other
than Current Liabilities solely to the extent included in the calculation of the Closing IHS Working Capital as finally determined
in accordance with Section 2.06);

 

(b)          any
Liabilities arising out of, in respect of, or in connection with, the Management Arrangements and Management Fee Rights prior to
the Closing Date;

 

(c)          (i)
any Liabilities of Seller, MMAC, MEC or any of their respective Affiliates (other than the Company or any of the Company Subsidiaries)
for Taxes or (ii) any Liabilities of the Company or any of the Company Subsidiaries for Taxes for any Pre-Closing Tax Period (other
than Taxes allocated to Buyer under Section 5.13);

 

(d)          any
Liabilities relating to or arising out of the Excluded Assets, including, without limitation, any and all Claims that constitute
Excluded Assets;

 

(e)          any
Liabilities which constitute intercompany payables, debt or other accounts owing from the Company or any Company Subsidiary to
Seller, MMAC, MEC or any of their respective Affiliates;

 

(f)           any
Liabilities in respect of any pending or threatened Claims arising out of, relating to or otherwise in respect of the Company Business,
the Transferred Assets or the Obligations to the extent arising out of or relating to facts, circumstances or conditions existing
on or prior to the Closing Date;

 

(g)          except
as specifically provided in Section 5.01, all Liabilities of MMAC or any of its Affiliates relating to or arising out of
(i) the employment, or termination of employment, of any Employee or former employee or other service provider prior to the
Closing, (ii) Benefit Plans, or (iii) workers’ compensation Claims of any Employee or former employee or other service
provider that relate to events occurring prior to the Closing Date;

 

(h)          any
Liabilities associated with debt, loans or credit facilities of MMAC, MEC, Seller or any of their respective Affiliates owing to
financial institutions;

 

(i)           any
Liabilities arising out of, in respect of or in connection with the failure by MMAC, MEC, Seller or any of their respective Affiliates
to comply with any Law or Governmental Order;

 

(j)           any
Environmental Claims, or Liabilities under Environmental Laws, to the extent arising out of or relating to facts, circumstances
or conditions existing on or prior to the Closing Date or otherwise arising out of any actions or omissions of any of MMAC, MEC,
Seller or any of their respective Affiliates;

 

(k)          any
Liabilities arising out of, in respect of, in connection with, or associated with, the sale of Glisan Housing Partners, LLC’s
assets including any and all Claims between, among or involving, MMA Capital TC Fund I, LLC, Jolt Realty Incorporated, LNR 2001
Fund III, LLC and Steadfast Companies;

 

    	 	20	 

     

    

 

(l)           any
Liabilities arising or relating to any Claims arising in connection with the transactions contemplated by this Agreement and the
other Transaction Documents; and

 

(m)         any
Liabilities of MMAC, MEC, Seller or any of their respective Affiliates arising or incurred in connection with the negotiation,
preparation, investigation and performance of this Agreement, the other Transaction Documents and the transactions contemplated
hereby and thereby, including, without limitation, fees and expenses of counsel, accountants, consultants, advisers and others.

 

Section 2.05         Asset
Purchase Price. The aggregate purchase price for the Transferred Assets shall be $57,000,000 (the “Note Purchase Price”),
plus the assumption of the Obligations (collectively, the “Asset Purchase Price”), which shall be subject
to adjustment in accordance with Section 2.06. The Asset Purchase Price shall be paid entirely by the execution and delivery
of the Purchase Money Note in an amount equal to the Note Purchase Price and assumption of the Obligations.

 

Section 2.06         IHS
Working Capital Adjustment.

 

(a)          Schedule
1 contains MMAC’s estimate of the IHS Working Capital as of the close of business in New York, New York on the Closing
Date (the “Estimated IHS Working Capital”). MMAC shall cooperate with and make available to Buyer and its Representatives
the books and records of MMAC, Seller, the Company and each of the Company Subsidiaries and any documents, schedules or work papers
used by MMAC in connection with MMAC’s preparation of the Estimated IHS Working Capital, as may be reasonably requested by
Buyer.

 

(b)          For
purposes of determining the Note Purchase Price delivered at the Closing, the following adjustments are applied to the Note Purchase
Price: (i) if the Estimated IHS Working Capital is less than $2,597,215 (the “Target IHS Working Capital”),
the Note Purchase Price delivered at the Closing shall be decreased by the amount the Target IHS Working Capital exceeds the Estimated
IHS Working Capital and (ii) if the Estimated IHS Working Capital is greater than the Target IHS Working Capital, the Note Purchase
Price delivered at the Closing shall be increased by the amount the Target IHS Working Capital is less than the Estimated IHS Working
Capital (the “IHS Working Capital Adjustment”). If the Estimated IHS Working Capital is equal to the Target
IHS Working Capital, then the Note Purchase Price delivered at the Closing shall not be adjusted.

 

(c)          Within
forty-five (45) days after the Closing Date, Buyer shall deliver to MMAC its determination in writing of the IHS Working Capital
as of the close of business in New York, New York on the Closing Date (the “Closing IHS Working Capital”), including
reasonable detail with supporting documentation. MMAC and any accountants and advisors engaged by MMAC shall be permitted reasonable
access to the books and records of Buyer, the Company and the Company Subsidiaries and any documents, schedules or work papers
used by Buyer in its determination of the Closing IHS Working Capital, as may be reasonably requested by MMAC for purposes of evaluating
Buyer’s determination of the Closing IHS Working Capital and making its own determination of the Closing IHS Working Capital.

 

    	 	21	 

     

    

 

(d)          Within
thirty (30) days after Buyer’s delivery of its determination of the Closing IHS Working Capital, MMAC may object to Buyer’s
determination of the Closing IHS Working Capital, by notifying Buyer in writing of each objection, including a reasonably detailed
description of the basis therefor (which objections shall be limited to objections that the Buyer’s determination of the
Closing IHS Working Capital contained mathematical errors or was not prepared in accordance with this Agreement) (the “IHS
Objection Notice”). If MMAC fails to deliver an IHS Objection Notice within such thirty (30)-day period, Buyer’s
determination of the Closing IHS Working Capital will be conclusively presumed to be true and correct in all respects and will
be the final and binding Closing IHS Working Capital. If MMAC delivers an IHS Objection Notice to Buyer within such thirty (30)-day
period, then Buyer and MMAC shall attempt in good faith to resolve any disputes as to the computation of the Closing IHS Working
Capital within twenty (20) days from the date of delivery of the IHS Objection Notice. If Buyer and MMAC cannot reach agreement
on all such disputes within such twenty (20)-day period (or such longer period as they may mutually agree), then all remaining
disputes as to the computation of the Closing IHS Working Capital shall be resolved in accordance with the procedure set forth
in Section 2.06(e).

 

(e)          In
the event that Buyer and MMAC cannot reach agreement on all disputes as to the computation of Closing IHS Working Capital within
twenty (20) days after delivery of the IHS Objection Notice (or such longer period as they may mutually agree), Buyer and MMAC
shall jointly submit only the items remaining in dispute (the “Disputed Items”) for determination by the Independent
Accountant in accordance with the provisions of this Section 2.06. Buyer and MMAC shall direct the Independent Accountant
to review the Disputed Items and, within thirty (30) days following its engagement (or within the shortest time frame as the Independent
Accountant shall agree), deliver a written report to Buyer and MMAC, setting forth its determination of the Disputed Items and
the resulting calculation of the Closing IHS Working Capital. Buyer and MMAC shall cooperate with and timely respond to all reasonable
requests for information, books, records and similar items by the Independent Accountant. The Independent Accountant shall determine
only the Disputed Items. Each of Buyer and MMAC shall be entitled to make written presentations to the Independent Accountant regarding
the Disputed Items, but neither Buyer nor MMAC shall meet separately with the Independent Accountant. In making its determination,
the Independent Accountant shall (i) be bound by the terms and conditions of this Agreement, including (A) the definition
of IHS Working Capital and (B) the terms of this Section 2.06(e), and (ii) not assign any value with respect to a Disputed
Item that is greater than the highest value for such Disputed Item claimed by either Buyer or MMAC or that is less than the lowest
value for such Disputed Item claimed by either Buyer or MMAC. The submission of the Disputed Item to the Independent Accountant
shall be the exclusive remedy for resolving disputes related to the determination of the IHS Working Capital, and the Independent
Accountant’s determination shall be binding upon Buyer and MMAC. The Independent Accountant’s fees and expenses shall
be borne pro rata as between MMAC, on the one hand, and Buyer, on the other hand, in proportion to the final allocation made by
the Independent Accountant of the Disputed Items weighted in relation to the Claims made by MMAC, on the one hand, and Buyer, on
the other hand, such that the prevailing party pays the lesser proportion of such fees and expenses. For example, if MMAC claims
that the Disputed Items are, in the aggregate, $1,000 greater than the amount determined by Buyer and if the Independent Accountant
ultimately resolves the dispute by awarding to MMAC an aggregate of $300 of the $1,000 contested, then the fees, costs and expenses
of the Independent Accountant will be allocated 30% (i.e., 300 divided by 1,000) to Buyer and 70% (i.e., 700 divided by 1,000)
to MMAC.

 

    	 	22	 

     

    

 

(f)           Post-Closing
Adjustment.

 

(i)          If
(A) an IHS Working Capital Adjustment was made at Closing and the Closing IHS Working Capital is less than the Estimated IHS
Working Capital, MMAC shall pay, by wire transfer of immediately available funds, to Buyer an amount in cash equal to the difference
between the Closing IHS Working Capital and the Estimated IHS Working Capital, or (B) no IHS Working Capital Adjustment was
made at the Closing (because the Estimated IHS Working Capital equaled the Target IHS Working Capital) and the Closing IHS Working
Capital is less than the Target IHS Working Capital, MMAC shall pay, by wire transfer of immediately available funds, to Buyer
an amount in cash equal to the difference between the Closing IHS Working Capital and the Target IHS Working Capital.

 

(ii)         If
(A) an IHS Working Capital Adjustment was made at the Closing and the Closing IHS Working Capital is greater than the Estimated
IHS Working Capital, Buyer shall pay, by wire transfer of immediately available funds, to MMAC an amount in cash equal to the difference
between the Closing IHS Working Capital and the Estimated IHS Working Capital, or (B) no IHS Working Capital Adjustment was
made at the Closing (because the Estimated IHS Working Capital equaled the Target IHS Working Capital) and the Closing IHS Working
Capital is greater than the Target IHS Working Capital, Buyer shall pay, by wire transfer of immediately available funds, to MMAC
an amount in cash equal to the difference between the Closing IHS Working Capital and the Target IHS Working Capital.

 

Section 2.07         Transactions
to be Effected at the Closing.

 

(a)          At
the Closing, Buyer shall deliver, or cause to be delivered, to Seller:

 

(i)          the
Note Purchase Price by delivery of the Purchase Money Note and the Pledge and Security Agreement, in each case, duly executed and
delivered by Buyer;

 

(ii)         an
assignment and assumption of the Interests to Buyer in the form of Exhibit D hereto (the “Equity Assignment”),
duly executed by Buyer;

 

(iii)        the
Assignment and Assumption of MEC Management Agreement, duly executed by the Manager;

 

(iv)        the
First Amendment to SDL Operating Agreement, duly executed by the Manager;

 

    	 	23	 

     

    

 

(v)         the
First Amendment to SCL/SPL Ancillary Agreement, duly executed by the Manager;

 

(vi)        appropriate
agreements, documents, instruments or certificates required to replace guarantees by MMAC and its Affiliates of Merrill Lynch Capital
Services (together with its Affiliates, “MLCS”) whether to investors or to guaranteed funds in certain MGM LIHTC
Assets or TC Fund I, such that MMAC and its Affiliates are released from any further liability thereon, in form and substance reasonably
satisfactory to Buyer, MLCS and MMAC;

 

(vii)       the
Management Agreement, duly executed by the Manager;

 

(viii)      a certificate
of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying that attached thereto are true and complete
copies of all resolutions adopted by the board of directors or managers, as applicable, of Hunt and Buyer authorizing the execution,
delivery and performance of this Agreement and each of the other applicable Transaction Documents and the consummation of the transactions
contemplated hereby and thereby, and that all such resolutions are in full force and effect and are all the resolutions adopted
in connection with the transactions contemplated hereby and thereby; and

 

(ix)         a
certificate of the Secretary or an Assistant Secretary (or equivalent executive officer) of Buyer certifying the names and signatures
of the officers of Hunt and Buyer authorized to sign this Agreement and the other Transaction Documents to be delivered hereunder.

 

(b)          At
the Closing, Seller, MMAC and MEC, as applicable, shall deliver, or cause to be delivered, to Buyer:

 

(i)          the
Equity Assignment, duly executed by MMAC and Seller and their applicable Affiliates;

 

(ii)         the
Assignment and Assumption of MEC Management Agreement, duly executed by MEC;

 

(iii)        the
First Amendment to SDL Operating Agreement, duly executed by MEC and the other parties thereto (other than the Manager);

 

(iv)        the
First Amendment to SCL/SPL Ancillary Agreement, duly executed by MMAC and the other parties thereto (other than the Manager);

 

(v)         the
Management Agreement, duly executed by MMAC;

 

(vi)        a
copy of each third-party consent set forth in Schedule 7 (such third-party consents, the “Required Consents”);

 

    	 	24	 

     

    

 

(vii)       a
certificate of the Secretary or an Assistant Secretary (or equivalent executive officer) of MMAC certifying that attached thereto
are true and complete copies of all resolutions adopted by the board of directors of MMAC, MEC and Seller authorizing the execution,
delivery and performance of this Agreement and each of the other applicable Transaction Documents and the consummation of the transactions
contemplated hereby and thereby, and that all such resolutions are in full force and effect and are all the resolutions adopted
in connection with the transactions contemplated hereby and thereby and no other resolutions are necessary to authorize the execution,
delivery and performance of this Agreement and each of the other applicable Transaction Documents and the consummation of the transactions
contemplated hereby and thereby;

 

(viii)      a certificate
of the Secretary or an Assistant Secretary (or equivalent executive officer) of MMAC certifying the names and signatures of the
officers of MMAC, MEC and Seller authorized to sign this Agreement and the other Transaction Documents to be delivered hereunder;

 

(ix)         certificates,
in compliance with Treasury Regulations Section 1.1445-2(b)(2), certifying that each of Seller, MMAC and MEC is not a foreign person;
and

 

(x)          if
requested by Buyer, written resignations, in form and substance reasonably acceptable to Buyer, from each officer and director
of the Company and the Company Subsidiaries as so requested.

 

Section 2.08         Acquisition
of MMAC Common Shares.

 

(a)          Subject
to the terms and conditions set forth in this Agreement, (i) on the date that is sixty (60) days after the Closing Date (such date,
the “First Share Purchase Closing Date”), MMAC shall issue and sell to Buyer or one of its Subsidiaries or Affiliates,
and Buyer or one of its Subsidiaries or Affiliates shall purchase and acquire from MMAC, 125,000 validly issued, fully paid and
non-assessable MMAC Common Shares, free and clear of all Encumbrances (other than Encumbrances relating to the transfer of securities
under applicable securities Laws, including those imposed by MMAC’s transfer agent in connection with such securities Laws
transfer restrictions), for an aggregate purchase price equal to the First Share Purchase Price, and (ii) on the six (6)-month
anniversary of the Closing Date (such date, the “Second Share Purchase Closing Date”), MMAC shall issue and
sell to Buyer or one of its Subsidiaries or Affiliates, and Buyer or one of its Subsidiaries or Affiliates shall purchase and acquire
from MMAC, 125,000 validly issued, fully paid and non-assessable MMAC Common Shares, free and clear of all Encumbrances (other
than Encumbrances relating to the transfer of securities under applicable securities Laws, including those imposed by MMAC’s
transfer agent in connection with such securities Laws transfer restrictions), for an aggregate purchase price equal to the Second
Share Purchase Price (the MMAC Common Shares purchased pursuant to the foregoing clauses (i) and (ii), collectively, the “Purchased
Shares”); provided, however, that, subject to the terms and conditions herein, such sales and purchases
of the Purchased Shares (each, a “Subsequent Closing”) may, at the option of Buyer, occur in one or more closings
prior to the First Share Purchase Closing Date and/or the Second Share Purchase Closing Date, as applicable. If Buyer determines
that it desires to accelerate the First Share Purchase Closing Date and/or the Second Share Purchase Closing Date, as applicable,
it shall deliver a notice (the “Early Share Purchase Closing Notice”) to MMAC, setting forth the number of MMAC
Common Shares it desires to purchase at such Subsequent Closing and the date of such Subsequent Closing, which date shall be no
earlier than five (5) Business Days after delivery to MMAC of such Early Share Purchase Closing Notice. Notwithstanding anything
contained herein to the contrary, in no event shall the number of Purchased Shares exceed 250,000 MMAC Common Shares and in no
event shall the aggregate consideration paid by Buyer or one of its Subsidiaries or Affiliates for the Purchased Shares differ
from the amount equal to the First Share Purchase Price plus the Second Share Purchase Price. Each Subsequent Closing
shall, subject to the terms and conditions of this Agreement, take place at the offices of Gallagher Evelius & Jones LLP, 218
North Charles Street, Suite 400, Baltimore, Maryland 21201, or such other location as Buyer and MMAC shall mutually select.

 

    	 	25	 

     

    

 

(b)          At
each Subsequent Closing, MMAC shall deliver, or cause to be delivered, to Buyer or one of its Subsidiaries or Affiliates that is
acquiring the applicable number of Purchased Shares, such Purchased Shares and evidence of the issuance thereof by book-entry from
MMAC’s transfer agent.

 

(c)          At
each Subsequent Closing, Buyer (or one of its Subsidiaries or Affiliates) shall deliver, or cause to be delivered to MMAC, the
First Share Purchase Price or the Second Share Purchase Price, as applicable.

 

(d)          The
obligation of MMAC to issue and deliver the applicable Purchased Shares at any Subsequent Closing as provided in this Section
2.08, shall be subject to the satisfaction or waiver, prior thereto or concurrently therewith, of the following condition:

 

(i)          At
such Subsequent Closing, (x) there shall exist no Law, Governmental Order, injunction or other order promulgated or issued by any
Governmental Authority of competent jurisdiction which prohibits the consummation of the Share Purchase and (y) there shall not
be pending any Claim by any Governmental Authority challenging or seeking to make illegal or prohibit the consummation of the Share
Purchase.

 

(e)          The
obligation of Buyer (or one of its Subsidiaries or Affiliates) to purchase and pay for applicable Purchased Shares at any Subsequent
Closing as provided in this Section 2.08, shall be subject to the satisfaction or waiver, prior thereto or concurrently
therewith, of the following conditions:

 

(i)          At
such Subsequent Closing, (x) there shall exist no Law, Governmental Order, injunction or other order promulgated or issued by any
Governmental Authority of competent jurisdiction which prohibits the consummation of the Share Purchase and (y) there shall not
be pending any Claim by any Governmental Authority challenging or seeking to make illegal or prohibit the consummation of the Share
Purchase; and

 

    	 	26	 

     

    

 

(ii)         Since
the date of this Agreement, no change, event, circumstance, effect, development, condition or occurrence shall have occurred that
has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(f)           The
Parties acknowledge and agree that the obligations with respect to, and the consummation of, the Share Purchase are subsequent
to and conditioned on the earlier consummation of the Closing.

 

Section 2.09         Contingent
Purchase Price Payment.

 

(a)          Subject
to the terms and conditions of this Agreement, if the Contingent Purchase Price Hurdle is met at any time during the Contingent
Purchase Price Period, Buyer shall thereafter pay to Seller the Contingent Purchase Price Amount in accordance with Section
2.09(c). A Contingent Purchase Price Amount becoming payable shall be treated as an addition to the Purchase Price. For the
avoidance of doubt, no Contingent Purchase Price Amount will be due or payable to Seller if the Contingent Purchase Price Hurdle
is not met during the Contingent Purchase Price Period.

 

(b)          On
an annual basis during the Contingent Purchase Price Period (each such period, an “Interim Contingent Purchase Price Period”)
and at Seller’s sole cost and expense, within sixty (60) days of each calendar year-end, Buyer shall prepare and deliver
to Seller its determination in writing of the cumulative Contingent Purchase Price Amount, if any, due to Seller after deducting
any Contingent Purchase Price Amounts that were previously remitted to the Seller in any prior Interim Contingent Purchase Price
Periods (such amount, the “Estimated Interim Contingent Purchase Price Amount”). The written determination shall
include reasonable detail with supporting documentation, the calculation shall be at Seller’s sole cost and expense and shall
be, at Seller’s sole cost and expense, verified by an independent third-party accounting firm of regional or national standing
mutually agreed by Buyer and Seller. If a Contingent Purchase Price Amount is due and payable to Seller for any Interim Contingent
Purchase Price Period, then, within ten (10) Business Days of the delivery of Buyer’s calculation of the Estimated Interim
Contingent Purchase Price Amount to Seller, Buyer shall pay, by wire transfer of immediately available funds, to Seller an amount
equal to the Estimated Interim Contingent Purchase Price Amount.

 

(c)          If,
at any time during the Contingent Purchase Price Period (other than in connection with the expiration of the Contingent Purchase
Price Period, which shall be governed by Section 2.09(d)), Buyer determines that previously paid Estimated Interim Contingent
Purchase Price Amounts, in the aggregate, resulted in an (i) overpayment to Seller or (ii) underpayment to Seller, in each case,
in respect of the Contingent Purchase Price Amount payable for all applicable Interim Contingent Purchase Price Periods, then,
(x) in the case of clause (i), Seller shall promptly pay to Buyer, in immediately available funds to a bank account designated
in writing by Buyer, the amount of such overpayment as determined by Buyer and (y) in the case of clause (ii), Buyer shall promptly
pay to Seller, in immediately available funds to a bank account designated in writing by Seller, the amount of such underpayment
as determined by Buyer. If Seller disagrees with Buyer’s determinations in connection with this Section 2.09(c), the
provisions of Section 2.06(d) and 2.06(e) shall apply mutatis mutandis to the resolution of any disputes relating
thereto.

 

    	 	27	 

     

    

 

(d)          Within
sixty (60) days after the expiration of the Contingent Purchase Price Period, Buyer shall deliver to Seller its determination in
writing of the Contingent Purchase Price Amount for the entire Contingent Purchase Price Period (such amount, the “Final
Contingent Purchase Price Amount”), if any, due to Seller after deducting all Contingent Purchase Price Amounts that
were previously remitted to the Seller in any prior Interim Contingent Purchase Price Periods. The written determination shall
include reasonable detail with supporting documentation and the calculation shall be verified by an independent third-party accounting
firm of regional or national standing mutually agreed upon by Buyer and Seller. If Seller disagrees with Buyer’s calculation
of the Final Contingent Purchase Price Amount, the provisions of Section 2.06(d) and 2.06(e) shall apply mutatis
mutandis to the resolution of any disputes relating thereto. No later than ten (10) Business Days after the Final Contingent
Purchase Price Amount is determined:

 

(i)          If
the Final Contingent Purchase Price Amount due to Seller exceeds the aggregate Estimated Interim Contingent Purchase Price Amounts,
if any, Buyer shall promptly pay to Seller, in immediately available funds to a bank account designated in writing by Seller, the
amount of such excess.

 

(ii)         If
the Final Contingent Purchase Price Amount due to Seller is less than the aggregate Estimated Interim Contingent Purchase Price
Amounts, if any, Seller shall promptly pay to Buyer, in immediately available funds to a bank account designated in writing by
Buyer, the amount of such shortfall.

 

(e)          For
the avoidance of doubt, in no event shall anything in this Section 2.09 prohibit Buyer and/or its Affiliates from selling
all or any portion of their equity interests in, or assets of, Buyer and/or its Affiliates (including any of the LIHTC Assets or
any of the MGM LIHTC Assets), directly or indirectly, whether by way of merger, consolidation, sale of assets or otherwise.

 

Section 2.10         Allocation
of Asset Purchase Price. Within thirty (30) days after the Closing Date, MMAC shall deliver to Buyer a schedule allocating
the Note Purchase Price (and any Obligations treated as consideration for the Transferred Assets for Tax purposes) (the “Allocation
Schedule”). The Allocation Schedule shall be prepared in accordance with Section 1060 of the Code. The Allocation
Schedule shall be deemed final unless Buyer notifies MMAC in writing that Buyer objects to one or more items reflected in the
Allocation Schedule within thirty (30) days after delivery of the Allocation Schedule to Buyer. In the event of such objection,
MMAC and Buyer shall negotiate in good faith to resolve such dispute; provided, however, that if MMAC and Buyer
are unable to resolve any dispute with respect to the Allocation Schedule within (30) days after Buyer’s delivery of notice
of objection to MMAC, such dispute shall be resolved by the Independent Accountant in accordance with the procedure set forth
in Section 5.07(a). The fees and expenses of the Independent Accountant shall be borne equally by MMAC and Buyer. MMAC
and Buyer agree to file their respective IRS Forms 8594 and all federal, state and local Tax Returns in accordance with the Allocation
Schedule.

 

    	 	28	 

     

    

 

Section 2.11         Closing.
Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this Agreement (other
than the Share Purchase and any assignment of the MGM Agreements) (the “Closing”) shall take place at the offices
of Gallagher Evelius & Jones LLP, 218 North Charles Street, Suite 400, Baltimore Maryland 21201 simultaneously with the execution
and delivery of this Agreement on the date hereof unless another place is agreed to in writing by the Parties (the day on which
the Closing takes place being the “Closing Date”). The Closing shall be deemed effective as of 10:00 a.m., Eastern
time, on the Closing Date.

 

Section 2.12         Withholding.
Buyer shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement such amounts
as Buyer is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state,
local or foreign Tax Law. To the extent that such amounts are so deducted and withheld by Buyer and paid to the applicable Governmental
Authority, such withheld and deducted amounts will be treated for all purposes of this Agreement as having been paid by Buyer to
the Person in respect of which such deduction and withholding was made.

