Document:

Amendment to Master Repurchase Agreement

 Exhibit 10.3 
 AMENDMENT TO MASTER REPURCHASE AGREEMENT 
 AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated as of
May 15, 2009 (this “Amendment”), to that certain Master Repurchase Agreement, dated as of July 20, 2007 (together with Annex I thereto (the (“Existing Annex”), as both are amended, restated, supplemented
or otherwise modified and in effect prior to the date hereof, the “Existing Repurchase Agreement,” and as amended hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Repurchase Agreement”), by and among Anthracite Capital BOFA Funding LLC, a limited liability company organized under the laws of Delaware (“Seller”), as seller, Bank of America, N.A. (“BANA”), as
a buyer (in such capacity, a “Buyer”), Banc of America Mortgage Capital Corporation (“BAMCC”), as a buyer (in such capacity, a “Buyer” and together with BANA, the “Buyers”) and
BANA, as buyer agent (in such capacity, the “Buyer Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings specified therefor in the Repurchase Agreement. 
 RECITALS 
 WHEREAS, the Seller, the
Buyers and the Buyer Agent are parties to the Existing Repurchase Agreement; 
 WHEREAS, AHR Capital BOFA Limited (and together with the
other borrowers party to the Credit Agreement from time to time, the “Borrowers”), as borrower, Anthracite Capital, Inc. (“Sponsor”), as borrower agent (in such capacity, the “Borrower Agent”, and
BANA, as lender (in such capacity the “Lender”; the Lender, the Buyers, and the Buyer Agent, collectively, the “BOA Parties”) have agreed to amend that certain Credit Agreement, dated as of March 17, 2006 (as
amended, restated, supplemented or otherwise modified and in effect prior to the date hereof, the “Existing Credit Agreement”) by entering into that certain Omnibus Amendment to Credit Agreement and Custodial and Payment Application
Agreement, dated as of the date hereof (the “BOA CA Amendment”; the Existing Credit Agreement, as amended by the BOA CA Amendment, the “Credit Agreement”); 
 WHEREAS, Deutsche Bank AG, Cayman Islands Branch (“Deutsche Bank”) as buyer, Anthracite Funding, LLC, as seller (“AHR-DB
Delaware Seller”), and AHR Capital DB Limited, as seller (“AHR-DB Irish Seller”; together with AHR-DB Delaware Seller, collectively, “AHR-DB Seller”) have agreed to amend that certain Master Repurchase
Agreement, dated as of December 23, 2004 (the “Existing DB Repurchase Agreement”), by entering into that certain Amendment No. 4 to the Master Repurchase Agreement, dated as of the date hereof (the “DB Restructuring
Amendment”; the Existing DB Repurchase Agreement, as amended by the DB Restructuring Amendment and as further amended, restated, supplemented, or otherwise modified from time to time, the “DB Repurchase Agreement”);

 WHEREAS, Morgan Stanley Mortgage Servicing Limited, as security trustee under the MS Loan Agreement (defined below) (“MS
Servicing”) and Morgan Stanley Principal Funding, Inc., as agent and lender under the MS Loan Agreement (Morgan Stanley Principal Funding, Inc. and together with MS Servicing, collectively, “Morgan Stanley”; Morgan
Stanley together with Deutsche Bank and the BOA Parties, collectively, the “Secured Creditors”), as lenders, and AHR Capital MS Limited, as borrower (“AHR-MS Borrower”; and AHR-MS Borrower, together with the
Sponsor, Seller, the Borrowers, the Borrower Agent and AHR-DB Seller, the “Anthracite Parties”), have agreed to amend and restate the Third Amended and Restated Multicurrency Facility Agreement, dated as of December 31, 2008,
by entering into the Fourth Amended and Restated Multicurrency Facility Agreement, dated as of the date hereof (as amended, restated, supplemented, or otherwise modified from time to time, the “MS Loan Agreement”; the MS Loan
Agreement, together with the DB Repurchase Agreement, the Repurchase Agreement and the Credit Agreement, the “Senior Secured Facilities”); 

 WHEREAS, the Sponsor has guaranteed the obligations of (i) the Borrowers under the Credit Agreement,
(ii) the Seller under the Repurchase Agreement, (iii) the AHR-DB Sellers under the DB Repurchase Agreement and (iv) the AHR-MS Borrower under the MS Loan Agreement to the applicable Secured Creditors; 
 WHEREAS, AHR Capital Limited (“AHR Ireland”) is wholly-owned subsidiary of the Sponsor; 
 WHEREAS, the Secured Creditors have appointed Bank of America, N.A. as collateral agent (in such capacity and together with any successor collateral
agent appointed pursuant to the Collateral Agency Agreement, the “Collateral Agent”) pursuant to the Collateral Agency Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time
to time, the “Collateral Agency Agreement”), among the Secured Creditors, the Anthracite Parties and the Collateral Agent; 
 WHEREAS, as a condition to the effectiveness of this Amendment, the BOA CA Amendment, the DB Amendment and the MS Loan Agreement, the Anthracite Parties have agreed to grant to each Secured Creditor subordinated second priority liens on all
Primary Interests (as defined below) securing the obligations to the other Secured Creditors under the other Senior Secured Facilities; 
 WHEREAS, the Secured Creditors and the Collateral Agent have entered into the Intercreditor Agreement, dated as of the date hereof (the “Intercreditor Agreement”), to set forth the relative rights of the Secured Creditors
in the Primary Interests; 
 WHEREAS, as a condition to effectiveness of this Amendment, the BOA CA Amendment, the DB Amendment and the MS
Loan Agreement, Anthracite Secured Interest LLC (“SPE Holdco”, and together with AHR Ireland, the “New Entities”; the New Entities together with the Anthracite Parties, the “Loan Parties”), a wholly-owned
subsidiary of the Sponsor, has agreed to provide the Collateral Agent, for the benefit of the Secured Creditors, with a security interest in all of its assets (the “Additional Collateral”), which securities interest constitutes a
“securities contract” as contemplated by Section 741(7)(A)(xi) of the Bankruptcy Code as a security agreement or arrangement or other credit enhancement related to any agreement or transaction referred to in Section 741(7)(A) of
the Bankruptcy Code; 
 WHEREAS, the Anthracite Parties, SPE Holdco and the Secured Creditors have agreed to the distribution of the proceeds
of the Additional Collateral by the Collateral Agent pursuant to the terms of the Custodial and Account Control Agreement, dated as of the date hereof, between the Collateral Agent, SPE Holdco, Bank of America, N.A., in its capacity as custodian
thereunder and any additional pledgors from time to time party thereto (the “Custodial and Account Control Agreement”); and 
 WHEREAS, the Sponsor will cause all distributions received by the Sponsor from the AHR Ireland to be deposited in the Cash Management Account (as defined in the Custodial and Account Control Agreement) and applied pursuant to the Custodial
and Account Control Agreement; 
  

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 WHEREAS, the Buyers and the Buyer Agent have agreed, subject to the terms and conditions hereof, that the
Existing Repurchase Agreement shall be amended as set forth in this Amendment; 
 NOW THEREFORE, in consideration of the premises and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to Section 1 of the Annex (Additional and Substitute Definitions). 
 (a) Section 1 of the Existing Annex is hereby amended by deleting the definitions of “Buyer’s Asset Margin Amount”, “Buyer’s Portfolio Margin Amount”, “CF Sweep Event” and “Unfunded Margin
Amount” in their entirety. 
 (b) Section 2 of the Existing Annex is hereby amended by deleting the definition of
“Affiliate” in its entirety and inserting in lieu thereof the following: 
 ““Affiliate” shall
mean, in respect of any specified Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person. For the purposes of this definition, “Control” shall mean the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have
meanings correlative thereto; provided, that any Person which owns directly or indirectly 25% or more of the securities having ordinary voting power for the election of directors or other governing body of a corporation or 25% or more of the
partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) shall be deemed to control such corporation or other Person. Notwithstanding the forgoing, for all purposes hereunder, neither
BlackRock Financial Management, Sponsor nor any direct or indirect Subsidiary thereof shall be an “Affiliate” of Bank of America Corporation or any of its Subsidiaries (except BlackRock Financial Management, Sponsor or any such direct or
indirect Subsidiary thereof).” 
 (c) Section 2 of the Existing Annex is hereby amended by deleting the definition
of “Applicable Spread” in its entirety and inserting in lieu thereof the following: 
 ““Applicable
Spread” shall mean, with respect to a Transaction, (i) during the period from the Restructuring Amendment Effective Date until the Extension Effectiveness Date, a rate per annum equal to 3.50% and (ii) thereafter, a rate
per annum equal to 4.00%; provided that, the then-applicable Applicable Margin shall be increased by a rate per annum equal to 3.00% commencing as of the date an Event of Default has occurred and so long as such Event of Default is
continuing.” 
 (d) Section 2 of the Existing Annex is hereby amended by deleting the definition of “Collection
Period” in its entirety and inserting in lieu thereof the following: 
 ““Collection Period” shall
mean the period from (and including) a Remittance Date to (but excluding) the next Remittance Date.” 
  

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 (e) Section 2 of the Existing Annex is hereby amended by deleting the definition of
“Credit Agreement” in its entirety and inserting in lieu thereof the following: 
 ““Credit
Agreement” shall mean that certain Credit Agreement, dated as of July 20, 2007, by and among Anthracite Capital, Inc. as borrower agent, AHR as a borrower, each of the borrowers from time to time party thereto and the Lender, as
amended prior to the Restructuring Amendment Effective Date, as further amended by that certain Omnibus Amendment to Credit Agreement and Custodial and Payment Applications Agreement, dated as of the Restructuring Amendment Effective Date, and as
further amended, restated, supplemented, or otherwise modified from time to time.” 
 (f) Section 2 of the Existing
Annex is hereby amended by deleting the proviso in its entirety from the definition of “Eligible Loans”. 
 (g)
Section 2 of the Existing Annex is hereby amended by deleting the definition of “Guaranty” in its entirety and inserting in lieu thereof the following: 
 ““Guaranty” shall mean that certain Second Amended and Restated Guaranty, dated as of May 15, 2009, from the
Sponsor to the Buyer Agent, for the benefit of the Buyers, as the same may be amended, restated, supplemented or otherwise modified from time to time.” 
 (h) Section 2 of the Existing Annex is hereby amended by deleting the definition of “Material Adverse Change” in its
entirety and inserting in lieu thereof the following: 
 ““Material Adverse Change” shall mean a
material adverse change on (a) any of the Property, business, operations or financial condition of (i) Sponsor and its consolidated Subsidiaries, taken as a whole, or (ii) Seller, (b) the ability of Sponsor or Seller to perform
its obligations under any of the Transaction Documents to which it is a party, (c) the validity or enforceability of any of the Transaction Documents or (d) the rights and remedies of the Buyer under any of the Transaction Documents.”

 (i) Section 2 of the Existing Annex is hereby amended by deleting the definition of “Purchased Loans” in its
entirety and inserting in lieu thereof the following: 
 ““Purchased Loans” shall mean (a) with
respect to any Transaction, the loans (i) that are transferred or purported to be transferred by Seller to the applicable Buyer in such Transaction until such loans are transferred to Seller by the applicable Buyer pursuant to this Agreement or
(ii) subject to such Transaction over which a lien has been granted to the Buyer Agent, for the benefit of the Buyers, pursuant to this Agreement and (b) with respect to the Transactions in general, all loans (i) that are transferred
or purported to be transferred by Seller to the applicable Buyer until such loans are transferred to Seller by the applicable Buyer pursuant to this Agreement or (ii) over which a lien has been granted to the Buyer Agent, for the benefit of the
Buyers, pursuant to this Agreement.” 
 (j) Section 2 of the Existing Annex is hereby amended by deleting the
definition of “Purchased Securities” in its entirety and inserting in lieu thereof the following: 
 ““Purchased Securities” shall mean, (a) with respect to any Transaction, the real estate structured finance products (other than loans) (i) that are transferred or purported to be transferred by Seller to the
applicable Buyer in such Transaction until such real estate structured finance products are transferred to Seller by the applicable Buyer pursuant to this Agreement or (ii) subject to such Transaction over which a lien has been granted to

  

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the Buyer Agent, for the benefit of the Buyers, pursuant to this Agreement and (b) with respect to the Transactions in general, all real estate
structured finance products (other than loans) (i) that are transferred or purported to be transferred by Seller to the applicable Buyer until such real estate structured finance products are transferred to Seller by the applicable Buyer
pursuant to this Agreement or (ii) over which a lien has been granted to the Buyer Agent, for the benefit of the Buyers, pursuant to this Agreement. Whenever Purchased Securities are rated by more than one Rating Agency and a split rating
applies to such Purchased Securities (i.e., one Rating Agency rates such Purchased Securities at a lower rating level than the other of such Rating Agencies), then for all purposes of this Agreement where a rating is to be selected (including,
without limitation, in the determination of any percentages pursuant to Schedule I A of this Annex I), the lower of the ratings shall apply.” 
 (k) Section 2 of the Existing Annex is hereby amended by deleting the definition of “Remittance Date” in its entirety and inserting in lieu thereof the following: 
 ““Remittance Date” shall mean the day falling two (2) Business Days prior the day by which Paydown Target
Deficiencies must be communicated pursuant to the definition of “Paydown Target Deficiency” (as such term is defined in the Custodial and Account Control Agreement) and, for the month in which the Termination Date falls, the Termination
Date.” 
 (l) Section 2 of the Existing Annex is hereby amended by deleting the definition of “Repurchase
Price” in its entirety and inserting in lieu thereof the following: 
 ““Repurchase Price” shall
mean, with respect to any Purchased Assets as of any date, a price determined in each case as the sum of the Purchase Price of such Purchased Assets (including, for the avoidance of doubt, any Contingent Purchase Price actually paid by the
applicable Buyer in respect of such Purchased Assets pursuant to Section 3.13 of this Annex I) and the Price Differential with respect to such Purchased Assets as of the date of such determination, minus all Income and cash
actually received by the applicable Buyer or the Buyer Agent (for the account of the applicable Buyer), as applicable, in respect of such Transaction pursuant to Sections 5.2, 5.3, and 5.4 of this Annex I; provided that,
on each Reallocation Date, on a date prior to a Permitted Disposal and at any time upon the occurrence of a Reallocation Credit Event, the Buyer Agent, may in its sole and absolute discretion modify the Repurchase Price in respect of any Purchased
Asset; provided further that, in no event will any such modification of the Repurchase Price increase either the aggregate Repurchase Price for all Purchased Assets or the aggregate amount of the obligations of the Seller pursuant to this
Agreement.” 
 (m) Section 2 of the Existing Annex is hereby amended by deleting the definition of “Termination
Date” in its entirety and inserting in lieu thereof the following: 
 ““Termination Date” shall
mean September 30, 2010, or such other date on which this Agreement shall be extended or terminated in accordance with Section 3.5 or such other date as otherwise provided in this Agreement.” 
  

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 (n) Section 2 of the Existing Annex is hereby amended by deleting the definition of
“Transaction Documents” in its entirety and inserting in lieu thereof the following: 
 ““Transaction
Documents” shall mean, collectively, the Agreement, this Annex I, any other applicable Annexes to the Agreement, the Guaranty, the Custodial Agreement, the Parent Pledge Agreement, Additional Collateral Documents, the Second Priority
Documents, the Borrower Security Agreement, all Confirmations executed pursuant to the Agreement and this Annex I in connection with specific Transactions, and all other security documents hereafter delivered to the Buyer Agent granting a Lien on
any property of any Person to secure the obligations and liabilities of the Seller under any of the foregoing.” 
 (o)
Section 2 of the Existing Annex is hereby amended by inserting the following new definitions in proper alphabetical order: 
 ““Acceptable Adjustment Information” shall have the meaning set forth in Section 24.13 hereof. 
 “Additional Collateral” shall have the meaning set forth in the Credit Agreement. 
 “Additional Collateral Documents” shall have the meaning set forth in the Credit Agreement. 
 “Additional Parent Pledge Agreement (AHR Ireland)” shall have the meaning set forth in the Credit Agreement. 
 “Additional Parent Pledge Agreement (SPE Holdco)” shall have the meaning set forth in the Credit Agreement. 
 “Additional Share Charge Agreement” shall have the meaning set forth in the Credit Agreement. 
 “Aggregate Extension Criteria” shall mean, collectively: 
 (a) the Extension Criteria; 
 (b) the “Extension Criteria,” as defined in the Credit Agreement; 
 (c) the
“Extension Criteria,” as defined in the DB Repurchase Agreement; and 
 (d) the extension criteria, as specified in
Section 9.3 of the MS Loan Agreement. 
 “AHR-DB Delaware Seller” shall mean Anthracite Funding, LLC.

 “AHR-DB Irish Seller” shall mean AHR Capital DB Limited. 
 “AHR Ireland” shall have the meaning set forth in the Restructuring Amendment. 
 “AHR-MS Borrower” shall have the meaning set forth in the Restructuring Amendment. 
 “Anthracite Parties” shall have the meaning set forth in the Restructuring Amendment. 
  

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 “BlackRock Cash Fee” shall mean an amount equal to the lesser of
(i) the net interest payment reductions associated with Permitted Refinancing Indebtedness effective after the Restructuring Amendment Effective Date and (ii) 50% of the base management fees due and payable to BlackRock Financial
Management by Anthracite and its Subsidiaries. 
 “BlackRock Credit Agreement” shall mean that certain Credit
agreement, dated as of March 7, 2008, between the Sponsor and BlackRock Holdco 2, Inc., as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “BlackRock Financial Management” shall mean BlackRock Financial Management, Inc. 
 “BlackRock Management Agreement” shall have the meaning set forth in the Credit Agreement. 
 “BlackRock Entities” shall mean BlackRock Financial Management Inc. and any of its Subsidiaries or Affiliates (other than
the Sponsor or the Seller). 
 “BOA Parties” shall mean, collectively, the Buyer Agent, the Buyers and
the Lender. 
 “BOA Primary Collateral” shall have the meaning set forth in the Credit Agreement. 

“BOA Primary Interests” shall have the meaning set forth in the Credit Agreement. 
 “BOA Secondary Collateral” shall have the meaning set forth in the Credit Agreement. 
 “Borrower Security Agreement” shall have the meaning set forth in the Credit Agreement. 
 “Budget” shall mean a month-to-month budget prepared by the Borrower Agent for the period from the Restructuring
Amendment Effective Date through the initial Termination Date; and after the initial Termination Date, any Extension Budget accepted by the Buyer Agent. 
 “Capital Stock” shall have the meaning set forth in the Credit Agreement. 
 “Collateral Agency Agreement” shall have the meaning set forth in the Restructuring Amendment. 
 “Collateral Agent” shall have the meaning set forth in the Restructuring Amendment. 
 “Custodial and Account Control Agreement” shall have the meaning set forth in the Restructuring Amendment. 
  

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 “Custodial and Payment Application Agreement” shall have the meaning set
forth in the Credit Agreement. 
 “DB Repurchase Agreement” shall have the meaning set forth in the
Restructuring Amendment. 
 “DB Restructuring Amendment” shall have the meaning set forth in the
Restructuring Amendment. 
 “Deferred Restructuring Fee” shall mean the sum of the Guaranteed Deferred
Restructuring Fee and the Secondary Deferred Restructuring Fee, which amount is payable to the Buyer Agent, for the benefit of the Buyers, and the Lender, without duplication, in connection with the Credit Agreement and this Agreement. For the
avoidance of doubt, the aggregate amount of the Deferred Restructuring Fee payable to the Buyer Agent, for the benefit of the Buyers, and the Lender pursuant to the Credit Agreement and this Agreement shall not exceed $12,230,000. 
 “Deutsche Bank” shall have the meaning set forth in the Restructuring Amendment. 
 “Equity Pledge Agreement (Holdco)” shall have the meaning set forth in the Credit Agreement. 
 “Existing Indebtedness” shall have the meaning provided in Section 11.9.5 hereof. 
 “Extension Acceptance” shall have the meaning provided in Section 3.5 hereof. 
 “Extension Budget” shall mean a month-to-month budget prepared by the Sponsor for the period from the then current
Termination Date through the requested extended Termination Date, which budget shall be delivered by the Sponsor to the Buyer Agent concurrently with the Extension Request. 
 “Extension Criteria” shall mean the following: 
 (a) the Buyer Agent receives an Extension Budget at least thirty (30) days prior to the then-current Termination Date, in form and
substance satisfactory to the Buyer Agent in its sole discretion exercised in good faith; 
 (b) no Paydown Target Deficiency
exists; and 
 (c) no Event of Default hereunder, or under the Credit Agreement, has occurred and is continuing. 

