Document:

EXHIBIT 10.33

                          RIV ACQUISITION HOLDINGS INC.
                               650 Madison Avenue
                                   15th Floor
                            New York, New York 10022

                                                                 August 16, 2007

Syd Ghermezian
Triple Five Investco, LLC.
9510 West Sahara, Suite 200
Las Vegas, Nevada 89117

Dear Mr. Ghermezian:

Reference is made to the agreement dated March 21, 2007 between Riv Acquisition
Holdings Inc. ("RAH"), Triple Five Investco LLC and Dominion Financial LLC (the
"Agreement"). RAH hereby advises you that it is extending the Term (as defined
in the Agreement) pursuant to section 2 of the Agreement for thirty days
commencing on August 19, 2007. In consideration of such extension, RAH has
already wired the amount of $173,547.29 to the account previously designated by
you.

Sincerely,

/s/ Paul Kanavos
----------------
Paul Kanavos
Presidentex4-1.htm

     

    Exhibit
      4.1

    [Form
      of
      Common Stock Certificate]

    

    WESTSAR
      FINANCIAL SERVICES CORPORATION

    

    INCORPORATED
      UNDER THE LAWS OF THE STATE OF NORTH CAROLINA

    

    CUSIP
      961534 10 4

    See
      reverse side for certain definitions

    

    

    This
      is
      to Certify that _____________ is the owner of ______________ fully paid and
      non-assessable shares of Common Stock $1.00 par value per share of Weststar
      Financial Services Corporation transferable on the books of the Corporation
      by
      the holder hereof in person or by duly authorized Attorney, on surrender of
      this
      Certificate properly endorsed.  This Certificate is not valid until
      countersigned by the Transfer Agent and registered by the
      Registrar.

    

    IN
      WITNESS WHEREOF, the Corporation has caused this Certificate to be signed in
      facsimile by its duly authorized officers and the facsimile seal of the
      Corporation to be duly affixed hereto:

    

    
      	
              Dated

            	 	 	 	 
	 	 	 	 	 
	 	 	
              (SEAL)

            	 
	 	 	 	
              President
                & Chief Executive Officer

            
	 	 	 	 	 
	 	 	 	  
	 	 	 	
              Secretary

            
	 	 	 	 

    

    Countersigned
      and Registered:

    REGISTRAR
      AND TRANSFER COMPANY

    
      	
              (Cranford,
                New Jersey)

            	
              Transfer
                Agent 
And Registrar

            

    

    By:

    Authorized
      Signature

    

    
      
        
          

        

      The
        Company will, upon request, furnish any shareholder, without charge, information
        in writing as to the designations, preferences, limitations, and relative
        rights
        of all classes of shares and any series thereof and the authority of the
        board
        of directors to determine the variations for future series.

      

      The
        following abbreviations, when used in the inscription on the face of this
        certificate, shall be construed as though they were written out in full
        according to applicable laws or regulations.

      

      TEN
        COM –
as tenants in common

      TEN
        ENT –
as tenants by the entireties

      JT
        TEN –
as joint tenants with rights of survivorship and not as tenants in
        common

      UNIF
        GIFT
        MIN ACT ___________ Custodian __________ under Uniform Gift to Minors Act
        _____________

      

      For
        value
        received, _____________ hereby sell, assign and transfers unto ____________
        of
        the capital stock represented by the within Certificate, and do hereby
        irrevocably constitute and appoint ___________ attorney to transfer the said
        stock on the books of the within name of Company with full power of substitution
        in the premises.

    

    
      	 	 	 
	
              DatedExhibit 10.1

================================================================================

                         SECURITIES REPURCHASE AGREEMENT

                                  by and among

                       Renaissance REIT Investment Corp.,
                                    as Seller

                           Delta Funding Corporation,
                                   as Seller,

                          Delta Financial Corporation,
                                  as Guarantor

                                       and

                             AG Delta Holdings, LLC,
                                    as Buyer

                           Dated as of August 13, 2007

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

SECTION 1.    DEFINITIONS......................................................1

SECTION 2.    INITIATION; TERMINATION..........................................9

SECTION 3.    PERIODIC PAYMENTS...............................................11

SECTION 4.    SECURITY INTEREST...............................................11

SECTION 5.    PAYMENT, TRANSFER AND CUSTODY...................................11

SECTION 6.    REPRESENTATIONS.................................................12

SECTION 7.    COVENANTS OF SELLERS............................................16

SECTION 8.    EVENTS OF DEFAULT...............................................19

SECTION 9.    REMEDIES........................................................21

SECTION 10.   JOINT AND SEVERAL OBLIGATIONS OF SELLERS........................23

SECTION 11.   GUARANTEE.......................................................23

SECTION 12.   INDEMNIFICATION.................................................25

SECTION 13.   NOTICES AND OTHER COMMUNICATIONS................................26

SECTION 14.   ENTIRE AGREEMENT; SEVERABILITY..................................27

SECTION 15.   ASSIGNMENTS.....................................................27

SECTION 16.   TERMINABILITY...................................................27

SECTION 17.   GOVERNING LAW...................................................28

SECTION 18.   SUBMISSION TO JURISDICTION; WAIVERS.............................28

                                        i
<PAGE>

SECTION 19.   NO WAIVERS, ETC.................................................29

SECTION 20.   MISCELLANEOUS...................................................29

SECTION 21.   CONFIDENTIALITY.................................................29

SECTION 22.   INTENT..........................................................30

SECTION 23.   DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS..............30

SECTION 24.   CONFLICTS.......................................................30

SECTION 25.   TAX TREATMENT...................................................30

SECTION 26.   BUYER OBLIGATIONS...............................................31

                                      -ii-
<PAGE>

                                    SCHEDULES
                                    ---------

         SCHEDULE I                 Purchased Securities

         SCHEDULE II                Bond File Documents

         SCHEDULE III               Disclosures

                                      -iii-

<PAGE>

                         SECURITIES REPURCHASE AGREEMENT

                  This  SECURITIES   REPURCHASE   AGREEMENT  (this   "REPURCHASE
AGREEMENT"),  dated  as of  August  13,  2007,  is  entered  into  by and  among
Renaissance REIT Investment Corp.  ("RENAISSANCE"),  a Maryland  corporation and
Delta Funding Corporation  ("DELTA"),  a New York corporation,  each as a seller
(each, a "SELLER" and together, the "SELLERS"),  Delta Financial Corporation,  a
Delaware corporation, as guarantor (the "GUARANTOR") and AG Delta Holdings, LLC,
a Delaware limited liability company, as buyer (the "BUYER").

                  In  consideration  of the mutual  promises and obligations set
forth herein, the parties hereby agree as follows:

                  SECTION 1. DEFINITIONS

                  As used herein,  the following  terms shall have the following
meanings  (all terms  defined in this Section 1 or in other  provisions  of this
Repurchase  Agreement in the singular to have the same meanings when used in the
plural and VICE VERSA):

                  "AFFILIATE"  shall  mean  with  respect  to  any  Person,  any
"affiliate" of such Person, as such term is defined in the Bankruptcy Code.

                  "BANKRUPTCY CODE" shall mean the United States Bankruptcy Code
of 1978, as amended from time to time.

                  "BOND  CUSTODIAN"  shall mean  either  (i) Buyer,  or (ii) any
other Person  designated by Buyer, as custodian of the Purchased  Securities and
Bond Files.

                  "BOND  FILE"  shall have the  meaning  provided in Schedule II
hereto.

                  "BUSINESS  DAY" shall mean a day other than (i) a Saturday  or
Sunday, (ii) any day on

which banking institutions are authorized or required by law, executive order or
governmental  decree to be closed in the State of New York,  or (iii) any day on
which the New York Stock Exchange is closed.

                  "BUYER" shall mean AG Delta Holdings,  LLC, its successors and
assigns.

                  "CASH  EQUIVALENTS"  shall mean (a) securities with maturities
of 90 days or less from the date of  acquisition  issued or fully  guaranteed or
insured by the United States Government or any agency thereof,  (b) certificates
of deposit and eurodollar  time deposits with maturities of 90 days or less from
the date of  acquisition  and  overnight  bank deposits of any  commercial  bank
having capital and surplus in excess of $500,000,000, (c) repurchase obligations
of any  commercial  bank  satisfying  the  requirements  of  clause  (b) of this
definition, having a term of not more than seven days with respect to securities
issued or fully  guaranteed  or  insured by the United  States  Government,  (d)
commercial  paper of a domestic  issuer  rated at least "A-1" or the  equivalent
thereof by Standard and Poor's  Ratings Group ("S&P") or "P-1" or the equivalent
thereof  by Moody's  Investors  Service,  Inc.  ("MOODY'S")  and in either  case
maturing  within  90 days  after the day of  acquisition,  (e)  securities  with
maturities of 90 days or

                                       1
<PAGE>

less from the date of  acquisition  issued  or fully  guaranteed  by any  state,
commonwealth or territory of the United States, by any political  subdivision or
taxing authority of any such state,  commonwealth or territory or by any foreign
government,  the securities of which state, commonwealth,  territory,  political
subdivision,  taxing  authority or foreign  government  (as the case may be) are
rated at least "A" by S&P or "A-2" by Moody's, (f) securities with maturities of
90 days or less from the date of acquisition backed by standby letters of credit
issued by any commercial bank satisfying the  requirements of clause (b) of this
definition  or (g) shares of money market  mutual or similar  funds which invest
exclusively in assets  satisfying the requirements of clauses (a) through (f) of
this definition.

                  "CHANGE IN CONTROL"  shall mean the  occurrence  of any of the
following:   (i)  the  consummation  of  any  transaction  (including,   without
limitation,  any merger or consolidation) the result of which is that any Person
(other than a Person  owning such an  interest on the date  hereof)  becomes the
"beneficial  owner" (as such term is defined in Rule 13d-3 and Rule 13d-5  under
the Exchange Act), directly or indirectly,  of more than 50% of the voting stock
of either  Seller or  Guarantor  (measured  by general  voting power rather than
number  of  shares)  or (ii) the  sale,  lease,  transfer,  conveyance  or other
disposition  (other than by way of merger or consolidation  and excluding sales,
leases,    transfers,    conveyances   or   other   dispositions   pursuant   to
Securitizations, Warehouse Facilities or residual financing arrangements entered
into in the ordinary course of business), in one or a series of transactions, of
all or  substantially  all of the  assets  of  Guarantor  and  its  Consolidated
Subsidiaries taken as a whole.

                  "CODE"  shall  mean the  Internal  Revenue  Code of  1986,  as
amended from time to time.

                  "CONSOLIDATED  SUBSIDIARY"  shall mean any  subsidiary  of the
Guarantor  consolidated with the Guarantor for accounting purposes in accordance
with GAAP.

                  "DEFAULT" shall mean an Event of Default or an event that with
notice or lapse of time or both would become an Event of Default.

                  "DELTA PARTY" SHALL MEAN EACH OF THE GUARANTOR AND EACH OF THE
SELLERS AND "DELTA  PARTIES"  SHALL MEAN THE  GUARANTOR AND BOTH OF THE SELLERS,
COLLECTIVELY.

                  "DOLLARS" and "$" shall mean lawful money of the United States
of America.

                  "EFFECTIVE DATE" shall mean the date upon which the conditions
precedent set forth in Section 3(a) shall have been satisfied.

                  "ELIGIBLE  FINANCIAL   Institution"  shall  mean  a  financial
institution  with a short term deposit  rating or the  equivalent  thereof of at
least  "A-1" by S&p or at least  "P-1" by Moody's or a long term debt  rating of
"A" by S&P or "A3" by Moody's.

                  "EQUITY   DOCUMENTS"   shall  mean  the  Warrant   Acquisition
Agreement,  Warrant,  Management Rights Letter, Voting and Support Agreement and
Investor  Rights  Agreement,  each  entered  into  by  Guarantor  or one or more
Affiliates of Guarantor,  on the one hand, and AG Delta Holdings,  LLC or one or
more Affiliates of AG Delta Holdings, LLC, on the other hand, in each

                                       -2-
<PAGE>

case dated on or about the date hereof, and such other related agreements as may
be entered into in connection therewith.

                  "EVENT OF  DEFAULT"  has the  meaning  specified  in Section 8
hereof.

                  "EVENT OF INSOLVENCY" shall mean, for any Person:

                  (a) that such  Person  shall fail  generally  to, or admit its
inability  to, pay its debts as they become due; or

                  (b) a proceeding  shall have been instituted in a court having
jurisdiction in the premises  seeking a decree or order for relief in respect of
such Person in an involuntary case under any applicable bankruptcy,  insolvency,
liquidation,  reorganization or other similar law now or hereafter in effect, or
for the appointment of a receiver,  liquidator,  assignee,  trustee,  custodian,
sequestrate,  conservator or other similar  official of such Person,  or for any
substantial  part of its property,  or for the  winding-up or liquidation of its
affairs and such proceeding  shall not be dismissed within thirty (30) days from
the commencement thereof; or

                  (c) the  commencement by such Person of a voluntary case under
any applicable  bankruptcy,  insolvency,  liquidation,  reorganization  or other
similar Law now or hereafter in effect, or such Person's consent to the entry of
an order for relief in an involuntary case under any such Law, or consent to the
appointment  of  or  taking  possession  by a  receiver,  liquidator,  assignee,
trustee, custodian,  sequestrate,  conservator or other similar official of such
Person, or for any substantial part of its property,  or any general  assignment
for the  benefit of  creditors;  or (d) if such  Person is a  corporation,  such
Person,  or any  Subsidiary of such Person,  shall take any corporate  action in
furtherance  of, or the action of which  would  result in any of the actions set
forth in the preceding clause (a), (b), (c) or (d).

                  "GAAP" shall mean generally accepted accounting  principles in
the United States of America, as in effect from time to time as set forth in the
opinions and pronouncements of the Accounting  Principles board and the American
Institute of Certified  Public  Accountants  and the Statements of the Financial
Accounting  Standards Board, which are applicable to the circumstances as of the
date of determination, consistently applied.

                  "GOVERNING  AGREEMENT" Shall mean, with respect to a Purchased
Security,  the agreement or agreements  under which such Purchased  Security was
issued and pursuant to which the rights of a holder thereof are governed.

                  "GOVERNMENTAL  AUTHORITY"  shall  mean the  government  of the
United  States  of  America  or of any  state,  county,  municipality  or  other
political  subdivision  thereof or any  governmental  body,  agency,  authority,
department or commission (including,  without limitation,  any taxing authority)
or any  instrumentality or officer of any of the foregoing  (including,  without
limitation, any court or tribunal) exercising executive, legislative,  judicial,
regulatory or  administrative  functions of or pertaining to government  and any
corporation,  partnership  or other entity  directly or  indirectly  owned by or
controlled  by the  foregoing  having  jurisdiction  over  Sellers or any of its
properties.

