Document:

Exhibit 10.13

 

Five Mile Capital Partners LLC

Goldman, Sachs & Co.

GMAC Mortgage Group, Inc.

Kohlberg Kravis Roberts & Co. L.P.

Dune Capital Management LP

 

March 23,
2006

 

GMAC Commercial Holding
Corp. 

200 Witmer Road

Horsham, PA 19044

 

Ladies and Gentlemen:

 

This letter serves
to confirm the retention by GMACCH Commercial Holding Corp. (the “Company”) of
Kohlberg Kravis Roberts & Co. L.P. (“KKR”), Goldman, Sachs & Co. (“GS”),
Five Mile Capital Partners LLC (“Five Mile”), Dune Capital Management LP (“Dune”)
and GMAC Mortgage Group, Inc. (“GMACMG”, and together with Five Mile, KKR,
Dune, GS, the “Investors” or “us”) to provide management and advisory services
to the Company and its subsidiaries (collectively, “GMACCH”), as set forth
below.

 

1. The Company has
retained us, and we hereby agree to accept such retention, to provide to
GMACCH, when and if called upon, certain management, monitoring and advisory
services of the type customarily performed by us. The Company agrees to pay us
an annual fee equal to twenty million dollars ($20,000,000) (the “Annual Fee”),
such fee to be increased at a rate of 5% annually, effective as of March 23 of
each such year, payable (i) in quarterly installments in advance at the
beginning of each calendar quarter and commencing on the date hereof (such
first payment to be made pro rata based on the number of days in the quarter
remaining) and (ii) to each of us in proportion to the economic interests
represented by the Investors’ relative (among each other) beneficial ownership
interests in the Company (“Equity Interests”) owned by affiliates of GMACMG,
KKR, GS, Dune and Five Mile, respectively, based on their ownership on the
first day of such quarter.

 

2. The services to
be performed hereunder will not include investment banking or other financial
advisory services in connection with specific acquisition, divestiture,
refinancing or recapitalization transactions. We may also invoice the Company
for additional fees in connection with such services or in the event that we,
or any of our respective affiliates, perform other services for GMACCH above
and beyond those called for by this agreement, subject to and in accordance
with the terms of the stockholders agreement by and among GMACMG, GMACCH
Investor LLC and the Company.

 

 

3. In addition to
any fees that may be payable to us under this agreement, the Company also
agrees to reimburse us and our respective affiliates, from time to time upon
request, for all reasonable out-of-pocket expenses incurred in connection with
this retention, including travel expenses and expenses of our respective
counsel.

 

4. The Company
agrees to indemnify and hold us, our respective affiliates (including, without
limitation, affiliated investment entities) and their and our respective
partners, executives, officers, directors, employees, agents and controlling
persons (each such person, including us, being an “Indemnified Party”) harmless
from and against (i) any and all losses, claims, damages and liabilities
(including, without limitation, losses, claims, damages and liabilities arising
from or in connection with legal actions brought by or on behalf of the holders
or future holders of the outstanding securities of GMACCH or creditors or
future creditors of GMACCH), joint, several or otherwise, to which such
Indemnified Party may become subject under any applicable federal or state law,
or otherwise, related to or arising out of any activity contemplated by this
agreement or our retention pursuant to, and our or our affiliates’ performance
of the services contemplated by, this agreement and (ii) any and all losses,
claims, damages and liabilities, joint, several or otherwise, related to or
arising out of any action or omission or alleged action or omission related to
the Company or any of its direct or indirect subsidiaries or the securities or
obligations of any such entities. The Company will further reimburse any
Indemnified Party for all expenses (including counsel fees and disbursements)
upon request as they are incurred in connection with the investigation of,
preparation for or defense of any pending or threatened claim or any action or
proceeding arising from any of the foregoing, whether or not such Indemnified
Party is a party and whether or not such claim, action or proceeding is
initiated or brought by the Company; provided, however, that the
Company will not be liable under the foregoing indemnification provision (and
amounts previously paid that are determined not required to be paid by the
Company pursuant to the terms of this paragraph shall be repaid promptly) to
the extent that any loss, claim, damage, liability or expense is found in a
final judgment by a court to have resulted from our willful misconduct or gross
negligence. The Company agrees that no Indemnified Party shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to GMACCH
related to or arising out of our retention pursuant to, or our respective
affiliates’ performance of the services contemplated by, this agreement except
to the extent that any loss, claim, damage, liability or expense is found in a
final, non-appealable judgment by a court to have resulted from our willful
misconduct, bad faith or gross negligence.

