Document:

EX-10.1

MMA FINANCIAL, INC.

EMPLOYMENT AGREEMENT

Greg Thor

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 3rd day of October, 2005, by
and between MMA Financial, Inc., a Delaware corporation (“Employer”) and Greg Thor (“Employee”).

WHEREAS, Employer and Employee desire to enter into an employment relationship, the terms of
which are to be set forth in this Agreement.

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

1. Employment and Duties. Employer agrees to hire Employee, and Employee agrees to be
employed by Employer, in the position of Vice President and Controller (or Chief Accounting
Officer) on the terms and conditions provided in this Agreement. Employee shall perform the duties
and responsibilities reasonably determined from time to time by Employer consistent with the types
of duties and responsibilities typically performed by a person serving in Employee’s position at
businesses similar to that of Employer. Employee agrees to devote his/her best efforts and full
time, attention and skill in performing the duties of his/her position. Provided that such
activity shall not violate any provision of this Agreement (including the noncompetition provisions
of Section 8 below) or materially interfere with his/her performance of his/her duties hereunder,
nothing herein shall prohibit Employee (a) from participating in any other business activities
approved in advance by Employer in accordance with any terms and conditions of such approval, such
approval not to be unreasonably withheld or delayed, (b) from engaging in charitable, civic,
fraternal or trade group activities, or (c) from investing in other entities or business ventures.

2. Compensation. As compensation for performing the services required by this
Agreement, and during the term of this Agreement, Employee shall be compensated as follows:

(a) Base Compensation. Employer shall pay to Employee a salary (“Base Compensation”)
at the annual rate of Two Hundred Thousand Dollars ($200,000), payable in accordance with the
general policies and procedures of Employer, but in any event no less frequently than every two
weeks, in substantially equal installments, subject to withholding for applicable federal, state
and local taxes. Increases in Base Compensation, if any, shall be determined by Employer based on
periodic reviews of Employee’s performance. During the term of this Agreement, Employee’s annual
Base Compensation shall not be reduced below the initial Base Compensation set forth above.

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(b) Incentive Compensation.

(i) In addition to Base Compensation, Employee shall be eligible to receive additional
compensation (“Incentive Compensation”), pursuant to such Incentive Compensation Plan as may from
time to time be adopted by Employer. The Plan will provide that Employee is eligible to receive an
annual bonus of up to 50% of Employee’s Base Compensation then in effect. The amount of the bonus
will be based on a formula weighted approximately equally among Employee’s performance and
Employer’s company-wide performance. The formula will be initially determined (and may be modified
from time to time) by Employer, following consultation with Employee.

(ii) Incentive Compensation will take the form of cash. Employee acknowledges that the
formula set forth in the Incentive Compensation Plan may vary for each employee who participates
therein. Incentive Compensation for any given fiscal year (beginning in 2006) shall be determined
no later than 60 days after the end of Employer’s fiscal year and paid no later than the fifth
(5th) day of the third month following the last day of Employer’s fiscal year. If
Employee separates from employment during any fiscal year for which Employee is eligible for
Incentive Compensation, no Incentive Compensation shall be payable except as otherwise specifically
provided herein.

(c) Signing Incentive. In addition to the foregoing, as a signing incentive, Employer
shall pay to Employee upon execution of this Agreement the sum of $25,000 in cash, and shall issue
to Employee that number of common shares of Municipal Mortgage & Equity, LLC (the “Company”) having
a total value of $225,000 based on the closing price of the shares valued as of October 2, 2005.
The shares shall vest in the following installments: 2,042 shares will vest on or about March 1,
2006; 3,062 shares will vest on or about March 1, 2007; and 4,083 shares will vest on or about
March 1, 2008; provided, however, that no shares shall be issued if Employer has terminated
Employee with cause or for unsatisfactory performance, or the Employee has resigned voluntarily
without good reason, on or before the scheduled issuance date of such installment.