 

Article
III

REPRESENTATIONS AND WARRANTIES
OF MMAC AND SELLER

 

Except as set forth in the correspondingly numbered
Section of the Disclosure Schedules, MMAC and Seller represent and warrant to Buyer as follows:

 

Section 3.01         Organization
and Authority of Seller. Each of MMAC, MEC and Seller is a limited liability company or corporation duly organized or incorporated,
as applicable, validly existing and in good standing under the Laws of the state of its state of organization or incorporation,
as applicable. Each of MMAC, MEC and Seller has all necessary limited liability company or corporate power and authority, as applicable,
to own, lease and operate its properties and assets and to carry on its business as it is currently conducted. Each of MMAC, MEC
and Seller is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned
or leased by it or the operation of its business as currently conducted makes such licensing or qualification necessary, except
where the failure to be so licensed, qualified or in good standing would not have a Material Adverse Effect. Each of MMAC, MEC
and Seller has full power and authority to enter into and perform this Agreement and each of the other Transaction Documents to
which it is or will be a party, to carry out its obligations hereunder and to consummate the transactions contemplated hereby and
thereby (including, for the avoidance of doubt, with respect to any actions taken by MMAC, MEC, Seller or any of their respective
Affiliates in connection with the transfer of assets to the Company prior to the Closing).

 

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Section 3.02         Enforceability.
The execution and delivery by each of MMAC, MEC and Seller of this Agreement and each of the other Transaction Documents to which
it is or will be a party, the performance by MMAC, MEC and Seller of its obligations hereunder and thereunder and the consummation
by MMAC, MEC and Seller of the transactions contemplated hereby and thereby have been duly authorized by all requisite limited
liability company or corporate action, as applicable, on the part of MMAC, MEC and Seller, as applicable, and no other limited
liability company or corporate proceeding, as applicable, on the part of MMAC, MEC or Seller or their board of directors or managers,
stockholders, members or any other equityholders is necessary to authorize the execution, delivery and performance by MMAC, MEC
and Seller of this Agreement and any of the other Transaction Documents to which MMAC, MEC or Seller, as applicable, is or will
be a party. This Agreement has been and each of the other Transaction Documents has been or will be duly executed and delivered
by MMAC, MEC and Seller, and (assuming due authorization, execution and delivery by each of the other parties hereto or thereto)
this Agreement and each of the other Transaction Documents constitute a legal, valid and binding obligation of MMAC, MEC and Seller,
enforceable against MMAC, MEC and Seller in accordance with their respective terms, except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

Section 3.03         Organization,
Authority and Qualification of the Company and the Company Subsidiaries. The Company and each of the Company Subsidiaries is
a limited liability company or a corporation, duly organized or incorporated, as applicable, validly existing and in good standing
under the Laws of the state of its state of organization or incorporation, as applicable. The Company and each Company Subsidiary
has all necessary limited liability company or corporate power and authority, as applicable, to own, operate or lease its properties
and assets now owned, operated or leased by it and to carry on its business as it is currently conducted. The Company and each
Company Subsidiary is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties
owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification necessary,
except where the failure to be so licensed, qualified or in good standing would not have a Material Adverse Effect. The Company
and each Company Subsidiary has full power and authority to enter into, deliver and perform each of the other Transaction Documents
to which the Company or any Company Subsidiary is or will be a party and to carry out its obligations thereunder and to consummate
the transactions contemplated thereby.

 

Section 3.04         Capitalization;
Subsidiaries.

 

(a)          As
of the date hereof, the MMAC Board has authorized the issuance of 50,000,000 MMAC Common Shares and no other classes or series
of securities. As of the close of business on January 3, 2018, (i) 5,525,687 MMAC Common Shares were issued and outstanding and
(ii) 1,289,385 MMAC Common Shares were reserved for issuance pursuant to the Benefit Plans. Except as set forth in the immediately
preceding sentence, as of the close of business on January 8, 2018, there are no securities convertible into, or exchangeable or
exercisable for, equity securities of MMAC.

 

(b)          All
issued and outstanding MMAC Common Shares and all MMAC Common Shares that are subject to issuance, including the Purchased Shares,
(i) are, or upon issuance will be, duly authorized and validly issued, and (ii) are not, or upon issuance will not be, subject
to any preemptive rights. The issuance of the Purchased Shares does not contravene the rules and regulations of the NASDAQ Stock
Market.

 

    	 	30	 

     

    

 

(c)          Section
3.04(c) of the Disclosure Schedules sets forth a complete and accurate list of the name and jurisdiction of each MMAC Subsidiary.
All of the issued and outstanding shares of capital stock of, or other equity interests in, each MMAC Subsidiary have been duly
authorized, validly issued and issued in compliance with all applicable Laws and not in violation of any preemptive rights and
are, to the extent applicable, fully paid and nonassessable and are directly owned of record by MMAC or a MMAC Subsidiary, free
and clear of all Encumbrances, except as set forth on Section 3.04(c) of the Disclosure Schedules.

 

(d)          Neither
MMAC nor any MMAC Subsidiary will, at the Closing, directly or indirectly own, or have a direct or indirect ownership interest
in, any Person (other than a MMAC Subsidiary, Cypress Spanish Fort III, LLC, the Company, a Company Subsidiary, the Project Partnerships,
the Other Entities and other intermediate entities through which any of such Persons holds such Project Partnerships and Other
Entities).

 

(e)          The
Interests represent all of the issued and outstanding equity interests of the Company, and Seller owns all of the Interests and
no other Person has any ownership interest whatsoever (legal or equitable) in the Interests.

 

(f)           Section
3.04(f) of the Disclosure Schedules sets forth a complete and accurate list of the name and jurisdiction of each of the Company
Subsidiaries. All of the issued and outstanding shares of capital stock of, or other equity interests in, each Company Subsidiary
have been duly authorized, validly issued and are, to the extent applicable, fully paid and nonassessable and are directly owned
of record by the Company or a Company Subsidiary, free and clear of all Encumbrances, except as set forth on Section 3.04(f)
of the Disclosure Schedules.

 

(g)          Except
for the Company Subsidiaries, the Company or a Company Subsidiary will not at the Closing directly or indirectly own, or have any
direct or indirect ownership interest in, any other Person (other than a Company Subsidiary), except that the Company owns indirectly
through the Company Subsidiaries and other intermediate entities the equity interests in the “Other Entities” and Project
Partnerships as described on Schedule 2.

 

(h)          The
Interests and the equity capital in each of the Company Subsidiaries are duly authorized and validly issued, were issued in compliance
with all applicable Laws and not in violation of any preemptive rights. The Interests and the equity capital in each of MMAC, the
Company Subsidiaries and the MMAC Subsidiaries were issued in compliance with the Organizational Documents of MMAC, the Company,
each of the Company Subsidiaries, and the MMAC Subsidiaries, as applicable, and each other agreement, arrangement, or commitment
to which MMAC, Seller, the Company, any of the Company Subsidiaries or any of the MMAC Subsidiaries or any of their respective
Affiliates is a party and are not subject to, or in violation of, any preemptive or similar rights of any Person.

 

    	 	31	 

     

    

 

(i)          
Except as set forth in Section 3.04(i) of the Disclosure Schedules, there are no outstanding or authorized options, warrants,
convertible or exchangeable securities or other rights, agreements, arrangements or commitments of any character relating to the
equity securities or capital stock of MMAC or any of its Subsidiaries (including the Company and the Company Subsidiaries but excluding
the Project Partnerships and Other Entities) or obligating MMAC or any such Subsidiaries or any of their respective Affiliates
to issue or sell any membership interest, shares of capital stock or any other interest in, MMAC or any such Subsidiaries. None
of MMAC or any of its Subsidiaries (including the Company and the Company Subsidiaries) has outstanding or authorized any stock
appreciation, phantom stock, profit participation or similar rights. Other than the Organizational Documents of MMAC and its Subsidiaries
(including the Company and the Company Subsidiaries but excluding the Project Partnerships and Other Entities), there are no voting
trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer
of any of the equity capital of MMAC or any of its Subsidiaries (including the Company and the Company Subsidiaries but excluding
the Project Partnerships and Other Entities).

 

(j)           Neither
MMAC nor any Subsidiary thereof (including the Company and the Company Subsidiaries but excluding the Project Partnerships and
Other Entities) has any authorized or outstanding bonds, debentures, notes or other indebtedness (i) the holders of which have
the right to vote or (ii) convertible into, exchangeable for, or evidencing the right to subscribe for or acquire securities having
the right to vote, with, in each case, the equity holders of MMAC or such Subsidiary on any matter. Except as set forth in Section
3.04(j) of the Disclosure Schedules or as provided in any of the Organizational Documents of MMAC, Seller and the Company,
there are no agreements or understandings to which MMAC, Seller, the Company or any of their respective Affiliates is a party or
by which it is bound to (x) repurchase, redeem or otherwise acquire any shares of capital stock or other equity interests of, or
voting interest in, the Company, MMAC or any Subsidiary of MMAC (including the Company Subsidiaries but excluding the Project Partnerships
and Other Entities) or (y) vote or dispose of any shares of capital stock or other equity interests of, or voting interest in,
the Company, MMAC or any Subsidiary of MMAC (including the Company Subsidiaries but excluding the Project Partnerships and Other
Entities), including any irrevocable proxies or voting agreements with respect to any shares of capital stock or other equity interests
of, or voting interest in, the Company, MMAC or any Subsidiary of MMAC (including the Company Subsidiaries but excluding the Project
Partnerships and Other Entities).

 

Section 3.05         No
Conflicts; Consents.

 

(a)          The
execution, delivery and performance by MMAC, MEC and Seller of this Agreement and the execution, delivery and performance by them,
the Company and any Company Subsidiary of each of the other Transaction Documents to which they (individually or collectively)
are or will be a party, and the consummation by each of them of the transactions contemplated hereby and thereby (including any
assignment of the MGM Agreements to Buyer), do not and will not: (i) conflict with or result in a violation or breach (or
an event which, with the giving of notice or the passage of time, or both, would constitute a breach) of, require any consent,
authorization, approval or exemption by, any Person under, or give to others any rights of termination or amendment under, any
provision of the Organizational Documents of MMAC, MEC, Seller, the Company or any Subsidiary of MMAC (including the Company Subsidiaries);
(ii) conflict with or result in a violation or breach of any provision of any Law or Governmental Order binding upon or applicable
to MMAC, MEC, Seller, the Company or any Subsidiary of MMAC (including the Company Subsidiaries) or any of their respective assets
(including the Transferred Assets and/or the Retained Business); (iii) result in the creation or imposition of any Encumbrance
upon any of the property or assets of any of MMAC, MEC, Seller, the Company or any Subsidiary of MMAC (including the Company Subsidiaries);
or (iv) except as set forth in Section 3.05(a)(iv) of the Disclosure Schedules and for any consent, notice or other
action obtained prior to the date hereof, require the consent, the giving of notice or other action by any Person under, conflict
with, result in a violation or breach of, constitute a default (or an event which, with the giving of notice or the passage of
time, or both, would constitute a default) under or result in the acceleration of, any Contract to which MMAC, MEC, Seller, the
Company or any Subsidiary of MMAC (including the Company Subsidiaries) is a party or by which any of their properties or assets
are bound; except, in the case of clauses (i) (but only with respect to Project Partnerships and Other Entities), (ii), (iii) and
(iv) above, as would not be material to (x) the Company and the Company Subsidiaries, taken as a whole, the Company Business, or
the Transferred Assets or (y) MMAC and the MMAC Subsidiaries, taken as a whole (including the Retained Business).

 

    	 	32	 

     

    

 

(b)          No
consent, approval, Permit, Governmental Order, exemption by, declaration, registration, qualification or filing with, or notice
to, any Governmental Authority is required by or with respect to MMAC, MEC, Seller or any Subsidiary of MMAC (including the Company
Subsidiaries) in connection with the execution, delivery and performance of this Agreement or any of the other Transaction Documents
and the consummation by each of them of the transactions contemplated hereby and thereby (including any assignment of the MGM Agreements
to Buyer), except as set forth in Section 3.05(a)(iv) of the Disclosure Schedules and except for such consents, approvals,
Permits, Governmental Orders, declarations, filings or notices which would not be material to (x) the Company and the Company Subsidiaries,
taken as a whole (including the Company Business) or (y) MMAC and the MMAC Subsidiaries, taken as a whole (including the Retained
Business).

 

(c)          Except
as set forth in Section 3.05(a)(iv) of the Disclosure Schedules and for any consent, vote or approval obtained prior to
the date hereof, none of MMAC, MEC, Seller, the Company, any Company Subsidiary or any of their respective Affiliates is required
to give any notice to or obtain any consent, vote or approval from any Person (including, for the avoidance of doubt, any holder
of any equity interests in MMAC, MEC, Seller, the Company or any Subsidiary of MMAC (including the Company Subsidiaries)) in connection
with the execution and delivery of this Agreement or any of the other Transaction Documents, or the consummation or performance
of the transactions contemplated hereby or thereby (including any assignment of the MGM Agreements to Buyer).

 

Section 3.06         Company
Financial Statements. Attached hereto as Schedule 4 is a true and correct copy of the Company’s unaudited
pro forma balance sheet based on a September 30, 2017 unaudited consolidated balance sheet and giving effect to the consummation
of the transactions described in this Agreement as of the Closing Date (the “Company Financial Statements”).
The Company Financial Statements have been prepared from the books and records of the Company and the Company Subsidiaries in accordance
with GAAP applied on a consistent basis throughout the periods involved, subject to normal and recurring year-end adjustments and
the absence of notes. The Company Financial Statements fairly present in all material respects the financial condition of the Company
and the Company Subsidiaries reflected therein as of the respective dates they were prepared, giving effect to the consummation
of the transactions described in this Agreement as of the Closing Date.

 

    	 	33	 

     

    

 

Section 3.07         SEC
Reports; MMAC Financial Statements; Internal Controls.

 

(a)          MMAC
has timely filed with or otherwise furnished (as applicable) to the SEC all filings required to be made by it pursuant to the Exchange
Act and the Securities Act, including the SEC Filings. As of their respective dates, the SEC Filings, including any financial statements
or schedules included or incorporated by reference therein, at the time filed complied as to form in all material respects with
the applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations of the SEC promulgated thereunder
applicable to such SEC Filings.

 

(b)          As
of their respective dates, the SEC Filings, including any financial statements or schedules included or incorporated by reference
therein, at the time filed did not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(c)          The
MMAC Financial Statements have been prepared from the books and records of MMAC and each of its Subsidiaries in accordance with
GAAP applied on a consistent basis throughout the periods involved, subject, in the case of any of the MMAC Current Financial Statements,
to normal and recurring year-end adjustments and the absence of notes (that, if included, would not differ materially from those
presented in the MMAC Audited Financial Statements). The MMAC Financial Statements fairly present in all material respects the
financial condition of MMAC and the MMAC Subsidiaries reflected therein as of the respective dates they were prepared and the results
of the operations and the changes in the financial position of the entities reflected therein for the periods indicated and have
been prepared in the ordinary course of business in accordance with past practices consistently applied throughout the periods
indicated.

 

(d)          Except
as described in the SEC Filings, MMAC has established and maintain a system of “internal controls” over financial reporting
(as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) sufficient to provide reasonable assurance regarding the reliability
of their financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

 

Section 3.08         Undisclosed
Liabilities.

 

(a)          None
of the Company or any of the Company Subsidiaries has any liabilities, obligations or commitments of a type required to be reflected
or reserved against on a balance sheet of the Company and the Company Subsidiaries prepared in accordance with GAAP, except (i) those
which are adequately reflected or reserved against in the Company Financial Statements; (ii) those which are set forth on
Section 3.08(a) of the Disclosure Schedules; and (iii) those which have been incurred in the ordinary course of business,
consistent with past practice, since the date of the Company Financial Statements and which are not material in amount.

 

    	 	34	 

     

    

 

(b)          None
of MMAC nor any of its Subsidiaries has any liabilities, obligations or commitments of a type required to be reflected or reserved
against on a balance sheet of MMAC and its Subsidiaries prepared in accordance with GAAP, except (i) those which are adequately
reflected or reserved against in the MMAC Financial Statements; (ii) those which are set forth on Section 3.08(b) of
the Disclosure Schedules; and (iii) those which have been incurred in the ordinary course of business, consistent with past practice,
since the date of the MMAC Current Financial Statements and which are not material in amount.

 

Section 3.09         Absence
of Certain Changes, Events and Conditions. Except as expressly contemplated by this Agreement or as set forth on Section
3.09 of the Disclosure Schedules, (x) in the case of the Company Business, from September 30, 2017 until the date of this Agreement,
each of the Company and each Company Subsidiary has operated in the ordinary course of business consistent with past practice and
(y) in the case of the Retained Business, from the date of the MMAC Current Financial Statements until the date of this Agreement,
each of MMAC and each MMAC Subsidiary has operated in the ordinary course of business consistent with past practice and, in each
case, there has not been any:

 

(a)          event,
occurrence or development that has had, or could be reasonably expected to have, individually or in the aggregate, a Material Adverse
Effect;

 

(b)          except
as disclosed or provided for in the SEC Filings with respect to MMAC in connection with MMAC’s share buyback program, declaration
or payment of any dividends or distributions on or in respect of any membership interests, shares of capital stock or other equity
securities or redemption, purchase or acquisition of any membership interests, shares of capital stock or other equity interests
other than in the ordinary course of business, consistent with past practice;

 

(c)          amendment
of any Organizational Documents;

 

(d)          split,
combination or reclassification of any membership interests, shares of capital stock or other equity securities;

 

(e)          except
in accordance with MMAC Benefit Plans disclosed in the SEC Filings, issuance, sale or other disposition of, or creation of any
Encumbrance on, membership interests, shares of capital stock or other equity interest, or grant of any options, warrants or other
rights to purchase or obtain (including upon conversion, exchange or exercise) any membership interests, shares of capital stock
or other equity interests;

 

(f)           material
change in any method of accounting or accounting practice, except as required by GAAP or applicable Law or as disclosed in the
notes to the Company Financial Statements or the MMAC Financial Statements, as applicable;

 

(g)          material
change in policies, practices and procedures with respect to cash management, prepayment of expenses, accrual of other expenses,
deferral of revenue, payment of trade accounts payable, or similar changes that would otherwise impact the methodology for calculating
the IHS Working Capital or GAAP Common Shareholders’ Equity (as such term is defined in the Management Agreement), except
as required by GAAP or applicable Law or as disclosed in the notes to the Company Financial Statements or the MMAC Financial Statements,
as applicable;

 

    	 	35	 

     

    

 

(h)          (A)
except as required by a change in Law, (w) new Tax election or Tax reporting practice or policy or any changes to or rescission
of any existing Tax election or Tax reporting practice or policy, (x) agreement to any extension or waiver of the statute of limitations
with respect to the assessment or determination of Taxes, (y) filing of any Tax Return that is prepared inconsistent with past
practice or (z) filing any amended Tax Return or (B) closing agreement entered into, settlement of any Tax Claim or assessment,
surrendering of any right to claim a material refund of Taxes or failure to pay any Tax as such Tax becomes due and payable (unless
such Tax is being contested in good faith through appropriate proceedings and in respect of which adequate reserves have been set
aside in the applicable financial statements in accordance with GAAP);

 

(i)           incurrence,
assumption or guarantee of any indebtedness for borrowed money in an aggregate amount exceeding $350,000, except unsecured current
obligations and liabilities incurred in the ordinary course of business consistent with past practice;

 

(j)           sale,
sublease, lease, license, transfer, assignment, pledge, imposition of an Encumbrance upon (or allowing such imposition), grant
or other disposition (including by merger) of any assets (whether tangible or intangible), except (i) in the ordinary course of
business and which were direct and indirect dispositions of general partner and limited partner interests in the Project Partnerships
in the Company’s LIHTC Assets, or (ii) for any assets having an aggregate value of less than $350,000;

 

(k)          acquisition
by merger or combination or consolidation with, or purchase or acquisition of any property or assets or stock of, or by any other
manner, any business or material assets of any Person or any division thereof, in each case, for consideration in excess of $350,000
individually or $1,000,000 in the aggregate;

 

(l)           adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any
provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar
Law;

 

(m)         adoption
of, establishment of, entering into, amendment of, termination of, or increase in the benefits under any Benefit Plan or other
employee benefit, plan, practice, program, policy or contract that would be a Benefit Plan if in effect on the date of this Agreement,
in any case other than as may be required by the terms of such Benefit Plan or as may be required by applicable Law;

 

(n)          increase
in the compensation or benefits of any current or former director, officer, employee or consultant of MMAC or any of its Affiliates
other than ordinary-course wage-rate increases for non-salaried employees or as required by any Benefit Plan listed on Section
3.20(a) of the Disclosure Schedules;

 

(o)          hiring
or termination (other than for good cause) of any senior executive of MMAC or any of its Affiliates;

 

    	 	36	 

     

    

 

(p)          entering
into any new or successor collective bargaining agreement, execution of any other agreement with a labor organization or group
representing or seeking to represent the Employees, or amendment to the terms of any collective bargaining agreement on the part
of MMAC or any of its Affiliates;

 

(q)          cancellation
of any debts or Claims or amendment, termination or waiver of any rights affecting the Company Business or the Retained Business,
as applicable;

 

(r)          any
material damage, material loss or material interruption to the use of any material assets or material properties affecting the
Company Business or the Retained Business, in each case, whether or not covered by insurance;

 

(s)          acceleration,
termination, material modification or cancellation of any Permit or any material Contract with respect to the Company Business
or the Retained Business, as applicable;

 

(t)          transfer,
assignment or grant of any license or sublicense of any material rights under or with respect to any Owned Intellectual Property
or IP Licenses relating to or used in connection with the Company Business or the Retained Business;

 

(u)          settlement
or compromise of any claim against the Company, MMAC, the MMAC Subsidiaries or the Company Subsidiaries with a value in excess
of $350,000;

 

(v)         entering
into, terminating, amending, modifying or waiving in any material respect any Real Property Lease and acquiring or selling or entering
into any agreement to acquire or sell any interest in real property; or

 

(w)         any
agreement or commitment to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section 3.10         Title
to the Transferred Assets and the Purchased Shares.

 

(a)          (i)
Seller has (and, at the Closing, Buyer will receive) good and valid title to the Interests and (ii) MMAC and MEC, as applicable,
have (and at the Closing, Buyer will receive) all rights to and interests in, all of the Management Arrangements and Management
Fee Rights, and all such rights and interests are freely transferable without further action by or consent of any Person (except,
in the case of the Management Arrangements and Management Fee Rights, for those items set forth on Section 3.10 of the Disclosure
Schedules, for which irrevocable consent has been obtained for the consummation of the transactions contemplated by this Agreement),
in each case, free and clear of any Encumbrances except, in the case of the Management Arrangements and Management Fee Rights,
for those items set forth on Section 3.10 of the Disclosure Schedules.

 

    	 	37	 

     

    

 

(b)          As
of immediately prior to each Subsequent Closing, MMAC will have (and at each Subsequent Closing, Buyer will receive) good and valid
title to the applicable Purchased Shares, free and clear of any Encumbrances, except for restrictions on transfer imposed under
applicable securities Laws. As of immediately prior to each Subsequent Closing, MMAC shall not have granted to any Person any economic,
voting or other rights in respect of the Purchased Shares.

 

Section 3.11         Sufficiency
and Condition Assets.

 

(a)          The
Company, directly or indirectly through the Company Subsidiaries, owns all of the assets used in connection with the Company Business,
and such assets are sufficient for the continued conduct of the Company Business after the Closing in substantially the same manner
as currently conducted and constitute all of the assets necessary to conduct of the Company Business as currently conducted.

 

(b)          Except
as set forth in Section 3.11(b) of the Disclosure Schedules, to the Knowledge of Seller, (i) all of the tangible assets
of the Company and the Company Subsidiaries that are used in connection with the Company Business and (ii) all of the buildings,
plants, structures and fixtures included in the Real Property are structurally sound, in good operating condition and repair, ordinary
wear and tear excepted, and are adequate for the purposes for which they are currently being used, and no such assets are in need
of maintenance or repair, except for ordinary, routine maintenance and repair that are not material in nature or cost.

 

Section 3.12         Real
Property; Tangible Personal Property

 

(a)          The
Company and each Company Subsidiary (or MMAC and each of its Subsidiaries, as applicable, other than the Project Partnerships and
Other Entities) has good and valid (and, in the case of Owned Real Property (as defined below), good and marketable fee simple)
title to, or a valid and binding leasehold interest in, all Real Property and tangible personal property and other assets owned
by it or reflected in the Company Financial Statements or the MMAC Financial Statements, as applicable, or acquired after the date
of the Company Financial Statements or the MMAC Financial Statements, other than properties and assets (not included in Real Property)
sold or otherwise disposed of in the ordinary course of business since the date of the Company Financial Statements or the MMAC
Financial Statements, as applicable. All such properties and assets (including leasehold interests) are free and clear of Encumbrances
except for the following (collectively referred to as “Permitted Encumbrances”):

 

(i)          those
items set forth in Section 3.10 of the Disclosure Schedules;

 

(ii)         liens
for Taxes not yet due and payable or being contested in good faith by appropriate procedures and for which adequate reserves have
been set aside in the applicable financial statements in accordance with GAAP;

 

(iii)        mechanics,
carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business
and securing amounts not yet due and payable or which are being contested in good faith by appropriate procedures and for which
appropriate reserves have been set aside in the applicable financial statements in accordance with GAAP;

 

    	 	38	 

     

    

 

(iv)        easements,
rights of way, zoning ordinances and other similar encumbrances affecting Real Property which do not materially interfere with
the current use or occupancy of the Real Property affected thereby and which do not secure payments of any sum of money (and which,
in the case of zoning ordinances and the like, are not violated by the current use of the affected Real Property or the improvements
situated thereon); or

 

(v)         other
than with respect to Real Property, liens arising under original purchase price conditional sales Contracts and equipment leases
with third parties entered into in the ordinary course of business.

