Document:

Exhibit
10.9

 

EXECUTION
COPY

 

REGISTRATION
RIGHTS AGREEMENT

 

 

Dated
as of March 23, 2006

 

by
and among

 

GMAC
Commercial Holding Corp.,

 

Capmark
Trust

 

as
Issuers

 

 

and

 

 

General
Motors Acceptance Corporation

 

as
the Purchaser

 

This Registration Rights Agreement (this “Agreement”)
is dated as of March 23, 2006, by and among GMAC Commercial Holding Corp.,
a Nevada corporation (the “Company”), Capmark Trust, a Delaware
statutory trust (the “Trust”) and General Motors Acceptance Corporation
( the “Purchaser”),  who
has agreed to purchase the Trust’s Floating Rate Trust Preferred Securities
(the “Trust Preferred Securities”)  pursuant
to the Purchase Agreement dated as of March 23, 2006 by and among the
Company, the Trust and the Purchaser (the “Purchase Agreement”).

 

In order to induce the Purchaser to purchase
the Trust Preferred Securities, the Company and the Trust have agreed to
provide the registration rights set forth in this Agreement.  Capitalized terms used herein and not
otherwise defined shall have the meanings assigned to them in the Amended and
Restated Declaration of Trust of the Trust, dated March 23, 2006 (as it
may be amended, modified or supplemented from time to time, the “Declaration
of Trust”), by and among the Company and John F. Weaver, Marc A. Fox and
Peter O’Hara, as the initial Regular Trustees (the “Regular Trustees”),
Law Debenture Trust Company of New York, as the initial Property Trustee (the “Property
Trustee”), Deutsche Bank Trust Company Delaware, as the initial Delaware
Trustee and Deutsche Bank Trust Company Americas, as the Agent, and by the
holders, from time to time, of undivided beneficial interests in the Trust to
be issued pursuant to the Declaration of Trust.

 

The parties hereby agree as follows:

 

SECTION 1.         DEFINITIONS

 

As used in this Agreement, the following
capitalized terms shall have the following meanings:

 

Act:  The Securities Act of 1933, as amended.

 

Affiliate:  As defined in Rule 144 of the Act.

 

Agreement:  This Agreement.

 

Business Day: Any
day other than a Saturday or Sunday or a day on which banking institutions in
The City of New York are authorized or required by law, regulation or executive
order to close.

 

Closing Date:  The date of this Agreement.

 

Commission:  The Securities and Exchange Commission.

 

Company:  As defined in the preamble hereof.

 

Debenture:  As defined in the Declaration of Trust.

 

Declaration of Trust:  As defined in the preamble hereof.

 

Exchange Act:  The Securities Exchange Act of 1934, as
amended.

 

 

 

Holders:  A Person is deemed to be a Holder of Transfer
Restricted Securities whenever such Person owns Transfer Restricted Securities.

 

Indemnified Party:  As defined in Section 6(c) hereof.

 

Indemnifying Party:
As defined in Section 6(c) hereof.

 

Indenture: The
Floating Rate Junior Subordinated Indenture dated as of March 23, 2006
between the Company, Law Debenture Trust Company of New York, as Indenture
Trustee, and Deutsche Bank Trust Company Americas, as Agent.

 

Indenture Trustee:  Law Debenture Trust Company of New York as
trustee under the Indenture.

 

Interest Payment Date:  As defined in the Debenture.

 

Person:  As defined in the Declaration of Trust.

 

Property Trustee:  As defined in the preamble hereof.

 

Prospectus:  The prospectus included in a Registration
Statement at the time such Registration Statement is declared effective, as
amended or supplemented by any prospectus supplement and by all other
amendments thereto, including post-effective amendments, and all material
incorporated by reference into such Prospectus.

 

Purchase Agreement:  As defined in the preamble hereof.

 

Purchaser:  As defined in the preamble hereof.

 

Qualifying IPO:  The issuance by the Company or a direct or
indirect corporate parent thereof of its common equity interests in an
underwritten primary and/or secondary public offering (other than a public
offering pursuant to a registration statement on Form S-8) pursuant to an
effective registration statement filed with the Commission in accordance with
the Securities Act.

 

Recommencement Date:  As defined in Section 4(d) hereof.

 

Registration Default:  As defined in Section 3 hereof.

 

Registration Statement:  Any registration statement of the Company and
the Trust relating to the registration for resale of Transfer Restricted
Securities pursuant to the Shelf Registration Statement (i) that is filed
pursuant to the provisions of this Agreement and (ii) including the
Prospectus included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by
reference therein.

 

Regular Trustee:  As defined in the preamble hereof.

 

Rule 144:  Rule 144 promulgated under the Act.

 

2

 

Securities: The
Trust Preferred Securities, the Trust Guarantee and the Debenture,
collectively.

 

Shelf Effectiveness Deadline:  As defined in Section 2(a)(II) hereof.

 

Shelf Filing Deadline:  As defined in Section 2(a)(I) hereof.

 

Shelf Registration Statement:  As defined in Section 2(a)(I) hereof.

 

Suspension Notice:  As defined in Section 4(d) hereof.

 

Suspension Period:  As defined in Section 4(d) hereof.

 

TIA:  The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb)
as in effect on the date of the Indenture.

 

Transfer Restricted Securities:  Each Trust Preferred Security (and the
related Trust Guarantee and like principal amount of the Debenture), until the
earliest to occur of (i) the date on which such Trust Preferred Security
has been effectively registered under the Act and disposed of in accordance
with the Shelf Registration Statement or (ii) the date on which such Trust
Preferred Security is eligible to be distributed to the public pursuant to Rule 144(k)
under the Act.

 

Trust:  As defined in the preamble hereof.

 

Trust Guarantee:  The Trust Guarantee Agreement dated as of the
Closing Date between the Company, as guarantor, and Law Debenture Trust Company
of New York, as Trust Guarantee Trustee, for the benefit of the Holders of the
Trust Securities, as amended, modified or supplemented from time to time.

 

Trust Preferred Securities:  As defined in the preamble hereof.

 

Trust Securities: As
defined in the Trust Guarantee.

 

SECTION 2.         SHELF REGISTRATION

 

(a)           Shelf Registration.  The Company and the Trust shall:

 

(I)            if the Company has completed a Qualifying
IPO, cause to be filed, as soon as practicable after the date upon which the
Holders of at least 60% of the aggregate liquidation amount of Trust Preferred
Securities or aggregate principal amount of Debentures, as applicable, (x) are
permitted under the Declaration of Trust or the Indenture, as applicable, to transfer
the Trust Preferred Securities or Debentures, as applicable, and (y) request
that the Company and the Trust or the Company, as applicable, file the Shelf
Registration Statement, but in no event later than 180 days after such date
(such 180th day being the “Shelf Filing Deadline”) a shelf
registration statement pursuant to Rule 415 under the Act (the “Shelf
Registration Statement”),  relating to all Transfer Restricted
Securities; and

 

3

 

(II)           use their commercially reasonable efforts to
cause such Shelf Registration Statement to become effective at the earliest
possible time, but in no event later than on or prior to 180 days after the
Shelf Filing Deadline (such 180th day, the “Shelf Effectiveness
Deadline”).

 

The Shelf Registration Statement shall be
filed on Form S-1 or another appropriate form permitting registration of
the Transfer Restricted Securities for resale by the Holders.  To the extent necessary to ensure that the
Shelf Registration Statement is available for sales of Transfer Restricted Securities
by the Holders thereof entitled to the benefit of this Section 2(a), the
Company and the Trust shall use their commercially reasonable efforts to keep
the Shelf Registration Statement required by this Section 2(a) continuously
effective, supplemented, amended and current as required by and subject to the
provisions of Section 4(b) hereof and in conformity with the
requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, until the
earliest of the date (x) all Holders of Transfer Restricted Securities become
eligible to sell or transfer pursuant to Rule 144(k) under the Securities
Act; (y) all Transfer Restricted Securities covered by such Shelf Registration
Statement have been sold pursuant thereto; and (z) all Transfer Restricted
Securities have ceased to be outstanding.

 

(b)           Provision by Holders of Certain
Information in Connection with the Shelf Registration Statement.  No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 20 days after receipt of a written request
therefor, the information specified in Item 507 or 508 of Regulation S-K, as
applicable, of the Act for use in connection with any Shelf Registration
Statement or Prospectus or preliminary Prospectus included therein.  No Holder of Transfer Restricted Securities
shall be entitled to additional interest pursuant to Section 3 hereof in
the event that such Holder shall have failed to provide all such information
within 20 days of the Company’s written request, and such Holder’s failure to
provide such information shall be continuing. 
By its acceptance of Transfer Restricted Securities, each Holder agrees
to promptly furnish additional information required to be disclosed in order to
make the information previously furnished to the Company by such Holder not
materially misleading.

 

SECTION 3.         ADDITIONAL INTEREST

 

If (a) the Shelf Registration Statement
required by this Agreement is not filed with the Commission on or prior to the
Shelf Filing Deadline, (b) the Shelf Registration Statement has not been
declared effective by the Commission on or prior to the Shelf Effectiveness
Deadline, or (c) the Shelf Registration Statement required by this
Agreement is filed and declared effective but shall thereafter cease to be
effective or fail to be usable for its intended purpose without being succeeded
within two business days by a post-effective amendment to such Registration
Statement that cures such failure and that is itself declared effective within
five business days of filing such post-effective amendment to such Registration
Statement (each such event referred to in clauses (a) through (c), a “Registration
Default”),  then the Company agrees that it will pay
additional interest on the Debenture at a rate of 0.25% per annum.  Additional interest may be deferred at the
option of the Company in compliance with the provisions of the Indenture
relating to interest payments. 
Notwithstanding anything to the contrary set forth herein, upon filing
of the Shelf Registration Statement, in the case of (a) above, 

 

4

 

upon the effectiveness of the Shelf Registration Statement, in the case
of (b) above, or upon the filing of a post-effective amendment to the
Shelf Registration Statement or an additional Shelf Registration Statement that
causes the Shelf Registration Statement to again be declared effective or made
usable, in the case of (c) above, the additional interest payable with
respect to the Debenture as a result of such clause (a), (b), or (c), as
applicable, shall cease.

 

All accrued additional interest shall be paid
on the Debenture, in the manner provided for the payment of interest in the
Indenture, on each Interest Payment Date, as more fully set forth in the
Indenture and the Debenture. 
Notwithstanding the fact that the Debenture ceases to be a Transfer
Restricted Security, all obligations of the Company to pay additional interest
with respect to the Debenture shall survive until such time as such obligations
with respect to the Debenture shall have been satisfied in full.

 

SECTION 4.         REGISTRATION PROCEDURES

 

(a)           Shelf Registration Statement.  In connection with the Shelf Registration
Statement, the Company and the Trust shall comply with all the provisions of Section 4(b) and
(c) below and use their commercially reasonable efforts to effect such
registration to permit the resale or sale of the Transfer Restricted Securities
in accordance with the intended method or methods of distribution thereof (as
indicated in the information furnished to the Trust pursuant to Section 2(b) hereof),
and pursuant thereto the Company and the Trust will prepare and file with the
Commission a Shelf Registration Statement relating to the registration on Form S-1
or another appropriate form under the Act, which form shall be available for
the sale of the Transfer Restricted Securities in accordance with the intended
method or methods of distribution thereof within the time periods and otherwise
in accordance with the provisions hereof; and

 

(b)           General Provisions.  In connection with any Shelf Registration
Statement and any related Prospectus required by this Agreement, the Company
and the Trust shall:

 

(i)            use their commercially reasonable efforts
to keep such Shelf Registration Statement continuously effective and provide
all requisite financial statements for the period specified in Section 2(a) hereof.  Upon the occurrence of any event that would
cause any such Shelf Registration Statement or the Prospectus contained therein
(A) to contain an untrue statement of material fact or omit to state any
material fact necessary to make the statements therein not misleading or (B) not
to be effective and usable for resale of Transfer Restricted Securities during
the period required by this Agreement, the Company and the Trust shall file
promptly an appropriate amendment to such Shelf Registration Statement curing
such defect, and, if Commission review is required, use their commercially
reasonable efforts to cause such amendment to be declared effective as soon as
practicable.  If at any time the
Commission shall issue any stop order suspending the effectiveness of any
Registration Statement, or any state securities commission or other regulatory
authority shall issue an order suspending the qualification or exemption from
qualification of the Transfer Restricted Securities under state securities or
blue sky laws, the Company and the Trust shall use their commercially
reasonable efforts to obtain the withdrawal or lifting of such order at the
earliest possible time;

 

(ii)           prepare and file with the Commission such
amendments and post-effective amendments to the applicable Shelf Registration
Statement as may be necessary to keep 

 

5

 

such Shelf Registration Statement effective for the applicable period
set forth in Section 2(a) hereof; cause the Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented to
be filed pursuant to Rule 424 under the Act, and to comply fully with Rules 424,
430A and 462, as applicable, under the Act in a timely manner; and comply with
the provisions of the Act with respect to the disposition of all Securities
covered by such Registration Statement during the applicable period in
accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Shelf Registration Statement or supplement to the
Prospectus;

 

(iii)          in connection with any sale of Transfer
Restricted Securities that will result in such Securities no longer being
Transfer Restricted Securities, cooperate with the Holders to facilitate the
timely preparation and delivery of certificates representing Transfer
Restricted Securities to be sold and not bearing any restrictive legends; and
to register such Transfer Restricted Securities in such denominations and such
names as the selling Holders may request at least two business days prior to
such sale of Transfer Restricted Securities;

 

(iv)          use their commercially reasonable efforts to
cause the disposition of the Transfer Restricted Securities covered by the
Shelf Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the seller
or sellers thereof to consummate the disposition of such Transfer Restricted
Securities; provided, however,
that neither the Company nor the Trust shall be required to register
or qualify as a foreign corporation where it is not now so qualified or to take
any action that would subject it to the service of process in suits or to
taxation, other than as to matters and transactions relating to the Shelf
Registration Statement, in any jurisdiction where it is not now so subject;

 

(v)           use their commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and
make generally available to the security holders with regard to any Shelf
Registration Statement, as soon as practicable, the consolidated earnings
statement of the Company meeting the requirements of Rule 158 (which need
not be audited) covering a twelve-month period beginning after the effective
date of the registration statement (as such term is defined in paragraph (c) of
Rule 158 under the Act); and

 

(vi)          cause the Declaration of Trust, the Indenture
and the Trust Guarantee to be qualified under the TIA not later than the
effective date of the first Shelf Registration Statement required by this
Agreement and, in connection therewith, cooperate with the Property Trustee,
the Indenture Trustee and the Trust Guarantee Trustee and the Holders to effect
such changes to the Declaration of Trust, the Indenture and/or the Trust
Guarantee as may be required for such Declaration of Trust, Indenture and/or
the Trust Guarantee to be so qualified in accordance with the terms of the TIA;
and execute and use their commercially reasonable efforts to cause the Property
Trustee, the Indenture Trustee, the Trust Guarantee Trustee or such other
parties as may be necessary to execute all documents that may be required to
effect such changes and all other forms and documents required to be filed with
the Commission to enable such Declaration of Trust, the Indenture and/or the
Trust Guarantee to be so qualified in a timely manner.

