Document:

Exhibit 10.5

 

EXECUTION COPY

 

 

AMENDED AND RESTATED

 

DECLARATION OF TRUST

 

CAPMARK TRUST

 

Dated as of March 23, 2006

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  	
   

  
	
  INTERPRETATION AND DEFINITIONS

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Interpretation and Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  	
   

  
	
  TRUST INDENTURE ACT

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Trust Indenture Act; Application

  	
   

  	
  9

  
	
  SECTION 2.2.

  	
  Lists of Holders of Trust Securities

  	
   

  	
  10

  
	
  SECTION 2.3.

  	
  Reports by the Property Trustee

  	
   

  	
  10

  
	
  SECTION 2.4.

  	
  Periodic Reports to Property Trustee

  	
   

  	
  10

  
	
  SECTION 2.5.

  	
  Evidence of Compliance with Conditions Precedent

  	
   

  	
  10

  
	
  SECTION 2.6.

  	
  Trust Enforcement Events: Waiver

  	
   

  	
  11

  
	
  SECTION 2.7.

  	
  Trust Enforcement Event; Notice

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  	
   

  
	
  ORGANIZATION

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Name

  	
   

  	
  12

  
	
  SECTION 3.2.

  	
  Office

  	
   

  	
  13

  
	
  SECTION 3.3.

  	
  Purpose

  	
   

  	
  13

  
	
  SECTION 3.4.

  	
  Authority

  	
   

  	
  13

  
	
  SECTION 3.5.

  	
  Title to Property of the Trust

  	
   

  	
  14

  
	
  SECTION 3.6.

  	
  Powers and Duties of the Regular Trustees

  	
   

  	
  14

  
	
  SECTION 3.7.

  	
  Prohibition of Actions by the Trust and the Trustees

  	
   

  	
  16

  
	
  SECTION 3.8.

  	
  Powers and Duties of the Property Trustee and Agent

  	
   

  	
  17

  
	
  SECTION 3.9.

  	
  Certain Duties and Responsibilities of the Property Trustee

  	
   

  	
  19

  
	
  SECTION 3.10.

  	
  Certain Rights of Property Trustee

  	
   

  	
  21

  
	
  SECTION 3.11.

  	
  Delaware Trustee and Regular Trustees

  	
   

  	
  23

  
	
  SECTION 3.12.

  	
  Not Responsible for Recitals or Issuance of Trust Securities

  	
   

  	
  24

  
	
  SECTION 3.13.

  	
  Duration of Trust

  	
   

  	
  24

  
	
  SECTION 3.14.

  	
  Mergers

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  	
   

  	
   

  	
   

  
	
  SPONSOR

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Responsibilities of the Sponsor

  	
   

  	
  26

  
	
  SECTION 4.2.

  	
  Payment of Trust, Trustee and Agent Expenses

  	
   

  	
  26

  

 

i

 

	
  SECTION 4.3.

  	
  Covenants of the Sponsor

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  
	
   

  	
   

  	
   

  	
   

  
	
  TRUST COMMON SECURITIES HOLDER

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Company’s Purchase of Trust Common Securities

  	
   

  	
  28

  
	
  SECTION 5.2.

  	
  Covenants of the Trust Common Securities Holder

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  	
   

  	
   

  	
   

  
	
  TRUSTEES

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Number of Trustees

  	
   

  	
  28

  
	
  SECTION 6.2.

  	
  Delaware Trustee

  	
   

  	
  29

  
	
  SECTION 6.3.

  	
  Property Trustee; Eligibility

  	
   

  	
  29

  
	
  SECTION 6.4.

  	
  Qualifications of Regular Trustees and Delaware Trustee Generally

  	
   

  	
  30

  
	
  SECTION 6.5.

  	
  Regular Trustees

  	
   

  	
  30

  
	
  SECTION 6.6.

  	
  Delaware Trustee

  	
   

  	
  30

  
	
  SECTION 6.7.

  	
  Appointment, Removal and Resignation of Trustees

  	
   

  	
  31

  
	
  SECTION 6.8.

  	
  Vacancies among Trustees

  	
   

  	
  32

  
	
  SECTION 6.9.

  	
  Effect of Vacancies

  	
   

  	
  32

  
	
  SECTION 6.10.

  	
  Meetings

  	
   

  	
  32

  
	
  SECTION 6.11.

  	
  Delegation of Power

  	
   

  	
  33

  
	
  SECTION 6.12.

  	
  Merger, Conversion, Consolidation or Succession to Business

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  	
   

  	
   

  	
   

  
	
  TERMS OF SECURITIES

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  General Provisions Regarding Securities

  	
   

  	
  34

  
	
  SECTION 7.2.

  	
  Distributions

  	
   

  	
  36

  
	
  SECTION 7.3.

  	
  Redemption of Trust Securities

  	
   

  	
  37

  
	
  SECTION 7.4.

  	
  Redemption Procedures

  	
   

  	
  37

  
	
  SECTION 7.5.

  	
  Voting and Enforcement Rights of Trust Preferred Securities

  	
   

  	
  38

  
	
  SECTION 7.6.

  	
  Voting and Enforcement Rights of Trust Common Securities

  	
   

  	
  40

  
	
  SECTION 7.7.

  	
  Paying Agent and Security Registrar

  	
   

  	
  41

  
	
  SECTION 7.8.

  	
  Transfer and Exchange of Trust Securities

  	
   

  	
  42

  
	
  SECTION 7.9.

  	
  Acceptance of Guarantee and Agreements

  	
   

  	
  44

  
	
  SECTION 7.10.

  	
  Mutilated, Destroyed, Lost or Stolen Certificates

  	
   

  	
  45

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  
	
   

  	
   

  	
   

  	
   

  
	
  DISSOLUTION AND LIQUIDATION OF THE TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Dissolution and Termination of Trust

  	
   

  	
  45

  

 

ii

 

	
  SECTION 8.2.

  	
  Liquidation Distribution Upon Dissolution and Termination of the
  Trust

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  
	
   

  	
   

  	
   

  	
   

  
	
  LIMITATION OF LIABILITY OF

  
	
  HOLDERS OF TRUST SECURITIES, TRUSTEES OR
  OTHERS

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Liability

  	
   

  	
  46

  
	
  SECTION 9.2.

  	
  Exculpation

  	
   

  	
  47

  
	
  SECTION 9.3.

  	
  Fiduciary Duty

  	
   

  	
  47

  
	
  SECTION 9.4.

  	
  Indemnification

  	
   

  	
  48

  
	
  SECTION 9.5.

  	
  Outside Businesses

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  
	
   

  	
   

  	
   

  	
   

  
	
  ACCOUNTING AND TAX MATTERS

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Fiscal Year

  	
   

  	
  51

  
	
  SECTION 10.2.

  	
  Certain Accounting Matters; Returns and Information

  	
   

  	
  51

  
	
  SECTION 10.3.

  	
  Banking

  	
   

  	
  52

  
	
  SECTION 10.4.

  	
  Withholding

  	
   

  	
  52

  
	
  SECTION 10.5.

  	
  Treatment as Grantor Trust for Federal Income Tax Purposes

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  
	
   

  	
   

  	
   

  	
   

  
	
  AMENDMENTS AND MEETINGS

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Amendments of this Declaration of Trust

  	
   

  	
  53

  
	
  SECTION 11.2.

  	
  Meetings of the Holders of Trust Securities; Action by Written
  Consent

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  
	
   

  	
   

  	
   

  	
   

  
	
  REPRESENTATIONS OF PROPERTY TRUSTEE

  
	
  AND DELAWARE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.1.

  	
  Representations and Warranties of Property Trustee

  	
   

  	
  56

  
	
  SECTION 12.2.

  	
  Representations and Warranties of Delaware Trustee

  	
   

  	
  57

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  
	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.1.

  	
  Notices

  	
   

  	
  58

  
	
  SECTION 13.2.

  	
  Governing Law

  	
   

  	
  59

  
	
  SECTION 13.3.

  	
  Headings

  	
   

  	
  59

  
	
  SECTION 13.4.

  	
  Successors and Assigns

  	
   

  	
  59

  

 

 

iii

 

	
  SECTION 13.5.

  	
  Partial Enforceability

  	
   

  	
  59

  
	
  SECTION 13.6.

  	
  Counterparts

  	
   

  	
  59

  

 

	
  EXHIBIT A-1

  	
   

  	
  Form of Trust Preferred Security Certificate

  
	
  EXHIBIT A-2

  	
   

  	
  Form of Trust Common Security Certificate

  
	
  EXHIBIT B

  	
   

  	
  Form of Institutional Accredited Investor Certificate

  

 

 

iv

 

CROSS-REFERENCE TABLE*

 

	
  Section of

  Trust Indenture Act

  of 1939, as amended

  	
   

  	
  Section of

  Declaration of Trust

  
	
   

  	
   

  	
   

  
	
  310(a)

  	
   

  	
  6.3(a)

  
	
  310(b)

  	
   

  	
  6.3(c)

  
	
  310(c)

  	
   

  	
  Inapplicable

  
	
  311(a)

  	
   

  	
  2.2(b)

  
	
  311(b)

  	
   

  	
  2.2(b)

  
	
  311(c)

  	
   

  	
  Inapplicable

  
	
  312(a)

  	
   

  	
  2.2(a)

  
	
  312(b)

  	
   

  	
  2.2(b)

  
	
  313

  	
   

  	
  2.3

  
	
  314(a)

  	
   

  	
  2.4

  
	
  314(b)

  	
   

  	
  Inapplicable

  
	
  314(c)

  	
   

  	
  2.5

  
	
  314(d)

  	
   

  	
  Inapplicable

  
	
  314(f)

  	
   

  	
  Inapplicable

  
	
  315(a)

  	
   

  	
  3.9(b)

  
	
  315(c)

  	
   

  	
  3.9(a)

  
	
  315(d)

  	
   

  	
  3.9(a)

  
	
  316(a)

  	
   

  	
  2.6(a)

  
	
  316(c)

  	
   

  	
  3.6(e)

  

 

*                                         This
Cross-Reference Table does not constitute part of the Declaration of Trust and
shall not affect the interpretation of any of its terms or provisions.

 

v

 

AMENDED AND RESTATED

 

DECLARATION OF TRUST

OF

CAPMARK TRUST

 

March 23, 2006

 

AMENDED AND RESTATED DECLARATION OF TRUST (the “Declaration of Trust”)
dated and effective as of March 23, 2006 by and among GMAC Commercial
Holding Corp., a Nevada corporation (the “Company”), as Sponsor, and
John F. Weaver, Marc A. Fox and Peter O’Hara, as the initial Regular Trustees,
Law Debenture Trust Company of New York, as the initial Property Trustee and
Deutsche Bank Trust Company Delaware, as the initial Delaware Trustee, not in
their individual capacities but solely as Trustees, Deutsche Bank Trust Company
Americas, as Agent (the “Agent”), and by the Holders, from time to time, of
undivided beneficial ownership interests in the Trust to be issued pursuant to
this Declaration of Trust.

 

WHEREAS, certain of the Trustees and the Sponsor established Capmark
Trust  (the “Trust”), a trust
under the Statutory Trust Act, pursuant to a Declaration of Trust dated as of March 16,
2006 (the “Original Declaration”) and a Certificate of Trust filed with
the Secretary of State of the State of Delaware on March 16, 2006, for the
sole purpose of issuing and selling certain securities representing undivided
beneficial ownership interests in the assets of the Trust, investing the
proceeds thereof in a certain Debenture issued by the Company and engaging in
only those activities necessary or incidental thereto; and

 

WHEREAS, all of the parties hereto, by this Declaration of Trust, wish
to amend and restate each and every term and provision of the Original
Declaration.

 

NOW, THEREFORE, it being the intention of the parties hereto to continue
the Trust as a statutory trust under the Statutory Trust Act and that this
Declaration of Trust constitute the governing instrument of such statutory
trust, the Trustees declare that all assets contributed to the Trust shall be
held in trust for the benefit of the Holders, from time to time, of the
securities representing undivided beneficial ownership interests in the assets
of the Trust issued hereunder, subject to the provisions of this Declaration of
Trust.

 

ARTICLE I

 

INTERPRETATION AND DEFINITIONS

 

SECTION 1.1.                                                                       Interpretation
and Definitions.

 

Unless the context otherwise requires:

 

(A)                              capitalized
terms used in this Declaration of Trust but not defined in the preamble above
have the respective meanings assigned to them in this Section 1.1;

 

(B)                                all
references to “the Declaration of Trust” or “this Declaration of
Trust” are to this Declaration of Trust as modified, supplemented or
amended from time to time;

 

 

(C)                                all
references in this Declaration of Trust to Articles and Sections and Annexes and
Exhibits are to Articles and Sections of and Annexes and Exhibits to this
Declaration of Trust unless otherwise specified;

 

(D)                               unless
otherwise defined in this Declaration of Trust, a term defined in the Trust
Indenture Act has the same meaning when used in this Declaration of Trust;

 

(E)                                 a
reference to the singular includes the plural and vice versa; and

 

(F)                                 a
term used in this Agreement and not otherwise defined herein shall have the
meaning ascribed to such term in the Indenture.

 

 “Additional Interest” has
the meaning set forth in the Indenture.

 

 “Affiliate” means, with
respect to any specified Person, any other Person that directly or indirectly
controls or is controlled by, or is under direct or indirect common control
with such specified Person.  For the
purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

 

“Agent” means the Person named as the “Agent” in the first
paragraph of this Declaration of Trust, solely in its capacity as such and not
in its individual capacity, until a successor Agent shall have become such
pursuant to the applicable provisions of this Declaration of Trust, and
thereafter “Agent” shall mean or include each Person who is then an Agent
hereunder.

 

 “Authorized Officer” of a
Person means any Person that is authorized to bind such Person.

 

“Bridge Loan Agreement” means the bridge loan agreement, dated
as of March 23, 2006, among GMAC Commercial Holding Corp., the lending
institutions from time to time parties thereto, J.P. Morgan Securities Inc., as
Syndication Agent, Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs
Credit Partners, L.P. and The Royal Bank of Scotland plc, as Documentation
Agents, and Citibank, N.A., as Administrative Agent.

 

“Business Day” means any day other than a Saturday or Sunday and
that is not a day on which banking institutions generally in The City of New
York are authorized or obligated by law or executive order to be closed.

 

“Calculation Agency Agreement” means that certain calculation
agency agreement dated the date hereof by and among the Company, the Trust and
the Calculation Agent.

 

“Calculation Agent” means Deutsche Bank Trust Company Americas,
its successor and assigns, or such other institution appointed to such capacity
by the Company.

 

2

 

“Certificate” means a Trust Common Security Certificate or a
Trust Preferred Security Certificate.

 

 “Closing Date” means the
date on which the Trust Preferred Securities and the Securities are initially
issued and sold.

 

“Code” means the Internal Revenue Code of 1986, as amended from
time to time, or any successor legislation.

 

“Commission” means the Securities and Exchange Commission.

 

“Company” means the Person named as the “Company” in the
recitals hereto until a successor corporation shall have become such pursuant
to the applicable provisions of this Declaration of Trust, and thereafter “Company”
shall mean such successor corporation.

 

“Company Indemnified Person” means (a) any Regular Trustee;
(b) any Affiliate of any Regular Trustee; (c) any officers,
directors, shareholders, members, partners, employees, representatives or
agents of any Regular Trustee or any Affiliate thereof; or (d) any
officer, director, shareholder, member, partner, employee, representative or
agent of the Trust or any of its Affiliates.

 

“Corporate Trust Office” means the principal corporate trust
office of the Property Trustee at which, at any particular time, its corporate
trust business shall be administered, which office at the date hereof is
located at 767 Third Avenue, 31st Floor, New York, NY 10017,
Attention: Corporate Trust Administration, Telecopy: (212) 750-1361.

 

“Covered Person” means: (a) any officer, director,
shareholder, partner, member, representative, employee or agent of (i) the
Trust or (ii) any of the Trust’s Affiliates and (b) any Holder of
Trust Securities.

 

“Creditor” has the meaning set forth in Section 4.2(c) hereof.

 

“Debenture” means the Floating Rate Junior Subordinated
Debenture due  March 23, 2046 dated
as of March 23, 2006, issued pursuant to the Indenture.

 

“Debenture Issuer” means GMAC Commercial Holding Corp., in its
capacity as issuer of the Debentures under the Indenture.

 

“Debenture Trustee” means Law Debenture Trust Company of New
York, in its capacity as trustee under the Indenture until a successor is
appointed thereunder, and thereafter means such successor trustee.

 

“Declaration of Trust” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or
more declarations of trust supplemental hereto entered into pursuant to the
applicable provisions hereof.

 

“Delaware Trustee” has the meaning set forth in Section 6.2
hereof.

 

3

 

“Direct Action” has the meaning specified in Section 3.8(e).

 

“Distribution” means a quarterly distribution in an amount equal
to an annual rate equal to 3-Month LIBOR plus a margin equal to 2.30% to but
not including March 23, 2011 and thereafter at an annual rate equal to 3-Month
LIBOR plus a margin equal to 3.30%, accumulating from the Closing Date or from
the most recent Distribution Payment Date to which Distributions have been paid
or duly provided for on the stated liquidation amount of each Trust Security,
subject to Section 3.11 of the Indenture. 
Distributions shall accumulate and compound quarterly if Distributions
are not paid on the scheduled Distribution Payment Date at the same rate as
Distributions accumulate for that period. 
The amount of Distribution payable for a Distribution Period shall be
computed by multiplying the annual rate in effect for the Distribution Period
or portion thereof in respect of which the Distribution is made by a fraction,
the numerator of which will be the actual number of days in such Distribution
Period (or a portion thereof) (determined by including the first day thereof
and excluding the last day thereof) and the denominator of which will be 360,
and multiplying the product obtained thereby by the liquidation amount of the
Trust Securities.

 

“Distribution Payment Date” means January 15, April 15,
July 15 and October 15, commencing on July 15, 2006.

 

“Distribution Period” means each period from and including a
Distribution Payment Date (or the Closing Date in the case of the first Distribution
Period) to, but not including, the next succeeding Distribution Payment Date.

 

“Exchange Act” means the Securities Exchange Act of 1934 or any
successor statute thereto, in each case as amended from time to time.

 

“Fiduciary Indemnified Person” has the meaning set forth in Section 9.4(b) hereof.

 

“Fiscal Year” has the meaning set forth in Section 10.1
hereof.

 

“Holder” means a Person in whose name a Certificate representing
a Trust Security is registered in the books and records of the Trust, such Person
being a beneficial owner within the meaning of the Statutory Trust Act.

 

“Indemnified Person” means a Company Indemnified Person or a
Fiduciary Indemnified Person.

 

“Indenture” means the Floating Rate Junior Subordinated
Indenture dated as of March 23, 2006 among the Company, Law Debenture
Trust Company, as the indenture trustee and the Agent, as amended from time to
time, governing the Debenture.

 

“Indenture Event of Default” has the meaning given to the term “Event
of Default” specified in Article V of the Indenture.

 

“Institutional Accredited Investor” means an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under
the Securities Act or an entity in 

 

4

 

which all of the equity owners are accredited investors within the
meaning of Rule 501 under the Securities Act .

 

“Investment Company” means an investment company as defined in
the Investment Company Act and the regulations promulgated thereunder.

 

“Investment Company Act” means the Investment Company Act of
1940 or any statute successor thereto, in each case as amended from time to
time.

 

 “Legal Action” has the
meaning set forth in Section 3.6(h) hereof.

 

“LIBOR Determination Date” means, for any Distribution Period,
the second day that is both a London Business Day and a New York Business Day
immediately preceding the first day of such Distribution Period.

 

“Liquidation” has the meaning set forth in Section 8.2
hereof.

 

“List of Holders” has the meaning set forth in Section 2.2(a) hereof.

 

“London Business Day” means a day other than a Saturday or
Sunday on which dealings in deposits in U.S. dollars are transacted, or with
respect to any future date are expected to be transacted, in the London
interbank market.

 

“Majority in Liquidation Amount” means, except as provided by
the Trust Indenture Act, Holder(s) of outstanding Trust Securities, voting
together as a single class, or, as the context may require, Holders of
outstanding Trust Preferred Securities or Holders of outstanding Trust Common
Securities, voting separately as a class, who are the record owners of more
than 50% of the aggregate liquidation amount of all outstanding Trust
Securities of the relevant class (excluding any Trust Preferred Securities held
by the Company or any of its Affiliates).

 

“Mandatory Deferral Event” has the meaning set forth in Section 3.11
of the Indenture.

 

“Officers’ Certificate” means, with respect to any Person, a
certificate signed by two Authorized Officers of such Person.  Any Officers’ Certificate delivered with
respect to compliance with a condition or covenant provided herein shall
include:

 

(a)                                  a brief statement of
the nature and scope of the examination or investigation undertaken by each
officer on behalf of such Person in rendering the Officers’ Certificate;

 

(b)                                 a statement as to
whether, in the opinion of each such officer acting on behalf of such Person,
such condition or covenant has been complied with;

 

(c)                                  a statement that each
officer signing the Officers’ Certificate has read the covenant or condition
and the definitions relating thereto;

 

5

 

(d)                                 a statement that each
such officer has made such examination or investigation as, in such officer’s
opinion, is necessary to enable such officer on behalf of such Person to
express an informed opinion as to whether or not such covenant or condition has
been complied with; and

 

provided, that the term “Officers’ Certificate”,
when used with reference to Regular Trustees who are natural persons, shall
mean a certificate signed by two of the Regular Trustees that otherwise
satisfies the foregoing requirements.

 

“Parity Debt Securities” has the meaning set forth in Section 4.3(b) hereof.

 

“Parity Guarantees” has the meaning set forth in Section 4.3(b) hereof.

 

“Paying Agent” has the meaning set forth in Section 3.8(g) hereof.

 

“Person” means a legal person, including any individual,
corporation, estate, partnership, joint venture, trust, unincorporated
association, joint stock company, limited liability company, or government or
any agency or political subdivision thereof, or any other entity of whatever
nature.

 

“Pro Rata” means pro rata to each Holder of Trust Securities
according to the aggregate liquidation amount of the Trust Securities held by
the relevant Holder in relation to the aggregate liquidation amount of all
Trust Securities outstanding.

 

“Property Account” has the meaning set forth in Section 3.8(c)(i) hereof.

 

“Property Trustee” means the Trustee meeting the eligibility
requirements set forth in Section 6.3 hereof.

