Document:

Form of Replacement Convenant

 Exhibit 4.3 
 Replacement Capital Covenant, dated as of June 23, 2006 (this “Replacement Capital Covenant”), by Dominion Resources, Inc., a Virginia corporation (together with its successors and
assigns, the “Corporation”), in favor of and for the benefit of each Covered Debtholder (as defined below). 
 Recitals

 A. On the date hereof, the Corporation is issuing $300,000,000 aggregate principal amount of its 2006 Series A Enhanced Junior
Subordinated Notes Due 2066 (the “Notes”). 
 B. This Replacement Capital Covenant is the “Replacement Capital
Covenant” referred to in the Prospectus Supplement, dated June 20, 2006, relating to the Notes. 
 C. The Corporation, in entering
into and disclosing the content of this Replacement Capital Covenant in the manner provided below, is doing so with the intent that the covenants provided for in this Replacement Capital Covenant be enforceable by each Covered Debtholder and the
Corporation be estopped from disregarding the covenants in this Replacement Capital Covenant, in each case to the fullest extent permitted by applicable law. 
 NOW, THEREFORE, the Corporation hereby covenants and agrees as follows in favor of and for the benefit of each Covered Debtholder. 
 SECTION 1. Definitions. Capitalized terms used in this Replacement Capital Covenant (including the Recitals) have the meanings set forth in Schedule I hereto. 
 SECTION 2. Limitations on Redemption and Repurchase of Notes. The Corporation hereby promises and covenants to and for the benefit of each Covered
Debtholder that the Corporation shall not redeem or repurchase all or any part of the Notes on or before June 30, 2036 except to the extent that the total redemption or repurchase price therefor is equal to or less than the sum of (i) the
Applicable Percentage of the aggregate net cash proceeds received by the Corporation or its Subsidiaries from non-affiliates during the 180 days prior to the applicable redemption or repurchase date from the issuance and sale of Common Stock of the
Corporation plus (ii) 100% of the aggregate net cash proceeds received by the Corporation or its Subsidiaries from non-affiliates during the 180 days prior to the applicable redemption or repurchase date from the issuance and sale of
Replacement Capital Securities of the Corporation (other than Common Stock). For the avoidance of doubt, persons covered by Corporation’s dividend reinvestment plan, direct stock purchase plan and employee benefit plans shall be deemed
non-affiliates for purposes of this Section 2. 

 SECTION 3. Covered Debt. (a) The Corporation represents and warrants that the Initial Covered
Debt is Eligible Debt. 
 (b) (i) During the period commencing on the earlier of (x) the date two years and 30 days prior to the
final maturity date for the then effective Covered Debt and (y) the date on which the Corporation gives notice of redemption of the then effective Covered Debt, if such redemption is in whole or in part and, after giving effect to such
redemption, the outstanding principal of such Covered Debt would be less than $100,000,000, or (ii) if earlier than the date specified in clauses (x) and (y) of this Section 3(b)(i), on the date on which the Corporation or a
Subsidiary of the Corporation repurchases the then effective Covered Debt in whole or in part and, after giving effect to such repurchase, the outstanding principal amount of such Covered Debt would be less than $100,000,000, the Corporation shall
identify the series of Eligible Debt that will become the Covered Debt on the related Redesignation Date in accordance with the following procedures: 
 (A) the Corporation shall identify each series of its then outstanding long-term indebtedness for money borrowed that is Eligible Debt; 
 (B) if only one series of the Corporation’s then outstanding long-term indebtedness for money borrowed is Eligible Debt, such series
shall become the Covered Debt commencing on the related Redesignation Date; 
 (C) if the Corporation has more than one
outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify a specific series that has a final maturity date that is at least three years after the date on which the Corporation is
applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the upcoming Redesignation Date; 
 (D) the series of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (B) or (C) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the
period commencing on the related Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set
forth in this Section 3(b); and 
 (E) in connection with such identification of a new series of Covered Debt, the
Corporation shall give the notice provided for in Section 3(d) within the time frame provided for in such section. 
 (c)
Notwithstanding any other provisions of this Replacement Capital Covenant, if a series of Eligible Senior Debt has become the Covered Debt in accordance with Section 3(b), on the date on which the Corporation or a Subsidiary of the Corporation
issues a new series of Eligible Subordinated Debt, then immediately upon such issuance such series shall become the Covered Debt and the applicable series of Eligible Senior Debt shall cease to be Covered Debt. 
  

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 (d) Notice. In order to give effect to the intent of the Corporation described in Recital C, the
Corporation covenants that (a) simultaneously with the execution of this Replacement Capital Covenant, or as soon as practicable after the date hereof, it shall give notice to the Holders of the Initial Covered Debt, in the manner provided in
the indenture relating to the Initial Covered Debt, of this Replacement Capital Covenant and the rights granted to such Holders hereunder; (b) so long as the Corporation is a reporting company under the Securities Exchange Act, the Corporation
will include in each annual report filed with the Commission on Form 10-K under the Securities Exchange Act a description of the covenant set forth in Section 2 and identify the series of long-term indebtedness for borrowed money that is
Covered Debt as of the date such Form 10-K is filed with the Commission; (c) if a series of the Corporation’s long-term indebtedness for money borrowed (1) becomes Covered Debt or (2) ceases to be Covered Debt, give notice of
such occurrence within 30 days to the holders of such long-term indebtedness for money borrowed in the manner provided for in the indenture, fiscal agency agreement or other instrument under which such long-term indebtedness for money borrowed was
issued and report such change in the Corporation’s next quarterly report on Form 10-Q or annual report on Form 10-K, as applicable; (d) if, and only if, the Corporation ceases to be a reporting company under the Securities Exchange Act,
post on its website the information otherwise required to be included in Securities Exchange Act filings pursuant to clauses (b) and (c) above; and (e) promptly upon request by any Holder of Covered Debt, provide such Holder with an
executed copy of this Replacement Capital Covenant. 
 SECTION 4. Termination and Amendment. (a) The obligations of the
Corporation pursuant to this Replacement Capital Covenant shall remain in full force and effect until the earliest date (the “Termination Date”) to occur of (i) June 30, 2036, (ii) the date, if any, on which the
Holders of at least 51% by principal amount of the then effective series of Covered Debt consent or agree in writing to the termination of the obligations of the Corporation hereunder and (iii) the date on which the Corporation ceases to have
any series of outstanding Eligible Senior Debt or Eligible Subordinated Debt (in each case without giving effect to the rating requirement in clause (ii) of the definition of each such term). From and after the Termination Date, the obligations
of the Corporation pursuant to this Replacement Capital Covenant shall be of no further force and effect with respect to the Holders, or otherwise. 
 (b) This Replacement Capital Covenant may be amended or supplemented from time to time by a written instrument signed by the Corporation with the consent of the Holders of at least 51% by principal amount of the then effective series of
Covered Debt, provided that this Replacement Capital Covenant may be amended or supplemented from time to time by a written instrument signed by the Corporation (and without the consent of the Holders) if the Board of Directors has determined that
such amendment or supplement is not adverse to the Holders of the then effective series of Covered Debt. 
  

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 (c) For purposes of Sections 4(a) and 4(b), the Holders whose consent or agreement is required to
terminate, amend or supplement this Replacement Capital Covenant or the obligations of the Corporation hereunder shall be the Holders of the then effective Covered Debt as of a record date established by the Corporation that is not more than 30 days
prior to the date on which the Corporation proposes that such termination, amendment or supplement becomes effective. 
 SECTION 5.
Miscellaneous. (a) This Replacement Capital Covenant shall be governed by and construed in accordance with the laws of the State of New York without regard to choice of law principles. 
 (b) This Replacement Capital Covenant shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of the Covered
Debtholders as they exist from time-to-time (it being understood and agreed by the Corporation that any Person who is a Covered Debtholder at the time such Person acquires or immediately after such Person sells Covered Debt shall retain its status
as a Covered Debtholder for so long as the series of long-term indebtedness for borrowed money owned by such Person is Covered Debt and, if such Person initiates a claim or proceeding to enforce its rights under this Replacement Capital Covenant
after the Corporation has violated its covenants in Section 2 and before the series of long-term indebtedness for money borrowed held by such Person is no longer Covered Debt, such Person’s rights under this Replacement Capital Covenant
shall not terminate by reason of such series of long-term indebtedness for money borrowed no longer being Covered Debt). 
 (c) The
Corporation acknowledges that reliance by each Covered Debtholder upon the covenants in this Replacement Capital Covenant is reasonable and foreseeable by the Corporation and that, were the Corporation to disregard its covenants in this Replacement
Capital Covenant, each Covered Debtholder would have sustained an injury as a result of its reliance on such covenants. 
 (d) All demands,
notices, requests and other communications to the Corporation under this Replacement Capital Covenant shall be deemed to have been duly given and made if in writing and (i) if served by personal delivery upon the Corporation, on the day so
delivered (or, if such day is not a Business Day, the next succeeding Business Day), (ii) if delivered by registered post or certified mail, return receipt requested, or sent to the Corporation by a national or international courier service, on
the date of receipt by the Corporation (or, if such date of receipt is not a Business Day, the next succeeding Business Day), or (iii) if sent by telecopier, on the day telecopied, or if not a Business Day, the next succeeding Business Day,
provided that the telecopy is promptly confirmed by telephone confirmation thereof, and in each case to the Corporation at the address set forth below, or at such other address as the Corporation may thereafter post on its website as the address for
notices under this Replacement Capital Covenant: 
 Dominion Resources, Inc. 
 Attention: James P. Carney, Assistant-Treasurer – Corporate Finance 
 Facsimile No: (804) 819-2211 
  

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 IN WITNESS WHEREOF, the Corporation has caused this Replacement Capital Covenant to be executed
by its duly authorized officer as of the day and year first above written. 
  

