Document:

EX-10.3

PLEDGE AND SECURITY AGREEMENT

THIS PLEDGE AND SECURITY AGREEMENT (as amended, modified, waived, supplemented, extended,
restated or replaced from time to time, this “Agreement”), is made as of the 15th day of
June, 2006, by MMA CAPITAL CORPORATION, a Michigan corporation, as the pledgor (together with its
successors and permitted assigns and any other Person that becomes a pledgor under this Agreement,
the “Pledgor”), for the benefit of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, as the buyer under the Repurchase Agreement referred to below (together with its
successors and assigns, the “Purchaser”).

RECITALS

WHEREAS, pursuant to that certain Mortgage Asset Purchase Agreement (together with all
exhibits, schedules and annexes thereto), dated as of June 15, 2006 (as amended, modified,
restated, replaced, waived, substituted, supplemented or extended from time to time, the
“Repurchase Agreement”), by and among MMA Realty Capital Repurchase Subsidiary, LLC, a
Maryland limited liability company, as the seller (together with its successors and permitted
assigns, the “Seller”), the Purchaser, as the purchaser, and Municipal Mortgage & Equity,
LLC, a Delaware limited liability company, as a guarantor (together with its successors and
permitted assigns, “MunieMae” and, together with any other Person that becomes a guarantor under
the Repurchase Documents, the “Guarantors”), the Seller intends to sell and the Purchaser
may purchase certain Mortgage Assets (as defined in the Repurchase Agreement) with a simultaneous
agreement by the Seller to repurchase those assets upon the terms and subject to the conditions
set forth therein; and

WHEREAS, the Seller is a wholly–owned Subsidiary of the Pledgor, and the Pledgor is a direct
or indirect Subsidiary of MunieMae;

WHEREAS, the Pledgor will benefit directly or indirectly from the transactions contemplated
under the Repurchase Agreement; and

WHEREAS, the Purchaser is unwilling to enter into the Repurchase Agreement or the transactions
contemplated thereby without the benefit of this Agreement.

NOW, THEREFORE, based upon the foregoing Recitals and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Pledgor, intending to be legally
bound, hereby agrees as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions.

(a) Unless otherwise defined above or in this Article I, capitalized terms used but
not defined herein shall have the meanings ascribed to such terms in the Repurchase Agreement or in
the UCC (defined in the Repurchase Agreement).

(b) As used in this Agreement and the schedules, exhibits, annexes or other attachments
hereto, unless the context requires a different meaning, the following terms shall have the
following meanings:

“Indemnified Amounts”: Defined in Subsection 7.1(a).

“Indemnified Parties”: Defined in Subsection 7.1(a).

“Pledged Collateral”: Defined in Section 2.1.

“Pledged Obligations”: Defined in Section 2.2.

“Securities Act”: The Securities Act of 1933, as amended, modified, waived, supplemented,
extended, restated or replaced from time to time.

“Seller”: Defined in the Recitals.

(c) All accounting terms used but not specifically defined herein shall be construed in
accordance with GAAP. All terms used in the UCC in the State of New York, and used but not
specifically defined herein (including, but not limited to, Certificated Security, Control,
Entitlement Order, Financial Asset, Investment Property, Proceeds, Security, Securities Account,
Security Entitlement, Securities Intermediary and Uncertificated Security), are used herein as
defined in the UCC.

(d) Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding.”

	 	 	 	 	 
	(e)	 	In this Agreement, unless a contrary intention appears:

	 
	 	 	 	 
	
 
	 	(i)
	 	the singular number includes the plural number and vice versa;

(ii) reference to any Person includes such Person’s successors and assigns but, if
applicable, only if such successors and assigns are permitted by the Repurchase Documents;

	 	 	 
	(iii)

	 	reference to any gender includes each other gender;
	 
	 	 
	(iv)

	 	reference to day or days without further qualification means calendar days;
	 
	 	 
	(v)

	 	reference to any time means Charlotte, North Carolina time;

(vi) reference to any agreement (including any Repurchase Document), document or
instrument means such agreement, document or instrument as amended, modified, restated,
replaced, waived, substituted, supplemented or extended from time to time in accordance with
the terms thereof and, if applicable, the terms of the other Repurchase Documents, and
reference to any promissory note, certificate, instrument or trust receipt includes any
promissory note, certificate, instrument or trust receipt that is an extension or renewal
thereof or a substitute or replacement therefor;

(vii) reference to any Applicable Law means such Applicable Law as amended, modified,
codified, replaced or reenacted, in whole or in part, and in effect from time to time,
including rules and regulations promulgated thereunder and reference to any Section or other
provision of any Applicable Law means that provision of such Applicable Law from time to
time in effect and constituting the substantive amendment, modification, codification,
replacement or reenactment of such Section or other provision;

(viii) unless otherwise expressly provided in this Agreement, reference to any notice,
request, approval, consent or determination provided for, permitted or required under the
terms of the Repurchase Documents with respect to the Seller, the Pledgor, the Guarantors or
the Purchaser means, in order for such notice, request, approval, consent or determination
to be effective hereunder, such notice, request, approval or consent must be in writing;

(ix) reference herein or in any Repurchase Document to the Purchaser’s discretion shall
mean, unless otherwise stated herein or therein, the Purchaser’s sole and absolute
discretion, and the exercise of such discretion shall be final and conclusive. In addition,
whenever the Purchaser has a decision or right of determination or request, exercises any
right given to it to agree, disagree, accept, consent, grant waivers, take action or no
action or to approve or disapprove, or any arrangement or term is to be satisfactory or
acceptable to or approved by (or any similar language or terms) the Purchaser, the decision
of the Purchaser with respect thereto shall be in the sole and absolute discretion of the
Purchaser, and such decision shall be final and conclusive, except as may be otherwise
specifically provided herein; and

(x) unless otherwise expressly provided in this Agreement, reference to any notice,
request, approval, consent or determination provided for, permitted or required under the
terms of this Agreement with respect to the Pledgor or the Purchaser means, in order for
such notice, request, approval, consent or determination to be effective hereunder, such
notice, request, approval or consent must be in writing.

ARTICLE II

SECURITY INTEREST

Section 2.1 Pledge and Grant of Security Interest.

(a) To secure the prompt payment and performance in full when due, whether by lapse of time or
otherwise, of the Pledged Obligations, the Pledgor hereby pledges and grants to the Purchaser a
continuing security interest in any and all right, title and interest of the Pledgor in and to the
following, whether now owned or existing or whether owned, acquired or arising hereafter
(collectively, the “Pledged Collateral”):

(i) Pledged Collateral. 100% of the issued and outstanding Equity Interests in
the Seller, including, but not limited to, the following:

(A) all dividends, distributions and income from the Equity Interests, all
 shares, securities, membership interests or other equity interests representing a
dividend on any of the Equity Interests in the Seller, or representing a
distribution or return of capital upon or in respect of the Equity Interests in the
Seller, or resulting from a stock or membership split, revision, reclassification or
other exchange therefor, and any subscriptions, warrants, rights or options issued
to the holder of, or otherwise in respect of, the Equity Interests in the Seller;
and

(B) without affecting the obligations of the Pledgor under any provision
prohibiting such action hereunder, in the event of any consolidation or merger
involving the issuer of any Equity Interests in the Seller and in which such issuer
is not the surviving entity, all shares of each class of the Equity Interests in the
successor entity formed by or resulting from such consolidation or merger; and

(C) all right, title and interest of the Pledgor in, to and under the Governing
Documents of the Seller or any other agreement or instrument relating to the Pledged
Collateral, including, without limitation, (1) all rights of the Pledgor to receive
moneys or distributions with respect to the Pledged Collateral due and to become due
under or pursuant to such Governing Documents, (2) all rights of the Pledgor to
receive proceeds of any insurance, indemnity, warranty or guaranty with respect to
the Pledged Collateral, (3) all claims of the Pledgor for damages arising out of or
for breach of or default under such Governing Documents, (4) any right of the
Pledgor to perform under such Governing Documents and to compel performance and
otherwise exercise all rights and remedies thereunder, and (5) all of the Pledgor’s
right, title and interest as a member of the Seller to participate in the operation
or management of the Seller and all of the Pledgor’s ownership interests under such
Governing Documents;

(ii) Proceeds. All proceeds (as defined in the UCC) and products of any of the
foregoing Property of the Pledgor, including, without limitation, any proceeds of insurance
thereon, and any proceeds or products constituting “securities”, “accounts”, “general
intangibles”, “instruments” and “investment property”, in each case as defined in the UCC,
constituting or relating to the foregoing, whenever acquired and in whatever form.

(b) Without limiting the generality of the foregoing pledge and security interest, it is
hereby specifically understood and agreed that the Pledgor may from time to time hereafter pledge
and deliver additional shares of Equity Interests or other interests in the Seller to the Purchaser
as collateral security for the Pledged Obligations. Upon such pledge and delivery to the
Purchaser, such additional shares of Equity Interests or other interests in the Seller shall be
deemed to be part of the Pledged Collateral and shall be subject to the terms of this Agreement.

Section 2.2 Security for Pledged Obligations.

The security interest created hereby in the Pledged Collateral constitutes continuing
collateral security for all of the following, whether now existing or hereafter arising or incurred
(as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time
to time, the “Pledged Obligations”): (a) all of the Aggregate Unpaids and other
Obligations; and (b) the obligations and liabilities of and amounts owed by the Pledgor under this
Agreement, in each case howsoever evidenced, created, incurred or acquired, whether primary,
secondary, direct, contingent, or joint and several.

Section 2.3 Delivery of the Pledged Collateral; Perfection of Security Interest.

The Pledgor hereby agrees that:

(a) Financing Statements. The Pledgor hereby authorizes the Purchaser to prepare and
file such financing statements (including renewal statements) or amendments thereof or supplements
thereto or other instruments as the Purchaser may from time to time deem reasonably necessary or
appropriate in order to perfect and maintain the security interests granted hereunder in accordance
with the UCC. The Pledgor shall also execute and deliver to the Purchaser such agreements,
assignments or instruments (including affidavits, notices, reaffirmations and amendments and
restatements of existing documents as the Purchaser may reasonably request) and do all such other
things as the Purchaser may reasonably deem necessary or appropriate (i) to assure to the Purchaser
its security interests hereunder are perfected, including such financing statements (including
renewal statements) or amendments thereof or supplements thereto or other agreements or instruments
as the Purchaser may from time to time reasonably request (including, without limitation, control
agreements or securities intermediary agreements) in order to perfect and maintain the security
interests granted hereunder and any other personal property security legislation in the appropriate
jurisdictions, (ii) to consummate the transactions contemplated hereby and (iii) to otherwise
protect and assure the Purchaser of its rights and interests hereunder. The Pledgor hereby agrees
that a carbon, photographic or other reproduction of this Agreement or any such financing statement
is sufficient for filing as a financing statement by the Purchaser without notice thereof to the
Pledgor wherever the Purchaser may in its discretion desire to file the same. In the event for any
reason the law of any jurisdiction other than New York becomes or is applicable to the Pledged
Collateral or any part thereof, or to any of the Pledged Obligations, the Pledgor agrees to execute
and deliver all such instruments and to do all such other things as the Purchaser reasonably deems
necessary or appropriate to preserve, protect and enforce the security interests of the Purchaser
under the law of such other jurisdiction (and, if the Pledgor shall fail to do so promptly upon the
written request of the Purchaser, then the Purchaser may execute any and all such requested
documents on behalf of the Pledgor pursuant to the power of attorney granted herein). The Pledgor
agrees to mark its books and records (and to cause the issuer of the Pledged Collateral to mark its
books and records) to reflect the security interest of the Purchaser in the Pledged Collateral.

(b) Delivery of Certificates and Instruments. The Pledgor shall deliver as security to
the Purchaser (i) simultaneously with or prior to the execution and delivery of this Agreement, all
certificates and instruments, if any, that constitute Pledged Collateral owned by the Pledgor, and,
(ii) to the extent that any conversion is made as described in Subsections 2.3(c) or
4.1(c), simultaneously with or prior to such conversion, all certificates and instruments
representing the Pledged Collateral owned by the Pledgor. Prior to delivery to the Purchaser, all
such certificates and instruments constituting Pledged Collateral shall be held in trust by the
Pledgor for the benefit of the Purchaser pursuant hereto. All such certificates shall be
(i) delivered in suitable form for transfer by delivery or (ii) accompanied by, as the Purchaser
deems appropriate, (A) duly executed instruments of transfer or endorsements in blank and/or
(B) such other instruments or documents as the Purchaser shall reasonably request that are
satisfactory to the Purchaser in its reasonable discretion and are consistent with the intent and
purpose of this Agreement.

(c) Additional Securities. If the Pledgor shall receive, by virtue of its being or
having been the owner of any Pledged Collateral, any (i) certificate, including, without
limitation, any certificate representing a dividend or distribution in connection with any increase
or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of
shares of Equity Interests, stock splits, spin–off or split–off, promissory notes or other
instruments; (ii) option or right, whether as an addition to, substitution for, or an exchange for,
any Pledged Collateral or otherwise; (iii) dividends payable in Equity Interests; or
(iv) distributions of Equity Interests or other Equity Interests in connection with a partial or
total liquidation, dissolution or reduction of capital, capital surplus or paid–in surplus, then
the Pledgor shall receive such certificate, instrument, option, right or distribution in trust for
the benefit of the Purchaser, shall segregate same from the Pledgor’s other assets and Property and
shall deliver same forthwith to the Purchaser in the exact form received accompanied by duly
executed instruments of transfer or assignments in blank that are satisfactory to the Purchaser in
its reasonable discretion to be held by the Purchaser as Pledged Collateral and as further
collateral security for the Pledged Obligations.

(d) Provisions Relating to Uncertificated Securities, Securities Entitlements and
Securities Accounts. The Pledgor shall promptly notify the Purchaser of any Pledged Collateral
consisting of an Uncertificated Security or a Securities Entitlement or any Pledged Collateral held
in a Securities Account. With respect to any such Pledged Collateral, (i) the Pledgor and the
applicable issuer of the Uncertificated Security or the applicable Securities Intermediary shall
enter into, upon the request of the Purchaser, an agreement with the Purchaser granting Control to
the Purchaser over such Pledged Collateral, such agreement to be in form and substance reasonably
satisfactory to the Purchaser and (ii) the Purchaser shall be entitled, upon the occurrence of an
Event of Default, to notify the applicable issuer of the Uncertificated Security or the applicable
Securities Intermediary that it should exclusively follow the instructions or the Entitlement
Orders, respectively, of the Purchaser and no longer follow the instructions or the Entitlement
Orders, respectively, of the Pledgor. Upon receipt by a Pledgor of notice from a Securities
Intermediary of its intent to terminate the Securities Account of such Pledgor held by such
Securities Intermediary, prior to the termination of such Securities Account the Pledged Collateral
in such Securities Account shall be (i) transferred to a new Securities Account, upon the request
of the Purchaser, which shall be subject to a control agreement as provided above or
(ii) transferred to an account held by the Purchaser (in which it will be held until a new
Securities Account is established).

