Exhibit 10.2

 

EXECUTION COPY

 

WAIVER TO THE CREDIT AGREEMENT

 

Dated as of April 20, 2009

 

WAIVER TO THE CREDIT AGREEMENT (this “Amendment”) among Capmark Financial Group
Inc., a Nevada corporation (the “Company”), certain subsidiaries of the Company
(together with the Company, the “Borrowers” and each a “Borrower”), the
financial institutions and other institutional lenders party hereto, and
Citibank, N.A., as administrative agent (the “Agent”) for the Lenders.

 

RECITALS:

 

(1)           THE BORROWERS, THE FINANCIAL INSTITUTIONS AND OTHER INSTITUTIONAL
LENDERS PARTY THERETO (THE “LENDERS”), THE AGENT AND THE OTHER AGENTS PARTY
THERETO HAVE ENTERED INTO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF MARCH 23,
2006, AS AMENDED BY AMENDMENT NO. 1 TO THE CREDIT AGREEMENT, DATED AS OF
APRIL 17, 2007, AND AMENDMENT NO. 2 TO THE CREDIT AGREEMENT, DATED AS OF
JUNE 30, 2008 (AS FURTHER AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED
FROM TIME TO TIME, THE “CREDIT AGREEMENT”).  CAPITALIZED TERMS NOT OTHERWISE
DEFINED IN THIS AMENDMENT HAVE THE SAME MEANINGS AS SPECIFIED IN THE CREDIT
AGREEMENT.

 

(2)           THE BORROWERS HAVE REQUESTED THAT THE LENDERS AGREE TO WAIVE
CERTAIN PROVISIONS OF THE CREDIT AGREEMENT AS SET FORTH HEREIN.

 

(3)           PURSUANT TO SUBSECTION 10.1(A) OF THE CREDIT AGREEMENT, THE
MAJORITY LENDERS MAY, OR, WITH THE WRITTEN CONSENT OF THE MAJORITY LENDERS, THE
AGENT MAY, FROM TIME TO TIME, ENTER INTO WITH THE BORROWERS, WRITTEN AMENDMENTS,
SUPPLEMENTS OR MODIFICATIONS TO THE CREDIT AGREEMENT FOR THE PURPOSE OF WAIVING
ANY PROVISIONS TO THE CREDIT AGREEMENT

 

(4)           THE MAJORITY LENDERS HAVE AGREED, SUBJECT TO THE TERMS AND
CONDITIONS STATED BELOW, TO WAIVE THE CREDIT AGREEMENT AS SET FORTH HEREIN.

 

SECTION 1.           WAIVER TO CREDIT AGREEMENT

 

(a)           Subject to the satisfaction of the conditions precedent set forth
in Section 2, the Agent and the Majority Lenders hereby waive, solely for the
period commencing on the date hereof through May 8, 2009 at 5:00 p.m. EDT (the
“Waiver Termination Date”), (i) any Default arising directly from the Company’s
failure to furnish to the Lenders, (x) pursuant to the terms of
Section 5.1(a) of the Credit Agreement, a copy of the audited consolidated
balance sheet of the Company and its consolidated Subsidiaries as at the end of
fiscal year 2008 and the related audited consolidated statements of income and
retained earnings and cash flows for such year, setting forth in each case in
comparative form the figures for the previous year, (y) the certificates
required pursuant to Sections 5.2(a) and (b) of the Credit Agreement and (z) any
notice pursuant to Section 5.3 of the Credit Agreement with respect to the
Financial Covenant Non-Compliance Event of Default (the “Reporting
Non-Compliance Default”), and (ii) any Event of Default arising directly from
the Company’s failure to maintain, pursuant to Section 6.1 of the Credit
Agreement, the Total Consolidated Indebtedness at the last day of each of the
fiscal quarters ended December 31, 2008 and March 31, 2009 to Total
Capitalization at such dates at a ratio not greater than 0.87 to 1.0, in each
case without giving effect to ARB51, FIN 46(R) or FAS 66 in each case in
relation to the Company’s affordable tax credit syndication business (the
“Financial Covenant Non-Compliance Event of Default”).

