Document:

<PAGE>
                                                                    Exhibit 4.18

                      CAPITAL SECURITIES PURCHASE AGREEMENT

                                October 12, 2006

     THIS CAPITAL SECURITIES PURCHASE AGREEMENT (this "Purchase Agreement") is
made among Independent Capital Trust V, a statutory trust created under the laws
of the State of Delaware (the "Trust"), Independent Bank Corp. (the "Company"
and, collectively with the Trust, the "Offerors") and Alesco Preferred Funding
XII, Ltd. (the "Purchaser").

                                    RECITALS:

     A. The Trust desires to issue 50,000 of its TP Securities (the "Capital
Securities"), with a liquidation amount of $1,000 per Capital Security,
representing undivided beneficial interests in the assets of the Trust (the
"Offering"), to be issued pursuant to an Amended and Restated Declaration of
Trust (the "Declaration"), by the Company, as Sponsor, LaSalle Bank National
Association, as Institutional Trustee, and Christiana Bank & Trust Company, as
Delaware Trustee, the Administrators named therein, and the holders, from time
to time, of the Capital Securities, which Capital Securities are to be
guaranteed by the Company with respect to distributions and payments upon
liquidation, redemption and otherwise to the extent provided in and pursuant to
the terms of a Guarantee Agreement between the Company and LaSalle Bank National
Association, as Guarantee Trustee (the "Guarantee"); and

     B. The proceeds from the sale of the Capital Securities will be combined
with the proceeds from the sale of the Common Securities by the Trust to the
Company and will be used by the Trust to purchase an equivalent aggregate
principal amount of Junior Subordinated Debt Securities due March 15, 2037 of
the Company (the "Debentures"), to be issued by the Company pursuant to an
Indenture to be executed by the Company, as Issuer, and LaSalle Bank National
Association, as Debenture Trustee (the "Indenture"); and

     C. In consideration of the premises and the mutual representations and
covenants hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE 1

                     PURCHASE AND SALE OF CAPITAL SECURITIES

     1.1 Upon the execution of this Purchase Agreement, the Purchaser hereby
agrees to purchase from the Trust 11,800 Capital Securities at a price equal to
$1,000 per Capital Security (the "Purchase Price") and the Trust agrees to sell
such number of Capital Securities with a liquidation amount of $1,000 per
Capital Security to the Purchaser for the Purchase Price. The rights and
preferences of the Capital Securities will be set forth in the Declaration in
form and substance reasonably acceptable to the Purchaser. The Purchase Price is
payable by the Purchaser on the Closing Date in immediately available funds to
the account designated by LaSalle Bank National Association.

     1.2 The certificate for the Capital Securities shall be delivered in
definitive form by the Trust on the Closing Date (as defined in the Declaration)
to the Purchaser or its designee, and

(7)  Independent Bank Corp.

<PAGE>

shall be registered in the name of the Purchaser and shall represent the
aggregate liquidation amount of the Capital Securities being purchased by the
Purchaser.

     1.3 The Purchaser acknowledges and the Offerors agree that they will not
register any transfer of the Capital Securities not made in accordance with
Regulation S, pursuant to registration under the Securities Act of 1933, as
amended (the "Securities Act"), or pursuant to an available exemption from
registration.

     1.4 The Placement Agreement, dated October 12, 2006 (the "Placement
Agreement"), among the Offerors and the Placement Agent identified therein
includes certain representations and warranties, covenants and conditions to
closing and certain other matters governing the issuance and sale of the Capital
Securities by the Trust to the Purchaser. Each of the provisions of the
Placement Agreement, including the definitions therein, are hereby incorporated
by reference into this Purchase Agreement. In addition, to the extent provided
for in the Placement Agreement, the Purchaser shall be entitled to the benefits
of the Placement Agreement and shall be entitled to enforce such obligations of
the Offerors under the Placement Agreement as fully as if the Purchaser were a
party to such Placement Agreement, it being agreed between the parties that any
and all representations made by the Offerors to the Placement Agent in the
Placement Agreement shall be deemed to have also been made to the Purchaser.

     1.5 If any condition specified herein or in the Placement Agreement shall
not have been fulfilled when and as required to be fulfilled by, on behalf of or
in respect of the Offerors or the Capital Securities, this Purchase Agreement
may be terminated by the Purchaser by notice to the Offerors at any time at or
prior to the Closing Date, and such termination shall be without liability of
any party to any other party except that Sections 3, 9, 10 and 15 of the
Placement Agreement shall survive any such termination and remain in full force
and effect.

     1.6 Subject to the provisions of Article 2 hereof, the Purchaser may resell
the Preferred Securities to a subsequent purchaser either individually or on
behalf of a collateralized debt obligation investor ("CDO Investor") that is
sponsored or advised by such subsequent purchaser (any such purchaser from the
Purchaser and related CDO Investors are referred to hereinafter as a "Subsequent
Purchaser"). Upon transfer of the Preferred Securities to a Subsequent
Purchaser, the Subsequent Purchaser shall be entitled to each of the benefits of
the Placement Agent and the Purchaser under the Placement Agreement and this
Agreement, and shall be entitled to enforce the obligations of the Offerors
under the Placement Agreement and this Agreement, as fully as if the Subsequent
Purchaser were a party to the Placement Agreement and this Agreement.

                                    ARTICLE 2

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

     2.1 The Purchaser understands and acknowledges that none of the Capital
Securities, the Debentures or the Guarantee have been registered under the
Securities Act, or any other applicable securities laws, and are being offered
for sale by the Trust in a transaction not requiring registration under the
Securities Act, and the Capital Securities may not be offered, sold, pledged or
otherwise transferred by the Purchaser except in compliance with the

                                       -2-

<PAGE>

registration requirements of the Securities Act, or any other applicable
securities laws, pursuant to an exemption therefrom or in a transaction not
subject thereto.

     2.2 The Purchaser represents and warrants that it is purchasing the Capital
Securities for its own account, for investment and not with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the
Securities Act or other applicable securities laws, subject to any requirement
of law that the disposition of its property be at all times within its control
and subject to its ability to resell such Capital Securities pursuant to an
effective registration statement under the Securities Act or under Rules 144A
and 902 under the Securities Act or any other exemption from registration
available under the Securities Act, and the Purchaser agrees to the legends and
transfer restrictions applicable to the Capital Securities contained in the
Declaration. The Purchaser represents that it is an accredited investor within
the meaning of Regulation D under the Securities Act. The Purchaser represents
and warrants that the office or offices of the Purchaser in which its investment
decision was made is located at the address set forth in Section 3.1 hereof.

     2.3 The Purchaser has full power and authority to execute and deliver this
Purchase Agreement, to make the representations and warranties specified herein,
and to consummate the transactions contemplated herein and it has full right and
power to subscribe for the Capital Securities and perform its obligations
pursuant to this Purchase Agreement.

     2.4 The Purchaser believes it has received all the information it considers
necessary or appropriate for deciding whether to purchase the Capital
Securities. The Purchaser further represents that it has had an opportunity to
ask questions and receive answers from the Offerors regarding the terms and
conditions of the offering of the Capital Securities and the business,
properties, prospects and financial condition of the Offerors.

     2.5 No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any governmental body, agency or court
having jurisdiction over the Purchaser, other than those that have been made or
obtained, is necessary or required for the performance by the Purchaser of its
obligations under this Purchase Agreement or to consummate the transactions
contemplated herein.

     2.6 This Purchase Agreement has been duly authorized, executed and
delivered by the Purchaser.

     2.7 The Purchaser is not in violation of or default under any term of its
Memorandum of Association or Articles of Association, of any provision of any
mortgage, indenture, contract, agreement, instrument or contract to which it is
a party or by which it is bound or of any judgment, decree, order, writ or, any
statute, rule or regulation applicable to the Purchaser which would prevent the
Purchaser from performing any material obligation set forth in this Purchase
Agreement. The execution, delivery and performance of and compliance with this
Purchase Agreement, and the consummation of the transactions contemplated
herein, will not, with or without the passage of time or giving of notice,
result in any such material violation, or be in conflict with or constitute a
default under any such term, or the suspension, revocation, impairment,
forfeiture or non-renewal of any permit, license, authorization or approval
applicable to the Purchaser, its business or operations or any of its assets or
properties which

                                       -3-

<PAGE>

would prevent the Purchaser from performing any material obligations set forth
in this Purchase Agreement.

     2.8 The Purchaser understands and acknowledges that the Company will rely
upon the truth and accuracy of the foregoing acknowledgments, representations,
warranties and agreements and agrees that, if any of the acknowledgments,
representations, warranties or agreements deemed to have been made by it by its
purchase of the Capital Securities are no longer accurate, it shall promptly
notify the Company.

     2.9 The Purchaser understands that no public market exists for any of the
Capital Securities, and that it is unlikely that a public market will ever exist
for the Capital Securities.

                                    ARTICLE 3

                                  MISCELLANEOUS

     3.1 Any notice or other communication given hereunder shall be deemed
sufficient if in writing and sent by registered or certified mail, return
receipt requested, international courier, or delivered by hand against written
receipt therefor, or by facsimile transmission and confirmed by telephone, to
the following addresses, or such other address as may be furnished to the other
parties as herein provided:

     To the Offerors:  Independent Bank Corp.
                       288 Union Street
                       Rockland, Massachusetts 02370
                       Attention: George Lamb
                       Telephone: (781) 982-6879
                       Fax: (781) 982-6591

     To the Purchaser: Alesco Preferred Funding XII, Ltd.
                       c/o Embassy & Co.
                       One Federal Street, 3rd Floor
                       Boston, Massachusetts 02110
                       Attention: Amy Byrnes
                       Telephone: (617) 603-6480
                       Fax: (866) 856-3442

     With a copy to:   Alesco Preferred Funding XII, Ltd.
                       Walker House
                       Mary Street
                       P.O. Box 908GT
                       George Town
                       Cayman Islands
                       Attention: The Directors
                       Telephone: 1 (345) 945-3727
                       Fax: 1 (345) 945-4757

                                       -4-

<PAGE>

     Unless otherwise expressly provided herein, notices shall be deemed to have
been given when received.

     3.2 This Purchase Agreement shall not be changed, modified or amended
except by a writing signed by the parties to be charged.

     3.3 Upon the execution and delivery of this Purchase Agreement by the
parties hereto, this Purchase Agreement shall become a binding obligation of
each such party with respect to the matters covered herein, including those
incorporated by reference from the Placement Agreement.

     3.4 NOTWITHSTANDING THE PLACE WHERE THIS PURCHASE AGREEMENT MAY BE EXECUTED
BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT ALL THE TERMS AND
PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK. EACH OF THE TRUST, PURCHASER AND THE COMPANY, ON
BEHALF OF ITSELF AND ITS SUBSIDIARIES (INCLUDING, WITHOUT LIMITATION, THE
TRUST), HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL
AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY
SUIT, ACTION OR PROCEEDING RELATED TO THIS PURCHASE AGREEMENT OR ANY OF THE
MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF PERSONAL
JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE
TRUST, PURCHASER AND THE COMPANY, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES
(INCLUDING, WITHOUT LIMITATION, THE TRUST), IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     3.5 The parties agree to execute and deliver all such further documents,
agreements and instruments and take such other and further action as may be
necessary or appropriate to carry out the purposes and intent of this Purchase
Agreement.

     3.6 This Purchase Agreement may be executed in one or more counterparts
each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

     3.7 This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings, inducements or conditions,
express or implied, oral or written, except as herein contained. No course of
conduct or dealing shall be construed to modify, amend or otherwise affect any
of the provisions hereof.

                                       -5-

<PAGE>

     IN WITNESS WHEREOF, this Purchase Agreement is agreed to and accepted as of
the day and year first written above.

                                        INDEPENDENT BANK CORP.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        INDEPENDENT CAPITAL TRUST V
                                        BY INDEPENDENT BANK CORP., AS SPONSOR

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

(7)  Independent Bank Corp.

                                       -6-

<PAGE>

     IN WITNESS WHEREOF, this Purchase Agreement is agreed to and accepted as of
the day and year first written above.

                                        ALESCO PREFERRED FUNDING XII, LTD.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

(7)  Independent Bank Corp.

                                       -7-
<PAGE>

                      CAPITAL SECURITIES PURCHASE AGREEMENT

                                October 12, 2006

     THIS CAPITAL SECURITIES PURCHASE AGREEMENT (this "Purchase Agreement") is
made among Independent Capital Trust V, a statutory trust created under the laws
of the State of Delaware (the "Trust"), Independent Bank Corp. (the "Company"
and, collectively with the Trust, the "Offerors") and Alesco Preferred Funding
XIII, Ltd. (the "Purchaser").

