Document:

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                                                                   EXHIBIT 10.53

                               MANAGEMENT CONTRACT

Between

    INGRAM MICRO A/S
    Datavej 58
    3450 Birkerod
    DENMARK

And
    Asger FALSTRUP
    Doktorvaenget 7
    2960 Rungsted Kyst
    DENMARK

DEFINITION

*        "Ingram Micro Holding Inc." is the sole shareholder of Ingram Micro
         A/S, with its registered office mentioned above, hereinafter called
         "Ingram Micro Holding Inc.".

*        Datateam Denmark AS (Ingram Micro Denmark AS) is part of Ingram Micro
         Holding Inc. for which a Managing Director will be appointed,
         hereinafter called "the Company".

ARTICLE 1 - POSITION AND SCOPE OF DUTIES

(1)      Asger FALSTRUP will be appointed by Ingram Micro Holding Inc. as
         Managing Director of the Company. In such capacity, he will be
         responsible for the management of the operations of the Company.

(2)      Asger FALSTRUP shall report to the Vice President of Northern European
         Operations for Ingram Micro Holdings Inc., or such other officer of
         such company as its board shall determine.

(3)      Asger FALSTRUP shall perform his duties as manager by observing the
         diligence of a prudent businessman in accordance with the provisions of
         this Management Contract, Ingram Micro Holding Inc.'s Articles of
         Association, the general and specific directives or instructions given
         by his supervisor, the chairman(men) of the board of Ingram Micro
         Holdings Inc. and in accordance with the law.

(4)      Asger FALSTRUP will be based at the Company's office in Denmark. If the
         location of the Company's headquarters changed so that Asger FALSTRUP
         is required or requested to move his residence, the Company will pay
         Asger FALSTRUP's reasonable relocation expenses.

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ARTICLE 2 - LIMITS ON AUTHORITY

Notwithstanding his position as Managing Director of the Company, Asger FALSTRUP
shall be required to follow the procedures set forth hereinbelow in connection
with the actions so specified:

(1)      No budgeted capital expenditure in excess of US $ 10,000 (DKK 61,250)
         or unbudgeted capital expenditure in excess of US $ 1,000 (DKK 6,125)
         may be authorized, except in accordance with the procedure set forth in
         the Ingram Micro Capital Expenditures Procedure dated April 15, 1992,
         as it may be amended from time to time.

(2)      No employee may be hired without receipt of the prior approval in
         accordance with the Ingram Micro Europe Procedure dated January 18,
         1993, as it may be amended from time to time, including submission and
         approval of the appropriate "Request for Personnel - Ingram Micro
         Europe" form. No employee with an annual total compensation level of US
         $75,000 (DKK 459,375) or more may be hired without the prior approval
         of either the Senior Vice President of European Operations or Chief
         Executive Officer of Ingram Micro Holdings Inc.

(3)      No salary adjustments may be made for any employee whose annual
         compensation is US $75,000 (DKK 459,375) or more or for any other
         employee which would cause the total salary of such employee to be
         raised in excess of seven percent within a 12-month period without the
         prior approval of the Senior Vice President of European Operations of
         Ingram Micro Holdings Inc. The Senior Vice President of European
         Operations of Ingram Micro Holdings Inc. must approve the aggregate
         amount awarded to all employees pursuant to the annual review for merit
         salary increases before such increases are announced.

(4)      No employees fringe benefit may be established without submission to
         the VP HR at the I.E.C.C. and the prior approval of the Senior Vice
         President of European Operations of Ingram Micro Holdings Inc. or, in
         the case of insurance or pension benefits, approval of the Vice
         President, Human Resources of both Ingram Micro Inc. and Ingram
         Industries Inc.

(5)      Ingram Micro Holding Inc.'s standard employment agreement and any
         modifications thereof must be approved by the Senior Vice President of
         European Operations of Ingram Micro Holdings Inc. and the Director of
         European Legal Affairs at the Ingram European Coordination Center.
         Ingram Micro Holding Inc. may not enter into non-standard employment
         agreements or any employment agreement involving a term of more than
         one year or a termination notice period of more than 90 days without
         the prior approval of the Senior Vice President of European Operations
         of Ingram Micro Holdings Inc. and the Director of European Legal
         Affairs at the Ingram European Coordination Center.

(6)      The Company may not enter into a new vendor agreement without the prior
         approval of either the Senior Vice Present of European Operations of
         Ingram Micro Holdings Inc. or the Director of European Legal Affairs at
         the Ingram European Coordination Center. The Company may not make an
         initial purchase order under a new vendor agreement in excess of US $
         25,000 (DKK 153,125) without the prior approval of the Senior Vice
         President of European Operations of Ingram Micro Holdings Inc.

(7)      No customer credit limit may be established except in accordance with
         the procedures of the Ingram Micro Inc. Credit Policy, as it may be
         modified from time to time.

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(8)      The Company may not establish payment terms involving a due date of
         more than 30 days from the date of invoice or an early pay discount of
         more than two percent without the prior approval of the Senior Vice
         President of European Operations of Ingram Micro Holdings Inc.

(9)      The Company may not enter into a lease with a term greater than one
         year or involving total budgeted payments in excess of US $ 10,000 (DKK
         61,250) or unbudgeted payments in excess of US $ 1,000 (DKK 6,125),
         except in compliance with the provisions of the Ingram Micro Capital
         Expenditure Procedure dated April 15, 1992, as it may be amended from
         time to time, and in accordance with the Contract Review Policy of
         Ingram Industries Inc.