 

(b)           Until the Waiver Termination Date, the Majority Lenders hereby
agree to forbear (and instruct the Agent to forbear) from exercising any right
or remedy under the Credit Agreement as a result

 

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of the occurrence and continuance of a Default arising from the Reporting
Non-Compliance Default and any Event of Default arising from the Financial
Covenant Non-Compliance Event of Default.

 

(c)           On the Waiver Termination Date, without any further action by the
Agent and the Majority Lenders, all of the terms and provisions set forth in the
Credit Agreement with respect to any Default or Event of Default thereunder that
is waived hereunder and not cured prior to the Waiver Termination Date shall
have the same force and effect as if this Waiver had not been entered into by
the parties hereto, and the Agent and the Majority Lenders shall have all of the
rights and remedies afforded to them under the Credit Agreement with respect to
any such Default or Event of Default as though no waiver had been granted by
them hereunder.  Notwithstanding anything contained herein to the contrary,
the foregoing waivers are not intended and shall not be deemed or construed to
constitute a waiver of any other Default or Event of Default that hereafter may
occur under Credit Agreement or to establish a custom or course of dealing among
the Borrowers, the other Loan Parties, the Agent, the Majority Lenders or any of
them.  Except as specifically set forth herein, the Agent and the Majority
Lenders hereby expressly reserve all of their rights and remedies under the
Credit Agreement, the other Loan Agreements and applicable law.

 

SECTION 2.           CONDITIONS OF EFFECTIVENESS

 

This Waiver shall become effective as of the date first above written when, and
only when, the following conditions have been satisfied:

 

(A)           THE AGENT SHALL HAVE RECEIVED COUNTERPARTS OF THIS WAIVER EXECUTED
BY THE COMPANY, THE OTHER BORROWERS, THE MAJORITY LENDERS, AND/OR, AS TO ANY
SUCH MAJORITY LENDER, ADVICE SATISFACTORY TO THE AGENT THAT SUCH LENDER HAS
EXECUTED THIS WAIVER;

 

(B)           THE AGENT SHALL HAVE RECEIVED A CERTIFICATE OF THE SECRETARY OR
ASSISTANT SECRETARY OF THE COMPANY, IN FORM AND SUBSTANCE SATISFACTORY TO THE
AGENT, WHICH CERTIFICATE SHALL (I) CERTIFY AS TO THE INCUMBENCY AND SIGNATURE OF
THE OFFICERS OF THE COMPANY EXECUTING THIS WAIVER (WITH THE PRESIDENT, A VICE
PRESIDENT, THE SECRETARY OR ASSISTANT SECRETARY OF THE COMPANY ATTESTING TO THE
INCUMBENCY AND SIGNATURE OF THE SECRETARY OR ASSISTANT SECRETARY PROVIDING SUCH
CERTIFICATE), (II) HAVE ATTACHED TO IT A TRUE AND CORRECT COPY OF THE
RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, WHICH RESOLUTIONS SHALL
AUTHORIZE THE EXECUTION, DELIVERY AND PERFORMANCE OF THIS WAIVER, AND
(III) CERTIFY THAT, AS OF THE DATE OF SUCH CERTIFICATE (WHICH SHALL NOT BE
EARLIER THAN THE DATE HEREOF), NONE OF SUCH RESOLUTIONS SHALL HAVE BEEN AMENDED,
SUPPLEMENTED, MODIFIED, REVOKED OR RESCINDED;

 

(C)           EACH GUARANTOR HAS EXECUTED AND DELIVERED A CONSENT IN THE FORM OF
ANNEX A HERETO;

 

(D)           THE AGENT SHALL HAVE RECEIVED SATISFACTORY EVIDENCE THAT AMENDMENT
NO. 6 AND WAIVER TO THE BRIDGE FACILITY DATED AS OF THE DATE HEREOF SHALL HAVE
BECOME EFFECTIVE;

 

