Document:

Exhibit 10.5

 Exhibit 10.5 
  

 TAX SHARING AGREEMENT 
 by and between 
 FBR TRS HOLDINGS, INC. 
 and 
 FBR CAPITAL MARKETS
CORPORATION 
 dated as of 
 July 20, 2006 
  

 TAX SHARING AGREEMENT 
 THIS TAX SHARING AGREEMENT (“Agreement”) is made and effective as of the 20th day of July 2006, by and between FBR TRS Holdings, Inc., a Virginia corporation (“TRS Holdings”), and FBR Capital Markets Corporation, a
Virginia corporation (“FBR Capital Markets”). 
 RECITALS 
 A. As of December 31, 2003, each of TRS Holdings, Pegasus Capital Corporation, a Delaware corporation, FBR Asset Management Holdings, Inc., FBR
Bancorp, Inc., FBR National Trust Company, Money Management Advisers, Inc., FBR Fund Advisers, Inc., FBR Investment Management, Inc., Friedman, Billings, Ramsey & Co., Inc., FBR Capital Markets Holdings, Inc., and FBR Investment Services,
Inc., entered into a Tax Sharing Agreement (the TRS Tax Sharing Agreement”). The parties to the TRS Tax Sharing Agreement are all taxable REIT subsidiaries (“TRSs”) of Friedman Billings Ramsey Group, Inc. and are members
of an affiliated group (the “TRS Holdings Affiliated Group”) within the meaning of section 1504(a) of the Internal Revenue Code of 1986, as amended (the “Code”), of which TRS Holdings is the common parent
corporation. 
 B. The TRS Holdings Affiliated Group filed a consolidated federal income tax return for the taxable year that began
April 1, 2003 and ended December 31, 2003 and for each calendar year thereafter. 
 C. TRS Holdings has formed FBR Capital Markets
as a wholly-owned subsidiary of TRS Holdings pursuant to Articles of Incorporation filed with the State Corporation Commission of the Commonwealth of Virginia on June 9, 2006 and Articles of Amendment filed with the State Corporation Commission
of the Commonwealth of Virginia on June 21, 2006. Pursuant to a Contribution Agreement dated as of July 20, 2006 between TRS Holdings and FBR Capital Markets, TRS Holdings is contributing 100% of the outstanding capital stock of FBR Asset
Management Holdings, Inc. and FBR Capital Markets Holdings, Inc. to FBR Capital Markets in exchange for the issuance of additional stock by FBR Capital Markets (the “Contribution”). FBR Asset Management Holdings, Inc. owns 100% of
the capital stock of each of FBR Fund Advisers, Inc. and FBR Investment Management, Inc. FBR Capital Markets Holdings, Inc. owns 100% of the capital stock of each of Friedman, Billings, Ramsey & Co., Inc. (which, in turn, owns 100% of the
capital stock of FBRC, Ltd.) and Friedman, Billings, Ramsey International, Ltd. FBR Asset Management Holdings, Inc., FBR Capital Markets Holdings, Inc., and their subsidiaries will be referred to collectively in this Agreement as the “FBR
Capital Markets Subsidiaries”). After the Contribution, pursuant to an offering memorandum dated as of July 14, 2006, 12,066,667 shares of the common stock of FBR Capital Markets are being issued and sold by the Company (the
“Offering”). After the Offering, it is expected that TRS Holdings will own approximately 72.7% of the outstanding capital stock of FBR Capital Markets (or approximately 70.7% of the outstanding capital stock if the initial
purchaser/placement agent’s additional allotment option is exercised in full). 

 D. As a result of the Contribution and the Offering, FBR Capital Markets and the FBR Capital Markets
Subsidiaries will not be members of the TRS Holdings Affiliated Group beginning with their taxable year beginning on the day following the Offering and ending December 31, 2006. The parties hereto desire to establish a method for allocating the
tax liabilities and tax benefits of the TRS Holdings Affiliated Group for taxable years (or portions thereof) beginning prior to the Offering (“Pre-Offering Taxable Years”) among the members of the TRS Holdings Affiliated Group.

 AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and of the mutual covenants herein contained, it is hereby agreed as follows: 
 1. Federal
Income Tax Returns for Pre-Offering Taxable Years. TRS Holdings shall prepare and timely file the consolidated federal income tax returns and any amended returns of the TRS Holdings Affiliated Group for all Pre-Offering Taxable Years.