(10)     The Company may not incur any indebtedness for borrowed money without
         the prior approval of the Chief Executive Officer of Ingram Micro
         Holdings Inc.

(11)     The Company may not execute or deliver any guarantees of indebtedness
         of third parties without the prior approval of the Vice President and
         Chief Financial Officer of Ingram Micro Holdings Inc.

(12)     The Company may not confess a judgment or settle any litigation brought
         by a third party against Ingram Micro Holding Inc. which involves the
         payment of money or incurrence of a liability without the prior
         approval of the Chief Executive Officer of Ingram Micro Holdings Inc.

(13)     The Company may not acquire any securities or assets of another
         business except in the ordinary course of business without the prior
         approval of the Chief Executive Officer of Ingram Micro Holdings Inc.

(14)     The Company may not sell any of its assets except in the ordinary
         course of business without the prior approval of the Chief Executive
         Officer of Ingram Micro Holdings Inc.

(15)     The Company may not merge, consolidate or enter into any share exchange
         with any other company without the prior approval of the Chief
         Executive Officer of Ingram Micro Holdings Inc.

(16)     No action may be taken by the Company to wind up its affairs or
         otherwise commence any proceedings under any liquidation, bankruptcy or
         insolvency laws without the without the approval of the Chief Executive
         Officer of Ingram Micro Holdings Inc.

(17)     The Company may not file any litigation against third parties except
         for actions to collect moneys owed to the Company within the ordinary
         course of business without the prior approval of the Chief Executive
         Officer of Ingram Micro Holdings Inc. and notification to the Senior
         Vice President of European Operations of Ingram Micro Holdings Inc. and
         the Director of European Legal Affairs at the Ingram European
         Coordination Center.

 (18)    The Company may not execute any confidentiality agreements involving
         inspection of third party data or Company data for purposes other than
         granting or receiving credit without the prior approval of the Senior
         Vice President of European Operations of Ingram Micro Holdings Inc. and
         the Director of European Legal Affairs at the Ingram European
         Coordination Center.

(19)     The Company may not execute any agreements prohibiting solicitation by
         Ingram Micro Holding Inc. or any affiliate of the Company of employees
         of third parties without the prior approval of the Senior Vice
         President of European Operations of Ingram Micro Holdings Inc. and the
         Director of European Legal Affairs at the Ingram European Coordination
         Center.

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(20)     The Company may not execute any agreements to acquire, sell or transfer
         intellectual property of any kind without the prior approval of the
         Senior Vice President of European Operations of Ingram Micro Holdings
         Inc. and the Director of European Legal Affairs at the Ingram European
         Coordination Center.

ARTICLE 3 - OTHER ACTIVITIES

(1)      Asger FALSTRUP shall devote his full working time and ability to the
         Company's business. Any other activity for remuneration and any
         activity which normally is entitled to remuneration, including any
         part-time work, is subject to the explicit prior written consent of
         Ingram Micro Holding Inc. Ingram Micro Holding Inc. may refuse to grant
         such consent without given reasons therefor.

(2)      Scientific and literary activity is permitted, provided that it does
         not adversely affect the working capacity of Asger FALSTRUP and does
         not give rise to the divulging of confidential information to the
         detriment of the Company.

ARTICLE 4 - REMUNERATION

(1)      Asger FALSTRUP shall be entitled to a gross monthly salary in the
         amount of 75,000 DKK payable in arrears. Asger FALSTRUP's salary shall
         be reviewed annually in December of each year.

(2)      Asger FALSTRUP will be eligible to earn a bonus for each calendar year
         of his appointment. His targeted bonus will be 35% of the earned
         management fee with the opportunity to exceed such an amount by up to
         25% (for a total potential bonus of 43.75% of his earned salary). The
         bonus will be based upon the criteria established from time to time
         pursuant to the Ingram Micro Executive Bonus Plan. The bonus will be
         paid at the times provided in the Ingram Micro Executive Bonus Plan.

(3)      By payment of the above mentioned remuneration, all activities which
         Asger FALSTRUP has to perform under this Management Contract shall be
         compensated.

ARTICLE 5 - OTHER BENEFITS

(1)      Travel expenses and other necessary out-of-pocket expenses incurred by
         Asger FALSTRUP in the furtherance of the Company's business shall be
         reimbursed to Asger FALSTRUP according to the guidelines of the
         Company, and within the framework of the principles applicable in
         Denmark for tax purposes.

(2)      The Company shall furnish Asger FALSTRUP with a Company car for
         business and personal use in accordance with the Company's guidelines.
         Initially, this car is expected to be a Audi 100 or equivalent. The
         value of the personal use per month as determined by the Danish tax
         regulations for the particular type of car shall constitute additional
         compensation to Asger FALSTRUP which will be subject to wage
         withholding tax.

(3)      In the event of Asger FALSTRUP's incapacity to fulfill his duties under
         this Management contract by reason of illness or similar factors during
         the term of this Management Contract, the Company will continue to pay
         his then base management fee and all other benefits for a period of up
         to six months from the date such incapacity commences.

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(4)      The Company shall continue to pay the cost of disability and life
         insurance as previously granted to Asger FALSTRUP by the predecessor
         company (Datateam).