(E)           THE AGENT SHALL HAVE RECEIVED A WAIVER FEE FOR THE ACCOUNT OF EACH
LENDER THAT HAS EXECUTED AND DELIVERED A SIGNATURE PAGE TO THIS WAIVER IN AN
AMOUNT EQUAL TO 0.05% OF THE AGGREGATE PRINCIPAL AMOUNT OF SUCH LENDER’S
OUTSTANDING LOANS ON THE DATE OF THIS WAIVER;  AND

 

(F)            ALL OTHER FEES AND EXPENSES OF THE AGENT AND THE LENDERS
(INCLUDING ALL REASONABLE FEES AND EXPENSES OF COUNSEL TO THE AGENT), TO THE
EXTENT INVOICED PRIOR TO THE DATE HEREOF, SHALL HAVE BEEN PAID.

 

2

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SECTION 3.           CONFIRMATION OF REPRESENTATIONS AND WARRANTIES

 

(A)           EACH OF THE COMPANY AND EACH BORROWER HERETO HEREBY REPRESENTS AND
WARRANTS, ON AND AS OF THE DATE HEREOF, THAT THE REPRESENTATIONS AND WARRANTIES
CONTAINED IN THE CREDIT AGREEMENT (TO THE EXTENT RELATING TO SUCH LOAN PARTY)
ARE TRUE AND CORRECT IN ALL MATERIAL RESPECTS ON AND AS OF THE DATE HEREOF,
BEFORE AND AFTER GIVING EFFECT TO THIS WAIVER, AS THOUGH MADE ON AND AS OF THE
DATE HEREOF, OTHER THAN ANY SUCH REPRESENTATIONS OR WARRANTIES THAT, BY THEIR
TERMS, REFER TO A SPECIFIC DATE.

 

SECTION 4.           AFFIRMATION OF THE COMPANY AND THE BORROWERS

 

THE COMPANY AND EACH BORROWER HEREBY CONSENTS TO THE WAIVER TO THE CREDIT
AGREEMENT EFFECTED HEREBY, AND HEREBY CONFIRMS AND AGREES THAT, NOTWITHSTANDING
THE EFFECTIVENESS OF THIS WAIVER, THE OBLIGATIONS OF THE COMPANY AND EACH SUCH
BORROWER CONTAINED IN THE CREDIT AGREEMENT, AS AMENDED HEREBY, OR IN ANY OTHER
LOAN DOCUMENTS TO WHICH IT IS A PARTY ARE, AND SHALL REMAIN, IN FULL FORCE AND
EFFECT AND ARE HEREBY RATIFIED AND CONFIRMED IN ALL RESPECTS.

 

SECTION 5.           REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS

 

(a)           On and after the effectiveness of this Waiver, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement and each reference in the Notes and
each of the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean
and be a reference to the Credit Agreement as modified by this Waiver.

 

(B)           THE CREDIT AGREEMENT, THE NOTES AND EACH OF THE OTHER LOAN
DOCUMENTS, AS SPECIFICALLY MODIFIED BY THIS WAIVER, ARE AND SHALL CONTINUE TO BE
IN FULL FORCE AND EFFECT AND ARE HEREBY IN ALL RESPECTS RATIFIED AND CONFIRMED.

 

(C)           THE EXECUTION, DELIVERY AND EFFECTIVENESS OF THIS WAIVER SHALL
NOT, EXCEPT AS EXPRESSLY PROVIDED HEREIN, OPERATE AS A WAIVER OF ANY RIGHT,
POWER OR REMEDY OF ANY LENDER OR THE AGENT UNDER THE CREDIT AGREEMENT OR ANY
OTHER LOAN DOCUMENT, NOR CONSTITUTE A WAIVER OF ANY PROVISION OF THE CREDIT
AGREEMENT OR ANY OTHER LOAN DOCUMENT.

 

SECTION 6.           COSTS, EXPENSES

 

The Borrowers agree to pay on demand all costs and expenses of the Agent in
connection with the preparation, execution, delivery and administration,
modification and amendment of this Waiver and the other instruments and
documents to be delivered hereunder (including, without limitation, the
reasonable fees and expenses of counsel for the Agent) in accordance with the
terms of subsection 10.5 of the Credit Agreement.