 2. Apportionment of Tax Liability for Pre-Offering Taxable Years. The consolidated federal income tax liability of the TRS Holdings
Affiliated Group for all Pre-Offering Taxable Years shall be apportioned among its members in accordance with the method set forth in section 1552(a)(3) of the Code and sections 1.1502-33(d)(3), 1.1552-1(a)(3), and 1.1552-1(b) of the Treasury
regulations. TRS Holdings shall allocate any such tax liability of the TRS Holdings Affiliated Group that arises or is paid to the Internal Revenue Service after the Offering based on the apportionment methods described in the preceding sentence.
If, as a result of such allocation, net tax liability is allocated to an FBR Capital Markets Subsidiary, FBR Capital Markets shall pay to TRS Holdings the amount of such net tax liability. TRS Holdings shall pay to FBR Capital Markets the amount of
any net tax benefit allocated to an FBR Capital Markets Subsidiary. Such payments shall occur no later than 90 days after the filing of the tax return, in the event that tax is paid with such return, or no later than 90 days after the receipt of a
federal income tax refund from the Internal Revenue Service. 
 3. Interim Estimated Payments. Within a reasonable period after a
request by TRS Holdings, FBR Capital Markets shall advance to TRS Holdings amounts necessary to fund that portion of any estimated federal income tax payment of the TRS Holdings Affiliated Group for a Pre-Offering Taxable Year that is allocated to
an FBR Capital Markets Subsidiary. Any amounts so paid in any year shall operate to reduce the amount payable to TRS Holdings in connection with the filing of the return for such year pursuant to Section 2, and any balance resulting from such
reduction shall promptly be refunded by TRS Holdings to FBR Capital Markets. 
 4. Tax Adjustments. (a) In the event of a
proposed adjustment to the consolidated federal income tax liability of the TRS Holdings Affiliated Group for a Pre-Offering Taxable Year, TRS Holdings shall notify FBR Capital Markets of such proposed adjustment and TRS Holdings and FBR Capital
Markets (and their respective subsidiaries) shall cooperate to contest and defend against such proposed tax liability. TRS Holdings shall control and be responsible for any proceedings related to the proposed adjustment, and FBR Capital Markets
shall bear the 

  

 - 2 - 

 
portion of any related costs incurred by TRS Holdings that are properly allocable to FBR Capital Markets Subsidiaries. The allocation of such costs will be
determined in the sole discretion of TRS Holdings. 
 (b) In the event of any final adjustment to the consolidated federal
income tax liability of the TRS Holdings Affiliated Group for a Pre-Offering Taxable Year (whether by reason of an amended return, claim for refund, or an audit by the Internal Revenue Service), the liability of each member of the TRS Holdings
Affiliated Group shall be recomputed under Section 2 of this Agreement to give effect to such adjustments, and any resulting settlement payments between TRS Holdings and the FBR Capital Markets Subsidiaries shall be made within a
reasonable time after the computations are made. If any interest is to be paid or received as a result of a consolidated federal income tax deficiency or refund, such interest shall be allocated to the members of the TRS Holdings Affiliated Group in
the ratio that each member’s net change in federal income tax liability or tax benefit bears to the total change in tax liability. Any penalty shall be allocated upon such basis as TRS Holdings deems just and proper in view of all applicable
circumstances. If an FBR Capital Markets Subsidiary is assessed and pays directly to the Internal Revenue Service tax liability for a Pre-Offering Taxable Year in excess of the amount properly allocable to such subsidiary under Section 2
(taking into account this Section 4), TRS Holdings shall reimburse the FBR Capital Markets Subsidiary for the amount of such excess. 
 5. Post-Offering Taxable Years. (a) For taxable years (or portions thereof) after the Offering (each, a “Post-Offering Taxable Year”), each of TRS Holdings and FBR Capital Markets shall prepare and timely file
federal income tax returns for it and its subsidiaries. Each of TRS Holdings and FBR Capital Markets shall indemnify and hold harmless the other party from and against all taxes incurred by the first party or its subsidiaries with respect to
Post-Offering Taxable Years. 
 (b) Notwithstanding Section 5(a) hereof, any loss, credit, or other item attributable to
an FBR Capital Markets Subsidiary arising in a Pre-Offering Taxable Year or a Post-Offering Taxable Year may be applied to a consolidated return of the TRS Holdings Affiliated Group for a Pre-Offering Taxable Year during which such FBR Capital
Markets Subsidiary was included in the consolidated return filed by the TRS Holdings Affiliated Group, to the extent and as permitted under applicable law. TRS Holdings shall cooperate with any FBR Capital Markets Subsidiary to the extent reasonably
necessary (including, without limitation, amending any return and filing any claim for refund) for such member to realize the tax benefit of using such loss, credit, or other item in such Pre-Offering Taxable Year. TRS Holdings shall remit promptly
to FBR Capital Markets any refund or reduction in tax resulting from the use of such tax benefit. No tax attributes of (or allocable to) an FBR Capital Markets Subsidiary may be used in a Post-Offering Taxable Year of the TRS Holdings Affiliated
Group. 
 6. Successors. This Agreement shall be binding on and inure to the benefit of any successor, by merger, acquisition
of assets or otherwise, to any of the parties hereto (including but not limited to any successor of a Member succeeding to the tax attributes of the Member 