Section 2.4 Security Interest Absolute.

All rights of the Purchaser, and the security interest granted hereunder, and all of the
obligations of the Pledgor hereunder, shall be absolute and unconditional, irrespective of:

(a) any lack of validity or enforceability of the Repurchase Agreement or any other Repurchase
Document;

(b) any change in any term of all or any of the obligations of the Seller or any of the
Guarantors under the Repurchase Agreement or any Repurchase Document, or any other amendment or
waiver of or any consent to any departure from any provision of the Repurchase Agreement or the
other Repurchase Documents; or

(c) any other circumstance that might otherwise constitute a defense available to, or a
discharge of, the Pledgor (other than payment in full of the Pledged Obligations).

ARTICLE III

REPRESENTATIONS AND WARRANTIES

Section 3.1 Representations and Warranties.

The Pledgor hereby represents and warrants to the Purchaser that, so long as any of the
Pledged Obligations remain outstanding or any Repurchase Document is in effect and until all of the
Pledged Obligations shall have been terminated:

(a) Organization and Good Standing. The Pledgor has been duly organized, and is
validly existing as, a corporation in good standing, under the laws of the State of Michigan, with
all requisite corporate, company or partnership power and authority to conduct its business as such
business is presently conducted.

(b) Due Qualification. The Pledgor is duly qualified to do business and is in good
standing as a corporation, and has obtained all necessary licenses and approvals, in all
jurisdictions in which the conduct of its business requires such qualification, licenses or
approvals, except where the failure to so qualify will not, and could not reasonably be expected
to, have a Material Adverse Effect.

(c) Power and Authority; Due Authorization; Execution and Delivery. The Pledgor
(i) has all necessary power, authority and legal right (A) to execute and deliver this Agreement
and (B) to carry out the terms of this Agreement, and (ii) has duly authorized by all necessary
corporate action (A) the execution, delivery and performance of this Agreement, and (B) the pledge
of the Pledged Collateral on the terms and conditions herein provided. This Agreement has been
duly executed and delivered by the Pledgor.

(d) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Pledgor, enforceable against the Pledgor in accordance with its terms, except as
such enforceability may be limited by Insolvency Laws and by general principles of equity (whether
considered in a suit at law or in equity).

(e) No Violation. The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof will not (i) conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time or both) a
default under, the Pledgor’s Governing Documents or any material Contractual Obligation,
Indebtedness or Guarantee Obligation of the Pledgor, (ii) result in the creation or imposition of
any Lien (other than Permitted Liens) upon any of the Pledgor’s assets or Properties pursuant to
the terms of any such Contractual Obligation, Indebtedness or Guarantee Obligation or (iii) violate
any Applicable Law.

(f) No Proceedings. There is no material litigation, proceeding or investigation
pending or, to the best knowledge of the Pledgor, threatened against the Pledgor, before any
Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, or (iii) seeking any
determination or ruling that could reasonably be expected to have a Material Adverse Effect or a
material adverse effect on the Pledgor, the Pledged Collateral or its assets or Property.

(g) All Consents Required. All approvals, authorizations, consents, orders or other
actions of any Person (including the issuer of an Pledged Collateral) or of any Governmental
Authority (if any) required (i) for the due execution, delivery and performance by the Pledgor of
this Agreement, (ii) for the pledge made by the Pledgor or for the granting of the security
interest by the Pledgor pursuant to this Agreement and (iii) for the exercise by the Purchaser of
its rights and remedies hereunder have been obtained, effected or given and are in full force and
effect.

(h) Solvency. The Pledgor is not the subject of any Insolvency Proceedings or
Insolvency Event. The Transactions under this Agreement do not and will not render the Pledgor not
Solvent. The Pledgor has not pledged the Pledged Collateral under this Agreement with the actual
intent to hinder, delay or defraud any creditor of the Pledgor and the Pledgor has received
reasonably equivalent value in exchange for such pledge.

(i) Location of Offices. The Pledgor’s location (within the meaning of Article 9 of
the UCC) is Michigan and its chief executive office is, and since the date of its formation has
been, located at 621 E. Pratt Street, Suite 300, Baltimore, Maryland 21202. The office where the
Pledgor keeps all the records (within the meaning of Article 9 of the UCC) is at the same address
as its chief executive office. The Pledgor’s organizational identification number is 303–234. The
Pledgor has not changed its name, whether by amendment of its Governing Documents, by
reorganization or otherwise, and has not changed its location within the four (4) months preceding
the Closing Date.

(j) Pledgor’s Name. The Pledgor’s exact legal name is set forth on the signature
pages to this Agreement. The Pledgor has no trade names, fictitious names, assumed names or “doing
business as” names or other names under which it has done or is doing business.

(k) Value Given. The Pledgor represents and warrants that the Recitals to this
Agreement are true and acknowledges the receipt of adequate consideration for the pledge of the
Pledged Collateral.

(l) Authorization of Pledged Collateral. The Pledged Collateral is duly authorized
and validly issued, is fully paid and non–assessable and is not subject to the preemptive rights of
any Person.

(m) Title. The Pledgor has good and indefeasible title to the Pledged Collateral and
will at all times be the legal and beneficial owner of such Pledged Collateral free and clear of
any Lien, other than Permitted Liens. There exists no “adverse claim” within the meaning of
Section 8–102 of the UCC with respect to the Pledged Collateral.

(n) Exercising of Rights. The exercise by the Purchaser of its rights and remedies
hereunder will not violate any Applicable Law, the terms of the Pledged Collateral or any material
Contractual Obligation binding on or affecting the Pledgor or any of its assets or Property.

(o) No Securities. All of the Pledged Collateral consist of interests that do not
constitute a Security pursuant to Section 8–103(c) of the UCC. None of the Pledged Collateral
(i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms
expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is Investment
Property, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset.

(p) Security Interest/Priority. This Agreement creates a valid security interest in
favor of the Purchaser in the Pledged Collateral, which security interest is prior to all other
Liens and is enforceable as such as against creditors of and purchasers from the Pledgor. Upon the
filing of a UCC financing statement describing the Pledged Collateral in the location of the
Pledgor’s state of organization, the Purchaser shall have a first priority perfected security
interest in the Pledged Collateral. Except as set forth in this Subsection 3.1(p), no
other action is necessary to perfect the Purchaser’s security interest.

(q) UCC Description. The Pledged Collateral constitutes either a “general intangible”
or an “instrument” within the meaning of the applicable UCC.

(r) No Other Security Interest. Other than the security interest granted to the
Purchaser pursuant to this Agreement, the Pledgor has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed, any of the Pledged Collateral. The Pledgor has not
authorized the filing of and is not aware of any financing statements against the Pledgor that
include a description of collateral covering the Pledged Collateral other than any financing
statement relating to the security interest granted to the Pledged Collateral hereunder or that has
been terminated. The Pledgor is not aware of any judgment or tax lien filings against the Pledgor.

(s) Taxes. The Pledgor has filed or caused to be filed all material tax returns that
are required to be filed by it. The Pledgor has paid or made adequate provisions for the payment
of all Taxes and all assessments made against it or any of its assets and Property (other than any
amount of Tax the validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves in accordance with GAAP have been provided on the
books of the Pledgor), except where the failure to so pay such Taxes will not, and could not
reasonably be expected to, have a Material Adverse Effect and such failure does not result in a
Lien on any of the Pledged Collateral that is not a Permitted Lien, and no tax Lien has been filed
and, to the Pledgor’s knowledge, no claim is being asserted, with respect to any such Tax, fee or
other charge.

(t) Investment Company Act. The Pledgor is not required to register as, and is not
controlled by, an “investment company” within the meaning of the 40 Act.

(u) ERISA. The present value of all benefits vested under all “employee pension
benefit plans,” as such term is defined in Section 3 of ERISA, maintained by the Pledgor, or in
which employees of the Pledgor are entitled to participate, as from time to time in effect (herein
called the “Pension Plans”), does not exceed the value of the assets of the Pension Plan
allocable to such vested benefits (based on the value of such assets as of the last annual
valuation date). No prohibited transactions, accumulated funding deficiencies, withdrawals or
reportable events have occurred with respect to any Pension Plans that, in the aggregate, could
subject the Pledgor to any material tax, penalty or other liability. No notice of intent to
terminate a Pension Plan has been filed, nor has any Pension Plan been terminated under
Section 4041(f) of ERISA, nor has the PBGC instituted proceedings to terminate or appoint a trustee
to administer a Pension Plan, and no event has occurred or condition exists that might constitute
grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan.

(v) No Defaults. No Default or Event of Default has occurred and is continuing under
any Repurchase Document.

ARTICLE IV

COVENANTS

Section 4.1 Covenants.

The Pledgor hereby covenants that, so long as any of the Pledged Obligations remain
outstanding or any Repurchase Document is in effect and until all of the Pledged Obligations shall
have been terminated:

(a) Security Interests. The Pledgor shall not sell, pledge, assign or transfer to any
other Person, or grant, create, incur, assume or suffer to exist any Lien on, any Pledged
Collateral other than Permitted Liens, whether now existing or hereafter transferred hereunder, or
any interest therein, and the Pledgor will not sell, pledge, assign or suffer to exist any Lien on
its interest, if any, hereunder. The Pledgor will promptly notify the Purchaser of the existence
of any Lien other than Permitted Liens on any Pledged Collateral, and the Pledgor shall defend the
right, title and interest of the Purchaser in, to and under the Pledged Collateral against all
claims of third parties other than Permitted Liens.

(b) Further Assurances. The Pledgor shall promptly execute and deliver at its expense
all further instruments and documents and take all further action that may be reasonably necessary
and desirable or that the Purchaser may reasonably request in order to (i) perfect and protect the
security interest created hereby in the Pledged Collateral (including, without limitation,
execution and delivery of one or more control agreements reasonably acceptable to the Purchaser,
execution and filing of UCC financing statements and any and all other actions reasonably necessary
to satisfy the Purchaser that the Purchaser has obtained a first priority perfected security
interest in all Pledged Collateral); (ii) enable the Purchaser to exercise and enforce its rights
and remedies hereunder in respect of the Pledged Collateral; and (iii) otherwise effect the
purposes of this Agreement, including, without limitation and if requested by the Purchaser,
delivering to the Purchaser irrevocable proxies in respect of the Pledged Collateral.

(c) Amendments. The Pledgor will not make or consent to any amendment or other
modification or waiver with respect to any of the Pledged Collateral or enter into any agreement or
allow to exist any restriction with respect to any of the Pledged Collateral other than pursuant
hereto. The Pledgor will not take any action to convert the Pledged Collateral to interests that
constitute a Security pursuant to Section 8–103(c) of the UCC.

(d) Issuance or Acquisition of Equity Interests. The Pledgor shall execute and
deliver, or cause to be executed or delivered, to the Purchaser such agreements, documents and
instruments as the Purchaser may reasonably require to perfect its security interest in any Equity
Interests issued or acquired that consists of an interest that (i) is dealt in or traded on a
securities exchange or in a securities market, (ii) by its terms expressly provides that it is a
Security governed by Article 8 of the UCC, (iii) is Investment Property, (iv) is held in a
Securities Account or (v) constitutes a Security or a Financial Asset.

(e) Compliance with Laws. The Pledgor shall comply in all material respects with all
Applicable Laws (including securities laws), including, without limitation, those with respect to
the Pledged Collateral, and all Contractual Obligations, including those with respect to the
Pledged Collateral, all Indebtedness and all Guarantee Obligations, in each case, except where the
failure to so comply will not, and could not reasonably be expected to, have a Material Adverse
Effect.

(f) Preservation of Company Existence. The Pledgor shall preserve and maintain its
company existence, rights, franchises and privileges in the jurisdiction of its formation and will
qualify and remain qualified in good standing as a corporation in each jurisdiction where the
failure to preserve and maintain such existence, rights, franchises, privileges and qualification
has had, or could reasonably be expected to have, a Material Adverse Effect or a material adverse
effect on the Pledgor, the Pledged Collateral or its assets or Property.

(g) Events of Default. The Pledgor shall provide the Purchaser with immediately
written notice of the occurrence of each Default and each Event of Default of which the Pledgor has
knowledge or has received notice. In addition, no later than two (2) Business Days following the
Pledgor’s knowledge or notice of the occurrence of any Default or Event of Default, the Pledgor
will provide to the Purchaser an Officer’s Certificate setting forth the details of such event and
the action that the Pledgor or any other related Person proposes to take with respect thereto.

(h) Adverse Claims. The Pledgor shall not create, or participate in the creation of,
or permit to exist, any Liens in relation to the Pledged Collateral other than as disclosed to the
Purchaser and existing as of the date of this Agreement.

(i) Change of Name or Location of Loan Files. The Pledgor shall not change its name,
organizational number, identity, structure or jurisdiction of formation or organization, move the
location of its principal place of business and chief executive office, or change the offices where
it keeps the records (as defined in the UCC) from the location referred to in
Subsection 3.1(i), unless the Pledgor has given at least thirty (30) days’ prior written
notice to the Purchaser and has taken all actions required under the UCC of each relevant
jurisdiction in order to continue the first priority perfected security interest of the Purchaser
in the Pledged Collateral.

(j) ERISA Matters. The Pledgor shall not (i) engage or permit any ERISA Affiliate to
engage in any prohibited transaction for which an exemption is not available or has not previously
been obtained from the United States Department of Labor that could subject such Person to a
material tax penalty or other liability, (ii) permit to exist any accumulated funding deficiency,
as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding deficiency with
respect to any Benefit Plan other than a Multiemployer Plan, (iii) fail to make any payments to a
Multiemployer Plan that the Pledgor or any ERISA Affiliate may be required to make under the
agreement relating to such Multiemployer Plan or any law pertaining thereto, (iv) terminate any
Benefit Plan so as to result in any liability, (v) permit to exist any occurrence of any reportable
event described in Title IV of ERISA or (vi) otherwise violate the provisions of ERISA with respect
to any Plan.

