Document:

Exhibit 10.1

 

EXECUTION
COPY

 

AMENDMENT NO. 
5 TO THE BRIDGE LOAN AGREEMENT

 

Dated as of April 9, 2009

 

AMENDMENT
NO. 5 TO THE BRIDGE LOAN AGREEMENT (this “Amendment”) among Capmark Financial Group Inc., a Nevada
corporation (the “Company”), the financial institutions and other
institutional lenders party hereto, and Citicorp North America, Inc., as
administrative agent (the “Agent”) for the Lenders.

 

RECITALS:

 

(1)           The
Company, the financial institutions and other institutional lenders party
thereto (the “Lenders”), the Agent and the other agents party thereto
have entered into that certain Bridge Loan Agreement dated as of March 23,
2006, as amended by Amendment No. 1 to the Bridge Loan Agreement dated as
of December 7, 2006, Amendment No. 2 to the Bridge Loan Agreement
dated as of June 30, 2008, 
Amendment No. 3 to the Bridge Loan Agreement dated as of March 23,
2009 and Amendment No. 4 to the Bridge Loan Agreement dated as of March 24,
2009 (as further amended, supplemented or otherwise modified, the “Bridge
Loan Agreement”).  Capitalized terms
not otherwise defined in this Amendment have the same meanings as specified in
the Bridge Loan Agreement.

 

(2)           The
Company has requested that the Lenders agree to extend the Maturity Date of the
Loans under the Bridge Loan Agreement (any such Lender agreeing to so extend,
an “Extending Lender”) as hereinafter set forth.

 

(3)           Pursuant
to subsection 9.1(a) of the Bridge Loan Agreement, the Majority Lenders
may, or, with the written consent of the Majority Lenders, the Agent may, from
time to time, enter into with the Company, written amendments, supplements or
modifications to the Bridge Loan Agreement for the purpose of adding any
provisions to the Bridge Loan Agreement or changing in any manner the rights of
the Lenders or of the Company under the Bridge Loan Agreement.

 

(4)           Pursuant
to subsection 9.1(y)(i) of the Bridge Loan Agreement, no amendment to the
Bridge Loan Agreement shall extend the scheduled date of any payment of any
Loan without the consent of each Lender directly affected thereby.

 

(5)           The
Majority Lenders and the Extending Lenders have agreed, subject to the terms
and conditions stated below, to amend the Bridge Loan Agreement as hereinafter
set forth.

 

SECTION 1.           AMENDMENTS
TO BRIDGE LOAN AGREEMENT

 

The Bridge Loan Agreement is, effective as of the
date hereof and subject to the satisfaction of the conditions precedent set
forth in Section 2, hereby amended as follows:

 

(a)           Section 1.01 of the Bridge Loan
Agreement is hereby amended by inserting in alphabetical order a new definition
to read as follows:

 

“Amendment
No. 5”: Amendment No. 5 to the Agreement, dated as of April 9,
2009, among the Company, the Lenders party thereto and the Agent.

 

“Amendment No. 5 Effective Date”: the date of effectiveness
of Amendment No. 5 in accordance with the terms thereof.

 

 

“Amendment No. 5 Extending Lender”: an “Extending Lender”
(as defined in Amendment No. 5).

 

“Non-Extending Lenders” means Amendment No.  3
Non-Extending Lenders and Amendment No.  4 Non-Extending Lenders.

 

(b)           The definition of “Maturity Date” set
forth in Section 1.01 of the Bridge Loan Agreement is hereby amended and
restated in its entirety to read as follows:

 

“Maturity
Date” means (x) with respect to any Loans and Commitments held by
Amendment No. 3 Non-Extending Lenders on the Amendment No. 3
Effective Date, March 23, 2009, (y) with respect to any Loans and
Commitments held by Amendment No. 4 Non-Extending Lenders on the Amendment
No. 4 Effective Date, March 24, 2009, and (z) with respect to any
Loans and Commitments held by Amendment No. 5 Extending Lenders on the
Amendment No. 5 Effective Date, April 20, 2009.

 

(c)           The undersigned agree that the Bridge Loan Agreement is
deemed to be amended to make any modifications to the applicable payment, pro
rata and sharing provisions of the Bridge Loan Agreement needed in connection
with effecting the changes to maturities effected hereby.