  

 - 3 - 

 
under Code section 381), to the same extent as if such successor had been an original party to the Agreement. 
 7. Term. This Agreement shall continue in effect until the expiration of the statute of limitations (or, if later, the date to which any such
statute of limitations has been extended by TRS Holdings) for all Pre-Offering Taxable Years. 
 8. Miscellaneous. 
 (a) This Agreement shall be governed by the laws of the Commonwealth of Virginia, excluding its choice of law principles. 
 (b) The provisions herein constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all
prior agreements, oral or written, and all other communications relating to the subject matter hereof. There are no promises, covenants, or undertakings other than those expressly set forth in this Agreement. 
 (c) If any provision of this Agreement is held to be unenforceable, this Agreement shall be construed without such provision. 

(d) The waiver of a party of a right hereunder must be in writing and signed by the party holding the right. The failure by a party to
exercise any right hereunder shall not operate as a waiver of such party’s right to exercise such right or any other right in the future. 
 (e) This Agreement may be amended only by a written document executed by a duly authorized representative of each of the parties. This Agreement may be executed in one or more counterparts, each of which shall
constitute an original, but all of which together shall constitute but one and the same instrument. 
  

 - 4 - 

 IN WITNESS WHEREOF, each party has caused this Agreement to be executed by its duly authorized
officer or representative as of the date first set forth above. 
  

					
	FBR TRS HOLDINGS, INC.
		
	By:	 	/s/ William J. Ginivan
		 	Name:	 	William J. Ginivan
		 	Title:	 	General Counsel
	
	FBR CAPITAL MARKETS CORPORATION
		
	By:	 	/s/ William J. Ginivan
		 	Name:	 	William J. Ginivan
		 	Title:	 	SVP, General Counsel and Secretary

 [Signature Page to Tax Sharing Agreement]Exhibit 10.6

 Exhibit 10.6 
  

 TRADEMARK LICENSE AGREEMENT 
 by and between 
 FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. 
 and 
 FBR CAPITAL MARKETS
CORPORATION 
 dated as of July 20, 2006 
  