(k) Inconsistent Agreements. The Pledgor shall not, and shall not permit any of its
Subsidiaries to, directly or indirectly, enter into any agreement containing any provision that
would be violated or breached by the performance by the Pledgor under this Agreement.

(l) Payment of Pledged Obligations. The Pledgor shall pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may be, all its
obligations of whatever nature, except where the amount or validity thereof is currently being
contested in good faith by appropriate proceedings and reserves in conformity with GAAP with
respect thereto have been provided on the books of the Pledgor or any of its Subsidiaries, as the
case may be, and except where the failure to so pay such obligations will not, and could not
reasonably be expected to, have a Material Adverse Effect and such failure does not result in a
Lien on any of the Pledged Collateral that is not a Permitted Lien.

ARTICLE V

EVENTS OF DEFAULT

Section 5.1 Events of Default.

The occurrence of an event that under the Repurchase Agreement would constitute a Default or
an Event of Default shall be a Default or an Event of Default hereunder.

Section 5.2 Remedies.

(a) General Remedies. Upon the occurrence of an Event of Default, the Purchaser shall
have, in respect of the Pledged Collateral, in addition to the rights and remedies provided herein,
in the other Repurchase Documents or by Applicable Law, the rights and remedies of a secured party
under the UCC or any other Applicable Law.

(b) Sale of Pledged Collateral. Upon the occurrence of an Event of Default, without
limiting the generality of this Section and without notice (which the Pledgor expressly waives),
the Purchaser may, in its sole discretion, sell or otherwise dispose of or realize upon the Pledged
Collateral, or any part thereof, in one or more parcels, at public or private sale, at any exchange
or broker’s board or elsewhere, at such price or prices and on such other terms as the Purchaser
may deem commercially reasonable, for cash, credit or for future delivery or otherwise in
accordance with Applicable Law. To the extent permitted by Applicable Law, the Purchaser may in
such event bid for the purchase of such securities. The Pledgor agrees that, to the extent notice
of sale shall be required by Applicable Law and by Applicable Law the Pledgor may not waive such
notice, any requirement of reasonable notice shall be met if notice, specifying the place of any
public sale or the time after which any private sale is to be made, is personally served on or
mailed, postage prepaid, to the Pledgor, in accordance with the notice provisions of
Section 7.5 at least seven (7) calendar days before the time of such sale. The Purchaser
shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having
been given. The Purchaser may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the
time and place to which it was so adjourned.

(c) [Reserved].

(d) Private Sale. Upon the occurrence of an Event of Default, the Pledgor recognizes
that the Purchaser may deem it impracticable to effect a public sale of all or any part of the
Pledged Collateral and that the Purchaser may, therefore, determine to make one or more private
sales of any such Pledged Collateral to a restricted group of purchasers who will be obligated to
represent, among other things, to acquire such Pledged Collateral for their own account, for
investment purposes and not with a view to the distribution or resale thereof. The Pledgor
acknowledges that any such private sale may be at prices and on terms less favorable to the seller
than the prices and other terms that might have been obtained at a public sale and, notwithstanding
the foregoing, agrees that such private sale shall be deemed to have been made in a commercially
reasonable manner and that the Purchaser shall have no obligation to delay sale of any such Pledged
Collateral for the period of time necessary to permit the issuer of such Pledged Collateral to
register such Pledged Collateral for public sale under the Securities Act. The Pledgor further
acknowledges and agrees that any offer to sell such Pledged Collateral that has been (i) publicly
advertised on a bona fide basis in a newspaper or other publication of general circulation in the
financial community of New York, New York (to the extent that such offer may be advertised without
prior registration under the Securities Act), or (ii) made privately in the manner described above
shall be deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not
constitute a “public offering” under the Securities Act, and the Purchaser may, in such event, bid
for the purchase of such Pledged Collateral.

(e) Retention of Pledged Collateral. In addition to the rights and remedies
hereunder, upon the occurrence of an Event of Default, the Purchaser may, after providing the
notices required by Sections 9–620 and 9–621 (or similar provision) of the UCC (or any successor
sections of the UCC) or otherwise complying with the notice requirements of Applicable Law of the
relevant jurisdiction, accept or retain all or any portion of the Pledged Collateral in
satisfaction of the Pledged Obligations. Unless and until the Purchaser shall have provided such
notices, however, the Purchaser shall not be deemed to have retained any Pledged Collateral in
satisfaction of the Pledged Obligations for any reason.

(f) Other Security. To the extent that any of the Pledged Obligations are now or
hereafter secured by Property other than the Pledged Collateral (including, without limitation,
real and other personal Property owned by the Pledgor), or by a guarantee, endorsement or Property
of any other Person, then the Purchaser shall have the right to proceed against such other
Property, guarantee or endorsement upon the occurrence of any Event of Default, and the Purchaser
shall have the right, in its sole discretion, to determine which rights, security, Liens or
remedies the Purchaser shall at any time pursue, relinquish, subordinate, modify or take with
respect thereto, without in any way modifying or affecting any of them or any of the Purchaser’s
rights or the Pledged Obligations under this Agreement or under any other of the Repurchase
Documents.

(g) Curing Events of Default. Notwithstanding anything contained herein to the
contrary, upon the Purchaser’s acceleration of the Obligations under the Repurchase Agreement,
neither the Seller, the Pledgor, the Guarantors nor other Person may thereafter cure any Event of
Default.

ARTICLE VI

RIGHTS OF THE PURCHASER

Section 6.1 Performance of Pledged Obligations; Advances by Purchaser.

On failure of the Pledgor to perform any of the covenants and agreements contained herein, the
Purchaser may, at its sole option and in its sole discretion, perform or cause to be performed the
same and in so doing may expend such sums as the Purchaser may reasonably deem advisable in the
performance thereof, including, without limitation, the payment of any taxes, a payment to obtain a
release of a Lien or potential Lien, expenditures made in defending against any adverse claim and
all other expenditures that the Purchaser may make for the protection of the security hereof or
that the Purchaser may be compelled to make by operation of Applicable Law. All such sums and
amounts so expended shall be repayable by the Pledgor promptly upon timely notice thereof and
demand therefor, shall constitute additional Pledged Obligations and shall bear interest from the
date said amounts are expended at the Post–Default Rate. No such performance of any covenant or
agreement by the Purchaser on behalf of the Pledgor, and no such advance or expenditure therefor,
shall relieve the Pledgor of any default under the terms of this Agreement or the other Repurchase
Documents. The Purchaser may make any payment hereby authorized in accordance with any bill,
statement or estimate procured from the appropriate public office or holder of the claim to be
discharged without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax assessment, sale, forfeiture, tax Lien, title or claim except to the extent
such payment is being contested in good faith by the Pledgor in appropriate proceedings and against
which adequate reserves are being maintained in accordance with GAAP.

Section 6.2 Rights of the Purchaser.

(a) Power of Attorney. In addition to other powers of attorney contained herein or
under the Repurchase Agreement, the Pledgor hereby designates and appoints the Purchaser and each
of its designees or agents as attorney–in–fact of the Pledgor, irrevocably and with power of
substitution, with authority to take any or all of the following actions upon the occurrence of an
Event of Default:

(i) to demand, collect, settle, compromise, adjust and give discharges and releases
concerning the Pledged Collateral, all as the Purchaser may reasonably determine in respect
of the Pledged Collateral;

(ii) to commence and prosecute any actions at any court for the purposes of collecting
any of the Pledged Collateral and enforcing any other right in respect thereof;

(iii) to defend, settle, adjust or compromise any action, suit or proceeding brought
and, in connection therewith, give such discharge or release as the Purchaser may deem
reasonably appropriate in respect of the Pledged Collateral, provided that the same does not
impose any civil or criminal liability on the Pledgor;

(iv) to pay or discharge taxes, Liens or other encumbrances levied or placed on or
threatened against the Pledged Collateral;

(v) to direct any parties liable for any payment under or with respect to any of the
Pledged Collateral to make payment of any and all monies due and to become due thereunder
directly to the Purchaser or as the Purchaser shall direct;

(vi) to receive payment of and receipt for any and all monies, claims, and other
amounts due and to become due at any time in respect of or arising out of any Pledged
Collateral;

(vii) to sign and endorse any drafts, assignments, proxies, stock or membership powers,
verifications, notices and other documents relating to the Pledged Collateral;

(viii) to execute and deliver and/or file all assignments, conveyances, statements,
financing statements, continuation statements, pledge agreements, affidavits, notices and
other agreements, instruments and documents that the Purchaser may determine necessary in
order to perfect and maintain the security interests and Liens granted in this Agreement and
in order to fully consummate all of the transactions contemplated herein;

(ix) to exchange any of the Pledged Collateral or other Property upon any merger,
consolidation, reorganization, recapitalization or other readjustment of the issuer thereof
and, in connection therewith, deposit any of the Pledged Collateral with any committee,
depository, transfer agent, registrar or other designated agency upon such terms as the
Purchaser may determine;

(x) to vote for a shareholder, partner or member resolution, or to sign an instrument
in writing, sanctioning the transfer of any or all of the Pledged Collateral into the name
of the Purchaser or into the name of any transferee to whom the Pledged Collateral or any
part thereof may be sold pursuant to this Agreement or Applicable Law; and

(xi) to do and perform all such other acts and things as the Purchaser may deem to be
necessary, proper or convenient in connection with the Pledged Collateral.

This power of attorney is a power coupled with an interest and shall be irrevocable for so
long as any of the Pledged Obligations remain outstanding, any Repurchase Document is in
effect and until all of the Pledged Obligations shall have been terminated. The Purchaser
shall be under no duty to exercise or withhold the exercise of any of the rights, powers,
privileges and options expressly or implicitly granted to the Purchaser in this Agreement,
and shall not be liable for any failure to do so or any delay in doing so. The Purchaser
shall not be liable for any act or omission or for any error of judgment or any mistake of
fact or law in its individual capacity or its capacity as attorney–in–fact except acts or
omissions resulting from its gross negligence or willful misconduct. This power of attorney
is conferred on the Purchaser solely to protect, preserve and realize upon its security
interest in the Pledged Collateral.

(b) Assignment by the Purchaser. The Purchaser may from time to time assign the
Pledged Obligations or any portion thereof and/or the Pledged Collateral or any portion thereof in
accordance with the terms of the Repurchase Agreement, and the assignee shall be entitled to all of
the rights and remedies of the Purchaser under this Agreement in relation thereto.

(c) The Purchaser’s Duty of Care. Other than the exercise of reasonable care to
ensure the safe custody of the Pledged Collateral while being held by the Purchaser hereunder, the
Purchaser shall have no duty or liability to preserve rights pertaining thereto, it being
understood and agreed that the Pledgor shall be responsible for preservation of all rights in the
Pledged Collateral, and the Purchaser shall be relieved of all responsibility for the Pledged
Collateral upon surrendering it or tendering the surrender of it to the Pledgor. The Purchaser
shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged
Collateral in its possession if such Pledged Collateral is accorded treatment substantially equal
to that which the Purchaser accords its own Property, which shall be no less than the treatment
employed by a reasonable and prudent agent in the industry, it being understood that the Purchaser
shall not have responsibility for (i) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral,
whether or not the Purchaser has or is deemed to have knowledge of such matters or (ii) taking any
necessary steps to preserve rights against any parties with respect to any Pledged Collateral.

(d) Voting Rights in Respect of the Pledged Collateral.

(i) So long as no Event of Default shall have occurred, to the extent permitted by
Applicable Law, the Pledgor may exercise any and all voting and other consensual rights
pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent
with the terms of this Agreement or the Repurchase Agreement; provided,
however, that Pledgor shall not exercise or shall refrain from exercising any such
right if the Purchaser shall have notified the Pledgor that, in the Purchaser’s judgment,
such action would have a material adverse effect on the value of the Pledged Collateral, the
Purchased Items, the Purchaser’s Lien or any portion of the foregoing.

(ii) Upon the occurrence of an Event of Default, all rights of the Pledgor to exercise
the voting and other consensual rights that it would otherwise be entitled to exercise
pursuant to paragraph (i) of this Subsection 6.2(d) shall cease and all such
rights shall thereupon become vested in the Purchaser who shall then have the sole right to
exercise such voting and other consensual rights.

(e) Dividend and Distribution Rights in Respect of the Pledged Collateral.

(i) So long as no Event of Default shall have occurred, the Pledgor may receive and
retain any and all dividends (other than dividends payable in the form of Equity Interests
and other dividends constituting Pledged Collateral that are required to be delivered to the
Purchaser pursuant to Article II above), distributions or interest paid in respect
of the Pledged Collateral to the extent they are allowed under the Repurchase Agreement.

(ii) Upon the occurrence of an Event of Default:

(A) all rights of the Pledgor to receive the dividends, distributions and
interest payments that it would otherwise be authorized to receive and retain
pursuant to paragraph (i) of this Subsection 6.2(e) shall cease and
all such rights shall thereupon be vested in the Purchaser who shall then have the
sole right to receive and hold as Pledged Collateral such dividends, distributions
and interest payments; and

(B) all dividends, distributions and interest payments that are received by the
Pledgor contrary to the provisions of clause (A) of this
Subsection (ii) shall be received in trust for the benefit of the Purchaser,
shall be segregated from other Property or funds of the Pledgor, and shall be
forthwith paid over to the Purchaser as Pledged Collateral in the exact form
received, to be held by the Purchaser as Pledged Collateral and as further
collateral security for the Pledged Obligations.

(f) Release of Pledged Collateral. The Purchaser may release any of the Pledged
Collateral from this Agreement or may substitute any of the Pledged Collateral for other collateral
without altering, varying or diminishing in any way the force, effect or Lien of this Agreement as
to any Pledged Collateral not expressly released or substituted, and this Agreement shall continue
as a first priority Lien on all Pledged Collateral not expressly released or substituted.

Section 6.3 Application of Proceeds.

After the exercise of remedies hereunder or under the other Repurchase Documents, any payments
in respect of the Pledged Obligations and any proceeds of any Pledged Collateral, when received by
the Purchaser in cash or its equivalent, will be applied in reduction of the Pledged Obligations in
the order set forth in Section 10.2 of the Repurchase Agreement, and the Pledgor
irrevocably waives the right to direct the application of such payments and proceeds and
acknowledges and agrees that the Purchaser shall have the continuing and exclusive right to apply
and reapply any and all such payments and proceeds in the Purchaser’s sole discretion,
notwithstanding any entry to the contrary upon any of its books and records.