 

6

 

(c)           Additional Provisions Applicable to Shelf
Registration Statements.  In
connection with each Shelf Registration Statement, the Company and the Trust
shall:

 

(i)            advise each Holder promptly and, if
requested by such Holder, confirm such advice in writing, (A) when the
Prospectus or any Prospectus supplement or post-effective amendment has been filed,
and, with respect to any such Shelf Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of
any request by the Commission for amendments to the Shelf Registration
Statement or amendments or supplements to the Prospectus or for additional
information relating thereto, (C) of the issuance by the Commission of any
stop order suspending the effectiveness of the Shelf Registration Statement
under the Act or of the suspension by any state securities commission of the
qualification of the Transfer Restricted Securities for offering or sale in any
jurisdiction, or the initiation of any proceeding for any of the preceding
purposes, (D) of the existence of any fact or the happening of any event
that makes any statement of a material fact made in the Shelf Registration
Statement, the Prospectus, any amendment or supplement thereto or any document
incorporated by reference therein untrue, or that requires the making of any
additions to or changes in the Registration Statement in order to make the
statements therein not misleading, or that requires the making of any additions
to or changes in the Prospectus in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading;

 

(ii)           if any fact or event contemplated by Section 4(c)(i)(D) above
shall exist or have occurred, prepare a supplement or post-effective amendment
to any such Shelf Registration Statement or related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of Transfer Restricted Securities,
the Prospectus will not contain an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading;

 

(iii)          for a reasonable period prior to the filing
of any such Registration Statement or Prospectus, and throughout the period
specified in Section 2(a), make available at reasonable times at the
Company’s principal place of business or such other reasonable place for
inspection by (A) any of the Holder of Transfer Restricted Securities to
be included in any such Shelf Registration Statement or Prospectus and (B) not
more than one counsel for all such Holders, who shall certify that they have a
current intention to sell the Transfer Restricted Securities pursuant to any
such Shelf Registration Statement or Prospectus, such financial and other
information and books and records of the Company, and cause the officers,
employees, counsel and independent certified public accountants of the Company
and the Trust to respond to such inquiries, as shall be reasonably necessary to
conduct a reasonable investigation within the meaning of Section 10 of the
Securities Act; provided, however,
that each such party shall be required to maintain in confidence and not to
disclose to any other person any information or records reasonably designated
by the Company or the Trust in writing as being confidential, until such time
as (A) such information becomes a matter of public record (whether by
virtue of its inclusion in such registration statement or otherwise), or (B) such
person shall be required so to disclose such information pursuant to a subpoena
or order of any court or other governmental agency or body having jurisdiction
over the matter (subject to the requirements of such order, and only after such
person shall have given the Company and the Trust prompt prior written 

 

7

 

notice of such requirement), or (C) such disclosure is required by
law (including any disclosure requirements pursuant to federal securities laws
in connection with the filing of a Shelf Registration Statement or Prospectus
or an amendment or supplement to such Shelf Registration Statement or
Prospectus);

 

(iv)          if requested by any Holders in connection
with sale, promptly include in any such Shelf Registration Statement or
Prospectus, pursuant to a supplement or post-effective amendment if necessary,
such information as is required by the applicable rules and regulations of
the Commission and as such Holders may reasonably request to have included
therein, including, without limitation, information relating to the “Plan of
Distribution” of the Transfer Restricted Securities; and make all required
filings of such Prospectus supplement or post-effective amendment as soon as
practicable after any of the Company or the Trust is notified of the matters to
be included in such Prospectus supplement or post-effective amendment;

 

(v)           furnish without charge to each Holder in
connection with such sale, at least one copy of any such Shelf Registration
Statement, as first filed with the Commission, and of each amendment thereto,
including all documents incorporated by reference therein and all exhibits
(including exhibits incorporated therein by reference);

 

(vi)          deliver to each Holder without charge, such
number of copies of the Prospectus (including each preliminary prospectus) and
any amendment or supplement thereto as such Holder reasonably may request in
order to facilitate the offering and disposition of the Transfer Restricted
Securities subject to such Prospectus; the Company and the Trust hereby consent
to the use (in accordance with law) of the Prospectus and any amendment or
supplement thereto by each selling Holder in connection with the offering and
the sale of the Transfer Restricted Securities covered by the Prospectus or any
amendment or supplement thereto;

 

(vii)         prior to any public offering of Transfer
Restricted Securities, cooperate with the selling Holders and their counsel in
connection with the registration and qualification of the Transfer Restricted
Securities under the securities or blue sky laws of such jurisdictions as the
selling Holders may request and do any and all other acts or things necessary
or advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the any such Shelf Registration Statement; provided,
however,  that neither
of the Company or the Trust shall be required to register or qualify as a
foreign corporation where it is not now so qualified or to take any action that
would subject it to the service of process in suits or to taxation, other than
as to matters and transactions relating to the Shelf Registration Statement, in
any jurisdiction where it is not now so subject; and

 

(viii)        provide promptly to each Holder, upon request,
each document filed with the Commission pursuant to the requirements of Section 13
or Section 15(d) of the Exchange Act.

 

(d)           Restrictions on Holders.  The Company may suspend the availability of
any Shelf Registration Statement and the use of any Prospectus (the period
during which the availability of any Shelf Registration Statement and any
Prospectus may be suspended herein 

 

8

 

referred to as the “Suspension Period”), without incurring any
obligation to pay Additional Interest pursuant to Section 3, for a period
not to exceed 120 calendar days in the aggregate during any 360 calendar-day
period, for valid business reasons, to be determined by the Company in its sole
judgment (which shall not include the avoidance of the Company’s obligations
hereunder), including, without limitation, the acquisition or divestiture of
assets, pending corporate developments, events listed in Section 4(c)(i),
public filings with the SEC and similar events, by giving the suspension notice
(a “Suspension Notice”) to each Holder of the Transfer Restricted
Security, until (i) such Holder has received copies of the supplemented or
amended Prospectus contemplated by Section 4(c)(ii) hereof, or (ii) such
Holder is advised in writing by the Company or the Trust that the use of the
Prospectus may be resumed, and has received copies of any additional or
supplemental filings with respect to, or that are incorporated by reference in,
as applicable, the Prospectus (in each case, the “Recommencement Date”).  Each Holder receiving a Suspension Notice
shall be required to destroy any Prospectuses, other than permanent file
copies, then in such Holder’s possession that have been replaced by the Company
or the Trust, as applicable, with a more recently dated Prospectus.

 

SECTION 5.         REGISTRATION EXPENSES

 

All expenses incident to the performance of
or compliance with this Agreement by the Company and the Trust will be borne by
the Company regardless of whether a Shelf Registration Statement becomes
effective, including without limitation: (i) all registration and filing
fees and expenses; (ii) all fees and expenses of compliance with federal
securities and state blue sky or securities laws; (iii) all expenses of
printing (including printing of Prospectuses), messenger and delivery services
and telephone; (iv) all fees and disbursements of counsel for the Company
and the Trust; and (v) all fees and disbursements of independent certified
public accountants of the Company and the Trust (including the expenses of any
special audit and comfort letters required by or incident to such performance).

 

The Company will, in any event, bear its and
the Trust’s internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties),
the expenses of any annual audit and the fees and expenses of any Person,
including special experts, retained by the Company or the Trust.  The Company shall also reimburse the Holders
for the reasonable fees and disbursements (not exceeding $20,000 in the
aggregate) of one counsel chosen by the Holders of a majority of the Trust
Preferred Securities.

 

Notwithstanding the provisions of this Section 5,
each Holder shall bear the expense of any broker’s commission relating to the
sale or disposition of such Holder’s Transfer Restricted Securities pursuant to
a Shelf Registration Statement.

 

SECTION 6.         INDEMNIFICATION

 

(a)           The Company agrees to indemnify and hold
harmless each Holder, its directors, officers and each Person, if any, who
controls such Holder (within the meaning of Section 15 of the Act or Section 20
of the Exchange Act), from and against any and all losses, claims, damages,
liabilities or judgments (including without limitation, any legal or other
expenses incurred in connection with investigating or defending any matter,
including any action 

 

9

 

that could give rise to any such losses, claims, damages, liabilities
or judgments) caused by any untrue statement or alleged untrue statement of a
material fact contained in any Shelf Registration Statement, preliminary
prospectus or Prospectus (or any amendment or supplement thereto) provided by
the Company or the Trust to any Holder or any prospective purchaser of
registered Securities, or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, except insofar as such losses, claims,
damages, liabilities or judgments are caused by an untrue statement or omission
or alleged untrue statement or omission that is based upon information relating
to any of the Holders furnished in writing to the Company or the Trust by any
of the Holders.

 

(b)           By its acquisition of Transfer Restricted
Securities, each Holder of Transfer Restricted Securities agrees, severally and
not jointly, to indemnify and hold harmless the Company and the Trust and their
respective trustees, managing members, directors and officers, and each person,
if any, who controls (within the meaning of Section 15 of the Act or Section 20
of the Exchange Act) the Company or the Trust to the same extent as the
foregoing indemnity from the Company and the Trust set forth in Section 6(a) hereof,
but only with reference to information relating to such Holder furnished in
writing to the Company or the Trust by such Holder expressly for use in any
Shelf Registration Statement.  In no
event shall any Holder, its directors, officers or any Person who controls such
Holder be liable or responsible for any amount in excess of the amount by which
the total amount received by such Holder with respect to its sale of Transfer
Restricted Securities pursuant to a Shelf Registration Statement exceeds (i) the
amount paid by such Holder for such Transfer Restricted Securities and (ii) the
amount of any damages that such Holder, its directors, officers or any Person
who controls such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.

 

(c)           In case any action shall be commenced
involving any Person in respect of which indemnity may be sought pursuant to Section 6(a) or
(b) hereof (the “Indemnified Party”),  the Indemnified Party shall promptly
notify the Person against whom such indemnity may be sought (the “Indemnifying
Party”) in writing and the Indemnifying Party shall assume the defense of
such action, including the employment of counsel reasonably satisfactory to the
Indemnified Party and the payment of all fees and expenses of such counsel, as
incurred (except that in the case of any action in respect of which indemnity
may be sought pursuant to both Sections 6(a) and (b) hereof, a Holder
shall not be required to assume the defense of such action pursuant to this Section 6(c),
but may employ separate counsel and participate in the defense thereof, but the
fees and expenses of such counsel, except as provided below, shall be at the
expense of the Holder).  Any Indemnified
Party shall have the right to employ separate counsel in any such action and
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of the Indemnified Party unless (i) the employment
of such counsel shall have been specifically authorized in writing by the
Indemnifying Party, (ii) the Indemnifying Party shall have failed to
assume the defense of such action or employ counsel reasonably satisfactory to
the Indemnified Party or (iii) the named parties to any such action
(including any impleaded parties) include both the Indemnified Party and the
Indemnifying Party, and the Indemnified Party shall have been advised by such
counsel that there may be one or more legal defenses available to it which are
different from or additional to those available to the Indemnifying Party (in
which case the Indemnifying Party shall not have the right to assume 

 

10

 

the defense of such action on behalf of the Indemnified Party).  In any such case, the Indemnifying Party
shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for
all Indemnified Parties and all such fees and expenses shall be reimbursed as
they are incurred.  Such firm shall be
designated in writing by the Holders of a majority in aggregate liquidation
amount or aggregate principal amount, as applicable, of the Transfer Restricted
Securities, in the case of the parties indemnified, pursuant to Section 6(a) hereof,
and by the Company and the Trust, in the case of parties indemnified, pursuant
to Section 6(b) hereof.  The
Indemnifying Party shall indemnify and hold harmless the Indemnified Party from
and against any and all losses, claims, damages, liabilities and judgments by
reason of any settlement of any action (A) effected with its written
consent or (B) effected without its written consent if the settlement is
entered into more than 20 business days after the Indemnifying Party shall have
received a request from the Indemnified Party for reimbursement for the fees
and expenses of counsel (in any case where such fees and expenses are at the
expense of the Indemnifying Party) and, prior to the date of such settlement,
the Indemnifying Party shall have failed to comply with such reimbursement
request.  No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any
settlement or compromise of, or consent to the entry of judgment with respect
to, any pending or threatened action in respect of which the Indemnified Party
is or could have been a party and indemnity or contribution may be or could
have been sought hereunder by the Indemnified Party, unless such settlement,
compromise or judgment (I) includes an unconditional release of the Indemnified
Party from all liability on claims that are or could have been the subject
matter of  such action and (II) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of the Indemnified Party.

 

(d)           To the extent that the indemnification
provided for in this Section 6 is unavailable to an Indemnified Party in
respect of any losses, claims, damages, liabilities or judgments referred to
therein, then each Indemnifying Party, in lieu of indemnifying such Indemnified
Party shall contribute to the amount paid or payable by such Indemnified Party
as a result of such losses, claims, damages, liabilities or judgments (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Company and the Trust on the one hand, and the Holders, on the other hand,
from their initial sale of Transfer Restricted Securities  or (ii) if the allocation provided by
clause 7(d)(i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in such clause 7(d)(i) but also the relative fault of the Company and
the Trust, on the one hand, and of the Holder, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims,
damages, liabilities or judgments, as well as any other relevant equitable
considerations.  The relative fault of
the Company and the Trust, on the one hand, and of the Holder, on the other
hand, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Company and the Trust, on the one hand, or by the Holder, on the other
hand, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and judgments referred to
above shall be deemed to include, subject to the limitations set forth in Section 6(c) hereof,

 

11

 

any legal or other fees or expenses reasonably incurred by such party
in connection with investigating or defending any action or claim.