 

“Purchase Agreement” means that certain purchase agreement dated
the date hereof by and among the Company, the Trust and the Purchaser.

 

“Purchaser” means General Motors Acceptance Corporation,
pursuant to the Purchase Agreement.

 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A
under the Securities Act.

 

“Redemption Date” means, when used with respect to any Trust
Security to be redeemed, the date fixed for such redemption by or pursuant to
this Declaration of Trust or the terms of such Trust Security.

 

“Redemption Notice” has the meaning set forth in Section 7.4(a) hereof.

 

“Redemption Price” means such amount as each Trust Security
would receive if all the assets then held by the Trust were paid in full in
cash in accordance with their terms and the Trust was liquidated in accordance
with its terms.

 

6

 

“Registration Rights Agreement” means that certain registration
rights agreement dated the date hereof by and among the Corporation, the Trust
and the Purchaser.

 

“Regular Trustee” means any Trustee other than the Property
Trustee or the Delaware Trustee.

 

“Responsible Officer” means, with respect to the Property
Trustee, any officer with direct responsibility for the administration of the
Trust, and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of that officer’s
knowledge of and familiarity with the particular subject.

 

“Securities Act” means the Securities Act of 1933 or any
successor statute thereto, in each case as amended from time to time.

 

“Security Register” has the meaning set forth in Section 7.7(a) hereof.

 

“Security Registrar” has the meaning set forth in Section 7.7(c) hereof.

 

“Special Event” has the meaning set forth in the Indenture.

 

“Sponsor” means the Person named as the “Sponsor” in the
recitals hereto until a successor sponsor shall have become such pursuant to
the applicable provisions of this Declaration of Trust, and thereafter “Sponsor”
shall mean such successor sponsor.

 

“Statutory Trust Act” means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code. Section 3801 et  seq., as it may
be amended from time to time, or any successor legislation.

 

“Successor Delaware Trustee” has the meaning set forth in Section 6.7(c) hereof.

 

“Successor Entity” has the meaning set forth in Section 3.14(b)(i) hereof.

 

“Successor Property Trustee” has the meaning set forth in Section 6.7(b) hereof.

 

“Successor Trust Preferred Securities” has the meaning set forth
in Section 3.14(b)(i)(B) hereof.

 

“Super Majority” has the meaning set forth in Section 2.6(a)(ii) hereof.

 

 “10% in Liquidation Amount”
means, except as provided by the Trust Indenture Act, Holder(s) of outstanding
Trust Securities, voting together as a single class, or, as the context may
require, Holders of outstanding Trust Preferred Securities or Holders of
outstanding Trust Common Securities, voting separately as a class, who are the
record owners of 10% or more of the aggregate liquidation amount of all
outstanding Trust Securities of the relevant class (excluding any Trust
Preferred Securities held by the Company or any of its Affiliates).

 

 “3-Month LIBOR” means,
for each Distribution Period, the rate (expressed as a percentage per annum)
for deposits in U.S. dollars for a three-month period that appears on Telerate Page 3750
as of 11:00 a.m. (London time) on the LIBOR Determination Date for that 

 

7

 

Distribution Period.  The term “Telerate
Page 3750” means the display on Moneyline Telerate, Inc. on page 3750
or any successor service or page for the purpose of displaying the London
interbank offered rates of major banks.

 

If 3-Month LIBOR cannot be determined as described above, the
Calculation Agent shall select four major banks in the London interbank
market.  The Calculation Agent shall
request that the principal London offices of those four selected banks provide
their offered quotations to prime banks in the London interbank market at
approximately 11:00 a.m., London time, on the LIBOR Determination Date for
that Distribution Period.  These
quotations shall be for deposits in U.S. dollars for a three-month period.  Offered quotations shall be based on a
principal amount equal to an amount that is representative of a single
transaction in U.S. dollars in the market at the time.

 

If two or more quotations are provided, 3-Month LIBOR for the
applicable Distribution Period shall be the arithmetic mean of the
quotations.  If fewer than two quotations
are provided, the Calculation Agent shall select three major banks in New York
City to provide their quoted rates at approximately 11 a.m. New York City
time, on the LIBOR Determination Date for that Distribution Period.  The rates quoted shall be for loans in U.S.
dollars, for a three-month period.  Rates
quoted shall be based on a principal amount equal to an amount that is representative
of a single transaction in U.S. dollars in the market at the time.  If three banks provide quotations, 3-Month
LIBOR for the applicable Distribution Period shall be the arithmetic mean of
the three quoted rates.  If fewer than
three New York City banks selected by the Calculation Agent are quoting such
rates, 3-Month LIBOR for the applicable Distribution Period shall be the same
as for the immediately preceding Distribution Period.

 

3-Month LIBOR shall be rounded upward or downward, as appropriate, to
the next higher or lower hundredth of a percentage point.

 

“Treasury Regulations” means the income tax regulations,
including temporary and proposed regulations, promulgated under the Code by the
United States Department of the Treasury, as such regulations may be amended
from time to time (including corresponding provisions of succeeding
regulations).

 

“Trust” has the meaning set forth in the recitals hereto.

 

“Trust Common Securities” has the meaning set forth in Section 7.1(c)(ii) hereof.

 

“Trust Common Security Certificate” means a definitive
certificate in fully registered form representing a Trust Common Security
substantially in the form of Exhibit A-2 hereto.

 

“Trust Enforcement Event” means (a) a default by the
Company in respect of any of its obligations under the Trust Guarantee or (b) an
Indenture Event of Default.

 

“Trust Guarantee” means the Trust Guarantee Agreement dated as
of March 23, 2006, entered into by the Company, as Guarantor, for the
benefit of the Holders of the Trust Securities.

 

8

 

“Trust Indenture Act” means the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbb), as amended and as in effect on the date of this
Declaration of Trust, except as provided in Section 11.1(b)(iv).

 

“Trust Preferred Securities” has the meaning set forth in Section 7.1(c)(i) hereof.

 

“Trust Preferred Security Certificate” means a definitive
certificate in fully registered form representing a Trust Preferred Security
substantially in the form of Exhibit A-1 hereto.

 

“Trust Securities” has the meaning set forth in Section 7.1(c)(ii) hereof.

 

“Trustee” or “Trustees” means each Person who has signed
this Declaration of Trust as a trustee, so long as such Person shall continue
as a trustee in accordance with the terms hereof, and all other Persons who may
from time to time be duly appointed, qualified and serving as Trustees in
accordance with the provisions hereof, and references herein to a Trustee or
the Trustees shall refer to such Person or Persons solely in their capacity as
trustees hereunder.

 

“U.S. Person” means a United States person as defined in Section 7701(a)(30)
of the Code.

 

ARTICLE II

 

TRUST INDENTURE ACT

 

SECTION 2.1.                                                                    Trust
Indenture Act; Application.

 

(a)                                  This
Declaration of Trust is subject to the provisions of the Trust Indenture Act
that are referred to in this Declaration of Trust and shall, to the extent
applicable, be governed by such provisions.

 

(b)                                 The
Property Trustee shall be the only Trustee that is a trustee for the purposes
of the Trust Indenture Act.

 

(c)                                  If
and to the extent that any provision of this Declaration of Trust conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust
Indenture Act, such imposed duties shall control.

 

(d)                                 The
application of the Trust Indenture Act to this Declaration shall not affect the
Trust’s classification as a grantor trust for United States federal income tax
purposes.

 

(e)                                  The
Company and the Property Trustee shall not be required to comply with any
provisions of this Declaration of Trust that refer to the Trust Indenture Act
unless this Declaration of Trust shall have been qualified under the Trust
Indenture Act.

 

9

 

SECTION 2.2.                                                                    Lists
of Holders of Trust Securities.

 

(a)                                  Each
of the Sponsor and the Regular Trustees on behalf of the Trust shall provide
the Property Trustee (i) at least five Business Days prior to the date for
payment of distributions, a list, in such form as the Property Trustee may
reasonably require, of the names and addresses of the Holders of the Trust
Securities (“List of Holders”) as of the record date relating to the
payment of such distributions and (ii) at any other time, within 30 days
of receipt by the Trust of a written request from the Property Trustee
therefor, a List of Holders as of a date no more than 15 days before such List
of Holders is given to the Property Trustee; provided, that neither the
Sponsor nor the Regular Trustees on behalf of the Trust shall be obligated to
provide such List of Holders at any time the List of Holders does not differ
from the most recent List of Holders given to the Property Trustee by the
Sponsor and the Regular Trustees on behalf of the Trust.  The Property Trustee shall preserve, in as
current a form as is reasonably practicable, all information contained in Lists
of Holders given to it or which it receives in the capacity as Paying Agent (if
acting in such capacity); provided, that the Property Trustee may
destroy any List of Holders previously given to it on receipt of a new List of
Holders.

 

(b)                                 The
Property Trustee shall comply with its obligations under, and shall be entitled
to the benefits of, Sections 311(a), 311(b) and 312(b) of the Trust
Indenture Act.

 

SECTION 2.3.                                                                    Reports
by the Property Trustee.

 

The Property Trustee shall transmit to Holders such reports concerning
the Property Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act, at the times and in the manner provided
pursuant thereto.  If required by Section 313(a) of
the Trust Indenture Act, the Property Trustee shall, within sixty days after May 15
of each year (commencing with the year of the first anniversary of the issuance
of the debenture) deliver to Holders a brief report, dated as of such May 15,
which complies with the provisions of such Section 313(a). The Property Trustee
shall also comply with the requirements of Section 313(d) of the
Trust Indenture Act.

 

SECTION 2.4.                                                                    Periodic
Reports to Property Trustee.

 

Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide to the Property Trustee such documents, reports and information
as required by Section 314 of the Trust Indenture Act (if any) and the
compliance certificate required by Section 314 of the Trust Indenture Act
in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act.

 

SECTION 2.5.                                                                    Evidence
of Compliance with Conditions Precedent.

 

Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide to the Property Trustee such evidence of compliance with any
conditions precedent, if any, provided for in this Declaration of Trust that
relate to any of the matters set forth in Section 314(c) of the Trust
Indenture Act.  Any certificate or
opinion required to be given by an officer pursuant to Section 314(c)(1) may
be given in the form of an Officers’ Certificate.

 

10

 

SECTION 2.6.                                                                    Trust
Enforcement Events: Waiver.

 

(a)                                  The
Holders of a Majority in Liquidation Amount of Trust Preferred Securities may,
by vote or written consent, on behalf of the Holders of all of the Trust
Preferred Securities, waive any past Trust Enforcement Event in respect of the
Trust Preferred Securities and its consequences; provided, that if the
underlying event of default:

 

(i)                                     is
not waivable under the Indenture, the Trust Enforcement Event under this
Declaration of Trust shall also not be waivable; or

 

(ii)                                  requires
the consent or vote of the Holders of greater than a majority in principal
amount of the holders of the Debenture (a “Super Majority”) to be waived
under the Indenture, the Trust Enforcement Event under this Declaration of
Trust may only be waived by the vote or written consent of the Holders of at
least the same Super Majority in Liquidation Amount of the Trust Preferred
Securities.

 

The foregoing provisions of this Section 2.6(a) shall be in
lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of
the Trust Indenture Act is hereby expressly excluded from this Declaration of
Trust and the Trust Securities. Upon such waiver, any such default shall cease
to exist, and any Trust Enforcement Event with respect to the Trust Preferred
Securities arising therefrom shall be deemed to have been cured, for every
purpose of this Declaration of Trust, but no such waiver shall extend to any
subsequent or other default or Trust Enforcement Event with respect to the
Trust Preferred Securities or impair any right consequent thereon. Any waiver
by the Holders of the Trust Preferred Securities of Trust Enforcement Events
with respect to the Trust Preferred Securities shall also be deemed to
constitute a waiver by the Holders of the Trust Common Securities of any such
Trust Enforcement Event with respect to the Trust Common Securities for all
purposes of this Declaration of Trust without any further act, vote, or consent
of the Holders of the Trust Common Securities.

 

(b)                                 The
Holders of a Majority in Liquidation Amount of the Trust Common Securities may,
by vote, on behalf of the Holders of all of the Trust Common Securities, waive
any past Trust Enforcement Event with respect to the Trust Common Securities
and its consequences; provided, that if the underlying event of default:

 

(i)                                     is
not waivable under the Indenture, except where the Holders of the Trust Common
Securities are deemed to have waived such Trust Enforcement Event under this
Declaration of Trust as provided below in this Section 2.6(b), the Trust
Enforcement Event under this Declaration of Trust shall also not be waivable;
or

 

(ii)                                  requires
the consent or vote of the Holders of a Super Majority to be waived under the
Indenture, except where the Holders of the Trust Common Securities are deemed
to have waived such Trust Enforcement Event under the Declaration of Trust as
provided below in this Section 2.6(b), the Trust Enforcement Event under
this Declaration of Trust may only be waived by the vote or written consent of
the Holders of at least the same Super Majority in Liquidation Amount of the
Trust Common Securities;

 

provided, further, each Holder of Trust
Common Securities shall be deemed to have waived any such Trust Enforcement
Event and all Trust Enforcement Events with respect to the Trust Common
Securities and its consequences until all Trust Enforcement Events with respect
to the 

 

11

 

Trust Preferred Securities have been cured, waived or otherwise
eliminated, and until such Trust Enforcement Events have been so cured, waived
or otherwise eliminated, the Property Trustee shall be deemed to be acting
solely on behalf of the Holders of the Trust Preferred Securities and only the
Holders of the Trust Preferred Securities shall have the right to direct the
Property Trustee in accordance with the terms of the Trust Securities.  The foregoing provisions of this Section 2.6(b) shall
be in lieu of Sections 316(a) (1) (A) and 316(a)(1)(B) of
the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of
the Trust Indenture Act are hereby expressly excluded from this Declaration of
Trust and the Trust Securities.  Subject
to the foregoing provisions of this Section 2.6(b), upon such waiver, any
such default shall cease to exist and any Trust Enforcement Event with respect
to the Trust Common Securities arising therefrom shall be deemed to have been
cured for every purpose of this Declaration of Trust, but no such waiver shall
extend to any subsequent or other default or Trust Enforcement Event with
respect to the Trust Common Securities or impair any right consequent thereon.

 

SECTION 2.7.                                                                    Trust
Enforcement Event; Notice.

 

(a)                                  The
Property Trustee shall, within 90 calendar days after the occurrence of a Trust
Enforcement Event, transmit by mail, first class postage prepaid, to the
Holders of the Trust Securities, notices of all defaults with respect to the
Trust Securities actually known to a Responsible Officer of the Property
Trustee, unless such defaults have been cured before the giving of such notice
(the term “defaults” for the purposes of this Section 2.7 being hereby
defined to be defaults as defined in the Trust Guarantee or any Indenture Event
of Default, not including any periods of grace provided for therein and
irrespective of the giving of any notice provided therein); provided,
that except for a default in the payment of principal of (or premium, if any)
or interest on the Debenture, the Property Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Property
Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Trust Securities.

 

(b)                                 The
Property Trustee shall not be deemed to have knowledge of any default except
any default as to which the Property Trustee shall have received written notice
or of which a Responsible Officer of the Property Trustee charged with the
administration of this Declaration of Trust shall have actual knowledge.

 

ARTICLE III

 

ORGANIZATION

 

SECTION 3.1.                                                                    Name.

 

The Trust is named “Capmark Trust,” as such name may be modified from
time to time by the Regular Trustees following written notice to the Holders of
Trust Securities, the Property Trustee and the Delaware Trustee. The Trust’s
activities may be conducted under the name of the Trust or any other name
deemed advisable by the Regular Trustees.

 

12

 

SECTION 3.2.                                                                    Office.

 

The address of the principal office of the Trust is c/o GMAC Commercial
Holding Corp., 200 Witmer Road, Horsham, PA 19044. On ten Business Days’
written notice to the Holders of Trust Securities, the Property Trustee, the
Delaware Trustee and the Regular Trustees may designate another principal
office.

 

SECTION 3.3.                                                                    Purpose.

 

The exclusive purposes and functions of the Trust are (a) to issue
and sell Trust Securities and to use the proceeds from such sale to acquire the
Debenture and (b) except as otherwise limited herein, to engage in only
those other activities necessary or incidental thereto. The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, pledge
any of its assets, or otherwise undertake (or permit to be undertaken) any
activity that would cause the Trust not to be classified for United States
federal income tax purposes as a grantor trust.

 

SECTION 3.4.                                                                    Authority.

 

(a)                                  Subject
to the limitations provided in this Declaration of Trust and to the specific
duties of the Property Trustee, the Regular Trustees shall have exclusive and
complete authority to carry out the purposes of the Trust. An action taken by
the Regular Trustees in accordance with their powers shall constitute the act
of and serve to bind the Trust and an action taken by the Property Trustee on
behalf of the Trust in accordance with its powers shall constitute the act of
and serve to bind the Trust. In dealing with the Trustees acting on behalf of
the Trust, no Person shall be required to inquire into the authority of the
Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely
conclusively on the power and authority of the Trustees as set forth in this
Declaration of Trust.

 

(b)                                 Except
as expressly set forth in this Declaration of Trust and except if a meeting of
the Regular Trustees is called with respect to any matter over which the
Regular Trustees have power to act, any power of the Regular Trustees may be
exercised by, or with the consent of, any one such Regular Trustee.

 

(c)                                  Unless
otherwise determined by the Regular Trustees, and except as otherwise required
by the Statutory Trust Act or applicable law, any Regular Trustee is authorized
to execute on behalf of the Trust any documents which the Regular Trustees have
the power and authority to cause the Trust to execute pursuant to Section 3.6;
provided, that the registration statement referred to in Section 3.6(b)(iii),
including any amendments thereto, shall be signed on behalf of the Trust by at
least a majority of the Regular Trustees; and

 

(d)                                 A
Regular Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for
the purposes of signing any documents which the Regular Trustees have power and
authority to cause the Trust to execute pursuant to Section 3.6; provided,
that such natural person is a U.S. Person.

 

13

 

SECTION 3.5.                                                                    Title
to Property of the Trust.

 

Except as provided in Section 3.8 with respect to the Debenture
and the Property Account or as otherwise provided in this Declaration of Trust,
legal title to all assets of the Trust shall be vested in the Trust.  The Holders shall not have legal title to any
part of the assets of the Trust, but shall have an undivided beneficial
ownership interest in the assets of the Trust.

 

SECTION 3.6.                                                                    Powers
and Duties of the Regular Trustees.

 

The Regular Trustees shall have the exclusive power, duty and authority
to cause the Trust to engage in the following activities:

 

(a)                                  to
establish the terms and form of the Trust Preferred Securities and the Trust
Common Securities in the manner specified in Section 7.1(a) and issue
and sell the Trust Preferred Securities and the Trust Common Securities in
accordance with this Declaration of Trust; provided, however,
that the Trust may issue no more than one series of Trust Preferred Securities
and no more than one series of Trust Common Securities; provided, further,
that there shall be no interests in the Trust other than the Trust Securities,
and the issuance of Trust Securities shall be limited to a one-time,
simultaneous issuance of both Trust Preferred Securities and Trust Common
Securities on the Closing Date;

 

(b)                                 in
connection with the issue, sale and resale, if any, of the Trust Preferred
Securities, at the direction of the Sponsor, to:

 

(i)                                     execute
and enter into the Purchase Agreement, the Calculation Agency Agreement and the
Registration Rights Agreement providing for the registration under the
Securities Act of the resale of the Trust Preferred Securities, the Trust
Guarantee and the Debenture, and perform the duties and obligations of the
Trust thereunder;

 

(ii)                                  execute
and file any documents prepared by the Sponsor, or take any acts as determined
by the Sponsor to be necessary in order to qualify or register all or part of
the Trust Preferred Securities in any state in which the Sponsor has determined
to qualify or register such Trust Preferred Securities for sale; and

 

(iii)                               execute
and file with the Commission a registration statement on Form S-1 or S-3,
as the case may be, prepared by the Sponsor, pertaining to the resale of the
Trust Preferred Securities, the Trust Guarantee and the Debenture including any
amendments thereto.

 

(c)                                  to
acquire the Debenture with the proceeds of the sale of the Trust Preferred
Securities and the Trust Common Securities; provided, however,
that the Regular Trustees shall cause legal title to the Debenture to be held
of record in the name of the Property Trustee for the benefit of the Holders of
the Trust Preferred Securities and the Holders of Trust Common Securities;

 

(d)                                 to
give the Sponsor and the Property Trustee prompt written notice of the
occurrence of a Special Event; provided, that the Regular Trustees shall
consult with the Sponsor and the Property Trustee before taking or refraining
from taking any action in relation to a Special Event;

 

14

 

(e)                                  to
establish a record date with respect to all actions to be taken hereunder that
require a record date be established, including and with respect to, for the
purposes of Section 316(c) of the Trust Indenture Act, distributions,
voting rights, redemptions and exchanges, and to issue relevant notices to the
Holders of Trust Preferred Securities and Holders of Trust Common Securities as
to such actions and applicable record dates;

 

(f)                                    to
give prompt written notice to the Holders of the Trust Securities of any notice
received from the Company of the Company’s election not to make a current
interest payment on the Debenture;

 

(g)                                 to
take all actions and perform such duties as may be required of the Regular
Trustees pursuant to the terms of the Trust Securities or this Declaration of
Trust;

 

(h)                                 to
bring or defend, pay, collect, compromise, arbitrate, resort to legal action,
or otherwise adjust claims or demands of or against the Trust (“Legal Action”),
unless pursuant to Section 3.8(f), the Property Trustee has the exclusive
power to bring such Legal Action;

 

(i)                                     subject
to Section 6.11, to employ or otherwise engage employees and agents (who
may be designated as officers with titles) and managers, contractors, advisors,
and consultants and pay reasonable compensation for such services to conduct
only those services that the Regular Trustees have authority to conduct
directly; provided, that such delegates are U.S. Persons.

