Document:

EX-10.01

Waiver and Fifth Amendment to Loan DocumentsThis Waiver and Fifth
Amendment (this “Amendment”) is entered into as of February 15, 2008, among MuniMae TEI
Holdings, LLC, a Maryland limited liability company (“MMTH”), MMA Construction Finance,
LLC, a Maryland limited liability company (“MMCF”), and MMA Mortgage Investment
Corporation, a Florida corporation (formerly known as Midland Mortgage Investment Corporation, and
referred to herein as “MMIC”) (each, individually, a “Borrower,” and,
collectively, the “Borrowers”), Municipal Mortgage & Equity, LLC, a Delaware limited
liability company (the “Guarantor”), Bank of America, N.A., a national banking association
(the “Administrative Agent”), and certain lenders party to the Credit Agreement (as
defined below) from time to time (the “Required Lenders”).

RECITALS:

Reference is made to the following facts that constitute the background of this amendment:

A. The parties hereto are parties to that certain Credit Agreement, dated as of November 12,
2004 (as amended and as certain provisions thereof have been waived or may be waived from time to
time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined
herein shall have the same meanings herein as ascribed to them in the Credit Agreement;

B. The Loan Parties have requested that the Administrative Agent and the Required Lenders
temporarily waive compliance with all covenants under the Loan Documents; provided that (a) the
Loan Parties shall not take any action that would materially adversely affect the Collateral or the
Administrative Agent’s security interest therein, and (b) the Loan Parties shall pay the
Obligations in full as set forth herein; and

C. The Administrative Agent and the Required Lenders are willing to grant such request solely
upon the terms and conditions set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing, as well as the covenants, conditions and
agreements hereinafter set forth, and for other good and valuable consideration, the receipt and
adequacy of which are all hereby acknowledged, the Loan Parties, the Administrative Agent and the
Required Lenders hereby covenant and agree as follows:

1. Waiver. In accordance with the terms of Section 10.01 of the Credit
Agreement, the Administrative Agent and the Required Lenders hereby waive the Loan Parties’
compliance with all covenants set forth in the Loan Documents and any Default or Event of Default
arising from any non-compliance with such covenants; provided, however, that the Loan Parties shall
not take any action that would materially adversely affect the Collateral or the Administrative
Agent’s security interest therein; provided further, however, that such waiver shall be revoked and
be deemed of no force and effect, effective as of the date hereof, if the Loan Parties either:

(a) fail to pay $7,200,000.00 of the Obligations on or before 5:00 p.m. (Boston time) on
February 22, 2008 ; or

(b) fail to pay the remaining balance of the Obligations in full on or before 5:00 p.m.
(Boston time) on February 29, 2008.

2. Amendments to Credit Agreement.

(a) Reduction in Aggregate Commitments. The definition of “Aggregate Commitments” in
Section 1.01 of the Credit Agreement is hereby amended by replacing “$100,000,000.00” with
“$35,000,000.00”. From and after the date hereof, to the extent the Loan Parties pay any
Obligations, the Aggregate Commitments shall be further reduced by the amount so repaid. From and
after the date hereof, all references to the term “Aggregate Commitments” in the Loan Documents
shall mean such term as amended hereby. In connection with the reduction in the Aggregate
Commitments, (a) Schedule 2.01 to the Credit Agreement is hereby deleted in its entirety
and replaced with Schedule 2.01 attached hereto, and (b) the Commitment of each Lender is
reduced on a pro rata basis to the applicable amount set forth in Schedule 2.01 attached
hereto.

(b) Termination of Committed Loans. Notwithstanding any provision of the Loan
Documents to the contrary, as of the date hereof, the obligation of each Lender to extend any
Committed Loans other than those Committed Loans outstanding on the date hereof shall be
terminated.

3. Release of Collateral. Notwithstanding anything to the contrary contained in
Section 12 of the Security Agreement or elsewhere in the Loan Documents, from and after the
date hereof, provided that no Default or Event of Default is in existence, all collateral delivered
in connection with a particular Taxable Construction Loan will be released solely upon payment to
the Administrative Agent, for application to the Obligations, of an amount equal to the greatest of
(a) the aggregate principal amount of all Committed Loans made in connection with such Taxable
Construction Loan, plus all interest accrued thereon, (b) the net cash proceeds received upon the
sale or refinancing of such Taxable Construction Loan, and (c) the Borrowing Base Value of such
Taxable Construction Loan, as described in the most recent Borrowing Base Report delivered to the
Administrative Agent (provided that the 80% discount set forth in Section 2 of Schedule
2.02 to the Credit Agreement shall be disregarded in calculating the Borrowing Base Value for
purposes of determining the amount required under clause (c) of this Section).

4. Waiver Fee. In consideration of the execution and delivery of this Amendment, the
Loan Parties, jointly and severally, agree to pay to the Administrative Agent, a waiver fee (the
“Waiver Fee”) in the amount of $75,000.00, for the benefit of the Lenders in accordance
with their respective Pro Rata Shares, as reflected in Schedule 2.01 attached hereto.

5. Conditions Precedent. The agreements set forth in this Amendment are conditional
and this Amendment shall not be effective until the following conditions have been fulfilled to the
satisfaction of the Administrative Agent: (a) the Loan Parties, the Administrative Agent, and each
Required Lender shall have executed and delivered this Amendment; and (b) the Administrative Agent
shall have received the Waiver Fee.