 

The Company, the Trust, and, by its
acquisition of Transfer Restricted Securities, each Holder agree that it would
not be just and equitable if contribution pursuant to this Section 6(d) were
determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraph.  The amount paid or
payable by an Indemnified Party as a result of the losses, claims, damages,
liabilities or judgments referred to in the immediately preceding paragraph
shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending any matter, including any action
that could have given rise to such losses, claims, damages, liabilities or
judgments.  Notwithstanding the
provisions of this Section 6, no Holder, its directors, its officers or
any Person, if any, who controls such Holder shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the total
received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Shelf Registration Statement exceeds (i) the
amount paid by such Holder for such Transfer Restricted Securities and (ii) the
amount of any damages which such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 10(f) of the Act) shall
be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.  The
Holders’ obligations to contribute pursuant to this Section 6(d) are
several in proportion to the respective principal amount of Transfer Restricted
Securities held by each Holder hereunder and not joint.

 

SECTION 7.         RULE 144

 

The Company and the Trust agree with each
Holder, for so long as any Transfer Restricted Securities remain outstanding
and during any period in which the Company or the Trust is subject to Section 13
or 15(d) of the Exchange Act, to make all filings required thereby in a
timely manner in order to permit resales of such Transfer Restricted Securities
pursuant to Rule 144.

 

SECTION 8.         MISCELLANEOUS

 

(a)           Remedies.  The Company and the Trust acknowledge and
agree that any failure by the Company and/or the Trust to comply with their
respective obligations under Section 2 hereof may result in material
irreparable injury to the Purchaser or the Holders for which there is no
adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, the
Purchaser or any Holder may obtain such relief as may be required to
specifically enforce the Company’s and the Trust’s obligations under Section 2
hereof.  The Company and the Trust
further agree to waive the defense in any action for specific performance that
a remedy at law would be adequate.

 

(b)           No Inconsistent Agreements.  The Company and the Trust will not, on or after
the date of this Agreement, enter into any agreement with respect to their
respective securities that is inconsistent with the rights granted to the
Holders in this Agreement or 

 

12

 

otherwise conflicts with the provisions hereof.  The Company and the Trust have not previously
entered into any agreement granting any registration rights with respect to
their respective securities to any Person that would require such securities to
be included in any Registration Statement filed hereunder.  The rights granted to the Holders hereunder
do not in any way conflict with and are not inconsistent with the rights
granted to the holders of the Company’s and the Trust’s securities under any
agreement in effect on the date hereof.

 

(c)           Amendments and Waivers.  The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 3
hereof and this Section 8(c)(i), the Company has obtained the written
consent of Holders of all outstanding Transfer Restricted Securities and (ii) in
the case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding liquidation amount or
outstanding principal amount, as applicable, of Transfer Restricted Securities
(excluding Transfer Restricted Securities held by the Company or its
Affiliates).

 

(d)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail (registered or certified, return receipt requested),
telecopier, or air courier guaranteeing overnight delivery:

 

(i)            if to a Holder, at the address set forth on
the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; and

 

(ii)           if to the Company or the Trust:

 

GMAC Commercial Holding Corp.

200 Witmer Road 

Horsham, PA 19044

Attention:  Chief Financial Officer

Facsimile:  (215) 328-1316

 

All such notices and communications shall be
deemed to have been duly given at the time delivered by hand, when receipt is
acknowledged, if telecopied; and on the next business day, if timely delivered
to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to
the Property Trustee, at the address specified in the Declaration of Trust.

 

(e)           Successors and Assigns.  This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment,
subsequent Holders; provided that
nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Transfer Restricted Securities in violation of the terms hereof
or of the Purchase Agreement, the Declaration of Trust, the Trust Guarantee or
the Indenture.  If any transferee of any
Holder shall acquire Transfer Restricted Securities in any manner, not in
violation of the terms hereof or of the Purchase Agreement, the Declaration of
Trust, the Trust Guarantee or the Indenture, whether by operation of law or
otherwise, such Transfer Restricted Securities shall be held subject to all 

 

13

 

of the terms of this Agreement, and by taking and holding such Transfer
Restricted Securities such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this
Agreement, including the restrictions on resale set forth in this Agreement
and, if applicable, the Purchase Agreement, the Declaration of Trust, the Trust
Guarantee or the Indenture, and such Person shall be entitled to receive the
benefits hereof.

 

(f)            Counterparts.  This Agreement may be executed in any number
of counterparts and by the 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 one and the same agreement.

 

(g)           Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

(h)           Governing Law.  This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York.

 

(i)            Severability.  In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired
thereby.

 

(j)            Entire Agreement.  This Agreement is intended by the parties as
a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein. 
There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein with respect to the registration
rights granted with respect to the Transfer Restricted Securities.  This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

 

14

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	
   

  	
  GMAC
  COMMERCIAL HOLDING CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CATHERINE M. JACKSON

  	
   

  
	
   

  	
   

  	
  Name: Catherine
  M. Jackson

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPMARK
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PETER O'HARA

  	
   

  
	
   

  	
   

  	
  Name: Peter
  O'Hara

  
	
   

  	
   

  	
  Title:   Regular
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GENERAL MOTORS ACCEPTANCE

  	
   

  	
   

  
	
  CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ D.C. WALKER

  	
   

  	
   

  	
   

  
	
   

  	
  Name: D.C. Walker

  	
   

  	
   

  	
   

  
	
   

  	
  Title:   Group Vice
  PresidentExhibit 10.10

 

EXECUTION COPY

 

 

STOCKHOLDERS AGREEMENT

 

by and among

 

GMAC MORTGAGE GROUP, INC.,

 

GMACCH INVESTOR LLC,

 

and

 

GMAC COMMERCIAL HOLDING CORP.

 

Dated as of March 23, 2006

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Defined Terms

  	
  1

  
	
  1.2

  	
  Other
  Definitional Provisions; Interpretation

  	
  5

  
	
  ARTICLE 2.

  	
  VOTING
  AGREEMENTS

  	
  5

  
	
  2.1

  	
  Election of
  Directors

  	
  5

  
	
  2.2

  	
  Supermajority
  Vote

  	
  7

  
	
  2.3

  	
  Other Voting
  Matters

  	
  9

  
	
  ARTICLE 3.

  	
  TRANSFERS
  AND ISSUANCES

  	
  9

  
	
  3.1

  	
  Limitations
  on Transfer

  	
  9

  
	
  3.2

  	
  Void Transfers

  	
  10

  
	
  3.3

  	
  Tag-Along
  Rights

  	
  10

  
	
  3.4

  	
  Drag-Along
  Rights

  	
  11

  
	
  3.5

  	
  Right of
  First Refusal

  	
  12

  
	
  3.6

  	
  Preemptive
  Rights

  	
  14

  
	
  3.7

  	
  Public
  Offering

  	
  15

  
	
  ARTICLE 4.

  	
  REGISTRATION
  RIGHTS

  	
  15

  
	
  4.1

  	
  Demand
  Registration

  	
  15

  
	
  4.2

  	
  Piggyback
  Registrations

  	
  17

  
	
  4.3

  	
  Form S-3 Registration

  	
  18

  
	
  4.4

  	
  Expenses of
  Registration

  	
  19

  
	
  4.5

  	
  Obligations
  of the Company

  	
  19

  
	
  4.6

  	
  Delay of
  Registration; Furnishing Information

  	
  21

  
	
  4.7

  	
  Indemnification

  	
  21

  
	
  4.8

  	
  “Market
  Stand-Off” Agreement

  	
  24

  
	
  4.9

  	
  Agreement to
  Furnish Information

  	
  24

  
	
  4.10

  	
  Rule 144
  Reporting

  	
  24

  
	
  4.11

  	
  No
  Registration of Investor Securities

  	
  25

  
	
  ARTICLE 5.

  	
  MISCELLANEOUS

  	
  25

  
	
  5.1

  	
  Additional
  Securities Subject to Agreement

  	
  25

  
	
  5.2

  	
  Information
  Rights

  	
  25

  
	
  5.3

  	
  Termination

  	
  27

  
	
  5.4

  	
  Injunctive
  Relief

  	
  27

  
	
  5.5

  	
  Other
  Stockholders Agreements

  	
  27

  
	
  5.6

  	
  Successors,
  Assigns, Transferees, Recapitalizations

  	
  27

  
	
  5.7

  	
  Amendment
  and Waiver

  	
  28

  
	
  5.8

  	
  Notices

  	
  28

  
	
  5.9

  	
  Counterparts

  	
  30

  
	
  5.10

  	
  Entire
  Agreement

  	
  30

  
	
  5.11

  	
  Severability

  	
  30

  
	
  5.12

  	
  Governing
  Law

  	
  31

  
	
  5.13

  	
  Jurisdiction;
  Waiver of Jury Trial

  	
  31

  
	
  5.14

  	
  Additional
  Stockholders

  	
  31

  

 

i

 

This STOCKHOLDERS AGREEMENT (this “Agreement”),
is made as of March     , 2006, by and among GMAC Mortgage
Group, Inc., a Michigan corporation (“GMAC Mortgage Group”), GMACCH
Investor LLC, a Delaware limited liability company (“Investor”), and
GMAC Commercial Holding Corp., a Nevada corporation (the “Company”).

 

WHEREAS, the authorized capital stock of the Company
consists exclusively of common stock, par value $0.01 per share (as adjusted
for any stock splits, reverse stock splits and stock dividends, the “Common
Stock”);

 

WHEREAS, as of the Closing Date, GMAC Mortgage Group
is selling 780 shares of Common Stock to Investor pursuant to the Stock
Purchase Agreement (as defined below) and is retaining 220 shares of Common
Stock; and

 

WHEREAS, the parties hereto wish to enter into certain
agreements with respect to the ownership, voting, registration and transfer of
the Common Stock held by GMAC Mortgage Group and Investor.

 

NOW, THEREFORE, in consideration of these premises,
the mutual covenants and agreements of the parties contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

ARTICLE 1. DEFINITIONS

 

1.1          Defined Terms.  Capitalized
terms used but not otherwise defined in this Article I or elsewhere herein
shall have the meanings set forth in the Stock Purchase Agreement. As used in
this Agreement, the following terms shall have the meanings ascribed to them
below:

 

“Affiliate” shall have the meaning set forth in
Rule 12b-2 of the regulations promulgated under the Exchange Act.

 

“Board of Directors” shall mean the board of
directors of the Company.

 

“Cause” shall mean (i) willful malfeasance or
willful misconduct by a director in connection with the performance of his
duties as such, (ii) the commission by a director of a felony or (iii) a
determination by a court of competent jurisdiction in the United States that
such director, as such or in any other capacity (whether or not relating to the
Company), breached a fiduciary duty owed by him or her to another Person.

 

“Control” shall mean (i) the possession, direct
or indirect, of the power to direct or cause the direction of the management
and policies of a Person through the ownership of voting securities or (ii) the
ownership of fifty percent (50%) or more of the equity interests of a Person.

 

“Equity Sponsor”
shall mean any of Five Mile Capital Partners LLC, a Delaware limited liability
company, Kohlberg Kravis Roberts & Co. L.P., a Delaware limited liability
partnership, GS Capital Partners V, L.P., a Delaware limited partnership, and Dune
Capital Management LP, a
Delaware limited partnership.

 

1

 

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, as
the same may be amended from time to time.

 

“Governmental Authority” shall mean any nation
or government, any state or other political subdivision thereof, and any entity
exercising executive legislative, judicial, regulatory or administrative
functions of or pertaining to government.

 

“Independent Third Party” shall mean any Person
who, immediately prior to any time of determination, does not own more than 5%
of the Company’s Common Stock on a fully diluted basis using the treasury
method (a “5% Owner”); who does not control and is not controlled by or
under common control with any such 5% Owner; and who is not the spouse or
descendent (by birth or adoption) of any such 5% Owner or a trust for the
benefit of such 5% Owner and/or such other Persons.

 

“Permitted Public Sale” shall mean any sale of
Common Stock to the public pursuant to an offering registered under the
Securities Act or under Rule 144 after a Qualified Public Offering; provided
that any such Transfer prior to the third anniversary of the Closing Date shall
be deemed a “Permitted Public Sale” with respect to GMAC Mortgage Group only to
the extent that (A) the percentage achieved by dividing (i) all Common Stock
proposed to be Transferred pursuant to such proposed Permitted Public Sale,
together with all Common Stock previously Transferred, by GMAC Mortgage Group
and its Affiliates in accordance with this Agreement (other than Transfers to
Affiliates) by (ii) all Common Stock owned by GMAC Mortgage Group on the date
hereof does not exceed (B) the percentage achieved by dividing (i) all Common
Stock previously Transferred, or to be Transferred concurrently with such
proposed Permitted Public Sale, by Investor and its Affiliates in accordance
with this Agreement (other than Transfers to Affiliates of Investor) by (ii)
all Common Stock owned by Investor on the date hereof.

 

“Permitted Transferee” shall mean any Person to
whom a Stockholder transfers Common Stock in accordance with the terms of this
Agreement (other than pursuant to a Public Offering or, following a Qualified
Public Offering, pursuant to Rule 144) and who becomes a party to, and is bound
to the same extent as his, her or its transferor by the terms of, this
Agreement.

 

“Person” shall mean any individual,
corporation, partnership, trust, joint stock company, business trust,
unincorporated association, joint venture or other entity of any nature
whatsoever.

 

“Public Offering” shall mean the sale of Common
Stock to the public in an offering pursuant to an effective registration
statement filed with the SEC under the Securities Act; provided, that a Public
Offering shall not include an offering made pursuant to a Special Registration
Statement.