 

(j)                                     to
cause the Trust to comply with the Trust’s obligations under the Trust
Indenture Act;

 

(k)                                  to
give the certificate required by Section 314(a)(4) of the Trust
Indenture Act to the Property Trustee, which certificate may be executed by any
Regular Trustee;

 

(l)                                     to
incur expenses that are necessary or incidental to carrying out any of the
purposes of the Trust;

 

(m)                               to
act as, or appoint another Person to act as, registrar and transfer agent for
the Trust Securities;

 

(n)                                 to
take all action that may be necessary or appropriate for the preservation and
the continuation of the Trust’s valid existence, rights, franchises and
privileges as a statutory trust under the laws of the State of Delaware and of
each other jurisdiction in which such existence is necessary to protect the
limited liability of the Holders of the Trust Preferred Securities or to enable
the Trust to effect the purposes for which the Trust was created;

 

(o)                                 to
take any action, not inconsistent with this Declaration of Trust or with
applicable law, that the Regular Trustees determine in their discretion to be
necessary or desirable in carrying out the purposes and functions of the Trust
as set out in Section 3.3 or the activities of the Trust as set out in
this Section 3.6, including, but not limited to:

 

15

 

(i)                                     causing
the Trust not to be deemed to be an investment company required to be
registered under the Investment Company Act;

 

(ii)                                  causing
the Trust to be classified as a grantor trust and not as an association or a
publicly traded partnership taxable as a corporation for United States federal
income tax purposes; and

 

(iii)                               cooperating
with the Company to ensure that the Debenture will be treated as indebtedness
of the Company for United States federal income tax purposes;

 

(p)                                 to
take all action necessary to cause all applicable tax returns and tax
information reports that are required to be filed with respect to the Trust to
be duly prepared and filed by the Regular Trustees, on behalf of the Trust; and

 

(q)                                 to
execute all documents or instruments, perform all duties and powers, and do all
things for and on behalf of the Trust in all matters necessary or incidental to
the foregoing.

 

The Regular Trustees must exercise the powers set forth in this Section 3.6
in a manner that is consistent with the purposes and functions of the Trust set
out in Section 3.3, and the Regular Trustees shall not take any action
that is inconsistent with the purposes and functions of the Trust set forth in Section 3.3.

 

Subject to this Section 3.6, the Regular Trustees shall have none
of the powers or the authority of the Property Trustee set forth in Section 3.8.

 

Any expenses incurred by the Regular Trustees pursuant to this Section 3.6
shall be reimbursed by the Sponsor pursuant to Article IV hereof.

 

SECTION 3.7.                                                                    Prohibition
of Actions by the Trust and the Trustees.

 

(a)                                  The
Trust shall not, and the Trustees (including the Property Trustee) shall cause
the Trust not to, engage in any activity other than as required or authorized
by this Declaration of Trust. In particular, the Trust shall not, and the
Trustees (including the Property Trustee) shall cause the Trust not to:

 

(i)                                     invest
any proceeds received by the Trust as a result of holding the Debenture, but
shall distribute all such proceeds to Holders of Trust Securities pursuant to
the terms of this Declaration of Trust and of the Trust Securities;

 

(ii)                                  acquire
any assets other than as expressly provided herein;

 

(iii)                               possess
Trust property for other than a purpose stated in Section 3.3 of this
Declaration of Trust;

 

(iv)                              make
any loans or incur any indebtedness or acquire any property other than the
Debenture;

 

16

 

(v)                                 possess
any power or otherwise act in such a way as to vary the Trust assets or the
terms of the Trust Securities in any way whatsoever, except to the extent
expressly authorized in this Declaration of Trust or by the terms of the Trust
Securities;

 

(vi)                              issue
any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Trust other than the Trust Securities;

 

(vii)                           other
than as provided in this Declaration of Trust or by the terms of the Trust
Securities, (A) direct the time, method and place of exercising any trust
or power conferred upon the Debenture Trustee with respect to the Debentures, (B) waive
any past default that is waivable under the Indenture, (C) exercise any
right to rescind or annul any declaration that the principal of all the
Debentures shall be due and payable, or (D) consent to any amendment,
modification or termination of the Indenture or the Debentures where such
consent shall be required unless the Trust shall have received an opinion of
counsel to the effect that such modification will not cause more than an
insubstantial risk that the Trust will be deemed an Investment Company required
to be registered under the Investment Company Act, or the Trust will be
classified as other than a grantor trust for United States federal income tax
purposes;

 

(viii)                        take
any action inconsistent with the status of the Trust as a grantor trust for
United States federal income tax purposes;

 

(ix)                                revoke
any action authorized or approved by vote of the Holders of the Trust Preferred
Securities; or

 

(x)                                   other
than in connection with the liquidation of the Trust pursuant to a Special
Event or upon redemption of all the Trust Securities, file a certificate of
cancellation with respect to the Trust.

 

SECTION 3.8.                                                                    Powers
and Duties of the Property Trustee and Agent.

 

(a)                                  The
legal title to the Debenture shall be owned by and held of record in the name
of the Property Trustee in trust for the benefit of the Holders of the Trust
Securities. The right, title and interest of the Property Trustee to the
Debenture shall vest automatically in each Person who may hereafter be
appointed as Property Trustee in accordance with Section 6.7. Such vesting
and cessation of title shall be effective whether or not conveyancing documents
with regard to the Debenture have been executed and delivered.

 

(b)                                 The
Property Trustee shall not transfer its right, title and interest in the
Debenture to the Regular Trustees or to the Delaware Trustee (if the Property
Trustee does not also act as Delaware Trustee).

 

(c)                                  The
Paying Agent shall:

 

(i)                                     establish
and maintain a segregated non-interest bearing trust account (the “Property
Account”) in the name of and under the exclusive control of the Paying
Agent on behalf of the Holders of the Trust Securities and, upon the receipt of
payments of funds from the Company on the Debenture or on the Trust Guarantee,
deposit such funds 

 

17

 

into the Property Account and make payments to the Holders of the Trust
Preferred Securities and Holders of the Trust Common Securities from the
Property Account in accordance with Sections 7.2 and 8.2. Funds in the Property
Account shall be held uninvested until disbursed in accordance with this
Declaration of Trust. The Property Account shall be an account that is
maintained with a banking institution authorized to exercise corporate trust
powers and having a combined capital and surplus of at least $50,000,000 and subject
to supervision or examination by Federal or state authority, and the rating on
whose long term unsecured indebtedness is at least equal to the rating assigned
to the Trust Preferred Securities by a “nationally recognized statistical
rating organization,” within the meaning of Rule 436(g)(2) under the
Securities Act; and

 

(ii)                                  engage
in such ministerial activities as shall be necessary or appropriate to effect
the redemption of the Trust Preferred Securities and the Trust Common
Securities if and when the Debenture is redeemed or matures; and

 

(iii)                               upon
written notice of distribution issued by the Regular Trustees in accordance
with the terms of the Trust Securities, engage in such ministerial activities
as so directed and as shall be necessary or appropriate to effect the
distribution of the Debenture to Holders of Trust Securities upon the
occurrence of a Special Event.

 

(d)                                 The
Property Trustee shall take all actions and perform such duties as may be
specifically required of the Property Trustee pursuant to the terms of this
Declaration of Trust and the Trust Securities.

 

(e)                                  The
Property Trustee shall take any Legal Action that arises out of or in
connection with a Trust Enforcement Event of which a Responsible Officer of the
Property Trustee has actual knowledge or that arises out of or in connection
with the Property Trustee’s duties and obligations under this Declaration of
Trust or the Trust Indenture Act; provided  however, that if a
Trust Enforcement Event has occurred and is continuing and such event is
attributable to the failure of the Debenture Issuer to pay interest, principal
or other required payments on the Debentures on the date such interest,
principal or other required payments are otherwise payable (or in the case of
redemption, on the redemption date), then a Holder of Trust Preferred
Securities may directly institute a proceeding against the Debenture Issuer for
enforcement of payment to such Holder of the interest, principal or other
required payment on Debentures having a principal amount equal to the aggregate
liquidation amount of the Trust Preferred Securities of such Holder (a “Direct
Action”) on or after the respective due date specified in the Debentures.

 

(f)                                    The
Property Trustee shall have the legal power to exercise all of the rights,
powers and privileges of a Holder of the Debenture and, if a Trust Enforcement
Event occurs and is continuing, the Property Trustee shall, for the benefit of
Holders of the Trust Securities, enforce its rights as Holder of the Debenture
subject to the rights of the Holders pursuant to the terms of such Trust
Securities, including requiring the delivery of a Payment Notice to the Company
upon written direction of Holders of a Majority in Liquidation Amount of the
outstanding Trust Securities.

 

18

 

(g)                                 Subject
to Section 7.7(a), the Property Trustee may authorize one or more Persons
(each, a “Paying Agent”) to pay distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to all Trust
Securities and any such Paying Agent shall comply with Section 317(b) of
the Trust Indenture Act.  Any Paying
Agent may be removed by the Property Trustee at any time and a successor Paying
Agent or additional Paying Agents may be appointed at any time by the Property
Trustee.

 

(h)                                 The
Property Trustee shall continue to serve as a Trustee until either:

 

(i)                                     the
Trust has been completely liquidated and the assets of the Trust available for
distribution have been distributed to the Holders of Trust Securities pursuant
to the terms of this Declaration of Trust or the Trust Securities; or

 

(ii)                                  a
Successor Property Trustee has been appointed and has accepted that appointment
in accordance with Section 6.7.

 

(i)                                     Subject
to this Section 3.8, the Property Trustee shall have none of the duties,
liabilities, powers or the authority of the Regular Trustees set forth in Section 3.6.

 

The Property Trustee must exercise the powers set forth in this Section 3.8
in a manner that is consistent with the purposes and functions of the Trust set
out in Section 3.3, and the Property Trustee shall have no power to, and
shall not, take any action that is inconsistent with the purposes and functions
of the Trust set out in Section 3.3.

 

SECTION 3.9.                                                                    Certain
Duties and Responsibilities of the Property Trustee.

 

(a)                                  The
Property Trustee, before the occurrence of any Trust Enforcement Event and
after the curing or waiver of all Trust Enforcement Events that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Declaration of Trust and no implied covenants shall be read into
this Declaration of Trust against the Property Trustee. In case a Trust
Enforcement Event has occurred (that has not been cured or waived pursuant to Section 2.6)
of which a Responsible Officer of the Property Trustee has actual knowledge,
the Property Trustee shall exercise such of the rights and powers vested in it
by this Declaration of Trust, and use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

 

(b)                                 No
provision of this Declaration of Trust shall be construed to relieve the
Property Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(i)                                     prior
to the occurrence of a Trust Enforcement Event and after the curing or waiving
of all such Trust Enforcement Events that may have occurred:

 

(A)                              the duties and obligations
of the Property Trustee shall be determined solely by the express provisions of
this Declaration of Trust and the Property Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set
forth in this Declaration of Trust, and no implied 

 

19

 

covenants or obligations shall be read into this Declaration of Trust
against the Property Trustee; and

 

(B)                                in the absence of bad
faith on the part of the Property Trustee, the Property Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the
Property Trustee and conforming to the requirements of this Declaration of
Trust; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Property
Trustee, the Property Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Declaration
of Trust;

 

(ii)                                  the
Property Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Property Trustee, unless it shall be
proved that the Property Trustee was negligent in ascertaining the pertinent
facts;

 

(iii)                               the
Property Trustee shall not be liable with respect to any action taken or
omitted to be taken by it without negligence in good faith in accordance with
the direction of the Holders of not less than a Majority in Liquidation Amount
of the Trust Securities relating to the time, method and place of conducting
any proceeding for any remedy available to the Property Trustee, or exercising
any trust or power conferred upon the Property Trustee under this Declaration
of Trust;

 

(iv)                              no
provision of this Declaration of Trust shall require the Property Trustee to
expend or risk its own funds or otherwise incur personal financial liability in
the performance of any of its duties or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that the repayment of
such funds or liability is not reasonably assured to it under the terms of this
Declaration of Trust or indemnity reasonably satisfactory to the Property
Trustee against such risk or liability is not reasonably assured to it;

 

(v)                                 the
Property Trustee’s sole duty with respect to the custody, safe keeping and
physical preservation of the Debenture and the Property Account shall be to
deal with such property in a similar manner as the Property Trustee deals with
similar property for its own account, subject to the protections and
limitations on liability afforded to the Property Trustee under this
Declaration of Trust and the Trust Indenture Act;

 

(vi)                              the
Property Trustee shall have no duty or liability for or with respect to the
value, genuineness, existence or sufficiency of the Debenture or the payment of
any taxes or assessments levied thereon or in connection therewith;

 

(vii)                           the
Property Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree with the Sponsor.  Money held by the Property Trustee need not
be segregated from other funds held by it except in relation to the Property
Account maintained by the Property Trustee pursuant to Section 3.8(c)(i) and
except to the extent otherwise required by law; and

 

20

 

(viii)                        the
Property Trustee shall not be responsible for monitoring the compliance by the
Regular Trustees or the Sponsor with their respective duties under this
Declaration of Trust, nor shall the Property Trustee be liable for any default
or misconduct of the Regular Trustees or the Sponsor.

 

SECTION 3.10.                                                              Certain
Rights of Property Trustee.

 

(a)                                  Subject
to the provisions of Section 3.9:

 

(i)                                     the
Property Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed, sent or presented by the
proper party or parties;

 

(ii)                                  any
direction or act of the Sponsor or the Regular Trustees acting on behalf of the
Trust contemplated by this Declaration of Trust shall be sufficiently evidenced
by an Officers’ Certificate;

 

(iii)                               whenever
in the administration of this Declaration of Trust, the Property Trustee shall
deem it desirable that a matter be proved or established before taking,
suffering or omitting any action hereunder, the Property Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on
its part, request and conclusively rely upon an Officers’ Certificate which,
upon receipt of such request, shall be promptly delivered by the Sponsor or the
Regular Trustees;

 

(iv)                              the
Property Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation
statement or any filing under tax or securities laws) or any rerecording,
refiling or re-registration thereof;

 

(v)                                 the
Property Trustee may consult with counsel or other experts and the advice or
opinion of such counsel and experts with respect to legal matters or advice
within the scope of such experts’ area of expertise shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with such advice or
opinion and such counsel may be counsel to the Sponsor or any of its
Affiliates, and may include any of its employees. The Property Trustee shall
have the right at any time to seek instructions concerning the administration
of this Declaration of Trust from any court of competent jurisdiction;

 

(vi)                              the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Declaration of Trust at the request or direction of
any Holder unless such Holder shall have provided to the Property Trustee
security and indemnity, reasonably satisfactory to the Property Trustee,
against the costs, expenses (including attorneys’ fees and expenses and the
expenses of the Property Trustee’s agents, nominees or custodians) and liabilities
that might be incurred by it in complying with such request or direction,
including such reasonable advances as may be requested 

 

21

 

by the Property Trustee; provided, that nothing contained in
this Section 3.10(a)(vi) shall be taken to relieve the Property
Trustee, upon the occurrence of a Trust Enforcement Event, of its obligation to
exercise the rights and powers vested in it by this Declaration of Trust;

 

(vii)                           the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Property
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit;

 

(viii)                        the
Property Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents, custodians,
nominees or attorneys and the Property Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder; provided, that such agent, custodian, nominee
or attorney is a U.S. person as defined in Section 7701(a)(30) of the
Code;

 

(ix)                                any
action taken by the Property Trustee or its agents hereunder shall bind the
Trust and the Holders of the Trust Securities, and the signature of the
Property Trustee or its agents alone shall be sufficient and effective to
perform any such action and no third party shall be required to inquire as to
the authority of the Property Trustee to so act or as to its compliance with
any of the terms and provisions of this Declaration of Trust, both of which
shall be conclusively evidenced by the Property Trustee’s or its agent’s taking
such action;

 

(x)                                   whenever
in the administration of this Declaration of Trust the Property Trustee shall
deem it desirable to receive instructions with respect to enforcing any remedy
or right or taking any other action hereunder, the Property Trustee (i) may
request instructions from the Holders of the Trust Securities which
instructions may only be given by the Holders of the same proportion in
liquidation amount of the Trust Securities as would be entitled to direct the
Property Trustee under the terms of the Trust Securities in respect of such
remedy, right or action, (ii) may refrain from enforcing such remedy or
right or taking such other action until such instructions are received and (iii) shall
be protected in conclusively relying on or acting in or accordance with such
instructions;

 

(xi)                                except
as otherwise expressly provided by this Declaration of Trust, the Property Trustee
shall not be under any obligation to take any action that is discretionary
under the provisions of this Declaration of Trust;

 

(xii)                             the
Property Trustee shall not be liable for any action taken, suffered or omitted
to be taken by it without negligence, in good faith and reasonably believed by
it to be authorized or within the discretion, rights or powers conferred upon
it by this Declaration of Trust;

 

(xiii)                          without
prejudice to any other rights available to the Property Trustee under
applicable law, when the Property Trustee incurs expenses or renders services
in 

 

22

 

connection with a bankruptcy, such expenses (including the fees and
expenses of its counsel) and the compensation for such services are intended to
constitute expenses of administration under any bankruptcy law or law relating
to creditors rights generally;

 

(xiv)                         the
Property Trustee shall not be charged with knowledge of a Trust Enforcement
Event unless a Responsible Officer of the Property Trustee obtains actual
knowledge of such event or the Property Trustee received written notice of such
event from Holders holding more than a Majority in Liquidation Amount of the
Trust Preferred Securities; and

 

(xv)                            any
action taken by the Property Trustee or its agents hereunder shall bind the
Trust and the Holders of such Securities, and the signature of the Property
Trustee or one of its agents shall by itself be sufficient and effective to
perform any such action and no third party shall be required to inquire as to
the authority of the Property Trustee to so act or as to its compliance with
any of the terms and provisions of this Declaration of Trust, both of which
shall be conclusively evidenced by the Property Trustee’s or its agent’s taking
such action.

 

(b)                                 No
provision of this Declaration of Trust shall be deemed to impose any duty or
obligation on the Property Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Property Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Property Trustee
shall be construed to be a duty.

 

SECTION 3.11.                                                              Delaware
Trustee and Regular Trustees.

 

(a)                                  The
Delaware Trustee shall not be entitled to exercise any powers, nor shall the
Delaware Trustee have any of the duties and responsibilities, of the Property
Trustee or the Regular Trustees set forth herein.  The Delaware Trustee shall be one of the
Trustees of the Trust for the sole and limited purpose of fulfilling the
requirements of Section 3807 of the Statutory Trust Act and for taking
such actions as are required to be taken by a Delaware trustee under the
Statutory Trust Act.  The duties
(including fiduciary duties), liabilities and obligations of the Delaware
Trustee shall be limited to (a) accepting legal process served on the
Trust in the State of Delaware and (b) the execution of any certificates
required to be filed with the Secretary of State of the State of Delaware that
the Delaware Trustee is required to execute under Section 3811 of the
Statutory Trust Act, and there shall be no other duties (including fiduciary
duties) or obligations, express or implied, at law or in equity, of the
Delaware Trustee.

 

(b)                                 Except
for the provisions of Article IX hereof, the Delaware Trustee and the
Regular Trustees shall be entitled to all of the rights, protections and
immunities under this Declaration of Trust and with respect to the Trust as the
Property Trustee.

 

23

 

SECTION 3.12.                                                              Not
Responsible for Recitals or Issuance of Trust Securities.

 

The recitals contained in this Declaration of Trust and the Trust
Securities shall be taken as the statements of the Sponsor, and the Trustees do
not assume any responsibility for their correctness. The Trustees make no
representations as to the value or condition of the property of the Trust or
any part thereof. The Trustees make no representations as to the validity or
sufficiency of this Declaration of Trust or the Trust Securities.

 

SECTION 3.13.                                                              Duration
of Trust.

 

The Trust, unless terminated pursuant to the provisions of Article VIII
hereof, shall have perpetual existence.

 

SECTION 3.14.                                                              Mergers.

 

(a)                                  The
Trust may not consolidate, amalgamate, merge with or into, or be replaced by,
or convey, transfer or lease its properties and assets substantially as an
entirety to any corporation or other body, except as described in Section 3.14(b) and
(c).

 

(b)                                 The
Trust may, at the request of the Sponsor and with the consent of the Regular
Trustees or, if there are more than two, a majority of the Regular Trustees and
without the consent of the Holders of the Trust Securities, the Delaware
Trustee or the Property Trustee, consolidate, amalgamate, merge with or into,
or be replaced by or convey, transfer or leave its properties substantially as
an entirety to a trust organized as such under the laws of any State of the
United States; provided that:

 

(i)                                     if
the Trust is not the survivor, such successor entity (the “Successor Entity”)
either:

 

(A)                              expressly assumes all of
the obligations of the Trust with respect to the Trust Securities; or

 

(B)                                substitutes for the
Trust Preferred Securities other securities having substantially the same terms
as the Trust Preferred Securities (the “Successor Trust Preferred Securities”)
so long as the Successor Trust Preferred Securities rank the same as the Trust
Preferred Securities rank with respect to distributions, assets and payments
upon liquidation, redemption and otherwise;

 

(ii)                                  the
Company expressly acknowledges as the Holder of the Debenture a trustee of the
Successor Entity that possesses the same powers and duties as the Property
Trustee;

 

(iii)                               such
merger, consolidation, amalgamation or replacement does not cause the Trust
Preferred Securities (including any Successor Trust Preferred Securities) to be
downgraded by any “nationally recognized statistical rating organization” as
defined by the Commission;

 

(iv)                              such
merger, consolidation, amalgamation or replacement does not adversely affect
the rights, preferences and privileges of the Holders of the Trust Preferred
Securities (including any Successor Trust Preferred Securities) in any material

 

24

 

respect (other than with respect to any dilution of the Holders’
interest in the Successor Entity);

 

(v)                                 such
Successor Entity has a purpose identical to that of the Trust;

 

(vi)                              the
Company guarantees the obligations of such Successor Entity under the Successor
Trust Preferred Securities at least to the extent provided by the Trust
Guarantee; and

 

(vii)                           prior
to such merger, consolidation, amalgamation or replacement, conveyance,
transfer or lease, the Sponsor has received an opinion of an independent
counsel to the Trust experienced in such matters to the effect that:

 

(A)                              such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of
the Trust Preferred Securities (including any Successor Trust Preferred
Securities) in any material respect (other than with respect to any dilution of
the Holders’ interest in the Successor Entity);

 

(B)                                following such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease the
Trust (or the Successor Entity) shall not be required to register as an
investment company under the Investment Company Act; and

 

(C)                                following such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease the
Trust (or the Successor Entity) shall be classified as a grantor trust and not
as an association or a publicly traded partnership taxable as a corporation for
United States federal income tax purposes;

 

(viii)                        the
Sponsor or any permitted successor or assignee owns all of the Trust Common
Securities and guarantees the obligations of such Successor Entity under the Successor
Trust Preferred Securities at least to the extent provided by the Trust
Guarantee; and

 

(ix)                                such
Successor Entity expressly assumes all of the obligations of the Trust with
respect to the Trustees.

