Document:

exv10w47wi

Exhibit 10.47.I

EXECUTION COPY

AMENDMENT TO SWAP DOCUMENTS

(MLCS/MMA Realty)

     THIS AMENDMENT TO SWAP DOCUMENTS (this “Amendment”), dated March 6, 2008, is entered into by
and among MERRILL LYNCH CAPITAL SERVICES, INC. (“MLCS”) and MMA REALTY CAPITAL, LLC (“MuniMae Swap
Counterparty”).

     WHEREAS, MLCS and MuniMae Swap Counterparty entered into that certain ISDA Master Agreement,
dated as of February 1, 2007 (as amended, restated and/or supplemented from time to time, the
“Master Agreement”), together with the (a) Multicurrency-Cross Border Schedule to the Master
Agreement, dated as of February 1, 2007 (as amended, restated and/or supplemented from time to
time, the “Cross Border Schedule”), (b) Credit Support Annex to the Schedule to the Master
Agreement, dated as of February 1, 2007 (as amended, restated and/or supplemented from time to
time, the “Support Annex”), and (c) various Confirmations to the Master Agreement (all
collectively, as amended, supplemented and/or restated from time to time, including as supplemented
by the execution and delivery of additional Confirmations, the “Swap Agreement”); and

     WHEREAS, the parties hereto desire to amend the Swap Agreement as herein provided.

     NOW THEREFORE, in consideration of the foregoing and of the mutual covenants herein set forth,
the parties hereto hereby agree as follows:

     Section 1. Amendments to Swap Agreement. The Swap Agreement is hereby amended as follows:

     (a) The definition of “Other Eligible Support” is hereby amended to expressly include
the Guarantee of MuniMae TEI Holdings, LLC (“MuniMae TEI”) from MuniMae TEI to MLCS dated
March 6, 2008 relating to the Swap Agreement (the “MuniMae TEI Guarantee”).

     (b) As used herein, the terms “Related Pledge Agreements” and “Related Swap Agreements”
have the meaning assigned to such terms in the “Pledge Agreement” (as defined in the MuniMae
TEI Guarantee).

     (c) The Value of the MuniMae TEI Guarantee for purposes of the Support Annex shall be
an amount equal to 50% of the market value of the Pledged Equity (as defined in the Pledge
Agreement) determined by MLCS from time to time at its own election and which amount shall
equal the market value of the bonds owned by MuniMae TE Bond Subsidiary, LLC (“TE Bond Sub”)
as determined by MLCS in its sole discretion exercised in good faith (and consistent with
MLCS’s valuation of other multifamily housing bonds of similar credit and quality) together
with any cash held by TE Bond Sub not required to pay dividends or any accrued interest less
the cost of paying

 

 

off any senior obligations of TE Bond Sub and extinguishing any preferred shares of TE
Bond Sub with such costs determined by MLCS in its sole discretion exercised in good faith;
provided (i) the Value of Pledged Equity shall never exceed an amount equal to $100,000,000
multiplied by a percentage equal to the number of shares of MuniMae TE Bond Subsidiary, LLC
(“TE Bond Sub”) pledged to MLCS pursuant to the Pledge Agreement divided by the total number
of shares of TE Bond Sub outstanding. Notwithstanding the foregoing, the Value of the
MuniMae TEI Guarantee shall be deemed zero if less than 100% of the equity interests in TE
Bond Sub outstanding are pledged to MLCS in the aggregate pursuant to the Pledge Agreement
and the Related Pledge Agreements, and (ii) if the market value of the Pledged Equity under
the Pledge Agreement and under each of the Related Pledge Agreements in the aggregate, as
determined by MLCS in accordance with subsection (c), is less than $50,000,000, the Value of
the MuniMae TEI Guaranty shall be zero.

     (d) The definition of “Credit Support Provider” is hereby amended to expressly include
MuniMae TEI.

     (e) The definition of “Credit Support Document” is hereby expressly amended to include
the MuniMae TEI Guarantee and the Pledge Agreement.

     (f) No Return Amount shall be due to the MuniMae Swap Counterparty, and any collateral
existing on the date hereof that expires prior to termination of the Swap Agreement shall be
required to be replaced with substitute collateral with a Value equal to the collateral
expiring (e.g., if a $1,000,000 letter of credit valued at $1,000,000 is expiring it shall
be replaced with $1,000,000 in cash or other collateral with a Value of $1,000,000) unless
the MuniMae Swap Counterparty and/or its affiliates post sufficient collateral with MLCS to
satisfy their collateral posting obligations under the Swap Agreement and each of the
Related Swap Agreements without consideration of any pledge of MuniMae TEI’s interest in TE
Bond Sub and MLCS is required to release its security interest in the Pledged Equity
pursuant to subsection (g) below; provided, however, without limitation, Collateral under
the Swap Agreement may be applied to make any required payment upon a termination of any
Confirmation under the Swap Agreement and to the extent that any Independent Amount is
reduced under the terms of the Swap Agreement as a result of such termination, the MuniMae
Swap Counterparty shall be entitled to a Return Amount in the form of returned collateral
with a Value equal to such Independent Amount reduction but only to the extent that such
collateral is in excess of what is required to be posted under the Swap Agreement.

     (g) MLCS shall release its security interest in all Collateral (as defined in the
Pledge Agreement), including without limitation, the Pledged Equity, and agrees to terminate
the Pledge Agreement, the Related Pledge Agreements and any guarantees of MuniMae TEI
secured solely thereby, at any time MuniMae Swap Counterparty and/or its affiliates post
sufficient collateral with MLCS to satisfy their obligations under the Swap Agreement and
the Related Swap Agreements without consideration of any pledge of MuniMae TEI’s interest in
TE Bond Sub (with the understanding that once terminated MLCS shall not be required to
accept a similar pledge of the interests of TE Bond Sub in the future).