 

The Company also
agrees that, without our prior written consent, it will not settle, compromise
or consent to the entry of any judgment in any pending or threatened claim,
action or proceeding to which an Indemnified Party is an actual or potential
party and in respect of which indemnification could be sought under the
indemnification provision in the immediately preceding paragraph, unless such
settlement, compromise or consent includes an unconditional release of each
Indemnified Party from all liability arising out of such claim, action or
proceeding.

 

Promptly after
receipt by an Indemnified Party of notice of any suit, action, proceeding or
investigation with respect to which an Indemnified Party may be entitled to
indemnification hereunder, such Indemnified Party will notify the Company in
writing of the assertion of such claim or the commencement of such suit,
action, proceeding or investigation,

 

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but the failure to so
notify the Company shall not relieve the Company from any liability which it
may have hereunder, except to the extent that such failure has materially
prejudiced the Company. If the Company so elects within a reasonable time after
receipt of such notice, the Company may participate at its own expense in the
defense of such suit, action, proceeding or investigation. Each Indemnified
Party may employ separate counsel to represent it or defend it in any such
suit, action, proceeding or investigation in which it may become involved or is
named as a defendant and, in such event, the reasonable fees and disbursements
of such counsel shall be borne by the Company; provided, however,
that the Company will not be required in connection with any such suit, action,
proceeding or investigation, or separate but substantially similar actions
arising out of the same general allegations or circumstances, to pay the fees
and disbursements of more than one separate counsel (other than local counsel)
for all Indemnified Parties in any single action or proceeding. Whether or not
the Company participates in the defense of any claim, the Company and we shall
cooperate in the defense thereof and shall furnish such records, information
and testimony, and attend such conferences, discovery proceedings, hearings,
trials and appeals, as may be reasonably requested in connection therewith.

 

If the
indemnification provided for in clause (i) of the first sentence of this
Section 4 is finally judicially determined by a court of competent jurisdiction
to be unavailable to an Indemnified Party, or insufficient to hold any
Indemnified Party harmless, in respect of any losses, claims, damages or
liabilities (other than any losses, claims, damages or liabilities found in a
final judgment by a court to have resulted from our willful misconduct or gross
negligence), then the Company, on the one hand, in lieu of indemnifying such
Indemnified Party, and each Investor, on the other hand, will contribute to the
amount paid or payable by such Indemnified Party as a result of such losses,
claims, damages or liabilities (i) in such proportion as is appropriate to reflect
the relative benefits received, or sought to be received, by GMACCH on the one
hand and each Investor, solely in its capacity as an advisor under this
agreement, on the other hand, in connection with the transactions to which such
indemnification, contribution or reimbursement is sought, or (ii) if (but only
if) the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of GMACCH on the
one hand and each Investor on the other, as well as any other relevant
equitable considerations; provided, however, that in no event
shall each Investor’s aggregate contribution hereunder exceed the amount of
fees actually received by it in respect of the transaction at issue pursuant to
this agreement. The amount paid or payable by a party as a result of the
losses, claims, damages and liabilities referred to above will be deemed to
include any legal or other fees or expenses reasonably incurred in defending
any action or claim. The Company and we agree that it would not be just and
equitable if contribution pursuant to this paragraph were determined by pro
rata allocation or by any other method which does not take into account the
equitable considerations referred to in this paragraph. The indemnity,
contribution and expense reimbursement obligations that the Company has under
this letter shall be in addition to any of the Company or GMACCH may have, and
notwithstanding any other provision of this letter, shall survive the
termination of this agreement.

