Document:

Exhibit 4.1

 

EXECUTION COPY

 

 

 

CAPMARK FINANCIAL GROUP
INC.

 

as Issuer

 

the GUARANTORS named
herein

 

FLOATING RATE SENIOR
NOTES DUE 2010

 

 

INDENTURE

 

Dated as of May 10,
2007

 

 

DEUTSCHE BANK TRUST
COMPANY AMERICAS,

 

as Trustee

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01. Definitions

  	
   

  	
  1

  
	
  SECTION 1.02. Other Definitions

  	
   

  	
  9

  
	
  SECTION 1.03. Incorporation by Reference of TIA

  	
   

  	
  10

  
	
  SECTION 1.04. Rules of Construction

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01. Amount of Notes

  	
   

  	
  11

  
	
  SECTION 2.02. Form and Dating

  	
   

  	
  11

  
	
  SECTION 2.03. Execution and Authentication

  	
   

  	
  11

  
	
  SECTION 2.04. Registrar, Paying Agent and
  Calculation Agent

  	
   

  	
  12

  
	
  SECTION 2.05. Paying Agent to Hold Money in
  Trust

  	
   

  	
  13

  
	
  SECTION 2.06. Holder Lists

  	
   

  	
  13

  
	
  SECTION 2.07. Transfer and Exchange

  	
   

  	
  13

  
	
  SECTION 2.08. Replacement Notes

  	
   

  	
  14

  
	
  SECTION 2.09. Outstanding Notes

  	
   

  	
  14

  
	
  SECTION 2.10. Temporary Notes

  	
   

  	
  15

  
	
  SECTION 2.11. Cancellation

  	
   

  	
  15

  
	
  SECTION 2.12. Defaulted Interest

  	
   

  	
  15

  
	
  SECTION 2.13. CUSIP Numbers, ISINs, etc

  	
   

  	
  15

  
	
  SECTION 2.14. Calculation of Principal Amount
  of Notes

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  REDEMPTION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01. Redemption

  	
   

  	
  16

  
	
  SECTION 3.02. Applicability of Article

  	
   

  	
  16

  
	
  SECTION 3.03. Notices to Trustee

  	
   

  	
  16

  
	
  SECTION 3.04. Selection of Notes to Be Redeemed

  	
   

  	
  16

  
	
  SECTION 3.05. Notice of Optional Redemption

  	
   

  	
  17

  
	
  SECTION 3.06. Effect of Notice of Redemption

  	
   

  	
  17

  
	
  SECTION 3.07. Deposit of Redemption Price

  	
   

  	
  18

  
	
  SECTION 3.08. Notes Redeemed in Part

  	
   

  	
  18

  

 

i

 

	
  ARTICLE 4

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01. Payment of Notes

  	
   

  	
  18

  
	
  SECTION 4.02. Reports and Other Information

  	
   

  	
  18

  
	
  SECTION 4.03. Future Guarantors

  	
   

  	
  20

  
	
  SECTION 4.04. Limitation on Liens

  	
   

  	
  20

  
	
  SECTION 4.05. Maintenance of Office or Agency

  	
   

  	
  21

  
	
  SECTION 4.06. Compliance Certificate

  	
   

  	
  21

  
	
  SECTION 4.07. Offer to Repurchase Upon Change
  of Control Triggering Event

  	
   

  	
  22

  
	
  SECTION 4.08. Maintenance of Corporate
  Existence

  	
   

  	
  23

  
	
  SECTION 4.09. Notice of Additional Interest,
  Interest Adjustments and Registered Exchange Offer

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CONSOLIDATION, MERGER, SALE OR CONVEYANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01. Consolidation, Merger, Sale or
  Conveyance

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFAULTS AND REMEDIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01. Events of Default

  	
   

  	
  26

  
	
  SECTION 6.02. Acceleration

  	
   

  	
  27

  
	
  SECTION 6.03. Other Remedies

  	
   

  	
  28

  
	
  SECTION 6.04. Waiver of Past Defaults

  	
   

  	
  28

  
	
  SECTION 6.05. Control by Majority

  	
   

  	
  28

  
	
  SECTION 6.06. Limitation on Suits

  	
   

  	
  28

  
	
  SECTION 6.07. Rights of the Holders to Receive
  Payment

  	
   

  	
  29

  
	
  SECTION 6.08. Collection Suit by Trustee

  	
   

  	
  29

  
	
  SECTION 6.09. Trustee May File Proofs of
  Claim

  	
   

  	
  29

  
	
  SECTION 6.10. Priorities

  	
   

  	
  29

  
	
  SECTION 6.11. Undertaking for Costs

  	
   

  	
  30

  
	
  SECTION 6.12. Waiver of Stay or Extension Laws

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TRUSTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.01. Duties of Trustee

  	
   

  	
  30

  
	
  SECTION 7.02. Rights of Trustee

  	
   

  	
  31

  

 

ii

 

	
  SECTION 7.03. Individual Rights of Trustee

  	
   

  	
  32

  
	
  SECTION 7.04. Trustee’s Disclaimer

  	
   

  	
  32

  
	
  SECTION 7.05. Notice of Defaults

  	
   

  	
  33

  
	
  SECTION 7.06. Reports by Trustee to the Holders

  	
   

  	
  33

  
	
  SECTION 7.07. Compensation and Indemnity

  	
   

  	
  33

  
	
  SECTION 7.08. Replacement of Trustee

  	
   

  	
  34

  
	
  SECTION 7.09. Successor Trustee by Merger

  	
   

  	
  35

  
	
  SECTION 7.10. Eligibility; Disqualification

  	
   

  	
  35

  
	
  SECTION 7.11. Preferential Collection of Claims
  Against Issuer

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DISCHARGE OF INDENTURE; DEFEASANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.01. Discharge of Liability on Notes;
  Defeasance

  	
   

  	
  35

  
	
  SECTION 8.02. Conditions to Defeasance

  	
   

  	
  37

  
	
  SECTION 8.03. Application of Trust Money

  	
   

  	
  38

  
	
  SECTION 8.04. Repayment to the Issuer

  	
   

  	
  38

  
	
  SECTION 8.05. Indemnity for Government
  Obligations

  	
   

  	
  39

  
	
  SECTION 8.06. Reinstatement

  	
   

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AMENDMENTS AND WAIVERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01. Without Consent of the Holders

  	
   

  	
  39

  
	
  SECTION 9.02. With Consent of the Holders

  	
   

  	
  40

  
	
  SECTION 9.03. Compliance with Trust Indenture
  Act

  	
   

  	
  41

  
	
  SECTION 9.04. Revocation and Effect of Consents
  and Waivers

  	
   

  	
  41

  
	
  SECTION 9.05. Notation on or Exchange of Notes

  	
   

  	
  42

  
	
  SECTION 9.06. Trustee to Sign Amendments

  	
   

  	
  42

  
	
  SECTION 9.07. Payment for Consent

  	
   

  	
  42

  
	
  SECTION 9.08. Additional Voting Terms;
  Calculation of Principal Amount

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GUARANTEES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.01. Guarantees

  	
   

  	
  42

  
	
  SECTION 10.02. Limitation on Liability; Release

  	
   

  	
  44

  
	
  SECTION 10.03. Successors and Assigns

  	
   

  	
  45

  
	
  SECTION 10.04. No Waiver

  	
   

  	
  45

  
	
  SECTION 10.05. Modification

  	
   

  	
  45

  
	
  SECTION 10.06. Execution of Supplemental
  Indenture for Future Guarantors

  	
   

  	
  45

  
	
  SECTION 10.07. Subrogation

  	
   

  	
  46

  
	
  SECTION 10.08. Benefits Acknowledged

  	
   

  	
  46

  
	
  SECTION 10.09. Indemnification of Judgment
  Currency

  	
   

  	
  46

  

 

iii

 

	
  ARTICLE 11

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.01. TIA Controls

  	
   

  	
  46

  
	
  SECTION 11.02. Notices

  	
   

  	
  47

  
	
  SECTION 11.03. Communication by the Holders
  with Other Holders

  	
   

  	
  47

  
	
  SECTION 11.04. Certificate and Opinion as to
  Conditions Precedent

  	
   

  	
  48

  
	
  SECTION 11.05. Statements Required in
  Certificate or Opinion

  	
   

  	
  48

  
	
  SECTION 11.06. When Notes Disregarded

  	
   

  	
  48

  
	
  SECTION 11.07. Rules by Trustee, Paying
  Agent and Registrar

  	
   

  	
  48

  
	
  SECTION 11.08. Legal Holidays

  	
   

  	
  48

  
	
  SECTION 11.09.  Governing
  Law

  	
   

  	
  49

  
	
  SECTION 11.10. No Recourse Against Others

  	
   

  	
  49

  
	
  SECTION 11.11. Successors

  	
   

  	
  49

  
	
  SECTION 11.12. Multiple Originals

  	
   

  	
  49

  
	
  SECTION 11.13. Table of Contents; Headings

  	
   

  	
  49

  
	
  SECTION 11.14. Indenture Controls

  	
   

  	
  49

  
	
  SECTION 11.15. Severability

  	
   

  	
  49

  
	
  SECTION 11.16. USA Patriot Act

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Appendix A – Rule 144A/Regulation S/IAI
  Appendix

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 1-A – Form of
  Rule 144A/Regulation S/IAI Initial and Additional Notes

  	
   

  	
   

  
	
  Exhibit 1-B – Form of Exchange Note or Private
  Exchange Note

  	
   

  	
   

  
	
  Exhibit 2 – Form of Certificate of
  Transfer

  	
   

  	
   

  
	
  Exhibit 3 – Form of Certificate of
  Exchange

  	
   

  	
   

  
	
  Exhibit 4 – Form of Certificate from
  Acquiring Institutional Accredited Investor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Appendix B – Form of Supplemental Indenture for
  Future Guarantors

  	
   

  	
   

  

 

iv

 

CROSS-REFERENCE TABLE

 

	
  TIA

  	
   

  	
  Indenture

  
	
  Section

  	
   

  	
  Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  7.08; 7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.06

  
	
   

  	
  (b)

  	
   

  	
  11.03

  
	
   

  	
  (c)

  	
   

  	
  11.03

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06

  
	
   

  	
  (c)

  	
   

  	
  7.06

  
	
   

  	
  (d)

  	
   

  	
  7.06

  
	
  314

  	
  (a)

  	
   

  	
  4.02

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(1)

  	
   

  	
  11.04

  
	
   

  	
  (c)(2)

  	
   

  	
  11.04

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  11.05

  
	
   

  	
  (f)

  	
   

  	
  4.07

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
  (b)

  	
   

  	
  7.05

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a) (last sentence)

  	
   

  	
  11.06

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  6.07

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.05

  
	
  318

  	
  (a)

  	
   

  	
  11.01

  

 

N.A.  means Not
Applicable.

Note:  This
Cross-Reference Table shall not, for any purposes, be deemed to be part of this
Indenture.

 

v

 

INDENTURE dated as of May 10, 2007 among Capmark
Financial Group Inc., a Nevada corporation (the “Issuer”), the Guarantors (as
defined herein) and Deutsche Bank Trust Company Americas, a New York banking
corporation, as trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of the
other parties and for the equal and ratable benefit of the Holders of Notes
issued under this Indenture.

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.  Definitions.

 

“Additional Interest” means all additional interest
owing on the Notes pursuant to the Registration Rights Agreement. 

 

“Additional Notes” means the Floating Rate Senior
Notes due 2010 issued by the Issuer from time to time after the Issue Date.

 

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

 

“Below Investment Grade Rating Event” means the Notes
are rated below an Investment Grade Rating by each of the Rating Agencies on
any date from the date of the public notice of an arrangement that could result
in a Change of Control until the end of the 60-day period following public
notice of the occurrence of the Change of Control (which 60-day period shall be
extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by any of the Rating Agencies).

 

“Board of Directors” means as to any Person, the board
of directors or managers, as applicable, of such Person (or, if such Person is
a partnership, the board of directors or other governing body of the general
partner of such Person) or any duly authorized committee thereof.

 

“Bridge Loan” means that certain Bridge Loan
Agreement, dated as of March 23, 2006, among the Issuer, the several
lenders from time to time party thereto, Citicorp North America, Inc., as
administrative agent, J.P. Morgan Securities Inc., as syndication agent, Credit
Suisse, Deutsche Bank Securities Inc., Goldman Sachs Credit Partners, L.P. and
The Royal Bank of Scotland plc, as documentation agents, and Citigroup Global
Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs
Credit Partners, L.P., J.P. Morgan Securities Inc. and The Royal Bank of
Scotland plc, as joint lead arrangers and joint bookrunners, as amended,
restated, supplemented or otherwise modified from time to time.

 

“Business Day” means a day other than a Saturday,
Sunday or other day on which banking institutions are authorized or required by
law to close in New York City.

 

 

“Capital Stock” means:

 

(1)                                  with
respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not
voting) or corporate stock, including each class of Common Stock and Preferred
Stock of such Person; and

 

(2)                                  with
respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person.

 

“Change of Control” means the occurrence of one or
more of the following events:

 

(1)                                  any
sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the assets of the Issuer
to any Person or group of related Persons for purposes of Section 13(d) of
the Exchange Act (a “Group”), together with any Affiliates thereof (whether or
not otherwise in compliance with the provisions of this Indenture), other than
any Person or Group that is controlled by Kohlberg Kravis Roberts &
Co. L.P.;

 

(2)                                  the
approval by the holders of Capital Stock of the Issuer of any plan or proposal
for the liquidation or dissolution of the Issuer (whether or not in compliance
with the provisions of this Indenture);

 

(3)                                  any
Person or Group, other than any Person or Group that is controlled by Kohlberg
Kravis Roberts & Co. L.P., shall become the owner, directly or
indirectly, beneficially or of record, of shares representing more than 50% of
the aggregate ordinary voting power represented by the issued and outstanding
Capital Stock of the Issuer; or

 

(4)                                  the
replacement of a majority of the Board of Directors of the Issuer over a
two-year period from the directors who constituted the Board of Directors of
the Issuer at the beginning of such period, and such replacement shall not have
been approved by a vote of a least a majority of the Board of Directors of the
Issuer then still in office who either were members of such Board of Directors
at the beginning of such period or whose election as a member of such Board of
Directors was previously so approved.

 

“Cash
Equivalents” means:

 

(1)                                  securities
issued or directly and fully guaranteed or insured by the United States or any
agency or instrumentality thereof and having maturities of not more than 12 months
after the date of acquisition;

 

(2)                                  time
deposits or certificates of deposit of any bank of recognized standing having
capital and surplus in excess of $100 million or whose commercial paper rating
is at least A-1 from S&P or P-1 from Moody’s and having maturities of not
more than 12 months of acquisition;

 

2

 

(3)                                  commercial
paper rated at least A-1 by Moody’s or P-1 by S&P and having maturities of
not more than 12 months after acquisition;

 

(4)                                  direct
obligations (or certificates representing an ownership interest in such
obligations) of any state of the United States (including any agency or instrumentality
thereof) the long-term debt of which is rated A-3 or higher by Moody’s or A- or
higher by S&P (or rated the equivalent by at least one nationally
recognized statistical rating organization) and having maturities of not more
than 12 months after acquisition; and

 

(5)                                  in
the case of any foreign Subsidiary of the Issuer, investments (A) in
direct obligations of the sovereign nation (or any agency or instrumentality
thereof) in which such Subsidiary is organized or is conducting a substantial
amount of business or in obligations fully and unconditionally guaranteed by
such sovereign nation (or agency or instrumentality) or (B) of the type
and maturity described in clause (1) through (4) above of foreign
obligors, which investments or obligors (or their parents) have ratings
equivalent to those described above (which may be equivalent ratings from
foreign rating agencies).

 

“Change of Control Triggering Event” means the
occurrence of both a Change of Control and a Below Investment Grade Rating
Event.

 

“Code” means the Internal Revenue Code of 1986, as
amended.

 

“Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Exchange Act,
or, if at any time after the execution of this Indenture such Commission is not
existing and performing the duties now assigned to it under the TIA, then the
body performing such duties at such time.