 

SECTION 7.           EXECUTION IN COUNTERPARTS

 

This Waiver may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement.  Delivery of an executed counterpart of a signature
page to this Waiver by telecopier or in “pdf” or similar format by electronic
mail shall be effective as delivery of a manually executed counterpart of this
Waiver.

 

SECTION 8.           GOVERNING LAW

 

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

 

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

 

 

 

CAPMARK FINANCIAL GROUP INC.,
as the Company

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

Chief Financial Officer, Executive Vice President

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CAPMARK CANADA LIMITED,

 

as a Borrower

 

 

 

By:

/s/ Michael I. Lipson

 

 

Name:

Michael I. Lipson

 

 

Title:

Executive Vice President

 

 

 

 

 

CAPMARK BANK EUROPE, PUBLIC COMPANY,

 

as a Borrower

 

 

 

By:

/s/ Martin Thornton

 

 

Name:

Martin Thornton

 

 

Title:

Secretary

 

 

 

 

 

CAPMARK EI IRELAND LIMITED,

 

as a Borrower

 

 

 

By:

/s/ Martin Thornton

 

 

Name:

Martin Thornton

 

 

Title:

Secretary

 

 

 

 

 

CAPMARK IRELAND LIMITED,

 

as a Borrower

 

 

 

By:

/s/ Martin Thornton

 

 

Name:

Martin Thornton

 

 

Title:

Secretary

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CAPMARK AB NO. 2 LIMITED,

 

as a Borrower

 

 

 

By:

/s/ Martin Thornton

 

 

Name:

Martin Thornton

 

 

Title:

Secretary

 

 

 

 

 

CAPMARK FINANCE INC.,

 

as a Borrower

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

President

 

 

 

 

 

SJM CAP, LLC,

 

as a Borrower

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

President

 

 

 

 

 

CAPMARK BANK,

 

as a Borrower

 

 

 

By:

/s/ Steven J. Nielsen

 

 

Name:

Steven J. Nielsen

 

 

Title:

President

 

 

 

 

 

CAPMARK FUNDING JAPAN, K.K.,

 

as a Borrower

 

 

 

By:

/s/ Allen Todd Atchley

 

 

Name:

Allen Todd Atchley

 

 

Title:

Representative Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CAPMARK JAPAN, K.K.,

as a Borrower

 

 

 

 

 

By:

/s/ Katsuyoshi Dobashi

 

 

Name:

Katsuyoshi Dobashi

 

 

Title:

Representative Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CITIBANK, N.A.,
as Administrative Agent

 

 

 

 

 

By:

/s/ Michael Schadt

 

 

Name:

Michael Schadt

 

 

Title:

Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Goldman Sachs Mortgage Company,
as a Majority Lender

 

 

 

By:

/s/ Mark J. Buono

 

 

Name:

Mark J. Buono

 

 

Title:

Vice President

 

 

CAPMARK Credit Agreement - Waiver

Majority Lender Signature Page

 

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Silver Oak Capital, LLC,
as a Majority Lender

 

 

 

By:

/s/ Thomas M. Fuller

 

 

Name:

Thomas M. Fuller

 

 

Title:

Authorized Signatory

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Goldman Sachs Lending Partners LLC,
as a Majority Lender

 

 

 

By:

/s/ Caroline Benton

 

 

Name:

Caroline Benton

 

 

Title:

Authorized Signatory

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Goldman Sachs Canada Credit Partners Co.,
as a Majority Lender

 

 

 

By:

/s/ Caroline Benton

 

 

Name:

Caroline Benton

 

 

Title:

Vice President

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Bank of America N.A.,
as a Majority Lender

 

 

 

By:

/s/ Richard D. Fainman

 

 

Name:

Richard D. Fainman

 

 

Title:

S.V.P.