“Extension Effectiveness Date” shall have the meaning provided in Section 3.5 hereof. 
 “Extension Request” shall have the meaning provided in Section 3.5 hereof. 
 “Guaranteed Deferred Restructuring Fee” shall mean an amount equal to $1,529,000, which amount is payable to the Buyer
Agent, for the benefit of the Buyers, 

  

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and the Lender, without duplication, in connection with the Credit Agreement and this Agreement. For the avoidance of doubt, the aggregate amount of the
Guaranteed Deferred Restructuring Fee payable to the Buyer Agent, for the benefit of the Buyers, and the Lender pursuant to the Credit Agreement and this Agreement shall not exceed $1,529,000. 
 “Indebtedness” shall have the meaning set forth in the Credit Agreement. 
 “Independent Director” shall mean a director meeting the criteria for an “independent director” as set forth in
NYSE, Inc., Listed Company Manual § 303(A) (or such successor regulation or standard); provided that, in addition, references to “the company” therein shall include BlackRock Financial Management and its Affiliates.

 “Intercompany Subordination Agreement” shall have the meaning set forth in the Credit Agreement.

 “Intercreditor Agreement” shall have the meaning set forth in the Restructuring Amendment. 
 “Investment” shall have the meaning set forth in the Credit Agreement. 
 “Lien” shall mean any mortgage, lien, pledge, charge, security interest or similar encumbrance. 
 “Loan Documents” shall have the meaning set forth in the Credit Agreement. 
 “Lockbox Account” shall have the meaning set forth in the Credit Agreement. 
 “Monetary Credit Event” shall mean any event or occurrence, including, without limitation, any Reallocation Credit Event,
that the Buyer Agent has determined, in its sole discretion to have had, or is likely to have, a material adverse effect on the ability of any Purchased Asset to generate current or future cash flows. 
 “Morgan Stanley” shall have the meaning set forth in the Restructuring Amendment. 
 “MS Loan Agreement” shall have the meaning set forth in the Restructuring Amendment. 
 “Net Interest Savings” shall have the meaning set forth in Section 16 (J) hereof. 
 “New Entities” shall have the meaning set forth in the Restructuring Amendment. 
 “Parent Pledge Agreement” shall mean that certain Second Amended and Restated Parent Pledge Agreement, dated May
    , 2009, made by the Sponsor in favor of Bank of America, N.A., as collateral agent for the BOA Parties, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Parent Pledge Agreement” shall have the meaning set forth in the Credit Agreement. 
  

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 “Paydown Target Deficiency” shall have the meaning provided in
Section 3.14 hereof. 
 “Paydown Targets” shall mean the quarterly paydown targets in respect of
each Secured Creditor, as specified in (i) Section 2.06(f) and Schedule 2.06(f) of the Credit Agreement, (ii) Section 3.14 and Exhibit XI of the Repurchase Agreement, (c) Exhibit C of the DB Restructuring Amendment and
(iv) Section 10.3 and Schedule 18 of the MS Loan Agreement. 
 “Permitted Asset Refinancing” shall
mean Indebtedness, including, without limitation, any refinancings, refundings, renewals or extensions of credit, secured by any asset (a) released from the Buyer Agent’s Lien in accordance with Sections 3.4 and 3.6,
(b) released from another Secured Creditor’s Lien pursuant to the terms of the corresponding Senior Secured Facility or (c) released from the Collateral Agent’s Lien pursuant to the Additional Collateral Documents, and, in each
case, transferred to a Person who is not an Anthracite Party nor a New Entity; provided that, (A) such Indebtedness shall (i) meet the requirements of Section 11.9.7 of this Agreement; (ii) have a final maturity
date no earlier than December 31, 2011; (iii) the terms of such new Indebtedness shall provide that an Event of Default shall not constitute a default or acceleration event under such new Indebtedness; (iv) have representations and
warranties, covenants, defaults and events of default which are not materially more restrictive, when taken as a whole, than the applicable representations and warranties, covenants, defaults and events of default in this Agreement; and (v) be
recourse only to such asset and is not otherwise secured by any Primary Interest or Additional Collateral; and (B) if such asset was a Purchased Asset subject to the terms of this Agreement, the Buyer Agent shall receive the Release Price with
respect to such Purchased Asset upon the occurrence of such Indebtedness. 
 “Permitted BlackRock Payments”
shall mean the following: 
 (a) payment of interest under the BlackRock Credit Agreement; so long as (i) such payments
are made solely from cash flow of Anthracite Capital, Inc.’s investment in Carbon Capital II, Inc. and (ii) no default or event of default under any Senior Secured Facility has occurred and is continuing; provided further
that, BlackRock Holdco 2, Inc. may accept the collateral securing the BlackRock Credit Agreement in full satisfaction of all obligations thereunder; 
 (b) payments made by issuers of collateralized debt obligations and other third parties (excluding the Sponsor, any other Anthracite Party and their respective Subsidiaries) directly to BlackRock Financial Management
in respect of administrative, accounting and service fees pursuant to the existing agreements for said services; 
 (c)
BlackRock Cash Fees payable in accordance with the Custodial and Account Control Agreement; 
 (d) distributions of Capital
Stock in the Sponsor to any BlackRock Entity, so long as such distributions are made with the unanimous written consent of the Independent Directors of the Sponsor; and 
 (e) payments to any BlackRock Entity pursuant to the Budget. 
  

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 “Permitted CDO Acquisition” shall mean an investment by an issuer of a
collateralized debt obligation in any transaction or series of transactions (i) made using cash of such issuer not permitted to be released to its equity holders, and (ii) not resulting in a reduction of such issuer’s free cash flow
from the amount of free cash flow that existed immediately prior to such transaction or transactions. 
 “Permitted
Disposal” shall mean (a) a disposition or (b) a Permitted Asset Refinancing, in either case, of all or any portion of the Eligible Assets (as defined in the Credit Agreement), the Purchased Assets or other BOA Primary Interests to
or by a third party in an arm’s-length transaction (i) in which the proceeds thereof are not less than the Release Price and (ii) requiring the payment of all such proceeds (less transaction costs satisfactory to the Buyer
Agent) directly into the English Sub-Collection Account (as defined in the Credit Agreement) or the Cash Management Account on terms satisfactory to the Buyer Agent. 
 “Permitted Refinancing Indebtedness” shall have the meaning set forth in Section 11.9.7. 
 “Primary Interests” as defined in the Intercreditor Agreement. 
 “Property” shall mean any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible. 
 “Protective Cure Amounts” shall have the meaning set forth in
Section 24.9. 
 “Quarterly Paydown Date” shall mean each date set forth on Exhibit XI.

 “Quarterly Paydown Target” shall mean the “Cumulative Quarterly Payment Target” specified set
forth on Exhibit XI. 
 “Reallocation Credit Event” shall mean any of the following events shall have
occurred and be continuing: 
 (a) with respect any Purchased Asset that is a mezzanine loan or B note: 
 (i) an event of default under the underlying loan agreement, participation or other financing document with respect to such Purchased
Asset (after the expiration of all applicable cure periods, including cure periods afforded to lenders under any applicable intercreditor agreement and/or participation agreement); 
 (ii) the occurrence of any act of God that causes a material adverse effect on the operations of the Underlying Asset with respect to
such Purchased Asset; 
 (iii) the occurrence of any transfer prohibited (i.e., triggering due-on-sale or due-on-encumbrance
provisions) under the underlying loan agreement, participation or other financing document with respect to such Purchased Asset; or 
  

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 (iv) the occurrence of a casualty or a condemnation at an Underlying Asset with respect
to a Purchased Asset which causes a material adverse effect on the operations of such Underlying Asset. 
 (b) with respect
any Purchased Asset that is a CMBS security or other real estate-related financial product: 
 (i) the downgrade by any
Rating Agency of such Purchased Asset; 
 (ii) the placement by any Rating Agency of such Purchased Asset on a watchlist; or

 (iii) the issuance by any Rating Agency of a negative outlook report with respect to such Purchased Asset. 
 “Reallocation Date” shall mean the 15th calendar day of each month, commencing with the first such date after the
Restructuring Amendment Effective Date; provided, that if any such date is not a Business Day, the “Reallocation Date” shall be the immediately succeeding Business Day. 
 “Release Price” shall mean, with respect to any Purchased Asset, the greater of 
 (a) the sum of 
 (i) the Repurchase Price for such Purchased Asset, plus  
 (ii) the pro rata share of any other
amount payable hereunder (excluding any amount payable in respect of the Deferred Restructuring Fee), plus  
 (iii) reasonable transaction costs relating to the Permitted Disposal in respect of such Purchased Asset, plus  
 (iv) an amount equal to 25% of the Repurchase Price for such Purchased Asset; 
 (b) an amount equal to 30% of the face amount of such Purchased Asset; and 
 (c) 100% of the proceeds
(less costs satisfactory to the Buyer Agent in its sole discretion, exercised in good faith) in connection with any Permitted Disposal of such Purchased Asset; 
 provided that, the Release Price of any Purchased Asset may be decreased by the Buyer Agent in its sole discretion, exercised in
good faith. 
 “Reserved Matter” shall mean any modification to the contractual relations between a Secured
Creditor and any Anthracite Party which does or could: 
 (a) cause the date on which a payment is due from that Anthracite
Party to fall sooner than agreed; 
 (b) increase the overall amount which that Anthracite Party is or will be obliged to pay
over the life of those contractual relations or increase the amount of principal, interest fees or other amounts payable under those contractual relations or change the basis on which such amounts are calculated; 
  

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 (c) change the Paydown Targets; 
 (d) change the way in which funds paid by that Anthracite Party are to be applied to amounts payable by that Anthracite Party;

 (e) change the currency in which amounts due are payable; 
 (f) change the conditions of disposing of any interest in an asset of that Anthracite Party; 
 (g) change the ability of that Anthracite Party to agree to modify agreements between it and any of its debtors or other obligors;

 (h) change the way in which amounts payable to that Anthracite Party are to be applied; 
 (i) change the Aggregate Extension Criteria; 
 (j) postpone, release or modify any obligation of that Anthracite Party to provide information, meet financial performance thresholds,
not incur further Indebtedness or not grant new security; 
 (k) effect a change to the Secured Creditors or the Anthracite
Parties; 
 (l) change any consent mechanism; 
 (m) vary the nature, scope or terms of any guarantee and indemnity; or 
 (n) have a material adverse effect on (i) the ability of the Anthracite Parties to fully and timely perform any of their obligations
under any of the Loan Documents or any Transaction Document or (ii) any other Secured Creditor’s rights under its respective Senior Secured Facility and the applicable transaction documents thereunder. 
 “Responsible Officer” shall mean, as to any Person, the chief executive officer, the chief financial officer, the
President, the Vice President, any director, the Secretary or the Treasurer or any other duly appointed officer of such Person or of its sole member or managing member customarily performing functions similar to those performed by any of the
foregoing officers of such Person. 
 “Restricted Payment” shall have the meaning set forth in the Credit
Agreement. 
 “Restructuring Amendment” shall mean that certain Amendment to the Master Repurchase Agreement,
dated as of May 15, 2009, among the Seller, the Buyer Agent and the Buyers. 
  

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 “Restructuring Amendment Effective Date” shall mean the “Amendment
Effective Date”, as defined in the Restructuring Amendment. 
 “Restructuring Cash Management Account”
shall mean the “Cash Management Account” as such term is defined in the Custodial and Account Control Agreement. 
 “Secondary Deferred Restructuring Fee” shall mean an amount equal to $10,701,000, which amount is payable to the Buyer Agent, for the benefit of the Buyers, and the Lender, without duplication, in connection with the Credit
Agreement and this Agreement. For the avoidance of doubt, the aggregate amount of the Secondary Deferred Restructuring Fee payable to the Buyer Agent, for the benefit of the Buyers, and the Lender pursuant to the Credit Agreement and this Agreement
shall not exceed $10,701,000. 
 “Second Priority Collateral” shall mean all assets of the Anthracite Parties
over which a Lien has been granted to the Collateral Agent for the benefit of any Secured Creditor, pursuant to the Second Priority Collateral Documents. 
 “Second Priority Collateral Documents” shall have the meaning set forth in the Credit Agreement. 
 “Secured Creditors” shall have the meaning set forth in the Restructuring Amendment. 
 “Specified Cash Proceeds” shall mean the aggregate amount of principal and Repurchase Price reduced from (i) the application of proceeds under Sections 3.1.1(D)(i) (but only in respect of
regularly scheduled principal payments), 3.1.1(E), 3.1.1(F) and 3.1.1(G) of the Custodial and Payment Application Agreement, (ii) the application of proceeds under Sections 5.3.4(i) (but only in respect of regularly scheduled principal
payments), 5.3.5, 5.3.6 and 5.3.7 of this Agreement and (iii) the application of amounts received by the Lender and the Buyer Agent from the Restructuring Cash Management Account pursuant to Section 2(d)(iii)(c) and (e) of the
Custodial and Account Control Agreement, in each case, received by the Lender and/or the Buyers after the Restructuring Amendment Effective Date, without duplication. 
 “SPE Holdco” shall have the meaning set forth in the Restructuring Amendment. 
 “SPE Holdco Security Agreement” shall have the meaning set forth in the Credit Agreement. 
 “Subsidiary” shall have the meaning set forth in the Credit Agreement. 
 “Underlying Asset” shall mean, in respect of any Purchased Asset, the income-producing commercial real estate, loan,
bond, security or other asset which directly or indirectly secures such Purchased Asset or to which such Purchased Asset is otherwise related. 
 “Unsecured Anthracite Notes” shall mean the notes, preferred shares and other securities and obligations of the Sponsor and its Affiliates listed on Exhibit X. 
  

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 SECTION 2. Amendments to Section 3 of the Annex (Initiation; Confirmation;
Termination; Fees). 
 (a) Section 3 of the Existing Annex is hereby amended by deleting Sections 3.1 and 3.2 in
their respective entirety and inserting in lieu thereof the following: 
 “3.1 Reserved. 
 3.2 Notwithstanding anything contained herein to the contrary and in addition to any other amounts payable hereunder, Seller, hereby
promises to pay to the Buyer Agent and the Lender, without duplication, the Deferred Restructuring Fee. The Deferred Restructuring Fee shall be due and payable to the Lender and the Buyers for their respective accounts on any date that is the
earlier of (a) the date on which (i) all Loans (as defined in the Credit Agreement) and (ii) the Repurchase Price for all Purchased Assets, in each case, are prepaid, paid or repaid (as applicable) in full, (b) the Termination
Date and (c) any date on which the Termination Date for the Transactions is declared, or becomes automatically, accelerated pursuant to Section 14 of the Repurchase Agreement; provided, that if (x) the Lender, in its sole
discretion, agrees to release its Liens on all Eligible Assets (as defined in the Credit Agreement) and (y) the Buyer Agent and the Buyers agree to the repurchase by the Seller of all Purchased Assets and have otherwise released all other Liens
on the Collateral, in each case, prior to the payment of the Secondary Deferred Restructuring Fee, then any outstanding Secondary Deferred Restructuring Fee shall be deemed waived.” 
 (b) Section 3.4 of the Existing Annex is hereby amended by deleting the second sentence thereof it in its entirety and inserting in
lieu thereof the following: 
 “Seller shall be entitled to terminate a Transaction in whole or in part only pursuant to
a Permitted Disposal and, in connection therewith, Seller shall repurchase all or a portion of the Purchased Assets subject to such Transaction on any Business Day prior to the Termination Date (an “Early Termination Date”);
provided, however, that:” 
 (c) Section 3.4.3 of the Existing Annex is hereby amended by deleting it
in its entirety and inserting in lieu thereof the following: 
 “3.4.3 on such Early Termination Date, Seller pays to the
Buyer Agent, for the account of the applicable Buyer, an amount equal to the sum of the aggregate Release Price for all Purchased Assets subject to such Transaction and any other amounts payable under this Agreement (excluding the Deferred
Restructuring Fee), without duplication, with respect to the repurchase of such Purchased Asset which is subject to a Permitted Disposal against transfer to Seller or its agent of such Purchased Assets.” 
 (d) Section 3 of the Existing Annex is hereby amended by deleting Sections 3.5 and 3.6 in their respective entirety and inserting in
lieu thereof the following: 
 “3.5 On the Termination Date, termination of the applicable Transactions will be effected
by the transfer to Seller or its agent of the Purchased Assets and any Income in respect thereof received by Buyer Agent, for the account of the applicable Buyer (and not previously credited or transferred to, or applied to the obligations of Seller
pursuant to Section 5 of this Annex I) against the simultaneous (i) transfer of the Repurchase Price and all other amounts owed by Seller to the Buyer Agent and the Buyers, (ii) satisfaction in full of the Obligations under the Credit
Agreement and (iii) payment by the Seller and the Borrowers to the Buyer Agent and the 

  

 -15- 

 
Lender of the Deferred Restructuring Fee. Notwithstanding the foregoing, on a date that is not earlier than thirty (30) days prior to the then-current
Termination Date, if the Extension Criteria shall be satisfied, the Seller may request (such request, the “Extension Request”) that the Buyer Agent extend the Termination Date to March 30, 2011. The Buyer Agent may, in its sole
discretion, agree to such Extension Request by providing written notice of such extension to the Seller (the “Extension Acceptance”) no later than five (5) Business Days prior to the then-current Repurchase Date;
provided that, any such extension shall be effective on the date that the Extension Acceptance is given by the Buyer Agent (the “Extension Effectiveness Date”). Any failure by the Buyer Agent to deliver such Extension
Acceptance shall be deemed to be the Buyer Agent’s determination not to extend the then-current Termination Date. 
 If,
notwithstanding the satisfaction of the Extension Criteria on the date that the Buyer Agent receives the Extension Request and the date that is five (5) Business Days prior to the then-current Termination Date, the Buyer Agent determines not to
extend the then-current Termination Date, the Buyers and the other BOA Parties shall, upon the Termination Date, (i) accept only the BOA Primary Interests in full satisfaction of all obligations under the Repurchase Agreement and all
Obligations, including, without limitation, the obligation of Sponsor, the Borrowers and the Seller to pay the Deferred Restructuring Fee, and (ii) upon the effective transfer of all BOA Primary Interests to the Lender and the Buyers (or their
respective designees), free and clear of all other Liens or interests of third parties, including, without limitation, any Liens or interests held by the Collateral Agent for the benefit of the other Secured Creditors, cease to enjoy the benefit of,
and otherwise release, all Liens granted to the BOA Parties, or to the Collateral Agent for the benefit of the BOA Parties, pursuant to the Second Priority Collateral Documents and the Additional Collateral Documents. 
 3.6 (a) In connection with a Permitted Disposal and repurchase of a Purchased Asset pursuant to Section 3.4, promptly upon the
payment in full in cash of the Release Price for such Purchased Asset and upon Seller’s written request, each BOA Party shall grant the Seller release of such BOA Party’s Lien on such Purchased Asset, substantially in the form of
Exhibit XIV (as the same shall be amended from time to time, as may be necessary under the laws of the relevant jurisdiction to effect a complete and unconditional release by such BOA Party of all its right, title and interest in, to and
under such Purchased Asset) and, effective on such date, such asset shall thereupon no longer be deemed a Purchased Asset hereunder. All cost and expenses in connection with the necessary release documents shall be paid by Sponsor and its
Subsidiaries upon demand. 
 (b) Without limiting the provisions of Section 3.4 above, promptly upon the payment in full
of all obligations under this Agreement (including, without limitation, the payment in full of the aggregate Repurchase Price for all Purchased Assets) and the payment in full of all Obligations, (including, without limitation, the payment of the
Deferred Restructuring Fee), (i) the Buyers shall transfer the Purchased Assets to the Seller or its agent and (ii) the Buyer Agent and each of the other BOA Parties shall (1) grant the Anthracite Parties and the New Entities a
release by such Person of all its right, title and interest in, to and under all Purchased Assets, the other BOA Primary Interests, the Additional Collateral and the BOA Secondary Collateral and (2) execute and deliver such other documents as
may be necessary under the laws of the relevant jurisdiction to effect a complete and unconditional release. All cost and expenses in connection with all necessary release documents shall be paid by Sponsor and its Subsidiaries upon demand. If,
after giving effect to any transfer or release pursuant to Section 3.4 above or this Section 3(f), no Purchased Assets remain subject to any Transaction and no Eligible Assets would remain as Collateral under the Credit Agreement, then
simultaneously with such release, the BOA Parties shall cease to enjoy the benefit of, and otherwise release, all Liens granted to any BOA Party pursuant to the Second Priority Collateral Documents and the Additional Collateral Documents.”