                                      -3-
<PAGE>

                  "INCOME" shall mean, with respect to any Purchased Security at
any time after the date  hereof,  any  principal  thereof  then  payable and all
interest, dividends or other distributions payable thereon.

                  "INDEBTEDNESS" shall mean, for any Person: (a) all obligations
for borrowed money; (b) obligations of such Person to pay the deferred  purchase
or acquisition price of Property or services,  other than trade accounts payable
(other than for borrowed money) arising,  and accrued expenses incurred,  in the
ordinary  course of business so long as such trade accounts  payable are payable
and paid within ninety (90) days of the date the respective  goods are delivered
or the respective services are rendered; (c) indebtedness of others secured by a
lien on the Property of such Person, whether or not the respective  indebtedness
so secured has been  assumed by such  Person;  (d)  obligations  (contingent  or
otherwise) of such Person in respect of letters of credit or similar instruments
issued for account of such Person; (e) capital lease obligations of such Person;
(f) obligations of such Person under repurchase agreements or like arrangements;
(g)  indebtedness of others  guaranteed on a recourse basis by such Person;  (h)
all  obligations of such Person  incurred in connection  with the acquisition or
carrying  of  fixed  assets  by  such  Person;   (i)   indebtedness  of  general
partnerships  of which  such  Person  is a  general  partner;  and (j) any other
indebtedness of such Person by a note,  bond,  debenture or similar  instrument.
Notwithstanding  the  foregoing,   the  term  "Indebtedness"  does  not  include
obligations pursuant to representations,  warranties,  covenants and indemnities
in connection with a Securitization or Warehouse Facility.

                  "INSTRUCTION LETTER" shall mean with respect to each Purchased
Security  which is not  registered in the name of Buyer, a letter of irrevocable
instruction from the applicable Seller to, and acknowledged by, the paying agent
under the related Governing Agreement and any other Person, if any, to whom such
instruction  is  required to be  delivered  pursuant to the terms of the related
Governing Agreement, in which such Person(s) agree to remit any collections with
respect to the applicable  Purchased Security to or at the direction of Buyer as
Buyer may direct in writing from time to time.

                  "LATE  PAYMENT FEE" has the meaning  specified in Section 3(a)
hereof.

                  "LEVERAGE RATIO" shall mean, with respect to the Guarantor and
its  Consolidated  Subsidiaries,  the  ratio  of  total  liabilities  (excluding
non-recourse  securitization  debt and including any contingent  liabilities) to
Tangible Net Worth.

                  "LIBOR  DETERMINATION  DATE" shall mean,  with respect to each
Payment Accrual  Period,  the second Business Day preceding such Payment Accrual
Period.

                  "LIBOR RATE" as of any LIBOR Determination Date shall mean the
London  interbank  offered rate for deposits in U.S. dollars on the basis of the
rate for deposits in United States dollars for a one-month  period which appears
on Reuters Screen  LIBOR01 as of 11:00 a.m.,  London time, on such date. If such
rate  does not  appear  on  Reuters  Screen  LIBOR01,  the  rate for that  LIBOR
Determination  Date  shall be  determined  on the  basis  of the  rates at which
deposits  in United  States  dollars  are  offered by at least two major  banks,
selected by Buyer,  at  approximately  11:00 a.m.,  London time,  on that day to
prime banks in the London interbank market for a one-month period.

                                      -4-
<PAGE>

                  "LIEN" shall mean any lien, charge, pledge, security interest,
mortgage, deed of trust or other similar encumbrance.

                  "LIQUIDITY" shall mean, with respect to a Person, unrestricted
cash and Cash Equivalents and available and unused borrowing  capacity under any
committed  credit  facility in favor of such  Person from an Eligible  Financial
Institution.

                  "MATERIAL ADVERSE EFFECT" shall mean a material adverse effect
on (a) the Property, business, operations, or financial condition of the Sellers
or the Guarantor, (b) the ability of the Sellers or the Guarantor to perform its
respective  obligations  under this  Repurchase  Agreement,  (c) the validity or
enforceability  of this Repurchase  Agreement  against Sellers or the Guarantor,
(d) the rights and remedies of Buyer under this Repurchase Agreement, or (e) the
Market Value of the Purchased Securities taken as a whole.

                  "MOODY'S" shall mean Moody's Investor's  Service,  Inc. or any
successors thereto.

                  "MORTGAGE"  shall  mean each  mortgage,  assignment  of rents,
security agreement and fixture filing,  deed of trust and deed to secure debt or
similar  instrument  creating  and  evidencing  a first or  second  lien on real
property and other property and rights incidental thereto.

                  "NET INCOME"  shall mean,  for any Person for any period,  the
net income of such Person for such period as determined in accordance with GAAP.

                  "NET  WORTH"  shall  mean,  as of any  date  of  determination
thereof, the net worth of Guarantor, as determined in accordance with GAAP.

                  "OBLIGATIONS"  shall  mean  any  amounts  due and  payable  by
Sellers  to  Buyer in  connection  with the  Transaction  hereunder  (including,
without duplication,  interest which would be payable as post-petition  interest
in  connection  with  any  bankruptcy  or  similar  proceeding)  and  all  other
reasonable fees or expenses which are payable hereunder.

                  "OPTIONAL REPURCHASE DATE" SHALL HAVE THE MEANING SET FORTH IN
SECTION 2(C) HEREOF.

                  "PABRAI FUNDS COMMITMENT"  shall mean a binding  commitment to
Guarantor from funds controlled by Mohnish Pabrai to purchase  convertible notes
from Guarantor.

                  "PATRIOT  ACT" shall mean the USA  Patriot  Act,  Title III of
Pub.  L.  107-56,  signed  into  law on  October  26,  2001  or  any  subsequent
legislation that amends, supplements or supersedes such Act.

                  "PAYMENT  DATE"  shall  mean the 25th day of each  month or if
such day is not a Business Day the following Business Day,  commencing in August
2007.

                                      -5-
<PAGE>

                  "PAYMENT  ACCRUAL  PERIOD"  with  respect to any Payment  Date
shall mean the period from an including  one Payment Date to but  excluding  the
immediately  following  Payment Date,  provided,  however,  that (i) the initial
Payment  Accrual Period shall commence on and include the Purchase Date and (ii)
the final Payment Accrual Period shall end on but exclude the Repurchase Date.

                  "PERMITTED  LIENS"  shall  mean,  (a)  Liens  created  by this
Repurchase  Agreement,  (b) Liens securing the payment of taxes,  assessments or
other  governmental  charges or levies either not yet overdue or the validity of
which are being  contested in good faith by appropriate  proceedings  diligently
pursued and available to such Seller or Guarantor,  as the case may be, and with
respect  to which  adequate  reserves  have  been set  aside on its  books,  (c)
carriers', warehousemen's, mechanics', materialmen's, repairmen's and other like
Liens  imposed by law,  arising in the ordinary  course of business and securing
obligations  that are not  overdue  by more than 30  calendar  days or are being
contested in good faith, (d) pledges and deposits made in the ordinary course of
business in compliance with workers'  compensation,  unemployment  insurance and
other social  security laws or regulations (e) easements,  zoning  restrictions,
rights-of-way  and  similar  encumbrances  on real  property  imposed  by law or
arising in the  ordinary  course of  business  that do not  secure any  monetary
obligations  and do not  materially  detract  from  the  value  of the  affected
property or interfere  with the  ordinary  conduct of business of the Sellers or
Guarantors,  (f) judgments  and other  similar liens arising in connection  with
court proceedings that do not constitute an Event of Default, provided that such
liens  are  being  contested  in  good  faith  and  by  appropriate  proceedings
diligently pursued, adequate reserves or other appropriate provision, if any, as
are required by GAAP have been made  therefore and a stay of  enforcement of any
such  lien is in  effect,  (g) Liens on  receivables  or other  assets  securing
Warehouse  Facilities or Securitizations (or guarantees of Warehouse  Facilities
or Securitizations), (h) Liens on property of a Person existing at the time such
Person is merged into or consolidated  with Guarantor;  provided that such Liens
were in existence prior to the contemplation of such merger or consolidation and
do not extend to any  assets  other  than  those of the  Person  merged  into or
consolidated  with  Guarantor,  (i) Liens on  property  existing  at the time of
acquisition  thereof by  Guarantor,  provided  that such Liens were in existence
prior  to the  contemplation  of such  acquisition,  (j)  Liens  to  secure  the
performance of statutory obligations,  surety or appeal bonds, performance bonds
or other  Obligations  of a like  nature  incurred  in the  ordinary  course  of
business, (k) Liens existing on the date of this Repurchase Agreement, (m) Liens
on real property  acquired by any Seller,  (l) Liens created in connection  with
Indebtedness  permitted  under  this  Repurchase  Agreement  (m) Liens on notes,
certificates or other securities issued in connection with a Securitization  and
(n) Liens  incurred in the  ordinary  course of business  of  Guarantor  and its
Consolidated  Subsidiaries  securing  obligations that do not exceed one million
Dollars at any one time  outstanding and that (i) are not incurred in connection
with the  borrowing of money or the  obtaining of advances or credit (other than
trade  credit  in the  ordinary  course  of  business)  and  (ii)  do not in the
aggregate materially detract from the value of the property or materially impair
the use thereof in the  operation  of business by the  Guarantor  or  applicable
Subsidiary.

                  "PERSON"  shall  mean any  individual,  corporation,  company,
voluntary association,  partnership,  joint venture,  limited liability company,
trust, unincorporated association or government (or any agency,  instrumentality
or political subdivision thereof).

                                      -6-
<PAGE>

                  "POST-PETITION  RATE"  shall  mean  the  LIBOR  Rate  plus two
percent (2.00%).

                  "PRICE  DIFFERENTIAL"  shall mean, with respect to any Payment
Date, the sum of the amounts  obtained by application of the Pricing Rate to the
Repurchase Price for each day during the related Payment Accrual Period on a 360
day per year basis.

                  "PRICING  RATE" with respect to each Payment  Accrual  Period,
shall mean a rate per annum  equal to the sum of (a) the  applicable  LIBOR Rate
plus (b)  6.00%;  provided,  however,  that upon the  occurrence  of an Event of
Insolvency  with respect to any Seller or the Guarantor,  the Pricing Rate shall
thereafter mean (a) the applicable LIBOR Rate plus (b) 8.00%;.

                  "PROPERTY"  shall mean any right or interest in or to property
of any kind whatsoever,  whether real, personal or mixed and whether tangible or
intangible.

                  "PURCHASE  DATE"  shall  mean the date on which the  Purchased
Securities are transferred by Sellers to Buyer or its designee.

                  "PURCHASE  PRICE"  shall  mean   $60,000,000   (Sixty  Million
Dollars).

                  "PURCHASED  SECURITIES"  shall  mean,  as  of  any  date,  the
securities as set forth on Schedule I hereto sold by each Seller to Buyer on the
Purchase Date and not yet  repurchased by the applicable  Seller as of such date
and the Series 2007-3 Residual.

                  "QRS" shall mean a "Qualified  REIT  Subsidiary" as defined in
the Code.

                  "RATING AGENCY" shall mean each of S&P and Moody's.

                  "REIT" shall mean a "Real Estate  Investment Trust" as defined
in the Code.

                  "REIT SECURITIES" as defined in Schedule I attached hereto.

                  "REPURCHASE  DATE"  shall  mean the  first to occur of (i) the
Termination Date, (ii) the Optional  Repurchase Date, (iii) the date on which an
Event of Default  occurs in accordance  with Section 8 hereof,  (iv) the date on
which the Repurchase  Price and all other amounts owing by Sellers and Guarantor
to Buyer hereunder have been paid in full and (v) the date on which any material
provision  of this  Repurchase  Agreement  shall cease to be valid,  binding and
enforceable  with respect to a Seller or the  Guarantor in  accordance  with its
terms.

                  "REPURCHASE PRICE" shall mean the price at which the Purchased
Securities  are to be  transferred  from  Buyer or its  designee  to  applicable
Seller,  which on any date will be the Purchase Price decreased by the amount of
any Income  received  by Buyer and  applied to reduce the  Sellers'  obligations
under  Section  3(b)  hereof and  increased  by any  accrued  and  unpaid  Price
Differential.

                  "S&P" shall mean  Standard & Poor's  Ratings  Service,  or any
successor thereto.

                  "SECURITIZATION"  shall mean a pooling together and conveyance
of mortgage  loans or  mortgage-related  securities  to a newly  formed trust or
other entity (i) that is established for the

                                      -7-
<PAGE>

limited  purpose  of (x)  receiving  such  mortgage  loans  or  mortgage-related
securities,  and (y) issuing  securities  for which the source of payment is the
cash flows generated by such mortgage loans or  mortgage-related  securities and
(ii) as to the  Indebtedness  of which the Guarantor  and its  Affiliates do not
have any direct or contingent liability (except for the standard representations
and  warranties  typically  made as part of a sale of  loans  on a  non-recourse
basis).

                  "SELLERS" shall mean  Renaissance  REIT  Investment  Corp. and
Delta Funding Corporation, or in each case, any successor in interest thereto.

                  "SERIES 2007-3  RESIDUAL"  shall mean the security  evidencing
the residual interest in the first  Securitization  entered into by Guarantor or
any of its  Affiliates  on or after the date hereof so long as such security has
not been sold to an arms length third party at the time of issuance thereof.

                  "SUBSIDIARY"  shall  mean,  with  respect to any  Person,  any
corporation,  partnership  or other  entity of which at least a majority  of the
securities or other  ownership  interests  having by the terms thereof  ordinary
voting  power to elect a majority  of the board of  directors  or other  persons
performing  similar functions of such  corporation,  partnership or other entity
(irrespective  of  whether  or not at the time  securities  or  other  ownership
interests  of any other  class or classes of such  corporation,  partnership  or
other entity shall have or might have voting power by reason of the happening of
any  contingency)  is at the time directly or indirectly  owned or controlled by
such Person or one or more Subsidiaries of such Person or by such Person and one
or more Subsidiaries of such Person.

                  "TANGIBLE NET WORTH" shall mean Net Worth, less the sum of the
following (without  duplication):  (a) any other assets of the Guarantor and its
consolidated  Subsidiaries  that  would be treated as  intangibles  under  GAAP,
including, without limitation, any write up of assets (other than adjustments to
market value to the extent required under GAAP with respect to excess servicing,
residual  interests in offerings  of Asset  Backed  Securities  and Asset Backed
Securities  which  are  interest-only  securities),   good  will,  research  and
development costs, trade marks, trade names, copyrights, patents and unamortized
debt  discount  and  expenses  and (b)  loans or other  extensions  of credit to
officers  of the  Sellers  or any of its  consolidated  Subsidiaries  other than
mortgage loans made to such Persons in the ordinary course of business.