 

5. Any advice or
opinions provided by us may not be disclosed or referred to publicly or to any
third party (other than GMACCH’s legal, tax, financial or other advisors),
except in accordance with our prior written consent; provided, however,
notwithstanding

 

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anything to the contrary
set forth herein or in any other agreement to which the parties hereto are
parties or by which they are bound, the obligations of confidentiality
contained herein and therein, as they relate to the matters contemplated hereby
(the “Transaction”), shall not apply to the tax structure or tax treatment of
the Transaction, and each party hereto (and any employee, representative, or
agent of any party hereto) may disclose to any and all persons, without
limitation of any kind, the tax structure and tax treatment of the Transaction
and all materials of any kind (including opinions or other tax analysis) that
are provided to such party relating to such tax treatment and tax structure;
provided, however, that such disclosure shall not include the name (or other
identifying information not relevant to the tax structure or tax treatment) of
any person and shall not include information for which nondisclosure is
reasonably necessary in order to comply with applicable securities laws.

 

6. We shall act as
independent contractors, with duties solely to GMACCH. The provisions hereof
shall inure to the benefit of and shall be binding upon the parties hereto and
their respective successors and assigns. Nothing in this agreement, expressed
or implied, is intended to confer on any person other than the parties hereto
or their respective successors and assigns, and, to the extent expressly set
forth herein, the Indemnified Parties, any rights or remedies under or by
reason of this agreement. Without limiting the generality of the foregoing, the
parties acknowledge that nothing in this agreement, expressed or implied, is
intended to confer on any present or future holders of any securities of the
Company or its subsidiaries or affiliates, or any present or future creditor of
the Company or its subsidiaries or affiliates, any rights or remedies under or
by reason of this agreement or any performance hereunder.

 

7. Subject to
applicable law, nothing herein will in any way preclude any of the undersigned,
their affiliates or any of their respective officers, directors, employees,
agents or representatives from engaging in any business activities or from
performing services for its own account or for the account of others, including
for companies that may be in competition with the business conducted by GMACCH.

 

8. This agreement
shall be governed by and construed in accordance with the internal laws of the
State of New York.

 

9. This agreement
shall continue in effect from year to year unless amended or terminated by the
consent of all parties hereto. Notwithstanding the foregoing, the obligation of
any of the undersigned to provide the services contemplated hereby may be
terminated by a written instrument signed by such undersigned party at any time
after the consummation or announcement of a public offering of any voting
securities of GMACCH or any of its subsidiaries (such event, a “Public Offering”)
or any transaction (including, without limitation, any merger, consolidation or
sale of assets or equity interests) the result of which is that any person or
entity (or group of persons or entities acting in concert) other than the
undersigned and their affiliates become the beneficial owner, directly or
indirectly, of more than 50% of the voting securities of GMACCH or all or
substantially all or the assets of GMACCH (each such event, a “Change of
Control”). Except as expressly provided otherwise herein, all other provisions
of this letter will survive the termination hereof or any Public Offering or
Change of Control.

 

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10. Each party
hereto represents and warrants that the execution and delivery of this
agreement by such party has been duly authorized by all necessary action of
such party.

 

11. If any term or
provision of this agreement or the application thereof shall, in any
jurisdiction and to any extent, be invalid and unenforceable, such term or
provision shall be ineffective, as to such jurisdiction, solely to the extent
of such invalidity or unenforceability without rendering invalid or
unenforceable any remaining terms or provisions hereof or affecting the
validity or enforceability of such term or provision in any other jurisdiction.
To the extent permitted by applicable law, the parties hereto waive any
provision of law that renders any term or provision of this agreement invalid
or unenforceable in any respect.

 

12. Each party
hereto waives all right to trial by jury in any action, proceeding or
counterclaim (whether based upon contract, tort or otherwise) related to or
arising out of our retention pursuant to, or our performance of the services
contemplated by this agreement.

 

13. This agreement
may be executed in counterparts, each of which shall be deemed an original
agreement, but all of which together shall constitute one and the same
instrument.

 

[Remainder of page intentionally
left blank.]