			
	Dominion Resources, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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 Schedule I 
 Definitions 
 “Alternative Payment Mechanism” means, with respect to any
securities or combination of securities referred to in the definition of Replacement Capital Securities, that such securities or related transaction agreements include a provision to the effect that, if the Corporation has exhausted its rights to
defer Distributions at its option pursuant to an Optional Deferral Provision or if any Mandatory Trigger Provision has become applicable, the Corporation may or shall, as applicable, unless a Market Disruption Event has occurred and is continuing,
(i) issue and sell shares of its common stock and/or Qualifying Preferred Stock or Qualifying Non-Cumulative Preferred Stock, as applicable, during the 180 days prior to each applicable Distribution Date, in amount such that the net proceeds of
such sale shall equal or exceed such Distributions and (ii) apply the net proceeds of such sale to pay Distributions to be paid in full. 
 “Applicable Percentage” means, in respect of any issuance and sale of Common Stock during the 180 days prior to the date of redemption or repurchase of any Notes, (i) if such Notes are redeemed or repurchased after the
date hereof and on or before June 30, 2016, 200% and (ii) if such Notes are redeemed or repurchased after June 30, 2016 and on or prior to June 30, 2036, 400%. 
 “Board of Directors” means the Board of Directors of the Corporation or a duly constituted committee thereof. 
 “Business Day” means each day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions in the City of
New York are authorized or obligated by law, regulation or executive order to close. 
 “Commission” means the United States
Securities and Exchange Commission. 
 “Common Equity Units” means a security (or combination of securities) that
mandatorily converts into Common Stock after no more than three years and gives the holder (i) a beneficial interest in a fixed income security of the Corporation (debt, trust preferred or preferred) that may or may not be remarketed to new
investors during the term of the fixed income security and (ii) a fractional interest in a contract to purchase Common Stock. 
 “Common Stock” means common stock of the Corporation (including treasury shares of common stock and shares of common stock sold pursuant to the Corporation’s dividend reinvestment plan, direct stock purchase plan and
employee benefit plans). 
 “Corporation” has the meaning specified in the introduction to this instrument. 
 “Covered Debtholder” means each Person (whether a Holder or a beneficial owner holding through a participant in a clearing agency) that
buys, holds or sells long-term indebtedness for money borrowed of the Corporation during the period that such 
  

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 long-term indebtedness for money borrowed is Covered Debt, provided that a Person who has sold all its right, title and
interest in Covered Debt shall cease to be a Covered Debtholder at the time of such sale if, at such time, the Corporation has not breached or repudiated, or threatened to breach or repudiate, its obligations hereunder. 
 “Covered Debt” means (i) at the date of this Replacement Capital Covenant and continuing to but not including the first
Redesignation Date, the Initial Covered Debt and (ii) thereafter, commencing with each Redesignation Date and continuing to but not including the next succeeding Redesignation Date, the Eligible Debt identified pursuant to Section 3(b) as
the Covered Debt for such period. 
 “Distribution Date” means, as to any securities or combination of securities, the dates
on which periodic Distributions on such securities are scheduled to be made. 
 “Distribution Period” means, as to any
securities or combination of securities, each period from and including a Distribution Date for such securities to but not including the next succeeding Distribution Date for such securities. 
 “Distributions” means, as to a security or combination of securities, dividends, interest payments or other income distributions to the
holders thereof that are not Subsidiaries of the Corporation. 
 “Eligible Debt” means, at any time, Eligible Subordinated
Debt or, if no Eligible Subordinated Debt is then outstanding, Eligible Senior Debt. 
 “Eligible Senior Debt” means, at any
time in respect of any issuer, each series of outstanding long-term indebtedness for money borrowed of such issuer that (i) upon a bankruptcy, liquidation, dissolution or winding up of the issuer, ranks most senior among the issuer’s then
outstanding classes of indebtedness for money borrowed, (ii) is then assigned a rating by at least one NRSRO (provided that this clause shall apply on a Redesignation Date only if on such date the issuer has outstanding senior long-term
indebtedness for money borrowed that satisfies the requirements of clauses (i), (iii) and (iv) that is then assigned a rating by at least one NRSRO), (iii) has an outstanding principal amount of not less than $100,000,000, and
(iv) was issued through or with the assistance of a commercial or investment banking firm or firms acting as underwriters, initial purchasers or placement or distribution agents. For purposes of this definition as applied to securities with a
CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established directly or indirectly by the issuer, the securities of such intermediate entity
have) a separate CUSIP number shall be deemed to be a series of the issuer’s long-term indebtedness for money borrowed that is separate from each other series of such indebtedness. 
 “Eligible Subordinated Debt” means, at any time in respect of any issuer, each series of the issuer’s then outstanding long-term
indebtedness for money borrowed that 
  

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 (i) upon a bankruptcy, liquidation, dissolution or winding up of the issuer, ranks subordinate to the issuer’s then
outstanding series of indebtedness for money borrowed that ranks most senior, (ii) is then assigned a rating by at least one NRSRO (provided that this clause (ii) shall apply on a Redesignation Date only if on such date the issuer has
outstanding subordinated long-term indebtedness for money borrowed that satisfies the requirements in clauses (i), (iii) and (iv) that is then assigned a rating by at least one NRSRO), (iii) has an outstanding principal amount of not
less than $100,000,000, and (iv) was issued through or with the assistance of a commercial or investment banking firm or firms acting as underwriters, initial purchasers or placement or distribution agents. For purposes of this definition as
applied to securities with a CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established directly or indirectly by the issuer, the securities
of such intermediate entity have) a separate CUSIP number shall be deemed to be a series of the issuer’s long-term indebtedness for money borrowed that is separate from each other series of such indebtedness. 
 “Explicit Replacement Covenant” means, as to any security or combination of securities, that the Corporation has made a covenant
substantially similar to the Replacement Capital Covenant to the effect that the Corporation will redeem or repurchase such securities only if and to the extent that the total redemption or repurchase price is equal to or less than the net proceeds
received from the issuance and sale of Replacement Capital Securities, substantially as defined herein but as applied to such securities instead of to the Notes, raised within 180 days prior to the applicable redemption or repurchase date, and that
the Board of Directors has determined that such covenant is binding on the Corporation for the benefit of one or more series of the Corporation’s long-term indebtedness for money borrowed to the same extent as this Replacement Capital Covenant
is binding on the Corporation for the benefit of the Holders of the Initial Covered Debt. 
 “First Supplemental Indenture”
means the First Supplemental Indenture, dated as of June 1, 2006, to the Junior Subordinated Indenture II, dated as of June 1, 2006, between the Corporation and JPMorgan Chase Bank, N.A., as trustee. 
 “Holder” means, as to the Covered Debt then in effect, each holder of such Covered Debt as reflected on the securities register
maintained by or on behalf of the Corporation with respect to such Covered Debt. 
 “Initial Covered Debt” means the 8.4%
Capital Securities issued on January 12, 2001 by Dominion Resources Capital Trust III (CUSIP No. 25746NAA3). 
 “Intent-Based Replacement Disclosure” means, as to any security or combination of securities issued, directly or indirectly, by the Corporation, that the Corporation has publicly stated its intention, either in the
prospectus or other offering document under which such securities were initially offered for sale or in filings with the Commission made by the Corporation under the Securities Exchange Act prior to or 
  

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 contemporaneously with the issuance of such securities, that the Corporation will redeem or repurchase such securities
only with Replacement Capital Securities, substantially as defined herein but as applied to such securities instead of to the Notes, raised within 180 days prior to the applicable redemption or repurchase date. 
 “Mandatory Trigger Provision” means, as to any security or combination of securities, a provision in the terms thereof or of the related
transaction agreements that requires the issuer of such security or combination of securities to defer or suspend, as applicable, in whole or in part payment of Distributions on such securities, except for payments made pursuant to an Alternative
Payment Mechanism, if and for so long as the Corporation fails to satisfy one or more financial tests set forth in the terms of such securities or related transaction agreements, without any remedy other than Permitted Remedies (except for those
described under clause (iii) of the definition thereof) arising by the terms of such securities or related transaction agreements in favor of the holders of such securities as a result of the issuer’s failure to pay Distributions because
of the Mandatory Trigger Provision or as a result of the issuer’s exercise of its right under an Optional Deferral Provision until Distributions have been deferred for one or more Distribution Periods (whether or not consecutive) that total
together at least ten years. 
 “Market Disruption Event” means the occurrence or existence of any of the following events
or sets of circumstances: 
 (i) trading in securities generally, or in the Corporation’s securities specifically, on the
New York Stock Exchange or any other national securities exchange or over-the-counter market on which the Corporation’s common stock or preferred stock is then listed or traded shall have been suspended or its settlement generally shall have
been materially disrupted; 
 (ii) the Corporation would be required to obtain the consent or approval of a regulatory body
(including, without limitation, any securities exchange) or governmental authority to issue shares of the Corporation’s common stock or Qualifying Preferred Stock and the Corporation fails to obtain that consent or approval notwithstanding the
Corporation’s commercially reasonable efforts to obtain that consent or; or 
 (iii) an event occurs and is continuing as
a result of which the offering document for the offer and sale of the Corporation’s common stock or perpetual non-cumulative preferred stock would, in the Corporation’s reasonable judgment, contain an untrue statement of a material fact or
omit to state a material fact required to be stated in that offering document or necessary to make the statements in that offering document not misleading and either (A) the disclosure of that event at the time the event occurs, in the
Corporation’s reasonable judgment, would have a material adverse effect on the Corporation’s business or (B) the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which
would impede the 
  