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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JP Morgan Chase,

 

as a Majority Lender

 

 

 

 

By:

/s/ John J. Coffey

 

 

Name:

John J. Coffey

 

 

Title:

Managing Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Credit Suisse, Cayman Islands Branch,

 

as a Majority Lender

 

 

 

 

By:

/s/ Didier Siffer

 

 

Name:

Didier Siffer

 

 

Title:

Managing Director

 

 

 

 

 

 

 

 

 

By:

/s/ Graham Lawrence

 

 

Name:

Graham Lawrence

 

 

Title:

Vice President

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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The Bank of Nova Scotia,

 

as a Majority Lender

 

 

 

 

By:

/s/ Steven S. Kerr

 

 

Name:

Steven S. Kerr

 

 

Title:

Managing Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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The Royal Bank of Scotland,

 

as a Majority Lender

 

 

 

 

By:

/s/ Alan Ferguson

 

 

Name:

Alan Ferguson

 

 

Title:

Head of Global Restructuring Group, North America

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Goldman Sachs Credit Partners, L.P.,

 

as a Majority Lender

 

 

 

 

By:

/s/ Caroline Benton

 

 

Name:

Caroline Benton

 

 

Title:

Authorized Signatory

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Deutsche Bank AG, New York,

 

as a Majority Lender

 

 

 

 

By:

/s/ Emile Van den Bol

 

 

Name:

Emile Van den Bol

 

 

Title:

Managing Director

 

 

 

 

 

 

 

By:

/s/ R. Chris Jones

 

 

Name:

R. Chris Jones

 

 

Title:

Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CITIC Ka Wah Bank, Ltd. New York Branch,

 

as a Majority Lender

 

 

 

 

By:

/s/ Wayne D. Kramen

 

 

Name:

Wayne D. Kramen

 

 

Title:

FVP

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Royal Bank of Canada,

 

as a Majority Lender

 

 

 

 

By:

/s/ Leslie P. Vowell

 

 

Name:

Leslie P. Vowell

 

 

Title:

Attorney-in-Fact

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CCP Credit Acquisition Holdings, LLC,
as a Majority Lender

 

 

 

 

 

By:

/s/ Jed Hart

 

 

 

Name:

Jed Hart

 

 

 

Title:

Sr. Managing Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree Credit Opportunities Financing I, Limited

 

 

By:  GoldenTree Asset Management, LP,

as a Majority Lender

 

 

 

 

 

By:

/s/ Karen Weber

 

 

 

Name:

Karen Weber

 

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree High Yield Value Master Fund, L.P.

 

 

By:  GoldenTree Asset Management, LP,

as a Majority Lender

 

 

 

 

 

By:

/s/ Karen Weber

 

 

 

Name:

Karen Weber

 

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree Master Fund II, Ltd.

 

 

By:  GoldenTree Asset Management, LP,

as a Majority Lender

 

 

 

 

 

By:

/s/ Karen Weber

 

 

 

Name:

Karen Weber

 

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree Master Fund, Ltd.

 

By: GoldenTree Asset Management, LP,
as a Majority Lender

 

 

 

 

By:

/s/ Karen Weber

 

 

Name:

Karen Weber

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree ZOCH Trust

 

By:  GoldenTree Asset Management, LP,
as a Majority Lender

 

 

 

 

By:

/s/ Karen Weber

 

 

Name:

Karen Weber

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree Leverage Loan Financing I, Ltd.

 

By:  GoldenTree Leverage Loan Manager, LLC,
as a Majority Lender

 

 

 

 

By:

/s/ Karen Weber

 

 

Name:

Karen Weber

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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GoldenTree Asset Management Lux Sarl,
as a Majority Lender

 

 

 

By:

/s/ Karen Weber

 

 

Name:

Karen Weber

 

 

Title:

Director-Bank Debt

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Hua Nan Commercial Bank, Ltd. New York Agency,
as a Majority Lender

 

 

 

 

By:

/s/ Henry Hsieh

 

 

Name:

Henry Hsieh

 

 

Title:

Assistant Vice President

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Sumitomo Mitsui Banking Corporation,
as a Majority Lender

 

 

 

 

By:

/s/ Yoshihiro Hyakutome

 

 