6. Representations and Warranties. The Loan Parties, jointly and severally, represent
and warrant to the Lenders and the Administrative Agent as of the date of this Amendment that: (a)
upon execution of this Amendment, no Default or Event of Default is in existence or will result
from the execution and delivery of this Amendment or the consummation of any transactions
contemplated hereby; (b) each of the representations and warranties of the Loan Parties in the
Credit Agreement and the other Loan Documents is true and correct in all material respects on the
effective date of this Amendment (except for representations and warranties limited as to time or
with respect to a specific event, which representations and warranties shall continue to be limited
to such time or event and except as set forth on Exhibit A attached hereto); and (c) this
Amendment, the Credit Agreement (as amended by this Amendment) and the other Loan Documents are
legal, valid and binding agreements of the Loan Parties and are enforceable against them in
accordance with their terms.

7. Ratification. Except as hereby amended or waived, the Credit Agreement, all other
Loan Documents and each provision thereof are hereby ratified and confirmed in every respect and
shall continue in full force and effect, and this Amendment shall not be, and shall not be deemed
to be, a waiver of any Default, Event of Default or any covenant, term or provision of the Credit
Agreement or the other Loan Documents. In furtherance of the foregoing ratification, by executing
this Amendment in the space provided below, the Guarantor hereby absolutely and unconditionally (a)
reaffirms its obligations under the Guaranty, and (b) absolutely and unconditionally consents to
(i) the execution and delivery by the Borrowers of this Amendment, (ii) the continued
implementation and consummation of arrangements and transactions contemplated by the Credit
Agreement and the other Loan Documents (including, without limitation, as amended hereby), and
(iii) the performance and observance by each Borrower and the Guarantor of all of its respective
agreements, covenants, duties and obligations under the Credit Agreement and the other Loan
Documents (including, without limitation, as amended or waived hereby).

8. Counterparts. This Amendment may be executed and delivered in any number of
counterparts with the same effect as if the signatures on each counterpart were upon the same
instrument.

9. Amendment as Loan Document. Each party hereto agrees and acknowledges that this
Amendment constitutes a “Loan Document” under and as defined in the Credit Agreement.

10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
WITHIN SUCH STATE (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT
OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES); PROVIDED THAT THE ADMINISTRATIVE
AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

11. Successors and Assigns. This Amendment shall be binding upon, and shall inure to
the benefit of, each of the parties hereto, as well as to the Administrative Agent’s and the
Lenders’ respective successors and assigns.

12. Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose.

13. Integration. The Loan Documents, as amended or waived by this Amendment, comprise
the complete and integrated agreement of the parties on the subject matter hereof and supersede all
prior agreements, written or oral, on such subject matter. This Amendment was drafted with the
joint participation of the parties hereto and shall be construed neither against nor in favor of
any party, but rather in accordance with the fair meaning hereof.

14. Further Assurances. The Loan Parties shall execute such other documents as may be
necessary or as may be required, in the opinion of counsel to the Administrative Agent, to effect
the transactions contemplated hereby and to extend the liens and/or security interests of all other
collateral instruments, as modified by this Amendment, including, without limitation, any
modifications to, or re-filing of any financing statements previously filed by the Administrative
Agent. The Loan Parties also agree to provide to the Administrative Agent, on behalf of the
Lenders, such other documents and instruments as the Administrative Agent reasonably may request in
connection with the execution and delivery hereof or the consummation of any transactions or
actions contemplated hereby.

15. No Course of Dealing. The Administrative Agent and the Required Lenders have
entered into this Amendment on the express understanding with each Loan Party that in entering into
this Amendment, the Administrative Agent and the Required Lenders are not establishing any course
of dealing with the Loan Parties. The Administrative Agent’s and the Lenders’ rights to require
strict performance with all of the terms and conditions of the Credit Agreement and the other Loan
Documents shall not in any way be impaired by the execution of this Amendment. None of the
Administrative Agent and the Lenders shall be obligated in any manner to execute any further
amendments or waivers and if such waivers or amendments are requested in the future, assuming the
terms and conditions thereof are satisfactory to them, the Administrative Agent and the Lenders may
require the payment of fees in connection therewith. Each of the Loan Parties agrees that none of
the ratifications and reaffirmations set forth herein, nor the Administrative Agent’s nor any
Lender’s solicitation of such ratifications and reaffirmations, constitutes a course of dealing
giving rise to any obligation or condition requiring a similar or any other ratification or
reaffirmation from the Borrowers or the Guarantor with respect to any subsequent modification,
amendment, consent or waiver with respect to the Credit Agreement or any other Loan Document.

16. Claims Against Bank Group.

(a) No Claims or Offsets. The Loan Parties acknowledge and agree that, as of the date
hereof: (a) none of the Loan Parties has any claim or cause of action against any of the Lenders
or the Administrative Agent or any of their respective Affiliates (or any of their directors,
officers, employees, attorneys or agents) (collectively, the “Bank Group”) arising out of,
under or in any way relating to the Loan Documents (including this Amendment), any documents,
instruments, agreements, dealings or other matters in connection with the Loan Documents, the
transactions contemplated by the Loan Documents or any actions taken or not taken by any member of
the Bank Group in connection therewith; (b) none of the Loan Parties has any offset rights,
counterclaims or defenses of any kind against prepayment and performance of the Obligations; and
(c) each member of the Bank Group has heretofore properly performed and satisfied in a timely
manner all of its obligations to the Loan Parties under the Loan Documents.

(b) Waiver of Claims. In consideration of the waivers provided by and the covenants
of the Administrative Agent and the Required Lenders herein, the Loan Parties agree to eliminate
any possibility that any past conditions, acts, omission, events, circumstances or matters would
impair or otherwise adversely affect any of the rights, interests, contracts, collateral security
or rights and remedies of the Bank Group under the Loan Documents. Therefore, the Loan Parties, on
their own behalf and on behalf of each of their respective successors and assigns, hereby waive,
release and discharge each member of the Bank Group, from any and all claims, demands, actions or
causes of action on or before the date hereof and arising out of, under or in any way relating to
the Loan Documents (including this Amendment), any documents instruments, agreements, dealings or
other matters connected with the Loan Documents, the transactions contemplated by the Loan
Documents or any actions taken or not taken by any member of the Bank Group in connection
therewith, including, without limitation, all known and unknown matters, claims, transactions or
things occurring on or prior to the date hereof. The waivers, releases and discharges in this
Section 16(b) shall be effective regardless of any other event that may occur or not occur
prior to, or on or after the date hereof.