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 Corporation’s ability to consummate that transaction, provided that one or more events described in
this subsection (iii) shall not constitute a Market Disruption Event with respect to more than one interest payment date. 
 “Non-Cumulative Preferred Stock” means preferred or preference stock having Distributions which may be skipped by the issuer thereof for any number of distribution periods without any remedy arising under the terms of such
securities or related transaction agreements in favor of the holders of such securities as a result of such issuer’s failure to pay Distributions, other than Permitted Remedies (except for those described under clause (iii) of the
definition thereof). 
 “Notes” has the meaning specified in Recital A. 
 “NRSRO” means a nationally recognized statistical rating organization within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the
Securities Exchange Act. 
 “Optional Deferral Provision” means, as to any security or combination of securities, a
provision in the terms thereof or of the related transaction agreements, substantially similar to Section 4.1 of the First Supplemental Indenture, to the effect that the issuer thereof may, in its sole discretion, defer in whole or in part
payment of Distributions on such securities for one or more consecutive Distribution Periods of up to ten years without any remedy other than Permitted Remedies as a result of such issuer’s failure to pay Distributions. 
 “Permitted Remedies” means, as to any security or combination of securities, any one or more of (i) rights in favor of the holders
thereof permitting such holders to elect one or more directors of the Corporation (including any such rights required by the listing requirements of any stock or securities exchange on which such securities may be listed or traded),
(ii) prohibitions on the Corporation paying Distributions on or repurchasing common stock or other securities that rank junior as to Distributions to such securities for so long as Distributions on such securities, including deferred
distributions, have not been paid in full or to such lesser extent as may be specified in the terms of such securities, and (iii) provisions obliging the Corporation to cause such unpaid Distributions to be paid in full pursuant to an
Alternative Payment Mechanism. 
 “Person” means any individual, corporation, partnership, joint venture, trust, limited
liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 
 “Preferred Equity Units” means a security (or combination of securities) that (i) gives the holder a beneficial interest in (A) the most junior subordinated debt of the Corporation (or debt that is pari passu with
the most junior subordinated debt of the Corporation), interest on which may be deferred for five years or more and, commencing with the date two years after the beginning of an interest deferral period, will be paid pursuant to an Alternative
Payment Mechanism, and (B) a fractional interest in a contract 
  

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 to purchase Common Stock or Qualifying Non-Cumulative Preferred Stock, (ii) includes a remarketing feature pursuant
to which subordinated debt of the Corporation is remarketed to new investors within five years from the date of issuance of the security or earlier in the event of an early settlement event based on (A) the capital or other applicable ratios of
the Corporation or (B) the dissolution of the issuer of such Preferred Equity Units, (iii) provides for the proceeds raised in the remarketing to be used to purchase Common Stock or Qualifying Non-Cumulative Preferred Stock of the
Corporation, (iv) includes an Explicit Replacement Covenant, provided that such Explicit Replacement Covenant will not include Preferred Equity Units in the definition of “replacement capital securities,” and (v) after the
issuance of such Common Stock or Qualifying Non-Cumulative Preferred Stock, provides the holder of the security with a beneficial interest in such Common Stock or Qualifying Non-Cumulative Preferred Stock. 
 “Qualifying Non-Cumulative Preferred Stock” means preferred or preference stock of the Corporation that (i) is Non-Cumulative
Preferred Stock, (ii) ranks pari passu with or junior to other preferred stock of the Corporation and (iii) either by its terms or when taken together with any related transaction agreements: 
 (A) (1) is perpetual or has a mandatory redemption or maturity date that is not less than 60 years after the date of initial issuance
of such securities and (2) has either (a) an Explicit Replacement Covenant or (b) a Mandatory Trigger Provision and Intent-Based Replacement Disclosure, or 
 (B) (1) has a mandatory redemption or maturity date that is not less than 40 years after the date of initial issuance of such
securities, (2) has an Explicit Replacement Covenant and (3) includes a Mandatory Trigger Provision. 
 “Qualifying
Preferred Stock” means preferred or preference stock of the Corporation that (i) ranks pari passu with or junior to other preferred stock of the Corporation, (ii) is perpetual with no prepayment obligation on the part of the
issuer thereof, whether at the election of the holders or otherwise, and (iii) either (A) is Non-Cumulative Preferred Stock and has Intent-Based Replacement Disclosure, or (B) is cumulative preferred stock and has an Explicit
Replacement Covenant. 
 “Redesignation Date” means, as to the then effective Covered Debt, the earliest of (i) the
date that is two years prior to the final maturity date of such Covered Debt, (ii) if the Corporation elects to redeem, or the Corporation or a Subsidiary of the Corporation elects to repurchase, such Covered Debt either in whole or in part
with the consequence that after giving effect to such redemption or repurchase the outstanding principal amount of such Covered Debt is less than $100,000,000, the applicable redemption or repurchase date and (iii) if the then outstanding
Covered Debt is not Eligible Subordinated Debt, the date on which the Corporation issues long-term indebtedness for money borrowed that is Eligible Subordinated Debt. 
  

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 “Replacement Capital Covenant” has the meaning specified in the introduction to this
instrument. 
 “Replacement Capital Securities” shall mean securities that meet one or more of the following criteria in the
determination of the Board of Directors: 
 (a) with respect to Notes that are redeemed or repurchased after the date hereof and on or prior
to June 30, 2016: 
 (i) Common Stock; 
 (ii) Common Equity Units; 
 (iii) Preferred Equity Units; 
 (iv) Non-Cumulative Preferred Stock having either: 
 (A) (1) no maturity or a maturity of at least 60 years and (2) Intent-Based Replacement Disclosure; or 
 (B) (1) a
maturity of at least 40 years and (2) an Explicit Replacement Covenant; 
 (iv) preferred stock having cumulative Distributions and
either: 
 (A) (1) no prepayment obligation on the part of the issuer thereof, whether at the election of the holders or otherwise, and
(2) a requirement that the preferred stock converts into common stock of the Corporation within three years from the date of issuance; or 
 (B) (1) no maturity or a maturity of at least 60 years and (2) an Explicit Replacement Covenant; or 
 (vi) other
securities that: 
 (A) rank upon on a liquidation, dissolution or winding-up of the Corporation either (1) pari passu
with or junior to the Notes or (2) pari passu with the claims of the Corporation’s trade creditors and junior to all of the Corporation’s long-term indebtedness for money borrowed (other than the Corporation’s long-term
indebtedness for money borrowed from time to time outstanding that by its terms ranks pari passu with such securities on a liquidation, dissolution or winding-up of the Corporation); and 
  

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 (B) include a distribution deferral provision, in the terms thereof or in the related
transaction agreements, substantially similar to Section 4.1 of the First Supplemental Indenture; and 
 (C) have a
maturity of at least 60 years and an Explicit Replacement Covenant; or 
 (b) with respect to Notes that are redeemed after June 30,
2016 and on or prior to June 30, 2036, 
 (i) securities described in paragraph (a) of this definition; 

(ii) preferred stock, having a maturity, if any, of at least 60 years, and cumulative Distributions and Intent-Based Replacement
Disclosure; or 
 (iii) other securities that 
 (A) rank upon on a liquidation, dissolution or winding-up of the Corporation either (1) pari passu with or junior to the Notes or (2) pari passu with the claims of the Corporation’s trade creditors and
junior to all of the Corporation’s long-term indebtedness for money borrowed (other than the Corporation’s long-term indebtedness for money borrowed from time to time outstanding that by its terms ranks pari passu with such securities on a
liquidation, dissolution or winding-up of the Corporation); and 
 (B) include a distribution deferral provision, in the terms
thereof or in the related transaction agreements, substantially similar to Section 4.1 of the First Supplemental Indenture; and 
 (C) have a maturity greater than 30 years. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 “Subsidiary” means, at any time, any Person the shares of stock or other ownership interests of which having
ordinary voting power to elect a majority of the board of directors or other managers of such Person are at the time owned, or the management or policies of which are otherwise at the time controlled, directly or indirectly through one or more
intermediaries (including other Subsidiaries) or both, by another Person. 
  

 I-8EXHIBIT 10.4.1

 Exhibit 10.4.1 
 execution copy 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 This Amended and Restated Credit Agreement is dated as of November 16, 2005, by and between MMA MORTGAGE INVESTMENT CORPORATION, a Florida
corporation (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“Bank”). 
 Preliminary
Statement 
 The Bank and the Borrower have entered into the following agreements, each dated as of July 1, 2005 (the “Existing
Credit Documents”): (i) Credit Agreement, and Notes issued thereunder (the “Original Credit Agreement”), (ii) Amended and Restated Mortgage Loan Pledge Agreement, (iii) Amended and Restated Investment Pledge Agreement,
(iv) Amended and Restated P & I Advance Pledge Agreement, under which the Bank made certain loans to the Borrower. Such loans are secured by the security provisions of the Existing Credit Documents. The Borrower has requested that the Bank
continue to make loans to Borrower, as more particularly described herein and in document provided for hereunder, and the Borrower and the Bank have agreed that the Original Credit Agreement shall be amended to read as follows to govern such loans
and other extensions of credit as hereinafter provided. 
 Agreement 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and
restate the Original Credit Agreement as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
 1.1 Definitions. As used herein, in each
exhibit hereto and in each other Loan Document (unless otherwise expressly defined therein), the following terms shall have the following respective meanings (such terms to be equally applicable to both the singular and plural forms of the terms
defined): 
 “Adjusted Tangible Net Worth” means the total of (a) net worth, determined in accordance with GAAP,
plus (b) an amount equal to seventy five percent (75%) of the Fair Market Value of the Borrower’s Servicing Portfolio, minus (c) any advances or loans to or investments in the Borrower’s shareholders, officers
or entities that are controlled by the Borrower’s shareholders or officers, minus (d) organizational costs net of accumulated amortization, minus (e) servicing contracts net of accumulated amortization, and minus
(f) other items treated as intangible assets under GAAP. For such purposes, the term “Fair Market Value” means the current fair market value of the Servicing Portfolio as reasonably determined by the Bank based on appraisals of
independent appraisers reasonably satisfactory to the Bank (if such appraisals present a range of values, the Bank shall apply the midpoint of such values to determine the Fair Market Value). 