ARTICLE 6 - INABILITY TO PERFORM DUTIES

In case Asger FALSTRUP shall be unable to perform such duties under this
Management contract, be it for health or other reasons, Asger FALSTRUP shall
inform the Company immediately. In case the inability to perform shall last for
a period longer than ten days, Asger FALSTRUP shall provide the Sr. VP European
Operations with an appropriate medical certificate.

ARTICLE 7 - VACATION

(1)      Asger FALSTRUP shall be entitled to 30 work days annual vacation,
         excluding Saturdays, and all legal holidays in Denmark, in accordance
         with Danish vacation act.

(2)      The time of vacation shall be determined in agreement with the VP
         Europe.

ARTICLE 8 - SECRECY

(1)      Asger FALSTRUP shall not disclose to any third party or use for his
         personal gain, any confidential information which has been entrusted to
         him, or which has otherwise become known to him and which relates to
         the Company or to any of its affiliated companies. In particular, no
         information may be disclosed concerning the organization of the
         business, the relations with customers and suppliers and the Company's
         know-how. This obligation shall not expire upon termination of this
         Management contract but shall remain in force.

(2)      Business records of any kind, including private notes concerning the
         affairs and activities of the Company and its affiliated companies,
         shall be carefully kept and shall be used only for business purposes.
         It is not permitted to make copies or extracts or duplicates of
         drawings, calculations, statistics and the like or of any other
         business records for purposes other than for the business of Ingram
         Micro Holding Inc. and its affiliated companies.

(3)      Upon termination of this contract, Asger FALSTRUP shall return of his
         own accord all business records and copies thereof which are in his
         possession. Asger FALSTRUP shall have no right of retention.

ARTICLE 9 - TERM OF MANAGEMENT CONTRACT AND NOTICE

(1)      The contract shall become effective as of January 1, 1995, and is not
         entered into for an indefinite period. However, the management contract
         shall end not later than the expiry of the month following attainment
         of the age of 65 by Asger FALSTRUP, without the need to give notice.

(2)      The contract may be terminated by either party when at least 8 months'
         prior written notice has been given.

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(3)      Upon termination of the Management contract by the Company, Asger
         FALSTRUP shall be entitled to 18 months of base salary severance
         payment.

(4)      Either party may terminate this Management contract with an important
         reason for immediate effect.

(5)      In case notice of termination of this Management contract has been
         given, Ingram Micro Holding Inc. is entitled to relieve Asger FALSTRUP
         of his duties to perform at any time. In such case, the Company shall
         continue to pay the contractual remuneration to Asger FALSTRUP.

(6)      Notice of termination must be given in writing.

ARTICLE 10 - FINAL PROVISIONS

(1)      This Management contract represents the entire agreement and
         understanding of the parties and supersedes any prior written agreement
         between parties.

(2)      Any amendments or additions to this Management contract shall be made
         in writing in order to be effective.

(3)      If one of the provisions of this Management contract is held to be
         invalid, the other provisions shall remain valid and the invalid
         provision shall be replaced by a valid one which shall have a similar
         economic effect.

(4)      In the event of disputes in connection with this Management contract,
         the place of jurisdiction shall be Denmark.

(5)      This Management contract shall be governed by and interpreted in
         accordance with the laws of Denmark.

Copenhagen, the 28 day of August, 1995

/s/ John Winkelhaus, II                         /s/ Asger Falstrup
---------------------------                     ---------------------------
For Ingram Micro                                Asger Falstrup

/s/ John Winkelhaus, II
---------------------------
For Ingram Micro Holding Inc.

Asger FALSTRUP declares that he received all policies and procedures as
mentioned in this contract.

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                             ARTICLES SUPPLEMENTARY

                              RAIT INVESTMENT TRUST

       7.75% SERIES A CUMULATIVE REDEEMABLE PREFERRED SHARES OF BENEFICIAL
                                    INTEREST

                           (PAR VALUE $0.01 PER SHARE)

      RAIT INVESTMENT TRUST, a Maryland real estate investment trust
(hereinafter called the "Trust"), hereby certifies to the Department of
Assessments and Taxation of the State of Maryland that:

      FIRST: Under the authority set forth in Article VI of the Declaration of
Trust of the Trust, as amended (which, as hereinafter amended, restated or
supplemented from time to time is herein called the "Declaration of Trust"), the
Board of Trustees of the Trust (the "Board of Trustees") by unanimous consent in
writing dated March 8, 2004, designated and classified 2,760,000 shares of the
authorized but unissued unclassified preferred shares of beneficial interest,
par value $0.01 per share, of the Trust as the "7.75% Series A Cumulative
Redeemable Preferred Shares of Beneficial Interest," par value $0.01 per share,
and has provided for the issuance of such series.

      SECOND: The classification increases the number of shares classified as
7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest,
par value $0.01 per share, from 0 shares immediately prior to the classification
to 2,760,000 shares immediately after the classification. The classification
decreases the number of unclassified preferred shares of beneficial interest,
par value $0.01 per share, from 25,000,000 shares immediately prior to the
classification to 22,240,000 shares immediately after the classification.

      THIRD: The preferences, conversions and other rights, voting powers,
restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption of the 7.75% Series A
Cumulative Redeemable Preferred Shares of Beneficial Interest are as follows:

            (1) Designation and Number. A series of preferred shares of
      beneficial interest, par value $0.01 per share (the "Preferred Shares"),
      designated as the "7.75% Series A Cumulative Redeemable Preferred Shares
      of Beneficial Interest" (the "Series A Preferred Shares"), is hereby
      established. The number of Series A Preferred Shares shall be 2,760,000
      shares. The par value of Series A Preferred Shares shall be $0.01 per
      share.