                  "TERMINATION  DATE" shall mean the  Business  Day  immediately
preceding the first anniversary of the date hereof.

                  "TRANSACTION"   shall   mean,   collectively,   the  sale  and
repurchase transactions contemplated hereunder.

                  "WAREHOUSE  FACILITY" shall mean a credit facility pursuant to
which a lender  under a loan  agreement  or buyer under a  repurchase  agreement
advances funds, the repayment of which is  collateralized  by mortgage loans and
related  collateral,  to finance or  refinance  the purchase or  origination  of
mortgage loans by a Seller, the Guarantor or its Affiliates.

                                      -8-
<PAGE>

                  SECTION 2 INITIATION; TERMINATION

                  (a)  CONDITIONS  PRECEDENT TO BUYER'S  OBLIGATION TO PURCHASE.
Buyer's  obligation  to  purchase  the  Purchased  Securities  is subject to the
satisfaction of the following conditions precedent:

         (i)      the  Purchased  Securities,   other  than  the  Series  2007-3
Residual, and the related Bond Files shall have been transferred to Buyer or its
agent against, in form suitable for transfer,  with accompanying,  duly executed
instruments  of transfer or appropriate  instruments  of assignment  executed in
blank;

         (ii)     Buyer shall have  received from Sellers and Guarantor any fees
and expenses payable hereunder on or before the Purchase Date;

         (iii)    the following  documents,  each of which shall be, in form and
substance,  reasonably  satisfactory  to Buyer and its  counsel  shall have been
received by Buyer:

                  (A)  this Repurchase  Agreement,  duly executed by the parties
         thereto;

                  (B)  an opinion or opinions of in house counsel of the Sellers
         and the Guarantor as to general corporate matters;

                  (C)  an opinion or opinions of outside  counsel to Sellers and
         the Guarantor (i) with respect to the enforceability of this Repurchase
         Agreement,  (ii) with  respect to the creation  and  perfection  of the
         security  interests  created  hereby,   (iii)  as  required  under  the
         documents  pursuant to which the Purchased  Securities were issued as a
         result of the transactions contemplated hereby and (iv) with respect to
         such other matters as Buyer and its counsel may reasonably request; and

                  (D)  a  certificate  of  existence  of  each  Seller  and  the
         Guarantor  delivered  to  Buyer  prior  to  the  Purchase  Date  (or if
         unavailable,  as soon as available  thereafter) and certified copies of
         the formation  documents (or  equivalent  documents) of each Seller and
         the Guarantor  and of all corporate or other  authority for each Seller
         and  the  Guarantor  with  respect  to  the  execution,   delivery  and
         performance of this Repurchase  Agreement and each other document to be
         delivered  by  each  Seller  and  the  Guarantor  from  time to time in
         connection herewith;

         (iv) no  Default  or  Event  of  Default  shall  have  occurred  and be
continuing under this Repurchase Agreement;

         (v) both  immediately  prior to the Transaction and after giving effect
thereto and to the intended use thereof, the representations and warranties made
by  Sellers  and  Guarantor  in  Section 6 hereof,  shall be true,  correct  and
complete on and as of the Purchase  Date in all material  respects with the same
force  and  effect  as if  made  on  and  as of  such  date  (or,  if  any  such
representation  or  warranty  is  expressly  stated  to have  been  made as of a
specific date, as of such specific date);

                                      -9-
<PAGE>

         (vi)  the  terms  and  conditions  of the  Equity  Documents  shall  be
satisfactory  in all respects to Buyer and shall be effective in accordance with
the terms thereof and applicable law;

         (vii) neither the Guarantor nor any of its Affiliates,  individually or
in the aggregate,  shall have outstanding obligations in respect of margin calls
that exceeds $24 million.

         (viii)  the  Pabrai  Funds  Commitment  is in full force and effect and
conditions  precedent  to the funding of the Pabrai Funds  Commitment  have been
satisfied  other than,  to the extent  applicable,  the purchase by Buyer of the
Purchased Securities hereunder.

                  (b) PURCHASE. Buyer shall on such Business Day as is requested
by Sellers (or on such  following  Business Day if the  conditions  set forth in
Section  2(a)  are not  satisfied  before  4:00  p.m.  on the  date  requested),
following  satisfaction by Sellers or waiver, in its sole discretion,  by Buyer,
of the provisions of Section 2(a) hereof,  remit the Purchase Price to or at the
direction of the Sellers pursuant to wire instructions provided to Buyer by each
of the  Sellers.  Simultaneously  with  receipt of such  payment of the Purchase
Price,  Sellers  shall be deemed to have  transferred,  conveyed and assigned to
Buyer,  or its  designee,  without  recourse,  but  subject to the terms of this
Repurchase Agreement, all the right, title and interest of the Sellers in and to
(i) the Purchased Securities, (ii) all Income, (iii) the Bond Files and (iv) all
proceeds of each of the foregoing (the items set forth in the foregoing  clauses
(i)-(iv),   collectively,   the  "PURCHASED   ASSETS").   Purchased   Securities
transferred to Buyer pursuant to this Repurchase  Agreement shall be in suitable
form for  transfer  or shall be  accompanied  by duly  executed  instruments  of
transfer  or  assignment  in  blank or such  other  documentation  as Buyer  may
reasonably request in connection therewith.

                  (c) REPURCHASE AND TERMINATION.

         (i) On the  Repurchase  Date,  termination of the  Transaction  will be
effected  by  reassignment  to  Sellers  or  their  respective  designee  of the
Purchased  Securities (and any Income in respect  thereof  received by Buyer not
previously credited or transferred to, or applied to the obligations of, Sellers
pursuant to Section 3) against the simultaneous transfer of the Repurchase Price
to an account of Buyer by wire transfer  initiated by 4:00 p.m. (New York time).
Buyer is obligated to return the Bond Files to Sellers,  at Sellers' expense, on
the Repurchase Date.

         (ii) On the first date on which Sellers shall have been paid in full to
Buyer,  the Buyer shall deliver to Sellers all such  documents and take all such
further  actions as are  reasonably  requested  by Sellers in order to record or
register  the  Purchased  Securities  in the name of the Sellers and release any
security interest therein granted to the Buyer.

         (iii) Sellers may, at their option,  on any Business Day (the "OPTIONAL
REPURCHASE DATE") upon not less than two (2) Business Day's  irrevocable  notice
to Buyer,  repurchase all, but not less than all, of the Purchased Securities by
the payment of the Price Differential  accrued during the Payment Accrual Period
up to such Optional

                                      -10-
<PAGE>

Repurchase  Date, and the Repurchase  Price as of such date,  including  without
limitation, any accrued and unpaid Price Differential thereon.

         SECTION 3. PERIODIC PAYMENTS

                  (a) Sellers shall pay to Buyer the Price  Differential  due on
each Payment Date.  Any Price  Differential  not paid when due shall be added to
the Repurchase Price.

                  (b) 100% of all Income on the  Purchased  Securities  shall be
distributed to Buyer and shall be applied to reduce the Repurchase Price on each
Payment Date. If,  notwithstanding the Instruction  Letters, any Income or other
amounts  payable in respect of a Purchased  Security  shall be paid to a Seller,
such amounts shall be remitted to Buyer  forthwith and, prior thereto,  shall be
held by such Seller in trust for Buyer and  segregated  from other funds of such
Seller.

                  (c) In the event that Mohnish Pabrai  redeems the  convertible
notes issued in connection with the Pabrai Funds  Commitment,  the Sellers shall
pay to Buyer, on the same day as the redemption,  an amount equal to $10,000,000
(Ten Million Dollars) which shall be applied to reduce the Repurchase Price.

         SECTION 4. SECURITY INTEREST

                  (a) Although the parties intend the  Transaction  hereunder to
be a sale and purchase and not a loan, in the event the Transaction is deemed to
be a loan, Sellers hereby grant, assign and pledge to Buyer, as security for the
performance by Sellers of their Obligations hereunder, a first priority security
interest in the Purchased Assets).

                  (b)  Sellers  hereby  authorize  Buyer to file such  financing
statements  relating to the Purchased  Securities  without  Sellers'  signatures
thereon  as  Buyer,  at its  option,  may deem  appropriate.  Unless an Event of
Default shall have occurred and be continuing,  the description of the Purchased
Securities  included  in such  financing  statements  shall  be  subject  to the
reasonable  satisfaction of the Sellers.  Sellers shall pay the filing costs for
any financing statement or statements prepared pursuant to this Section 4.

                  (c) Upon payment of the  Repurchase  Price,  provided  that no
Event of Default shall have occurred and be continuing,  Buyer shall release the
related  Purchased  Securities  and, if  requested by Sellers,  shall  execute a
security release in connection therewith.

         SECTION 5. PAYMENT, TRANSFER AND CUSTODY

         Unless  otherwise  mutually  agreed in  writing,  all  payments  and/or
transfers of funds to be made by Sellers hereunder shall be made in Dollars,  in
immediately  available funds,  without  deduction,  set-off or counterclaim,  to
Buyer at the following  account  maintained by

                                      -11-
<PAGE>

Buyer:  Citibank N.A, 20 Exchange  Place,  New York,  NY, ABA#: 021 000 089, For
Credit to A/C Name: Bear Stearns Securities Corp., For Credit to: 092-53186, For
further credit to Sub A/C Name:  Silver Oak Capital,  LLC, For Further Credit to
Sub A/C#: 102-74048.  Funds received after 4:00 p.m. New York City time shall be
deemed to have been made on the next succeeding Business Day.

         SECTION 6. REPRESENTATIONS

         Each Seller and the Guarantor represent and warrant to Buyer that as of
the date of this Repurchase Agreement,  the Purchase Date and at all times while
this Repurchase  Agreement and the  Transaction  hereunder are in full force and
effect,  except that all  representations  and  warranties  with  respect to the
Series  2007-3  Residual  shall  be as of the  date of  issuance  and all  times
thereafter while this Repurchase Agreement and the Transaction  hereunder are in
full force and effect:

                  (a) DUE  ORGANIZATION AND  QUALIFICATION.  Each Seller and the
         Guarantor is duly  organized,  validly  existing  and in good  standing
         under the laws of the jurisdiction of its organization. Each Seller and
         the  Guarantor  is duly  qualified  to do business and has obtained all
         necessary  licenses,  permits,  charters,  registrations  and approvals
         necessary  for the conduct of its business as currently  conducted  and
         the  performance of its  obligations  under this  Repurchase  Agreement
         except  where any  failure to obtain such a license,  permit,  charter,
         registration  or approval will not cause a Material  Adverse  Effect or
         impair the enforceability of any Purchased Security.

                  (b) POWER AND AUTHORITY. Each Seller and the Guarantor has all
         necessary  power and  authority  to conduct its  business as  currently
         conducted,  to, execute, deliver and perform its obligations under this
         Repurchase  Agreement and to consummate the  transactions  contemplated
         hereby.

                  (c) DUE AUTHORIZATION. The execution, delivery and performance
         of the Repurchase  Agreement by each Seller and the Guarantor have been
         duly  authorized  by  all  necessary  action  and do  not  require  any
         additional approvals or consents or other action by or any notice to or
         filing  with  any  Person  other  than any that  have  heretofore  been
         obtained, given or made.

                  (d)  NONCONTRAVENTION.  None of the  execution and delivery of
         this  Repurchase  Agreement  by either  Seller or the  Guarantor or the
         consummation of the transactions hereunder:

              (i)  conflicts  with,  breaches or violates  any  provision of any
         material agreement of the Sellers or any law, rule, regulation,  order,
         writ, judgment, injunction, decree, determination or award currently in
         effect having applicability to Sellers, the Guarantor, or either of its
         properties;

              (ii)  constitutes a material  default by Sellers under any loan or
         repurchase agreement,  mortgage,  indenture or other material agreement
         or instrument to which

                                      -12-
<PAGE>

         Sellers  or the  Guarantor  is a  party  or by  which  it or any of its
         properties is or may be bound or affected; or

              (iii)  results in or requires  the creation of any lien upon or in
         respect of any of the assets of the Sellers or the Guarantor except the
         lien arising under this Repurchase Agreement.

                  (e) LEGAL  PROCEEDING.  Except as set  forth on  Schedule  III
         attached hereto, there is no action,  proceeding or investigation by or
         before any court,  governmental or administrative  agency or arbitrator
         affecting  any  of  the  Purchased  Securities,  Sellers  or any of its
         Affiliates,  pending or to the  knowledge  of the  Sellers  threatened,
         which,  if decided  adversely,  would have a reasonable  likelihood  of
         having a Material Adverse Effect.

                  (f) VALID AND BINDING OBLIGATIONS.  The Repurchase  Agreement,
         when executed and delivered by Sellers will constitute the legal, valid
         and binding obligations of the Sellers, enforceable against Sellers, in
         accordance with their respective terms,  except as such  enforceability
         may be limited by bankruptcy, insolvency, reorganization, moratorium or
         other similar laws affecting  creditors'  rights  generally and general
         equitable principles.

                  (g)   FINANCIAL   STATEMENTS.   The   consolidated   financial
         statements of the Guarantor and its  Consolidated  Subsidiaries  (which
         include the consolidated  balance sheet and statements of income and of
         cash flows),  copies of which have been furnished to Buyer, (i) are, as
         of the dates and for the  period  referred  to  therein,  complete  and
         correct in all material  respects,  (ii) present  fairly the  financial
         condition   and  results  of   operations  of  the  Guarantor  and  its
         Consolidated Subsidiaries as of the dates and for the periods indicated
         and (iii)  have been  prepared  in  accordance  with GAAP  consistently
         applied,  except as noted therein (subject as to interim  statements to
         normal  year-end  adjustments).  Since  the  date  of the  most  recent
         financial  statements,  there has been no Material  Adverse Effect with
         respect  to the  Guarantor  or  Sellers.  Except as  disclosed  in such
         financial  statements  or on  Schedule  III  attached  hereto,  neither
         Sellers nor the Guarantor are subject to any contingent  liabilities or
         commitments  that,  individually  or in the aggregate,  have a material
         possibility  of  causing a  Material  Adverse  Effect  with  respect to
         Sellers.