  

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 SECTION 3. Amendments to Section 3 of the Annex (Initiation; Confirmation;
Termination; Fees). Section 3 of the Existing Annex is hereby amended by deleting Sections 3.12 and 3.13 in their entirety and replacing them with the following: 
 “3.12 Reserved. 
 3.13 Notwithstanding anything contained herein or in any other Transaction Document to the contrary, the Buyers shall have no obligation to enter into any Transactions on or after January 28, 2009.” 
 SECTION 4. Amendments to Section 3 of the Annex (Initiation; Confirmation; Termination; Fees). Section 3 of the Existing
Annex is hereby amended by including the following as new Sections 3.14 and 3.15: 
 “3.14 Beginning with the
quarter ending September 30, 2009, if on any Quarterly Paydown Date, the Specified Cash Proceeds received by the Buyer Agent and the Lender as of such Quarterly Paydown Date is less than the Quarterly Paydown Targets specified for such
Quarterly Paydown Date (the “Paydown Target Deficiency”), then, in accordance with the terms of the Custodial and Account Control Agreement, the Buyer Agent and the Lender shall provide the Collateral Agent with written notice of
such Paydown Target Deficiency on or before the applicable Remittance Date. Any amounts received by the Buyer Agent pursuant to Section 2(d)(iii) of the Custodial and Account Control Agreement, shall be applied pursuant to Section 5 of
this Agreement.” 
 3.15 The net cash proceeds received by Sponsor or any of its Subsidiaries from the sale or issuance
of Capital Stock or from any Indebtedness permitted under Section 11.9.7 hereof shall be deposited in the Cash Management Account for application in accordance with Section 2(d)(iii) of the Custodial and Account Control Agreement.”

 SECTION 5. Amendments to Section 4 of the Annex (Margin Maintenance). The Existing Repurchase Agreement is hereby
amended by deleting Section 4 in its entirety and replacing it with the following: 
 “4. Notwithstanding anything contained herein
or in any other Transaction Document to the contrary, all Repo Deferred Payments or any other payments due and owing in respect of any Asset Margin Deficit or Portfolio Margin Deficit (each as defined in this Agreement prior to giving effect to the
Restructuring Amendment), are hereby waived. 
 SECTION 6. Amendments to Section 5 of the Annex (Income Payments and
Principal Payments). 
 (a) Section 5.1 of the Existing Annex is hereby amended by deleting the last sentence thereof
in its entirety and inserting in lieu thereof the following: 
 “Such Income shall be remitted by the Account Bank in
accordance with the applicable provisions of Sections 5.2, 5.3 and 14.1.1 of this Annex I.” 
  

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 (b) Section 5 of the Existing Annex is hereby amended by deleting Sections 5.3, 5.4,
5.5, 5.6 and 5.7 in their respective entirety and inserting in lieu thereof the following: 
 5.3 So long as no Event of
Default shall have occurred and be continuing, all Income received by the Account Bank in respect of the Purchased Assets and the associated Hedging Agreements during each Collection Period, and any amounts received pursuant to
Section 2(d)(iii) of the Custodial and Account Control Agreement, shall be applied by the Account Bank on the related Remittance Date as follows: 
 5.3.1 First, to the payment of all fees and expenses, due and payable by the Sponsor or any of its Subsidiaries to the Custodian; 
 5.3.2 Second, as to all Income other than Principal Payments, to the payment of all costs and fees due and payable by the Sponsor
or any of its Subsidiaries to (i) the Lender pursuant to the Credit Agreement or any other Loan Document (other than payments in respect of the Deferred Restructuring Fee) and (ii) the Buyer Agent and the Buyers pursuant to this Agreement
or any other Transaction Document (other than payments in respect of the Deferred Restructuring Fee), in each case, such payment to be allocated by the Buyer Agent in its sole discretion; 
 5.3.3 Third, as to all Income other than Principal Payments, to (i) the Lender in payment of any accrued and unpaid interest
on the Loans then due and (ii) the Buyers and the Buyers Agent, for the account of the Buyers, in payment of the Price Differential which has accrued and is outstanding in respect of all of the Purchased Assets, in each case, such payment to be
allocated by the Buyer Agent in its sole discretion; 
 5.3.4 Fourth, to the Buyer Agent, for the account of the
applicable Buyer, in payment of the Repurchase Price of the related Purchased Asset in respect of which any (i) Principal Payment in respect of such Purchased Asset or (ii) proceeds from a Permitted Disposal of such Purchased Asset, in
each case, has been received until the Repurchase Price for such Purchased Asset has been reduced to zero; 
 5.3.5
Fifth, to (i) the Lender in payment of any unpaid principal amount of the Loans until the principal amount of all Loans has been reduced to zero and (ii) to the Buyer Agent on account of the Repurchase Price of all Purchased Assets
until the Repurchase Price for all of the Purchased Assets has been reduced to zero, in each case, such payment to be allocated by the Buyer Agent in its sole discretion; 
 5.3.6 Sixth, to the Lender and Buyer Agent in payment of the Guaranteed Deferred Restructuring Fee until such amount is reduced to
zero, in each case, such payment to be allocated by the Buyer Agent in its sole discretion; 
 5.3.7 Seventh, to the
Lender and Buyer Agent in payment of the Secondary Deferred Restructuring Fee until such amount is reduced to zero, in each case, such payment to be allocated by the Buyer Agent in its sole discretion; and 
 5.3.8 Eighth, any amount remaining in the Cash Management Account to be deposited in the Restructuring Cash Management Account and
applied pursuant to the terms of the Custodial and Account Control Agreement. 
  

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 5.4 If an Event of Default shall have occurred and be continuing, all Income received by
the Account Bank in respect of the Purchased Assets and the associated Hedging Agreements shall be applied by the Account Bank on the Business Day next following the Business Day on which such funds are deposited in the Cash Management Account as
follows: 
 5.4.1 First, to the payment of all fees and expenses, due and payable by the Sponsor or any of its
Subsidiaries to the Custodian; 
 5.4.2 Second, to (i) the Lender in payment of any accrued and unpaid interest on
the Loans then due and (ii) the Buyers and the Buyers Agent in payment of the Price Differential which has accrued and is outstanding in respect of all of the Purchased Assets, in each case, such payment to be allocated by the Buyer Agent in
its sole discretion; 
 5.4.3 Third, to the payment of all other amounts (other than the principal amount of the Loans
and the Repurchase Price of Purchased Assets) due and payable by the Sponsor or any of its Subsidiaries to (i) the Lender pursuant to the Credit Agreement or any other Loan Document (including, without limitation, the Deferred
Restructuring Fee) and (ii) the Buyer Agent and the Buyers pursuant to the Repurchase Agreement or any other Transaction Document (including, without limitation, the Deferred Restructuring Fee), in each case, such payment to be allocated by the
Lender in its sole discretion; and 
 5.4.4 Fourth, to (i) the Lender in payment of any unpaid principal amount of
the Loans until the principal amount of all Loans has been reduced to zero and (ii) to the Buyer Agent on account of the Repurchase Price of all Purchased Assets until the Repurchase Price for all of the Purchased Assets has been reduced to
zero, in each case, such payment to be allocated by the Buyer Agent in its sole discretion.” 
 SECTION 7. Amendments to
Section 6 of the Annex (Security Interest). Sections 6.1(a) and (b) of the Existing Annex are hereby amended by deleting each use of the phrase “purchased pursuant to” and inserting in lieu thereof “transferred or
purported to be transferred pursuant to”. 
 SECTION 8. Amendments to Section 12 of the Annex (Affirmative Covenants
of Seller). Section 12.10 of the Existing Annex is hereby amended by: 
 (a) deleting from subsection 12.10.3 the
phrase “and accompanied, in all cases, by an unqualified report of a nationally recognized independent certified public accounting firm” and inserting in lieu thereof “prepared by Deloitte & Touche or another nationally
recognized independent certified public accounting firm consented to by the Buyer Agent”; 
 (b) deleting from subsection
12.10.8 the word “and” following the semicolon at the end thereof; 
 (c) deleting from subsection
12.10.9 the period at the end thereof and replacing it with “; and”; and 
 (d) including the following as a
new subsection 12.10.10: 
  

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 “12.10.10 as soon as available and in any event within thirty (30) days after
the end of each calendar month, the unaudited (non-GAAP) consolidated balance sheet of the Sponsor and its consolidated Subsidiaries as at the end of such month and the related unaudited consolidated statement of cash flows and consolidated
statement of equity for the Sponsor and its consolidated Subsidiaries for such month, setting forth in each case in comparative form the figures for the previous year.” 
 SECTION 9. Amendments to Section 11 of the Annex (Negative Covenants of Seller). Section 11 of the Existing Annex is hereby
amended by: 
 (a) deleting from Section 11.7 the word “or” following the semicolon at the end thereof;

 (b) deleting the period at the end of Section 11.8 in its entirety and replacing it with “; or”; and

 (c) including the following as new Sections 11.9, 11.10, 11.11, 11.12 and 11.13: 
 “11.9 Neither the Sponsor nor any of its Subsidiaries shall create, incur, assume or suffer to exist any Indebtedness, other than:

 11.9.1 Indebtedness outstanding pursuant to this Agreement and the other Transaction Documents; 
 11.9.2 unsecured trade payables, in an aggregate amount not to exceed the amounts set forth therefor in the Budget; 
 11.9.3 unsecured Indebtedness of Sponsor or any of its Subsidiaries; provided, with respect to any such Indebtedness owing to any
BlackRock Entity (other than the BlackRock Credit Agreement): 
 (A) Sponsor or any of its Subsidiaries has previously
executed and delivered to the Buyer the Intercompany Subordination Agreement in connection therewith; or 
 (B) Such
Indebtedness is otherwise subordinated to the Buyer and the other Secured Creditors on terms and conditions satisfactory to the Secured Creditors, which terms shall include, but not be limited to, (1) subordination of such BlackRock
Entity’s rights to receive any payment or realization on any collateral pledged by Sponsor or any of its Subsidiaries as security for obligations owed to such BlackRock Entity, to the rights of the Buyer and of the other Secured Creditors under
each Senior Secured Facility, (2) deferral of any payment amount owed or to be paid to such BlackRock Entity until each of the obligations owed to the Buyer and each other Secured Creditor pursuant to the Senior Secured Facilities has been
satisfied in full and (3) subordination of such BlackRock Entity’s rights in any bankruptcy or insolvency proceeding of Sponsor or any of its Subsidiaries to the rights of the Buyer and each other Secured Creditor, provided, with respect
to any such Indebtedness other than such Indebtedness owing to a BlackRock Entity, such Indebtedness has been subordinated to the Secured Creditors on terms and conditions satisfactory to the Secured Creditors, the proceeds of which Indebtedness are
deposited into the Cash Management Account and applied in accordance with Section 2(d)(iii) of the Custodial and Account Control Agreement; 
  

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 11.9.4 Indebtedness pursuant to the “Transaction Documents” (as defined in the
DB Repurchase Agreement), the Loan Documents and the “Finance Documents” (as defined in the MS Loan Agreement); 
 11.9.5 other Indebtedness outstanding as of the Amendment Effective Date and set forth on Exhibit XII (“Existing Indebtedness”); 
 11.9.6 any refinancings, refundings, renewals or extensions of any Indebtedness outstanding described in 11.9.1 or 11.9.4 above pursuant
to this Agreement or the Transaction Documents; provided that, (i) such Indebtedness satisfies the Permitted Asset Refinancing definition hereof, (ii) the amount of such Indebtedness is not increased at the time of such refinancing,
refunding, renewal or extension; provided further, that if such new Indebtedness is secured by a pledge of a released Primary Interest, the amount of such Indebtedness may be in an amount up to 125% of the allocated loan amounts or release
price (less price differential), as applicable. associated with such Primary Interest (which shall equal 125% of (x) the Repurchase Price (less Price Differential) in respect of a Purchased Asset) or (y) the Asset Attributable Loan Balance
in respect of an Eligible Asset), (iii) such refinancing, refunding, renewal or extended Indebtedness shall not have a final maturity prior to the final maturity date of the Indebtedness being refinanced, refunded, renewed or extended and
(iv) the applicable Secured Creditor receives all proceeds of such refinancing, less any approved expenses; 
 11.9.7 any
refinancings, refundings, renewals or extensions of the Existing Indebtedness defined in Section 11.9.5 above or Indebtedness permitted under Section 11.9.3 above (such refinanced, refunded, renewed or extended Indebtedness,
“Permitted Refinancing Indebtedness”); provided that, (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension, (ii) such refinancing, refunding, renewal
or extended Indebtedness shall (A) not have a final maturity prior to the final maturity date of the Indebtedness being refinanced, refunded, renewed or extended and (B) have an average life to maturity equal to or greater than such
Indebtedness; (iii) the terms of such refinancing, refunding, renewal or extension shall not be more restrictive than the terms of such Indebtedness; (iv) not have a final maturity prior to the date that is the later of (x) three
years from the Restructuring Amendment Effective Date or (y) the Termination Date; (v) if the Indebtedness being refinanced is subordinated, such Permitted Refinancing Indebtedness shall be subordinated to at least the same extent, and on
terms at least as favorable to the Buyer Agent and/or the Buyers, as the Indebtedness being refinanced, (vi) such Indebtedness shall be provided by a Person other than BlackRock Financial Management, Anthracite, and/or any of their respective
Affiliates and/or Subsidiaries; and (vii) the net proceeds of such Permitted Refinancing Indebtedness are deposited into the Cash Management Account for application in accordance with Section 2(d)(iii) of the Custodial and Account Control
Agreement; 
 11.9.8 the BlackRock Credit Agreement; 
 11.9.9 any Indebtedness of a Subsidiary of the Sponsor owed to the Sponsor; 
  

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 11.9.10 any other Indebtedness incurred with the consent of the Buyer and the other
Secured Creditors, on terms acceptable to the Buyer and the Secured Creditors in their respective sole discretion. 
 11.10
Neither the Sponsor nor any of its Subsidiaries shall create, incur, assume or suffer to exist any Lien on any Purchased Assets, its respective Property or revenues, whether now owned or hereafter acquired by it, other than: 
 11.10.1 Liens created pursuant to this Agreement and the other Transaction Documents; 
 11.10.2 Liens created pursuant to the other Senior Secured Facilities; 
 11.10.3 Liens in favor of the Sponsor created pursuant to Indebtedness permitted under Section 11.9.9; 
 11.10.4 Liens created pursuant the BlackRock Credit Agreement; 
 11.10.5 Liens for taxes, assessments or other governmental charges or levies not yet subject to penalties or which are being contested in
good faith and for which adequate reserves have been established by the Seller in accordance with GAAP; 
 11.10.6 Liens
arising out of judgments or orders which do not constitute an Event of Default and for which adequate reserves have been established by the Seller in accordance with GAAP; 
 11.10.7 Liens created pursuant to the Second Priority Collateral Documents or the Additional Collateral Documents; and 
 11.10.8 Liens created pursuant to secured Indebtedness permitted pursuant to Section 11.9; provided that any unsecured
Indebtedness as of the Restructuring Amendment Effective Date remains unsecured.” 
 SECTION 10. Amendment to
Section 12 of the Annex (Affirmative Covenants of Seller). The Existing Annex is hereby amended by including the following as a new Sections 12.17 and 12.18: 
 “12.17 Sponsor shall promptly provide the Buyer Agent with copies of all documents which Sponsor or any of its Affiliates is required
to file with the SEC in accordance with the Securities and Exchange Act of 1934, as amended, or any rules thereunder. 
 12.18
Seller shall promptly notify the Buyer Agent of: 
 12.18.1 any proposed or existing amendment, waiver, modification, margin
notice, requests for payment, notice of acceleration or any other communication or notice regarding the payment terms under any Senior Secured Facility or any other Indebtedness of the Sponsor or any of its Subsidiaries; 
 12.18.2 any notice filed by the Sponsor or any of its Subsidiaries with the SEC or any other governmental authority; and 
  

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 12.18.3 any (i) default under any Senior Secured Facility, (ii) any default or
event of default under any contractual obligation of the Sponsor or any of its Subsidiaries which if not cured could result in liability in excess of $1,000,000 or could reasonably be expected to cause a Material Adverse Change or (iii) any
litigations, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are pending or threatened) or other legal or arbitrable proceedings which may exist at any time between the Sponsor or any of
its Subsidiaries and any governmental authority with an amount in controversy in excess of $1,000,000 or which, if adversely determined, as the case may be, could reasonably be expected to cause a Material Adverse Change. 
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the Sponsor (a) setting forth
details of the occurrence referred to therein, (b) stating what action each of the Seller and the Sponsor proposes to take with respect thereto.” 
 SECTION 11. Amendments to Section 14 of the Annex (Events of Default). Section 14 of the Existing Annex is hereby amended by 
 (a) deleting Section 14.1.3 in its entirety and inserting in lieu thereof the following: 
 “14.1.3 Guarantor Breach. A breach by the Sponsor of any of the covenants contained in Sections 5 and 13 of the Guaranty.

 (b) deleting section 14.1.7 in its entirety and inserting in lieu thereof the following: 
 “14.1.17 Restructuring Events of Default. A failure or breach by the Seller or the Sponsor to perform any of terms, covenants,
obligations or conditions in Section 24 of this Agreement. 
 (c) including the following as a new
Section 14.1.19: 
 “14.1.19 Paydown Target Deficiency Failure. Any Paydown Target Deficiency shall have
continued unremedied for ninety (90) days.” 
 (d) inserting the phrase “ or any of the Sponsor’s
Subsidiaries” following the word “Sponsor” in Section 14.1.12. 
 (e) inserting the phrase “
or any of the Sponsor’s Subsidiaries” following each occurrence of the word “Sponsor” in Section 14.1.13. 
 (f) inserting the phrase “ or any of the Sponsor’s Subsidiaries” following each occurrence of the word “Sponsor” in Section 14.1.16. 
 (g) including the following as new Sections 14.1.20, 14.1.21, 14.1.22, 14.1.23, 14.1.24, 14.1.25 and 14.1.26: 
 “14.1.20 DB Default. The occurrence of any Event of Default under the DB Repurchase Agreement, as such term is defined
therein. 
 14.1.21 MS Default. The occurrence of any Event of Default under the MS Loan Agreement, as such term is
defined therein. 
  