3. Employee Benefits. During the term of this Agreement, Employee and his/her
eligible dependents shall have the right to participate in any retirement, pension, insurance,
health or other benefit plan or program adopted by Employer (or in which Employer participates)
subject, in the case of a plan or program, to all of the terms and conditions thereof, and to any
limitations imposed by law. To the extent that Employee has similar benefits under a plan or
program established by any other entity, Employee shall nonetheless have the right to the benefits
provided by Employer’s plan or program; provided, however, that where by the terms of any plan or
program, or under applicable law, Employee may only participate in one such plan or program,
Employee shall have the option to limit his/her participation to the plan or program sponsored by
Employer, or to such other plan or program. Employee shall have the right, to the extent permitted
under any applicable law, to participate concurrently in plans or programs sponsored by others
(including self-employment plans or programs) and in plans or programs sponsored by Employer.

4. Vacation, Sickness and Leaves of Absence. Employee shall be entitled to five (5)
weeks paid vacation during each fiscal year. Employee shall provide Employer with reasonable
notice of anticipated vacation dates. Any vacation days that are not taken in a given fiscal year
shall accrue and carryover from year to year, and, upon any termination of this Agreement for any
reason whatsoever, all accrued and unused vacation time will be paid to Employee within 10 days of
such termination based on his/her annual rate of Base Compensation in effect on the date of such
termination; provided, however, that no more than ten (10) days of accrued vacation may be carried
over at any time. In addition, Employee shall be entitled to such sick leave and holidays, with
pay, as Employer provides to other employees. Up to ten (10) days of unused sick leave shall be
carried forward or compensated upon termination of employment. Employee may also be granted leaves
of absence with or without pay for such valid and legitimate reasons as Employer, in its sole and
absolute discretion, may determine.

5. Expenses. Employee shall be entitled to receive, within a reasonable period of
time after he/she has delivered to Employer an itemized statement thereof, and after presentation
of such invoices or similar records as Employer may reasonably require, reimbursement for all
necessary and reasonable expenses incurred by him/her in connection with the performance of his/her
duties. To the extent necessary to avoid characterizing any reimbursement to Employee as deferred
compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), such
reimbursements shall be submitted no later than March 1 following the close of the calendar year in
which the expense was incurred by Employee and paid on or before March 15th following
the close of such calendar year. Amounts which are not submitted within the required timeframe
shall not be eligible for reimbursement hereunder.

6. Term. The initial term of this Agreement shall be for three (3) years (the
“Initial Term”), commencing on October 3, 2005 (the “Effective Date”) and ending on October 2,
2008. This Agreement shall automatically renew for successive one-year periods after the end of
the Initial Term, unless at least thirty days prior to the commencement of any such extension
period either party shall give the other party written notice of its intention to terminate this
Agreement. This Agreement may also be terminated at the times and under the circumstances set
forth in section 7 below. The term of this Agreement in effect at any given time is herein
referred to as the “Term.” Any termination of this Agreement shall be subject to Section 8 below.

7. Termination and Termination Benefits.

(a) Termination by Employer.

(i) With Cause. Employer may terminate this Agreement with cause by giving ten (10)
days prior written notice to Employee. In such event, Employee shall be paid his/her Base
Compensation and all other benefits to which he/she is entitled under this Agreement up through the
effective date of termination. For purposes of this Section, termination for cause shall mean (A)
acts or omissions by Employee with respect to Employer which constitute intentional misconduct or a
knowing violation of law; (B) receipt by Employee of money, property or services from Employer or
from another person dealing with Employer in violation of law or this Agreement, (C) breach by
Employee of the noncompetition provisions of this Agreement, (D) breach by Employee of his/her duty
of loyalty to Employer, (E) gross negligence by Employee in the performance of his/her duties, (F)
repeated failure by Employee to perform services that have been reasonably requested of him/her by
Employer, following thirty (30) days notice and opportunity to cure and if such requests are
consistent with this Agreement, (G) violation of Employer’s policies with respect to alcohol or
drug use or abuse which could under those policies result in an employee’s termination, or (H)
conviction of a crime (other than minor traffic violations).

(ii) Unsatisfactory Performance. Employer may terminate this Agreement for
unsatisfactory job performance by giving sixty (60) days prior written notice to Employee. In such
event, Employee shall be paid his/her Base Compensation and all other benefits to which he/she is
entitled under this Agreement up through the effective date of termination. Employee shall also
receive, as severance pay, an amount equal to three (3) months’ Base Compensation.