 

(d)           The Company agrees that until April 20, 2009 it shall
not make, or cause to be made, any repayment in respect of the Loans.

 

(e)           Until April 20,
2009, the Majority Lenders hereby waive any Event of Default arising
directly from the Company’s failure to repay in full the principal amount of,
and interest on, the Loans of any Non-Extending Lenders on the applicable Maturity
Date for such Loans (such event being the “Non-Payment Event of Default”).  Further, until April 20, 2009, the
Majority Lenders hereby agree to forbear (and instruct the Agent to
forbear) from exercising any right or remedy under the Bridge Loan Agreement
as a result of the occurrence and continuance of an Event of Default arising
from the Non-Payment Event of Default.

 

(f)            From the date hereof until April 20,
2009, notwithstanding the provisions of Section 9.6 of the Bridge Loan
Agreement, no Lender shall
be permitted to (i) assign or otherwise transfer to one or more Assignees
all or a portion of its rights or obligations under the Bridge Loan
Agreement or (ii) sell participations to one or more Participants in
all or a portion of its rights or obligations under the Bridge Loan
Agreement, in each case pursuant to Section 9.6 of the Bridge Loan
Agreement.

 

SECTION 2.           CONDITIONS OF EFFECTIVENESS

 

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

 

(a)           the Agent shall have received
counterparts of this Amendment executed by the Company, the Majority Lenders,
the Extending Lenders, and/or, as to any such Majority Lender and Extending
Lender, advice satisfactory to the Agent that such Lender has executed this
Amendment;

 

(b)           the Agent shall have received a
certificate of the Secretary or Assistant Secretary of the Company, in form and
substance satisfactory to the Agent, which certificate shall (i) certify
as to the incumbency and signature of the officers of the Company executing
this Amendment (with the President, a Vice President, the Secretary or
Assistant Secretary of the Company attesting to the incumbency and 

 

2

 

signature of the Secretary or
Assistant Secretary providing such certificate), (ii) have attached to it
a true and correct copy of the resolutions of the Board of Directors of the
Company, which resolutions shall authorize the execution, delivery and performance
of this Amendment, and (iii) certify that, as of the date of such
certificate (which shall not be earlier than the date hereof), none of such
resolutions shall have been amended, supplemented, modified, revoked or
rescinded;

 

(c)           each Guarantor has executed and
delivered a consent in the form of Annex A hereto;

 

(d)           the Agent shall have received an
amendment fee for the account of each Extending Lender that has executed and
delivered a signature page to this Amendment in an amount equal to 0.15%
of the aggregate principal amount of such Extending Lender’s Loans;  and

 

(e)           all other fees and expenses of the
Agent and the Lenders (including (i) all reasonable fees and expenses of
counsel to the Agent and (ii) all retainers for counsel to the Agent and
advisor to the Agent), to the extent invoiced prior to the date hereof, shall
have been paid.

 

SECTION 3.           CONFIRMATION
OF REPRESENTATIONS AND WARRANTIES

 

(a)           The Company hereby represents and
warrants, on and as of the date hereof, that the representations and warranties
contained in the Bridge Loan Agreement (to the extent relating to the Company)
are true and correct in all material respects on and as of the date hereof,
before and after giving effect to this Amendment, as though made on and as of
the date hereof, other than any such representations or warranties that, by
their terms, refer to a specific date.

 

SECTION 4.           AFFIRMATION
OF THE COMPANY

 

The Company hereby
consents to the amendments to the Bridge Loan Agreement effected hereby, and hereby
confirms and agrees that, notwithstanding the effectiveness of this Amendment,
the obligations of the Company contained in the Bridge Loan Agreement, as
amended hereby, or in any other Loan Documents to which it is a party are, and
shall remain, in full force and effect and are hereby ratified and confirmed in
all respects.

 

SECTION 5.           REFERENCE
TO AND EFFECT ON THE LOAN DOCUMENTS

 

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

 

(b)           The Bridge Loan Agreement, the Notes
and each of the other Loan Documents, as specifically amended by this
Amendment, are and shall continue to be in full force and effect and are hereby
in all respects ratified and confirmed.