            (2) Rank. The Series A Preferred Shares, will, with respect to
      dividend rights, redemption rights and rights upon any voluntary or
      involuntary liquidation, dissolution or winding up of the Trust (a
      "Liquidation"), rank:

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            (a) senior to all common shares of beneficial interest, par value
            $0.01 per share, of the Trust (the "Common Shares") and to all
            equity securities issued or to be issued by the Trust the terms of
            which provide that such equity securities shall rank junior to the
            Series A Preferred Shares (sometimes the Common Shares and such
            equity securities are collectively referred to as "Junior Shares");

            (b) on a parity with all equity securities issued or to be issued by
            the Trust other than those referred to in clauses (a) and (c)
            (sometimes referred to as "Parity Shares"); and

            (c) junior to all (i) equity securities issued or to be issued by
            the Trust the terms of which specifically provide that such equity
            securities rank senior to the Series A Preferred Shares and (ii)
            existing and future indebtedness of the Trust.

      The term "equity securities" does not include debt securities of the Trust
      that are convertible into or exchangeable for equity securities of the
      Trust, which debt securities will rank senior to the Series A Preferred
      Shares prior to conversion or exchange.

            (3) Dividends. (a) Holders of Series A Preferred Shares shall be
      entitled to receive, when, as and if authorized and declared by the Board
      of Trustees, out of legally available funds of the Trust, cumulative
      preferential cash dividends at the rate of 7.75% of the Liquidation
      Preference (as defined hereinafter) per Series A Preferred Share per annum
      (which is equivalent to a fixed annual amount of $1.9375 per Series A
      Preferred Share). Such dividends shall accrue and cumulate from the date
      of original issuance of such share and shall be payable quarterly in
      arrears on March 31, June 30, September 30 and December 31 of each year
      or, if not a business day, the next succeeding business day (each a
      "Dividend Payment Date"), commencing, with respect to any Series A
      Preferred Share, on the Dividend Payment Date next succeeding the date of
      original issuance of such share. Any dividend payable on the Series A
      Preferred Shares for any partial dividend period shall be pro rated and
      computed on the basis of a 360-day year consisting of twelve 30-day
      months. Dividends shall be payable to holders of record as they appear in
      the stock transfer records of the Trust at the close of business on the
      applicable dividend record date, which shall be the first day of the
      calendar month in which the applicable Dividend Payment Date falls or, if
      not a business day, the next succeeding business day or such other date
      designated by the Board of Trustees for the payment of dividends that is
      not more than 30 nor less than 10 calendar days immediately preceding such
      Dividend Payment Date (each, a "Dividend Record Date").

                  (b) Notwithstanding anything to the contrary contained herein,
      dividends on the Series A Preferred Shares shall accrue and cumulate
      whether or not the Trust has earnings, whether or

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      not there are funds legally available for payment of such dividends and
      whether or not such dividends are authorized and declared by the Board of
      Trustees. Accumulated but unpaid dividends on the Series A Preferred
      Shares shall cumulate as of the Dividend Payment Date on which they first
      become payable or on the date of redemption, as the case may be. No
      interest, or sum of money in lieu of interest, shall be payable in respect
      of any dividend payment or payments on Series A Preferred Shares which may
      be in arrears.

                  (c) Except as provided in clause (d) below, if any Series A
      Preferred Shares are outstanding, no dividends (collectively, "Parity and
      Junior Dividends"), other than distributions in kind of Common Shares or
      other shares of the Trust's equity securities ranking junior to the Series
      A Preferred Shares as to dividends, may be paid or set apart for payment
      on the Common Shares or any other shares of equity securities of the Trust
      of any other class or series ranking, as to dividends, on a parity with or
      junior to the Series A Preferred Shares unless full cumulative dividends
      (the "Dividend Preference Amount") due on any past or contemporaneous
      Dividend Payment Date have been or contemporaneously are authorized and
      declared and paid as of the payment date of the relevant Parity or Junior
      Dividend. Notwithstanding anything herein to the contrary, the Trust may
      declare and pay Parity and Junior Dividends without paying or setting
      apart for payment any amounts with respect to the dividend due on the
      Series A Preferred Shares for any dividend period the Dividend Payment
      Date of which has not occurred as of the date of the declaration or
      payment of the Parity and Junior Dividends so long as the full Dividend
      Preference Amount has been paid through the most recent Dividend Payment
      Date for the Series A Preferred Shares.

                  (d) When dividends are not paid in full (or a sum sufficient
      for such full payment is not so set apart) upon the Series A Preferred
      Shares and all other equity securities ranking on a parity, as to
      dividends, with the Series A Preferred Shares, all dividends authorized
      and declared upon the Series A Preferred Shares, shall be authorized and
      declared pro rata so that the amount of dividends authorized and declared
      per share of Series A Preferred Shares and each such other equity security
      shall in all cases bear to each other the same ratio that accumulated
      dividends per Series A Preferred Share and such other equity security
      (which shall not include any accumulation in respect of unpaid dividends
      for prior dividend periods if such other equity securities do not have a
      cumulative dividend) bear to each other.