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 14.1.22 Impermissible Acquisitions. Other than (i) Permitted CDO
Acquisitions, (ii) the acquisition of debt of the Sponsor or any of its Subsidiaries in exchange solely for equity of the Sponsor without the prior approval of the Buyer Agent and the other Secured Creditors, not to be unreasonably withheld or
delayed, and (iii) such other transactions approved by the Buyer Agent and the other Secured Creditors in their sole discretion, the entering into of any transaction pursuant to which the Sponsor or any Affiliate thereof acquires an asset or
otherwise makes a new Investment. 
 14.1.23 Distributions from Collateralized Debt Obligations. In respect of any
Purchased Asset that is a collateralized debt obligation, the failure of the issuer of such collateralized debt obligation to transfer any cash that such issuer is permitted to release to its equity holders to the Cash Management Account on a
monthly basis; 
 14.1.24 Anthracite Default. The Sponsor or any Affiliate thereof defaults in the payment of any
principal of, or interest on, any Unsecured Anthracite Note (whether at stated maturity, upon acceleration or at mandatory or optional prepayment), and, before the end of any applicable grace period, the Sponsor shall have failed to
(a) obtain a forbearance or enter into a definitive restructuring with respect to such Unsecured Anthracite Notes on terms satisfactory to the Buyer Agent and each other Secured Creditor in their respective sole discretion, or
(b) cure such failure. 
 14.1.25 Impermissible Payment. The payment by the Sponsor or any of its Subsidiaries of
any obligation or liability not otherwise permitted by the Budget or which has not otherwise received the prior written consent of the Buyer Agent and the other Secured Creditors. 
 14.1.26 Impermissible BlackRock Payment. The payment by the Sponsor or any of its Subsidiaries to BlackRock Financial Management or
any other BlackRock Entity on account of principal due under any credit agreement, repurchase agreement, or other credit facility between the Sponsor or any of its Subsidiaries, on the one hand, and BlackRock Financial Management or any
BlackRock Entity, on the other hand, other than Permitted BlackRock Payments. 
 (h) Section 14.2.2 of the Existing
Annex is hereby amended by replacing the word “and” immediately prior to the romanette number “(ii)” with a comma and inserting the following phrase at the end thereof: “, and (iii) the Deferred Restructuring Fee shall
be immediately due and payable”. 
 (i) Section 14.2.7 of the Existing Annex is hereby amended by deleting it in its
entirety and inserting in lieu thereof the following: 
 “14.2.7 Disposition of Purchased Assets. 
 A. After five (5) Business Days’ notice to Seller (which notice need not be given if an Act of Insolvency shall have occurred
with respect to the Seller or the Sponsor), Buyer Agent, for the benefit of the Buyers, may (A) immediately sell, at a public or private sale in a commercially reasonable manner and at such price or prices as Buyer Agent may reasonably deem
satisfactory any or all of the Purchased Assets or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give Seller credit for such Purchased Assets in an amount equal to the Market Value of such
Purchased Assets against the aggregate unpaid Repurchase Price for such Purchased Assets and any other amounts owing by Seller under the 

  

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Transaction Documents. The proceeds of any disposition of Purchased Assets effected pursuant to this Section 14.2.7 shall be applied,
(v) first, to the costs and expenses incurred by Buyer Agent and the Buyers in connection with Seller’s default; (w) second, to consequential damages, including, but not limited to, costs of cover and/or Hedging
Transactions, if any; (x) third, to the Repurchase Price; (y) fourth, to the Deferred Restructuring Fee, and (z) fifth, to any other outstanding obligation of Seller to Buyer Agent, the Buyers or their Affiliates.

 B. The parties recognize that it may not be possible to sell all of the Purchased Assets on a particular Business Day, or
in a transaction with the same purchaser, or in the same manner, because the market for such Purchased Assets may not be liquid. In view of the nature of the Purchased Assets, the parties agree that, upon five (5) Business Days’ prior
written notice to Seller and Sponsor, liquidation of the Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly,
Buyer Agent may elect, in its sole discretion, the time and manner of liquidating any Purchased Asset, and nothing contained herein shall (i) obligate the Buyer Agent or any Buyer to liquidate any Purchased Asset on the occurrence and during
the continuance of an Event of Default or to liquidate all of the Purchased Assets in the same manner or on the same Business Day or (ii) constitute a waiver of any right or remedy of Buyer Agent or the Buyers.” 
 SECTION 12. Amendment to Section 23 of the Annex (Miscellaneous). The Existing Annex is hereby amended by including the following
as new Sections 23.14 and 23.15: 
 “23.14 Acknowledgment of Strict Foreclosure Remedy. 
 23.14.1 Each of the Sponsor and the Seller hereby acknowledge that, but for the waivers granted by the Buyer Agent prior to the
Restructuring Amendment Effective Date, it is in default under this Agreement for purposes of Section 9-620 of the UCC; and 
 23.14.2 Each of the Sponsor and the Seller hereby acknowledge and agree that, notwithstanding anything contained herein to the contrary, should anyone successfully challenge the Buyer Agent’s or the Buyers’ ability to accept the
Purchased Assets and other Collateral in full satisfaction of the Transactions pursuant to the terms of Section 3.5 of this Agreement, the Buyer Agent shall retain all of the rights and remedies afforded a secured creditor under the UCC
and any other applicable law. 
 23.15 Notwithstanding anything contained herein to the contrary, in recognition of the risks
associated with the BOA Parties’ execution and performance of the Restructuring Amendment, and in consideration of the waivers of margin payments, waivers of financial covenants and other modifications to the Loan Documents and the Transaction
Documents, the Sponsor and the Seller, for itself and on behalf of all of their respective Subsidiaries, agree that in the event that the Sponsor or Seller becomes subject to any bankruptcy or insolvency proceedings, the BOA Parties shall be
entitled to relief from any automatic stay imposed by Section 362 of the Bankruptcy Code or any other applicable law, or otherwise, on or against the exercise of the rights and remedies otherwise available to any BOA Party hereunder, in any
other Loan Document or in any Transaction Document and as otherwise provided by law, and the Sponsor and the Seller, for itself and on behalf of all of their respective subsidiaries, shall waive the benefit of such automatic stay and consent and
agree to raise no objection to such relief.” 
  

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 SECTION 13. Amendment to the Annex (Additional Covenants of Seller and Sponsor). The
Existing Annex is hereby amended by inserting the following as a new Section 24: 
 “24. ADDITIONAL COVENANTS OF SELLER AND
SPONSOR 
 24.1 Independent Directors. Sponsor shall at all times cause there to be not more than five
(5) members of the board of directors of which at least one duly appointed member of the Seller’s board of directors shall be an Independent Director. 
 24.2 BlackRock Payments and Management Fees. 
 (a) Neither the Sponsor nor any of its Subsidiaries shall enter into any arrangement for the payment of, or pay, management, advisory,
incentive or similar fees, except (i) payment of management and advisory fees pursuant to the Custodial and Account Control Agreement and (ii) management and advisory fees payable in the form of Capital Stock of the Sponsor or a Subsidiary
thereof to the applicable BlackRock Entity pursuant to the BlackRock Management Agreement or management fees to its corporate services provider paid in the ordinary course of business; provided, that in any event no such fees may be paid (but may
accrue) during the continuance of an Event of Default. 
 (b) Neither the Sponsor nor any of its Subsidiaries shall make any
payment to BlackRock Financial Management or any other BlackRock Entity, other than Permitted BlackRock Payments. 
 24.3
REIT Status. Other than as specifically set forth herein, neither the Sponsor nor any of its Subsidiaries shall make any Restricted Payments in excess of the minimum amount necessary for the Sponsor to qualify for the “deduction for
dividends paid” pursuant to Section 857(a)(1) of the Code, it being understood that any such distribution shall be made in the form of Capital Stock of the Sponsor or the Seller rather than in cash or other Property to the maximum
extent permitted under law. 
 24.4 Additional Reporting Requirements. 
 24.4.1 The Sponsor and the Seller shall provide the Buyer Agent with a report, certified by a Responsible Officer of the Sponsor as to the
accuracy, correctness and completeness of such report, on the performance of all Purchased Assets and other BOA Primary Interests on a monthly basis on each Remittance Date, such reports to include, without limitation, information regarding the
asset-level performance of Additional Collateral and the information listed on Exhibit XIII. 
 24.4.2 The Sponsor and
the Seller will promptly, following any reasonable request therefor from the Buyer Agent, report such other information regarding its operations, business affairs and financial condition, or compliance with the terms of the Transaction Documents and
the Senior Secured Facilities. Such reporting will include without limitation, details of the Sponsor’s cash accounts at each month end and a schedule of its unfunded commitments. 
 24.4.3 To the extent not included in the reports specified in Sections 24.4.1 and 24.4.2 above, the Sponsor and its
Subsidiaries shall provide to the Buyer Agent with a copy of any other information or report requested by any other Secured Creditor pursuant to the terms of their corresponding Senior Secured Facility. 
  

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 24.4.4 If so requested, the Sponsor shall provide the Buyer Agent with a summary of the
corporate structure of the Sponsor and its Subsidiaries, showing all corporate and contractual relationships (including, without limitation, any payments or distribution obligations) (1) among and between such Persons and (2) among
such Persons and any BlackRock Entity, such summary to be certified as to its accuracy as of the date of delivery to the Buyer Agent by a Responsible Officer of the Sponsor, and be in form and substance acceptable to the Buyer Agent in its sole
discretion. 
 24.5 Unsecured Anthracite Notes. Upon any failure by the Sponsor to make any payment of principal or
interest on any Unsecured Anthracite Notes when due, the Sponsor shall immediately notify the Buyer Agent of such failure and consult with the Buyer Agent and the other Secured Creditors prior to taking any action with respect thereto. 

24.6 Modification of Purchased Assets. Without the prior written consent of the Buyer Agent, the Seller shall not amend, modify
or otherwise agree to any amendment, change in, or grant any waiver or deliver any consent or approval with respect to, any Purchased Asset or Underlying Asset if the effect of such action would cause or is reasonably likely to cause a Monetary
Credit Event or a material adverse effect in respect of such Purchased Asset or Underlying Asset. 
 24.7 No Dealing with
Purchased Assets. The Seller shall not, except with the prior consent of the Buyer Agent: 
 (a) assign, transfer, sell,
lease, exchange, convey, discount, dispose of or deal with any Property or asset, other than any Permitted Disposal; 
 (b)
grant, create or permit to exist any Lien over (including the grant of security or trust over or the occurrence of execution or diligence in respect of) all or any of the benefit of any Property or asset other than the security granted over the
Purchased Assets pursuant to the Transaction Documents and the Second Priority Collateral Documents; and 
 (c) permit the
release of any Person from any obligation in respect of any Property or asset, except as contemplated by the loan documents with respect to such Person. 
 24.8 Advances and Payments. Provided that no Event of Default shall have occurred and be continuing at such time and upon delivery of prior written notice to the Buyer Agent, Seller shall, from time to time,
have the right to draw an amount (each, a “Protective Cure Amount”) from the Lockbox Account to pay for, or otherwise reimburse itself for, any costs or expenses incurred by the Seller relating to the exercise of any cure
rights related to, or in connection with entering into any modifications, waivers and/or consents with respect to, any defaulted or distressed Purchased Asset; provided, that the aggregate Protective Cure Amounts for any period shall not
exceed the unused amount of the contingency reserve set forth in the Budget for such period. 
 24.9 Material Amendments to
Secured Facilities. The Sponsor shall not, and shall not allow any Subsidiary to enter, or agree to enter into any amendment or modification to any Senior Secured Facility that relates to any Reserved Matter without the prior written consent of
the Buyer Agent and each other Secured Creditor. Unless specifically agreed to by the Buyer Agent in writing, any other amendment or modification to a Senior Secured Facility will be 

  

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incorporated automatically herein if such amendment or modification is (i) more restrictive with respect to the Sponsor, the Seller and/or their
respective Affiliates or (ii) more favorable to the Buyer Agent or its Affiliates, in each case, than similar provisions contained herein. 
 24.10 Release of Collateral. No item of BOA Primary Collateral may be sold, transferred, assigned or otherwise disposed of without the prior written consent of the Buyer Agent unless (a) such asset is
subject to a Permitted Disposal and (b) the Buyers shall have received a prepayment or payment in an amount no less than the Release Price for such item, minus any reasonable transaction costs. 
 24.11 Transfer of Released Assets. The Sponsor shall, or shall cause its applicable Subsidiary to, transfer all assets that are
(i) not subject to a Permitted Disposal and (ii) released from a Secured Creditor’s Lien pursuant to the terms of the applicable Senior Secured Facility, to be (1) transferred to either SPE Holdco or AHR Ireland and (2) made
subject to the terms of the Additional Collateral Documents and pledged as collateral security to the Collateral Agent for the benefit of the Secured Creditors. The Sponsor and its Subsidiaries agree to take such further action as may be necessary
and desirable in furtherance of the foregoing. 
 24.12 Upon the effectiveness of any Permitted Refinancing Indebtedness,
Sponsor and the Seller shall deliver to the Buyer Agent (i) certified copies of all material documents in respect of such Permitted Refinancing Indebtedness, (ii) evidence of any net interest payment reductions resulting from such
Permitted Refinancing Indebtedness (such net interest payment reductions, “Net Interest Savings”), (iii) a calculation of the BlackRock Cash Fee based on such Net Interest Savings (if any) and (iv) a calculation of the
applicable adjustment to the Budget with respect of such Net Interest Savings and BlackRock Cash Fee, in each case, in form and substance acceptable to the Buyer Agent in its sole discretion (items (i) through (iv) collectively,
“Acceptable Adjustment Information”). Within ten (10) Business Days after receipt of Acceptable Adjustment Information, the Buyer Agent shall notify the Collateral Agent of (i) the BlackRock Cash Fee allowed to be paid
pursuant to, and in accordance with, the Custodial and Account Control Agreement and (ii) the applicable adjustment to the Budget reducing the allocated interest payment amounts in respect of such Net Interest Savings and BlackRock Cash Fee.

 24.13 Neither the Sponsor nor Seller, has, nor shall make, modify, amend or supplement any covenant to any other Person
(i) that is more restrictive on Sponsor or Seller than those set forth in Sections 11, 12, 24, and/or (ii) that relate to the Sponsor’s or Seller’s assets, liabilities, income, net worth, liquidity,
profitability and/or with respect to ratios relating to any of the foregoing and/or the occurrence of a material adverse effect; unless Sponsor has notified the Buyer Agent thereof and has executed an amendment to this Agreement in a form acceptable
to Buyer Agent whereby Sponsor and the Seller have made the same (or substantially the same) covenant(s) (each, a “Restrictive Covenant”) to the Buyer Agent, which Restrictive Covenant(s) shall be in addition to (and not in lieu of)
Sponsor’s and the Seller’s covenants and obligations under this Agreement. With respect to such amendment, Sponsor and the Seller shall also, at the request of the Buyer Agent, have delivered to the Buyer Agent an opinion of counsel to
Sponsor and the Seller acceptable to the Buyer Agent in its sole discretion. Such amendment shall provide that: (x) Sponsor and the Seller shall promptly notify the Buyer Agent (together with evidence reasonably satisfactory to the Buyer Agent)
if compliance with any of the Restrictive Covenants is waived by the beneficiary thereof, and, in such event, for so long as such waiver is in effect, a breach of such Restrictive Covenant shall not constitute a default under this Agreement
(provided that none of the other covenants in this Section 6 are breached), and (y) prior to Sponsor or Seller entering into any modification, supplement or amendment of a Restrictive Covenant made in 

  

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favor of any Person, Sponsor and the Seller shall have executed a further amendment to this Agreement in a form acceptable to the Buyer Agent whereby the
applicable Restrictive Covenant shall be modified, supplemented or amended. With respect to such amendment, Sponsor and the Seller shall also, at the request of the Buyer Agent, have delivered to the Buyer Agent an opinion of counsel to Sponsor and
the Seller acceptable to the Buyer Agent in its sole discretion.” 
 SECTION 14. Amendment to the Annex (Exhibits).
The Existing Annex is hereby amended by (i) deleting Annex II in its entirety and inserting in lieu thereof a new Annex II attached hereto as Attachment A; (ii) inserting a new Exhibit X, attached hereto as Attachment B,
(iii) inserting a new Exhibit XI, attached hereto as Attachment C, (iv) inserting a new Exhibit XII, attached hereto as Attachment D, (v) inserting a new Exhibit XIII, attached hereto as Attachment E, and
(vi) inserting a new Exhibit XIV, attached hereto as Attachment F. 
 SECTION 15. Conditions Precedent. This
Amendment shall become effective on the date (the “Amendment Effective Date”) on which the following conditions precedent shall have been satisfied: 
 (a) the Buyer Agent shall have received: 
 (i) each document listed on Attachment G hereto (the “Restructuring Documents”), executed and delivered by a duly authorized signatory of each party thereto, in form and substance acceptable to
the Buyer Agent in its sole discretion; 
 (ii) with respect to any loan constituting Additional Collateral, a copy of an
irrevocable direction letter executed by the applicable Loan Party, to the underlying obligor or other applicable party making payments on such loan, instructing such Person to make all payments in respect of such loan to the Cash Management Account
(as defined in the Custodial and Account Control Agreement), together with proof of delivery to such Person; 
 (iii) a
certificate of each Loan Party, dated as of the Amendment Effective Date, with appropriate insertions and attachments, satisfactory in form and substance to the Buyer Agent, executed by a Responsible Officer of such Loan Party; 
 (iv) a copy of the resolutions, in form and substance satisfactory to the Buyer Agent, of the Board of Directors (or other correlative
body) of each Loan Party authorizing (i) the execution, delivery and performance of this Agreement and each other Restructuring Document to which it is a party, and (ii) the granting by it of the Liens created pursuant to the
Restructuring Documents, in each case, as applicable, certified by the Secretary or an Assistant Secretary of each Loan Party as of the Amendment Effective Date, which certification shall be in form and substance satisfactory to the Buyer Agent and
shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded; 
 (v) a certificate
of each Loan Party, dated the Amendment Effective Date, as to the incumbency and signature of the officers of such Loan Party executing this Amendment and any other Restructuring Document, shall be satisfactory in form and substance to the Buyer
Agent, and shall be executed by an applicable Responsible Officer thereof; 
  

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 (vi) true and complete copies of the organizational documents of each Loan Party,
certified as of the Amendment Effective Date as complete and correct copies thereof by the Secretary or an Assistant Secretary of such Loan Party; 
 (vii) certificates (where such certificates are available) dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good standing of each Loan Party (i) in the
jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires it to qualify as a foreign Person; 
 (viii) for the account of the Buyer Agent, payment and reimbursement for all of the Buyer Agent’s costs and expenses incurred in
connection with this Amendment, all prior amendments and modifications to the Repurchase Agreement, any other documents prepared in connection herewith and therewith and the transactions contemplated hereby and thereby, other than the fees and
disbursements of Cadwalader, Wickersham & Taft LLP, counsel to the Buyer Agent and Buyers, which counsel fees and disbursements shall be paid in accordance with Section 24 hereof. 
 (ix) a copy of the Budget, in form and substance satisfactory to the Buyer in its sole discretion; 
 (x) the certificates representing the shares or other equity interests not already delivered to the Buyer and pledged pursuant to the
Parent Pledge Agreement, if any, together with an undated stock power for each such stock certificate executed in blank by a duly authorized officer of the pledgor thereof or such certificate duly endorsed in blank for each such certificate
evidencing a limited liability company interest. Each “Issuer” referred to in the Parent Pledge Agreement shall have delivered an acknowledgement and consent to such Parent Agreement, executed by a duly authorized officer of such Issuer,
in substantially the form appended to such Parent Pledge Agreement; 
 (xi) evidence in form and substance satisfactory to it
that all filings, recordings, registrations and other actions, including, without limitation, the filing of duly executed financing statements on form UCC-1, necessary or, in the opinion of the Buyer Agent, desirable to perfect the Liens created by
this Agreement shall have been completed; 
 (xii) the results of a recent search by a Person satisfactory to the Buyer Agent
of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Sponsor, and the results of such search shall be satisfactory to the Buyer Agent; 
 (xiii) legal opinions of outside counsel to the Loan Parties which shall cover such matters incident to the transactions contemplated by
the Restructuring Documents as the Buyer Agent may reasonably require; 
 (xiv) any documents (including, without limitation,
financing statements) required to be filed, registered or recorded in order to create, in favor of the Collateral Agent, for the benefit of the BOA Parties and any other applicable Secured Creditor, a perfected, second priority security
interest in the BOA Secondary Collateral, subject to no Liens other than the first priority Lien in favor of the applicable Secured Creditor, for filing, registration or recording in each office in each jurisdiction in which such filings,
registrations and recordations are required to perfect such security interest; 
  