 “Advance Percentage” means (a) 100%, if the Borrower shall have deposited an amount
equal to 1% of the amount of all outstanding Warehouse Advances (after giving effect to any Warehouse Advance then being requested) into the Cash Collateral Account, or (b) 99% otherwise 
 “Advances” means the loans by the Bank to the Borrower hereunder, and shall consist of the following (each a “type” of
Advance): 
 (a) “Revolving Advance” made under Section 2.1(a), consisting of: 
 (i) “Warehousing Advances” if made for purposes set forth in Section 2.2(a); 
 (ii) “Investment Advances” if made for purposes set forth in Section 2.2(b); 
 (iii) “Bridge Advances” if made for purposes set forth in Section 2.2(c); and 
 (b) “Fannie Mae Advances” made under Section 2.1(b), for purposes set forth in Section 2.2(d). 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common
control with such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” means
this Amended and Restated Credit Agreement, as the same may be amended, modified or restated from time to time hereafter. 
 “Balance
Supported Advances” means a portion of all Advances outstanding during each calendar month equal to the Average Daily Available Deposits maintained by the Borrower with the Bank during such month in excess of those required to compensate
the Bank for the facility fee provided in Section 2.6. For purposes of the foregoing “Average Daily Available Deposits” shall mean, with respect to a calendar month, the average daily amount of Available Deposits on
deposit with the Bank during such calendar month, and “Available Deposits” shall mean, at the time of determination, interest-free collected deposit balances maintained by the Borrower with the Bank, in excess of those which the
Bank reasonably determines (in a manner consistent with the equivalent determinations made for other commercial customers of the Bank) to be necessary to support other banking services provided to the Borrower and to compensate the Bank for costs of
maintaining reserves and insurance of the Federal Deposit Insurance Corporation (or any successor), which services and costs are not covered by cash payments by the Borrower. 
 “Bridge Mortgage Loans” means Mortgage Loans financed by Bridge Advances and meeting all of the requirements of
Section 2.2(c) hereof. 
 “Business Day” means a day on which the Bank is open for the transaction of business
in Minneapolis, Minnesota, and for purposes of the setting of rates of interest hereunder, a day on which dealings in Dollars may be carried on by the Bank in the interbank eurodollar market. 

 “Cash Collateral Account” means an account established by the Borrower with the Bank,
which account shall be under the sole dominion and control of the Bank for purposes of the deposit referred to in the definition of “Advance Percentage.” 
 “Collateral” means all of the collateral under the Pledge Agreements and all other collateral in which a Security Interest is granted to the Bank to secure the Notes from time to time. 
 “Commitments” means the maximum unpaid principal amount of Advances which may from time to time be outstanding as provided in
Section 2.1 hereof and, as the context may require, the agreement of the Bank to make Advances to the Borrower subject to the terms and conditions of this Agreement. The Commitment shall initially be in the following amounts, each as
reduced from time to time as provided in Section 2.9(a) hereof: 
 (a) the “Revolving Commitment”, in the amount
of (i) $110,000,000 as of the date of this Agreement through and including December 31, 2005, and (ii) $75,000,000 from January 1, 2006, through and including the Termination Date, which Revolving Commitments shall be further
limited to the following: 
 (i) the full Revolving Commitment for Warehousing Advances; 
 (ii) the lesser of (A) $55,000,000, or (B) the full Revolving Commitment, for Investment Advances (the “Investment Sublimit”);

 (iii) the lesser of (A) $10,000,000, or (B) the full Revolving Commitment, for Bridge Advances (the “Bridge
Sublimit”); and 
 (b) the “Fannie Mae Commitment” in the amount of the lesser of (i) $10,000,000, or
(ii) the full Revolving Commitment, for Fannie Mae Advances. 
 “Confirmation of Borrowing/Paydown” means a
confirmation in a form consistent with the practice of the Borrower and the Bank immediately prior to the execution of this Agreement or in such form as is agreed from time to time between the Borrower and the Bank. 
 “Debt Service Coverage Ratio” means the ratio, calculated for each period of four consecutive fiscal quarters of the Borrower, of the
ratio of: 
 (a) the remainder of: (i) Earnings Before Interest, Depreciation and Amortization for such four-quarter period, less
(ii) any non-cash revenues included in (a)(i) pursuant to application of FAS 140 or any similar requirement of GAAP; 
 to

 (b) the sum of (i) mandatory principal payments of Indebtedness of the Company; plus (ii) the interest expense of the Company
(determined in accordance with GAAP), each of the same four-quarter period. 

 “Default” means an event which would be an Event of Default with the passage of time or
the giving of notice. 
 “Earnings Before Interest, Depreciation and Amortization” means the net income of the Borrower
before deductions for interest expense, depreciation and amortization, all as determined in accordance with GAAP, excluding therefrom (a) nonoperating gains (including without limitation, extraordinary or unusual gains, gains arising from the
sale of assets other than inventory and other nonrecurring gains) during such period and (b) similar nonoperating losses (including, without limitation, losses arising from the sale of assets other than inventory and other nonrecurring losses)
during such period. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor
statute, together with regulations thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that is a member of a group of which the Borrower is a member and which is treated as a single employer under Section 414 of the Code. 
 “Escrow Request” means a letter by the Borrower to the Bank in the form of Exhibit B, duly completed. 
 “Event of Default” is defined in Section 5.1. 
 “Fannie Mae”
means Fannie Mae Corporation, or its successor. 
 “FHA” means the Federal Housing Administration, or its successor.

 “Floating LIBOR Rate” means an annual rate equal to the one-month LIBOR rate quoted by Bank from Telerate Page 3750 or
any successor thereto, which shall be that one-month LIBOR rate in effect and reset each New York Banking Day, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation. 
 “Freddie Mac” means Freddie Mac Corporation, or its successor. 
 “Funding and Settlement Account” means account number ending in 2927 of the Borrower maintained with the Bank, which account shall be
under the sole dominion and control of the Bank. 
 “GAAP” means generally accepted accounting principles consistently
applied and maintained throughout the period indicated, except for changes mandated by the Financial Accounting Standard Board or similar accounting authority of comparable standing. 
 “Ginnie Mae” means Ginnie Mae Corporation, or its successor. 
 “Glaser” means Glaser Financial Group, Inc., a Minnesota corporation, which was acquired by the Borrower and merged into the Borrower
with the Borrower being the surviving entity and owner of all assets formerly owned by Glaser and undertaking all of the liabilities and obligations that were formerly liabilities and obligations of Glaser. 

 “HUD” means the U.S. Department of Housing and Urban Development or its successor.

 “Immediately Available Funds” means funds with good value on the day and in the city in which payment is received.

 “Indebtedness” means all obligations of the Borrower which, in accordance with GAAP, should be classified as liabilities
on its balance sheet, and shall include all guaranties by the Borrower of Indebtedness of third parties, provided, that Indebtedness shall not include trade accounts payable arising in the ordinary course of business. 
 “Loan Documents”: this Agreement, the Notes, the Pledge Agreements, UCC-1 Financing Statements and each other instrument, document,
guaranty, security agreement, mortgage, or other agreement, executed and delivered by the Borrower or any guarantor or party, granting security interests in connection with this Agreement, the Advances or any collateral for the Advances. 

“Material Adverse Effect” means a material adverse effect upon the business, operations, properties, assets or condition (financial
or otherwise) of the Borrower. 
 “Mortgage-backed Security” means a security (including, without limitation, participation
certificates) that is an interest in a pool of mortgages or is secured by such an interest and is guaranteed by Ginnie Mae or is issued or guaranteed by Fannie Mae or Freddie Mac. 
 “Mortgage” means a mortgage, deed of trust or similar security instrument which constitutes a first-priority lien (unless the Bank
otherwise agrees to a lower priority) on real property that has been improved, or, subject to the approval of the Bank, on which improvements are under construction. 
 “Mortgage Loan” means a loan secured by a Mortgage. 
 “New York Banking
Day” means any day (other than a Saturday or Sunday) on which commercial banks are open for business in New York, New York. 
 “Notes” means the Notes issued under, and as defined by, Section 2.5, and all other promissory notes issued by the Borrower to evidence obligations of the Borrower to the Bank under this Agreement or the other
Loan Documents, all as amended, restated, modified, extended, renewed or replaced from time to time. 
 “Obligations” means
any and all indebtedness, obligations and liabilities of the Borrower to the Bank (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or contingent, liquidated
or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred) arising out of or related to the Loan Documents, or any of them. 