 

(c)           The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of any Lender or the Agent
under the Bridge Loan Agreement or any other Loan Document, nor constitute a
waiver of any provision of the Bridge Loan Agreement or any other Loan
Document.

 

3

 

SECTION 6.           COSTS,
EXPENSES

 

The Company agrees to pay on
demand all costs and expenses of the Agent in connection with the preparation,
execution, delivery and administration, modification and amendment of this
Amendment and the other instruments and documents to be delivered hereunder
(including, without limitation, the reasonable fees and expenses of counsel for
the Agent) in accordance with the terms of subsection 9.5 of the Bridge
Loan Agreement.

 

SECTION 7.           EXECUTION
IN COUNTERPARTS

 

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

 

SECTION 8.           GOVERNING
LAW

 

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

 

[The
remainder of this page intentionally left blank.]

 

4

 

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

 

 

	
   

  	
  CAPMARK FINANCIAL GROUP
  INC., as the Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer,
  Executive Vice President

  

 

CAPMARK Bridge Loan
Agreement - Amendment No. 5

Signature Page

 

 

Acknowledged:

 

 

	
  CITICORP NORTH AMERICA,
  INC., as the Agent

  
	
   

  
	
  By:

  	
  /s/ Michael Schadt

  	
   

  
	
   

  	
  Name:

  	
  Michael Schadt

  
	
   

  	
  Title:

  	
  Director

  
				

 

CAPMARK Bridge
Loan Agreement - Amendment No. 5

Signature Page

 

 

	
   

  	
  Citicorp North
  America, Inc., as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Schadt

  
	
   

  	
   

  	
  Name:

  	
  Michael Schadt

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

CAPMARK Bridge
Loan Agreement - Amendment No. 5

Signature Page

 

 

	
   

  	
  Credit Suisse, Cayman
  Islands Branch,  as a Majority
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Didier Siffer

  
	
   

  	
   

  	
  Name:

  	
  Didier Siffer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael A. Criscito

  
	
   

  	
   

  	
  Name:

  	
  Michael A. Criscito

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

CAPMARK Bridge
Loan Agreement - Amendment No. 5

Signature Page

 

 

	
   

  	
  Deutsche Bank AG, New
  York,  as a Majority
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Emile Van den Bol

  
	
   

  	
   

  	
  Name:

  	
  Emile Van den Bol

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Chris Jones

  
	
   

  	
   

  	
  Name:

  	
  R. Chris Jones

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

CAPMARK Bridge
Loan Agreement - Amendment No. 5

Signature Page

 

 

	
   

  	
  Goldman Sachs Credit
  Partners, L.P.,  as a Majority
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Caroline Benton

  
	
   

  	
   

  	
  Name:

  	
  Caroline Benton

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  

 

CAPMARK Bridge
Loan Agreement - Amendment No. 5

Signature Page

 

 

	
   

  	
  JPMorgan Chase, N.A., as a
  Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  

  	
  /s/ John J. Coffey

  
	
   

  	
   

  	
  Name:  

  	
  John J. Coffey

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

CAPMARK Bridge Loan
Agreement - Amendment No. 5

Signature Page

 

 

	
   

  	
  The Royal Bank of Scotland
  plc,  as a Majority
  Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:  

  	
  /s/ Michael T. Fabiano

  
	
   

  	
   

  	
  Name:

  	
  Michael T. Fabiano

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  

 

CAPMARK Bridge Loan
Agreement - Amendment No. 5

Signature Page

 

 

Annex A to

Amendment No. 5 to the Bridge Loan Agreement

 

Form of Guarantor Consent

 

CONSENT

 

Reference is made to the Bridge Loan Agreement,
dated as of March 23, 2006, as amended by Amendment No. 1 to the
Bridge Loan Agreement, dated as of December 7, 2006, Amendment No. 2
to the Bridge Loan Agreement, dated as of June 30, 2008, Amendment No. 3
to the Bridge Loan Agreement, dated as of March 23, 2009, Amendment No. 4
to the Bridge Loan Agreement, dated as of March 24, 2009 and Amendment No. 5
to the Bridge Loan Agreement, dated as of April 9, 2009, among Capmark Financial Group Inc. (the “Company”),
the financial institutions and other institutional lenders party thereto,
Citicorp North America, Inc., as administrative agent for the Lenders and
the other agents party thereto (such Bridge Loan
Agreement, as so amended, the “Bridge Loan Agreement”).