                                    RECITALS:

     A. The Trust desires to issue 50,000 of its TP Securities (the "Capital
Securities"), with a liquidation amount of $1,000 per Capital Security,
representing undivided beneficial interests in the assets of the Trust (the
"Offering"), to be issued pursuant to an Amended and Restated Declaration of
Trust (the "Declaration"), by the Company, as Sponsor, LaSalle Bank National
Association, as Institutional Trustee, and Christiana Bank & Trust Company, as
Delaware Trustee, the Administrators named therein, and the holders, from time
to time, of the Capital Securities, which Capital Securities are to be
guaranteed by the Company with respect to distributions and payments upon
liquidation, redemption and otherwise to the extent provided in and pursuant to
the terms of a Guarantee Agreement between the Company and LaSalle Bank National
Association, as Guarantee Trustee (the "Guarantee"); and

     B. The proceeds from the sale of the Capital Securities will be combined
with the proceeds from the sale of the Common Securities by the Trust to the
Company and will be used by the Trust to purchase an equivalent aggregate
principal amount of Junior Subordinated Debt Securities due March 15, 2037 of
the Company (the "Debentures"), to be issued by the Company pursuant to an
Indenture to be executed by the Company, as Issuer, and LaSalle Bank National
Association, as Debenture Trustee (the "Indenture"); and

     C. In consideration of the premises and the mutual representations and
covenants hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE 1

                     PURCHASE AND SALE OF CAPITAL SECURITIES

     1.1 Upon the execution of this Purchase Agreement, the Purchaser hereby
agrees to purchase from the Trust 15,000 Capital Securities at a price equal to
$1,000 per Capital Security (the "Purchase Price") and the Trust agrees to sell
such number of Capital Securities with a liquidation amount of $1,000 per
Capital Security to the Purchaser for the Purchase Price. The rights and
preferences of the Capital Securities will be set forth in the Declaration in
form and substance reasonably acceptable to the Purchaser. The Purchase Price is
payable by the Purchaser on the Closing Date in immediately available funds to
the account designated by LaSalle Bank National Association.

     1.2 The certificate for the Capital Securities shall be delivered in
definitive form by the Trust on the Closing Date (as defined in the Declaration)
to the Purchaser or its designee, and

(7) Independent Bank Corp.
<PAGE>

shall be registered in the name of the Purchaser and shall represent the
aggregate liquidation amount of the Capital Securities being purchased by the
Purchaser.

     1.3 The Purchaser acknowledges and the Offerors agree that they will not
register any transfer of the Capital Securities not made in accordance with
Regulation S, pursuant to registration under the Securities Act of 1933, as
amended (the "Securities Act"), or pursuant to an available exemption from
registration.

     1.4 The Placement Agreement, dated October 12, 2006 (the "Placement
Agreement"), among the Offerors and the Placement Agent identified therein
includes certain representations and warranties, covenants and conditions to
closing and certain other matters governing the issuance and sale of the Capital
Securities by the Trust to the Purchaser. Each of the provisions of the
Placement Agreement, including the definitions therein, are hereby incorporated
by reference into this Purchase Agreement. In addition, to the extent provided
for in the Placement Agreement, the Purchaser shall be entitled to the benefits
of the Placement Agreement and shall be entitled to enforce such obligations of
the Offerors under the Placement Agreement as fully as if the Purchaser were a
party to such Placement Agreement, it being agreed between the parties that any
and all representations made by the Offerors to the Placement Agent in the
Placement Agreement shall be deemed to have also been made to the Purchaser.

     1.5 If any condition specified herein or in the Placement Agreement shall
not have been fulfilled when and as required to be fulfilled by, on behalf of or
in respect of the Offerors or the Capital Securities, this Purchase Agreement
may be terminated by the Purchaser by notice to the Offerors at any time at or
prior to the Closing Date, and such termination shall be without liability of
any party to any other party except that Sections 3, 9, 10 and 15 of the
Placement Agreement shall survive any such termination and remain in full force
and effect.

     1.6 Subject to the provisions of Article 2 hereof, the Purchaser may resell
the Preferred Securities to a subsequent purchaser either individually or on
behalf of a collateralized debt obligation investor ("CDO Investor") that is
sponsored or advised by such subsequent purchaser (any such purchaser from the
Purchaser and related CDO Investors are referred to hereinafter as a "Subsequent
Purchaser"). Upon transfer of the Preferred Securities to a Subsequent
Purchaser, the Subsequent Purchaser shall be entitled to each of the benefits of
the Placement Agent and the Purchaser under the Placement Agreement and this
Agreement, and shall be entitled to enforce the obligations of the Offerors
under the Placement Agreement and this Agreement, as fully as if the Subsequent
Purchaser were a party to the Placement Agreement and this Agreement.

                                    ARTICLE 2

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

     2.1 The Purchaser understands and acknowledges that none of the Capital
Securities, the Debentures or the Guarantee have been registered under the
Securities Act, or any other applicable securities laws, and are being offered
for sale by the Trust in a transaction not requiring registration under the
Securities Act, and the Capital Securities may not be offered, sold, pledged or
otherwise transferred by the Purchaser except in compliance with the

                                       -2-

<PAGE>

registration requirements of the Securities Act, or any other applicable
securities laws, pursuant to an exemption therefrom or in a transaction not
subject thereto.

     2.2 The Purchaser represents and warrants that it is purchasing the Capital
Securities for its own account, for investment and not with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the
Securities Act or other applicable securities laws, subject to any requirement
of law that the disposition of its property be at all times within its control
and subject to its ability to resell such Capital Securities pursuant to an
effective registration statement under the Securities Act or under Rules 144A
and 902 under the Securities Act or any other exemption from registration
available under the Securities Act, and the Purchaser agrees to the legends and
transfer restrictions applicable to the Capital Securities contained in the
Declaration. The Purchaser represents that it is an accredited investor within
the meaning of Regulation D under the Securities Act. The Purchaser represents
and warrants that the office or offices of the Purchaser in which its investment
decision was made is located at the address set forth in Section 3.1 hereof.

     2.3 The Purchaser has full power and authority to execute and deliver this
Purchase Agreement, to make the representations and warranties specified herein,
and to consummate the transactions contemplated herein and it has full right and
power to subscribe for the Capital Securities and perform its obligations
pursuant to this Purchase Agreement.

     2.4 The Purchaser believes it has received all the information it considers
necessary or appropriate for deciding whether to purchase the Capital
Securities. The Purchaser further represents that it has had an opportunity to
ask questions and receive answers from the Offerors regarding the terms and
conditions of the offering of the Capital Securities and the business,
properties, prospects and financial condition of the Offerors.

     2.5 No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any governmental body, agency or court
having jurisdiction over the Purchaser, other than those that have been made or
obtained, is necessary or required for the performance by the Purchaser of its
obligations under this Purchase Agreement or to consummate the transactions
contemplated herein.

     2.6 This Purchase Agreement has been duly authorized, executed and
delivered by the Purchaser.

     2.7 The Purchaser is not in violation of or default under any term of its
Memorandum of Association or Articles of Association, of any provision of any
mortgage, indenture, contract, agreement, instrument or contract to which it is
a party or by which it is bound or of any judgment, decree, order, writ or, any
statute, rule or regulation applicable to the Purchaser which would prevent the
Purchaser from performing any material obligation set forth in this Purchase
Agreement. The execution, delivery and performance of and compliance with this
Purchase Agreement, and the consummation of the transactions contemplated
herein, will not, with or without the passage of time or giving of notice,
result in any such material violation, or be in conflict with or constitute a
default under any such term, or the suspension, revocation, impairment,
forfeiture or non-renewal of any permit, license, authorization or approval
applicable to the Purchaser, its business or operations or any of its assets or
properties which

                                       -3-

<PAGE>

would prevent the Purchaser from performing any material obligations set forth
in this Purchase Agreement.

     2.8 The Purchaser understands and acknowledges that the Company will rely
upon the truth and accuracy of the foregoing acknowledgments, representations,
warranties and agreements and agrees that, if any of the acknowledgments,
representations, warranties or agreements deemed to have been made by it by its
purchase of the Capital Securities are no longer accurate, it shall promptly
notify the Company.

     2.9 The Purchaser understands that no public market exists for any of the
Capital Securities, and that it is unlikely that a public market will ever exist
for the Capital Securities.

                                    ARTICLE 3

                                  MISCELLANEOUS

     3.1 Any notice or other communication given hereunder shall be deemed
sufficient if in writing and sent by registered or certified mail, return
receipt requested, international courier, or delivered by hand against written
receipt therefor, or by facsimile transmission and confirmed by telephone, to
the following addresses, or such other address as may be furnished to the other
parties as herein provided:

     To the Offerors:  Independent Bank Corp.
                       288 Union Street
                       Rockland, Massachusetts 02370
                       Attention: George Lamb
                       Telephone: (781) 982-6879
                       Fax: (781) 982-6591

     To the Purchaser: Wells Fargo Bank National Association as Trustee for
                       Alesco Preferred Funding XIII, Ltd.
                       919 Market Street, Suite 700
                       Wilmington, Delaware 19801
                       Attention: Corporate Trust Division
                       Telephone: (302) 575-2005
                       Fax: (302) 575-2006

     With a copy to:   Alesco Preferred Funding XIII, Ltd.
                       Walker House
                       Mary Street
                       P.O. Box 908GT
                       George Town
                       Cayman Islands
                       Attention: The Directors
                       Telephone: 1 (345) 945-3727
                       Fax: 1 (345) 945-4757

                                       -4-

<PAGE>

     Unless otherwise expressly provided herein, notices shall be deemed to have
been given when received.

     3.2 This Purchase Agreement shall not be changed, modified or amended
except by a writing signed by the parties to be charged.

     3.3 Upon the execution and delivery of this Purchase Agreement by the
parties hereto, this Purchase Agreement shall become a binding obligation of
each such party with respect to the matters covered herein, including those
incorporated by reference from the Placement Agreement.

     3.4 NOTWITHSTANDING THE PLACE WHERE THIS PURCHASE AGREEMENT MAY BE EXECUTED
BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT ALL THE TERMS AND
PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK. EACH OF THE TRUST, PURCHASER AND THE COMPANY, ON
BEHALF OF ITSELF AND ITS SUBSIDIARIES (INCLUDING, WITHOUT LIMITATION, THE
TRUST), HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL
AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY
SUIT, ACTION OR PROCEEDING RELATED TO THIS PURCHASE AGREEMENT OR ANY OF THE
MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF PERSONAL
JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE
TRUST, PURCHASER AND THE COMPANY, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES
(INCLUDING, WITHOUT LIMITATION, THE TRUST), IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     3.5 The parties agree to execute and deliver all such further documents,
agreements and instruments and take such other and further action as may be
necessary or appropriate to carry out the purposes and intent of this Purchase
Agreement.

     3.6 This Purchase Agreement may be executed in one or more counterparts
each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

     3.7 This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings, inducements or conditions,
express or implied, oral or written, except as herein contained. No course of
conduct or dealing shall be construed to modify, amend or otherwise affect any
of the provisions hereof.

                                       -5-

<PAGE>

     IN WITNESS WHEREOF, this Purchase Agreement is agreed to and accepted as of
the day and year first written above.

                                        INDEPENDENT BANK CORP.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        INDEPENDENT CAPITAL TRUST V
                                        BY INDEPENDENT BANK CORP., AS SPONSOR

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

(7)  Independent Bank Corp.

                                       -6-

<PAGE>

     IN WITNESS WHEREOF, this Purchase Agreement is agreed to and accepted as of
the day and year first written above.

                                        ALESCO PREFERRED FUNDING XIII, LTD.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

(7)  Independent Bank Corp.

                                       -7-
<PAGE>

                      CAPITAL SECURITIES PURCHASE AGREEMENT

                                October 12, 2006

     THIS CAPITAL SECURITIES PURCHASE AGREEMENT (this "Purchase Agreement") is
made among Independent Capital Trust V, a statutory trust created under the laws
of the State of Delaware (the "Trust"), Independent Bank Corp. (the "Company"
and, collectively with the Trust, the "Offerors") and Alesco Preferred Funding
XIV, Ltd. (the "Purchaser").

                                    RECITALS:

     A. The Trust desires to issue 50,000 of its TP Securities (the "Capital
Securities"), with a liquidation amount of $1,000 per Capital Security,
representing undivided beneficial interests in the assets of the Trust (the
"Offering"), to be issued pursuant to an Amended and Restated Declaration of
Trust (the "Declaration"), by the Company, as Sponsor, LaSalle Bank National
Association, as Institutional Trustee, and Christiana Bank & Trust Company, as
Delaware Trustee, the Administrators named therein, and the holders, from time
to time, of the Capital Securities, which Capital Securities are to be
guaranteed by the Company with respect to distributions and payments upon
liquidation, redemption and otherwise to the extent provided in and pursuant to
the terms of a Guarantee Agreement between the Company and LaSalle Bank National
Association, as Guarantee Trustee (the "Guarantee"); and

     B. The proceeds from the sale of the Capital Securities will be combined
with the proceeds from the sale of the Common Securities by the Trust to the
Company and will be used by the Trust to purchase an equivalent aggregate
principal amount of Junior Subordinated Debt Securities due March 15, 2037 of
the Company (the "Debentures"), to be issued by the Company pursuant to an
Indenture to be executed by the Company, as Issuer, and LaSalle Bank National
Association, as Debenture Trustee (the "Indenture"); and

     C. In consideration of the premises and the mutual representations and
covenants hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE 1

                     PURCHASE AND SALE OF CAPITAL SECURITIES

     1.1 Upon the execution of this Purchase Agreement, the Purchaser hereby
agrees to purchase from the Trust 23,200 Capital Securities at a price equal to
$1,000 per Capital Security (the "Purchase Price") and the Trust agrees to sell
such number of Capital Securities with a liquidation amount of $1,000 per
Capital Security to the Purchaser for the Purchase Price. The rights and
preferences of the Capital Securities will be set forth in the Declaration in
form and substance reasonably acceptable to the Purchaser. The Purchase Price is
payable by the Purchaser on the Closing Date in immediately available funds to
the account designated by LaSalle Bank National Association.

     1.2 The certificate for the Capital Securities shall be delivered in
definitive form by the Trust on the Closing Date (as defined in the Declaration)
to the Purchaser or its designee, and

(7) Independent Bank Corp.

                                       -6-

<PAGE>

shall be registered in the name of the Purchaser and shall represent the
aggregate liquidation amount of the Capital Securities being purchased by the
Purchaser.

