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<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</P>

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<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center; width: 60%">Date of Report (Date of Earliest Event Reported):</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center; width: 35%">February 8, 2012</TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt">Municipal
Mortgage &amp; Equity, LLC</FONT><FONT STYLE="font-size: 10pt"><BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
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    <TD NOWRAP STYLE="width: 100%; line-height: 115%; text-align: center; border-top: Black 1pt solid">(Exact name of registrant as specified in its charter)</TD></TR>
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    <TD STYLE="width: 33%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 32%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 33%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center">Delaware</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">001-11981</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">52-1449733</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">(Commission</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center">of incorporation)</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">File Number)</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">621 E Pratt Street, Suite 600, Baltimore,</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Maryland</P></TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">21202</TD></TR>
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    <TD STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center; width: 60%">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center; width: 35%">(443) 263-2900</TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Not Applicable<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

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<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 100%; line-height: 115%; text-align: center; border-top: Black 1pt solid">Former name or former address, if changed since last report</TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>Top of the Form</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 Entry into a Material Definitive Agreement.
</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 2, 2012,
the registrant, together with its indirect wholly owned subsidiaries, MuniMae TEI Holdings, LLC (&ldquo;TEI&rdquo;), MMA Financial
Holdings, Inc. (&ldquo;MFH&rdquo;) and MuniMae TE Bond Subsidiary, LLC (&ldquo;TEB&rdquo;), entered into a Second Amended and Restated
Forbearance Agreement with a creditor (&ldquo;Counterparty&rdquo;) for which TEB&rsquo;s common stock is pledged to support collateral
requirements related to certain debt and derivative agreements. The Counterparty agrees to forbear from exercising remedies with
respect to the registrant&rsquo;s inability to comply with a net asset value requirement contained in the interest rate swap agreements
of the registrant and certain of its subsidiaries, until the earlier of June 30, 2013 or the date on which Forbearance Release
Terms have been satisfied. The key components to the Forbearance Release Terms are as follows:</P>