 

Each of the undersigned confirms and agrees that
notwithstanding the effectiveness of the foregoing Amendment No. 5 to the
Bridge Loan Agreement, each Loan Document to which such Person is a party is,
and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, in each case as amended by Amendment No. 5 to
the Bridge Loan Agreement (in each case, as defined therein).

 

 

	
   

  	
  COMMERCIAL EQUITY
  INVESTMENTS, INC.,  as a
  Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:    

  	
  /s/ Anne E. Kelly

  
	
   

  	
   

  	
  Name:    

  	
  Anne E. Kelly

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CAPMARK CAPITAL INC.,
  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NET LEASE ACQUISITION LLC,
  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  

 

 

	
   

  	
  CAPMARK FINANCE INC.,
  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:    

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:    

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer,
  Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CAPMARK INVESTMENTS LP,
  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barry S. Gersten

  
	
   

  	
   

  	
  Name:

  	
  Barry S. Gersten

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MORTGAGE INVESTMENTS, LLC,
  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Widmann

  
	
   

  	
   

  	
  Name:

  	
  Peter A. Widmann

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SJM CAP, LLC,  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Widmann

  
	
   

  	
   

  	
  Name:

  	
  Peter A. Widmann

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CRYSTAL BALL HOLDING OF
  BERMUDA LIMITED, as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Widmann

  
	
   

  	
   

  	
  Name:

  	
  Peter A. Widmann

  
	
   

  	
   

  	
  Title:

  	
  PresidentEXHIBIT 4.2

 

SHARE REPURCHASE PROGRAM

 

The Board of
Directors (the “Board”) of Inland Diversified Real Estate Trust, Inc., a
Maryland corporation (the “Company”), has adopted this Share Repurchase Program
(this “Repurchase Program”) to permit and authorize the Company to repurchase
shares of its common stock, par value $0.001 per share (the “Shares”), from its
stockholders, in all cases subject to the terms, conditions and limitations set
forth herein.  The effective date of this
Repurchase Program is [                        ],
2009.

 

1.                                       Repurchase Price.

 

(a)                                 The
Company is authorized to repurchase Shares from its stockholders at the
following prices per Share:

 

(i)                                    if
the Shares are beneficially owned by the requesting stockholder continuously for
at least one (1) year, but less than four (4) years, the repurchase
price shall be equal to $9.00 per Share;

 

(ii)                                if the Shares are
beneficially owned by the requesting stockholder continuously for at least four
(4) years, but less than five (5) years, the repurchase price shall be
equal to $9.25 per Share; or

 

(iii)                             if
the Shares are beneficially owned by the requesting stockholder continuously
for at least five (5) years, the repurchase price shall be equal to $9.50
per Share.

 

(b)                                Notwithstanding
Section 1(a) above, during periods when the Company is engaged
in a public offering of its Shares, the repurchase price per Share under this
Repurchase Program shall be less than the per share price of the Shares offered
in the public offering.  In the event
that the Board or the Company’s business manager makes a future determination
regarding the estimated value of the Shares, the Board, in its sole discretion,
may change the per Share repurchase prices set forth in Section 1(a) above.  The Company shall report any new repurchase
prices in the annual report and the three quarterly reports that it publicly
files with the Securities and Exchange Commission.

 

2.                                       Treatment of Repurchased Shares.  All Shares repurchased by the Company
pursuant to this Repurchase Program shall be cancelled and shall have the
status of authorized but unissued shares. 
The Company shall not reissue any Shares repurchased by it pursuant to
this Repurchase Program unless those Shares are first registered with the
Securities and Exchange Commission under the Securities Act of 1933, as
amended, and under appropriate state securities laws or otherwise issued in
compliance with these laws.

