Document:

Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 
6 AND WAIVER TO THE BRIDGE LOAN AGREEMENT

 

Dated as of April 20, 2009

 

AMENDMENT
NO. 6 AND WAIVER TO THE BRIDGE LOAN AGREEMENT (this “Amendment and
Waiver”) 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, 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 (as further amended, supplemented or otherwise modified, the “Bridge
Loan Agreement”).  Capitalized terms
not otherwise defined in this Amendment and Waiver have the same meanings as
specified in the Bridge Loan Agreement.

 

(2)           The
Company has requested that the Lenders agree to (a) 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 and (b) waive
certain covenants under the Bridge Loan Agreement.

 

(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
AND WAIVER 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. 6 and Waiver”: Amendment No. 6 and Waiver to the Agreement,
dated as of April 20, 2009, among the Company, the Lenders party thereto
and the Agent.

 

“Amendment No. 6 and Waiver Effective Date”: the date of
effectiveness of Amendment No. 6 and Waiver in accordance with the terms
thereof.

 

 

“Amendment No. 6 and Waiver Extending Lender”: an “Extending
Lender” (as defined in Amendment No. 6 and Waiver).

 

“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. 6
and Waiver Extending Lenders on the Amendment No. 6 Effective Date, May 8,
2009 at 5:00 p.m. EDT.

 

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

 

(d)           Until
the Waiver Termination Date, the Majority Lenders hereby agree to forbear (and
instruct the Agent to forbear) from exercising any right or remedy
under the Bridge Loan Agreement as a result of the occurrence and continuance
of a Default arising from the Reporting Non-Compliance Default and any Event of
Default arising from the Bridge Loan Agreement Events of Default.

 

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

 

2

 

Majority Lenders or any of them.  Except as specifically set forth
herein, the Agent and the Majority Lenders hereby expressly reserve all of
their rights and remedies under the Bridge Loan Agreement, the other Loan
Agreements and applicable law.

 

(f)            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.

 

(g)           The Company agrees that, until the Waiver Termination
Date, it shall not make, or cause to be made, any repayment in respect of the
Loans.

 

(h)           From the date
hereof until the Waiver Termination Date, 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 and Waiver shall
become effective as of the date first above written when, and only when, the
following conditions have been satisfied:

 

(a)           the Agent shall have received
counterparts of this Amendment and Waiver 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 and Waiver;

 

(b)           the Agent shall have received a
certificate of the Secretary or Assistant Secretary of the Company, in form and
substance satisfactory to the Agent, which certificate shall (i) certify
as to the incumbency and signature of the officers of the Company executing
this Amendment and Waiver (with the President, a Vice President, the Secretary
or Assistant Secretary of the Company attesting to the incumbency and signature
of the Secretary or Assistant Secretary providing such certificate), (ii) have
attached to it a true and correct copy of the resolutions of the Board of
Directors of the Company, which resolutions shall authorize the execution,
delivery and performance of this Amendment and Waiver, and (iii) certify
that, as of the date of such certificate (which shall not be earlier than the
date hereof), none of such resolutions shall have been amended, supplemented,
modified, revoked or rescinded;

 

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

 

(d)           the Agent shall have received an
amendment and waiver fee for the account of each Extending Lender that has
executed and delivered a signature page to this Amendment and Waiver in an
amount equal to 0.05% 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.

 

3

 

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 and Waiver, as though made on
and as of the date hereof, other than any such representations or warranties
that, by their terms, refer to a specific date.

 

SECTION 4.           AFFIRMATION
OF THE COMPANY

 

The Company hereby
consents to the amendments and waiver to the Bridge Loan Agreement effected
hereby, and hereby confirms and agrees that, notwithstanding the
effectiveness of this Amendment and Waiver, 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 and
Waiver, 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 and Waiver.

 

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

 

(c)           The execution, delivery and
effectiveness of this Amendment and Waiver shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any
Lender or the Agent under the 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.