ARTICLE VII

MISCELLANEOUS PROVISIONS

Section 7.1 Indemnification.

(a) General Indemnity. The Pledgor agrees to hold the Purchaser, the Affected Parties
and their Affiliates and the Purchaser’s, the Affected Parties’ and their Affiliates’ officers,
directors, shareholders, employees, agents, attorneys, Affiliates and advisors (each an
“Indemnified Party” and collectively the “Indemnified Parties”) harmless from and
indemnify any Indemnified Party against all liabilities, losses, damages, judgments, costs and
expenses of any kind that may be imposed on, incurred by or asserted against such Indemnified Party
(collectively, the “Indemnified Amounts”) relating to or arising out of this Agreement or
the Pledged Collateral, or the pledge thereof or the violation of Applicable Law, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Agreement or
any transaction contemplated hereby, that, in each case, results from anything other than any
Indemnified Party’s gross negligence or willful misconduct. Without limiting the generality of the
foregoing, the Pledgor agrees to hold any Indemnified Party harmless from and indemnify such
Indemnified Party against all Indemnified Amounts with respect to the Pledged Collateral relating
to or arising out of any violation or alleged violation of, noncompliance with or liability under
any law, rule or regulation (including, without limitation, Environmental Laws and securities laws)
that, in each case, results from anything other than such Indemnified Party’s gross negligence or
willful misconduct. In any suit, proceeding or action brought by an Indemnified Party in
connection with the Pledged Collateral for any sum owing thereunder, the Pledgor will save,
indemnify and hold such Indemnified Party harmless from and against all expense, loss or damage
suffered by reason of any defense, set–off, counterclaim, recoupment or reduction of liability
whatsoever of the account debtor or obligor thereunder arising out of a breach by the Pledgor of
any obligation thereunder or arising out of any other agreement, indebtedness or liability at any
time owing to or in favor of such account debtor or obligor or its successors from the Pledgor.
The Pledgor also agrees to reimburse an Indemnified Party as and when billed by such Indemnified
Party for all such Indemnified Party’s costs, expenses and fees incurred in connection with the
enforcement or the preservation of such Indemnified Party’s rights under this Agreement and any
transaction contemplated hereby or thereby, including, without limitation, the reasonable fees and
disbursements of its counsel. In the case of an investigation, litigation or other proceeding to
which the indemnity in this Subsection 7.1(a) applies, such indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by the Seller, any of the
Guarantors and/or the Pledgor or any of their officers, directors, shareholders, employees or
creditors, an Indemnified Party or any other Person or any Indemnified Party is otherwise a party
thereto and whether or not any transaction contemplated hereby is consummated.

(b) Indemnity for Securities Liabilities. In the event of any offer and sale
described in Section 5.2, the Pledgor agrees to indemnify and hold harmless the Indemnified
Parties from and against any loss, fee, cost, expense, damage, liability or claim whatsoever,
whether joint or several, as incurred, to which any such Persons may become subject or for which
any of them may be liable, under the Securities Act or otherwise, insofar as such losses, fees,
costs, expenses, damages, liabilities or claims (or any litigation commenced or threatened in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
a material fact contained in any preliminary prospectus, registration statement, prospectus,
offering memorandum or other such document delivered, circulated, published or filed in connection
with such sale, or any amendment or supplement thereto, or arise out of or are based upon any
omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein in light of the circumstances under which they were made
not misleading and will reimburse Purchaser and such other Persons for any legal or other expenses
reasonably incurred by the Purchaser and such other Persons in connection with any litigation or
investigation or proceeding by any Governmental Authority, of any nature whatsoever, commenced or
threatened in respect thereof (including all fees, costs and expenses whatsoever reasonably
incurred by the Purchaser and such other Persons and counsel for the Purchaser and such other
Persons in investigating, preparing for, defending against, providing evidence, producing documents
or taking any other action in respect of any such commenced or threatened litigation or any claims
asserted). The foregoing indemnity shall be limited solely to information provided by the Pledgor
that is contained in such preliminary prospectus, registration statement, prospectus, offering
memorandum or other such document delivered, circulated, published or filed in connection with such
sale, or any amendment or supplement thereto. This indemnity shall be in addition to any liability
that the Pledgor may otherwise have and shall extend upon the same terms and conditions to each
Person, if any, that controls the Purchaser or such Persons within the meaning of the Securities
Act.

(c) Costs. If at any time hereafter, whether upon the occurrence of an Event of
Default or not, the Purchaser employs counsel to prepare or consider amendments, waivers or
consents with respect to this Agreement, or to take action or make a response in or with respect to
any legal or arbitral proceeding relating to this Agreement or relating to the Pledged Collateral,
or to protect the Pledged Collateral or exercise any rights or remedies under this Agreement or
with respect to the Pledged Collateral, then the Pledgor agrees to promptly pay upon demand any and
all such costs, expenses, losses, damages and liabilities of the Purchaser, all of which reasonable
costs, expenses, losses, damages and liabilities shall constitute Pledged Obligations hereunder.

(d) Release. To the fullest extent permitted by Applicable Law, the Pledgor hereby
releases the Purchaser, the Affected Parties and its successors and assigns, from any liability for
any act or omission relating to this Agreement or the Pledged Collateral, except for any liability
arising from the gross negligence or willful misconduct of the Purchaser or its officers, employees
or agents.

(e) Survival. The indemnities under this Section 7.1 shall be continuing and
survive the termination of this Agreement.

Section 7.2 Continuing Agreement.

(a) Termination. This Agreement shall be a continuing agreement in every respect and
shall remain in full force and effect so long as any of the Pledged Obligations remain outstanding
or any Repurchase Document is in effect, and until all of the Pledged Obligations thereunder shall
have terminated. Upon such payment and termination, this Agreement shall be automatically
terminated and the Purchaser shall , upon the request and at the expense of the Pledgor, forthwith
release all of the Liens and security interests granted hereunder and shall deliver all UCC
termination statements and/or other documents reasonably requested by the Pledgor evidencing such
termination. Notwithstanding the foregoing, all releases and indemnities provided hereunder and
all other provisions which by their terms expressly survive termination of this Agreement shall be
continuing and shall survive termination of this Agreement.

(b) Continuation. This Agreement shall continue to be effective or be automatically
reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Pledged
Obligations is rescinded or must otherwise be restored or returned by the Purchaser as a
preference, fraudulent conveyance or otherwise under any Insolvency Law, all as though such payment
had not been made; provided that in the event payment of all or any part of the Pledged
Obligations is rescinded or must be restored or returned, all reasonable costs and expenses
(including, without limitation, any reasonable legal fees and disbursements) incurred by the
Purchaser in defending and enforcing such reinstatement shall be deemed to be included as a part of
the Pledged Obligations.

Section 7.3 Amendments.

This Agreement and the rights and obligations of the parties hereunder may not be amended,
waived or changed orally, but only with the written agreement of the Pledgor and the Purchaser.

Section 7.4 No Waiver; Cumulative Remedies.

No failure to exercise and no delay in exercising, on the part of the Purchaser, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by Applicable Law.

Section 7.5 Notices, Etc.

All notices and other communications provided for hereunder shall, unless otherwise stated
herein, be in writing (including telex communication and communication by facsimile copy) and
mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth below
or at such other address as shall be designated by such Person in a written notice to the other
parties hereto. All such notices and communications shall be effective, upon receipt, or in the
case of (a) notice by mail, five (5) days after being deposited into the United States mail, first
class postage prepaid, (b) notice by telex, when telexed against receipt of answer back, or
(c) notice by facsimile copy, when verbal communication of receipt is obtained. The failure of the
Purchaser to give any notice required hereunder (if any) shall not affect the liability or
obligations of the Pledgor hereunder. Unless otherwise expressly provided in this Agreement,
reference to any notice, request, approval, consent or determination provided for, permitted or
required under the terms of this Agreement with respect to the Pledgor or the Purchaser means, in
order for such notice, request, approval, consent or determination to be effective hereunder, such
notice, request, approval or consent must be in writing.

If to the Pledgor:

	 	 	 	 	 
	MMA Capital Corporation
3000 Bayport Drive, Suite 1100
Tampa, Florida 33607
Attention:
	 	Thomas Cornett

	Facsimile No.:
	 	 	(813) 425–8000	 
	Confirmation No.:
	 	 	(813) 868–8076	 
	with a copy to:
	 	 	 	 
	MMA Capital Corporation
621 E. Pratt Street, Suite 300
Baltimore, Maryland 21202
Attention:
	 	Steve Goldberg, General Counsel

	Facsimile No.:
	 	 	(410) 727–5387	 
	Confirmation No.:
	 	 	(443) 263–2871	 

If to the Purchaser:

	 	 	 	 	 
	Wachovia Bank, National Association

	One Wachovia Center
	 	 	 	 
	301 South College Street, NC0166

	Charlotte, North Carolina 28288

	Attention:
	 	Marianne Hickman

	Facsimile No.:
	 	 	(704) 715–0066	 
	Confirmation No.:
	 	 	(704) 715–7818	 
	Section 7.6
	 	Governing Law.

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF).

	 	 	 	Section 7.7 Waivers.

(a) THE PLEDGOR KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO ASSERT A
COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT
BY PURCHASER, THE AFFECTED PARTIES OR ANY OF THEIR AFFILIATES OR AGENTS.

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE PARTIES HERETO ARISING OUT
OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION
WITH THIS AGREEMENT, THE REPURCHASE DOCUMENTS, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OR
ANY DEALINGS, COURSE OF DEALINGS, COURSE OF CONDUCT AMONG THEM OR ANY STATEMENTS (WRITTEN OR ORAL)
OR OTHER ACTIONS OF ANY PARTY, AND NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION
WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CAN NOT BE OR HAS NOT BEEN WAIVED. INSTEAD, ANY SUCH
DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

(c) ANY LEGAL ACTION OR PROCEEDING AGAINST ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER REPURCHASE DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. NOTHING HEREIN
SHALL AFFECT THE RIGHT OF A PARTY TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST A
PARTY IN ANY OTHER JURISDICTION.

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER REPURCHASE DOCUMENT BROUGHT IN THE COURTS REFERRED TO
IN CLAUSE (c) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY
SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

(e) EXCEPT AS PROHIBITED BY LAW, THE PLEDGOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR
RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL
DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL
DAMAGES. THE PLEDGOR CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE AGENT OR THE
PURCHASER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE PURCHASER WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL–ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.

(f) EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A
BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT,
AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY
HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND
THAT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

(g) THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN
WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT OR ANY OF THE OTHER REPURCHASE DOCUMENTS OR TO ANY OTHER DOCUMENTS
OR AGREEMENTS RELATING TO ANY TRANSACTION ENTERED INTO HEREUNDER OR THEREUNDER. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

Section 7.8 Execution in Counterparts; Severability; Integration.

This Agreement may be executed in any number of counterparts and by different parties hereto
in separate counterparts (including by facsimile), each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same agreement.
In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby. This Agreement and any other Repurchase Document
executed in connection herewith contain the final and complete integration of all prior expressions
by the parties hereto and thereto with respect to the subject matter hereof and thereof and shall
constitute the entire agreement among the parties hereto and thereto with respect to the subject
matter hereof and thereof, superseding all prior oral or written understandings.

Section 7.9 Headings.

The headings of the sections and subsections hereof are provided for convenience only and
shall not in any way affect the meaning, construction or interpretation of any provision of this
Agreement.

Section 7.10 Survival of Representations and Warranties.

All representations and warranties of the Pledgor hereunder shall survive the execution and
delivery of this Agreement and the other Repurchase Documents.

Section 7.11 Binding Effect; Assignment.

This Agreement shall inure to the benefit of and the obligations hereunder shall be binding
upon the parties hereto and their respective successors and permitted assigns. The Pledgor may not
assign, delegate or otherwise transfer any of its rights, duties or obligations under this
Agreement. This Agreement and the Purchaser’s rights hereunder may be assigned, transferred,
pledged, participated or otherwise conveyed in the same manner as the Purchaser may do so in
Section 13.16 of the Repurchase Agreement.

Section 7.12 Recourse Against Certain Parties.

No recourse under or with respect to any obligation, covenant or agreement (including, without
limitation, the payment of any fees or any other obligations) of the Purchaser or the Pledgor as
contained in this Agreement, the Repurchase Documents or any other agreement, instrument or
document entered into by the Purchaser, the Pledgor or any such party pursuant hereto or thereto or
in connection herewith or therewith shall be had against any administrator of the Purchaser, the
Pledgor or any incorporator, Affiliate (direct or indirect), owner, member, partner, stockholder,
officer, director, employee, agent or attorney of the Purchaser, the Pledgor or of any such
administrator, as such, by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that
the agreements of the Purchaser and the Pledgor contained in this Agreement, the Repurchase
Documents and all of the other agreements, instruments and documents entered into by it pursuant
hereto or thereto or in connection herewith or therewith are, in each case, solely the corporate
obligations of the Purchaser and the Pledgor and that no personal liability whatsoever shall attach
to or be incurred by any administrator of the Purchaser, the Pledgor or any incorporator, owner,
member, partner, stockholder, Affiliate (direct or indirect), officer, director, employee, agent or
attorney of the Purchaser, the Pledgor or of any such administrator, as such, or any other of them,
under or by reason of any of the obligations, covenants or agreements of the Purchaser or the
Pledgor contained in this Agreement, the Repurchase Documents or in any other such instruments,
documents or agreements, or that are implied therefrom.

	 	 	 	Section 7.13 Joint and Several Obligations.