                  (h)  ACCURACY  OF  INFORMATION.   None  of  the  documents  or
         information  prepared by or on behalf of the Sellers and  Guarantor and
         provided by Sellers and  Guarantor  to Buyer  relating to Sellers'  and
         Guarantor's  financial  condition  contain any  statement of a material
         fact with respect to Sellers and Guarantor or the Transaction  that was
         untrue or  misleading  in any  material  respect  when made or omits to
         state any material fact  necessary to make the statements  therein,  in
         the  light  of  the  circumstances  under  which  they  are  made,  not
         misleading.  Since the  furnishing  of such  documents or  information,
         there has been no change,  nor any  development  or event  involving  a
         prospective  change known to Sellers and  Guarantor,  that would render
         any of such  documents  or  information  untrue  or  misleading  in any
         material respect.

                                      -13-
<PAGE>

                  (i)  NO   CONSENTS.   No   consent,   license,   approval   or
         authorization  from, or registration,  filing or declaration  with, any
         regulatory  body,   administrative   agency,  or  other   governmental,
         instrumentality,  nor any consent,  approval, waiver or notification of
         any creditor,  lessor or other non-governmental  person, is required in
         connection  with the execution,  delivery and performance by Sellers or
         Guarantor of this  Agreement,  other than any that have heretofore been
         obtained, given or made.

                  (j) COMPLIANCE WITH LAW, ETC. No practice, procedure or policy
         employed or proposed  to be  employed by Sellers and  Guarantor  in the
         conduct of their respective  businesses  violates any law,  regulation,
         judgment,  agreement,  order or decree  applicable  which, if enforced,
         would  result in a Material  Adverse  Effect with respect to Sellers or
         Guarantor

                  (k) PURCHASED  SECURITIES.  The Purchased Securities have been
         offered, issued and sold in compliance with all applicable laws and (i)
         there are no outstanding  rights,  options,  warrants or agreements for
         the  purchase  from,  or sale  or  issuance,  in  connection  with  the
         Purchased  Securities,  (ii) there are no  agreements  (other than this
         Repurchase  Agreement)  to  issue,  sell or  distribute  the  Purchased
         Securities   and  (iii)  Sellers  has  no  obligation   (contingent  or
         otherwise) to purchase,  redeem or otherwise  acquire any securities or
         any  interest  therein  or to pay any  dividend  or in  respect  of the
         Purchased  Securities;  the  Purchased  Securities  have  been  validly
         issued,  and are  fully  paid and  non-assessable  and not  subject  to
         preemptive rights.

                  (l) TITLE.  Each Seller and the  Guarantor  is the  beneficial
         owner of, and has good and marketable  title to all of its property and
         assets,  including the Purchased Securities free and clear of any Liens
         or options in favor of, or claims of, any Person,  except the Liens and
         other rights in favor of Buyer created by this Repurchase Agreement.

                  (m)  SOLVENCY;  FRAUDULENT  CONVEYANCE.  Each  Seller  and the
         Guarantor  is  solvent  and  will  not  be  rendered  insolvent  by the
         Transaction  contemplated  hereunder  and,  after giving  effect to the
         Transaction,  neither  Sellers nor the  Guarantor  will be left with an
         unreasonably  small  amount  of  capital  with  which to  engage in its
         business.  Neither Seller nor the Guarantor  intends to incur, nor does
         it believe that it has  incurred,  debts beyond its ability to pay such
         debts as they mature.  Sellers and Guarantor are not  contemplating the
         commencement of insolvency,  bankruptcy,  liquidation or  consolidation
         proceedings or the appointment of a receiver, liquidator,  conservator,
         trustee or similar official in respect of the Sellers, the Guarantor or
         any of their  respective  assets.  The  amount of  consideration  being
         received by Sellers upon the sale of the Purchased  Securities to Buyer
         constitutes reasonably equivalent value and fair consideration for such
         Purchased  Securities.  Sellers  are  not  transferring  any  Purchased
         Securities  with any  intent to hinder,  delay or defraud  any of their
         respective creditors.

                  (n) INVESTMENT  COMPANY ACT AND PUBLIC UTILITY HOLDING COMPANY
         ACT  COMPLIANCE.  Neither Sellers nor the Guarantor are (i) required to
         be  registered  as  an  "investment   company"  as  defined  under  the
         Investment  Company  Act  nor as an  entity  under  the  control  of an
         "investment  company" as defined  under the  Investment  Company

                                      -14-
<PAGE>

         Act  or  (ii)  a  "holding  company"  as  defined  in,  or  subject  to
         recognition under the Public Utility Holding Company Act of 1935.

                  (o) TAXES.  Sellers and  Guarantor  have filed all federal and
         state tax returns  which are required to be filed and paid,  all taxes,
         including any assessments received by it, to the extent that such taxes
         are shown to be due and payable on such returns (other than assessments
         (a)  the  amount  of  which  is not  individually  or in the  aggregate
         material or (b) the amount, applicability or validity of which is being
         contested  in good  faith  or for  which  it has  established  adequate
         reserves).  Any taxes, fees and other  governmental  charges payable by
         Sellers or Guarantor in connection with a Transaction and the execution
         and delivery of the Repurchase Agreement have been paid.

                  (p) NO BROKER.  Sellers and Guarantor  have not dealt with any
         broker,  investment banker,  agent, or other person,  except for Buyer,
         who may be entitled to any  commission  or  compensation  in connection
         with the  sale of  Purchased  Securities  pursuant  to this  Agreement;
         provided,  that if Sellers  or  Guarantor  have dealt with any  broker,
         investment banker, agent, or other person, except for Buyer, who may be
         entitled to any commission or  compensation in connection with the sale
         of Purchased Securities pursuant to this Agreement,  such commission or
         compensation shall have been paid in full by Sellers.

                  (q)  SECURITY  INTEREST.  Other  than  the  security  interest
         granted to Buyer  pursuant  to Section 3 of this  Agreement,  as of the
         related  Purchase  Date,  Sellers  have not  pledged,  assigned,  sold,
         granted a  security  interest  in,  or  otherwise  conveyed  any of the
         Purchased Securities, except for such security interests that have been
         released  simultaneously with or prior to the transfer of the Purchased
         Securities to Buyer.

                  (r)  TRUSTEE  PERFORMANCE.   Neither  Seller  has  waived  the
         performance by the Trustee of any action , if the Trustee's  failure to
         perform  such  action  would  cause the  Governing  Agreement  to be in
         default,  nor has either Seller waived any default  resulting  from any
         action or inaction by the Trustee.

                  (s)  PURCHASED   SECURITIES.   The  Purchased  Securities  are
         certificated  securities in registered form and each Purchased Security
         is the  legal,  valid  and  binding  obligation  of the  maker  thereof
         enforceable in accordance with its terms.

                  (t)  GOVERNING  AGREEMENTS.  Buyer has  received  complete and
         accurate  copies  of each of the  Governing  Agreements  and any  other
         agreements  governing the rights of a holder of any Purchased Security,
         none of which  agreements  has been  amended or modified in any respect
         from the versions received by Buyer.  Each Governing  Agreement and the
         transactions  evidenced  thereby are in full force and effect,  and, to
         the best  knowledge of the Guarantor and each of the Sellers,  there do
         not  exist  any  claims  or  actions   challenging   the   validity  or
         enforceability  of any of the  Governing  Agreements  or the  Purchased
         Securities.

                  (u) NO MARGIN STOCK.  The proceeds of the Transaction will not
         be used to purchase or carry any "margin  stock" (as defined or used in
         the regulations of the Board

                                      -15-
<PAGE>

         of Governors of the Federal Reserve System,  including Regulations T, U
         and X  thereof)  in  such  a way  that  could  cause  the  transactions
         contemplated by hereunder to fail to comply with the regulations of the
         Board of Governors of the Federal Reserve System, including Regulations
         T, U and X thereof. Neither Seller nor the Guarantor owns or is engaged
         in the business of extending  credit for the purpose of  purchasing  or
         carrying any margin stock.

                  (v) ERISA.  No assets of an employee  benefit  plan subject to
         any provision of the Employee  Retirement  Income Security Act of 1974,
         as amended ("ERISA") shall be used by the Sellers in the Transaction.

                  (w)  SURVIVAL  OF  REPRESENTATIONS.  The  representations  and
         warranties  set  forth  in  this  Repurchase  Agreement  shall  survive
         transfer of the Purchased Securities to Buyer and shall continue for so
         long  as the  Purchased  Securities  are  subject  to  this  Repurchase
         Agreement.

         SECTION 7. COVENANTS OF SELLERS

         On and as of the  date of this  Repurchase  Agreement  and  until  this
Repurchase Agreement is no longer in force with respect to the Transaction, each
Seller and the Guarantor covenants as follows:

                  (a) DEFENSE OF TITLE.  Each Seller and the Guarantor  warrants
         and will  defend the right,  title and  interest of Buyer in and to the
         Purchased Securities against all adverse claims and demands.

                  (b) NO AMENDMENT OR COMPROMISE.  Without Buyer's prior written
         consent,  neither  Seller  nor  Guarantor,  nor  those  acting  on such
         Seller's or the Guarantor's  behalf shall amend or modify, or waive any
         term or condition of, or settle or compromise  any claim in respect of,
         any  item  of the  Purchased  Securities,  any  related  rights  or the
         Repurchase Agreement.

                  (c) NO ASSIGNMENT.  Except as permitted herein, neither Seller
         nor the Guarantor shall sell, assign, transfer or otherwise dispose of,
         or grant any option with respect to, or pledge,  hypothecate or grant a
         security interest in or lien on or otherwise  encumber (except pursuant
         to this Repurchase  Agreement),  any of the Purchased Securities or any
         interest therein.

                  (d) EXISTENCE;  PRESERVATION OF BUSINESS.  Each Seller and the
         Guarantor will do or cause to be done all things necessary to preserve,
         renew and keep in full force and effect its respective  legal existence
         and the rights, licenses,  permits,  privileges and franchises material
         to the conduct of its respective business.

                  (e) PAYMENT OF OBLIGATIONS.  Each Seller will pay to Buyer all
         Obligations  arising under this Repurchase  Agreement and the Guarantor
         will guarantee such payment in accordance  with the terms of Section 10
         hereof.

                                      -16-
<PAGE>

                  (f) PRESERVATION OF PURCHASED SECURITIES.  Each Seller and the
         Guarantor  shall do all things  necessary  to preserve  each  Purchased
         Security  so that it  remains  subject  to a first  priority  perfected
         security  interest  hereunder.  Without  limiting the  foregoing,  each
         Seller and the Guarantor  will comply with all rules,  regulations  and
         other laws of any Governmental  Authority  applicable to such Seller or
         the  Guarantor  relating  to the  Purchased  Securities  and  cause the
         Purchased  Securities to comply with all applicable rules,  regulations
         and other laws of any such Governmental  Authority.  Neither Seller nor
         the  Guarantor  will allow any default for which it is  responsible  to
         occur under any Purchased Security or any Repurchase Agreement and each
         Seller and the  Guarantor  shall fully perform or cause to be performed
         when due all of its  obligations  under any  Purchased  Security or the
         Repurchase Agreement.

                  (g)  Financial   Statements:   Accountants'   Reports:   Other
Information.

         (i) Each  Seller  shall keep or cause to be kept in  reasonable  detail
books and records of account of its  respective  assets and  business  and shall
clearly  reflect  therein the  transfer of the  Purchased  Securities  to Buyer.
Guarantor  shall  furnish  or cause  to be  furnished  to  Buyer  (x) as soon as
available and in any event within 90 days after the end of each fiscal year, its
consolidated,  audited  balance sheet as of the end of each fiscal year, and its
audited financial  statements of income and changes in its respective  financial
position, and its audited statement of cash flows, for such fiscal year together
with an opinion  unqualified by reference to the status of Guarantor as a "going
concern", or a reference of similar import, from an independent certified public
accountant,  and (y) as soon as available  and in any event within 45 days after
the end of the first  three  quarters  of each  fiscal  year of  Guarantor,  its
consolidated,  unaudited balance sheet as of the end of each fiscal quarter, and
its  unaudited  financial  statements  of income and  changes in its  respective
financial position, and its respective unaudited statement of cash flows for the
portion of the fiscal  year then  ended,  all of which  have been  prepared  and
presented  fairly in  accordance  with GAAP and certified by  Guarantor's  chief
financial officer.

         (ii) At the end of each fiscal quarter,  Guarantor shall maintain (i) a
Tangible  Net Worth that is not less than the  greater of (x) the sum of (1) 85%
of existing Tangible Net Worth at December 31, 2006 plus (2) 85% of positive net
income generated  subsequent to December 31, 2006 plus (3) 100% of contributions
to equity capital received  subsequent to December 31, 2006, or (y) $80,000,000;
(ii) a Leverage  Ratio that is not greater than 7:1 and (iii)  Liquidity that is
equal to at least $15 million.

                  (h) NOTICE OF MATERIAL  EVENTS.  Each Seller and the Guarantor
shall promptly inform Buyer in writing of any of the following:

                  (i) any  Default  or Event of  Default  of any other  material
obligation  under this  Repurchase  Agreement  and,  to the extent it has actual
knowledge thereof, any event of default under any Governing Agreement;

                  (j) any material dispute,  litigation,  investigation,  (which
shall not include requests for  information),  proceeding or suspension  between
the applicable  Seller or the Guarantor,  on the one hand, and any  Governmental
Authority or any other Person as

                                      -17-
<PAGE>

to which there is a reasonable likelihood of an adverse determination that would
result in a Material Adverse Effect; and

                  (k) any material  change in  accounting  policies or financial
reporting practices of the related Seller or Guarantor.

                  (l) TAXES.  Sellers and Guarantor shall file on a timely basis
all federal, and material state and local tax returns,  which are required to be
filed and pay all taxes, including any assessments received by it, to the extent
that such taxes are shown to be due and  payable  on such  returns  (other  than
assessments  (a) the  amount of which is not  material,  individually  or in the
aggregate,  or (b) the  amount,  applicability  or  validity  of  which is being
contested in good faith or for which it has established adequate reserves).

                  (m)  CHANGE IN  NATURE OF  BUSINESS.  Neither  Seller  nor the
Guarantor  shall  make any change in the nature of its  respective  business  as
carried on at the date hereof.

                  (n) LIMITATION ON  DISTRIBUTIONS.  Without the written consent
of Buyer,  Guarantor  shall not,  after the date  hereof,  increase  the size or
frequency  of its dividend  per share  (after  adjustment  to give effect to any
split or reverse  splits on or after the date hereof) with respect to any of its
capital  stock or other  equity  interests,  or make any other  distribution  in
respect thereof,  either directly or indirectly,  whether in cash or property or
obligations of the Guarantor.

                  (o)  INSURANCE.  Each Seller and the Guarantor will obtain and
maintain  insurance with responsible  companies in such amounts and against such
risks as are  customarily  carried  by  business  entities  engaged  in  similar
businesses   similarly  situated,   and  will  furnish  Buyer  on  request  full
information as to all such insurance, and provide within fifteen (15) days after
receipt of such request the certificates or other documents  evidencing  renewal
of each such policy.