 

(c)                                  Notwithstanding
Section 3.14(b), the Trust shall not, except with the consent of Holders
of 100% in aggregate liquidation amount of the Trust Preferred Securities,
consolidate, amalgamate, merge with or into, or be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to,
any other entity or permit any other entity to consolidate, amalgamate, merge
with or into, or replace it if such consolidation, amalgamation, merger,
replacement, conveyance, transfer or lease would cause the Trust or Successor
Entity to be treated as an association taxable as a corporation, or otherwise
be taxable, for United States federal income tax purposes.

 

25

 

ARTICLE IV

 

SPONSOR

 

SECTION 4.1.                                                                       Responsibilities
of the Sponsor.

 

In connection with the issue and sale of the Trust Preferred
Securities, the Sponsor, as an agent of the Trust, shall have the exclusive
right and responsibility to engage in the following activities, if applicable:

 

(a)                                  to
negotiate the terms of a purchase agreement providing for the sale of the Trust
Preferred Securities to the Purchaser;

 

(b)                                 to
prepare for filing by the Trust with the Commission a registration statement,
and any amendments thereto, on Form S-1 or Form S-3, as applicable,
registering the Trust Preferred Securities, the Trust Guarantee and the
Debenture; and

 

(c)                                  to
determine the States in which to take appropriate action to qualify or register
for sale all or part of the Trust Preferred Securities and to do any and all
such acts, other than actions which must be taken by the Trust, and advise the
Trust of actions it must take, and prepare for execution and filing any
documents to be executed and filed by the Trust, as the Sponsor deems necessary
or advisable in order to comply with the applicable laws of any such States.

 

SECTION 4.2.                       Payment
of Trust, Trustee and Agent Expenses

 

(a)                                  Because
the Trust is being formed solely to facilitate a direct investment in the
Debenture, the Sponsor hereby agrees, at any time while the Property Trustee is
the Holder of the Debenture, to pay all the expenses, debts and obligations
(other than to Holders of Trust Securities) of the Trust, including, but not
limited to, any liabilities arising under any applicable laws and any taxes
(other than withholding taxes except as described below), duties, assessments
or governmental charges of whatever nature imposed on the Trust by the United
States, or any other taxing authority, so that the net amounts received and
retained by the Trust and the Property Trustee and Agent after paying such
expenses, debts and obligations (other than to Holders of Trust Securities)
shall be equal to the amounts the Trust, the Property Trustee and the Agent
would have received had no such costs or expenses been incurred by or imposed
on the Trust. The Sponsor shall be liable for and shall pay all such expenses,
debt and obligations solely out of its own funds.  In the event that the Trust is unable to
offset its withholding tax obligations against Distributions to the applicable
Holder or beneficial owners, as provided by Section 10.4, the Sponsor
shall be liable for, and reimburse the Trust for, such taxes.

 

(b)                                 The
Sponsor agrees to indemnify the Property Trustee, the Delaware Trustee and the
Agent for, and to hold each of them harmless against, any loss, liability or
expense incurred without negligence or bad faith on the part of the Property
Trustee, the Delaware Trustee or the Agent, as the case may be, arising out of
or in connection with the acceptance or administration of the Trust hereunder,
including the costs and expenses of defending either of them against any claim
or liability in connection with the exercise or 

 

26

 

performance of
any of their respective powers or duties hereunder.  The provisions of this Section 4.2(b) shall
survive the resignation or removal of the Delaware Trustee, the Property
Trustee or the Agent or the termination of the Declaration of Trust.

 

(c)                                  The
foregoing obligations of the Sponsor are for the benefit of, and shall be
enforceable by, any Person to whom any such debts, obligations, costs, expenses
and taxes are owed (each, a “Creditor”), whether or not such Creditor
has received notice thereof.  Any such
Creditor may enforce such obligations of the Sponsor directly against the
Sponsor, and the Sponsor irrevocably waives any right or remedy to require that
any such Creditor take any action against the Trust or any other Person before
proceeding against the Sponsor.

 

SECTION 4.3.                                                                       Covenants
of the Sponsor

 

(a)                                  The
Sponsor shall, for so long as the Trust is in existence:  (i) maintain directly or indirectly 100%
ownership of the Trust Common Securities, (ii) cause the Trust to remain a
statutory trust and not to be voluntarily dissolved, wound up, liquidated or
terminated, except as provided for in this Declaration of Trust, (iii) use
its commercially reasonable efforts to assure that the Trust will not be an “investment
company” for purposes of the Investment Company Act and (iv) take no
action and not fail to take any action which action or failure would cause the
Trust not to be classified as a grantor trust for United States federal income
tax purposes.

 

(b)                                 So
long as any Trust Securities are outstanding, if (A) Distributions then
due on the Trust Preferred Securities have not been paid in full on a
compounded basis as of the most recent Distribution Payment Date, (B) an
Indenture Event of Default has occurred and is continuing, (C) an optional
deferral or a Mandatory Deferral Event with respect to interest payments on the
Debenture has occurred and is continuing or (D) the Company is in default
of any of its obligations under the Trust Guarantee, then, during such period,
the Company shall not, nor shall it permit any subsidiary to:

 

(A)                              declare
or pay any dividends or distributions on, or redeem, purchase, acquire or make
a liquidation payment with respect to, any capital stock of the Company;

 

(B)                                make
any payment of principal, interest or premium, if any, on or repay, repurchase
or redeem any debt securities of the Company that rank on a parity with (“Parity
Debt Securities”) or junior in interest to the Debenture; or

 

(C)                                make
any guarantee payments with respect to any guarantee of the Company of the debt
securities of any subsidiary of the Company if such guarantee ranks on a parity
with (“Parity Guarantees”) or junior in interest to the Debenture;

 

provided,
however, that the following shall be permitted:

 

(i)                                     dividends or
distributions in the form of common stock of the Company;

 

(ii)                                  payments under the
Trust Guarantee;

 

27

 

(iii)                               any declaration of a
dividend in connection with the implementation of a shareholders’ rights plan,
or the issuance of stock under any such plan in the future, or the redemption
or repurchase of any such rights pursuant thereto;

 

(iv)                              the repurchase by the
Company of its common stock or options to purchase its common stock upon any
termination of employment or service (including, without limitation, due to
death or disability) or pursuant to any other obligation to repurchase common
stock, of an employee or director of, or other service provider having a
relationship with, the Company or any of its Affiliates, granted under any of
the Company’s equity incentive plans or related management stockholder’s
agreements; and

 

(v)                                 payments of interest
on any of the Parity Debt Securities or payments under any Parity Guarantees in
respect of interest payments on debt securities of any subsidiary of the
Company, in each case ratably and in proportion to the respective amount of (x)
accrued and unpaid interest on such Parity Debt Securities or guaranteed by
such Parity Guarantees, on the one hand, and (y) accumulated and unpaid
Distributions (including compounded amounts) on the Trust Preferred Securities,
on the other hand.

 

ARTICLE V

 

TRUST COMMON SECURITIES HOLDER

 

SECTION 5.1.                                                                       Company’s
Purchase of Trust Common Securities.

 

On the Closing Date the Company shall purchase all of the Trust Common
Securities issued by the Trust, for $1,000, at the same time as the Trust
Preferred Securities are sold.

 

SECTION 5.2.                                                                       Covenants
of the Trust Common Securities Holder.

 

For so long as the Trust Preferred Securities remain outstanding, the
Company shall covenant (i) to maintain directly or indirectly 100%
ownership of the Trust Common Securities, (ii) to cause the Trust to
remain a statutory trust and not to voluntarily dissolve, wind up, liquidate,
or be terminated, except as permitted by this Declaration of Trust, (iii) to
use its commercially reasonable efforts to ensure that the Trust shall not be
an investment company for purposes of the Investment Company Act and (iv) to
take no action and not fail to take an action which action or failure would
cause the Trust not to be classified as a grantor trust for United States
federal income tax purposes.

 

ARTICLE VI

 

TRUSTEES

 

SECTION 6.1.                                                                       Number
of Trustees.

 

The number of Trustees initially shall be five, and:

 

28

 

(A)                              subject
to Section 6.2, at any time before the issuance of any Trust Securities,
the Sponsor may, by written instrument, increase or decrease the number of
Trustees; and

 

(B)                                after
the issuance of any Trust Securities, the number of Trustees may be increased
or decreased by vote of the Holders of a Majority in Liquidation Amount of the
Trust Common Securities voting as a class at a meeting of the Holders of the
Trust Common Securities (or, if there is only one Holder, by written
instrument); provided, however, that the number of Trustees shall
in no event be less than three; provided, further, that all
Trustees shall be U.S. Persons and (1) if required by the Statutory Trust
Act, one Trustee shall be the Delaware Trustee; (2) there shall be at
least one Trustee who is an employee or officer of, or is affiliated with, the
Company; and (3) one Trustee shall be the Property Trustee for so long as
this Declaration of Trust is required to qualify as an indenture under the
Trust Indenture Act, and such Property Trustee may also serve as Delaware
Trustee if it meets the applicable requirements.

 

SECTION 6.2.                                                                       Delaware
Trustee.

 

If required by the Statutory Trust Act, one Trustee (the “Delaware
Trustee”) shall be:

 

(A)                              a
natural person who is a resident of the State of Delaware; or

 

(B)                                if
not a natural person, an entity which has its principal place of business in
the State of Delaware, and otherwise meets the requirements of applicable law;

 

provided that if the Property Trustee has its
principal place of business in the State of Delaware and otherwise meets the
requirements of applicable law, then the Property Trustee may also be the
Delaware Trustee (in which case Section 3.11 shall have no application).

 

The initial Delaware Trustee shall be Deutsche Bank Trust Company
Delaware.

 

SECTION 6.3.                                                                       Property
Trustee; Eligibility.

 

(a)                                  There
shall at all times be one Trustee that shall act as Property Trustee that
shall:

 

(i)                                     not
be an Affiliate of the Sponsor; and

 

(ii)                                  be
a corporation organized and doing business under the laws of the  United
States of America or any State or Territory thereof or of the District of
Columbia, or a corporation or Person permitted by the Commission to act as an
institutional trustee under the Trust Indenture Act, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000, and subject to supervision or examination by Federal, State,
Territorial or District of Columbia banking authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority referred to above, then
for the purposes of this Section 6.3(a)(ii), the combined capital and
surplus of such 

 

29

 

corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.

 

The initial Property Trustee shall be Law Debenture Trust Company of
New York.

 

(b)                                 If
at any time the Property Trustee shall cease to be eligible to so act under Section 6.3(a),
the Property Trustee shall immediately resign in the manner and with the effect
set forth in Section 6.7(d).

 

(c)                                  If
the Property Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Property
Trustee and the Holder of the Trust Common Securities (as if it were the
obligor referred to in Section 310(b) of the Trust Indenture Act) shall
in all respects comply with the provisions of Section 310(b) of the
Trust Indenture Act.

 

(d)                                 Each
of the Trust Guarantee and the Indenture shall be deemed to be specifically
described in this Declaration of Trust for purposes of clause (i) of the
first provision contained in Section 310(b) of the Trust Indenture
Act.

 

SECTION 6.4.                                                                       Qualifications
of Regular Trustees and Delaware Trustee Generally.

 

Each Regular Trustee and the Delaware Trustee (unless the Property
Trustee also acts as Delaware Trustee) shall be either a natural person who is
at least 21 years of age or a legal entity that shall act through one or more
Authorized Officers.

 

SECTION 6.5.                                                                       Regular
Trustees.

 

(a)                                  The
initial Regular Trustees shall be John F. Weaver, Marc A. Fox and Peter O’Hara.

 

(b)                                 Except
as expressly set forth in this Declaration of Trust, and except if a meeting of
the Regular Trustees is called with respect to any matter over which the
Regular Trustees have power to act, any power of the Regular Trustees may be
exercised by, or with the consent of, any one such Regular Trustee.

 

(c)                                  Unless
otherwise determined by the Regular Trustees, and except as otherwise required
by the Statutory Trust Act or applicable law, any Regular Trustee is authorized
to execute on behalf of the Trust any documents that the Regular Trustees have
the power and authority to cause the Trust to execute pursuant to Section 3.6;
provided, that the registration statement referred to in Section 3.6(b)(iii),
including any amendments thereto, shall be signed by or on behalf of a majority
of the Regular Trustees.

 

SECTION 6.6.                                                                       Delaware
Trustee.

 

The initial Delaware Trustee shall be Deutsche Bank Trust Company
Delaware.

 

30

 

SECTION 6.7.                                                                       Appointment,
Removal and Resignation of Trustees.

 

(a)                                  Subject
to Section 6.7(b), Trustees may be appointed or removed without cause at
any time:

 

(i)                                     until
the issuance of any Trust Securities, by written instrument executed by the
Sponsor; and

 

(ii)                                  after
the issuance of any Trust Securities, by vote of the Holders of a Majority in
Liquidation Amount of the Trust Common Securities voting as a class at a
meeting of the Holders of the Trust Common Securities (or, if there is only one
Holder, by written instrument).

 

(b)                                 The
Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.7(a) until
a successor Trustee possessing the qualifications to act as Property Trustee
under Section 6.3 (a “Successor Property Trustee”) has been
appointed and has accepted such appointment by written instrument executed by
such Successor Property Trustee and delivered to the Regular Trustees and the
Sponsor.

 

(c)                                  The
Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.7(a) until
a successor Trustee possessing the qualifications to act as Delaware Trustee
under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been
appointed and has accepted such appointment by written instrument executed by
such Successor Delaware Trustee and delivered to the Regular Trustees and the
Sponsor.

 

(d)                                 A
Trustee appointed to office shall hold office until his successor shall have
been appointed or until his death or its dissolution or until his or its
removal or resignation. Any Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing signed by the
Trustee and delivered to the Sponsor and the Trust, which resignation shall
take effect upon such delivery or upon such later date as is specified therein;
provided, however, that:

 

(i)                                     No
such resignation of the Trustee that acts as the Property Trustee shall be
effective:

 

(A)                              until a Successor
Property Trustee has been appointed and has accepted such appointment by
instrument executed by such Successor Property Trustee and delivered to the
Trust, the Sponsor and the resigning Property Trustee; or

 

(B)                                until the Trust has
been completely liquidated and the assets thereof distributed to the Holders of
the Trust Securities; or

 

(C)                                until the assets of the
Trust have been distributed to the Holders of the Trust Securities in
connection with the liquidation of the Trust pursuant to a Special Event; and

 

31

 

(ii)                                  no
such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has
accepted such appointment by instrument executed by such Successor Delaware
Trustee and delivered to the Trust, the Sponsor and the resigning Delaware
Trustee.

 

(e)                                  The
Holders of the Trust Common Securities shall use their best efforts to promptly
appoint a Successor Delaware Trustee or Successor Property Trustee, as the case
may be, if the Property Trustee or the Delaware Trustee delivers an instrument
of resignation in accordance with this Section 6.7.

 

(f)                                    If
no Successor Property Trustee or Successor Delaware Trustee shall have been
appointed and accepted appointment as provided in this Section 6.7 within
60 days after delivery to the Sponsor and the Trust of an instrument of
resignation or removal, the resigning or removed Property Trustee or Delaware
Trustee, as applicable, may petition any court of competent jurisdiction for
appointment of a Successor Property Trustee or Successor Delaware Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper and prescribe, appoint a Successor Property Trustee or Successor
Delaware Trustee, as the case may be.

 

(g)                                 No
Property Trustee or Delaware Trustee shall be liable for the acts or omissions
to act of any Successor Property Trustee or successor Delaware Trustee, as the
case may be.

 

SECTION 6.8.                                                                       Vacancies
among Trustees.

 

If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 6.1, or if the number of
Trustees is increased pursuant to Section 6.1, a vacancy shall occur. A
resolution certifying the existence of such vacancy by the Regular Trustees or,
if there are more than two, a majority of the Regular Trustees shall be conclusive
evidence of the existence of such vacancy. The vacancy shall be filled with a
Trustee appointed in accordance with Section 6.7.

 

SECTION 6.9.                                                                       Effect
of Vacancies.

 

The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee
shall not operate to annul the Trust. Whenever a vacancy in the number of
Regular Trustees shall occur, until such vacancy is filled by the appointment
of a Regular Trustee in accordance with Section 6.7, the Regular Trustees
in office, regardless of their number, shall have all the powers granted to the
Regular Trustees and shall discharge all the duties imposed upon the Regular
Trustees by this Declaration of Trust.

 

SECTION 6.10.                                                                 Meetings.

 

If there is more than one Regular Trustee, meetings of the Regular
Trustees shall be held from time to time upon the call of any Regular Trustee.
Regular meetings of the Regular Trustees may be held at a time and place fixed
by resolution of the Regular Trustees. Notice of 

 

32

 

any in-person meetings of the Regular Trustees shall be hand delivered
or otherwise delivered in writing (including by facsimile, with a hard copy by
overnight courier) not less than 48 hours before such meeting. Notice of any
telephonic meetings of the Regular Trustees or any committee thereof shall be
hand delivered or otherwise delivered in writing (including by facsimile, with
a hard copy by overnight courier) not less than 24 hours before a meeting.
Notices shall contain a brief statement of the time, place and anticipated
purposes of the meeting. The presence (whether in person or by telephone) of a
Regular Trustee at a meeting shall constitute a waiver of notice of such
meeting except where a Regular Trustee attends a meeting for the express
purpose of objecting to the transaction of any activity on the ground that the
meeting has not been lawfully called or convened. Unless provided otherwise in
this Declaration of Trust, any action of the Regular Trustees may be taken at a
meeting by vote of a majority of the Regular Trustees present (whether in
person or by telephone) and eligible to vote with respect to such matter; provided,
that a quorum is present, or without a meeting by the unanimous written consent
of the Regular Trustees. Notwithstanding the foregoing, any and all actions of
the Regular Trustees may be taken by the unanimous written consent of all
Regular Trustees.

 

SECTION 6.11.                                                                 Delegation
of Power.

 

(a)                                  Any
Regular Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person at least the age of 21 his or her power
for the purpose of executing any documents contemplated in Section 3.6;
including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing; provided, that such
person is a U.S. Person; and

 

(b)                                 the
Regular Trustees shall have power to delegate from time to time to such of
their number or to officers of the Trust the doing of such things and the
execution of such instruments either in the name of the Trust or the names of
the Regular Trustees or otherwise as the Regular Trustees may deem expedient,
to the extent such delegation is not prohibited by applicable law or contrary
to the provisions of the Trust, as set forth herein and provided, that
such delegate is a U.S. person within the meaning of Section 7701(a)(30)
of the Code.

 

SECTION 6.12.                                                                 Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Property Trustee, the Delaware Trustee
or any Regular Trustee that is not a natural person, as the case may be, may be
merged or converted or with which either may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Property Trustee or the Delaware Trustee, as the case may be, shall be a party,
or any corporation succeeding to all or substantially all the corporate trust
business of the Property Trustee or the Delaware Trustee, as the case may be,
shall be the successor of the Property Trustee or the Delaware Trustee, as the
case may be, hereunder; provided, such corporation shall be otherwise
qualified and eligible under this Article, without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

 

33

 

ARTICLE VII

 

TERMS OF SECURITIES

 

SECTION 7.1.                                                                       General
Provisions Regarding Securities.

 

Contemporaneously with the execution and delivery of this Declaration
of Trust, the Regular Trustees, on behalf of the Trust, shall execute in
accordance with Section 7.1(b), and the Property Trustee shall, pursuant
to Section 7.1(b), authenticate and deliver to the Purchaser a Trust
Preferred Security Certificate, registered in the name of the Purchaser,
evidencing Trust Preferred Securities having an aggregate liquidation amount of
$250,000,000, against receipt of the aggregate purchase price of such Trust
Preferred Securities of $250,000,000, the consideration of such purchase which
shall constitute a reduction in the amount of $250,000,000 in the aggregate
amount of intercompany indebtedness otherwise owed by the Company to the
Purchaser and its affiliates (other than the Company’s subsidiaries).

 

Contemporaneously with the execution and delivery of this Declaration
of Trust, the Regular Trustees, on behalf of the Trust, shall execute in
accordance with Section 7.1(b) and the Property Trustee shall,
pursuant to Section 7.1(b), authenticate and deliver to the Company a Trust
Common Security Certificate, registered in the name of the Company, evidencing
Trust Common Securities having an aggregate liquidation amount of $1,000,
against receipt of the aggregate purchase price such Trust Common Securities of
$1,000.

 

(a)                                  The
Certificates shall be signed on behalf of the Trust by any Regular Trustee. In
case any Regular Trustee of the Trust who shall have signed any of the Trust
Securities shall cease to be a Regular Trustee before the Certificates so
signed shall be delivered by the Trust, such Certificates nevertheless may be
delivered as though the person who signed such Certificates had not ceased to
be such Regular Trustee; and any Certificate may be signed on behalf of the
Trust by such persons who, at the actual date of execution of such Trust
Security, shall be the Regular Trustees of the Trust, although at the date of
the execution and delivery of this Declaration of Trust any such person was not
such a Regular Trustee. Certificates shall be printed, lithographed or engraved
or may be produced in any other manner as is reasonably acceptable to the
Regular Trustees, as evidenced by their execution thereof, and may have such
letters, numbers or other marks of identification or designation and such
legends or endorsements as the Regular Trustees may deem appropriate, or as may
be required to comply with any law or with any rule or regulation of any
stock exchange on which Trust Securities may be listed, or to conform to usage.

 

A Trust Security shall not be valid until authenticated by the manual
signature of an Authorized Officer of the Property Trustee. Such signature
shall be conclusive evidence that the Trust Security has been authenticated
under this Declaration of Trust.

 

Upon a written order of the Trust signed by one Regular Trustee, the
Property Trustee shall authenticate the Trust Securities for original issue.
The aggregate liquidation amount of Trust Securities outstanding at any time
shall not exceed the number set forth in Section 7.1(a).

 

34

 

The Property Trustee may appoint an authenticating agent acceptable to
the Trust to authenticate Trust Securities; provided, that such
authenticating agent is a U.S. Person. An authenticating agent may authenticate
Trust Preferred Securities whenever the Property Trustee may do so. Each
reference in this Declaration of Trust to authentication by the Property
Trustee includes authentication by such agent. An authenticating agent has the
same rights as the Property Trustee to deal with the Sponsor or an Affiliate of
the Sponsor.