 

“Common Stock” of any Person means any and all shares,
interests or other participations in, and other equivalents (however designated
and whether voting or non-voting) of such Person’s common stock, and includes,
without limitation, all series and classes of such common stock.

 

“Consolidated Net Tangible Assets” means, as of any
determination date, the total of all the assets appearing on the most recent
consolidated balance sheet of the Issuer delivered to the Trustee or filed with
the Commission pursuant to this Indenture less the following:  (i) current liabilities, other than (A) bank-issued
certificates of deposit, (B) the amount of current liabilities which by
their terms are either (1) automatically extendable or renewable or (2) renewable
at the option of the obligor to a date that is no less than 363 days following
such determination date and (C) intercompany obligations among the Issuer
and any of its Subsidiaries or among its Subsidiaries, (ii) reserves for
depreciation and other asset valuation reserves, (iii) intangible assets
such as goodwill, trademarks, trade names, patents and unamortized debt
discount and expenses carried as an asset on such balance sheet and (iv) appropriate
adjustments on account of minority interests of other Persons.

 

3

 

“Credit Agreement” means (i) the Existing Credit
Agreement and (ii) any successor credit agreement to the Existing Credit
Agreement or to any such successor credit agreement, including any related
notes, guarantees, instruments and agreements executed in connection therewith,
that has terms and characteristics that are substantially similar to the
Existing Credit Agreement and is entered into by the Issuer, as borrower, with
a syndicate of two or more banks to renew, refund, replace, refinance or extend
the Existing Credit Agreement or any such successor credit agreement, as
amended, restated, supplemented or otherwise modified from time to time.  For the avoidance of doubt, the term “Credit
Agreement” does not include the Bridge Loan.

 

“Default” means any event that is, or after the giving
of notice or the passage of time or both would be, an Event of Default.

 

“Domestic Subsidiary” means any Subsidiary of the
Issuer that is organized under the laws of the United States or any state
thereof or the District of Columbia.

 

“Equity Interests” means Capital Stock and all
warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock).

 

“Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Exchange Notes” means the debt securities of the
Issuer issued pursuant to this Indenture in exchange for, and in an aggregate
principal amount equal to, the Initial Notes and the Additional Notes, if
applicable, in compliance with the terms of the Registration Rights Agreement
and includes any Private Exchange Notes.

 

“Existing Credit Agreement” means that certain Credit
Agreement, dated as of March 23, 2006, among the Issuer, the designated
borrowers named therein, the several lenders from time to time party thereto,
Citibank, N.A., as administrative agent, J.P. Morgan Securities Inc., as
syndication agent, Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs
Credit Partners, L.P., and The Royal Bank of Scotland plc, as documentation
agents, and Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank
Securities Inc., Goldman Sachs Credit Partners, L.P., J.P. Morgan Securities
Inc. and The Royal Bank of Scotland plc, as joint lead arrangers and joint
bookrunners, including any related notes, guarantees, instruments and
agreements executed in connection therewith, as amended, restated, supplemented
or otherwise modified from time to time.

 

“Fitch” means Fitch Ratings Inc. or any successor to
the rating agency business thereof.

 

“Foreign Initial Guarantor” means Crystal Ball Holding
of Bermuda Limited.

 

“Foreign Subsidiary” means any Subsidiary of the
Issuer that is not organized under the laws of the United States or any state
thereof or the District of Columbia.

 

4

 

“GAAP” means generally accepted accounting principles
in the United States as applied by the Issuer in the preparation of its
consolidated financial statements delivered to the Trustee or filed with the
Commission in accordance with the provisions of this Indenture; provided,
however, that for purposes of Section 4.04, GAAP shall mean generally
accepted accounting principles in effect on the Issue Date and without giving
effect to any changes thereto or the interpretation or application of SFAS 140
or FIN 66(R) after such date in the preparation of the foregoing financial
statements.

 

“Government Obligations” means securities that are:

 

(1)                                  direct
obligations of the United States of America for the timely payment of which its
full faith and credit is pledged; or

 

(2)                                  obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America,

 

which, in either case, are not callable or redeemable
at the option of the issuers thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such Government Obligations
or a specific payment of principal of or interest on any such Government
Obligations held by such custodian for the account of the holder of such
depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of
the Government Obligations or the specific payment of principal or interest on
the Government Obligations evidenced by such depository receipt.

 

“Guarantee” means, as to any Person, any financial
obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Indebtedness of any other Person or in any manner providing
for the payment of Indebtedness of any other Person; provided, however, that
the term “Guarantee” shall not include endorsements for collection or deposit
in the ordinary course of business.  The
term “Guarantee” used as a verb has a corresponding meaning.  The term “Guarantee” shall not apply to a
guarantee of intercompany indebtedness among the Issuer and its Subsidiaries or
among its Subsidiaries.  The value of any
Guarantee of any Person will be deemed to be the carrying value of such
Guarantee, with such carrying value being determined in a manner consistent
with the carrying value of Guarantees as reflected in the financial statements
of the Issuer most recently delivered to the Trustee or filed with the
Commission in accordance with this Indenture. 

 

“Guarantor” means each Initial Guarantor and any
Domestic Subsidiary that becomes a New Guarantor in accordance with the
provisions of Section 4.03 herein; provided that a Person released from
its guarantee obligations as described in Section 10.02(b) shall not
be deemed a Guarantor.

 

“Holder” or “Noteholder” means the Person in whose
name a Note is registered on the registrar’s books.

 

5

 

“Indebtedness” means, with respect to any Person at a
particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP (but excluding
any such items to the extent accounted for under Accounting Research Bulletin No. 51,
“Consolidated Financial Statements”, SFAS 66 or FIN 46(R) in each case in
relation to the Issuer’s affordable tax credit syndication business): 

 

(a) all obligations of such Person for borrowed
money and all obligations of such Person evidenced by bonds, debentures, notes,
loan agreements, convertible securities (to the extent that such convertible
securities have put provisions that are exercisable during the period the Notes
are outstanding) or other similar instruments; 

 

(b) all direct or contingent obligations of such
Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties and surety bonds; 

 

(c) capitalized leases; and 

 

(d) all Guarantees of such Person in respect of
any of the foregoing.  For the purposes
of determining any particular amount of Indebtedness under this definition,
Guarantees of Indebtedness (or obligations with respect to letters of credit)
otherwise included in the determination of such amount shall not be included.  

 

For the avoidance of doubt, any obligation that is
non-recourse to any such Person other than to specified assets of such Person
shall not be deemed Indebtedness of such Person under this definition.

 

“Indenture” means this Indenture as amended or
supplemented from time to time by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all
purposes of this Indenture and any such supplemental indenture, the provisions
of the TIA that are deemed to be part of and govern this instrument and any
such supplemental indenture, respectively.

 

“Initial Guarantors” means Capmark Capital Inc.,
Capmark Finance Inc., Capmark Investments LP, Commercial Equity Investments, Inc.,
Mortgage Investments, LLC, Net Lease Acquisition LLC, SJM Cap, LLC and Crystal
Ball Holding of Bermuda Limited.

 

“Initial Notes” means the Floating Rate Senior Notes
due 2010 issued by the Issuer on the Issue Date.

 

“Issue Date” means May 10, 2007.

 

“Investment Grade Rating” means a rating equal to or
higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P.

 

“Lien” means any mortgage, pledge, lien, security
interest, encumbrance, lien or charge of any kind.

 

6

 

“Moody’s” means Moody’s Investors Service, Inc.
or any successor to the rating agency business thereof.

 

“Notes” means the Initial Notes and any Additional
Notes and Exchange Notes issued pursuant to this Indenture, in each case, in
the forms set forth in Appendix A.

 

“Officer” means the Chairman of the Board, Chief
Executive Officer, Chief Financial Officer, President, any Executive Vice
President, Senior Vice President or Vice President, the Treasurer or the
Secretary of the Issuer or any of the Issuer’s Subsidiaries.

 

“Officers’ Certificate” means a certificate signed on
behalf of the Issuer, or, in the case of Section 5.01(b), a Guarantor as
provided herein by two Officers of the Issuer or, in the case of Section 5.01(b),
such Guarantor, as the case may be, one of whom, in the case of the Issuer
only, must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Issuer that meets the
requirements set forth in this Indenture.  

 

“Opinion of Counsel” means a written opinion in such
form, and from legal counsel who is, reasonably acceptable to the Trustee.  The counsel may be an employee of or counsel
to the Issuer or the Trustee. 

 

“Permitted Receivables Financing” means a limited
recourse sale or financing of any real estate receivables and mortgage notes
and related security by the Issuer or any of its Subsidiaries in connection
with the sale, securitization or syndication of those receivables, notes and
security (including planned future sales, securitizations and financings),
which sale, securitization or syndication is with recourse only to the extent
usual and customary in asset securitization transactions for companies with
credit characteristics similar to those of the Issuer or its relevant
Subsidiaries.

 

“Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other
entity. 

 

“Preferred Stock” of any Person means any Capital
Stock of such Person that has preferential rights to any other Capital Stock of
such Person with respect to dividends or redemptions or upon liquidation.

 

“Rating Agencies” means (1) each of Moody’s,
S&P and Fitch and (2) if any of Moody’s, S&P or Fitch ceases to
rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside of the Issuer’s control, a “nationally recognized statistical
rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act, selected by the Issuer (as certified by a resolution of the
Board of Directors of the Issuer) as a replacement agency for Moody’s, S&P
or Fitch, or all of them, as the case may be. 

 

“S&P” means Standard & Poor’s Ratings
Group or any successor to the rating agency business thereof. 

 

7

 

“Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Significant Subsidiary” means a Subsidiary of the
Issuer which would be a “significant subsidiary” within the meaning of Rule 1-02
under Regulation S-X promulgated by the Commission as in effect on the date of
this Indenture, assuming the Issuer were the registrant referred to in such
definition.  

 

“Specified Asset Categories” means, collectively, all (a) cash
and Cash Equivalents; (b) mortgage loan interests and securities that are
not owned by any Specified Subsidiaries of the Issuer and are either (i) direct
obligations of a government-sponsored enterprise or the United States
government or any of its agencies and backed by the full faith and credit of
the United States, (ii) obligations that a government-sponsored enterprise
or the United States government or any of its agencies and backed by the full
faith and credit of the United States has guaranteed or committed to purchase
or (iii) rated at least A- by S&P, A3 by Moody’s or A- by Fitch; and (c) mortgage
loan interests that are not owned by any Specified Subsidiaries of the Issuer
and either (i) have a debt coverage ratio (as determined in accordance
with the credit rating standards of the Issuer) of at least 1.20 to 1.00 and
loan to value ratio (as determined in accordance with the underwriting
standards of the Issuer) of not greater than 80% and/or (ii) are loan
interests that have been targeted for, or are the subject of, a sale,
securitization or syndication transaction which has previously closed or which
is scheduled for execution within 180 days.

 

“Specified Subsidiaries” means, collectively, Capmark
Bank, Escrow Bank USA, Capmark Bank Europe p.l.c., and any Subsidiary of any of
the foregoing.

 

“Stated Maturity” means, with respect to any Note, the
date specified in such Note as the fixed date on which the final payment of
principal of such security is due and payable (but excluding any repurchase
date at the option of the Holder thereof upon the happening of any contingency
beyond the control of the issuer unless such contingency has occurred).

 

“Subsidiary” means, as to any Person, any corporation,
limited liability company, partnership or other business entity of which such
Person owns or controls (either directly or through one or more other
Subsidiaries) more than 50% of the issued share capital or other ownership
interests, in each case, having ordinary voting power (and not merely voting
power exercisable upon a contingency) to elect or appoint a majority of the
directors, managers or trustees of such corporation, limited liability company,
partnership or other business entity (irrespective of whether or not Capital
Stock or other ownership interests of any other class or classes of such
corporation, limited liability company, partnership or other business entity
shall or might have voting power upon the occurrence of any contingency).  

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C.
Sections 77aaa-77bbbb) as in effect on the date of this Indenture (or to the
extent applicable to any supplemental indenture to this Indenture, as in effect
on the date of such supplemental indenture).

 

8

 

“Trust Officer” means, when used with respect to the
Trustee, any managing director, director, vice president, assistant vice
president, associate or any other officer within the corporate trust department of the Trustee, customarily
performing functions similar to those performed by any of the above designated
officers, and shall also mean, with respect to a particular corporate trust
matter, any officer to whom such matter is referred because of such Person’s
knowledge of and familiarity with the particular subject.

 

“Trustee” means the respective party named as such in
this Indenture until a successor replaces it and, thereafter, means the
successor.

 

“wholly-owned Subsidiary” of any Person means a
Subsidiary of such Person 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares or shares
or interests required to be held by foreign nationals) shall at the time be
owned by such Person or by one or more wholly-owned Subsidiaries of such Person
and one or more wholly-owned Subsidiaries of such Person.

 

SECTION 1.02.  Other Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  
	
  “Bankruptcy Law”

  	
   

  	
  6.01

  
	
  “Calculation Agent”

  	
   

  	
  2.04(a)

  
	
  “Clearstream”

  	
   

  	
  Appendix A

  
	
  “Change of Control Date”

  	
   

  	
  4.07(a)

  
	
  “Change of Control Offer”

  	
   

  	
  4.07(a)

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.07(a)

  
	
  “Change of Control Purchase Date”

  	
   

  	
  4.07(a)

  
	
  “Change of Control Purchase Price”

  	
   

  	
  4.07(a)

  
	
  “covenant defeasance option”

  	
   

  	
  8.01(b)

  
	
  “Custodian”

  	
   

  	
  6.01

  
	
  “Definitive Note”

  	
   

  	
  Appendix A

  
	
  “Depository”

  	
   

  	
  Appendix A

  
	
  “Euroclear”

  	
   

  	
  Appendix A

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
  “Exchange Offer Registration Statement”

  	
   

  	
  Appendix A

  
	
  “Global Notes”

  	
   

  	
  Appendix A

  
	
  “Guaranteed Obligations”

  	
   

  	
  10.01(a)

  
	
  “incorporated provision”

  	
   

  	
  11.01

  
	
  “Initial Purchasers”

  	
   

  	
  Appendix A

  
	
  “Judgment Currency”

  	
   

  	
  11.16(b)

  
	
  “legal defeasance option”

  	
   

  	
  8.01(b)

  
	
  “Notes Custodian”

  	
   

  	
  Appendix A

  
	
  “Paying Agent”

  	
   

  	
  2.04(a)

  
	
  “Private Exchange”

  	
   

  	
  Appendix A

  
	
  “Private Exchange Notes”

  	
   

  	
  Appendix A

  
	
  “Private Placement Legend”

  	
   

  	
  Appendix A

  
	
  “protected purchaser”

  	
   

  	
  2.08(a)

  

 

9

 

	
  “Purchase Agreement”

  	
   

  	
  Appendix A

  
	
  “QIB”

  	
   

  	
  Appendix A

  
	
  ‘Rates of Exchange”

  	
   

  	
  11.16(b)

  
	
  “Registered Exchange Offer”

  	
   

  	
  Appendix A

  
	
  “Registrar”

  	
   

  	
  2.04(a)

  
	
  “Registration Rights Agreement”

  	
   

  	
  Appendix A

  
	
  “Regulation S”

  	
   

  	
  Appendix A

  
	
  “Regulation S Global Note”

  	
   

  	
  Appendix A

  
	
  “Restricted Definitive Note”

  	
   

  	
  Appendix A

  
	
  “Restricted Global Note”

  	
   

  	
  Appendix A

  
	
  “Rule 144A”

  	
   

  	
  Appendix A

  
	
  “Rule 144A Global Note”

  	
   

  	
  Appendix A

  
	
  “Shelf Registration Statement”

  	
   

  	
  Appendix A

  
	
  “Successor Issuer”

  	
   

  	
  5.01 (a)

  
	
  “Successor Guarantor”

  	
   

  	
  5.01(b)

  
	
  “Transfer Restricted Notes”

  	
   

  	
  Appendix A

  
	
  “Unrestricted Definitive Notes”

  	
   

  	
  Appendix A

  
	
  “Unrestricted Global Notes”

  	
   

  	
  Appendix A

  

 

SECTION 1.03.  Incorporation by Reference of TIA.  This Indenture incorporates by reference
certain provisions of the TIA.  The
following TIA terms have the following meanings:

 

“indenture securities” means the Notes and the
Guarantees.