 “Permitted Investments” means the following, in each case not subject to any lien,
security interest, right of offset, or other encumbrance (except in favor of the Bank): (i) bank deposits held in the Borrower’s name at the Bank or repurchase obligations of the Bank having a term of not more than 90 days with respect to
securities issued or fully guaranteed by the United States Government, (ii) securities with remaining maturities of 90 days or less issued or fully guaranteed by the United States Government or other securities with remaining maturities of 90
days or less issued or fully guaranteed by any state, political subdivision or taxing authority (provided that such other securities are rated at least A by Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.), and
(iii) commercial paper with remaining maturities of 90 days or less of a domestic issuer rated as least A-1 by Standard & Poor’s Ratings Group or P-1 by Moody’s Investors Service, Inc. 
 “Person” means any natural person, corporation, partnership, joint venture, firm, association, trust, governmental agency or political
subdivision or any other entity, whether acting in an individual, fiduciary or other capacity. 
 “Plan” means an employee
benefit plan or other plan, maintained for employees of the Borrower or of any ERISA Affiliate, and subject to Title IV of ERISA or Section 412 of the Code. 
 “Pledge Agreements” means the following Agreements, each dated as of the date of this Agreement, each as amended, restated, modified, extended, renewed or replaced from time to time: 
 (a) Amended and Restated Mortgage Loan Pledge Agreement (the “Mortgage Pledge Agreement”); 
 (b) Amended and Restated Investment Pledge Agreement (the “Investment Pledge Agreement”); 
 and, if the Fannie Mae Advances are borrowed, a “Servicing Pledge Agreement” in the form of Exhibit C hereto. 
 “Prime Rate” means the rate of interest from time to time announced by the Bank as its “prime rate.” For purposes of
determining any interest rate which is based on the Prime Rate, such interest rate shall be adjusted each time that the prime rate changes. 
 “Servicing Portfolio” means, as of a date of determination, the aggregate unpaid principal balance of Mortgage Loans which are serviced by the Borrower, excluding Mortgage Loans serviced by the Borrower under a subservicing
agreement and excluding construction Mortgage Loans, unless such construction Mortgage Loans will (under applicable documents) be converted to permanent loans that will be serviced by the Borrower. 
 “Subsidiary” means any corporation a majority of the shares of the outstanding capital stock of which is owned by the Borrower, either
directly or through one or more subsidiaries. 
 “Termination Date”: the earliest of (i) the date on which the Bank
terminates the Commitments pursuant to Section 5.2 hereof, (ii) the date on which the Commitments are reduced to $0 and all Advances repaid, as provided in Section 2.9(a), and (ii) September 29, 2006.

 1.2 Accounting Terms and Calculations. All accounting terms used herein shall be interpreted and
all accounting determinations hereunder shall be made in accordance with GAAP. To the extent any change in GAAP after the date hereof affects any computation or determination required to be made pursuant to this Agreement, such computation or
determination shall be made as if such change in GAAP had not occurred unless the Borrower and the Bank agree in writing on an adjustment to such computation or determination to account for such change in GAAP. 
 1.3 Computation of Time Periods. In this Agreement, in the computation of a period of time from a specified date to a later specified date, unless
otherwise stated the word “from” means “from and including” and the word “to” or “until” each means “to but excluding”. 
 1.4 Other Terms. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and section, schedule, exhibit and like references are to this Agreement unless otherwise clearly requires, “or” has the inclusive meaning represented by the phrase “and/or.” The singular
includes the plural and the singular. 
 ARTICLE II 
 MAKING OF ADVANCES 
 2.1 Commitments. Subject to the terms and conditions of this Agreement and
provided no Default or Event of Default has occurred and is continuing, the Bank agrees, from time to time during the period from the date hereof to, but not including, the Termination Date, to make the Advances to the Borrower. The Borrower may
repay and reborrow the Advances. The Advances shall be subject to the following further restrictions (in addition to other restrictions set forth in this Agreement): 
 (a) the sum of the outstanding Revolving Advances plus the outstanding Fannie Mae Advances shall not exceed the Revolving Commitment at any time and the following types of Revolving Advances shall be subject to the
following limits: 
 (i) the outstanding Warehousing Advances shall not exceed the Revolving Commitment at any time; 
 (ii) the outstanding Investment Advances shall not exceed the Investment Sublimit at any time; and 
 (iii) the Bridge Advances shall not exceed the Bridge Sublimit at any time. 
 (b) The Fannie Mae Advances shall not exceed the Fannie Mae Commitment at any time. 

 2.2 Use of Advances and Collateral for Advances. The Advances of the following types shall be used
solely for the following purposes: 
 (a) Warehousing Advances shall be used solely to finance Mortgage Loans made by the Borrower that are
acceptable to the Bank and are pledged and delivered to the Bank under the Mortgage Pledge Agreement as security for all Obligations. Each such Mortgage Loan shall be reviewed by the Bank and must meet the Bank’s criteria for the warehousing of
multifamily housing Mortgage Loans, including satisfactory evidence: 
 (i) of a take-out commitment from Fannie Mae or Freddie Mac acceptable
to the Bank; or 
 (ii) of conformance of the loans to requirements for inclusion in a pool supporting a Ginnie Mae mortgage-backed security,
endorsement to insure such loans by HUD, and an acceptable take-out commitment from an investor acceptable to the Bank for the proposed Ginnie Mae mortgage-backed security. 
 (b) Investment Advances shall be used solely to purchase Permitted Investments, which Permitted Investments will be pledged and delivered to the Bank
under the Investment Pledge Agreement as security for all Obligations. To the extent possible, the Borrower shall only request and borrow Investment Advances that will be Balance Supported Advances. 
 (c) Bridge Advances shall be used solely to finance Mortgage Loans by the Borrower that meet all requirements for Mortgage Loans financed by Warehousing
Advances (including pledge of the Bridge Mortgage Loans under the Mortgage Pledge Agreement), except: 
 (i) The Bridge Advances shall
not be subject to the requirements of Section 2.2(a)(i) and (ii); 
 (ii) Each Bridge Mortgage Loan shall meet the
underwriting guidelines of Fannie Mae, Freddie Mac or another investor acceptable to the Bank for permanent loans (except for guidelines pertaining to the amount of permanent loans in relation to rental income of a property on a stabilized basis);
and 
 (iii) The maximum amount to be advanced by the Bank with respect to each Bridge Mortgage Loan shall not exceed an amount equal to 95%
of outstanding principal balance of the Bridge Mortgage Loan. 
 (d) Fannie Mae Advances shall be used solely to purchase investments approved
by Fannie Mae, which shall be held as assets of the Borrower to satisfy requirements of Fannie Mae under the Fannie Mae Delegated Underwriter and Servicer Program, or which may be deposited by the Borrower with Fannie Mae or its custodian in
connection with the performance of the Borrower’s obligations under the Fannie Mae Delegated Underwriter and Servicer Program. 

 2.3 Further Limitation on Amounts of Advances. In addition to the limits set forth elsewhere in
this Agreement, the amount of each Advance shall be subject to the following limitations: 
 (a) A Warehousing Advance to fund any Mortgage
Loan shall not exceed an amount equal to the Advance Percentage of the lesser of (a) the origination cost thereof (not exceeding the original principal amount thereof) and (b) the purchase price (not to exceed par) therefor under the
applicable Fannie Mae or Freddie Mac take-out commitment applicable thereto; 
 (b) An Investment Advance shall not exceed the purchase price
of the Permitted Investments that shall be purchased with the proceeds of such Investment Advance; 
 (c) A Bridge Advance to fund any Bridge
Mortgage Loan shall not exceed an amount equal to 95% of outstanding principal balance of such Bridge Mortgage Loan; and 
 (d) Fannie Mae
Advances shall not exceed 67% of the fair market value of pledged servicing rights under the Servicing Pledge Agreement (“Pledged Servicing Rights”) other than the Fannie Mae servicing portfolio, which servicing rights are acceptable to
the Bank for such purpose (for such purpose, “fair market value” meaning the value of such Pledged Servicing Rights as determined by the most recent appraisal by an independent appraiser satisfactory to the Bank, adjusted as deemed
requisite by the Bank for changes in market value of servicing rights, generally, since the time of such appraisal). 
 2.4 Procedures for
Borrowing of Advances. 
 (a) On or before the Business Day prior to the date any Advance shall be requested, the Borrower shall provide
to the Bank, (i) an Escrow Request, and (ii) other information reasonably requested by the Bank concerning each Mortgage Loan to be financed by an Advance to enable the Bank to make the necessary determination of whether such Mortgage Loan
is acceptable to finance hereunder. 
 (b) The Borrower shall give the Bank telephonic notice of each request for an Advance not later than
10:00 a.m. (Minneapolis time) on the Business Day prior to a requested Advance, specifying the amount of the Advance requested. The Borrower shall promptly confirm any such request it makes by delivering to the Bank a duly completed and executed
Confirmation of Borrowing/Paydown/Conversion. Subject to provision of information for Advances funding any Mortgage Loan and subject to satisfaction of all conditions precedent to the relevant Advance, the Bank shall deposit into the Funding and
Settlement Account in Immediately Available Funds by not later than 3:00 P.M. (Minneapolis time) on the Business Day of the Advance the amount of the Advance requested by the Borrower. 

 2.5 Notes and Repayment of Advances. 
 (a) The Bank shall enter in its records the amount of each Advance, the rate of interest borne by each Advance and the payments made on the Advances, and
such records shall be deemed conclusive evidence of the subject matter thereof, absent manifest error. The Advances shall be evidenced by the following promissory notes of the Borrower: 
 (i) The Revolving Advances shall be evidenced by a promissory note substantially in the form of Exhibit A-1 (the “Revolving Note”); and