 

(b)          Section
3.12(b) of the Disclosure Schedules sets forth the address and description of each parcel of Real Property owned by the Company,
each Company Subsidiary, MMAC or each MMAC Subsidiary (each, an “Owned Real Property”). Except as set forth
on Section 3.12(b) of the Disclosure Schedules, (i) neither the Company, MMAC nor any of their respective Subsidiaries has
leased or otherwise granted to any Person the right to use or occupy such Owned Real Property or any portion thereof, and (ii)
neither the Company, MMAC nor any of their respective Subsidiaries is a party to any Contract or option to sell such Owned Real
Property.

 

(c)          Section
3.12(c) of the Disclosure Schedules sets forth a true, correct and complete list of (i) all leases, subleases, licenses, or
other occupancy agreements under which the Company, MMAC or any of their respective Subsidiaries leases or otherwise occupies Real
Property (each, a “Real Property Lease,” and collectively, the “Real Property Leases”) and
the address of the real property granted under each of the Real Property Leases (each, a “Leased Real Property”).
Prior to the date hereof, the Buyer either has been supplied with, or has been given access to, a true, correct, and complete copy
of each Real Property Lease, including all amendments, extensions, renewals, terminations, guaranties and other agreements relating
to each Real Property Lease. Each Real Property Lease is in full force and effect. Neither the Company, MMAC nor any of their respective
Subsidiaries, nor to the Knowledge of Seller, any other party thereto, is in breach or default under any Real Property Lease in
any material respect and no event has occurred that with the lapse of time or the giving of notice or both would constitute a material
breach or default by the Company, MMAC or any of their respective Subsidiaries, or to the Knowledge of Seller, any other party
thereto. Neither the Company, MMAC nor any of their respective Subsidiaries has subleased, licensed or given any other Person the
right to use or occupy any of the Leased Real Property. The Owned Real Property and the Leased Real Property constitute all of
the real property used in the operation of the Company Business, and the business associated with the Transferred Assets and the
Obligations.

 

(d)          There
is no pending or, to the Knowledge of Seller, threatened appropriation, condemnation or like action, or sale or other disposition
in lieu of condemnation, affecting the Owned Real Property or any part thereof or, to the Knowledge of Seller, the Leased Real
Property.

 

    	 	39	 

     

    

 

(e)          Neither
the Company, MMAC nor any of their Subsidiaries has been notified in writing by any counterparty to any such Real Property Lease
of that party’s intention to modify, terminate or otherwise reduce the rights of the Company, MMAC or any of their respective
Subsidiaries, as applicable, under the same.

 

(f)           Except
as set forth on Section 3.12(f) of the Disclosure Schedules, none of the Real Property Leases contains a provision preventing
or prohibiting the transfer or assignment of such Real Property Lease to a third party and none of the Real Property Leases contains
any “change of control” provisions triggered by the consummation of the transactions contemplated by this Agreement.

 

Section 3.13         Legal
Proceedings; Governmental Orders.

 

(a)          There
are no actions, suits, claims, demands, causes of action, proceedings, citations, summonses, subpoenas, investigations of any nature
(civil, criminal, administrative, regulatory or otherwise, whether at law or in equity), arbitrations, charges, complaints, judgments,
decrees, or other legal proceedings pending or, to Seller’s Knowledge, threatened against or by the Company or any of the
Company Subsidiaries relating to or affecting any of their properties or assets or by or against Seller, MMAC, MEC or any Affiliate
thereof (i) relating to (A) the Company, any of the Company Subsidiaries, the Company Business, the Transferred Assets or the Obligations
or (B) MMAC, any of the MMAC Subsidiaries or the Retained Business, except, in each case, which, if determined adversely to the
Company, any of the Company Subsidiaries, Seller, MMAC, MEC or any of their respective Affiliates, would not be material to (x)
the Company and the Company Subsidiaries, taken as a whole, the Company Business, or the Transferred Assets or (y) MMAC and the
MMAC Subsidiaries, taken as a whole (including the Retained Business), or (ii) that challenge or seek to prevent, enjoin or otherwise
delay the transactions contemplated by this Agreement. To the Knowledge of Seller, no event has occurred or circumstances exist
that may give rise to, or serve as a basis for, any such Claim or proceeding (including any assignment of the MGM Agreements to
Buyer).

 

(b)          There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against, relating to or affecting any
of the Company, the Company Subsidiaries, MMAC, the MMAC Subsidiaries, the Company Business, the Retained Business, the Transferred
Assets or the Obligations. None of MMAC, MEC, Seller or any Affiliate thereof (including the Company and each of the Company Subsidiaries)
is subject to any Governmental Order judgments or penalty relating to or affecting the transactions contemplated by this Agreement
(including any assignment of the MGM Agreements to Buyer).

 

Section 3.14         Compliance
with Laws; Permits.

 

(a)          The
Company and each of the Company Subsidiaries has been for the past three (3) years and currently is in compliance in all material
respects with all Laws applicable to or related to it or its business, properties or assets, or the Company Business. Each of MMAC,
MEC, each of the MMAC Subsidiaries and Seller has been for the past three (3) years and currently is in compliance in all material
respects with all Laws applicable to or related to it or its business, properties or assets, the Company, the Company Subsidiaries,
the Company Business, the Retained Business, the Transferred Assets or the Obligations.

 

    	 	40	 

     

    

 

(b)          All
Permits required for (i) the Company Business, (ii) the ownership and use of the Transferred Assets and (iii) MMAC, MEC, Seller,
the Company and each of the Company Subsidiaries to conduct its business as currently conducted, in each case, have been obtained
and are valid and in full force and effect. Section 3.14(b) of the Disclosure Schedules lists all current Permits which
are related to or used in connection with the Company Business, including the names of the Permits and their respective dates of
issuance and expiration. All fees and charges with respect to such Permits as of the date hereof have been paid in full, and no
event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result in the revocation,
suspension, lapse or limitation of any Permit set forth in Section 3.14(b) of the Disclosure Schedules, except, in each
case, as would not be material to the Company and the Company Subsidiaries, taken as a whole, the Company Business, or the Transferred
Assets.

 

Section 3.15         LIHTC
Funds.

 

(a)          Section
3.15(a) of the Disclosure Schedules sets forth a true, correct and complete list of (i) all LIHTC Funds in which the Company
or any of the Company Subsidiaries has an ownership interest or a right to control management (each, an “MMA LIHTC Fund”),
(ii) the LIHTC Fund GP of each MMA LIHTC Fund, (iii) the Company’s, or the applicable Company Subsidiary’s, percentage
interest in each MMA LIHTC Fund in which the Company or any Company Subsidiary has an ownership interest, (iv) the Company’s,
or the applicable Company Subsidiary’s, “special limited partner” interests in the Project Partnerships in which
the MMA LIHTC Funds have an ownership interest, and (v) as to those MMA LIHTC Funds which the Company or any Company Subsidiary
has the right to manage, the operative agreement by which the Company or Company Subsidiary has the right to manage such LIHTC
Fund (each, a “Company Management Agreement”) other than the operating agreement or partnership agreement of
the applicable LIHTC Fund (each, a “Fund Operating Agreement”).

 

(b)          Section
3.15(b) of the Disclosure Schedules sets forth a true, correct and complete list of (i) all LIHTC Funds in which MGM has an
ownership interest or a right to control management (each, an “MGM LIHTC Fund”), (ii) the LIHTC Fund GP of each
MGM LIHTC Fund, (iii) MGM’s percentage interest in each MGM LIHTC Fund in which it has an ownership interest, (iv) the MGM
LIHTC Funds in respect of which MGM or its applicable Subsidiary has an ownership interest in the “special limited partner”
of the underlying Project Partnerships, and (v) as to those MGM LIHTC Funds which MGM has the right to manage, the operative agreement
by which MGM has the right to manage such Fund (each, an “MGM Management Agreement” and together with the Company
Management Agreements, the “LIHTC Management Agreements”) other than a Fund Operating Agreement.

 

(c)          Section
3.15(c) of the Disclosure Schedules sets forth (i) for each MMA LIHTC Fund, a true, correct and complete list of any amounts
due and payable (organized by category) by an MMA LIHTC Fund to the Company or any of the Company Subsidiaries as of the end of
the most recently completed calendar quarter, and (ii) for each MGM LIHTC Fund, a true, correct and complete list of any amounts
due and payable (organized by category) by an MGM LIHTC Fund to MGM as of the end of the most recently completed calendar quarter.

 

    	 	41	 

     

    

 

(d)          Attached
hereto as Section 3.15(d) of the Disclosure Schedules are the Seller’s pro forma projections of the fees and distributions
to the Company and MGM from the MMA LIHTC Funds and MGM LIHTC Funds. The pro forma projections include waterfalls and other cash
flow split assumptions which have been prepared by the Seller based on the Seller’s interpretation of the applicable fund
operating agreements and other documents included on Section 3.15(d) of the Disclosure Schedules. The pro forma projections
are net of any payments, which to Seller’s Knowledge, are due to other Persons as priority payment ahead of payments to the
Company or MGM. In preparing its projections, Seller has not, to Seller’s Knowledge, excluded from Section 3.15(d)
of the Disclosure Schedules the effects on distributions of any document known to Seller. Achievement of the Seller’s pro
forma projections is based on future facts and circumstances, and may also be impacted by current facts not known to Seller.  Seller
does not warrant the actual results.

 

(e)          Except
as disclosed on Section 3.15(e) of the Disclosure Schedules, the Company and each of the Company Subsidiaries, and to Seller’s
Knowledge, MGM, as applicable, have in all material respects performed all obligations required to be performed by them to date
and are not in default in any material respects under any of the LIHTC Management Agreements and, to the Knowledge of Seller, the
counterparties to the LIHTC Management Agreements have, in all material respects, performed all obligations required to be performed
by them to date and no counterparty is in default in any material respect under any LIHTC Management Agreement. Each LIHTC Management
Agreement is valid and binding and in full force and effect against the Company, each of the Company Subsidiaries, and to Seller’s
Knowledge, MGM, as applicable, and, to the Knowledge of Seller, against the other parties thereto, and none of Seller, the Company,
any of the Company Subsidiaries or, to the knowledge of Seller, MGM has been notified by any counterparty to any of the LIHTC Management
Agreements of that counterparty’s intention to modify, terminate or otherwise reduce payments or other rights of MGM, the
Company or any of the Company Subsidiaries, as applicable, under the same. To the Knowledge of Seller, no event has occurred which
would represent a default under any of the LIHTC Management Agreements by any party. Except as set forth on Section 3.15(e)
of the Disclosure Schedules, none of the LIHTC Management Agreements contains a provision preventing or prohibiting the transfer
or assignment of any interest in such LIHTC Management Agreement to a third party or contains any “change of control”
provisions that would be violated or otherwise triggered by the consummation of the transactions contemplated by this Agreement.

 

Section 3.16         Material
Contracts.

 

(a)          Section
3.16(a) of the Disclosure Schedules sets forth a true, correct and complete list, as of the date of this Agreement, of (i)
Seller’s Contracts relating to the Company, the Company Subsidiaries, the Company Business, the Transferred Assets or the
Obligations, (ii) the MGM Agreements and (iii) all material Contracts of the Company and the Company Subsidiaries including the
Assigned Contracts. True, correct and complete copies of the Contracts so listed have been delivered to the Buyer prior to the
execution of this Agreement.

 

    	 	42	 

     

    

 

(b)          Except
as disclosed on Section 3.16(b) of the Disclosure Schedules, Seller, the Company and each of the Company Subsidiaries, as
applicable, have in all material respects performed all obligations required to be performed by them to date and are not in default
in any material respects under any Contract required to be included on Section 3.16(a) of the Disclosure Schedules and,
to the Knowledge of Seller, the counterparties to such Contracts have, in all material respects, performed all obligations required
to be performed by them to date and none are in default in any material respect under any such Contract. Each Contract required
to be listed on Section 3.16(a) of the Disclosure Schedules is valid and binding and in full force and effect against the
Seller, the Company and each of the Company Subsidiaries, as applicable, and, to the Knowledge of Seller, against the counterparties
thereto, and, to the Knowledge of Seller, none of Seller, the Company or any of the Company Subsidiaries has been notified by any
counterparty to any such Contract of that party’s intention to modify, terminate or otherwise reduce payments or other rights
of Seller, the Company or any of the Company Subsidiaries, as applicable, under the same. To the Knowledge of Seller, no event
has occurred which would represent a default under any of the Contracts required to be included on Section 3.16(a) of the
Disclosure Schedules by any party. Except as set forth on Section 3.16(b) of the Disclosure Schedules, none of the Contracts
required to be included on Section 3.16(a) of the Disclosure Schedules contains a provision preventing or prohibiting the
transfer or assignment of such Contract to a third party, which could be violated or otherwise triggered by the consummation of
the transactions contemplated by this Agreement and which has not been irrevocably consented to or waived, and none of the Contracts
(including the Assigned Contracts) required to be included on Section 3.16(a) of the Disclosure Schedules contains any “change
of control” provision, which could be violated or otherwise triggered by the consummation of the transactions contemplated
by this Agreement and which has not been irrevocably consented to or waived.

 

Section 3.17         Intellectual
Property.

 

(a)          Section 3.17(a)
of the Disclosure Schedules, sets forth all material Intellectual Property used in connection with the Company Business or owned
by the Company or any of the Company Subsidiaries, in each case, that is registered or subject to a pending application for registration
or issuance (collectively, the “Owned Intellectual Property”).

 

(b)          Each
of the Company and the Company Subsidiaries owns or is licensed to use, practice, sell, license and dispose of, without restriction,
all material Intellectual Property that is used or held for use in connection with the Company Business, free and clear of any
Encumbrances other than Permitted Encumbrances, subject to the applicable IP Licenses. Each of Seller, the Company and each of
the Company Subsidiaries has taken all reasonable actions to maintain and protect the Owned Intellectual Property.

 

(c)          To
the Knowledge of Seller, the conduct of the Company Business and the business of Seller, the Company and each of the Company Subsidiaries
as currently being conducted does not infringe upon or misappropriate the Intellectual Property rights of any third party, except
as would not be material to the Company and the Company Subsidiaries, taken as a whole, the Company Business, or the Transferred
Assets.

 

    	 	43	 

     

    

 

(d)          To
the Knowledge of Seller, no Person is infringing or violating any of the Owned Intellectual Property, except as would not be material
to the Company and the Company Subsidiaries, taken as a whole, the Company Business, or the Transferred Assets.

 

(e)          Each
of Seller, the Company and each of the Company Subsidiaries has taken all actions common in the industry to maintain and protect
the Owned Intellectual Property, including the secrecy, confidentiality and value of material trade secrets and other material
confidential information.

 

(f)          The
material IT Assets and Software: (i) are adequate and operate and run as necessary for the operations of Seller, the Company, each
of the Company Subsidiaries, the Company Business and the Transferred Assets (ii) conform and operate in all material respects
to the specifications thereof and the documentation provided therewith, and (iii) are free from any material defects, viruses
or other disabling code or disabling faults.

 

Section 3.18         Environmental
Matters.

 

(a)          The
Company and each Company Subsidiary is, and has been, in compliance in all material respects with all Environmental Laws and has
not, and Seller and MMAC have not, received from any Person any (i) Environmental Notice, Environmental Claim, or Governmental
Order pursuant to Environmental Law or (ii) written request for information pursuant to Environmental Law, which, in each
case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b)          Each
of the Company and the Company Subsidiaries has obtained, possesses and is in material compliance with all Environmental Permits
(each of which is disclosed in Section 3.18(b) of the Disclosure Schedules) necessary for the ownership, lease, operation
or use of the Company Business or the business or assets of the Company or any Company Subsidiary. All such Environmental Permits
are in full force and effect, and to Seller’s Knowledge, there are no facts or circumstances that could reasonably be expected
to result in any such Environmental Permit being revoked, terminated or materially revised. No such Environmental Permit will be
terminated, materially impaired or become terminable as a result of the transactions contemplated by this Agreement.

 

(c)          No
real property currently or, to Seller’s Knowledge, formerly owned, operated or leased by the Company or any of the Company
Subsidiaries or in connection with their respective businesses is listed on, or has been proposed for listing on, the National
Priorities List (or CERCLIS) under CERCLA, or any similar state list.

 

(d)          There
has been no Release of Hazardous Materials in contravention of Environmental Laws with respect to any Real Property currently,
or to Seller’s Knowledge, formerly owned, operated or leased by the Company or any of the Company Subsidiaries or in connection
with the Company Business, except as would not, individually or in the aggregate, reasonably be expected to result in material
Liability pursuant to Environmental Law. None of MMAC, Seller, the Company nor any Company Subsidiary has received an Environmental
Notice that any Real Property currently or formerly owned, operated or leased in connection with the Company Business (including
soils, groundwater, surface water, buildings and other structures located on any such real property) has been contaminated with
any Hazardous Material which would reasonably be expected to result in an Environmental Claim against, or a violation of Environmental
Laws or term of any Environmental Permit by, MMAC, Seller, the Company or any of the Company Subsidiaries.

 

    	 	44	 

     

    

 

(e)          No
Hazardous Materials have been generated, manufactured, treated, stored, Released, transported or disposed of, or arrangements made
for the transport or disposal of, by the Company or any Company Subsidiary or in connection with the Company Business except in
material compliance with Environmental Law and as would not reasonably be expected, individually or in the aggregate, to result
in material Liability pursuant to Environmental Law.

 

(f)           Neither
the Company nor any of the Company Subsidiaries has assumed or undertaken by Contract or any agreement or commitment any material
Liability under Environmental Law of any other Person.

 

(g)          Seller
has previously made available to Buyer in the Data Room or otherwise any and all environmental reports, studies, audits, records,
sampling data, site assessments and other similar documents with respect to either any currently owned, operated or leased Real
Property or the compliance with Environmental Laws of the Company or the Company Subsidiaries which are in the possession or control
of MMAC, MEC, Seller, the Company or any Company Subsidiary.

 

Section 3.19         Insurance.
Each of MMAC, MEC, Seller, the Company, each Company Subsidiary and each MMAC Subsidiary is covered by insurance policies and self-insurance
programs and arrangements (the “Insurance Policies”) that are of the type and in the amounts customarily carried
by Persons conducting a similar business and are sufficient for compliance with all applicable Laws, Contracts and agreement to
which each of them is a party or by which it is bound. There are no Claims related to the Company Business, the Retained Business,
Transferred Assets or the Obligations pending under any such Insurance Policies as to which coverage has been questioned, denied
or disputed or in respect of which there is an outstanding reservation of rights. None of MMAC, MEC, Seller, the Company or any
Company Subsidiary nor any of their respective Affiliates has received any written notice of cancellation of, premium increase
with respect to, or alteration of coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have
been paid. All such Insurance Policies (i) are in full force and effect and enforceable in accordance with their terms; (ii) are
provided by carriers who are financially solvent; and (iii) have not been subject to any lapse in coverage. None of MMAC, MEC,
Seller, the Company, any Company Subsidiary nor any of their respective Affiliates is in default under, or has otherwise failed
to comply with, in any material respect, any provision contained in any such Insurance Policy.

 

    	 	45	 

     

    

 

Section 3.20         Employee
Benefit Matters.

 

(a)          Section
3.20(a) of the Disclosure Schedules contains a list of each material Benefit Plan. As used herein, the term “Benefit
Plan” means each benefit, retirement, pension, employment, consulting, compensation, cash or equity incentive, bonus,
stock option, restricted stock, stock appreciation right, phantom equity, change in control, severance, vacation, paid time off,
welfare and fringe benefit agreement, plan, policy, arrangement, and program, whether or not reduced to writing, in effect and
covering one or more Employees, or former employees or current or former directors of MMAC or any of its Affiliates or the beneficiaries
or dependents of any such Persons, in any case that is maintained, sponsored, contributed to, or required to be contributed to
by MMAC or any of its Affiliates, or under which MMAC or any of its Affiliates has or could have any direct or indirect liability,
contingent or otherwise.

 

(b)          With
respect to each material Benefit Plan, Seller has provided to Buyer a true, correct, and complete copy (or, if no such copy exists,
an accurate description) thereof and, to the extent applicable, (i) each related trust agreement or other funding instrument,
(ii) the most recent IRS determination or opinion letter, (iii) the most recent summary plan description and summary
of material modifications, (iv) for the three most-recent years (A) Form 5500s and attached schedules and year-end financial
statements, and (B) actuarial valuation reports, and (v) for the three most-recent years, all material, non-routine correspondence
with any Governmental Authority regarding the operation or the administration of the Benefit Plan.

 

(c)          With
respect to each Benefit Plan, (i) each such Benefit Plan and related trust has been maintained, funded, and administered in
all material respects in compliance with its terms and in form and in operation in all material respects with the applicable requirements
of applicable Laws (including ERISA and the Code), (ii) if such Benefit Plan is intended to be qualified under Section 401(a)
of the Code (a “Qualified Benefit Plan”), it has received a favorable determination letter from the Internal
Revenue Service, or with respect to a prototype plan, can rely on an opinion letter from the Internal Revenue Service to the prototype
plan sponsor, to the effect that such Qualified Benefit Plan is so qualified and that the plan and the trust related thereto are
exempt from federal income Taxes under Sections 401(a) and 501(a), respectively, of the Code, and, to MMAC’s Knowledge,
nothing has occurred that could reasonably be expected to cause the revocation of such determination letter from the Internal Revenue
Service or the unavailability of reliance on such opinion letter from the Internal Revenue Service, (iii) except as would
not give rise to any material liability to MMAC or any of its Affiliates that has not been satisfied, all benefits, contributions
and premiums required by and due under the terms of such Benefit Plan or applicable Law have been timely paid in accordance with
the terms of such Benefit Plan, the terms of all applicable Laws and GAAP, (iv) to MMAC’s Knowledge, no event has occurred
or is reasonably expected to occur that has resulted in or would subject MMAC or any of its Affiliates, the Company or any Company
Subsidiary to a Tax under Section 4971 of the Code or the assets of MMAC or any of its Affiliates to a lien under Section 430(k)
of the Code, (v) no individual who has performed services for MMAC or any of its Affiliates has been improperly excluded from
participation in such Benefit Plan, (vi) no non-exempt “prohibited transaction” within the meaning of Section 406
of ERISA or Section 4975 of the Code has occurred, and (vii) if such Benefit Plan is subject to Section 409A of
the Code, it is and has been in compliance in all material respects in form and operation with Section 409A of the Code and
the applicable guidance and regulations thereunder.

 

    	 	46	 

     

    

 

(d)          Neither
MMAC nor any of its Affiliates nor any ERISA Affiliate maintains or during the past six (6) years has maintained, sponsors or during
the past six (6) years has sponsored, contributes to or during the past six (6) years has contributed to, or is or during the past
six (6) years has been obligated to contribute to, or has any liability with respect to, any “multiemployer pension plan,”
as defined in Section 3(37) of ERISA, or a “multiple employer plan” described in Section 431(c) of the Code,
or any employee benefit plan subject to Section 302 or Title IV of ERISA, or Section 412 of the Code. For purposes hereof,
an “ERISA Affiliate” is any trade or business whether or not incorporated that together with MMAC or any of
its Affiliates would be deemed a “single employer” within the meaning of ERISA section 4001 or affiliated with
MMAC or any of its Affiliates within the meaning of section 414 of the Code. Neither MMAC or any of its Affiliates has engaged
in any transaction that would give rise to a liability to MMAC or any of its Affiliates or Buyer under Section 4062(e), Section
4069 or Section 4212(c) of ERISA.

 

(e)          Other
than as required under Section 4980B of the Code or other applicable Law, no Benefit Plan provides benefits or coverage in
the nature of health, life or disability insurance following retirement or other termination of employment (other than death benefits
when termination occurs upon death).

 

(f)           With
respect to each Benefit Plan, as of the date hereof, (i) no actions (other than routine claims for benefits) are pending or,
to MMAC’s Knowledge, threatened, (ii) no audit or other action by any Governmental Authority is pending or, to MMAC’s
Knowledge, threatened (including any routine requests for information from the Pension Benefit Guaranty Corporation), and no Benefit
Plan has within the three years prior to the date hereof been the subject of an examination or audit by a Governmental Authority,
and (iii) there are no audits or actions initiated pursuant to the Employee Plans Compliance Resolution System or similar
proceedings pending with the IRS or Department of Labor, including with respect to any Benefit Plan’s compliance with or
exemption from Section 409A of the Code.

 

(g)          Neither
the execution and delivery of any Transaction Document, equity holder approval of any Transaction Document, nor the consummation
of the transactions contemplated hereby could reasonably be expected (either alone or in combination with any other event) to (i) result
in the payment (or increase the amount of any payment) to any Employee, or any current or former employee, director, officer, or
consultant of any money or other property; (ii) accelerate the vesting of or provide any additional rights or benefits (including
funding of compensation or benefits through a trust or otherwise) to any Employee, or any current or former employee, director,
officer, or consultant; (iii) limit or restrict the ability of MMAC or any of its Affiliates to merge, amend or terminate
any Benefit Plan; or (iv) result in “excess parachute payments” within the meaning of Section 280G(b) of
the Code. No Employee, or any current or former employee, director, officer, or consultant is entitled to receive any additional
payment (including any tax gross-up or indemnity) from MMAC or any of its Affiliates as a result of the imposition of the excise
taxes imposed by Section 4999 of the Code or penalty taxes imposed by Section 409A of the Code.

 

    	 	47	 

     

    

 

(h)          As
of the date of this Agreement, all contributions and premium payments required to be made under the terms of any Benefit Plan have
been timely made or reflected on the Company Financial Statements or the MMAC Financial Statements, as applicable, and all contributions
or premium payments for any period ending on or prior to the Closing Date that are not yet due will have been paid or accrued on
the Company Financial Statements or the MMAC Financial Statements, as applicable, on or prior to the Closing Date. All liabilities
of MMAC and its Affiliates in respect of any Benefit Plan that have not been paid as of the date of this Agreement have been properly
accrued on the Company Financial Statements or the MMAC Financial Statements, as applicable.

 

Section 3.21         Employment
Matters.