 

“Qualified Public Offering” shall mean the
first (i) underwritten Public Offering or (ii) offering of Common Stock (or a
conversion of Common Stock into, or an exchange of Common Stock for, other
equity securities) in a transaction subject to Rule 145 as a result of which at
least thirty-five percent (35%) of the Company’s issued and outstanding
securities are 

 

2

 

publicly held by Persons
other than GMAC Mortgage Group, Investor and any of their respective Affiliates
or other Affiliates of the Company, in either case that results in an active
trading market in the Common Stock (or such other equity securities) (it being
understood that such an active trading market shall be deemed to exist if,
among other things, the Common Stock is listed on a national securities
exchange or on the NASDAQ Stock Market-National Market System).

 

“Qualifying Creditor” shall mean GMAC Mortgage
Group for so long as one or more members of the Parent Group collectively
holds, owns, is owed or is obligated in respect of an aggregate of at least
$250 million of (i) Intercompany Indebtedness and/or (ii) Parent Guaranteed
Third Party Indebtedness, in each case based on the maximum available
borrowings (including potential draws under letters of credit) with respect
thereto (and not including any Preferred Stock 
or Parent Group Non-Financial Guarantee).

 

“Registrable Securities” means Common Stock and
any securities received, directly or indirectly, with respect to or in exchange
for, or substitution for or conversion of such Common Stock, including by way
of dividend or distribution, recapitalization, merger, consolidation or other
reorganization, other than securities (i) sold by a Stockholder in a
transaction in which such Stockholder’s rights under this Agreement are not
assigned, (ii) sold pursuant to an effective registration statement under the
Securities Act or (iii) sold in a transaction exempt from the registration and
prospectus delivery requirements of the Securities Act (including transactions
under Rule 144) so that all transfer restrictions and restrictive legends with
respect thereto, if any, are removed upon the consummation of such sale.

 

“Registration Expenses” shall mean all expenses
incurred by the Company in complying with Sections 4.1, 4.2 and 4.3 hereof,
including, without limitation, all registration and filing fees, printing
expenses, reasonable fees and disbursements of counsel for the Company, reasonable
fees and disbursements for counsel to Investor and for counsel to GMAC Mortgage
Group (not to exceed fifty thousand dollars ($50,000) for either such counsel),
blue sky fees and expenses and the expense of any special audits incident to or
required by any such registration (but excluding the compensation of regular
employees of the Company which shall be paid in any event by the Company).

 

“Rule 144” shall mean Rule 144, or any
successor thereto, promulgated under the Securities Act.

 

“Rule 145” shall mean Rule 145, or any
successor thereto, promulgated under the Securities Act.

 

“SEC” shall mean the United States Securities
and Exchange Commission.

 

“Securities Act” shall mean the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder, as
the same may be amended from time to time.

 

“Selling Expenses” shall mean all underwriting
discounts and selling commissions applicable to the sale.

 

3

 

“Significant Subsidiary” of any Person shall
mean a Subsidiary of such Person that would constitute a “significant
subsidiary” of such Person within the meaning of Rule 1.02(w) of Regulation S-X
as promulgated by the SEC and as in effect on the date hereof.

 

“Special Registration Statement” shall mean a
registration statement related to (i) any employee benefit plan, (ii) any
corporate reorganization or transaction subject to Rule 145 of the Securities
Act, including any registration statement related to the issuance or resale of
securities issued in such a transaction to a Person that is not a Stockholder
or (iii) the issuance of stock upon conversion of debt securities.

 

“Stock Purchase Agreement” shall mean the Stock
Purchase Agreement, dated as of August 2, 2005 and as amended from time to
time, among General Motors Acceptance Corporation, a Delaware corporation, GMAC
Mortgage Group, the Company, and Investor.

 

“Stockholders” shall mean GMAC Mortgage Group,
Investor, any Person who shall become a party to this Agreement pursuant to
Section 5.14, and their respective Permitted Transferees.

 

“Subsidiary” means, with respect to any Person,
any corporation, partnership, limited liability company, association or other
business entity of which fifty percent (50%) or more of the total voting power
of the securities entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees (or
similar governing positions) thereof, or fifty percent (50%) or more of the
equity interest therein, is at the time owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such
Person or a combination thereof.

 

“Transfer” or “Transferred” shall mean
any direct or indirect transfer, sale, assignment, exchange, mortgage, pledge,
hypothecation or other disposition of any Common Stock or any interest, whether
legal or beneficial, therein; provided, however, that in no event
shall any transfer of (i) any securities of any member of the Parent Group to
another member of the Parent Group, (ii) any securities of Seller (or any
successor thereof), Parent (or any successor thereof) or GM (or any other
Person that Controls Parent) to any Person, (iii) any securities of Investor
between or among any Equity Sponsor (or any successor thereof) or any Affiliate
of an Equity Sponsor (including affiliated funds and funds managed by an
investment advisor that is an Affiliate of any Equity Sponsor (collectively, “Affiliated
Funds,” which shall be deemed Affiliates for purposes of this Agreement)),
(iv) any securities of Investor to any Person (including the issuance of any
securities of Investor) that is effected prior to the six-month anniversary of
the date hereof, or (v) any securities of an Equity Sponsor, an Affiliated Fund  or a Person that Controls an Equity Sponsor
or Affiliated Fund to any Person (other than securities of any Affiliated Fund
substantially all the assets of which consist, directly or indirectly, of
membership interests in Investor), constitute a “Transfer.”  Except as set forth above, in the event that
a Person acquires Control of a Stockholder (unless such Person is an Affiliate
of such Stockholder) or a member of Investor (unless such Person is an
Affiliate of such member) which, in either case, is not an individual or an
individual’s estate, such acquisition of Control shall be deemed to be a
Transfer of the shares of Common Stock held by such Stockholder or, indirectly,
by such member such that it shall be subject to the restrictions on transfer
(including tag-along rights) contained in Article 3 of this Agreement.

 

4

 

1.2          Other
Definitional Provisions; Interpretation.

 

(a)           The
words “hereof,” “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section references are to this
Agreement unless otherwise specified.

 

(b)           The
headings in this Agreement are included for convenience of reference only and
shall not limit or otherwise affect the meaning or interpretation of this
Agreement.

 

(c)           The
meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

 

(d)           For
purposes of comparing the beneficial ownership of any Person on the date of
execution and delivery of this Agreement to the level of such ownership at any
later time, the level of ownership on such later date shall be adjusted to
eliminate the effect of any subdivision of the Common Stock, any combination of
the Common Stock, any issuance of Common Stock by reason of any
reclassification (including, without limitation, any reclassification in
connection with a merger or consolidation) or any dividend payable in Common
Stock.

 

ARTICLE
2. VOTING AGREEMENTS

 

2.1          Election
of Directors.

 

(a)           Each
Stockholder shall take all actions, including but not limited to voting all of
the Common Stock owned or held of record by such Stockholder, so as to elect
and continue in office a Board of Directors including (i) two (2)
representatives designated by GMAC Mortgage Group and its Affiliates (such
designees, the “GMAC Mortgage Group Directors”), (ii) nine (9)
representatives designated by Investor and its Affiliates (the “Investor
Directors”) and (iii) the Chief Executive Officer of the Company. The
persons set forth on Exhibit A hereto shall constitute the Board of
Directors as of the Closing Date. Each duly designated committee of the Board
of Directors will include (x) at least one (1) of the GMAC Mortgage Group
Directors and (y) at least two (2) of the Investor Directors; provided  that
the Board of Directors may at any time establish and maintain a committee of
the Board of Directors without representation of any GMAC Mortgage Group
Director to which the Board may delegate all or part of its power and authority
in respect of any transaction or proposed transaction between the Company and
any of its Subsidiaries, on the one hand, and GMAC Mortgage Group or any of its
Affiliates (other than a GMACCH Company), on the other hand, or in respect of
any other matter that a majority of the Board of Directors determines in good
faith involves a conflict or potential conflict between the interests of the
Company and the interests of GMAC Mortgage Group or any of its Affiliates
(other than a GMACCH Company). At its first meeting on or after the Closing
Date, the Board of Directors shall establish, populate and adopt written
charters of (i) an Audit Committee, (ii) a Compensation Committee and (iii) a
Governance Committee, and maintain the existence of each such committee of the
Board of Directors. At all meetings of the Board of Directors, there shall be a
quorum for the transaction of business if at least 75% of the 

 

5

 

directors are present at the beginning of the meeting.
The act of a majority of the directors present at a meeting at which a quorum
is present pursuant to this Section shall be the act of the Board of Directors
unless a greater number is specifically required by the Charter Documents or by
statute or this Agreement.

 

(b)           At
such time as GMAC Mortgage Group shall, together with its Affiliates, cease to
own at least 20% of the outstanding Common Stock, GMAC Mortgage Group shall
have the right to designate one (1) GMAC Mortgage Group Director rather than
two (2) GMAC Mortgage Group Directors pursuant to Section 2.1(a) above. At such
time as GMAC Mortgage Group shall, together with its Affiliates, cease to own
at least 5% of the outstanding Common Stock, GMAC Mortgage Group shall have the
right to designate no GMAC Mortgage Group Directors rather than two (2) GMAC
Mortgage Group Directors pursuant to Section 2.1(a) above. At such time as
Investor shall, together with its Affiliates, cease to own at least 40% of the
outstanding Common Stock, Investor shall have the right to designate six (6)
directors rather than nine (9) directors pursuant to Section 2.1(a) above. At
such time as Investor shall, together with its Affiliates, cease to own at
least 20% of the outstanding Common Stock, Investor shall have the right to
designate three (3) directors rather than nine (9) directors pursuant to
Section 2.1(a) above. At such time as Investor shall, together with its
Affiliates, cease to own at least 10% of the outstanding Common Stock, Investor
shall have the right to designate one (1) director rather than nine (9)
directors pursuant to Section 2.1(a) above. At such time as Investor shall,
together with its Affiliates, cease to own at least 5% of the outstanding
Common Stock, Investor shall have the right to designate no directors rather
than nine (9) directors pursuant to Section 2.1(a) above. Upon each of the
triggering events set forth in this Section 2.1(b), GMAC Mortgage Group or
Investor, as applicable, shall promptly cause to resign from the Board of
Directors and all committees thereof that number of its designees necessary to
comply with this Section 2.1(b). Upon any such resignation, notwithstanding
anything in Section 2.2(b) to the contrary, the Stockholders will use their
reasonable best efforts to cause the directors remaining in office to decrease
the size of the Board of Directors to eliminate such vacancy. Each of GMAC
Mortgage Group and the Investor may assign its right to designate directors
hereunder to any Person that acquires, or together with its Affiliates
acquires, more than 50% of the shares of Common Stock held by such Stockholder
as of the date hereof (it being understood that in such case all references in
this Section 2.1 to GMAC Mortgage Group or Investor, as applicable, shall
thereafter be deemed to be references to such assignee and not to GMAC Mortgage
Group or Investor, as the case may be); provided, that Investor shall
have the right to consent to any director nominee of any GMAC Mortgage Group
transferee hereunder (other than a GMAC Mortgage Group Affiliate) (which
consent shall not be unreasonably withheld or delayed).

 

(c)           If
at any time GMAC Mortgage Group or Investor shall notify the other Stockholders
in writing of its desire to remove, with or without Cause, any director of the
Company previously designated by it, each Stockholder shall vote all of the
Common Stock owned or held of record by it so as to remove such director (and,
subject to a director’s fiduciary duty under applicable law, shall use its best
efforts to cause any other director designated by it to vote to remove such
director). GMAC Mortgage Group, on the one hand, and Investor, on the other
hand, shall, with respect to any such removal requested by it, indemnify and hold
harmless each other Stockholder and its directors, officers, partners,
stockholders, agents and employees against any losses, claims, damages,
liabilities and expenses incurred as a result of any such removal.

 

6

 

(d)           Any
individual designated as a director of the Company may be removed for Cause
with or without the consent of the party which designated such individual. No
such removal of any individual designated pursuant to this Section 2.1 shall
affect any of GMAC Mortgage Group’s or Investor’s rights to designate any
different individual to serve as a director pursuant to this Section 2.1.

 

(e)           If
at any time a GMAC Mortgage Group Director or Investor Director ceases to serve
on the Board of Directors (whether by reason of death, resignation, removal or
otherwise), GMAC Mortgage Group or Investor, as the case may be, shall be
entitled to designate a successor director to fill the vacancy created thereby,
and each Stockholder shall promptly take all action, including but not limited
to voting all of the Common Stock owned or held of record by such Stockholder
(and, subject to a director’s fiduciary duty under applicable law, using its
best efforts to cause any director designated by it to vote), so as to promptly
elect such successor to the Board of Directors.

 

(f)            The
parties hereto agree that immediately after the Closing the following three (3)
individuals will be elected to the Board of Directors in addition to the two
GMAC Mortgage Group Directors, nine Investor Directors and the Chief Executive
Officer: (i) Dennis
Dammerman, (ii) Edward A. Fox and (iii) R. Glenn Hubbard. In addition,
it is contemplated that the number of directors constituting the whole Board of
Directors may be increased to sixteen members after the Closing Date by
resolution of the Board of Directors, in which event the sixteenth member shall
be “independent” as such term is defined in Section 303A.02 of the NYSE Listing
Manual and Rule 10A-3 under the Exchange Act.