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     (h) MLCS shall release its security interest in the Pledged Equity at any time in order
to allow such Pledged Equity to be pledged to MLCS pursuant to one or more Related Pledge
Agreements simultaneously with such release, and agrees to cooperate with the MuniMae Swap
Counterparty to effectuate such transfer of Pledged Equity, but in each case only to the
extent that the Swap Agreement is over collateralized.

     (i) While the Pledge Agreement is outstanding, an Event of Default under any Related
Swap Agreement (other than Event of Default caused by MLCS or one of its affiliates) shall
be an Event of Default under the Swap Agreement with respect to the MuniMae Swap
Counterparty.

     Section 2. Ratification. As expressly amended hereby, the Swap Agreement and all documents
relating to and securing the same shall continue in full force and effect.

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[Signature page to Amendment to Swap Documents]

	 	 	 	 	 	 	 
	 	 	MERRILL LYNCH CAPITAL SERVICES, INC.
	 
	 	 	 	 	 	 
	 

	 	By
	 	 
 

	 	 
	 

	 	Name
	 	 
 

	 	 
	 

	 	Title
	 	 
 

	 	 

[Signatures continued on following page]

 

 

[Signature page to Amendment to Swap Documents]

	 	 	 	 	 	 	 
	 	 	MMA REALTY CAPITAL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 
 

	 	 
	 

	 	Name
	 	 
 

	 	 
	 

	 	Title
	 	 
 

	 	 

 

 

[Signature page to Amendment to Swap Documents]

     Acknowledged and consented to by:

	 	 	 	 	 	 	 
	 	 	MUNICIPAL MORTGAGE & EQUITY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 
 

	 	 
	 

	 	Name
	 	 
 

	 	 
	 

	 	Title
	 	 
 

	 	 

2exv10w47wj

Exhibit 10.47.J

EXECUTION COPY

GUARANTEE OF MUNIMAE TEI HOLDINGS, LLC

(MLCS/MMA Realty)

     FOR VALUE RECEIVED, receipt of which is hereby acknowledged, MUNIMAE TEI HOLDINGS, LLC, a
Maryland limited liability company (“MuniMae TEI”), hereby unconditionally guarantees to MERRILL
LYNCH CAPITAL SERVICES, INC. (“MLCS”), the due and punctual payment of any and all amounts payable
by MMA Realty Capital, LLC (“Swap Counterparty”), under the terms of the Master Agreement between
MLCS and Swap Counterparty dated as of February 1, 2007, including the Schedule and Credit Support
Annex thereto, and all Confirmations issued thereunder, all as amended, restated and/or
supplemented from time to time including by the execution and delivery of additional Confirmations
thereunder (the “Agreement”), and including, in case of default, interest on any amount due, when
and as the same shall become due and payable, whether on the scheduled payment dates, at maturity,
upon declaration of termination or otherwise, according to the terms thereof. In case of the
failure of Swap Counterparty punctually to make any such payment, MuniMae TEI hereby agrees to make
such payment, or cause such payment to be made, promptly upon demand made by MLCS to MuniMae TEI;
provided, however, that delay by MLCS in giving such demand shall in no event affect MuniMae TEI’s
obligations under this Guarantee. This Guarantee shall remain in full force and effect or shall be
reinstated (as the case may be) if at any time any payment guaranteed hereunder, in whole or in
part, is rescinded or must otherwise be returned by MLCS upon the insolvency, bankruptcy or
reorganization of Swap Counterparty or otherwise, all as though such payment had not been made.

     MuniMae TEI hereby agrees that, subject to the last paragraph hereof, its obligations
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the
Agreement; the absence of any action to enforce the same; any waiver or consent by MLCS concerning
any provisions thereof; the rendering of any judgment against Swap Counterparty or any action to
enforce the same; or any other circumstances that might otherwise constitute a legal or equitable
discharge of a guarantor or a defense of a guarantor. MuniMae TEI covenants that this guarantee
will not be discharged except by complete payment of the amounts payable under the Agreement or
termination of the Pledge Agreement (as defined below). This Guarantee shall continue to be
effective if Swap Counterparty merges or consolidates with or into another entity, loses its
separate legal identity or ceases to exist.

     MuniMae TEI hereby waives diligence; presentment; protest; notice of protest, acceleration,
and dishonor; filing of claims with a court in the event of insolvency or bankruptcy of Swap
Counterparty; all demands whatsoever, except as noted in the first paragraph hereof; and any right
to require a proceeding first against Swap Counterparty.

     MuniMae TEI hereby certifies and warrants that this Guarantee constitutes the valid obligation
of MuniMae TEI and complies with all applicable laws.

 

 

     This Guarantee shall be governed by, and construed in accordance with, the laws of the State
of New York.

     This Guarantee becomes effective as of the date hereof.

     The obligations hereunder shall be non-recourse against MuniMae TEI, and its officers,
directors, employees, shareholders, members, partners and agents; provided, however, nothing
contained in this paragraph shall be deemed to limit any rights or remedies any person or entity
may have against collateral pledged to specifically secure MuniMae TEI’s obligations hereunder,
including any rights or remedies any person or entity may have under the Pledge Agreement by and
among MuniMae TEI Holdings, LLC and MLCS, dated March 6, 2008, relating to the Agreement, as
amended, restated and/or supplemented from time to time (the “Pledge Agreement”).

[Remainder of page intentionally left blank]

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          IN WITNESS WHEREOF, MuniMae TEI has caused this Guarantee to be executed by its duly
authorized representative.

	 	 	 	 	 	 	 
	 	 	MUNIMAE TEI HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	 
 

	 	 
	 

	 	Name
	 	 
 

	 	 
	 

	 	Title
	 	 
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:

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