     1.3 The Purchaser acknowledges and the Offerors agree that they will not
register any transfer of the Capital Securities not made in accordance with
Regulation S, pursuant to registration under the Securities Act of 1933, as
amended (the "Securities Act"), or pursuant to an available exemption from
registration.

     1.4 The Placement Agreement, dated October 12, 2006 (the "Placement
Agreement"), among the Offerors and the Placement Agent identified therein
includes certain representations and warranties, covenants and conditions to
closing and certain other matters governing the issuance and sale of the Capital
Securities by the Trust to the Purchaser. Each of the provisions of the
Placement Agreement, including the definitions therein, are hereby incorporated
by reference into this Purchase Agreement. In addition, to the extent provided
for in the Placement Agreement, the Purchaser shall be entitled to the benefits
of the Placement Agreement and shall be entitled to enforce such obligations of
the Offerors under the Placement Agreement as fully as if the Purchaser were a
party to such Placement Agreement, it being agreed between the parties that any
and all representations made by the Offerors to the Placement Agent in the
Placement Agreement shall be deemed to have also been made to the Purchaser.

     1.5 If any condition specified herein or in the Placement Agreement shall
not have been fulfilled when and as required to be fulfilled by, on behalf of or
in respect of the Offerors or the Capital Securities, this Purchase Agreement
may be terminated by the Purchaser by notice to the Offerors at any time at or
prior to the Closing Date, and such termination shall be without liability of
any party to any other party except that Sections 3, 9, 10 and 15 of the
Placement Agreement shall survive any such termination and remain in full force
and effect.

     1.6 Subject to the provisions of Article 2 hereof, the Purchaser may resell
the Preferred Securities to a subsequent purchaser either individually or on
behalf of a collateralized debt obligation investor ("CDO Investor") that is
sponsored or advised by such subsequent purchaser (any such purchaser from the
Purchaser and related CDO Investors are referred to hereinafter as a "Subsequent
Purchaser"). Upon transfer of the Preferred Securities to a Subsequent
Purchaser, the Subsequent Purchaser shall be entitled to each of the benefits of
the Placement Agent and the Purchaser under the Placement Agreement and this
Agreement, and shall be entitled to enforce the obligations of the Offerors
under the Placement Agreement and this Agreement, as fully as if the Subsequent
Purchaser were a party to the Placement Agreement and this Agreement.

                                    ARTICLE 2

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

     2.1 The Purchaser understands and acknowledges that none of the Capital
Securities, the Debentures or the Guarantee have been registered under the
Securities Act, or any other applicable securities laws, and are being offered
for sale by the Trust in a transaction not requiring registration under the
Securities Act, and the Capital Securities may not be offered, sold, pledged or
otherwise transferred by the Purchaser except in compliance with the

(7) Independent Bank Corp.

                                       -7-

<PAGE>

registration requirements of the Securities Act, or any other applicable
securities laws, pursuant to an exemption therefrom or in a transaction not
subject thereto.

     2.2 The Purchaser represents and warrants that it is purchasing the Capital
Securities for its own account, for investment and not with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the
Securities Act or other applicable securities laws, subject to any requirement
of law that the disposition of its property be at all times within its control
and subject to its ability to resell such Capital Securities pursuant to an
effective registration statement under the Securities Act or under Rules 144A
and 902 under the Securities Act or any other exemption from registration
available under the Securities Act, and the Purchaser agrees to the legends and
transfer restrictions applicable to the Capital Securities contained in the
Declaration. The Purchaser represents that it is an accredited investor within
the meaning of Regulation D under the Securities Act. The Purchaser represents
and warrants that the office or offices of the Purchaser in which its investment
decision was made is located at the address set forth in Section 3.1 hereof.

     2.3 The Purchaser has full power and authority to execute and deliver this
Purchase Agreement, to make the representations and warranties specified herein,
and to consummate the transactions contemplated herein and it has full right and
power to subscribe for the Capital Securities and perform its obligations
pursuant to this Purchase Agreement.

     2.4 The Purchaser believes it has received all the information it considers
necessary or appropriate for deciding whether to purchase the Capital
Securities. The Purchaser further represents that it has had an opportunity to
ask questions and receive answers from the Offerors regarding the terms and
conditions of the offering of the Capital Securities and the business,
properties, prospects and financial condition of the Offerors.

     2.5 No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any governmental body, agency or court
having jurisdiction over the Purchaser, other than those that have been made or
obtained, is necessary or required for the performance by the Purchaser of its
obligations under this Purchase Agreement or to consummate the transactions
contemplated herein.

     2.6 This Purchase Agreement has been duly authorized, executed and
delivered by the Purchaser.

     2.7 The Purchaser is not in violation of or default under any term of its
Memorandum of Association or Articles of Association, of any provision of any
mortgage, indenture, contract, agreement, instrument or contract to which it is
a party or by which it is bound or of any judgment, decree, order, writ or, any
statute, rule or regulation applicable to the Purchaser which would prevent the
Purchaser from performing any material obligation set forth in this Purchase
Agreement. The execution, delivery and performance of and compliance with this
Purchase Agreement, and the consummation of the transactions contemplated
herein, will not, with or without the passage of time or giving of notice,
result in any such material violation, or be in conflict with or constitute a
default under any such term, or the suspension, revocation, impairment,
forfeiture or non-renewal of any permit, license, authorization or approval
applicable to the Purchaser, its business or operations or any of its assets or
properties which

(7) Independent Bank Corp.

                                       -8-

<PAGE>

would prevent the Purchaser from performing any material obligations set forth
in this Purchase Agreement.

     2.8 The Purchaser understands and acknowledges that the Company will rely
upon the truth and accuracy of the foregoing acknowledgments, representations,
warranties and agreements and agrees that, if any of the acknowledgments,
representations, warranties or agreements deemed to have been made by it by its
purchase of the Capital Securities are no longer accurate, it shall promptly
notify the Company.

     2.9 The Purchaser understands that no public market exists for any of the
Capital Securities, and that it is unlikely that a public market will ever exist
for the Capital Securities.

                                    ARTICLE 3

                                  MISCELLANEOUS

     3.1 Any notice or other communication given hereunder shall be deemed
sufficient if in writing and sent by registered or certified mail, return
receipt requested, international courier, or delivered by hand against written
receipt therefor, or by facsimile transmission and confirmed by telephone, to
the following addresses, or such other address as may be furnished to the other
parties as herein provided:

     To the Offerors:  Independent Bank Corp.
                       288 Union Street
                       Rockland, Massachusetts 02370
                       Attention: George Lamb
                       Telephone: (781) 982-6879
                       Fax: (781) 982-6591

     To the Purchaser: Alesco Preferred Funding XIV, Ltd.
                       c/o Embassy & Co.
                       One Federal Street, 3rd Floor
                       Boston, Massachusetts 02110
                       Attention: Amy Byrnes
                       Telephone: (617) 603-6480
                       Fax: (866) 856-3442

     With a copy to:   Alesco Preferred Funding XIV, Ltd.
                       Walker House
                       Mary Street
                       P.O. Box 908GT
                       George Town
                       Cayman Islands
                       Attention: The Directors
                       Telephone: 1 (345) 945-3727
                       Fax: 1 (345) 945-4757

(7) Independent Bank Corp.

                                       -9-

<PAGE>

     Unless otherwise expressly provided herein, notices shall be deemed to have
been given when received.

     3.2 This Purchase Agreement shall not be changed, modified or amended
except by a writing signed by the parties to be charged.

     3.3 Upon the execution and delivery of this Purchase Agreement by the
parties hereto, this Purchase Agreement shall become a binding obligation of
each such party with respect to the matters covered herein, including those
incorporated by reference from the Placement Agreement.

     3.4 NOTWITHSTANDING THE PLACE WHERE THIS PURCHASE AGREEMENT MAY BE EXECUTED
BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT ALL THE TERMS AND
PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK. EACH OF THE TRUST, PURCHASER AND THE COMPANY, ON
BEHALF OF ITSELF AND ITS SUBSIDIARIES (INCLUDING, WITHOUT LIMITATION, THE
TRUST), HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL
AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY
SUIT, ACTION OR PROCEEDING RELATED TO THIS PURCHASE AGREEMENT OR ANY OF THE
MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF PERSONAL
JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE
TRUST, PURCHASER AND THE COMPANY, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES
(INCLUDING, WITHOUT LIMITATION, THE TRUST), IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     3.5 The parties agree to execute and deliver all such further documents,
agreements and instruments and take such other and further action as may be
necessary or appropriate to carry out the purposes and intent of this Purchase
Agreement.

     3.6 This Purchase Agreement may be executed in one or more counterparts
each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

     3.7 This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings, inducements or conditions,
express or implied, oral or written, except as herein contained. No course of
conduct or dealing shall be construed to modify, amend or otherwise affect any
of the provisions hereof.

(7) Independent Bank Corp.

                                      -10-

<PAGE>

     IN WITNESS WHEREOF, this Purchase Agreement is agreed to and accepted as of
the day and year first written above.

                                        INDEPENDENT BANK CORP.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        INDEPENDENT CAPITAL TRUST V
                                        BY INDEPENDENT BANK CORP., AS SPONSOR

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

(7) Independent Bank Corp.

                                      -11-

<PAGE>

     IN WITNESS WHEREOF, this Purchase Agreement is agreed to and accepted as of
the day and year first written above.

                                        ALESCO PREFERRED FUNDING XIV, LTD.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

(7) Independent Bank Corp.

                                      -12-<PAGE>

                                                                   Exhibit 10.18

                              ALLOCATION AGREEMENT
                         NEW MARKETS TAX CREDIT PROGRAM
               COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND

<TABLE>
<S>                                                  <C>
ALLOCATEE: ROCKLAND TRUST COMMUNITY                  NMTC PROGRAM CONTROL NUMBER: 06NMA002322
DEVELOPMENT CORPORATION II
                                                     EMPLOYER IDENTIFICATION NUMBER: 841688578

ADDRESS:
288 Union Street
Rockland, MA 02370-1803

DATE OF APPLICABLE NOTICE OF ALLOCATION AUTHORITY:   DATE OF NOTICE OF ALLOCATION:
July 15, 2005 and as amended March 10, 2006          April 28, 2006

ALLOCATEE'S FISCAL YEAR END: December 31

NMTC ALLOCATION AMOUNT: $45,000,000
</TABLE>

By signing this Allocation Agreement and in consideration of the mutual
covenants, conditions and agreements hereinafter set forth, the parties hereto,
by their respective Authorized Representatives, agree that the NMTC Allocation
provided hereunder shall be administered pursuant to the Organization Specific
Terms and Conditions attached hereto as Schedule 1 and the General Allocation
Terms and Conditions, attached hereto as Schedule 2, and made a material part
hereof.

<TABLE>
<S>                                                  <C>
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND    ROCKLAND TRUST COMMUNITY DEVELOPMENT CORPORATION II

By:                                                  By:
    ----------------------------------------------       -----------------------------------------------
Authorized Representative: Linda G. Davenport        Authorized Representative: Edward Seksay
Title: Deputy Director for Policy and Programs       Title: General Counsel

NMTC ALLOCATION EFFECTIVE DATE:
                                ------------------
</TABLE>

THIS ALLOCATION AGREEMENT COMPRISES:

SCHEDULE 1 - ORGANIZATION SPECIFIC TERMS AND CONDITIONS

SCHEDULE 2 - GENERAL ALLOCATION TERMS AND CONDITIONS

SCHEDULE 3 - OPINION OF COUNSEL

<PAGE>

                                                                      SCHEDULE 1
                  ALLOCATEE: ROCKLAND TRUST COMMUNITY DEVELOPMENT CORPORATION II
                                                        CONTROL NO.: 06NMA002322

                                   ----------

                         NEW MARKETS TAX CREDIT PROGRAM
                   ORGANIZATION SPECIFIC TERMS AND CONDITIONS

                                   ----------

<PAGE>

                                                                      SCHEDULE 1
                  ALLOCATEE: ROCKLAND TRUST COMMUNITY DEVELOPMENT CORPORATION II
                                                        CONTROL NO.: 06NMA002322

THE PROVISIONS SET FORTH BELOW CORRESPOND TO THE SPECIFIED SECTIONS IN SCHEDULE
2 (GENERAL ALLOCATION TERMS AND CONDITIONS) OF THIS ALLOCATION AGREEMENT.