17. Jury Trial Waiver. the borrowers, the guarantor, the administrative agent and
the lenders, by acceptance of this amendment, mutually hereby knowingly, voluntarily and
intentionally waive the right to a trial by jury in respect of any litigation based hereon, arising
out of, under or in connection with this amendment or any other loan document, or any course of
conduct, course of dealings, statements (whether verbal or written) or actions of any party,
including, without limitation, any course of conduct, course of dealings, statements or actions of
the administrative agent or any lender relating to the administration or enforcement of the loans
or the loan documents (whether based on contract, tort, strict liability or any other theory), and
agree that no party will seek to consolidate any such action with any other action in which a jury
trial cannot be or has not been waived.

[Remainder of page intentionally left blank; signature pages follow]

1

IN WITNESS WHEREOF, the parties hereto have caused the execution and delivery of this
Waiver and Fifth Amendment by their duly authorized officers or representatives effective as of the
date first written above.

	 	 	 	 	 	 	 	 	 
	BORROWERS:	 	MUNIMAE TEI HOLDINGS, LLC
	 	 	By:	 	___/s/ Charles M. Pinckney	____________
	 	 	 	 	 	 	(Signature)
	 
	 	 	 	 	 	___ Charles M. Pinckney COO___________
	 
	 	 	 	 	 	 	 	 
	      (Printed Name and Title)

	 	 	 	 	 
	 	 	MMA CONSTRUCTION FINANCE, LLC	 	 
	 	 	By:	 	 	___/s/ Charles M. Pinckney	 	 	____________
	 	 	 	 	 	(Signature)
	 	 	 	 	 	___ Charles M. Pinckney COO___________
	 	 	 	 	 	(Printed Name and Title)

	 	 	 	 	 
	 	 	MMA MORTGAGE INVESTMENT CORPORATION	 	 
	 	 	By:	 	 	___/s/ Charles M. Pinckney	 	 	____________
	 	 	 	 	 	(Signature)	 
	 	 	 	 	 	___ Charles M. Pinckney COO___________	 
	 	 	 	 	 	(Printed Name and Title)	 
	GUARANTOR:	MUNICIPAL MORTGAGE & EQUITY, LLC	 
	 	 	By:	 	 	___/s/ Charles M. Pinckney	 	 	____________
	 	 	 	 	 	(Signature)
	 	 	 	 	 	___ Charles M. Pinckney COO___________
	 	 	 	 	 	(Printed Name and Title)

[Signatures of the Administrative Agent and the Required Lenders follow on next page]

2

ADMINISTRATIVE AGENT:

	 	 	 
	BANK OF AMERICA, N.A.

	By:

	 	     /s/ James J. Magaldi      
	
 
	 	 
	
 
	 	James J. Magaldi, Senior Vice President

	 	 	 
	REQUIRED LENDERS:	 	 	 
	 	 	 	 	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender holding
	 	 	 	 	 	20% of the Aggregate Commitments
	 	 	 	 	 	By: _/s/ A. Jeffrey Jacobson___________
	BANK OF AMERICA, N.A., as a Lender holding 20% of the	 
	Aggregate Commitments	 	 	(Signature)
	By: ___/s/ James J. Magaldi ___________ James J.	A. Jeffrey Jacobson Senior V. P.____
	Magaldi, Senior Vice President	 	 	 
	 	 	 	 	 	(Printed Name and Title)
	ROYAL BANK OF CANADA, as a Lender holding 20% of the	CITICORP USA, INC., as a Lender holding 20% of the
	Aggregate Commitments	 	 	Aggregate Commitments
	By: __/s/ Dan LePage ________________	 	 	By: __/s/ M. McKeon ________________
	(Signature)	(Signature)
	__Dan LePage Authorized Signatory_	 	 	___ M. McKeon Vice President _____
	(Printed Name and Title)	(Printed Name and Title)
	FANNIE MAE, as a Lender holding 14% of the Aggregate	COMERICA BANK, as a Lender holding 6% of the
	Commitments	 	 	Aggregate Commitments
	By: ___/s/ Carl W. Riedy	 	___________	 	 	By: __/s/ Lisa M. Kotula ____________
	(Signature)	(Signature)
	___Carl W. Riedy Jr. Vice President__	____ Lisa M. Kotula Vice President_
	 	 	(Printed Name and Title)	(Printed Name and Title)

3

Schedule 2.01

Commitments and Pro Rata Shares

	 	 	 	 	 	 	 	 	 
	LENDER	 	COMMITMENT	 	PRO RATA SHARE
	Bank of America, N.A.
	 	$	7,000,000.00	 	 	 	20.000000000000	%
	U.S. Bank National Association
	 	$	7,000,000.00	 	 	 	20.000000000000	%
	Royal Bank of Canada
	 	$	7,000,000.00	 	 	 	20.000000000000	%
	Citicorp USA, Inc.
	 	$	7,000,000.00	 	 	 	20.000000000000	%
	Fannie Mae
	 	$	4,900,000.00	 	 	 	14.000000000000	%
	Comerica Bank
	 	$	2,100,000.00	 	 	 	6.000000000000	%
	Total
	 	$	35,000,000.00	 	 	 	100.000000000000	%

4EX-10.02

Amendment No. 14

To

Fifth Amended And Restated Revolving Loan And Letter Of Credit Agreement

This Amendment No. 14 (this “Amendment”) is entered into as of February 15, 2008, by and among
the two entities included among the Borrower as listed on Exhibit A attached hereto
(individually, and collectively, jointly and severally, the “Borrower”); the several entities
included among the Guarantors as listed on Exhibit A attached hereto (each, individually, a
“Guarantor,” and collectively, jointly and severally, the “Guarantors”); the several entities
constituting the Majority Banks included among the Banks as listed on Exhibit A attached
hereto (each, individually, a “Bank” and collectively, but not jointly, the “Banks”); and Bank of
America, N.A. (“Bank of America”), as agent for the Banks (in such capacity, the “Agent”).

