Document:

Exhibit 10.18

                                 LOAN AGREEMENT

     This Loan Agreement is entered into on May 13, 2009, by and between 4net
Software, Inc., a Delaware corporation, with offices located at 1 North Federal
Highway, Suite 201, Boca Raton, Florida 33432 ("Borrower") and Steven N.
Bronson, having a business address at 1 North Federal Highway, Suite 201, Boca
Raton, Florida 33432 (the "Lender").

     WHEREAS, the Lender has loaned the Borrower an aggregate amount of $6,000
as follows: $1,000 on February 3, 2009, $1,000 on March 25, 2009, $2,000 on
April 2, 2009 and $2,000 on May 13, 2009 (the "Loan").

     WHEREAS, the parties hereto mutually agree that the Loan shall be shall be
subject to the following terms and conditions.

     NOW, THEREFORE, in consideration of the mutual promises set forth herein,
the parties hereto agree as follows:

     1. Principal. The principal amount and all accrued interest on this Loan is
due and payable within five (5) business days following Borrower's receipt of a
written demand for payment from Payee or immediately upon the occurrence of an
Event of Default, as defined herein (the "Maturity Date"). The obligations of
the Borrower to make payments provided for in this Loan are absolute and
unconditional and not subject to any defense, set-off, counterclaim, rescission,
recoupment or adjustment whatsoever.

     Upon payment in full of all principal and interest payable hereunder, this
Loan shall be surrendered to the Borrower for cancellation.

     2. Interest. This Loan shall bear interest on the outstanding principal
amount from the date such principal amounts were paid to Borrower ($1,000 on
February 3, 2009, $1,000 on March 25, 2009, $2,000 on April 2, 2009 and $2,000
on May 13, 2009) until such amounts are repaid to Lender in full, at the rate of
10% per annum. In the event any payment due hereunder shall not be paid on the
Maturity Date, then the outstanding principal amount shall bear interest at the
lesser of 15% per annum or the highest lawful rate permitted under applicable
law, from the date when such payment was due until paid. Additionally,
Borrower's failure to tender a payment, or any part thereof, in accordance with
the schedule above shall constitute an Event of Default. If an Event of Default
shall occur due to the Borrower's failure to make a payment on the required
date, Payee shall have no obligation to serve a notice of default. In the event
the Borrower fails to remedy the default within five (5) business days after the
Event of Default (the "Default Date"), then all outstanding principal and
accrued interest shall automatically accelerate and become immediately due and
owing (the "Accelerated Debt"). The Accelerated Debt shall accrue interest at
the rate of 15% per annum from the Default Date until the Accelerated Debt is
paid in full. Payee shall have no obligation to provide notice to Borrower
concerning the Default Date, the acceleration of the debt or the interest rate
on the Accelerated Debt.

<PAGE>

     This paragraph shall not be deemed to extend or otherwise modify or amend
the date when such payments are due hereunder. The obligations of the Borrower
under this Loan are subject to the limitation that payments of interest shall
not be required to the extent that the charging of or the receipt of any such
payment by the holder of this Loan would be contrary to the provisions of law
applicable to the holder of this Loan limiting the maximum rate of interest
which may be charged or collected by the holder of this Loan. In no event shall
any interest to be paid hereunder exceed the maximum rate permitted by law. In
any such event, this Loan shall automatically be deemed amended to permit
interest charges at an amount equal to, but no greater than, the maximum rate
permitted by law.

     3. Representations and Warranties. The Borrower represents and warrants as
follows:

          (a) The Borrower has all requisite power and authority to enter into
     this Loan and to consummate the transactions contemplated hereby. This Loan
     has been duly executed and delivered by the Borrower and constitutes a
     valid and binding obligation of the Borrower, enforceable in accordance
     with its terms, except (a) as limited by applicable bankruptcy, insolvency,
     reorganization, moratorium and other laws of general application affecting
     enforcement of creditors' rights generally and (b) as limited by laws
     relating to the availability of specific performance, injunctive relief or
     other equitable remedies.

          (b) This Loan is the legal, valid and binding obligation of the
     Borrower, enforceable in accordance with its terms and the terms of the
     Security Agreement, except as limited by applicable bankruptcy, insolvency,
     and other similar laws affecting creditors' rights generally.