 

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If the foregoing
sets forth the understanding between us, please so indicate on the enclosed
signed copy of this letter in the space provided therefor and return it to us,
whereupon this letter shall constitute a binding agreement among us.

 

	
  Very
  truly yours,  

  	
   

  
	
   

  	
   

  
	
  Five
  Mile Capital Partners LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas G. Kendall

  	
   

  
	
   

  	
  Authorized
  Signatory

  
				

 

 

	
  Goldman,
  Sachs & Co.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Rich Friedman

  	
   

  
	
   

  	
  Authorized
  Signatory

  
				

 

 

	
  GMAC
  Mortgage Group, Inc.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ D.C. Walker

  	
   

  
	
   

  	
  Authorized
  Signatory

  
				

 

	
  Kohlberg
  Kravis Roberts & Co. L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ William J.
  Janetschek

  	
   

  
	
   

  	
  Authorized
  Signatory

  
				

 

 

	
  Dune
  Capital Management LP

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joshua P. Eaton

  	
   

  
	
   

  	
  Authorized
  Signatory

  
				

 

 

AGREED
TO AND ACCEPTED BY:

 

	
   

  	
  GMAC
  Commercial Holding Corp.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert D. Feller

  	
   

  
	
   

  	
  Name:
  Robert D. Feller 

  
	
   

  	
  Title:
    CEOExhibit 10.14

 

Final

 

Agreement

 

This Agreement (the “Agreement”)
is made and entered into as of August 30, 2006 by and between Capmark Finance
Inc., a California corporation (“Capmark Finance”), and Capmark Structured Real
Estate Partners, L.P., a Delaware limited partnership (the “Partnership”).

 

RECITALS

 

A.       Capmark Finance and the Partnership desire to implement a
procedure for providing opportunities to the Partnership to invest in whole
mortgage loans and other commercial real estate debt assets as to which Capmark
Finance has a right to either acquire or originate; and

 

B.        The Partnership desires to obtain a predictable and robust
source of investments to hold for investment purposes; and

 

C.        Capmark Finance is willing to provide certain exclusivity rights
to the Partnership to facilitate the growth and success of the Partnership’s
business.

 

NOW
THEREFORE, the parties agree as follows:

 

1.1      Exclusivity. During the Exclusivity
Term and subject to the final paragraph of this Section 1.1, Capmark Finance
agrees that the Partnership shall have the following exclusivity rights:

 

(a)       Mortgage Loans: a right to acquire
from or co-originate with Capmark Finance up to a 51% interest in any floating
rate Conventional Non-Specialty Mortgage Loan that Capmark Finance acquires or
has the Contractual Right to acquire or finance.

 

(b)       Opportunistic Lending: the right
to acquire from or originate with Capmark Finance any High Yield Conventional
Non-Specialty Mortgage Loan or High Yield Mezzanine Loan or Debt-Like Preferred
Equity Interest that Capmark Finance has the Contractual Right to acquire or
finance.

 

 

(c)       Specialty Mortgage Loans: the
right to acquire from Capmark Finance that portion of a Specialty Mortgage Loan
owned by Capmark Finance which Capmark Finance intends to sell or syndicate
within the first ninety (90) days following Capmark Finance’s origination or
acquisition of such loan. Capmark Finance’s decision to sell or syndicate shall
be made in its sole discretion. Capmark Finance will document its intention to
sell or syndicate or to retain any such Specialty Mortgage Loan in accordance
with its internal practices, as such practices may be modified from time to
time by Capmark Finance in its sole discretion.

 

(d)       Securities and CMBS: the right to
acquire any CMBS or RMBS that Capmark Finance or any of its wholly-owned
subsidiaries has purchased or has a Contractual Right to purchase; provided,
however, it is understood between the parties that any CMBS or RMBS acquired by
Capmark Finance solely for regulatory or compliance purposes, and not for
trading purposes, shall not be subject to this Agreement.