 TRADEMARK LICENSE AGREEMENT 
 This TRADEMARK LICENSE AGREEMENT (“Agreement”) dated as of the 20th day of July, 2006 (the “Effective Date”) is entered into by and between FRIEDMAN, BILLINGS, RAMSEY GROUP, INC., a Virginia corporation
(“Licensor”) and FBR CAPITAL MARKETS CORPORATION, a Virginia corporation (“Licensee”) (each of Licensor and Licensee a “Party” and collectively, the “Parties”). 
 WHEREAS, Licensor is the owner of the service mark, corporate and trade name “Friedman Billings Ramsey” and “FBR” (each of
“Friedman Billings Ramsey” and “FBR” a “Mark” and collectively, the “Marks”); 
 WHEREAS, Licensee is an investment banking, institutional brokerage and asset management firm recently formed as a Virginia corporation (the “Licensee Business”); and 
 WHEREAS, Licensee desires to use the Marks in connection with the operation of the Licensee Business in the United States, and Licensor is willing to
permit Licensee to use the Marks, subject to the terms and conditions herein. 
 NOW, THEREFORE, in consideration of the premises and the
mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 
 Article 1. Grant of Rights. Subject to the terms and conditions herein, Licensor hereby grants to Licensee, for itself and its
subsidiaries, a paid-up, non-exclusive, non-transferable right and license, under Licensor’s right, title and interest in the Marks, to use either of the Marks in the United States solely in connection with the Licensee Business, solely
(i) as part of the corporate names FBR Capital Markets Corporation, Friedman, Billings, Ramsey & Co., Inc., Friedman, Billings, Ramsey International, Ltd., FBR Investment Management, Inc. and FBR Fund Advisers, Inc. (the
“Corporate Names”); and (ii) as a corporate name, trade name or domain name. Licensor acknowledges that Licensee may conduct the Licensee Business, make investments or have shareholders outside the United States, and any
implied “use” of the Corporate Names or the Marks due to this fact shall not violate this Agreement, but is subject to Article 6. All rights not expressly granted to Licensee in this Article 1 are reserved to Licensor.

 Article 2. Ownership. The Parties agree that Licensor is the sole owner of the Marks. Licensee agrees not to directly
or indirectly challenge or contest the validity of, or Licensor’s rights in the Marks (and the associated goodwill), including without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or
suit (“Action”) regarding enforcement of this Agreement or involving any third party. The Parties intend that any and all goodwill in the Marks arising from Licensee’s use of the Corporate Names or the Marks shall inure solely to the
benefit of the Licensor. Notwithstanding the foregoing, in the event that Licensee is deemed to own any rights in the Marks (or the Marks portion of the Corporate Names), Licensee hereby assigns such rights to the Licensor. 
  

 2 

 Article 3. Use of the Marks. 
 Section 3.1. Licensee agrees to maintain and preserve the quality of the Marks, and to use the Corporate Names and Marks in good faith and in a
dignified manner, in a manner consistent with Licensor’s high standards of and reputation for quality, and in accordance with good trademark practice wherever the Corporate Names or Marks are used. Licensee shall not take any action that could
be detrimental to the Marks, the Corporate Names or their associated goodwill. If Licensor decides in its sole discretion to register the Marks or Corporate Names, Licensee agrees to affix all such trademark notices as may be requested by Licensor
or required under applicable laws. 
 Section 3.2. Upon request by Licensor, Licensee shall furnish to Licensor’s representative
samples of all advertising and promotional materials in any media that are used in connection with the Corporate Names or the Marks. Licensee shall make any changes to such materials that Licensor requests to comply with Section 3.1, or
preserve the validity of, or Licensor’s rights in, the Marks. 
 Section 3.3. Licensee shall, at its sole expense, comply at all
times with all applicable laws, regulations, exchange and other rules and reputable industry practice pertaining to the Licensee Business and the use of the Corporate Names and Marks. 
 Article 4. Termination. 
 Section
4.1. The term of this Agreement (“Term”) commences on the Effective Date and continues in perpetuity, unless termination occurs pursuant to the other provisions of this Article 4. 
 Section 4.2. If Licensor materially breaches one or more of its obligations hereunder, Licensee may terminate this Agreement, effective upon
written notice, if Licensor does not cure such breach within 30 days of written notice thereof (or any mutually-agreed extension). If Licensee materially breaches one or more of its obligations hereunder, Licensor may terminate this Agreement,
effective upon written notice, if Licensee does not cure such breach within 30 days of written notice thereof (or any mutually-agreed extension). Licensor may terminate this Agreement immediately, effective upon written notice, if Licensee violates
Article 7. 
 Section 4.3. Licensor has the right to terminate this Agreement immediately upon written notice to Licensee
if (i) Licensee makes an assignment for the benefit of creditors; (ii) Licensee admits in writing its inability to pay debts as they mature; (iii) a trustee or receiver is appointed for a substantial part of Licensee’s assets and
(iv) to the extent termination is enforceable under applicable law, a proceeding in bankruptcy is instituted against Licensee which is acquiesced in, is not dismissed within 60 days, or results in an adjudication of bankruptcy. 
 Section 4.4. If an event described in Section 5 occurs, Licensor shall have the right, in addition to their other rights and remedies,
to suspend Licensee’s rights regarding the Corporate Names and Marks while Licensee attempts to remedy the situation. 
 Section
4.5. Upon termination of this Agreement for any reason, (i) Licensee shall immediately cease all use of the Corporate Names (except for limited transitional use of the Corporate Names, for a period of 30 days if Licensor consents) and
destroy all materials or forms 