 

“indenture security holder” means a Holder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional trustee” means
the Trustee.

 

“obligor” on the indenture securities means the
Issuer, the Guarantors and any other obligor on the Notes.

 

All other TIA terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by
the rules of the Commission have the meanings assigned to them by such
definitions.

 

SECTION 1.04.  Rules of Construction. Unless the
context otherwise requires:

 

(a)                                  a
term has the meaning assigned to it;

 

(b)                                 an
accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

 

(c)                                  “or”
is not exclusive;

 

(d)                                 “including”
means including without limitation;

 

10

 

(e)                                  words
in the singular include the plural and words in the plural include the
singular;

 

(f)                                    the
principal amount of any discount security at any date shall be the principal
amount thereof that would be shown on a balance sheet of the Issuer dated such
date prepared in accordance with GAAP; and

 

(g)                                 unless
the context requires otherwise, any reference to an “Article,” “Section” or “clause”
refers to an Article, Section or clause of this Indenture; and, whenever
in this Indenture there is mentioned, in any context, principal, interest or
any other amount payable under or with respect to any Notes, such mention shall
be deemed to include mention of the payment of Additional Interest, to the
extent that, in such context, Additional Interest is, was, or would be payable
in respect thereof.

 

ARTICLE 2

THE NOTES

 

SECTION 2.01.  Amount of Notes.  The aggregate principal amount of Notes which
may be authenticated and delivered under this Indenture on the Issue Date is
$850,000,000.  The Issuer may issue
Additional Notes from time to time after the Issue Date without notice or the
consent of Holders.  The Initial Notes,
any Exchange Notes and any Additional Notes subsequently issued under this
Indenture will be treated as a single class for all purposes hereunder,
including, without limitation, waivers, amendments, redemptions and offers to
purchase.

 

SECTION 2.02.  Form and Dating.  Appendix A is hereby expressly incorporated
in and made a part of this Indenture. 
The (i) Initial Notes and the Trustee’s certificate of
authentication and (ii) any Additional Notes (if issued as Transfer
Restricted Notes) and the Trustee’s certificate of authentication shall each be
substantially in the form set forth in Exhibit 1-A to Appendix A, which
Appendix is hereby incorporated in and expressly made a part of this
Indenture.  The (i) Exchange Notes
and the Trustee’s certificate of authentication and (ii) any Additional
Notes issued other than as Transfer Restricted Notes and the Trustee’s
certificate of authentication shall each be substantially in the form set forth
in Exhibit 1-B to Appendix A.  The
Notes may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Issuer or any Guarantor is subject, if
any, or usage (provided that any such notation, legend or endorsement is in a
form acceptable to the Issuer).  Each
Note shall be dated the date of its authentication.  The Notes shall be issuable only in fully
registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

 

SECTION 2.03.  Execution and Authentication.  (a)  The Trustee shall authenticate and
make available for delivery upon a written order of the Issuer signed by one
Officer (i) Notes for original issue on the date hereof in an aggregate
principal amount of $850,000,000, (ii) subject to the terms of this
Indenture, Additional Notes in an aggregate principal amount to be determined
at the time of issuance and specified therein and (iii) the Exchange Notes
for issue in a Registered Exchange Offer or Private Exchange pursuant to the

 

11

 

Registration Rights Agreement for a like principal amount of Initial
Notes and, if applicable, any Additional Notes. 
Such order shall specify the amount of the Notes to be authenticated,
the date on which the original issue of Notes is to be authenticated and
whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes.  Notwithstanding anything to the contrary in
this Indenture or Appendix A, any issuance of Additional Notes after the Issue
Date shall be in a principal amount of at least $2,000.

 

(b)                                 One
duly authorized Officer shall sign the Notes for the Issuer by manual or
facsimile signature.

 

(c)                                  If
an Officer whose signature is on a Note no longer holds that office at the time
the Trustee authenticates the Note, the Note shall be valid nevertheless.

 

(d)                                 A
Note shall not be valid until an authorized signatory of the Trustee manually
signs the certificate of authentication on the Note.  The signature shall be conclusive evidence
that the Note has been authenticated under this Indenture.

 

(e)                                  The
Trustee may appoint one or more authenticating agents reasonably acceptable to
the Issuer to authenticate the Notes. 
Any such appointment shall be evidenced by an instrument signed by a
Trust Officer, a copy of which shall be furnished to the Issuer.  Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by such
agent.  An authenticating agent has the
same rights as any Registrar, Paying Agent or agent for service of notices and
demands.

 

SECTION 2.04.  Registrar, Paying Agent and Calculation
Agent.  (a)  The Issuer shall
maintain an office or agency where Notes may be presented for registration
of transfer or for exchange (the “Registrar”), and where Notes may be presented for payment (the “Paying Agent”).  The Registrar shall keep a register of the
Notes and of their transfer and exchange. 
The Issuer may have one or more co-registrars and one or more additional
paying agents.  The term “Registrar” includes any co-registrars.  The Issuer shall also appoint a calculation
agent (the “Calculation Agent”) to determine the interest rate on the Notes in
effect from time to time.  The Issuer
initially appoints the Trustee as (i) Registrar, and Paying Agent in
connection with the Notes, (ii) the Calculation Agent with respect to the
Notes and (iii) the Notes Custodian with respect to the Global Notes.

 

(b)                                 The
Issuer may change any Paying Agent, Registrar or Calculation Agent without any
prior notice to any Holder.  The Issuer
shall enter into an agency agreement with any Registrar, Paying Agent or
Calculation Agent not a party to this Indenture, which shall incorporate the
terms of the TIA.  The agreement shall
implement the provisions of this Indenture that relate to such agent.  If the Issuer fails to maintain a Registrar,
Paying Agent or Calculation Agent, the Trustee shall act as such and shall be
entitled to compensation therefor pursuant to Section 7.07.  The Issuer shall notify the Trustee of the
name and address of any such agent.  The
Issuer or any of the Issuer’s Subsidiaries may act as Paying Agent, Registrar
or Calculation Agent.

 

12

 

(c)                                  The
Issuer may remove any Registrar, Paying Agent or Calculation Agent upon written
notice to such Registrar, Paying Agent or Calculation Agent and to the Trustee;
provided, however, that no such removal shall become effective
until (i) if applicable, acceptance of an appointment by a successor as
evidenced by an appropriate agreement entered into by the Issuer and such
successor Registrar, Paying Agent or Calculation Agent, as the case may be, and
delivered to the Trustee or (ii) notification to the Trustee that the
Trustee shall serve as Registrar, Paying Agent or Calculation Agent until the
appointment of a successor in accordance with clause (i) above.  The Registrar, Paying Agent or Calculation
Agent may resign at any time upon written notice to the Issuer and the Trustee;
provided, however, that, unless the Issuer has appointed a Paying
Agent, Registrar or Calculation Agent other than the Trustee, the Trustee may
resign as Paying Agent, Registrar or Calculation Agent only if the Trustee also
resigns as Trustee in accordance with Section 7.08.

 

SECTION 2.05.  Paying Agent to Hold Money in Trust.  Prior to 10:00 a.m., New York City time,
on each due date of the principal of and interest on any Note, the Issuer shall
deposit with each Paying Agent (or if the Issuer or a Subsidiary of the Issuer
is acting as Paying Agent, segregate and hold in trust for the benefit of the
Persons entitled thereto) a sum sufficient to pay such principal and interest
when so becoming due.  The Issuer shall
require each Paying Agent (other than the Trustee) to agree in writing that a
Paying Agent shall hold in trust for the benefit of Holders or the Trustee all
money held by a Paying Agent for the payment of principal of and interest on
the Notes, and shall notify the Trustee of any default by the Issuer in making
any such payment.  The Issuer at any time
may require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed by such Paying Agent.  Upon complying with this Section 2.05, a
Paying Agent shall have no further liability for the money delivered to the
Trustee.

 

SECTION 2.06.  Holder Lists.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of Holders.  If the
Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar
to furnish, to the Trustee, in writing at least two Business Days before each
interest payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders.

 

SECTION 2.07.  Transfer and Exchange.  (a)  The Notes shall be issued in
registered form and shall be transferable only upon the surrender of a Note for
registration of transfer and in compliance with Appendix A.  When a Note is presented to the Registrar with
a request to register a transfer, the Registrar shall register the transfer as
requested if its requirements therefor are met. 
When Notes are presented to the Registrar with a request to exchange
them for an equal principal amount of Notes of the same series of other
denominations, the Registrar shall make the exchange as requested if the same
requirements are met.  To permit
registration of transfers and exchanges, the Issuer shall execute and the
Trustee shall authenticate Notes at the Registrar’s request.  The Issuer may require payment of a sum
sufficient to pay all taxes, assessments or other governmental charges in
connection with any transfer or exchange pursuant to this Section 2.07.  The Issuer shall not be required to make, and
the Registrar need not register, transfers or exchanges of Notes selected for
redemption (except, in the case of Notes to be redeemed in part, the portion
thereof not to be redeemed) or of any Notes for a period of 15 days before a
selection of Notes to be redeemed through the date of redemption.

 

13

 

(b)                                 Prior
to the due presentation for registration of transfer of any Note, the Issuer,
the Guarantors, the Trustee, each Paying Agent and the Registrar may deem and
treat the Person in whose name a Note is registered as the absolute owner of
such Note for the purpose of receiving payment of principal of (premium, if
any) and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of the Issuer, any Guarantor, the
Trustee, a Paying Agent or the Registrar shall be affected by notice to the
contrary.

 

(c)                                  Any
Holder of a beneficial interest in a Global Note shall, by acceptance of such
beneficial interest, agrees that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by the
Holder of such Global Note (or its agent) and that ownership of a beneficial
interest in such Global Note shall be required to be reflected in a book entry.

 

(d)                                 All
Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same
benefits under this Indenture as the Notes surrendered upon such transfer or
exchange.

 

SECTION 2.08.  Replacement Notes.  (a)  In the event that any Note shall
become mutilated, destroyed, lost or stolen, the Issuer will execute and, upon
the request of the Issuer, the Trustee will authenticate and deliver a
replacement Note of like tenor (including the same date of issuance) and equal
principal amount, registered in the same manner, and bearing interest from the
date to which interest has been paid on such Note, in exchange and substitution
for such Note (upon surrender and cancellation thereof) or in lieu of and
substitution for such Note.  In the event
that such Note is destroyed, lost or stolen, the applicant for a replacement
Note shall furnish the Issuer and the Trustee such security or indemnity as may
be required by the Issuer or the Trustee, as the case may be, to hold it
harmless, and, in every case of destruction, loss or theft of such Note, the
applicant shall also furnish the Issuer and the Trustee satisfactory evidence
of the destruction, loss or theft of such Note and of the ownership
thereof.  Upon the issuance of any
replacement Note, the Issuer may require the payment by the registered Holder
thereof of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other fees and expenses (including
the fees and expenses of the Trustee) connected therewith.

 

(b)                                 Every
replacement Note is an additional obligation of the Issuer and the Guarantors.

 

(c)                                  The
provisions of this Section 2.08 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, lost, destroyed or wrongfully taken Notes.

 

SECTION 2.09.  Outstanding Notes.  (a)  Notes outstanding at any time are
all Notes authenticated by the Trustee except for those canceled by it, those
reductions in a Global Note effected by the Trustee in accordance with the
provisions hereof, those delivered to it for cancellation, those redeemed
pursuant to Article 3 and those described in this Section 2.09 as not
outstanding.  Subject to Section 11.06,
a Note does not cease to be outstanding because the Issuer, a Guarantor or an
Affiliate of the Issuer or a Guarantor holds the Note.

 

14

 

(b)                                 If
a Note is replaced pursuant to Section 2.08 (other than a mutilated Note
surrendered for replacement), it ceases to be outstanding unless the Trustee
and the Issuer receive proof satisfactory to them that the replaced Note is
held by a protected purchaser.  A
mutilated Note ceases to be outstanding upon surrender of such Note and
replacement thereof pursuant to Section 2.08.

 

(c)                                  If
a Paying Agent segregates and holds in trust, in accordance with this
Indenture, on a redemption date or maturity date money sufficient to pay all
principal and interest payable on that date with respect to the Notes (or
portions thereof) to be redeemed or maturing, as the case may be, then on and
after that date such Notes (or portions thereof) cease to be outstanding and
interest on them ceases to accrue.

 

SECTION 2.10.  Temporary Notes.  In the event that Definitive Notes are to be
issued under the terms of this Indenture, until such Definitive Notes are ready
for delivery, the Issuer may prepare and the Trustee shall authenticate
temporary Notes.  Temporary Notes shall
be substantially in the form of Definitive Notes but may have variations that
the Issuer considers appropriate for temporary Notes.  Without unreasonable delay, the Issuer shall
prepare and the Trustee shall authenticate Definitive Notes and make them
available for delivery in exchange for temporary Notes upon surrender of such
temporary Notes at the office or agency of the Issuer, without charge to the
Holder.  Until such exchange, temporary
Notes shall be entitled to the same rights, benefits and privileges as
Definitive Notes.

 

SECTION 2.11.  Cancellation.  The Issuer at any time may deliver Notes to
the Trustee for cancellation.  The
Registrar and each Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel all
Notes surrendered for registration of transfer, exchange, payment or
cancellation and shall dispose of canceled Notes in accordance with its
customary procedures or deliver canceled Notes to the Issuer pursuant to
written direction by an Officer. 
Certification of the destruction of cancelled Notes shall be delivered
to the Issuer upon the Issuer’s request. The Issuer may not issue new Notes to
replace Notes it has redeemed, paid or delivered to the Trustee for
cancellation.  The Trustee shall not
authenticate Notes in place of canceled Notes other than pursuant to the terms
of this Indenture.

 

SECTION 2.12.  Defaulted Interest.  If the Issuer defaults in a payment of
interest on the Notes, the Issuer shall pay the defaulted interest then borne
by the Notes (plus interest on such defaulted interest to the extent lawful),
in any lawful manner.  The Issuer may pay
the defaulted interest to the Persons who are Holders on a subsequent special
record date to be fixed by the Trustee not more than 15 nor less than 10 days
prior to the date fixed by the Issuer for payment of the defaulted
interest.  The Issuer shall fix or cause
to be fixed any such payment date to the reasonable satisfaction of the Trustee
and shall promptly mail or cause to be mailed to each affected Holder, with a
copy to the Trustee, a notice that states the special record date, the payment
date and the amount of defaulted interest to be paid.

 

SECTION 2.13.  CUSIP Numbers, ISINs, etc.  The Issuer in issuing the Notes may use CUSIP
numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so,
the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices
of redemption as a convenience to Holders; provided, however, that any such
notice may state that

 

15

 

no representation is made as to the correctness of such numbers, either
as printed on the Notes or as contained in any notice of a redemption, that
reliance may be placed only on the other identification numbers printed on the
Notes and that any such redemption shall not be affected by any defect in or
omission of such numbers.  The Issuer
shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common
Code” numbers.

 

SECTION 2.14.  Calculation of Principal Amount of Notes.  The aggregate principal amount of the Notes,
at any date of determination, shall be the principal amount of the Notes
outstanding at such date of determination. 
With respect to any matter requiring consent, waiver, approval or other
action of the Holders of a specified percentage of the principal amount of all
the Notes then outstanding, such percentage shall be calculated, on the
relevant date of determination, by dividing (a) the principal amount, as
of such date of determination, of Notes, the Holders of which have so consented
by (b) the aggregate principal amount, as of such date of determination,
of the Notes then outstanding, in each case, as determined in accordance with
the preceding sentence, Section 2.09 and Section 11.06 of this
Indenture.  Any such calculation made
pursuant to this Section 2.15 shall be made by the Issuer and delivered to
the Trustee pursuant to an Officers’ Certificate.

 

ARTICLE 3

REDEMPTION

 

SECTION 3.01.  Redemption.  The Notes may be redeemed, in whole or in
part, at any time, at the option of the Issuer, subject to the conditions and
at the redemption price set forth in the form of Notes set forth in Appendix A,
which is hereby incorporated by reference and made a part of this Indenture,
together with accrued and unpaid interest, if any, to the redemption date. 