RECITALS

Reference is made to the following facts that constitute the background of this Amendment:

	 	A.	 	The parties hereto have entered into that certain Fifth Amended and Restated
Revolving Loan and Letter of Credit Agreement dated as of November 4, 2005 (as amended
and/or restated from time to time, the “Loan Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the same meanings herein as ascribed
to them in the Loan Agreement.

	 	B.	 	In the absence of the waiver set forth below, it is expected that the Borrower
and the Guarantors will not be in compliance with certain covenants under the Loan
Agreement as a result of the Borrower’s and Guarantors’ failure to deliver by the close
of business on the date hereof the “MuniMae Year-End Financial Statements” under (and
as that term is defined in) Amendment No. 12 to the Loan Agreement dated November 1,
2007 (“Amendment No. 12”).

	 	C.	 	In light of the foregoing, the Borrower and the Guarantors have requested a
waiver with respect to such covenants and a modification of the financial reporting
requirements and financial covenants of the Loan Agreement.

	 	D.	 	The Banks and the Agent are willing to grant such request solely in connection
with an orderly termination of the facility evidenced by the Loan Agreement.

	 	E.	 	The Borrower and the Guarantors have further requested that, in connection with
such termination, several additional changes be made to the Loan Agreement.

	 	F.	 	The Banks and the Agent are willing to agree to such additional changes upon
the terms and conditions set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing recitals and of the representations,
warranties, covenants and conditions set forth herein and in the Loan Agreement, and for other
valuable consideration the receipt and adequacy of which is hereby acknowledged, the parties agree
as follows:

Section 1. Waiver of Event of Default and Modification of Reporting and Financial
Covenants. The Agent and the Banks agree (a) that the Credit Documents are hereby amended by
deleting (i) the financial reporting requirements set forth in Sections 5.6.1, 5.6.2, and 5.6.3 of
the Loan Agreement and Sections 5.1, 5.2 and 5.3 of Schedule 1 to the MuniMae Guaranty, and (ii)
the financial covenants, and compliance with any covenant predicated on such financial reporting or
calculation of such financial covenants provided in Section 5.30 of the Loan Agreement and Section
20 of Schedule 1 of the MuniMae Guaranty and (b) to hereby waive any Defaults or Events of Default
which may have arisen due to non-compliance with any of the foregoing.

Section 2. Amendment of Maturity Date and Extension Term.

(a) Maturity Date. The definition “Maturity Date” in Section 1.1 of Loan Agreement is
hereby amended by replacing “May 1, 2008” with “March 5, 2008”. The Loan Agreement is hereby
further amended by deleting Section 2.12 thereof.

(b) First Extension Term. The Borrower may extend the Maturity Date to June 30, 2008,
provided that (i) on or before March 5, 2008, the Borrower pays a commitment fee of $39,062.50 to
the Agent for the ratable benefit of the Banks; (ii) from the date hereof through and including
March 5, 2008, there is outstanding no Default or Event of Default (after incorporating the terms
of this Amendment), and (iii) on or before March 5, 2008, as additional security for the
Obligations, the Borrower and the Guarantors shall cause an irrevocable standby letter of credit to
be issued to the Agent, for the ratable benefit of the Banks, by an issuer, and upon terms and
conditions, satisfactory to the Agent and the Banks, in the stated face amount of $14,000,000.00
(the “Additional Letter of Credit”). The Agent, for and on behalf of the Banks, agrees that it
will not present a sight draft under the Additional Letter of Credit unless an Event of Default has
occurred and is continuing. Without limiting the foregoing, the Additional Letter of Credit shall
have a stated expiration date no earlier than October 30, 2008. For the avoidance of doubt, the
Additional Letter of Credit shall be in addition to the “Collateral Letter of Credit” as defined
in, and as provided to the Agent pursuant to, Amendment No. 12. The Agent and the Banks
acknowledge that the following pension funds shall be acceptable issuers of the Additional Letter
of Credit: Wayne County Employees’ Retirement System, The General Retirement System of the City of
Detroit, and Police and Fire Retirement System of the City of Detroit. It shall constitute an
Event of Default under the Loan Agreement, with respect to which no cure period shall be
applicable, in the event that the issuer of the Collateral Letter of Credit (as such term is
defined in Amendment No. 12) or the Additional Letter of Credit fails to have a Standard & Poors
credit rating of at least A-.

(c) Second Extension Term In the event that the Maturity Date has been extended to
June 30, 2008, pursuant to Section 2(b) of this Amendment, the Borrower may further extend the
Maturity Date to September 30, 2008 provided that (i) from the date hereof through and including
June 30, 2008 there is outstanding no Default or Event of Default (after incorporating the terms of
this Amendment), (ii) prior to June 30, 2008 the aggregate capital contributions obligations of the
Borrower, and without duplication, the MTEs, to Property Partnerships other than Corporate Property
Partnerships (as defined in Section 5(c) below) are permanently reduced to less than
$153,800,000.00, (iii) prior to June 30, 2008 the Borrower and Guarantors shall have provided to
the Agent restated, audited financial statements for MuniMae for the fiscal year ending December
31, 2006, which shall include the restated, audited financial results for the fiscal years ending
December 31, 2004 and December 31, 2005, and (iv) prior to June 30, 2008 the Borrower has paid the
Agent for the ratable benefit of the Banks an extension fee equal to $70,687.50.