(a) At all times during which there is more than one (1) Pledgor under this Agreement, the
liability of each Pledgor shall be joint and several and the joint and several obligations of each
Pledgor under this Agreement and, as applicable, the other Repurchase Documents (a) (i) shall be
absolute and unconditional and shall remain in full force and effect (or be reinstated) until all
the Pledged Obligations shall have been paid and satisfied in full and the expiration of any
applicable preference or similar period pursuant to any bankruptcy, insolvency, reorganization,
moratorium or similar law, or at law or in equity, without any claim having been made before the
expiration of such period asserting an interest in all or any part of any payment(s) received by
the Purchaser, and (ii) until such payment has been made and such obligations satisfied, shall not
be discharged, affected, modified or impaired on the happening from time to time of any event,
including, without limitation, any of the following, whether or not with notice to or the consent
of the Pledgor or any other Person, (A) the waiver, compromise, settlement, release, termination or
amendment (including, without limitation, any extension or postponement of the time for payment or
performance or renewal or refinancing) of any or all of the obligations or agreements of any
Seller, the Guarantors or the Pledgor under the Repurchase Agreement or any Repurchase Document,
(B) the failure to give notice to the Seller, the Guarantors or the Pledgor of the occurrence of an
Event of Default under any of the Repurchase Documents, (C) the release, substitution or exchange
by the Purchaser of any or all of the Purchased Items and/or Pledged Collateral (whether with or
without consideration) or the acceptance by the Purchaser of any additional collateral or the
availability or claimed availability of any other collateral or source of repayment or any
nonperfection or other impairment of collateral, (D) the release of any Person primarily or
secondarily liable for all or any part of the Pledged Obligations, whether by the Purchaser or in
connection with any voluntary or involuntary liquidation, dissolution, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors or similar event or proceeding affecting any or
all of the Seller, the Guarantors, the Pledgor or any other Person who, or any of whose assets or
Property, shall at the time in question be obligated in respect of the Obligations, the Pledged
Obligations or any part of the foregoing, or (E) to the extent permitted by Applicable Law, any
other event, occurrence, action or circumstance that would, in the absence of this
Section 7.13, result in the release or discharge of any or all of the Pledgors from the
performance or observance of any obligation, covenant or agreement contained in the Repurchase
Agreement or the Repurchase Documents; (b) each Pledgor expressly agrees that the Purchaser shall
not be required first to initiate any suit or to exhaust its remedies against the Seller, the
Guarantors, the Pledgor or any other Person to become liable, or against any of the Purchased Items
or the Pledged Collateral, in order to enforce this Agreement or the Repurchase Documents and each
Pledgor expressly agrees that, notwithstanding the occurrence of any of the foregoing, each Pledgor
shall be and remain directly and primarily liable for all sums due under this Agreement or any of
the Repurchase Documents; and, (c) on disposition by the Purchaser of any assets or Property
encumbered by any Purchased Items or the Pledged Collateral, each Pledgor shall be and shall remain
jointly and severally liable for any deficiency.

(b) Each Pledgor hereby agrees that, to the extent another Pledgor shall have paid more than
its proportionate share of any payment made hereunder, the Pledgor shall be entitled to seek and
receive contribution from and against any other Pledgor which has not paid its proportionate share
of such payment; provided however, that the provisions of this Section 7.13
shall in no respect limit the obligations and liabilities of a Pledgor to the Purchaser, and,
notwithstanding any payment or payments made by each Pledgor (the “paying Pledgor”)
hereunder or any set-off or application of funds of the paying Pledgor by the Purchaser, the paying
Pledgor shall not be entitled to be subrogated to any of the rights of the Purchaser against any
other Pledgor or any collateral security or guarantee or right of offset held by the Purchaser, nor
shall the paying Pledgor seek or be entitled to seek any contribution or reimbursement from the
other Pledgor in respect of payments made by the paying Pledgor hereunder, until all amounts owing
to the Purchaser by the Pledgor under this Agreement and the other Repurchase Documents are paid in
full. If any amount shall be paid to the paying Pledgor on account of such subrogation rights at
any time when all such amounts shall not have been paid in full, such amount shall be held by the
paying Pledgor in trust for the Purchaser, segregated from other funds of the paying Pledgor, and
shall, forthwith upon receipt by the paying Pledgor, be turned over to the Purchaser in the exact
form received by the paying Pledgor (duly indorsed by the paying Pledgor to the Purchaser, if
required), to be applied against amounts owing to the Purchaser by the Pledgor under this Agreement
and the other Repurchase Documents, whether matured or unmatured, in such order as the Purchaser
may determine in its discretion.

[Remainder Of This Page Intentionally Left Blank.]

1

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	THE PLEDGOR:

	 	 	MMA CAPITAL CORPORATION,

a Michigan corporation

	 	 	 
	By: /s/ Charles M. Pinckney

	 

	Name:

Title:

	 	Charles M. Pinckney

Executive Vice President

MMA Capital Corporation

3000 Bayport Drive, Suite 1100

Tampa, Florida 33607

Attention: Thomas Cornett

Facsimile No.: (813) 425–8000

Confirmation No.: (813) 868–8076

with a copy to:

MMA Capital Corporation

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Steve Goldberg, General Counsel

Facsimile No.: (410) 727–5387

Confirmation No.: (443) 263–2871

[Signatures Continued on the Following Page]

2

AGREED TO AND ACCEPTED:

THE PURCHASER:

WACHOVIA BANK, NATIONAL ASSOCIATION

	 	 	 
	By:

Name:

Title:

	 	/s/ Joseph F. Cannon

Joseph F. Cannon

Vice President

Wachovia Bank, National Association

One Wachovia Center, Mail Code: NC0166

301 South College Street

Charlotte, North Carolina 28288

Attention: Marianne Hickman

Facsimile No.: (704) 715–0066

Confirmation No.: (704) 715–7818

3EX-10.4

GUARANTY AGREEMENT

THIS GUARANTY AGREEMENT (as amended, modified, waived, supplemented, extended, restated or
replaced from time to time, this “Guaranty”), is made as of the 15th day of June, 2006, by
MUNICIPAL MORTGAGE & EQUITY, LLC, a Delaware limited liability company (together with its
successors and permitted assigns “MunieMae” and, together with any other Person that becomes a
guarantor under this Guaranty, the “Guarantors”), for the benefit of WACHOVIA BANK,
NATIONAL ASSOCIATION, a national banking association (together with its successors and assigns, the
“Purchaser”). Capitalized terms used but not defined herein shall have the meanings given
to such terms in the Repurchase Agreement (defined below).

RECITALS:

WHEREAS, under and subject to the terms of the Mortgage Asset Purchase Agreement, dated as of
June 15, 2006 (as amended, modified, restated, replaced, waived, substituted, supplemented or
extended from time to time, the “Repurchase Agreement”), among MMA Realty Capital
Repurchase Subsidiary, LLC, as the seller (together with its successors and permitted assigns and
any other Person that becomes a seller under the Repurchase Agreement, the “Seller”), the
Purchaser, as the purchaser, and the Guarantors, as the guarantors, the Seller may sell and the
Purchaser may purchase certain Mortgage Assets with a simultaneous agreement by such Seller to
repurchase those assets;

WHEREAS, the Seller is an indirect wholly-owned Subsidiary of the Guarantors;

WHEREAS, the Guarantors will benefit directly or indirectly from the transactions contemplated
under the Repurchase Agreement; and

WHEREAS, the Purchaser is unwilling to enter into the Repurchase Agreement or the transactions
contemplated thereby without the benefit of this Guaranty.

NOW, THEREFORE, based upon the foregoing Recitals and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Guarantors, intending to be
legally bound, hereby agrees as follows:

1. Guaranty of Payment and Performance. Each of the Guarantors hereby absolutely,
primarily, unconditionally and irrevocably guarantees, as primary obligor and as guarantor of
payment and performance and not merely as surety or guarantor of collection, to the Purchaser
subject to the terms of this Section 1 (i) the payment, when due, by acceleration or
otherwise, of the Guarantee Indebtedness, and (ii) the full and timely performance of, and
compliance with, each and every duty, agreement, undertaking, indemnity and obligation of the
Seller under the Repurchase Documents strictly in accordance with the terms thereof (collectively,
the “Guarantor Obligations” and, together with the Guarantee Indebtedness, the
“Guarantee Liability”), in each case, however created, arising or evidenced, whether direct
or indirect, primary or secondary, absolute or contingent, joint or several and whether now or
hereafter existing or due or to become due. For the purposes hereof, the term “Guarantee
Indebtedness” means any and all Indebtedness of the Seller, the Pledgor, the Guarantors or any
other Person specified under the Repurchase Documents to the Purchaser, the Affected Parties and
any other Person specified under the Repurchase Documents in connection with the Repurchase
Documents, including, but not limited to, the aggregate Repurchase Price outstanding, the aggregate
Price Differential outstanding and all other Aggregate Unpaids and Obligations outstanding,
howsoever evidenced, whether existing now or arising hereafter, as such Guarantee Indebtedness may
be amended, modified, extended, renewed or replaced from time to time. Notwithstanding any
provision to the contrary contained herein or in any of the other Repurchase Documents, the
obligations of each of the Guarantors hereunder shall be limited to an aggregate amount equal to
the largest amount that would not render its obligations hereunder subject to avoidance under
Section 548 of the Bankruptcy Code or any comparable provisions of any Applicable Law of any state.

2. Release of Collateral, Parties Liable, etc. Each of the Guarantors agrees that
(a) any or all of the Purchased Items, the Pledged Collateral and other collateral, security and
Property now or hereafter held for the Guarantee Liabilities may be exchanged, released,
terminated, modified, sold, assigned, participated, pledged, compromised, surrendered or otherwise
transferred or disposed of from time to time; (b) except as expressly set forth in the Repurchase
Documents, the Purchaser shall have no obligation to protect, perfect, secure or insure any
Purchased Item, the Pledged Collateral or any collateral, security, Property, Liens, interests or
encumbrances now or hereafter held for the Guarantee Liabilities or the Properties subject thereto;
(c) the time, place, manner or terms of payment of the Guarantee Liabilities may be changed or
extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated,
in whole or in part; (d) the Seller, the Pledgor and other Persons may be granted indulgences
generally; (e) any of the provisions of the Repurchase Agreement and the other Repurchase Documents
and the Guarantee Liabilities may be modified, amended, waived, supplemented, replaced or restated
from time to time; (f) any party liable for the payment of the Guarantee Liabilities, including,
without limitation, other guarantors, may be granted indulgences or released; and (g) any deposit
balance for the credit of the Seller or any other party liable for the payment of the Guarantee
Liabilities, including, without limitation, other guarantors, or liable upon any security therefor,
may be released, in whole or in part, at, before and/or after the stated, extended or accelerated
maturity of the Guarantee Liabilities, all of the foregoing in clauses (a) through
(g) without notice to or further assent by any of the Guarantors, who shall remain bound
thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal,
acceleration, modification, indulgence, release or other act.

3. Waiver of Rights. The Guarantors expressly waives: (a) notice of acceptance of
this Guaranty by the Purchaser and of all extensions of credit, loans or advances to or purchases
from the Seller by the Purchaser; (b) presentment and demand for payment of any of the Guarantee
Liabilities; (c) protest and notice of dishonor or of default to the Guarantors or to any other
party with respect to the Guarantee Liabilities or with respect to any collateral, security or
Property therefor; (d) notice of the Purchaser obtaining, amending, substituting for, releasing,
waiving, modifying, extending, replacing or restating all or any portion of the Guarantee
Liabilities, the Repurchase Agreement, any other Repurchase Document, other guarantees or any Lien
now or hereafter securing the Guarantee Liabilities, or the Purchaser subordinating, compromising,
discharging, terminating or releasing such Liens; (e) notice of the execution and delivery by the
Seller, the Purchaser or any other Person of any other loan, purchase, credit or security agreement
or document or of the Seller’s or such other Person’s execution and delivery of any promissory
notes or other documents arising under or in connection with the Repurchase Documents or in
connection with any purchase or the Seller’s or such other Person’s Property; (f) notice of the
occurrence of any breach by the Seller, the Pledgor or any other Person or of any Event of Default;
(g) notice of the Purchaser’s transfer, disposition, assignment, sale, pledge or participation of
the Guarantee Liabilities, the Purchased Items, the Pledged Collateral, the Repurchase Documents,
the Mortgage Loan Documents or any portion thereof; (h) notice of the sale or foreclosure (or
posting or advertising for sale or foreclosure) of all or any portion of any Purchased Item, the
Pledged Collateral or any collateral, security or Property for the Guarantee Liabilities;
(i) notice of the protest, proof of non–payment or default by the Seller or any other Person;
(j) any other action at any time taken or omitted by the Purchaser, and, generally, all demands and
notices of every kind in connection with this Guaranty, the Repurchase Documents, the Guarantee
Liabilities, the Pledged Collateral, the Mortgage Loan Documents, any documents or agreements
evidencing, securing or relating to any of the Guarantee Liabilities and the obligations hereby
guaranteed; (k) all other notices to which the Guarantors might otherwise be entitled; (l) demand
for payment under this Guaranty; and (m) any right to assert against the Purchaser, as a defense,
counterclaim, set–off or cross–claim, any defense (legal or equitable), set–off, counterclaim or
claim of any kind or nature whatsoever that any of the Guarantors may now or hereafter have against
the Purchaser (other than payment in full of the Guarantee Liabilities), the Seller or any other
Person, but such waiver shall not prevent any of the Guarantors from asserting against the
Purchaser in a separate action, any claim, action, cause of action or demand that any of the
Guarantors might have, whether or not arising out of this Guaranty. It shall not be necessary for
the Purchaser (and each of the Guarantors hereby waives any rights which the Guarantors may have to
require the Purchaser), in order to enforce the obligations of any of the Guarantors hereunder, to
(i) institute suit, enforce its rights or exhaust its remedies against the Seller, the Pledgor,
others liable on the Guarantee Liabilities, the Borrowers or any other Person, (ii) enforce the
Purchaser’s rights or exhaust its remedies under or with respect to the Mortgage Loan Documents and
the collateral and Property secured thereby, the Purchased Items, the Pledged Collateral or any
collateral, security or Property which shall ever have been given to secure the Guarantee
Liabilities, (iii) enforce the Purchaser’s rights against any other guarantors of the Guarantee
Liabilities, (iv) join the Seller, others liable on the Guarantee Liabilities or any other Person
in any action seeking to enforce this Guaranty, (v) mitigate damages or take any other action to
reduce, collect or enforce the Guarantee Liabilities, or (vii) resort to any other means of
obtaining payment of the Guarantee Liabilities.