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 (xv) copies certified by the applicable Loan Party, of all consents, licenses and
approvals, if any, required in connection with the execution, delivery and performance by such Loan Party of, and the validity and enforceability of, the Restructuring Documents, which consents, licenses and approvals shall be in full force and
effect; 
 (xvi) a true, correct and complete summary of the corporate structure of the Sponsor and its Subsidiaries as of the
date hereof, showing all corporate and contractual relationships (including, without limitation, any payments or distribution obligations) (1) among and between such Persons and (2) among such Persons and any BlackRock Entity, such
summary to be certified as to its accuracy by a Responsible Officer of the Sponsor, and be in form and substance acceptable to the Buyer Agent in its sole discretion; 
 (b) a Buyer and the Seller shall have entered into a transaction pursuant to the Repurchase Agreement in respect of the Class G interest
in respect of AHR 2006-1 HY3; and 
 (c) each of the representations and warranties made and restated by the Sponsor and the
Seller pursuant to Section 16 of this Amendment shall be true and complete in all material respects as though made on such date (except for any such representation or warranty that by its terms refers to a specific date other than the
date first above written, in which case it shall be true and correct in all material respects as of such other date). 
 SECTION 16. Representations and Warranties. On and as of the date first above written, each of the Sponsor and the Seller hereby represents and warrants to the Buyer Agent that (a) it is in compliance with all the
terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, (b) the Loan Parties have received all consents, licenses, and approvals, if any, required in connection with the execution, delivery and
performance by the Loan Parties of, and the validity and enforceability of, the Restructuring Documents, which consents, licenses and approvals shall be in full force and effect, (c) after giving effect to the Restructuring Documents, no
Default or Event of Default (as such term is defined in the applicable Senior Secured Facility) under any Senior Secured Facility has occurred and is continuing, and (d) after giving effect to this Amendment, the representations and
warranties contained in Section 10 of the Repurchase Agreement are true and correct in all material respects as though made on such date (except for any such representation or warranty that by its terms refers to a specific date other than the
date first above written, in which case it shall be true and correct in all material respects as of such other date). 
 SECTION 17. General Release. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Sponsor and the Seller, for: (i) itself, (ii) any Affiliate thereof,
and (iii) the respective partners, officers, directors, shareholders, successors and assigns of all of the foregoing persons and entities, 
 (a) hereby releases and forever discharges each of the BOA Parties and each of its respective subsidiaries, affiliates (excluding any Affiliate of Anthracite), its past, present and future officers, directors, agents,
employees, partners, managers, shareholders, servants, attorneys and representatives, as well as their, successors, assigns, their respective heirs, legal representatives, legatees, predecessors-in-interest, successors and assigns, of and from any
and all actions, claims, demands, damages, debts, suits, contracts, agreements, losses, liabilities, 

  

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indebtedness, causes of action either at law or in equity, obligations of whatever kind or nature, accounts, defenses, and offsets against liabilities and
obligations, whether known or unknown, direct or indirect, new or existing, by reason of any matter, cause or thing whatsoever occurring on or prior to the date hereof arising out of or relating to any matter or thing whatever, including without
limitation, such claims and defenses as fraud, misrepresentation, breach of duty, mistake, duress, usury, claims pertaining to so-called “lender liability,” and claims pertaining to creditor’s rights, which such party ever had, now
has, or might hereafter have against the other, jointly or severally, for or by reason of any matter, act, omission, cause or thing whatsoever occurring, on or prior to the date of this Amendment, that is related to, in whole or in part, directly or
indirectly, the Credit Agreement, the Loan Documents, this Amendment, the Repurchase Agreement and the Transaction Documents; and 
 (b) warrants, represents and acknowledges that it has no defenses to the payment of, nor any right to set off against, all or any of the Obligations set forth in the Loan Documents, any obligation set forth in the Repurchase Agreement or
the Transaction Documents, nor any counterclaims or other rights of action against any BOA Party of any kind whatsoever, including, without limitation, any right to contest any of the following: the enforceability, applicability or validity of any
provisions of the Loan Documents and the Transaction Documents, the existence, validity, enforceability, or perfection of any security interest or mortgage in favor of any BOA Party the conduct of Buyer Agent or the Buyers in administering the
Transaction Documents and any legal fees and expenses incurred by any BOA Party under the Credit Agreement, the other Loan Documents or this Amendment, the Repurchase Agreement or the other Transaction Documents. 
 SECTION 18. Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement shall
continue to be, and shall remain, in full force and effect in accordance with its terms; provided, however, that upon the Amendment Effective Date, all references in the Repurchase Agreement to the “Transaction Documents”
shall be deemed to include, in any event, this Amendment. Each reference to Repurchase Agreement in any of the Loan Documents or in any Transaction Document shall be deemed to be a reference to the Repurchase Agreement as amended hereby. 

SECTION 19. Override Provision. Notwithstanding any provision in either the Repurchase Agreement or any Transaction Document to the
contrary, which are hereby pro tanto superseded and modified or replaced mutatis mutandis to the extent of any inconsistency, the provisions in this Amendment shall apply from and after the date hereof. 
 SECTION 20. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of
which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission
shall be effective as delivery of a manually executed original counterpart thereof. 
 SECTION 21. GOVERNING LAW. THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 22.
Covenant. Each of the Sponsor and the Seller hereby covenants and agrees, on a joint and several basis, to pay promptly, following receipt of an invoice therefor, the fees and disbursements of Cadwalader, Wickersham & Taft LLP,
counsel to the BOA Parties, incurred by the BOA Parties in connection with this Amendment, any amendment to the Repurchase Agreement entered 

  

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into on the date hereof, all prior amendments and modifications to the Repurchase Agreement and the Credit Agreement, any other documents prepared in
connection herewith and therewith and the transactions contemplated hereby and thereby; provided that if such invoiced amounts are not paid in full within two (2) Business Days of the date of receipt of the applicable invoice by the
Sponsor, each of the Sponsor and the Seller, as applicable, hereby acknowledges and agrees that (a) with respect to the Cash Management Account established in connection with the Repurchase Agreement, the Account Bank shall apply (at the
direction of the Buyer Agent) all Income received by the Account Bank in respect of the Purchased Assets and the associated Hedging Agreements on the Business Day next following the Business Day on which such Income is deposited in the Cash
Management Account to the payment of such invoiced but unpaid amounts until such amounts are paid in full, and (b) with respect to the Concentration Accounts established in connection with the Credit Agreement, the Lender shall be entitled to
direct the Bank to pay such invoiced but unpaid amounts directly to the applicable counsel to the BOA Parties from the funds on deposit in the Concentration Accounts until all such invoiced but unpaid amounts are paid in full. All terms used in this
Section 22 and not otherwise defined in this Amendment, shall have the meaning set forth in the Credit Agreement. 
 [SIGNATURES
FOLLOW] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of
the day and year first above written. 
  

			
	ANTHRACITE CAPITAL, INC., as Sponsor
		
	By:	 	 /s/ Paul Horowitz

	Name:	 	Paul Horowitz
	Title:	 	VP
	
	AHR CAPITAL BOFA FUNDING LLC, as Seller
		
	By:	 	 /s/ Paul Horowitz

	Name: 	 	Paul Horowitz
	Title:	 	Director

  

 [SIGNATURE PAGE TO AMENDMENT TO REPURCHASE AGREEMENT] 

			
	BANK OF AMERICA, N.A., as Buyer Agent and Buyer
		
	By:	 	 /s/ JEFFREY B. HOYLE

	Name:	 	JEFFREY B. HOYLE
	Title:	 	Managing Director

  

 [SIGNATURE PAGE TO AMENDMENT TO REPURCHASE AGREEMENT] 

			
	 BANC OF AMERICA MORTGAGE CAPITAL CORPORATION, as Buyer

		
	By:	 	 /s/ JEFFREY B. HOYLE

	Name:	 	JEFFREY B. HOYLE
	Title:	 	Senior Vice President

  

 [SIGNATURE PAGE TO AMENDMENT TO REPURCHASE AGREEMENT] 

 Attachment A 
 Annex II 
 ADDRESSED FOR NOTICES 
 Seller: 
 Anthracite Parties 
 Anthracite Capital BofA LLC 
 c/o BlackRock Financial Management, Inc. 
 40 East Fifty-Second Street 
 New York, New York 10022 
 with a copy to: 
 Latham & Watkins LLP 
 885 Third Avenue 
 New York, New York 10022 
 Attn: David Stewart 
 Fax: (212) 751-4864 
 Buyers: 
 Bank of America, N.A. 
 Hearst Tower, 20th Floor 
 Mail Code: NC1-027-20-03 
 214 North Tryon
Street 
 Charlotte, North Carolina 28555 
 Attention: Jeffrey
Hoyle 
 Facsimile Number: (704) 602-3732 
 Telephone: (980) 388-4385 
 with a copy to: 
 Bank of America, N.A. 
 101 South Tryon Street 
 Mail
Code: NC1-002-29-01 
 Charlotte, NC 28255 
 Attention: Paul
Kurzeja 
 Facsimile Number: (704) 409-0267 
 Telephone: (980) 386-8509 
  

 Attachment A 

 Attachment B 
 Exhibit X 
 UNSECURED ANTHRACITE NOTES 
  

			
	1.	  	11.75% Senior Notes issued August 2007
		
	2.	  	Variable Rate Senior Unsecured Notes issued May 2007
		
	3.	  	Variable Rate Senior Unsecured Notes issued June 2007
		
	4.	  	7.20% Senior Unsecured Notes issued October 2006
		
	5.	  	7.22% Senior Unsecured Notes issued October 2006
		
	6.	  	Variable Rate Junior Subordinated Notes €20 MM issued April 2007
		
	7.	  	Variable Rate Junior Subordinated Notes €30 MM issued April 2007
		
	8.	  	Variable Rate Junior Subordinated Notes issued January 2006
		
	9.	  	Variable Rate Junior Subordinated Notes issued September 2005
		
	10.	  	Variable Rate Junior Subordinated Notes issued March 2006
		
	11.	  	Preferred Securities and Common Securities issued by Anthracite Capital Trust II
		
	12.	  	Preferred Securities and Common Securities issued by Anthracite Capital Trust I
		
	13.	  	Preferred Securities and Common Securities issued by Anthracite Capital Trust III
		
	14.	  	9.375% Series C Cumulative Redeemable Preferred Stock
		
	15.	  	8.25% Series D Cumulative Redeemable Preferred Stock
		
	16.	  	12% Series E-1 Cumulative Convertible Redeemable Preferred Stock
		
	17.	  	12% Series E-2 Cumulative Convertible Redeemable Preferred Stock

  

 Attachment B 

 Attachment C 
 Exhibit XI 
 Quarterly Paydown Targets 
  

			
	 Cumulative Quarterly Paydown Targets
 (based on 75% of projected cash flow)
	  	 BofA Amortization Targets

	September 30, 2009	  	$8,301,000
		
	December 31, 2009	  	$13,370,000
		
	March 31, 2009	  	$18,439,000
		
	June 30, 2009	  	$23,508,000
		
	September 30, 2010	  	$28,577,000

  

 Attachment C 

 Attachment D 
 Exhibit XII 
 EXISTING INDEBTEDNESS 
  

			
	1.	  	11.75% Senior Notes issued August 2007
		
	2.	  	Variable Rate Senior Unsecured Notes issued May 2007
		
	3.	  	Variable Rate Senior Unsecured Notes issued June 2007
		
	4.	  	7.20% Senior Unsecured Notes issued October 2006
		
	5.	  	7.22% Senior Unsecured Notes issued October 2006
		
	6.	  	Variable Rate Junior Subordinated Notes €20 MM issued April 2007
		
	7.	  	Variable Rate Junior Subordinated Notes €30 MM issued April 2007
		
	8.	  	Variable Rate Junior Subordinated Notes issued January 2006
		
	9.	  	Variable Rate Junior Subordinated Notes issued September 2005
		
	10.	  	Variable Rate Junior Subordinated Notes issued March 2006
		
	11.	  	Preferred Securities and Common Securities issued by Anthracite Capital Trust II
		
	12.	  	Preferred Securities and Common Securities issued by Anthracite Capital Trust I
		
	13.	  	Preferred Securities and Common Securities issued by Anthracite Capital Trust III
		
	14.	  	9.375% Series C Cumulative Redeemable Preferred Stock
		
	15.	  	8.25% Series D Cumulative Redeemable Preferred Stock
		
	16.	  	12% Series E-1 Cumulative Convertible Redeemable Preferred Stock
		
	17.	  	12% Series E-2 Cumulative Convertible Redeemable Preferred Stock

  

 Attachment D 

 Attachment E 
 Exhibit XIII 
 Monthly Reporting 
 Included in the monthly reports to be provided to the Buyer Agent pursuant to Section 24.4.1, each such report shall specify: 
  

	1)	details in relation to all payments credited to the Concentration Accounts or the Cash Management Account (as defined in the Repurchase Agreement) during that Collection Period:

  

	 	a)	the amount of such payment; 

  

	 	b)	the currency of such payment; 

  

	 	c)	the amount of accrued interest in respect of such payment; 

  

	 	d)	the Concentration Account into which such payment was made; 

  

	 	e)	if the payment relates to an Eligible Asset or Purchased Asset, the Eligible Asset or Purchased Asset to which such payment relates; 

  

	 	f)	if the payment does not relate to an Eligible Asset or Purchased Asset, the details of what the payment relates to; 

  

	2)	a report on principal, interest and other amounts received by AHR Capital Limited and Anthracite Secured Interest LLC for the most recently completed monthly period and a report on
amounts paid under the Custodial and Account Control Agreement on the last Remittance Date; 

  

	3)	detailing for each Eligible Asset and Purchased Asset, on an asset by asset basis, the principal outstanding balance of that Eligible Asset or Purchased Asset;

  

	4)	attaching reports relating to the Property underlying the Primary Interests and Additional Collateral as the relevant Anthracite Party or Subsidiary thereof may have received or is
otherwise entitled to receive from a servicer or the applicable underlying obligor; and 

  

	5)	detailing delinquencies and losses under the Primary Interests and Additional Collateral. 

  

 Attachment E 

 Attachment F 
 EXHIBIT X 
 to Repurchase Agreement 
 FORM OF RELEASE 
 [            ], 20      
 Bank of America, N.A. 
 Hearst Tower, 20th Floor 
 Mail Code: NC1-027-20-03 
 214 North Tryon
Street 
 Charlotte, North Carolina 28555 
 Attention: Jeffrey
Hoyle 
 Facsimile Number: (704) 602-3732 
 Telephone: (980) 388-4385 
  

	Re:	Release of Collateral 

 Ladies and Gentlemen: 
 Reference is made to (i) that certain Master Repurchase Agreement, dated as of July 20, 2007 (the “Repurchase Agreement”),
between Anthracite Capital BofA Funding LLC, as seller (the “Seller”), Bank of America, N.A. (“BANA”), as buyer agent (in such capacity, the “Buyer Agent”) and a buyer, and Banc of America Mortgage
Capital Corporation, as a buyer (together with BANA in its capacity as a buyer, the “Buyers”) and (ii) that certain Credit Agreement, dated as of March 17, 2006 (the “Credit Agreement”), between AHR
Capital BofA Limited, as a borrower (the “Borrower”), each borrower from time to time party thereto, Anthracite Capital, Inc., as borrower agent (the “Borrower Agent”) and Bank of America, N.A. as lender (the
“Lender”). Unless otherwise specified, capitalized terms used herein and not otherwise defined herein shall have the meanings given them in the Repurchase Agreement. 
 In accordance with Section 3.6(a) of the Repurchase Agreement, the Seller intends to pay in full in cash the Release Price in respect of that
certain Purchased Asset consisting of [                    ] (the “Designated Purchased Asset”), pursuant to the terms of the
Repurchase Agreement. 
 In connection with the foregoing, the Seller hereby requests that each Buyer, the Buyer Agent and the Lender and, by
its execution of this letter agreement, each Buyer, the Buyer Agent and the Lender hereby agrees to, subject to payment by the Seller of the Release Price of the Designated Purchased Asset, release of its rights, title and interest in and to the
Designated Purchased Asset. 
 [SIGNATURE PAGE FOLLOWS] 
  

 Attachment F 

 This letter agreement shall be governed by and construed in accordance with the law of the State of New
York. Please confirm your agreement to the terms of this letter agreement by executing both copies of this letter agreement delivered to you and returning one fully signed copy to the undersigned, at the address provided in the Repurchase Agreement.

  

			
	Very truly yours,
	
	 ANTHRACITE CAPITAL BOFA FUNDING LLC, as Seller

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	ACKNOWLEDGED AND AGREED:
	
	 BANK OF AMERICA, N.A.,
 as Buyer Agent, as a
Buyer and Lender

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BANC OF AMERICA MORTGAGE
 CAPITAL
CORPORATION, as a Buyer

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Attachment F 

 Attachment G 
 BOA Restructuring Documents 
 (1) The Omnibus Amendment to the Credit Agreement and Custodial
and Payment Application Agreement, dated as of the date hereof, among the Borrower, the Borrower Agent, the Lender and the Custodian; 
 (2)
the Second Amended and Restated Parent Guaranty, dated as of the date hereof, made by Anthracite in favor of the Lender; 
 (3) the Second
Amended and Restated Parent Pledge Agreement, dated as of the date hereof, made by Anthracite in favor of the BOA Parties; 
 (4) the Amended
and Restated Borrower Security Agreement Reaffirmation Agreement, dated as of the date hereof, made by the Borrower in favor of the BOA Parties; 
 (5) the Affiliate Security Agreement Amendment and Reaffirmation Agreement, dated as of the date hereof, made by the Seller in favor of the Lender; 
 (6) the Parent Security Agreement, dated on or about the date hereof, made by Anthracite in favor of the BOA Parties; 
 (7) the Amendment to the Master Repurchase Agreement, dated as of May 15, 2009, among the Buyers, the Buyer Agent and the Seller; 
 (8) the Second Amended and Restated Guaranty, dated as of the date hereof, made by Anthracite in favor of the Buyers and Buyer Agent; 
 (9) the First Deed of Charge and Assignment Second Supplemental Deed, dated as of the date hereof, made by Borrower in favor of the Collateral Agent, for the benefit of the BOA Parties; and 
 (10) the Notice to Custodian (Repo), dated as of the date hereof, from Anthracite and BANA to Wells Fargo, as custodian under the Repurchase Agreement;

 (11) the Amendment to Collateral Account Control Agreement, dated on or about the date hereof, among the Borrower, the Lender and Bank of
America, N.A., as custodian; and 
 (12) the Amendment to Eligible Assets Account Control Agreement, dated on or about the date hereof, among
the Borrower, the Lender and Bank of America, N.A., as custodian. 
  