Name:

Yoshihiro Hyakutome

 

 

Title:

General Manager

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Scotiabanc Inc.,
as a Majority Lender

 

 

 

 

By:

/s/ J.F. Todd

 

 

Name:

J.F. Todd

 

 

Title:

Managing Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Credit Suisse Loan Funding LLC,
as a Majority Lender

 

 

 

 

By:

/s/ Robert Franz

 

 

Name:

Robert Franz

 

 

Title:

Managing Director

 

 

 

 

 

By:

/s/ Kenneth Hoffman

 

 

Name:

Kenneth Hoffman

 

 

Title:

Managing Director

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Lehman Brothers Holdings, Inc.,
as a Majority Lender

 

 

 

By:

/s/ Douglas J. Lambert

 

 

Name:

Douglas J. Lambert

 

 

Title:

S.V.P.

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Wachovia Bank, N.A.,
as a Majority Lender

 

 

 

By:

/s/ Vanessa N. Rodriguez

 

 

Name:

Vanessa N. Rodriquez

 

 

Title:

Assistant Vice President

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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Deutsche Bank AG Cayman Islands Branch,
By: DB Services New Jersey, Inc.
as a Majority Lender

 

 

 

By:

/s/ Angeline Quintana

 

 

Name:

Angeline Quintana

 

 

Title:

Assistant Vice President

 

 

 

 

 

By:

/s/ Deidre D. Cesario

 

 

Name:

Deidre D. Cesario

 

 

Title:

Assistant Vice President

 

 

CAPMARK Credit Agreement - Waiver

Signature Page

 

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CONSENT

 

Reference is made to the Credit Agreement, dated as of March 23, 2006, as
amended by Amendment No. 1 to the Credit Agreement, dated as of April 17, 2007,
and Amendment No. 2 to the Credit Agreement, dated as of June 30, 2007, among
Capmark Financial Group Inc. (the “Company”), certain subsidiaries of the
Company, the financial institutions and other institutional lenders party
thereto, Citibank, N.A., as administrative agent for the Lenders and the other
agents party thereto (such Credit Agreement, as so amended, the “Credit
Agreement”).

 

Each of the undersigned confirms and agrees that notwithstanding the
effectiveness of the foregoing Waiver to the Credit Agreement dated as of
April 20, 2009, each Loan Document to which such Person is a party is, and shall
continue to be, in full force and effect and is hereby ratified and confirmed in
all respects, in each case as amended by the Waiver to the Credit Agreement (in
each case, as defined therein).

 

 

COMMERCIAL EQUITY INVESTMENTS, INC.,
as a Guarantor

 

 

 

By:

/s/ Anne E. Kelly

 

 

Name:

Anne E. Kelly

 

 

Title:

Treasurer

 

 

 

CAPMARK CAPITAL INC.,
as a Guarantor

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

President

 

 

 

NET LEASE ACQUISITION LLC,
as a Guarantor

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

President

 

 

CAPMARK Credit Agreement - Waiver

Guarantor Consent

 

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CAPMARK FINANCE INC.,
as a Guarantor

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

Chief Financial Officer, Executive Vice President

 

 

 

CAPMARK INVESTMENTS LP,
as a Guarantor

 

 

 

By:

/s/ Barry S. Gersten

 

 

Name:

Barry S. Gersten

 

 

Title:

President

 

 

 

MORTGAGE INVESTMENTS, LLC,
as a Guarantor

 

 

 

By:

/s/ Jay N. Levine

 

 

Name:

Jay N. Levine

 

 

Title:

President

 

 

 

SJM CAP, LLC,
as a Guarantor

 

 

 

By:

/s/ Gregory J. McManus

 

 

Name:

Gregory J. McManus

 

 

Title:

President

 

 

 

CRYSTAL BALL HOLDING OF BERMUDA LIMITED, as a Guarantor

 

 

 

By:

/s/ Peter A. Widmann

 

 

Name:

Peter A. Widmann

 

 

Title:

President

 

 

CAPMARK Credit Agreement - Waiver

Guarantor Consent

 

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