                  (e) Notwithstanding the above, the Trust shall not be
      prohibited from (i) declaring or paying or setting apart for payment any
      dividend or distribution on any Parity Shares or Junior Shares or (ii)
      redeeming, purchasing or otherwise acquiring any Parity Shares or Junior
      Shares, in each case, if such declaration, payment, redemption, purchase
      or other acquisition is necessary to

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      maintain the Trust's qualification as a real estate investment trust under
      Sections 856 through 860 of the Internal Revenue Code of 1986, as amended
      (the "Code").

                  (f) No dividends on Series A Preferred Shares shall be
      authorized by the Board of Trustees or declared or paid or set apart for
      payment by the Trust at such time as the terms and provisions of any
      agreement of the Trust, including any agreement relating to its
      indebtedness, prohibits such declaration, payment or setting apart for
      payment or provides that such declaration, payment or setting apart for
      payment would constitute a breach thereof or a default thereunder, or if
      such declaration or payment shall be restricted or prohibited by law.

                  (g) If, for any taxable year, the Trust elects to designate as
      "capital gain dividends" (as defined in Section 857 of the Code) any
      portion (the "Capital Gains Amount") of the dividends (as determined for
      federal income tax purposes) paid or made available for the year to
      holders of all classes of shares (the "Total Dividends"), then the portion
      of the Capital Gains Amount that shall be allocable to the holders of
      Series A Preferred Shares shall be the amount that the total dividends (as
      determined for federal income tax purposes) paid or made available to the
      holders of the Series A Preferred Shares for the year bears to the Total
      Dividends. The Trust may elect to retain and pay income tax on its net
      long-term capital gains. In such a case, the holders of Series A Preferred
      Shares would include in income their appropriate share of the Trust's
      undistributed long-term capital gains, as designated by the Trust.

                  (h) In determining whether a distribution (other than upon a
      Liquidation), by dividend, redemption or otherwise, is permitted, amounts
      that would be needed, if the Trust were to be dissolved at the time of the
      distribution, to satisfy the Liquidation Preference (as defined below)
      will not be added to the Trust's total liabilities.

                  (i) Holders of Series A Preferred Shares shall not be entitled
      to any dividends, whether payable in cash, property or shares, in excess
      of full cumulative dividends on the Series A Preferred Shares as described
      above. Any dividend payment made on the Series A Preferred Shares shall
      first be credited against the earliest accumulated but unpaid dividend due
      with respect to the Series A Preferred Shares which remains payable.

            (4) Liquidation Preference. (a) In the event of any Liquidation, the
      holders of Series A Preferred Shares then outstanding shall be entitled to
      receive out of the assets of the Trust available for distribution to
      shareholders (after payment or provision for payment of all debts and
      other liabilities of the Trust) an amount equal to $25.00 per share, plus
      any accumulated and unpaid dividends thereon to the date of payment (the
      "Liquidation Preference"), whether or not authorized and declared, before
      any distribution of assets is made to holders of Common Shares and any
      other shares of equity securities of the Trust that rank

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      junior to the Series A Preferred Shares as to Liquidation rights.

                  (b) If, upon any such Liquidation, the assets of the Trust are
      insufficient to make full payment to holders of the Series A Preferred
      Shares and any shares of other classes or series of equity securities of
      the Trust ranking on a parity with the Series A Preferred Shares as to
      Liquidation rights, then the holders of the Series A Preferred Shares and
      all other such classes or series of equity securities ranking on a parity
      with the Series A Preferred Shares as to Liquidation rights shall share
      ratably in any distribution of assets in proportion to the full
      liquidating distributions to which they would otherwise be respectively
      entitled.

                  (c) Written notice of any such Liquidation, stating the
      payment date or dates when, and the place or places where, the amounts
      distributable in such circumstances shall be payable, shall be given by
      first class mail, postage pre-paid, not less than 30 nor more than 60
      calendar days immediately preceding the payment date stated therein, to
      each record holder of the Series A Preferred Shares at the respective
      addresses of such holders as the same shall appear on the share transfer
      records of the Trust.

                  (d) After payment of the full amount of the Liquidation
      Preference, the holders of Series A Preferred Shares shall have no right
      or claim to any of the remaining assets of the Trust.

                  (e) None of a consolidation or merger of the Trust with or
      into another entity, the merger of another entity with or into the Trust,
      a statutory share exchange by the Trust or a sale, lease, transfer or
      conveyance of all or substantially all of the Trust's property or business
      shall be considered a Liquidation.

                  (f) In determining whether a distribution (other than upon
      voluntary or involuntary dissolution) by dividend, redemption or other
      acquisition of shares of the Trust or otherwise is permitted under
      Maryland law, amounts that would be needed, if the Trust were to be
      dissolved at the time of the distribution, to satisfy the preferential
      rights upon dissolution of the holders of Series A Preferred Shares will
      not be added to the Trust's total liabilities.

            (5) Redemption. (a) The Series A Preferred Shares are not redeemable
      prior to March 19, 2009. On or after March 19, 2009, the Trust, at its
      option, upon giving notice as provided below, may redeem the Series A
      Preferred Shares, in whole or from time to time in part, for cash, at a
      redemption price of $25.00 per share, plus all accumulated and unpaid
      dividends thereon to the date of redemption, whether or not authorized and
      declared (the "Redemption Right").