SECTION 3.2(A): ELIGIBLE ACTIVITIES

<TABLE>
<S>                                                                           <C>
Investments in, or loans to, non-real estate QALICBs:                          X

Investments in, or loans to, QALICBs whose principal activities involve the
development or rehabilitation of real estate:                                  X

Investments in, or loans to, other CDEs:                                       X

Purchase of loans from other CDEs:

Financial Counseling and Other Services:                                       X
</TABLE>

SECTION 3.2(B):  SERVICE AREA

<TABLE>
<CAPTION>
STATE   STATE FIPS         COUNTY        COUNTY FIPS
-----   ----------   -----------------   -----------
<S>     <C>          <C>                 <C>
MA          25       Barnstable County      25001
MA          25       Bristol County         25005
MA          25       Dukes County           25007
MA          25       Nantucket County       25019
MA          25       Norfolk County         25021
MA          25       Plymouth County        25023
RI          44       Entire State           44000
</TABLE>

SECTION 3.2(C): SUBSIDIARY ALLOCATEES

     Not Applicable

                                        2

<PAGE>

                                                                      SCHEDULE 1
                  ALLOCATEE: ROCKLAND TRUST COMMUNITY DEVELOPMENT CORPORATION II
                                                        CONTROL NO.: 06NMA002322

SECTION 3.2(D): UNRELATED ACTIVITIES

Unrelated Activities Clause:              [X] Applicable   [ ] Not Applicable

SECTION 3.2(F): FLEXIBLE PRODUCTS

Flexible Products Clause:                 [X] Applicable   [ ] Not Applicable

SECTION 3.2(G): REQUIRED TRANSACTIONS

     Not Applicable

SECTION 3.2(H): TARGETED DISTRESSED COMMUNITIES

Targeted Distressed Communities Clause:   [X] Applicable   [ ] Not Applicable

SECTION 3.2(I): LOAN PURCHASES INVESTMENT

     Not Applicable

SECTION 3.2(J): QUALIFIED EQUITY INVESTMENT USAGE

Qualified Equity Investment Usage Percentage: 95%

SECTION 3.3(B): RESTRICTIONS

Restrictions Clause:                      [ ] Applicable   [X] Not Applicable

                                        3
<PAGE>

                                                                      SCHEDULE 2
                  ALLOCATEE: ROCKLAND TRUST COMMUNITY DEVELOPMENT CORPORATION II
                                                        CONTROL NO.: 06NMA002322

                                   ----------

                         NEW MARKETS TAX CREDIT PROGRAM
                     GENERAL ALLOCATION TERMS AND CONDITIONS

                                   ----------

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
I.    Incorporation by Reference ........................................     1

II.   Definitions .......................................................     1
      2.1  Act ..........................................................     1
      2.2  Affiliate ....................................................     1
      2.3  Allocation Agreement .........................................     1
      2.4  Allocation Application .......................................     1
      2.5  Allocation Date ..............................................     1
      2.6  Control ......................................................     2
      2.7  Equity Investment ............................................     2
      2.8  Financial Counseling and Other Services ......................     2
      2.9  Gulf Opportunity Zone ........................................     2
      2.10 Low-Income Community .........................................     2
      2.11 Metropolitan Area ............................................     2
      2.12 NMTC Allocation ..............................................     2
      2.13 NMTC Program .................................................     3
      2.14 NMTC Program Income Tax Regulations ..........................     3
      2.15 Notice of Allocation .........................................     3
      2.16 Qualified Active Low-Income Community Business ...............     3
      2.17 Qualified Community Development Entity .......................     3
      2.18 Qualified Equity Investment ..................................     3
      2.19 Qualified Low-Income Community Investment ....................     3
      2.20 Reinvestment .................................................     3
      2.21 Repayment ....................................................     3
      2.22 Service Area .................................................     3
      2.23 Subsidiary ...................................................     4
      2.24 Subsidiary Allocatee .........................................     4
      2.25 Targeted Population ..........................................     4
      2.26 Voting Securities ............................................     4

III.  The NMTC Allocation ...............................................     5
      3.1  NMTC Allocation ..............................................     5
      3.2  Authorized Uses of NMTC Allocation ...........................     5
      3.3  Restrictions on the Use of NMTC Allocation ...................     9
      3.4  Availability of NMTC Allocation ..............................    10
      3.5  Notice to Taxpayers of Qualified Equity Investment ...........    10

IV.   Representations and Warranties ....................................    11
      4.1  Organization, Standing and Powers ............................    11
      4.2  Qualification ................................................    11
      4.3  Authorization; Consents ......................................    11
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                         <C>
      4.4  Execution and Delivery; Binding Agreement ....................    11
      4.5  No Conflicts .................................................    11
      4.6  Litigation ...................................................    12
      4.7  Compliance with Other Instruments ............................    12
      4.8  Disclosure ...................................................    12
      4.9  Taxes; Debts; Bankruptcy .....................................    12
      4.10 Debarment, Suspension and Other Responsibility Matters .......    12
      4.11 Status as a CDE ..............................................    13

V.    Conditions Precedent to NMTC Allocation ...........................    13
      5.1  Performance ..................................................    13
      5.2  Opinion of Allocatee Counsel .................................    13
      5.3  Representations and Warranties ...............................    13
      5.4  Proceedings and Documents ....................................    13

VI.   Covenants and Agreements of the Allocatee .........................    13
      6.1  Compliance with Government Requirements ......................    13
      6.2  Fraud, Waste, and Abuse ......................................    14
      6.3  Right to Inspect and Audit ...................................    14
      6.4  Retention of Records .........................................    14
      6.5  Reports ......................................................    15
      6.6  Equal Credit Opportunity Act .................................    16
      6.7  Use of Allocation ............................................    16
      6.8  Maintain Existence as a CDE ..................................    16
      6.9  Advise the Fund of Certain Material Events ...................    16
      6.10 Disclosure to Potential Investors ............................    17
      6.11 Common Enterprises ...........................................    18

VII.  Monitoring Fee ....................................................    18
      7.1  Monitoring/Compliance Fee ....................................    18

VIII. Events of Default, Events of Recapture and Remedies ...............    18
      8.1  Events of Default ............................................    18
      8.2  Events of Recapture ..........................................    19
      8.3  Remedies .....................................................    19
      8.4  Referral to IRS ..............................................    20
      8.5  No Waiver ....................................................    20
      8.6  Prior Notice to Allocatee of Sanctions .......................    20
      8.7  Joint and Several Liability ..................................    21

IX.   Miscellaneous .....................................................    21
      9.1  Notices ......................................................    21
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                         <C>
      9.2  Entire Agreement .............................................    22
      9.3  Assignment ...................................................    22
      9.4  Successors ...................................................    22
      9.5  Severability .................................................    22
      9.6  No Waiver ....................................................    22
      9.7  Applicable Law ...............................................    22
      9.8  Disclaimer of Relationships ..................................    22
      9.9  Counterparts .................................................    23
      9.10 Headings .....................................................    23
      9.11 Amendments ...................................................    23
      9.12 Survival of Representations and Warranties ...................    23
      9.13 Termination ..................................................    23
      9.14 Disclosure of Allocatee Reports by Fund ......................    24
      9.15 Compliance with Non-Discrimination Statutes ..................    24
</TABLE>

                                       iii
<PAGE>

                                    ARTICLE I
                           INCORPORATION BY REFERENCE

     26 C.F.R. Part 1, section 1.45D-1, as from time to time amended, the Act
(as hereinafter defined), and any regulations for the NMTC Program which may be
later promulgated by the Fund, are incorporated by reference and given the same
force and effect as if set out in full text herein. In the event of any
inconsistency between 26 C.F.R. Part 1, section 1.45D-1, the Act, or any
applicable Fund regulations and the terms of this Allocation Agreement, and any
amendments thereto, the provisions of 26 C.F.R. Part 1, section 1.45D-1, the
Act, and the applicable Fund regulations shall govern.

                                   ARTICLE II
                                   DEFINITIONS

     When used in this Allocation Agreement, the following terms shall have the
meanings specified below. Capitalized terms used but not defined herein shall
have the respective meanings assigned to them in the Act and/or the NMTC Program
Income Tax Regulations (as hereinafter defined).

2.1 Act. "Act" shall mean Section 121 of the Community Renewal Tax Relief Act of
2000, which includes Section 45D of the Internal Revenue Code (IRC) as enacted
by section 1 (a)(7) of the Consolidated Appropriations Act, 2001, Pub. L. No.
106-554 (December 21, 2000).

2.2 Affiliate. "Affiliate" shall mean any legal entity that Controls, is
Controlled by, or is under common Control with the Allocatee.

2.3 Allocation Agreement. "Allocation Agreement" or "Agreement" shall mean this
NMTC Program Allocation Agreement between the Fund and the Allocatee and
Subsidiary Allocatee, as the case may be, including the Organization Specific
Terms and Conditions (Schedule 1) and the General Allocation Terms and
Conditions (Schedule 2) and any attachments hereto, as such Agreement may, from
time to time, be amended in accordance with its terms.

2.4 Allocation Application. "Allocation Application" or "Application" shall mean
the NMTC Program Application Form, together with any permitted attachments
submitted (either in electronic or hard-copy format) by the Allocatee to the
Fund, in response to the Notice of Allocation Availability (NOAA) inviting
applications for the NMTC Program that was published in the Federal Register on
July 15, 2005 and as amended March 10, 2006.

2.5 Allocation Date. "Allocation Date" shall mean the date, as determined by the
Fund, that the Allocatee has returned to the Fund an executed copy of this
Allocation Agreement along with an acceptable opinion of counsel as set forth in
Attachment A attached hereto. Once the Fund has determined the Allocation Date,
the Fund will insert such date on the signature page of the

<PAGE>

Allocation Agreement and provide the Allocatee with notification of the
Allocation Date and a copy of the signature page.

2.6 Control. "Control" shall mean:

     (a) Ownership, control, or power to vote more than 50 percent of the
     outstanding shares of any class of Voting Securities of any entity,
     directly or indirectly or acting through one or more other persons;

     (b) Control in any manner over the election of a majority of the directors,
     trustees, general partners, managing members, managers (or individuals
     exercising similar functions) of any other entity; or

     (c) Power to exercise, directly or indirectly, a controlling influence over
     the management policies or investment decisions of another entity, as
     determined by the Fund.

For purposes of this Allocation Agreement, the term "Control" does not include
an investor's contractual right to remove a general partner, managing member, or
manager of an Allocatee for cause.

2.7 Equity Investment. "Equity Investment" shall mean pursuant to IRC Section
45D(b)(6) and 26 C.F.R. 1.45D-1(c)(2), any stock (other than nonqualified
preferred stock as defined in IRC Section 351(g)(2)) in an entity that is a
corporation and any capital interest in an entity that is a partnership for
federal tax purposes.

2.8 Financial Counseling and Other Services. "Financial Counseling and Other
Services" shall mean, pursuant to 26 C.F.R. 1.45D-1(d)(7), advice provided by a
Qualified Community Development Entity relating to the organization or
operation of a trade or business.

2.9 Gulf Opportunity Zone. "Gulf Opportunity Zone" or "GO Zone" shall mean that
portion of the Hurricane Katrina disaster area determined by the President to
warrant individual or individual and public assistance from the Federal
Government under the Robert T. Stafford Disaster Relief and Emergency Assistance
Act by reason of Hurricane Katrina. The Hurricane Katrina disaster area is an
area with respect to which a major disaster has been declared by the President
before September 14, 2005, under section 401 of the Gulf Opportunity Zone Act of
2005 (Pub. L. 109-135) by reason of Hurricane Katrina.

2.10 Low-Income Community. "Low-Income Community" shall mean any area as defined
in accordance with IRC Section 45D(e).

2.11 Metropolitan Area. "Metropolitan Area" shall mean an area designated as
such by the Office of Management and Budget pursuant to 44 U.S.C. 3504(e) and 31
U.S.C. 1104(d) and Executive Order 10253 (3 CFR 1949-1953 Comp., p.758), as
amended.

2.12 NMTC Allocation. "NMTC Allocation" shall mean an allocation of tax credit
authority pursuant to the NMTC Program.

                                        2

<PAGE>

2.13 NMTC Program. "NMTC Program" shall mean the program authorized by the Act
and implemented pursuant to guidance published by the Fund at 66 Federal
Register 21846 and 66 Federal Register 65806, the NMTC Program Income Tax
Regulations (as hereinafter defined) promulgated by the Internal Revenue
Service, and applicable Notice of Allocation Availability.

2.14 NMTC Program Income Tax Regulations. "NMTC Program Income Tax Regulations"
shall mean the regulations promulgated by the Internal Revenue Service at 26
C.F.R. 1.45D-1, together with any amendment or interpretation of those
regulations as may be promulgated by the Internal Revenue Service through
guidance published in the Internal Revenue Bulletin or the Federal Register,
which provide guidance for taxpayers claiming the New Markets Tax Credit under
IRC Section 45D.

2.15 Notice of Allocation. "Notice of Allocation" shall mean a notification to
the Allocatee from the Fund that informs the Allocatee that it has been approved
by the Fund to receive a NMTC Allocation subject to the terms and conditions set
forth in the Notice of Allocation.

2.16 Qualified Active Low-Income Community Business. "Qualified Active
Low-Income Community Business" or "QALICB" shall mean any corporation (including
a nonprofit corporation), partnership or other business that meets the
requirements set forth in IRC Section 45D(d)(2) and 26 C.F.R. 1.45D-1(d)(4).

2.17 Qualified Community Development Entity. "Qualified Community Development
Entity" or "CDE" shall mean any domestic corporation or partnership, for Federal
tax purposes, certified as a CDE by the Fund pursuant to IRC Section 45D(c).

2.18 Qualified Equity Investment. "Qualified Equity Investment" shall mean an
Equity Investment in a CDE that meets the requirements of IRC Section 45D(b) and
26 C.F.R. 1.45D-1(c).

2.19 Qualified Low-Income Community Investment. "Qualified Low-Income Community
Investment" or "QLICI" shall have the same meaning as set forth in IRC Section
45D(d) and 26 C.F.R. 1.45D-1(d).

2.20 Reinvestment. "Reinvestment" shall mean investment of QLICI Repayment(s)
into QLICIs.

2.21 Repayment. "Repayment" shall mean any QLICI equity capital or loan
principal returned or repaid to the Allocatee by a QLICI recipient.

2.22 Service Area. "Service Area" shall mean, for the purposes of this
Allocation Agreement, the geographic area encompassing Low-Income Communities in
which the Allocatee is authorized to make Qualified Low-Income Community
Investments using the proceeds of Qualified Equity Investments. The Allocatee's
authorized Service Area is set forth in Section 3.2(b) of this Allocation
Agreement.

                                        3

<PAGE>

2.23 Subsidiary. "Subsidiary" shall mean any legal entity that is owned or
Controlled directly or indirectly by the Allocatee. This term includes series
funds, which are separate investment funds Controlled by the Allocatee.