Section 3. Maximum Amount.

(a) Maximum Amount. The definition of “Maximum Amount” in Section 1.1 of the Loan
Agreement is hereby amended and restated to read as follows:

	 	 	 	 	 
	Date:

	 	Maximum Amount:

	 

	 	 	 	 
	Through March 5, 2008

	 	$	70,000,000	 
	 

	 	 	 	 
	March 5, 2008 (if the facility is not extended)

	 	$0; (Maturity Date)

	 

	 	 	 	 
	From March 6, 2008 through March 30, 2008 (if the

facility is extended)

	 	

$70,000,000

	 

	 	 	 	 
	From March 31, 2008 through April 29, 2008 (if the

facility is extended)

	 	

$60,000,000

	 

	 	 	 	 
	From April 30, 2008 through May 30, 2008 (if the facility

is extended)

	 	

$50,000,000

	 

	 	 	 	 
	From May 31, 2008 through June 29, 2008 (if the facility

is extended)

	 	

$40,000,000

	 

	 	 	 	 
	At June 30, 2008 (if facility not further extended)

	 	$0; (Maturity Date)

	 

	 	 	 	 
	From June 30, 2008 through July 30, 2008 (if the facility

is further extended)

	 	

$35,000,000

	 

	 	 	 	 
	From July 31, 2008 through August 30, 2008 (if the

facility is further extended)

	 	

$35,000,000

	 

	 	 	 	 
	From August 31, 2008 through September 29, 2008 (if the

facility is further extended)

	 	

$35,000,000

	 

	 	 	 	 
	September 30, 2008 (if the facility is extended)

	 	$0; (Maturity Date)

	 

	 	 	 	 

(b) In no event shall additional Revolving Loans be made under the Loan Agreement in excess of
$5,000,000 unless the Maturity Date is extended pursuant to Section 2(b) of this Amendment.

Section 4. Interest on Revolving Loans. 

(a) LIBOR Margin. The “LIBOR Margin” in Section V of Schedule A to the Loan Agreement
is hereby amended by replacing “1.85%” with “3.00%”.

(b) Prime Rate. The definition of “Prime Rate” in Section 1.1 of the Loan
Agreement shall be amended and restated in its entirety to read as follows:

“’Prime Rate’ means the variable per annum rate of interest so designated from time to
time by the Agent as its ‘prime’ rate, changing when and as such changes are so announced
without notice or demand of any kind plus three percentage points per annum. The ‘prime’
rate is a reference rate and does not necessarily represent the lowest or best rate being
charged to any customer.”

5. Additional Collateral. 

(a) Cash Collateral. Simultaneously with the execution and delivery of this Amendment,
the Borrower shall deliver to the Agent, to be held as additional Collateral for the Obligations
for the ratable benefit of the Banks, $5,000,000 in immediately available funds (the “Cash
Collateral”). The Agent will return any portion of the Cash Collateral that has not been applied
to the Obligations during the existence of an Event of Default to the Borrower solely upon the
delivery to the Agent of the Additional Letter of Credit and the extension of the Maturity Date to
June 30, 2008, in compliance with the terms of Section 2(b) of this Amendment.

(b) Corporate Property Partnerships. With respect to any Property Partnership in which
the Borrower or any Affiliate of MuniMae has made investments (either directly or indirectly)
without using Revolving Loans (each a “Corporate Property Partnership”), the Borrower and the
Guarantors hereby agree, prior to March 3, 2008, to take all action required by the Agent and the
Banks, in their discretion, to (i) grant to the Agent, for the ratable benefit of the Banks, a
first priority perfected security interest in all (A) equity held in any Middle Tier Entity holding
investment limited partnership interests or investor member interests in such Corporate Property
Partnerships, and (B) investment limited partnership interests or investor member interests in such
Corporate Property Partnerships. The Borrower and the Guarantors hereby represent and warrant to
the Agent and the Banks that set forth on Exhibit B Attached hereto is a list of all Corporate
Property Partnerships. In the event that the Maturity Date is extended to June 30, 2008 pursuant
to Section 2(b) of this Amendment, upon written request of the Borrower the Agent will release its
lien on any particular Corporate Property Partnership which is (y) being sold to or financed with
any other third party not Affiliated with the Borrower or the Guarantors, or (z) being transferred
to an Affiliate of the Borrower or the Guarantors in connection with the syndication of such
Corporate Property Partnership.

Section 6. Placed in Service. Notwithstanding anything in the Loan Agreement
to the contrary, the Borrower and the Guarantors hereby covenant and agree that the principal
amount of all Revolving Loans, the proceeds of which have been used to fund Capital Contributions
or Direct Investments to a particular Property Partnership, and all accrued interest thereon and
any other Obligations relating thereto, shall be due and payable in full prior to such time as such
Property Partnership is “placed in service” (as such phrase is used in the Code) for purposes of
permitting LIHTCs to be taken under the Code with respect to such Property Partnership.

Section 7. New Property Partnerships. Notwithstanding anything in the Loan
Agreement to the contrary, from the date hereof until March 31, 2008, no Revolving Loans shall be
permitted to be borrowed in order to make Capital Contributions or Direct Investments to any
Property Partnership that has not received Capital Contributions or Direct Investments funded in
part by Revolving Loans prior to the date hereof. From and after April 1, 2008, the Banks may make
Revolving Loans to the Borrower, the proceeds of which will be used by the Borrower to make Capital
Contributions or Direct Investments to a Property Partnership that has not previously received
Capital Contributions or Direct Investments funded in part by Revolving Loans (each a “New Property
Partnership”), upon the satisfaction of the following requirements:

(a) The Agent and each Bank must approve such New Property Partnership in its respective
unrestricted discretion;

(b) The Borrower shall provide evidence satisfactory to the Agent indicating that (i) there
will be sufficient availability of Revolving Loans under the Agreement to fund all Capital
Contributions or Direct Investments required to be funded to such New Property Partnership prior to
the Maturity Date, and (ii) MMA and its Affiliates will have sufficient liquidity to provide the
Co-Funding Amounts required to be provided in connection with such Revolving Loans;

(c) The Co-Funding Amount required to be provided in connection with any Revolving Loans used
to fund any Capital Contribution or Direct Investment to a New Property Partnership shall equal 20%
of the aggregate Capital Contribution or Direct Investment required in each such New Property
Partnership.