<P STYLE="font: 10pt/normal Symbol; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; line-height: 115%; font-family: Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 115%; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 88%; line-height: 115%; text-align: justify">Approximately $8.3 million in debt investments held by the Counterparty which the registrant has guaranteed shall have been repurchased by the registrant or its subsidiaries.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Derivative agreements between the Counterparty and the registrant (or its subsidiaries) with an overall net liability of approximately $15.5 million at December 31, 2011 shall have been either terminated or collateralized with cash or cash equivalents.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">At least on a quarterly basis, a portion of TEB&rsquo;s distributions to its common shareholder, TEI, shall be used to repurchase the debt instruments and collateralize or terminate net derivative exposure as described above.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Certain guarantee exposure between the Counterparty and the registrant shall have been fully collateralized (other than by a pledge of the common equity of TEB) with cash, cash equivalents or a letter of credit acceptable to the Counterparty.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">TEB shall have calculated common shareholder equity of not less than $200 million,&nbsp;pursuant to the methodology set forth in the agreement.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">TEI shall have a net asset value of not less than $225 million.&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon satisfaction of the Forbearance
Release Terms, the Counterparty shall replace the registrant&rsquo;s minimum net asset value requirement with a requirement that
TEI maintain net asset value of not less than $225 million.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Also on February 2, 2012, TEI and the
Counterparty entered into an amendment to the pledge agreements whereby TEI has pledged its 100% common equity interest in TEB
to the Counterparty. The amendment provides for a release of the pledged common equity of TEB once the Forbearance Release Terms
have been satisfied and certain guarantee exposure and other obligations of the registrant or its subsidiaries have been fully
collateralized with cash or cash equivalents. An additional release condition is that TEI must obtain the written consent of the
Counterparty before pledging, selling or transferring TEB&rsquo;s common equity.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, on February 3, 2012, TEI
and MFH settled the transactions reported in the registrant&rsquo;s Form 8-K dated January 4, 2012, relating to the purchase by
TEI of junior subordinated securities issued by MFH and guaranteed by the registrant.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">On February 6, 2012, the Board of Directors of Municipal
Mortgage &amp; Equity, LLC appointed Francis X. Gallagher as a new director of the Company effective immediately. Mr.&nbsp;Gallagher
will receive compensation and perquisites in accordance with policies and procedures previously approved by the Board of Directors
for non-employee directors of the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Gallagher is a Managing Partner
at Charlesmead Advisors LLC, where he leads investment banking efforts to focused subsectors within the telecommunications industry,
including wireline and wireless services and internet infrastructure. From 2005 to 2011, Mr. Gallagher was a Managing Director
at Stifel Nicolaus Weisel, Incorporated, a leading investment bank, where he managed and led the Telecommunications Industry Banking
Group. &nbsp;Prior to that, Mr. Gallagher spent eight years in a variety of &nbsp;positions with Legg Mason Wood Walker Incorporated,
where he was responsible for investment banking services for a variety of large and small-capitalization telecommunications companies.
Prior to that, Mr. Gallagher was a Partner at Venable LLP where he provided mergers and acquisitions, corporate finance and banking
services to a host of clients. &nbsp;Mr. Gallagher began his career at the New York-based law firm of Winthrop, Stimson, Putnam
&amp; Roberts (Now Pillsbury LLP).</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01 Financial Statements and
Exhibits. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;(d) Exhibits<BR>
10.1 Second Amended and Restated Forbearance Agreement entered into as of February 2, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">10.2 Amendment to Pledge Agreement entered
into as of February 2, 2012</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Top of the Form</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; line-height: 115%">Municipal Mortgage &amp; Equity, LLC</TD></TR>
<TR>
    <TD STYLE="width: 35%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 15%; vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 4%; vertical-align: top; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 46%; vertical-align: top; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">February 8, 2012</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-style: italic"><I>By:</I></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; line-height: 115%; font-style: italic"><I>/s/ Michael L. Falcone</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-style: italic">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-style: italic"><I>Name: Michael L. Falcone</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-style: italic"><I>Title: Chief Executive Officer and President</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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{"company-data": {"conformed-name": "MUNICIPAL MORTGAGE & EQUITY LLC", "cik": "0001003201", "assigned-sic": "6500", "irs-number": "521449733", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11981", "film-number": "12579758"}, "business-address": {"street1": "621 E PRATT STREET", "street2": "SUITE 300", "city": "BALTIMORE", "state": "MD", "zip": "21202", "phone": "(443) 263-2900"}, "mail-address": {"street1": "621 E PRATT STREET", "street2": "SUITE 300", "city": "BALTIMORE", "state": "MD", "zip": "21202"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 8, 2012
Municipal
Mortgage & Equity, LLC
(Exact name of registrant as specified in its charter)
Delaware
001-11981
52-1449733
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
621 E Pratt Street, Suite 600, Baltimore,
Maryland
21202
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(443) 263-2900
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Top of the Form
Item 1.01 Entry into a Material Definitive Agreement.
On February 2, 2012,
the registrant, together with its indirect wholly owned subsidiaries, MuniMae TEI Holdings, LLC ("TEI"), MMA Financial
Holdings, Inc. ("MFH") and MuniMae TE Bond Subsidiary, LLC ("TEB"), entered into a Second Amended and Restated
Forbearance Agreement with a creditor ("Counterparty") for which TEB's common stock is pledged to support collateral
requirements related to certain debt and derivative agreements. The Counterparty agrees to forbear from exercising remedies with
respect to the registrant's inability to comply with a net asset value requirement contained in the interest rate swap agreements
of the registrant and certain of its subsidiaries, until the earlier of June 30, 2013 or the date on which Forbearance Release
Terms have been satisfied. The key components to the Forbearance Release Terms are as follows:
·
Approximately $8.3 million in debt investments held by the Counterparty which the registrant has guaranteed shall have been repurchased by the registrant or its subsidiaries.
·
Derivative agreements between the Counterparty and the registrant (or its subsidiaries) with an overall net liability of approximately $15.5 million at December 31, 2011 shall have been either terminated or collateralized with cash or cash equivalents.
·
At least on a quarterly basis, a portion of TEB's distributions to its common shareholder, TEI, shall be used to repurchase the debt instruments and collateralize or terminate net derivative exposure as described above.
·
Certain guarantee exposure between the Counterparty and the registrant shall have been fully collateralized (other than by a pledge of the common equity of TEB) with cash, cash equivalents or a letter of credit acceptable to the Counterparty.
·
TEB shall have calculated common shareholder equity of not less than $200 million, pursuant to the methodology set forth in the agreement.
·
TEI shall have a net asset value of not less than $225 million.
Upon satisfaction of the Forbearance
Release Terms, the Counterparty shall replace the registrant's minimum net asset value requirement with a requirement that
TEI maintain net asset value of not less than $225 million.
Also on February 2, 2012, TEI and the
Counterparty entered into an amendment to the pledge agreements whereby TEI has pledged its 100% common equity interest in TEB
to the Counterparty. The amendment provides for a release of the pledged common equity of TEB once the Forbearance Release Terms
have been satisfied and certain guarantee exposure and other obligations of the registrant or its subsidiaries have been fully
collateralized with cash or cash equivalents. An additional release condition is that TEI must obtain the written consent of the
Counterparty before pledging, selling or transferring TEB's common equity.
In addition, on February 3, 2012, TEI
and MFH settled the transactions reported in the registrant's Form 8-K dated January 4, 2012, relating to the purchase by
TEI of junior subordinated securities issued by MFH and guaranteed by the registrant.
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 6, 2012, the Board of Directors of Municipal
Mortgage & Equity, LLC appointed Francis X. Gallagher as a new director of the Company effective immediately. Mr. Gallagher
will receive compensation and perquisites in accordance with policies and procedures previously approved by the Board of Directors
for non-employee directors of the Company.
Mr. Gallagher is a Managing Partner
at Charlesmead Advisors LLC, where he leads investment banking efforts to focused subsectors within the telecommunications industry,
including wireline and wireless services and internet infrastructure. From 2005 to 2011, Mr. Gallagher was a Managing Director
at Stifel Nicolaus Weisel, Incorporated, a leading investment bank, where he managed and led the Telecommunications Industry Banking
Group.  Prior to that, Mr. Gallagher spent eight years in a variety of  positions with Legg Mason Wood Walker Incorporated,
where he was responsible for investment banking services for a variety of large and small-capitalization telecommunications companies.
Prior to that, Mr. Gallagher was a Partner at Venable LLP where he provided mergers and acquisitions, corporate finance and banking
services to a host of clients.  Mr. Gallagher began his career at the New York-based law firm of Winthrop, Stimson, Putnam
& Roberts (Now Pillsbury LLP).
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
10.1 Second Amended and Restated Forbearance Agreement entered into as of February 2, 2012
10.2 Amendment to Pledge Agreement entered
into as of February 2, 2012
Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Municipal Mortgage & Equity, LLC
February 8, 2012
By:
/s/ Michael L. Falcone
Name: Michael L. Falcone
Title: Chief Executive Officer and President