 

(b)                                 The
Regular Trustees shall on behalf of the Trust issue one class of preferred
securities and one class of common securities, each representing undivided
beneficial ownership interests in the assets of the Trust, as follows:

 

(i)                                     Trust
Preferred Securities. Fifty Trust Preferred Securities of the Trust with an
aggregate liquidation amount with respect to the assets of the Trust of
$5,000,000 per Trust Preferred Security, are hereby designated for the purpose
of identification only as Floating Rate Trust Preferred Securities (the “Trust
Preferred Securities”).  The Trust
Preferred Securities shall have an aggregate liquidation amount not greater
than $250,000,000.  The Trust Preferred
Security Certificates evidencing the Trust Preferred Securities shall be
substantially in the form of Exhibit A-1 to this Declaration of Trust,
with such changes and additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice.

 

(ii)                                  Trust
Common Securities. $1,000 in Trust Common Securities of the Trust are
hereby designated for the purposes of identification only as Trust Common
Securities (the “Trust Common Securities” and, together with the Trust
Preferred Securities, the “Trust Securities”). The Trust Common Security
Certificate evidencing the Trust Common Securities shall be substantially in
the form of Exhibit A-2 to this Declaration of Trust, with such changes
and additions thereto or deletions therefrom as may be required by ordinary usage,
custom or practice.

 

(c)                                  The
Trust shall issue no securities or other interests in the assets of the Trust
other than the Trust Preferred Securities and the Trust Common Securities.

 

(d)                                 The
Trust Preferred Securities rank pari  passu and payment thereon
shall be made Pro Rata with the Trust Common Securities except as otherwise
provided in Section 7.2(f); provided, that if an Indenture Event of
Default shall have occurred and be continuing, (i) no payment of any
distribution on any of the Trust Common Securities shall be made unless payment
in full in cash of the Distributions on all outstanding Trust Preferred
Securities for all quarterly distribution periods, terminating on or prior
thereto, shall have been made, except as otherwise provided in Section 7.2(f),
and (ii) no payment on account of the redemption, liquidation or other
acquisition of Trust Common Securities shall be made unless the full amount of
the Redemption Price for all of the outstanding Trust Preferred Securities then
called for redemption or, in the case of amounts payable upon liquidation of
the Trust in accordance with Section 8.2 hereof, assets in an amount equal
to the Redemption Price for all outstanding Trust Preferred Securities shall
have been made or provided for, and all funds available to the Property Trustee
shall first be applied to the payment in full of, or the Redemption Price of,
or all liquidation amounts on the Trust Preferred Securities then due and
payable.

 

35

 

(e)                                  Upon
issuance of the Trust Securities as provided herein, the Trust Securities so
issued shall be deemed to be validly issued, fully paid and non-assessable
beneficial ownership interests in the assets of the Trust, subject to Section 9.1(b) with
respect to the Trust Common Securities.

 

(f)                                    The
consideration received by the Trust for the issuance of the Trust Securities
shall constitute a contribution to the capital of the Trust and shall not
constitute a loan to the Trust.

 

(g)                                 Every
Person, by virtue of having become a Holder or a beneficial owner of a Trust
Preferred Security in accordance with the terms of this Declaration of Trust,
shall be deemed to have expressly assented and agreed to the terms of, and
shall be bound by, this Declaration of Trust and the terms of the Trust
Securities and the Trust Guarantee.

 

(h)                                 The
Holders of the Trust Securities shall have no preemptive rights.

 

SECTION 7.2.                                                                       Distributions.

 

(a)                                  Holders
of Trust Securities shall be entitled to receive cumulative cash distributions
at such times and in such amounts as the Trust receives cash payments from the
Company on the Debenture or on the Trust Guarantee, in any event within two (2) Business
Days of the Trust’s receipt of such cash payments.  If and to the extent that the Trust receives
any such cash payments, the Trust shall and the Paying Agent is directed, to
make a distribution of such cash payment on the Trust Preferred Securities and
the Trust Common Securities on a Pro Rata basis, except as otherwise provided
in Section 7.2(f).

 

(b)                                 Distributions
on the Trust Securities shall be payable only to the extent that the Trust has
funds available for the payment of such distributions in the Property
Account.  Amounts available to the Trust
for distribution to the Holders of the Trust Securities shall be limited to
payments received by the Trust from the Company on the Debenture or on the
Trust Guarantee. If the Property Trustee, as the holder of the Debenture for
the benefit of the Holders of the Trust Securities, receives notice of any
determination by the Company that it will defer interest on the Debenture, the
Property Trustee shall give notice of such determination to the Holders
promptly.

 

(c)                                  All
distributions on the Trust Securities shall be payable to the Holders thereof
as they appear on the books and records of the Trust on the relevant record
dates, which relevant record dates shall be determined by the Regular Trustees
and shall be at least one Business Day before the relevant payment dates.  All distributions shall be paid by the
Property Trustee out of funds held in the Property Account for the benefit of
the Holders of the Trust Securities. If distributions are not paid when
scheduled because the Company has deferred interest on the Debenture, the
accumulated distributions will be paid to the Holders of Trust Securities as
they appear on the books and records of the Trust on the record date with
respect to the payment date for the Trust Securities that corresponds to the
payment date fixed by the Company with respect to the payment of deferred
interest on the Debenture.

 

36

 

(d)                                 In
the event that any date on which a distribution is payable is not a Business
Day, payment of such distribution shall be made on the next succeeding day
which is a Business Day unless such day falls in the next calendar month, in
which case the distribution payment date shall be the immediately preceding
Business Day.  Distributions will
accumulate to the date that such distributions are actually paid.

 

(e)                                  In
the event that there is any money or other property held by or for the Trust
that is not accounted for hereunder, such property shall be distributed Pro
Rata among the Holders of the Trust Securities.

 

(f)                                    In
the event of the Company’s bankruptcy, liquidation or dissolution and if a
Mandatory Deferral Event has been continuing for at least two years,
notwithstanding anything to the contrary contained herein, for a period of five
years commencing on the second anniversary of the Mandatory Deferral Event, any
amount received in respect of interest (including Additional Interest) on the
Debenture accumulating on Trust Securities from that date shall be paid as a
distribution on the Trust Common Securities.

 

SECTION 7.3.                                                                       Redemption
of Trust Securities.

 

(a)                                  Upon
a redemption by the Company pursuant to the terms thereof of the Debenture by
the Company, the proceeds from such redemption shall be simultaneously applied
on a Pro Rata basis, except as otherwise provided in Section 7.1(e), to
redeem Trust Securities having an aggregate liquidation amount equal to 100% of
the principal amount of the Debenture so redeemed, at the Redemption Price on a
Pro Rata basis.

 

(b)                                 On
any date fixed for distribution of the Debenture upon dissolution of the Trust,
(i) the Trust Securities shall no longer be deemed to be outstanding and (ii) certificates
representing Trust Securities shall be deemed to represent their Pro Rata
portion of the Debenture until such certificates are presented to the Sponsor
or its agent for exchange for the Debenture.

 

(c)                                  Subject
to the foregoing and applicable law (including, without limitation, United
States federal securities laws), the Company or its subsidiaries may at any
time and from time to time purchase outstanding Trust Preferred Securities by
tender, in the open market or by private agreement.

 

SECTION 7.4.                                                                       Redemption
Procedures.

 

(a)                                  Notice
of any redemption of the Trust Securities (a “Redemption Notice”) shall
be given by the Trust by mail to each Holder of Trust Securities to be redeemed
not fewer than 30 nor more than 60 calendar days before the date fixed for
redemption of the Debenture. For purposes of the calculation of the date of
redemption and the date on which notices are given pursuant to this Section 7.4,
a Redemption Notice shall be deemed to be given on the day such notice is first
mailed by first-class mail, postage prepaid, to Holders of Trust Securities.
Each Redemption Notice shall be addressed to the Holders of Trust Securities at
the address of each such Holder appearing in the books and records of the
Trust. No defect in the Redemption Notice 

 

37

 

or in the
mailing of either thereof with respect to any Holder shall affect the validity
of the redemption proceedings with respect to any other Holder.

 

(b)                                 In
the event that fewer than all the outstanding Trust Securities are to be
redeemed, the Trust Securities to be redeemed shall be redeemed Pro Rata from
each Holder of Trust Securities.

 

(c)                                  If
Trust Securities are to be redeemed and the Trust gives a Redemption Notice
(which notice shall be irrevocable), then the Property Trustee shall pay the
relevant Redemption Price to the Holders of such Trust Securities by check
mailed to the address of the relevant Holder appearing on the books and records
of the Trust on the redemption date. If a Redemption Notice shall have been
given and funds deposited as required, if applicable, then on the Redemption
Date, distributions shall cease to accumulate on the Trust Securities so called
for redemption and all rights of Holders of such Trust Securities shall cease,
except the right of the Holders of such Trust Securities to receive the
Redemption Price, but without interest on such Redemption Price. If any date
fixed for redemption of Trust Securities is not a Business Day, then payment of
the Redemption Price payable on such date shall be made on the next succeeding
day that is a Business Day, unless such day falls in the next calendar month,
in which case the redemption payment date shall be the immediately preceding
Business Day.  If payment of the
Redemption Price in respect of any Trust Securities is improperly withheld or
refused and not paid either by the Property Trustee or by the Sponsor as
guarantor pursuant to the Trust Guarantee, distributions on such Trust
Securities shall continue to accumulate at the then applicable rate from the
original Redemption Date to the actual date of payment, in which case the
actual payment date shall be considered the date fixed for redemption for
purposes of calculating the Redemption Price. For these purposes, the
applicable Redemption Price shall not include distributions which are being
paid to Holders who were Holders on a relevant record date. Upon satisfaction
of the foregoing conditions, then on the Redemption Date all rights of Holders
of such Trust Preferred Securities so called for redemption shall cease, except
the right of the Holders to received the Redemption Price, but without interest
on such Redemption Price, and from and after the date fixed for redemption,
such Trust Preferred Securities shall not accumulate distributions or bear
interest.

 

SECTION 7.5.                                                                       Voting
and Enforcement Rights of Trust Preferred Securities.

 

(a)                                  Except
as provided under Section 11.1 and this Article VII and as otherwise
required by the Statutory Trust Act, the Trust Indenture Act and other
applicable law, the Holders of the Trust Preferred Securities shall have no
voting rights.

 

(b)                                 Subject
to Section 7.5(e), the Holders of a Majority in Liquidation Amount of the
Trust Preferred Securities have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Property Trustee,
or direct the exercise of any trust or power conferred upon the Property
Trustee under this Declaration of Trust, including the right to direct the
Property Trustee, as Holder of the Debenture, to (i) consent to any
amendment, modification, or termination of the Indenture where such consent
shall be required or (ii) waive any Indenture Event of Default and its
consequences that are waivable under this Declaration of Trust; provided,
however, that if an Indenture Event of Default has occurred and is
continuing, then the Holders of 25% of the aggregate liquidation 

 

38

 

amount of the
Trust Preferred Securities may direct the Property Trustee to declare the
principal of and interest on the Debentures due and payable; provided, further,
that where a consent or action under the Indenture would require the consent or
act of the Holders of more than a majority of the aggregate principal amount of
Debentures affected thereby, only the Holders of the percentage of the
aggregate stated liquidation amount of the Trust Preferred Securities which is
at least equal to the percentage required under the Indenture may direct the
Property Trustee to give such consent to take such action.

 

(c)                                  If
the Property Trustee fails to enforce its rights under the Debenture after a
Holder of Trust Preferred Securities has made a written request, such Holder of
Trust Preferred Securities may, to the fullest extent permitted by law,
institute a legal proceeding directly against the Company to enforce the
Property Trustee’s rights under the Debenture without first instituting any
legal proceeding against the Property Trustee, the Trust or any other Person or
entity.  In addition, if the Company has
failed to make any required payment on the Debenture when due, then a Holder of
Trust Preferred Securities may, to the fullest extent permitted by law,
directly institute a proceeding against the Company for enforcement of payment
with respect to the Debenture.

 

(d)                                 The
Property Trustee shall notify all Holders of the Trust Preferred Securities of
any notice of any Indenture Event of Default received from the Company with
respect to the Debenture.  Such notice
shall state that such Indenture Event of Default also constitutes a Trust
Enforcement Event.

 

(e)                                  In
the event the consent of the Property Trustee, as the Holder of the Debenture,
is required under the Indenture with respect to any amendment, modification,
waiver or termination of the Indenture, the Property Trustee shall request the
direction of the Holders of the Trust Preferred Securities with respect to such
amendment, modification, waiver or termination and shall vote with respect to
such amendment, modification, waiver or termination as directed by a Majority
in Liquidation Amount of the Trust Preferred Securities voting together as a
single class; provided, however, that where a consent under the
Indenture would require the consent of the Holders of more than a majority of
the holders of the aggregate principal amount of the Debenture, the Property
Trustee may only give such consent at the direction of the Holders of at least
the same proportion in aggregate stated liquidation amount of the Trust
Preferred Securities.

 

(f)                                    A
waiver of an Indenture Event of Default shall constitute a waiver of the
corresponding Trust Enforcement Event.

 

(g)                                 Any
required approval or direction of Holders of Trust Preferred Securities may be
given at a separate meeting of Holders of Trust Preferred Securities convened
for such purpose, at a meeting of all of the Holders of Trust Securities or
pursuant to written consent. The Regular Trustees shall cause a notice of any
meeting at which Holders of Trust Preferred Securities are entitled to vote, or
of any matter upon which action by written consent of such Holders is to be
taken, to be mailed to each Holder of record of Trust Preferred Securities.
Each such notice shall include a statement setting forth the following
information: (i) the date of such meeting or the date by which such action
is to be taken; (ii) a description of any resolution proposed for adoption
at such meeting on which such Holders are entitled to vote or of such

 

39

 

matter upon
which written consent is sought; and (iii) instructions for the delivery
of proxies or consents.

 

(h)                                 No
vote or consent of the Holders of Trust Preferred Securities shall be required
for the Trust to redeem and cancel Trust Preferred Securities in accordance
with this Declaration of Trust.

 

(i)                                     Notwithstanding
that Holders of Trust Preferred Securities are entitled to vote or consent
under any of the circumstances described above, any of the Trust Preferred
Securities that are owned at such time by the Sponsor, any Regular Trustee or
any of their Affiliates, shall not be entitled to vote or consent and shall,
for purposes of such vote or consent, be treated as if such Trust Preferred
Securities were not outstanding; provided, however, that Persons
otherwise eligible to vote to whom the Sponsor or any of its subsidiaries have
pledged Trust Preferred Securities may vote or consent with respect to such
pledged Trust Preferred Securities under any of the circumstances described
herein.

 

(j)                                     Holders
of the Trust Preferred Securities shall have no rights to appoint or remove the
Trustees, who may be appointed, removed or replaced solely by the Company, as
the Holder of the Trust Common Securities.

 

SECTION 7.6.                                                                       Voting
and Enforcement Rights of Trust Common Securities

 

(a)                                  Except
as provided under Section 6.1, this Section 7.6, Section 11.1 or
as otherwise required by the Statutory Trust Act, the Trust Indenture Act or
other applicable law or provided by the Declaration of Trust, the Holders of
the Trust Common Securities shall have no voting rights.

 

(b)                                 The
Holders of the Trust Common Securities are entitled, in accordance with
Sections 6.1(b) and 6.7(a) hereof, to vote to appoint, remove or
replace any Trustee or to increase or decrease the number of Trustees.

 

(c)                                  Subject
to Section 2.6 hereof and only after all Trust Enforcement Events with
respect to the Trust Preferred Securities have been cured, waived, or otherwise
eliminated, the Holders of a Majority in Liquidation Amount of the Trust Common
Securities have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Property Trustee, or direct the
exercise of any trust or power conferred upon the Property Trustee under this
Declaration of Trust, including the right to direct the Property Trustee, as
Holder of the Debenture, to (i) exercise the remedies available to it
under the Indenture as a Holder of the Debentures, (ii) consent to any
amendment, modification, or termination of the Indenture where such consent
shall be required or (iii) waive any Indenture Event of Default and its
consequences that are waivable under the Indenture, subject to Section 7.5(e).

 

(d)                                 If
the Property Trustee fails to enforce its rights under the Debenture after a
Holder of record of Trust Common Securities has made a written request (and is
permitted to do so pursuant to Section 7.6(c)), such Holder of record of
Trust Common Securities may, to the fullest extent permitted by law, directly
institute a legal proceeding directly against the Company, to enforce the
Property Trustee’s rights under the Debenture without first instituting

 

40

 

any legal proceeding
against the Property Trustee, the Trust or any other Person or entity. In
addition, if a Trust Enforcement Event has occurred and is continuing and such
event is attributable to the failure of the Company to make any required
payment when due on the Debenture, then a Holder of Trust Common Securities
may, to the fullest extent permitted by law, directly institute a proceeding
against the Company for enforcement of payment with respect to the Debenture.

 

(e)                                  A
waiver of an Indenture Event of Default shall constitute a waiver of the
corresponding Trust Enforcement Event.

 

(f)                                    Any
required approval or direction of Holders of Trust Common Securities may be
given at a separate meeting of Holders of Trust Common Securities convened for
such purpose, at a meeting of all of the Holders of Trust Securities or
pursuant to written consent. The Regular Trustees shall cause a notice of any
meeting at which Holders of Trust Common Securities are entitled to vote, or of
any matter upon which action by written consent of such Holders is to be taken,
to be mailed to each Holder of record of Trust Common Securities. Each such
notice shall include a statement setting forth the following information: (i) the
date of such meeting or the date by which such action is to be taken; (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote or of such matter upon which written consent
is sought; and (iii) instructions for the delivery of proxies or consents.

 

(g)                                 No
vote or consent of the Holders of the Trust Common Securities shall be required
for the Trust to redeem and cancel Trust Common Securities in accordance with
this Declaration of Trust.

 

(h)                                 Notwithstanding
that Holders of Trust Common Securities are entitled to vote or consent under
any of the circumstances described above, if Trust Common Securities are voting
together with the Trust Preferred Securities as a single class, any of the
Trust Common Securities that are owned at such time by the Sponsor or any of its
Affiliates, shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if such Trust Common Securities were not
outstanding; provided, however, that Persons otherwise eligible
to vote to whom the Sponsor or any of its subsidiaries have pledged Trust
Preferred Securities may vote or consent with respect to such pledged Trust
Preferred Securities under any of the circumstances described herein.

 

SECTION 7.7.                                                                       Paying
Agent and Security Registrar.

 

(a)                                  The
Trust shall maintain in the Borough of Manhattan, City of New York, State of
New York, (i) the Paying Agent’s office or agency where the Trust
Preferred Securities may be presented for payment in the event that the Trust
Preferred Securities are not in book-entry only form and (ii) an office or
agency where the Trust Preferred Securities may be presented for registration
of transfer or exchange (“Security Register”).

 

(b)                                 The
Trust may appoint the Paying Agent and may appoint one or more additional
paying agents’ in such other locations as it shall determine. The
term “Paying Agent” includes any additional paying agent. The Trust may change
any Paying Agent without prior 

 

41

 

notice to any
Holder. The Trust shall notify the Property Trustee of the name and address of
any Paying Agent not a party to this Declaration of Trust. If the Trust fails
to appoint or maintain another entity as Paying Agent, the Property Trustee
shall act as such. The Trust or any of its Affiliates may act as Paying
Agent.  Deutsche Bank Trust Company
Americas shall initially act as Paying Agent for the Trust Preferred Securities
and the Trust Common Securities.

 

(c)                                  The
Security Register shall initially be kept at the corporate trust office of Deutsche
Bank Trust Company Americas.  Subject to
such reasonable regulations as it may prescribe, the Trust shall provide for
the registration of Trust Preferred Securities and of transfers of Trust
Preferred Securities.  Deutsche Bank
Trust Company Americas shall initially act as Security Registrar (the “Security
Registrar”) for the purpose of registering Trust Preferred Securities and
transfers of Trust Preferred Securities as herein provided.

 

SECTION 7.8.                                                                       Transfer
and Exchange of Trust Securities.

 

(a)                                  General.  (i)                                    Trust
Securities may only be transferred or exchanged, in whole or in part, in
accordance with the terms and conditions set forth in this Declaration of Trust
and in the terms of the Trust Securities. Any transfer or purported transfer of
any Trust Security not made in accordance with this Declaration of Trust shall
be null and void.

 

(ii)                                  At
the option of the Holder, Trust Preferred Securities may be exchanged for other
Trust Preferred Securities of any authorized denominations and of a like aggregate
liquidation amount, upon surrender of the Trust Preferred Securities to be
exchanged at such office or agency and pursuant to the rules of this Section 7.8.

 

(iii)                               The
Purchaser shall not resell or otherwise transfer any Trust Preferred Securities
or any interest therein prior to the date that is the earlier of (1) two
years after the Closing Date or (2) three months after the Company has
repaid the Bridge Loan Agreement.  In
addition, unless and until the Trust Preferred Securities are sold pursuant to
an effective registration statement, they may not be offered or sold unless
such transaction is exempt from registration under the Securities Act.

 

(iv)                              The
Trust Preferred Securities will be issued in fully registered form and in
denominations of $5,000,000 or integral multiples thereof.  Any transfer, sale or other disposition of
Trust Preferred Securities in an amount having an aggregate liquidation amount
of less than $50,000,000 or any amount resulting in a Holder’s holding Trust
Preferred Securities in an amount having an aggregate liquidation amount of
less than $50,000,000 shall be deemed to be void and of no legal effect
whatsoever, any such transferee shall be deemed not to be the holder of such
Trust Preferred Securities for any purpose, including but not limited to the
receipt of distributions on such Trust Preferred Securities; provided that in the event a partial
redemption pursuant to Section 7.3 has occurred, each Holder may transfer the full aggregate liquidation
amount that such Holder owns.

 

(b)                                 Transfer
to Institutional Accredited Investors. Transfers that are not made pursuant
to an effective registration statement may only be made to QIBs and
Institutional Accredited Investors.  If a
transfer is being make to an Institutional Accredited Investors, such

 

42

 

Institutional
Accredited Investor shall provide the Company with the certificate
substantially in the form of Exhibit B hereto and all other certificates,
representation letters and opinions that the Company may request.

 

(c)                                  Legends.  The following legends will appear on the face
of all Trust Preferred Security Certificates issued under this Declaration of
Trust unless specifically stated otherwise in the applicable provisions of this
Declaration of Trust.

 

(i)                                     Restrictive
Legend.