 

2.2          Supermajority
Vote.

 

(a)           In
addition to the requirements of the Nevada Revised Statutes which provide,
among other things, that the Company must obtain the consent of the Board of
Directors for certain matters, the Company shall not, and shall cause its
Subsidiaries not to, take any of the following actions or otherwise engage in
any of the following transactions without the affirmative vote or the written
consent of at least a majority of the issued and outstanding shares of Common
Stock, which majority shall include the affirmative vote or written consent of
all of the shares of Common Stock held by GMAC Mortgage Group (or, if
applicable, by the Person to whom GMAC Mortgage Group has assigned its right to
designate directors pursuant to Section 2.1(b) above):

 

(i)            any
change to the articles of incorporation or bylaws, by amendment, merger or
otherwise, of the Company or any Significant Subsidiary of the Company that
could have an adverse effect on Parent, GMAC Mortgage Group or its investment
in the Common Stock;

 

(ii)           any
decrease in the number of directors that the GMAC Mortgage Group (or, if
applicable, the Person to whom GMAC Mortgage Group has assigned its right to
designate directors pursuant to Section 2.1(b) above) may designate to serve as
directors hereunder;

 

7

 

(iii)          the
declaration or payment of dividends or other distributions to holders of common
stock of the Company in their capacity as holders of common stock (except on
any basis that is pro rata among all holders of common stock or otherwise
pursuant to the terms of the instrument governing any security);

 

(iv)          the
repurchase, exchange or redemption by the Company or any Subsidiary of the
Company of any common stock of the Company other than (i) a repurchase,
exchange or redemption of common stock from an employee in connection with
satisfying any of its obligations under an employee benefit plan or employment
agreement, (ii) any required redemption or exchange pursuant to the terms of
the instrument governing such common stock, and (iii) any repurchase, exchange
or redemption on a pro rata basis among the holders of such common stock; and

 

(v)           any
transaction (including any series of related transactions) involving the
Company or its Subsidiaries, on the one hand, and any members of Investor or
their respective Affiliates, on the other hand, that benefits (other than in
its capacity as a holder of Common Stock on a pro rata basis) (A) any member of
Investor (or such member’s Affiliates) holding, together with its Affiliates,
an aggregate of fifty percent (50%) or more of the total voting power of the
securities entitled (without regard to the occurrence of any contingency) to
vote in the election of managers (or similar governing positions) of Investor
or (B) any two members (or Affiliates of any two members) of Investor.

 

(b)           For so
long as GMAC Mortgage Group is a Qualifying Creditor, the Company shall not,
and shall cause its Subsidiaries not to, take any of the following actions or
otherwise engage in any of the following transactions without the affirmative
vote or written consent of at least a majority of the issued and outstanding
shares of Common Stock, which majority shall include the affirmative vote or
written consent of all of the shares of Common Stock held by GMAC Mortgage
Group:

 

(i)            the
declaration or payment of dividends or other distributions to stockholders of
the Company in their capacity as stockholders (other than pursuant to the terms
of the instrument governing any security);

 

(ii)           the
repurchase, exchange or redemption by the Company or any Subsidiary of the
Company of any equity securities of the Company other than (A) a repurchase,
exchange or redemption of securities from an employee in connection with
satisfying any of its obligations under an employee benefit plan or employment
agreement, (B) any required redemption or exchange pursuant to the terms of the
instrument governing any equity security or (C) a repurchase, exchange or
redemption that is funded by proceeds from the issuance and sale by the Company
or any Subsidiary of the Company of an equity security, the terms of which are
substantially similar to, or more favorable to the Company or any such
Subsidiary than, the equity securities to be so repurchased, exchanged or
redeemed;

 

8

 

(iii)          a
voluntary initiation of any bankruptcy, dissolution or winding up or any
analogous proceeding in any jurisdiction with respect to any Material Operating
Company; and

 

(iv)          except
for (A) assets acquired in the ordinary course of business and (B) capital
assets acquired in accordance with the annual budget for capital expenditures
for any Material Operating Company as reflected in such Material Operating
Company’s Board-approved annual operating budget, the acquisition, directly or
indirectly, by any Material Operating Company, by purchase, merger,
consolidation or other transaction (or series of related transactions), of
assets or stock of any other Person exceeding $200,000,000 in such transaction
(or series of related transactions), but only to the extent such acquisition is
funded, directly or indirectly, by indebtedness that is secured or is senior to
any outstanding Intercompany Indebtedness or Parent Guaranteed Third Party
Indebtedness.

 

2.3          Other Voting Matters.  The
Company has previously furnished to the Stockholders copies of its articles of
incorporation and bylaws, each as in effect on the date hereof (the “Charter
Documents”). Each Stockholder shall vote its shares of Common Stock, at any regular
or special meeting of stockholders of the Company or in any written consent
executed in lieu of such a meeting of stockholders, and shall take all actions
necessary, to ensure that the Charter Documents do not, at any time, conflict
with the provisions of this Agreement.

 

ARTICLE
3. TRANSFERS AND ISSUANCES

 

3.1          Limitations
on Transfer.

 

(a)           No
Stockholder shall effect any Transfer unless and until (1) (A) there is then in
effect a registration statement under the Securities Act covering such proposed
Transfer and such Transfer is made in accordance with such registration
statement or (B) such Transfer is made pursuant to Rule 144 or (2) (A) the
transferee shall have agreed in writing to be bound by the terms of this
Agreement, (B) such Stockholder shall have notified the Company of the proposed
Transfer and shall have furnished the Company with a statement of the
circumstances surrounding the proposed Transfer and (C) if reasonably
requested by the Company, such Stockholder shall have furnished the Company
with an opinion of counsel, reasonably satisfactory to the Company, that such
Transfer will not require registration of such shares under the Securities Act.

 

(b)           Notwithstanding
the provisions of subsection (a) above, (i) no such restriction shall apply to
a Transfer by a Stockholder to any Affiliate, provided that in each case the transferee will agree in writing
to be subject to the terms of this Agreement to the same extent as if such
transferee were an original Stockholder hereunder, and (ii) except in
connection with a Transfer pursuant to Sections 3.3 (in the case of GMAC
Mortgage Group, only where it is a Tagging Stockholder), or 3.4 below or clause
(i) of this Section 3.1(b), GMAC Mortgage Group (A) may not, prior to the third
anniversary of the date hereof, other than pursuant to a Permitted Public Sale,
effect any Transfer and (B) may not, after the third anniversary of the date
hereof, effect any Transfer prior to a Qualified Public Offering, or any
Transfer of more than 5% 

 

9

 

of the outstanding Common Stock in a negotiated block
trade to a known third-party investor following a Qualified Public Offering, in
each case without the prior written consent of Investor, which will not be
unreasonably withheld or delayed (it being understood and agreed that it shall
not be unreasonable for Investor to withhold such consent to any Transfer to
any Person that directly or indirectly competes with the business of the
Company or any of its Subsidiaries).

 

(c)           Each
certificate representing Registrable Securities shall be stamped or otherwise
imprinted with legends substantially similar to the following (in addition to
any legend required under applicable state securities laws) and such legends
will be conspicuously noted on the front or back of such stock certificates:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE “ACT”) AND MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR
HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR SOLD PURSUANT TO AN
AVAILABLE EXEMPTION UNDER THE ACT.

 

THE SALE, PLEDGE,
HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS
SUBJECT TO THE TERMS AND CONDITIONS OF A STOCKHOLDERS AGREEMENT BY AND BETWEEN
THE STOCKHOLDER AND THE COMPANY. COPIES OF THIS AGREEMENT MAY BE OBTAINED UPON
WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.

 

(d)           The
Company shall be obligated to reissue promptly unlegended certificates at the
request of any Stockholder if the Company has completed a Qualified Public
Offering, provided that the second legend listed above shall be removed only at
such time as the holder of such certificate is no longer subject to any
restrictions hereunder.

 

(e)           Any
legend endorsed on an instrument pursuant to applicable state securities laws
and the stop-transfer instructions with respect to such securities shall be
removed upon receipt by the Company of an order of the appropriate blue sky
authority authorizing such removal.

 

3.2          Void Transfers.  Any
purported Transfer in violation of the provisions of this Agreement shall be
void and of no effect and the Company shall not give effect to such Transfer.

 

3.3          Tag-Along
Rights.

 

(a)           With
respect to any proposed Transfer or related series of proposed Transfers (other
than a Transfer in accordance with Sections 3.1(b)(i), 3.4, 3.5 (with respect
to a sale to a Person exercising purchase rights under Section 3.5), 4.1 or
4.2) by a Stockholder (a “Tag-Along Sale”), such Stockholder (in such
capacity, a “Transferring Stockholder”) shall, at the option of each
other Stockholder (in such capacity, a “Tagging Stockholder”), have the 

 

10

 

obligation to require the proposed transferee to
purchase from each such other Stockholder, out of the total number of shares of
Common Stock proposed to be acquired in the Tag-Along Sale, the same proportion
of the number of shares of Common Stock to be sold pursuant to the Tag-Along
Sale as the total number of shares of Common Stock held on the date of sale by
such Tagging Stockholder bears to the total number of shares of Common Stock
held on such date by the Transferring Stockholder and all Tagging Stockholders
and all other Persons exercising similar “tag-along” rights pursuant to
contractual commitments of the Company, and at the same price and upon the same
terms and conditions (including, without limitation, time of payment and form
of consideration) as to be paid and given to the Transferring Stockholder.

 

(b)           The
Transferring Stockholder shall give written notice (the “Notice”) to the
other Stockholders of each proposed Tag-Along Sale at least thirty (30) days
prior to the proposed consummation of such Transfer (the “Notice Period”),
setting forth the number of shares of Common Stock proposed to be sold pursuant
to the Transfer, the name and address of the proposed transferee, the proposed
amount and form of consideration and other terms and conditions of such
proposed Tag-Along Sale, and a representation that the proposed transferee has
been informed of the tag-along rights provided for in this Section 3.3 and has
agreed to purchase Common Stock in accordance with the terms hereof. The tag-along
rights provided by this Section 3.3 must be exercised by the Tagging
Stockholder within 10 days following receipt of the notice required by the
preceding sentence, by delivery of a written notice to the Transferring
Stockholder indicating such Tagging Stockholder desires to exercise its rights
and specifying the number of shares of Common Stock it desires to sell. If the
proposed transferee fails to purchase Common Stock from the Tagging Stockholder
which has properly exercised its tag-along rights, then the Transferring
Stockholder shall not be permitted to make the proposed Transfer, and any such
attempted Transfer shall be void and of no effect, as provided in Section 3.2
hereof.

 

(c)           If
the Tagging Stockholder exercises its rights under Section 3.3(a), the closing
of the purchase of the Common Stock with respect to which such rights have been
exercised shall take place concurrently with the closing of the sale of the
Transferring Stockholder’s Common Stock. No Transfer shall occur pursuant to
this Section 3.3 unless the transferee shall agree to become a party to, and be
bound to the same extent as its transferor by the terms of, this Agreement and
the Transfer shall otherwise comply with the provisions of this Agreement.

 

(d)           If
the proposed Tag-Along Sale is not consummated within 90 days of the expiration
of the other Stockholders’ rights with respect to such Tag-Along Sale, such Tag-Along
Sale shall again be subject to this Section 3.3.

 

3.4          Drag-Along
Rights.

 

(a)           With
respect to any proposed Transfer or related series of proposed Transfers (other
than as provided in Section 3.3) of 50% or more of the issued and outstanding
shares of Common Stock (measured as of the date of the notice required pursuant
to Section 3.4(b) below) to an Independent Third Party by Investor and/or any
of its Affiliates that are Stockholders (in such capacity, the “Transferring
Stockholders”), the Transferring Stockholders shall have the right to
require each of the other Stockholders (in such capacity, a “Dragged 

 

11

 

Stockholder”) to sell (a “Drag-Along
Sale”) to the proposed transferee out of the total number of shares of
Common Stock proposed to be acquired in the Drag-Along Sale the same proportion
of the number of shares of Common Stock to be sold pursuant to the Drag-Along
Sale as the total number of shares of Common Stock held on the date of sale by
such Dragged Stockholder bears to the total number of shares of Common Stock of
held on such date by the Transferring Stockholders and all Dragged
Stockholders, and at the same price and upon the same terms and conditions for
each share of Common Stock (including without limitation time of payment and
form of consideration) as to be paid and given to the Transferring
Stockholders.

 

(b)           The
Transferring Stockholders shall give notice to the other Stockholders of each
proposed Drag-Along Sale at least thirty (30) days prior to the proposed
consummation of such sale, setting forth the number of shares of Common Stock
proposed to be sold pursuant to the Drag-Along Sale, the name and address of
the proposed transferee, the proposed amount and form of consideration and
other terms and conditions of such proposed Drag-Along Sale, and a
representation that the proposed transferee has been informed of the drag-along
rights provided for in this Section 3.4 and has agreed to purchase Common Stock
in accordance with the terms hereof.

 

(c)           No
Transfer shall occur pursuant to this Section 3.4 in a transaction in which
less than all of the Common Stock held by the Stockholders is being sold unless
the transferee shall agree to become a party to, and be bound to the same
extent as its transferor by the terms of, this Agreement and the Transfer shall
otherwise comply with the provisions of this Agreement.

 

(d)           If
the proposed Drag-Along Sale is not consummated within 90 days of the
Stockholders’ receipt of notice of a Drag-Along Sale, the notice given pursuant
to this Section 3.4 shall be null and void, and it shall be necessary for a
separate notice to be delivered, and the terms and provisions of this Section
3.4 separately complied with, in order to consummate such Transfer; provided,
however, that such 90-day time period may be extended at the option of
the Transferring Stockholders for a reasonable period of time not to exceed an
additional 90 days to the extent that the failure to consummate the proposed
Transfer is caused by a failure to obtain necessary government approvals.

 

3.5          Right
of First Refusal.

 

(a)           If
GMAC Mortgage Group or any Permitted Transferee thereof proposes to Transfer
(other than pursuant to Sections 3.1(b)(i), 3.3 (except that prior to the third
anniversary of the date hereof, only as a Tagging Stockholder) or 3.4) any of
its Common Stock, then GMAC Mortgage Group or such Permitted Transferee, as
applicable, shall give a written Notice simultaneously to Investor and any of
its Affiliates that are Stockholders (the “Non-Transferring Parties”)
prior to the beginning of the Notice Period. The Notice shall describe in
reasonable detail the proposed Transfer, including, without limitation, the number
of shares of Common Stock to be transferred (the “Offered Stock”), the
nature of such Transfer, the consideration to be paid, and the name and address
of each prospective purchaser or transferee. The same notice may be given, and
at the same time, for purposes of Sections 3.3, 3.4 and this Section 3.5.

 

12

 

(b)           During
the first 30 days of the Notice Period, the Company shall have the right to
purchase all or any part of the Offered Stock for the consideration per share
and on the terms and conditions specified in the Notice. The Company must
exercise such right no later than 30 days after such Notice has been delivered
to it, by written notice to the Transferring Stockholder. The closing of any
purchase of Offered Stock by the Company pursuant to this Section 3.5(b) shall
take place at the offices of the Company on the date five (5) business days
after the expiration of such 30-day period; provided, however,
that if the Participating Parties (as defined below) purchase any of the
Remaining Offered Stock pursuant to Section 3.5(d) hereof, the closing of
the purchase of the Offered Stock by the Company shall take place on the same
date as the Participating Parties consummate their purchase of Remaining Offered
Stock under Section 3.5(d) hereof.