 

1.2      Limits on Exclusivity.

 

(a)       The exclusivity rights set forth in this
Agreement shall not apply to (i) any Agency Loan or Tax-Exempt Loan, (ii) any
Loan or Security for which the Partnership is not a qualified transferee under
the applicable documents or where the Partnership does not meet the regulatory
or contractual requirements to purchase or own such Loan or Security, (iii) any
Security, bond or certificate structured like CMBS or RMBS which is backed
predominantly by investments excluded from this Agreement under subclause (i)
above, (iv) any investment referenced in 1.1(a)-(d) that has closed or is owned
as of the date of this Agreement, and (v) any Loan or Security acquired or
originated by Capmark Finance with respect to any business lines developed or
commenced, or asset types financed or invested in, after the date of this
Agreement.

 

(b)       Subject to market terms and the fiduciary
obligations of the Partnership, (i) any Loan or Security sold by Capmark
Finance pursuant to this Agreement is sold on a servicing retained basis, and
(ii) any Loan or Security co-originated by Capmark Finance and the Partnership
pursuant to this Agreement shall be serviced exclusively by Capmark Finance.

 

 

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1.3      Exercise of Exclusivity Rights.

 

(a)       To exercise its rights under Section 1.1,
the Partnership must notify Capmark Finance of its intention to acquire,
co-originate or originate, as applicable, the Loan or Security upon the earlier
of (i), (A) with respect to Section 1.1(a), (b) and (d), 90 days from the
closing of the Loan or the acquisition of the Security, or (B) with respect to
Section 1.1(c) thirty (30) days of the date Capmark Finance notifies the
Partnership of its intention to sell all or a part of a Specialty Mortgage Loan
within the time period specified in that subsection, and (ii) upon the
expiration of such earlier time period if Capmark Finance determines, in its
sole discretion, that such shorter period is required as a result of the
specific investment opportunity; provided, however, that such shorter period
may not expire prior to date of Capmark Finance’s final investment committee
with respect to such Loan. If an earlier decision is required, Capmark Finance
will provide the Partnership with notice of the shorter time period. If, during
the required notice period (be it 90 days or such shorter time period as
notified to Capmark Investments), Capmark Investments fails to provide Capmark
Finance with notice of its intention to exercise the applicable exclusivity
rights, its silence will be deemed as its decision not to exercise such right.
The Partnership’s election to exercise its rights hereunder will be irrevocable
once given.

 

(b)       In the event the Partnership exercises
its right to acquire a Loan or Security for which Capmark Finance has a
Contractual Right to acquire or finance, the Partnership will indemnify Capmark
Finance from any obligation Capmark Finance may have to its counterparty with
respect to such Contractual Right.

 

1.4      Purchase Price.
If the Partnership exercises its right to acquire any Loan or Security as set
forth above, it shall acquire or cause to be acquired such Loan or Security as
follows:

 

(a)       For Loans referenced in 1.1(a), the
purchase price will be the par amount of the Loan originated by Capmark Finance
or a Loan acquired by Capmark Finance, plus any accrued interest. Any
Origination Fees, Exit Fees, Syndication Fees or Servicing Fees earned or
to-be-earned by Capmark Finance with respect to any such Loan will be retained
exclusively by Capmark Finance and will not be transferred to the

 

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Partnership upon the sale
of any such Loan or portion thereof. Capmark Finance will be responsible for
the payment of any out of pocket costs or expenses incurred by Capmark Finance
in connection with such origination or acquisition including, without
limitation, payments made for mortgage banking services in the form of broker
or broker equivalent payments to third-party producers or to members of the
Capmark Finance mortgage banking network. Notwithstanding the foregoing, the
purchase price shall be increased if and to the extent that either:
(i) Capmark Finance’s out of pocket costs or expenses incurred in
connection with the origination of a Loan exceed Capmark Finance’s applicable
Origination Fee, or (ii) Capmark Finance has provided for the payment of any of
such out of pocket costs and expenses out of a portion of the margin applicable
to the Loan.