                  (b) If fewer than all of the outstanding Series A Preferred
      Shares are to be redeemed pursuant to the Redemption Right, the shares to
      be redeemed

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      shall be selected pro rata (as nearly as practicable without creating
      fractional shares) or by lot or by such other equitable method as may be
      prescribed by the Board of Trustees. If such redemption is to be by lot
      and, as a result of such redemption, any holder of Series A Preferred
      Shares would become a holder of a number of Series A Preferred Shares in
      excess of the Ownership Limit (as defined in Article VII of the
      Declaration of Trust) or the Excluded Holder Limit (as defined in Article
      VII of the Declaration of Trust), as applicable, except as provided in
      Section 1(G) of Article VII of the Declaration of Trust, because such
      holder's Series A Preferred Shares were not redeemed, or were only
      redeemed in part, then the Trust shall redeem the requisite number of
      Series A Preferred Shares of such holder such that no holder will hold in
      excess of the of the Ownership Limit or the Excluded Holder Limit, as
      applicable, subsequent to such redemption or otherwise transfer the shares
      pursuant to Article VII.

                  (c) No Series A Preferred Shares, Common Shares or any other
      shares of equity securities of the Trust ranking junior to or on a parity
      with the Series A Preferred Shares as to dividends or upon Liquidation
      shall be redeemed, purchased or otherwise acquired for any consideration
      (or any monies be paid to or made available for a sinking fund for the
      redemption of any such shares) by the Trust (except by conversion into or
      exchange for shares of equity securities of the Trust ranking junior to or
      on parity with the Series A Preferred Shares as to dividends or upon
      Liquidation) unless:

                  (i) the Dividend Preference Amount with respect to all Series
            A Preferred Shares has been or contemporaneously is authorized and
            declared and paid, or a sum sufficient for the payment thereof is
            set apart for payment at the time of such relevant acquisition; and

                  (ii) the dividend with respect to any Series A Preferred
            Shares for which a notice of redemption has been given with respect
            to any partial dividend period from the prior Dividend Payment Date
            to the redemption date, computed, in the case of such partial
            dividend period, in accordance with Section 3(a) above, has been or
            contemporaneously is authorized and declared and paid or set apart
            for such payment at the time of such relevant acquisition.

      Notwithstanding anything to the contrary contained herein, no Series A
      Preferred Shares shall be redeemed unless all outstanding Series A
      Preferred Shares are simultaneously redeemed unless the conditions set
      forth in Section 5(c)(i) and (ii) above are met at the time of such
      redemption. The restrictions in this Section 5 shall not prevent the
      repurchase or transfer of Common Shares or Preferred Shares of any series
      of the Trust pursuant to Article VII of the Declaration of

                                       6
<PAGE>

      Trust or otherwise in order to enforce the ownership restrictions set
      forth in Article VII and ensure that, among other things, the Trust
      remains qualified as a real estate investment trust for United States
      federal income tax purposes, or the redemption, purchase or acquisition of
      Series A Preferred Shares pursuant to a purchase or exchange offer made on
      the same terms to all holders of the Series A Preferred Shares.

                  (d) Prior to or contemporaneous with any redemption of Series
      A Preferred Shares, the Trust shall pay, in cash, any accumulated and
      unpaid dividends on the Series A Preferred Shares for which a notice of
      redemption has been given to the redemption date, whether or not
      authorized and declared.

                  (e) The following provisions set forth the procedures for
      redemption:

                  (i) Notice of redemption will be mailed by the Trust, postage
            prepaid, no less than 30 nor more than 60 calendar days immediately
            preceding the redemption date, addressed to the respective holders
            of record of the Series A Preferred Shares to be redeemed at their
            respective addresses as they appear on the stock transfer records of
            the Trust. No failure to give such notice or any defect thereto or
            in the mailing thereof shall affect the validity of the proceedings
            for the redemption of any Series A Preferred Shares except as to the
            holder to whom notice was defective or not given.

                  (ii) In addition to any information required by law or by the
            applicable rules of any exchange or automated interdealer quotation
            system upon which the Series A Preferred Shares may be listed or
            admitted to trading, each notice shall state: (A) the redemption
            date; (B) the redemption price; (C) the number of Series A Preferred
            Shares to be redeemed; (D) the place or places where the holders of
            Series A Preferred Shares may surrender certificates for payment of
            the redemption price; and (E) that dividends on the Series A
            Preferred Shares to be redeemed will cease to accumulate on the
            redemption date. If less than all of the outstanding Series A
            Preferred Shares held by any holder are to be redeemed, the notice
            mailed to each holder shall also specify the number of Series A
            Preferred Shares held by such holder to be redeemed.

                  (iii) On or after the redemption date, each holder of Series A
            Preferred Shares to be redeemed shall present and surrender the
            certificates representing his or her Series A Preferred Shares to
            the Trust at the place designated in the notice of redemption and

                                       7
<PAGE>

            thereupon the redemption price of such shares (including all
            accumulated and unpaid dividends up to the redemption date) shall be
            paid to or on the order of the person whose name appears on such
            certificate representing Series A Preferred Shares as the owner
            thereof and each surrendered certificate shall be canceled. If fewer
            than all the shares represented by any such certificate representing
            Series A Preferred Shares are to be redeemed, a new certificate
            shall be issued representing the unredeemed shares.