 Attachment G 

 DB Restructuring Documents 
 (1) Amendment No. 4 to the DB Repurchase Agreement, dated as of the date hereof, among the AHR-DB Seller and Deutsche Bank; 
 (2) Amendment No. 3 to the Guaranty, dated as of the date hereof, among the AHR-DB Seller and Deutsche Bank; 
 (3) the Seller Security Agreement, dated as the date hereof, made by the AHR-DB Seller in favor of Deutsche Bank; 
 (4) the Parent Pledge Agreement, dated as of the date hereof, made by the Seller in favor of Deutsche Bank; 
 (5) the Irish Share Charge, dated on or about the date hereof, made by Anthracite in favor of Deutsche Bank; and 
 (6) the Irish Debenture, dated on or about the date hereof, made by the AHR-DB Irish Seller in favor of Deutsche Bank. 
  

 Attachment G 

 MS Restructuring Documents 
 (1) The Fourth Amended and Restated Facility Agreement, dated as of the date hereof, among the AHR-MS Borrower and Morgan Stanley; 
 (2) the Amendment Deed, dated as of the date hereof, among the AHR-MS Borrower and Morgan Stanley; 
 (3) the Second Amended and Restated Guaranty, dated as of the date hereof, made by the AHR-MS Borrower to Morgan Stanley; 
 (4) the Amendment to the Debenture, dated as of the date hereof, among the AHR-MS Borrower and Morgan Stanley; and 
 (5) the Parent Pledge Agreement, dated as of the date hereof, made by Anthracite in favor of Morgan Stanley. 
  

 Attachment G 

 Second Lien Restructuring Documents 
 (1) the Second Priority Pledge and Security Agreement, dated on or about the date hereof, made by AHR-MS Borrower in favor of the Collateral Agent, for
the benefit of BOA Parties and Deutsche Bank; 
 (2) the Second Priority Collection Account Control Agreement, dated on or about the date
hereof, made by AHR-MS Borrower in favor of the Collateral Agent, for the benefit of BOA Parties and Deutsche Bank; 
 (3) the Second Ranking
Debenture, dated on or about the date hereof, made by the AHR-MS Borrower in favor of the Collateral Agent, for the benefit of the BOA Parties and Deutsche Bank; 
 (4) the Second Priority Parent Pledge Agreement, dated on or about the date hereof, made by Anthracite in favor of the Collateral Agent, for the benefit of the BOA Parties and Deutsche Bank; 
 (5) the Second Priority Seller Security Agreement, dated on or about the date hereof, made by the AHR-DB Seller in favor of the Collateral Agent, for the
benefit of the BOA Parties and Morgan Stanley; 
 (6) the Second Priority Parent Pledge Agreement, dated on or about the date hereof, made by
Anthracite in favor of the Collateral Agent, for the benefit of the BOA Parties and Morgan Stanley; 
 (7) the Second Priority Affiliate
Security Agreement, dated on or about the date hereof, made by the Seller in favor of the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (8) the Second Priority Borrower Security Agreement, dated on or about the date hereof, made by the Borrower in favor of the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (9) the Second Priority Parent Pledge Agreement, dated on or about the date hereof, made by Anthracite in favor of the Collateral Agent, for the benefit
of Morgan Stanley and Deutsche Bank; 
 (10) the Second Deed of Charge and Assignment, dated on or about the date hereof, made by Borrower in
favor of the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (11) the Second Priority Share Charge, dated on or
about the date hereof, made by Anthracite in favor of the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (12) the
Second Priority Irish Debenture, dated on or about the date hereof, made by Borrower in favor of the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (13) the Second Priority Collection Account Control Agreement, dated on or about the date hereof, among Bank of America, N.A., as custodian, the Borrower
and the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
  

 Attachment G 

 (14) the Second Priority Eligible Assets Account Control Agreement, dated on or about the date hereof,
among Bank of America, N.A., as custodian, the Borrower and the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (15) the Second Priority Parent Security Agreement, dated on or about the date hereof, made by Anthracite in favor of the Collateral Agent, for the benefit of Morgan Stanley and Deutsche Bank; 
 (16) the Second Priority Irish Share Charge, dated on or about the date hereof, made by the Anthracite in favor of the Collateral Agent, for the benefit
of the BOA Parties and Deutsche Bank; 
 (17) the Second Priority Irish Share Charge, dated on or about the date hereof, made by Anthracite
in favor of the Collateral Agent, for the benefit of the BOA Parties and Morgan Stanley; and 
 (18) the Second Priority Irish Debenture,
dated on or about the date hereof, made by the AHR-DB Irish Seller in favor of the BOA Parties and Morgan Stanley. 
  

 Attachment G 

 Common Restructuring Documents 
 (1) The Custodial and Account Control Agreement, dated as of the date hereof, among the Loan Parties, the Secured Creditors and the Collateral Agent;

 (2) The Intercreditor Agreement, dated as of the date hereof, among the Loan Parties, the Secured Creditors and the Collateral Agent;

 (3) the Collateral Agency Agreement, dated as of the date hereof, among the Loan Parties, the Secured Creditors and the Collateral Agent;

 (4) the Equity Pledge and Security Agreement, dated as of the date hereof, made by Anthracite to the Collateral Agent, for the benefit of
the Secured Creditors, in respect of AHR Ireland; 
 (5) the Equity Pledge and Security Agreement, dated as of the date hereof, made by
Anthracite to the Collateral Agent, for the benefit of the Secured Creditors, in respect of SPE Holdco; 
 (6) the Pledge and Security
Agreement, dated as of the date hereof, made by SPE Holdco in favor of the Collateral Agent, for the benefit of the Secured Creditors; 
 (7)
the Irish Share Charge, dated as of the date hereof, made by Anthracite in favor of the Collateral Agent, for the benefit of the Secured Creditors; 
 (8) the BOA Post-Closing Letter, dated as of the date hereof, among the Loan Parties and the BOA Parties; 
 (9) the DB Post-Closing
Letter, dated as of the date hereof, among the Loan Parties and Deutsche Bank; and 
 (10) the MS Post-Closing Letter, dated as of the date
hereof, among the Loan Parties and Morgan Stanley. 
  

 Attachment GSecond Amended and Restated Guaranty

 Exhibit 10.4 
 SECOND AMENDED AND RESTATED GUARANTY 
 This SECOND AMENDED AND RESTATED GUARANTY, dated as of
May 15, 2009 (as amended, restated, supplemented or otherwise modified from time to time, this “Guaranty”), is made and entered into by Anthracite Capital, Inc., a Maryland corporation whose address is c/o BlackRock Financial
Management, Inc., 40 East 52nd Street, New York, New York 10022 (“Guarantor”), for the benefit of Bank of America, N.A., whose address is 214 North Tryon Street, Hearst Tower, 20th Floor, Mail Code: NC1-027-20-03, Charlotte, North
Carolina 28555 (the “Buyer Agent”) for the benefit of Bank of America, N.A. (“BANA”) and Banc of America Mortgage Capital Corporation (“BAMCC”, individually and/or collectively, as the context may
require, each a “Buyer” and collectively, the “Buyers”). 
 RECITALS 
 WHEREAS, Anthracite Capital BofA Funding LLC, a Delaware limited liability company whose address is c/o BlackRock Financial Management, Inc., 40
East 52nd Street, New York, New York 10022 (“Seller”) is party to that certain Master Repurchase Agreement among Seller, the Buyer Agent and Buyers dated July 20, 2007, together with all annexes thereto (as amended, restated,
supplemented or otherwise modified and in effect prior to the date hereof, the “Existing Repurchase Agreement” and as amended by the Amendment to the Repurchase Agreement, dated as of the date hereof (the “Repo
Amendment”), and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”); 
 WHEREAS, in connection with the Existing Repurchase Agreement, the Guarantor executed and delivered that certain Amended and Restated Guaranty, dated as of August 7, 2008 (as amended, modified and in effect prior
to the date hereof, the “Existing Guaranty”); 
 WHEREAS, it is a requirement to the amendment of the Existing Repurchase
Agreement that the Existing Guaranty be amended and restated as provided herein; 
 WHEREAS, Guarantor is the direct owner of 100% of the
membership interests of Seller; 
 WHEREAS, Guarantor expects to benefit if the Seller, the Buyer Agent and the Buyers amend the Existing
Repurchase Agreement, and desires that the Buyer Agent and the Buyers amend the Repurchase Agreement; and 
 WHEREAS, the Buyer Agent and the
Buyers would not amend, and would not be obligated to amend, the Existing Repurchase Agreement with Seller unless Guarantor executed this Guaranty; 

 NOW, THEREFORE, in exchange for good, adequate, and valuable consideration, the receipt of which
Guarantor acknowledges, and to induce the Buyer Agent and the Buyers to amend the Existing Repurchase Agreement and accept the other Transaction Documents, Guarantor agrees as follows: 
 1. DEFINITIONS. For purposes of this Guaranty, the following terms shall be defined as set forth below. In addition, any capitalized term defined in the Repurchase Agreement but not defined in this Guaranty
shall have the same meaning in this Guaranty as in the Repurchase Agreement. 
 1.1 “Adjusted Net Income” means, for any
period, the Net Income of Guarantor and its consolidated Subsidiaries for such period, determined on a cash basis for such period without recognizing any trading portfolio gains or losses in general, and specifically without giving effect to:

 (a) depreciation and amortization, 
 (b) gains or losses that are classified as “extraordinary” in accordance with GAAP, 
 (c) capital gains or losses on
sales of real estate, 
 (d) capital gains or losses with respect to the disposition of investments in marketable securities, 
 (e) any provision/benefit for income taxes for such period, 
 (f) earnings from equity investments and unconsolidated joint ventures determined in accordance with GAAP, 
 (g) losses attributable to the impairment of assets, 
 (h) incentive fees paid in the form of the issuance of the Guarantor’s
common stock, 
 (i) Cash Interest Expense, 
 (j) income or expense attributable to the ineffectiveness of hedging transactions, and 
 (k) interest
accretions, whether in favor or against the Guarantor. 
 Without limiting the foregoing, Net Income shall be determined before preferred
stock dividends and shall include cash distributions from equity investments and unconsolidated joint ventures. 
 1.2 “AHR
Ireland” has the meaning set forth in Section 13.12(a) hereof. 
 1.3 “AHR Ireland Property” has the
meaning set forth in Section 13.12(a) hereof. 
 1.4 “AHR Ireland Security Documents” has the meaning set forth
in Section 13.12(a) hereof. 
 1.5 “Capital Lease Obligations” means, for any Person, all obligations of such
Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under
GAAP, and for purposes of this Guaranty, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 1.6 “Capital Stock” shall mean all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, and all similar ownership interests in a Person (other
than a corporation), including, without limitation, non-managing member membership interests and limited partnership interests, and any and all warrants or options to purchase any of the foregoing. 
  

 -2- 

 1.7 “Cash Interest Expense” means, for any period, total interest expense, both expensed
and capitalized, of Guarantor and its Subsidiaries for such period with respect to the Total Recourse Indebtedness, determined on a consolidated cash basis, for such period, and net of any interest accretions, whether in favor or against, with
respect to debt. 
 1.8 “Collateral” shall have the meaning set forth in the Credit Agreement. 
 1.9 “DB Facility Documents” shall have the meaning set forth in the Intercreditor Agreement. 
 1.10 “Debt Service Coverage Ratio” or “DSCR” means, for any period, the ratio of Adjusted Net Income to Cash Interest
Expense on the Total Recourse Indebtedness outstanding, it being understood that such determination shall be made on a cash basis. 
 1.11
“Facility Documents” shall have the meaning set forth in the Intercreditor Agreement. 
 1.12 “Guarantied
Obligations” means Seller’s obligations: (a) to fully and promptly pay all sums owed under the Transaction Documents, other than the payment of the Secondary Deferred Restructuring Fee, at the times and according to the terms
required by the Transaction Documents, without regard to any modification, suspension, or limitation of such terms not agreed to by the Buyer Agent, such as a modification, suspension, or limitation arising in or pursuant to any Insolvency
Proceeding affecting Seller (even if any such modification, suspension, or limitation causes Seller’s obligation to become discharged or unenforceable and even if such modification was made with the Buyer Agent’s consent or agreement); and
(b) to perform all other obligations contained in the Transaction Documents, whether monetary or nonmonetary, when and as required by the Transaction Documents, including all obligations of Seller relating to the Repurchase Transactions and the
Security under the Transaction Documents. 
 1.13 “Indebtedness” means, for any Person without duplication:
(a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or
otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and
accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within ninety (90) days after the date the respective goods are delivered or the respective services are rendered;
(c) Indebtedness of others secured by a Lien on the Property of such Person, whether or not the respective Indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of
letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person; (e) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements,
sale/buy-back agreements or like arrangements; (g) Indebtedness of others guarantied by such Person; (h) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person;
(i) Indebtedness of general partnerships of which such Person is a general partner; (j) net liabilities under Hedging Agreements, as determined in accordance with GAAP; and (k) all Off-Balance Sheet Obligations of such Person

  

 -3- 

 1.14 “Insolvency Proceeding” means any case under Title 11 of the United States
Code or any successor statute or any other insolvency, bankruptcy, reorganization, liquidation, or like proceeding, or other statute or body of law relating to creditors’ rights, whether brought under state, federal, or foreign law. 

1.15 “Intangible Assets” means the excess of the cost over book value of assets acquired, patents, trademarks, trade names,
copyrights, franchises and other intangible assets (excluding in any event the value of any residual securities). 
 1.16
“Investment” shall mean in respect of any Person, any loan or advance to such Person, any purchase or other acquisition of any Capital Stock of such Person, any capital contribution to such Person or any other investment or interest
in such Person. 
 1.17 “Lien” shall mean any mortgage, lien, pledge, charge, security interest or similar encumbrance.

 1.18 “MS Facility Documents” shall have the meaning set forth in the Intercreditor Agreement. 
 1.19 “Net Income” shall mean, for any period, the net income of Guarantor and its consolidated Subsidiaries for such period as
determined on a consolidated basis in accordance with GAAP. 
 1.20 “Operating Earnings” shall mean total interest income,
in accordance with GAAP, less interest expense, general and administrative expense and management fees, exclusive of any net income and net losses attributable to Carbon Capital I, Inc. or Carbon Capital II, Inc. 
 1.21 “Non-Recourse Indebtedness” means, with respect to any Person, Indebtedness for borrowed money in respect of which recourse for
payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, and other customary exceptions to non-recourse provisions) is contractually limited to specific assets encumbered by a Lien securing such
Indebtedness. 
 1.22 “Off-Balance Sheet Obligations” means, with respect to any Person and its consolidated Subsidiaries
determined on a consolidated basis as of any date of determination thereof, without duplication and to the extent not included as a liability on the consolidated balance sheet of such Person and its consolidated Subsidiaries in accordance with GAAP:
(a) the monetary obligations under any financing lease or so-called “synthetic”, tax retention or off-balance sheet lease transaction which, upon the application of any insolvency laws to such Person or any of its consolidated
Subsidiaries, would be characterized as indebtedness; (b) the monetary obligations under any sale and leaseback transaction which does not create a liability on the consolidated balance sheet of such Person and its consolidated Subsidiaries; or
(c) any other monetary obligation arising with respect to any other transaction which (i) is characterized as indebtedness for tax purposes but not for accounting purposes in accordance with GAAP or (ii) is the functional equivalent
of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheet of such Person and its consolidated Subsidiaries (for purposes of this clause (c), any transaction structured to provide tax
deductibility as interest expense of any dividend, coupon or other periodic payment shall be deemed to be the functional equivalent of a borrowing). 
 1.23 “Organic Document” means, relative to the Guarantor or the Seller, as applicable, its certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of
formation, limited liability agreement and all shareholder agreements, voting trusts and similar arrangements to which Anthracite or the Seller is a party applicable to any of its authorized shares. 
  

 -4- 

 1.24 “Prescribed Laws” shall mean, collectively, (a) the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The “USA PATRIOT Act”), (b) Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et. seq.
and (d) all other Requirements of Law relating to money laundering or terrorism. 
 1.25 “Property” means any right or
interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 1.26
“Restrictive Covenant” has the meaning set forth in Section 13.2 hereof. 
 1.27 “Security”
means any security or collateral held by or for the Buyer Agent, for the benefit of the Buyers, for the Repurchase Transactions or the Guarantied Obligations, whether real or personal property, including any mortgage, deed of trust, financing
statement, security agreement, and other security document or instrument of any kind securing the Repurchase Transactions in whole or in part. 
 1.28 “Seller” means: (a) Seller as defined above, acting on its own behalf; (b) any estate created by the commencement of an Insolvency Proceeding affecting Seller; (c) any trustee, liquidator, sequestrator,
or receiver of Seller or Seller’s property; and (d) any similar person duly appointed pursuant to any law governing any Insolvency Proceeding of Seller. 
 1.29 “Tangible Net Worth” means, as of a particular date, (i) all amounts that would be included under stockholder’s equity on a balance sheet of Guarantor and its consolidated Subsidiaries
at such date, determined in accordance with GAAP, less (ii) the sum of (A) amounts owing to Guarantor and its consolidated Subsidiaries from Affiliates and (B) Intangible Assets of Guarantor and its consolidated Subsidiaries.

 1.30 “Total Indebtedness” shall mean, for any period, the aggregate Indebtedness of Guarantor and its consolidated
Subsidiaries (excluding non-recourse Indebtedness) during such period. 
 1.31 “Total Recourse Indebtedness” means, for any
period, the aggregate Indebtedness (excepting any Non-Recourse Indebtedness) of Guarantor and its consolidated Subsidiaries during such period. 
 2.
ABSOLUTE GUARANTY OF ALL GUARANTIED OBLIGATIONS. Guarantor unconditionally and irrevocably guarantees Seller’s prompt and complete payment, observance, fulfillment, and performance of all Guarantied Obligations. Guarantor shall be
personally liable for, and personally obligated to pay and perform, all Guarantied Obligations. All assets and property of Guarantor shall be subject to recourse if Guarantor fails to pay and perform any Guarantied Obligation(s) when and as required
to be paid and performed pursuant to the Transaction Documents. 
 3. NATURE AND SCOPE OF LIABILITY. Guarantor’s liability under this Guaranty is
primary and not secondary. Guarantor’s liability under this Guaranty shall be in the full amount of all Guarantied Obligations, including any interest, default interest, costs and fees payable by Seller under the Transaction Documents,
including any of the foregoing that would have accrued under the Transaction Documents but for any Insolvency Proceeding. 
  