 

(c)           In
the event the Company does not exercise its right within such 30-day period
with respect to all of the Offered Stock, the Company shall, on or before the
last day of such period, give written notice of that fact to the Stockholders,
including the Transferring Stockholder (the “Remaining Share Notice”). The
Remaining Share Notice shall specify the number of shares of Offered Stock not
purchased by the Company (the “Remaining Offered Stock”). Each Non-Transferring
Party shall then have the right, exercisable upon written notice to the
Transferring Stockholder (the “Purchase Notice”) within ten (10) days
after the receipt of the Remaining Share Notice, to purchase its pro rata share of the Remaining Offered Stock subject to the
Remaining Share Notice and on the same terms and conditions as set forth in the
Notice. Except as set forth in
Section 3.5(d), the Non-Transferring Parties who so exercise their
rights (the “Participating Parties”) shall effect the purchase of the
Remaining Offered Stock being purchased by such Participating Parties,
including payment of the purchase price, not more than five (5) days after
expiration of the 10-day period set forth in this Section 3.5(c), and at
such time the Transferring Stockholder shall deliver to the Participating
Parties the certificate(s) representing the Remaining Offered Stock to be
purchased by the Participating Parties, each certificate to be properly
endorsed for transfer. Each Non-Transferring Party’s pro rata
share shall be equal to the product obtained by multiplying (i) the
aggregate number of shares of Remaining Offered Stock and (ii) a fraction,
the numerator of which is the number of shares of Common Stock owned by the
Participating Party at the time of the Transfer and the denominator of which is
the total number of shares of Common Stock owned by all of the Non-Transferring
Parties at the time of the Transfer.

 

(d)           In
the event that not all of the Non-Transferring Parties elect to purchase their
respective pro rata shares of the Remaining
Offered Stock pursuant to their rights under Section 3.5(c) within the time
period set forth therein, then the Transferring Stockholder shall promptly give
written notice to each of the Participating Parties, which shall set forth the
number of shares of Remaining Common Stock not purchased by the other Non-Transferring
Parties, and shall offer such Participating Parties the right to acquire such
unsubscribed shares. Each Participating Party shall have five (5) days after
receipt of such notice to deliver a written notice to the Transferring
Stockholder of its election to purchase its pro rata share
of the unsubscribed shares on the same terms and conditions as set forth in the
Purchase Notice. For purposes of this Section 3.5(d), each Participating Party’s
pro rata share shall be equal to the product obtained by multiplying (i) the
aggregate number of unsubscribed shares and (ii) a fraction, the numerator of
which is the number of shares of Common Stock owned by the Participating Party
at the time of the Transfer and the denominator of which is the total number 

 

13

 

of shares of Common Stock owned by all Participating
Parties at the time of the Transfer. The Participating Parties shall then
effect the purchase of the Remaining Offered Stock to be purchased by such
Participating Parties pursuant to this Section 3.5(d), including payment of the
purchase price, not more than five (5) days after delivery of their notice to
the Transferring Stockholder under this Section 3.5(d), and at such time the
Transferring Stockholder shall deliver to the Participating Parties the
certificates representing the Remaining Offered Stock to be purchased by such
Participating Parties pursuant to this Section 3.5(d), each certificate to be
properly endorsed for transfer.

 

(e)           After
the Transferring Stockholder has complied with each of the foregoing provisions
and each applicable notice, election or purchase period has elapsed, the
Transferring Stockholder may sell the Offered Stock not purchased by the
Company or Participating Parties to the purchasers identified in the Notice as
and on the terms specified in the Notice. Any sale of Offered Stock shall be
consummated within 90 days from the date of the Notice and, in the event that
the sale of the Offered Stock is not consummated as and when required by this
Section 3.5(e), the Transferring Stockholder may not sell Offered Stock
pursuant to this Section 3.5 without providing a new Notice and again complying
with all of the terms and conditions hereof; provided, however,
that such 90-day time period may be extended at the option of the Transferring
Stockholders for a reasonable period of time not to exceed an additional 90
days to the extent that the failure to consummate the proposed Transfer is
caused by a failure to obtain necessary government approvals.

 

3.6          Preemptive
Rights.

 

(a)           Each
Stockholder shall have the right to purchase, at the same price and on
substantially the same terms applicable to other Persons who purchase in the
issuance, its Preemptive Right Pro Rata Share of newly issued (i) shares of
Common Stock or (ii) options or warrants to purchase, or securities convertible
into or exchangeable for, shares of Common Stock (“Rights” and, together
with shares of Common Stock, “Equity Securities”) that the Company may
from time to time propose to sell, other than Excluded Securities (as defined
in Section 3.6(d) below). A Stockholder’s “Preemptive Right Pro Rata Share”
shall be, at any given time, that proportion, calculated prior to any proposed
new issuance, which the number of shares of Common Stock owned by such
Stockholder at such time bears to the total number of shares of Common Stock
outstanding at such time (calculated on a fully diluted basis using the
treasury method).

 

(b)           In
the event that the Company proposes to undertake an issuance of Equity
Securities to any Person, it shall give the Stockholders written notice (the “Preemptive  Rights Notice”) of its intention to sell
Equity Securities and the price, form of consideration, identity of the
purchaser and other terms upon which the Company proposes to issue such Equity
Securities. Subject to Section 3.6(a), each Stockholder shall have ten business
days from date of its receipt of any Preemptive Rights Notice to agree to
purchase a number of Equity Securities up to its Preemptive Right Pro Rata
Share of Equity Securities (in each case calculated prior to the issuance) for
the price and upon the other terms specified in the Preemptive Rights Notice by
giving written notice to the Company and stating therein the number of Equity
Securities to be purchased.

 

14

 

(c)           In
the event that any Stockholder fails to purchase all of its Preemptive Right
Pro Rata Share pursuant to this Section 3.6, the Company shall have 60 days
after the date of delivery of the Preemptive Rights Notices to consummate the
sale of the Equity Securities with respect to which such Stockholder’s
preemptive right was not exercised, at or above the price, and upon terms no
more favorable in any material respect to the purchasers of such Equity
Securities than the other terms, specified in the such Preemptive Rights
Notices.

 

(d)           The
parties hereby agree that the preemptive rights described in this Section 3.6
shall not be exercisable with respect to any issuance by the Company or any
Subsidiary of the Company of the following securities (“Excluded Securities”):

 

(i)            any
issuance of securities to officers, employees, directors or consultants of the
Company or any of its Subsidiaries in connection with such person’s employment,
consulting or director arrangements with the Company or any of its
Subsidiaries;

 

(ii)           any
issuance of securities in connection with any business combination or acquisition
transaction involving the Company or any of its Subsidiaries, including any
issuance to the equityholders or management of the entity that is the subject
of such business combination or acquisition transaction; and

 

(iii)          any
securities issued by the Company or a Subsidiary of the Company pursuant to a
Public Offering.

 

3.7          Public Offering.  Sections
3.3, 3.4, 3.5 and 3.6 shall terminate upon the completion of a Qualified Public
Offering.

 

ARTICLE
4. REGISTRATION RIGHTS

 

4.1          Demand
Registration.

 

(a)           Subject
to the conditions of this Section 4.1, if the Company shall receive a
written request from the owners of at least five percent (5%) of the
Registrable Securities (the “Initiating Stockholders”) that the Company
file a registration statement under the Securities Act having an  anticipated
aggregate offering price, net of underwriting discounts and commissions, in
excess of $50,000,000, then the Company shall, within thirty (30) days
of the receipt thereof, give written notice of such request to the
Stockholders, and subject to the limitations of this Section 4.1, effect,
as expeditiously as reasonably possible, the registration under the Securities
Act of all Registrable Securities that such Stockholders request (within
fifteen (15) days after receipt of such notice from the Company) to be
registered.

 

(b)           If
the Initiating Stockholders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the
Company as a part of their request made pursuant to this Section 4.1 or
any request pursuant to Section 4.3 and the Company shall include such
information in the written notice referred to in Section 4.1 or
Section 4.3(a), as applicable. In such event, the right of any Stockholder
to include its Registrable Securities in such registration shall be conditioned
upon such 

 

15

 

Stockholder’s participation in such underwriting and
the inclusion of such Stockholder’s Registrable Securities in the underwriting
to the extent provided herein. All Stockholders proposing to distribute their
securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting by a majority in interest of the Initiating Stockholders (which
underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding
any other provision of this Section 4.1 or Section 4.3, if the
underwriter advises the Company that marketing factors require a limitation of
the number of securities to be underwritten (including Registrable Securities)
then the Company shall so advise all Stockholders that own Registrable
Securities which would otherwise be underwritten pursuant hereto, and the
number of shares that may be included in the underwriting shall be allocated to
the owners of such Registrable Securities on a pro rata
basis based on the number of Registrable Securities proposed to be included in
such underwriting by all such Stockholders (including the Initiating
Stockholders). Any Registrable Securities
excluded or withdrawn from such underwriting shall be withdrawn from the
registration.

 

(c)           The
Company shall not be required to effect a registration pursuant to this
Section 4.1:

 

(i)            prior
to the date one hundred eighty (180) days following the effective date of the
registration statement pertaining to a Qualified Public Offering;

 

(ii)           after
the Company has effected nine (9)
registrations under this Section 4.1 pursuant to requests by Investor and three
(3)  registrations under this Section 4.1
pursuant to requests by GMAC Mortgage Group, and such registrations have been
declared or ordered effective; provided, however, that no
registration made pursuant to this Section 4.1 shall count as one of the
permitted registrations pursuant to this Section 4.1(c)(ii) unless the holders
of Registrable Securities are able to register and sell at least 90% of the
Registrable Securities requested to be included in such registration;

 

(iii)          if
the Company shall furnish to Stockholders requesting a registration statement
pursuant to this Section 4.1 a certificate signed by the Chairman of the
Board of Directors stating that in the good faith judgment of the Board of
Directors effecting such a registration at such time would reasonably be
expected to have a material adverse effect on any proposal or plan by the
Company or any of its Subsidiaries to engage in any acquisition of assets or
stock (other than in the ordinary course of business) or any merger,
consolidation, tender offer, recapitalization, reorganization or similar
transaction, in which event the Company shall have the right to defer such
filing for a period of not more than ninety (90) days after receipt of the
request of the Initiating Stockholders, provided
that such right to delay a request shall be exercised by the Company not more
than once in any twelve (12) month period;

 

(iv)          if
the Initiating Stockholders propose to dispose of shares of Registrable
Securities that may be registered in a shelf registration on Form S-3
pursuant to a request made pursuant to Section 4.3 below; or

 

16

 

(v)           in
any particular jurisdiction in which the Company would be required to qualify
to do business or to execute a general consent to service of process in
effecting such registration, qualification or compliance.

 

4.2          Piggyback Registrations.  The
Company shall notify all owners of Registrable Securities in writing at least fifteen (15)  days
prior to the filing of any registration statement under the Securities Act for
purposes of a public offering of securities of the Company (including, but not
limited to, registration statements relating to secondary offerings of
securities of the Company, but excluding Special Registration Statements and
registrations pursuant to Sections 4.1 and 4.3 hereof) and will afford each
such Stockholder an opportunity to include in such registration statement all
or part of such Registrable Securities held by such Stockholder. Each
Stockholder desiring to include in any such registration statement all or any
part of the Registrable Securities held by it shall, within ten (10) days after
the above-described notice from the Company, so notify the Company in writing. Such
notice shall state the intended method of disposition of the Registrable
Securities by such Stockholder. If a Stockholder decides not to include all of
its Registrable Securities in any registration statement thereafter filed by
the Company, such Stockholder shall nevertheless continue to have the right to
include any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by the Company with respect to
offerings of its securities, all upon the terms and conditions set forth
herein.

 

(a)           Underwriting. If
the registration statement under which the Company gives notice under this
Section 4.2 is for an underwritten offering, the Company shall so advise
the owners of Registrable Securities. In such event, the right of any such
Stockholder to be included in a registration pursuant to this Section 4.2
shall be conditioned upon such Stockholder’s participation in such underwriting
and the inclusion of such Stockholder’s Registrable Securities in the
underwriting to the extent provided herein. All Stockholders proposing to
distribute their Registrable Securities through such underwriting shall enter
into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company. Notwithstanding any
other provision of this Agreement, if the underwriter determines in good faith
that marketing factors require a limitation of the number of shares to be
underwritten, the number of shares that may be included in the underwriting shall
be allocated, first, to the Company; and second, to the Stockholders on a pro rata basis based on the total number of Registrable
Securities proposed to be included in the underwriting by the Stockholders. If any Stockholder disapproves of
the terms of any such underwriting, such Stockholder may elect to withdraw
therefrom by written notice to the Company and the underwriter, delivered prior
to the effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn
from the registration.

 

(b)           Right to Terminate Registration. The Company shall have the right to
terminate or withdraw any registration initiated by it under this
Section 4.2 whether or not any Stockholder has elected to include
securities in such registration. The Registration Expenses of such withdrawn
registration shall be borne by the Company in accordance with Section 4.4
hereof.