 

SECTION 3.02.  Applicability of Article.  Redemption of Notes at the election of the
Issuer or otherwise, as permitted or required by the Notes or any provision of
this Indenture, shall be made in accordance with the Notes, such provision and
this Article.

 

SECTION 3.03.  Notices to Trustee.  If the Issuer elects to redeem Notes pursuant
to the optional redemption provisions of the Notes, it shall furnish to the
Trustee not less than 40 days before the redemption date (unless a shorter
period is acceptable to the Trustee), an Officers’ Certificate setting forth (i) the
Section of this Indenture pursuant to which the redemption shall occur, (ii) the
redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the
redemption price.  

 

SECTION 3.04.  Selection of Notes to Be Redeemed.  In the case of any partial redemption,
selection of the Notes for redemption shall be made by the Trustee not more
than 60 days prior to the redemption date on a pro rata basis, by lot or by such other method as the
Trustee shall deem fair and appropriate (and in such manner as complies with
applicable legal requirements); provided that no Notes of $2,000 or less shall
be redeemed in part.  If any Note is to
be redeemed in part only, the notice of redemption relating to such Note shall
state the portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof shall be issued in the name of the Holder thereof
upon cancellation

 

16

 

of the original Note.  On and after
the redemption date, interest shall cease to accrue on Notes or portions
thereof called for redemption so long as the Issuer has deposited with the
paying agent funds sufficient to pay the principal of, premium, if any, plus
accrued and unpaid interest (if any) on, the Notes to be redeemed.

 

SECTION 3.05.  Notice of Optional Redemption.  (a)  At least 30 days but not more than
60 days before a redemption date, the Issuer shall mail or cause to be mailed
by first-class mail, postage prepaid, a notice of redemption to each Holder
whose Notes are to be redeemed.

 

Any such notice shall identify the Notes to be
redeemed and shall state:

 

(i)                                     the
redemption date;

 

(ii)                                  the
redemption price and the amount of accrued interest to the redemption date;

 

(iii)                               the
name and address of a Paying Agent;

 

(iv)                              that
Notes called for redemption must be surrendered to a Paying Agent to collect
the redemption price, plus accrued interest;

 

(v)                                 if
fewer than all the outstanding Notes of a series are to be redeemed, the
certificate numbers and principal amounts of the particular Notes to be
redeemed, or if any Note is to be redeemed in part only, the portion of the
principal amount of the Note that is to be redeemed;

 

(vi)                              that,
unless the Issuer defaults in making such redemption payment, interest on Notes
(or portion thereof) called for redemption ceases to accrue on and after the
redemption date;

 

(vii)                           the
CUSIP number, ISIN or “Common Code” number, if any, printed on the Notes being
redeemed;

 

(viii)                        that
no representation is made as to the correctness or accuracy of the CUSIP number
or ISIN or “Common Code” number, if any, listed in such notice or printed on
the Notes; and

 

(ix)                                the
applicable provision in this Indenture or the Notes pursuant to which the
Issuer is redeeming such Notes.

 

(b)                                 At
the Issuer’s request, the Trustee shall give the notice of redemption in the
Issuer’s name and at the Issuer’s expense; provided that the Issuer shall
provide the Trustee with the information required by this Section 3.05 no
later than 40 days before the redemption date (unless a shorter notice shall be
agreed to by the Trustee). 

 

SECTION 3.06.  Effect of Notice of Redemption.  Once notice of redemption is mailed or
electronically transmitted in accordance with Section 3.05, Notes called
for redemption

 

17

 

become due and payable on the redemption date and at the redemption
price stated in the notice.  Upon
surrender to any Paying Agent, such Notes shall be paid at the redemption price
stated in the notice, plus accrued interest to the redemption date; provided,
however, that if the redemption date is after a regular record date and on or
prior to the interest payment date, the accrued interest shall be payable to
the Holder of the redeemed Notes registered on the relevant record date.  Failure to give notice or any defect in the
notice to any Holder shall not affect the validity of the notice to any other
Holder.

 

SECTION 3.07.  Deposit of Redemption Price.  With respect to any Notes, prior to 10:00 a.m.,
New York City time, on the redemption date, the Issuer shall deposit with the
Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is a Paying
Agent, shall segregate and hold in trust) money sufficient to pay the
redemption price of and accrued interest on all Notes or portions thereof to be
redeemed on that date other than Notes or portions of Notes called for
redemption that have been delivered by the Issuer to the Trustee for
cancellation.  On and after the
redemption date, interest shall cease to accrue on Notes or portions thereof
called for redemption so long as the Issuer has deposited with the Paying Agent
funds sufficient to pay the principal of (and premium, if any), plus accrued
and unpaid interest on, the Notes to be redeemed.

 

SECTION 3.08.  Notes Redeemed in Part.  Upon surrender of a Note that is redeemed in
part, the Issuer shall execute and the Trustee shall authenticate for the
Holder (at the Issuer’s expense) a new Note equal in principal amount to the
unredeemed portion of the Note surrendered.

 

ARTICLE 4

COVENANTS

 

SECTION 4.01.  Payment of Notes.  (a)  The Issuer shall promptly pay the
principal of (and premium, if any) and interest, on the Notes on the dates and
in the manner provided in the Notes and in this Indenture.  An installment of principal of or interest on
the Notes shall be considered paid on the date it is due if on such date the
Trustee or any Paying Agent (other than the Issuer or any of its Affiliates)
holds in accordance with this Indenture money sufficient to pay all principal
and interest then due.

 

(b)                                 The
Issuer shall pay interest on overdue principal at the rate specified therefor
in the Notes and shall pay interest on overdue installments of interest at the
same rate borne by the Notes to the extent lawful.

 

SECTION 4.02.  Reports and Other Information.  (a) If at any time the Issuer is subject
to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, the Issuer shall file with the Commission (unless the Commission will not
accept such a filing), and provide the Trustee with copies thereof, without
cost, within 15 days after it files (or attempts to file) them with the
Commission,

 

18

 

(i)                                     an
annual report on Form 10-K (or any successor or comparable form)
containing the information required to be contained therein (or required in
such successor or comparable form); 

 

(ii)                                  a
quarterly report on Form 10-Q (or any successor or comparable form); and 

 

(iii)                               all
current reports that would be required to be filed with the Commission on Form 8-K.

 

(b)                                 If
the Issuer is not subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, the Issuer shall file with the Trustee, within
45 days after the required filing deadline in accordance with the rules and
regulations prescribed from time to time by the Commission (applied as if the
Issuer were subject to the foregoing reporting requirements):

 

(i)                                     such
financial information of the Issuer as would be required to be contained in an
annual report on Form 10-K and a quarterly report on Form 10-Q, as
applicable, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” 

 

(ii)                                  with
respect to the annual financial information referred to above only, a report on
the annual financial statements of the Issuer by the Issuer’s independent
public accountants, and 

 

(iii)                               such
current reports on Form 8-K as would be required pursuant to Section 15(d) of
the Exchange Act in respect of a security subject to the periodic reporting
requirements of such section.

 

(c)                                  For
so long as the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, the Issuer will, at any time when the Issuer is not subject
to Section 13 of 15(d) of the Exchange Act, promptly furnish or cause
to be furnished to any Holder or beneficial owner of those restricted
securities or to any prospective purchaser of those restricted securities
designated by the Holder or beneficial owner, in each case, upon the request of
the Holder, beneficial owner or prospective purchaser the information required
to be delivered under Rule 144A(d)(4) under the Securities Act. 

 

(d)                                 Notwithstanding
the foregoing, the Issuer shall be deemed to have furnished such reports
referred to in Section 4.02(a) and (b) above to the Trustee if
it has filed such reports with the Commission via the EDGAR filing system or
any successor system.  The subsequent
filing with the Trustee and, if applicable, the Commission of any report
required by this Section 4.02 shall be deemed to automatically cure any
Default of event of Default resulting from the failure to file such report
within the time period required.

 

(e)                                  If
at any time any direct or indirect parent of the Issuer is a Guarantor of the
Notes and has filed with the Trustee and, if applicable, the Commission the
reports required to be filed and furnished to Holders pursuant to this Section 4.02
with respect to such parent (including any financial information required by
Regulation S-X promulgated by the

 

19

 

Commission by virtue of such Guarantee), the Issuer shall be deemed to
be in compliance with the provisions of this Section 4.02. 

 

SECTION 4.03.  Future Guarantors.  (a)  The Issuer shall cause each
wholly-owned Domestic Subsidiary of the Issuer that Guarantees the obligations
of the Issuer under the Credit Agreement or the Bridge Loan, within 30 days of
guaranteeing the obligations of the Issuer under the Credit Agreement or the
Bridge Loan, as the case may be, to execute and deliver to the Trustee a
supplemental indenture pursuant to which such wholly-owned Domestic Subsidiary
shall unconditionally Guarantee, on a joint and several basis, the full and
prompt payment of the principal of, premium, if any and interest on the Notes,
and all other obligations under this Indenture, on a senior or pari passu basis with all other unsubordinated Indebtedness
of such Guarantor. 

 

(b)                                 Each
Guarantee shall be limited to an amount not to exceed the maximum amount that
can be guaranteed by that wholly-owned Domestic Subsidiary without rendering
the Guarantee, as it relates to such wholly-owned Domestic Subsidiary, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer
or similar laws affecting the rights of creditors generally. 

 

Each Guarantee shall be
released, if and to the extent applicable, in accordance with Article 10
of this Indenture.

 

SECTION 4.04.  Limitation on Liens.  As long as any Notes are outstanding, the
Issuer shall not, and shall not permit any Guarantor to, issue or assume any
Indebtedness if such Indebtedness is secured by any Lien upon any property or
assets of the Issuer or such Guarantor, unless all principal of and interest on
the Notes are secured by such Lien, equally and ratably with any and all other
Indebtedness secured thereby, so long as any such other Indebtedness shall be
so secured; provided, however, that this Section 4.04 shall not apply in
the case of:

 

(a)                                  Liens
in favor of the Issuer or any Guarantor;

 

(b)                                 any
deposit of assets of the Issuer or any Guarantor with any surety company or
clerk of any court, or escrow, as collateral in connection with, or in lieu of,
any bond on appeal by the Issuer or such Guarantor from any judgment or decree
against it, or in connection with other proceedings in actions at law or in
equity by or against the Issuer or such Guarantor;

 

(c)                                  any
Lien or charge on any property, tangible or intangible, real or personal,
existing at the time of acquisition of such property (including acquisition
through merger or consolidation) or given to secure the payment of all or any
part of the purchase price thereof or to secure any indebtedness incurred prior
to, at the time of, or within 120 days after, the acquisition thereof for the
purpose of financing all or any part of the purchase price thereof;

 

(d)                                 any
Liens existing on the Issue Date;

 

(e)                                  any
extension, renewal or replacement (or successive extensions, renewals or
replacements), in whole or in part, of the Liens, charges or pledges referred
to in Sections 4.04(a) through 4.04(d) inclusive, provided that the
amount of any and all Indebtedness secured

 

20

 

thereby shall not exceed the amount thereof so secured immediately
prior to the time of such extension, renewal or replacement; and

 

(f)                                    Liens
(x) evidencing the sale, securitization, syndication or financing of any real
estate receivables and mortgage notes and related security in connection with
Permitted Receivables Financings, in each case so long as such Liens extend
solely to the assets being sold, securitized or syndicated thereunder or (y) on
any assets that (A) fall within any Specified Asset Category or (B) are
owned by any Specified Subsidiary.

 

Notwithstanding the
foregoing, this Section 4.04 shall not apply to the incurrence of any
Liens securing Indebtedness which, together with other outstanding Indebtedness
of the Issuer or its Guarantors (not including Indebtedness secured by Liens
otherwise permitted under Section 4.04(a) through 4.04(f) inclusive),
does not exceed the greater of (i) 10% of Consolidated Net Tangible Assets
and (ii) $1.5 billion.

 

This Section 4.04
shall permanently cease to apply and shall be of no further force and effect following
the first date on which the rating of the Notes becomes A1 or higher by Moody’s
and A+ or higher by S&P, in each case with a stable or positive outlook.

 

SECTION 4.05.  Maintenance of Office or Agency.

 

(a)                                  The
Issuer shall maintain an office or agency (which may be an office of the
Trustee or an affiliate of the Trustee or Registrar) where Notes may be
surrendered for registration or transfer or for exchange and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served.  The Issuer shall give prompt
written notice to the Trustee of the location, and any change in the location,
of such office or agency.  If at any time
the Issuer shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the corporate trust
office of the Trustee as set forth in Section 11.02.

 

(b)                                 The
Issuer may from time to time designate one or more other offices or agencies
where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no
designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain an office or agency in the Borough of Manhattan, The
City of New York for such purposes.  The
Issuer shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

 

(c)                                  The
Issuer hereby initially designates the corporate trust office of the Trustee,
as the office or agency of the Issuer for purposes of this Section 4.05.

 

SECTION 4.06.  Compliance Certificate. (a)  The
Issuer (and, to the extent required under the TIA, each Guarantor) shall
deliver to the Trustee within 120 days after the end of each fiscal year of the
Issuer an Officers’ Certificate stating that in the course of the performance
by the signers of their duties as Officers of the Issuer they would normally
have knowledge of any Default and whether or not the signers know of any
Default that occurred during such period. 
If they do, the certificate shall describe the Default, its status and
what

 

21

 

action the Issuer is taking or proposes to take with respect
thereto.  The Issuer also shall comply
with Section 314(a)(4) of the TIA.

 

(b)                                 When
any Default has occurred and is continuing under this Indenture, the Issuer
shall deliver to the Trustee, within 30 days after the occurrence thereof by
registered or certified mail or facsimile transmission, an Officers’
Certificate specifying such Default and what action the Issuer is taking or
proposes to take in respect thereto.

 

SECTION 4.07.  Offer to Repurchase Upon Change of Control
Triggering Event.  (a)  Upon the
occurrence of a Change of Control Triggering Event (the date of such
occurrence, the “Change of Control Date”), each Holder shall have the right to
require the Issuer to purchase such Holder’s Notes in whole or in part in
integral multiples of $1,000 at a purchase price (the “Change of Control
Purchase Price”) in cash equal to 101% of the principal amount of such Notes,
plus accrued and unpaid interest, if any, to the date of repurchase (the “Change
of Control Purchase Date”), pursuant to and in accordance with the offer
described in this Section 4.07 (the “Change of Control Offer”).

 

(b)                                 Within
30 days following the Change of Control Date the Issuer shall send, by first
class mail, a notice to the Holders and the Trustee stating:

 

(i)                                     that
the Change of Control Offer is being made pursuant to this Section 4.07
and that all Notes validly tendered will be accepted for payment;

 

(ii)                                  the
Change of Control Purchase Price and the Change of Control Purchase Date, which
shall be a Business Day that is no earlier than 30 days nor later than 60 days
from the date such notice is mailed (the “Change of Control Payment Date”)
other than as may be required by law;

 

(iii)                               that
any Note not tendered will continue to accrue interest;

 

(iv)                              that
any Note accepted for payment pursuant to the Change of Control Offer shall
cease to accrue interest after the Change of Control Payment Date unless the
Issuer shall default in the payment of the Change of Control Purchase Price of
the Notes and the only remaining right of the Holder is to receive payment of
the Change of Control Purchase Price upon surrender of the applicable Note to
the Paying Agent;

 

(v)                                 that
Holders electing to have a portion of a Note purchased pursuant to a Change of
Control Offer may elect to have such Note purchased in integral multiples of
$1,000;

 

(vi)                              that
if a Holder elects to have a Note purchased pursuant to the Change of Control
Offer it will be required to surrender the Note, with the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Note completed, or transfer
by book-entry transfer, to the Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day prior to the
Change of Control Payment Date;

 

22

 

(vii)                           that a Holder will be
entitled to withdraw its election if the Issuer receives, not later than the
third Business Day preceding the Change of Control Payment Date, a telegram,
telex, facsimile transmission or letter setting forth the name of such Holder,
the principal amount of Notes such Holder delivered for purchase, and a
statement that such Holder is withdrawing its election to have such Note
purchased; and

 

(viii)                        that if Notes are purchased
only in part a new Note of the same type will be issued in a principal amount
equal to the unpurchased portion of the Notes surrendered.