     4. Events of Default.

     The principal amount and all accrued interest on this Loan is due and
payable upon the Maturity Date, as defined above. Additionally, the principal
amount and all accrued interest on this Loan shall automatically become
immediately due and payable upon the occurrence of any of the following events,
each of which shall be deemed an "Event of Default":

          (a) When there is any misstatement or false statement in connection
     with, noncompliance with or nonperformance of any of the Borrower's
     obligations, representation, warranties or covenants under or emanating
     from this Loan or the Security Agreement;

          (b) If the Borrower shall make an assignment for the benefit of
     creditors or shall admit in writing his inability to pay his debts as they
     become due or if the Borrower shall file a voluntary petition in
     bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file
     any petition or answer seeking any reorganization arrangement, composition,
     readjustment, liquidation, dissolution, or similar relief under the present
     or any future federal bankruptcy code or other applicable federal, state or
     similar statute, law or regulation, or shall seek or consent to or
     acquiesce in the appointment of any trustee, receiver or liquidator of the
     Borrower or of all or any substantial part of its properties.

<PAGE>

     5. Notices. Any notice, other communication or payment required or
permitted hereunder shall be in writing and shall be delivered personally or
sent by FedEx mail or similar overnight delivery, postage prepaid to the parties
at the addresses set forth above. Each of the above addressees may change its
address for purposes of this paragraph by giving to the other addressee notice
of such new address in conformance with this paragraph.

     6. Waivers. The Borrower hereby waives presentment, demand for performance,
notice of non-performance, protest, notice of protest and notice of dishonor. No
delay on the part of Payee in exercising any right hereunder shall operate as a
waiver of such right or any other right. This Loan is being delivered in and
shall be construed in accordance with the laws of the State of New York, without
regard to the conflicts of laws provisions thereof.

     7. Attorneys' Fees. If the indebtedness represented by this Loan or any
part thereof is collected in bankruptcy, receivership or other judicial
proceedings or if this Loan is placed in the hands of attorneys for collection
after default, the Borrower agrees to pay, in addition to the principal payable
hereunder, attorneys' fees and collection costs in the amount of ten percent
(10%) of the then outstanding principal indebtedness.

     8. No Changes. This Loan may not be changed or terminated orally, but only
by an agreement in writing signed by the party against whom enforcement of any
change, modification, termination, waiver, or discharge is sought. This Loan
shall be construed and enforced in accordance with the laws of Florida.

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

                                                  BORROWER

                                                  /s/ Leonard Hagan
                                                  ----------------------------
                                                  Leonard Hagan, Director
                                                  4net Software, Inc.

                                                  LENDER

                                                  /s/ Steven N. Bronson
                                                  -----------------------------
                                                  Steven N. Bronsonc57636_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.1

Execution Copy

DELISTING/DEREGISTRATION AGREEMENT

     THIS DELISTING/DEREGISTRATION AGREEMENT (this "Agreement"), dated as of May 12, 2009, by and among RAM HOLDINGS LTD., a
company incorporated and organized under the laws of Bermuda ("Holdings"), THE PMI GROUP, INC., a Delaware corporation, PMI MORTGAGE INSURANCE CO., an Arizona insurance
corporation, and HIGH RIDGE CAPITAL PARTNERS LIMITED PARTNERSHIP, a Delaware limited partnership ("High Ridge"). 

WITNESSETH

     WHEREAS, on December 30, 2008, The PMI Group, Inc. transferred all of its Holdings Common Shares to PMI Mortgage Insurance Co.; 

     WHEREAS, PMI Mortgage Insurance Co. and High Ridge are parties to the Amended and Restated Shareholders Agreement, dated as of May 2006 (the "Shareholders
Agreement"); 

     WHEREAS, pursuant to Section 7(b) of the Shareholders Agreement, the Shareholders Agreement has terminated with respect to all Shareholders except PMI Mortgage Insurance Co. and High Ridge;

     WHEREAS, Holdings desires to delist the Holdings Common Shares from the NASDAQ, to deregister the Holdings Common Shares under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and to suspend Holdings' obligations to file reports and other materials with the Securities and Exchange Commission (the "SEC") in respect of the Holdings Common Shares and the Non-Cumulative Preference Shares, Series A (the "Preference Shares") of Holdings (the "Delisting/Deregistration Transaction"); and 

     WHEREAS, in order to permit Holdings to effect the Delisting/Deregistration Transaction, the parties hereto desire to enter into this Agreement. 

     NOW THEREFORE, in consideration of the mutual covenants and agreements, the parties hereto agree as follows: 

     Section 1.     Defined Terms. 

     Unless otherwise defined herein, capitalized terms used herein have the respective meanings given to such terms in the Shareholders Agreement. 