(d) In addition to the Co-Funding Amount required to be provided in connection with the first
Revolving Loan made to fund a Capital Contribution or Direct Investment to a New Property
Partnership, the Borrower shall provide a letter of credit for the benefit of the Agent, in form
and substance, and from an issuer acceptable to the Agent, in a stated face amount equal to 20% of
all Capital Contributions or Direct Investments required to be made with respect to such New
Property Partnership under such New Property Partnership’s limited partnership agreement.

(e) Full investment reports, and such other information as the Agent may request shall be
provided for each New Property Partnership prior to and/or after any Revolving Loans are made to
fund Capital Contributions or Direct Investments to such New Property Partnership.

(f) All other preconditions for making Revolving Loans to fund Capital Contributions or Direct
Investments under the Loan Agreement must be completed as provided in the Loan Agreement.

Section 8. Additional Reporting.

(a) Internal Funding Model. By the first and fifteenth day of each calendar month
following the date hereof (or the immediately preceding Business Day if any such day is not a
Business Day), the Borrower and the Guarantors shall provide to the Agent MMA’s internal funding
model, which shall set forth the then current amount of cash or cash equivalents, outstanding
Indebtedness under any lines of credit, and available credit under those lines of credit, in each
case for MuniMae and its Subsidiaries on a consolidated basis for the week ending the previous
Friday (the “Internal Funding Model”). MuniMae’s chief operating officer shall certify to the
Agent that each Internal Funding Model is true, complete and accurate, except that, to the extent
that the Internal Funding Model provides projections, MuniMae’s chief operating officer’s
certification shall only certify that such projections are based on reasonable assumptions. The
form of the Internal Funding Model shall be provided to, and must be in form and substance
satisfactory to, the Agent and the Banks, by no later than the date hereof.

(b) Other Indebtedness. The Borrower and the Guarantors hereby represent and warrant
that all material credit facilities, material letter of credit facilities and other material
Indebtedness of the Borrower and the Guarantors is described on the Disclosure Schedule attached
hereto as Exhibit C (collectively, the “Material Credit Sources”). The Borrower and the Guarantors
hereby covenant and agree that by no later than March 15, 2008, MuniMae shall provide to the Agent
(i) evidence satisfactory to the Agent and each of the Banks that all of Material Credit Sources
are in full force and effect with no event of default thereunder (and that no event or circumstance
has occurred or exists which, with the giving of notice, the passage of time or both, would
constitute an event of default thereunder), and (ii) information regarding the amount available to
MMA and its Affiliates to be borrowed under each Material Credit Source. MuniMae shall provide the
Agent and the Banks copies of all waivers or modification agreements in effect with respect to any
such Material Credit Source simultaneously with the delivery of such evidence and immediately upon
any subsequent execution and delivery thereof.

Section 9. Fees. The Borrower shall pay to the Agent, simultaneously with the
execution and delivery of this Amendment, for the pro rata benefit of the Banks based on their
respective Commitment Percentages, a waiver fee of $150,000.00 (the “Waiver Fee”).

Section 10. Representations and Warranties. The Borrower and Guarantors,
jointly and severally, represent and warrant to the Banks as of the effective date of this
Amendment that, assuming the due execution and delivery of this Amendment: (a) no Default or Event
of Default is in existence, from and after, or will result from, the execution and delivery of this
Amendment or the consummation of any transactions contemplated hereby; (b) each of the
representations and warranties of the Borrower and the Guarantors in the Loan Agreement and the
other Credit Documents, as updated through the date hereof by the Disclosure Schedule attached
hereto as Exhibit C, is true and correct in all material respects on the effective date of this
Amendment (except for representations and warranties limited as to time or with respect to a
specific event, which representations and warranties shall continue to be limited to such time or
event); and (c) this Amendment and the Loan Agreement (as amended by this Amendment) are legal,
valid and binding agreements of the Borrower and the Guarantors and are enforceable against them in
accordance with their terms.

Section 11. Ratification. Except as hereby amended or waived, the Loan
Agreement, all other Credit Documents and each provision thereof are hereby ratified and confirmed
in every respect and shall continue in full force and effect, and this Amendment shall not be, and
shall not be deemed to be, a waiver of any Default or Event of Default or of any covenant, term or
provision of the Loan Agreement or the other Credit Documents. In furtherance of the foregoing
ratification, by executing this Amendment in the spaces provided below, each of the Guarantors, on
a joint and several basis, hereby absolutely and unconditionally (a) reaffirms its obligations
under the Guaranty or the MuniMae Guaranty, as applicable, and (b) absolutely and unconditionally
consents to (i) the execution and delivery by the Borrower of this Amendment, (ii) the continued
implementation and consummation of arrangements and transactions contemplated by the Loan Agreement
(including, without limitation, as amended or waived hereby) and the other Credit Documents, and
(iii) the performance and observance by the Borrower and each Guarantor of all of its respective
agreements, covenants, duties and obligations under the Loan Agreement (including, without
limitation, as amended or waived hereby) and the other Credit Documents.