 

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 Waiver and the other instruments and documents to be delivered
hereunder (including, without limitation, the reasonable fees and expenses of
counsel for the Agent) in accordance with the terms of subsection 9.5 of
the Bridge Loan Agreement.

 

SECTION 7.           EXECUTION
IN COUNTERPARTS

 

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

 

4

 

SECTION 8.           GOVERNING
LAW

 

This Amendment and Waiver
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.]

 

5

 

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

 

	
   

  	
  CAPMARK FINANCIAL GROUP
  INC., 

  
	
   

  	
  as the Company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer,
  Executive Vice President

  

 

 

Acknowledged:

 

 

	
  CITICORP NORTH AMERICA,
  INC., 

  
	
  as the Agent

  
	
   

  
	
  By:

  	
  /s/ Michael Schadt

  	
   

  
	
   

  	
  Name:

  	
  Michael Schadt

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
				

 

 

	
   

  	
  Citicorp North
  America, Inc.,  

  
	
   

  	
  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Schadt

  
	
   

  	
   

  	
  Name:

  	
  Michael Schadt

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

 

	
   

  	
  Credit Suisse, Cayman
  Islands Branch,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Didier Siffer

  
	
   

  	
   

  	
  Name:

  	
  Didier Siffer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Graham Lawrence

  
	
   

  	
   

  	
  Name:

  	
  Graham Lawrence

  
	
   

  	
   

  	
  Title:

  	
  Vice President 

  

 

 

	
   

  	
  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

  

 

 

	
   

  	
  Goldman Sachs Credit
  Partners, L.P.,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Caroline Benton

  
	
   

  	
   

  	
  Name:

  	
  Caroline Benton

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  

 

 

	
   

  	
  JPMorgan Chase, N.A.,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John J. Coffey

  
	
   

  	
   

  	
  Name:

  	
  John J. Coffey

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

 

	
   

  	
  The Royal Bank of Scotland
  plc,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan Ferguson

  
	
   

  	
   

  	
  Name:

  	
  Alan Ferguson

  
	
   

  	
   

  	
  Title:

  	
  Head of Global
  Restructuring Group, North America 

  

 

 

Annex A to

Amendment No. 6 and Waiver 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, Amendment No. 5
to the Bridge Loan Agreement, dated as of April 9, 2009, and Amendment No. 6
and Waiver to the Bridge Loan Agreement dated as of April 20, 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. 6 and
Waiver 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. 6
and Waiver 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/ Jay N. Levine

  
	
   

  	
   

  	
  Name: 

  	
  Jay N. Levine

  
	
   

  	
   

  	
  Title: 

  	
  President

  
	
   

  	
   

  
	
   

  	
  SJM CAP, LLC,

  
	
   

  	
  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name: 

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title: 

  	
  President

  
	
   

  	
   

  
	
   

  	
  CRYSTAL BALL HOLDING OF
  BERMUDA LIMITED, as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Widmann

  
	
   

  	
   

  	
  Name: 

  	
  Peter A. Widmann

  
	
   

  	
   

  	
  Title: 

  	
  PresidentExhibit 10.2

 

EXECUTION COPY

 

WAIVER TO THE CREDIT AGREEMENT

 

Dated as of April 20, 2009

 

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

 

RECITALS:

 

(1)           The
Borrowers, the financial institutions and other institutional lenders party
thereto (the “Lenders”), the Agent and the other agents party thereto
have entered into that certain Credit Agreement, dated as of March 23,
2006, as amended by Amendment No. 1 to the Credit Agreement, dated as of April 17,
2007, and Amendment No. 2 to the Credit Agreement, dated as of June 30,
2008 (as further amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”). 
Capitalized terms not otherwise defined in this Amendment have the same
meanings as specified in the Credit Agreement.

 

(2)           The
Borrowers have requested that the Lenders agree to waive certain provisions of
the Credit Agreement as set forth herein.