     Section 2.     
Delisting/Deregistration.

      Holdings represents and warrants to the other parties hereto that Holdings has filed with the SEC a Form 25 under the Exchange Act in respect of the Holdings Common Shares (the "Form
25") on May 4, 2009.  Holdings agrees that it shall file Forms 15 under the Exchange Act in respect of the Holdings Common Shares and the Preference Shares (the "Forms
15") on May 14, 2009. 

     Section 3.     Waivers. 

      PMI and High Ridge each hereby waive their respective rights set forth in Section 2(a) of the Shareholders Agreement, and agree not to deliver a registration request pursuant to such Section 2(a) in respect of any
Registrable Securities, for a period commencing on the filing of the Form 25 with the SEC and ending on May 6, 2010. 

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     Section 4.     
Financial Reporting.

     For a period commencing on the date hereof and continuing through the first date thereafter Holdings resumes periodic reporting under Section 13(a) or 15(d) of the Exchange Act: 

     (a) Holdings shall furnish (i) to High Ridge either by written notice, email transmission or such other means that Holdings reasonably believes to be a reliable means of communication and (ii) to PMI in the manner directed
by PMI: 

            (i) Holdings' annual audited consolidated financial statements (which shall include, at a minimum, a balance sheet, statement of profit and loss, statement of shareholders' equity and statement of cash flows), prepared in
accordance with U.S. generally accepted accounting principles ("GAAP") and audited by any of PricewaterhouseCoopers, KPMG, Ernst & Young or Deloitte & Touche, delivered
no later than one-hundred and twenty (120) days after the end of each fiscal year of Holdings; provided, however, that, if all of the aforementioned accounting firms are unable to audit such annual consolidated financial statements due to conflict, then such annual consolidated financial statements shall be audited by an accounting firm that has
been unanimously approved by all the members of the Audit Committee of the Board; 

            (ii) Holdings' quarterly unaudited consolidated financial statements for the first three quarters of Holdings' fiscal year (which shall include, at a minimum, a balance sheet, statement of profit and loss, statement of
shareholders' equity and statement of cash flows), subject to recurring year-end adjustments and the absence of completed footnotes, prepared in accordance with GAAP, delivered no later than sixty (60) days after the end of each such fiscal quarter
of Holdings; 

            (iii) RAM Re's annual audited statutory financial statements, prepared in accordance with applicable statutory accounting standards and audited by any of PricewaterhouseCoopers, KPMG, Ernst & Young or Deloitte &
Touche, delivered upon the earlier of (A) promptly after filing with the Bermuda Monetary Authority and (B) one-hundred thirty-five (135) days after the end of each fiscal year of RAM Re; provided, however, that, if all of the aforementioned accounting firms are unable to audit such annual statutory financial statements due to conflict, then such
annual statutory financial statements shall be audited by an accounting firm that has been unanimously approved by all the members of the Audit Committee of the Board; and 

            (iv) RAM Re’s quarterly unaudited statutory financial statements (“Quarterly Statements”) for the first three quarters of RAM
Re’s fiscal year, prepared in accordance with applicable statutory accounting standards, delivered upon the earlier of (A) promptly after filing with the Bermuda Monetary Authority and (B) sixty (60) days after the end of each such fiscal
quarter; provided, however, that the provisions of this clause (iv) shall not apply as to any quarter
for which RAM Re is not required to file Quarterly Statements with the Bermuda Monetary Authority or any other regulatory or supervisory authority; and 

     (b) Holdings shall maintain "internal control over financial reporting" (as such term is defined in Rule 13a-15(f) under the Exchange Act), and shall cause Holdings' management to evaluate the effectiveness of and changes
to such internal control over financial reporting in accordance with the requirements of Rule 13a-15(c) and (d) under the Exchange Act applicable to an issuer that had been required to file an annual report pursuant to Section 13(a) or 15(d) of the
Exchange Act for the prior fiscal year (such an issuer, a "Reporting Issuer"). In connection with the delivery of any financial statements pursuant to Section 4(a)(i) above,
Holdings shall furnish therewith to PMI and High Ridge a report of management on Holdings' internal control over financial reporting in accordance with the requirements of Item 308(a) of Regulation S-K under the Exchange Act applicable to a
Reporting Issuer, and, in

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connection with the delivery of any financial statements pursuant to Section 4(a)(i) or (ii) above, Holdings shall furnish therewith to PMI and High Ridge disclosure respecting changes in internal control over financial
reporting in accordance with the requirements of Item 308(c) of Regulation S-K under the Exchange Act applicable to a Reporting Issuer.  For the avoidance of doubt, Holdings shall not be obligated to have its internal control over financial
reporting audited by any accounting firm or to cause any accounting firm to provide an attestation report in respect of such internal control over financial reporting. 