 

(a)          As
of the date hereof, all Employees are employed by the Company or a Company Subsidiary. Prior to the date hereof, MMAC and its Affiliates
have taken all necessary actions to cause each employment agreement, liability to pay 2017 cash incentive bonuses under any Benefit
Plan (as set forth in Section 3.21(a) of the Disclosure Schedules), restrictive covenant agreement, and other agreement
with any Employee that governs or relates to the employment or service engagement of any Employee with MMAC or any of its Affiliates
to be assigned and/or transferred to the Company or a Company Subsidiary. Prior to the date hereof, MMAC, or its Affiliate (other
than the Company or a Company Subsidiary), has transferred to the Company or a Company Subsidiary an amount in cash sufficient
to pay all 2017 cash incentive bonuses as set forth in Section 3.21(a) of the Disclosure Schedule. Any amount of 2017 bonus
designated in Section 3.21(a) of the Disclosure Schedule as “To Be Allocated” shall be paid only upon the direction
of Seller and shall be returned promptly to Seller upon the written request of Seller if not so paid. Notwithstanding the foregoing,
IHS Employees shall remain employed by their IHS Employer prior to Closing.

 

(b)          Section
3.21(b) of the Disclosure Schedules contains a list, as of the dates specified on such schedules, of each person by job title
who is an employee or individual independent contractor of MMAC or any of its Affiliates, including each such person who may be
on a leave of absence, together with, as applicable (i) the name of the legal entity employing such person as of the date
of this Agreement, (ii) such person’s current annual salary or base wage rate and annual cash bonus opportunity, (iii) such
person’s total length of employment with MMAC and its Affiliates, including any other credited service that would affect
calculation of years of services for purposes of benefit entitlement (including statutory notice or statutory severance pay), (iv) such
person’s accrued but unused vacation, sick leave, and other paid time off under the Benefit Plans, and (v) whether such
employee is on any approved or statutory leave of absence, and if so, the reason for the absence.

 

(c)          Neither
MMAC nor any of its Affiliates is a party to, or bound by, any collective bargaining or other agreement with a labor organization
representing any of its Employees. There has not been, nor, to Seller’s Knowledge, has there been any threat of, any strike,
slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar labor activity or dispute affecting MMAC
or any of its Affiliates.

 

    	 	48	 

     

    

 

(d)          Each
of MMAC and its Affiliates is, and during the last six (6) years has been, in compliance in all material respects with all applicable
Laws pertaining to the engagement of labor and employment practices, including Laws respecting terms and conditions of employment,
wages and hours and overtime compensation, collective bargaining, unemployment insurance, workers’ compensation, equal employment
opportunity, discrimination, immigration control and I-9 compliance, employee classifications as “exempt” or “non-exempt”
under the Fair Labor Standards Act and analogous state and local Laws, classification of service providers as employees and independent
contractors, safety and health, and the payment and withholding of Taxes. There are no material actions, suits, claims, investigations
or other proceedings against MMAC or any of its Affiliates pending, or to Seller’s Knowledge, threatened to be brought or
filed, by or with any Governmental Authority or arbitrator in connection with the employment or engagement of any current or former
employee or independent contractor of MMAC or any of its Affiliates, including, without limitation, any claim relating to unfair
labor practices, employment discrimination, harassment, retaliation, equal pay or any other employment related matter arising under
applicable Laws.

 

(e)          Neither
MMAC nor any of its Affiliates has, during the 180-day period preceding the date hereof, effectuated a “plant closing”
or a “mass lay-off” (as such terms are defined in the Worker Adjustment and Retraining Notification Act of 1988, or
any similar state or local law (the “WARN Act”), in either case affecting any site of employment or facility
of MMAC or any of its Affiliates.

 

Section 3.22         ERISA.
MMAC is not (i) an “employee benefit plan” within the meaning of Section 3(3) of ERISA that is subject to
Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Code, or (iii) an entity the assets
of which constitute the assets of any “employee benefit plan” or “plan” described in clauses (i) and (ii)
pursuant to Department of Labor Regulations § 2510.3-101, et seq., as effectively modified by Section 3(42) of ERISA.

 

Section 3.23         Taxes.

 

(a)          MMAC
and each of its Subsidiaries (including the Company and each Company Subsidiary but excluding the Project Partnerships and Other
Entities) have filed (taking into account any valid extensions) all income and other material Tax Returns required to be filed
by it. Such Tax Returns are true, complete and correct in all material respects. MMAC and each of its Subsidiaries (including the
Company and each Company Subsidiary but excluding the Project Partnerships and Other Entities) have fully and timely paid all amounts
shown as due on such Tax Returns and all other material amounts of Taxes due and owing. Neither MMAC nor any Subsidiary thereof
(including the Company and the Company Subsidiaries but excluding the Project Partnerships and Other Entities) is currently the
beneficiary of any extension of time within which to file any income or other material Tax Return.

 

(b)          No
extensions or waivers of statutes of limitations have been given or requested with respect to any material Taxes of the Company
and each Company Subsidiary.

 

(c)          No
claim, demand, action, cause of action, suit, proceeding, citation, summons, subpoena or investigation of any nature (civil, criminal,
administrative, regulatory or otherwise, whether at law or in equity), complaint, judgment or decree has ever been made by a Governmental
Authority in writing in a jurisdiction where the Company or any Company Subsidiary does not file Tax Returns that the Company or
any Company Subsidiaries is or may be subject to taxation by that jurisdiction, which claim has not been resolved.

 

    	 	49	 

     

    

 

(d)          There
are no Encumbrances for material Taxes (other than Permitted Encumbrances) upon any of the assets of the Company or any Company
Subsidiary.

 

(e)          All
Taxes required by applicable Law to be withheld by MMAC and its Subsidiaries (including the Company and each Company Subsidiary
but excluding the Project Partnerships and Other Entities) have been withheld and timely paid over to the appropriate Governmental
Authority (including with respect to any amounts paid or owing to any employee, independent contractor, creditor, customer, stockholder,
supplier or other third party) and the Company and each Company Subsidiary have been in material compliance with all applicable
Tax information reporting requirements.

 

(f)           There
is no ongoing Claim, demand, action, cause of action, suit, proceeding, citation, summons, subpoena or investigation of any nature
(civil, criminal, administrative, regulatory or otherwise, whether at law or in equity), complaint, judgment or decree by any taxing
authority against the Company or any Company Subsidiary.

 

(g)          Neither
the Company nor any Company Subsidiary (i) has been a member of an affiliated group filing a consolidated federal income Tax Return
(other than a group the common parent of which is MMAC), (ii) has any liability for the Taxes of any Person under Sections 1.1502-6
or 1.1502-78 of the Treasury Regulations (or any similar provision of state, local, or foreign Tax Law), or (iii) has any liability
for Taxes of any Person as a transferee or successor, by Contract or pursuant to any Law.

 

(h)          Neither
the Company nor any Company Subsidiary will be required to include any material item of income in, or exclude any material item
of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any:
(i) change in method of accounting for a taxable period ending on or prior to the Closing Date; (ii) use of an improper method
of accounting for a taxable period ending on or prior to the Closing Date; (iii) “closing agreement” as described in
Section 7121 of the Code (or any similar provision of state, local, or foreign income Tax Law) executed prior to the Closing; (iv)
installment sale or open transaction disposition made prior to the Closing; (v) prepaid amount received prior to the Closing (other
than in the ordinary course of business); or (vi) election under Section 108(i) made prior to the Closing (or any similar provision
of state, local, or foreign income Tax Law).

 

(i)           There
is no power of attorney (or similar authority) with respect to the Company or any of the Company Subsidiaries as to any matters
relating to Taxes that will have any effect after the Closing Date.

 

(j)           There
are no Tax indemnification or Tax sharing agreements under which the Company or any of the Company Subsidiaries would reasonably
be expected to be liable after the Closing Date for a material amount of Tax Liability of any Person that is neither the Company
nor one of the Company Subsidiaries, other than customary agreements with customers, vendors, lessors, lenders or the like or other
agreements that do not relate primarily to Taxes.

 

    	 	50	 

     

    

 

(k)          Neither
the Company nor any Company Subsidiary has entered into a “listed transaction” within the meaning of Treasury Regulations
Section 1.6011-4(b)(2).

 

(l)           Section
3.23(l) of the Disclosure Schedules sets forth (i) the classification for U.S. federal income tax purposes of the Company and
each of the Company Subsidiaries; (ii) for each entity described in clause (i), whether an entity classification election has been
made with respect to such entity pursuant to Treasury Regulations Section 301.7701-3(c); and (iii) and with respect to each such
entity and each such election, the classification elected pursuant thereto. Except for the entity classification elections set
forth in Section 3.23(l) of the Disclosure Schedules, no entity classification election pursuant to Treasury Regulations
Section 301.7701-3(c) has been made with respect to the Company or any of the Company Subsidiaries.

 

Section 3.24         The
Management Arrangements and Management Fee Rights.

 

(a)          MMAC
and MEC have in all respects performed all obligations required to be performed by them to date, and are not in default, under
any of the Management Arrangements and Management Fee Rights. The Management Arrangements and Management Fee Rights are valid and
binding and in full force and effect against MMAC, MEC, and against the counterparties thereto, and, neither MMAC nor MEC, nor
any of their respective Subsidiaries or Affiliates, has been notified by any counterparty to any of the Management Arrangements
and Management Fee Rights of that party’s intention to modify, terminate or otherwise reduce payments or other rights of
MMAC, MEC or any of their respective Subsidiaries or Affiliates, as applicable, under the same. No event has occurred which would
represent a default under any of the Management Arrangements and Management Fee Rights by any party. Except as set forth on Section
3.24(a) of the Disclosure Schedules, none of the Management Arrangements and Management Fee Rights (i) contains a provision
preventing or prohibiting the transfer or assignment of the Management Arrangements and Management Fee Rights to a third party,
which could be violated or otherwise triggered by the consummation of the transactions contemplated by this Agreement and which
has not been irrevocably consented to or waived or (ii) contains any “change of control” provision, which could be
violated or otherwise triggered by the consummation of the transactions contemplated by this Agreement, and which has not been
irrevocably consented to or waived.

 

(b)          Section
3.24(b) of the Disclosure Schedules sets forth a true and complete schedule of the reimbursements paid to MEC pursuant to the
Management Arrangements and Management Fee Rights, with such schedule setting forth each applicable employee of the applicable
manager, the amount of reimbursements for such employee and the annual actual cost to such manager of such employee. The consummation
of the transactions contemplated by this Agreement will not adversely affect the right to reimbursement of costs under the Management
Arrangements and Management Fee Rights and, to MMAC’s Knowledge, no fact, circumstance or event has occurred that could reasonably
be expected to limit, reduce or otherwise affect the reimbursement of costs under the Management Arrangements and Management Fee
Rights.

 

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Section 3.25         Brokers.
Except for Kimberlite Group, LLC, the fees and commissions of which shall be paid by MMAC, no broker, finder or investment banker
is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this
Agreement based upon arrangements or commitments made by or on behalf of MMAC, MEC, Seller, the Company or any of the Company Subsidiaries.

 

Section 3.26         Absence
of Unlawful Payments.

 

(a)          None
of MMAC, MEC, Seller, the Company, any Company Subsidiary nor any of their respective officers, directors, employees, or agents
has paid, offered, promised, or authorized the payment of money or anything of value, directly or indirectly, to any government
official, government employee, political party, political party official, candidate for public office, or officer or employee of
a public international organization, or any other Person for the purpose of influencing any official act or decision or to secure
an improper advantage in order to obtain or retain business or direct business to the Company Business, the Retained Business,
the Company or any Company Subsidiary or to secure any improper advantage for the Company Business, the Retained Business, the
Company or any Company Subsidiary.

 

(b)          MMAC,
MEC, Seller, the Company, each Company Subsidiary and their respective officers, directors, employees have been in compliance with
all anti-bribery and anti-corruption Laws applicable to the Company Business, the Retained Business, the Company or any Company
Subsidiary, including, without limitation the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act.

 

(c)          MMAC,
MEC, Seller, the Company, and each Company Subsidiary have implemented and maintain effective internal controls and accounting
procedures reasonably designed to prevent and detect such violations of all applicable anti-bribery and anti-corruption Laws, and
MMAC, MEC, Seller, the Company, and each Company Subsidiary have made and kept accurate books, records, and accounts in compliance
with all applicable anti-corruption and anti-money laundering Laws.

 

(d)          None
of MMAC, MEC, Seller, the Company, any Company Subsidiary nor any of their respective directors, officers, employees, agents, Affiliates
or other Persons acting on their behalf is a Person that is designated on, or is owned or controlled by a Person that is designated
on (i) any list of sanctioned parties maintained by the United States, the United Kingdom, or the European Union, including the
list of Specially Designated Nationals and Blocked Persons maintained by OFAC; or (ii) located, organized or resident in a country
or territory that is the subject of comprehensive sanctions imposed by the United States, European Union or United Kingdom (including
Cuba, Iran, North Korea, Sudan, Syria and the Crimean region of the Ukraine). None of MMAC, MEC, Seller, the Company, nor any Company
Subsidiary has participated in or otherwise engaged in any transaction or otherwise dealt directly or indirectly with any such
designated person or any country or territory subject to comprehensive sanctions imposed by the United States, European Union or
United Kingdom.

 

(e)          All
operations of MMAC, MEC, Seller, the Company, and each Company Subsidiary have been conducted in material compliance with all applicable
financial recordkeeping, reporting requirements and anti-money laundering Laws.

 

    	 	52	 

     

    

 

(f)           None
of MMAC, MEC, Seller, the Company, nor any Company Subsidiary has received any written notice from any Governmental Authority alleging
any violation, received any allegations whether internally or externally, conducted any internal investigation with respect to,
or made any voluntary or involuntary disclosure to a Governmental Authority concerning, any actual or alleged violation of any
anti-money laundering, anti-corruption, or sanctions Laws nor do they have any reasonable basis to believe such a violation may
have occurred.

 

(g)          None
of MMAC, MEC, Seller, the Company or any Company Subsidiary nor any of their respective officers, directors, employees, or agents
has, in connection with the conduct of the Company Business or the Retained Business, made any contribution or expenditure, whether
in the form of money, products, services, facilities or discounts, for any election for political office or to any public official,
except to the extent permitted by applicable Law.

 

Section 3.27         Affiliate
Transactions. Except as set forth in Section 3.27 of the Disclosure Schedules, none of (a) MMAC, MEC nor the Seller,
(b) their respective Affiliates (other than the Company and the Company Subsidiaries), (c) any current or former equityholder,
officer, director or manager of MMAC, MEC, Seller, the Company or any of the Company Subsidiaries, or (d) any family member or
Affiliate of any of the foregoing Persons is a party to or beneficiary of any Contract with the Company or a Company Subsidiary
or has any interest, directly or indirectly, in any of the Transferred Assets (collectively, the “Affiliate Transactions”).

 

Section 3.28         Investment
Company Act. None of MMAC or its Subsidiaries or Affiliates (including the Company and the Company Subsidiaries) is, and after
giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, will not be, required to
register as an “investment company,” as such term is defined in the United States Investment Company Act of 1940, as
amended.

 

Section 3.29         Solvency.
Immediately after giving effect to the transactions contemplated by the Transaction Documents, MMAC, MEC, Seller and their respective
Subsidiaries, will be Solvent. No transfer of property is being made, and no obligation is being incurred in connection with the
transactions contemplated by the Transaction Documents with the intent to hinder, delay or defraud either present or future creditors
of MMAC, MEC, Seller, the Company and their respective Subsidiaries.

 

Section 3.30         Compliance
with NASDAQ Continued Listing Requirements. MMAC is in compliance with applicable continued listing requirements of The NASDAQ
Stock Market.  There are no claims, demands, actions, causes of action, suits, proceedings, citations, summons, or subpoenas
of any nature (civil, criminal, administrative, regulatory or otherwise, whether at law or in equity), complaint, judgment or decree
or proceedings pending or, to the Knowledge of Seller, threatened against MMAC relating to the continued listing of the MMAC Common
Shares on the NASDAQ Stock Market and MMAC has not received any currently pending notice of the delisting of the MMAC Common Shares
from the NASDAQ Stock Market.

 

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Section 3.31         Anti-Takeover
Provisions. The Board of Directors of MMAC (the “MMAC Board”) has taken all action necessary, if any, (a)
so that the restrictions contained in its Organizational Documents applicable to a “business combination” will not
apply to the execution, delivery or performance of this Agreement or any other Transaction Document or the consummation of the
transactions contemplated hereby and thereby and (b) to irrevocably approve for all purposes Buyer and its Affiliates and this
Agreement, the other Transaction Documents and the transactions hereby and thereby to exempt such Persons, agreements and transactions
from, and to elect for MMAC, Buyer and their respective Affiliates not to be subject to, any “moratorium,” “control
share acquisition,” “fair price,” “interested shareholder,” “affiliate transaction,”
“business combination” or other antitakeover Laws of any jurisdiction applicable to MMAC, Buyer or any of their respective
Affiliates or this Agreement, the other Transaction Documents or the transactions contemplated hereby and thereby with respect
to any of the foregoing, which resolutions have not been rescinded, modified or withdrawn in any way.

 

Section 3.32         Independent
Investigation. Each of MMAC and Seller has conducted its own independent investigation, review and analysis of the business,
results of operations, prospects, condition (financial or otherwise) or assets of Buyer, the Buyer Subsidiaries, Hunt and their
respective Affiliates, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises,
books and records, and other documents and data of Buyer, the Buyer Subsidiaries and Hunt for such purpose. Each of MMAC and Seller
acknowledges and agrees that: (a) in making its decision to enter into this Agreement and each of the other Transaction Documents
and to consummate the transactions contemplated hereby and thereby, each of MMAC and Seller has relied solely upon its own investigation
and the representations and warranties of Buyer set forth in Article IV of this Agreement (including the related portions
of the Disclosure Schedules); and (b) none of Buyer, any Buyer Subsidiary, Hunt, any of their respective Affiliates or any other
Person has made any representation or warranty as to Buyer, the Buyer Subsidiaries, Hunt or any of their respective Affiliates
or this Agreement, except as expressly set forth in Article IV of this Agreement (including the related portions of the
Disclosure Schedules) and the other Transaction Documents.

 

Section 3.33         No
Other Representations and Warranties. Except for the representations and warranties contained in this Article III (including
the related portions of the Disclosure Schedules), none of MMAC, Seller, the Company, the Company Subsidiaries or any other Person
has made or makes any other express or implied representation or warranty, either written or oral, on behalf of MMAC, Seller, the
Company or the Company Subsidiaries, including any representation or warranty as to the accuracy or completeness of any information
regarding MMAC, Seller, the Company or the Company Subsidiaries furnished or made available to Hunt, Buyer and their Representatives
(including any information, documents or material made available to Buyer in the Data Room, management presentations or in any
other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success of the
Company or the Company Subsidiaries, or any representation or warranty arising from statute or otherwise in law.

 

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Article
IV

REPRESENTATIONS AND WARRANTIES
OF BUYER

 

Except as set forth in the correspondingly numbered
Section of the Disclosure Schedules, Buyer represents and warrants to Seller as follows:

 

Section 4.01         Organization
and Authority of Buyer. Buyer is a limited liability company duly organized, validly existing and in good standing under the
Laws of the state of Delaware. Buyer has all necessary limited liability company power and authority to own, lease and operate
its properties and assets and to carry on its business as it is currently conducted. Each of Hunt and Buyer has full power and
authority to enter into and perform this Agreement and each of the other Transaction Documents to which Hunt or Buyer is or will
be a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.

 

Section 4.02         Enforceability.
The execution and delivery by Hunt and Buyer of this Agreement each of the other Transaction Documents to which Hunt or Buyer,
as applicable, is or will be a party, the performance by each of Hunt and Buyer of its obligations hereunder and thereunder and
the consummation by Hunt and Buyer of the transactions contemplated hereby and thereby have been duly authorized by all requisite
limited liability company or corporate action, as applicable, on the part of Hunt and Buyer. This Agreement and each other Transaction
Document to which Hunt or Buyer is or will be a party has been or will be duly executed and delivered by Hunt and Buyer and (assuming
due authorization, execution and delivery by each of the other parties hereto or thereto) this Agreement and each of the other
Transaction Documents constitutes or will constitute a legal, valid and binding obligation of Hunt and Buyer, enforceable against
Hunt and Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity).

 

Section 4.03         No
Conflicts; Consents.

 

(a)          The
execution, delivery and performance by Hunt and Buyer of this Agreement and each of the other Transaction Documents to which Hunt
or Buyer is or will be a party, and the consummation by each of them of the transactions contemplated hereby and thereby, do not
and will not: (i) conflict with or result in a violation or breach (or an event which, with the giving of notice or the passage
of time, or both, would constitute a breach) of, require any consent, authorization, approval or exemption by, any Person under,
or give to others any rights of termination or amendment under, any provision of the Organizational Documents of Hunt, Buyer or
any Buyer Subsidiary; (ii) conflict with, result in a violation or breach of any provision of any Law or Governmental Order
binding upon or applicable to Hunt, Buyer or any Buyer Subsidiary; or (iii) except as set forth in Section 4.03(a)(iii)
of the Disclosure Schedules and for any consent, notice or other action obtained prior to the date hereof, require the consent,
the giving of notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default
(or an event which, with the giving of notice or the passage of time, or both, would constitute a default) under or result in the
acceleration of, any Contract to which Hunt, Buyer or any Buyer Subsidiary is a party, except, in the case of clauses (ii), (iii)
and (iv) above, as would not have a Buyer Material Adverse Effect.

 

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(b)          No
consent, approval, Permit, Governmental Order, exemption by, declaration, registration, qualification or filing with, or notice
to, any Governmental Authority is required by or with respect to Hunt, Buyer or any Buyer Subsidiary in connection with the execution,
delivery and performance of this Agreement and each of the other Transaction Documents to which Hunt, Buyer or a Buyer Subsidiary
is or will be a party and the consummation by each of them of the transactions contemplated hereby and thereby, except as set forth
in Section 4.03(a)(iii) of the Disclosure Schedules and except for such consents, approvals, Permits, Governmental Orders,
declarations, filings or notices which would not have a Buyer Material Adverse Effect.

 

Section 4.04         Buyer
Financial Statements. Attached hereto as Schedule 5 are true and correct copies of the following financial statements
and schedules of Buyer and each Buyer Subsidiary: September 30, 2017 unaudited consolidated balance sheet and statements of income
(collectively, the “Buyer Financial Statements”). The Buyer Financial Statements have been prepared in accordance
with GAAP applied on a consistent basis throughout the period involved, subject, in the case of any interim financial statements,
to normal and recurring year-end adjustments and the absence of notes. The Buyer Financial Statements fairly present in all material
respects the financial condition of Buyer and the Buyer Subsidiaries as of the respective dates they were prepared and the results
of the operations of Buyer for the periods indicated.

 

Section 4.05         Undisclosed
Liabilities. Neither Buyer nor any Buyer Subsidiary has any liabilities, obligations or commitments of a type required to be
reflected on a balance sheet prepared in accordance with GAAP, except (i) those which are adequately reflected or reserved
against in the Buyer Financial Statements, (ii) those which are set forth on Section 4.05 of the Disclosure Schedules,
and (iii) those which have been incurred in the ordinary course of business since the date of the Buyer Financial Statements
and which are not material in amount.

 

Section 4.06         Absence
of Certain Changes, Events and Conditions. Except as expressly contemplated by this Agreement or as set forth on Section
4.06 of the Disclosure Schedules, from the date of the Buyer Financial Statements until the date of this Agreement, Buyer and
each Buyer Subsidiary has operated in the ordinary course of business in all material respects and there has not been, with respect
to Buyer or any Buyer Subsidiary, any:

 

(a)          event,
occurrence or development that has had, or could be reasonably expected to have, individually or in the aggregate, a Buyer Material
Adverse Effect;

 

(b)          material
amendment of its Organizational Documents;

 

(c)          split,
combination or reclassification of any shares of its capital stock;

 

    	 	56	 

     

    

 

(d)          issuance,
sale or other disposition of, or creation of any Encumbrance on, any of its membership interest or other capital stock, or grant
of any options, warrants or other rights to purchase or obtain (including upon conversion, exchange or exercise) any of its membership
interest or other capital stock;

 

(e)          declaration
or payment of any dividends or distributions on or in respect of any of its membership interest or other capital stock or redemption,
purchase or acquisition of its outstanding membership interest or other capital stock;

 

(f)           material
change in any method of accounting or accounting practice of Buyer, except as required by GAAP or applicable Law or as disclosed
in the notes to the Buyer Financial Statements;

 

(g)          incurrence,
assumption or guarantee of any indebtedness for borrowed money in an aggregate amount exceeding $5,000,000, except unsecured current
obligations and liabilities incurred in the ordinary course of business;

 

(h)          sale
or other disposition of any of the assets shown or reflected in the Financial Statements, except in the ordinary course of business
and except for any assets having an aggregate value of less than $5,000,000;

 

(i)           acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any
business or any Person or any division thereof for consideration in excess of $5,000,000;

 

(j)           adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any
provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar
Law; or

 

(k)          any
agreement to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section 4.07         Title
to Assets; Subsidiaries. Except as shown on Section 4.07 of the Disclosure Schedules, Hunt FS Holdings, LLC, a Delaware
limited liability company and wholly-owned subsidiary of Hunt has good and valid title to 100% of the equity interests in Buyer.
Section 4.07 of the Disclosure Schedules sets forth a complete and accurate list of the name and jurisdiction of each of
the Buyer Subsidiaries. All of the issued and outstanding shares of capital stock of, or other equity interests in, each Buyer
Subsidiary have been duly authorized, validly issued and are, to the extent applicable, fully paid and nonassessable and are directly
owned of record by the Buyer or a Buyer Subsidiary, free and clear of all Encumbrances, except as set forth on Section 4.07
of the Disclosure Schedules. There are no outstanding or authorized options, warrants, convertible securities or other rights,
agreements, arrangements or commitments of any character relating to the capital stock of Buyer or any Buyer Subsidiary or obligating
Hunt, Buyer, any Buyer Subsidiary or any of their respective Affiliates to issue or sell any membership interest, shares or any
other interest in, Buyer or any Buyer Subsidiary.