4. Validity of Guaranty. The validity of this Guaranty, the obligations of each of
the Guarantors hereunder and the Purchaser’s rights and remedies for the enforcement of the
foregoing shall in no way be terminated, abated, reduced, released, modified, changed, discharged,
diminished, affected, limited or impaired in any manner whatsoever by the happening from time to
time of any event or condition of any kind whatsoever, including, without limitation, any of the
following (and each of the Guarantors hereby waives any common law, equitable, statutory,
constitutional, regulatory or other rights (including rights to notice) which the Guarantors might
have as a result of or in connection with any of the following): (a) the assertion or
non–assertion by the Purchaser of any of the rights or remedies available to the Purchaser pursuant
to the provisions of the Repurchase Documents, the Mortgage Loan Documents or pursuant to any
Applicable Law; (b) the waiver by the Purchaser of, or the failure of the Purchaser to enforce, or
the lack of diligence by the Purchaser in connection with, the enforcement of any of its rights or
remedies under the Repurchase Documents, the Mortgage Loan Documents, the Purchased Items or the
Pledged Collateral; (c) the granting by the Purchaser of (or failure by the Purchaser to grant) any
indulgence, forbearance, adjustment, compromise, consent, approval, waiver or extension of time;
(d) the exercise by the Purchaser of or failure to exercise any so–called self–help remedies;
(e) any act, omission or condition that might in any manner or to any extent vary, alter, increase,
extend or continue the risk to any of the Guarantors or might otherwise operate as a discharge or
release of any of the Guarantors under Applicable Law; (f) any full or partial release or discharge
of or accord and satisfaction with respect to liability for the Guarantee Liabilities, or any part
thereof, of the Seller, any of the Guarantors, the Pledgor, any co–guarantors or any other Person
now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and
severally, to pay, perform, guarantee or assure the payment of the Guarantee Liabilities, or any
part thereof; (g) the impairment, modification, change, release, discharge or limitation of the
liability of the Seller, any of the Guarantors, the Pledgor, any Borrower or any Person liable for
or obligated on the Guarantee Liabilities, or any of their estates in bankruptcy, resulting from or
pursuant to the bankruptcy or insolvency of any of the foregoing or the application of the
Insolvency Laws or of or any decision of any court of the United States or any state thereof;
(h) any present or future Applicable Law or order of any Governmental Authority (de
jure or de facto) purporting to reduce, amend or otherwise affect the
Guarantee Liabilities or to vary any terms of payment, satisfaction or discharge thereof; (i) the
waiver, compromise, settlement, release, extension, amendment, change, modification, substitution,
replacement, reduction, increase, alteration, rearrangement, renewal or termination of the terms of
the Guarantee Liabilities, the Repurchase Documents, the Purchased Items, the Pledged Collateral,
the Mortgage Loan Documents, any or all of the obligations, covenants or agreements of the Seller,
the Pledgor, the Borrowers or any other Person under the Repurchase Documents or Mortgage Loan
Documents (except by satisfaction in full of all Guarantee Liabilities) or of the Guarantors under
this Guaranty and/or any failure of the Purchaser to notify any of the Guarantors of any of the
foregoing; (j) the extension of the time for satisfaction, discharge or payment of the Guarantee
Liabilities or any part thereof owing or payable by the Seller or any other Person under the
Repurchase Documents or of the time for performance of any other obligations, covenants or
agreements under or arising out of this Guaranty or the extension or renewal of any thereof;
(k) any existing or future offset, claim or defense (other than payment in full of the Guarantee
Liabilities) of the Seller or any other Person against the Purchaser or against payment of the
Guarantee Liabilities, whether such offset, claim or defense arises in connection with the
Guarantee Liabilities (or the transactions creating same) or otherwise; (l) the taking or
acceptance or the existence of any other guaranty of or collateral, security or Property for the
Guarantee Liabilities in favor of the Purchaser, any other Affected Party or any other Person
specified in the Repurchase Documents or the enforcement or attempted enforcement of such other
guaranty, collateral, security or Property; (m) any sale, lease, sublease or transfer of or Lien on
all or a portion of the assets or Property of the Seller, the Pledgor or any of the Guarantors, or
any changes in the shareholders, partners or members of the Seller, the Pledgor or any of the
Guarantors, or any reorganization, consolidation or merger of the Seller, the Pledgor or any of the
Guarantors; (n) the invalidity, illegality or unenforceability of all or any part of the Guarantee
Liabilities, the Repurchase Documents, the Purchased Items, the Pledged Collateral, the Mortgage
Loan Documents or any document or agreement executed in connection with the foregoing, for any
reason whatsoever, including, without limitation, the fact that (1) the Guarantee Liabilities, or
any part thereof, exceeds the amount permitted by Applicable Law or violates usury laws, (2) the
act of creating the Guarantee Liabilities, the Mortgage Assets, the Pledged Collateral or the other
Purchased Items or any part thereof is ultra vires, (3) the officers or
representatives executing the Mortgage Loan Documents or Repurchase Documents or otherwise creating
the Guarantee Liabilities, the Mortgage Assets, the Pledged Collateral or the other Purchased Items
acted in excess of their authority, (4) the Seller, any Borrower or any other Person has valid
defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guarantee
Liabilities wholly or partially uncollectible from the Seller, (5) the creation, performance or
repayment of the Guarantee Liabilities, the Mortgage Assets, the Pledged Collateral or the other
Purchased Items (or the execution, delivery and performance of any Repurchase Document, Mortgage
Loan Document or document or instrument representing part of the Guarantee Liabilities, the
Mortgage Assets, the Pledged Collateral or the Purchased Items or executed in connection with the
Guarantee Liabilities, the Mortgage Assets, the Pledged Collateral or the Purchased Items, or given
to secure the repayment of the Guarantee Liabilities, the Mortgage Assets or the other Purchased
Items) is illegal, uncollectible or unenforceable, or (6) the Mortgage Loan Documents or Repurchase
Documents have been forged or otherwise are irregular or not genuine or authentic; (o) any release,
termination, sale, pledge, participation, transfer, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including, without limitation, negligent, willful,
unreasonable or unjustifiable impairment) of the Purchased Items, the Pledged Collateral or any
collateral, security or Property at any time existing in connection with, or assuring or securing
payment of, all or any part of the Guarantee Liabilities; (q) the failure of the Purchaser or any
other Person to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of the Purchased Items, the Pledged
Collateral or any other collateral, security or Property, including, but not limited to, any
neglect, delay, omission, failure or refusal of the Purchaser (1) to take or prosecute any action
for the collection of any of the Guarantee Liabilities, the Pledged Collateral or any Purchased
Item, (2) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose, upon any Purchased Item, the Pledged Collateral or any
security, collateral or Property for the Guarantee Liabilities, or (3) to take or prosecute any
action in connection with any instrument or agreement evidencing or securing all or any part of the
Guarantee Liabilities; (r) the fact that the Purchased Items, the Pledged Collateral or any
collateral, security, Property or Lien contemplated or intended to be given, created or granted as
security for the repayment of the Guarantee Liabilities, or any part thereof, shall not be properly
perfected or created, or shall prove to be unenforceable or subordinate to any other Lien; (s) any
payment by the Seller or any other Person to the Purchaser is held to constitute a preference under
Insolvency Laws, or for any reason the Purchaser is required to refund such payment or pay such
amount to such Seller or other Person; or (t) any event or action that would, in the absence of
this Section 4, result in the full or partial release, discharge or relief of any of the
Guarantors from the performance or observance of any obligation, covenant or agreement contained in
this Guaranty or any other agreement, whether or not such event or action increases the likelihood
that any of the Guarantors will be required to pay the Guarantee Liabilities pursuant to the terms
hereof or thereof and whether or not such event or action prejudices any of the Guarantors, it
being the unambiguous and unequivocal intention of the Guarantors that the Guarantors shall be
obligated to pay the Guarantee Liabilities when due, notwithstanding any occurrence, circumstance,
event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly or expressly described herein, which obligation shall be deemed satisfied
only upon the full and final indefeasible payment and satisfaction of the Guarantee Liabilities.

5. Primary Liability of the Guarantors. Without limiting the foregoing provisions,
each of the Guarantors agrees that this Guaranty may be enforced by the Purchaser without the
necessity at any time of resorting to or exhausting any other security or collateral and without
the necessity at any time of having recourse to any of the Repurchase Documents, the Purchased
Items, the Pledged Collateral or any collateral, security or Property now or hereafter securing the
Guarantee Liabilities or otherwise, and each of the Guarantors hereby waives the right to require
the Purchaser to proceed against the Seller, the Pledgor, any Borrower or any other Person
(including a co–guarantor) or to require the Purchaser to pursue any other remedy or enforce any
other right. Each of the Guarantors further agrees that the Guarantors shall have no right of
subrogation, reimbursement or indemnity whatsoever against any Person, or any right of recourse to
security for the Guarantee Liabilities, so long as any such Guarantee Liabilities remains
outstanding. The Guarantors further agree that nothing contained herein shall prevent the
Purchaser from suing on the Repurchase Agreement or any of the other Repurchase Documents or
foreclosing its security interest in or Lien on any Purchased Item, the Pledged Collateral or any
collateral, security or Property now or hereafter securing the Guarantee Liabilities or from
exercising any other rights available to it under the Repurchase Agreement or any of the other
Repurchase Documents or any other instrument of security if none of the Seller, the Pledgor or the
Guarantors timely perform the obligations of the Seller thereunder, and the exercise of any of the
aforesaid rights and the completion of any foreclosure proceedings shall not constitute a discharge
of the Guarantor’s obligations hereunder; it being the purpose and intent of the Guarantors that
each of the Guarantor’s obligations hereunder shall be absolute, independent and unconditional
under any and all circumstances. The Guarantors recognize, acknowledge and agree that the
Guarantors may be required to pay the Guarantee Liabilities in full (subject to the limit set forth
in Section 1) without assistance or support of any other party, and the Guarantors have not
been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or
agreement that other parties will be liable to pay or perform the Guarantee Liabilities, or that
the Purchaser will look to other parties to pay or perform the Guarantee Liabilities. Each of the
Guarantors recognizes, acknowledges and agrees that it is not entering into this Guaranty in
reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility
or value of the Purchased Items, the Pledged Collateral or any of the collateral, security or
Property for the Guarantee Liabilities.

6. Attorneys’ Fees and Costs of Collection. If at any time or times hereafter the
Purchaser employs counsel to pursue collection, to preserve or enforce its rights under this
Guaranty, or to intervene, to sue for enforcement of the terms of this Guaranty or to file a
petition, complaint, answer, motion or other pleading in any suit or proceeding relating to this
Guaranty, then, in such event, all of the reasonable attorneys’ fees, costs and expenses relating
thereto and all other amounts (if any) owed by the Guarantors under this Guaranty (other than the
Guarantee Liabilities) shall be an additional liability of the Guarantors to the Purchaser, payable
on demand. The obligations contained in this Section 6 shall survive the termination of
this Guaranty.

7. Security Interests and Setoff. Each of the Guarantors agrees that in the event the
Guarantors fail to pay their obligations hereunder when due and payable under this Guaranty, the
Purchaser shall be entitled to (a) any and all remedies available to it under Applicable Law
including, without limitation, all rights of setoff and (b) the benefit of all Liens heretofore,
now and at any time or times hereafter granted by any Guarantor to the Purchaser, if any, to secure
any Guarantor’s obligations hereunder.

8. Term of Guaranty. This Guaranty shall continue in full force and effect until the
Guarantee Liabilities is fully and indefeasibly paid, performed and discharged and the Repurchase
Documents are terminated. This Guaranty covers the Guarantee Liabilities whether presently
outstanding or arising subsequent to the date hereof, including all amounts advanced by the
Purchaser in stages or installments. Notwithstanding the foregoing, this Guaranty shall continue
to be effective, or be reinstated, as the case may be, and any payment of the Guarantee Liabilities
hereunder shall be reinstated, if at any time payment, or any part thereof, of any of the Guarantee
Liabilities is rescinded or must otherwise be restored or returned by the Purchaser upon an
Insolvency Event or Insolvency Proceeding with respect to the Seller or any other Person obligated
on or for the Guarantee Liabilities, or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, the Seller or such other Person or
any substantial part of such Seller’s or such other Person’s Property, or otherwise, all as though
such payments had not been made.

9. Representations, Warranties and Covenants.

(a) Each of the Guarantors represents and warrants to, and covenants with, the Purchaser, as
of the date of this Guaranty, and shall be deemed to restate as of each Purchase Date, that:

(i) It is duly organized, validly existing and in good standing as a corporation,
partnership or limited liability company under the laws of the jurisdiction of its
organization, and is duly qualified to do business and is in good standing in all
jurisdictions in which the character of its Property, the nature of its business or the
performance of its obligations under any agreement to which it is a party or is bound makes
such qualification necessary, except where the failure to so qualify will not, and could not
reasonably be extended to, have a Material Adverse Effect.

(ii) It’s execution and delivery of, performance under and compliance with this
Guaranty will not violate it’s Governing Documents or constitute a default (or an event
that, with notice or lapse of time, or both, would constitute a default) under, or result in
a material breach of, any material Contractual Obligation, Indebtedness or Guarantee
Obligation to which it is a party or by which it is bound.

(iii) It has the full power and authority to enter into and consummate all transactions
contemplated by this Guaranty, has duly authorized the execution, delivery and performance
of this Guaranty, and has duly executed and delivered this Guaranty.

(iv) This Guaranty constitutes a valid, legal and binding obligation of each Guarantor,
enforceable against it in accordance with the terms hereof, subject to (A) Insolvency Laws
affecting the enforcement of creditors’ rights generally, and (B) general principles of
equity, regardless of whether such enforcement is considered in a proceeding in equity or at
law.

(v) It is not in violation of, and its execution and delivery of, performance under and
compliance with this Guaranty shall not constitute a violation of, its Governing Documents,
any Applicable Law, any order or decree of any court or arbiter, or any order, regulation or
demand of any Governmental Authority.

(vi) No consent, approval, authorization or order of any Governmental Authority is
required for the consummation by it of the transactions contemplated herein, except for
those consents, approvals, authorizations or orders that previously have been obtained.

(vii) No litigation is pending or, to the best of each of the Guarantor’s knowledge,
threatened against it that, if determined adversely to it, would prohibit any of the
Guarantors from entering into this Guaranty or that, in each of the Guarantor’s good faith
and reasonable judgment, is likely to materially and adversely affect either the ability of
it to perform its obligations under this Guaranty or the financial condition of it.

(viii) None of the Guarantors or the Seller or any principal or owner of the Seller has
ever been convicted of a crime or is the subject of any currently pending or threatened
criminal proceeding.

(ix) None of the Guarantors is the subject of any Insolvency Proceeding.

(x) Each of the Guarantors is an Affiliate of the Seller, is the owner of a direct or
indirect interest in the Seller, and has received or will receive direct or indirect benefit
from and adequate consideration for the making of this Guaranty with respect to the
Guarantee Liabilities.

(xi) The recitals to this Guaranty are true and correct.