     Section 5.     Corporate Governance.

     For a period commencing on the date hereof and continuing through the first date thereafter Holdings resumes periodic reporting under Section 13(a) or 15(d) of the Exchange Act: 

      (a)      Holdings shall maintain Audit and Compensation Committees of the Board, comprised of directors who are not officers or employees of Holdings ("Non-management
Directors"), and such Audit and Compensation Committees shall function pursuant to and in accordance with written charters. The Audit Committee of the Board shall review management's evaluation of internal
control over financial reporting and any other matters it deems appropriate; 

      (b)      So long as PMI owns Holdings Common Shares with voting power sufficient to elect one (1) or more directors to the Board at an annual general meeting of members at which a quorum is present, PMI shall have the right to
designate one (1) director to serve on each committee of the Board (provided that the director designated by PMI pursuant to the foregoing need not be the same director as to
each committee of the Board); 

      (c)      (i)      So long as PMI owns (i) at least 10% (but less than 20%) of the issued and outstanding Holdings Common Shares, PMI shall be entitled to appoint one observer (who is not a director of Holdings) to the Board and its
committees, and (ii) at least 20% of the issued and outstanding Holdings Common Shares, PMI shall be entitled to appoint two observers (who are not directors of Holdings) to the Board and its committees; provided, however, that the Board shall not be required to permit more than one of such PMI-appointed observers to be present
at any meeting of the Board or of a committee thereof; and 

              (ii) So long as High Ridge owns (i) at least 10% (but less than 20%) of the issued and outstanding Holdings Common Shares, High Ridge shall be entitled to appoint one observer (who is not
a director of Holdings) to the Board and its committees, and (ii) at least 20% of the issued and outstanding Holdings Common Shares, High Ridge shall be entitled to appoint two observers (who are not directors of Holdings) to the Board and its
committees; provided, however, that the Board shall not be required to permit more than one of such
High Ridge-appointed observers to be present at any meeting of the Board or of a committee thereof; and 

      (d) Holdings shall maintain a Code of Conduct, Corporate Governance Guidelines, Investment Policy and Guidelines, and Underwriting Guidelines, in each case that has been approved by the Board. 

     Section 6.      Covenants Respecting Resales.

      (a)      Holdings confirms that it will continue to comply with the requirements of Section 2(f) of the Shareholders Agreement. 

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      (b)      Holdings agrees to cooperate with any reasonable request by PMI for Holdings information that PMI may request in connection with PMI’s or its affiliates’ respective SEC reporting requirements or that is
otherwise consistent with PMI's past requests. 

      (c)      In the event that PMI seeks to sell shares of Holdings that are owned by PMI, Holdings shall use its reasonable best efforts to facilitate such sale, including (i) upon PMI's reasonable request, making information and
management of Holdings available (A) to good faith potential purchasers of such shares and such parties’ respective financial, legal and accounting advisors, subject, in each case, to confidentiality terms reasonably acceptable to Holdings and
(B) to underwriters, placement agents and similar third parties engaged by PMI to facilitate the sale of such shares, and such parties’ respective financial, legal and accounting advisors, subject, in each case, to confidentiality terms
reasonably acceptable to Holdings, and (ii) obtaining (A) all required statutory or regulatory consents to transfer of any such shares and (B) all waivers of any applicable preemptive rights. 

     (d)      If, prior to May 6, 2010, a sale, assignment, gift, pledge or other transfer of Registrable Securities (a "Transfer") is made by PMI to another party (such party, a “PMI Transferee”) that would result in such PMI Transferee being able to exercise any of the rights
set forth in Section 2(a) of the Shareholders Agreement with respect to the Registrable Securities transferred by PMI to such PMI Transferee in such Transfer, PMI shall obtain from such PMI Transferee the agreement of such PMI Transferee to abide by
the terms and limitations of Section 3 hereof with respect to the Registrable Securities transferred by PMI to such PMI Transferee in such Transfer. 