(iii) Without Cause. Employer may terminate this Agreement without cause by giving
ninety (90) days prior written notice to Employee. Employee shall be paid his/her Base
Compensation and all other benefits to which he/she is entitled under this Agreement up through the
effective date of termination, plus a proportionate share of the Incentive Compensation that the
Employee would have received for the year in which the termination occurs, based on the ratio which
the number of calendar months (including any partial months) worked in the current year bears to
twelve (12) (the “Proportionate Share”). Employee shall also receive as severance pay an amount
equal to the greater of twelve (12) months Base Compensation or the Base Compensation that Employee
would have received during the remaining Term of this Agreement; provided, however, that if notice
of termination without cause is given within eighteen (18) months following a Change in Control (as
defined below), the severance pay shall be equal to the greater of two (2) years Base Compensation
or the Base Compensation that Employee would have received during the remaining Term of this
Agreement. Any remaining installments of the signing incentive shall continue to vest in
accordance with the schedule described in Section 2(c).

(iv) Disability. If due to illness, physical or mental disability, or other
incapacity, Employee shall fail to perform the duties required by this Agreement, Employer may
terminate this Agreement by giving 30 days written notice to Employee. In such event, Employee
shall be paid his/her Base Compensation and receive all benefits owing to him/her under this
Agreement through the effective date of termination and shall receive his/her Proportionate Share.
Employee shall also receive as severance pay an amount equal to the greater of twelve (12) months’
or the Base Compensation that Employee would have received during the remaining Term of this
Agreement. Any remaining installments of the signing incentive shall continue to vest in
accordance with the schedule described in Section 2(c). Employee shall be considered disabled under
this paragraph if he/she is unable to work due to disability for a total of 120 or more business
days during any 12-month period. Nothing in this paragraph shall be construed to limit Employee’s
rights to the benefits of any disability insurance policy provided by Employer and this Section
shall not be construed as varying the terms of any such policy in any manner adverse to Employee.

(b) Termination by Employee. Employee may terminate this Agreement for good reason by
giving 30 days prior written notice to Employer. In such event, Employee shall be paid his/her
Base Compensation and shall receive all benefits through the date of termination and shall receive
his/her Proportionate Share. Employee shall also receive as severance pay an amount equal to the
greater of twelve (12) months Base Compensation or the Base Compensation that Employee would have
received during the remaining Term of this Agreement; provided, however, that if notice of
termination for good reason is given within eighteen (18) months following a Change in Control (as
defined below), the severance pay shall be equal to the greater of two (2) years Base Compensation
or the Base Compensation that Employee would have received during the remaining Term of this
Agreement. Any remaining installments of the signing incentive shall continue to vest in
accordance with the schedule described in Section 2(c). Employee shall have “good reason” to
terminate his/her employment if (i) his/her Base Compensation, as in effect at any given time,
shall be reduced without his/her consent, (ii) Employer shall fail to provide any of the material
payments or benefits provided for under this Agreement, (iii) Employer shall, without Employee’s
consent, materially reduce or alter Employee’s duties, or (iv) Employer shall require Employee to
take any act which would be a violation of federal, state or local criminal law. With respect to
clause (iii), Employee shall be deemed to have consented if such consent is either expressly given
or if no objection to any change in duties is given in writing within sixty (60) days of such
change being implemented.

(c) Change in Control. The acquisition of voting control of Employer by any one or
more persons or entities who are directly, or indirectly through one or more intermediaries, under
common control, or who are related to each other within the meaning of Sections 267 and 707(b) of
the Internal Revenue Code, shall be deemed a “Change in Control.”

(d) Death Benefit. Notwithstanding any other provision of this Agreement, this
Agreement shall terminate on the date of Employee’s death. In such event, Employee’s estate shall
be paid two (2) years’ Base Compensation, payable in a lump sum within five (5) business days’ of
Employer’s receipt of any insurance proceeds. In addition, any undisbursed installments of the
signing incentive described in Section 2(c) shall be considered vested and shall be issued to
Employee’s estate. Employer shall carry as much life insurance on Employee’s life as Employer may
from time to time determine.

(e) Severance Payments. Severance payments owing to the Employee under this Section 7
shall be payable in accordance with Employer’s normal payroll schedule unless Employer, in its sole
discretion, elects to make a lump sum payment to Employee.