 

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Section 4.08         Legal
Proceedings; Governmental Orders.

 

(a)          There
are no actions, suits, Claims, demands, causes of action, proceedings, citations, summonses, subpoenas, investigations of any nature
(civil, criminal, administrative, regulatory or otherwise, whether at law or in equity), arbitrations, charges, complaints, judgments,
decrees or other legal proceedings pending or, to Buyer’s Knowledge, threatened against or by Buyer or any Buyer Subsidiary
affecting any of their properties or assets (or by or against Buyer, any Buyer Subsidiary or any Affiliate thereof relating to
Buyer or any Buyer Subsidiary), except, in each case, which if determined adversely to Buyer or any Buyer Subsidiary (or to Buyer,
any Buyer Subsidiary or any Affiliate thereof), would not result in a Buyer Material Adverse Effect.

 

(b)          There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting Buyer or any of its
properties or assets which would have a Buyer Material Adverse Effect.

 

Section 4.09         Compliance
with Laws; Permits.

 

(a)          Buyer
and each Buyer Subsidiary is in compliance in all material respects with all Laws applicable to it or its business, properties
or assets, including all applicable Financial Industry Regulatory Authority, Inc. rules and regulations, except where the failure
to be in compliance would not have a Buyer Material Adverse Effect.

 

(b)          All
Permits required for Buyer and each Buyer Subsidiary to conduct its business have been obtained by it and are in full force and
effect, except where the failure to obtain such Permits would not have a Buyer Material Adverse Effect.

 

Section 4.10         Investment
Purpose. Buyer is acquiring the Interests solely for its own account for investment purposes and not with a view to, or for
offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Interests are not registered under the
Securities Act or any state securities Laws, and that the Interests may not be transferred or sold except pursuant to the registration
provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities Laws and regulations,
as applicable. Buyer is able to bear the economic risk of holding the Interests for an indefinite period (including total loss
of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risk of its investment.

 

Section 4.11         Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

 

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Section 4.12         Independent
Investigation. Buyer has conducted its own independent investigation, review and analysis of the business, results of operations,
prospects, condition (financial or otherwise) or assets of MMAC, the Company, the Company Subsidiaries and the Transferred Assets,
and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and
other documents and data of MMAC, Seller and the Company for such purpose. Buyer acknowledges and agrees that: (a) in making its
decision to enter into this Agreement and each of the other Transaction Documents and to consummate the transactions contemplated
hereby and thereby, Buyer has relied solely upon its own investigation and the representations and warranties of MMAC and Seller
set forth in Article III of this Agreement (including the related portions of the Disclosure Schedules); and (b) none of
MMAC, Seller, the Company or any other Person has made any representation or warranty as to MMAC, Seller, the Company, the Company
Subsidiaries, the Transferred Assets or this Agreement, except as expressly set forth in Article III of this Agreement (including
the related portions of the Disclosure Schedules) and the other Transaction Documents.

 

Section 4.13         Securities
Restrictions. Buyer acknowledges that the Purchased Shares issued to Buyer or one of its Subsidiaries or Affiliates at the
Subsequent Closings will not be registered under the Securities Act as of the date of issue, and therefore may not be resold without
compliance with the Securities Act and any applicable state securities Laws. The Purchased Shares are being acquired by Buyer or
one or more of its Subsidiaries or Affiliates solely for their own account and without a view to distribution within the meaning
of the Securities Act. The MMAC Common Shares shall bear a legend in substantially the following language:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“1933 ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS.
THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD OR ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

 

Section 4.14         Accredited
Investor Status. Buyer or its applicable Subsidiary or Affiliate is able to bear the economic risk of an investment in the
Purchased Shares and can afford to sustain a total loss of such investment and Buyer is an “accredited investor,” as
that term is defined in Regulation D under the Securities Act.

 

Section 4.15         No
Other Representations and Warranties. Except for the representations and warranties contained in this Article IV (including
the related portions of the Disclosure Schedules), none of Hunt, Buyer, any Buyer Subsidiary or any of their respective Affiliates
or any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf
of Hunt, Buyer, any Buyer Subsidiary or any of their respective Affiliates or any other Person, including any representation or
warranty as to the accuracy or completeness of any information regarding Hunt, Buyer, any Buyer Subsidiary or any of their respective
Affiliates or any other Person furnished or made available to MMAC, MEC, Seller, the Company, the Company Subsidiaries and their
respective Affiliates and Representatives (including any information, documents or material made available to MMAC, MEC, Seller,
the Company, the Company Subsidiaries and their respective Affiliates and Representatives in management presentations or in any
other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success of Hunt,
Buyer, any Buyer Subsidiary or any of their respective Affiliates, or any representation or warranty arising from statute or otherwise
in law.

 

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Article
V

COVENANTS

 

Section 5.01         Employees;
Benefit Plans.

 

(a)          Except
as otherwise agreed in writing by any Employee or as provided in any employment agreement assumed or entered into by or between
Buyer or its Affiliate and any Employee, Buyer shall cause and shall cause its Affiliates (including the Company and the Company
Subsidiaries or any other successor employer), for the period commencing at the Closing Date and ending on the first anniversary
thereof (or, if shorter, for the period of employment of the applicable Employee), to maintain for each such Employee (i) base
salary or wages that are no less favorable than the base salary or wages provided to such Employee by Seller or its Affiliate as
of the date of this Agreement, and (ii) substantially the same benefits, including severance benefits (but excluding, for
the avoidance of doubt, any benefits in the form of equity or equity-linked compensation), that the Buyer provides to its employees
with similar title and combined service with Seller or its Affiliates and Buyer and its Affiliates in accordance with the terms
of Buyer’s or its Affiliates’ standard benefit plans; provided, that each such Employee’s employment with
Buyer and its Affiliates (including the Company and the Company Subsidiaries) following the Closing shall be on an at-will basis,
terminable by either party. Buyer shall pay all 2017 cash incentive bonuses to the applicable Employees as set forth in Section
3.21(a) of the Disclosure Schedules no later than January 31, 2018. Notwithstanding anything set forth below or herein to the
contrary, (i) nothing in this Agreement shall create any obligation on the part of Buyer to continue, or to cause the continuation
of, the employment of any individual for any period following the Closing Date, and (ii) nothing in this Agreement shall preclude
Buyer or any of its Affiliates (including, following the Closing, the Company and the Company Subsidiaries) from altering, amending,
or terminating any of its employee benefit plans, or the participation of any of its employees in such plans, at any time. With
respect to any Employee who is terminated by Buyer within one year after the Closing Date, Buyer shall pay severance to such Employee
based on his or her combined service with Seller or its Affiliates and Buyer and its Affiliates in accordance with the terms of
Buyer’s or its Affiliates’ standard severance policy in effect as of the Closing Date (as set forth on Schedule
10 attached hereto) to the extent that such policy would provide for severance benefits in connection with a termination under
the same circumstances.

 

(b)          Seller
shall retain and be responsible for all liabilities, obligations and costs incurred or arising prior to (including in connection
with) the Closing relating to the Employees or former employees, officers, and other service providers (and their respective dependents).
Seller will pay all workers’ compensation benefits with respect to injuries occurring to any Employee or former employee,
officer, or other service provider on or prior to the Closing Date. Buyer will pay all workers’ compensation benefits with
respect to injuries occurring to any Employee while in the employ of Buyer or any of its Affiliates after the Closing Date.

 

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(c)          For
purposes of determining eligibility, vesting and benefit accruals under Buyer’s employee benefit plans, including, but not
limited to, Buyer’s 401(k) plan, retirement plan (but not benefit accruals under any defined benefit retirement plan), group
health plan, group life insurance plan, vacation, sick pay and severance policies, such policies shall recognize as employment
with Buyer the period of employment of the Employee that was recognized by Seller or its Affiliates under its Benefit Plans.

 

(d)          Except
for the employment agreements, employment letters, promote agreements and the IHS and IHS PM employees’ employment agreements
set forth in Section 3.16(a) of the Disclosure Schedules, all Employees shall cease participation, and Seller shall cause
the Company and each Company Subsidiary to cease being a participating employer, in all of the Benefit Plans of MMAC or its Affiliates
as of immediately prior to the Closing.

 

(e)          For
the avoidance of doubt, neither Buyer nor any of its Affiliates (including, following the Closing, the Company and the Company
Subsidiaries) will assume the sponsorship or any liability with respect to or under any Benefit Plans of MMAC or its Affiliates
(except as expressly assumed under this Agreement).

 

(f)           MMAC
and its Affiliates hereby consent to the continued employment of the Employees by Buyer and its Affiliates and waive, to the extent
arising in connection with the employment of the Employees by Buyer and its Affiliates, any claims or rights MMAC or any of its
Affiliates may have under any non-competition, confidentiality, or non-solicitation covenants with any of the Employees. MMAC and
its Affiliates shall cooperate in a commercially reasonable manner with Buyer and its Affiliates to provide an orderly administrative
transition to Buyer of each Employee, including the provision by MMAC and its Affiliates to Buyer of all necessary or appropriate
documents, records, materials, accounting files, and Tax information in MMAC’s or its Affiliate’s possession with respect
to such Employee to the extent permitted under applicable Laws.

 

(g)          This
Section 5.01 shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing
in this Section 5.01, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever
under or by reason of this Section 5.01. Nothing contained herein, express or implied, shall be construed to establish,
amend or modify any benefit plan, program, agreement or arrangement or to prevent Buyer or any of its Affiliates from establishing,
amending, modifying, or terminating any such benefit plan, program, agreement or arrangement, or from terminating the employment
of any employee, following the Closing. The Parties acknowledge and agree that the terms set forth in this Section 5.01
shall not create any right in any employee or any other Person to any continued employment with Buyer or any of its Affiliates
or to any compensation or benefits of any nature, kind, or amount whatsoever.

 

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Section 5.02         Confidentiality.
The Parties acknowledge and agree that the confidentiality obligations of the Parties and their respective Affiliates from and
after the Closing shall be governed solely by the Management Agreement; provided, that, (a) any Confidential Information
received by Buyer or any of its Affiliates from Seller or any of its Affiliates prior to the Closing shall continue to be governed
by the Confidentiality Agreement until its expiration or termination and (b) following the Closing, any information regarding the
Company, the Company Subsidiaries, the Company Business or the Transferred Assets shall not be Confidential Information in the
hands of Hunt, Buyer, the Buyer Subsidiaries or any of their respective Affiliates or Representatives but shall, for the avoidance
of doubt, be Confidential Information in the hands of MMAC, MEC, Seller and their respective Affiliates, Subsidiaries and Representatives
(other than the Company and the Company Subsidiaries).

 

Section 5.03         Third-Party
Consents. All costs and expenses associated with obtaining any third-party consents incurred in connection with this Agreement
and the transactions contemplated hereby shall be borne and paid equally by Buyer, on the one hand, and Seller, on the other hand.

 

Section 5.04         Books
and Records.

 

(a)          Promptly
following the Closing, MMAC, MEC and Seller shall, to the extent in the possession or control of MMAC, MEC, Seller or any of their
respective Affiliates, deliver to Buyer all of the Seller Books and Records.

 

(b)          Buyer
agrees that it shall preserve and retain the Seller Books and Records relating to periods prior to the Closing in a manner reasonably
consistent with the prior practices of Seller for a period of six (6) years from the Closing Date. During such six (6)-year
period, Seller and its Affiliates shall upon reasonable advance notice and for any reasonable business purpose, have access during
normal business hours to examine and inspect the Seller Books and Records.

 

(c)          (i)
Neither Buyer nor Hunt shall be obligated to provide any other Party with access to any books or records (including personnel files)
pursuant to this Section 5.04 where such access would violate any Law and (ii) each of MMAC, MEC and Seller and their respective
Affiliates shall have the right to retain copies (or if required by applicable Law, originals) of the Seller Books and Records
relating primarily to periods ending on or before the Closing Date.

 

Section 5.05         MMAC
NOL Rights Plan; Sale of MMAC Common Shares.

 

(a)          Promptly
after the First Share Purchase Closing Date, MMAC shall cause Hunt and its Affiliates to be designated as “Exempted Persons”
as defined in the MMAC Tax Benefit Rights Agreement dated as of May 5, 2015, by and between MMAC and Broadridge Corporate
Issuer Solutions, Inc., as the same may be amended, supplemented or otherwise modified from time to time. Hunt shall not, and shall
cause its Affiliates and Representatives not, to purchase in any rolling twelve (12)-month period MMAC Common Shares representing
more than nine and nine tenths percent (9.9%) of the MMAC Common Shares issued and outstanding at the beginning of such twelve
(12)-month period. Notwithstanding the foregoing, Hunt and its Affiliates and Representatives may enter into an alternative stock
acquisition plan with the prior written consent of the MMAC Board.

 

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(b)          For
the one year period following the First Share Purchase Closing Date, Hunt shall not (i) offer, pledge, sell, contract to sell,
grant any option to purchase, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly, any MMAC Common
Shares acquired by it under the terms of this Agreement, or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in
(i) or (ii) above is settled by delivery of MMAC Common Shares or such other securities, in cash or otherwise. Notwithstanding
the foregoing, Hunt may pledge its MMAC Common Shares in connection with its existing credit facilities or to secure facilities
with a commercial bank, investment bank or other lending institution.

 

Section 5.06         Hunt
Board Seats.

 

(a)          From
and after the Closing, MMAC shall cause the MMAC Board to appoint one individual selected by Hunt as a non-voting observer (a “Hunt
Observer”) to the MMAC Board; provided, that, if any employee of Hunt (including the Hunt Designee but excluding
any former employee of MMAC) is a member of the MMAC Board, then Hunt’s foregoing observer right shall be suspended. The
Hunt Observer shall be entitled to attend and shall receive advance notice (in the same manner and at the same time as directors
of the MMAC Board) of any meetings of the MMAC Board and any committees thereof. The Hunt Observer shall also be entitled to receive
copies of all materials and presentations provided to the directors of the MMAC Board in connection with any meeting of the MMAC
Board or committees thereof.

 

(b)          In
connection with and concurrently with the consummation of the Subsequent Closing in which the purchase and sale of all of the Purchased
Shares is completed, to the extent that an employee of Hunt (other than any former employee of MMAC) is not then a member of the
MMAC Board, MMAC shall cause the MMAC Board to appoint one (1) Hunt Designee as a director of MMAC, with such Hunt Designee to
be appointed to Class II.

 

(c)          From
and after the Subsequent Closing in which the purchase and sale of all of the Purchased Shares is completed and as long as Hunt
and/or its Affiliates hold at least the greater of (i) 1.25% of the then issued and outstanding MMAC Common Shares and (ii) Seventy-Five
Thousand (75,000) MMAC Common Shares, in connection with each annual or special meeting of the equityholders of MMAC at which Class
II directors are to be elected, or any written consent of the equityholders of MMAC pursuant to which Class II directors of the
MMAC Board are to be elected (each such meeting or consent, an “Election Meeting”), Hunt shall have the right
to designate one (1) Hunt Designee for nomination to Class II. During any time period that Hunt holds twenty percent (20%) or more
of the issued and outstanding MMAC Common Shares, Hunt shall have the right to designate an additional director (for a total of
two (2) directors) to be appointed to the MMAC Board in the class of directors of the MMAC Board that, at such time, have the longest
term to serve before their next re-election.

 

(d)          In
the case of any Election Meeting that is an annual meeting of the equityholders of MMAC, Hunt shall give written notice to the
MMAC Board of the applicable Hunt Designee no later than the date that is ninety (90) days prior to the first anniversary of the
prior year’s annual meeting of equityholders of MMAC. In the case of any Election Meeting that is a special meeting of equityholders
of MMAC or in connection with any proposed written consent of the equityholders of MMAC pursuant to which Class II directors are
to be elected or appointed, Hunt shall give written notice to the MMAC Board of the applicable Hunt Designee(s) no later than the
later of ninety (90) days before such special meeting and the tenth day after the day on which the notice of such special meeting
was made by mail or public disclosure to the equityholders of MMAC. In the case of any Replacement (as defined below), Hunt shall
give written notice to the MMAC Board of each such Replacement as promptly as reasonably practicable following the event giving
rise to such replacement as set forth in Section 5.06(g). Any written notice delivered by Hunt pursuant to this Section
5.06(d) is referred to herein as a “Designation Notice.”

 

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(e)          Each
Hunt Designee (or any Replacement thereof) must be an individual who is reasonably acceptable to the MMAC Board applying MMAC’s
standard practices and the same considerations to the Hunt Designee as would be applied by the MMAC Board to any other director
appointee, nominee or applicant. If the MMAC Board does not object in writing to any Hunt Designee named in a Designation Notice
within twenty (20) days of receipt thereof, then such Hunt Designee shall be deemed to be reasonably acceptable to the MMAC Board.
If, within twenty (20) days of the MMAC Board’s receipt of any Designation Notice, the MMAC Board determines that any Hunt
Designee named therein is not reasonably acceptable to the MMAC Board, then the MMAC Board shall promptly provide Hunt with written
notice of the reason for such determination. Thereafter, the MMAC Board and Hunt shall cooperate in good faith so that Hunt may
designate one or more replacement Hunt Designees until one such individual is deemed reasonably acceptable to the MMAC Board. MMAC
shall take all actions reasonably necessary or appropriate (including delaying for a reasonable period of time any applicable Election
Meeting) to ensure that Hunt may designate any designee to which it is entitled under Section 5.06(c) and each such Hunt
Designee is presented for nomination or appointment at each applicable Election Meeting.

 

(f)           If
Hunt fails to give proper notice of any nomination of any Hunt Designee in a timely manner for any Election Meeting, then Hunt
shall be deemed to have nominated the incumbent Hunt Director in a timely manner; provided, that if there is no incumbent
Hunt Director for the applicable seat on the MMAC Board to which Hunt is entitled to designate a director pursuant to Section
5.06(c), then MMAC and Hunt shall use their respective commercially reasonable efforts to mutually agree on a designee such
that a Hunt Designee is appointed to any seat to which a Hunt Designee may be nominated under Section 5.06(c).

 

(g)          MMAC
and the MMAC Board shall cause each Hunt Designee designated in accordance with this Section 5.06 to be included in management’s
slate of nominees for the elections of directors at each applicable Election Meeting occurring after the Closing. MMAC agrees to
use its reasonable best efforts to, and to use reasonable best efforts to cause the MMAC Board to, cause the election of each applicable
Hunt Designee to the MMAC Board at each Election Meeting, including by, to the extent permitted by applicable Law, recommending
the Company’s equityholders to vote in favor of the election of each such Hunt Designee, soliciting proxies in respect thereof
and otherwise supporting each such Hunt Designee for election in a manner consistent with, and no less rigorously and favorably
than, the manner in which MMAC supports its other nominees.

 

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(h)          If
any Hunt Designee (i) dies, is incapacitated or is otherwise unable to serve as a nominee for appointment on the Closing Date or
for election as a director of MMAC Board or to serve as such a director, for any reason, (ii) is removed (upon death, resignation
or otherwise) or fails to be elected at an Election Meeting as a result of such Hunt Designee failing to receive the requisite
number of the votes cast, or (iii) is to be substituted by Hunt (with the relevant Hunt Designee’s consent and resignation)
for election at an Election Meeting, then, in each such case, Hunt shall have the right to submit the name of a replacement for
each such Hunt Designee (each, a “Replacement”) to the MMAC Board for its reasonable approval (subject to the
same terms and procedures set forth in Section 5.06(e)), and who shall, if so approved, serve as a nominee for appointment upon
the Closing Date or election as a director or serve as a director in accordance with the terms of this Section 5.06 as if
such Replacement was the initial Hunt Designee. In the case of any such Replacement of a director who was already serving on the
MMAC Board immediately prior to such director’s death, resignation or removal, then MMAC shall cause the MMAC directors remaining
in office at such time to appoint any such Replacement of such director to the MMAC Board as promptly as practicable following
Hunt’s delivery of a Designation Notice with respect thereto and compliance with the terms and procedures set forth in Section
5.06(f). For each proposed Replacement that is not approved by the Board in accordance with Section 5.06(f). Hunt shall
have the right to submit another proposed Replacement to the MMAC Board for its approval on the same basis as set forth in the
immediately preceding sentence. Hunt shall have the right to continue submitting the name of proposed Replacement(s) to the MMAC
Board for its approval until the MMAC Board approves a Replacement to serve as a nominee for appointment upon the Closing Date
or for election as director to the MMAC Board or to serve as such a director, as applicable, whereupon such person will be appointed
as the Replacement.

 

(i)           Directors
designated by Hunt and the Hunt Observer shall not be entitled to compensation for serving on the MMAC Board; provided,
however, that the directors designated by Hunt and the Hunt Observer shall, for the avoidance of doubt, be entitled to reimbursement
of expenses and indemnification in the same manner and to the same extent as the other members of the MMAC Board and in accordance
with MMAC’s Organizational Documents and any other bona fide policies or guidelines of the MMAC Board in effect from time
to time.

 

(j)           Notwithstanding
anything to the contrary contained in this Agreement or any other Transaction Document, upon and after an Event of Default (as
defined in the Purchase Money Note) or upon Hunt owning less than the greater of (i) 1.25% of the then issued and outstanding MMAC
Common Shares and (ii) seventy-five thousand (75,000) MMAC Common Shares, Hunt shall have no further right to designate for nomination
to the MMAC Board, and none of MMAC, the MMAC Board nor any of their Affiliates or Representatives shall have any further obligation
to approve, appoint, nominate or otherwise support for election to the MMAC Board, any Hunt Designee, and may, at their election,
remove from the MMAC Board any previously appointed or elected Hunt Designee.

 

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Section 5.07         Tax
Matters.

 

(a)          Buyer
shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company after the Closing Date with respect
to a Pre-Closing Tax Period. Any such Tax Return shall be prepared in a manner consistent with past practice (unless otherwise
required by Law) and without a change of any election or any accounting method and shall be submitted by Buyer to Seller (together
with schedules, statements and, to the extent requested by Seller, supporting documentation) at least forty-five (45) days prior
to the due date (including extensions) of such Tax Return. If Seller objects to any item on any such Tax Return, it shall, within
ten (10) days after delivery of such Tax Return, notify Buyer in writing that it so objects, specifying with particularity any
such item and stating the specific factual or legal basis for any such objection. If a notice of objection shall be duly delivered,
Buyer and Seller shall negotiate in good faith and use their reasonable best efforts to resolve such items. If Buyer and Seller
are unable to reach such agreement within ten (10) days after receipt by Buyer of such notice, the disputed items shall be resolved
by the Independent Accountant and any determination by the Independent Accountant shall be final. The Independent Accountant shall
resolve any disputed items within twenty (20) days of having the item referred to it pursuant to such procedures as it may require.
If the Independent Accountant is unable to resolve any disputed items before the due date for such Tax Return, the Tax Return shall
be filed as prepared by Buyer and then amended to reflect the Independent Accountant’s resolution. The costs, fees and expenses
of the Independent Accountant shall be borne equally by Buyer and Seller. The preparation and filing of any Tax Return of the Company
that does not relate to a Pre-Closing Tax Period shall be exclusively within the control of Buyer.

 

(b)          In
the case of Taxes that are payable with respect to a taxable period that begins before and ends after the Closing Date, the portion
of any such Taxes that are treated as allocable to a Pre-Closing Tax Period for purposes of this Agreement shall be:

 

(i)          in
the case of Taxes (A) based upon, or related to, income, receipts, profits, wages, capital or net worth, (B) imposed
in connection with the sale, transfer or assignment of property, or (C) required to be withheld, deemed equal to the amount
which would be payable if the taxable year ended with the Closing Date; and (ii) in the case of other Taxes, deemed to be
the amount of such Taxes for the entire period multiplied by a fraction the numerator of which is the number of days in the period
ending on the Closing Date and the denominator of which is the number of days in the entire period.

 

(c)          Seller
shall pay any Taxes of the Company and the Company Subsidiaries allocable to a Pre-Closing Tax Period (other than any Taxes allocated
to Buyer under Section 5.13).

 

(d)          Seller
shall cause each of TC Fund I, International Housing Solutions Residential Partners 1 (RF) Proprietary Limited, SAWHF (Cayman)
II, L.P. and each other Company Subsidiary that is treated as a partnership for U.S. federal income tax purposes have a valid election
under Section 754 of the Code (and any equivalent state and local elections) in effect for the taxable year that includes the Closing
Date.

 

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Section 5.08         Public
Announcements. Unless otherwise required by applicable Law or stock exchange requirements (based upon the reasonable advice
of counsel), no Party to this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated
hereby or otherwise communicate with any news media without the prior written consent of the other Parties (which consent shall
not be unreasonably withheld or delayed), and the Parties shall cooperate as to the timing and contents of any such announcement;
provided, however, that nothing herein will prohibit (a) the Parties or their Affiliates from disclosing such information
to their Representatives or (b) Hunt or its Affiliates from disclosing such information to their investors or prospective investors,
subject in each case to Section 5.02 hereof.

 

Section 5.09         Registration
Rights. If at any time after the date hereof, the Company proposes to file a registration statement with the SEC (other than
a registration statement on Form S-4 or Form S-8) with respect to an offering that includes any MMAC Common Shares, whether for
its own account or for the account of any other Person, then MMAC shall give to the Buyer written notice of its intention to effect
such a registration as promptly as practicable and offer to Buyer (or an affiliate thereof that at such time holds the MMAC Common
Shares issued to Buyer pursuant to this Agreement) the right to register the offer and sale of all of its MMAC Common Shares in
such registration statement (and shall permit Buyer (or an affiliate thereof that at such time holds the MMAC Common Shares issued
to Buyer pursuant to this Agreement) to participate in any related underwritten offering pursuant to such registration statement). 

 

Section 5.10         Termination
of Affiliate Transactions. Except as set forth on Section 5.10 of the Disclosure Schedules, each Affiliate Transaction
has been, or simultaneously with the Closing shall be, terminated in full, without any Liability to Buyer, the Company, any of
the Company Subsidiaries or any of their respective Affiliates following the Closing (the “Affiliate Transaction Terminations”).