 

 

3.                                       Time
of Repurchase; Funding; Repurchase Limitations.

 

(a)                                  Time
of Repurchase.  The Company shall make
repurchases of Shares under this Repurchase
Program on or about the last business day of each calendar month or any
other business day that may be established by the Board.  As soon as reasonably practicable following
the date of each monthly repurchase hereunder, the Company shall send to the applicable
stockholder all cash proceeds resulting from the repurchase of the stockholder’s
Shares.

 

(b)                                 Funding.  The Company is authorized, for the purpose of
repurchasing Shares under this Repurchase Program in a particular calendar
month, to use solely the proceeds from its Distribution Reinvestment Plan (the “Available
Funds”).  In any given calendar month,
funds used for the purpose of repurchasing Shares under this Repurchase Program
may not exceed the proceeds from the Distribution Reinvestment Plan.

 

(c)                                  Excess
Available Funds.  In any calendar
month, if the aggregate amount of Available Funds exceeds the aggregate amount
needed to repurchase all Shares for which repurchase requests have been received
by the Company, the Company may, but shall not be obligated to, carry over the
excess amount of Available Funds to a subsequent calendar month(s) for use
in addition to the amount of Available Funds otherwise available for
repurchases during that subsequent calendar month(s).

 

(d)                                 Insufficient
Available Funds; Other Limitations. 
The Company cannot guarantee that it will be able to repurchase all
Shares for which a repurchase request is received.  In any calendar month, if the aggregate amount
of Available Funds (including any excess amount carried over pursuant to Section 3(c) above)
is less than the aggregate amount needed to repurchase all Shares for which
repurchase requests have been received by the Company, the Company shall to the
extent it decides to repurchase shares, repurchase Shares on a pro rata basis up to, but not in excess
of, the aggregate amount of Available Funds (including any excess amount
carried over pursuant to Section 3(c) above).  In any calendar month, if repurchasing all
Shares for which repurchase requests have been received by the Company would
exceed the Aggregate Number of Shares Limit (as defined below), the Company
shall, to the extent it has Available Funds (including any excess amount
carried over pursuant to Section 3(c) above), repurchase
Shares on a pro rata basis up to,
but not in excess of, the Aggregate Number of Shares Limit.  Any stockholder whose repurchase request has
been partially accepted by the Company in a particular calendar month shall
have the remainder of his or her request included with all new repurchase
requests received by the Company in the immediately following calendar month.  

 

(e)                                  Percentage
Limitation.  Notwithstanding anything
to the contrary herein, the Company may not at any time repurchase a number of
Shares that exceeds three percent (3.0%) of the number of Shares outstanding on
December 31 of the last calendar year (the “Aggregate Number of Shares
Limit”).

 

2

 

(f)                                    Ineffective
Withdrawal.  In the event the Company
receives a written notice of withdrawal, as described in Section 4(e) below,
from a stockholder after the Company has repurchased all or a portion of the
stockholder’s Shares, the notice of withdrawal shall not be effective with
respect to the Shares repurchased, but shall be effective with respect to any
of that stockholder’s Shares not repurchased. 
The Company shall provide the stockholder with prompt written notice of
the ineffectiveness or partial ineffectiveness of the written notice of
withdrawal.

 

4.                                       Stockholder
Requirements.

 

(a)                                  General.  Any stockholder may elect to participate in
the Repurchase Program with respect to all or a designated portion of the stockholder’s
Shares, including fractional shares; provided, however, Shares must
be beneficially owned by the presenting stockholder continuously for at least
one (1) year to be eligible for repurchase by the Company under this
Repurchase Program.  If a stockholder
dies prior to beneficially owning Shares for at least one (1) year, the
Board may, in its sole discretion, waive the holding period for the stockholder’s
beneficiaries or heirs, as applicable, and repurchase the Shares at a price
equal to $9.00 per Share.  In addition,
in the event that a stockholder is requesting the repurchase of all of his or
her Shares, the one-year holding period will be waived for Shares purchased
under the Distribution Reinvestment Plan.