Section 12. Waiver and Release

(a) The Borrower and the Guarantors acknowledge and agree that, as of the date hereof: (i)
none of the Borrower or the Guarantors has any claim or cause of action against any of the members
of the Agent and the Banks, jointly or severally, or any of their respective affiliates (or any of
their directors, officers, employees, attorneys or agents) arising out of, under or in any way
relating to the Credit Documents, any documents, instruments, agreements (including this letter
agreement), dealings or other matters connected with the Credit Documents, the transactions
contemplated by the Credit Documents or any actions taken or not taken by the Agent and the Banks,
jointly or severally, in connection therewith; (ii) none of the Borrower or the Guarantors has any
offset rights, counterclaims or defenses of any kind against payment and performance of the
Obligations; and (iii) the Agent and the Banks, jointly and severally, have heretofore properly
performed and satisfied in a timely manner all of their respective obligations to the Borrower and
the Guarantors under the Credit Documents.

(b) In consideration of the amendments and waivers contained in this Amendment, the Borrower
and the Guarantors, on their own behalf and on behalf of each of their respective successors and
assigns, hereby waive, release and discharge each member of the Agent and the Banks, jointly and
severally, and their respective affiliates (and all of their directors, officers, employees,
attorneys and agents), from any and all claims, demands, actions or causes of action on or before
the date hereof and arising out of, under or in any way relating to the Credit Documents, any
documents, instruments, agreements (including this letter agreement), dealings or other matters
connected with the Credit Documents, the transactions contemplated by the Credit Documents or any
actions taken or not taken by the Agent and the Banks, jointly or severally, in connection
therewith, including, without limitation, all known and unknown matters, claims, transactions or
things occurring on or prior to the date hereof. The waivers, releases, and discharges in this
paragraph shall be effective regardless of any other event that may occur or not occur prior to, or
on or after the date hereof.

Section 13. Conditions Precedent. The agreements set forth in this Amendment
are conditional and this Amendment shall not be effective until the following conditions have been
fulfilled to the satisfaction of the Agent:

(a) receipt by the Agent of a fully-executed counterpart original of this Amendment;

(b) receipt by the Agent, for the pro rata benefit of the Banks, of the Waiver Fee;

(c) receipt by the Agent, for the pro rata benefit of the Banks, of the Cash Collateral;

(d) receipt and approval by the Agent and the Banks of a sample of the form of the Internal
Funding Model;

(e) receipt by the Agent and the Banks of each opinion letter and other agreements,
instruments or writings, and the completion of any and actions described on the Closing Checklist
attached hereto as Exhibit D (subject to the terms of the Post-Closing Agreement listed on Exhibit
D hereto); and

(f) Full cooperation with the Agent and the Banks in any due diligence which they may
reasonably require of the Borrower or the Guarantors.

Section 14. Counterparts. This Amendment may be executed and delivered in any
number of counterparts with the same effect as if the signatures on each counterpart were upon the
same instrument.

Section 15. Amendment as Credit Document. Each party hereto agrees and
acknowledges that this Amendment constitutes a “Credit Document” under and as defined in the Loan
Agreement.

SECTION 16. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO CONSTITUTE A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, INCLUDING ARTICLE 5 OF THE UCC, AND SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO ITS
CONFLICTS OF LAW RULES).

Section 17. Successors and Assigns. This Amendment shall be binding upon each
of the Borrower, the Guarantors, the Banks, the Agent and their respective successors and assigns,
and shall inure to the benefit of each of the Borrower, the Guarantors, the Banks and the Agent.

Section 18. Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

Section 19. Expenses. Each Borrower jointly and severally agrees to promptly
reimburse the Agent and the Banks for all expenses, including, without limitation, reasonable fees
and expenses of outside legal counsel, it has heretofore or hereafter incurred or incurs in
connection with the preparation, negotiation and execution of this Amendment and all other
instruments, documents and agreements executed and delivered in connection with this Amendment.

Section 20. Integration. This Amendment contains the entire understanding of
the parties hereto with regard to the subject matter contained herein. This Amendment supersedes
all prior or contemporaneous negotiations, promises, covenants, agreements and representations of
every nature whatsoever with respect to the matters referred to in this Amendment, all of which
have become merged and finally integrated into this Amendment. Each of the parties hereto
understands that in the event of any subsequent litigation, controversy or dispute concerning any
of the terms, conditions or provisions of this Amendment, no party shall be entitled to offer or
introduce into evidence any oral promises or oral agreements between the parties relating to the
subject matter of this Amendment not included or referred to herein and not reflected by a writing
included or referred to herein.

Section 21. No Course of Dealing. The Agent and the Banks have entered into
this Amendment on the express understanding with each Borrower and Guarantor that in entering into
this Amendment the Agent and the Banks are not establishing any course of dealing with the Borrower
or the Guarantors. The Agent’s and the Banks’ rights to require strict performance with all of the
terms and conditions of the Loan Agreement and the other Credit Documents shall not in any way be
impaired by the execution of this Amendment. None of the Agent and the Banks shall be obligated in
any manner to execute any further amendments or waivers and if such waivers or amendments are
requested in the future, assuming the terms and conditions thereof are satisfactory to them, the
Agent and the Banks may require the payment of fees in connection therewith. Each of the Borrower
and the Guarantors agrees that none of the ratifications and reaffirmations set forth herein, nor
the Agent’s nor any Bank’s solicitation of such ratifications and reaffirmations, constitutes a
course of dealing giving rise to any obligation or condition requiring a similar or any other
ratification or reaffirmation from the Borrower or the Guarantors with respect to any subsequent
modification, consent or waiver with respect to the Loan Agreement or any other Credit Document.