 (ii) The Fannie Mae Advances shall be evidenced by a promissory note substantially in the form of Exhibit A-2 (the “Fannie Mae
Advance Note”). 
 (b) The Advances and the Notes shall be due and payable on the Termination Date, provided, however, that
the following provisions and maturities shall apply to the following types of Advances (and in each case, the following provisions shall not extend the maturity of any Advance to a time after the Termination Date): 
 (i) Each Warehousing Advance shall be payable in full not later than the date which is 90 days after the date on which such Warehousing Advance was made
by the Bank. 
 (ii) Each Bridge Advance shall mature and be payable as follows: 
 (A) on the date 180 days after the making of any Bridge Advance, the amount of the excess of such Bridge Advance over 90% of the outstanding principal
balance of the Bridge Mortgage Loan financed by such Bridge Advance, and interest thereon, shall mature and be payable; and 
 (B) the full
amount of any Bridge Advance shall be paid on or before the date 730 days after the making of such Bridge Advance. 
 (c) The Borrower shall
repay any Warehousing Advance or Bridge Advance upon any repayment or sale of the Mortgage Loan financed by any such Advance. The amount of such repayment shall not be less than: (i) prior to occurrence of an Event of Default, the amount of the
outstanding principal and accrued interest of the Advance made to finance the repaid or sold Mortgage Loan that remains outstanding, or (ii) after occurrence and during continuance of an Event of Default, an amount equal to the greater of the
amount calculated under subparagraph (i) hereof, or the full amount of such repayment or the proceeds of sale of such Mortgage Loan. 
 2.6 Facility Fee. The Borrower shall pay to the Bank a fee at a rate of 0.125% per annum on the Revolving Commitment. In lieu of paying all or any portion of such fees, the Borrower may maintain Average Daily Available Deposits
with the Bank during each month in an amount that would produce earnings credits to pay such fees (or any portion thereof), at the earnings credit rate 

 per annum established by the Bank for non-interest bearing demand deposits from time to time. All of such accrued and
unpaid fees shall be calculated on the basis of actual days elapsed in a year of 360 days and payable on the first day of each calendar month. 
 2.7 Interest. Interest on Advances shall accrue at whichever of the following fluctuating rates per annum is designated by the Borrower at the time each such Advance is made: 
 (a) For all Advances, unless Section 2.7(b) applies: 
 (i) for Balance Supported Advances the following, subject to adjustment as provided in Section 2.8: 
 (1) 0.750% for Revolving Advances that are Investment Advances; 
 (2) 1.750% for Revolving Advances that are Bridge Advances; and

 (3) 1.250% for all other Revolving Advances and Fannie Mae Advances; 
 The Bank shall determine, and shall notify the Borrower of the amount of the Advances deemed to be Balance Supported Advances on a monthly basis.

 (ii) for all Advances that are not Balance Supported Advances either (x) the Prime Rate per annum, or (y) the Floating LIBOR
Rate, plus (for interest determined under this subparagraph (y) only): 
 (1) 0.750% for Revolving Advances that are Investment
Advances; 
 (2) 1.750% for Revolving Advances that are Bridge Advances; and 
 (3) 1.250% for all other Revolving Advances and Fannie Mae Advances; 
 (b) Any amount of the Advances not paid when due, whether at the date scheduled therefor or earlier upon acceleration, shall bear interest until paid in full at a rate per annum equal to the Prime Rate plus
2.00% per annum. 
 (c) Bank’s internal records of applicable interest rates shall be determinative in the absence of manifest
error. 
 (d) Interest on all Advances shall be calculated on the basis of the actual number of days elapsed in a year of 360 days.

 2.8 Reduction of Balance Supported Rates. In the event that the Borrower maintains Average Daily Available Deposits applied to any
month that exceed the amount that would cause all outstanding Advances to be deemed Balance Supported Advances (such excess is called “Excess Available Deposits”), the Bank shall reduce the rate of interest to not less than 0.125% per
annum (called a “Reduced Fixed Rate”), which Reduced Fixed Rate shall apply to the Balance Supported Advances. The Excess Available Deposits required for the Reduced Fixed Rate shall be calculated in accordance with the following formula:

  

									
	AEAD    	  	=    	  	        ILF          	  	    x    	  	360
		  		  	        ECR x RF	  		  	  n

 In such formula: 
 “AEAD” means the daily average amount of Excess Available Deposits required to support such reduced rate of interest. 
 “ILF” means the interest loss factor, calculated to equal the remainder of (i) the amount of interest that would have accrued during such month on the relevant Balance Supported Advances at the
rates applicable under Section 2.7(a) and (b), less (ii) the amount of interest that accrued during such month on the relevant Balance Supported Advances at the Reduced Fixed Rate. 
 “ECR” means the earnings credit rate per annum established by the Bank for non-interest bearing demand deposits from time to time.

 “RF” means a reserve factor equal to the number one (1) minus the percentage (expressed as a decimal, rather than a
percentage) stipulated by Regulation D of the Board of Governors of the Federal Reserve as the highest marginal percentage of net demand deposits required to be maintained as reserves by the Bank. 
 “n” means the number of days in the relevant month. 
 The Bank shall determine the amount of average Excess Available Deposits applied to any month, which it shall determine based on internally-prepared account analysis and on timing and carry-over conventions that it
shall establish for such purpose from time to time. The Bank shall notify the Borrower of application of a Reduced Fixed Rate on Balance Supported Advances based on such determinations. 
 2.9 Other Provisions respecting Commitments and Advances. 
 (a) Reductions in the Warehousing Commitment Amount. The Borrower may, at any time on at least thirty days’ prior notice to the Bank, permanently reduce the Commitments by any amount which is an integral
multiple of $1,000,000. Upon such reduction, the amount of any Advance that exceeds any Commitment after giving effect to such reduction shall be repaid and may not be reborrowed. 
 (b) Time and Method of Payments. All payments and prepayments by the Borrower of the Advances or any interest thereon shall be made in Immediately
Available Funds not later than 2:00 p.m. (Minneapolis time) on the dates called for under this Agreement at the office of the Bank. Funds received after such hour shall be deemed to have been received by the Bank on the next Business Day. The
Borrower hereby authorizes the Bank to charge its respective Funding and Settlement Account in an amount equal to any such payment or prepayment when due and payable to the Bank under this Agreement on 

 the date due and the Borrower agrees to maintain collected funds in its respective Funding and Settlement
Account sufficient to pay its obligations as and when due. If any payment of principal of the Advances becomes due and payable on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of
time shall in such case be included in the computation of any interest on such principal payment. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 To induce the
Bank to extend the Revolving Commitment and to make Advances hereunder, the Borrower represents, covenants and warrants to the Bank that: 
 3.1 Organization. The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida and has all requisite corporate power and authority to own and operate its properties, to
carry on its business as now conducted and proposed to be conducted, to execute, deliver, pay and perform the Loan Documents and to carry out the transactions contemplated hereby and thereby. 
 3.2 Good Standing. The Borrower is in good standing wherever necessary to carry on its business and operations and in all jurisdictions in which
the failure to be in good standing would permanently preclude the Borrower from enforcing its rights with respect to any material asset or expose the Borrower to any material liability. 
 3.3 Due Authorization. The execution, delivery, payment and performance by the Borrower of the Loan Documents have been duly authorized by all
necessary corporate action by the Borrower. 
 3.4 No Violation. The execution, delivery, payment and performance by the Borrower of
the Loan Documents do not (i) violate any provision of law applicable to the Borrower, the Articles of Incorporation or Bylaws of the Borrower or any order, judgment or decree of any court or other agency of government binding on the Borrower,
(ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) in any material respect a default under any material contractual obligation of the Borrower, (iii) result in or require the creation or
imposition of any lien, security interest, charge or encumbrance of any nature whatsoever upon any of its properties or assets except the security interest granted to the Bank under the Pledge Agreements, or (iv) require any approval of
shareholders or any approval or consent of any person or entity under any contractual obligation of the Borrower other than approvals or consents which have been obtained. 
 3.5 No Additional Approval. The execution, delivery, payment and performance by the Borrower of the Loan Documents do not require any registration
with, consent or approval of, or notice to, or other action to, with or by, any Federal, state or other governmental authority or regulatory body or other Person except those that have been obtained and any filings to perfect liens in favor of the
Bank. 

 3.6 Valid and Binding Obligations. The Loan Documents are the legally valid and binding
obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to
or limiting creditors’ rights generally. 
 3.7 Financial Statements. The Borrower and Glaser have heretofore delivered to the
Bank the audited financial statements of the Borrower and Glaser as at December 31, 2004, and the unaudited financial statements of the Borrower as at June 30, 2005. Said financial statements were prepared in accordance with GAAP and
fairly present the financial condition of the Borrower and Glaser as at the dates and for the periods therein indicated. As of the date or dates of the execution and delivery of the Loan Documents by the Borrower, the Borrower has no contingent
obligations, contingent liabilities, liabilities for taxes or other outstanding financial obligations which are material in the aggregate and which are not reflected in said financial statements or in the notes thereto. 
 3.8 No Material Adverse Change. Since December 31, 2004, there has been no materially adverse change in the business, operations, properties,
assets or condition (financial or otherwise) of the Borrower. 
 3.9 Title to Properties. The Borrower has good, sufficient and legal
title to all the properties and assets reflected in its financial statements as at December 31, 2004, and all assets held by the Borrower on the date hereof but acquired subsequent to the date of such financial statements, except for properties
and assets not constituting Collateral (a) which are disposed of in the ordinary course of business, or (b) as would not have a Material Adverse Effect. All such properties and assets are free and clear of liens, security interests and
encumbrances except as permitted hereunder. The pledge and assignment of the Collateral pursuant to the Pledge Agreements creates a valid security interest in the Collateral and the lien on the Collateral created by the Pledge Agreements will be a
first priority lien thereon, superior to any other liens, security interests or encumbrances. 
 3.10 No Suits or Actions. There is no
action, suit, proceeding or arbitration (whether or not purportedly on behalf of the Borrower) at law or in equity or before or by any Federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower or its properties that would have a Material Adverse Effect, and there is no basis known to the Borrower for any action, suit or
proceeding which would have a Material Adverse Effect. The Borrower is not (i) in violation of any applicable law which violation has or will have a Material Adverse Effect or (ii) subject to or in default with respect to any final
judgment, writ, injunction, decree, rule or regulation of any court or Federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which has or will have a Material Adverse
Effect. There is no action, suit, proceeding or investigation pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower which questions the validity or the enforceability of the Loan Documents or the transactions
contemplated thereby. 