 

Unless and until the Trust Preferred Securities are sold pursuant to an
effective registration statement, the Trust Preferred Security Certificates
shall bear the following legend on the face thereof:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.  NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF (1) IN THE
ABSENCE OF SUCH REGISTRATION OR (2) UNLESS SUCH TRANSACTION IS EXEMPT FROM
SUCH REGISTRATION.

 

(ii)                                  Additional
Legend.

 

The Trust Preferred Security Certificates shall bear a legend in
substantially the following form:

 

THIS SECURITY IS SUBJECT TO TRANSFER RESTRICTIONS SET FORTH IN SECTION 7.8(a) OF
THE DECLARATION OF TRUST.

 

(d)                                 General
Provisions Relating to Transfers and Exchanges.

 

(A)                              To
permit registrations of transfers and exchanges, any Regular Trustee will
execute on behalf of the Trust and the Property Trustee will authenticate Trust
Preferred Security Certificates upon receipt of the written order of the Trust
in accordance with Section 7.1(b) hereof or at the Security Registrar’s
request.

 

(B)                                No
service charge will be made to a Holder of a Trust Preferred Security
Certificate for any registration of transfer or exchange, but the Trust or the
Property Trustee may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith.

 

(C)                                All
Trust Preferred Security Certificates issued upon any registration of transfer
or exchange of Trust Preferred Security Certificates will be the valid
obligations of the Trust, evidencing the same interests, and entitled to the
same benefits under this Declaration of Trust, as the Trust Preferred Security
Certificates surrendered upon such registration of transfer or exchange.

 

43

 

(D)                               Neither
of the Security Registrar, the Trust or any Regular Trustee will be required:

 

(i)                                     to
issue, to register the transfer of or to exchange any Trust Preferred
Securities during a period beginning at the opening of business 15 days before
the day of any selection of Trust Preferred Securities for redemption under Section 7.4
hereof and ending at the close of business on the day of selection;

 

(ii)                                  to
register the transfer of or to exchange any Trust Preferred Security selected
for redemption in whole or in part, except the unredeemed portion of any Trust
Preferred Security being redeemed in part; or

 

(iii)                               to
register the transfer of or to exchange a Trust Preferred Security between a
record date and the next succeeding Distribution Payment Date.

 

(E)                                 Prior
to due presentment for the registration of a transfer of any certificate, the
Trustees, any Securities Registrar or Paying Agent and the Trust may deem and
treat the Person in whose name any certificate shall be registered on the books
and records of the Trust as the absolute and sole Holder of such certificate
and of the Trust Preferred Securities represented by such certificate for
purposes of receiving distributions and for all other purposes whatsoever and,
accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such Certificate or in the Trust Preferred Securities represented
by such certificate on the part of any Person, whether or not the Trust shall
have actual or other notice thereof.

 

(F)                                 The
Property Trustee will authenticate Trust Preferred Security Certificates in
accordance with the provisions of Section 7.1(b) hereof.

 

(G)                                All
certifications, certificates and Opinions of Counsel required to be submitted
to the Security Registrar pursuant to this Section 7.8 to effect a
registration of transfer or exchange may be submitted by facsimile (with
originals to follow by mail).

 

(H)                               The
Trustees and the Trust shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under
this Declaration of Trust or under applicable law with respect to any transfer
of any interest in any Certificate other than to make any required delivery of
such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by, the terms of this
Declaration of Trust, and to examine the same to determine substantial
compliance as to form with the express requirements hereof.

 

SECTION 7.9.                                                                       Acceptance
of Guarantee and Agreements.

 

Each Holder of Trust Preferred Securities and Trust Common Securities,
by the acceptance thereof, agrees to the provisions of the Trust Guarantee,
including the subordination provisions therein.

 

44

 

SECTION 7.10.                                                                 Mutilated,
Destroyed, Lost or Stolen Certificates.

 

If:

 

(A)                              any
mutilated Certificates should be surrendered to the Regular Trustees, or if the
Regular Trustees shall receive evidence to their satisfaction of the
destruction, loss or theft of any Certificate; and

 

(B)                                there
shall be delivered to the Regular Trustees such security or indemnity as may be
required by them to keep each of the Trustees, the Sponsor and the Trust
harmless,

 

then, in the absence of notice that such Certificate shall have been
acquired by a protected purchaser, any Regular Trustee on behalf of the Trust
shall execute and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like denomination.
In connection with the issuance of any new Certificate under this Section 7.10,
each of the Trustees or the Regular Trustees may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute conclusive evidence of an ownership interest in the relevant Trust
Securities, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

 

ARTICLE VIII

 

DISSOLUTION AND LIQUIDATION OF THE TRUST

 

SECTION 8.1.                                                                       Dissolution
and Termination of Trust.

 

(a)                                  The
Trust shall dissolve upon the earliest of:

 

(i)                                     the
bankruptcy of the Holder of Trust Common Securities or the Sponsor;

 

(ii)                                  the
filing of a certificate of dissolution or its equivalent with respect to the
Sponsor or the revocation of the Sponsor’s charter and the expiration of 90
days after the date of revocation without a reinstatement thereof;

 

(iii)                               the
consent of the Regular Trustee and at least a Majority in Liquidation Amount of
the Trust Securities, voting together as a single class, to file a certificate
of cancellation with respect to the Trust;

 

(iv)                              the
entry of a decree of judicial dissolution of the Sponsor or the Trust;

 

(v)                                 the
time when all of the Trust Securities shall have been called for redemption and
the amounts necessary for redemption thereof shall have been paid to the
Holders in accordance with the terms of the Trust Securities;

 

(vi)                              upon
the election by the Regular Trustees, following the occurrence and continuation
of a Special Event; and

 

(vii)                           on
March 23, 2046, if not earlier liquidated.

 

45

 

(b)                                 As
soon as is practicable after the occurrence of an event referred to in Section 8.1(a) and
upon completion of the winding up and liquidation of the Trust pursuant to Section 3808(e) of
the Statutory Trust Act, the Regular Trustees shall terminate the Trust at the
expense of the Sponsor by filing a certificate of cancellation with the
Secretary of State of the State of Delaware.

 

(c)                                  The
provisions of Section 3.9 and Article IX shall survive the
termination of the Trust.

 

SECTION 8.2.                                                                       Liquidation
Distribution Upon Dissolution and Termination of the Trust.

 

In the event of any voluntary or involuntary liquidation, dissolution,
winding-up or termination of the Trust (a “Liquidation”), the Holders of
the Trust Securities on the date of the Liquidation shall be entitled to
receive all assets of the Trust available for distribution to Holders of Trust
Securities after satisfaction of the Trust’s liabilities and creditors in
accordance with Section 3808(e) of the Statutory Trust Act on a Pro
Rata basis, except as otherwise provided in Section 7.1(e) hereof.

 

ARTICLE IX

 

LIMITATION OF LIABILITY OF

HOLDERS OF TRUST SECURITIES, TRUSTEES OR OTHERS

 

SECTION 9.1.                                                                       Liability.

 

(a)                                  Except
as expressly set forth in this Declaration of Trust, the Trust Guarantee and
the terms of the Trust Securities, the Sponsor and the Trustees shall not be:

 

(i)                                     personally
liable for the return of any portion of the capital contributions (or any
return thereon) of the Holders of the Trust Securities, which shall be made
solely from assets of the Trust; or

 

(ii)                                  required
to pay to the Trust or to any Holder of Trust Securities any deficit upon
dissolution of the Trust or otherwise.

 

(b)                                 Pursuant
to Section 3803(a) of the Statutory Trust Act, the Holder of the
Trust Common Securities shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware.

 

(c)                                  Pursuant
to Section 3803(a) of the Statutory Trust Act the Holders of the
Trust Preferred Securities shall be entitled to the same limitation of personal
liability extended to shareholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware.

 

46

 

SECTION 9.2.                                                                       Exculpation.

 

(a)                                  No
Indemnified Person shall be liable, responsible or accountable in damages or
otherwise to the Trust or any Covered Person for any loss, damage or claim
incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration of Trust or by law,
except that a Indemnified Person shall be liable for any such loss, damage or
claim incurred by reason of such Indemnified Person’s gross negligence (or, in
the case of the Property Trustee, negligence) or willful misconduct with
respect to such acts or omissions.

 

(b)                                 An
Indemnified Person shall be fully protected in relying in good faith upon the
records of the Trust and upon such information, opinions, reports or statements
presented to the Trust by any Person as to matters the Indemnified Person
reasonably believes are within such other Person’s professional or expert competence
and who has been selected with reasonable care by or on behalf of the Trust,
including information, opinions, reports or statements as to the value and
amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which distributions to
Holders of Trust Securities might properly be paid.

 

SECTION 9.3.                                                                       Fiduciary
Duty.

 

(a)                                  To
the extent that, at law or in equity, an Indemnified Person has duties
(including fiduciary duties) and liabilities relating thereto to the Trust or
to any other Covered Person, an Indemnified Person acting under this
Declaration of Trust shall not be liable to the Trust or to any other Covered
Person for its good faith reliance on the provisions of this Declaration of Trust.
The provisions of this Declaration of Trust, to the extent that they restrict
the duties and liabilities of an Indemnified Person otherwise existing at law
or in equity (other than the duties imposed on the Property Trustee under the
Trust Indenture Act), are agreed by the parties hereto to replace such other
duties and liabilities of such Indemnified Person.

 

(b)                                 Unless
otherwise expressly provided herein:

 

(i)                                     whenever
a conflict of interest exists or arises between an Indemnified Person and any
Covered Person; or

 

(ii)                                  whenever
this Declaration of Trust or any other agreement contemplated herein or therein
provides that an Indemnified Person shall act in a manner that is, or provides
terms that are, fair and reasonable to the Trust or any Holder of Trust
Securities,

 

the Indemnified Person shall resolve such conflict of interest, take
such action or provide such terms, considering in each case the relative
interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to
such interests, any customary or accepted industry practices, and any
applicable generally accepted accounting practices or principles. In the
absence of bad faith by the Indemnified Person, the resolution, action or term
so made, taken or provided by the Indemnified Person shall not constitute a
breach of this Declaration of Trust or any other agreement contemplated herein
or of any duty or obligation of the Indemnified Person at law or in equity or
otherwise.

 

47

 

(c)                                  Notwithstanding
any other provision of this Agreement or otherwise, whenever in this
Declaration of Trust an Indemnified Person is permitted or required to make a
decision:

 

(i)                                     in
its “discretion” or under a grant of similar authority, the Indemnified Person
shall be entitled to consider such interests and factors as it desires,
including its own interests, and to the fullest extent permitted under
applicable law, shall have no duty or obligation to give any consideration to
any interest of or factors affecting the Trust or any other Person; or

 

(ii)                                  in
its “good faith” or under another express standard, the Indemnified Person
shall act under such express standard and shall not be subject to any other or
different standard imposed by this Declaration of Trust or by applicable law.

 

SECTION 9.4.                                                                       Indemnification.

 

(a)                                  To
the fullest extent permitted by applicable law, the Sponsor shall indemnify and
hold harmless any Company Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Trust) by reason of the fact that
he is or was a Company Indemnified Person against expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Company Indemnified Person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed
to the best interests of the Trust, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.

 

(i)                                     The
Sponsor shall indemnify, to the fullest extent permitted by law, any Company
Indemnified Person who was or is a party or is threatened to be made a party to
any. threatened, pending or completed action or suit by or in the
right of the Trust to procure a judgment in its favor by reason of the fact
that he is or was a Company Indemnified Person against expenses (including
attorneys’ fees) actually and reasonably incurred by him in connection with the
defense or settlement of such action or suit if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of
the Trust and except that no such indemnification shall be made in respect of
any claim, issue or matter as to which such Company Indemnified Person shall
have been adjudged to be liable to the Trust unless and only to the extent that
the Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such Person is
fairly and reasonably entitled to indemnity for such expenses which such Court
of Chancery or such other court shall deem proper.

 

48

 

(ii)                                  To
the extent that a Company Indemnified Person shall be successful on the merits
or otherwise (including dismissal of an action without prejudice or the
settlement of an action without admission of liability) in defense of any
action, suit or proceeding referred to in paragraphs (i) and (ii) of
this Section 9.4(a), or in defense of any claim, issue or matter therein,
he shall be indemnified, to the fullest extent permitted by law, against
expenses (including attorneys’ fees) actually and reasonably, incurred by him
in connection therewith.

 

(iii)                               Any
indemnification under paragraphs (i) and (ii) of this Section 9.4(a) (unless
ordered by a court) shall be made by the Sponsor only as authorized in the
specific case upon a determination that indemnification of the Company
Indemnified Person is proper in the circumstances because he has met the
applicable standard of conduct set forth in paragraphs (i) and (ii). Such
determination shall be made (1) by the Regular Trustees by a majority vote
of a quorum consisting of such Regular Trustees who were not parties to such
action, suit or proceeding, (2) if such a quorum is not obtainable,
or, even if obtainable, if a quorum of disinterested Regular Trustees so
directs, by independent legal counsel in a written opinion, or (3) by the
Holder of the Trust Common Securities.

 

(iv)                              Expenses
(including attorneys’ fees) incurred by a Company Indemnified Person in
defending a civil, criminal, administrative or investigative action, suit or
proceeding referred to in paragraphs (i) and (ii) of this Section 9.4(a) shall
be paid by the Sponsor in advance of the final disposition of such action, suit
or proceeding upon receipt of an undertaking by or on behalf of such Company
Indemnified Person to repay such amount if it shall ultimately be determined
that he is not entitled to be indemnified by the Sponsor as authorized in this Section 9.4(a).
Notwithstanding the foregoing, no advance shall be made by the Sponsor if a
determination is reasonably and promptly made (i) by the Regular Trustees
by a majority vote of a quorum of disinterested Regular Trustees, (ii) if
such a quorum is not obtainable, or, even if obtainable, if a quorum of
disinterested Regular Trustees so directs, by independent legal counsel in a
written opinion or (iii) the Holder of the Trust Common Securities, that,
based upon the facts known to the Regular Trustees, counsel or the Holder of
the Trust Common Securities at the time such determination is made, such
Company Indemnified Person acted in bad faith or in a manner that such Person
did not believe to be in or not opposed to the best interests of the Trust, or,
with respect to any criminal proceeding, that such Company Indemnified Person
believed or had reasonable cause to believe his conduct was unlawful. In no
event shall any advance be made in instances where the Regular Trustees, independent
legal counsel or Holder of the Trust Common Securities reasonably determine
that such Person deliberately breached his duty to the Holders of Trust Common
Securities or the Holders of Trust Preferred Securities.

 

(v)                                 The
indemnification and advancement of expenses provided by, or granted pursuant
to, the other paragraphs of this Section 9.4(a) shall not be deemed
exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of
shareholders or disinterested directors of the Sponsor or Holders of the Trust
Preferred Securities or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office. All 

 

49

 

rights to indemnification under this Section 9.4(a) shall be
deemed to be provided by a contract between the Sponsor and each Company
Indemnified Person who serves in such capacity at any time while this Section 9.4(a) is
in effect. Any repeal or modification of this Section 9.4(a) shall
not affect any rights or obligations then existing.

 

(vi)                              The
Sponsor or the Trust may purchase and maintain insurance on behalf of any
Person who is or was a Company Indemnified Person against any liability
asserted against him and incurred by him in any such capacity, or arising out
of his status as such, whether or not the Sponsor would have the power to
indemnify him against such liability under the provisions of this Section 9.4(a).

 

(vii)                           For
purposes of this Section 9.4(a), references to “the Trust” shall include,
in addition to the resulting or surviving entity, any constituent entity
(including any constituent of a constituent) absorbed in a consolidation or
merger, so that any Person who is or was a director, trustee, officer or
employee of such constituent entity, or is or was serving at the request of
such constituent entity as a director, trustee, officer, employee or agent of
another entity, shall stand in the same position under the provisions of this Section 9.4(a) with
respect to the resulting or surviving entity as he would have with respect to
such constituent entity if its separate existence had continued.

 

(viii)                        The
indemnification and advancement of expenses provided by, or granted pursuant
to, this Section 9.4(a) shall, unless otherwise provided when
authorized or ratified, continue as to a Person who has ceased to be a Company
Indemnified Person and shall inure to the benefit of the heirs, executors and
administrators of such a Person.

 

(b)                                 The
Sponsor agrees to indemnify the (i) Property Trustee, (ii) the
Delaware Trustee, (iii) any Affiliate of the Property Trustee and the
Delaware Trustee, and (iv) any officers, directors, shareholders, members,
partners, employees, representatives, custodians, nominees or agents
(including, without limitation, the Agent) of the Property Trustee and the
Delaware Trustee (each of the Persons in (i) through (iv) being
referred to as a “Fiduciary Indemnified Person”) for, and to hold each
Fiduciary Indemnified Person harmless against, any loss, damage, claim,
liability or expense including taxes (other than taxes based on the fees
received by the Trustee for acting as such) incurred without negligence (or in
the case of the Delaware Trustee, gross negligence) or bad faith on the part of
such Fiduciary Indemnified Person arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the
costs and expenses (including reasonable legal fees and expenses) of defending
itself against or investigating any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The
obligation to indemnify as set forth in this Section 9.4(b) shall
survive the satisfaction and discharge of this Declaration of Trust.

 

SECTION 9.5.                                                                       Outside
Businesses.

 

Any Covered Person, the Sponsor, the Delaware Trustee and the Property
Trustee may engage in or possess an interest in other business ventures of any
nature or description, independently or with others, similar or dissimilar to
the business of the Trust, and the Trust and the Holders of Trust Securities
shall have no rights by virtue of this Declaration of Trust in and to such
independent ventures or the income or profits derived therefrom, and the
pursuit of any 

 

50

such venture, even if competitive with the business of the Trust, shall
not be deemed wrongful or improper. No Covered Person, the Sponsor, the
Delaware Trustee, nor the Property Trustee shall be obligated to present any
particular investment or other opportunity to the Trust even if such
opportunity is of a character that, if presented to the Trust, could be taken
by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and the
Property Trustee shall have the right to take for its own account (individually
or as a partner or fiduciary) or to recommend to others any such particular
investment or other opportunity. Any Covered Person, the Delaware Trustee and
the Property Trustee may engage or be interested in any financial or other
transaction with the Sponsor or any Affiliate of the Sponsor, or may act as
depositary for, trustee or agent for, or act on any committee or body of
Holders of, securities or other obligations of the Sponsor or its Affiliates.

 

ARTICLE X

 

ACCOUNTING AND TAX MATTERS

 

SECTION 10.1.                                                                 Fiscal
Year.

 

The fiscal year (“Fiscal Year”) of the Trust shall be the
calendar year, or such other year as is required by the Code or the Treasury
Regulations.

 

SECTION 10.2.                                                                 Certain
Accounting Matters; Returns and Information.

 

(a)                                  At
all times during the existence of the Trust, the Regular Trustees shall keep,
or cause to be kept, full books of account, records and supporting documents,
which shall reflect in reasonable detail each transaction of the Trust. The
books of account shall be maintained on the accrual method of accounting, in
accordance with generally accepted accounting principles, consistently applied.
The books of account and the records of the Trust shall be examined by and
reported upon as of the end of each Fiscal Year of the Trust by a firm of
independent certified public accountants selected by the Regular Trustees.

 

(b)                                 Within
60 days after December 31 of each year, the Property Trustee shall provide
to the Holders of the Trust Securities such reports as are required by Section 313
of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313
of the Trust Indenture Act. The Property Trustee shall also comply with the
requirements of Section 313(d) of the Trust Indenture Act.

 

(c)                                  The
Regular Trustees shall cause to be duly prepared and delivered to each of the
Holders of Trust Securities, any annual United States federal income tax
information statement required by the Code containing such information with
regard to the Trust Securities held by each Holder as is required by the Code
and the Treasury Regulations. Notwithstanding any right under the Code to
deliver any such statement at a later date, the Regular Trustees shall endeavor
to deliver all such statements within 30 days after the end of each Fiscal Year
of the Trust.

 

(d)                                 The
Regular Trustees shall cause to be duly prepared and filed with the appropriate
taxing authority, an annual United States federal income tax return, on a Form 1041

 

51

 

or such other
form required by United States federal income tax law, and any other annual
income tax returns required to be filed by the Regular Trustees on behalf of
the Trust with any state or local taxing authority.

 

SECTION 10.3.                                                                 Banking.

 

The Trust shall maintain one or more bank accounts in the name and for
the sole benefit of the Trust; provided, however, that all
payments of funds in respect of the Debenture held by the Property Trustee
shall be made directly to the Property Account, and no other funds of the Trust
shall be deposited in the Property Account. The sole signatories for such
accounts shall be designated by the Regular Trustees; provided, however,
that the Property Trustee shall designate the signatories for the Property
Account.

 

SECTION 10.4.                                                                 Withholding.

 

The Trust and the Regular Trustees shall comply with all withholding
requirements under United States federal, state and local law. The Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates
as are necessary to establish an exemption from withholding with respect to
each Holder (or beneficial owner of Trust Securities), and any representations
and forms as shall reasonably be requested by the Trust to assist it in
determining the extent of, and in fulfilling, its withholding obligations.  The Regular Trustees shall file required
forms with applicable jurisdictions and unless an exemption from withholding is
properly established by a Holder or beneficial owner of Trust Securities, shall
remit amounts withheld with respect to the Holder or beneficial owner to
applicable jurisdictions. To the extent that the Trust is required to withhold
and pay over any amounts to any authority with respect to distributions or
allocations to any Holder or beneficial owner, the amount withheld shall be
deemed to be a distribution in the amount of the withholding to such Holder or
beneficial owner. In the event of any claimed over-withholding, Holders or
beneficial owners shall be limited to an action against the applicable
jurisdiction. If the amount required to be withheld was not withheld from
actual distributions made, the Trust may reduce subsequent distributions to
such Holder or beneficial owner by the amount of such withholding.

 

SECTION 10.5.                                                                 Treatment
as Grantor Trust for Federal Income Tax Purposes.  

 

It is the intention of the parties hereto that the Trust be classified
for United States federal income tax purposes as a grantor trust. The
provisions of this Declaration of Trust shall be interpreted to further this
intention of the parties.  Holders of
Trust Securities by virtue of accepting delivery thereof agree that the
arrangement created by this Declaration of Trust shall be treated as a grantor
trust under Subpart E of the Code for United States federal income tax purposes
and that the Trustees shall be authorized to take any action consistent with
such treatment.  Neither the Trustee, nor
any other Person shall make any election for the Trust to be treated as an association
under Treas. Reg. § 301.7701-3 or take (or fail to take) any other action
if such action or failure would be inconsistent with the treatment of the Trust
as a grantor trust for United States federal income tax purposes.