                  (iv) From and after the redemption date (unless the Trust
            defaults in payment of the redemption price), all dividends on the
            Series A Preferred Shares designated for redemption and all rights
            of the holders thereof, except the right to receive the redemption
            price thereof and all accumulated and unpaid dividends up to the
            redemption date, shall terminate with respect to such shares and
            such shares shall not thereafter be transferred (except with the
            consent of the Trust) on the Trust's stock transfer records, and
            such shares shall not be deemed to be outstanding for any purpose
            whatsoever. At its election, the Trust, prior to a redemption date,
            may irrevocably deposit the redemption price (including accumulated
            and unpaid dividends to the redemption date) of the Series A
            Preferred Shares so called for redemption in trust for the holders
            thereof with a bank or trust company, in which case the redemption
            notice to holders of the Series A Preferred Shares to be redeemed
            shall (A) state the date of such deposit, (B) specify the office of
            such bank or trust company as the place of payment of the redemption
            price and (C) require such holders to surrender the certificates
            representing such shares at such place on or about the date fixed in
            such redemption notice (which may not be later than the redemption
            date) against payment of the redemption price (including all
            accumulated and unpaid dividends to the redemption date). Any monies
            so deposited which remain unclaimed by the holders of the Series A
            Preferred Shares at the end of two years after the redemption date
            shall be returned by such bank or trust company to the Trust.

                  (f) The Series A Preferred Shares have no stated maturity and
      will not be subject to any sinking fund or mandatory redemption provisions
      except as provided under Section 2(G) of Article VII of the Declaration of
      Trust.

                  (g) Subject to applicable law and the limitations on
      purchases, redemptions or other acquisitions set forth in Section 5 of
      these Articles Supplementary, the Trust may, at any time and from time to
      time, purchase any Series A Preferred Shares in the open market, by tender
      or by private agreement.

                                       8
<PAGE>

            (6) Voting Rights. (a) Holders of the Series A Preferred Shares
      shall not have any voting rights, except as set forth below.

                  (b) Whenever dividends on the Series A Preferred Shares are in
      arrears for six or more quarterly periods (whether or not consecutive) (a
      "Preferred Dividend Default"), then, in accordance with the Declaration of
      Trust, the Board of Trustees shall take all requisite action in accordance
      with the Maryland REIT Law and the Declaration of Trust to increase by two
      the number of Trustees of the Trust, and the holders of Series A Preferred
      Shares (voting together as a single class with all other equity securities
      of the Trust upon which like voting rights have been conferred and are
      exercisable ("Parity Preferred Shares")) shall be entitled to elect a
      total of two additional Trustees to the Board of Trustees (the "Preferred
      Trustees") to fill such newly created Trusteeships at an annual meeting of
      shareholders or a special meeting held in place thereof or at a properly
      called special meeting of the holders of the shares of the Series A
      Preferred Shares and of any such Parity Preferred Shares, and at each
      subsequent annual meeting of shareholders or special meeting held in place
      thereof, until all dividends accumulated on the Series A Preferred Shares
      for the past dividend periods shall have been fully paid or authorized and
      declared and a sum sufficient for the payment thereof set aside for
      payment. This clause (b) shall not limit the right of the Trust to grant
      separate voting rights to any other series of Preferred Shares.

                  (c) If and when the Dividend Preference Amount on the Series A
      Preferred Shares shall have been paid in full or authorized and declared
      and a sum sufficient for the payment thereof set aside for payment in
      full, the holders of Series A Preferred Shares shall be divested of the
      voting rights set forth in clause (b) above (subject to revesting in the
      event of each and every Preferred Dividend Default) and, if the Dividend
      Preference Amount and all dividend arrearages on all other series of
      Parity Preferred Shares giving rise to voting rights with respect to the
      Preferred Trustees have been paid in full or authorized and declared by
      the Board of Trustees and set aside for payment in full, the term of
      office of each Preferred Trustee so elected shall expire. Upon the
      expiration of the terms of the Preferred Trustees in accordance with the
      immediately preceding sentence, the number of Trustees of the Trust shall
      automatically be reduced by the number of Preferred Trustees whose terms
      so expired. Any Preferred Trustee may be removed at any time with or
      without cause by the vote of, and shall not be removed otherwise than by
      the vote of, the holders of a majority of the outstanding Series A
      Preferred Shares when they have the voting rights set forth in clause (b)
      above and all other series of Parity Preferred Shares (voting as a single
      class). So long as a Preferred Dividend Default shall continue, any
      vacancy in the office of a Preferred Trustee may be filled by written
      consent of the Preferred Trustee remaining in office, or if none remains
      in office, by a vote of the holders of a majority of the outstanding
      Series A Preferred Shares when

                                       9
<PAGE>

      they have the voting rights set forth in clause (b) above and all other
      series of Parity Preferred Shares (voting as a single class). The
      Preferred Trustees shall be entitled to one vote per Trustee on any
      matter. The provisions contained in Section 6(b) hereof and in this
      Section 6(c) constitute an election by the Trust not to be subject to
      Section 3-804(c) of the Maryland General Corporation Law to the extent
      that holders of Series A Preferred Shares and Parity Preferred Shares are
      entitled to elect the Preferred Trustees to the Board of Trustees during a
      Preferred Dividend Default.