(b) Each of the Guarantors further represents and warrants to the Purchaser that it is
familiar with and has independent knowledge of, and has reviewed the books and records regarding,
the Seller’s financial condition and affairs and the value of the Purchased Items and represents
and agrees that it will keep so informed while this Guaranty is in force; provided,
however, each of the Guarantors acknowledges and agrees that it is not relying on such
financial condition or collateral as an inducement to enter into this Guaranty. The Guarantors
agree that the Purchaser shall have no obligation to investigate the financial condition or affairs
of the Seller for the benefit of the Guarantors or to advise the Guarantors of any matter relating
to or arising under the Repurchase Agreement or any of the other Repurchase Documents or any fact
respecting, or any change in, the financial condition or affairs of the Seller that might come to
the knowledge of the Purchaser at any time, whether or not the Purchaser knows or believes or has
reason to know or believe that any such fact or change is unknown to the Guarantors or might (or
does) materially increase the risk of any of the Guarantors as guarantors or might (or would)
affect the willingness of any of the Guarantors to continue as guarantors with respect to the
Guarantee Liabilities.

(c) Each of the Guarantors further represents and warrants to the Purchaser that the financial
statements (if any) and other financial information (if any) of the Guarantors delivered to the
Purchaser prior to the Closing Date are true and correct and fairly represent in all material
respects the financial condition of the Guarantors on the date of the delivery of such information
and that there has been no Material Adverse Effect since such date.

(d) Each of the Guarantors hereby agrees that (i) it shall deliver to the Purchaser all
financial statements, certifications and other information and documents required under the
Repurchase Agreement and any other Repurchase Document and such other financial information as the
Purchaser may from time to time reasonably require and that such financial statements and other
information shall be true and correct and fairly represent in all material respects the financial
condition of each Guarantor and its Subsidiaries on the date of delivery; (ii) it will not sell,
assign, transfer or otherwise convey, in a single transaction or in a series of transactions, any
material asset or portion of a material asset which would (A) result in a Material Adverse Effect
or (B) violate the Repurchase Documents; (iii) it shall cause the Seller to comply with each and
every agreement, obligation, duty and covenant under the Repurchase Documents and, to the extent
the Seller does not fulfill its agreements, obligations, duties and covenants under the Repurchase
Documents, the Guarantors shall fulfill the same; (iv) it shall perform on each and every
agreement, obligation, duty and covenant that it has agreed to perform under any Repurchase
Document and (v) it shall take all actions reasonably required by the Purchaser to maintain the
Purchaser’s first priority perfect security interest in the Purchased Items and the Pledged
Collateral.

(e) Each of the Guarantors represents and warrants that (i) it has received a valuable
consideration, fair value, fair consideration or reasonable equivalent value for the Guarantee
Liability, and (ii) the Guarantee Liability (A) will not render the Guarantors not Solvent,
(B) will not leave the Guarantors with an unreasonably small amount of capital to conduct its
business, or (C) will not cause the Guarantors to have incurred debts (or to have intended to have
incurred debts) beyond its ability to pay such debts as they mature.

(f) The representations, warranties and covenants of the Guarantors set forth in this
Section 9 shall survive the execution and delivery of this Guaranty and shall inure to the
benefit of the Persons for whose benefit they were made for so long as this Guaranty is in effect.
Upon discovery by any party hereto of a breach of any such representations, warranties and
covenants, the party discovering such breach shall give prompt written notice thereof to the other.

10. Additional Liability of Guarantors. If any of the Guarantors is or becomes liable
for any Indebtedness owing by the Seller to the Purchaser by endorsement or otherwise than under
this Guaranty, such liability shall not be in any manner impaired or reduced hereby but shall have
all and the same force and effect it would have had if this Guaranty had not existed and such
Guarantor’s liability hereunder shall not be in any manner impaired or reduced thereby.

11. Cumulative Rights. All rights of the Purchaser hereunder or otherwise arising
under the Repurchase Documents or any documents executed in connection with or as security for the
Guarantee Liabilities or under Applicable Law are separate and cumulative and may be pursued
separately, successively or concurrently, or not pursued, without affecting, limiting or impairing
any other right of the Purchaser and without limiting, affecting or impairing the liability of any
of the Guarantors.

12. Usury. Notwithstanding any other provision contained herein to the contrary, no
provision of this Guaranty shall require or permit the collection from any of the Guarantors of
interest in excess of the maximum rate or amount that the Guarantors may be required or permitted
to pay pursuant to any Applicable Law. In the event any such interest is collected, it shall be
applied in reduction of the Guarantors’ obligations hereunder, and the remainder of such excess
collected shall be returned to the Guarantors once such obligations have been fully satisfied.

13. Assignments by Secured Parties.

(a) This Guaranty is intended for and shall inure to the benefit of the Purchaser and each and
every Person who shall from time to time be or become the owner or holder of any of the Guarantee
Liabilities, and each and every reference herein to the Purchaser shall include and refer to each
and every successor, assignee and participant of the Purchaser and the successors, assignees and
participants of the foregoing at any time holding or owning any part of or interest in any part of
the Guarantee Liabilities. This Guaranty shall be transferable and negotiable by the Purchaser
with the same force and effect, and to the same extent, that the Guarantee Liabilities is
transferable and negotiable, it being understood and stipulated that, upon assignment or transfer
by the Purchaser of any of the Guarantee Liabilities, the legal holder or owner of said Guarantee
Liabilities (or a part thereof or interest therein thus transferred or assigned) shall (except as
otherwise stipulated by the Purchaser in its assignment) have and may exercise all of the rights
granted to the Purchaser under this Guaranty to the extent of that part of or interest in the
Guarantee Liabilities thus assigned or transferred to said Person. The Guarantors expressly waive
notice of transfer or assignment of the Guarantee Liabilities, or any part thereof, or of the
rights of the Purchaser hereunder. The Guarantors acknowledge and agree that any action taken
hereunder shall not release or discharge this Guaranty or any obligations of any of the Guarantors
hereunder.

(b) Assignments by Guarantors. This Guaranty may not be assigned, and each of the
Guarantor’s agreements, duties, obligations and covenants hereunder may not be delegated, in whole
or in part by any of the Guarantors. All agreements, duties, obligations and covenants of the
Guarantors hereunder shall bind and shall be enforceable against each of the Guarantor’s successors
and assigns.

14. Application of Payments. The Purchaser may apply any payments received by it from
any source against such portion of the Guarantee Liabilities and in such priority and fashion as it
may deem appropriate in its sole and absolute discretion.

15. Counterclaims; Setoff. The Guarantors waive all rights to interpose any claims,
deduction or counterclaims of any kind, nature or description in any action or proceeding
instituted by the Purchaser with respect to this Guaranty, the Guarantee Liabilities, the Pledged
Collateral, the collateral, security or Property for the Guarantee Liabilities or any matter
arising therefrom or relating thereto, except compulsory counterclaims. Each of the Guarantors
hereby waives any right of setoff it may have or to which it may be entitled under this Guaranty,
the Repurchase Documents or Applicable Law from time to time against the Purchaser or its assets or
Property. Notwithstanding anything to the contrary contained in this Guaranty, until the Guarantee
Liabilities has been indefeasibly paid in full, each of the Guarantors hereby unconditionally and
irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under
any agreement, at law or in equity (including, without limitation, any law subrogating the
Guarantors to the rights of the Purchaser), to assert any claim against or seek contribution,
indemnification or any other form of reimbursement from the Seller, the Pledgor or any other party
liable for payment of any or all of the Guarantee Liabilities for any payment made by any of the
Guarantors under or in connection with this Guaranty or otherwise.

16. Bankruptcy Code Waiver.

In the event that the Seller becomes a debtor in any proceeding under the Bankruptcy Code,
none of the Guarantors shall be deemed to be a “creditor” (as defined in Section 101 of the
Bankruptcy Code) of such Seller, by reason of the existence of this Guaranty, and in connection
herewith, each of the Guarantors hereby waives any such right as a “creditor” under the Bankruptcy
Code. This waiver is given to induce the Purchaser to enter into the transactions contemplated by
the Repurchase Documents. After the Guarantee Liabilities is paid in full and there shall be no
obligations or liabilities under this Guaranty outstanding, this waiver shall be deemed to be
terminated.

17. The Seller’s and Pledgor’s Actions. No encumbrance, assignment, leasing,
subletting, sale or other transfer by the Seller or the Pledgor of any of the Seller’s or the
Pledgor’s assets or Property shall operate to extinguish or diminish the liability of the
Guarantors under this Guaranty.

18. Subordination.

(a) As used in this Guaranty, the term “Guarantor Claims” shall mean all debts,
liabilities and other Indebtedness of the Seller, the Pledgor or any other Person obligated to the
Purchaser or any other Person specified under any Repurchase Document to the Guarantors, whether
such debts, liabilities and other Indebtedness now exist or are hereafter incurred or arise, or
whether the obligations of such Seller, Pledgor or such other Person thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective of whether such
debts, liabilities or other Indebtedness be evidenced by note, contract, open account or otherwise,
and irrespective of the Person or Persons in whose favor such debts, liabilities or other
Indebtedness may, at their inception, have been, or may hereafter be created, or the manner in
which they have been or may hereafter be acquired by the Guarantors. The Guarantor Claims shall
include, without limitation, all rights and claims of any of the Guarantors against the Seller, the
Pledgor or other Person (arising as a result of subrogation or otherwise) as a result of any
Guarantor’s payment of all or a portion of the Guarantee Liabilities. All Guarantor Claims are and
shall be subordinate to the Guarantee Liabilities.

(b) In the event of any Insolvency Proceedings involving any of the Guarantors as debtors, the
Purchaser shall have the right to prove its claim in any such proceeding so as to establish its
rights hereunder and receive directly from the receiver, trustee or other court custodian dividends
and any payments which would otherwise be payable upon Guarantor Claims to the extent of any sums
owed by any of the Guarantors hereunder. Each of the Guarantors hereby assigns such dividends and
payments to the Purchaser. Should the Purchaser receive, for application upon the Guarantee
Liabilities, any such dividend or payment which is otherwise payable to the Guarantors, and which,
as between the Seller or any other Person described in clause (a) above on the one hand and
the Guarantors on the other, shall constitute a credit upon the Guarantor Claims, then upon payment
to the Purchaser in full of the Guarantee Liabilities, the Guarantors shall become subrogated to
the rights of the Purchaser to the extent that such payments to the Purchaser on the Guarantor
Claims have contributed toward the liquidation of the Guarantee Liabilities, and such subrogation
shall be with respect to that proportion of the Guarantee Liabilities which would have been unpaid
if the Purchaser had not received dividends or payments upon the Guarantor Claims.

(c) In the event that, notwithstanding anything to the contrary in this Guaranty, any of the
Guarantors should receive any funds, payment, claim or distribution which is prohibited by this
Guaranty, each of the Guarantors agrees to hold in trust for the Purchaser an amount equal to the
amount of all funds, payments, claims or distributions so received, and agrees that it shall have
absolutely no dominion over the amount of such funds, payments, claims or distributions so received
except to pay them promptly to the Purchaser, and the Guarantors covenant promptly to pay the same
to the Purchaser.

(d) Each of the Guarantors agrees that any claims, charges or Liens against the Seller or any
other Person described under clause (a) above and/or such Seller’s, Pledgor’s or such other
Person’s assets and Property with respect to the Guarantor Claims shall be and remain inferior and
subordinate to any claims, charges or Liens of the Purchaser against such Seller, Pledgor or such
other Person and/or such Seller’s, Pledgor’s or such other Person’s assets and Property, regardless
of whether such claims, charges or Liens in favor of any of the Guarantors or the Purchaser
presently exist or are hereafter created or attach. Without the prior written consent of the
Purchaser, the Guarantors shall not (i) exercise or enforce any creditor’s right it may have
against the Seller, the Pledgor or any other Person described under clause (a) above, or
(ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including, without limitation, the commencement of, or joinder in, any
Insolvency Proceeding) to enforce any claims, charges, Liens, mortgage, deeds of trust, security
interests, collateral rights, judgments or other encumbrances against the Seller, the Pledgor or
such other Person or the assets or Property of the Seller, the Pledgor or such other Person held by
any of the Guarantors.

19. Commercial Transaction. To induce the Purchaser to enter into this Guaranty and
the transactions evidenced by and secured by the Repurchase Documents, the Guarantors agree that
said transactions are commercial and not consumer transactions.

20. Books and Records. In addition to any additional rights under the Repurchase
Agreement and the other Repurchase Documents, the Purchaser shall have the right at the Purchaser’s
cost, and the Guarantors shall permit and shall cooperate with the Purchaser in arranging for, at
any reasonable time from time to time, the Purchaser and/or its representatives, to review and
audit all books, records and financial statements (including all supporting data and other records)
of the Guarantors, and the Guarantors shall make all such books of account and records available
for such examination, at the office where the same are regularly maintained. The Purchaser shall
have a right to copy, duplicate and make abstracts from such books and records as the Purchaser may
require.

21. Notices, Etc. All notices and other communications provided for hereunder shall,
unless otherwise stated herein, be in writing (including telex communication and communication by
facsimile copy) and mailed, telexed, transmitted or delivered, as to the Guarantors on the one hand
and the Purchaser on the other, at the address set forth below or at such other address as shall be
designated by such Person in a written notice to the other. All such notices and communications
shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being
deposited in the United States mail, first class postage prepaid, (b) notice by telex, when telexed
against receipt of answer back, or (c) notice by facsimile copy, when verbal communication of
receipt is obtained. The failure of the Purchaser to give any notice required hereunder (if any)
shall not affect the liability or obligations of any of the Guarantors hereunder. Unless otherwise
expressly provided in this Guaranty, reference to any notice, request, approval, consent or
determination provided for, permitted or required under the terms of this Guaranty with respect to
the Seller, the Guarantors or the Purchaser means, in order for such notice, request, approval,
consent or determination to be effective hereunder, such notice, request, approval or consent must
be in writing.

If to the Guarantor:

	 	 	 	Municipal Mortgage & Equity, LLC

	 	3000	 	Bayport Drive, Suite 1100

	 	 	 	Tampa, Florida 33607

	 	 	 	Attention: Thomas Cornett

	 	 	 	Facsimile No.: (813) 425–8000

	 	 	 	Confirmation No.: (813) 868–8076

	 	 	 	with a copy to:

	 	 	 	Municipal Mortgage & Equity, LLC

	 	621	 	E. Pratt Street, Suite 300

	 	 	 	Baltimore, Maryland 21202

	 	 	 	Attention: Steve Goldberg, General Counsel

	 	 	 	Facsimile No.: (410) 727–5387

	 	 	 	Confirmation No.: (443) 263-2871

If to the Purchaser:

Wachovia Bank, National Association

One Wachovia Center

301 South College Street, NC0166

Charlotte, North Carolina 28288

Attention: Marianne Hickman

Facsimile No.: (704) 715–0066

Confirmation No.: (704) 715–7818

22. No Waiver. No failure on the part of the Purchaser to exercise, and no delay in
exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right or remedy hereunder preclude any further exercise thereof or the
exercise of any other right.