(f) Cooperation. In the event of the termination of Employee’s employment for any
reason other than death or disability, for a period of twelve months after the effective date of
such termination, Employee agrees to cooperate with and be reasonably available to Employer, at
Employer’s request, with respect to matters arising out of Employee’s employment. Employer shall
reimburse Employee for all authorized expenses incurred by Employee during such period in
connection with such cooperation.

(g) Payment of Deferred Compensation. To the extent that any amount payable under
this Section 7 would otherwise constitute Deferred Compensation (defined in subsection 7(h) below)
if paid in accordance with the provisions of this Section 7 (or would constitute Deferred
Compensation if paid pursuant to the exercise of any discretion by the Employer under this Section
7), then any amount remaining unpaid as of the last day on which such amounts must be paid in order
to avoid the characterization of such amounts as Deferred Compensation shall be paid in a single
lump sum on or before such date. If, notwithstanding the forgoing, any amount payable under this
Section 7 is deemed to be Deferred Compensation, then such Deferred Compensation shall become
payable only upon the Employee’s Separation from Service (defined in subsection 7(h) below).
Further, to the extent that the Employee is a Specified Employee (defined in subsection 7(h)
below), Deferred Compensation payable in connection with a Separation From Service that must be
delayed in order to comply with Section 409A(a)(2)(B) of the Code shall not be made before the date
which is six (6) months after the date of the Employee’s Separation from Service (or, if earlier,
the date of death of the Employee). Any payment that is delayed in accordance with the forgoing
sentence shall be made on the first business day following the expiration of such six (6) month
period.

(h) Definitions.

(i) “Deferred Compensation” means any amount that is deemed to be deferred compensation under
(and subject to) Section 409A of the Code.

(ii) “Specified Employee” has the meaning given to such term by Section 409A(a)(2)(B)(i) of
the Code.

(iii) “Separation From Service” means a separation from service within the meaning of Section
409A of the Code.

8. Covenant Not to Compete.

(a) Noncompetition (corporate). Except as provided below, from and after the
Effective Date and continuing for the longer of (i) 12 months following the expiration or
termination of this Agreement or (ii) the remainder of the Term of this Agreement, Employee shall
not without the prior written consent of Employer: (v) become employed by, or undertake to work
for, directly or indirectly, whether as an advisor, principal, agent, partner, officer, director,
employee, shareholder, associate or consultant of or to, any person, partnership, corporation or
other business entity which is a Major Competitor of Employer; (w) solicit any employee of Employer
to change employment; (x) solicit any client, customer or investor of Employer or any of its
subsidiaries which closed (in any capacity) a transaction with Employer or any of its subsidiaries
during the thirty-six (36) months preceding Employee’s termination; (y) disclose proprietary or
confidential information of Employer or its subsidiaries, including without limitation, tax, deal
structuring, pricing, customer, client, revenue, expense, or other similar information; or (z)
disparage the Company or any of its products, partners, officers, directors, employees, affiliates,
subsidiaries or agents in his or her dealings with any person or entity within or outside of the
Company, except that statements made pursuant to legal process shall not be deemed to violate this
clause. Notwithstanding the foregoing, if Employer terminates Employee without cause under Section
7(a)(iii) of this Agreement, or Employee resigns for good reason under Section 7(b), clause (v) of
this paragraph (a) shall not apply. As used herein “Major Competitor” shall mean Charter Mac and
its Affiliates, GMAC and its Affiliates, and any other person or entity whose primary business
lines include business lines in which the Company or its subsidiaries are engaged, unless the net
worth of such person or entity (if privately held) or the market capitalization of such company (if
publicly held) is less than $200 Million.

(b) Reasonable Restrictions. Employee acknowledges that the restrictions of
subparagraph (a) above are reasonable, fair and equitable in scope, term and duration, are
necessary to protect the legitimate business interests of Employer, and are a material inducement
to Employer to enter into this Agreement. Employer and Employee both agree that in the event a
court shall determine any portion of the restrictions in subparagraph (a) are not reasonable, the
court may change such restrictions, including without limitation the geographical restrictions and
the duration restrictions, to reflect a restriction which the court will enforce as reasonable.