 

(c)                                  On
or before the Change of Control Payment date, the Issuer shall, to the extent
lawful, accept for payment, all Notes or portions thereof validly tendered
pursuant to the Change of Control Offer, and shall deliver to the Trustee an
Officers’ Certificate stating that such Notes or portions thereof were accepted
for payment by the Issuer in accordance with the terms of this Section 4.07.  The Issuer, the Depositary or the Paying
Agent, as the case may be, shall promptly mail or deliver to each tendering
Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Issuer for purchase, and the Issuer shall promptly
issue a new Note, and the Trustee, upon written request from the Issuer shall
authenticate and mail or deliver such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered.  Any Note not so accepted shall be promptly
mailed or delivered by the Issuer to the Holder thereof.

 

(d)                                 The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent such
laws and regulations are applicable in connection with the repurchase of Notes
pursuant to a Change of Control Offer. 
To the extent that any provisions of any securities laws or regulations
conflict with the provisions of this Section 4.07, the Issuer shall comply
with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under this Section 4.07 by virtue of such
compliance.

 

SECTION 4.08.  Maintenance
of Corporate Existence.

 

Subject to Article 5,
the Issuer shall do or cause to be done all things necessary to preserve and
keep in full force and effect (i) its corporate or other existence in
accordance with its organizational documents (as the same may be amended from
time to time) and (ii) the rights (charter and statutory), licenses and
franchises of the Issuer and the Guarantors; provided, however, the Issuer
shall not be required to preserve any such right, license or franchise if the
Board of Directors of the Issuer shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Issuer and its
Subsidiaries, taken as a whole.

 

SECTION 4.09.  Notice of Additional Interest, Interest
Adjustments and Registered Exchange Offer.

 

In the event
that the Issuer is required to pay Additional Interest to Holders of Notes
pursuant to the Registration Rights Agreement, the Issuer will provide written
notice to the Trustee of its obligation to pay Additional Interest no later
than fifteen days prior to the proposed

 

23

 

payment date for the Additional Interest, and such notice shall set
forth the amount of Additional Interest to be paid by the Issuer on such
payment date.  The Trustee shall not at
any time be under any duty or responsibility to any Holder of Notes to
determine the Additional Interest, or with respect to the nature, extent, or
calculation of the amount of Additional Interest owed, or with respect to the
method employed in such calculation of Additional Interest.  In the event that interest payable in respect
of the Notes is adjusted upward or downward as a result of a change in the
rating of the Notes by Moody’s or S&P, as set forth in the Notes, the
Issuer will provide written notice of such adjustment to the Trustee no later
than fifteen days prior to the proposed payment date on which such adjusted
interest is first payable, or if the event triggering such adjustment shall not
have been announced prior to such day, as soon as practicable following the
date on which the event triggering such adjustment shall have occurred.  The Issuer shall provide the Trustee with
prompt written notice of the consummation of the Registered Exchange Offer.

 

ARTICLE 5

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

SECTION 5.01.  Consolidation, Merger, Sale or Conveyance.  (a)  The Issuer may not consolidate with
or merge into any other person or convey, transfer or lease substantially all
of its properties and assets in one or more related transactions to, any Person
unless:

 

(i)                                     the
Person acquiring the assets of the Issuer in any such sale or other disposition
or the Person formed by or surviving any such consolidation or merger is a
corporation, limited liability company or limited partnership organized and
existing under the laws of the United States or a state thereof (the Issuer or
such Person, as the case may be, being herein called the “Successor Issuer”)
and (if such Person is not the Issuer) expressly assumes pursuant to a
supplemental indenture, in form and substance reasonably satisfactory to the
Trustee, all the obligations of the Issuer under the Notes and this Indenture;
provided, that if such Person is not a corporation, a corporate co-issuer that
is organized and existing under the laws of the United States or a state
thereof shall be added to this Indenture by executing and delivering a
supplemental indenture, in form and substance reasonably satisfactory to the
Trustee;  

 

(ii)                                  immediately
after giving effect to such transaction no Default or Event of Default shall
have occurred and be continuing; and

 

(iii)                               the
Issuer shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and such supplemental indenture (if any) comply with this
Indenture.

 

The Successor Issuer (if other than the Issuer) shall
succeed to, and be substituted for, the Issuer under this Indenture and the
Notes, and the Issuer shall automatically be released and discharged from its
obligations under this Indenture and the Notes without any further action
required by any party other than as expressly set forth in this Indenture.

 

24

 

Any sale or conveyance of assets of one or more
Significant Subsidiaries of the Issuer (other than to the Issuer or any
Guarantor), which, if such assets were owned by the Issuer would constitute all
or substantially all of the consolidated assets of the Issuer and its
Subsidiaries taken as a whole, shall be deemed to be the transfer of all or
substantially all of consolidated assets of the Issuer for purposes of the
provisions of this Section 5.01. 
After assuming the obligations of the Issuer, the Successor Issuer will
have all the rights, powers and obligations of the Issuer under this Indenture
and the Issuer shall be automatically released and discharged from its
obligations under this Indenture and the Notes.

 

(b)                                 Subject
to Section 10.02(b), each Guarantor shall not, and the Issuer shall not
permit any Guarantor to, consolidate or merge into, or convey, transfer or
lease substantially all of its properties and assets in one or more related
transactions to, any Person (other than the Issuer or another Guarantor)
unless:

 

(i)                                     the
Person acquiring the assets of a Guarantor in any such sale or other
disposition or the Person formed by or surviving any such consolidation or
merger is a corporation, limited liability company or limited partnership
organized and existing under the laws of the United States or a state thereof,
(such Guarantor or such Person, as the case may be, being herein called the “Successor
Guarantor”) and the Successor Guarantor (if other than the Guarantor) expressly
assumes pursuant to a supplemental indenture, in form and substance reasonably
satisfactory to the Trustee, all the obligations of such Guarantor under such
Guarantor’s Guarantee and this Indenture; 

 

(ii)                                  immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; and 

 

(iii)                               any
Successor Guarantor (if other than such Guarantor) shall have delivered or
caused to be delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, transfer
or lease and such supplemental indenture (if any) comply with this Indenture. 

 

The Successor Guarantor shall succeed to, and be
substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee, and such Guarantor shall automatically be released and discharged
from its obligations under this Indenture and such Subsidiary Guarantor’s
guarantee.  After assuming the
obligations of such Guarantor, the Successor Guarantor will have all the
rights, powers and obligations of the Guarantor under this Indenture and such
Guarantor shall be automatically released and discharged from its obligations
under this Indenture and its Guarantee without any further action required by
any party other than as expressly set forth in this Indenture.  

 

(c)                                  Notwithstanding
Section 5.01(b), a Subsidiary Guarantor may sell or otherwise dispose of
all or substantially all of its assets to, or consolidate or merge with or
into, another Person without complying with the provisions of this Section 5.01
so long as the Guarantee of the Guarantor would be permitted to be released in
connection with such transaction in accordance with the provisions of Article 10.02(b).

 

25

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

SECTION 6.01.  Events of Default.  The following events shall constitute an “Event
of Default” with respect to the Notes:

 

(a)                                  a
default in the payment of the principal of any Note after any such principal
becomes due in accordance with the terms thereof, upon redemption or otherwise;
or default in the payment of any interest in respect of any Note if such
default continues for 30 days after such interest becomes due in accordance
with the terms thereof; 

 

(b)                                 the
failure by the Issuer, or any Guarantor, to observe or perform any other
covenant or agreement contained in the Notes or this Indenture, and such
failure continues for 90 days after notice, by registered or certified mail, to
the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at
least 25% in principal amount of the outstanding Notes issued pursuant to this
Indenture, specifying such failure and requiring such failure to be remedied
and stating that such notice constitutes a notice of default under this
Indenture (except in the case of a default with respect to payments when due of
any amount set forth in Section 4.07, which will constitute an Event of
Default with such notice requirement but without such passage of time
requirement); 

 

(c)                                  the
failure by the Issuer, or any of its Significant Subsidiaries, to perform any
term or provision of any evidence of Indebtedness of the Issuer or such
Significant Subsidiary, whether such Indebtedness now exists or shall hereafter
be created, or any other condition shall occur, and as a result of the
occurrence of which default or condition any Indebtedness of the Issuer or any
Significant Subsidiary in an amount in excess of $100,000,000 shall become or
be declared to be due and payable, or the Issuer, or any of its Significant
Subsidiaries, shall be obligated to purchase any such Indebtedness of the
Issuer or any of its Significant Subsidiaries, in each case, prior to the date
on which it would otherwise become due and payable, or any Indebtedness of the
Issuer or any of its Significant Subsidiaries in an amount in excess of
$100,000,000 shall not be paid when due at its stated maturity;  

 

(d)                                 a
decree or order by a court having jurisdiction under any Bankruptcy Law shall
have been entered adjudging the Issuer, any Guarantor or any Significant
Subsidiary of the Issuer as bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization of or by the Issuer, any Guarantor or
any Significant Subsidiary of the Issuer and such decree or order shall have
continued undischarged and unstayed for a period of 60 days; or a decree or
order of a court having jurisdiction under any Bankruptcy Law for the
appointment of a receiver or liquidator or for the liquidation or dissolution
of the Issuer, any Guarantor or any Significant Subsidiary of the Issuer, shall
have been entered, and such decree or order shall have continued undischarged
and unstayed for a period of 60 days; provided, however, that any Significant
Subsidiary may be liquidated or dissolved if, pursuant to such liquidation or
dissolution, all or

 

26

 

substantially all of its assets are transferred to the Issuer or
another Significant Subsidiary of the Issuer;

 

(e)                                  the
Issuer, any Guarantor or any Significant Subsidiary of the Issuer shall
institute any proceeding under any Bankruptcy Law to be adjudicated as
voluntarily bankrupt, or shall consent to the filing of a proceeding against it
under any Bankruptcy Law, or shall file a petition or answer or consent seeking
reorganization, or shall consent to the filing of any such petition, or shall
consent to the appointment under any Bankruptcy Law of a receiver or liquidator
or trustee or assignee in bankruptcy or insolvency of it or its property; or

 

(f)                                    any
Guarantee shall cease to be in full force and effect (unless such Guarantee has
been released in accordance with this Indenture).

 

The foregoing shall constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary
or involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body.

 

The term “Bankruptcy Law” means Title 11, United
States Code, or any similar Federal or state law for the relief of debtors.

 

SECTION 6.02.  Acceleration.  If an Event of Default specified in section 6.01(d) or
6.01(e) occurs, the maturity of all outstanding Notes shall automatically
be accelerated and the principal amount of the Notes, together with accrued
interest thereon, shall be immediately due and payable.  

 

In the event any other Event of Default occurs and is
continuing, either the Trustee or the Holders of not less than 25% of the
aggregate principal amount of Notes outstanding may, by written notice to the
Issuer (and to the Trustee if given by the Holders), declare the principal
amount of the Notes, together with accrued interest thereon, immediately due
and payable.  The right of the Holders to
give such acceleration notice shall terminate if the event giving rise to such
right shall have been cured before such right is exercised.  Any declaration may be annulled and rescinded
by written notice from the Trustee or the Holders of a majority of the aggregate
principal amount of the Notes outstanding to the Issuer if all amounts then due
with respect to the Notes are paid (other than amounts due solely because of
such declaration) and all other Defaults with respect to the Notes are cured or
waived. 

 

Should the Issuer fail to
comply with its obligations under this Indenture and the Notes and such failure
shall be continuing, the Trustee shall be under no obligation to exercise any
of its rights or powers unless such Holders shall have offered to the Trustee
reasonable indemnity.  The Holders of a
majority in aggregate principal amount of the outstanding Notes affected by an
event of default shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Notes, to the
extent such action does not conflict with the provisions of this Indenture or
applicable law.

 

27

 

SECTION 6.03.  Other Remedies.  If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy at law or in equity to
collect the payment of principal of or interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even if it does
not possess any of the Notes or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any Holder in exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default.  No
remedy is exclusive of any other remedy. 
All available remedies are cumulative.

 

SECTION 6.04.  Waiver of Past Defaults.  Holders of not less than a majority in
aggregate principal amount of the then outstanding Notes by notice to the
Trustee may, on behalf of the Holders of all the Notes, waive any existing
Default and its consequences hereunder, except a Default in the payment of the
principal of, or premium, if any, or interest on, any Note held by a
non-consenting Holder; provided that, subject to Section 6.02, the Holders
of a majority in aggregate principal amount of the then outstanding Notes may
rescind any acceleration and its consequences including any related payment
default that result from such acceleration. 
When a Default is waived, it is deemed cured and shall cease to exist
and the Issuer, the Trustee and the Holders shall be restored to their former
positions and rights under this Indenture, but no such waiver shall extend to
any subsequent or other Default or impair any consequent right.

 

SECTION 6.05.  Control by Majority.  The Holders of a majority in principal amount
of the Notes outstanding may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any
trust or power conferred on the Trustee. 
However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of any other Holder or that
would subject the Trustee to personal liability; provided, however, that the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction.  

 

SECTION 6.06.  Limitation on Suits.  (a)  Except to enforce the right to
receive payment of principal, premium, if any, or interest when due, no Holder
may pursue any remedy with respect to this Indenture or the Notes unless:

 

(i)                                     such
Holder has previously given the Trustee written notice that an Event of Default
is continuing, 

 

(ii)                                  Holders
of at least 25% in aggregate principal amount of the Notes outstanding have
requested the Trustee in writing to pursue the remedy, 

 

(iii)                               such
Holders have offered the Trustee reasonable security or indemnity against any
loss, liability or expense, 

 

(iv)                              the
Trustee has not complied with such request within 60 days after the receipt of
the request and the offer of security or indemnity, and 

 

28

 

(v)                                 the
Holders of a majority in principal amount of the outstanding Notes have not
given the Trustee a direction inconsistent with such request within such 60-day
period.

 

(b)                                 A
Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder.

 

SECTION 6.07.  Rights of the Holders to Receive Payment.  Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of, premium,
if any, and interest on the Notes held by such Holder, on or after the
respective due dates expressed or provided for in the Notes, or to bring suit
for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

 

SECTION 6.08.  Collection Suit by Trustee.  If an Event of Default specified in Section 6.01(a) occurs
and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Issuer or any other obligor on the
Notes for the whole amount then due and owing (together with interest on
overdue principal and (to the extent lawful) on any unpaid interest at the rate
provided for in the Notes) and the amounts provided for in Section 7.07.

 

SECTION 6.09.  Trustee May File Proofs of Claim.  The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for compensation, expenses
disbursements and advances of the Trustee (including fees and expenses of
counsel, accountants, experts or such other professionals as the Trustee deems
necessary, advisable or appropriate)) and the Holders allowed in any judicial
proceedings relative to the Issuer or any Guarantor, their creditors or their
property, shall be entitled to participate as a member, voting or otherwise, of
any official committee of creditors appointed in such matters and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders
in any election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Holder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the compensation,
expenses, disbursements and advances of the Trustee, its agents and its
counsel, and any other amounts due the Trustee under Section 7.07.

 

SECTION 6.10.  Priorities.  If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money or property in the
following order:

 

FIRST:  to the
Trustee for amounts due under Section 7.07;

 

SECOND:  to
Holders for amounts due and unpaid on the Notes for principal, premium, if any,
and interest, ratably, without preference or priority of any kind, according to
the amounts due and payable on the Notes for principal, premium, if any, and
interest, respectively; and

 

THIRD:  to the
Issuer or, to the extent the Trustee collects any amount for any Guarantor, to
such Guarantor.

 

29

 

The Trustee may fix a record date and payment date for
any payment to the Holders pursuant to this Section.  At least 15 days before such record date, the
Trustee shall mail or electronically transmit to each Holder and the Issuer a
notice that states the record date, the payment date and amount to be paid.