2.24 Subsidiary Allocatee. "Subsidiary Allocatee" shall mean a Subsidiary of the
Allocatee to which the Fund has authorized the Allocatee to transfer all or a
portion of its NMTC Allocation, pursuant to Section 3.2(c) of this Allocation
Agreement. A Subsidiary Allocatee must be a CDE and must agree to abide by all
of the terms and conditions contained in this Allocation Agreement as such terms
and conditions apply to the Allocatee. In addition, the Allocatee must, at a
minimum, at all times maintain a controlling influence over the investment
decisions of the Subsidiary Allocatee.

2.25 Targeted Population. "Targeted Population," as defined in 12 U.S.C.
4702(20) and related CDFI Fund and IRS Guidance documents, shall mean
individuals, or an identifiable group of individuals, including an Indian tribe,
who (A) are low-income persons; or (B) otherwise lack adequate access to loans
or equity investments.

2.26 Voting Securities. "Voting Securities" shall mean (a) shares of common or
preferred stock, general or limited partnership shares or interests, or similar
interests if the shares or interest, by statute, charter, or in any manner,
entitle the holder:

     (i)  To vote for or select directors, trustees, or partners (or persons
          exercising similar functions of the issuing company); or

     (ii) To vote on or to direct the conduct of the operations or other
          significant policies of the issuing company.

     (b) Nonvoting shares. Preferred shares, limited partnership shares or
interests, or similar interests are not Voting Securities if:

     (i)  Any voting rights associated with the shares or interest are limited
          solely to the type customarily provided by statute with regard to
          matters that would significantly and adversely affect the rights or
          preference of the security or other interest, such as the issuance of
          additional amounts or classes of senior securities, the modification
          of the terms of the security or interest, the dissolution of the
          issuing company, or the payment of dividends by the issuing company
          when preferred dividends are in arrears;

     (ii) The shares or interest represent an essentially passive investment or
          financing device and do not otherwise provide the holder with Control
          over the issuing company; and

                                        4

<PAGE>

     (iii) The shares or interest do not entitle the holder, by statute,
          charter, or in any manner, to select or to vote for the selection of
          directors, trustees, or partners (or persons exercising similar
          functions) of the issuing company.

                                   ARTICLE III
                               THE NMTC ALLOCATION

3.1 NMTC Allocation. Subject to all of the terms and conditions hereof and in
reliance upon all representations, warranties, assurances, certifications and
agreements contained herein, the Fund hereby agrees to allocate to the Allocatee
and the Allocatee hereby agrees to accept from the Fund an NMTC Allocation. The
amount of the NMTC Allocation represents the amount of Qualified Equity
Investments which may be issued by the Allocatee, and as to which NMTCs may be
claimed. If any of the conditions specified herein or in any document connected
herewith, including the Notice of Allocation, have not been fulfilled to the
satisfaction of the Fund, the Fund will, in its sole discretion, elect not to
effectuate the NMTC Allocation until such time as said conditions shall be
fulfilled to the satisfaction of the Fund. Once the Fund has determined that the
conditions required herein, including the Notice of Allocation, have been met
and the Allocatee has returned to the Fund an executed copy of the Allocation
Agreement along with an acceptable opinion of counsel, the Fund will set the
Allocation Date. This Allocation Agreement will be effective as of the
Allocation Date.

3.2  Authorized Uses of NMTC Allocation. The Allocatee shall use the proceeds of
     its NMTC Allocation to make investments or Reinvestments only as follows:

     (a)  At such time that the Allocatee has made 100 percent of its QLICIs or
          September 30, 2009, whichever date is earlier, and until the Allocatee
          redeems its first Qualified Equity Investment related to its NMTC
          Allocation, the Allocatee shall make at least 85 percent of its QLICIs
          (in terms of the aggregate dollar amount of the QLICIs) in the types
          of activities listed in Schedule 1 of this Allocation Agreement.

     (b)  At such time that the Allocatee has made 100 percent of its QLICIs or
          September 30, 2009, whichever date is earlier, and until the Allocatee
          redeems its first Qualified Equity Investment related to its NMTC
          Allocation, the Allocatee shall make at least 85 percent of its QLICIs
          (in terms of the aggregate dollar amount of the QLICIs) in the
          Service Area(s) listed in Schedule 1 of this Allocation Agreement.

     (c)  If applicable, the Allocatee may transfer all or part of its NMTC
          Allocation to the Subsidiary Allocatees listed in Schedule 1 of this
          Allocation Agreement.

     (d)  If applicable, as listed in Schedule 1 of this Allocation Agreement,
          the Allocatee shall satisfy the requirements of IRC Section
          45D(b)(1)(B) and 26 C.F.R. 1.45D- 1(c)(5) with respect to the
          Qualified Equity Investments it receives by making

                                        5

<PAGE>

          QLICIs in businesses in which persons unrelated to the Allocatee hold
          the majority equity interest (as defined in IRC Section 45D(f)(2)(B)),
          and as determined subsequent to the Allocatee making the QLICI. The
          requirement of this Section 3.2(d) does not apply if an Allocatee
          becomes related to a business due to financial difficulties of the
          business that were unforeseen at the time the Allocatee made a QLICI
          in the business.

     (e)  By September 30, 2009, the Allocatee shall issue at least 60 percent
          of its Qualified Equity Investments related to its NMTC Allocation.

     (f)  If applicable, at such time that the Allocatee has made 100 percent of
          its QLICIs or September 30, 2009, whichever date is earlier, and until
          the Allocatee redeems its first Qualified Equity Investment related to
          its NMTC Allocation, the Allocatee shall demonstrate that QLICIs made
          in the form of loans to or investments in CDEs or QALICBs (as opposed
          to loan purchases or the provision of Financial Counseling and Other
          Services) incorporated terms and conditions that, at the time the
          QLICIs were made, were flexible, non-conventional, or non-conforming
          with reference to either the Allocatee's underwriting guidelines or
          standard practice in the marketplace as documented by the Allocatee.

          Specifically, the Allocatee must have made QLICIs that (a) are equity
          or equity-equivalent financing, (b) have interest rates that are at
          least 25 percent lower than the prevailing market rates for the
          particular product or at least 25 percent lower than the Applicant's
          current offerings for the particular product, or (c) meet at least
          three of the following criteria, provided nothing in this Allocation
          Agreement shall be construed to require the Allocatee to engage in
          unsafe or unsound underwriting practices:

               (i)  Debt with equity features (i.e., debt with royalties; debt
                    with warrants; convertible debt);

               (ii) Subordinated debt;

               (iii) Below market interest rates;

               (iv) Lower than standard origination fees;

               (v)  A longer than standard period of interest only loan
                    payments;

               (vi) Higher than standard loan to value ratio;

               (vii) A longer than standard amortization period;

               (viii) More flexible borrower credit standards;

               (ix) Nontraditional forms of collateral;

               (x)  Lower than standard debt service coverage ratio; or

               (xi) Loan loss reserve requirements that are less than standard.

          Furthermore, to the extent that the Allocatee makes QLICIs in the form
          of loans to or investments in CDEs ("Recipient CDEs"), the Allocatee
          shall require that the Recipient CDE makes loans to or investments in
          QALICBs that (a) are equity or equity-equivalent financing, (b) have
          interest rates that are at least 25 percent

                                        6

<PAGE>

          lower than the prevailing market rates for the particular product or
          at least 25 percent lower than the CDE's current offerings for the
          particular product, or (c) meet at least three of criteria i-xi above.

     (g)  If applicable, the Allocatee shall use the proceeds of its Qualified
          Equity Investments minimally or solely to make QLICIs in the
          project(s) listed in Schedule 1 of this Allocation Agreement.

     (h)  If applicable, at such time that the Allocatee has made 100 percent of
          its QLICIs or September 30, 2009, whichever date is earlier, and until
          the Allocatee redeems its first Qualified Equity Investment related to
          its NMTC Allocation, the Allocatee shall have made at least 75 percent
          of the total dollar amount of its QLICIs in areas that are (1)
          characterized by at least one of items (i) - (iii) on the list below
          for each QLICI, (2) characterized by at least two of items (iv) -
          (xiv) on the list below for each QLICI, or (3) characterized by item
          (xv) on the list below as of the date the Allocatee closed the QLICI
          transaction:

               (i)  Census tracts with poverty rates greater than 30 percent;

               (ii) If located within a non-Metropolitan Area, median family
                    income does not exceed 60 percent of statewide median family
                    income or if located within a Metropolitan Area, median
                    family income does not exceed 60 percent of the greater of
                    statewide median family income or the Metropolitan Area
                    median family income;

               (iii) Census tracts with unemployment rates at least 1.5 times
                    the national average;

               (iv) Federally designated Empowerment Zones, Enterprise
                    Communities, or Renewal Communities;

               (v)  U.S. Small Business Administration (SBA) designated HUB
                    Zones, to the extent that the QLICIs will support businesses
                    that obtain HUB Zone certification from the SBA;

               (vi) Brownfield sites as defined under 42 U.S.C. 9601(39)

               (vii) Areas encompassed by a HOPE VI redevelopment plan;

               (viii) Federally designated as Native American or Alaskan Native
                    areas, Hawaiian Homelands, or redevelopment areas by the
                    appropriate Tribal or other authority;

                                        7

<PAGE>

               (ix) Areas designated as distressed by the Appalachian Regional
                    Commission or Delta Regional Authority;

               (x)  Colonias areas as designated by the U.S. Department of
                    Housing and Urban Development;

               (xi) Federally designated medically underserved areas, to the
                    extent that QLICI activities will support health related
                    services;

               (xii) Located in a Hot Zone (defined as geographic areas
                    designated by the Fund as having greater levels of economic
                    distress);

               (xiii) High Migration Rural County (defined as any county which,
                    during the 20 year period ending with the year in which the
                    most recent census was conducted, has a net out-migration of
                    inhabitants from the county of at least 10 percent of the
                    population of the county at the beginning of such period.
                    See IRC Section 45D(e)(5));

               (xiv) State or local tax-increment financing districts,
                    enterprise zone programs, or other similar state/local
                    programs targeted towards particularly economically
                    distressed communities; or

               (xv) Counties for which the Federal Emergency Management Agency
                    (FEMA) has (a) issued a "major disaster declaration" since
                    July 15, 2005; and (b) made a determination that such County
                    is eligible for both "individual and public assistance;"
                    provided that, for areas not located within the GO Zone, the
                    initial project investment was made within 24 months of the
                    disaster declaration.

     Furthermore, to the extent that the Allocatee makes QLICIs in the form of
     loans to or investments in CDEs ("Recipient CDEs"), the Allocatee shall
     require that the Recipient CDE makes loans to or investments in QALICBs in
     areas that are (1) characterized by at least one of items (i) - (iii) on
     the list above for each loan or investment, (2) characterized by at least
     two of items (iv) - (xiv) on the list above for each loan or investment, or
     (3) characterized by item (xv) on the list above for each loan or
     investment.

(i)  If applicable, the Allocatee shall require CDEs from which it purchases
     loans to invest at least the designated percent of the proceeds of such
     loan sales, as listed in Schedule 1 of this Allocation Agreement, in the
     form of QLICIs.

                                        8
<PAGE>

     (j)  If applicable, at such time that the Allocatee has issued 100 percent
          of its Qualified Equity Investments or September 30, 2009, whichever
          date is earlier, and until the Allocatee redeems its first Qualified
          Equity Investment related to its NMTC Allocation, the Allocatee shall
          use at least the designated percent of its Qualified Equity
          Investments (in terms of the aggregate dollar amount of the Qualified
          Equity Investments), as listed in Schedule 1 to this Allocation
          Agreement, to make QLICIs.

          To the extent that the Qualified Equity Investment finances loans to
          or investments in CDEs ("Recipient CDEs") that are not Affiliates of
          or Controlled by the Allocatee, the standard set forth above in this
          section 3.2(j) shall be applied only to Allocatee - not to the
          Recipient CDEs.

3.3  Restrictions on the Use of NMTC Allocation.

     (a)  The Allocatee shall not use its NMTC Allocation in a manner other than
          as authorized herein, unless the Allocatee consults with and obtains
          the prior written approval of the Fund, which approval shall not be
          unreasonably withheld.

     (b)  If applicable, the Allocatee shall use the proceeds of its Qualified
          Equity Investments as directed in Schedule 1 (with respect to this
          Section 3.3(b)) of this Allocation Agreement.

     (c)  The Allocatee shall not transfer any portion of a NMTC Allocation to
          any Subsidiary, except those Subsidiaries listed in Section 3.2(c) of
          this Allocation Agreement, without the Fund's prior written approval.

     (d)  Pursuant to IRC Section 45D(b)(2) and 26 C.F.R. 1.45D-1(c)(4)(ii),
          the Allocatee may not designate Equity Investments that it issues as
          Qualified Equity Investments in an amount that exceeds the total
          amount of its NMTC Allocation.

     (e)  Pursuant to IRC Section 45D(b)(1) and 26 C.F.R. 1.45D-1(c)(4)(i)(A),
          the Allocatee may not designate any Equity Investment that it issues
          as a Qualified Equity Investment if such investment is issued by the
          Allocatee more than five (5) years after the Allocation Date.

     (f)  Pursuant to 26 C.F.R. 1.45D-1(c)(4)(i)(B), the Allocatee may not
          designate an Equity Investment that it issues to another CDE as a
          Qualified Equity Investment if the CDE making the investment has
          received an NMTC Allocation.

     (g)  A taxpayer that makes a Qualified Equity Investment in the Allocatee
          may not receive a Bank Enterprise Award Program award in addition to
          NMTCs for making the same Equity Investment in the Allocatee.