(c) Specific Performance. Employee acknowledges that the obligations undertaken by
him/her pursuant to this Agreement are unique and that if Employee shall fail to abide by any of
the restrictions set forth in subparagraph (a), Employer will suffer harm for which there is no
adequate remedy at law. Employee therefore confirms that Employer shall have the right, in the
event of a violation of subparagraph (a), to injunctive relief to enforce the terms of this Section
8 in addition to any other remedies available at law or in equity.

9. Indemnification and Liability Insurance. Employer hereby agrees to defend,
indemnify and hold Employee harmless, to the maximum extent allowed by law, from any and all
liability for acts or omissions of Employee performed in the course of Employee’s employment (or
reasonably believed by Employee to be within the scope of his/her employment) provided that such
acts or omissions do not constitute (a) criminal conduct, (b) willful misconduct, or (c) a fraud
upon, or breach of Employee’s duty of loyalty to, Employer. Employer shall at all times carry
Directors’ and Officers’ liability insurance in commercially reasonable amounts, but in any event
not less than Five Million Dollars ($5,000,000).

10. Miscellaneous.

(a) Complete Agreement. This Agreement constitutes the entire agreement among the
parties with respect to the matters set forth herein and supersedes all prior understandings and
agreements between the parties as to such matters. No amendments or modifications shall be binding
unless set forth in writing and signed by both parties.

(b) Successors and Assigns. Neither party may assign its rights or interest under
this Agreement without the prior written consent of the other party, except that Employer’s
interest in this Agreement may be assigned to a successor by operation of law or to a purchaser
purchasing substantially all of Employer’s business, and Employee’s benefits under this Agreement
may be assigned by operation of law to Employee’s heirs, devisees and personal representatives.
This Agreement shall be binding upon and shall inure to the benefit of each of the parties and
their respective permitted successors and assigns.

(c) Severability. Each provision of this Agreement is severable, such that if any
part of this Agreement shall be deemed invalid or unenforceable, the balance of this Agreement
shall be enforced so as to give effect as to the intent of the parties.

(d) Representations of Employer. Employer represents and warrants to Employee that it
has the requisite limited liability company power to enter into this Agreement and perform the
terms hereof and that the execution, delivery and performance of this Agreement have been duly
authorized by all appropriate company action.

(e) Construction. This Agreement shall be governed in all respects by the internal
laws of the State of Maryland (excluding reference to principles of conflicts of law). As used
herein, the singular shall include the plural, the plural shall include the singular, and the use
of any pronoun shall be construed to refer to the masculine, feminine or neuter, all as the context
may require.

(f) Compliance with Section 409A. To the extent that Section 409A of the Code applies
to any election or payment required under this Agreement, such payment or election shall be made in
conformance with the provisions of Section 409A of the Code.

(g) Notices. All notices required or permitted under this Agreement shall be in
writing and shall be deemed given on the date sent if delivered by hand or by facsimile, and on the
next business day if sent by overnight courier or by United States mail, postage prepaid, to each
party at the following address (or at such other address as a party may specify by notice under
this section):

If to Employer:

MMA Financial, Inc.

621 East Pratt Street

Suite 300

Baltimore, Maryland 21202

Attention: Chief Executive Officer

If to Employee:

12024 Sand Hill Manor Drive

Marriottsville, MD 21104

(g) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original and all of which together shall constitute one instrument.

[Signature Page Follows]

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IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Agreement as of the date and year first above written.

EMPLOYER:

MMA FINANCIAL, INC.

By: Melanie M. Lundquist

Name: Melanie M. Lundquist

Title: Executive Vice President and Chief Financial Officer

EMPLOYEE:

/s/ Gregory J. Thor

Greg Thor

3EX-10.2

Amendment No. 8

To

Fifth Amended And Restated Revolving Loan And Letter Of Credit Agreement

This Amendment No. 8 (this “Amendment”) is entered into as of November 3, 2006, among: the
two entities included among the Borrower as listed on Exhibit A attached hereto
(individually, and collectively, jointly and severally, the “Borrower”); the several entities
included among the Guarantors as listed on Exhibit A attached hereto (each, individually, a
“Guarantor,” and collectively, jointly and severally, the “Guarantors”); the several entities
included among the Banks as listed on Exhibit A attached hereto (each, individually, a
“Bank” and collectively, but not jointly, the “Banks”); and Bank of America, N.A. (“Bank of
America”), as agent for the Banks (in such capacity, the “Agent”).