 

52

 

ARTICLE XI

 

AMENDMENTS AND MEETINGS

 

SECTION 11.1.                                                            Amendments
of this Declaration of Trust.

 

(a)                                  Except
as otherwise provided in this Declaration of Trust or by any applicable terms
of the Trust Securities, this Declaration of Trust may only be amended by a
written instrument approved and executed by the Sponsor and:

 

(i)                                     the
Regular Trustees (if there are more than two Regular Trustees, a majority of
the Regular Trustees);

 

(ii)                                  the
Property Trustee, if the amendment affects the rights, powers, duties,
obligations or immunities of the Property Trustee; and

 

(iii)                               the
Delaware Trustee, if the amendment affects the rights, powers, duties,
obligations or immunities of the Delaware Trustee.

 

(b)                                 No
amendment shall be made, and any such purported amendment shall be void and ineffective:

 

(i)                                     unless,
in the case of any proposed amendment, the Property Trustee shall have first
received an Officers’ Certificate from each of the Trust and the Sponsor that
such amendment is permitted by, and conforms to, the terms of this Declaration
of Trust (including the terms of the Trust Securities);

 

(ii)                                  unless,
in the case of any proposed amendment that affects the rights, powers, duties,
obligations or immunities of the Property Trustee, the Property Trustee shall
have first received an Officers’ Certificate from each of the Trust and Sponsor
and opinion of counsel (who may be counsel to the Sponsor or the Trust), in
each case stating that such amendment is permitted by, and conforms to, the
terms of this Declaration of Trust (including the terms of the Trust
Securities) and that all conditions precedent to the execution and delivery of
such amendment have been satisfied; and

 

(iii)                               to
the extent the result of such amendment would be to:

 

(A)                              cause the Trust to fail
to continue to be classified as a grantor trust for United States federal
income tax purposes;

 

(B)                                reduce or otherwise
adversely affect the rights, powers, duties, obligations or immunities of the
Property Trustee in contravention of the Trust Indenture Act;

 

(C)                                cause the Trust to be
deemed to be an “investment company” required to be registered under the
Investment Company Act; or

 

53

 

(iv)                              unless
it shall conform to any applicable requirements of Trust Indenture Act as then
in effect.

 

(c)                                  Any
amendment that would (i) change the amount or timing of any distribution
of the Trust Securities or otherwise adversely affect the amount of any
distribution required to be made in respect of the Trust Securities as of a
specified date or (ii) restrict the right of a Holder of Trust Securities
to institute suit for the enforcement of any such payment on or after such
date, may be effected only with the approval of each of the Holders of the
Trust Securities affected thereby (excluding any Trust Securities held by the
Sponsor of any of its Affiliates).

 

(d)                                 Any
amendment that would (i) adversely affect the rights, preferences or
privileges of the Trust Securities, including any amendment of this Section 11.1,
or (ii) provide for the dissolution, winding-up or termination of the
Trust other than pursuant to the terms of this Declaration of Trust, may be
effected only with the approval of the Holders of at least a Majority in
Liquidation Amount of the Trust Securities affected thereby (except in the case
of an amendment affecting only Trust Common Securities, excluding any Trust
Securities held by the Sponsor of any of its Affiliates); provided, that
if any amendment or proposal referred to in clause (i) hereof would
adversely affect only the Trust Preferred Securities or the Trust Common
Securities, then only the affected class (excluding any Trust Preferred
Securities held by the Sponsor of any of its Affiliates) shall be entitled to
vote on such amendment or proposal and such amendment or proposal shall not be
effective except with the approval of a Majority in Liquidation Amount of such
class of Trust Securities.

 

(e)                                  Section 9.1(c) shall
not be amended without the consent of all of the Holders of the Trust
Securities.

 

(f)                                    Article VI
and the rights of the Holders of the Trust Common Securities under Article VI
to increase or decrease the number of, and appoint and remove, Trustees shall
not be amended without the consent of the Holders of a Majority in Liquidation
Amount of the Trust Common Securities.

 

(g)                                 Notwithstanding
Section 11.1(d), this Declaration of Trust may be amended by the Sponsor
without the consent of the Holders of the Trust Securities to:

 

(i)                                     cure
any ambiguity or to correct or supplement any provision in this Declaration of
Trust that may be defective or inconsistent with any other provision of this
Declaration of Trust;

 

(ii)                                  add
to the covenants, restrictions or obligations of the Sponsor;

 

(iii)                               comply
with the requirements of the Commission in order to effect or maintain qualification
of this Declaration of Trust under the Trust Indenture Act or ensure that the
Trust (A) is not required to register as an investment company under the
Investment Company Act or (B) will be classified as a grantor trust for
United States federal income tax purposes; or

 

54

 

(iv)                              modify,
eliminate and add to any provision of this Declaration of Trust to such extent
as may be deemed necessary or desirable by the Sponsor; provided, that
such modification, elimination or addition does not have a material adverse
effect on the rights, preferences or privileges of the Holders of the Trust
Securities, the Property Trustee or the Agent.

 

SECTION 11.2.                                                            Meetings
of the Holders of Trust Securities; Action by Written Consent.

 

(a)                                  Meetings
of the Holders of any class of Trust Securities may be. called at
any time by the Regular Trustees (or as provided in the terms of the Trust
Securities) to consider and act on any matter on which Holders of such class of
Trust Securities are entitled to act under the terms of this Declaration of
Trust, the terms of the Trust Securities, the Statutory Trust Act or other
applicable law. The Regular Trustees shall call a meeting of the Holders of
such class if directed to do so by the Holders of at least 10% in Liquidation
Amount of such class of Trust Securities. Such direction shall be given by
delivering to the Regular Trustees one or more calls in a writing stating that
the signing Holders of Trust Securities wish to call a meeting and indicating
the general or specific purpose for which the meeting is to be called. Any
Holders of Trust Securities calling a meeting shall specify in writing the
Certificates held by the Holders of Trust Securities exercising the right to
call a meeting and only those Trust Securities specified shall be counted for
purposes of determining whether the required percentage set forth in the second
sentence of this paragraph has been met.

 

(b)                                 Except
to the extent otherwise provided in the terms of the Trust Securities, the
following provisions shall apply to meetings of Holders of Trust Securities:

 

(i)                                     notice
of any such meeting shall be given to all the Holders of Trust Securities
having a right to vote thereat at least seven days and not more than 60 days
before the date of such meeting. Whenever a vote, consent or approval of the
Holders of Trust Securities is permitted or required under this Declaration,
such vote, consent or approval may be given at a meeting of the Trust
Securities.  Any action that may be taken
at a meeting of the Holders of Trust Securities may be taken without a meeting
if a consent in writing setting forth the action so taken is signed by the
Holders of Trust Securities owning not less than the minimum amount of Trust
Securities that would be necessary to authorize or take such action at a
meeting at which all Holders of Trust Securities having a right to vote thereon
were present and voting. Prompt notice of the taking of action without a
meeting shall be given to the Holders of Trust Securities entitled to vote who
have not consented in writing. The Regular Trustees may specify that any
written ballot submitted to the Holder for the purpose of taking any action
without a meeting shall be returned to the Trust within the time specified by
the Regular Trustees;

 

(ii)                                  each
Holder of a Trust Security may authorize any Person to act for it by proxy on
all matters in which a Holder of Trust Securities is entitled to participate,
including waiving notice of any meeting, or voting or participating at a
meeting. No proxy shall be valid after the expiration of 11 months from the
date thereof unless otherwise provided in the proxy. Every proxy shall be
revocable at the pleasure of the Holder of Trust Securities executing it.
Except as otherwise provided herein, all matters

 

55

 

relating to the giving, voting or validity of proxies shall be governed
by the General Corporation Law of the State of Delaware relating to proxies,
and judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Trust Securities were shareholders of a
Delaware corporation;

 

(iii)                               each
meeting of the Holders of the Trust Securities shall be conducted by the
Regular Trustees or by such other Person that the Regular Trustees may
designate; and

 

(iv)                              unless
the Statutory Trust Act, this Declaration of Trust, the terms of the Trust
Securities, the Trust Indenture Act otherwise provides, the Regular Trustees,
in their sole discretion, shall establish all other provisions relating to
meetings of Holders of Trust Securities, including notice of the time, place or
purpose of any meeting at which any matter is to be voted on by any Holders of
Trust Securities, waiver of any such notice, action by consent without a
meeting, the establishment of a record date, quorum requirements, voting in
person or by proxy or any other matter with respect to the exercise of any such
right to vote.

 

ARTICLE XII

 

REPRESENTATIONS OF PROPERTY TRUSTEE

AND DELAWARE TRUSTEE

 

SECTION 12.1.                                                                 Representations
and Warranties of Property Trustee.

 

The Trustee that acts as initial Property Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration of
Trust, and each Successor Property Trustee represents and warrants to the Trust
and the Sponsor at the time of the Successor Property Trustee’s acceptance of
its appointment as Property Trustee that:

 

(A)                              the
Property Trustee is duly organized, validly existing .and in good
standing under the laws of the jurisdiction of its incorporation or
organization, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, the Declaration of
Trust;

 

(B)                                the
Property Trustee satisfies the requirements set forth in Section 6.3;

 

(C)                                the
execution, delivery and performance by the Property Trustee of the Declaration
of Trust have been duly authorized by all necessary corporate action on the
part of the Property Trustee. The Declaration of Trust has been duly executed
and delivered by the Property Trustee, and it constitutes a legal, valid and
binding obligation of the Property Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency, and other similar laws affecting creditors’ rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law);

 

56

 

(D)                               the
execution, delivery and performance of the Declaration of Trust by the Property
Trustee does not conflict with or constitute a breach of the Articles of
Organization or By-laws (or other similar organizational documents) of the
Property Trustee;

 

(E)                                 no
consent, approval or authorization of, or registration with or notice to, any
State or Federal banking authority is required for the execution, delivery or
performance by the Property Trustee of the Declaration of Trust; and

 

(F)                                 the
Property Trustee, pursuant to this Declaration of Trust, shall hold legal title
to, and a valid ownership interest on behalf of the Holders of the Trust
Securities, in the Debenture and agrees that, except as expressly provided or
contemplated by this Agreement, it shall not create, incur or assume, or suffer
to exist any mortgage, pledge, hypothecation, encumbrance, lien or other charge
or security interest upon the Debenture.

 

SECTION 12.2.                                                                 Representations
and Warranties of Delaware Trustee.

 

The Trustee that acts as initial Delaware Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration of
Trust, and each Successor Delaware Trustee represents and warrants to the Trust
and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of
its appointment as Delaware Trustee that:

 

(A)                              The
Delaware Trustee is duly organized, validly existing .and in good
standing under the laws of the jurisdiction of its incorporation or
organization, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, the Declaration of
Trust.

 

(B)                                The
Delaware Trustee has been authorized to perform its obligations under the
Certificate of Trust and the Declaration of Trust. The Declaration of Trust
under Delaware law constitutes a legal, valid and binding obligation of the
Delaware Trustee, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors’ rights generally and to general principles of
equity and the discretion of the court (regardless of whether the enforcement
of such remedies is considered in a proceeding in equity or at law).

 

(C)                                No
consent, approval or authorization of, or registration with or notice to, any
State or Federal banking authority is required for the execution, delivery or
performance by the Delaware Trustee of the Declaration of Trust.

 

(D)                               The
Delaware Trustee is an entity which has its principal place of business in the
State of Delaware.

 

57

 

ARTICLE XIII

 

MISCELLANEOUS

 

SECTION 13.1.                                                                 Notices.

 

All notices provided for in this Declaration of Trust shall be in
writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by registered or certified mail, as follows:

 

(A)                              if
given to the Trust, in care of the Regular Trustees at the Trust’s mailing
address set forth below (or such other address as the Trust may give notice of
to the Holders of the Trust Securities):

 

c/o GMAC Commercial Holding Corp.

200 Witmer Road

Horsham, PA 19044

Attention:  Peter O’Hara

Facsimile:  (215) 328-1316

 

(B)                                if
given to the Delaware Trustee, at the mailing address set forth below (or such
other address as the Delaware Trustee may give notice of to the other
Trustees):

 

Deutsche Bank Trust Company Delaware

1011 Centre Road, Suite 200

Wilmington, DE 19805

Attention: Elizabeth B. Ferry

Facsimile: (302) 636-3399

 

(C)                                if
given to the Property Trustee, at its Corporate Trust Office (or such other
address as the Property Trustee may give notice of to the Holders of the Trust
Securities and the other Trustee)

 

(D)                               if
given to the Agent, at the mailing address set forth below (or such other
address as the Agent may give notice of to the other Agent):

 

Deutsche Bank National Trust Company

for Deutsche Bank Trust Company Americas

25 DeForest Avenue

Second Floor, MS SUM01-0105

Summit, NJ 07901

Attention: Trust & Securities Services.

 

(E)                                 if
given to the Holder of the Trust Common Securities, at the mailing address of
the Sponsor set forth below (or such other address as the Holder of the Trust
Common Securities may give notice of to the Trust):

 

58

 

GMAC Commercial Holding Corp.

200 Witmer Road

Horsham, PA 19044

Attention: Chief Financial Officer

Facsimile: (215) 328-1316

 

(F)                                 if
given to any other Holder, at the address set forth on the books and records of
the Trust.

 

All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

 

SECTION 13.2.                                                                 Governing
Law.

 

This Declaration of Trust and the rights of the parties hereunder shall
be governed by and construed in accordance with the internal laws of the State
of Delaware and all rights and remedies shall be governed by such laws without
regard to principles of conflict of laws.

 

SECTION 13.3.                                                                 Headings.

 

Headings contained in this Declaration of Trust are inserted for
convenience of reference only and do not affect the interpretation of this
Declaration of Trust or any provision hereof.

 

SECTION 13.4.                                                                 Successors
and Assigns.

 

Whenever in this Declaration of Trust any of the parties hereto is
named or referred to, the successors and assigns of such party shall be deemed
to be included, and all covenants and agreements in this Declaration of Trust
by the Sponsor and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

 

SECTION 13.5.                                                                 Partial
Enforceability.

 

If any provision of this Declaration of Trust, or the application of
such provision to any Person or circumstance, shall be held invalid, the
remainder of this Declaration of Trust, or the application of such provision to
Persons or circumstances other than those to which it is held invalid, shall
not be affected thereby.

 

SECTION 13.6.                                                                 Counterparts.

 

This Declaration of Trust may contain more than one counterpart of the
signature page and this Declaration of Trust may be executed by the
affixing of the signature of each of the Trustees and a duly Authorized Officer
of the Sponsor to one of such counterpart signature pages. All of such
counterpart signature pages shall be read as though one and they shall
have the same force and effect as though all of the signers had signed a single
signature page.

 

59

 

IN WITNESS WHEREOF, each of the undersigned has caused these presents
to be executed as of the day and year first above written.

 

 

	
   

  	
  /s/ JOHN F. WEAVER

  
	
   

  	
  JOHN F. WEAVER,

  
	
   

  	
  as Regular Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ MARC A. FOX

  
	
   

  	
  MARC A. FOX,

  
	
   

  	
  as Regular Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ PETER O'HARA

  
	
   

  	
  PETER O’HARA,

  
	
   

  	
  as Regular Trustee

  
	
   

  	
   

  
	
   

  	
  LAW DEBENTURE TRUST

  COMPANY OF NEW YORK,

  
	
   

  	
  as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PATRICK J. HEALY

  
	
   

  	
   

  	
  Name: PATRICK J. HEALY

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST

  COMPANY DELAWARE,

  
	
   

  	
  as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRUCE HERD

  
	
   

  	
   

  	
  Name: BRUCE HERD

  
	
   

  	
   

  	
  Title: Vice President

  

 

	
   

  	
  DEUTSCHE BANK TRUST

  COMPANY AMERICAS,

  
	
   

  	
  as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RICHARD L. BUCKWALTER

  
	
   

  	
   

  	
  Name: RICHARD L. BUCKWALTER

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ANNIE JAGHATSPANYAN

  
	
   

  	
   

  	
  Name: ANNIE JAGHATSPANYAN

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GMAC COMMERCIAL HOLDING

  CORP.,

  
	
   

  	
  as Sponsor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CATHERINE M. JACKSON

  
	
   

  	
   

  	
  Name: CATHERINE M. JACKSON

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

 

EXHIBIT A-1

 

FORM OF TRUST PREFERRED SECURITY
CERTIFICATE

 

 

 

[Intentionally left blank]

 

 

PS-1

 

No.

 

 

Certificate Evidencing Trust Preferred
Securities

 

of

 

CAPMARK TRUST

 

Floating Rate Trust Preferred Securities

(Liquidation Amount $5,000,000 per Trust Preferred Security)

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.  NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF (1) IN THE
ABSENCE OF SUCH REGISTRATION OR (2) UNLESS SUCH TRANSACTION IS EXEMPT FROM
SUCH REGISTRATION.

 

THIS SECURITY IS SUBJECT TO TRANSFER RESTRICTIONS SET FORTH IN SECTION 7.8(a) OF
THE DECLARATION OF TRUST.

 

CAPMARK TRUST, a statutory trust formed under the laws of the State of
Delaware (the “Trust”), hereby certifies that General Motors Acceptance
Corporation (the “Holder”) is the registered owner of FIFTY (50)
preferred securities of the Trust representing undivided beneficial ownership interests
in the assets of the Trust designated the Trust Preferred Securities
(liquidation amount $5,000,000 per security) (the “Trust Preferred
Securities”). The Trust Preferred Securities are, subject to Section 7.8(a) of
the Amended and Restated Declaration of Trust dated as of March 23, 2006,
as the same may be amended from time to time (the “Declaration of Trust”),
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer.  The
designation, rights, powers, privileges, restrictions, preferences and other
terms and provisions of the Trust Preferred Securities represented hereby are
set forth in, issued under and shall in all respects be subject to the
provisions of the Declaration of Trust. Capitalized terms used herein but not
defined shall have the meaning given them in the Declaration of Trust. The
Holder is entitled to the benefits of the Trust Guarantee to the extent
provided therein. Each Holder of a Trust Preferred Security, by acceptance of
this Certificate and each Certificate owner, by acquisition of a beneficial
interest in a Certificate, agrees to treat the Debenture as indebtedness for
United States federal income tax purposes. 
The Sponsor shall provide a copy of the Declaration of Trust and the
Trust Guarantee to a Holder without charge upon written request to the Trust at
its principal place of business.

 

Upon receipt of this certificate, the Holder is bound by the Declaration
of Trust and is entitled to the benefits thereunder.

 

A1-2

 

IN WITNESS WHEREOF, the Trust has executed this certificate this 23rd
day of March, 2006.

 

	
   

  	
   

  	
  CAPMARK TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Peter O’Hara, not in his individual

  capacity but solely as Regular Trustee

  

 

 

(See reverse for additional terms)

 

A1-3

 

CERTIFICATE OF AUTHENTICATION

 

This is the Trust Preferred Security described in the within-mentioned
Declaration of Trust.

 

	
   

  	
  LAW DEBENTURE TRUST COMPANY OF

  
	
   

  	
  NEW YORK,

  
	
   

  	
  as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

A1-4

 

[FORM OF REVERSE OF SECURITY]

 

Holders of Trust Preferred Securities shall be entitled to receive
cumulative cash distributions at such times and in such amounts as the Trust
receives cash payments from the Company on the Debenture or on the Trust
Guarantee.   Distributions on the Trust Preferred
Securities shall be payable only to the extent that the Trust has funds
available for the payment of such distributions in the Property Account.  If and to the extent that the Company makes a
payment on the Debenture held by the Property Trustee or under the Trust
Guarantee, the Trust shall and the Property Trustee is directed, to the extent
funds are available for that purpose, to make a Pro Rata distribution of such
amounts to Holders; provided, however, that if on any date on
which amounts are payable on distribution or redemption an Indenture Event of
Default shall have occurred and be continuing, no payment of any Redemption
Price of any of the Trust Common Securities, and no other payment on account of
the redemption, liquidation or other acquisition of such Trust Common
Securities, shall be made unless payment in full in cash of all Distributions
on all of the outstanding Trust Preferred Securities for all quarterly
distribution periods, terminating on or prior thereto, or, in the case of
amounts payable on redemption, the full amount of the Redemption Price for all
of the outstanding Trust Preferred Securities then called for redemption, shall
have been made or provided for, and all funds available to the Property Trustee
shall first be applied to the payment in full in cash of all distributions on,
or the Redemption Price of, the Trust Preferred Securities then due and
payable.

 

Except as otherwise described herein, distributions on the Trust
Preferred Securities shall be cumulative, shall accumulate from the date of
initial issuance and shall be payable quarterly in arrears on January 15, April 15,
July 15 and October 15 of each year, commencing on July 15,
2006, if, as and when available for payment by the Property Trustee.
Distributions shall be payable to the Holders of record of Trust Preferred
Securities as they appear on the books and records of the Trust on the relevant
record dates, which shall be the date determined by the Regular Trustees and
shall be at least one Business Day before the relevant distribution payment
dates. If distributions are not paid when scheduled, the accumulated
distributions will be paid to the Holders of Trust Securities as they appear on
the books and records of the Trust on the record date with respect to the
payment date for the Trust Securities that corresponds to the payment date
fixed by the Company with respect to the payment of deferred interest on the
Debenture.  In the event that any date on
which distributions are payable is not a Business Day, payment of such
distribution shall be made on the next succeeding day which is a Business Day
unless such day falls in the next calendar month, in which case the
distribution payment date shall be the immediately preceding Business Day.  Payments of accumulated distributions shall
be payable to Holders of record of Trust Preferred Securities as they appear on
the books and records of the Trust on the record date with respect to the
payment date for the Trust Preferred Securities which corresponds to the
payment date fixed by the Company with respect to the payment of deferred
interest on the Debenture.

 

In the event of the Company’s bankruptcy, liquidation or dissolution
and if a Mandatory Deferral Event has been continuing for at least two years,
notwithstanding anything to the contrary contained herein, for a period of five
years commencing on the second anniversary of the Mandatory Deferral Event, any
amount received in respect of interest (including Additional Interest) on the
Debenture accumulating on Trust Securities from that date shall be paid as a
distribution on the Trust Common Securities.

 

A1-5

 

The Trust Preferred Securities shall be redeemable as provided in the
Declaration of Trust.