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 4. CHANGES IN TRANSACTION DOCUMENTS. Without notice to, or consent by, Guarantor, and in the Buyer Agent’s
sole and absolute discretion and without prejudice to the Buyer Agent or in any way limiting or reducing Guarantor’s liability under this Guaranty, but subject to the terms of the Repurchase Agreement, the Buyer Agent, on behalf of the Buyers,
may: (a) grant extensions of time, renewals or other indulgences or modifications to Seller or any other party under any of the Transaction Document(s), (b) change, amend, or modify any Transaction Document(s), (c) authorize the sale,
exchange, release or subordination of any Security, (d) accept or reject additional Security in accordance with the terms of the Repurchase Agreement, (e) discharge or release any party or parties liable under the Transaction Documents,
(f) foreclose or otherwise realize on any Security, or attempt to foreclose or otherwise realize on any Security, whether such attempt is successful or unsuccessful, in accordance with the terms of the Repurchase Agreement, (g) accept or
make compositions or other arrangements or file or refrain from filing a claim in any Insolvency Proceeding, (h) make loans to Seller in such amount(s) and at such time(s) as the Buyer Agent may determine, (i) credit payments in such
manner and order of priority as the Buyer Agent may determine in its discretion, provided that such credits shall be consistent with the requirements of the Repurchase Agreement and (j) otherwise deal with Seller and any other party related to
the Repurchase Transactions or any Security as the Buyer Agent may determine in its sole and absolute discretion. Without limiting the generality of the foregoing, Guarantor’s liability under this Guaranty shall continue even if the Buyer Agent
alters any obligations under the Transaction Documents in any respect or any Buyer’s, the Buyer Agent’s or Guarantor’s remedies or rights against Seller are in any way impaired or suspended without Guarantor’s consent. If the
Buyer Agent performs any of the actions described in this paragraph, then Guarantor’s liability shall continue in full force and effect even if the Buyer Agent’s actions impair, diminish or eliminate Guarantor’s subrogation,
contribution, or reimbursement rights (if any) against Seller. 
 5. CERTAIN FINANCIAL COVENANTS. Guarantor shall satisfy with respect to itself each
of the following financial covenants, as determined quarterly on a consolidated basis in conformity with GAAP as set forth in the financial statements of Guarantor delivered pursuant to Section 17 hereof: 
 5.1 Maintenance Tangible Net Worth. At the end of any fiscal quarter, the Guarantor shall not have a Tangible Net Worth less than the sum of Four
Hundred Million Dollars ($400,000,000) plus seventy-five percent (75%) of any equity offering proceeds accepted by the Guarantor from and after the date of this Agreement. 
 5.2 Maintenance of Ratio of Total Indebtedness to Tangible Net Worth. The Guarantor’s ratio of Total Indebtedness to Tangible Net Worth shall
not at any time be greater than 2.5:1. 
 5.3 Changes in Tangible Net Worth. At
the end of any fiscal quarter, the Guarantor’s Tangible Net Worth shall not have decreased by (i) twenty percent (20%) or more from the Guarantor’s Tangible Net Worth as of the last Business Day in the third (3rd) month preceding such date; or (ii) forty percent (40%) or more from the Guarantor’s Tangible Net Worth as of the last Business Day in the
twelfth (12th) month preceding such date; provided, that any such decrease shall be calculated exclusive of any decrease in the value of
assets owned by (x) Carbon Capital I, Inc. up to a maximum aggregate amount of $1,482,514.80 or (y) Carbon Capital II, Inc. up to a maximum aggregate amount of $100,000,000.00, and, for the avoidance of doubt, in the case of either
(x) or (y), any amount of decrease in the value of such assets above such amount shall be included in the calculation of any decrease in the Guarantor’s Tangible Net Worth. 
  

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 5.4 Minimum DSCR. DSCR at the end of each fiscal quarter shall not be less than 1.40:1.00.

 5.5 Reserved. 
 5.6
Operating Earnings. Guarantor’s Operating Earnings shall not be less than: 
 (i) $15,163,000.00 for the fiscal
quarter ending on June 30, 2009; 
 (ii) $14,931,000.00 for the fiscal quarter ending on September 30, 2009;

 (iii) $15,288,000.00 for the fiscal quarter ending on December 31, 2009, March 31, 2010, June 30,
2010 and September 30, 2010. 
 5.7 Accounting Adjustments. Compliance with Sections 5.1 through 5.6 above
shall be determined by excluding the assets and liabilities of variable interest entities required to be consolidated under FIN 46R and without giving any effect to any changes in or in the interpretation of FAS 140 after August 7, 2008.

 6. NATURE OF GUARANTY. Guarantor’s liability under this Guaranty is a guaranty of payment and performance of the Guarantied Obligations, and
is not a guaranty of collection or collectability. Guarantor’s liability under this Guaranty is not conditioned or contingent upon the genuineness, validity, regularity or enforceability of any of the Transaction Documents. Guarantor’s
liability under this Guaranty is a continuing, absolute, and unconditional obligation under any and all circumstances whatsoever (except as expressly stated, if at all, in this Guaranty), without regard to the validity, regularity or enforceability
of any of the Guarantied Obligations. Guarantor acknowledges that Guarantor is fully obligated under this Guaranty even if Seller had no liability at the time of execution of the Transaction Documents or later ceases to be liable under any
Transaction Document, whether pursuant to Insolvency Proceedings or otherwise. Guarantor shall not be entitled to claim, and irrevocably covenants not to raise or assert, any defenses against the Guarantied Obligations that would or might be
available to Seller, other than actual payment and performance of all Guarantied Obligations in full in accordance with their terms. Guarantor waives any right to compel the Buyer Agent to proceed first against Seller or any Security before
proceeding against Guarantor. Guarantor agrees that if any of the Guarantied Obligations are or become void or unenforceable (because of inadequate consideration, lack of capacity, Insolvency Proceedings, or for any other reason), then
Guarantor’s liability under this Guaranty shall continue in full force with respect to all Guarantied Obligations as if they were and continued to be legally enforceable, all in accordance with their terms before giving effect to the Insolvency
Proceedings. Guarantor also recognizes and acknowledges that its liability under this Guaranty may be more extensive in amount and more burdensome than that of Seller. Guarantor waives any defense that might otherwise be available to Guarantor based
on the proposition that a guarantor’s liability cannot exceed the liability of the principal. Guarantor intends to be fully liable under the Guarantied Obligations regardless of the scope of Seller’s liability thereunder. Without limiting
the generality of the foregoing, if the Guarantied Obligations are “nonrecourse” as to Seller or Seller’s liability for the Guarantied Obligations is otherwise limited in some way, Guarantor nevertheless intends to be fully
liable, to the full extent of all of Guarantor’s assets, with respect to all the Guarantied Obligations, even though Seller’s liability for the Guarantied Obligations may be more limited in scope or less burdensome. Guarantor waives any
defenses to this Guaranty arising or purportedly arising from the manner in which any Buyer or the Buyer Agent disburses the Repurchase Transactions to Seller or otherwise, or any waiver of the terms of any Transaction Document by the Buyer Agent or
other failure of the Buyer Agent to require full compliance with the Transaction Documents. Guarantor’s liability under this Guaranty shall continue until all sums due under the Transaction Documents have been paid in full and all other
performance required under the 

  

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Transaction Documents has been rendered in full, except as expressly provided otherwise (if at all) in this Guaranty. Guarantor’s liability under this
Guaranty shall not be limited or affected in any way by any impairment or any diminution or loss of value of any Security whether caused by (a) hazardous substances, (b) the Buyer Agent’s failure to perfect a security interest in any
Security, (c) any disability or other defense(s) of Seller, (d) any acts or omissions of the Buyers or the Buyer Agent; or (e) any breach by Seller of any representation or warranty contained in any Transaction Document. 

7. WAIVERS OF RIGHTS AND DEFENSES. Guarantor waives any right to require the Buyer Agent or any Buyer to (a) proceed against Seller, (b) proceed
against or exhaust any Security, or (c) pursue any other right or remedy for Guarantor’s benefit. Guarantor agrees that the Buyer Agent may proceed against Guarantor with respect to the Guarantied Obligations without taking any actions
against Seller and without proceeding against or exhausting any Security. Guarantor agrees that the Buyer Agent may unqualifiedly exercise in its sole discretion (or may waive or release, intentionally or unintentionally) any or all rights and
remedies available to it against Seller without impairing the Buyer Agent’s rights and remedies in enforcing this Guaranty, under which Guarantor’s liabilities shall remain independent and unconditional. Guarantor agrees and acknowledges
that the Buyer Agent’s exercise (or waiver or release) of certain of such rights or remedies may affect or eliminate Guarantor’s right of subrogation or recovery against Seller (if any) and that Guarantor may incur a partially or totally
nonreimbursible liability in performing under this Guaranty. Guarantor has assumed the risk of any such loss of subrogation rights, even if caused by the Buyer Agent’s acts or omissions. If the Buyer Agent’s enforcement of rights and
remedies, or the manner thereof, limits or precludes Guarantor from exercising any right of subrogation that might otherwise exist, then the foregoing shall not in any way limit the Buyer Agent’s rights to enforce this Guaranty. Without
limiting the generality of any other waivers in this Guaranty, Guarantor expressly waives any statutory or other right that Guarantor might otherwise have to: (i) limit Guarantor’s liability after a nonjudicial foreclosure sale conducted
in accordance with the terms of the Repurchase Agreement and applicable law to the difference between the Guarantied Obligations and the fair market value of the property or interests sold at such nonjudicial foreclosure sale or to any other extent,
(ii) otherwise limit the Buyer Agent’s right to recover a deficiency judgment after any foreclosure sale conducted in accordance with the terms of the Repurchase Agreement and applicable law, or (iii) require the Buyer Agent to
exhaust its Security before the Buyer Agent may obtain, for the benefit of the Buyers, a personal judgment for any deficiency. Notwithstanding anything in the Repurchase Agreement to the contrary, any proceeds of a foreclosure or similar sale shall
be applied first to any obligations of Seller that also constitute Guarantied Obligations within the meaning of this Guaranty. Guarantor acknowledges and agrees that any nonrecourse or exculpation provided for in any Transaction Document, or any
other provision of a Transaction Document limiting the Buyer Agent’s recourse to specific Security or limiting the Buyer Agent’s right to enforce a deficiency judgment against Seller or any other person, shall have absolutely no
application to Guarantor’s liability under this Guaranty. 
 8. ADDITIONAL WAIVERS. 
 8.1 Guarantor waives diligence and all demands, protests, presentments and notices of every kind or nature, including notices of protest, dishonor,
nonpayment, acceptance of this Guaranty and the creation, renewal, extension, modification or accrual of any of the Guarantied Obligations. Guarantor further waives the right to plead any and all statutes of limitations as a defense to
Guarantor’s liability under this Guaranty or the enforcement of this Guaranty. No failure or delay on the Buyer Agent’s part in exercising any power, right or privilege under this Guaranty shall impair or waive any such power, right or
privilege. 
 8.2 Notwithstanding anything contained herein to the contrary, in recognition of the risks associated with the Buyer
Agent’s and Buyers’ execution and performance of the Repo Amendment, and in consideration of the waivers of margin payments, waivers of financial covenants and other 

  

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modifications to the other Transaction Documents, the Guarantor, for itself and on behalf of all of its subsidiaries, agrees that in the event that the
Guarantor or any of its subsidaries becomes subject to any bankruptcy or insolvency proceedings, the Buyers and the Buyer Agent shall be entitled to relief from any automatic stay imposed by Section 362 of the Bankruptcy Code or any other
applicable law, or otherwise, on or against the exercise of the rights and remedies otherwise available to the Buyers or the Buyer Agent hereunder, in any other Transaction Document and as otherwise provided by law, and the Guarantor, for itself and
on behalf of all of its subsidiaries, hereby waives the benefit of such automatic stay and consents and agrees to raise no objection to such relief. 
 9.
NO DUTY TO PROVE LOSS. To the extent that Guarantor at any time incurs any liability under this Guaranty, Guarantor shall immediately pay the Buyer Agent (to be applied on account of the Guarantied Obligations) the amount provided for in this
Guaranty, without any requirement that the Buyer Agent demonstrate that the Buyer Agent or any Buyer has currently suffered any loss or that the Buyer Agent or any Buyer has otherwise exercised (to any degree) or exhausted any of the Buyer
Agent’s or Buyers’ rights or remedies with respect to Seller or any Security. 
 10. FULL KNOWLEDGE. Guarantor acknowledges, represents, and
warrants that Guarantor has had a full and adequate opportunity to review the Transaction Documents, the transactions contemplated by the Transaction Documents, and all underlying facts relating to such transactions. Guarantor represents and
warrants that Guarantor fully understands: (a) the remedies the Buyer Agent and/or the Buyers may pursue against Seller and/or Guarantor in the event of a default under the Transaction Documents, (b) the value (if any) and character of any
Security and (c) Seller’s financial condition and ability to perform under the Transaction Documents. Guarantor agrees to keep itself fully informed regarding all aspects of the foregoing and the performance of Seller’s obligations to
the Buyer Agent and the Buyers. Neither Buyer Agent nor any Buyer has a duty, whether now or in the future, to disclose to Guarantor any information pertaining to Seller, the Repurchase Transactions or any Security. If at any time provided for in
the Transaction Documents, Guarantor agrees and acknowledges that an Insolvency Proceeding affecting Guarantor, or other actions or events relating to Guarantor (including Guarantor’s change in financial position), as set forth in the
Transaction Documents, may be event(s) of default under the Transaction Documents. 
 11. REAFFIRMATION OF REPURCHASE AGREEMENT. For the avoidance of
doubt, the Guarantor hereby agrees to and acknowledges the amendments to the Repurchase Agreement in the Repo Amendment. 
 12. REPRESENTATIONS AND
WARRANTIES. Guarantor acknowledges, represents, and warrants as follows, and acknowledges that the Buyer Agent is relying upon the following acknowledgments, representations, and warranties by Guarantor in making the Repurchase Transactions:

 12.1 Due Authorization. This Guaranty has been duly authorized, executed, and delivered by Guarantor, and is a legally valid and
binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms, subject to bankruptcy, insolvency and other limitations on creditors’ rights generally and to equitable principles. 
 12.2 No Conflict. The execution, delivery, and performance of this Guaranty will not violate any provision of any law, regulation, judgment,
order, decree, determination, or award of any court, arbitrator or governmental authority, or of any mortgage, indenture, loan, or security agreement, lease, contract or other agreement, instrument or undertaking to which Guarantor is a party or
that purports to bind Guarantor or any of Guarantor’s property or assets. 
  

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 12.3 No Third Party Consent Required. No consent of any person (including creditors or partners,
members, stockholders or other owners of Guarantor) is required in connection with Guarantor’s execution of this Guaranty or performance of Guarantor’s obligations under this Guaranty (other than consents that have been obtained).
Guarantor’s execution of, and obligations under, this Guaranty are not contingent upon any consent, license, permit, approval or authorization of, exemption by, notice or report to or registration, filing or declaration with, any governmental
authority, bureau or agency, whether local, state, federal or foreign. 
 12.4 Authority and Execution. Guarantor has the necessary
corporate power and authority to execute, deliver and perform its obligations under this Guaranty. 
 12.5 No Representations by the Buyer
Agent nor the Buyers. Guarantor delivers this Guaranty based solely upon Guarantor’s own independent investigation and based in no part upon any representation, statement, or assurance by the Buyer Agent or the Buyers. 
 12.6 Accuracy of Information. 
 (a)
All factual information, reports and other papers and data with respect to the Guarantor, the Seller, and each of their respective Subsidiaries (other than projections) furnished, and all factual statements and representations made, to the Buyer
Agent or a Buyer by the Guarantor, the Seller, and each of their respective subsidiaries, or on behalf of any such Person, were, at the time the same were so furnished or made, when taken together with all such other factual information, reports and
other papers and data previously so furnished and all such other factual statements and representations previously so made, complete and correct in all material respects, to the extent necessary to give the Buyer Agent true and accurate knowledge of
the subject matter thereof in all material respects, and did not, as of the date so furnished or made, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements contained therein not
misleading in light of the circumstances in which the same were made. 
 (b) All projections with respect to the Guarantor, the Seller,
and/or each of their respective Subsidiaries furnished by or on behalf of such Person to the Buyer Agent or a Buyer were prepared and presented in good faith by or on behalf of such Person. No fact is known to any of the Guarantor, the Seller, or
any of their respective subsidiaries which materially and adversely affects or in the future is reasonably likely (so far as such Person can reasonably foresee) to cause a Material Adverse Change which has not been set forth in the financial
statements provided pursuant to Section 17 hereof or in such information, reports, papers and data or otherwise disclosed in writing to the Buyer Agent prior to the effective date of the Repo Amendment. 
 (c) All written information furnished after the date hereof by or on behalf of the Guarantor, the Seller, or any of their respective subsidiaries to the
Buyer Agent, a Buyer or the Lender in connection with this Agreement, the Repurchase Agreement or any other Senior Secured Facility and the transactions contemplated hereby and thereby, will be true, complete and accurate in every material respect,
or in the case of projections, based on reasonable estimates, on the date as of which such information is stated or certified. 
 (d) Any
financial projection or forecast furnished by or on behalf of the Guarantor, the Seller, or any of their respective subsidiaries to the Buyer Agent or a Buyer in connection with any Senior Secured Facility has been prepared on the basis of recent
historical information and on the basis of reasonable assumptions and was fair (as at the date of the relevant report or document containing the projection or forecast) and arrived at after careful consideration. 
  

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 (e) There is no fact known to any Responsible Officer of the Guarantor, the Seller, or any of their
respective Subsidiaries, which after due inquiry, that has or could reasonably be expected to cause a Material Adverse Change that has not been disclosed herein, in the Loan Documents, the other Transaction Documents or in a report, financial
statement, exhibit, schedule, disclosure letter or other writing furnished to any Buyer or the Buyer Agent for use in connection with the transactions contemplated hereby or thereby. 
 12.7 Additional Collateral. 
 (a) On
the effective date of the Repo Amendment, pursuant to the Additional Collateral Documents, the Guarantor and its subsidiaries (other than AHR Ireland) shall have granted to the Collateral Agent, for the benefit of the Secured Creditors, a first
priority security interest in all Property of the Guarantor and its subsidiaries (other than AHR Ireland) that was not subject to a lien prior to the Restructuring Amendment Effective Date, other than any such Property having an aggregate fair
market value at any one time not exceeding $250,000 (or the Dollar equivalent thereof (at the then current spot rate)). 
 (b) On or about
the date hereof, pursuant to certain of the Transaction Documents, certain of the Anthracite and its Subsidiaries will have granted to Collateral Agent, for the benefit of the Secured Creditors, a second priority perfected security interest in all
Collateral and other Property related thereto. 
 13. ADDITIONAL COVENANTS. 
 13.1 Seller Compliance. The Guarantor shall, or shall cause the Seller to, as applicable, comply with the requirements of Sections 11 and 12
of the Repurchase Agreement and the other provisions of the Repurchase Agreement. 
 13.2 Additional or More Restrictive Covenants.
The Guarantor, has not, and shall not make, modify, amend or supplement any covenant to any other Person (i) that is more restrictive on the Guarantor than those set forth in Section 5 and this Section 13, and/or
(ii) that relate to the Guarantor’s assets, liabilities, income, net worth, liquidity, profitability and/or with respect to ratios relating to any of the foregoing and/or the occurrence of a material adverse effect; unless the Guarantor
has notified the Buyer Agent thereof and has executed an amendment to this Guaranty in a form acceptable to Buyer Agent whereby the Guarantor has made the same (or substantially the same) covenant(s) (each, a “Restrictive Covenant”)
to the Buyer Agent, which Restrictive Covenant(s) shall be in addition to (and not in lieu of) the Guarantor’s covenants and obligations under this Guaranty. With respect to such amendment, the Guarantor shall also, upon the request of the
Buyer Agent, have delivered to the Buyer Agent an opinion of counsel to the Guarantor acceptable to the Buyer Agent in its sole discretion. Such amendment shall provide that: (x) the Guarantor shall promptly notify the Buyer Agent (together
with evidence reasonably satisfactory to the Buyer Agent) if compliance with any of the Restrictive Covenants is waived by the beneficiary thereof, and, in such event, for so long as such waiver is in effect, a breach of such Restrictive Covenant
shall not constitute a default under this Guaranty (provided that none of the other covenants in this Section 12 are breached), and (y) prior to the Guarantor entering into any modification, supplement or amendment of a Restrictive
Covenant made in favor of any Person, the Guarantor shall have executed a further amendment to this Guaranty in a form acceptable to the Buyer Agent whereby the applicable Restrictive Covenant shall be modified, supplemented or amended. With respect
to such amendment, the Guarantor shall also, upon the request of the Buyer Agent, have delivered to the Buyer Agent an opinion of counsel to the Guarantor acceptable to the Buyer Agent in its sole discretion. 
  