RECITALS

Reference is made to the following facts that constitute the background of this Amendment:

	 	A.	 	The parties hereto have entered into that certain Fifth Amended and Restated
Revolving Loan and Letter of Credit Agreement dated as of November 4, 2005 (as amended
and/or restated from time to time, the “Loan Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the same meanings herein as ascribed
to them in the Loan Agreement;

	 	B.	 	The Borrower and the Guarantors have requested that the Loan Agreement be
renewed for a period of 6 months; and

	 	C.	 	The Banks and the Agent are willing to grant such request solely upon the terms
and conditions set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing recitals and of the representations,
warranties, covenants and conditions set forth herein and in the Loan Agreement, and for other
valuable consideration the receipt and adequacy of which is hereby acknowledged, the parties agree
as follows:

Section 1. Amendment.

(a) The definition of “Maturity Date” in Section 1.1 of the Loan Agreement is hereby amended
by replacing “November 3, 2006” with “May 3, 2007”.

From and after the date hereof, all references to the term “Maturity Date” in the Credit
Documents shall mean such term as amended hereby.

Section 2. Commitment Fee.

(a) In consideration of the execution and delivery of this Amendment, and the extension and
administration of the credit facilities extended under the Loan Agreement, the Borrower and
Guarantors, jointly and severally, agree to pay a commitment fee to the Agent on the date hereof,
for the ratable benefit of the Banks, in the aggregate amount of $262,500 (equal to 0.375% of
$140,000,000, which is the Maximum Amount under the Loan Agreement as of the date hereof pro rated
for a half-year renewal), which shall be deemed fully-earned and non-refundable simultaneously with
the execution and delivery of this Amendment (the “Commitment Fee”). The Commitment Fee shall be
remitted by the Agent to the Banks (including itself as a Bank) in accordance with their Commitment
Percentages.

(b) Should an additional lender join in the Loan Agreement as a Bank after the date hereof, or
should one (or more) of the Banks increase its Commitment above the amount reflected herein (each
such joinder or increase, as the case may be, referred to herein as an “Increase Event”), the
Borrower and Guarantors, jointly and severally, agree to pay an additional commitment fee to the
Agent on the date of each such Increase Event, for the ratable benefit of such Bank(s), in an
amount equal to 0.375% of the amount by which the Maximum Amount increases as a result of such
Increase Event, which additional commitment fee shall be deemed fully-earned and non-refundable on
the date of such Increase Event. Such additional Commitment Fees shall be prorated on the basis of
the number of days from the date of such Increase Event to the Maturity Date.

Section 3. Representations and Warranties. The Borrower and Guarantors,
jointly and severally, represent and warrant to the Banks as of the effective date of this
Amendment that, assuming the due execution and delivery of this Amendment: (a) no Default or Event
of Default is in existence, from and after, or will result from, the execution and delivery of this
Amendment or the consummation of any transactions contemplated hereby; (b) each of the
representations and warranties of the Borrower and the Guarantors in the Loan Agreement and the
other Credit Documents is true and correct in all material respects on the effective date of this
Amendment (except for representations and warranties limited as to time or with respect to a
specific event, which representations and warranties shall continue to be limited to such time or
event) and (c) this Amendment and the Loan Agreement (as amended by this Amendment) are legal,
valid and binding agreements of the Borrower and the Guarantors and are enforceable against them in
accordance with their terms.

Section 4. Ratification. Except as hereby amended, the Loan Agreement, all
other Credit Documents and each provision thereof are hereby ratified and confirmed in every
respect and shall continue in full force and effect, and this Amendment shall not be, and shall not
be deemed to be, a waiver of any Default or Event of Default or of any covenant, term or provision
of the Loan Agreement or the other Credit Documents. In furtherance of the foregoing ratification,
by executing this Amendment in the spaces provided below, each of the Guarantors, on a joint and
several basis, hereby absolutely and unconditionally (a) reaffirms its obligations under the
Guaranty, and (b) absolutely and unconditionally consents to (i) the execution and delivery by the
Borrower of this Amendment, (ii) the continued implementation and consummation of arrangements and
transactions contemplated by the Loan Agreement (including, without limitation, as amended hereby)
and the other Credit Documents, and (iii) the performance and observance by the Borrower and each
Guarantor of all of its respective agreements, covenants, duties and obligations under the Loan
Agreement (including, without limitation, as amended hereby) and the other Credit Documents.