 3.11 Taxes. All tax returns and reports of the Borrower required to be filed by it have been
timely filed, and all taxes, assessments, fees and other governmental charges upon the Borrower and upon its properties, assets, income and franchises which are due and payable have been paid when due and payable, except in each case such as would
not have a Material Adverse Effect and except those which are being contested by the Borrower in good faith and by appropriate proceedings and which, if determined adversely to the Borrower, would not have a Material Adverse Effect. The Borrower
knows of no proposed tax assessment against it that would have a Material Adverse Effect. 
 3.12 Restrictions. The Borrower is not a
party to or subject to any contractual obligation or charter or other internal restriction that has or will have a Material Adverse Effect. 
 3.13 No Default. The Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any contractual obligation of the Borrower, and no condition exists which,
with the giving of notice or the lapse of time or both, would constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, would not have a Material Adverse Effect. To the best knowledge of the
Borrower, the other parties to any contractual obligation of the Borrower are not in default thereunder, except where the consequences, direct or indirect, of such default or defaults, if any, would not have a Material Adverse Effect. 
 3.14 Statutory Restrictions. The Borrower is not subject to regulation under the Public Utility Holding Company Act of 1935 or the Investment
Company Act of 1940 or to any Federal or state statute or regulation limiting its ability to incur Indebtedness for money borrowed. 
 3.15
Margin Regulations. The Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System). No part of the proceeds of any Advance will be used to purchase any margin stock. 
 3.16
No Default. No material Indebtedness of the Borrower is in default. 
 3.17 ERISA Plans. The provisions of each Plan of the
Borrower or any affiliate comply in all material respects with all applicable requirements of ERISA except where any failure to comply would not reasonably be expected to have a Material Adverse Effect, and Borrower has not incurred any
“accumulated funding deficiency” within the meaning of ERISA and has not incurred any material liability to PBGC, in connection with any Plan. For the purposes hereof, “PBGC” shall mean the Pension Benefit Guaranty Corporation or
any successor. 
 3.18 Qualifications. The Borrower is eligible and is in good standing as a Fannie Mae-approved seller/servicer,
Freddie Mac-approved issuer/servicer, Ginnie Mae-approved issuer/servicer, and HUD-approved correspondent or non-supervised mortgagee, eligible to originate, purchase, hold, sell and service FHA-insured Mortgage Loans. The Borrower has maintained
all other rights, privileges, licenses, approvals, franchises, properties and assets necessary in the normal conduct of its business, including, without limitation, approvals with respect to Ginnie Mae, Fannie Mae, Freddie Mac, HUD and FHA.

 ARTICLE IV 
 COVENANTS 
 From the date of this Agreement and for so long as the Revolving Commitment is in effect or any
sums are owing from the Borrower to the Bank under the Loan Documents, the Borrower agrees that it will: 
 4.1 Financial Statements.
Furnish to the Bank: 
 (a) within 120 days after the end of each of the Borrower’s fiscal years, the Borrower’s audited financial
statements, prepared in accordance with GAAP and certified by an accounting firm selected by the Borrower and reasonably satisfactory to the Bank. 
 (b) within 60 days after the end of each of the Borrower’s fiscal quarters a copy of the Borrower’s unaudited financial statements, prepared in accordance with GAAP and certified by an authorized financial officer of the Borrower.

 (c) with each financial statement required under (a) and (b) of this Section a compliance certificate in the form attached hereto
as Exhibit D. 
 (d) Promptly after the occurrence thereof, written notice of the occurrence of any Event of Default when the same
becomes known to the President or any other executive officer of the Borrower. 
 (e) within 30 days after the end of each fiscal quarter of
the Borrower such information concerning the Servicing Portfolio (as hereinafter defined) and the Mortgage Loans included therein as may from time to time be reasonably requested by the Bank, including, without limitation, the following: unpaid
principal balance of the Mortgage Loans included in the Servicing Portfolio by state, loan type and investor, coupon rate and servicing fee, delinquency and foreclosure status and designating which servicing rights in the Servicing Portfolio, if
any, are Pledged Servicing Rights. 
 (f) promptly upon receipt by the Borrower thereof copies of each audit or report prepared by Ginnie Mae,
Freddie Mac or Fannie Mae on the Borrower. 
 (g) within 30 days after the end of each fiscal quarter, an updated status report on all Bridge
Mortgage Loans. 
 4.2 Existence. Maintain (a) its corporate existence in good standing under the laws of the jurisdiction of its
incorporation and (b) its right to carry on its business and operations in each jurisdiction in which the character of the properties owned or leased by it or the business conducted by it makes such qualification necessary and the failure to be
in good standing would permanently preclude the Borrower from enforcing its rights with respect to any material assets or expose the Borrower to any material liability. 

 4.3 Compliance with Law. Comply with all applicable laws, rules, regulations and orders (including
without limitation Regulation X of the Board of Governors of the Federal Reserve System), the failure to be in compliance with which would have a materially adverse effect on the financial condition of the Borrower, such compliance to include,
without limitation, paying before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property except to the extent contested in good faith by appropriate proceedings and for which any reserves
required by GAAP have been established. 
 4.4 ERISA Plans. Maintain each Plan in material compliance with all material applicable
requirements of ERISA and of the Internal Revenue Code and with all material applicable rulings and regulations issued under the provisions of ERISA and of the Internal Revenue Code except where any failure to comply would not reasonably be expected
to have a Material Adverse Effect. 
 4.5 Properties. Keep and maintain all of its property and assets in good order and repair,
subject to ordinary wear and tear, and keep its assets and business fully covered by insurance with reputable and financially sound insurance companies against such hazards (including, without limitation, product liability and interruption of
business operations) and in such amounts as is required by the terms of any law or as is customarily maintained by businesses similarly situated. 
 4.6 Inspection. Upon reasonable prior notice during regular business hours, permit any person designated by the Bank in writing, at the Bank’s expense, to visit and inspect any of the properties, corporate books and financial
records of the Borrower and discuss its affairs and finances with the principal officers of the Borrower and its independent public accountants. 
 4.7 Servicing Portfolio. Not permit its Servicing Portfolio at any time to be less than $2,700,000,000. 
 4.8 Adjusted
Tangible Net Worth. Not permit its Adjusted Tangible Net Worth to be less than $27,000,000 at any time. 
 4.9 Debt Service Coverage
Ratio. Not permit the Borrower’s Debt Service Coverage Ratio, calculated for each period of four consecutive fiscal quarters, to be less than 1.15 to 1.00 for any such four-quarter period. 
 4.10 Mortgage Loans. Observe and comply, and require each obligor under each Mortgage Loan financed with the proceeds of an Advance, to the extent
provided in the documents evidencing and securing the Mortgage Loan, to observe and comply, with all laws, rules, regulations and orders of any government or government agency relating to health, safety, pollution, hazardous materials or other
environmental matters to the extent non-compliance could result in a material liability or otherwise have a material adverse effect on the Borrower or such obligor or the real estate and other property securing any such Mortgage Loan; give the Bank
prompt written notice of the receipt by the Borrower of any notice of violation received from any government or government agency as to any environmental matter or the 

 commencement of any judicial or administrative proceeding relating to health, safety or environmental matters (a) in
which an adverse determination or result could result in the revocation of or have a material adverse effect on any operating permits, air emission permits, water discharge permits, hazardous waste permits or other permits held by the Borrower or
any such obligor which are material to the operations of the Borrower or any such obligor or the real estate or other property securing any such Mortgage Loan), or (b) which will or threatens to impose a material liability on the Borrower or
any such obligor or which will require a material expenditure by the Borrower or any such obligor to cure any alleged problem or violation; and require each such obligor to the extent provided in the documents evidencing and securing the Mortgage
Loan, to give prompt written notice to the Borrower of the receipt by such obligor of any such notice of violation and of the commencement of any such proceeding with respect to such obligor or its property. 
 4.11 Maintain Qualifications. Maintain its eligibility and be in good standing as a Fannie Mae-approved seller/servicer, Freddie Mac-approved
issuer/servicer, Ginnie Mae-approved issuer/servicer, and FHA approved mortgagee. Maintain all other rights, privileges, licenses, approvals, franchises, properties and assets necessary in the normal conduct of its business, including, without
limitation, approvals with respect to Ginnie Mae, Fannie Mae, Freddie Mac, HUD and FHA. 
 4.12 Servicing Portfolio Valuation. Upon
the annual request of the Bank, deliver to the Bank an evaluation of the Borrower’s Servicing Portfolio by an independent third-party provider selected by the Borrower and acceptable to the Bank, stating the fair market value of the
Borrower’s Servicing Portfolio. 
 ARTICLE V 
 EVENTS OF DEFAULT; REMEDIES 
 5.1 Events of Default. Any of the following shall be an Event of
Default hereunder: 
 (a) The Borrower shall fail to make any principal payment on the Notes when due; 
 (b) The Borrower shall fail to make any interest payment on the Notes within 5 days after the due date therefor; 
 (c) Any representation, warranty or statement of fact made by the Borrower herein, in any other Loan Document or in any certificate, schedule, statement,
report, notice or writing furnished by the Borrower to the Bank pursuant to the terms of this Agreement or any other Loan Document shall be untrue in any material respect as of the date thereof; 
 (d) The Borrower shall fail to perform or observe any term, covenant or agreement contained in Section 4.7, 4.8 or 4.9 of this
Agreement; 
 (e) The Borrower shall fail to perform or observe any other term, covenant or agreement contained herein or in any other Loan
Document, and such failure shall continue for thirty (30) days; 