                  (p) AFFILIATE  TRANSACTION.  Sellers will not at any time, nor
will the Guarantor directly or indirectly, sell, lease or otherwise transfer any
property or assets to, or  otherwise  acquire any  property or assets  from,  or
otherwise  engage in any transactions  with, any of their respective  Affiliates
unless the terms  thereof are no less  favorable to such Seller or the Guarantor
than those that could be  obtained at the time of such  transaction  in an arm's
length transaction with a Person who is not such an Affiliate.

                  (q) CHANGE OF FISCAL YEAR.  Neither  Seller nor the  Guarantor
will at any time,  directly or  indirectly,  except upon 90 days' prior  written
notice to Buyer, change the date on which its respective fiscal year begins from
its respective current fiscal year beginning date.

                  (r) USE OF PROCEEDS.  The proceeds of the Purchased Securities
will be used by Sellers solely for general  corporate  purposes and as otherwise
limited hereunder.

                  (s) INDEBTEDNESS.  Sellers will not create,  incur,  assume or
permit to exist any  Indebtedness,  other than (a)  Indebtedness  arising  under
Warehouse Facilities, (b)

                                      -18-
<PAGE>

Indebtedness  incurred in connection with equipment  financing (c)  Indebtedness
arising  under  the  Pabrai  Funds  Commitment,  (d)  Indebtedness  incurred  in
connection with originations  occurring in the ordinary course of business,  (e)
Indebtedness  occurring in connection  with  Securitizations,  (f)  Indebtedness
occurring in connection  with Permitted  Liens,  (g)  Indebtedness  occurring in
connection with letters of credit supporting  deposits on real estate leases (h)
Indebtedness secured by notes,  certificates or other securities issued pursuant
to a Securitization  or (i) in the event the Transaction  hereunder is deemed to
be a loan, Indebtedness arising in connection with the Transaction.

                  (t) LIENS.  Neither Sellers nor Guarantor will create,  incur,
assume  or  permit  to exist  any Lien on any  property  or asset  now  owned or
hereafter  acquired by it, or assign or sell any income or revenues or rights in
respect of any thereof other than, in each case, Permitted Liens.

                  (u) MERGER, CONSOLIDATION, ETC., Without Buyer's prior written
consent,  Sellers  shall not  consummate  any merger or  consolidation  with any
Person or sell all or  substantially  all of its  assets,  unless the  surviving
entity by law or by agreement  in favor of Buyer  assumes  Sellers'  obligations
under this  Repurchase  Agreement  and such  transaction  would not result in or
cause a Default or an Event of Default.

                  (v) FURTHER ASSURANCES. At the request of Buyers and from time
to time,  Sellers  and  Guarantor  shall,  at their  expense,  duly  execute and
deliver,  or cause to be duly executed and delivered,  such further  agreements,
documents and  instruments,  and do or cause to be done such further acts as may
be necessary or proper to evidence,  perfect,  maintain and enforce the security
interests and the priority thereof in the Purchased  Securities and to otherwise
effectuate the provisions of this Agreement.

         SECTION 8. EVENTS OF DEFAULT

                  If any of the  following  events  (each an "EVENT OF DEFAULT")
occurs,  Buyer shall have the rights set forth in Section 9 hereof:  (a) Sellers
shall fail to pay in full to Buyer on any Payment  Date,  the accrued and unpaid
Price  Differential  owing  hereunder on such Payment Date which  failure  shall
continue  for more than two (2)  Business  Days after  receipt of notice of such
default; or

                  (b) Sellers shall fail to pay in full to Buyer the  Repurchase
Price on the Repurchase  Date or at such other date as the same shall become due
and  payable  in  accordance  with the  terms  hereof,  whether  at the due date
thereof, or by acceleration or otherwise; or

                  (c)  Sellers  shall  default  in  the  payment  of  any  other
Obligations not covered by clause (a) above,  when the same shall become due and
payable,  whether at the due date thereof, or by acceleration or otherwise,  and
such  payment  shall remain  unpaid for more than five (5)  Business  Days after
receipt of notice of such default; or

                                      -19-
<PAGE>

                  (d) any  representation,  warranty  or  certification  made or
deemed made herein by Sellers or any certificate  furnished to Buyer pursuant to
the  provisions  hereof  or  thereof  or any  information  with  respect  to the
Purchased  Securities  furnished in writing by or on behalf of the Sellers shall
prove to have been materially incorrect when made or deemed made; or

                  (e)  Sellers  shall fail to observe or perform any other term,
covenant,  condition or agreement contained in this Repurchase Agreement, and if
such  default  shall be capable of being  remedied,  such  failure to observe or
perform shall continue unremedied for a period of thirty (30) calendar days; or

                  (f) any Seller or Guarantor  shall default  under,  or fail to
perform as requested  under, or shall otherwise breach the material terms of, in
each case beyond any  applicable  cure  period,  any  instrument,  agreement  or
contract relating to Indebtedness aggregating in excess of $3,000,000 the effect
of which such  default,  failure or breach  shall  entitle any  counterparty  to
declare such  Indebtedness to be due and payable prior to the maturity  thereof;
or

                  (g) Sellers shall fail to provide all commercially  reasonable
cooperation (which shall not be deemed a guarantee of success) to allow Buyer to
assign or novate this Repurchase Agreement to a "financial  participant" as such
term as defined in the Bankruptcy Code; or

                  (h) an Event of Insolvency shall have occurred with respect to
Sellers or the Guarantor;  or (i) Sellers shall grant,  or suffer to exist,  any
Lien on any Repurchase  Asset (except any Lien in favor of Buyer);  or the Liens
contemplated  hereby shall cease or fail to be first priority perfected Liens on
any  Purchased  Security  in  favor  of  Buyer or shall be Liens in favor of any
Person other than Buyer; or

                  (j) any final, nonappealable judgment or order for the payment
of money in excess of  $3,000,000  is rendered in the  aggregate  (to the extent
that it is, in the  reasonable  determination  of Buyer,  uninsured and provided
that any insurance or other credit posted in connection with an appeal shall not
be deemed  insurance for these purposes)  against any Seller or Guarantor by one
or more courts,  administrative  tribunals or other bodies  having  jurisdiction
over them and the same shall not be discharged (or provisions  shall not be made
for  such  discharge),  bonded,  or a stay of  execution  thereof  shall  not be
procured,  within sixty (60) days from the date of entry  thereof and Sellers or
Guarantor,  as applicable,  shall not, within said period of sixty (60) days, or
such longer period during which  execution of the same shall have been stayed or
bonded,  appeal  therefrom and cause the  execution  thereof to be stayed during
such appeal; or

                  (k)  Sellers,  the  Guarantor  or any  Person  acting on their
behalf shall challenge the enforceability of this Repurchase  Agreement or shall
assert in  writing,  or take any action or fail to take any action  based on the
assertion that any provision of this

                                      -20-
<PAGE>

Repurchase  Agreement  has ceased to be or is  otherwise  not valid,  binding or
enforceable in accordance with its terms; or

                  (l) A Change of Control shall have occurred.

         SECTION 9. REMEDIES

                  (a) If an Event of Default has occurred and is continuing with
respect to Sellers,  the  following  rights and remedies are available to Buyer;
provided, that an Event of Default that has not been cured shall be deemed to be
continuing unless expressly waived by Buyer in writing.

         (i) At the  option of Buyer,  exercised  by  written  notice to Sellers
(which  option  shall be  deemed to have  been  exercised,  even if no notice is
given,  immediately  upon  the  occurrence  of an  Event  of  Insolvency  of the
Sellers),  the Repurchase Date, if it has not already occurred,  shall be deemed
immediately  to occur.  Buyer shall  (except  upon the  occurrence  of an Act of
Insolvency of the Sellers) give notice to Sellers of the exercise of such option
as promptly as practicable.

         (ii) If Buyer  exercises  or is deemed  to have  exercised  the  option
referred to in subsection (a)(i) of this Section,

                  (A) Sellers'  obligations in such  Transactions  to repurchase
         all Purchased Securities,  at the Repurchase Price plus the accrued and
         unpaid Price Differential therefor on the Repurchase Date determined in
         accordance with subsection (a)(i) of this Section,  (1) shall thereupon
         become  immediately  due and payable and (2) all Income paid after such
         exercise or deemed  exercise  shall be retained by Buyer and applied to
         the  aggregate  unpaid  Repurchase  Price and any other amounts owed by
         Sellers hereunder;

                  (B) to the  extent  permitted  by  applicable  law,  the Price
         Differential  with respect to each such Transaction  shall be increased
         by the aggregate amount obtained by daily  application of, on a 360 day
         per year basis for the actual number of days during the period from and
         including the date of the exercise or deemed exercise of such option to
         but  excluding  the date of payment of the  Repurchase  Price,  (x) the
         Pricing  Rate in  effect  following  an  Event  of  Default  to (y) the
         Repurchase  Price for such  Transaction  as of the  Repurchase  Date as
         determined  pursuant to subsection (a)(i) of this Section (decreased as
         of any day by (i) any  amounts  actually  in the  possession  of  Buyer
         pursuant to clause (C) of this  subsection,  and (ii) any proceeds from
         the  sale of  Purchased  Securities  applied  to the  Repurchase  Price
         pursuant to subsection (a)(iv) of this Section; and

                  (C) all Income actually  received by Buyer pursuant to Section
         3 shall be applied to the  aggregate  unpaid  Repurchase  Price owed by
         Sellers.

         (iii) At any time on the  Business  Day  following  notice  to  Sellers
(which notice may be the notice given under subsection  (a)(i) of this Section),
in the event Sellers have

                                      -21-
<PAGE>

not repurchased all Purchased Securities,  Buyer may, subject to compliance with
Section 26(b) and the Governing Agreements, (A) immediately sell, without demand
or further  notice of any kind, at a public or private sale and at such price or
prices  as  Buyer  may in good  faith  deem  satisfactory  any or all  Purchased
Securities subject to such Transactions hereunder and apply the proceeds thereof
to the aggregate unpaid  Repurchase Price and any other amounts owing by Sellers
hereunder  or (B) in its sole  discretion  elect,  in lieu of  selling  all or a
portion of such Purchased Securities,  to give Sellers credit for such Purchased
Securities  in an amount equal to the market value of the  Purchased  Securities
against the  aggregate  unpaid  Repurchase  Price and any other amounts owing by
Sellers hereunder. The proceeds of any disposition of Purchased Securities shall
be applied first to the costs and expenses  incurred by Buyer in connection with
Sellers' default;  second to costs of cover and/or related hedging transactions;
third to the Repurchase Price; and fourth to any other outstanding obligation of
the Sellers to Buyer or its Affiliates.

         (iv)  Sellers  shall be  liable  to  Buyer  for (i) the  amount  of all
reasonable legal or other expenses (including, without limitation, all costs and
expenses  of  Buyer  in  connection  with  the  enforcement  of this  Repurchase
Agreement or any other  agreement  evidencing a Transaction,  whether in action,
suit or  litigation  or  bankruptcy,  insolvency  or  other  similar  proceeding
affecting  creditors' rights generally,  further including,  without limitation,
the  reasonable  fees and expenses of counsel  (including  the costs of internal
counsel  of Buyer)  incurred  in  connection  with or as a result of an Event of
Default,  (ii)  damages  in an  amount  equal to the cost  (including  all fees,
expenses and commissions) of entering into replacement transactions and entering
into or terminating  hedge  transactions in connection with or as a result of an
Event of Default,  and (iii) any other loss,  damage,  cost or expense  directly
arising or resulting  from the occurrence of an Event of Default in respect of a
Transaction.

         (v) Buyer shall have, in addition to its rights  hereunder,  any rights
otherwise available to it under any other agreement or applicable law.

         (b) Except to the extent  provided in (a)(i) and (a)(iv)  above,  Buyer
may exercise one or more of the remedies available to Buyer immediately upon the
occurrence of an Event of Default and at any time  thereafter  without notice to
Sellers.  All rights and remedies  arising  under this  Repurchase  Agreement as
amended from time to time  hereunder  are  cumulative  and not  exclusive of any
other rights or remedies which Buyer may have.

         (c) Buyer may enforce its rights and remedies  hereunder  without prior
judicial  process or hearing,  and Sellers hereby  expressly waives any defenses
Sellers might  otherwise have to require Buyer to enforce its rights by judicial
process.  Sellers  also waives any  defense  (other than a defense of payment or
performance)  Sellers might  otherwise  have arising from the use of nonjudicial
process,  enforcement  and  sale  of  all  or  any  portion  of  the  Repurchase
Securities,  or from any other  election of remedies.  Sellers  recognizes  that
nonjudicial remedies are consistent with the usages of the trade, are responsive
to commercial necessity and are the result of a bargain at arm's length.

                                      -22-
<PAGE>

         (d) To the extent  permitted by applicable law, Sellers shall be liable
to Buyer for interest on any amounts owing by Sellers  hereunder,  from the date
Sellers  becomes  liable for such amounts  hereunder  until such amounts are (i)
paid in full by Sellers or (ii)  satisfied  in full by the  exercise  of Buyer's
rights  hereunder.  Interest  on any sum  payable by Sellers to Buyer under this
paragraph 14(d) shall be at a rate equal to the Pricing Rate in effect following
an Event of Default.

         SECTION 10. JOINT AND SEVERAL OBLIGATIONS OF SELLERS

         All  obligations of the Sellers  hereunder shall be obligations of each
of the Sellers on a joint and several basis.  All Purchased  Securities  sold by
either Seller  hereunder  shall be available,  pursuant to the terms hereof,  to
satisfy all obligations of each of the Sellers  hereunder.  No specific Purchase
Price or  Repurchase  Price  shall be assigned or  attributed  to any  Purchased
Security or group of less than all of the Purchased Securities hereunder.

         SECTION 11. GUARANTEE

                  (a)  GUARANTEE.  The  Guarantor  hereby,  unconditionally  and
irrevocably,  guarantees to Buyer,  for the benefit of Buyer and its  respective
permitted  successors,  indorsees,  transferees  and  assigns,  the  prompt  and
complete  payment by each Seller when due  (whether at the stated  maturity,  by
acceleration or otherwise) of its respective  Obligations  under this Repurchase
Agreement (the "SELLER OBLIGATIONS").

         (i)  Anything  herein  to the  contrary  notwithstanding,  the  maximum
liability of the Guarantor  hereunder  shall in no event exceed the amount which
can be  guaranteed by such  Guarantor  under  applicable  federal and state laws
relating to the insolvency of debtors.  Guarantor agrees that Seller Obligations
may at any time and from time to time exceed the amount of the liability of such
Guarantor hereunder without impairing the guarantee contained in this Section 11
or affecting the rights and remedies of Buyer.