 

SECTION 6.11.  Undertaking for Costs.  In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any
action taken or omitted by it as Trustee, a court in its discretion may require
the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. 
This Section does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in
principal amount of the Notes.

 

SECTION 6.12.  Waiver of Stay or Extension Laws.  Each of the Issuer and each Guarantor agrees
(to the extent it may lawfully do so) not to at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay
or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture; and the Issuer
and each Guarantor (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and shall not hinder, delay or
impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law had
been enacted.

 

ARTICLE 7

TRUSTEE

 

SECTION 7.01.  Duties of Trustee.  (a)  If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in
it by this Indenture and use the same degree of care and skill in its exercise
as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs.

 

(b)                                 Except
during the continuance of an Event of Default:

 

(i)                                     the
Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

 

(ii)                                  in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. 
However, in the case of certificates or opinions required by any
provision hereof to be provided to it, the Trustee shall examine the
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture.

 

(c)                                  The
Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

 

30

 

(i)                                     this
paragraph does not limit the effect of paragraph (b) of this Section;

 

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

 

(iii)                               the
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.05;
and

 

(iv)                              no
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers.

 

(d)                                 Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs of this Section 7.01.

 

(e)                                  The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Issuer.

 

(f)                                    Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law.

 

(g)                                 Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section and to the provisions of the TIA.

 

SECTION 7.02.  Rights of Trustee.  (a)  The Trustee may conclusively rely
on any document believed by it to be genuine and to have been signed or
presented by the proper person.  The
Trustee need not investigate any fact or matter stated in the document.

 

(b)                                 Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate and/or an Opinion of Counsel. 
The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on the Officers’ Certificate or Opinion of Counsel.

 

(c)                                  The
Trustee may act through agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.

 

(d)                                 The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute
willful misconduct or negligence.

 

(e)                                  The
Trustee may consult with counsel of its own selection and the advice or Opinion
of Counsel with respect to legal matters relating to this Indenture and the
Notes shall be full and complete authorization and protection from liability in
respect of any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel.

 

31

 

(f)                                    The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, debenture, note or other paper
or document unless requested in writing to do so by the Holders of not less
than a majority in principal amount of the Notes at the time outstanding, but
the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuer, personally or by
agent or attorney, at the expense of the Issuer and shall incur no liability of
any kind by reason of making or not making such inquiry or investigation.

 

(g)                                 The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Holders pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity reasonably satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction.

 

(h)                                 The
rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each
agent, custodian and other Person employed to act hereunder.

 

(i)                                     The
Trustee shall not be responsible for the computation of any interest payments
or redemption amounts.

 

(j)                                     In
no event shall the Trustee be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond the
Trustee’s control, including, but not limited to, acts of God, flood, war
(whether declared or undeclared), terrorism, fire, riot or embargo, which
delay, restrict or prohibit the providing of the services contemplated by this
Indenture.

 

SECTION 7.03.  Individual Rights of Trustee.  The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with
the Issuer or its Affiliates with the same rights it would have if it were not
Trustee.  Any Paying Agent or Registrar may
do the same with like rights.  However,
the Trustee must comply with Sections 7.10 and 7.11.

 

SECTION 7.04.  Trustee’s Disclaimer.  The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture, any
Guarantee or the Notes, it shall not be accountable for the Issuer’s use of the
proceeds from the Notes, and it shall not be responsible for any statement of
the Issuer or any Guarantor in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication.  The
Trustee shall not be charged with knowledge of any Default or Event of Default
under Sections 6.01(b), (c), or (f) or of the identity of any Significant
Subsidiary unless either (a) a Trust Officer shall have actual knowledge
thereof or (b) the Trustee shall have received notice thereof in
accordance with Section 11.02 hereof from the Issuer, any Guarantor or any
Holder.

 

32

 

SECTION 7.05.  Notice of Defaults.  If a Default occurs and is continuing with
respect to the Notes and if it is actually known to the Trustee, the Trustee
shall mail or electronically transmit to each Holder of the Notes notice of the
Default within the earlier of 90 days after it occurs or 30 days after it is
actually known to a Trust Officer or written notice of it is received by the
Trustee.  Except in the case of a Default
in the payment of principal or premium, if any, or interest on the Notes, the
Trustee may withhold the notice if and so long as a committee of its Trust
Officers in good faith determines that withholding the notice is in the
interests of the Holders.

 

SECTION 7.06.  Reports by Trustee to the Holders.  As promptly as practicable after each August 1
beginning with the August 1 following the date of this Indenture, and in
any event prior to October 1 in each year, the Trustee shall mail to each
Holder a brief report dated as of such August 1 that complies with Section 313(a) of
the TIA if and to the extent required thereby. 
The Trustee shall also comply with Section 313(b) of the TIA
and shall transmit by mail all reports as required by TIA Section 313(c).

 

A copy of each report at the time of its mailing to
the Holders shall be filed with the Commission (if the Issuer is required to
file reports under Section 13 or 15(d) under the Exchange Act) and
each stock exchange (if any) on which the Notes are listed.  The Issuer agrees to notify promptly the
Trustee whenever the Notes become listed on any stock exchange and of any
delisting thereof.

 

SECTION 7.07.  Compensation and Indemnity.  The Issuer shall pay to the Trustee from time
to time such compensation for its services as the parties shall agree to from
time to time.  The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express
trust.  The Issuer shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made
by it, including costs of collection, in addition to the compensation for its
services.  Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts.  The Issuer and each Guarantor, jointly and
severally shall indemnify the Trustee against any and all loss, liability,
claim, damage or expense (including reasonable attorneys’ fees and expenses)
incurred by or in connection with the acceptance or administration of this
trust and the performance of its duties hereunder, including the costs and
expenses of enforcing this Indenture or Guarantee against the Issuer or a
Guarantor (including this Section 7.07) and defending itself against or
investigating any claim (whether asserted by the Issuer, any Guarantor, any
Holder or any other Person).  The Trustee
shall notify the Issuer of any claim for which it may seek indemnity promptly
upon obtaining actual knowledge thereof; provided, however, that any failure so
to notify the Issuer shall not relieve the Issuer or any Guarantor of its
indemnity obligations hereunder.  The
Issuer shall defend the claim and the indemnified parties shall provide
reasonable cooperation at the Issuer’s expense in the defense.  Such indemnified parties may have separate
counsel and the Issuer and the Guarantors, as applicable shall pay the fees and
expenses of such counsel; provided, however, that the Issuer shall not be
required to pay such fees and expenses if it assumes such indemnified parties’
defense and, in such indemnified parties’ reasonable judgment, there is no
conflict of interest between the Issuer and the Guarantors, as applicable, and
such parties in connection with such defense; and provided, further, that the
Issuer shall in no event be obligated to pay the fees and expenses of more than
one separate counsel (and one local counsel in each jurisdiction where such
local counsel is

 

33

 

required) for all such indemnified parties.  The Issuer need not reimburse any expense or
indemnify against any loss, liability or expense incurred by an indemnified
party through such party’s own willful misconduct, negligence or bad faith.

 

To secure the Issuer’s and the Guarantors’ payment
obligations in this Section, the Trustee shall have a Lien prior to the Notes
on all money or property held or collected by the Trustee other than money or
property held in trust to pay principal of and interest on particular Notes.

 

The Issuer’s and the Guarantors’ payment obligations
pursuant to this Section 7.07 shall survive the satisfaction or discharge
of this Indenture, any rejection or termination of this Indenture under any
Bankruptcy Law or the resignation or removal of the Trustee.  Without prejudice to any other rights
available to the Trustee under applicable law, when the Trustee incurs expenses
after the occurrence of a Default specified in Section 6.01(d) or (e) with
respect to the Issuer, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law.

 

SECTION 7.08.  Replacement of Trustee.  (a)  The Trustee may resign at any time
by so notifying the Issuer.  The Holders
of a majority in principal amount of the Notes may remove the Trustee by so
notifying the Trustee and may appoint a successor Trustee.  The Issuer may remove the Trustee if:

 

(i)                                     the
Trustee fails to comply with Section 7.10;

 

(ii)                                  the
Trustee is adjudged bankrupt or insolvent;

 

(iii)                               a
receiver or other public officer takes charge of the Trustee or its property;
or 

 

(iv)                              the
Trustee otherwise becomes incapable of acting.

 

(b)                                 If
the Trustee resigns, is removed by the Issuer or by the Holders of a majority
in principal amount of the Notes and such Holders do not reasonably promptly
appoint a successor Trustee (the Trustee in such event being referred to herein
as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee.

 

(c)                                  A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Issuer. 
Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. 
The successor Trustee shall mail a notice of its succession to the Holders.  The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the
Lien provided for in Section 7.07.

 

(d)                                 If
a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in
principal amount of the Notes may petition at the expense of the Issuer any
court of competent jurisdiction for the appointment of a successor Trustee.

 

34

 

(e)                                  If
the Trustee fails to comply with Section 7.10, unless the Trustee’s duty
to resign is stayed as provided in Section 310(b) of the TIA, any
Holder who has been a bona fide Noteholder for at least six months may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

(f)                                    Notwithstanding
the replacement of the Trustee pursuant to this Section, the Issuer’s
obligations under Section 7.07 shall continue for the benefit of the
retiring Trustee.

 

SECTION 7.09.  Successor Trustee by Merger.  If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust
business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be
the successor Trustee.

 

In case at the time such successor or successors by
merger, conversion or consolidation to the Trustee shall succeed to the trusts
created by this Indenture any of the Notes shall have been authenticated but
not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force
which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Trustee shall have.

 

SECTION 7.10.  Eligibility; Disqualification.  The Trustee shall at all times satisfy the
requirements of Section 310(a) of the TIA.  The Trustee shall have a combined capital and
surplus of at least $100,000,000 as set forth in its most recent published
annual report of condition.  The Trustee
shall comply with Section 310(b) of the TIA, subject to its right to
apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of
the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of
the TIA any series of securities issued under this Indenture and any indenture
or indentures under which other securities or certificates of interest or
participation in other securities of the Issuer is outstanding if the
requirements for such exclusion set forth in Section 310(b)(1) of the
TIA are met.

 

SECTION 7.11.  Preferential Collection of Claims Against
Issuer.  The Trustee shall comply
with Section 311(a) of the TIA, excluding any creditor relationship
listed in Section 311(b) of the TIA. 
A Trustee who has resigned or been removed shall be subject to Section 311(a) of
the TIA to the extent indicated.

 

ARTICLE 8

DISCHARGE OF INDENTURE; DEFEASANCE

 

SECTION 8.01.  Discharge of Liability on Notes;
Defeasance.  (a)  This Indenture
shall be discharged and shall cease to be of further effect (except as to
surviving rights of registration of transfer or exchange of Notes, as expressly
provided for in this Indenture) as to all

 

35

 

outstanding Notes and the obligations under this Indenture with respect
to the Holders of the Notes when:

 

(i)                                     either
(a) all the Notes theretofore authenticated under this Indenture and
delivered (except lost, stolen or destroyed Notes which have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuer and thereafter repaid to the Issuer
or discharged from such trust) have been delivered to the Trustee for
cancellation or (b) all of the Notes that have not been delivered to the
Trustee for cancellation under this Indenture have become due and payable by
reason of the making of a notice of redemption or otherwise or shall become due
and payable within one year, and the Issuer has irrevocably deposited or caused
to be deposited with the Trustee funds, Government Obligations or a combination
thereof, sufficient without reinvestment to pay and discharge the entire
Indebtedness on the Notes not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest on the Notes to
the date of redemption or maturity, together with irrevocable instructions from
the Issuer directing the Trustee to apply such funds to the payment thereof to
the date of redemption or maturity, as the case may be;

 

(ii)                                  the
Issuer has paid or caused to be paid all other sums payable by the Issuer under
this Indenture and the Notes (except for any indemnification obligations
thereafter owing to the Trustee); and

 

(iii)                               the
Issuer has delivered to the Trustee an Officers’ Certificate stating that all
conditions precedent under this Indenture relating to the satisfaction and
discharge of this Indenture have been complied with.

 

(b)                                 Subject
to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all
of its obligations under the Notes and this Indenture with respect to the
Notes, and all of the obligations of the Guarantors (“legal defeasance option”)
or (ii) (A) its obligations under Sections 4.02, 4.03, 4.04, 4.07,
4.08 (except with respect to the existence of the Issuer) and 5.01 for the
benefit of the Notes, (B) the applicability of Section 6.01(b) to
any failure to comply with any of the foregoing covenants and (C) and the
operation of Section 6.01(c) for the benefit of the Notes (“covenant
defeasance option”).    

 

In the event that the Issuer terminates its
obligations under the Notes and this Indenture by exercising its legal
defeasance option or its covenant defeasance option, the obligations of each
Guarantor under its Guarantee shall be terminated simultaneously with the
termination of such obligations.

 

The Issuer may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option.

 

If the Issuer exercises its legal defeasance option,
subject to Section 8.02, the Issuer and Guarantors shall be deemed to have
discharged all of their obligations with respect to all outstanding Notes and
Guarantees, no Notes and Guarantees shall thereafter be deemed to be “outstanding”
and payment of the Notes so defeased may not be accelerated because of an Event

 

36

 

of
Default with respect thereto.  Notwithstanding the foregoing, the following
provisions shall survive until otherwise terminated or discharged hereunder:

 

(i)                                     the
rights of Holders to receive payments in respect of the principal of, premium,
if any, and interest on the Notes when such payments are due solely out of the
trust created pursuant to Section 8.02;

 

(ii)                                  the
Issuer’s obligations with respect to the issuance of Temporary Notes,
registration of Notes, mutilated, lost, destroyed or stolen Notes and the
maintenance of an office or agency for payment and money for security payments
held in trust;

 

(iii)                               the
rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s
obligations in connection therewith; and

 

(iv)                              this
Section 8.01.

 

  If the Issuer
exercises its covenant defeasance option, the Issuers and Guarantors shall,
subject to the satisfaction of the conditions set forth in Section 8.02,
be released from their obligations under the covenants contained in Sections
4.02, 4.03, 4.04, 4.07, 4.08 (except with respect to the existence of the
Issuer) and 5.01 for the benefit of the Notes and the Notes shall thereafter be
deemed not outstanding for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that the Notes shall not be
deemed outstanding for accounting purposes). 
Covenant defeasance means that the Issuer may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein or in any other document, and such omission to
comply shall not constitute a Default or an Event of Default specified in Section 6.01.  In addition, subject to the conditions set
forth in Section 8.02, if the Issuer exercises its covenant defeasance
option, Section 6.01(c) shall cease to apply and shall no longer
constitute an Event of Default.

 

Upon satisfaction of the conditions set forth herein
and upon request of the Issuer, the Trustee shall acknowledge in writing the
discharge of those obligations of the Issuer that have terminated.

 

SECTION 8.02.  Conditions to Defeasance.  (a)  The Issuer may exercise its legal
defeasance option or its covenant defeasance option only if:

 

(i)                                     the
Issuer irrevocably deposits with the Trustee, in trust, for the benefit of the
Holder of the Notes, cash in U.S. Dollars, Government Obligations, or a
combination thereof, in such amounts as shall be sufficient without
reinvestment, in the opinion of an internationally recognized investment bank,
appraisal firm or firm of independent public accountants chosen by the Issuer,
to pay the principal of, premium, if any, and interest on the Notes on the
stated date for payment thereof or on the applicable redemption date, as the
case may be; 

 

37

 

(ii)                                  in
the case of the legal defeasance option, the Issuer shall have delivered to the
Trustee an Opinion of Counsel from counsel in the United States (subject to
customary exceptions and exclusions) and independent of the Issuer to the
effect that (A) the Issuer has received from, or there has been published
by, the Internal Revenue Service a ruling or (B) since the Issue Date,
there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that (and based thereon such Opinion of Counsel shall
state that) the Holders will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such legal defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such legal defeasance had not
occurred;

 

(iii)                               in
the case of the covenant defeasance option, the Issuer shall have delivered to
the Trustee an Opinion of Counsel in the United States (subject to customary
exceptions and exclusions) to the effect that the Holders will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such
covenant defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such covenant defeasance had not occurred; 

 

(iv)                              no
Default or Event of Default shall have occurred and be continuing on the date
of the deposit pursuant to Section 8.02(a)(i) (other than a default
or Event of Default arising in connection with the grant of any Lien securing a
borrowing of funds to be applicable to such deposit); and

 

(v)                                 The
Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent to the defeasance and
discharge of the Notes to be so defeased and discharged as contemplated by this
Article 8 have been complied with.