 

(b)       For Loans referenced in 1.1 (b), the
purchase price will be the par amount of the Loan originated by Capmark Finance
or a Loan acquired by Capmark Finance, plus any accrued interest. Origination
Fees and Exit Fees earned or payable in connection with such Loan shall be paid
to the Partnership in the event of the purchase by the Partnership of a whole
Loan or pro-rata between the Partnership and Capmark Finance in the event of a
co-origination, in both cases net of any out of pocket costs or expenses
incurred by Capmark Finance in connection with such origination or acquisition
including, without limitation, payments made for mortgage banking services in
the form of broker or broker equivalent payments to third-party producers or to
members of the Capmark Finance mortgage banking network. Any Syndication Fees
or Servicing Fees earned or to-be-earned by Capmark Finance with respect to any
such Loan will be retained exclusively by Capmark Finance and will not be
transferred to the Partnership upon the sale of any such Loan or portion
thereof.

 

(c)       For Loans referenced in 1.1(c), the
purchase price will be negotiated on a Loan by Loan basis between the
Partnership and Capmark Finance.

 

(d)       For Securities referenced in 1.1(d), the
purchase price will be the par amount of the Security acquired by Capmark
Finance, plus any accrued interest and any out of pocket costs or expenses
incurred by Capmark Finance in connection with the acquisition of the Security.

 

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1.5      Partnership Affiliates and Advised
Funds. The Exclusivity Rights of the Partnership in this Agreement may be
assigned to and run in favor of any subsidiary of the Partnership. The parties
acknowledge that the rights of the Partnership hereunder are subject to Capmark
Investments LP’s allocation policy. Accordingly, any investment that the
Partnership may have an exclusivity right pursuant to this Agreement may be
offered to G-Star 2003-3, G-Star 2004-4, Blue Bell Funding or G-Star 2005-5.

 

1.6      Definitions.

 

“Affiliate”
of any Person means any Person that, directly or indirectly
through one or more intermediaries, controls, is controlled by or is under
common control with, the Person specified. For purposes of this definition, “control”
means the possession, directly or indirectly, of the power, along or other with
others, to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or
otherwise.

 

“Agency
Loan” means a loan originated by Capmark Finance on behalf of
third party investor, including without limitation, any correspondent lender,
FHA, Fannie Mae and Freddie Mac.

 

“Capmark
Finance” means Capmark Finance Inc., a California
corporation.

 

“Capmark
Investments” means Capmark Investments LP, a Delaware limited
partnership.

 

“CMBS”
shall mean commercial mortgage backed securities issued in
the United States, excluding any securities backed by a Tax-Exempt Loan or
Agency Loan.

 

“Contractual
Right” shall mean an enforceable legal right under a contract
or agreement which, for purposes of this Agreement, includes, but is not
limited to, an executed term sheet.

 

“Conventional
Non-Specialty Mortgage Loan” means a loan or portion of a
loan secured primarily by office, retail, industrial, multi-family or mixed-use
property, but excludes any Specialty Mortgage Loan, Agency Loan or Tax-Exempt
Loan or Non-U.S. Loan.

 

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“Debt-Like
Preferred Equity” is preferred equity in an entity which owns
property located in the United States of America which carries a fixed coupon
and a fixed repayment date providing the holder with remedies for breach
substantially equivalent to the holder of a Mezzanine Loan.

 

“Exclusivity
Term” means the period beginning on the Initial Closing until
the earlier of (i) the expiration or termination of the Commitment Period (as
defined in the Partnership Agreement dated on or about
August 30, 2006), (ii) the transfer of the General Partner’s interest
in the Partnership to a Person that is not an Affiliate of Capmark Financial or
(iii) the voluntary or involuntary withdrawal or removal of the General Partner
as general partner of the Partnership. If the Commitment Period is suspended,
the Exclusivity Term will be reinstituted when the Commitment Period is
reinstituted subject to termination pursuant to the previous sentence.

 

“Exit
Fees” means all “exit fees,” deferred financing or similar
fees payable by the underlying borrower upon the maturity, prepayment or
acceleration of a loan.

 

“General
Partner” means Capmark Structured Real Estate Partners GP,
L.P., a Delaware limited partnership.