                  (d) So long as any Series A Preferred Shares remain
      outstanding, the Trust shall not, without the affirmative vote of the
      holders of at least two-thirds of the Series A Preferred Shares
      outstanding at the time, given in person or by proxy, either in writing or
      at a meeting (such series voting separately as a class),

                  (i) authorize, create or increase the authorized or issued
            amount of any class or series of equity securities ranking senior to
            the outstanding Series A Preferred Shares with respect to the
            payment of dividends or the distribution of assets upon Liquidation
            or reclassify any authorized equity securities of the Trust into any
            such senior equity securities, or create, authorize or issue any
            obligation or security convertible into or evidencing the right to
            purchase any such senior equity securities; or

                  (ii) amend, alter or repeal the provisions of the Declaration
            of Trust (including these Articles Supplementary), whether by merger
            or consolidation (in either case, an "Event") or otherwise, so as to
            materially and adversely affect any right, preference or voting
            power of the Series A Preferred Shares; provided, however, that with
            respect to any such amendment, alteration or repeal of the
            provisions of the Declaration of Trust (including these Articles
            Supplementary) upon the occurrence of an Event, so long as Series A
            Preferred Shares remain outstanding with the terms thereof
            materially unchanged in any adverse respect, taking into account
            that, upon the occurrence of an Event, the Trust may not be the
            surviving entity and such surviving entity may thereafter be the
            issuer of the Series A Preferred Shares, the occurrence of any such
            Event shall not be deemed to materially and adversely affect the
            rights, preferences or voting powers of the Series A Preferred
            Shares; and provided further that any increase in the amount of
            authorized Series A Preferred Shares or the authorization, creation
            or issuance of any other class or series of the Trust's equity
            securities, in each case ranking on a parity with or junior to the
            Series A Preferred Shares with respect to the payment of dividends

                                       10
<PAGE>

            and the distribution of assets upon Liquidation shall not be deemed
            to materially and adversely affect the rights, preferences or voting
            powers of the Series A Preferred Shares.

                  (e) The foregoing voting provisions shall not apply if, at or
      prior to the time when the action with respect to which such vote would
      otherwise be required shall be effected, all outstanding Series A
      Preferred Shares shall have been redeemed or called for redemption upon
      proper notice and sufficient funds shall have been deposited in trust to
      effect such redemption.

            (7) Conversion. The Series A Preferred Shares are not convertible
      into or exchangeable for any other property or securities of the Trust.

            (8) Restrictions on Transfer and Shares-in-Trust. The Series A
      Preferred Shares are subject to the provisions of Article VII of the
      Declaration of Trust.

            (9) Status. All Series A Preferred Shares which shall have been
      redeemed or reacquired in any manner by the Trust shall be restored to the
      status of authorized, but unissued Series A Preferred Shares of the Trust
      which may be reissued or reclassified by the Board of Trustees in
      accordance with the applicable provisions of the Declaration of Trust.

            (10) Exclusion of Other Rights. The Series A Preferred Shares shall
      not have any preferences, conversion or other rights, voting powers,
      restrictions, limitations as to dividends or other distributions,
      qualifications or terms or conditions of redemption other than those
      specifically set forth in these Articles Supplementary. The Series A
      Preferred Shares shall have no preemptive or subscription rights.

            (11) Headings of Subdivisions. The headings of the various
      subdivisions hereof are for convenience of reference only and shall not
      affect the interpretation of any of the provisions hereof.

            (12) Severability of Provisions. If any preferences, conversion or
      other rights, voting powers, restrictions, limitations as to dividends or
      other distributions, qualifications or terms or conditions of redemption
      of the Series A Preferred Shares set forth in the Declaration of Trust is
      invalid, unlawful or incapable of being enforced by reason of any rule of
      law or public policy, all other preferences, conversion or other rights,
      voting powers, restrictions, limitations as to dividends or other
      distributions, qualifications or terms or conditions of redemption of
      Series A Preferred Shares set forth in the Declaration of Trust which can
      be given effect without the invalid, unlawful or unenforceable provision
      thereof shall, nevertheless, remain in full force and effect, and no
      preferences, conversion or other rights, voting powers, restrictions,
      limitations as to dividends or other distributions, qualifications or
      terms or conditions of

                                       11
<PAGE>

      redemption of Series A Preferred Shares herein set forth shall be deemed
      dependent upon any other provision thereof unless so expressed therein.

      FOURTH:  The terms of the Series A Preferred Shares set forth in
ARTICLE THIRD hereof shall become Article XIV of the Declaration of Trust.

      FIFTH:  These Articles Supplementary shall be effective at the time
the Maryland State Department of Assessments and Taxation accepts these
Articles Supplementary for record.

                                       12
<PAGE>

      IN WITNESS WHEREOF, the Trust has caused these Articles Supplementary to
be signed in its name and on its behalf by its Chairman and Chief Executive
Officer and witnessed by its Assistant Secretary on March 16, 2004.

WITNESS:                                  RAIT INVESTMENT TRUST

/s/ Julie Mark                               By: /s/ Betsy Z. Cohen
---------------------------                  ---------------------------
Name: Julie Mark                             Name: Betsy Z. Cohen
Title: Assistant Secretary                   Title: Chairman and Chief
                                                    Executive Officer

      THE UNDERSIGNED, Chairman and Chief Executive Officer of RAIT Investment
Trust, who executed on behalf of the Trust the Articles Supplementary of which
this Certificate is made a part, hereby acknowledges in the name and on behalf
of said Trust the foregoing Articles Supplementary to be the act of said Trust
and hereby certifies that the matters and facts set forth herein with respect
to the authorization and approval thereof are true in all material respects
under penalties of perjury.

                                                 /s/ Betsy Z. Cohen
                                                 ----------------------------
                                                 Chairman and Chief Executive
                                                 Officer

                                       13

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