                                        9

<PAGE>

     (h)  The Allocatee may not use the proceeds of its Qualified Equity
          Investments to make loans to or investments in QALICBs whose principal
          business activity is the rental to others of real property unless the
          proceeds of the loan or investment are primarily used for: (1) costs
          in connection with new construction located on such property; (2)
          costs in connection with the substantial rehabilitation of such
          property; (3) costs in connection with the acquisition and substantial
          rehabilitation of such property; (4) acquisition costs in connection
          with new construction; or (5) take-out financing for a loan, equity
          investment, or other financing, the proceeds of which were used for
          items (1), (2), (3), and/or (4) of this paragraph. Except as provided
          in item (5) of this paragraph, the proceeds of such loans and
          investments may not be used to re-finance or otherwise pay off an
          existing loan on the property.

          The restriction of this Section 3.3(h) does not apply to any loan to
          or investment in a QALICB (the "first QALICB) that is controlled by
          (within the meaning of 26 C.F.R. 1.45D-1(d)(6)(ii)(B)) or under common
          control with another QALICB (the "second QALICB"), provided that: (1)
          the principal business activity of the second QALICB is not the rental
          to others of real property; and (2) the second QALICB will be the
          primary user of all of the real property owned by the first QALICB.

     (i)  The Allocatee shall use the NMTC Allocation as authorized in Section
          3.2 of this Allocation Agreement, but only to the extent that such
          uses are generally consistent with the strategies (including, but not
          limited to, the proposed product offerings and markets served) set
          forth in the Allocation Application.

3.4 Availability of NMTC Allocation. On or after the Allocation Date, the
Allocatee may designate Qualified Equity Investments as to which NMTCs may be
claimed with respect to Equity Investments made on or after that date. An
Allocatee may also designate as a Qualified Equity Investment such Equity
Investments in the Allocatee made pursuant to the requirements set forth in 26
C.F.R. 1.45D-1(c)(3)(ii)(B).

3.5 Notice to Taxpayers of Qualified Equity Investment. In accordance with 26
C.F.R. 1.45D-1(g)(2), the Allocatee shall provide notice to any taxpayer who
makes a Qualified Equity Investment in the Allocatee at its original issue that
the Equity Investment is a Qualified Equity Investment entitling the taxpayer to
claim a NMTC. The Allocatee shall provide such notice to the taxpayer no later
than 60 days after the date the taxpayer makes the Qualified Equity Investment
in the Allocatee. The notice shall contain the amount paid to the Allocatee for
the Qualified Equity Investment at its original issue and the taxpayer
identification number of the Allocatee.

                                       10

<PAGE>

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

As of Allocation Date, the Allocatee hereby represents and warrants to the Fund
the following:

4.1 Organization, Standing and Powers. The Allocatee is a domestic corporation
or partnership for Federal tax purposes. In addition, the Allocatee validly
exists and is in good standing (if applicable) under the laws of the State of
its formation, and has all requisite organizational power and authority to own
and operate its assets and properties, to carry on its business as it is now
being conducted and to carry out the authorized use(s) of the NMTC Allocation
provided hereunder.

4.2 Qualification. The Allocatee is duly qualified, in good standing (if
applicable) and authorized to transact business in each jurisdiction where the
conduct of the Allocatee's business, the carrying out of the authorized use(s)
of the NMTC Allocation to be provided hereunder or the ownership of its assets
and properties requires such qualification, or, if not so qualified, the
Allocatee's failure so to qualify shall not reasonably be expected to: (i) have
a material adverse effect on the financial condition or business operations of
the Allocatee; (ii) impair the Allocatee's ability to carry out the authorized
use(s) of the NMTC Allocation to be provided hereunder; or (iii) impair the
Allocatee's right to enforce any material agreement to which it is a party.

4.3 Authorization; Consents. The execution, delivery and performance by the
Allocatee of the Allocation Agreement and the carrying out of the authorized
use(s) of the NMTC Allocation provided hereunder are within the Allocatee's
powers and have been duly authorized by all necessary corporate, partnership or
limited liability company action and no consent, approval, authorization or
order of, notice to and filing with, any third party including, without
limitation, any governmental entity which has not been previously obtained, is
required in connection with such execution, delivery and performance. The
Allocatee will make all such notices or filings that may be required after the
Allocation Date in accordance with the applicable time periods for such notices
or filings.

4.4 Execution and Delivery; Binding Agreement. This Allocation Agreement and all
documents connected herewith have been or will be, on or before the Allocation
Date, duly authorized, executed and delivered on behalf of the Allocatee and
constitute, on the Allocation Date, the legal, valid and binding obligations of
the Allocatee enforceable in accordance with their respective terms.

4.5 No Conflicts. The execution, delivery and performance by the Allocatee of
this Allocation Agreement and the carrying out of the authorized uses(s) of the
NMTC Allocation provided hereunder shall not result in any material violation of
and shall not materially conflict with, or result in a material breach of any of
the terms of, or constitute a material default under, any provision of Federal
or State law to which the Allocatee is subject, the Allocatee's incorporation,
charter, organization, formation or otherwise establishing documentation, bylaws

                                       11

<PAGE>

or any agreement, judgment, writ, injunction, decree, order, rule or regulation
to which the Allocatee is a party or by which it is bound.

4.6 Litigation. The Allocatee has neither actual nor constructive knowledge of
any suit, action, proceeding or investigation pending or threatened that
questions the validity of this Allocation Agreement or any action taken or to be
taken pursuant hereto or contemplated hereby including, but not limited to, the
carrying out of the authorized use(s) of the NMTC Allocation to be provided
hereunder.

4.7 Compliance with Other Instruments. The Allocatee is not in material
violation of any provision of its incorporation, charter, organization,
formation or otherwise establishing documents, or in material violation of any
loan agreement or other material agreement to which it is a party. The Allocatee
is not in material violation of any instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to it, the violation of
which might have a material adverse effect on the business, affairs, operations,
or condition of the Allocatee.

4.8 Disclosure. Neither this Allocation Agreement, the Allocation Application
nor any attachment hereto, nor any certification or other document referenced or
incorporated herein or therein and furnished to the Fund by the Allocatee
contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained herein or therein, in
light of the circumstances under which they were made, not misleading. The
Allocatee has disclosed, in writing, to the Fund all facts that might reasonably
be expected to result in a material adverse effect upon the Allocatee's ability
either to conduct its principal business or to carry out its proposed and herein
authorized uses of the NMTC Allocation to be provided hereunder. The Allocatee
has not knowingly and willfully made or used a document or writing containing
any false, fictitious or fraudulent statement or entry as part of its
correspondence or communication with the Fund. The Allocatee acknowledges, under
18 U.S.C. Section 1001, that if it knowingly and willfully makes or uses such
document or writing, it or its employee(s) or agents may be fined or imprisoned
for not more than five years, or both.

4.9 Taxes; Debts; Bankruptcy. The Allocatee is not delinquent on any debts owed
to Federal, State or local governments including, but not limited to, amounts
due under the Internal Revenue Code. The Allocatee has never filed for
bankruptcy and has neither actual nor constructive knowledge of any pending or
anticipated bankruptcy filings on its behalf.

4.10 Debarment, Suspension and Other Responsibility Matters. Pursuant to 31
C.F.R. 19.335, neither the Allocatee nor any of its principals (as defined by 31
C.F.R. 19.995): (a) are presently excluded or disqualified from covered
transactions by any Federal department or agency; (b) within the three-year
period preceding the Allocation Date, have been convicted of or had a civil
judgment rendered against them for any of the offenses listed in 31 C.F.R.
19.800(a); (c) are presently indicted for or otherwise criminally or civilly
charged by a governmental entity (Federal, State or local) with commission of
any of the offenses listed in 31 C.F.R. 19.800(a); or (d) within the three-year
period preceding the Allocation Date, have had one or more public transactions
(Federal, State, or local) terminated for cause or default.

                                       12

<PAGE>

4.11 Status as a CDE. Since its certification as a CDE by the Fund, the
Allocatee has neither actual nor constructive knowledge of any changes that may
adversely affect its (or any of its Subsidiary Allocatees') status as a
certified CDE.

                                    ARTICLE V
                     CONDITIONS PRECEDENT TO NMTC ALLOCATION

     The obligation of the Fund to provide a NMTC Allocation to the Allocatee is
subject to the fulfillment, as determined by the Fund, in its sole discretion,
of the following conditions precedent, each of which shall be fulfilled prior to
or as of the Allocation Date.

5.1 Performance. The Allocatee shall have performed and complied with all
applicable agreements and conditions contained herein required to be performed
or complied with by it before or on the Allocation Date.

5.2 Opinion of Allocatee Counsel. Unless otherwise determined by mutual
agreement of the Fund and the Allocatee, the Fund shall have received from the
counsel for the Allocatee, an acceptable opinion or acceptable opinions, as
determined by the Fund, substantially in the form set forth in Attachment A
attached hereto.

5.3 Representations and Warranties. The representations and warranties set forth
in this Agreement, the Allocation Application and the Assurances and
Certifications contained in the Allocation Application are true and correct in
all material respects as of the Allocation Date.

5.4 Proceedings and Documents. All corporate and other proceedings in connection
with the transactions contemplated by this Allocation Agreement and all
documents and instruments incident to such transactions which are necessary for
the Allocatee's execution and delivery of the Allocation Agreement shall be
satisfactory in substance and form to the Fund, and the Fund shall have received
from the Allocatee all such counterpart originals or certified or other
documents as the Fund may reasonably request.

                                   ARTICLE VI
                    COVENANTS AND AGREEMENTS OF THE ALLOCATEE

     The Allocatee shall duly perform and observe each and all of the following
covenants and agreements:

6.1 Compliance with Government Requirements. In carrying out its
responsibilities pursuant to this Allocation Agreement, the Allocatee shall
comply with all applicable Federal, State and local laws, regulations,
ordinances, Office of Management and Budget (OMB) Circulars, and Executive
Orders.

                                       13

<PAGE>

6.2  Fraud, Waste and Abuse.

     (a)  If the Allocatee becomes aware at any time of the existence of fraud,
          waste or abuse of the NMTC Allocation allocated pursuant to this
          Allocation Agreement, the Allocatee shall promptly report such
          incidence(s) to the Office of Inspector General of the U.S. Department
          of the Treasury.

     (b)  If a principal purpose of a transaction or a series of transactions is
          to achieve a result that is inconsistent with the purposes of the Act,
          the NMTC Program Income Tax Regulations, the Notice of Allocation
          Availability (70 FR 41075 and as amended 71 FR 12423), or this
          Allocation Agreement, the Fund, in its sole discretion, may treat the
          transaction or series of transactions as causing an event of default
          subject to the remedies available under Section 8.3 of this Agreement.

6.3 Right to Inspect and Audit. The Allocatee shall submit such financial and
activity reports, records, statements, documents, and other information as may
be requested by the Fund and the U.S. Department of the Treasury to ensure
compliance with this Allocation Agreement, the provisions of the Internal
Revenue Code and the NMTC Program Income Tax Regulations. The United States
Government including, but not limited to, the U.S. Department of the Treasury,
the Internal Revenue Service and the Comptroller General, and their duly
authorized representatives, shall have full and free access during reasonable
business hours to the Allocatee's offices and facilities and all books,
documents, records and financial statements relevant to the NMTC Allocation
provided hereunder. The Allocatee shall permit any of these authorities to copy
such documents as they deem appropriate. The purposes of such inspections and/or
audits will include, but not be limited to, ensuring that representations,
warranties, covenants, and/or certifications provided by the Allocatee are
accurate. Such inspections and/or audits may also be conducted to investigate a
taxpayer's claim for a New Markets Tax Credit, including a potential event of
recapture pursuant to IRC Section 45D(g) and 26 C.F.R. 1.45D-1(e)(2). The Fund
will, consistent with applicable law, including the Freedom of Information Act
(5 U.S.C. Section 552) and the Privacy Act (5 U.S.C. Section 552a), maintain the
confidentiality of all financial and other proprietary information disclosed to
the Fund pursuant to this section. Furthermore, the Fund will, consistent with
IRC Section 6103, maintain the confidentiality of, and adequately safeguard,
return information as provided to the Fund pursuant to this section.

6.4 Retention of Records. The Allocatee shall retain all financial records,
supporting documents, and any other records pertinent to the NMTC Allocation
(including the Allocatee's designation of Qualified Equity Investments and
making of QLICIs) as may be reasonably necessary to demonstrate, among other
things, the following:

     (a)  the manner in which the NMTC Allocation provided hereunder is used;

     (b)  compliance with the requirements of IRC Section 45D, the NMTC Program
          Income Tax Regulations and this Allocation Agreement; and

     (c)  information to evaluate the results of the NMTC Program.

                                       14

<PAGE>

6.5 Reports. The Allocatee will be required to report on its compliance with the
requirements of the NMTC Program and this Allocation Agreement and to assist the
Fund in evaluating the results of the NMTC Program. Unless otherwise instructed
by the Fund, the Allocatee will submit its reports, except for audited financial
statements, to the Fund electronically using the Fund's Community Investment
Impact System (CIIS) and Allocation Tracking System. The reports are as follows:

     (a) Notice of Receipt of Qualified Equity Investment. Within 60 days after
     the date that a taxpayer makes an Equity Investment in the Allocatee and
     provided that the Allocatee designates such investment as a Qualified
     Equity Investment, the Allocatee shall notify the Fund using the Fund's
     electronic Allocation Tracking System. Such notice shall contain, but not
     be limited to, the following:

          (i)  The identification of each taxpayer (including, but not limited
               to, the name, taxpayer identification number, and address of the
               investment entity and any partners, members, or other legal
               entities comprising such investment entity) entitled to claim a
               NMTC as the result of a Qualified Equity Investment designated by
               the Allocatee; and

          (ii) The form, date and dollar amount of Qualified Equity Investments
               issued by the Allocatee.