Section 22. Jury Trial Waiver. BORROWER, GUARANTORS, AGENT AND BANKS BY
ACCEPTANCE OF THIS AMENDMENT MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE
RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON (WHETHER IN CONTRACT, TORT OR
OTHERWISE), ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT, THE LOAN AGREEMENT, OR ANY
OTHER CREDIT DOCUMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT,
COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING,
WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF AGENT OR
ANY BANK RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE CREDIT DOCUMENTS, AND
AGREE THAT NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY
TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.

[Remainder of page intentionally left blank; signature pages follow]

1

IN WITNESS WHEREOF, the parties have caused this Amendment No. 14 to be duly executed
by their duly authorized officers or representatives, all as of the date first above written.

	 	 	 
	BORROWER:

	 	BORROWER:
	MMA Financial Warehousing, LLC

By: MMA Equity Corporation, its sole member

By:      /s/ Charles M. Pinckney     

	 	MMA Financial Bond Warehousing, LLC

By: MMA Equity Corporation, its managing member

By:      /s/ Charles M. Pinckney     
	 

	 	 
	(Signature)

     Charles M. Pinckney COO     

	 	(Signature)

     Charles M. Pinckney COO     
	 

	 	 
	(Printed Name and Title)

	 	(Printed Name and Title)
	GUARANTOR:

	 	GUARANTOR:
	Municipal Mortgage & Equity, LLC

By:      /s/ Charles M. Pinckney     

	 	MMA Financial Holdings, Inc.

By:      /s/ Charles M. Pinckney     
	 

	 	 
	(Signature)

     Charles M. Pinckney COO     

	 	(Signature)

     Charles M. Pinckney COO     
	 

	 	 
	(Printed Name and Title)

	 	(Printed Name and Title)
	GUARANTOR:

	 	GUARANTOR:
	MMA Equity Corporation

By:      /s/ Charles M. Pinckney     

	 	MMA Financial TC Corp.

By:      /s/ Charles M. Pinckney     
	 

	 	 
	(Signature)

     Charles M. Pinckney COO     

	 	(Signature)

     Charles M. Pinckney COO     
	 

	 	 
	(Printed Name and Title)

	 	(Printed Name and Title)

[Remainder of page intentionally left blank; Additional Guarantor signature page follows]

	 	 	 
	GUARANTOR: GUARANT

	 	OR:
	MMA Financial BFGLP, LLC

By: MMA Financial TC Corp., its sole member

By:      /s/ Charles M. Pinckney     

	 	MMA Financial BFG Investments, LLC

By: MMA Financial TC Corp., its managing member

By:      /s/ Charles M. Pinckney     
	 

	 	 
	(Signature)

     Charles M. Pinckney COO     

	 	(Signature)

     Charles M. Pinckney COO     
	 

	 	 
	(Printed Name and Title)

	 	(Printed Name and Title)
	GUARANTOR:

	 	GUARANTOR:
	MMA Financial BFRP, INC.

By:      /s/ Charles M. Pinckney     

	 	MMA Special Limited Partner, Inc.

By:      /s/ Charles M. Pinckney     
	 

	 	 
	(Signature)

     Charles M. Pinckney COO     

	 	(Signature)

     Charles M. Pinckney COO     
	 

	 	 
	(Printed Name and Title)

	 	(Printed Name and Title)

2

AGENT:

	 	 	 
	BANK OF AMERICA, N.A.

	By:

	 	     /s/ James J. Magaldi      
	
 
	 	 
	
 
	 	James J. Magaldi, Senior Vice President

	 	 	 
	THE BANKS:
	 	 	 	 	 	CITICORP USA, INC.
	 	 	 	 	 	By: __/s/ M. McKeon_______________
	BANK OF AMERICA, N.A.	 	 	(Signature)
	By: _____/s/ James J. Magaldi ________ James J.	__ M. McKeon Vice President ____
	Magaldi, Senior Vice President
	 	 	 	 	 	(Printed Name and Title)
	MERRILL LYNCH COMMUNITY DEVELOPMENT COMPANY, L.L.C.	COMERICA BANK
	By: /s/ Michael A. Solomon, EVP	 	 	By: ___/s/ Lisa M. Kotula __________
	 	 	(Signature)	(Signature)
	/s/ Michael A. Solomon, EVP	 	 	__ Lisa M. Kotula Vice President _
	(Printed Name and Title)	(Printed Name and Title)
	SOVEREIGN BANK
	By: __/s/ John P. Bowen VP________
	(Signature)
	___ John P. Bowen Vice President
	 	 	(Printed Name and Title)

EXHIBIT A

I. Borrower:

MMA Financial Warehousing, LLC, a Maryland limited liability company (“SPE I”),

MMA Financial Bond Warehousing, LLC, a Maryland limited liability company (“SPE II”), and

(SPE I and SPE II are individually, and collectively, jointly and severally referred to as the
“Borrower”).

II. Guarantors:

Municipal Mortgage & Equity, LLC, a Delaware limited liability company (“MuniMae”),

MMA Financial Holdings Inc., a Florida corporation (“MFH”),

MMA Equity Corporation, a Florida corporation (“MEC”),

MMA Financial TC Corp., a Delaware corporation (“TC Corp.”),

MMA Financial BFGLP, LLC, a Maryland limited liability Company (“BFGLP”),

MMA Financial BFRP Inc., a Delaware corporation (“BFRP”),

MMA Financial BFG Investments LLC, a Delaware limited liability company (“BFG Investments”), and

MMA Special Limited Partner, Inc., a Florida corporation (“MSLP”).

(MuniMae, MFH, MEC, TC Corp., BFGLP, BFRP, BFG Investments, and MSLP are each referred to as a
“Guarantor” and are collectively, jointly and severally referred to as the “Guarantors”).

III. Banks:

Bank of America, N.A.

Citicorp USA, Inc.

Comerica Bank

Merrill Lynch Community Development Company, L.L.C.

Sovereign Bank

 

3

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