 

(3)           Pursuant
to subsection 10.1(a) of the Credit Agreement, the Majority Lenders may,
or, with the written consent of the Majority Lenders, the Agent may, from time
to time, enter into with the Borrowers, written amendments, supplements or
modifications to the Credit Agreement for the purpose of waiving any provisions
to the Credit Agreement

 

(4)           The
Majority Lenders have agreed, subject to the terms and conditions stated below,
to waive the Credit Agreement as set forth herein.

 

SECTION 1.           WAIVER
TO CREDIT AGREEMENT

 

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

 

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

 

 

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

 

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

 

SECTION 2.           CONDITIONS OF EFFECTIVENESS

 

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

 

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

 

(b)           the Agent shall have received a
certificate of the Secretary or Assistant Secretary of the Company, in form and
substance satisfactory to the Agent, which certificate shall (i) certify
as to the incumbency and signature of the officers of the Company executing
this Waiver (with the President, a Vice President, the Secretary or Assistant
Secretary of the Company attesting to the incumbency and signature of the
Secretary or Assistant Secretary providing such certificate), (ii) have
attached to it a true and correct copy of the resolutions of the Board of
Directors of the Company, which resolutions shall authorize the execution,
delivery and performance of this Waiver, and (iii) certify that, as of the
date of such certificate (which shall not be earlier than the date hereof),
none of such resolutions shall have been amended, supplemented, modified,
revoked or rescinded;

 

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

 

(d)           the Agent shall have received
satisfactory evidence that Amendment No. 6 and Waiver to the Bridge
Facility dated as of the date hereof shall have become effective;

 

(e)           the Agent shall have received a
waiver fee for the account of each Lender that has executed and delivered a
signature page to this Waiver in an amount equal to 0.05% of the aggregate
principal amount of such Lender’s outstanding Loans on the date of this
Waiver;  and

 

(f)            all other fees and expenses of the
Agent and the Lenders (including all reasonable fees and expenses of counsel to
the Agent), to the extent invoiced prior to the date hereof, shall have been
paid.

 

2

 

SECTION 3.           CONFIRMATION
OF REPRESENTATIONS AND WARRANTIES

 

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

 

SECTION 4.           AFFIRMATION
OF THE COMPANY AND THE BORROWERS

 

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

 

SECTION 5.           REFERENCE
TO AND EFFECT ON THE LOAN DOCUMENTS

 

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

 

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

 

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

 

SECTION 6.           COSTS,
EXPENSES

 

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

 

SECTION 7.           EXECUTION
IN COUNTERPARTS

 

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

 

SECTION 8.           GOVERNING
LAW

 

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

 

3

 

[The
remainder of this page intentionally left blank.]

 

4

 

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

 

 

	
   

  	
  CAPMARK FINANCIAL GROUP
  INC.,

  as the Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer,
  Executive Vice President

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  CAPMARK CANADA LIMITED,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael I. Lipson

  
	
   

  	
   

  	
  Name:

  	
  Michael I. Lipson

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK BANK EUROPE,
  PUBLIC COMPANY,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Thornton

  
	
   

  	
   

  	
  Name:

  	
  Martin Thornton

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK EI IRELAND
  LIMITED,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Thornton

  
	
   

  	
   

  	
  Name:

  	
  Martin Thornton

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK IRELAND LIMITED,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Thornton

  
	
   

  	
   

  	
  Name:

  	
  Martin Thornton

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  CAPMARK AB NO. 2 LIMITED,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Thornton

  
	
   

  	
   

  	
  Name:

  	
  Martin Thornton

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK FINANCE INC.,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SJM CAP, LLC,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK BANK,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven J. Nielsen

  
	
   

  	
   

  	
  Name:

  	
  Steven J. Nielsen

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK FUNDING JAPAN,
  K.K.,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Allen Todd Atchley

  
	
   

  	
   

  	
  Name:

  	
  Allen Todd Atchley

  
	
   

  	
   