     (b) Institution-Level Report: The institution-level report shall be
     submitted annually through CIIS and may include, but not be limited to,
     organizational, financial, portfolio and impact information, as well as:

          (i)  Certifications and business activity data related to the
               Allocatee's (and any of its Subsidiary Allocatees') maintenance
               of its status as a CDE;

          (ii) With respect to each Equity Investment that the Allocatee
               designates as a Qualified Equity Investment, a certification that
               the requirements of IRC Section 45D(b)(1)(B) and 26 C.F.R. 1.45D-
               1(c)(5) are met and that no recapture event within the meaning of
               IRC Section 45D(g) and 26 C.F.R. 1.45D-1(e)(2) has occurred; and

          (iii) Any other information that the Fund deems appropriate to ensure
               compliance with this Allocation Agreement and to evaluate the
               results of the NMTC Program.

Unless otherwise provided in guidance issued by the Fund, no later than 180 days
after the end of the Allocatee's fiscal year in which the Allocatee or its
Subsidiary Allocatee(s) issues its first Qualified Equity Investment and each
fiscal year of the Allocatee thereafter, the Allocatee shall deliver to the Fund
the Allocatee's institution-level report.

                                       15

<PAGE>

     (c) Audited Financial Statements. No later than 180 days after the end of
     the Allocatee's first fiscal year ending after the Allocation Date and each
     fiscal year of the Allocatee thereafter, the Allocatee shall deliver to the
     Fund copies of the Allocatee's most recent statements of financial
     condition audited by an independent certified public accountant covering
     the Allocatee's fiscal year end.

     (d) Transaction-Level Report: The transaction-level report shall include:

          (i)  specific data elements on each of the Allocatee's QLICIs,
               including, but not limited to, the location, type and amount of
               the QLICIs, and information on the use of the proceeds of QLICIs
               by CDEs receiving Equity Investments or loans from the Allocatee
               or CDEs selling loans to the Allocatee; and

          (ii) any other information required to confirm the Allocatee's
               compliance with the terms of this Allocation Agreement, IRC
               Section 45D and the NMTC Program Income Tax Regulations.

Unless otherwise provided in guidance issued by the Fund, the Allocatee shall be
required to submit this report at least annually through CIIS, due no later than
180 days after the end of the Allocatee's fiscal year in which the Allocatee or
its Subsidiary Allocatee(s) makes its first QLICI and each fiscal year
thereafter. In addition, the Fund reserves the right to require additional
submissions of information related to this report, but not more frequently than
quarterly. If additional submissions are required, the Allocatee will be
notified of the specific due date for each additional submission of information
related to the transaction-level report at least 60 days prior to the respective
due date.

After the Institution-Level Reports and the Transaction-Level Reports are
submitted to the Fund, the Fund's CIIS Help Desk will review the report and send
any questions to the Allocatee. If the Allocatee fails to respond to such
questions within the Fund's required timeframe, the report will be considered
not submitted.

6.6 Equal Credit Opportunity Act. The Allocatee shall provide its products and
services in a manner that is consistent with the Equal Credit Opportunity Act
(15 U.S.C. Section 1691), to the extent that the Allocatee is subject to the
requirements of such Act.

6.7 Use of Allocation. The Allocatee shall use its NMTC Allocation provided
hereunder only as permitted hereby.

6.8 Maintain Existence as a CDE. The Allocatee shall do all things reasonably
necessary to preserve, renew and keep in full force and effect its existence as
a CDE.

6.9 Advise the Fund of Certain Material Events. The Allocatee shall advise the
Fund in writing in reasonable detail of any of the following events, within 20
calendar days of the occurrence of such events:

                                       16
<PAGE>

     (a)  any proceeding instituted against the Allocatee or its Affiliates in,
          by or before any court, governmental or administrative body or agency,
          which proceeding or its outcome could reasonably be expected to have a
          material adverse effect upon the financial condition or business
          operations, of the Allocatee;

     (b)  any material adverse change in the condition, financial or otherwise,
          or operations of the Allocatee which would impair the Allocatee's
          ability to carry out the authorized uses of the NMTC Allocation to be
          provided hereunder;

     (c)  the occurrence of any Event of Default, as that term is defined in
          Section 8.1 hereof, or any event which upon notice or lapse of time,
          or both, would constitute an Event of Default;

     (d)  the occurrence of any event that may be a recapture event pursuant to
          IRC Section 45D(g) and 26 C.F.R. 1.45D-1(e)(2);

     (e)  the merger or acquisition of the Allocatee by or with another entity;

     (f)  the Allocatee's Controlling Entity (as identified in the Allocation
          Application) shall no longer have any ownership or management interest
          in the Allocatee; provided that the foregoing shall not be deemed to
          prohibit mergers, asset transfers, stock transfers, or similar
          transactions with respect to the Controlling Entity that pertain to
          the business operations of the Controlling Entity and are not
          primarily undertaken for the purpose of transferring Control of the
          Allocatee or the NMTC Allocation.;

     (g)  the replacement of any key management officials (e.g., the Executive
          Director, the Chief Financial Officer, the Board Chairperson or their
          equivalents) that had been named in the Allocation Application;

     (h)  the occurrence of any event described in 31 C.F.R. 19.350; or

     (i)  such other events that may be determined by the Fund, in its sole
          discretion, to be material events, and for which the Fund issues
          related guidance.

6.10 Disclosure to Potential Investors. The Allocatee will make all disclosures
required by Federal or State law, including applicable securities laws, to
taxpayers to whom the Allocatee issues Qualified Equity Investments and will
advise all such taxpayers to perform all necessary due diligence prior to making
an Equity Investment in the Allocatee. The Allocatee will also inform all such
taxpayers that the receipt of a NMTC Allocation from the Fund shall not be
deemed to be an assurance of any kind by the Fund regarding the taxpayer's
Equity Investment in the Allocatee.

                                       17

<PAGE>

6.11 Common Enterprises. The Allocatee (or its Subsidiary Allocatees) shall not
become an Affiliate of or member of a common enterprise (as defined in the NOAA
and related Fund guidance) with another entity that received a NMTC Allocation
in the CY 2006 round of the NMTC Program (or its Subsidiary transferee), at any
time after the submission of the Allocation Application. This prohibition,
however, generally does not apply to entities that are commonly Controlled
solely because of common ownership by Qualified Equity Investment investors,
including investors that have received an NMTC Allocation.

                                   ARTICLE VII
                                 MONITORING FEE

7.1 Monitoring/Compliance Fee. The Allocatee agrees to pay to the Fund an annual
fee as may be assessed by the Fund, to cover the full cost (as defined in OMB
Circular A-25) to the Fund associated with monitoring the Allocatee's compliance
with the requirements of the NMTC Program. The Fund will provide the Allocatee
with due dates and instructions for payment of such fee at a later date.

                                  ARTICLE VIII
               EVENTS OF DEFAULT, EVENTS OF RECAPTURE AND REMEDIES

8.1 Events of Default. If any one or more of the following events occurs, the
Fund, in its sole discretion, may find the Allocatee to be in default

     (a)  any representation, warranty, certification, assurance or any other
          statement of fact set forth in the Allocation Application of the
          Allocatee including, but not limited to, the Assurances and
          Certifications contained in the Application, is found by the Fund to
          be inaccurate, false, or incomplete when made, in any material
          respect;

     (b)  any representation, warranty, certification, assurance or any other
          statement of fact set forth in this Allocation Agreement as of the
          Allocation Date or any representation or warranty set forth in any
          document, report, certificate, financial statement or instrument now
          or hereafter furnished in connection with this Allocation Agreement as
          of the Allocation Date or thereafter, is found by the Fund to be
          inaccurate, false, or incomplete when made, in any material respect;

     (c)  the failure of the Allocatee to observe, comply with or perform any
          term, covenant, agreement or other provision contained in IRC Section
          45D, the NMTC Program Income Tax Regulations, the Allocation Agreement
          or any instrument,

                                       18

<PAGE>

          note or any other document delivered to the Fund in connection with or
          pursuant to this Allocation Agreement;

     (d)  the failure of the Allocatee to conduct its business in the usual and
          ordinary course or to maintain its existence and right to carry on its
          business and duly obtain all necessary renewals and extensions thereof
          and to maintain, preserve and renew all such rights, powers,
          privileges and franchises to the extent that such failure has a
          material adverse effect on the Allocatee, its financial condition or
          business operations and impairs the Allocatee's ability to carry out
          the authorized use(s) of the NMTC Allocation to be provided hereunder;
          provided, however, that no default will be deemed to occur in the
          event that the Allocatee ceases or omits to exercise any rights,
          powers, privileges, or franchises that in the judgment of its board of
          directors may no longer be exercised in the best interests of the
          Allocatee; or

     (e)  the occurrence of a material event (as defined in Section 6.9 of this
          Allocation Agreement and with the exception of Section 6.9(c)) to the
          extent that such event has a material adverse effect on the Allocatee,
          its financial condition or business operations and impairs the
          Allocatee's ability to carry out the authorized uses of the NMTC
          Allocation to be provided hereunder.

8.2 Events of Recapture. If any one of the following events occurs, a Qualified
Equity Investment issued by the Allocatee is subject to a recapture event as
further defined in IRC Section 45D(g) and 26 C.F.R. 1.45D-1(e):

     (a)  the Allocatee ceases to be a certified CDE;

     (b)  the proceeds of a Qualified Equity Investment issued by the Allocatee
          ceases to be used as required by IRC Section 45D(b)(1)(B); or

     (c)  a Qualified Equity Investment issued by the Allocatee is redeemed by
          the Allocatee before the end of the 7-year credit period (as defined
          in 26 C.F.R. 1.45D-1(c)(5)(i)).

The Internal Revenue Service will determine all such events of recapture.

8.3 Remedies. If the Fund finds the Allocatee to be in default under Section 8.1
of this Allocation Agreement, the Fund may, in its sole discretion, take any one
or more of the following actions, subject to Section 8.6 of this Agreement:

     (a)  revoke approval of any other applications submitted to and declare as
          ineligible any other applications pending before the Fund by the
          Allocatee or any of its Affiliates under any of the Fund's programs;

                                       19

<PAGE>

     (b)  terminate or reallocate any unused portion of the NMTC Allocation
          authorized hereunder;

     (c)  bar the Allocatee or any of its Affiliates from applying for a NMTC
          Allocation from the Fund or to any of the Fund's programs;

     (d)  require the Allocatee to convene a meeting(s) of its board of
          directors or other governing body at which meeting(s) the Fund will be
          given the opportunity to address the attendees with respect to the
          Fund's evaluations and concerns regarding the performance of the
          Allocatee under this Allocation Agreement;

     (e)  notify taxpayers (as identified in Section 6.5 of this Allocation
          Agreement) of the Allocatee's default under this Allocation Agreement;
          and

     (f)  take any other action permitted by the terms of this Allocation
          Agreement or available at law or in equity (except for recapture
          events as set forth in Section 8.2 of this Allocation Agreement).

8.4 Referral to IRS. The Fund may provide reports to the Internal Revenue
Service on the activities of each Allocatee based on the Allocatee's reports to
the Fund. The Internal Revenue Service may use such reports to, among other
things, aid in its determination of whether: (i) a Qualified Equity Investment
issued by the Allocatee is subject to a recapture event as defined in IRC
Section 45D(g) and 26 C.F.R. 1.45D-1(e)(2); (ii) a QLICI made by an Allocatee
meets the requirements of IRC Section 45D and 26 C.F.R 1.45D-1; and (iii) an
Allocatee continues otherwise to meet the requirements of IRC Section 45D and 26
C.F.R. 1.45D-1. The Fund may share with the IRS any other information that it
obtains, in such manner and at such times, as it deems appropriate, consistent
with IRC Section 6103.

8.5 No Waiver. No course of dealing on the part of the Fund or any delay or
failure on the part of the Fund to exercise any right herein will operate as a
waiver of the right or otherwise prejudice the Fund's rights, powers and
remedies under this Allocation Agreement, the Notice of Allocation, the NOAA,
any guidance documents published by the Fund, the Act, the NMTC Program Income
Tax Regulations or any other applicable law or regulation.

8.6 Prior Notice to Allocatee of Sanctions. Prior to exercising or imposing any
remedy contained herein, the Fund will provide the Allocatee with written notice
of the incident(s) giving rise to the default and the proposed remedy (or
remedies). The Fund's written notice will give the Allocatee up to 90 calendar
days from the date of the notice to respond to and to cure the incident(s)
giving rise to the default. If the Allocatee fails to respond and correct the
incident(s) giving rise to the default within the time period provided in the
written notice, the Fund may, in its sole discretion, impose or exercise the
remedy (or remedies) set forth in its written notice. Nothing in this Allocation
Agreement, however, will provide the Allocatee with any right to any formal or
informal hearing or comparable proceeding not otherwise required by law. In the
event of a recapture event under IRC Section 45D(g) and 26 C.F.R. 1.45D-1(e)(2),
this section does not apply.