         (ii) The  guarantee  contained  in this Section 11 shall remain in full
force and effect until all Seller  Obligations  and the obligations of Guarantor
under the  guarantee  contained in this Section 11 shall have been  satisfied by
payment in full and this Repurchase Agreement shall have terminated.

         (iii) No payment made by Sellers, the Guarantor or any other Person, or
received or collected by Buyer from  Sellers,  the Guarantor or any other Person
by virtue  of any  action or  proceeding  or any  set-off  or  appropriation  or
application  at any time or from time to time in reduction of, or in payment of,
Seller Obligations, shall be deemed to release or otherwise affect the liability
of Guarantor hereunder which shall, notwithstanding any such payment (other than
any payment made by Guarantor  in respect of Seller  Obligations  or any payment
received or collected from Guarantor in respect of Seller  Obligations),  remain
liable for Seller  Obligations  (as  reduced by such  payment) up to the maximum
liability of Guarantor  hereunder until Seller  Obligations are paid in full and
this Repurchase Agreement is terminated in accordance with the terms hereof.

                                      -23-
<PAGE>

         (b) NO  SUBROGATION.  Notwithstanding  any  payment  made by  Guarantor
hereunder  or any  set-off  or  application  of funds  of  Guarantor  by  Buyer,
Guarantor  shall not be entitled to be  subrogated to any of the rights of Buyer
against Sellers or any collateral  security or guarantee or right of offset held
by Buyer for the payment of Seller  Obligations,  nor shall Guarantor seek or be
entitled to seek any  contribution or  reimbursement  from Sellers in respect of
payments  made by  Guarantor  hereunder,  until  all  amounts  owing to Buyer by
Sellers on account of Seller  Obligations  are paid in full and this  Repurchase
Agreement has terminated. If any amount shall be paid to Guarantor on account of
such  subrogation  rights at any time when all of Seller  Obligations  shall not
have been paid in full,  such  amount  shall be held by  Guarantor  in trust for
Buyer,  segregated  from other funds of  Guarantor,  and shall,  forthwith  upon
receipt by  Guarantor,  be turned  over to Buyer in the exact form  received  by
Guarantor  (duly  indorsed by Guarantor to Buyer,  if  required),  to be applied
against Seller Obligations.

         (c)  AMENDMENTS,  ETC.  WITH RESPECT TO SELLER  OBLIGATIONS.  Guarantor
shall remain obligated hereunder  notwithstanding  that, without any reservation
of  rights  against  Guarantor  and  without  notice  to or  further  assent  by
Guarantor,  (i) Buyer has  rescinded any demand upon Sellers or any other Person
for payment of any Seller Obligations, (ii) any collateral security or guarantee
therefor or right of offset with respect  thereto,  has,  from time to time,  in
whole  or in part,  been  renewed,  extended,  amended,  modified,  accelerated,
compromised,  waived,  surrendered or released by Buyer,  (iii) this  Repurchase
Agreement has been amended,  modified,  supplemented or terminated in accordance
with its terms,  in whole or in part, as Buyer may deem  advisable  from time to
time, or (iv) any collateral security,  guarantee or right of offset at any time
held by Buyer for the payment of Seller  Obligations  has been sold,  exchanged,
waived, surrendered or released. Buyer shall not have any obligation to protect,
secure, perfect or insure any Lien at any time held by it as security for Seller
Obligations  or for the  guarantee  contained in this Section 11 or any property
subject thereto.

         (d) GUARANTEE ABSOLUTE AND UNCONDITIONAL.  Guarantor waives any and all
notice  of the  creation,  renewal,  extension  or  accrual  of  any  of  Seller
Obligations  and  notice of or proof of  reliance  by Buyer  upon the  guarantee
contained in this Section 11 or acceptance  of the  guarantee  contained in this
Section 11; Seller Obligations, and any of them, shall conclusively be deemed to
have been created,  contracted  or incurred,  or renewed,  extended,  amended or
waived,  in reliance  upon the  guarantee  contained in this Section 11; and all
dealings  between the Borrower and any of the  Guarantors,  on the one hand, and
Buyer, on the other hand,  likewise shall be conclusively  presumed to have been
had or consummated in reliance upon the guarantee  contained in this Section 11.
Guarantor waives, but only during the term of this Repurchase  Agreement (except
with  respect to such  rights as are  required by  applicable  law and cannot be
waived),  presentment,  protest,  demand  for  payment  and notice of default or
nonpayment  to  or  upon  Sellers  or  the  Guarantor  with  respect  to  Seller
Obligations.  Guarantor  understands and agrees that the guarantee  contained in
this Section 11 shall be construed as a continuing,  absolute and  unconditional
guarantee  of  payment  without  regard to (1) the  validity  or  enforceability
against any Seller of this Repurchase  Agreement,  any Seller Obligations or any
collateral  security  therefor  or  guarantee  or right of offset  with  respect
thereto at any time or from time to time held by Buyer,  (2) any defense  (other
than a defense of payment

                                      -24-
<PAGE>

or  performance),  set-off or counterclaim  which may at any time be asserted by
Sellers or any other  Person  against  Buyer,  (3) an Event of  Insolvency  with
respect to any Seller or (4) any other  circumstance  whatsoever (other than the
payment  in full of all of Seller  Obligations)  (with or  without  notice to or
knowledge of the Sellers or Guarantor) which constitutes,  or might be construed
to  constitute,  an  equitable  or legal  discharge  of the  Sellers  for Seller
Obligations,  or of Guarantor under the guarantee  contained in this Section 11,
in  bankruptcy  or in any other  instance.  When making any demand  hereunder or
otherwise  pursuing its rights and  remedies  hereunder  against any  Guarantor,
Buyer may,  but shall be under no  obligation  to,  make a similar  demand on or
otherwise  pursue such rights and remedies as it may have against Sellers or any
other  Person or  against  any  collateral  security  or  guarantee  for  Seller
Obligations  or any right of offset  with  respect  thereto,  and any failure by
Buyer to make any such  demand,  to pursue  such other  rights or remedies or to
collect any  payments  from  Sellers or any other  Person or to realize upon any
such  collateral  security or guarantee or to exercise any such right of offset,
or any  release  of the  Sellers  or any  other  Person  or any such  collateral
security,  guarantee  or right of offset,  shall not  relieve  Guarantor  of any
obligation or liability hereunder, and shall not impair or affect the rights and
remedies,  whether  express,  implied or  available as a matter of law, of Buyer
against   Guarantor.   For  the  purposes  hereof  "demand"  shall  include  the
commencement and continuance of any legal proceedings.

         (e) GUARANTEE OF PAYMENT.  This  Guarantee is a guaranty of payment and
not of collection.  Guarantor  agrees that Buyer need not attempt to collect any
Seller  Obligations  from any Seller or to realize upon any collateral,  but may
require Guarantor to make immediate payment of all of the Seller  Obligations to
Buyer following a default by a Seller of such  Obligation  when due,  whether by
maturity,  acceleration  or otherwise,  or at any time thereafter and beyond any
applicable grace period.  Buyer may apply any amounts received in respect of the
Seller  Obligations  to any of the  Seller  Obligations,  in  whole  or in  part
(including  reasonable attorneys' fees and legal expenses incurred by Buyer with
respect  thereto or otherwise  chargeable to Sellers or  Guarantor)  and in such
order as Buyer may elect.

         (f)  REINSTATEMENT.  The  guarantee  contained in this Section 11 shall
continue to be effective,  or be reinstated,  as the case may be, if at any time
payment,  or any part thereof, of any of Seller Obligations is rescinded or must
otherwise  be restored or  returned  by Buyer upon the  insolvency,  bankruptcy,
dissolution,  liquidation or reorganization of the Sellers or the Guarantor,  or
upon or as a result of the appointment of a receiver,  intervenor or conservator
of,  or  trustee  or  similar  officer  for,  Sellers  or the  Guarantor  or any
substantial part of its property, or otherwise,  all as though such payments had
not been made.

         (g) PAYMENTS.  Guarantor hereby guarantees that payments hereunder will
be paid to Buyer in Dollars, in immediately  available funds, without deduction,
set-off or counterclaim,  to Buyer at the following account maintained by Buyer:
Citibank N.A, 20 Exchange Place,  New York, NY, ABA#: 021 000 089, For Credit to
A/C Name: Bear Stearns  Securities Corp., For Credit to: 092-53186,  For further
credit to Sub A/C Name: Silver Oak Capital, LLC, For Further Credit to Sub A/C#:
102-74048.

                                      -25-
<PAGE>

             SECTION 12. INDEMNIFICATION

                  (a)  Seller  and the  Guarantor  (each,  in such  capacity,  a
         "SELLER  INDEMNIFYING  PARTY")  each  agrees  to  hold  Buyer,  and its
         Affiliates  and  their  officers,  directors,   employees,  agents  and
         advisors (each, in such capacity, a "BUYER INDEMNIFIED PARTY") harmless
         from and indemnify any Buyer  Indemnified Party against all third party
         liabilities, losses, damages, judgments, costs and expenses of any kind
         which may be imposed on,  incurred by or  asserted  against  such Buyer
         Indemnified  Party,  relating  to or  arising  out of  this  Repurchase
         Agreement,  or any transaction  contemplated  hereby or thereby, or any
         amendment,  supplement  or  modification  of, or any  waiver or consent
         under or in respect of, this Repurchase  Agreement,  or any transaction
         contemplated  hereby or  thereby,  that,  in each  case,  results  from
         anything other than the Buyer  Indemnified  Party's gross negligence or
         willful  misconduct.  In any suit,  proceeding or action  brought by or
         against a Buyer  Indemnified  Party in  connection  with any  Purchased
         Security,  this Repurchase Agreement,  or any transaction  contemplated
         hereby,  each Seller  Indemnifying Party will save,  indemnify and hold
         such Buyer  Indemnified  Party  harmless  from and against all expense,
         loss  or  damage   suffered   by  reason  of  any   defense,   set-off,
         counterclaim,  recoupment  or reduction or liability  whatsoever of the
         Buyer  Indemnified  Party,   arising  out  of  a  breach  by  a  Seller
         Indemnifying  Party of any obligation  thereunder or arising out of any
         other  agreement,  indebtedness or liability at any time owing to or in
         favor of such Buyer Indemnified  Party. Each Seller  Indemnifying Party
         also  agrees to  reimburse  each  Buyer  Indemnified  Party as and when
         billed by such Buyer  Indemnified  Party for all such Buyer Indemnified
         Party's costs and expenses  incurred in connection with the enforcement
         or the preservation of such Buyer Indemnified Party's rights under this
         Repurchase Agreement or any transaction contemplated hereby or thereby,
         including  without  limitation the reasonable fees and disbursements of
         its counsel.

                  (b) Buyer agrees to hold each Delta Party,  and its Affiliates
         and their officers, directors, employees, agents and advisors (each, in
         such  capacity,   a  "SELLER  INDEMNIFIED  PARTY")  harmless  from  and
         indemnify  any  Seller   Indemnified  Party  against  all  third  party
         liabilities, losses, damages, judgments, costs and expenses of any kind
         which may be imposed on,  incurred by or asserted  against  such Seller
         Indemnified  Party,  relating to or arising out of a breach by Buyer of
         Section 26(b) of this Repurchase Agreement.  In any suit, proceeding or
         action brought by or against a Seller  Indemnified  Party in connection
         with this  Section  12(b),  Buyer  will save,  indemnify  and hold such
         Seller Indemnified Party harmless from and against all expense, loss or
         damage suffered by such Seller  Indemnified Party. Buyer also agrees to
         reimburse  each  Seller  Indemnified  Party as and when  billed by such
         Seller Indemnified Party for all such Seller Indemnified  Party's costs
         and expenses  incurred in  connection  with the  enforcement  of Seller
         Indemnified Party's rights under this Section 12(b),  including without
         limitation the reasonable fees and disbursements of its counsel.

             SECTION 13. NOTICES AND OTHER COMMUNICATIONS

                  Except as otherwise  expressly  permitted  by this  Repurchase
Agreement,  all notices,  requests and other communications  provided for herein
(including  without  limitation any  modifications  of, or waivers,  requests or
consents under, this Repurchase Agreement) shall be

                                      -26-
<PAGE>

given or made in writing delivered to the intended recipient at the "Address for
Notices" specified below its name on the signature pages hereof or thereof); or,
as to any party, at such other address as shall be designated by such party in a
written  notice to each  other  party.  Except  as  otherwise  provided  in this
Repurchase  Agreement  and except for notices given under Section 2 (which shall
be effective only on receipt),  all such communications  shall be deemed to have
been duly given when  transmitted  by registered  or certified  mail with return
receipt  requested or personally  delivered or, in the case of a mailed  notice,
upon receipt, in each case given or addressed as aforesaid.

         SECTION 14. ENTIRE AGREEMENT; SEVERABILITY

         This Repurchase Agreement  constitutes the entire understanding between
Buyer and  Sellers  with  respect  to the  subject  matter  they cover and shall
supersede any existing  agreements  between the parties containing general terms
and conditions for repurchase  transactions  involving Purchased Securities.  By
acceptance of this Repurchase Agreement, Buyer and Sellers acknowledge that they
have not  made,  and are not  relying  upon,  any  statements,  representations,
promises or  undertakings  not  contained  in this  Repurchase  Agreement.  Each
provision and agreement herein shall be treated as separate and independent from
any other provision or agreement herein and shall be enforceable notwithstanding
the unenforceability of any such other provision or agreement.

         SECTION 15. ASSIGNMENTS

         The  rights  and  obligations  of the  parties  under  this  Repurchase
Agreement  shall not be  assigned  by either  party  without  the prior  written
consent of the other party,  nor shall the Buyer  transfer or otherwise  dispose
of, or grant any  option  with  respect  to, or pledge,  hypothecate  or grant a
security  interest in or lien on or otherwise  encumber  (except pursuant to the
this Repurchase Agreement),  any of the Purchased Assets or any interest therein
and any such  assignment,  without the prior written  consent of the other party
and any  pledge,  hypothecation  or  security  interest  shall be null and void.
Notwithstanding  the  foregoing,  Buyer may  assign its  rights  hereunder  to a
"financial  participant"  as such term is defined in the Bankruptcy Code so long
as Buyer retains  control over the actions of such  assignee  hereunder and such
financial  participant (i) assumes all of the obligations of the Buyer hereunder
including without limitation those in Section 26(b), (c) and (d) and (ii) agrees
that no further  assignment of this Repurchase  Agreement other than to AG Delta
Holdings Corp. or AG Delta Holdings,  LLC,  without the prior written consent of
the other party, nor any pledge, hypothecation, grant of security interest, lien
on or  other  encumbrance  on any  Purchased  Asset  shall  be  permitted.  This
Repurchase  Agreement and any Transactions shall be binding upon and shall inure
to the benefit of the parties and their respective successors and assigns.