     (e)      If, prior to May 6, 2010, a Transfer is made by High Ridge to another party (such party, a “High Ridge Transferee”) that would result in such High Ridge Transferee being able to exercise any of the rights set forth in Section 2(a) of the Shareholders Agreement with respect to the Registrable Securities transferred by High Ridge to such High
Ridge Transferee in such Transfer, High Ridge shall obtain from such High Ridge Transferee the agreement of such High Ridge Transferee to abide by the terms and limitations of Section 3 hereof with respect to the Registrable Securities transferred
by High Ridge to such High Ridge Transferee in such Transfer. 

     Section 7.      Representations and Warranties.

     Holdings represents and warrants to PMI and to High Ridge that:

     (a)      Holdings has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under this
Agreement. 

     (b)      The execution, delivery and performance by Holdings of this Agreement have been duly authorized by the Board and by all necessary corporate action, and do not and will not (a) contravene or
conflict with the terms of any of Holdings’ memorandum of association, bye-laws or other organizational documents, (b) contravene or conflict with or result in any breach of (i) any obligation of Holdings or (ii) any order, injunction, writ or
decree of any Governmental Body or any arbitral award to which Holdings or its property is subject or (c) violate any applicable Law. 

     (c)      No approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Body or any other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, Holdings of this Agreement. 

     (d)      This Agreement constitutes a legal, valid and binding obligation of Holdings, enforceable against Holdings in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer,

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reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

     Section 8.      Payment of Expenses. 

      Holdings agrees to pay all costs, fees and expenses (including reasonable attorney fees and expenses) in excess of US$15,000 up to a maximum amount of US$35,000 incurred by PMI in connection with the preparation,
negotiation and execution of this Agreement. 

     Section 9.      Term.

      This Agreement shall terminate with respect to (i) PMI upon the termination of the Shareholders Agreement with respect to PMI pursuant to Section 7(b) thereof, and (ii) High Ridge upon the termination of the Shareholders
Agreement with respect to High Ridge pursuant to Section 7(b) thereof. 

     Section 10.     Entire
Agreement.

      This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and shall supersede any prior agreements and understandings with respect to such subject matter.

     Section 11.
     Counterparts.

      This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 

     Section 12.      Governing Law. 

      The validity of this Agreement, its construction, interpretation and enforcement, and the rights of the parties hereunder, shall be determined under, governed by and construed in accordance with the laws of the State of
New York without giving effect to the principles of conflicts of laws thereof. Each party hereto agrees that any suit, action or other proceeding arising out of this Agreement may be brought and litigated in the appropriate federal and state courts
of the State of New York located in the Borough of Manhattan in the City of New York, and each party hereto hereby irrevocably consents to personal jurisdiction and venue in any such court and hereby waives any claim it may have that such court is
an inconvenient forum for the purposes of any such suit, action or other proceeding. 

     Section 13.     Severability. 

      To the fullest extent permitted by applicable law, any provision of this Agreement that is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition, unenforceability or lack of authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction. 

     Section 14.      Binding Effect; Benefit; Parties in Interest.

     This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns. Except as otherwise expressly set forth
herein, nothing in this Agreement is intended to confer on any Person other than the parties hereto, and their respective successors
and permitted assigns, any rights, remedies, obligations or liabilities under
or by reason of this Agreement. 

[Signature Page Follows] 

 
 
 
 

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Execution Copy

      IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first written above. 

	 	 	RAM HOLDINGS LTD. 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 /s/
    Vernon M. Endo
	 	 	 	Name: Vernon M.
    Endo

	 	 	 	Title: President
    and Chief Executive Officer  

	 	 	 	 	 
	 	 	 	 	 
	 	 	THE PMI GROUP, INC. 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/
    Andrew Cameron
	 	 	 	Name: Andrew Cameron

	 	 	 	Title: Secretary and General Counsel 

	 	 	 	 	 
	 	 	 	 	 
	 	 	PMI MORTGAGE INSURANCE CO.
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/
    Christopher G. Brunetti
	 	 	 	Name: Christopher G. Brunetti

	 	 	 	Title: Secretary and Assistant General Counsel 

	 	 	 	 	 
	 	 	 	 	 
	 	 	HIGH RIDGE CAPITAL PARTNERS

    LIMITED PARTNERSHIP 
	 	 	 	 	 
	 	 	 	 	 
	 	 		By:	HRC General Partner Limited
	 	 	
	Partnership, its general partner

	 	
	 		 		 	By:   	

 High Ridge Capital, L.L.C, its 

	 	 	 	 	general partner

	 	
	 		 		 	By:	 /s/
    Steven J. Tynan
	 	 	 	 	Name: Steven J. Tynan

	 		 		 		 		
      Title: Member 

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