                                       20
<PAGE>

8.7 Joint and Several Liability. The Allocatee and each of its Subsidiary
Allocatees are hereby jointly and severally liable for any event of default
under Section 8.1 of this Allocation Agreement whether the Allocatee or any of
its Subsidiary Allocatees incurs such default. If such an event of default
occurs, the Fund may, in its sole discretion, subject to Section 8.6 of this
Allocation Agreement, impose any of the remedies listed in Section 8.3 of this
Allocation Agreement jointly or severally upon the Allocatee and its Subsidiary
Allocatees, except that Section 8.3(b) of this Allocation Agreement shall not be
imposed with respect to any investment commitments related to a NMTC Allocation
made to a non-defaulting Allocatee or Subsidiary Allocatee, as determined by the
Fund. For purposes of this section, an investment commitment must be evidenced
by a written, signed document in which: (i) an investor commits to make an
investment in the Allocatee or Subsidiary Allocatee in a specified amount and on
specified terms; (ii) an investor has made an initial disbursement of investment
proceeds related to such investment commitment to the Allocatee or Subsidiary
Allocatee; and (iii) the investor commits to disburse the remaining investment
proceeds based on specified amounts and payment dates.

                                   ARTICLE IX
                                  MISCELLANEOUS

9.1 Notices. All notices, requests, demands, consents, waivers and other
communications given under any provision of this Allocation Agreement shall be
in writing and shall be delivered by electronic mail, CIIS or the Allocation
Tracking System, by hand, mailed by postage-prepaid first-class mail or
delivered by overnight courier service, to the addresses and individuals
indicated below, or to such different address or addresses as the addressee may
have specified in a notice duly given to the sender:

     if to the Fund:

        Community Development Financial Institutions Fund
        Department of the Treasury
        Attention: Grants Manager
        601 13th Street, NW, Suite 200 South
        Washington, DC 20005
        grantsmanagement@cdfi.treas.gov

     if to the Allocatee:

        Allocatee's physical or electronic mailing address as listed in the
        Fund's electronic database.
        Attention: Authorized Representative

All such notices shall be deemed as received on the date of actual receipt by
the Fund or the Allocatee.

                                       21

<PAGE>

9.2 Entire Agreement. This Allocation Agreement, the Schedules, the material
provisions of the Allocation Application and the attachments, exhibits,
appendices and supplements to the Application, and the Notice of Allocation
between the Allocatee and the Fund with respect to the NMTC Allocation contain
the entire agreement of the parties with respect to the subject matter hereof
and supersede all prior agreements or understandings, written or oral, in
respect thereof, and no change, modification or waiver of any provision hereof
shall be valid unless in writing and signed by the party to be bound. The
Allocation Application, including any attachments, exhibits, appendices and
supplements thereto, any Schedules, attachments, exhibits, appendices and
supplements to this Allocation Agreement, and said Notice of Allocation are
incorporated in and made a part of this Allocation Agreement.

9.3 Assignment. The Allocatee may not assign, pledge or otherwise transfer any
rights, benefits or responsibilities of the Allocatee under this Allocation
Agreement except as set forth in Section 3.2(c) of this Allocation Agreement,
without the prior written consent of the Fund.

9.4 Successors. The rights, benefits and responsibilities of each of the parties
hereto shall inure to their respective successors, subject to this Section 9.4.
If the Allocatee merges with or is acquired by another entity, the Fund reserves
the right to examine the new entity, which acquired or merged with the
Allocatee, to determine its acceptability as an Allocatee. If the Fund
determines that the new entity is not eligible or acceptable as an Allocatee, or
if the new entity does not agree to abide by all the provisions of this
Allocation Agreement and shall continue operations and performance as if there
were no interruption in the parties to this Agreement, the Fund may terminate
the continued provision of the NMTC Allocation under this Allocation Agreement
and take any or all remedies it deems appropriate in accordance with Sections
8.3 and 8.6 herein.

9.5 Severability. If any provision of this Allocation Agreement shall for any
reason be held to be illegal, invalid or unenforceable, such illegality,
invalidity or unenforceability shall not affect any other provision of this
Allocation Agreement, and this Allocation Agreement shall be construed as if
such illegal, invalid or unenforceable provision had never been contained
herein.

9.6 No Waiver. No delay or failure on the part of either party in exercising any
rights hereunder, and no partial or single exercise thereof, shall constitute a
waiver of such rights or of any other rights hereunder.

9.7 Applicable Law. This Allocation Agreement shall be governed by and construed
in accordance with Federal law to the extent such Federal law is applicable, and
to the extent Federal law is not applicable, this Allocation Agreement shall be
governed by and construed in accordance with the law of the State of formation
of the Allocatee or its Subsidiary Allocatees, as the case may be.

9.8 Disclaimer of Relationships.

     (a)  The Allocatee shall not be deemed to be an agency, department or
          instrumentality of the United States merely by virtue of it being an
          Allocatee.

                                       22

<PAGE>

     (b)  Nothing in this Allocation Agreement, nor any act of the Fund or the
          Allocatee, shall be construed by either of them, or by a third party,
          to create any relationship of third-party beneficiary, principal and
          agent, limited or general partner or joint venture, or of any
          association or relationship whatsoever involving the Fund and the
          Allocatee.

     (c)  Notwithstanding any other provision of law, the Fund shall not be
          deemed to control the Allocatee by reason of any NMTC Allocation
          provided hereunder for the purpose of any other applicable law.

     (d)  The Allocatee's receipt of a NMTC Allocation from the Fund shall not
          be deemed to be an assurance of any kind by the Fund regarding a
          taxpayer's Equity Investment in the Allocatee.

9.9 Counterparts. This Allocation Agreement may be executed in counterparts,
each of which shall constitute an original but all of which together shall
constitute one and the same instrument.

9.10 Headings. The headings contained in this Allocation Agreement are for
convenience only and shall not affect the meaning or interpretation of this
Allocation Agreement.

9.11 Amendments. The terms of this Allocation Agreement may be amended,
modified, or supplemented by the mutual written consent of the parties hereto.
All amendment requests must be directed to the Grants Manager at
grantsmanagement@cdfi.treas.gov.

Notwithstanding the above, the Fund may, upon reasonable notice to the Awardee,
unilaterally amend the Allocation Agreement for the sole purpose of making
ministerial or administrative changes or correcting scrivener's errors.

9.12 Survival of Representations and Warranties. All representations,
warranties, covenants, and agreements made by the Allocatee in this Allocation
Agreement or the Application, including, without limitation, all Assurances and
Certifications contained in the Application, or in any document, report,
certificate, financial statement, note or instrument now or hereafter furnished
in connection with this Allocation Agreement shall survive the execution and
delivery of this Allocation Agreement and the provision of any NMTC Allocation
pursuant hereto, except as otherwise agreed to by the Fund.

9.13 Termination. Unless otherwise mutually agreed upon in writing by the
parties hereto, this Allocation Agreement shall terminate at such time that:

     (a)  the Fund determines that the Allocatee has submitted to the Fund all
          reports required by this Allocation Agreement covering the 7-year
          credit period (as defined in 26 C.F.R. 1.45D-1(c)(5)(i)) after the
          Allocatee issues its last Qualified Equity Investment related to its
          NMTC Allocation; and

                                       23

<PAGE>

     (b)  the Fund determines that the NMTC Allocation has been used as
          permitted hereby or two years after the 7-year credit period (as
          defined in 26 C.F.R. 1.45D- 1(c)(5)(i)) after the Allocatee issues its
          last Qualified Equity Investment related to its NMTC Allocation,
          whichever date is earlier.

This Section 9.13 shall not, in any manner, waive or supersede any rights,
powers, or remedies available to the Department of the Treasury or the Internal
Revenue Service pursuant to the Act, the Internal Revenue Code or any other
applicable law or regulation.

9.14 Disclosure of Allocatee Reports by Fund. The Fund will, consistent with
applicable law (including IRC Section 6103), make reports described in Article
VI hereof available for public inspection after deleting any materials necessary
to protect privacy or proprietary interests. The Fund will also make reports
described in Article VI hereof available to the Internal Revenue Service for the
purpose of determining the Allocatee's and its investors' compliance with the
requirements of IRC Section 45D and the NMTC Program Income Tax Regulations.

9.15 Compliance with Non-Discrimination Statutes. The Allocatee shall comply, to
the extent applicable, with all Federal statutes relating to non-discrimination,
including, but not limited to: Title VI of the Civil Rights Act of 1964; Title
IX of the Education Amendments of 1972; Section 504 of the Rehabilitation Act of
1973; the Age Discrimination Act of 1975; the Drug Abuse Office and Treatment
Act of 1972; the Comprehensive Alcohol Abuse and Alcoholism Prevention,
Treatment and Rehabilitation Act of 1970; Sections 523 and 527 of the Public
Health Service Act of 1912; and Title VIII of the Civil Rights Act of 1968.

                                       24
<PAGE>

                                                                      SCHEDULE 3
                  ALLOCATEE: ROCKLAND TRUST COMMUNITY DEVELOPMENT CORPORATION II
                                                        CONTROL NO.: 06NMA002322

                           FORM OF OPINION OF COUNSEL

            [THIS FORM MUST BE SUBMITTED ON THE COUNSEL'S LETTERHEAD]

                                     [Date]

TO: Community Development Financial Institutions Fund
    601 13th Street, N.W., Suite 200 South
    Washington, D.C. 20005
    Attention: Grants Manager

RE: New Markets Tax Credit Program Allocation
    [Name of Allocatee] [Control No. 05NMA00]

    [If applicable][Name of Each Subsidiary Allocatee and the respective CDE
    No.]

Dear Ladies and Gentlemen:

     The undersigned counsel represents the above-referenced [Allocatee] and
[Subsidiary Allocatees] as counsel in connection with an allocation of New
Markets Tax Credits (NMTC) to [Allocatee] from the Community Development
Financial Institutions (CDFI) Fund in the third round of the NMTC Program. We
have reviewed the General Guidance (66 FR 21846); the CDE Certification Guidance
(66 FR 65806); the Notice of Allocation Availability for the NMTC Program (70 FR
41075 and as amended 71 FR 12423); Section 45D of the Internal Revenue Code and
the regulations issued pursuant thereto; and made such other investigations of
law, as we have deemed appropriate. We have also reviewed the Allocation
Agreement and such other documents and records as we have deemed necessary to
render this opinion. Capitalized terms contained herein shall have the same
meaning assigned to them in the Allocation Agreement.

     Based upon the foregoing, the undersigned is of the opinion that:

          a.   The Allocatee is a domestic [corporation] [partnership] for
               Federal tax purposes. [The Subsidiary Allocatee is a domestic
               corporation/ partnership for Federal tax purposes]. The
               Allocatee is a [insert corporate form] and is validly existing
               and in good standing (if applicable) under the laws of the State
               of ___________ and it is

<PAGE>

               legally authorized to transact business in each jurisdiction in
               which it is authorized to use its NMTC Allocation to the extent
               such authorization is required to undertake the activities
               related to its NMTC Allocation. The Allocatee is currently
               transacting business in the State(s) of ___________. [The
               Subsidiary Allocatee is a [insert corporate form] and is validly
               existing and in good standing (if applicable) under the laws of
               the State of ___________ and it is legally authorized to transact
               business in each jurisdiction in which it is authorized to use
               the NMTC Allocation to the extent such authorization is required
               to undertake the activities related to the NMTC Allocation. The
               Subsidiary Allocatee is currently transacting business in the
               State(s) of ________________.]

          b.   The execution, delivery and performance by the Allocatee [and the
               Subsidiary Allocatees] of the Allocation Agreement are within the
               Allocatee's [and Subsidiary Allocatees'] corporate [partnership]
               powers and have been duly authorized by all requisite corporate
               [partnership] action and no additional authorizations are
               required which have not been previously obtained.

          c.   The execution, delivery and performance by the Allocatee [and the
               Subsidiary Allocatees] of the Allocation Agreement shall not
               result in any violation of and shall not conflict with, or
               result in a breach of any of the terms of, or constitute a
               default under any provision of the Allocatee's [and the
               Subsidiary Allocatees'] incorporation, charter, organization,
               bylaws or other establishing documents or to our knowledge any
               provision of Federal or State law to which the Allocatee [or the
               Subsidiary Allocatees] is subject, or any agreement, judgment,
               writ, injunction, decree, order, rule or regulation to which the
               Allocatee [or the Subsidiary Allocatees] is a party or by which
               it is bound. The Subsidiary Allocatee(s) listed in Section 3.2(c)
               of the Allocation Agreement are Subsidiaries of the Allocatee and
               the Allocatee has a controlling influence over the investment
               decisions of each Subsidiary Allocatee.

          d.   The Allocation Agreement and all documents related thereto to
               which the Allocatee or the Subsidiary Allocatee is a party and
               executed and delivered by the Allocatee or Subsidiary Allocatee
               as of the date hereof constitute the legal, valid and binding
               obligations of the Allocatee [and the Subsidiary Allocatees]
               enforceable in accordance with their respective terms.

          e.   To our knowledge, there is no suit, action, proceeding, or
               investigation, pending or threatened against the Allocatee [or
               the Subsidiary Allocatees] that questions the validity of the
               Allocation Agreement or any actions taken or to be taken pursuant
               thereto.

                                        2

<PAGE>

This opinion is based upon the laws of the State(s) of _______ [this list must
include the incorporation laws of the Allocatee and Subsidiary Allocatee(s)
State(s) of formation and the laws of all States listed in opinion a. as States
where the Allocatee and/or Subsidiary Allocatee(s) are currently transacting
business] and the Federal laws of the United States. This opinion is rendered
solely in connection with the CDFI Fund's provision of the NMTC Allocation to
the Allocatee [and the Subsidiary Allocatees]. Accordingly, it may be relied
upon only by the CDFI Fund and may not be relied upon by any other party for
any other purpose.

                                        ----------------------------------------
                                        Name of Counsel

                                        By:
                                            ------------------------------------

                                        3

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