  	
  Title:

  	
  Representative Director

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  CAPMARK JAPAN, K.K.,

  as a Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Katsuyoshi Dobashi

  
	
   

  	
   

  	
  Name:

  	
  Katsuyoshi Dobashi

  
	
   

  	
   

  	
  Title:

  	
  Representative Director

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  CITIBANK, N.A., 

  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Schadt

  
	
   

  	
   

  	
  Name:

  	
  Michael Schadt

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Goldman Sachs Mortgage
  Company,

  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark J. Buono

  
	
   

  	
   

  	
  Name:

  	
  Mark J. Buono

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

CAPMARK Credit
Agreement - Waiver

Majority Lender
Signature Page

 

 

	
   

  	
  Silver Oak Capital, LLC,

  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. Fuller

  
	
   

  	
   

  	
  Name:

  	
  Thomas M. Fuller

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Goldman Sachs Lending
  Partners LLC,

  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Caroline Benton

  
	
   

  	
   

  	
  Name:

  	
  Caroline Benton

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Goldman Sachs Canada
  Credit Partners Co.,

  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Caroline Benton

  
	
   

  	
   

  	
  Name:

  	
  Caroline Benton

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Bank of America N.A.,

  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard D. Fainman

  
	
   

  	
   

  	
  Name:

  	
  Richard D. Fainman

  
	
   

  	
   

  	
  Title:

  	
  S.V.P.

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  JP Morgan Chase,

  
	
   

  	
  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John J. Coffey

  
	
   

  	
   

  	
  Name:

  	
  John J. Coffey

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Credit Suisse, Cayman
  Islands Branch,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Didier Siffer

  
	
   

  	
   

  	
  Name:

  	
  Didier Siffer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Graham Lawrence

  
	
   

  	
   

  	
  Name:

  	
  Graham Lawrence

  
	
   

  	
   

  	
  Title:

  	
  Vice President 

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  The Bank of Nova Scotia,

  
	
   

  	
  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven S. Kerr

  
	
   

  	
   

  	
  Name:

  	
  Steven S. Kerr

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  The Royal Bank of
  Scotland,

  
	
   

  	
  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan Ferguson

  
	
   

  	
   

  	
  Name:

  	
  Alan Ferguson

  
	
   

  	
   

  	
  Title:

  	
  Head of Global
  Restructuring Group, North America

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Goldman Sachs Credit
  Partners, L.P.,

  
	
   

  	
  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Caroline Benton

  
	
   

  	
   

  	
  Name:

  	
  Caroline Benton

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Deutsche Bank AG, New
  York,

  
	
   

  	
  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Emile Van den Bol

  
	
   

  	
   

  	
  Name:

  	
  Emile Van den Bol

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Chris Jones

  
	
   

  	
   

  	
  Name:

  	
  R. Chris Jones

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  CITIC Ka Wah Bank, Ltd.
  New York Branch,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Wayne D. Kramen

  
	
   

  	
   

  	
  Name:

  	
  Wayne D. Kramen

  
	
   

  	
   

  	
  Title:

  	
  FVP

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Royal Bank of Canada,

  
	
   

  	
  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leslie P. Vowell

  
	
   

  	
   

  	
  Name:

  	
  Leslie P. Vowell

  
	
   

  	
   

  	
  Title:

  	
  Attorney-in-Fact

  

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
   

  	
  CCP Credit Acquisition
  Holdings, LLC,

  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jed Hart

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Jed Hart

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Sr. Managing Director

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
   

  	
  GoldenTree Credit
  Opportunities Financing I, Limited

  
	
   

  	
   

  	
  By:  GoldenTree Asset Management, LP,

  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
   

  	
  GoldenTree High Yield
  Value Master Fund, L.P.

  
	
   

  	
   

  	
  By:  GoldenTree Asset Management, LP,

  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
   

  	
  GoldenTree Master Fund II,
  Ltd. 