Section 5. Conditions Precedent. The agreements set forth in this Amendment
are conditional and this Amendment shall not be effective until (i) receipt by the Agent of a
fully-executed counterpart original of this Amendment, and (ii) payment by the Borrower and the
Guarantors of the Commitment Fee.

Section 6. Counterparts. This Amendment may be executed and delivered in any
number of counterparts with the same effect as if the signatures on each counterpart were upon the
same instrument.

Section 7. Amendment as Credit Document. Each party hereto agrees and
acknowledges that this Amendment constitutes a “Credit Document” under and as defined in the Loan
Agreement.

SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO CONSTITUTE A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, INCLUDING ARTICLE 5 OF THE UCC, AND SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO ITS
CONFLICTS OF LAW RULES).

Section 9. Successors and Assigns. This Amendment shall be binding upon each
of the Borrower, the Guarantors, the Banks, the Agent and their respective successors and assigns,
and shall inure to the benefit of each of the Borrower, the Guarantors, the Banks and the Agent.

Section 10. Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

Section 11. Expenses. Each Borrower jointly and severally agrees to promptly
reimburse the Agent and the Banks for all expenses, including, without limitation, reasonable fees
and expenses of outside legal counsel, it has heretofore or hereafter incurred or incurs in
connection with the preparation, negotiation and execution of this Amendment and all other
instruments, documents and agreements executed and delivered in connection with this Amendment.

Section 12. Integration. This Amendment contains the entire understanding of
the parties hereto with regard to the subject matter contained herein. This Amendment supersedes
all prior or contemporaneous negotiations, promises, covenants, agreements and representations of
every nature whatsoever with respect to the matters referred to in this Amendment, all of which
have become merged and finally integrated into this Amendment. Each of the parties hereto
understands that in the event of any subsequent litigation, controversy or dispute concerning any
of the terms, conditions or provisions of this Amendment, no party shall be entitled to offer or
introduce into evidence any oral promises or oral agreements between the parties relating to the
subject matter of this Amendment not included or referred to herein and not reflected by a writing
included or referred to herein.

Section 13. No Course of Dealing. The Agent and the Banks have entered into
this Amendment on the express understanding with each Borrower and Guarantor that in entering into
this Amendment the Agent and the Banks are not establishing any course of dealing with the Borrower
or the Guarantors. The Agent’s and the Banks’ rights to require strict performance with all of the
terms and conditions of the Loan Agreement and the other Credit Documents shall not in any way be
impaired by the execution of this Amendment. None of the Agent and the Banks shall be obligated in
any manner to execute any further amendments or waivers and if such waivers or amendments are
requested in the future, assuming the terms and conditions thereof are satisfactory to them, the
Agent and the Banks may require the payment of fees in connection therewith. Each of the Borrower
and the Guarantors agrees that none of the ratifications and reaffirmations set forth herein, nor
the Agent’s nor any Bank’s solicitation of such ratifications and reaffirmations, constitutes a
course of dealing giving rise to any obligation or condition requiring a similar or any other
ratification or reaffirmation from the Borrower or the Guarantors with respect to any subsequent
modification, consent or waiver with respect to the Loan Agreement or any other Credit Document.

Section 14. Jury Trial Waiver. BORROWER, GUARANTORS, AGENT AND BANKS BY
ACCEPTANCE OF THIS AMENDMENT MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE
RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AMENDMENT, THE LOAN AGREEMENT, OR ANY OTHER CREDIT DOCUMENT CONTEMPLATED TO BE
EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT,
COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF AGENT OR ANY BANK RELATING TO THE ADMINISTRATION OF
THE LOAN OR ENFORCEMENT OF THE CREDIT DOCUMENTS, AND AGREE THAT NO PARTY WILL SEEK TO CONSOLIDATE
ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.

 [Remainder of page intentionally left blank; signature pages follow]

1

IN WITNESS WHEREOF, the parties have caused this Amendment No. 8 to be duly executed by
their duly authorized officers or representatives, all as of the date first above written.