 

17

4.3          Form S-3 Registration.  In
case the Company shall receive from any Stockholder a written request or
requests that the Company effect a registration on Form S-3 (or any
successor to Form S-3) or any similar short-form registration statement
and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Stockholder, the Company will, subject
to such Stockholder’s compliance, to the extent applicable, with Section
4.1(b):

 

(a)           promptly
give written notice of the proposed registration, and any related qualification
or compliance, to all Stockholders; and

 

(b)           as
soon as practicable, effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Stockholder’s Registrable
Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Stockholders joining in such request
as are specified in a written request given within fifteen (15) days after
receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration,
qualification or compliance pursuant to this Section 4.3:

 

(i)            if
Form S-3 (or any successor to Form S-3) is not available for such offering
by the Stockholders, or

 

(ii)           if
the Stockholders, together with the holders of any other securities of the
Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at an aggregate price to the
public of less than  $50,000,000 (based on the closing price of
Common Stock on the last trading day prior to the date on which the
Company shall receive from one or more Stockholders a written request or
requests that the Company effect a registration governed by this Section 4.3), or

 

(iii)          if
the Company shall furnish to the Stockholders a certificate signed by the
Chairman of the Board of Directors stating that in the good faith judgment of
the Board of Directors effecting such a registration at such time would
reasonably be expected to have a material adverse effect on any proposal or
plan by the Company or any of its Subsidiaries to engage in any acquisition of
assets or stock (other than in the ordinary course of business) or any merger,
consolidation, tender offer, recapitalization, reorganization or similar
transaction, in which event the Company shall have the right to defer the
filing of the Form S-3 registration statement for a period of not more
than ninety (90) days after receipt of the request of the Stockholders under
this Section 4.3; provided,
that such right to delay a request shall be exercised by the Company not more
than once in any twelve (12) month period, or

 

(iv)          if
the Company has, within the twelve (12)
month period preceding the date of such request, already effected two
(2)  registrations on Form S-3 for the
Stockholders pursuant to this Section 4.3, or

 

18

 

(v)           in
any particular jurisdiction in which the Company would be required to qualify
to do business or to execute a general consent to service of process in
effecting such registration, qualification or compliance.

 

(c)           Subject
to the foregoing, the Company shall file a Form S-3 registration statement
covering the Registrable Securities and other securities so requested to be
registered as soon as practicable after receipt of the requests of the
Stockholders. Registrations effected pursuant to this Section 4.3 shall
not be counted as demands for registration or registrations effected pursuant
to Section 4.1.

 

4.4          Expenses of Registration.  Except
as specifically provided herein, all Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to
Section 4.1, Section 4.2 or Section 4.3 herein shall be borne by
the Company. All Selling Expenses incurred in connection with any registrations
hereunder shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered.
The Company shall not, however, be required to pay for expenses of any
registration begun pursuant to Section 4.1 or 4.3 the request of which has
been subsequently withdrawn by the Initiating Stockholders, unless (a) the
withdrawal is based upon material adverse information concerning the Company of
which the Initiating Stockholders were not aware at the time of such request or
(b) the owners requesting such registration agree to forfeit their right
to one requested registration pursuant to Section 4.1, as applicable, in
which event such right shall be forfeited by all Initiating Stockholders. If
the Stockholders are required to pay the Registration Expenses, such expenses
shall be borne by the holders of securities (including Registrable Securities)
requesting such registration in proportion to the number of shares for which
registration was requested. If the Company is required to pay the Registration
Expenses of a withdrawn offering pursuant to clause (a) above, then the
Initiating Stockholders shall not forfeit their rights pursuant to
Section 4.1 to a demand registration.

 

4.5          Obligations of the Company.  Whenever
required to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

(a)           prepare
and file with the SEC a registration statement (and all amendments and
supplements thereto and related prospectuses as may be required to comply with
applicable securities laws) with respect to such Registrable Securities and use
its reasonable best efforts to cause such registration statement to become
effective and keep such registration statement effective for up to one hundred
eighty (180) days or, if earlier, until all Stockholders have completed the
distribution related thereto (provided that before filing a registration
statement or prospectus or any amendments or supplements thereto, the Company
shall furnish to the counsel to Investor and counsel to GMAC Mortgage Group, in
each case if Registrable Securities of such party are included in such
registration statement, copies of all such documents proposed to be filed,
which documents shall be subject to the review and comment of such counsel); provided,
however, that at any time, upon written notice to the participating
Stockholders and for a period not to exceed sixty (60) days thereafter (the “Suspension
Period”), the Company may delay the filing or effectiveness of any
registration statement or suspend the use or effectiveness of any registration
statement (and the Initiating Stockholders hereby agree not to offer or sell
any Registrable Securities pursuant to such registration statement during the 

 

19

 

Suspension Period) if the Company reasonably believes
that there is or may be in existence material nonpublic information or events
involving the Company, the failure of which to be disclosed in the prospectus
included in the registration statement could result in a Violation (as defined
below); provided that, in such event, the Company shall as soon as
practical make appropriate public disclosure of such information or events and,
once such appropriate public disclosure is made, the Suspension Period shall
end and the Company will proceed with the registration. In the event that the
Company shall exercise its right to delay or suspend the filing or
effectiveness of a registration hereunder, the applicable time period during
which the registration statement is to remain effective shall be extended by a
period of time equal to the duration of the Suspension Period. To the extent
necessary to prevent a Violation, the Company may extend the Suspension Period
for up to an additional consecutive sixty (60) days. If so directed by the
Company, all Stockholders registering shares under such registration statement
shall (i) not offer to sell any Registrable Securities pursuant to the
registration statement during the period in which the delay or suspension is in
effect after receiving notice of such delay or suspension; and (ii) use their
reasonable best efforts to deliver to the Company (at the Company’s expense)
all copies, other than permanent file copies then in such Stockholder’s
possession, of the prospectus relating to such Registrable Securities current
at the time of receipt of such notice.

 

(b)           Notify
each Stockholder of the effectiveness of each registration statement filed
hereunder and prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of
applicable securities laws with respect to the disposition of all securities
covered by such registration statement for the period set forth in
subsection (a) above.

 

(c)           Furnish
to the Stockholders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities
Act, and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned by them.

 

(d)           Use
its reasonable best efforts to register and qualify the securities covered by
such registration statement under such other securities or blue sky laws of
such jurisdictions as shall be reasonably requested by the Stockholders; provided  that
the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of
process in any such state or jurisdiction.

 

(e)           In
the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with
the managing underwriter(s) of such offering (and each Stockholder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement) and take all such other actions as the
holders of a majority of the Registrable Securities covered by such
registration statement or the underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of the Registrable Securities covered
by such registration statement.

 

(f)            Notify
each owner of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered 

 

20

 

under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing. The Company will use reasonable best efforts to amend or supplement
such prospectus in order to cause such prospectus not to include any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing.

 

(g)           Use
its reasonable best efforts to furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are
being sold through underwriters, (i) an opinion, dated as of such date, of
the counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and (ii) a comfort
letter, dated as of such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering addressed to the underwriters (and, if requested by such
underwriters, such a comfort letter as of the date that the registration
statement is declared effective).

 

(h)           In
the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any common stock included
in such registration statement for sale in any jurisdiction, the Company shall
use its reasonable best efforts promptly to obtain the withdrawal of such
order.

 

4.6          Delay of Registration; Furnishing Information.

 

(a)           No
Stockholder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any such registration as the result of any controversy that might
arise with respect to the interpretation or implementation of this
Section 4.

 

(b)           It
shall be a condition precedent to the obligations of the Company to take any
action pursuant to Section 4.1, 4.2 or 4.3 that the selling Stockholders
shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of
such securities as shall be required to effect the registration of their
Registrable Securities.

 

4.7          Indemnification.  In the
event any Registrable Securities are included in a registration statement under
Sections 4.1, 4.2 or 4.3:

 

(a)           To
the extent permitted by law, the Company will indemnify and hold harmless each
Stockholder, the officers and directors of each Stockholder, any underwriter
(as defined in the Securities Act) for such Stockholder and each person, if
any, who controls such Stockholder or underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or
liabilities (joint or several) to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such

 

21

 

losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a “Violation”) by the
Company: (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement or incorporated
reference therein, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities
Act, any state securities law or any rule or regulation promulgated under the
Securities Act or any state securities law in connection with the offering
covered by such registration statement; and the Company will reimburse each
such Stockholder, officer, director, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided, however, that (x) the indemnity agreement contained in
this Section 4.7(a) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Company, which consent shall not be unreasonably
withheld, and (y) the Company shall not be liable to a Stockholder or any
officer, director, underwriter or controlling person of such Stockholder in any
such case for any such loss, claim, damage, liability or action to the extent
that it arises out of or is based upon a Violation which occurs in reliance
upon and in conformity with written information furnished to the Company
expressly for use in connection with such registration by such Stockholder,
officer, director, underwriter or controlling person of such Stockholder.

 

(b)           To
the extent permitted by law, each Stockholder will, if Registrable Securities
held by such Stockholder are included in the securities as to which such
registration qualifications or compliance is being effected, indemnify and hold
harmless the Company, each of its directors, its officers and each person, if
any, who controls the Company within the meaning of the Securities Act, any
underwriter and any other Stockholder selling securities under such
registration statement or any of such other Stockholder’s directors or officers
or any person who controls such Stockholder, against any losses, claims,
damages or liabilities (joint or several) to which the Company or any such
director, officer, controlling person, underwriter or other such Stockholder,
or director, officer or controlling person of such other Stockholder may become
subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereto) arise out of or are based upon any of the following
statements: (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement or incorporated reference
therein, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) the omission or
alleged omission to state therein a material fact required to be stated
therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities
Act, any state securities law or any rule or regulation promulgated under the
Securities Act or any state securities law in connection with the offering
covered by such registration statement (collectively, a “Stockholder
Violation”), in each case to the extent (and only to the extent) that such
Stockholder Violation occurs in reliance upon and in conformity with written
information furnished by such Stockholder under an instrument duly executed by
such Stockholder and stated to be specifically for use in connection with such
registration; and each such Stockholder will reimburse any external legal or
other expenses reasonably incurred by the Company or any such director,
officer, controlling person, underwriter or other 

 

22

 

Stockholder, or officer, director or controlling person
of such other Stockholder, in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this Section 4.7(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the
Stockholder, which consent shall not be unreasonably withheld;  provided  further, that
in no event shall any indemnity under this Section 4.7 exceed the net
proceeds from the offering received by such Stockholder.

 

(c)           Promptly
after receipt by an indemnified party under this Section 4.7 of notice of
the commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 4.7, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified
party shall have the right to retain its own external counsel, with the
reasonable fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by
such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under
this Section 4.7, but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any
indemnified party other than under this Section 4.7.

 

(d)           If
the indemnification provided for in this Section 4.7 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect
to any losses, claims, damages or liabilities referred to herein, then the
indemnifying party, in lieu of indemnifying such indemnified party hereunder,
shall to the extent permitted by applicable law contribute to the amount paid
or payable by such indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the
other in connection with the Violation(s) or Stockholder Violation(s) that
resulted in such loss, claim, damage or liability, as well as any other
relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided, that in no event shall any
contribution by a Stockholder hereunder exceed the net proceeds from the
offering received by such Stockholder.

 

(e)           The
obligations of the Company and Stockholders under this Section 4.7 shall
survive completion of any offering of Registrable Securities in a registration
statement and the termination of this Agreement. No indemnifying party, in the
defense of any such claim or litigation, shall, except with the consent of each
indemnified party, consent to entry 

 

23

 

of any judgment or enter into any settlement which
does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation.

 

4.8          “Market Stand-Off” Agreement.  No
Stockholder shall sell, transfer, make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same
economic effect as a sale of, any Registrable Securities held by such
Stockholder (other than those included in the registration) for a period
beginning seven (7) days prior to the anticipated effective date of a
registration statement filed pursuant to Section 4.1 or 4.2, or with respect to
which Section 4.2 applies, and ending on a date specified by the representative
of the underwriters of Common Stock (or other securities of the Company). Moreover,
the Company (i) shall not effect any public sale or distribution of its equity
securities, or any securities convertible into or exchangeable or exercisable
for such securities, during such periods, unless the underwriters managing the
registered public offering otherwise agree, and (ii) shall cause all officers
and directors of the Company and each holder who purchases one percent (1%) or
more of the Common Stock on a fully diluted basis from the Company at any time
after the date hereof (other than in a registered public offering) to abide by
the provisions of this Section 4.8 applicable to the Stockholders.

 

4.9          Agreement to Furnish Information.  Each
Stockholder agrees to execute and deliver such other agreements as may be
reasonably requested by the Company or the underwriter that are consistent with
the Stockholder’s obligations under Section 4.8 or that are necessary to give
further effect thereto. In addition, if requested by the Company or the
representative of the underwriters of Common Stock (or other securities of the
Company), each Stockholder shall provide, within ten (10) days of such request,
such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities
pursuant to a registration statement filed under the Securities Act. The
obligations described in Section 4.8 and this Section 4.9 shall not apply
to a Special Registration Statement. Each Stockholder agrees that any
transferee of any shares of Registrable Securities shall be bound by  Sections 4.8 and 4.9. The underwriters
of the Company’s Common Stock are intended third party beneficiaries of
Sections 4.8 and 4.9 and shall have the right, power and authority to enforce
the provisions hereof as though they were a party hereto.

 

4.10        Rule 144 Reporting.  With
a view to making available to the Stockholders the benefits of certain rules
and regulations of the SEC which may permit the sale of the Registrable
Securities to the public without registration, the Company agrees to use its
reasonable best efforts to:

 

(a)           Make
and keep public information available, as those terms are understood and
defined in Rule 144, at all times after the effective date of the first
registration filed by the Company for an offering of its securities to the
general public;

 

(b)           File
with the SEC, in a timely manner, all reports and other documents required of
the Company under the Exchange Act; and

 

24

 

(c)           So
long as a Stockholder owns any Registrable Securities, furnish to such
Stockholder forthwith upon request:  a
written statement by the Company as to its compliance with the reporting
requirements of Rule 144, and of the Exchange Act (at any time after it has
become subject to such reporting requirements); a copy of the most recent
annual or quarterly report of the Company filed with the SEC; and such other
reports and documents as a Stockholder may reasonably request in connection
with availing itself of any rule or regulation of the SEC allowing it to sell
any such securities without registration.

 

4.11        No Registration of Investor Securities.  Prior
to a Qualified Public Offering, Investor shall not permit any of its membership
interests (or any securities into which its membership interests may be
converted or for which its membership interests may be exchanged) to be
registered under the Securities Act (an “Investor Public Offering”), unless the
Common Stock owned by GMAC Mortgage Group and its Permitted Transferees has been
converted into or exchanged for securities of the class of the securities so
registered and the issuer of such securities has assumed all obligations of the
Company hereunder in accordance with Section 5.6(b).