 

Section 5.11         Further
Assurances. Following the Closing, each of the Parties shall, and shall cause their respective Affiliates to, execute and deliver
such additional documents, instruments, conveyances and assurances, and take such further actions as may be reasonably required
to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement and the other Transaction
Documents.

 

Section 5.12         Retransfer
of Assets. If any Party determines, after the Closing Date, that the Company or any of the Company Subsidiaries owns any Excluded
Assets, or that any Transferred Assets have been retained by MMAC or any of its Subsidiaries (other than the Company or any Company
Subsidiary), then the relevant Party shall transfer, assign and convey, or shall cause any such asset to be transferred, assigned
and conveyed, to the intended recipient or other designees designated by such recipient without any consideration therefor.

 

Section 5.13         Transfer
Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any
penalties and interest) incurred in connection with the transfer to Buyer of the Transferred Assets (including any real property
transfer Tax and any other similar Tax) shall be borne and paid equally by Buyer, on the one hand, and Seller, on the other hand,
when due. Seller shall timely file any Tax Return or other document with respect to such Taxes or fees (and Buyer shall cooperate
with respect thereto as necessary).

 

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Section 5.14         Non-Solicitation.
Buyer and Seller shall not and shall cause their respective Affiliates not to (i) solicit for employment the employees of
the other party or any of its Affiliates; provided that the foregoing shall not restrict such party or any of its Affiliates
from (A) making any general solicitation for employment that is not specifically directed at any such Persons or (B) soliciting
any such person who has left the employment of the other party at least three months prior to such solicitation, (ii) solicit
any customer or client of the other party to terminate its relationship with the other party or (iii) solicit any client or
customer of the other party for a deal or transaction that was pending with the other party on or after July 1, 2017 where
such first party first learned about the specific deal or transaction in connection with due diligence relating to the transactions
contemplated hereby.

 

Section 5.15         MGM
Assets.

 

(a)          MMAC
shall provide Buyer with written notice no less than ten (10) Business Days prior to the consummation of the transactions contemplated
by the MGM Agreements (the “MGM Closing Notice”), which notice shall specify the intended closing date for the
consummation of such transactions. Upon receipt of the MGM Closing Notice, Buyer shall have the right but not the obligation to
require MMAC to assign all of MMAC’s rights, obligations and interests in the MGM Agreements to Buyer or an Affiliate thereof
for no additional consideration (the “Hunt/MGM Election Right”). Buyer may exercise the Hunt/MGM Election Right
on written notice (the “Hunt Election Notice”) to MMAC at any time prior to the closing date set forth in the
MGM Closing Notice. Upon receipt of the Hunt Election Notice, MMAC shall execute an assignment and assumption agreement pursuant
to which, MMAC shall assign to Hunt all of its rights, obligations and interests in the MGM Agreements.

 

(b)          In
the event that Buyer delivers a Hunt Election Notice and MMAC’s rights, obligations and interests in the MGM Agreements are
assigned to Buyer:

 

(i)          Buyer
acknowledges that the MGM Principals desire to limit the aggregate amount of any promissory notes they collectively hold from Buyer
with respect to Buyer’s acquisition of the MGM Interests pursuant to the MGM Purchase Agreement to Five Million Eight Hundred
Thousand Dollars ($5,800,000). As a result, in order to facilitate the transaction described herein, pursuant to Section 1.2.1.4.1
of the MGM Purchase Agreement, MMAC has agreed that, at the closing of the transactions contemplated by the MGM Agreements, either
(i) MMAC shall purchase from the MGM Principals Ten Million Dollars ($10,000,000) in aggregate principal amount of the notes held
by the MGM Principals from Buyer, if any (of which Five Million Dollars ($5,000,000) shall be paid in cash by MMAC and Five Million
Dollars ($5,000,000) shall be paid in the form of one or more Eight Year Notes (as defined in the MGM Purchase Agreement) from
MMAC payable to the MGM Principals in such principal amounts as the MGM Principals may direct) or (ii) MMAC will issue a note in
the principal amount equal to Ten Million Dollars ($10,000,000) to the MGM Principals and Buyer and MMAC will execute and deliver
an allonge to the Purchase Money Note, increasing the outstanding principal amount of the Purchase Money Note by Ten Million Dollars
($10,000,000).

 

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(ii)         Buyer
acknowledges that MGM is the borrower under that certain loan from MGM Financial, LLC, an Affiliate of the MGM Principals, in the
aggregate principal amount of $9,000,000 (the “Senior Loan”) and that MMAC will acquire the Senior Loan from
MGM Financial, LLC prior to the MGM Closing. If Buyer exercises the Hunt/MGM Election Right, Buyer agrees to acquire the Senior
Loan from MMAC simultaneously with the consummation of Buyer’s acquisition of the MGM Assets for an aggregate purchase price
equal $9,415,000, which shall be paid in cash and adjusted for the passage of time, if Buyer’s acquisition of the Senior
Loan does not take place on December 31, 2017, from December 31, 2017 to the closing of Buyer’s acquisition of the Senior
Loan at a 5% discount rate.

 

(c)          MMAC
agrees and acknowledges that, without the prior written consent of Buyer, MMAC will not agree or consent to any amendment to the
terms, conditions or provisions contained in the MGM Agreements (including any exhibits or schedules thereto).

 

(d)          In
the event of an assignment of the MGM Agreements by MMAC to Buyer and the consummation of the transactions contemplated pursuant
to the MGM Agreements, MMAC agrees to deliver to Buyer, a certificate, in a form reasonably acceptable to Buyer, certifying that,
to MMAC’s Knowledge, the representations and warranties set forth in Article V of the Junior Loan Agreement (as defined in
the MGM Purchase Agreement) are true and correct as of the closing of the transactions contemplated pursuant to the MGM Agreements.

 

(e)          The
parties hereto agree that if Buyer delivers the Hunt Election Notice pursuant to Section 5.15(a) hereof, MMAC agrees that
prior to the intended closing date set forth in the MGM Closing Notice, MMAC and Buyer shall supplement, amend or otherwise modify
the Purchase Money Note, Pledge and Security Agreement, the other Collateral Documents (as such term is defined in the Purchase
Money Note) and other agreements and documents relating thereto as necessary to give effect to Buyer’s acquisition of the
MGM Assets pursuant to the terms of the MGM Agreements, including, but not limited to, increasing the principal amount of the Purchase
Money Note if necessary (whether by amendment, amendment and restatement or allonge or otherwise) or providing for the issuance
of one or more additional promissory notes to the payees contemplated by the MGM Agreements, amending the terms of the Pledge and
Security Agreement and other Collateral Documents (as such term is defined in the Purchase Money Note) to permit the grant and
incurrence of additional liens on collateral in favor of the other parties that are payees under the Specified Note (as such term
is defined in the Purchase Money Note) and such other changes and modifications to any of such Purchase Money Note, Pledge and
Security Agreement, Collateral Documents (as such term is defined in the Purchase Money Note) and other applicable documents as
are necessary, appropriate or desirable to give effect to Buyer’s consummation of the transactions on the terms and conditions
contemplated by the MGM Agreements.

 

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Section 5.16         Cobb
Theater Guaranty. In the event of an assignment of the MGM Purchase Agreement by MMAC to Buyer and the consummation of the
transactions contemplated pursuant to the MGM Purchase Agreement, Buyer shall set off any amounts required to be paid and paid
by Buyer under the Cobb Theater Guaranty (as defined in the MGM Purchase Agreement) first against the Notes (as defined in the
MGM Purchase Agreement) under which Hunt is obligated to the MGM Principals and then, to the extent of any excess of such amounts
paid over the principal amount outstanding on such Notes, against the promissory notes or increased portions of promissory notes,
under which Hunt is obligated to MMAC, given in connection with the closing of the transactions contemplated by the MGM Purchase
Agreement.

 

Section 5.17         IHS
Management Fee Catch-Up Payments

 

(a)          Notwithstanding
anything to the contrary contained herein, MMAC and its Affiliates shall be entitled to, and Hunt and/or its Affiliates (including
IHS and its Affiliates after Closing) shall pay to MMAC, all “Catch Up Management Fee” (i.e., management fee paid by
an investor in a fund upon closing into that fund and applying to the period extending from such fund’s inception to such
closing date) received by IHS and its Affiliates after the Closing Date resulting from closings of investors into IHS Fund II SSA
and IHS Fund II SA prior to March 31, 2018.  Notwithstanding the foregoing, with respect to IHS Fund II SSA, the above payment
of such “Catch Up Management Fee” shall be adjusted by the following payments owing with respect to each of the following
investors if and when such investors close into IHS Fund II SSA (or upon IHS’ draw of “Catch Up Management Fee”,
if later), as follows:

 

	IFC	$(88,924) (decrease in the amount of “Catch Up Management Fee” payable to MMAC)
	KFW	$(734,191) (decrease in the amount of “Catch Up Management Fee” payable to MMAC)
	GIPF	$318,583 (increase in the amount of “Catch Up Management Fee” payable to MMAC)
	EIB	$242,641 (increase in the amount of “Catch Up Management Fee” payable to MMAC)
	WDB	$39,823 (increase in the amount of “Catch Up Management Fee” payable to MMAC)
	RFLAUN	$39,823 (increase in the amount of “Catch Up Management Fee” payable to MMAC)

 

(b)          Hunt
shall pay or cause the payment of all “Catch Up Management Fee” hereunder, as adjusted in accordance with this section,
in cash to MMAC no later than March 31, 2018.

 

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Article
VI

SURVIVAL; INDEMNIFICATION

 

Section 6.01         Survival.
The Parties agree that (a) any covenants or other agreements contained in this Agreement shall survive the Closing in accordance
with their respective terms or, if no term is specified, indefinitely, (b) the representations and warranties of MMAC and Seller
(other than the MMAC and Seller Fundamental Representations and the representations and warranties of MMAC and Seller set forth
in Section 3.18 (Environmental Matters), Section 3.20 (Employee Benefit Matters), Section 3.21 (Employment Matters),
Section 3.23 (Taxes) and Section 3.24 (The Management Arrangements and Management Fee Rights)) shall survive the
Closing until June 30, 2019, (c) the representations and warranties of Buyer (other than the Buyer Fundamental Representations)
shall survive the Closing until June 30, 2019, (d) the representations and warranties of MMAC and Seller set forth in Section
3.18 (Environmental Matters), Section 3.20 (Employee Benefit Matters), Section 3.21 (Employment Matters), Section
3.23 (Taxes) and Section 3.24 (The Management Arrangements and Management Fee Rights) shall survive until the third
(3rd) anniversary of the Closing Date and (e) the MMAC and Seller Fundamental Representations and the Buyer Fundamental
Representations shall not terminate but shall survive indefinitely. Notwithstanding anything herein to the contrary, in the case
of all representations, warranties and covenants, any Claims asserted in good faith with reasonable specificity (to the extent
known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date
of the applicable survival period shall not thereafter be barred by the expiration of such survival period and such Claims shall
survive until finally resolved.

 

Section 6.02         Indemnification
By MMAC. Subject to the other terms and conditions of this Article VI, from and after the Closing, MMAC shall indemnify
Buyer against, and shall hold Buyer harmless from and against, any and all Losses incurred or sustained by, or imposed upon, Buyer,
its Affiliates (including, the Manager) and Representatives, and each of their respective successors and assigns (collectively,
the “Buyer Indemnified Parties”) and hold them harmless from and against any and all Losses based upon, arising
out of, with respect to or by reason of:

 

(a)          any
inaccuracy in or breach of any of the representations or warranties of MMAC and Seller contained in this Agreement or any certificate
or instrument delivered by Seller, MMAC or MEC pursuant to this Agreement, or any inaccuracy in or breach of any of the representations
or warranties of MMAC or its Affiliates contained in the Contribution Agreement or any certificate or instrument delivered by MMAC
or its Affiliates pursuant to the Contribution Agreement;

 

(b)          any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller, MMAC or MEC pursuant to this Agreement
or any certificate or instrument delivered by Seller, MMAC or MEC pursuant to this Agreement, or any breach or non-fulfillment
of any covenant, agreement or obligation to be performed by MMAC or its Affiliates pursuant to the Contribution Agreement or any
certificate or instrument delivered by MMAC or its Affiliates pursuant to the Contribution Agreement;

 

(c)          any
matters set forth on Schedule 11;

 

(d)          any
Excluded Asset or any Excluded Liability; or

 

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(e)          Third-Party
Claims with respect to the conduct of the Retained Business on and after the Closing Date (except to the extent of Manager’s
indemnification obligations under the Management Agreement).

 

Section 6.03         Indemnification
By Buyer. Subject to the other terms and conditions of this Article VI, from and after the Closing, Buyer shall indemnify
Seller against, and shall hold Seller harmless from and against, any and all Losses incurred or sustained by, or imposed upon,
Seller, its Affiliates and Representatives, and each of their respective successors and assigns (collectively, the “Seller
Indemnified Parties”) and hold them harmless from and against any and all Losses based upon, arising out of, with respect
to or by reason of:

 

(a)          Third-Party
Claims (other than any derivative or shareholder or equityholder Claims) with respect to any inaccuracy in or breach of any of
the representations or warranties of Buyer contained in this Agreement or any certificate or instrument delivered by Buyer pursuant
to this Agreement;

 

(b)          
any inaccuracy in or breach of any of the Buyer Fundamental representations;

 

(c)          any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement or any certificate
or instrument delivered by Buyer pursuant to this Agreement;

 

(d)          the
Obligations; or

 

(e)          Third-Party
Claims with respect to the conduct of the Company Business and the use of the Transferred Assets by Buyer or Buyer Subsidiaries,
in each case, on and after the Closing Date.

 

Section 6.04         Certain
Limitations. The party making a Claim under this Article VI is referred to as the “Indemnified Party”, and
the party against whom such Claims are asserted under this Article VI is referred to as the “Indemnifying Party”.
The indemnification provided for in this Article VI shall be subject to the following limitations:

 

(a)          Notwithstanding
anything to the contrary set forth in this Agreement, the Indemnifying Party shall not be liable to any Indemnified Party for indemnification
unless and until the aggregate amount of all Losses in respect of indemnification exceeds, in the aggregate, an amount equal to
Five Hundred Thousand Dollars ($500,000) (the “Threshold”), at which point the Indemnifying Party will be obligated
to indemnify the Indemnified Parties for the entire amount of any such Losses, and, thereafter, the Indemnified Parties shall be
entitled to indemnification up to an amount of Losses not to exceed five percent (5%) of the Purchase Price (the “Cap”);
provided, that, (i)(A) any Claims made by any Buyer Indemnified Party pursuant to Section 6.02(a) with respect to
the MMAC and Seller Fundamental Representations, Section 6.02(b), Section 6.02(c) or Section 6.02(e), (B)
Losses arising out of the Excluded Liabilities or Excluded Assets and (C) any Claims made by any Buyer Indemnified Party for breaches
or inaccuracies of the representations and warranties set forth in Section 3.23 (Taxes) and (ii)(A) any Claims made by any
Seller Indemnified Party pursuant to Section 6.03(b), Section 6.03(c) or Section 6.03(e) and (B) Losses arising
out of the Obligations, in each case, shall not be subject to the Threshold or be subject to or applied towards the Cap, except
that the Indemnifying Party shall not be obligated to indemnify the Indemnified Party for Losses in respect of any Claims made
pursuant to Section 6.02(a) with respect to the MMAC and Seller Fundamental Representations or pursuant to Section 6.03(b),
as applicable, together with all other Claims for indemnification pursuant to (x) Section 6.02(a) in the case of Buyer Indemnified
Parties or (y) Section 6.03(a) and Section 6.03(b) in the case of Seller Indemnified Parties, in excess of a
maximum amount in the aggregate equal to the Purchase Price; provided, further, that the Indemnifying Party shall
not be liable for any individual or series of related Losses which do not exceed Ten Thousand Dollars ($10,000) (which Losses shall
not be counted toward the Threshold).

 

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(b)          Notwithstanding
anything to the contrary contained in this Agreement, (i) the Buyer Indemnified Parties’ first (but not the sole) recourse
for indemnification under this Article VI shall be to the Purchase Money Note and all payments of Losses due and owing to
Buyer Indemnified Parties from MMAC under this Article VI shall first be satisfied by reducing the principal amount of the
Purchase Money Note in the amount of the Loss finally determined under this Article VI until such time as the amount of
the Loss finally determined under this Article VI exceeds the then remaining balance of the Purchase Money Note after which
time all of the indemnification payments due to Buyer Indemnified Parties shall be paid by MMAC in cash and (ii) all payments of
Losses due and owing to Seller Indemnified Parties from Buyer under this Article VI shall be satisfied in cash in the amount
of the Loss finally determined under this Article VI; provided, however, that in the case of clause (ii) of
this Section 6.04(b), with respect to Losses arising out of any Direct Claim with respect to any inaccuracy in or breach
of any of the Buyer Fundamental Representations, no Losses shall be due or owed to any Seller Indemnified Party unless and until
Buyer, as the maker under the Purchase Money Note, has failed to pay when due any amount required to be paid under the Purchase
Money Note and such failure, in the case of any payment of interest or other amounts, continues for five (5) Business Days.

 

(c)          In
no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive damages or any damages based on any type
of multiple except to the extent an Indemnified Party is required to pay such damages in order to fully indemnify a Third-Party
Claim.

 

(d)          For
purposes of this Article VI, any inaccuracy in or breach of any representation or warranty shall be determined without regard
to any materiality, “Material Adverse Effect” or other similar qualification contained in or otherwise applicable to
such representation or warranty.

 

(e)          Payments
by an Indemnifying Party pursuant to Section 6.02 or Section 6.03 in respect of any Loss shall be limited to the
amount of any Loss that remains after deducting therefrom any insurance proceeds actually received by the Indemnified Party (net
of any deductibles, retroactive premiums, and premium increases or other costs or expenses incurred in connection with obtaining
such proceeds).

 

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(f)           Upon
becoming actually aware of any Loss, the Indemnified Party shall use its commercially reasonable efforts to mitigate any such Losses,
including, if available, by filing an insurance claim or pursuing any other indemnity, contribution or other similar rights the
Indemnified Party may have against third parties. All costs and expenses of such mitigation shall constitute indemnifiable Losses
under this Article VI.

 

(g)          Notwithstanding
anything to the contrary in this Article VI, no Losses may be claimed by any Indemnified Party to the extent such Losses
have actually been taken into account in calculating the Estimated IHS Working Capital or Closing IHS Working Capital, and the
Parties agree that no amount shall be due under this Article VI to the extent that it duplicates another amount already
paid or taken into account pursuant to Article II or this Article VI.

 

Section 6.05         Indemnification
Procedures.

 

(a)          Third-Party
Claims. If any Indemnified Party receives notice of the assertion or commencement of any action, suit, Claim or other legal
proceeding made or brought by any Person who is not a Party to this Agreement or an Affiliate of a Party to this Agreement or a
Representative of the foregoing (a “Third-Party Claim”) against such Indemnified Party with respect to which
the Indemnifying Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying
Party prompt written notice thereof. The failure to give such prompt written notice shall not, however, relieve the Indemnifying
Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses
by reason of such failure. Such notice by the Indemnified Party shall describe the Third-Party Claim in reasonable detail, shall
include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of
the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have the right to participate
in, or by giving written notice to the Indemnified Party within thirty (30) days of receipt of notice by the Indemnified Party,
to assume the defense of any Third-Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s
own counsel reasonably satisfactory to the Indemnified Party, and the Indemnified Party shall cooperate in good faith in such defense.
Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume control of such defense and shall pay the
reasonable fees and expenses of counsel retained by the Indemnified Party if (i) the Claim for indemnification relates to or arises
in connection with any criminal proceeding, action, indictment, allegation or investigation, (ii) the Claim seeks an injunction
or equitable relief against the Indemnified Party, (iii) the Indemnified Party reasonably believes an adverse determination with
respect to the proceeding or other Claim giving rise to such Claim for indemnification would have a material adverse effect on
the business, financial condition, results of operations, properties, assets or liabilities of the Indemnified Party or its business
or assets and would reasonably be expected to cause irreparable reputational harm to the Indemnified Party, (iv) the Indemnifying
Party failed or is failing to vigorously prosecute or defend such Claim, (v) the third party against whom the Claim is being defended
is a Governmental Authority, or (vi) the Claim relates to the compliance with Laws during both the pre-Closing and post-Closing
period. In the event that the Indemnifying Party assumes the defense of any Third-Party Claim, subject to Section 6.05(b),
it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining
to any such Third-Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right, at
its own cost and expense, to participate in the defense of any Third-Party Claim with counsel selected by it subject to the Indemnifying
Party’s right to control the defense thereof. If the Indemnifying Party elects not to compromise or defend such Third-Party
Claim or fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, the
Indemnified Party may, subject to Section 6.05(b), pay, compromise, defend such Third-Party Claim and seek indemnification
for any and all Losses based upon, arising from or relating to such Third-Party Claim. Seller and Buyer shall cooperate with each
other in all reasonable respects in connection with the defense of any Third-Party Claim, including furnishing to the defending
party, management employees of the non-defending party as may be reasonably necessary for the preparation of the defense of such
Third-Party Claim; provided, however, that any costs and expenses associated with furnishing such management employees
to the defending party shall, to the extent furnished by Hunt, Buyer or any of their respective Subsidiaries or Affiliates (other
than MMAC and any of the MMAC Subsidiaries), constitute reimbursable expenses under Section 7(b) of the Management Agreement.

 

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(b)          Settlement
of Third-Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
of any Third-Party Claim without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld
or delayed), except as provided in this Section 6.05(b). If a firm offer is made to settle a Third-Party Claim without leading
to liability or the creation of a financial or other obligation on the part of the Indemnified Party and provides, in customary
form, for the unconditional release of each Indemnified Party from all liabilities and obligations in connection with such Third-Party
Claim and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party shall give written notice to
that effect to the Indemnified Party. If the Indemnified Party fails to consent to such firm offer within ten (10) days after its
receipt of such notice, the Indemnified Party may continue to contest or defend such Third-Party Claim and in such event, the maximum
liability of the Indemnifying Party as to such Third-Party Claim shall not exceed the amount of such settlement offer. If the Indemnified
Party fails to consent to such firm offer and also fails to assume defense of such Third-Party Claim, the Indemnifying Party may
settle the Third-Party Claim upon the terms set forth in such firm offer to settle such Third-Party Claim. If the Indemnified Party
has assumed the defense pursuant to Section 6.05(a), it shall not agree to any settlement without the written consent of
the Indemnifying Party (which consent shall not be unreasonably withheld or delayed).

 

(c)          Direct
Claims. Any Claim by an Indemnified Party on account of a Loss which does not result from a Third-Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party prompt written notice thereof. The failure
to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except
and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail and shall indicate the estimated amount, if reasonably practicable,
of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have thirty (30) days after
its receipt of such notice to respond in writing to such Direct Claim. During such thirty (30)-day period, the Indemnified Party
shall reasonably cooperate with the Indemnifying Party with respect to its investigation of the matter and circumstances alleged
to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim. If the Indemnifying
Party does not so respond within such thirty (30)-day period, the Indemnifying Party shall be deemed to have rejected such Claim,
in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms
and subject to the provisions of this Agreement.

 

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Section 6.06         Tax
Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the Parties
as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

Section 6.07         Effect
of Investigation. The representations, warranties and covenants of the Indemnifying Party, and the Indemnified Party's right
to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made by or on behalf
of the Indemnified Party (including by any of its Representatives) or by reason of the fact that the Indemnified Party or any
of its Representatives knew or should have known that any such representation or warranty is, was or might be inaccurate or by
reason of the Indemnified Party's waiver of any condition set forth in Section 6.01, Section 6.02 or Section 6.03,
as the case may be.

 

Section 6.08         Exclusive
Remedies. Subject to Section 7.11, the Parties acknowledge and agree that their sole and exclusive remedy with respect
to any and all Claims (other than Claims arising from criminal activity, Fraud, willful misconduct or gross negligence, in each
case, as finally determined by a court of competent jurisdiction, which Claims the Parties acknowledge and agree shall not be
subject to the Cap or otherwise limited by any provision hereunder) for any breach of any representation, warranty, covenant,
agreement or obligation set forth herein or in the Contribution Agreement or otherwise relating to the subject matter of this
Agreement or the Contribution Agreement, shall be pursuant to the indemnification provisions set forth in this Article VI.
Nothing in this Section 6.08 shall limit any Person’s right to seek and obtain any equitable relief to which any
Person shall be entitled pursuant to Section 7.11 hereof or Section 23 of the Contribution Agreement.

 

Article
VII

MISCELLANEOUS

 

Section 7.01         Expenses.
Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements of
counsel, financial advisors and accountants incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred.

 

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Section 7.02         Notices.
All notices, requests, consents, Claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a
PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the following addresses
(or at such other address for a Party as shall be specified in a notice given in accordance with this Section 7.02):

 

	If to Seller or MMAC:	MMA Capital Management, LLC
	 	3600 O’Donnell Street, Suite 600
	 	Baltimore, Maryland 21224
	 	Attention: Gary A. Mentesana and Megan Sophocles
	 	Facsimile: (443) 263-2857
	 	E-mail: gary.mentesana@mmacapitalmanagement.com 
	 	 megan.sophocles@mmacapitalmanagement.com
	 	 
	with a copy to:	Gallagher Evelius & Jones LLP
	 	218 N. Charles Street, Suite 400
	 	Baltimore, Maryland 21201
	 	Attention: Stephen A. Goldberg, Esquire
	 	Facsimile: (410) 468-2786
	 	E-mail: sgoldberg@gejlaw.com
	 	 
	If to Buyer or Hunt:	Hunt FS Holdings II, LLC
	 	980 North Michigan Avenue, Suite 1150
	 	Chicago, Illinois 60611
	 	Attention: Kara E. Harchuck, General Counsel
	 	Facsimile: 312-799-3909
	 	Email: kara.harchuck@huntcompanies.com
	 	 
	with a copy to:	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	1285 Avenue of the Americas
	 	New York, New York 10019-6064
	 	Attention: Jeffrey D. Marell, Esquire
	 	Ross A. Fieldston, Esquire
	 	Facsimile: (212) 492-0105
	 	   (212) 492-0075
	 	E-mail:      jmarell@paulweiss.com
	 	   rfieldston@paulweiss.com

 

Section 7.03         Interpretation.
For purposes of this Agreement: (a) the words “include,” “includes” and “including” shall
be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and
(c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder”
refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure
Schedules and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to
any Contract, agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented
and modified (including pursuant to any waiver, side letter or other agreement or arrangement (whether written or oral)) from time
to time to the extent permitted by the provisions thereof; and (z) to a statute means such statute as amended from time to
time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed
without regard to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or
causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed with, and as
an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

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Section 7.04         Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 7.05         Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

Section 7.06         Entire
Agreement. This Agreement and the other Transaction Documents constitute the sole and entire agreement of the Parties with
respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous representations, warranties,
understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between
the statements in the body of this Agreement, the Exhibits and Disclosure Schedules (other than an exception expressly set forth
as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

Section 7.07         Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective
successors and permitted assigns. No Party may assign its rights or obligations hereunder without the prior written consent of
the other Parties, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning Party
of any of its obligations hereunder.