  

 3 

 
bearing the Marks; (ii) the Parties shall cooperate so as to best preserve the value of the Corporate Names; and (iii) Sections 6.4, 6.5, 6.6 and 6.7 shall
survive any such event. 
 Article 5. Infringement, Protection and Quality Control. 
 Section 5.1. Licensee agrees to notify Licensor promptly after it becomes aware of any actual or threatened infringement, imitation, dilution,
misappropriation or other unauthorized use or conduct in derogation (“Infringement”) of either Mark. Licensor shall have the sole right to bring any Action to remedy the foregoing (or to refrain from taking any Action in its sole
discretion), and Licensee shall cooperate with Licensor in same, at Licensor’s expense. 
 Section 5.2. Licensee shall, at its
expense, cooperate fully and in good faith with Licensor for the purpose of securing, preserving and protecting Licensor’s rights in and to its Marks. At the request of Licensor, and at Licensee’s expense, Licensee shall execute and
deliver to Licensor any and all documents and do all other acts and things which Licensor deems necessary or appropriate to make fully effective or to implement the provisions of this Agreement relating to the ownership, registration, maintenance or
renewal of Licensor’s Marks. Licensee hereby appoints Licensor and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with irrevocable power and authority in place and stead of Licensee and in
the name of Licensee or in its own name, for the purposes of carrying out the terms of this Agreement with respect to Licensor’s Marks. Licensor shall have sole control and discretion over the prosecution and maintenance of its Marks and shall
take or refrain from taking all actions it deems necessary and/or reasonable to protect its Marks. 
 Section 5.3. Licensee
acknowledges that all services provided under the Marks pursuant to the terms of this Agreement must be of sufficiently high quality to protect the Marks and the goodwill symbolized thereby. In order to preserve the inherent value of the Marks,
Licensee shall ensure that it maintains the quality of the Licensee Business and the operation thereof at least equal to the standards prevailing in the operation of Licensor’s business and the Licensee Business as of the date of this
Agreement. Licensee further agrees to use the Marks in accordance with such quality standards as may be reasonably established by Licensor and communicated to Licensee from time to time in writing, or as may be agreed to by Licensor and Licensee
from time to time in writing. Licensee shall obtain Licensor’s prior written approval over the style and manner in which Licensor’s Marks are used and shall use the Marks only in a style and manner commensurate with the current standards
and reputation for quality associated with the Marks. Upon Licensor’s request, Licensee shall submit to Licensor, for Licensor’s review, a representative number of samples of materials used by Licensee bearing Licensor’s Mark. If
Licensor requests any modifications to such materials, Licensee shall make all such modifications specified by such Licensor within a reasonable period of time thereafter and shall provide Licensor with samples of such materials for Licensor’s
review. Licensee agrees not to register or attempt to register in any jurisdiction any trademark or service mark that could reasonably be deemed to resemble or be confusingly similar to either Mark or which could reasonably be deemed to dilute
either Mark, including without limitation any trademark or service mark which incorporates either Mark. Licensee shall permit Licensor or its duly authorized representative, upon reasonable notice, to inspect and review all business locations and
materials of Licensee and any and all uses of the Marks for the purposes of assuring the services meet Licensor’s quality standards as contemplated herein. 
  

 4 

 Article 6. Representations and Warranties. 
 Section 6.1. Licensor represents and warrants to Licensee that: 
 (a) This Agreement is a legal, valid and binding obligation of Licensor, enforceable against Licensor in accordance with its terms,
subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to the effect of general principles of equity
(regardless of whether enforcement is considered in a proceeding at law or in equity); 
 (b) Licensor is not subject to any
judgment, order, injunction, decree or award of any court, administrative agency or governmental body that would or might interfere with its performance of any of its material obligations hereunder; and 
 (c) Licensor has full power and authority to enter into and perform its obligations under this Agreement in accordance with its terms.