  
	
   

  	
   

  	
  By:  GoldenTree Asset Management, LP,

  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  GoldenTree Master Fund,
  Ltd.

  
	
   

  	
  By: GoldenTree Asset
  Management, LP,  

  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  GoldenTree
  ZOCH Trust

  
	
   

  	
  By:  GoldenTree Asset Management, LP,

  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  GoldenTree
  Leverage Loan Financing I, Ltd.

  
	
   

  	
  By:  GoldenTree Leverage Loan Manager, LLC,

  as a Majority Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  GoldenTree Asset
  Management Lux Sarl,

  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Karen Weber

  
	
   

  	
   

  	
  Name:

  	
  Karen Weber

  
	
   

  	
   

  	
  Title:

  	
  Director-Bank Debt

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Hua Nan Commercial Bank,
  Ltd. New York Agency,
  

  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Henry Hsieh

  
	
   

  	
   

  	
  Name:

  	
  Henry Hsieh

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  
					

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Sumitomo Mitsui Banking
  Corporation,  

  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Yoshihiro Hyakutome

  
	
   

  	
   

  	
  Name:

  	
  Yoshihiro Hyakutome

  
	
   

  	
   

  	
  Title:

  	
  General Manager

  
					

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Scotiabanc Inc.,  

  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J.F. Todd

  
	
   

  	
   

  	
  Name:

  	
  J.F. Todd

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Credit Suisse Loan Funding
  LLC,  

  as a Majority Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Franz

  
	
   

  	
   

  	
  Name:

  	
  Robert Franz

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth Hoffman

  
	
   

  	
   

  	
  Name:

  	
  Kenneth Hoffman

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

CAPMARK Credit Agreement
- Waiver

Signature Page

 

 

	
   

  	
  Lehman Brothers
  Holdings, Inc.,

  as a Majority Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas J. Lambert

  
	
   

  	
   

  	
  Name:

  	
  Douglas J. Lambert

  
	
   

  	
   

  	
  Title:

  	
  S.V.P.

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Wachovia Bank, N.A.,

  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Vanessa N. Rodriguez

  
	
   

  	
   

  	
  Name:

  	
  Vanessa N. Rodriquez

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

	
   

  	
  Deutsche Bank AG Cayman
  Islands Branch,

  By: DB Services New Jersey, Inc.

  as a Majority Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Angeline Quintana

  
	
   

  	
   

  	
  Name:

  	
  Angeline Quintana

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deidre D. Cesario

  
	
   

  	
   

  	
  Name:

  	
  Deidre D. Cesario

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  

 

 

CAPMARK Credit
Agreement - Waiver

Signature Page

 

 

CONSENT

 

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

 

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

 

	
   

  	
  COMMERCIAL EQUITY
  INVESTMENTS, INC.,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anne E. Kelly

  
	
   

  	
   

  	
  Name:

  	
  Anne E. Kelly

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  CAPMARK CAPITAL INC.,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  NET LEASE ACQUISITION LLC,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  

 

 

CAPMARK Credit
Agreement - Waiver

Guarantor Consent

 

 

	
   

  	
  CAPMARK FINANCE INC.,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer,
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
  CAPMARK INVESTMENTS LP,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barry S. Gersten

  
	
   

  	
   

  	
  Name:

  	
  Barry S. Gersten

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  MORTGAGE INVESTMENTS, LLC,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jay N. Levine

  
	
   

  	
   

  	
  Name:

  	
  Jay N. Levine

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  SJM CAP, LLC,

  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. McManus

  
	
   

  	
   

  	
  Name:

  	
  Gregory J. McManus

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  CRYSTAL BALL HOLDING OF
  BERMUDA LIMITED, as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Widmann

  
	
   

  	
   

  	
  Name:

  	
  Peter A. Widmann

  
	
   

  	
   

  	
  Title:

  	
  President

  

 

 

CAPMARK Credit
Agreement - Waiver

Guarantor Consent

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]