 (f) The Borrower shall become insolvent or shall fail generally to pay its debts as they mature or shall
apply for, shall consent to, or shall acquiesce in the appointment of a custodian, trustee or receiver thereof or for a substantial part of the property thereof; or, in the absence of such application, consent or acquiescence, a custodian, trustee
or receiver shall be appointed for the Borrower or for a substantial part of the property thereof and such appointment is not revoked or rescinded within 60 days after such appointment is made; or the Borrower shall make an assignment for the
benefit of creditors; 
 (g) The Borrower shall be voluntarily or involuntarily dissolved or shall be the subject of any bankruptcy,
reorganization, debt arrangement or other proceedings under any bankruptcy or insolvency law; or any dissolution or liquidation proceeding shall be instituted by or against the Borrower and, if instituted against the Borrower, shall be consented to
or acquiesced in by the Borrower, shall not have been dismissed within 60 days or an order for relief shall have been entered against the Borrower; 
 (h) Final judgments against the Borrower for the payment of money totaling in excess of $1,000,000 shall be outstanding for a period of thirty (30) days without a stay of execution to the extent not covered by independent third-party
insurance as to which the insurer does not dispute coverage. 
 (i) The maturity of any Indebtedness of the Borrower (other than Indebtedness
under this Agreement) in aggregate amounts exceeding $5,000,000 shall be accelerated, or the Borrower shall fail to pay any such Indebtedness in aggregate amounts exceeding $5,000,000 when due or, in the case of such Indebtedness payable on demand,
when demanded, or any event shall occur or condition shall exist and shall continue for more than the period of grace, if any, applicable thereto and shall have the effect of either: 
 (i) causing the holder of any such Indebtedness in aggregate amounts exceeding $5,000,000 or any trustee or other Person acting on behalf of such holder
to cause, such Indebtedness in aggregate amounts exceeding $5,000,000 to become due prior to its stated maturity or to realize upon any collateral given as security therefor; or 
 (ii) permitting the holder of any such Indebtedness in aggregate amounts exceeding $5,000,000 or any trustee or other Person acting on behalf of such
holder to cause, such Indebtedness in aggregate amounts exceeding $5,000,000 to become due prior to its stated maturity or to realize upon any collateral given as security therefor, provided that if such holder or trustee is not actually
accelerating such Indebtedness or enforcing any right to any collateral therefor, such event shall not be an Event of Default hereunder if it is cured or waived within thirty (30) days after the occurrence thereof; 
 (j) Municipal Mortgage & Equity LLC shall cease to own, directly or indirectly, all of the voting stock of the Borrower; or 

 (k) Any Loan Document shall not be, or shall cease to be, binding in accordance with their terms.

 5.2 Remedies. If (a) any Event of Default described in Section 5.1(f) or (g) shall occur, the
Commitments shall automatically terminate and the outstanding principal of the Notes, the accrued interest thereon and all other obligations of the Borrower to the Bank under this Agreement and the Notes, shall automatically become immediately due
and payable or (b) any other Event of Default shall occur and be continuing, then, the Bank may do all of the following: (i) declare the Commitments terminated, whereupon the Commitments shall be terminated and (ii) declare the
outstanding principal of the Notes, the accrued interest thereon and all other obligations of the Borrower to the Bank under the Loan Documents to be forthwith due and payable, whereupon the Notes, all accrued interest thereon and all such
obligations shall immediately become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything in the Loan Documents to the contrary notwithstanding.

 5.3 Setoff. As additional security for the payment of the Obligations and any other obligations of the Borrower to the Bank of any
nature whatsoever and subject to the immediately following sentence, the Borrower grants to the Bank a security interest in, a lien on, and an express contractual right to set off against, all deposit accounts and all deposit account balances, cash
and any other property of the Borrower now or hereafter maintained with, or in the possession of, the Bank and the right to refuse to allow withdrawals from any such account or of any such property (collectively, “Setoff”). The Bank may,
at any time upon the occurrence of an Event of Default hereunder, Setoff against the Obligations whether or not the Obligations (including future installments) are then due or have been accelerated, all without any advance or contemporaneous notice
or demand of any kind to the Borrower, such notice and demand being expressly waived. 
 ARTICLE VI 
 OTHER CONDITIONS 
 6.1 Conditions to
Effectiveness of this Agreement. Effectiveness of this Agreement as a restatement and amendment to the Original Credit Agreement, and the making of any Advance by the Bank hereunder shall be subject to the satisfaction of the conditions
precedent that the Bank shall have received all of the following, in form and substance satisfactory to the Bank, each duly executed and the following shall have occurred: 
 (a) The Notes (provided, that the Fannie Mae Advance Note shall be delivered only as a condition to the making of the Fannie Mae Advances, and not the other Advances hereunder). 
 (b) The Amended and Restated Servicing Pledge Agreement and an acknowledgement or acknowledgements, as requested by the Bank, of pledge of servicing
rights thereunder by Ginnie Mae (as a condition to the making of the Fannie Mae Advances, and not the other Advances hereunder). 
 (c) The
Mortgage Pledge Agreement and the Investment Pledge Agreement. 

 (d) A copy of the approval resolution of the Borrower, certified by the Secretary or an Assistant
Secretary of the Borrower, together with a certificate showing the names and titles, and bearing the signatures of, the officers of the Borrower authorized to execute the Loan Documents and to request Advances hereunder. 
 (e) Copies of the Borrower’s Articles of Incorporation and By-Laws with all amendments thereto, certified by the Secretary or an Assistant Secretary
of the Borrower. 
 (f) A good standing certificate of the Borrower. 
 (g) An opinion of the Borrower’s counsel, in form and substance satisfactory to the Bank. 
 6.2 All Advances. The obligation of the Bank to make any Advance hereunder, including the first, shall be subject to the satisfaction of the
condition precedent that on the date of such Advance the following statements shall be true (the request by the Borrower for such Advance shall be deemed to constitute a representation and warranty by the Borrower that (a), (b) and (c) are
true): 
 (a) Before and after giving effect to such Advance, the representation and warranties contained in Article III shall be true and
correct, as though made on the date of such Advance; 
 (b) No Event of Default, as hereinafter defined, has occurred and is continuing, or
would result from such Advance, and no event has occurred which with the giving of notice or passage of time or both would mature into an Event of Default hereunder; 
 (c) No material adverse change shall have occurred in the condition, financial or otherwise, of the Borrower; 
 (d) The Bank shall have received the Collateral securing the relevant Advance and shall have a perfected first priority security interest in such Collateral under the relevant Pledge Agreement; and 
 (e) In the instance of each type of Advance, information concerning the use of such Advance and the Collateral for such Advance, together with pledge and
delivery of such Collateral, as required by the Bank, including transmittal letters and certificates in the form required by the Bank from time to time. 
 ARTICLE VII 
 MISCELLANEOUS 
 7.1 Successors and Assigns. The parties hereto agree that this Agreement shall be binding upon and inure to the benefit of their respective
successors in interest and assigns including any holder of the Note, provided, however, that the Borrower may not assign or transfer its interest hereunder without the prior written consent of the Bank. 

 7.2 Notices. Any notices required or contemplated hereunder shall be effective upon the placing
thereof in the United States mails, certified mail and with return receipt requested, postage prepaid, and addressed as follows: 
 If to
Borrower: To the address on the signature page hereof 
 with copies to: 
 MMA Mortgage Investment Corporation 
 621 E.
Pratt St. Ste 300 
 Baltimore, MN 21202 
 Attention: Treasurer 
 MMA Mortgage Investment Corporation 
 621 E. Pratt St. Ste 300 
 Baltimore, MN 21202

 Attention: General Counsel 
 and 
 2177 Youngman Avenue 
 St. Paul, MN 55116 
 Attention: Vice President Finance and Operations 
 If to Bank: 
 U.S. Bank National Association

 BC-MN-H03B 
 800 Nicollet Mall

 Minneapolis, Minnesota 55402 
 Attention: Mortgage Banking Division 
 7.3 No Waiver; Amendment in Writing. No failure to delay on the part of Bank in
exercising any right, power or privilege hereunder and no course of dealing between the Borrower and Bank shall operate as a waiver thereof; nor shall any single or partial exercise or any right, power, or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. Neither this Agreement nor any provision hereof may be modified, waived, discharged or terminated orally or by course of conduct, but only by an instrument in writing
signed by the parties hereto. 
 7.4 Expenses. The Borrower shall reimburse the Bank on demand for any reasonable out-of-pocket
expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, review and amendment of the Loan Documents and in attempting to enforce the obligations of the Borrower under the Loan Documents, which
obligations shall survive the termination of this Agreement. 
 7.5 Choice of Law. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF
THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED 

 BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING
EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. 
 7.6 Jurisdiction. AT THE OPTION OF THE BANK, THIS
AGREEMENT AND THE NOTES MAY BE ENFORCED IN ANY FEDERAL COURT OR MINNESOTA STATE COURT SITTING IN MINNEAPOLIS OR ST. PAUL, MINNESOTA; AND THE BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH
FORUMS IS NOT CONVENIENT. IN THE EVENT THE BORROWER COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT, THE BANK AT ITS OPTION SHALL
BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE. 
 7.7 Waiver of Jury Trial. THE BORROWER AND THE BANK EACH WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHTS (a) UNDER THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR (b) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH
THIS AGREEMENT, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
 (signature page follows)

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first
above. 
  

			
	MMA MORTGAGE INVESTMENT
	CORPORATION
		
	By	 	 /s/ Gary A. Mentesana

	Title:	 	Executive Vice President
	
	MMA Mortgage Investment Corporation
	621 E. Pratt St. Ste 300
	Baltimore, MN 21202
	Attention: Treasurer and General Counsel
	Telephone: (443) 263-2900
	Fax: (410) 727-5387
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By	 	 /s/ Randy S. Baker

		 	Randy S. Baker
		 	Its Vice President
	
	U.S. Bank National Association
	Mortgage Banking Services
	U.S. Bancorp Center
	800 Nicollet Mall
	Mail Station BC-MN-H03B
	Minneapolis, Minnesota 55402-7020
	Attention: Randy S. Baker
	Telephone: (612) 303-3580
	Fax: (612) 303-2253

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