 

ARTICLE
5. MISCELLANEOUS

 

5.1          Additional Securities Subject to Agreement.  Each
Stockholder agrees that any Common Stock which it shall hereafter acquire, by
means of a stock split, stock dividend, distribution or otherwise (other than
pursuant to a Public Offering), shall be subject to the provisions of this
Agreement to the same extent as if held on the date hereof. The provisions of
this Agreement shall apply, to the full extent set forth herein with respect to
Common Stock, to any and all shares of the Company or of any successor or
assign of the Company (whether by merger, consolidation, sale of assets or
otherwise) which may be issued in respect of, in exchange for, or in
substitution of the Common Shares, by reason of any stock dividend, stock
split, stock issuance, reverse stock split, combination, recapitalization,
reclassification, merger, consolidation or otherwise. Upon the occurrence of
any of such event, amounts hereunder shall be appropriately adjusted.

 

5.2          Information
Rights.

 

(a)           For
so long as (x) GMAC Mortgage Group or its Permitted Transferees collectively
continue to hold at least twenty percent (20%) of the issued and outstanding
shares of Common Stock or (y) it is otherwise necessary (in GMAC Mortgage Group’s
good faith judgment) for it to receive the following information in order for
GMAC Mortgage Group or its Affiliates to timely comply with their financial
reporting or disclosure obligations, the Company shall deliver to GMAC Mortgage
Group and Investor:

 

(i)            (A)
as soon as is available (and in any event within three (3) business days) after
the end of each fiscal month, quarter and year (or such later date as GMAC
Mortgage Group may reasonably agree), a preliminary net income letter of the
Company on a consolidated basis for such period then ended in substantially the
form attached hereto as Exhibit B, which net income letter shall be
supplemented by a final net income letter within five (5) business days after
the end of each fiscal month, quarter and year (or such later date as GMAC 

 

25

 

Mortgage Group may
reasonably agree) to reflect any necessary changes to the preliminary net
income letter, and a statement of the trial balance (without any requirement
for a Hyperion download) of the Company on a consolidated basis for such month,
quarter and year and (B) as soon as is available after the end of each fiscal
month, the monthly financial management report in substantially the form
prepared currently, as such form may be subsequently adjusted and adapted in
the ordinary course; provided that in the case of clause (A), such net income
letters and the trial balance shall be prepared in conformity with generally
accepted accounting principles in the United States applied on a consistent
basis, except as otherwise noted therein, and subject to the absence of
footnotes and to year-end adjustments;

 

(ii)           as
soon as is available and in any event within fifty-five (55)  days after the end of each fiscal year of
the Company, a consolidated balance sheet of the Company and any Subsidiaries
of the Company as of the end of such year, and consolidated statements of
income and cash flows of the Company and any Subsidiary of the Company for the
year ended (“Annual Financial Statements”) prepared in conformity with
generally accepted accounting principles in the United States applied on a
consistent basis, except as otherwise noted therein, together with an auditor’s
report thereon of a firm of established national reputation; provided,
that any failure to deliver such information shall not constitute a breach of
this Section 5.2(a)(ii) (A) to the extent that, and for so long as, such
failure is caused by a material error in the Company’s financial statements or
a material weakness in the Company’s internal controls, in either case that
requires continued review and/or subsequent restatement of such Annual
Financial Statements and (B) if, within fifty-five (55) days after the end of
such fiscal year, the Company shall have delivered to GMAC Mortgage Group and
Investor then-current drafts of such Annual Financial Statements, which drafts
shall be subject to change in connection with any review and/or restatement of
such Annual Financial Statements;

 

(iii)          as
soon as is available, and in any event prior to November 1 of each fiscal year
(or such later date as GMAC Mortgage Group may reasonably agree), an annual
business plan that includes a projection of net income for the subsequent
fiscal year (the “Annual Forecast”);

 

(iv)          as
soon as possible (and in any event within fifteen (15) days) after the end of each
fiscal month (or such later date as GMAC Mortgage Group may reasonably agree),
an update to the Annual Forecast if and to the extent necessary to reflect any
material modification to such forecast; and

 

(v)           to
the extent the Company is required by law or pursuant to the terms of any
outstanding indebtedness of the Company to prepare such reports, any annual
reports, quarterly reports and other periodic reports pursuant to Section 13 or
15(d) of the Exchange Act, as amended, actually prepared by the Company as soon
as available.

 

26

 

(b)           The
Company shall, and shall cause each of its Subsidiaries to, provide to GMAC
Mortgage Group, and create or generate any information as GMAC Mortgage Group
may reasonably request, including true and correct copies of all documents,
reports, financial data and other information.

 

(c)           GMAC
Mortgage Group and Investor understand that all of the reports and other
information required pursuant to Sections 5.2(a)(i) – (v) and Section 5.2(b)
above will be subject to the review and approval of the Audit Committee of the
Board of Directors of the Company and the review of the Company’s independent
auditors, and any such reports and other information shall be subject to any
changes resulting from such reviews and none shall be deemed final until such
reviews are completed and such approvals are obtained by the Company; provided
that (except as provided in Section 5.2(a)(ii)) the reports and information
required to be provided pursuant to Section 5.2(a) shall be finalized and
delivered within the time periods specified therein.

 

5.3          Termination.  This
Agreement shall terminate with respect to any Stockholder on the date on which
such Stockholder, together with its respective Affiliates, ceases to own at
least 5% of the outstanding Common Stock (such a Stockholder, a “Terminated
Stockholder”), and such Terminated Stockholder shall have no rights or
obligations hereunder following the date of such termination, provided that
such termination shall not affect the rights or obligations of any Permitted
Transferee of a Terminated Stockholder that holds (together with its
Affiliates) at least 5% of the outstanding Common Stock. Any termination of
this Agreement pursuant to this Section 5.3 shall not limit or otherwise
restrict any party hereto from exercising any right or remedy available to it
at law or equity by reason of any breach of this Agreement by any other party
hereto prior to such termination.

 

5.4          Injunctive Relief.  The
parties to this Agreement acknowledge that a violation of any of the terms of
this Agreement will cause one or more of the other parties hereto irreparable
injury for which adequate remedy at law is not available. Accordingly, each
party to this Agreement shall be entitled to an injunction, restraining order
or other equitable relief to prevent breaches of the provisions of this
Agreement and to enforce specifically the terms and provisions hereof in any
court of competent jurisdiction in the United States or any state thereof, in
addition to any other remedy to which they may be entitled at law or equity.

 

5.5          Other Stockholders Agreements.  No
Stockholder shall enter into or agree to be bound by any voting trust with
respect to any shares of Common Stock held by it nor shall any Stockholder
enter into any stockholder agreement or other arrangement of any kind with any
Person with respect to Common Stock which is inconsistent with the provisions
of this Agreement or which may impair its ability to comply with this Agreement,
including but not limited to agreements and arrangements with respect to the
acquisition, disposition or voting of Common Stock inconsistent herewith.

 

5.6          Successors, Assigns, Transferees, Recapitalizations.

 

(a)           The
provisions of this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their Permitted Transferees and their
respective successors, each of which Permitted Transferees shall agree in a
writing in form and substance 

 

27

 

satisfactory to the Company, to become a party, hereto
and be bound to the same extent as its transferor hereby, provided that no
Stockholder may assign to any Permitted Transferee any of its rights hereunder
other than in connection with a Transfer to such Permitted Transferee in
accordance with the provisions of this Agreement.

 

(b)           The
provisions of this Agreement shall apply, to the full extent set forth herein
with respect to shares of Common Stock, to any and all shares of the Company,
or any successor or assign of the Company (whether by merger, consolidation,
amalgamation, sale of assets or otherwise), which may be issued in respect of,
or in exchange for or in substitution of shares of Common Stock by reason of
any stock dividend, stock split, stock issuance, reverse stock split,
combination, recapitalization, reclassification, merger, consolidation,
amalgamation or otherwise. Upon the occurrence of any such event, amounts
hereunder shall be appropriately adjusted. In furtherance of the foregoing, if
the Company is a party to any merger, consolidation, amalgamation or similar
transaction pursuant to which Common Stock is converted into or exchanged for
securities or the right to receive securities of any other Person (“Conversion
Securities”), the Company will not permit such transaction to occur unless
the issuer of such Conversion Securities assumes (in a writing delivered to all
Stockholders) all obligations of the Company hereunder.

 

5.7          Amendment and Waiver.  This
Agreement may be amended, or any provision of this Agreement may be waived;
provided that any such amendment or waiver shall be binding upon GMAC Mortgage
Group only if set forth in a writing executed by GMAC Mortgage Group and
referring specifically to the provision alleged to have been amended or waived,
and any such amendment or waiver shall be binding upon Investor only if set
forth in a writing executed by Investor and referring specifically to the
provision alleged to have been amended or waived. No course of dealing between
or among any persons having any interest in this Agreement shall be deemed
effective to modify, amend or discharge any part of this Agreement or any
rights or obligations of any person under or by reason of this Agreement.

 

5.8          Notices.  All notices or
other communications required or permitted to be given hereunder shall be in
writing and shall be delivered by hand or sent by electronic mail, prepaid
telex, cable or telecopy, or sent, postage prepaid, by registered, certified or
express mail, or reputable overnight courier service and shall be deemed given
when so delivered by hand, e-mailed, telexed, cabled or telecopied, or if
mailed, three days after mailing (one business day in the case of express mail
or overnight courier service), as follows:

 

If to Investor:

 

GMACCH Investor LLC

c/o Kohlberg, Kravis & Roberts & Co. L.P. 

9 West 57th Street

New York, New York 10019

Attention:  Scott Nuttall

Telecopy:  (212) 750-0003

 

28

 

GMACCH Investor LLC

c/o Goldman, Sachs & Co. 

85 Broad Street

New York, New York 10004

Attention:  Stuart Katz

Telecopy:  (212) 357-5505

 

GMACCH Investor LLC

c/o Five Mile Capital Partners LLC 

Four Stamford Plaza, Suite 400

Stamford, CT 06902

Attention:  Konrad Kruger

Telecopy:  (203) 905-0954

 

with copies to (which shall not
constitute notice):

 

Reed Smith LLP

599 Lexington Avenue

New York, New York  10022

Attention:  Thomas L. Fairfield, Esq.

Telecopy:  (212) 521-5450

 

and

 

Paul, Hastings, Janofsky
& Walker LLP

75 East 55th Street

New York, New York  10022

Attention:  Thomas E. Kruger, Esq.

Telecopy:  (212) 319-4090

 

If to GMAC Mortgage Group:

 

GMAC Mortgage Group, Inc.

200 Renaissance Center

P.O. Box 200

Detroit, Michigan  48265-2000

Attention: Corporate Secretary

Telecopy:  (313) 665-6308

 

29

 

with copies to (which shall not
constitute notice):

 

General Motors Acceptance
Corporation

200 Renaissance Center

P.O. Box 200

Detroit, Michigan 48265-2000

Attention:  Richard V. Kent, Esq.

Telecopy:  (313) 665-6124

 

and

 

Kirkland & Ellis LLP

200 East Randolph Drive

Chicago, Illinois 60601

Attention: R. Scott Falk, P.C.

Telecopy: (312) 861-2200

 

If to the Company:

 

GMAC Commercial Holding Corp.

200 Witmer Road

Horsham, Pennsylvania 19044

Attention: Robert L. Schwartz, Esq.

Telecopy:  (215) 328-3774

 

5.9          Counterparts.  This
Agreement may be executed in one or more counterparts (including by means of
telecopied signature pages), all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been signed by each of the Parties and delivered to the other Party.

 

5.10        Entire Agreement.  This
Agreement, the Stock Purchase Agreement and any other agreements referred to
herein or therein (including the Confidentiality Agreement) contain the entire
agreement and understanding between the Parties hereto with respect to the
subject matter hereof and supersede all prior agreements and understandings,
whether written or oral, relating to such subject matter.

 

5.11        Severability.  If any
provision of this Agreement or any other agreement contemplated hereby is held
to be illegal, invalid or unenforceable under any present or future law for any
reason, (a) such provision will be fully severable, (b) this Agreement or such
other agreement contemplated hereby will be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof,
(c) the remaining provisions of this Agreement or such other agreement contemplated
hereby will remain in full force and effect and will not be affected by the
illegal, invalid or unenforceable provision or by its severance herefrom, and
(d) in lieu of such illegal, invalid or unenforceable provision, there will be
added automatically as a part of this Agreement, or such other agreement
contemplated hereby a legal, valid and enforceable provision as similar in
terms to such illegal, invalid or unenforceable provision as may be possible.

 

30

 

5.12        Governing Law.  This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of Nevada applicable to agreements made and to be performed
entirely within such State, without regard to the conflicts of law principles
of such State.

 

5.13        Jurisdiction; Waiver of Jury Trial.  Any
suit, action or proceeding against any Party hereto arising out of or relating
to this Agreement or any transaction contemplated hereby may be brought in any
Federal or state court located in the state of Delaware, and each Party hereby
submits to the exclusive jurisdiction of such courts for the purpose of any
such suit, action or proceeding. EACH OF INVESTOR, THE COMPANY AND GMAC
MORTGAGE GROUP HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

5.14        Additional Stockholders.  Notwithstanding
anything to the contrary in this Agreement, if the Company shall issue Common
Stock to any Person in accordance with the terms of this Agreement or of any
equity incentive plan, such Person may, if agreed to in writing by the Company,
Investor and GMAC Mortgage Group, become a party to this Agreement by executing
and delivering to the Company, GMAC Mortgage Group and Investor an additional
counterpart signature page to this Agreement and shall thereupon be deemed a
Stockholder and a party hereunder.

 

* * * * *

 

31

 

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

 

	
   

  	
  GMAC COMMERCIAL HOLDING CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT D. FELLER

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GMAC MORTGAGE GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ D.C. WALKER

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GMACCH INVESTOR LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  KKR MILLENNIUM FUND L.P.,

  
	
   

  	
   

  	
  its
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  KKR ASSOCIATES MILLENNIUM
  L.P.,

  
	
   

  	
   

  	
  its
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  KKR MILLENNIUM GP LLC,

  
	
   

  	
   

  	
  its
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ SCOTT C. NUTTALL

  	
   

  
	
   

  	
   

  	
  Scott C. Nuttall

  
	
   

  	
   

  	
  Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]