 

(b)                                 Before
or after a deposit, the Issuer may make arrangements satisfactory to the
Trustee for the redemption of such Notes at a future date in accordance with Article 3.

 

SECTION 8.03.  Application of Trust Money.  Subject to Section 8.04, the Trustee
shall hold in trust money or Government Obligations (including proceeds
thereof) deposited with it pursuant to this Article 8.  It shall apply the deposited money and the
money from Government Obligations through each Paying Agent and in accordance
with this Indenture to the payment of principal of, premium, if any, and
interest on the Notes so discharged or defeased.

 

SECTION 8.04.  Repayment to the Issuer.  Each of the Trustee and each Paying Agent
shall promptly turn over to the Issuer upon request any money or Government
Obligations held by it as provided in this Article which, in the written
opinion of nationally recognized investment bank, appraisal firm of independent
public accountants chosen by the Issuer, delivered to the Trustee (which
opinion shall only be required if Government Obligations have been so
deposited), are in excess of the amount thereof which would then be required to
be deposited to effect an equivalent discharge or defeasance in accordance with
this Article.

 

38

 

Subject to any applicable abandoned property law, the
Trustee and each Paying Agent shall pay to the Issuer upon written request any
money held by them for the payment of principal or interest that remains
unclaimed for two years, and, thereafter, Holders entitled to the money must
look to the Issuer for payment as general creditors, and the Trustee and each
Paying Agent shall have no further liability with respect to such monies.

 

SECTION 8.05.  Indemnity for Government Obligations.  The Issuer shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against
deposited Government Obligations or the principal and interest received on such
Government Obligations.

 

SECTION 8.06.  Reinstatement.  If the Trustee or any Paying Agent is unable
to apply any money or Government Obligations in accordance with this Article 8
by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Issuer’s
and the Guarantors’ obligations under this Indenture and the Notes so
discharged or defeased shall be revived and reinstated as though no deposit had
occurred pursuant to this Article 8 until such time as the Trustee or any
Paying Agent is permitted to apply all such money or Government Obligations in
accordance with this Article 8; provided, however, that, if the Issuer has
made any payment of principal of, premium, if any, or interest on, any such
Notes because of the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Obligations held by the Trustee or any Paying
Agent.

 

ARTICLE 9

AMENDMENTS AND WAIVERS

 

SECTION 9.01.  Without Consent of the Holders.  The Issuer, the Guarantors and the Trustee
may amend this Indenture, the Notes or the Guarantees without notice to or
consent of any Holder to:

 

(i)                                     cure
any ambiguity, omission, defect or inconsistency; 

 

(ii)                                  provide
for the assumption by a Successor Issuer of the obligations of the Issuer or a
Successor Guarantor of the obligations of any Guarantor under this Indenture
and the Notes in compliance with Article 5; 

 

(iii)                               provide
for uncertificated Notes in addition to or in place of certificated Notes
(provided that the uncertificated Notes are issued in registered form for
purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the
Code);

 

(iv)                              add
a Guarantor or release a Guarantor from its obligations under a Guarantee or
this Indenture in accordance with the provisions of this Indenture;

 

(v)                                 secure
any Notes;

 

39

 

(vi)                              add
to the covenants of the Issuer for the benefit of the Holders or to surrender
any right or power conferred upon the Issuer or a Guarantor;

 

(vii)                           make
any change that does not materially adversely affect the rights of any Holder;

 

(viii)                        comply
with any requirement of the Commission in connection with the qualification of
this Indenture under the TIA;

 

(ix)                                provide
for the appointment of a successor trustee (provided that the successor trustee
is otherwise qualified and eligible to act as such under the terms of this
Indenture);  

 

(x)                                   provide
for the issuance of Exchange Notes which shall have terms identical in all
material respects to the Notes exchanged therefor (except that the transfer
restrictions contained in such notes shall be modified or eliminated as
appropriate and that no Additional Interest shall be payable in respect
thereof) and which shall be treated, together with any outstanding Notes, as a
single class of securities; or

 

(xi)                                after
the Issuer’s obligation to purchase Notes arises under Section 4.07,
amend, change or modify in any material respect its obligation to make and
consummate a Change of Control Offer in the event of a Change of Control
Triggering Event or, after such Change of Control Triggering Event has
occurred, modify any of the provisions or definitions with respect thereto.

 

After an amendment or supplement under this Section 9.01
becomes effective, the Issuer shall mail to Holders a notice briefly describing
such amendment or supplement.  The
failure to give such notice to all Holders, or any defect therein, shall not
impair or affect the validity of an amendment or supplement under this Section 9.01.

 

SECTION 9.02.  With Consent of the Holders.  (a)  The Issuer and the Trustee may
amend this Indenture, the Notes or the Guarantees with the written consent of
the Holders of at least a majority in principal amount of the Notes then
outstanding voting as a single class (including consents obtained in connection
with a purchase of, or tender offer or exchange for the Notes) and any past
default or compliance with any provisions may be waived with the consent of the
Holders of a majority in principal amount of the Notes then outstanding voting
as a single class (including consents obtained in connection with a purchase
of, or tender offer or exchange for, the Notes).  However, without the consent of each Holder
of an outstanding Note affected, an amendment may not:

 

(i)                                     change
any installment of interest with respect to the Notes or reduce the principal
amount of or interest with respect to any Note,

 

(ii)                                  change
cash prices at which the Notes may be redeemed by the Issuer,

 

(iii)                               change
the currency in which, or change the required place at which, payment with
respect to principal of or interest with respect to the Notes is payable,

 

40

 

(iv)                              change
the time at which the Notes may be redeemed, or

 

(v)                                 reduce
the percentage of the principal amount of Notes required to modify or amend
this Indenture or the terms or conditions of the Notes or to waive any future
compliance or past Default or Event of Default.

 

It shall not be necessary for the consent of the
Holders under this Section 9.02 to approve the particular form of any
proposed amendment or supplement, but it shall be sufficient if such consent
approves the substance thereof.

 

A consent to any amendment, supplement or waiver under
this Indenture by any Holder of Notes given in connection with a tender of the
Holder’s Notes shall not be rendered invalid by such tender.  

 

(b)                                 After
an amendment or supplement under this Section 9.02 becomes effective, the
Issuer shall mail to the Holders affected by such amendment or supplement a
notice briefly describing such amendment or supplement.  The failure to give such notice to all
Holders, or any defect therein, shall not impair or affect the validity of an
amendment or supplement under this Section 9.02.

 

SECTION 9.03.  Compliance with Trust Indenture Act.  From the date on which this Indenture is
qualified under the TIA, every amendment, waiver or supplement to this
Indenture or the Notes shall comply with the TIA as then in effect.

 

SECTION 9.04.  Revocation and Effect of Consents and
Waivers.  (a)  A consent to an
amendment or a waiver by a Holder of a Note shall bind the Holder and every
subsequent Holder of that Note or portion of the Note that evidences the same
debt as the consenting Holder’s Note, even if notation of the consent or waiver
is not made on the Note.  However, any
such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Note or portion of the Note if the Trustee receives the notice of
revocation before the date on which the consent or waiver becomes
effective.  After an amendment or waiver
becomes effective, it shall bind every Holder. 
An amendment or waiver becomes effective upon the (i) receipt by
the Issuer or the Trustee of consents by the Holders of the requisite principal
amount of securities, (ii) satisfaction of conditions to effectiveness as
set forth in this Indenture and any indenture supplemental hereto containing
such amendment or waiver and (iii) execution of such amendment or waiver
(or supplemental indenture) by the Issuer and the Trustee.

 

(b)                                 The
Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this
Indenture.  If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who
were Holders at such record date (or their duly designated proxies), and only
those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. 
No such consent shall be valid or effective for more than 120 days after
such record date unless the consent of the requisite number of Holders has been
obtained.

 

41

 

SECTION 9.05.  Notation on or Exchange of Notes.  If an amendment, supplement or waiver changes
the terms of a Note, the Issuer may require the Holder of the Note to deliver
it to the Trustee.  The Trustee may place
an appropriate notation on the Note regarding the changed terms and return it
to the Holder.  Alternatively, if the
Issuer or the Trustee so determines, the Issuer in exchange for the Note shall
issue and the Trustee shall authenticate a new Note that reflects the changed
terms.  Failure to make the appropriate
notation or to issue a new Note shall not affect the validity of such
amendment, supplement or waiver.

 

SECTION 9.06.  Trustee to Sign Amendments.  The Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article 9 if the
amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee.  If it does
adversely affect such rights, duties, liabilities or immunities, the Trustee
may but need not sign it.  In signing
such amendment, the Trustee shall be entitled to receive indemnity reasonably
satisfactory to it and shall be provided with, and (subject to Section 7.01)
shall be fully protected in relying upon, an Officers’ Certificate and an
Opinion of Counsel stating that such amendment, supplement or waiver is
authorized or permitted by this Indenture and that such amendment, supplement
or waiver is the legal, valid and binding obligation of the Issuer and the
Guarantors, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof (including Section 9.03).  Notwithstanding the foregoing, no Opinion of
Counsel shall be required to execute any amendment or supplement adding a new
Guarantor under this Indenture.

 

SECTION 9.07.  Payment for Consent.  The Issuer shall not, and shall not permit
any of the Subsidiaries of the Issuer to, directly or indirectly, pay or cause
to be paid any consideration to or for the benefit of any Holder for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indentures or the Notes unless such consideration is offered
to be paid and is paid to all Holders that consent, waive or agree to amend in
the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.

 

SECTION 9.08.  Additional Voting Terms; Calculation of
Principal Amount.  Except as
expressly provided in this Indenture, including under Section 9.02, all
Notes issued under this Indenture shall vote and consent together on all
matters (as to which any of such Notes may vote) as one class.  Determinations as to whether Holders of the
requisite aggregate principal amount of Notes have concurred in any direction,
waiver or consent shall be made in accordance with this Article Nine and Section 2.14.

 

ARTICLE 10

GUARANTEES

 

SECTION 10.01.  Guarantees.  (a)  Each Guarantor hereby jointly and
severally, irrevocably and unconditionally guarantees, as a primary obligor and
not merely as a surety on a senior basis, to each Holder and to the Trustee and
its successors and assigns (i) the full and punctual payment when due,
whether at Stated Maturity, by acceleration, by redemption or otherwise, of all
obligations of the Issuer under this Indenture (including obligations to the
Trustee) and the Notes, whether for payment of principal of, premium, if any,
or interest on and

 

42

 

in respect of the Notes and all other monetary obligations of the
Issuer under this Indenture and the Notes and (ii) the full and punctual
performance within applicable grace periods of all other obligations of the
Issuer, whether for fees, expenses, indemnification or otherwise under this
Indenture and the Notes (all the foregoing being hereinafter collectively
called the “Guaranteed Obligations”). 
Each Guarantor further agrees that the Guaranteed Obligations may be
extended or renewed, in whole or in part, without notice or further assent from
each such Guarantor, and that each such Guarantor shall remain bound under this
Article 10 notwithstanding any extension or renewal of any Guaranteed
Obligation.

 

(b)                                 Each
Guarantor waives presentation to, demand of payment from and protest to the
Issuer of any of the Guaranteed Obligations and also waives notice of protest
for nonpayment.  Each Guarantor waives
notice of any default under the Notes or the Guaranteed Obligations.  The obligations of each Guarantor hereunder
shall not be affected by (i) the failure of any Holder or the Trustee to
assert any claim or demand or to enforce any right or remedy against the Issuer
or any other Person under this Indenture, the Notes, or any other agreement or
otherwise; (ii) any extension or renewal of this Indenture, the Notes or
any other agreement; (iii) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the Notes or
any other agreement; (iv) the release of any security held by any Holder
or the Trustee for the Guaranteed Obligations or any Guarantor; (v) the
failure of any Holder or Trustee to exercise any right or remedy against any
other guarantor of the Guaranteed Obligations; or (vi) any change in the
ownership of such Guarantor, except as provided in Section 10.02(b).

 

(c)                                  Each
Guarantor hereby waives any right to which it may be entitled to have its
obligations hereunder divided among the Guarantors, such that such Guarantor’s
obligations would be less than the full amount claimed.  Each Guarantor hereby waives any right to
which it may be entitled to have the assets of the Issuer or any other
Guarantor first be used and depleted as payment of the Issuer’s or such
Guarantor’s obligations hereunder prior to any amounts being claimed from or
paid by such Guarantor hereunder.  Each
Guarantor hereby waives any right to which it may be entitled to require that
the Issuer be sued prior to an action being initiated against such Guarantor.

 

(d)                                 Each
Guarantor further agrees that its Guarantee herein constitutes a guarantee of
payment, performance and compliance when due (and not a guarantee of
collection) and waives any right to require that any resort be had by any
Holder or the Trustee to any security held for payment of the Guaranteed
Obligations.

 

(e)                                  Except
as expressly set forth in Sections 8.01(b), 10.02 and 10.06, the obligations of
each Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason, including any claim of waiver,
release, surrender, alteration or compromise, and shall not be subject to any
defense of setoff, counterclaim, recoupment or termination whatsoever or by
reason of the invalidity, illegality or unenforceability of the Guaranteed
Obligations or otherwise.  Without
limiting the generality of the foregoing, the obligations of each Guarantor
herein shall not be discharged or impaired or otherwise affected by the failure
of any Holder or the Trustee to assert any claim or demand or to enforce any
remedy under this Indenture, the Notes or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or
otherwise, in the

 

43

 

performance of the obligations, or by any other act or thing or omission
or delay to do any other act or thing which may or might in any manner or to
any extent vary the risk of any Guarantor or would otherwise operate as a
discharge of any Guarantor as a matter of law or equity.

 

(f)                                    Each
Guarantor agrees that its Guarantee shall remain in full force and effect until
payment in full of all the Guaranteed Obligations.  Each Guarantor further agrees that its
Guarantee herein shall continue to be effective or be reinstated, as the case
may be, if at any time payment, or any part thereof, of principal of or
interest on any Guaranteed Obligation is rescinded or must otherwise be
restored by any Holder or the Trustee upon the bankruptcy or reorganization of
the Issuer or otherwise.

 

(g)                                 In
furtherance of the foregoing and not in limitation of any other right which any
Holder or the Trustee has at law or in equity against any Guarantor by virtue
hereof, upon the failure of the Issuer to pay the principal of or interest on
any Guaranteed Obligation when and as the same shall become due, whether at
maturity, by acceleration, by redemption or otherwise, or to perform or comply
with any other Guaranteed Obligation, each Guarantor hereby promises to and
shall, upon receipt of written demand by the Trustee, forthwith pay, or cause
to be paid, in cash, to the Holders or the Trustee an amount equal to the sum
of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued
and unpaid interest on such Guaranteed Obligations (but only to the extent not
prohibited by applicable law) and (iii) all other monetary obligations of
the Issuer to the Holders and the Trustee.

 

(h)                                 Each
Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby
until payment in full of all Guaranteed Obligations.  Each Guarantor further agrees that, as
between it, on the one hand, and the Holders and the Trustee, on the other
hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may
be accelerated as provided in Article 6 for the purposes of any Guarantee
herein, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Guaranteed Obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of such
Guaranteed Obligations as provided in Article 6, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and
payable by such Guarantor for the purposes of this Section 10.01.

 

(i)                                     Each
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder
in enforcing any rights under this Section 10.01.

 

(j)                                     Upon
request of the Trustee, each Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

 

SECTION 10.02.  Limitation on Liability; Release.  (a)  Any term or provision of this Indenture
to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed
Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum
amount that can be hereby guaranteed without rendering this Indenture, as it
relates to such Guarantor, voidable under applicable Bankruptcy Laws or laws
relating to fraudulent conveyance or fraudulent transfer or similar laws
affecting the rights of creditors generally.