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 13.3 DB Facility Documents and MS Facility Documents. 
 (a) The Guarantor shall not, and shall not permit any subsidiary to make any payment to any Secured Creditor under either the DB Facility Documents or the
MS Facility Documents other than (i) payments expressly required to be paid to avoid the occurrence of an “event of default” (as such term is defined in the DB Facility Documents and the MS Facility Documents); (ii) payments
expressly required to be paid pursuant to the Custodial and Account Control Agreement; and (iii) payments on account of a demand under the relevant guaranty occasioned by a default or acceleration of the underlying obligations. 
 (b) The Guarantor shall, and shall cause each of its subsidiaries to, strictly comply with the covenants and obligations of the Guarantor and each
applicable subsidiary contained in the Facility Documents. 
 13.4 Covenant Against Increased Payments. The Guarantor shall not, and
shall not permit any of its subsidiaries to increase any payment amount due on, increase the applicable interest rate applied to, nor accelerate any obligation under any existing Indebtedness. 
 13.5 Bankruptcy. At all times the Guarantor’s Organic Documents shall provide that the consent of all Independent Directors of Guarantor
shall required for the Guarantor to: 
 (a) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or
other relief under the Bankruptcy Code or any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect; 
 (b) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (a); 
 (c) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Guarantor or for a
substantial part of its assets; 
 (d) file an answer admitting the material allegations of a petition filed against it in any such
proceeding; 
 (e) make a general assignment for the benefit of creditors; or 
 (f) take any action for the purpose of effecting any of the foregoing. 
 13.6 Existence, etc. Each of Anthracite and its subsidiaries shall: 
 (a) preserve and maintain
(i) its legal existence, (ii) all of its material rights, privileges, licenses and franchises, and (iii) maintain its tax residence in Ireland; 
 (b) comply with the requirements of all applicable laws, rules, regulations and orders of Governmental Authorities (including, without limitation, Prescribed Laws and all environmental laws) if failure to comply with
such requirements would be reasonably likely (either individually or in the aggregate) to cause a Material Adverse Change; 
 (c) not move
its registered office from the address referred to in Section 5.11 of the Credit Agreement or change its jurisdiction of organization or incorporation from the jurisdiction referred to in Section 5.11 of the Credit Agreement unless it
shall have provided the Buyers and the Buyer Agent 15 Business Days’ prior written notice of such change; 
  

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 (d) pay and discharge, prior to the date on which penalties attach thereto, all taxes, assessments and
governmental charges or levies imposed on it or on its income or profits or on any Purchased Asset or Property, which in any manner would create any lien or charge on the Purchased Assets, except for any such tax, assessment, charge or levy the
payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained in conformance with GAAP; and 
 (e) permit representatives of the Buyers and the Buyer Agent, upon reasonable prior written notice, during normal business hours and prior to the occurrence and continuance of an Event of Default, to examine, copy and
make extracts from its books and records, to inspect any of its Properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by the either Buyer or the Buyer Agent and subject to the terms of any
applicable confidentiality agreement. 
 13.7 Limitation on Liens. Neither Anthracite nor any of its Subsidiaries shall create, incur,
assume or suffer to exist any lien on any Purchased Assets, its respective Property or revenues, whether now owned or hereafter acquired by it, other than: 
 (a) liens created pursuant to pursuant to the Repurchase Agreement and the other Transaction Documents. 
 (b) liens for taxes, assessments or other governmental charges or levies not yet subject to penalties or which are being contested in good faith and for which adequate reserves have been established by the Seller in accordance with GAAP;

 (c) liens arising out of judgments or orders which do not constitute an Event of Default under the Repurchase Agreement and for which
adequate reserves have been established by the Seller in accordance with GAAP; 
 (d) liens created pursuant to the Second Priority
Collateral Documents or the Additional Collateral Documents; and 
 (e) liens created pursuant to secured Indebtedness permitted pursuant to
the Repurchase Agreement; provided that any unsecured Indebtedness as of the Restructuring Amendment Effective Date remains unsecured. 
 13.8 Limitation on Distributions. Neither Anthracite nor any subsidiary shall make any Restricted Payments after the occurrence and during the continuance of an Event of Default. 
 13.9 Limitation on Investments. Neither Anthracite nor any subsidiary shall (a) own or hold any other substantial property or assets, except
Purchased Assets, Primary Interests, Additional Collateral and assets that may be acquired in any foreclosure on, or other realization of collateral from, any of the foregoing, or (b) make any Investment, (1) except Permitted CDO
Acquisitions (2) the acquisition of debt of Anthracite or its Subsidiaries in exchange for equity of Anthracite with the prior approval of the Lender and the other Secured Creditors, not to be unreasonably withheld or delayed; and (3) any
other Investment approved by the Lender and the other Secured Creditors in their sole discretion. 
  

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 13.10 Blackrock Payments and Management Fees. 
 (a) Neither Anthracite nor any of its subsidiaries shall enter into any arrangement for the payment of, or pay, management, advisory or similar fees,
except management and advisory fees payable in the form of Capital Stock of Anthracite or the Seller to the applicable Blackrock Entity pursuant to the Blackrock Management Agreement or management fees to its corporate services provider paid in the
ordinary course of business; provided, that in any event no such fees may be paid (but may accrue) during the continuance of an Event of Default. Neither Anthracite nor any of its subsidiaries shall make any payment to BlackRock Financial Management
or any other Blackrock Entity, other than Permitted Blackrock Payments. 
 13.11 Independent Directors. 
 (a) Anthracite shall at all times cause there to be not more than seven (7) members of the board of directors of which at least one duly appointed
member of its board of directors shall be an Independent Director. 
 (b) Neither Anthracite nor any of its subsidiaries shall, without the
prior unanimous written consent of all Independent Directors of Anthracite (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i), (iii) apply for or consent
to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Anthracite or any of its subsidiaries or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a
petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing. 
 13.12 AHR Ireland and AHR Ireland Property. 
 (a) Within ten (10) Business Days of the date hereof, Guarantor shall (i) grant, or cause to be granted, to the Collateral Agent, for the benefit of the Secured Creditors, either directly or indirectly, a perfected first-priority
security interest in all of the Property of AHR Capital Limited, a private, limited company incorporated in Ireland (“AHR Ireland”), in respect of which a security interest may be granted under applicable law, now owned or at any
time hereafter acquired (collectively, the “AHR Ireland Property”); and (ii) transfer, or cause to be transferred, irrevocably and on an ongoing basis, all of the proceeds and income (including, without limitation, all
dividends, interest and other distributions) after deductions for taxes and expenses in accordance with the relevant budget in respect of the AHR Ireland Property to the Restructuring Cash Management Account in Dollars, in each case, pursuant to
documentation in form and substance acceptable to each Secured Creditor in its sole discretion exercised in good faith (such documentation, the “AHR Ireland Security Documents”). 
 (b) From and after the date hereof until the Guaranteed Obligations have been paid in full (i) Guarantor shall not, and shall not permit any
Anthracite Party to, directly or indirectly, create, incur, assume or suffer to exist any lien (other than a lien that may be imposed by a governmental authority with jurisdiction over AHR Ireland or the AHR Ireland Property) upon any of the AHR
Ireland Property in favor of any Person other than the Collateral Agent pursuant to Section 13.12(a) above; (ii) Guarantor shall not, and shall not permit any Anthracite Party to, enter into any material agreement, or materially
amend or modify any existing agreement, in respect of AHR Ireland and the AHR Ireland Property, without the prior written consent of the Secured Creditors; provided that any such agreement, amendment or modification whose effect would cause the
applicable line item in the Budget to be exceeded shall be deemed “material” for purposes of this clause (ii); and (iii) until the effective date of the 

  

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AHR Ireland Security Documents, Guarantor shall transfer or cause to be transferred on an ongoing basis all proceeds and/or income (including, without
limitation, any dividends, interest and other distributions) after deductions for taxes and expenses in accordance with the relevant budget in respect of the AHR Ireland Property, into the Restructuring Cash Management Account in Dollars within two
(2) Business Days after receipt thereof. 
 13.13 Restructuring of Unsecured Indebtedness. Guarantor shall not, and shall not
permit any other Anthracite Party to, restructure any or all of its unsecured Indebtedness in a manner that would increase any amount payable thereunder for the period ending on the later of (a) three (3) years from the date hereof and
(ii) the Repurchase Date. Additionally, Guarantor shall not, and shall not permit any other Anthracite Party to, incur any fees in connection with such a restructuring in excess of an amount equal to 25% of the total amount of savings realized
by such Anthracite Party from such restructuring prior to the Repurchase Date (without giving effect to any extensions). 
 14. REIMBURSEMENT AND
SUBROGATION RIGHTS. Except to the extent that the Buyer Agent notifies Guarantor to the contrary in writing from time to time: 
 14.1
General Deferral of Reimbursement. Guarantor waives any right to be reimbursed by Seller for any payment(s) made by Guarantor on account of the Guarantied Obligations, unless and until all Guarantied Obligations have been paid in full and all
periods within which such payments may be set aside or invalidated have expired. Guarantor acknowledges that Guarantor has received adequate consideration for execution of this Guaranty by virtue of the Buyers’ entering into the Repurchase
Transactions (which benefits Guarantor, as an owner or principal of Seller) and Guarantor does not require or expect, and is not entitled to, any other right of reimbursement against Seller as consideration for this Guaranty. 
 14.2 Deferral of Subrogation and Contribution. Guarantor agrees it shall have no right of subrogation against Seller, the Buyers or the Buyer
Agent and no right of subrogation against any Security unless and until: (a) all amounts due under the Transaction Documents have been paid in full and all other performance required under the Transaction Documents has been rendered in full to
the Buyer Agent and the Buyers; and (b) all periods within which such payment and performance may be set aside or invalidated have expired (such deferral of Guarantor’s subrogation and contribution rights, the “Subrogation
Deferral”). 
 14.3 Effect of Invalidation. To the extent that a court of competent jurisdiction determines that
Guarantor’s Subrogation Deferral is void or voidable for any reason, Guarantor agrees, notwithstanding any acts or omissions by the Buyers or the Buyer Agent, that Guarantor’s rights of subrogation against Seller, the Buyer Agent and
Guarantor’s right of subrogation against any Security shall at all times be junior and subordinate to the Buyer Agent’s rights against Seller and to the Buyer Agent’s right, title, and interest in such Security. 
 15. CLAIMS IN INSOLVENCY PROCEEDING. Guarantor shall not file any claim in any Insolvency Proceeding affecting Seller unless Guarantor simultaneously assigns and
transfers such claim to the Buyer Agent, without consideration, pursuant to documentation fully satisfactory to the Buyer Agent. Guarantor shall automatically be deemed to have assigned and transferred such claim to the Buyer Agent whether or not
Guarantor executes documentation to such effect. By executing this Guaranty, Guarantor hereby authorizes the Buyer Agent (and grants the Buyer Agent a power of attorney coupled with an interest, and hence irrevocable) to execute and file such
assignment and transfer documentation on Guarantor’s behalf. the Buyer Agent shall have the sole right to vote, receive distributions on and exercise all other rights with respect to any such claim; provided, however, that if and
when the Guarantied Obligations have been paid in full, the Buyer Agent shall release to Guarantor any further payments received on account of any such claim. 
  

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 16. BUYER’S DISGORGEMENT OF PAYMENTS. Upon payment of all or any portion of the Guarantied Obligations,
Guarantor’s obligations under this Guaranty shall continue and remain in full force and effect if all or any part of such payment is, pursuant to any Insolvency Proceeding or otherwise, avoided or recovered directly or indirectly from the Buyer
Agent as a preference, fraudulent transfer, or otherwise irrespective of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery or (b) payment in full of the Repurchase Transactions. Guarantor’s liability
under this Guaranty shall continue until all periods have expired within which the Buyer Agent could (on account of Insolvency Proceedings, whether or not then pending, affecting Seller or any other person) be required to return, repay, or disgorge
any amount paid at any time on account of the Guarantied Obligations. 
 17. FINANCIAL INFORMATION. Within ninety days after the end of each fiscal
year of Guarantor and within forty-five days after the end of each of the first three fiscal quarters, Guarantor shall deliver to the Buyer Agent the financial statements of Guarantor (audited for the annual financial statements and unaudited for
the financial statements of the first three fiscal quarters), together with an officer’s certificate addressed to the Buyer Agent certifying that, as of the end of such fiscal quarter or fiscal year, as applicable, Guarantor was in compliance
with each of the financial covenants contained in Section 5 of this Guaranty and showing in reasonable detail the calculations demonstrating such compliance. 
 18. FUNDAMENTAL CHANGES. Guarantor shall not wind up, liquidate, or dissolve its affairs or enter into any transaction of merger or consolidation (except a transaction of merger or consolidation in
accordance with the Repurchase Agreement), or sell, lease, or otherwise dispose of (or agree to do any of the foregoing) all or substantially all of its property or assets, or change its state of formation or entity status, without the Buyer Agent
and each Buyers’ prior written consent. 
 19. CONSENT TO JURISDICTION. Guarantor agrees that any proceeding to enforce this Guaranty may be
brought in any state or federal court located in the State of New York. By executing this Guaranty, Guarantor irrevocably accepts and submits to the nonexclusive jurisdiction of each of the aforesaid courts, generally and unconditionally with
respect to any such proceeding. 
 20. MERGER; NO CONDITIONS; AMENDMENTS. This Guaranty and documents referred to herein contain the entire agreement
among the parties with respect to the matters set forth in this Guaranty. This Guaranty supersedes all prior agreements among the parties with respect to the matters set forth in this Guaranty. No course of prior dealings among the parties, no usage
of trade, and no parol or extrinsic evidence of any nature shall be used to supplement, modify, or vary any terms of this Guaranty. This Guaranty is unconditional. There are no unsatisfied conditions to the full effectiveness of this Guaranty. No
terms or provisions of this Guaranty may be changed, waived, revoked, or amended without the written agreement of the parties hereto. If any provision of this Guaranty is determined to be unenforceable, then all other provisions of this Guaranty
shall remain fully effective. 
 21. GOVERNING LAW; ENFORCEMENT. This Guaranty shall be governed and construed in accordance with the internal laws of
the State of New York (without regard to conflict of laws principles), notwithstanding the location of any Security. Guarantor acknowledges that any restrictions, limitations and prohibitions set forth in New York Real Property Actions and
Proceedings Law Sections 1301 and 1371 that would or might otherwise limit or establish conditions to the Buyer Agent’s recovery of a judgment against Guarantor if the Security were located in the State of New York shall have absolutely no
application to the Buyer Agent’s enforcement of this Guaranty as against Guarantor, except to the extent that real property Security is located within the State of New York. Guarantor acknowledges that this Guaranty is an “instrument
for the payment of money only,” within the meaning of New York Civil Practice Law and Rules Section 3213. 
  

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 22. FURTHER ASSURANCES. Guarantor hereby agrees that it shall execute and deliver such further documents, and
perform such further acts, as the Buyer Agent may reasonably request to achieve the intent of the parties as expressed in this Guaranty, provided, in each case, that any such documentation is consistent with this Guaranty and with the Transaction
Documents. 
 23. WAIVER OF TRIAL BY JURY. GUARANTOR WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING FROM OR RELATING TO THIS GUARANTY OR THE
TRANSACTION DOCUMENTS OR ANY OBLIGATION(S) OF GUARANTOR HEREUNDER OR UNDER THE TRANSACTION DOCUMENTS. 
 24. MISCELLANEOUS. 
 24.1 Assignability. the Buyer Agent may assign this Guaranty (in whole or in part) together with any one or more of the Transaction Documents to
any Person permitted under the Repurchase Agreement, without in any way affecting Guarantor’s or Seller’s liability. In connection with any such assignment, Guarantor shall deliver such documentation as the Buyer Agent shall reasonably
request. This Guaranty shall benefit the Buyer Agent and its successors and permitted assigns and shall bind Guarantor and its heirs, executors, administrators and successors. Guarantor may not assign this Guaranty, in whole or in part. 

24.2 Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective
for all purposes if hand delivered or sent by (i) hand delivery, with proof of attempted delivery, (ii) certified or registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either commercial or United
States Postal Service, with proof of delivery or (iv) by facsimile (with transmission confirmation), provided that such faxed notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above, addressed if to the
Buyer Agent at Bank of America, 214 North Tryon Street, Hearst Tower, 20th Floor, Mail Code: NC1-027-20-03, Charlotte, North Carolina 28555, Attention: Jeffrey Hoyle, Facsimile Number: (704) 602-3732, Telephone: 980-388-4385, and if to
Guarantor at c/o BlackRock Financial Management, Inc., 40 East 52nd Street, New York, NY 10022, Attention: Mr. Richard Shea, Facsimile No. (212) 754-8758, or at such other address and person as shall be designated from time to time by any
party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section. A copy of all notices directed to Guarantor shall be delivered concurrently to the following: Latham & Watkins
LLP, 885 Third Ave., New York, NY 10022, Attn: David Stewart (028354-0040), Facsimile No.: (212) 751 4864. A notice shall be deemed to have been given: (x) in the case of hand delivery, registered or certified mail or expedited prepaid
delivery service, at the time of delivery or (y) in the case of facsimile, upon receipt of transmission confirmation, provided that such faxed notice was also delivered as required in this Section. A party receiving a notice which does not
comply with the technical requirements for notice under this Section may elect to waive any deficiencies and treat the notice as properly given. 
 24.3 Interpretation. The word “include” and its variants shall be interpreted in each case as if followed by the words “without limitation.” 
 24.4 Counterparts. This Guaranty may be executed in counterparts, each of which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Guaranty or any document or instrument delivered in connection herewith by telecopy shall be effective as
delivery of a manually executed counterpart of this Guaranty or such other document or instrument, as applicable. 
  

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 25. BUSINESS PURPOSES. Guarantor acknowledges that this Guaranty, although executed in Guarantor’s individual
capacity, is executed and delivered for business and commercial purposes, and not for personal, family, household, consumer or agricultural purposes. Guarantor acknowledges that Guarantor is not entitled to, and does not require the benefits of, any
rights, protections, or disclosures that would or may be required if this Guaranty were given for personal, family, household, consumer, or agricultural purposes. Guarantor acknowledges that none of Guarantor’s obligation(s) under this Guaranty
constitute(s) a “debt” within the meaning of the United States Fair Debt Collection Practices Act, 15 U.S.C. § 1692a(5), and accordingly compliance with the requirements of such act is not required if the Buyer Agent
(directly or acting through its counsel) makes any demand or commences any action to enforce this Guaranty. 
 26. NO THIRD-PARTY BENEFICIARIES. This
Guaranty is executed and delivered for the benefit of the Buyer Agent, for the benefit of the Buyers, and its heirs, successors, and permitted assigns, and is not intended to benefit any third party. 
 27. CERTAIN ACKNOWLEDGMENTS BY GUARANTOR. GUARANTOR ACKNOWLEDGES THAT BEFORE EXECUTING THIS GUARANTY: (A) GUARANTOR HAS HAD THE OPPORTUNITY TO REVIEW IT WITH
AN ATTORNEY OF GUARANTOR’S CHOICE; (B) THE BUYER AGENT HAS RECOMMENDED TO GUARANTOR THAT GUARANTOR OBTAIN SEPARATE COUNSEL, INDEPENDENT OF SELLER’S COUNSEL, REGARDING THIS GUARANTY; AND (C) GUARANTOR HAS CAREFULLY READ THIS
GUARANTY AND UNDERSTOOD THE MEANING AND EFFECT OF ITS TERMS, INCLUDING ALL WAIVERS AND ACKNOWLEDGMENTS CONTAINED IN THIS GUARANTY AND THE FULL EFFECT OF SUCH WAIVERS AND THE SCOPE OF GUARANTOR’S OBLIGATIONS UNDER THIS GUARANTY. 
 28. EFFECT OF AMENDMENT AND RESTATEMENT. As of the date hereof, the Existing Guaranty shall be amended, restated and superseded in its entirety. Each party to any
Transaction Document hereby reaffirms its duties and obligations under such Transaction Document or Transaction Documents to which it is a party. Each reference to the Existing Guaranty in any Transaction Document shall be deemed to be a reference
to this Guaranty. 
 [SIGNATURE PAGES FOLLOW] 
  

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 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the date first written above.

  

			
	ANTHRACITE CAPITAL, INC., as Guarantor
		
	By:	 	 Paul Horowitz

	Name:	 	Paul Horowitz
	Title:	 	Vice President

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