         SECTION 16. TERMINABILITY

         Each  representation and warranty made or deemed to be made by entering
into a Transaction,  herein or pursuant  hereto shall survive the making of such
representation  and  warranty,  and Buyer shall not be deemed to have waived any
Default that may arise because any such  representation  or warranty  shall have
proved to be false or misleading, notwithstanding

                                      -27-
<PAGE>

that  Buyer may have had  notice or  knowledge  or reason to  believe  that such
representation  or warranty was false or misleading at the time the  Transaction
was made.  Notwithstanding any such termination or the occurrence of an Event of
Default, all of the representations and warranties and covenants hereunder shall
continue and survive.  The  obligations  of the Sellers  under Section 11 hereof
shall survive the termination of this Repurchase Agreement.

         SECTION 17. GOVERNING LAW

         This repurchase agreement shall be governed by the internal laws of the
State of New York  without  giving  effect  to the  conflict  of law  principles
thereof.

         SECTION 18. SUBMISSION TO JURISDICTION; WAIVERS

         EACH  OF  BUYER,   SELLER  AND   GUARANTOR   HEREBY   IRREVOCABLY   AND
UNCONDITIONALLY:

         (I)  SUBMITS  FOR  ITSELF  AND ITS  PROPERTY  IN ANY  LEGAL  ACTION  OR
      PROCEEDING  RELATING TO THIS  REPURCHASE  AGREEMENT OR FOR RECOGNITION AND
      ENFORCEMENT  OF ANY  JUDGMENT  IN RESPECT  THEREOF,  TO THE  NON-EXCLUSIVE
      PERSONAL GENERAL  JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE
      FEDERAL  COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN  DISTRICT
      OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

         (II) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH
      COURTS AND, TO THE EXTENT  PERMITTED BY LAW,  WAIVES ANY OBJECTION THAT IT
      MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN
      ANY SUCH  COURT OR THAT  SUCH  ACTION  OR  PROCEEDING  WAS  BROUGHT  IN AN
      INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

         (III) AGREES THAT  SERVICE OF PROCESS IN ANY SUCH ACTION OR  PROCEEDING
      MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED  MAIL
      WITH RETURN RECEIPT REQUESTED (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL),
      POSTAGE PREPAID,  TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT
      SUCH OTHER ADDRESS OF WHICH BUYER SHALL HAVE BEEN NOTIFIED; AND

         (IV)  AGREES  THAT  NOTHING  HEREIN  SHALL  AFFECT  THE RIGHT TO EFFECT
      SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE
      RIGHT TO SUE IN ANY OTHER JURISDICTION.
                                      -28-
<PAGE>

         (V) BUYER AND SELLER HEREBY  IRREVOCABLY  WAIVE,  TO THE FULLEST EXTENT
      PERMITTED  BY  APPLICABLE  LAW,  ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
      LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS REPURCHASE  AGREEMENT,
      ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS  CONTEMPLATED HEREBY OR
      THEREBY.

         SECTION 19. NO WAIVERS, ETC.

         No failure on the part of Buyer to exercise and no delay in exercising,
and no course of dealing  with respect to, any right,  power or privilege  under
this  Repurchase  Agreement  shall  operate as a waiver  thereof,  nor shall any
single  or  partial  exercise  of any  right,  power  or  privilege  under  this
Repurchase  Agreement  preclude  any other or  further  exercise  thereof or the
exercise of any other right,  power or privilege.  The remedies  provided herein
are  cumulative  and not exclusive of any remedies  provided by law. An Event of
Default  that has not  been  cured  shall  be  deemed  to be  continuing  unless
expressly   waived  by  Buyer  in  writing.

         SECTION 20. MISCELLANEOUS

                  (a) COUNTERPARTS. This Repurchase Agreement may be executed in
         any  number  of  counterparts,   all  of  which  taken  together  shall
         constitute one and the same  instrument,  and any of the parties hereto
         may execute this Repurchase Agreement by signing any such counterpart.

                  (b) CAPTIONS.  The captions and headings  appearing herein are
         for included  solely for  convenience of reference and are not intended
         to  affect  the  interpretation  of any  provision  of this  Repurchase
         Agreement.

                  (c) ACKNOWLEDGMENT. Sellers and Buyer each hereby acknowledges
         that:

            (i) it has been advised by counsel in the negotiation, execution and
         delivery  of this  Repurchase  Agreement;

            (ii) Buyer has no fiduciary  relationship  to Sellers;  and

            (iii) no joint venture exists between Buyer and Sellers.

         SECTION 21. CONFIDENTIALITY

         Buyer and  Sellers  hereby  acknowledge  and agree that all  written or
computer-readable  information  provided by one party to the other regarding the
terms set forth in this Repurchase  Agreement or the  Transactions  contemplated
thereby (the  "CONFIDENTIAL  TERMS") shall be kept confidential and shall not be
divulged  to any party  without  the prior  written  consent of such other party
except to the extent  that (i) it is  necessary  to do so in working  with legal
counsel,   auditors,  taxing  authorities  or  other  governmental  agencies  or
regulatory  bodies or in order to comply  with any  applicable  federal or state
laws, (ii) any of the Confidential Terms are

                                      -29-
<PAGE>

in the  public  domain  other  than due to a breach of this  covenant,  or (iii)
following the occurrence and during the continuance of an Event of Default Buyer
determines  such  information  to be  necessary  or  desirable  to  disclose  in
connection with the marketing and sales of the Purchased Securities or otherwise
to enforce or exercise  Buyer's  rights  hereunder.  The provisions set forth in
this Section 21 shall  survive the  termination  of this  Repurchase  Agreement.
Notwithstanding  the foregoing or anything to the contrary contained herein, all
Persons  hereto may disclose to any and all Persons,  without  limitation of any
kind, the U.S. federal income tax treatment of the  Transactions,  any fact that
may  be  relevant  to  understanding  the  U.S.  federal  tax  treatment  of the
Transactions,  and all  materials of any kind  (including  opinions or other tax
analyses)  relating to such U.S.  federal income tax  treatment,  other than the
name of the parties or any other Person named herein,  or information that would
permit  identification  of the  parties or such other  Persons,  and any pricing
terms or other nonpublic business or financial  information that is unrelated to
the U.S. federal income tax treatment of the Transactions to the taxpayer and is
not  relevant to  understanding  the U.S.  federal  income tax  treatment of the
Transactions.

         SECTION 22. INTENT

                  (a) The parties  recognize that the  Transaction  hereunder is
         intended  to be a  "repurchase  agreement"  as that term is  defined in
         Section 101 of Title 11 of the United States Code,  as amended  (except
         insofar as the type of Securities  subject to such  Transaction  or the
         term of such  Transaction  would render such definition  inapplicable),
         and a  "securities  contract" as that term is defined in Section 741 of
         Title 11 of the United States Code, as amended  (except  insofar as the
         type of assets subject to such Transaction would render such definition
         inapplicable).

                  (b) The parties agree and  acknowledge  that if a party hereto
         is an "insured depository  institution," as such term is defined in the
         Federal  Deposit   Insurance  Act,  as  amended   ("FDIA"),   then  the
         Transaction   hereunder  is  intended  to  be  a  "qualified  financial
         contract,"  as that term is defined  in FDIA and any  rules,  orders or
         policy  statements  thereunder  (except  insofar  as the type of assets
         subject to such Transaction would render such definition inapplicable).

         SECTION 23. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS

         Each party hereunder  acknowledges that it has been advised that if any
other party is subject to the  requirements of the Patriot Act, then pursuant to
the requirements of the Patriot Act, such other party may be required to obtain,
verify and record  information  that  identifies  each  party  hereunder,  which
information  includes name,  address and other  information that will allow such
party to identify each other party in accordance with the Patriot Act.

         SECTION 24. CONFLICTS

                  In the  event  of any  conflict  between  the  terms  of  this
Repurchase  Agreement and any  Confirmation,  the documents shall control in the
following order of priority: FIRST, the terms of the Confirmation shall prevail,
then the terms of this Repurchase Agreement shall prevail.

                                      -30-
<PAGE>

         SECTION 25. TAX TREATMENT

         Each party to this  Repurchase  Agreement  acknowledges  that it is its
intent for purposes of U.S. federal, state and local income and franchise taxes,
to treat the  Transaction as  indebtedness of the Sellers that is secured by the
Purchased  Securities  and the  Purchased  Securities  as owned by  Sellers  for
federal income tax purposes in the absence of a Default by Sellers.  All parties
to this Repurchase Agreement agree to such treatment and agree to take no action
inconsistent  with this  treatment,  unless  required by law.

         SECTION 26. BUYER OBLIGATIONS

                  (a) Buyer represents and warrants to Sellers that:

              (i) Buyer (i) is a limited liability company, validly existing and
      in good  standing  under  the laws of  Delaware,  (ii) has full  power and
      authority  to execute,  deliver and  perform  its  obligations  under this
      Repurchase Agreement.

              (ii) The execution and delivery of, and the  performance  by Buyer
      of its obligations under, this Repurchase Agreement to which it is a party
      have been duly authorized by all requisite action.

              (iii) This  Repurchase  Agreement  and all of the other  documents
      executed and  delivered by Buyer in connection  herewith are legal,  valid
      and binding  obligations  of Buyer and are  enforceable  against  Buyer in
      accordance with their terms except as such  enforceability  may be limited
      by  (i)   the   effect   of   any   applicable   bankruptcy,   insolvency,
      reorganization,  moratorium  or similar laws  affecting  creditors  rights
      generally and (ii) general principles of equity.

                  (b) Buyer  covenants  that,  notwithstanding  anything  to the
      contrary  herein,  it shall not take any action  (through  foreclosure  or
      otherwise) to become or seek to become the registered holder of any of the
      REIT  Securities  unless the Person in whose name Buyer  seeks to register
      such REIT Securities is a REIT or a QRS.

                  (c)  On  the  second   Business   Day   following   the  LIBOR
      Determination  Date,  the Buyer shall send notice to the  Guarantor of the
      LIBOR  Rate for the  Payment  Accrual  Period  to which  such  LIBOR  Rate
      applies.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -31-
<PAGE>

                  IN  WITNESS  WHEREOF,  the  parties  have  entered  into  this
Repurchase Agreement as of the date set forth above.

                            BUYER:

                            AG DELTA HOLDINGS, LLC

                            By: /s/ Salah Saabneh
                                -----------------
                            Name:   Salah Saabneh
                            Title:  Director

                            ADDRESS FOR NOTICES:

                            Angelo, Gordon & Co.
                            245 Park Avenue
                            New York, NY 10167
                            Attention:

                            SELLERS:

                            RENAISSANCE REIT INVESTMENT CORP.

                            By: /s/ Hugh Miller
                                ---------------
                            Name:   Hugh Miller
                            Title:  President

                            ADDRESS FOR NOTICES:

                            1000 Woodbury Road
                            Woodbury, New York 11797
                            Attention: Richard Blass

                            DELTA FUNDING CORPORATION

                            By: /s/ Hugh Miller
                                ---------------
                            Name:   Hugh Miller
                            Title:  President

                            ADDRESS FOR NOTICES:
                            1000 Woodbury Road
                            Woodbury, New York 11797
                            Attention: Richard Blass, Chief Financial Officer

<PAGE>

                            GUARANTOR:

                            DELTA FINANCIAL CORPORATION

                            By: /s/ Hugh Miller
                                ---------------
                            Name:   Hugh Miller
                            Title:  President

                            ADDRESS FOR NOTICES:

                            1000 Woodbury Road
                            Woodbury, New York 11797
                            Attention: Richard Blass, Chief Financial Officer

<PAGE>

                                                                      SCHEDULE I
                                                                      ----------

                              PURCHASED SECURITIES

1.       Renaissance   REIT   Investment   Corp.  will  transfer  the  following
         certificates (the "REIT SECURITIES"):

         Renaissance Home Equity Loan Trust 2005-1, Trust Certificate;

         Renaissance Home Equity Loan Trust 2005-2, Trust Certificate;

         Renaissance Home Equity Loan Trust 2005-3, Trust Certificate;

         Renaissance Home Equity Loan Trust 2005-4, Trust Certificate;

         Renaissance Home Equity Loan Trust 2006-1, Trust Certificate;

         Renaissance Home Equity Loan Trust 2006-2, Trust Certificate;

         Renaissance Home Equity Loan Trust 2006-3, Trust Certificate;

         Renaissance Home Equity Loan Trust 2006-4, Trust Certificate;

         Renaissance Home Equity Loan Trust 2007-1, Trust Certificate; and

         Renaissance Home Equity Loan Trust 2007-2, Trust Certificate.

2.       Delta Funding Corporation will transfer the following certificates (the
         "REMIC SECURITIES"):

         Renaissance  Home  Equity  Loan  Trust  2004-1,  Class  BIO and Class P
         Certificates;

         Renaissance  Home  Equity  Loan  Trust  2004-2,  Class  BIO and Class P
         Certificates;

         Renaissance  Home  Equity  Loan  Trust  2004-3,  Class  BIO and Class P
         Certificates; and

         Renaissance  Home  Equity  Loan  Trust  2004-4,  Class  BIO and Class P
         Certificates.

<PAGE>

                                                                     SCHEDULE II
                                                                     -----------

                               BOND FILE DOCUMENTS

         The following  documents shall collectively  constitute the "BOND FILE"
with respect to each Purchased Security:

         (A) a copy of the executed Governing Agreements governing the Purchased
Bonds;

         (B) an Instruction Letter executed by the Borrower; and

         (C) copies of distribution  statements delivered to Sellers for the two
month period prior to the month in which the related Purchase Date occurs.