 Section 6.2. Licensee represents and warrants to Licensor that: 
 (a) This Agreement is a legal, valid and binding obligation of Licensee, enforceable against Licensee in accordance with its terms,
subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to the effect of general principles of equity
(regardless of whether enforcement is considered in a proceeding at law or in equity); 
 (b) Licensee is not subject to any
judgment, order, injunction, decree or award of any court, administrative agency or governmental body that would or might interfere with its performance of any of its material obligations hereunder; and 
 (c) Licensee has full power and authority to enter into and perform its obligations under this Agreement in accordance with its terms.

 Section 6.3. EXCEPT AS EXPRESSLY SET FORTH IN
SECTION 6.4, LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED,
WITH RESPECT TO THIS AGREEMENT, THE MARKS OR THE CORPORATE NAMES, AND
EXPRESSLY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING ANY WITH
RESPECT TO TITLE, NON-INFRINGEMENT, MERCHANTABILITY, VALUE, RELIABILITY OR FITNESS
FOR USE. LICENSEE’S USE OF THE MARKS AND THE CORPORATE NAMES
IS ON AN “AS IS” BASIS AND IS AT ITS OWN RISK
(I) OUTSIDE THE UNITED STATES AND (II) EXCEPT AS EXPRESSLY SET
FORTH HEREIN, WITHIN THE UNITED STATES. 
 Section 6.4. Licensor will defend at Licensor’s expense, indemnify and hold harmless Licensee and its affiliates and its respective directors, officers, employees, agents and representatives (“Related Parties”)
from any loss, liability, damage, award, settlement, judgment, fee, cost or expense (including reasonable attorneys’ fees and costs of suit) (“Losses”) arising out of or relating to (i) any breach by Licensor of this
Agreement or its warranties, representations, covenants and undertakings hereunder; or (ii) any third-party Action against any Related Party that arises out of or relates to any claim that Licensee’s use of the Corporate Names or Marks as
expressly authorized hereunder infringes the rights of a third party within the United States. 
  

 5 

 Section 6.5. Licensee will defend at its expense, indemnify and hold harmless Licensor and its
respective affiliates and its respective Related Parties from any Losses arising out of or relating to any third-party Action against any of them that arises out of or relates to (i) any breach by Licensee of this Agreement or its warranties,
representations, covenants and undertakings hereunder; (ii) Licensee’s operation of the Licensee Business; or (iii) any claim that Licensee’s use of the Corporate Names or Marks, other than as explicitly authorized by this
Agreement, infringes the rights of a third party anywhere in the world. 
 Section 6.6. The indemnified Party will promptly notify the
indemnifying Party in writing of any indemnifiable claim and promptly tender its defense to the indemnifying Party. Any delay in such notice will not relieve the indemnifying Party from its obligations to the extent it is not prejudiced thereby. The
indemnified Party will cooperate with the indemnifying Party at the indemnifying Party’s expense. The indemnifying Party may not settle any indemnified claim in a manner that adversely affects the indemnified Party without its consent (which
shall not be unreasonably withheld or delayed). The indemnified Party may participate in its defense with counsel of its own choice at its own expense. 
 Section 6.7. EXCEPT FOR A PARTY’S WILLFUL MISCONDUCT, NO PARTY
WILL BE LIABLE TO ANOTHER PARTY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY,
PUNITIVE OR INCIDENTAL DAMAGES (INCLUDING LOST PROFITS OR GOODWILL, BUSINESS
INTERRUPTION AND THE LIKE) RELATING TO THIS AGREEMENT, EVEN IF IT HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 Article 7. Assignments. Licensee may not assign, sublicense, pledge, mortgage or otherwise encumber this Agreement or its right to
use the Marks or the Corporate Names, in whole or in part, without the prior written consent of Licensor in its sole discretion. For the avoidance of doubt, a change of control of Licensee shall be deemed an “assignment” requiring such
consent, regardless of whether Licensee is the surviving entity. Pursuant to 11 U.S. 365(c)(1)(A) (as it may be amended from time to time, and including any successor to such provision), in the event of bankruptcy of the Licensee, this Agreement may
not be assigned or assumed by Licensee (or any successor thereto) and Licensor shall be excused from rendering performance to, or accepting performance from, Licensee or any successor thereto. Licensee acknowledges that its identity is a material
condition that induced Licensor to enter into this Agreement. Any attempted action in violation of the foregoing shall be null and void ab initio and of no force or effect, and shall result in immediate termination of this Agreement. For purposes of
this agreement, the term “change of control” means the occurrence of any of the following: (i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of Licensee, taken as a
whole, to any Person other than Licensor, as recommended or any of its respective affiliates; or (ii) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of
1934 (the “Exchange Act”), or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than Licensor
or any of its respective affiliates, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act, or any successor provision) of more than 50% or more of the total voting power of the voting capital interests of Licensee. For purposes of this Agreement, the term “Person” means any individual, corporation, partnership,
joint venture, limited liability 