 

Section 7.08         No
Third-Party Beneficiaries.

 

(a)          Each
Buyer Indemnified Party and Seller Indemnified Party shall be a third party beneficiary of Article VI and shall be entitled
to the rights and benefits of Article VI and may enforce the provisions thereof as if a party to this Agreement. Except
as provided in Article VI and this Section 7.08, this Agreement is for the sole benefit of the Parties hereto and
their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any
other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

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(b)          The
representations and warranties in this Agreement are the product of negotiations among the Parties and are for the sole benefit
of the Parties. In addition, such representations and warranties have been qualified by confidential disclosures made to the Parties
in connection with this Agreement and are subject to waiver by the Parties in accordance with Section 7.09 without notice
or liability to any other Person. Consequently, Persons other than the Parties may not rely on the representations and warranties
in this Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date,
and such representations and warranties may only be relied upon by the Parties solely in connection with transactions contemplated
hereby.

 

Section 7.09         Amendment
and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by
each Party hereto. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from
this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege.

 

Section 7.10         Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with
the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether
of the State of New York or any other jurisdiction).

 

ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT
OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED
IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE COUNTY
OF NEW YORK, IN THE CITY OF NEW YORK, NEW YORK AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS
IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS
SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE
PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH
COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

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EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND,
THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL
ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH
PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
7.10.

 

Section 7.11         Specific
Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy to which they are entitled at law or in equity.

 

Section 7.12         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section 7.13         Survival.
In addition to any sections of this Agreement which expressly survive Closing, those sections of this Agreement which by their
nature have continuing effect shall also survive Closing.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Parties hereto have caused
this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	MMA CAPITAL MANAGEMENT, LLC
	 	 	 	 
	 	By:	/s/ Michael L. Falcone
	 	 	Name:	Michael L. Falcone
	 	 	Title:	Chief Executive Officer and President
	 	 	 	 
	 	MMA FINANCIAL, INC.
	 	 	 	 
	 	By:	/s/ Michael L. Falcone
	 	 	Name:	Michael L. Falcone
	 	 	Title:	President
	 	 	 	 
	 	MMA ENERGY CAPITAL, LLC
	 	 	 	 
	 	By:	/s/ Michael L. Falcone
	 	 	Name:	Michael L. Falcone
	 	 	Title:	President
	 	 	 	 
	 	HUNT COMPANIES, INC.
	 	 	 	 
	 	By:	/s/ James C. Hunt
	 	 	Name:	James C. Hunt
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	HUNT FS HOLDINGS II, LLC
	 	 	 	 
	 	By:	/s/ James C. Hunt
	 	 	Name:	James C. Hunt
	 	 	Title:	Chief Executive OfficerExhibit 10.2

 

Execution
Copy

 

	January 8, 2018	$57,000,000

 

PURCHASE MONEY NOTE

 

In partial consideration
of the transfer to the undersigned Maker by MMA Capital Management, LLC (“Payee”) and certain of its Affiliates of
the Transferred Assets described in Master Transaction Agreement (as herein defined), Maker promises to pay to the order of Payee
the principal sum of FIFTY-SEVEN MILLION DOLLARS ($57,000,000) (subject to adjustments in accordance with the terms of the Master
Transaction Agreement and reduction pursuant to Section 24 below), together with interest on the outstanding principal balance
hereunder from the date hereof at the rate and in the manner set forth below. The following terms shall apply to this Purchase
Money Note (this “Note”).

 

1.           Definitions.
In addition to the definitions set forth on Annex I hereto, as used in this Note, the following terms have the meanings specified
below:

 

(a)          “Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. As used herein, the term “control” (including the terms “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract
or otherwise; provided that, following the date hereof neither Maker nor the Manager (as defined in the Master Transaction
Agreement) shall be deemed an Affiliate of Payee or any of Payee’s Subsidiaries.

 

(b)          “Anti-Money
Laundering Laws” has the meaning given in Section 7(j).

 

(c)          “Business
Day” means any day except Saturday, Sunday or any other day on which banking institutions located in New York, New York
are authorized or required by Law to be closed for business.

 

(d)          “Closing
Statements” means Maker’s GAAP Financial Statements for the quarter ended September 30, 2017.

 

(e)          “Code”
has the meaning given in Section 8(g).

 

(f)           “Collateral”
means the “Collateral” as defined in the Pledge Agreement and any other collateral in which a security interest has
been granted by the Maker or one of its Affiliates to the Payee to secure the Maker’s obligations hereunder.

 

(g)          “Collateral
Documents” has the meaning given in Section 17.

 

(h)          “Contract
Rate” has the meaning given in Section 2.

 

(i)           “Default
Rate” has the meaning given in Section 10(b).

 

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

 

     

     

    

 

(k)          “ERISA”
means the Employee Retirement Security Act of 1974, as amended, and the regulations thereunder.

 

(l)           “Fair
Value” means the price that would be received by Maker to sell an asset or paid by Maker to transfer a liability in an orderly
transaction with market participants, as determined in good faith by Maker at the end of a given Reporting Period or other applicable
time.

 

(m)          “Financial
Covenant” means each of the Net Worth Covenant in Section 8(a), the Leverage Ratio in Section 8(b), the Debt Service Coverage
Ratio in Section 8(c), and the Interest Coverage Ratio in Section 8(d).

 

(n)          “Financial
Statements” means Maker’s consolidated balance sheets, Maker’s consolidated statements of income and Maker’s
consolidated statements of cash flows, all prepared in accordance with GAAP. For the avoidance of doubt, Financial Statements shall
not include any statement of change in shareholders’ equity.

 

(o)          “GAAP”
means generally accepted accounting principles in the United States, consistently applied.

 

(p)          “GAAP
Balance Sheet” has the meaning given in the definition of “Tangible Net Worth”.

 

(q)          “GAAP
Value” means the value of an asset or liability as reported on Maker’s GAAP Financial Statements.

 

(r)          “GSE
Rights” has the meaning given in Section 7(o).

 

(s)          “Guilford
Trust Debt” means the obligations assumed by Maker from Payee pursuant to the Master Transaction Agreement in respect of
that certain Promissory Note, dated September 23, 2016, issued by MMA Financial, Inc., a Delaware corporation, to Guilford Portfolio
Asset Management Trust, as the lender.

 

(t)           “Hedging
Agreement” means any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement,
or other agreement or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values
(including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements
or arrangements), and any confirmation executed in connection with any such agreement or arrangement.

 

    	 	2	 

     

    

 

(u)          “Indebtedness”
means (a) obligations created, issued or incurred by Maker for borrowed money (whether by loan, the issuance and sale of debt securities
or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such
property from such Person); (b) obligations of Maker to pay the deferred purchase or acquisition price of property or services,
other than trade accounts payable arising, and accrued expenses incurred, in the ordinary course of business so long as such trade
accounts payable are payable within ninety (90) days of the date the respective goods are delivered or the respective services
are rendered; (c) Indebtedness of others secured by a lien on the property of Maker, whether or not the respective Indebtedness
so secured has been assumed by Maker; (d) obligations (contingent or otherwise) of Maker in respect of letters of credit or similar
instruments issued or accepted by banks and other financial institutions for the account of Maker; (e) capital lease obligations
of Maker; (f) obligations of Maker under repurchase agreements or sale/buy-back agreements and net obligations with respect to
Hedge Agreements; (g) Indebtedness of others guaranteed by Maker; and (h) Indebtedness of general partnerships of which Maker is
a general partner unless such Indebtedness is expressly made non-recourse to Maker. For the avoidance of doubt, notwithstanding
anything to the contrary set forth herein, (1) intercompany advances in the ordinary course of business in respect of operating
costs (such as cash management obligations, royalty fees and transfer pricing) shall not constitute Indebtedness and (2) obligations
which would otherwise constitute Indebtedness but which have been cash collateralized or amounts for the repayment thereof placed
in escrow shall not constitute Indebtedness to the extent of such cash collateral or escrowed amounts. For purposes of this paragraph,
“Maker” shall include all Subsidiaries of Maker.

 

(v)          “Indenture”
means that certain Indenture dated as of February 25, 2014 by and among Hunt Companies, Inc., the other guarantors party thereto
and Deutsche Bank Trust Company Americas as trustee, as amended or supplemented from time to time.

 

(w)         “Interest
Payment Date” has the meaning given in Section 3.

 

(x)           “Jefferies
Credit Agreement” means that certain Credit Agreement dated as of February 25, 2014, by and among Hunt Companies, Inc., as
borrower, the guarantors from time to time party thereto, lenders from time to time party thereto, Jefferies Finance, LLC, as administrative
agent, Deutsche Bank Trust Company Americas, as collateral agent, and Jefferies Finance LLC, as swingline lender, and certain other
parties party thereto.

 

(y)          “Maker”
means Hunt FS Holdings II, LLC, a Delaware limited liability company.

 

(z)          “Management
Agreement” means that certain Management Agreement of even date herewith by and among Payee, MMA Financial, Inc., MMA Energy
Capital, LLC, Maker and (solely with respect to its obligations under Article V thereof) Hunt Companies, Inc.

 

(aa)        “Master
Transaction Agreement” means that certain Master Transaction Agreement of even date herewith by and among Maker, Payee, MMA
Financial, Inc., MMA Energy Capital, LLC, and, solely with respect to Section 2.07 of the Master Transaction Agreement and
its express obligations under Article V therein, Parent.

 

(bb)        “Maturity
Date” means the seventh anniversary of the date hereof or, if any such day is not a Business Day, the immediately succeeding
Business Day, or the date of any earlier acceleration of this Note.

 

(cc)        “Material
Indebtedness” means (without duplication) Indebtedness for borrowed money (other than the obligations under this Note), capital
lease obligations, unreimbursed obligations for letter of credit drawings and financial guarantees (other than ordinary course
of business contingent reimbursement obligations) or obligations to pay an early termination amount in respect of one or more Hedging
Agreements, of any one or more of Maker and its Subsidiaries in an aggregate principal amount exceeding $5,000,000. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations in respect of any Hedging Agreement
at any time shall be the amount (giving effect to any netting agreements and deducting the value of any posted collateral) that
Maker or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time pursuant to the terms
of the documentation governing such Hedging Agreement.

 

    	 	3	 

     

    

 

(dd)        “Material
Subsidiary” means (i) each Subsidiary of Maker that, as of the last day of the fiscal quarter of Maker most recently ended
for which financial statements are required to be delivered under Section 8(f), had revenues or total assets for such quarter in
excess of 10% of the consolidated revenues or total assets, as applicable, of Maker for such quarter, and (ii) any group comprising
Subsidiaries of Maker that each would not have been a Material Subsidiary under clause (i) but that, taken together, as of the
last day of the fiscal quarter of Maker most recently ended for which financial statements are required to be delivered under Section
8(f), had revenues or total assets for such quarter in excess of 10% of the consolidated revenues or total assets, as applicable,
of Maker for such quarter.

 

(ee)        “Note
Documents” means this Note, the Pledge and Security Agreement and the Parent Undertaking Guaranty.

 

(ff)          “Operating
Agreement” means Maker’s Limited Liability Company Operating Agreement dated July 20, 2017, as it may be amended from
time to time.

 

(gg)        “Parent”
means Hunt Companies, Inc., a Delaware corporation and the indirect parent company of Maker.

 

(hh)        “Parent
Undertaking Guaranty” means that certain Parent Undertaking Guaranty dated as of the date hereof, between Parent, as guarantor,
and Payee, as beneficiary.

 

(ii)          “Payee”
means MMA Capital Management, LLC, a Delaware limited liability company.

 

(jj)          “Payee
Costs” has the meaning given in Section 12.

 

(kk)        “Person”
means an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated
organization, trust, association or other entity.

 

(ll)          “Pledge
and Security Agreement” has the meaning given in Section 17.

 

(mm)    
“Reporting Period” means each fiscal quarter of Maker, where each Reporting Period in a given calendar year is assumed
to end on the last calendar day of March, June, September and December.

 

(nn)        “Requirements
of Law” means, with respect to any Person, the common law and any statutes, laws, treaties, rules, regulations, orders, decrees,
writs, injunctions or determinations of any arbitrator or court or other Governmental Authority, in each case applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject, including without limitation
the Anti-Money Laundering Laws and the applicable rules, regulations, orders, decrees, writs, injunctions or determinations promulgated
by the Financial Industry Regulatory Authority.

 

    	 	4	 

     

    

 

(oo)        “Restoration
Obligation” has the meaning given in the Parent Undertaking Guaranty.

 

(pp)        “Restoration
Payment” means each and any payment by Parent in respect of all or a portion of Parent’s Restoration Obligation as
contemplated by the Parent Undertaking Guaranty.

 

(mm)       “Restricted
Payments” means any of the following:

 

(i)          dividends
and other distribution payments by Maker or any of its Subsidiaries to any Affiliates other than Maker or a wholly-owned Subsidiary
of Maker;

 

(ii)         loans
or other advances by Maker or any of its Subsidiaries to any Person, other than loans made to Maker or any of its Subsidiaries
and loans made in the ordinary course of business on an arms’ length basis to unrelated third parties; and

 

(iii)        asset
transfers (including real and personal property of any nature, tangible or intangible) by Maker or any of its Subsidiaries to any
Person other than Maker or a wholly-owned Subsidiary of Maker, other than asset transfers at fair market value in exchange for
at least eighty percent cash with the balance due on market terms from a credit worthy entity.

 

(nn)        “Specified
Notes” means one or more promissory notes issued on or after the date hereof by Maker or any of its Affiliates to any direct
or indirect owner of any of the (i) Equity Interests in Morrison Grove Management, LLC, a Delaware limited liability company, in
connection with the exercise by Maker or any of its Affiliates of the option provided for in that certain Purchase Option Agreement,
dated as of October 8, 2014, as amended by that certain Amended and Restated Purchase Option Agreement, dated as of June 15, 2015,
by and among Charles M. Pinckney, LLC, Johnson Holdings, LLC, Morrison Grove CS Venture Partner, Inc., and MMA Financial, Inc.
or (ii) Woodside Assets (as defined in the Master Transaction Agreement), in connection with the acquisition of the Woodside Assets
pursuant to the Woodside Transfer Agreement (as defined in the Master Transaction Agreement), in each case, including any replacements,
amendments, or supplements thereto.

 

(oo)        “Subsidiary”
means any Person with respect to which more than 50% of its outstanding Equity Interests are owned directly or indirectly by Maker.
Unless otherwise specified herein, “Subsidiary” used herein means each of Maker’s Subsidiaries.

 

(pp)        “Test
Period” has the meaning given in Section 8(a).

 

2.           Interest
Rate. Until all sums due and owing hereunder have been paid in full, interest shall accrue on the unpaid balance hereunder
at the rate of five percent (5%) per annum (the “Contract Rate”), with unpaid interest due and payable compounding
quarterly.

 

    	 	5	 

     

    

 

3.           Repayment.

 

(a)          No
principal payment shall be due and payable on this Note during the period from the date hereof through the second anniversary of
the date hereof. Interest shall be due and payable quarterly in arrears on the last day of each calendar quarter or if such day
is not a Business Day, the immediately succeeding Business Day (each, an “Interest Payment Date”), with the first Interest
Payment Date being April 2, 2018 in respect of the period from and including the date hereof through March 31, 2018.

 

(b)          Beginning
on the first Interest Payment Date following the second anniversary of the date hereof and on each Interest Payment Date thereafter
until the earlier of the Maturity Date and the payment of the outstanding principal amount of this Note in full, a principal payment
shall also be due and payable on such date in the amount of TWO MILLION EIGHT HUNDRED AND FIFTY THOUSAND DOLLARS ($2,850,000).
The entire outstanding principal amount hereof, together with all accrued and unpaid interest thereon, and any other amounts due
and remaining unpaid hereunder, shall be due and payable in full in immediately available funds to the bank account of Payee (as
the wiring instruction related to such bank account is notified in writing to Maker at least two (2) Business Days prior to the
first Interest Payment Date after the date hereof, which wiring instruction may be updated by the Payee from time to time in writing
to Maker), on the Maturity Date, unless prepaid in full in accordance herewith. For the avoidance of doubt, amortization payments,
any other prepayments of this Note and reductions in the principal amount of this Note pursuant to Section 24 or pursuant to the
Master Transaction Agreement shall in each case decrease the outstanding principal amount of this Note.

 

4.           Calculation
of Interest. Interest shall be calculated on the basis of three hundred sixty five (365) days per year factor applied to the
actual days on which there exists an unpaid principal balance.

 

5.           Application
of Payments. All payments made hereunder shall be applied first to payment in full of Payee Costs then due to Payee, next to
payment in full of accrued interest (including Default Interest, if any) then due to Payee hereunder, and then to payment in full
of outstanding principal hereunder.

 

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

 

7.           Maker
Representations and Warranties. Maker hereby represents and warrants as follows: As of the date hereof,

 

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

 

    	 	6	 

     

    

 

(b)          No
Breach. The execution and delivery of this Note and the Collateral Documents to which Maker is a party and the performance
of Maker’s obligations hereunder and thereunder will not conflict with or result in (i) a breach of the organizational documents
of Maker, (ii) a breach of any applicable law, rule or regulation, (iii) a breach of any order, writ, injunction or decree of any
governmental authority, except where such breach would not be reasonably likely to have a material adverse effect on the ability
of Maker to perform its obligations hereunder, (iv) a “Default” or “Event of Default” under, or a breach
by the “Issuer” or “Guarantor” under, the Indenture (each capitalized term used in this clause (iv), other
than “Indenture,” having the meaning assigned thereto in the Indenture) or any agreement or instrument executed in
connection therewith, (v) a “Default” or “Event of Default” under, or a breach by any “Loan Party”
under, the Jefferies Credit Agreement (each capitalized term used in this clause (v), other than “Jefferies Credit Agreement,”
having the meaning assigned thereto in the Jeffries Credit Agreement) or any agreement or instrument executed in connection therewith,
(vi) a “Default” or “Event of Default” under, or a breach by a “Loan Party” under the KKR Credit
Agreement (each capitalized term used in this clause (vi), other than “KKR Credit Agreement,” having the meaning assigned
thereto in the KKR Credit Agreement) or any agreement or instrument executed in connection therewith, (vii) a “Default”
or “Event of Default” under, or a breach by a “Loan Party” under, any of the Warehouse Facilities (each
capitalized term used in this clause (vii), other than “Warehouse Facilities,” having the meaning assigned thereto
in the applicable Warehouse Facilities) or any agreement or instrument executed in connection therewith, (viii) a breach of any
other agreement or instrument to which Maker is a party or by which Maker of any of its property is bound or to which Maker is
subject, except where such breach would not be reasonably likely to have a material adverse effect on the ability of Maker to perform
its obligations hereunder, or (ix) the creation or imposition of any lien (except for liens created pursuant to the Collateral
Documents) upon any property of Maker.

 

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

 

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

 

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

 

(f)           Indebtedness.
Maker does not have any Indebtedness other than the Indebtedness evidenced by the Closing Statements.

 

    	 	7	 

     

    

 

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

 

(h)          Litigation.
There are no actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which, to the knowledge
of Maker, are pending or threatened) or other legal proceedings affecting Maker or affecting any of its property before any governmental
authority which would reasonably be expected to have a material adverse effect on the ability of Maker to perform its obligations
under this Note and the Collateral Documents to which it is a party.

 

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

 

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

 

(k)          No
Prohibited Persons. Neither Maker nor, to Maker’s knowledge, any of its officers, directors or members is a Person (or
fifty percent (50%) or greater owned by a Person): (i) whose name appears on the United States Treasury Department’s Office
of Foreign Assets Control’s (“OFAC”) most current list of “Specifically Designated National and Blocked
Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website,
or (ii) is otherwise the target of sanctions administered by OFAC.

 

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

 

(m)          Unrestricted
Subsidiary. As of the date hereof, Maker and each of its Subsidiaries is an Unrestricted Subsidiary under the Indenture and
the Jefferies Credit Agreement, and neither Maker nor any of its Subsidiaries is a Guarantor within the meaning of such agreements.
Maker will at all times during the term of this Note be an Unrestricted Subsidiary under the Indenture and the Jefferies Credit
Agreement (to the extent those agreements remain in effect).

 

(n)          Financial
Covenants. The officer’s certificate of Maker delivered to Payee on the Closing Date demonstrates in reasonable detail
Maker’s compliance with each of the Financial Covenants at the end of, or in respect of (as applicable), the Test Period
ended September 30, 2017 on a pro forma basis after giving effect to the transactions contemplated by the Master Transaction Agreement
and this Note.

 

    	 	8	 

     

    

 

(o)          Licenses;
Certain Contractual Rights. Maker and each of its Subsidiaries have in full force and effect all licenses, permits and contractual
rights necessary to conduct its business as presently conducted including, without limitation, its rights as a Federal National
Mortgage Association Delegated Underwriter and Servicer, its right to originate and sell loans to Federal Home Loan Mortgage Corporation,
and its right to originate loans for and obtain insurance from the United States Department of Housing and Urban Development and
the Federal Housing Administration and the right to originate and sell GNMA securities (collectively, the “GSE Rights”).

 

8.           Maker
Covenants. Maker hereby covenants as follows:

 

(a)          Net
Worth Covenant. Maker shall maintain a Tangible Net Worth of not less than three and one-half (3.5) times (the “Base
Net Worth Requirement”) the sum of (x) the principal amount of this Note as of the date hereof, (y) the principal amount
of any Specified Notes as of the date of its issuance and (z) the outstanding principal amount of the Guilford Trust Debt assumed
by Maker as of the date hereof (such sum, the “Covered Debt Amount”). Notwithstanding the foregoing, it shall not be
a violation of the Net Worth Covenant if Maker’s Tangible Net Worth declines below the Base Net Worth Requirement to the
extent such decline is due to a net decrease in the Fair Value of Maker’s consolidated assets and liabilities as reported
in Maker’s Financial Statements; provided, however, that Maker’s Tangible Net Worth shall not at any time be less than
two and one-half times (2.5) times the Covered Debt Amount (the “Minimum Net Worth Requirement” and, together with
the Base Net Worth Requirement, the “Net Worth Covenant”). Compliance with the Net Worth Covenant shall be tested as
of the last day of the applicable Reporting Period for which the financial statements have been or are required to be provided
under clause (i) or (ii) of Section 8(g) (each such period, a “Test Period).

 

(b)          Leverage
Ratio. Beginning with the first full fiscal quarter of Maker ending after the date hereof, Maker shall not permit the Consolidated
Leverage Ratio (as defined in Annex I hereto) as of the last day of any Reporting Period to exceed fifty percent (50%).

 

(c)          Debt
Service Coverage Ratio. Beginning with the first full fiscal quarter of Maker ending after the date hereof, Maker shall not
permit the Debt Service Coverage Ratio (as defined in Annex I hereto and calculated in the same manner as illustrated by Annex
II hereto) in respect of any Reporting Period to be less than 1.5 to 1.0.

 

(d)          Interest
Coverage Ratio. Beginning with the first full fiscal quarter of Maker ending after the date hereof, Maker shall not permit
the Interest Coverage Ratio (as defined in Annex I hereto and calculated in the same manner as illustrated by Annex III hereto)
in respect of any Reporting Period to be less than 1.5 to 1.0.

 

(e)          Operating
Agreement. Maker shall not amend its Certificate of Formation or its Operating Agreement, without the prior written consent
of Payee, in a manner that would reasonably be expected to adversely affect in any material respect the rights or interests of
the Payee.

 

(f)           Books
and Records. Maker shall maintain proper books and records and accounts in conformity in all material respects with GAAP.

 

    	 	9	 

     

    

 

(g)          Reporting.
Maker shall furnish the following reports and certifications to Payee:

 

(i)          Within
forty-five (45) days after the last day of each of the first three fiscal quarters of each fiscal year of Maker, Maker shall deliver
to Payee unaudited Financial Statements of Maker for such period, accompanied by an officer’s certificate certifying that
Maker’s Financial Statements present fairly in all material respects the financial condition of Maker as of their respective
dates and the results of operations of Maker for the respective periods then ended, subject to normal year-end adjustments and
the absence of footnotes.

 

(ii)         Within
ninety (90) days after the last day of Maker’s fiscal year, commencing with the 2017 fiscal year, Maker shall deliver to
Payee Financial Statements of Maker for such fiscal year, audited by a nationally recognized independent accounting firm.