	 	 	 
	BORROWER:

	 	

	 
	 	 
	MMA FINANCIAL WAREHOUSING, LLC

	 
	 	 
	By:

	 	MMA Equity Corporation, its sole member
	 
	 	 
	By:

	 	/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	MMA FINANCIAL BOND WAREHOUSING, LLC

	 
	 	 
	By:

By:

	 	MMA Equity Corporation, its managing member

/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	GUARANTORS:

	 	

	 
	 	 
	MUNICIPAL MORTGAGE & EQUITY, LLC

	 
	 	 
	By:

	 	/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	MMA FINANCIAL HOLDINGS, INC.

	 
	 	 
	By:

	 	/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

(Signatures continued on next page)

2

	 	 	 
	GUARANTORS (CONT.):

	 	

	MMA EQUITY CORPORATION

By:

	 	

/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	MMA FINANCIAL TC CORP.

	 
	 	 
	By:

	 	/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	MMA FINANCIAL BFGLP, LLC

	 
	 	 
	By:

By:

	 	MMA Financial TC Corp., its sole member

/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	MMA FINANCIAL BFRP, INC.

	 
	 	 
	By:

	 	/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

	 	 	 
	MMA SPECIAL LIMITED PARTNER, INC.

	 
	 	 
	By:

	 	/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

 (Signatures continued on next page)

3

	 	 	 
	GUARANTORS (CONT.):

	 	

	 
	 	 
	MMA FINANCIAL BFG INVESTMENTS, LLC

	 
	 	 
	By:

By:

	 	MMA Financial TC Corp., its managing member

/s/ Anthony Mifsud
	
 
	 	 

 (Signature)

 Anthony Mifsud, Senior Vice President and Treasurer

 (Printed Name and Title)

AGENT:

BANK OF AMERICA, N.A., as Agent

By: /s/ Ugo Arinzeh

Ugo Arinzeh, Senior Vice President

BANKS:

BANK OF AMERICA, N.A., as one of the Banks

By: /s/ Ugo Arinzeh

Ugo Arinzeh, Senior Vice President

CITICORP USA, INC., as one of the Banks

By: /s/ Maria McKeon

Maria McKeon, Vice President

COMERICA BANK, A MICHIGAN BANKING CORPORATION, as one of the Banks

By: /s/ Lisa Kotula

Lisa Kotula, Vice President

(Signatures continued on next page)

4

	 	 	BANKS (CONT.):

MERRILL LYNCH COMMUNITY DEVELOPMENT COMPANY, LLC, as one of the Banks

By: /s/ Michael Solomon

Michael Solomon, Director

SOVEREIGN BANK, as one of the Banks

By: /s/ Robert Nickey

Robert Nickey, Senior Vice President

5

EXHIBIT A

I. Borrower:

MMA Financial Warehousing, LLC, a Maryland limited liability company (“SPE I”),

MMA Financial Bond Warehousing, LLC, a Maryland limited liability company (“SPE II”), and

(SPE I and SPE II are individually, and collectively, jointly and severally referred to as the
“Borrower”).

II. Guarantors:

Municipal Mortgage & Equity, LLC, a Delaware limited liability company (“MuniMae”),

MMA Financial Holdings Inc., a Florida corporation (“MFH”),

MMA Equity Corporation, a Florida corporation (“MEC”),

MMA Financial TC Corp., a Delaware corporation (“TC Corp.”),

MMA Financial BFGLP, LLC, a Maryland limited liability Company (“BFGLP”),

MMA Financial BFRP Inc., a Delaware corporation (“BFRP”),

MMA Financial BFG Investments LLC, a Delaware limited liability company (“BFG Investments”), and

MMA Special Limited Partner, Inc., a Florida corporation (“MSLP”).

(MuniMae, MFH, MEC, TC Corp., BFGLP, BFRP, BFG Investments, and MSLP are each referred to as a
“Guarantor” and are collectively, jointly and severally referred to as the “Guarantors”).

II. Banks:

Bank of America, N.A.

Citicorp USA, Inc.

Comerica Bank

Merrill Lynch Community Development Company, LLC

Sovereign Bank

1572062.4

6

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