 

“High
Yield” means an instrument that bears interest at a floating
rate in excess of 400 basis points over LIBOR or a fixed rate in excess of 400
basis points over swaps.

 

“LIBOR”
means the average of London Interbank Offered Rates (in U.S.
dollar deposits) for a term of one month as set forth on Telerate page 3750 (or
such other page as may replace page 3750 on that service).

 

“Loan”
is any Conventional Non-Specialty Mortgage Loan, High-Yield
Conventional Non-Specialty Mortgage Loan, High-Yield Mezzanine Loan, Debt-Like
Preferred Equity Interest, or Specialty Mortgage Loan. The term Loan does not
include Agency Loan or Tax-Exempt Loan.

 

“Mezzanine
Loan” means a Loan predominantly secured by the equity of an
entity which owns the parcel of commercial real estate located in the United
States of America.

 

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“Non-U.S.
Loan” means a loan which is not primarily secured by
properties located in the United States of America.

 

“Origination
Fees” means any fees payable by the borrower or other third
party with respect to the origination of a loan.

 

“Person”
means a corporation, association, retirement system,
international organization, joint venture, partnership, limited liability
company, trust or individual.

 

“RMBS”
means residential mortgage backed securities issued in the
United States, excluding any securities backed by a Tax-Exempt Loan or Agency
Loan.

 

“Security”
means any CMBS or RMBS.

 

“Specialty
Mortgage Loan” means any healthcare, golf, hospitality or
construction loan which is not a Non-U.S. Loan.

 

“Syndication
Fee” means any fee, whether styled as an agency fee or
otherwise, payable on an out of pocket basis or through a strip retained with
respect to the underlying Loan or Security to be paid to or retained by Capmark
Finance, or any distribution fee paid or payable with respect to the
distribution of any Security.

 

“Tax-Exempt
Loan” means a loan that is (a) secured by an affordable
housing property or low-income housing property; (b) made to a community
development entity that has received New Market Tax Credit allocations; or (c)
secured by or related to military housing projects.

 

1.7      Acting through Capmark Investments.
The Partnership will act through Capmark Investments. Any reference in this
Agreement to the Partnership acting, giving or receiving notice shall be
satisfied on the action of or the giving or receiving of notice by Capmark
Investments.

 

1.8      Investment Purposes. The
Partnership will acquire Loans or Securities for investment purposes only for
its own and not for resale or distribution.

 

1.9      Entire Agreement. This Agreement
contain the entire agreement and understanding between the parties hereto with
respect to the subject matter hereof and

 

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supersede all prior
agreements and understandings, whether written or oral, relating to such
subject matter.

 

1.10    Governing Law. This Agreement shall
be governed by and construed in accordance with the internal laws of the
Commonwealth of Pennsylvania, without regard to the conflicts of law principles
of such commonwealth.

 

1.11    Interpretation. The headings and
captions contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement.

 

1.12    No Third-Party Beneficiaries. This
Agreement is for the sole benefit of the parties hereto and their permitted
assigns and nothing herein express or implied shall have or be construed to
give any other person any legal or equitable rights hereunder.

 

1.13    Counterparts. This Agreement may be
executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more such
counterparts have been signed by each of the parties and delivered to the
other.

 

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

 

	
  Capmark
  Structured Real Estate Partners, L.P.

  	
   

  
	
   

  	
  By: 

  	
  

  Capmark Structured GP, L.P.

  	
   

  
	
   

  	
  Its:

  	
  General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: Capmark
  Investments Structured Fund GP, LLC

  
	
   

  	
   

  	
   

  	
  Its: General
  Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Brian DiDonato

  	
   

  
	
   

  	
   

  	
   

  	
  By: Brian DiDonato

  	
   

  
	
   

  	
   

  	
   

  	
  Its:  President

  	
   

  

 

	
  Capmark
  Finance Inc.

   

  

  /s/ Barry S. Gersten

  	
   

  
	
  By: 

  	
  Barry S. Gersten

  	
   

  
	
  Its:

  	
  Executive Vice
  President

  	
   

  

 

9

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"}]]