23. Amendments and Waivers. No amendment, waiver or other modification of any
provision of this Guaranty shall be effective without the written agreement of the Purchaser and
the Guarantors. Any waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

24. Severability; Integration. Each provision of this Guaranty shall be valid,
binding and enforceable to the fullest extent permitted by Applicable Law. In case any provision
in or obligation under this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction
(either in its entirety or as applied to any Person, fact, circumstance, action or inaction), the
validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction or as applied to any other Person, fact,
circumstance, action or inaction, shall not in any way be affected or impaired thereby. This
Guaranty and any agreements or letters executed in connection herewith contain the final and
complete integration of all prior expressions by the Guarantors hereto with respect to the subject
matter hereof and shall constitute the entire agreement of the Guarantors hereto with respect to
the subject matter hereof, superseding all prior oral or written understandings.

25. Heading and Exhibits. The headings herein are for purposes of references only and
shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules,
exhibits and annexes (if any) attached hereto and referred to herein shall constitute a part of
this Guaranty and are incorporated into this Guaranty for all purposes.

26. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS
THEREOF).

27. Waivers.

(a) EACH OF THE GUARANTORS KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO ASSERT
A COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT AGAINST
IT BY THE PURCHASER, THE AFFECTED PARTIES OR ANY OF THEIR AFFILIATES OR AGENTS.

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE PARTIES HERETO ARISING OUT
OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION
WITH THIS GUARANTY, THE REPURCHASE DOCUMENTS, THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY DEALINGS,
COURSE OF DEALINGS, COURSE OF CONDUCT AMONG THEM OR ANY STATEMENTS (WRITTEN OR ORAL) OR OTHER
ACTIONS OF ANY PARTY, AND NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY
OTHER ACTION IN WHICH A JURY TRIAL CAN NOT BE OR HAS NOT BEEN WAIVED. INSTEAD, ANY SUCH DISPUTE
RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

(c) ANY LEGAL ACTION OR PROCEEDING AGAINST ANY PARTY HERETO WITH RESPECT TO THIS GUARANTY OR
ANY OTHER REPURCHASE DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. NOTHING HEREIN
SHALL AFFECT THE RIGHT OF A PARTY TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST A
PARTY IN ANY OTHER JURISDICTION.

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS GUARANTY OR ANY OTHER REPURCHASE DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN
CLAUSE (c) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

(e) EXCEPT AS PROHIBITED BY LAW, THE GUARANTORS HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM
OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR
CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION
TO, ACTUAL DAMAGES. THE GUARANTORS CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE
AGENT OR THE PURCHASER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE PURCHASER WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL–ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT
RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.

(f) EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A
BUSINESS RELATIONSHIP, THAT THE PURCHASER AND EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN
ENTERING INTO OR ACCEPTING THE BENEFITS OF THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON
THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

(g) THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN
WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS GUARANTY OR ANY OF THE OTHER REPURCHASE DOCUMENTS OR TO ANY OTHER DOCUMENTS
OR AGREEMENTS RELATING TO ANY TRANSACTION ENTERED INTO HEREUNDER OR THEREUNDER. IN THE EVENT OF
LITIGATION, THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

28. Taxes. The provisions of Section 2.11 of the Repurchase Agreement shall
be equally applicable to the Guarantors and any payments made under this Guaranty.

29. Recitals. The recital and introductory paragraphs hereof are a part hereof, form
a basis for this Guaranty and shall be considered prima facie evidence of the facts
and documents referred to therein.

30. Joint and Several Obligations.

(a) At all times during which there is more than one (1) Guarantor under this Agreement, the
liability of each Guarantor shall be joint and several and the joint and several obligations of
each Guarantor under this Guaranty and the other Repurchase Documents (a) (i) shall be absolute and
unconditional and shall remain in full force and effect (or be reinstated) until all the Guarantee
Indebtedness shall have been paid in full, the Guarantor Obligations shall have been satisfied in
full and the expiration of any applicable preference or similar period pursuant to any bankruptcy,
insolvency, reorganization, moratorium or similar law, or at law or in equity, without any claim
having been made before the expiration of such period asserting an interest in all or any part of
any payment(s) received by the Purchaser, and (ii) until such payment has been made and such
obligations satisfied, shall not be discharged, affected, modified or impaired on the happening
from time to time of any event, including, without limitation, any of the following, whether or not
with notice to or the consent of the Seller, the Guarantors or the Pledgor, (A) the waiver,
compromise, settlement, release, termination or amendment (including, without limitation, any
extension or postponement of the time for payment or performance or renewal or refinancing) of any
or all of the obligations or agreements of any Seller, the Guarantors or the Pledgor under the
Repurchase Agreement or any Repurchase Document, (B) the failure to give notice to the Seller, the
Guarantors or the Pledgor of the occurrence of an Event of Default under any of the Repurchase
Documents, (C) the release, substitution or exchange by the Purchaser of any or all of the
Purchased Items or Pledged Collateral (whether with or without consideration) or the acceptance by
the Purchaser of any additional collateral or the availability or claimed availability of any other
collateral or source of repayment or any nonperfection or other impairment of collateral, (D) the
release of any Person primarily or secondarily liable for all or any part of the Obligations or the
Guarantee Liabilities, whether by the Purchaser or in connection with any voluntary or involuntary
liquidation, dissolution, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors or similar event or proceeding affecting any or all of the Seller, the Guarantors, the
Pledgor or any other Person who, or any of whose Property, shall at the time in question be
obligated in respect of the Obligations or the Guarantee Liabilities or any part thereof, or (E) to
the extent permitted by Applicable Law, any other event, occurrence, action or circumstance that
would, in the absence of this Section 30, result in the release or discharge of any or all
of the Guarantors from the performance or observance of any obligation, covenant or agreement
contained in the Repurchase Agreement or the Repurchase Documents; (b) each Guarantor expressly
agrees that the Purchaser shall not be required first to initiate any suit or to exhaust its
remedies against the Seller, the Guarantors, the Pledgor or any other Person to become liable, or
against any of the Purchased Items or the Pledged Collateral, in order to enforce this Guaranty or
the Repurchase Documents and each Guarantor expressly agrees that, notwithstanding the occurrence
of any of the foregoing, each Guarantor shall be and remain directly and primarily liable for all
sums due under this Guaranty or any of the Repurchase Documents; and, (c) on disposition by the
Purchaser of any Property encumbered by any Purchased Items, each Guarantor shall be and shall
remain jointly and severally liable for any deficiency.

(b) Each Guarantor hereby agrees that, to the extent another Guarantor shall have paid more
than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to
seek and receive contribution from and against any other Guarantor which has not paid its
proportionate share of such payment; provided however, that the provisions of this
Section 30(b) shall in no respect limit the obligations and liabilities of each Guarantor
to the Purchaser, and, notwithstanding any payment or payments made by a Guarantor (the “paying
Guarantor”) hereunder or any set-off or application of funds of the paying Guarantor by the
Purchaser, the paying Guarantor shall not be entitled to be subrogated to any of the rights of the
Purchaser against any other Guarantor or any collateral security or guarantee or right of offset
held by the Purchaser, nor shall the paying Guarantor seek or be entitled to seek any contribution
or reimbursement from the other Guarantor in respect of payments made by the paying Guarantor
hereunder, until all amounts owing to the Purchaser by the Guarantors under this Guaranty and the
other Repurchase Documents are paid in full. If any amount shall be paid to the paying Guarantor
on account of such subrogation rights at any time when all such amounts shall not have been paid in
full, such amount shall be held by the paying Guarantor in trust for the Purchaser, segregated from
other funds of the paying Guarantor, and shall, forthwith upon receipt by the paying Guarantor, be
turned over to the Purchaser in the exact form received by the paying Guarantor (duly indorsed by
the paying Guarantor to the Purchaser, if required), to be applied against amounts owing to the
Purchaser by the Guarantors under this Guaranty and the other Repurchase Documents, whether matured
or unmatured, in such order as the Purchaser may determine in its discretion.

31. Counterparts. This Guaranty may be executed in any number of counterparts and by
different parties hereto in separate counterparts (including by facsimile), each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement.

32. Discretion. Reference herein or in any Repurchase Document to the Purchaser’s
discretion shall mean, unless otherwise stated herein or therein, the Purchaser’s sole and absolute
discretion, and the exercise of such discretion shall be final and conclusive. In addition,
whenever the Purchaser has a decision or right of determination or request, exercises any right
given to it to agree, disagree, accept, consent, grant waivers, take action or no action or to
approve or disapprove, or any arrangement or term is to be satisfactory or acceptable to or
approved by (or any similar language or terms) the Purchaser, the decision of the Purchaser with
respect thereto shall be in the sole and absolute discretion of the Purchaser, and such decision
shall be final and conclusive, except as may be otherwise specifically provided herein.

33. Recourse Against Certain Parties. No recourse under or with respect to any
obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Purchaser or the Guarantors as contained in this Guaranty, the Repurchase
Documents or any other agreement, instrument or document entered into by the Purchaser, the
Guarantors or any such party pursuant hereto or thereto or in connection herewith or therewith
shall be had against any administrator of the Purchaser, any of the Guarantors or any incorporator,
Affiliate (direct or indirect), owner, member, partner, stockholder, officer, director, employee,
agent or attorney of the Purchaser, any of the Guarantors or of any such administrator, as such, by
the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute
or otherwise; it being expressly agreed and understood that the agreements of the Purchaser and the
Guarantors contained in this Guaranty, the Repurchase Documents and all of the other agreements,
instruments and documents entered into by it pursuant hereto or thereto or in connection herewith
or therewith are, in each case, solely the corporate obligations of the Purchaser and the
Guarantors and that no personal liability whatsoever shall attach to or be incurred by any
administrator of the Purchaser, any of the Guarantors or any incorporator, owner, member, partner,
stockholder, Affiliate (direct or indirect), officer, director, employee, agent or attorney of the
Purchaser, any of the Guarantors or of any such administrator, as such, or any other of them, under
or by reason of any of the obligations, covenants or agreements of the Purchaser or the Guarantors
contained in this Guaranty, the Repurchase Documents or in any other such instruments, documents or
agreements, or that are implied therefrom.

34. Set–offs.

In addition to any rights and remedies of the Purchaser provided by this Guaranty, the
Repurchase Documents and by Applicable Law, the Purchaser shall have the right, without prior
notice to the Seller, the Guarantors or the Pledgor, any such notice being expressly waived by the
Guarantors to the extent permitted by Applicable Law, and regardless of the existence of any other
collateral, upon any amount becoming due and payable by the Guarantors to the Purchaser hereunder,
under the Repurchase Documents or otherwise (whether at the stated maturity, by acceleration or
otherwise) to set–off and appropriate and apply against such amount any and all monies and other
Property of any of the Guarantors, any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any and all other credits, indebtedness, claims,
securities, collateral, Property or proceeds of any of the foregoing in, as applicable, any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured,
and in each case at any time held or owing by the Purchaser, any Affected Party, any Person under
the control of the Purchaser and any successor or assign of the foregoing to or for the credit or
the account of any of the Guarantors, whether for safekeeping, custody, pledge, transmission,
collection or otherwise. The Purchaser agrees promptly to notify the Guarantors after any such
set–off and application made by the Purchaser, provided that the failure to give such notice shall
not affect the validity of such set–off and application. ANY AND ALL RIGHTS TO REQUIRE THE
PURCHASER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE
AMOUNTS OWING TO THE PURCHASER BY THE SELLER, THE GUARANTORS OR THE PLEDGOR UNDER THE REPURCHASE
DOCUMENTS, PRIOR TO EXERCISING ITS RIGHT OF SET–OFF WITH RESPECT TO SUCH MONIES, SECURITIES,
COLLATERAL, DEPOSITS, CREDITS OR OTHER PROPERTY OF THE GUARANTORS, ARE HEREBY KNOWINGLY,
VOLUNTARILY AND IRREVOCABLY WAIVED BY THE GUARANTORS.

35. Continuation.

This Guaranty shall continue to be effective or be automatically reinstated, as the case may
be, if at any time payment, in whole or in part, of any of the Obligations or Guarantee
Indebtedness is rescinded or must otherwise be restored or returned by the Purchaser as a
preference, fraudulent conveyance or otherwise under any Insolvency Law, all as though such payment
had not been made; provided that in the event payment of all or any part of the Obligations
or Guarantee Indebtedness is rescinded or must be restored or returned, all reasonable costs and
expenses (including, without limitation, any reasonable legal fees and disbursements) incurred by
the Purchaser in defending and enforcing such reinstatement shall be deemed to be included as a
part of the Obligations or Guarantee Indebtedness.

[Remainder of Page Intentionally Left Blank.]

1

IN WITNESS WHEREOF, the undersigned have
caused this Guaranty to be duly executed as of the date first written above.

	 	 	THE GUARANTOR:

	 	 	MUNICIPAL MORTGAGE & EQUITY, LLC,

a Delaware limited liability company

By: /s/ Charles M. Pinckney

Name: Charles M. Pinckney

Title: Executive Vice President

Address for Notices:

Municipal Mortgage & Equity, LLC

3000 Bayport Drive, Suite 1100

Tampa, Florida 33607

Attention: Thomas Cornett

Facsimile No.: (813) 425–8000

Confirmation No.: (813) 868–8076

with a copy to:

Municipal Mortgage & Equity, LLC

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Steve Goldberg, General Counsel

Facsimile No.: (410) 727–5387

Confirmation No.: (443) 263-2871

2

STATE OF FLORIDA,

Hillsborough County ss:

I hereby certify that on this 15th day of June, 2006, before me, the subscriber, a Notary Public of
the State of Florida, personally appeared Charles M. Pinckney, E.V.P., of Municipal Mortgage &
Equity, LLC, a Delaware limited liability company, and known to me (or satisfactorily proven) to be
the person whose name is subscribed to the within instrument and on behalf of said limited
liability company that he, on behalf of said limited liability company, executed the same for the
purposes therein contained.

As Witness: my hand and notarial seal.

My Commission Expires:

/s/ Barbara Della Luca

Notary Public

[NOTARIAL SEAL]

3

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