 

(iii)        (x)
No later than thirty (30) days following the end of each of the first three fiscal quarters of a fiscal year of Maker, Maker shall
deliver to Payee a draft consolidated balance sheet of Maker and its Subsidiaries as at the end of such fiscal quarter and the
related draft consolidated income statement for such fiscal quarter, together with reasonable supporting details as may be reasonably
requested by Payee for the purpose of assessing the Maker’s compliance with each of the Financial Covenants as of the reporting
date of such draft consolidated balance sheet; (y) no later than sixty (60) days following the end of each fiscal year of Maker,
Maker shall deliver to Payee a draft consolidated balance sheet of Maker and its Subsidiaries as at the end of such fiscal year
and the related draft consolidated income statement for such fiscal year, together with reasonable supporting details as may be
reasonably requested by Payee for the purpose of assessing the Maker’s compliance with each of the Financial Covenants as
of the reporting date of such draft consolidated balance sheet; and (z) concurrently with the delivery of financial statements
pursuant to the foregoing clause (x) or (y), Maker shall deliver a certificate executed by a responsible officer of Maker, certifying
as to whether an Event of Default, to the knowledge of such officer, has occurred under any of the Note Documents and, if an Event
of Default has occurred, describing the details thereof.

 

(iv)        Concurrently
with the delivery of the Financial Statements required by clauses (i) and (ii) of this Section 8(g) for any Reporting Period, Maker
shall deliver to Payee an officer’s certificate (X) demonstrating that Maker is in compliance with each of the Financial
Covenants at the end of, or in respect of (as applicable), the Test Period related to such Reporting Period (or, if not in compliance,
provide supporting information that details changes (if any) in the Fair Value of Maker’s assets and liabilities recognized
during the Reporting Period), (Y) certifying that such information has been prepared in accordance with the reporting standards
established herein, and (Z) certifying the accuracy in all material respects of the information presented.

 

    	 	10	 

     

    

 

(v)         If
the Financial Statements or the officer’s certificate delivered under this Section 8(g) show non-compliance with the Base
Net Worth Requirement as of the end of any applicable Reporting Period and Maker claims that such non-compliance is due to a net
decrease in Fair Value as provided for in Section 8(a), Maker shall submit an adjusted GAAP balance sheet showing Maker’s
Tangible Net Worth assuming (A) no changes in the net Fair Value of those assets and liabilities of Maker which were shown on the
Closing Statements and remain on Maker’s balance sheet, and (B) as to the assets and liabilities acquired since the date
of the Closing Statements, no change in the net Fair Value of such assets and liabilities since the date of their acquisition based
on their initial Fair Value being equal to their acquisition price.

 

(h)          Foreign
Person. Maker is not a “foreign person” within the meaning of the Internal Revenue Code of 1986 and the regulations
thereunder (the “Code”).

 

(i)           ERISA.
Until this Note is paid in full: (i) Maker is not and will not be an “employee benefit plan” as defined in Section
3(3) of ERISA, which is subject to Title I of ERISA or a “plan” as defined in and subject to Section 4975 of the Code,
and the assets of Maker do not and will not constitute “plan assets” within the meaning of 29 CFR, Section 2510.3-101,
as modified by Section 3(42) of ERISA (“Plan Assets”); (ii) assuming that the Payee is not, and is not using assets
of, a “governmental plan” (as defined in Section 3(32) of ERISA) in connection with any such transaction, transactions
by or with Maker and the Payee are not and will not be subject to state statutes applicable to Maker regulating investments of
and fiduciary obligations with respect to “governmental plans” that would be violated by the transactions contemplated
by this Note; and (iii) except as would not reasonably be expected to have a material adverse effect on the ability of Maker to
perform its obligations hereunder, (x) Maker has and will continue to satisfy the minimum funding standards of Section 302 of ERISA
and Section 412 of the Code with respect to each employee pension benefit plan, as defined in Section 3(2) of ERISA, which is subject
to Title IV of ERISA or Section 412 of the Code, which is maintained by Maker, if any (a “Pension Plan”); (y) Maker
has and will continue to administer each such Pension Plan, if any, in material compliance with its terms and the applicable provisions
of ERISA and any other federal or state law; and (z) Maker has not and will not permit any liability under Sections 4201, 4243,
4062 or 4069 of Title IV of ERISA or taxes or penalties relating to any Pension Plan or “multiemployer plan” (as defined
in Section 3(37) of ERISA), to which it is obligated to contribute, to become delinquent or assessed, respectively.

 

(j)           Other
Debt; Liens. Maker shall not incur Indebtedness for borrowed money other than the obligations under this Note, the Specified
Notes and the Guilford Trust Debt. Maker shall not pledge or otherwise encumber as security for any Indebtedness more than fifty
percent (50%) of its assets, as measured by Fair Value (i.e., at least fifty percent (50%) of Maker’s assets, as measured
by Fair Value, shall be unencumbered at all times).

 

(k)          Change
of Control. The Persons set forth on Schedule 11 of the Management Agreement shall, at all times, directly or indirectly, own
not less than fifty-one percent (51%) of the Equity Interests of Maker or its ultimate parent entity.

 

(l)           Notices.

 

(i)          Maker
shall deliver, promptly upon receipt, copies of any notices of default or events of default under the KKR Credit Agreement, the
Warehouse Facilities or any Specified Notes.

 

    	 	11	 

     

    

 

(ii)         Maker
shall promptly notify Payee if Maker or any of its Subsidiaries loses any GSE Rights.

 

(m)         Legal
and Regulatory Compliance. Maker shall comply in all material respects with, and shall cause each of its Subsidiaries to comply
with, all applicable Requirements of Law, except as would not reasonably be expected to have a material adverse effect on the ability
of Maker to perform its obligations hereunder.

 

(n)          Investment
Company Act. Maker shall not become an entity required to be registered as an “investment company” within the meaning
of the Investment Company Act of 1940.

 

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

 

(a)          Payment
Default. Maker shall fail to pay when due any amount required to be paid under this Note and such failure, in the case of any
payment of interest or other amounts, continues for five (5) Business Days.

 

(b)          Covenant
Default. Subject to Section 11, Maker shall be in breach of any of its covenants or agreements under Section 8 or Section 11(a)
of this Note; provided, however, that in the case of a breach of clause (e), (f), (g), (i), (l) or (m) of Section 8, such breach
shall not be an Event of Default unless such breach shall continue unremedied for a period of thirty (30) calendar days after the
earlier of (i) the date on which Maker knows of such breach and (ii) the date Payee gives Maker written notice of such breach.

 

(c)          Representation
Default. Any representation or warranty made by Maker in this Note shall not be true in all material respects (or if such representation
or warranty is qualified by “Material Adverse Effect” or other materiality qualification, in all respects) as of the
date made;

 

(d)          Collateral
Document Default. The occurrence of an “Event of Default” under and as defined in the Pledge and Security Agreement
or any other Collateral Document.

 

(e)          Insolvency
Default. Maker or any Material Subsidiary admits in writing its inability to pay its debts or voluntarily brings, acquiesces
in, or becomes subject to, any of the following: (A) any action for dissolution, act of dissolution or dissolution or the like
of Maker or such Material Subsidiary under the United States Bankruptcy Code as now or hereafter constituted; (B) the filing of
a petition or answer proposing the adjudication of Maker or any such Material Subsidiary as a bankrupt or its reorganization or
arrangement, or any composition, readjustment, liquidation, dissolution or similar relief with respect to it pursuant to any present
or future federal or state bankruptcy or similar law; (C) the appointment by order of a court of competent jurisdiction of a receiver,
trustee or liquidator of the Premises or any part thereof or of Maker or any such Material Subsidiary; or (D) a transfer in fraud
of creditors or an assignment for the benefit of creditors.

 

(f)          Restricted
Payments. Making a Restricted Payment at any time that such Restricted Payment is prohibited under this Note.

 

    	 	12	 

     

    

 

(g)          Enforceability.
Maker shall contest, challenge or repudiate the validity, effectiveness or enforceability of this Note or any of the Collateral
Documents to which it is a party or shall seek to disaffirm, terminate, limit or reduce its obligations under this Note or any
of the Collateral Documents to which it is a party.

 

(h)          Cross-Acceleration.
There shall have occurred under any of Maker’s or its Subsidiaries’ Material Indebtedness an event which has resulted
in any holder thereof (or agent or trustee therefor) accelerating or otherwise causing such Material Indebtedness to become due
and payable prior to the scheduled maturity thereof, and Maker (or relevant Subsidiary) fails to satisfy its obligations under
such Material Indebtedness on the due date thereof.

 

10.          Remedies.
Immediately upon the occurrence of and during the continuation of an Event of Default:

 

(a)          Acceleration.
Upon the occurrence of an Event of Default under Section 9(e) above, the entire outstanding principal balance of this Note, together
with unpaid interest accrued thereon, shall be automatically due and payable in full without further action by the Payee. If an
Event of Default (other than an Event of Default under Section 9(e) above) shall occur and be continuing, then Payee shall have
the right, by notice to Maker, to declare all outstanding principal amount under this Note due and payable in full immediately,
and thereupon such outstanding principal amount, together with accrued interest thereon and other obligations of Maker accrued
hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by Maker.

 

(b)          Default
Interest. This Note shall bear interest at the Contract Rate plus four percent (4%) per annum (the “Default Rate”)
upon the occurrence and during the continuation of an Event of Default.

 

(c)          Restricted
Payments. Maker and its Subsidiaries shall not make any further Restricted Payments.

 

(d)          All
Other Remedies. Payee shall have all other rights available at law or in equity.

 

11.         Financial
Covenant Violation. Notwithstanding anything in Sections 8 or 9 to the contrary, a violation of the Financial Covenants will
not be an Event of Default and the following shall be Payee’s exclusive remedies with respect to a violation of any of the
Financial Covenants:

 

(a)          In
the event that Maker (A) fails to meet the Base Net Worth Requirement on any given quarterly test date for reasons other than the
net decline in the Fair Value of its consolidated assets and consolidated liabilities, or fails for any reason to meet the Minimum
Net Worth Requirement, or (B) fails to meet any other Financial Covenant on any given quarterly test date, then Maker shall meet
such Financial Covenant as of the next succeeding quarterly test date (i.e., at the end of the succeeding Reporting Period). In
the event that Maker does not meet such Financial Covenant as of such next succeeding quarterly test date, then, unless and until
Maker again meets such Financial Covenant, (A) the interest rate on this Note shall increase to the Default Rate as of such quarterly
test date, and (B) Maker and its Subsidiaries shall not make any Restricted Payments on or after such quarterly test date, except
for tax distributions permitted under Section 7 of Maker’s Operating Agreement.

 

    	 	13	 

     

    

 

(b)          Notwithstanding
anything in Section 11(a) or elsewhere in this Note to the contrary, the making of a Restricted Payment in violation of Section
11(a) shall be an Event of Default; provided, however, that any such Event of Default and any other Event of Default that may arise
solely in connection therewith shall be deemed cured with the payment made by Parent, to Payee in respect of Parent’s related
Restoration Obligation under the Parent Undertaking Guaranty.

 

12.         Payee’s
Costs. Maker shall pay Payee immediately upon demand all reasonable and documented out-of-pocket costs and expenses, including
reasonable and documented attorney’s fees incurred by Payee in protecting or asserting any of Payee’s rights under
this Note, including without limitation documented fees and expenses incurred in seeking legal advice in connection with any matter
related to the administration or enforcement of this Note and the Collateral Documents, or in connection with any default or potential
default, regardless of whether suit is filed (collectively, “Payee Costs”).

 

13.         Waiver
of Protest. Maker, and all parties to this Note, whether maker, endorser, or guarantor, waive presentment, notice of dishonor
and protest.

 

14.         Commercial
Loan. Maker warrants that this Note is the result of a commercial loan transaction.

 

15.         Choice
of Law. This Note shall be governed, construed and enforced in accordance with the laws of the State of New York without regard
to conflict of law principles that would result in the application of the law of another jurisdiction.

 

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

 

17.         Collateral.
This Note is secured by the Collateral described in the Pledge and Security Agreement of even date herewith by and between Pledgor
(as defined therein) and Payee (the “Pledge and Security Agreement”) and any ancillary documents or instruments executed,
filed or delivered in connection herewith or therewith (collectively with the Pledge and Security Agreement, the “Collateral
Documents”). Maker hereby consents to the terms of the Pledge Agreement and agrees to, to the extent permitted by all applicable
Requirements of Law, take any actions and execute such documents as reasonably requested by the Payee to protect and enforce its
first priority security interest in the Collateral and its rights and remedies under the Pledge Agreement.

 

    	 	14	 

     

    

 

18.         Consent
to Jurisdiction. This note shall be governed by and construed in accordance with the internal laws of the State of New York
without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction)
that would require the application of the laws of another jurisdiction.

 

Any legal suit, action
or proceeding arising out of or based upon this Note, any Collateral Documents or the transactions contemplated hereby or thereby
may be instituted in the Federal Courts of the United States of America or the courts of the State of New York in each case located
in the County of New York, in the city of New York, New York and both Payee and Maker irrevocably submit to the exclusive jurisdictions
of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to Payee’s
or Maker’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought
in any such court. Payee and Maker irrevocably and unconditionally waive any objection the laying of venue of any suit, action
or any proceeding in such court and irrevocably waive and agree not to plead or claim in any such court that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum.

 

19.         Waiver
of Jury Trial. Maker and, by its acceptance of this Note, Payee, each acknowledges and agrees that any controversy which may
arise under this Note or any Collateral Documents is likely to involve complicated and difficult issues and, therefore, each such
party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out
of or relating to this Note, any Collateral Documents and the transactions contemplated hereby or thereby. Maker and, by its acceptance
of this Note, Payee, each certifies and acknowledges that (a) no representative of any other party has represented, expressly
or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action, (b) such
party has considered the implications of this waiver, (c) such party makes this waiver voluntarily, and (d) such party
has been induced to enter into this Note by, among other things, the mutual waivers and certifications in this Section 19.

 

20.         Notice.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a
PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the following addresses
(or at such other address for a Party as shall be specified in a notice given in accordance with this Section 20.)

 

	 	If to Maker:	Hunt FS Holdings II, LLC
	 	 	980 North Michigan Avenue, Suite 1150
	 	 	Chicago, IL 60611
	 	 	Attention: Kara E. Harchuck, General Counsel
	 	 	Fax No.: 312-799-3909
	 	 	Email: kara.harchuck@huntcompanies.com

 

    	 	15	 

     

    

 

	 	With a copy to (which does not constitute notice):
	 	 	 
	 	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	 	1285 Avenue of the Americas
	 	 	New York, New York 10019-6064
	 	 	Attention: Jeffrey D. Marell, Esquire
	 	 	Ross A. Fieldston, Esquire
	 	 	Facsimile: (212) 492-0105, (212) 492-0075
	 	 	E-mail:  jmarell@paulweiss.com and rfieldston@paulweiss.com
	 	 	 
	 	If to Payee:	MMA Capital Management, LLC
	 	 	3600 O’Donnell Street, Suite 600
	 	 	Baltimore, Maryland 21224
	 	 	Attention:  Gary A. Mentesana and Megan Sophocles  Fax No.:  (443) 263-2857
	 	 	Email:  gary.mentesana@mmacapitalmanagement.com and megan.sophocles@mmacapitalmanagement.com
	 	 	 
	 	With a copy to (which does not constitute notice):
	 	 	 
	 	 	Gallagher Evelius & Jones LLP 
	 	 	218 N. Charles Street, Suite 400
	 	 	Baltimore, Maryland 21201
	 	 	Attention: Stephen A. Goldberg, Esquire
	 	 	Fax No.:  (410) 468-2786
	 	 	Email: sgoldberg@gejlaw.com

 

21.         Construction.
No provision of this Note shall be construed for or against any party on the grounds that one party or the other was the drafter
thereof, it being agreed that this Note was fully negotiated by the parties and their counsel. For purposes of this Note: (a) the
words “include”, “includes” and “including” shall be deemed to be followed by the words “without
limitation”; (b) the word “or” is not exclusive; and (c) the words “herein”, “hereof”,
“hereby”, “hereto” and “hereunder” refer to this Note as a whole. Unless the context otherwise
requires, references herein to Sections mean the Sections of this Note. The headings in this Note are for reference only and shall
not affect the interpretation of this Note.

 

22.         Tax
Forms. The Payee shall, prior to the first Interest Payment Date, deliver to Maker a validly-completed IRS form W-9 or applicable
IRS form W-8 of Payee and any reasonably requested supporting documentation. Thereafter, upon transfer by Payee of any portion
of its interest in this Note pursuant to Section 7.9 of the Pledge and Security Agreement, Maker’s reasonable request or
any IRS form or certification previously delivered by Payee or its successors or assigns expiring or becoming obsolete or inaccurate
in any respect, Payee, or the relevant successor or assign, as the case may be, shall update such IRS form or certification. If
Payee fails to deliver any properly completed IRS form or certification indicating that no tax withholding is required with respect
to any payments hereunder or under the Pledge and Security Agreement, Maker shall be permitted to so withhold in accordance with
applicable legal requirements.

 

    	 	16	 

     

    

 

23.         Waiver.
This Note may only be amended, modified or supplemented only by an agreement in writing signed by both Maker and Payee. No waiver
by Payee of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by Payee. No waiver
by Payee shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such
written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise,
or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.

 

24.         Reduction
of Principal. The outstanding principal amount of this Note shall be reduced, on a dollar for dollar basis, by the amount of
any Restoration Payment received by Payee.

 

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

 

    	 	17	 

     

    

 

	 	MAKER:
	 	 	 
	 	HUNT FS HOLDINGS II, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ James C. Hunt
	 	Name:	James C. Hunt
	 	Title:	Chief Executive Officer

 

    	 	18	 

     

    

 

Annex I          Certain Definitions

 

“Base Net Worth Requirement”
has the meaning given in Section 8(a)(i).

 

“Consolidated EBITDA”
means for any Reporting Period, (a) the Consolidated Net Income of the Group Members, plus (b) without duplication, to the
extent deducted in determining net income, the sum of the following amounts for Maker and such Subsidiaries that were recognized
in Maker’s Financial Statements:

 

(i)          income
taxes incurred during such period,

 

(ii)         Interest
during such period,

 

(iii)        depreciation
and amortization expense for such period,

 

(iv)        any
amortization of the MSR Value recognized during such period,

 

(v)         charges
taken during such period relating to a write-down, write-off or reserve with respect to MSRs,

 

(vi)        all
other non-cash charges or losses incurred during such period (except to the extent that such non-cash charges are reserved for
cash charges to be taken in the future),

 

(vii)       fees
and expenses incurred in connection with any financing transactions consummated by Maker and its Subsidiaries during the 12-month
period ending on the date of the Note, and fees and expenses incurred during the applicable Reporting Period in connection with
the issuance of any additional Indebtedness or Equity Interests permitted to be issued hereunder,

 

(viii)      fees
and expenses incurred in connection with the Note Documents or any documents in respect of any Specified Notes, the Guilford Trust
Debt, the KKR Credit Agreement or any Warehouse Facilities during such period,

 

(ix)         losses
incurred during such period in connection with discontinued operations,

 

(x)          unrealized
losses or provisions in respect of Hedging Agreements, derivatives contracts, loans, financial instruments and real estate investments,

 

(xi)         provisions
for at-risk sharing obligations or any comparable loss sharing arrangements,

 

(xii)        unusual
or non-recurring losses and charges,

 

(xiii)       proceeds
actually received by the Group Members during such period from any business interruption insurance (to the extent such proceeds
are not reflected as revenue or income in such statement of such Consolidated Net Income),

 

    	 	Annex I-1	 

     

    

 

(xiv)      charges
or write-offs to the extent indemnified or insured by a third party, including expenses covered by indemnification provisions in
any agreement in connection with the Master Transaction Agreement or any other acquisition by Maker or any of its Subsidiaries
to the extent actually reimbursed (and to the extent such reimbursement proceeds are not included in arriving at Consolidated Net
Income),

 

minus (c),
without duplication and to the extent included in determining Consolidated Net Income, the sum of

 

(i)          the
fair value of expected net future cash flows from servicing rights recognized at commitment,

 

(ii)         gains
during such period in connection with discontinued operations,

 

(iii)        unrealized
gains in respect of Hedging Agreements, derivatives contracts and loans,

 

(iv)        any
cash loan loss expenses not otherwise deducted or excluded from the determination of Consolidated Net Income, and

 

(v)         realized
risk sharing losses.

 

“Consolidated Leverage
Ratio” means, as of the last day of any Reporting Period, the ratio of (a) Consolidated Total Debt as of such last day to
(b) Consolidated Net Assets as of such last day.

 

“Consolidated Net
Assets” shall mean, as of the end of a Reporting Period, the consolidated total assets as reflected on the consolidated
balance sheet of Maker in accordance with GAAP applied consistently with past practice, less (ii) any amount drawn by Maker
or any of its Subsidiaries under any Warehouse Facilities.

 

“Consolidated Net
Income” means for any Reporting Period, the net income (loss) of the Group Members as reported in Maker’s Financial
Statements, determined on a consolidated basis in accordance with GAAP; provided that, in calculating Consolidated Net Income of
the Group Members for any Reporting Period, there shall be excluded, without duplication the following amounts that were recognized
in Maker’s Financial Statements, (a) the income (or loss) for such period of any Person (other than a Subsidiary of Maker)
in which any Group Member has an ownership interest, except to the extent that any such income is actually received by a Group
Member in the form of dividends or similar distributions (which dividends and distributions shall be included in the calculation
of Consolidated Net Income of the Group Members), (b) any extraordinary gains and losses and non-recurring gains or losses which
were not incurred in the ordinary course of business, (c) any tax refunds, net operating losses or other net tax benefits, (d)
the cumulative effect of a change in accounting principles during such period and (e) effects of purchase accounting adjustments
(including the effects of such adjustments pushed down to such Person and its subsidiaries) required or permitted by GAAP, resulting
from the application of purchase accounting or the amortization or write-off of any amounts thereof, net of taxes.

 

    	 	Annex I-2	 

     

    

 

“Consolidated Total
Debt” means, as of any date of determination, all outstanding long-term Indebtedness of the types described in clauses (a),
(d) (solely to the extent such letters of credit or similar instruments are drawn and not unreimbursed) and (e) of the definition
of “Indebtedness” set forth in Section 1 of this Note and, without duplication, all guarantee obligations with respect
to any such Indebtedness to the extent such Indebtedness is reflected on the balance sheet of Maker and its Subsidiaries as a liability
in accordance with GAAP applied consistently with past practice, in each case, of the Group Members on a consolidated basis. For
the avoidance of doubt, Consolidated Total Debt shall not include any amount drawn, issued or borrowed by Maker or any of its Subsidiaries
under any Warehouse Facilities.

 

“Debt Service”
means, with respect to any Reporting Period, the aggregate amount of payments required to be made by Maker and its Subsidiaries
during such period in respect of the Consolidated Total Debt in such period, consisting of the Quarterly Amortization Amount and
the Interest to the extent required to be made during such Reporting Period, increased or decreased, as applicable, by any amounts
paid or received in respect of Hedging Agreements in respect of the interest rate payable in respect of any such Consolidated Total
Debt.

 

“Debt Service Coverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA to (b) Debt Service, in each case in
respect of the Reporting Period applicable to such date; provided, that for purposes of calculating the Debt Service Coverage Ratio,
99% of the deduction set forth in clause (c)(i) of the definition of Consolidated EBITDA shall be disregarded.

 

“Group Members”
means collectively, Maker and its consolidating Subsidiaries.

 

“Interest”
means, with respect to any Reporting Period, the aggregate amount of interest expense of Maker and its Subsidiaries for such period,
whether paid or accrued, including without limitation, amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated
with capital lease obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings, and net of the effect of all payments made, received or accrued in connection with Hedging Agreements with
respect to Consolidated Total Debt in respect of the interest rate payable in such period, and in any event excluding any impact
from the Warehouse Facilities (including securitization).

 

“Interest Coverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA to (b) Interest.

 

“KKR Credit Agreement”
means that certain Loan and Guaranty Agreement, dated as of February 14, 2017, by and among HCH Holdings, LLC, as borrower, the
guarantors party thereto from time to time, the lenders party thereto from time to time, and Wilmington Savings Fund Society, FSB,
as administrative agent and collateral agent, as may be amended, restated, amended and restated, supplemented, extended or otherwise
modified from time to time.

 

“Minimum Net Worth
Requirement” has the meaning given in Section 8(a)(i).

 

“MSR Value”
means, on any date, with respect to MSRs owned by Maker or any wholly-owned Subsidiary of Maker, the aggregate value thereof as
reflected in the relevant balance sheets and determined in accordance with GAAP.

 

“MSRs” means
mortgage servicing rights of Maker and its Subsidiaries.

 

    	 	Annex I-3	 

     

    

 

“Net Worth Covenant”
has the meaning given in Section 8(g).

 

“Note Quarterly Amortization
Amount” means Two Million Eight Hundred Fifty Thousand Dollars ($2,850,000) being five percent (5%) of the original principal
amount of the Note.

 

“Quarterly Amortization
Amount” means, with respect to any Reporting Period, the aggregate of the following quarterly amortization payments for such
period: the Note Quarterly Amortization Amount, the Specified Note Quarterly Amortization Amount, the quarterly principal amortization
payment actually required to be made pursuant to the KKR Credit Agreement, and any quarterly principal amortization payment actually
required to be made pursuant to the documentation in respect of any other Consolidated Total Debt.

 

“Specified Note Quarterly
Amortization Amount” means the quarterly amortization payments on the Specified Notes, each such payment being equal to five
percent (5%) of the original principal amount of the Specified Notes.

 

“Tangible Net Worth”
shall mean, as to any Person, as of the end of a Reporting Period, the difference between the carrying value of (i) the consolidated
total assets of such Person minus the consolidated intangible assets of such Person (for clarity, MSRs shall not be deemed intangible
assets) and (ii) the consolidated total liabilities of such Person, all as reported in such Person’s consolidated balance
sheets, in each case prepared in accordance with GAAP on a consolidated basis with such Person’s Subsidiaries, disregarding
the effect of any minority interests.

 

“Warehouse Facilities”
means any warehouse lines of credit, repurchase facilities and Federal Home Loan Bank financings, and any nonrecourse financings,
in each case, established consistent with past business practices and used by Maker or any of its Subsidiaries in the ordinary
course of business to acquire or hold assets, and any replacement lines of credit established in connection therewith. For the
avoidance of doubt, any liabilities related to securitizations shall be deemed to be Warehouse Facilities.

 

    	 	Annex I-4

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