 

The Holder of this Trust Preferred Security, by its acceptance hereof,
agrees that the arrangement created by the Declaration of Trust shall be
treated as a grantor trust for federal income tax purposes and to take no
action inconsistent with the treatment of the Trust Preferred  Securities as undivided beneficial interest in
the assets of the Trust.

 

A1-6

 

	
  ASSIGNMENT

  
	
   

  
	
  FOR VALUE RECEIVED, the undersigned assigns
  and transfers this Trust Preferred Security Certificate to:

  
	
   

  
	
   

  
	
  (Insert
  assignee’s social security or tax identification number)

  
	
   

  
	
   

  
	
   

  
	
  (Insert
  address and zip code of assignee)

  
	
   

  
	
  and irrevocably appoints

  
	
   

  
	
   

  
	
                                                                                                                                                                             agent
  to transfer this Trust Preferred Security Certificate on the books of the
  Trust. The agent may substitute another to act for him or her.

  
	
   

  
	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  
	
  Signature:

  	
   

  	
   

  
	
  (Sign exactly as your name appears on the
  other side of this Trust Preferred Security Certificate)

  
				

 

A1-7

 

EXHIBIT A-2

 

FORM OF COMMON SECURITY CERTIFICATE

 

 

 

[Intentionally left blank]

 

 

CS-1

 

Certificate Evidencing Trust Common Security

 

of

 

CAPMARK TRUST

 

Trust Common Security

(Liquidation Amount $1,000 per Trust Common Security)

 

CAPMARK TRUST, a statutory trust formed under the laws of the State of
Delaware (the “Trust”), hereby certifies that GMAC Commercial Holding
Corp., a Nevada corporation (the “Holder”) is the registered owner of
ONE (1) common security of the Trust representing undivided beneficial
ownership interests in the assets of the Trust designated the Trust Common
Security (liquidation amount $1,000 per security) (the “Trust Common
Security”). The designation, rights, powers, privileges, restrictions,
preferences and other terms and provisions of the Trust Common Security
represented hereby are set forth in, issued under and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust dated as of March 23, 2006, as the same may be amended from time
to time (the “Declaration of Trust”). Capitalized terms used herein but
not defined shall have the meaning given them in the Declaration of Trust. The
Holder is entitled to the benefits of the Trust Guarantee to the extent
provided therein.  Each Holder of a Trust
Common Security, by acceptance of this Certificate, agrees to treat the
Debenture as indebtedness for United States federal income tax purposes.  The Sponsor shall provide a copy of the
Declaration of Trust and the Trust Guarantee to a Holder without charge upon
written request to the Sponsor at its principal place of business. THE TRUST
COMMON SECURITY IS TRANSFERABLE ON THE BOOKS AND RECORDS OF THE TRUST ONLY IN
ACCORDANCE WITH THE TERMS OF THE DECLARATION OF TRUST.

 

Upon receipt of this certificate, the Sponsor is bound by the
Declaration of Trust and is entitled to the benefits thereunder.

 

A2-2

 

IN WITNESS WHEREOF, the Trust has executed this certificate this 23rd
day of March, 2006.

 

	
   

  	
  CAPMARK TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Peter O’Hara, not in his individual capacity but

  solely as Regular Trustee

  

 

(See reverse for additional terms)

 

A2-3

 

CERTIFICATE OF AUTHENTICATION

 

This is the Trust Common Security described in the within-mentioned
Declaration of Trust.

 

	
   

  	
  LAW DEBENTURE TRUST COMPANY OF

  NEW YORK,

  
	
   

  	
  as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

A2-4

 

[FORM OF REVERSE OF SECURITY]

 

Holders of Trust Common Securities shall be entitled to receive
cumulative cash distributions at such times and in such amounts as the Trust
receives cash payments from the Company on the Debenture or on the Trust
Guarantee.   Distributions on the Trust Common Securities
shall be payable only to the extent that the Trust has funds available for the
payment of such distributions in the Property Account. If and to the extent
that the Company makes a payment on the Debenture held by the Property Trustee
or under the Trust Guarantee, the Trust shall and the Property Trustee is
directed, to the extent funds are available for that purpose, to make a Pro
Rata distribution of such amounts to Holders; provided, however,
that if on any date on which amounts are payable on distribution or redemption
an Indenture Event of Default shall have occurred and be continuing, no payment
of any Redemption Price of any of the Trust Common Securities, and no other
payment on account of the redemption, liquidation or other acquisition of such
Trust Common Securities, shall be made unless payment in full in cash of all
Distributions on all of the outstanding Trust Preferred Securities for all
quarterly distribution periods, terminating on or prior thereto, or, in the
case of amounts payable on redemption, the full amount of the Redemption Price
for all of the outstanding Trust Preferred Securities then called for
redemption, shall have been made or provided for, and all funds available to
the Property Trustee shall first be applied to the payment in full in cash of
all distributions on, or the Redemption Price of, the Trust Preferred
Securities then due and payable.

 

Except as otherwise described herein, distributions on the Trust Common
Securities shall be cumulative, shall accumulate from the date of initial
issuance and shall be payable quarterly in arrears on January 15, April 15,
July 15 and October 15 of each year, commencing on July 15,
2006, if, as and when available for payment by the Property Trustee.
Distributions shall be payable to the Holders of record of Trust Common
Securities as they appear on the books and records of the Trust on the relevant
record dates, which shall be one Business Day prior to the relevant
distribution payment dates. If distributions are not paid when scheduled, the
accumulated distributions will be paid to the Holders of Trust Securities as
they appear on the books and records of the Trust on the record date with
respect to the payment date for the Trust Securities that corresponds to the
payment date fixed by the Company with respect to the payment of deferred
interest on the Debenture.  In the event
that any date on which distributions are payable is not a Business Day, payment
of such distribution shall be made on the next succeeding day which is a
Business Day unless such day falls in the next calendar month, in which case
the distribution payment date shall be the immediately preceding Business Day.  Payments of accumulated distributions shall
be payable to Holders of record of Trust Common Securities as they appear on
the books and records of the Trust on the record date with respect to the
payment date for the Trust Common Securities which corresponds to the payment date
fixed by the Company with respect to the payment of deferred interest on the
Debenture.

 

In the event of the Company’s bankruptcy, liquidation or dissolution
and if a Mandatory Deferral Event has been continuing for at least two years,
each Holder of a Trust Security, by its acceptance thereof, agrees, that,
notwithstanding anything to the contrary contained herein, for a period of five
years commencing on the second anniversary of the Mandatory Deferral Event, any
amount received in respect of interest (including Additional Interest) on the
Debenture accumulating on Trust Securities from that date shall be paid as a
distribution on the Trust Common Securities.

 

A2-5

 

The Trust Common Securities shall be redeemable as provided in the
Declaration of Trust.

 

The Holder of this Trust Common Security, by its acceptance hereof,
agrees that the arrangement created by the Declaration of Trust shall be
treated as a grantor trust for federal income tax purposes and to take no
action inconsistent with the treatment of the Trust Common  Securities as undivided beneficial interest
in the assets of the Trust.

 

A2-6

 

	
  ASSIGNMENT

  
	
   

  
	
  FOR VALUE RECEIVED, the undersigned assigns and transfers this Trust
  Common Security Certificate to:

  
	
   

  
	
   

  
	
  (Insert assignee’s social security or tax
  identification number)

  
	
   

  
	
   

  
	
  (Insert address and zip code of assignee)

  
	
   

  
	
  and irrevocably appoints

  
	
   

  
	
   

  
	
                                                                                                                                                                              
  agent to transfer this Trust Common Security Certificate on the books of the
  Trust. The agent may substitute another to act for him or her.

  

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
  Signature:

  	
   

  	
   

  
	
  (Sign exactly as your name appears on the other side of this Trust
  Common Security Certificate)

  
				

 

A2-7

 

EXHIBIT B

 

FORM OF INSTITUTIONAL ACCREDITED
INVESTOR CERTIFICATE

 

 [Intentionally
left blank]

 

 

FORM OF INSTITUTIONAL ACCREDITED
INVESTOR CERTIFICATE

 

                    ,
[     ]

 

Law Debenture Trust Company of New York, as Trustee 

767 Third Avenue

Thirty First Floor

New York, NY 10017

Attention: Corporate Trust Administration

 

Capmark Trust

c/o GMAC Commercial Holding Corp.

200 Witmer Road

Horsham, PA 19044

Attention: Peter O’Hara

 

Re:                               Purchase of $            liquidation
amount of Floating Rate Trust Preferred Securities (the “Trust Preferred
Securities”) issued by Capmark Trust (the “Trust”) pursuant to the Amended and
Restated Declaration of Trust by and among the Corporation, as Sponsor, Law
Debenture Trust Company of New York, as Property Trustee, Deutsche Bank Trust
Company Delaware, as Delaware Trustee, Deutsche Bank Trust Company Americas, as
Agent and John F. Weaver, Marc A. Fox and Peter O’Hara, as Regular Trustees,
dated as of March 23, 2006 (the “Declaration of Trust”).

 

Ladies and Gentlemen:

 

In connection with our purchase of the Trust Preferred Securities, we
confirm that:

 

(a)                                  We understand that
the Trust Preferred Securities have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), and may not be offered or sold
except as permitted in the following sentence. We agree on our own behalf and
on behalf of any investor account for which we are purchasing the Trust
Preferred Securities that, if we decide to offer, sell or otherwise transfer
any such Trust Preferred Securities, (i) such offer, sale or transfer will be made only (a) to
the Company, (b) to a person we reasonably believe is a “qualified
institutional buyer” (a “QIB”) (as defined in Rule 144A under the
Securities Act) in a transaction meeting the requirements of Rule 144A, (c) to
an institutional “accredited investor” within the meaning of subparagraph (a) (1),
(2), (3) or (7) of Rule 501 under the Securities Act that is
acquiring Trust Preferred Securities for its own account, or for the account of
such an “accredited investor,” for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution thereof in violation
of the Securities Act, or (d) pursuant to an effective registration
statement under the Securities Act.  The
foregoing restrictions on resale will not apply subsequent to the date on
which, in the written opinion of counsel, the Trust Preferred Securities are
not “restricted securities” within the meaning of Rule 144
under the Securities Act. If any resale or other transfer of the Trust 

 

 

Preferred Securities is proposed to be made pursuant to clause (c) above,
the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Securities Registrar.  We understand that the certificates for any
Security that we receive will bear a legend substantially to the effect of the
foregoing.

 

(b)                                 We
are an “accredited investor” within the meaning of subparagraph (a) (1),
(2), (3) or (7) of Rule 501 under the Securities Act purchasing
for our own account or for the account of such an “accredited investor,” and we
are acquiring the Trust Preferred Securities for investment purposes and not
with view to, or for offer or sale in connection with, any distribution in
violation of the Securities Act, and we have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Trust Preferred Securities, and we and any
account for which we are acting are each able to bear the economic risks of our
or its investment.

 

(c)                                  We
are acquiring the Trust Preferred Securities purchased by us for our own
account (or for one or more accounts as to each of which we exercise sole
investment discretion and have authority to make, and do make, the statements
contained in this letter) and not with a view to any distribution of the Trust
Preferred Securities, subject, nevertheless, to the understanding that the
disposition of our property will at all times be and remain within our control.

 

(d)                                 We
are acquiring Trust Preferred Securities having an aggregate liquidation amount
of not less than $50,000,000 for our own account and for each separate account
for which we are acting.  The Trust
Preferred Securities shall not be transferable in amounts of less than
$50,000,000 aggregate liquidation amount; provided
that in the event that a partial redemption of Trust Preferred Securities
pursuant to Section 7.3 of the Declaration of Trust has occurred, we may transfer the full aggregate
liquidation amount of Trust Preferred Securities that we own.

 

(e)                                  We
acknowledge that the Trust and GMAC Commercial Holding Corp. (the “Company”)
and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations, warranties and agreements and agree that if
any of the acknowledgments, representations, warranties and agreements deemed
to have been made by our purchase of any of the Trust Preferred Securities are
no longer accurate, we shall promptly notify the Trust and the Company. If we
are acquiring any as a fiduciary or agent for one or more investor accounts, we
represent that we have sole discretion with respect to each such investor
account and that we have full power to make the foregoing acknowledgments,
representations and agreement on behalf of each such investor account.

 

	
   

  	
   

  
	
   

  	
  (Name of Purchaser)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
					

 

C-2

 

Upon transfer, the Trust Preferred Securities (having a liquidation
amount of $                          )
would be registered in the name of the new owner as follows.

 

	
  Name:

  	
   

  	 

	
   

  	
   

  
	
  Address:

  	
   

  	 

	
   

  	
   

  
	
  Taxpayer ID Number:

  	
   

  	 

						

 

C-3Exhibit 10.6

 

EXECUTION COPY

 

$250,000,000

 

Capmark Trust

 

Floating Rate
Trust Preferred Securities

 

PURCHASE AGREEMENT

 

March 23, 2006

 

General Motors Acceptance Corporation

200
Renaissance Center

P.O. Box 200

Detroit, Michigan 48625-2000

 

Ladies and
Gentlemen:

 

Capmark Trust, a Delaware statutory trust
(the “Trust”), proposes to sell to you (the “Purchaser”), upon
the terms and considerations set forth herein, an aggregate liquidation amount
of $250,000,000 of its Floating Rate Trust Preferred Securities (liquidation
amount of $5,000,000 per Trust Preferred Security) (the “Trust Preferred
Securities”) representing preferred undivided beneficial ownership
interests of the assets of the Trust, in exchange for a reduction in the amount
of $250,000,000 in the aggregate amount of intercompany indebtedness otherwise
owed by GMAC Commercial Holding Corp., a Nevada corporation (the “Company”),
to the Purchaser and its affiliates (other than the Company’s subsidiaries).

 

The Trust Preferred Securities and the Floating
Rate Trust Common Securities (liquidation amount of $1,000 per Trust Common
Security) (the “Trust Common Securities” and, together with the Trust
Preferred Securities, the “Trust Securities”), will be issued pursuant
to the Amended and Restated Declaration of Trust, dated the date hereof (the “Declaration
of Trust”), by and among the Company, as Sponsor (as defined in the
Declaration of Trust), John F. Weaver, Marc A. Fox and Peter O’Hara, as regular
trustees (the “Regular Trustees”), Law Debenture Trust Company of New
York , as property trustee (the “Property Trustee”), Deutsche Bank Trust
Company Americas, as agent (the “Agent”) and Deutsche Bank Trust Company
Delaware, as Delaware trustee (the “Delaware Trustee” and, together with
the Regular Trustees and the Property Trustee, the “Issuer Trustees”),
and the holders, from time to time, of undivided beneficial interests in the
assets of the Trust. The Company will guarantee the payment of the
distributions on the Trust Securities on the terms and conditions set forth in
the Trust Guarantee Agreement (the “Trust Guarantee”), dated as of March
23, 2006, between the Company, as Guarantor, and Law Debenture Trust Company of
New York, as trustee (in its capacity as trustee under the Trust Guarantee, the
“Trust Guarantee Trustee”).

 

1

 

The Purchaser and its direct and indirect
transferees will be entitled to the benefits of a Registration Rights Agreement
dated the date hereof among the Company, the Trust and the Purchaser (the “Registration Rights Agreement”).

 

This Purchase Agreement (this “Agreement”),
the Declaration of Trust, the Trust Guarantee, the Indenture, dated as of March
23, 2006 (the “Indenture”), among the Company, Law Debenture Trust
Company of New York, a New York banking corporation (in its capacity as trustee
under the Indenture, the “Indenture Trustee”) and the Agent and the
Registration Rights Agreement are referred to in this Agreement collectively as
the “Operative Documents.”

 

1.             Restricted Securities.
The Trust Preferred Securities will be offered and sold to the Purchaser
without registration under the Securities Act of 1933, as amended (the “Securities
Act”), in reliance on an exemption pursuant to Section 4(2) under the
Securities Act. It is understood and acknowledged that upon original issuance
thereof, the Trust Preferred Securities and the $250,001,000 Floating Rate
Junior Subordinated Debenture due March 23, 2046 (the “Debenture”)
issued pursuant to the Indenture will bear the restrictive legends set forth in
the Declaration of Trust and the Indenture.

 

2.             Representations,
Warranties and Agreements of the Trust and the Company.  Each of the Trust (with respect to
itself) and the Company (with respect to itself and the Trust) represents and
warrants to the Purchaser that:

 

(a)               The Trust has been duly created,
is validly existing as a statutory trust and in good standing under the
Statutory Trust Act of the State of Delaware (the “Delaware Statutory Trust
Act”) with the trust power and authority to own property and conduct its
business, and has conducted and will conduct no business other than the
transactions contemplated by this Agreement and the Declaration of Trust; the
Trust is not and will not be a party to or bound by any agreement or instrument
other than this Agreement and the Declaration of Trust; the Trust has no and
will not have any liabilities or obligations other than those arising out of
the transactions contemplated by this Agreement and the Declaration of Trust;
and the Trust is not a party to or subject to any action, suit or proceeding of
any nature.

 

(b)               The Declaration of Trust is duly
and validly authorized and, when duly executed and delivered by the Company, as
Sponsor, the Regular Trustees, the Property Trustee and the Delaware Trustee,
and, assuming due authorization, execution and delivery of the Declaration of
Trust by the Property Trustee and the Delaware Trustee, will constitute a valid
and legally binding agreement of the Company and the Trust.

 

(c)               Upon issuance and delivery and
payment therefor in the manner described herein, the Trust Preferred Securities
will be duly authorized, validly issued and outstanding, fully paid and
non-assessable.

 

(d)               The Company has the power and
authority to act as the Sponsor of the Trust and to perform its obligations
under the Declaration of Trust.

 

(e)               The Trust Guarantee has been duly
and validly authorized by the Company and, assuming due authorization,
execution and delivery by the Trust Guarantee Trustee, constitutes a valid and
legally binding agreement of the Company, enforceable against the 

 

2

 

Company in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity).

 

(f)                The Indenture has been duly and
validly authorized by the Company and, assuming due authorization, execution
and delivery by the Indenture Trustee, constitutes a valid and legally binding
agreement of the Company, enforceable against the Company in accordance with
its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity).

 

(g)               The Debenture has been duly and
validly authorized, executed and issued by the Company and, assuming due
authentication thereof by the Trustee and upon payment and delivery in
accordance with the Indenture, will constitute a valid and legally binding
obligation of the Company enforceable against the Company in accordance with
its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity), and entitled to the benefits of the Indenture.

 

(h)               The Registration Rights Agreement
has been duly and validly authorized by the Company and the Trust, and,
assuming due authorization, execution and delivery by the Purchaser,
constitutes a valid and legally binding agreement of the Company and the Trust,
enforceable against the Company and the Trust in accordance with its terms,
subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity).

 

(i)                This Agreement has been duly and
validly authorized, executed and delivered by the Company and the Trust.

 

(j)                No qualification of the
Declaration of Trust, the Trustee Guarantee or the Indenture under the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”) is
required in connection with the offering of the Trust Preferred Securities.

 

3.             Sale and Purchase of
the Trust Preferred Securities. The Trust agrees to sell to the
Purchaser for the consideration set forth in the first paragraph of this
Agreement, and the Purchaser agrees to purchase from the Trust, in exchange for
the consideration set forth in the first paragraph of this Agreement,
$250,000,000 aggregate liquidation amount of the Trust Preferred Securities.

 

3

 

4.             Representations,
Warranties and Agreements of the Purchaser.

 

(a)               The Purchaser hereby represents
and warrants to, and agrees with, the Trust and the Company that the Purchaser
it is an institutional “accredited investor” within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act. The Purchaser acknowledges
that it has such knowledge and experience in financial and business matters as
are necessary in order to evaluate the merits and risks of an investment in the
Trust Preferred Securities. The Purchaser is able to bear the economic risk of
its investment in the Trust Preferred Securities. The Purchaser acknowledges
that it has had access to such financial and other information and has been
afforded the opportunity to ask such questions of the Company and with respect to
the Trust and receive answers thereto, as it deems necessary in connection with
its decision to purchase the Trust Preferred Securities. The Purchaser
acknowledges that it is not purchasing the Trust Preferred Securities as a
result of any advertisements, articles, notices or other communications
published in any newspaper, magazine or similar medium or broadcast over
television or radio, or any seminar or meeting whose attendees have been
invited by any general solicitation or general advertising). The Purchaser
understands that the Trust Preferred Securities are being offered and sold to
it pursuant to an exemption from the registration requirements under the
Securities Act.

 

(b)               The Purchaser understands and
agrees that it may not resell or otherwise transfer any Trust Preferred
Securities prior to the date that is the earlier of (1) two years after the
date hereof or (2) three months after the Company has repaid the Term Loan
Agreement (as defined in the Declaration of Trust). In addition, the Purchaser
understands and agrees that the Trust Preferred Securities may only be offered
and sold pursuant to an effective registration statement or pursuant to an
exemption from the Securities Act.

 

(c)               The Purchaser understands and
agrees that the Trust Preferred Securities will be sold in denominations of
$5,000,000 and will not be transferable in amounts of less than $50,000,000
aggregate liquidation amount, provided that in the event of a partial
redemption of Trust Preferred Securities, a holder of such Trust Preferred
Securities may subsequently transfer the full amount of Trust Preferred
Securities then held by such holder. The Purchaser further understands and
agrees that any transfer of Trust Preferred Securities in an amount having an
aggregate liquidation amount of less than $50,000,000 or any amount resulting
in a Holder’s holding Trust Preferred Securities in an amount having an
aggregate liquidation amount of less than $50,000,000, except in each case
pursuant to the proviso above, shall be deemed to be void and of no legal
effect.

 

(d)               The Purchaser understands and
agrees that the Trust Preferred Securities will be issued in certificated form.

 

(e)               This Agreement has been duly and
validly authorized, executed and delivered by the Purchaser.

 

5.             Applicable Law.
This Agreement will be governed by and construed in accordance with the laws of
the State of New York.

 

[The remainder of this page is intentionally left blank.]

 

4

 

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to us the enclosed
duplicate hereof, whereupon this letter and your acceptance shall represent a
binding agreement among the Company, the Trust and the Purchaser.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  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

  

 

 

	
  The foregoing Agreement is

  hereby confirmed and accepted as

  of the date first above written.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  GENERAL MOTORS ACCEPTANCE

  	
   

  
	
  CORPORATION

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ D.C. Walker

  	
   

  
	
   

  	
   

  	
   

  
	
  Name: /s/ D.C. Walker

  	
   

  
	
  Title:   Group Vice
  President

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"}]]