<PAGE>

                                                                    SCHEDULE III
     `                                                              ------------

     A. Because the nature of the business of Guarantor and its subsidiaries
(sometimes hereinafter referred to as "we" or "us") involves the collection of
numerous accounts, the validity of liens and compliance with various state and
federal lending laws, we are subject, in the normal course of business, to
numerous claims and legal proceedings, including class actions. The current
status of the pending class actions and other material litigation is summarized
below:

     o  In or about November 1998, we received  notice that we had been named in
        a lawsuit  filed in the United  States  District  Court for the  Eastern
        District of New York. In December 1998, the plaintiffs  filed an amended
        complaint  alleging  that we had violated the Home  Ownership and Equity
        Protection  Act of 1994, the federal  Truth-in-Lending  Act, and Section
        349 of the New  York  State  General  Business  Law,  which  relates  to
        consumer protection for deceptive  practices.  The complaint sought: (a)
        certification  of  a  class  of  plaintiffs,  (b)  declaratory  judgment
        permitting  rescission,  (c) unspecified actual,  statutory,  treble and
        punitive damages,  including  attorneys' fees, (d) injunctive relief and
        (e)  declaratory  judgment  declaring the loan  transactions as void and
        unconscionable.  On  December  7, 1998,  the  plaintiffs  filed a motion
        seeking  a  temporary  restraining  order  and  preliminary  injunction,
        enjoining us from  conducting  foreclosure  sales on 11 properties.  The
        District  Court  Judge  ruled  that in order  to  consider  the  motion,
        plaintiff  must  move to  intervene  on  behalf  of these 11  borrowers.
        Thereafter,  plaintiff moved to intervene on behalf of three of these 11
        borrowers and sought  injunctive  relief on their behalf. We opposed the
        motions.  On December 14, 1998,  the  District  Court Judge  granted the
        motion to intervene and on December 23, 1998,  the District  Court Judge
        issued a preliminary  injunction  that enjoined us from  proceeding with
        the foreclosure sales of the three interveners'  properties.  We filed a
        motion for  reconsideration  of the December 23, 1998 order.  In January
        1999, we filed an answer to plaintiffs' first amended complaint. In July
        1999, the plaintiffs  were granted leave,  on consent,  to file a second
        amended complaint. In August 1999, the plaintiffs filed a second amended
        complaint  that,  among  other  things,  added  additional  parties  but
        contained  the same  causes  of  action  alleged  in the  first  amended
        complaint.  In  September  1999,  we  filed  a  motion  to  dismiss  the
        complaint, which was opposed by plaintiffs and, in June 2000, was denied
        in part and granted in part by the District  Court.  In or about October
        1999,  plaintiffs  filed a motion  seeking an order  preventing  us, our
        attorneys  and/or the New York State Banking  Department  ("NYSBD") from
        issuing  notices to a number of our  borrowers,  in accordance  with the
        settlement  agreement  entered  into by and between the NYSBD and us. In
        the fourth quarter of 1999, we and the NYSBD submitted opposition to the
        plaintiffs'  motion.  In March 2000,  the District Court issued an order
        that permitted us to issue an approved form of the notice.  In September
        1999, the plaintiffs  filed a motion for class  certification,  which we
        opposed in February  2000, and which was  ultimately  withdrawn  without
        prejudice  by the  plaintiffs  in January  2001.  In February  2002,  we
        executed a  settlement  agreement  with the  plaintiffs,  under which we
        denied  all  wrongdoing,  but  agreed to  resolve  the  litigation  on a
        class-wide  basis.  The  District  Court   preliminarily   approved  the
        settlement  and a fairness  hearing was held in May 2002.  We  submitted
        supplemental  briefing at the District Court's request in or about April
        2004.  In August 2004,  the District  Court  conditionally  approved the
        settlement,   subject  to  our  submitting  supplemental   documentation
        regarding a change in the settlement agreement and proposed supplemental
        notices to be sent to those  borrowers who either opted out or objected.
        We,   plaintiffs   and  certain   objectors   submitted  our  respective
        supplemental  submissions  in August 2004 and the District Court granted
        its final  approval to the settlement in January 2005. In February 2005,
        certain  objectors  filed a notice of appeal.  The objectors filed their
        appellate  brief  in  July  2005.  We  filed  our  appellate  papers  in
        opposition in September 2005, and the objectors filed their reply papers
        in September  2005. In February  2006,  the Appellate  Court vacated the
        District  Court's  decision to approve the settlement,  not based on the
        merits of the settlement,  but because a motion to intervene was decided
        by the District Court Magistrate Judge and not the District Court Judge.
        The Appellate  Court  instructed the District Court Judge to rule on the
        motion to intervene  and,  until then,  it cannot be  determined  if the
        District  Court  Judge  will  also have to rule on the  fairness  of the
        settlement, or if that issue will have to return to the Appellate Court.
        Briefing on the

<PAGE>

        intervention motion was re-submitted to the District Court Judge in July
        2006,  and the motion was denied in November  2006.  In January 2007, we
        executed a proposed  amendment  to the  settlement  with the  plaintiffs
        which  did not  increase  the  settlement  amount.  In March  2007,  the
        plaintiffs  filed a  motion  for  preliminary  approval  of the  amended
        settlement and the proposed notice to the class. In April 2007,  certain
        objectors filed an opposition to the motion for preliminary approval. We
        filed our reply to the objectors' opposition in May 2007. The plaintiffs
        also filed their reply to the objectors'  opposition in May 2007. If the
        District Court preliminarily approves the settlement,  as amended, a new
        fairness  hearing  date  will be  scheduled.  If the  settlement  is not
        approved,  we  believe  we  have  meritorious  defenses  and  intend  to
        vigorously  defend this suit, but cannot estimate with any certainty our
        ultimate  legal or  financial  liability,  if any,  with  respect to the
        alleged claims.

     o  In July 2003,  we commenced a lawsuit in the Supreme  Court of the State
        of New York,  Nassau  County,  against Delta Funding  Residual  Exchange
        Company LLC (the "LLC"),  an  unaffiliated  limited  liability  company,
        Delta Funding Residual Management, Inc. ("DFRM"), and James E. Morrison,
        President  of the LLC and DFRM,  alleging  that (1) the LLC breached its
        contractual duties by failing to pay approximately $142,000 due to us in
        June  2003,   and  (2)  that  Mr.   Morrison  and  DFRM   knowingly  and
        intentionally  caused the default,  thereby  breaching their  respective
        fiduciary duties to the LLC. The complaint seeks: (a) payment of amounts
        past due under our agreement with the LLC, plus  interest,  (b) specific
        performance  of the  LLC's  obligations  to us in the  future,  and  (c)
        monetary  damages  for  breach  of  fiduciary  duty,  in an amount to be
        determined by the Court.  In September 2003, Mr.  Morrison,  the LLC and
        DFRM filed a motion to dismiss our  complaint and the LLC and DFRM filed
        a countersuit  in the Supreme  Court of the State of New York,  New York
        County,  against  several of our  directors and officers and us seeking,
        among  other  things,  damages  of  not  less  than  $110  million.  The
        countersuit  alleges  misrepresentation,   negligence  and/or  fraud  by
        defendants in that case relating to our August 2001 exchange  offer.  In
        October  2003,  we filed our  opposition  to the motion to  dismiss  and
        cross-moved to consolidate the two actions in Nassau County. In November
        2003,  we answered the New York County  action.  In February  2004,  the
        Nassau County Supreme Court denied Mr.  Morrison's motion to dismiss our
        causes of action seeking (a) payment of amounts due under our agreements
        with the LLC and (b) monetary  damages for breach of fiduciary duty, and
        granted Mr.  Morrison's  motion to dismiss  our cause of action  seeking
        specific  performance  to preclude  future  defaults by Morrison and the
        LLC. The Supreme Court also granted our motion to consolidate  the cases
        in  Nassau  County.  In April  2004,  we filed a motion to  dismiss  Mr.
        Morrison's  countersuit,  which the Supreme  Court  denied in  September
        2004. In or about October 2004, the LLC commenced an action against KPMG
        LLP, our independent public accountants at that time, based upon similar
        allegations as asserted in this action. In September 2005, it was agreed
        that the action  against KPMG LLP would be joined with this  action.  In
        the  countersuit,  the LLC was  granted  permission  to serve an amended
        complaint, which it did in November 2005. The amended complaint included
        two additional  causes of action  alleging breach of fiduciary duty owed
        to the LLC, one against us and the other against several of our officers
        and  directors.  In  December  2005,  we  filed a motion  to  amend  our
        complaint to add claims (both  individually  and as a member of the LLC)
        against Mr.  Morrison  arising  from the same and/or  similar  facts and
        circumstances,   seeking  recovery  for  waste,  for  improper  personal
        benefit,  for breach of fiduciary duty (beyond those already  alleged in
        the complaint) and for a material  misstatement  in the LLC's  financial
        statements.  In April 2006,  the Supreme  Court  dismissed our motion to
        amend and granted us  permission to revise the motion and re-file it. In
        July 2006, we re-filed our motion to amend our  complaint,  which motion
        was opposed. In November 2006, the Court denied our motion. Discovery is
        proceeding.  We believe we have  meritorious  claims in our  lawsuit and
        meritorious  defenses  in  the  countersuit.  We  intend  to  vigorously
        prosecute  our  claims  and  vigorously  defend  ourselves  against  the
        countersuit. We cannot estimate with any certainty our ultimate legal or
        financial recovery and/or liability, if any, with respect to the alleged
        claims in the countersuit.

<PAGE>

     o  In or about November 2004, we received notice that we have been named in
        a lawsuit  styled as a  collective  action  filed in the  United  States
        District Court of the Western  District of  Pennsylvania,  alleging that
        our subsidiary,  Fidelity Mortgage Inc.  ("Fidelity",  now a division of
        our other subsidiary,  Delta Funding Corporation),  did not pay its loan
        officers overtime  compensation  and/or minimum wage in violation of the
        Federal Fair Labor Standards Act ("FLSA").  The complaint  seeks: (1) an
        amount equal to the unpaid wages at the applicable overtime rate, (2) an
        amount equal to the minimum wages at the applicable minimum wage, (3) an
        equal amount as liquidated  damages,  (4) costs and attorneys' fees, (5)
        leave to add additional plaintiffs, and (6) leave to amend to add claims
        under  applicable  state  laws.  We filed an answer  and  discovery  has
        commenced. In April 2005, the plaintiff filed his motion for conditional
        class  certification  and in May 2005,  Fidelity filed its opposition to
        that  motion.  In June 2005,  the  Magistrate  Judge issued a Report and
        Recommendation, recommending that the plaintiff's motion for conditional
        class certification be granted, and that plaintiff's motion to authorize
        judicial  notice be granted  (subject to revision and final  approval by
        the  District  Court).  In July 2005,  Fidelity  filed with the District
        Court its objections to the Magistrate Judge's Report and Recommendation
        and the plaintiff filed its opposition to our objections.  In July 2005,
        the  District   Court   upheld  the   Magistrate   Judge's   Report  and
        Recommendation.  Any  potential  class  members  who desired to join the
        collective  action  were  provided  an  opportunity  to do so  during an
        "opt-in"   period  that  ended  in  October  2005.   Approximately   180
        individuals,  virtually all of whom are former employees, are plaintiffs
        in the collective  action.  In April 2006, the plaintiffs filed a motion
        for summary  judgment.  By agreement in June 2006,  the Court stayed the
        action  while  the  parties  engaged  in  non-binding   mediation,   and
        plaintiffs'  motion for summary judgment was withdrawn without prejudice
        to it being re-filed. The matter was not resolved through mediation, the
        stay was lifted in August 2006, the plaintiffs'  motion was re-filed and
        we filed our  opposition  to the motion and a  cross-motion  for partial
        summary  judgment.  In September 2006, the plaintiffs filed their papers
        in  response  to our  opposition  to their  motion  and  replied  to our
        cross-motion.  In  October  2006,  we  filed  our  reply  papers  to the
        plaintiffs'   opposition  to  our  cross-motion.   In  March  2007,  the
        Magistrate  Judge  rendered  a  report  and   recommendation   that  the
        plaintiffs'  motion for  summary  judgment  be  granted,  and our motion
        denied,  as to our  entitlement  to a retail  or  service  establishment
        exemption under the FLSA; that  plaintiffs'  motion be denied as to; (a)
        our entitlement to an administrative  employee exemption under the FLSA,
        and (b) plaintiffs' entitlement to liquidated damages; and our motion be
        granted as to the sufficiency of the employees'  compensation  under the
        salary basis test,  but denied as to the remaining two  conditions of an
        administrative   employee  exemption.   In  April  2007,  we  filed  our
        objections to the Magistrate Judge's report and recommendation,  insofar
        as it did not  recommend  the granting of our  cross-motion  for partial
        summary  judgment,  and the  plaintiffs  filed their  opposition  to our
        objections.  In  May  2007,  we  filed  our  reply  to  the  plaintiffs'
        opposition to our objections.  In May 2007, the District Court issued an
        order adopting the Magistrate Judge's report and recommendation. In July
        2007, we filed a motion for  certification  of an  interlocutory  appeal
        from the District  Court's May 2007 order and the plaintiffs filed their
        opposition  papers in July  2007.  We believe  that we have  meritorious
        defenses and intend to vigorously  defend this suit, but cannot estimate
        with any certainty our ultimate  legal or financial  liability,  if any,
        with respect to the alleged claims.

     o  In or about February 2007, we received  notice that we had been named in
        a lawsuit  filed in the United  States  District  Court for the Northern
        District of Illinois,  Eastern  Division,  alleging that we had accessed
        certain  consumers'  credit reports without a permissible  purpose under
        the Fair Credit  Reporting  Act of 1970, as amended  ("FCRA"),  and sent
        improper  prescreening  offers in Illinois.  The  complaint  seeks:  (a)
        certification  of a class of plaintiffs,  (b) injunctive  relief against
        further violations, (c) statutory damages and general and other damages,
        and (d)  attorneys'  fees,  costs and  litigation  expenses,  based upon
        alleged (i) violations of the FCRA,  (ii) common law invasion of privacy
        and (iii) consumer  fraud/unfair  acts and practices.  In March 2007, we
        filed  a  motion  for a stay of the  action  pending  certain  decisions
        expected to be rendered by other courts in actions pending against other
        companies,  which  decisions  we expect  may  impact  the  legal  issues
        involved in our case.  In March 2007,  the Court stayed the

<PAGE>

        action  until June 2007.  In June,  the  plaintiff  stipulated,  without
        prejudice,  to  dismissing  the common law invasion of privacy claim and
        the consumer  fraud/unfair  acts and practices claim, and dismissed only
        that part of the relief seeking  injunctive relief on the FCRA claim. In
        June 2007, we filed an answer to complaint and discovery is  proceeding.
        In July 2007,  plaintiff filed a motion for class  certification and our
        opposition  papers  are due in  August  2007.  We  believe  that we have
        meritorious  defenses and intend to vigorously  defend this suit, but at
        this  early  stage  of the  litigation,  we  cannot  estimate  with  any
        certainty  our  ultimate  legal or  financial  liability,  if any,  with
        respect to the alleged claims.

        B. See Section 4.5 and Section 4.11 of the Disclosure Schedule furnished
by the Guarantor to the Buyer on the date hereof pursuant to the Warrant
Acquisition Agreement.

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