  

 6 

 
company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the foregoing. 
 Article 8. Miscellaneous. 
 Section 8.1. All notices hereunder shall be in writing and hand delivered or mailed by registered or certified mail (return receipt requested) or
nationally recognized overnight courier service or facsimile with delivery confirmed to the following addresses (or at such other addresses as shall be specified by like notice) and will be deemed given on the date received: 
 LICENSORS: 
 Friedman, Billings, Ramsey
Group, Inc. 
 1001 North Nineteenth Street 
 Arlington, VA 22209 
 Attention: Chief Legal Officer 
 Facsimile: (703) 469-1040 
 LICENSEE:

 FBR Capital Markets Corporation 
 1001 North Nineteenth Street 
 Arlington, VA 22209 
 Attention: Chief Financial Officer 
 Facsimile: (703) 312-9500 
 Section 8.2. Further Assurances. Licensor and Licensee agree to execute such further documentation and perform such further actions,
including the recordation of such documentation with appropriate authorities, as may be reasonably requested by the other Party hereto to evidence and effectuate further the purposes and intents set forth in this Agreement. 
 Section 8.3. Entire Agreement/Construction. This Agreement shall constitute the entire agreement between the Parties with respect to
the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
 Section 8.4. Amendments. This Agreement, including this provision of this Agreement, may not be modified or amended except by an agreement in writing signed by each of the Parties hereto. 
 Section 8.5. Cumulative Rights; Waiver. All rights and remedies which Licensors or Licensee may have hereunder or by operation of
law are cumulative, and the pursuit of one right or remedy shall not be deemed an election to waive or renounce any other right or remedy. The failure of Licensors or Licensee to require strict performance by the other Party of any provision in this
Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. 
  

 7 

 Section 8.6. Severability. The Parties agree that each provision of this Agreement
shall be construed as separable and divisible from every other provision. The unenforceability of any one provision shall not limit the enforceability, in whole or in part, of any other provision hereof. If any term or provision of this Agreement
(or the application thereof to any Party or set of circumstances) shall be held invalid or unenforceable in any jurisdiction and to any extent, it shall be ineffective only to the extent of such invalidity or unenforceability and shall not
invalidate or render unenforceable any other terms or provisions of this Agreement (or such applicability thereof). In such event, the Parties shall negotiate in good faith a valid, enforceable, applicable substitute provision that attempts as
closely as possible to achieve the intended purpose of the previous term or provision and has an effect as comparable as possible on the Parties’ respective positions. 
 Section 8.7. Governing Law/Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws
of the Commonwealth of Virginia applicable to contracts made and to be performed entirely in the Commonwealth of Virginia. The Parties agree, for the purposes of any action arising out of or related to this Agreement, to commence any such action
solely in the state or federal courts located in the Commonwealth of Virginia. 
 Section 8.8. Construction. Titles and
headings to sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. This Agreement shall be construed as if drafted jointly by the Parties.

 Section 8.9. Separate Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Parties. Delivery of an executed signature page of this Agreement by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof. 
 [Remainder of Page Intentionally Left Blank]

  

 8 

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

			
	LICENSOR:
	 FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

		
	By:	 	/s/ Kurt R. Harrington
		 	Name: Kurt R. Harrington
		 	Title: SVP, CFO and Treasurer
	
	LICENSEE:
	 FBR CAPITAL MARKETS CORPORATION

		
	By:	 	/s/ William J. Ginivan
		 	Name: William J. Ginivan
		 	Title: SVP, General Counsel and Secretary

  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]