 

(b)                                 Written
Requests.  A stockholder may request
that the Company repurchase the stockholder’s Shares by submitting a written
repurchase request to the Company’s transfer agent,                               ,
                                                            
Attention:                                       .  The written repurchase request must state the
name of the person/entity who beneficially owns the Shares and the number of
Shares requested to be repurchased. 
Written repurchase requests will be accepted by the Company on a calendar
month basis, subject to the terms, conditions and other limitations set forth
in this Repurchase Program.  To be effective in a particular calendar
month, the Company must receive a stockholder’s written repurchase request
prior to the date that the Company repurchases Shares in that calendar month.  No written repurchase request shall be given
preference over any other written repurchase request.

 

(c)                                  No
Encumbrances.  All Shares requested
to be repurchased under this Repurchase Program must be (i) beneficially owned
by the stockholder(s) of record making the presentment, or the party
presenting the Shares must be authorized to do so by the owner(s) of
record of the Shares, and (ii) fully transferable and not be subject to
any liens or other encumbrances.  In certain
cases, the Company may ask the requesting stockholder to provide evidence
satisfactory to the Company, in its sole discretion, that the Shares requested
for repurchase are free from liens and other encumbrances.  If the Company determines that a lien or
other encumbrance exists against the Shares, the Company shall have no
obligation to repurchase, and shall not repurchase, any of the Shares subject
to the lien or other encumbrance.

 

(d)                                 Withdrawal
of Written Repurchase Request.  In
the event a stockholder wishes to withdraw his, her or its written repurchase request
to have Shares repurchased under this Repurchase Program, the stockholder shall
provide the Company with a 

 

3

 

written request of withdrawal.  The Company will not repurchase a stockholder’s
Shares so long as the Company receives the written request of withdrawal prior
to the time payment is sent to the applicable stockholder.

 

5.                                       Termination
of Repurchase Program.  This Repurchase
Program shall be suspended or terminated, as the case may be, and the Company
shall not accept Shares for repurchase upon the occurrence of any of the
following:

 

(a)                                  This
Repurchase Program shall immediately terminate, without further action by the
Board or any notice to the Company’s stockholders, in the event the Shares are
listed on any national securities exchange, or are subject to bona fide quotes on any inter-dealer
quotation system or electronic communications network.

 

(b)                                 This
Repurchase Program may be suspended or terminated at any time by the Board, in
its sole discretion, without prior notice to the Company’s stockholders.

 

6.                                       Amendment.
 Notwithstanding anything to the contrary
herein, this Repurchase Program may be amended, in whole or in part, by the
Board, in its sole discretion, at any time or from time to time, without prior
notice to the Company’s stockholders.

 

7.                                       Miscellaneous.

 

(a)                                  Liability.
 Subject to the limitations contained in
the Company’s articles of incorporation, neither the Company nor the Repurchase
Agent (as defined below) shall have any liability to any stockholder for the
value of the stockholder’s Shares, the repurchase price of the stockholder’s
Shares or for any damages resulting from the stockholder’s presentation of
Shares for repurchase or the repurchase of Shares under this Repurchase Program or from the Company’s
determination not to repurchase Shares under the Repurchase Program, except as a result of the Company’s or the
Repurchase Agent’s negligence, misconduct or violation of applicable law; provided,
however, that nothing contained herein shall constitute a waiver or
limitation of any rights or claims that a stockholder may have under federal or
state securities laws.

 

(b)                                 Taxes.
 Stockholders shall have sole
responsibility and liability for the payment of all taxes, assessments and
other applicable obligations resulting from the repurchase of Shares pursuant
to this Repurchase Program and neither the Company nor the Repurchase Agent
shall have any such responsibility or liability.

 

(c)                                  Repurchase
Agent.  The Company may appoint a
repurchase agent as the Company’s agent under this Repurchase Program (a “Repurchase Agent”), to effect all repurchases
of Shares and to disburse funds to the respective stockholders in accordance
with the terms, conditions and limitations set forth herein.

 

(d)                                 Administration
and Costs.  The Repurchase Agent
shall perform all recordkeeping and other administrative functions involved in
operating and maintaining the Repurchase
Program.  The Company shall bear
all costs involved in organizing, administering and maintaining the Repurchase Program.  No fees will be paid to the 

 

4

 

Company’s sponsor, its business manager, its directors
or any of their affiliates in connection with the repurchase of shares by the
Company pursuant to this Repurchase Program.

 

5

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