 

44

 

(b)                                 A
Guarantee as to any Guarantor shall terminate and be of no further force or
effect and such Guarantor shall automatically and unconditionally be deemed to
be released from all of its obligations under this Indenture:

 

(i)                                     in
the case of the Foreign Initial Guarantor, if the Foreign Initial Guarantor
ceases to guarantee the obligations of the Issuer under the Bridge Loan;

 

(ii)                                  in
the case of any other Guarantor, if the Guarantor ceases to guarantee the
obligations of the Issuer under the Credit Agreement and the Bridge Loan; and

 

(iii)                               in
the case of all Guarantors, upon the satisfaction and discharge of this
Indenture pursuant to Section 8.01(a) or the legal defeasance or
covenant defeasance of the notes in accordance with Section 8.01(b).

 

SECTION 10.03.  Successors and Assigns.  This Article 10 shall inure to the
benefit of the successors and assigns of the Trustee and the Holders and, in
the event of any transfer or assignment of rights by any Holder or the Trustee,
the rights and privileges conferred upon that party in this Indenture and in
the Notes shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 10.04.  No Waiver.  Neither a failure nor a delay on the part of
either the Trustee or the Holders in exercising any right, power or privilege
under this Article 10 shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise of
any right, power or privilege.  The
rights, remedies and benefits of the Trustee and the Holders herein expressly
specified are cumulative and not exclusive of any other rights, remedies or
benefits which either may have under this Article 10 at law, in equity, by
statute or otherwise.

 

SECTION 10.05.  Modification.  No modification, amendment or waiver of any
provision of this Article 10, nor the consent to any departure by any
Guarantor therefrom, shall in any event be effective unless the same shall be
in writing and signed by the Trustee, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which
given.  No notice to or demand on any
Guarantor in any case shall entitle such Guarantor to any other or further notice
or demand in the same, similar or other circumstances.

 

SECTION 10.06.  Execution of Supplemental Indenture for
Future Guarantors.  Each Person which
is required to become a Guarantor after the Issue Date pursuant to Section 4.03
shall promptly execute and deliver to the Trustee a supplemental indenture in
the form of Appendix B hereto pursuant to which such Person shall become a
Guarantor under this Article 10 and shall guarantee the Guaranteed
Obligations.  Concurrently with the
execution and delivery of such supplemental indenture, the Issuer shall deliver
to the Trustee an Opinion of Counsel and an Officers’ Certificate to the effect
that such supplemental indenture has been duly authorized, executed and
delivered by such Person and that, subject to the application of bankruptcy,
insolvency, moratorium, fraudulent conveyance or transfer and other similar
laws relating to creditors’ rights generally and to the principles of equity,
whether considered in a proceeding at law or in equity, the Guarantee of such
Guarantor is a legal, valid and binding

 

45

 

obligation of such Guarantor, enforceable against such Guarantor in
accordance with its terms and/or to such other matters as the Trustee may
reasonably request.

 

SECTION 10.07.  Subrogation.

 

Each Guarantor shall be
subrogated to all rights of Holders of the Notes against the Issuer in respect
of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01
hereof; provided that, if an Event of Default has occurred and is continuing,
no Guarantor shall be entitled to enforce or receive any payments arising out
of, or based upon, such right of subrogation until all amounts then due and
payable by the Issuer under this Indenture or the Notes shall have been paid in
full.

 

SECTION 10.08.  Benefits Acknowledged.

 

Each Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that the guarantee
and waivers made by it pursuant to its Guarantee are knowingly made in
contemplation of such benefits.

 

SECTION 10.09.  Indemnification of Judgment Currency.

 

Each Foreign Guarantor
shall indemnify the Trustee and any Holder of a Note against any loss incurred
by the Trustee or such Holder, as the case may be, as a result of any judgment
or order being given or made for any amount due under this Indenture or such
Note and being expressed and paid in a currency (the “Judgment Currency”) other
than U.S. dollars, and as a result of any variation between (i) the rate
of exchange at which the U.S. dollar amount is converted into the Judgment
Currency for the purpose of such judgment or order and (ii) the spot rate
of exchange in New York City at which the Trustee or such Holder, as the case
may be, on the date of payment of such judgment or order and is able to
purchase U.S. dollars with the amount of the Judgment Currency actually
received by the Trustee or such Holder. 
Notwithstanding the preceding sentence of this Section 10.09, in
the event that the amount of U.S. dollars purchased by any Holder as a result
of such indemnification exceeds the amount originally to be paid to such
Holder, such Holder shall reimburse such excess to such Foreign Guarantor.  The foregoing indemnity shall constitute a
separate and independent obligation of the Foreign Guarantor and shall continue
in full force and effect notwithstanding any such judgment or order as
aforesaid.  The term “spot rate of
exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, U.S. dollars.

 

ARTICLE 11

MISCELLANEOUS

 

SECTION 11.01.  TIA Controls.  If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by, or
with another provision (an “incorporated provision”) included in this Indenture
by operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties
or incorporated provision shall control.

 

46

 

SECTION 11.02.  Notices.  (a)  Any notice or communication
required or permitted hereunder shall be in writing and delivered in person,
via facsimile or mailed by first-class mail addressed as follows:

 

if to the Issuer or a Guarantor:

 

Capmark Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of:  General Counsel

Facsimile:  (215) 441-7238

 

if to the Trustee:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 27th Floor

MS:NYC60-2710

New York, New York 10005

Fax: 732-380-2345

Attention:  Trust & Securities
Services

copy to:

 

Deutsche Bank National Trust Company

for Deutsche Bank Trust Company Americas

25 DeForest Avenue

Mail Stop: 
SUM01-0105

Summit, New Jersey 07901

Tel: 
908-608-3191

Fax: 
732-578-4635

Attention: 
Trust & Securities Services

 

The Issuer, any Guarantor or the Trustee by notice to
the others may designate additional or different addresses for subsequent
notices or communications.

 

(b)                                 Any
notice or communication mailed to a Holder shall be mailed, first class mail,
postage prepaid, to the Holder at the Holder’s address as it appears on the
registration books of the Registrar and shall be sufficiently given if so
mailed within the time prescribed.

 

(c)                                  Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders.  If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives
it.

 

SECTION 11.03.  Communication by the Holders with Other
Holders.  The Holders may communicate
pursuant to Section 312(b) of the TIA with other Holders with respect
to their rights under this Indenture or the Notes.  The Issuer, the Trustee, the Registrar and
other Persons shall have the protection of Section 312(c) of the TIA.

 

47

 

SECTION 11.04.  Certificate and Opinion as to Conditions
Precedent.  Upon any request or
application by the Issuer to the Trustee to take or refrain from taking any
action under this Indenture, the Issuer shall furnish to the Trustee at the
request of the Trustee:

 

(a)                                  an
Officers’ Certificate in form reasonably satisfactory to the Trustee stating
that, in the opinion of the signers, all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(b)                                 an
Opinion of Counsel in form reasonably satisfactory to the Trustee stating that,
in the opinion of such counsel, all such conditions precedent have been
satisfied.

 

SECTION 11.05.  Statements Required in Certificate or
Opinion.  Each certificate or opinion
with respect to compliance with a covenant or condition provided for in this
Indenture (other than pursuant to Section 4.06) shall include:

 

(a)                                  a
statement that the individual making such certificate or opinion has read such
covenant or condition;

 

(b)                                 a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

 

(c)                                  a
statement that, in the opinion of such individual, he has made such examination
or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and

 

(d)                                 a
statement as to whether or not, in the opinion of such individual, such
covenant or condition has been complied with; provided, however,
that with respect to matters of fact an Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials.

 

SECTION 11.06.  When Notes Disregarded.  In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or
consent, Notes owned by the Issuer, any Guarantor or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or any Guarantor shall be disregarded and deemed not to
be outstanding, except that, for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes which the Trustee knows are so owned shall be so disregarded.  Subject to the foregoing, only Notes
outstanding at the time shall be considered in any such determination.

 

SECTION 11.07.  Rules of Trustee, Paying Agent and
Registrar.  The Trustee may make
reasonable rules for action by or a meeting of the Holders.  The Registrar and a Paying Agent may make
reasonable rules for their functions.

 

SECTION 11.08.  Legal Holidays.  If a payment date is not a Business Day,
payment shall be made on the next succeeding day that is a Business Day as if
made on the date such payment was due, and no interest shall accrue on any
amount that would have been

 

48

 

otherwise payable on such payment date if it were a Business Day for
the intervening period.  If a regular
record date is not a Business Day, the record date shall not be affected.

 

SECTION 11.09.  GOVERNING LAW.  THIS INDENTURE AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

SECTION 11.10.  No Recourse Against Others.  No director, officer, employee, incorporator
or holder of any Equity Interests in the Issuer or any Guarantor, as such,
shall have any liability for any obligations of the Issuer or the Guarantors
under the Notes, the Guarantees or this Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Noteholder by accepting a Note waives
and releases all such liability.  The
waiver and release are part of the consideration for issuance of the
Notes.  The waiver may not be effective
to waive liabilities under the federal securities laws.

 

SECTION 11.11.  Successors.  All agreements of the Issuer and each
Guarantor in this Indenture and the Notes shall bind its successors, except as
otherwise provided in Section 10.02(b). 
All agreements of the Trustee in this Indenture shall bind its
successors.

 

SECTION 11.12.  Multiple Originals.  The parties may sign any number of copies of
this Indenture.  Each signed copy shall
be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this
Indenture.

 

SECTION 11.13.  Table of Contents; Headings.  The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part
hereof and shall not modify or restrict any of the terms or provisions hereof.

 

SECTION 11.14.  Indenture Controls.  If and to the extent that any provision of
the Notes limits, qualifies or conflicts with a provision of this Indenture,
such provision of this Indenture shall control.

 

SECTION 11.15.  Severability.  In case any provision in this Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby and such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability

 

SECTION 11.16.  USA Patriot Act.  The parties hereto acknowledge that in
accordance with Section 326 of the USA Patriot Act, the Trustee, like all
financial institutions and to help fight the funding of terrorism and money
laundering, is required to obtain, verify and record information that
identifies each person or legal entity that establishes a relationship or opens
an account with Deutsche Bank Trust Company Americas.  The parties to this Indenture agree that they
will provide the Trustee with such information as it may reasonably request in
order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

49

 

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

 

	
   

  	
  CAPMARK
  FINANCIAL GROUP INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marc A. Fox

  
	
   

  	
   

  	
  Name: Marc
  A. Fox

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK
  CAPITAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marc A. Fox

  
	
   

  	
   

  	
  Name: Marc
  A. Fox

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK
  FINANCE INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Anne E. Kelly

  
	
   

  	
   

  	
  Name: Anne
  E. Kelly

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAPMARK
  INVESTMENTS LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Rene J. Paradis

  
	
   

  	
   

  	
  Name: Rene
  J. Paradis

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMERCIAL
  EQUITY INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marc A. Fox

  
	
   

  	
   

  	
  Name: Marc
  A. Fox

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MORTGAGE
  INVESTMENTS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Anne E. Kelly

  
	
   

  	
   

  	
  Name: Anne
  E. Kelly

  
	
   

  	
   

  	
  Title:   Assistant
  Treasurer

  

 

 

 

	
   

  	
  NET
  LEASE ACQUISITION LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Rene J. Paradis

  
	
   

  	
   

  	
  Name: Rene
  J. Paradis

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SJM
  CAP, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Anne E. Kelly

  
	
   

  	
   

  	
  Name: Anne
  E. Kelly

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executed
  as a Deed /s/ REC

  
	
   

  	
  CRYSTAL
  BALL HOLDING OF BERMUDA LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard E. Cage

  
	
   

  	
   

  	
  Name: Richard
  E. Cage

  
	
   

  	
   

  	
  Title:   Vice
  President

  

 

 

 

	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, As Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard L. Buckwalter

  
	
   

  	
   

  	
  Name: Richard
  L. Buckwalter

  
	
   

  	
   

  	
  Title:   Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Annie Jaghatspanyan

  
	
   

  	
   

  	
  Name: Annie
  Jaghatspanyan

  
	
   

  	
   

  	
  Title:   Assistant
  Vice President

  

 

 

 

APPENDIX A

(RULE 144A/REGULATION S/IAI APPENDIX)

 

PROVISIONS RELATING TO
INITIAL NOTES,

PRIVATE EXCHANGE NOTES
AND EXCHANGE NOTES

 

1.                                       Definitions

 

1.1                                 Definitions

 

For the purposes of this Appendix, the following terms
shall have the meanings indicated below:

 

“Applicable Procedures” means, with respect to any
transfer or transaction involving a Global Note or beneficial interest therein,
the rules and procedures of the Depository for such a Global Note, to the
extent applicable to such transaction and as in effect from time to time.

 

“Clearstream” means Clearstream Banking, S.A. and its
successors.

 

“Definitive Note” means a certificated Initial Note,
Additional Note or Exchange Note or Private Exchange Note bearing, if required,
the appropriate restricted notes legend set forth in Section 2.3(e).

 

“Depository” means The Depository Trust Company, its
nominees and their respective successors and any successor Depository appointed
pursuant to this Indenture.

 

“Distribution Compliance Period”, with respect to any
Notes, means the period of 40 consecutive days beginning on and including the
later of (i) the day on which such Notes are first offered to Persons
other than distributors (as defined in Regulation S under the Securities Act)
in reliance on Regulation S and (ii) the issue date with respect to such
Notes.

 

“Euroclear” means Euroclear S.A./N.V., as operator of
the Euroclear system, and its successors.

 

“Exchange Notes” means the Notes issued pursuant to
this Indenture in connection with the Registered Exchange Offer effected
pursuant to the Registration Rights Agreement.

 

“Exchange Offer Registration Statement” means the
registration statement to be filed with the Commission with respect to the
Registered Exchange Offer.

 

“Global Notes” means the collective reference to the Rule 144A
Notes, the Temporary Regulation S Notes, the Permanent Regulation S Notes and
any other Notes issued pursuant to this Indenture in temporary or permanent
global certificated form.

 

“IAI” means an institutional “accredited investor”, as
defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D
under the Securities Act.

 

 

“Initial Purchasers” means (a) with respect to
the Initial, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC,
Goldman, Sachs & Co., Deutsche Bank Securities Inc., Greenwich Capital
Markets, Inc., J.P. Morgan Securities, Inc., Daiwa Securities SB
Capital Markets Europe Limited, Mitsubishi UFJ Securities International plc,
Wachovia Capital Markets, LLC, WestLB AG, Banc of America Securities LLC,
Natixis Securities North America Inc., RBC Capital Markets Corporation, Scotia
Capital (USA) Inc., Lehman Brothers Inc., Morgan Stanley & Co.
Incorporated and Shinsei Bank, International and (b) with respect to each
issuance of Additional Notes, the Persons purchasing or underwriting such
Additional Notes under the related Purchase Agreement.

 

“Notes Custodian” means the custodian with respect to
a Global Note (as appointed by the Depository), or any successor Person
thereto, and shall initially be the Trustee.

 

“Private Exchange” means the offer by the Issuer,
pursuant to the Registration Rights Agreement, to the Initial Purchasers to
issue and deliver to each such Initial Purchaser, in exchange for the Initial
Notes by such Initial Purchaser as part of the initial distribution of such
Initial Notes, a like aggregate principal amount of Private Exchange Notes.

 

“Private Exchange Notes” means any Notes issued in
connection with a Private Exchange.

 

“Private Placement Legend” means any of the legends
relating to restrictions on transfer relating to the Securities Act set forth
in Section 2.3(g).

 

“Purchase Agreement” means (a) with respect to
the Initial Notes issued on the Issue Date, the Purchase Agreement dated May 3,
2007, among the Issuer, the Guarantors and the Initial Purchasers with respect
to the Initial Notes and (b) with respect to each issuance of Additional
Notes, the purchase agreement or underwriting agreement among the Issuer, the
Guarantors and the Persons purchasing or underwriting such Additional Notes.

 

“QIB” means a “qualified institutional buyer” as
defined in Rule 144A.

 

“Registered Exchange Offer” means the offer by the
Issuer, pursuant to the Registration Rights Agreement, to certain Holders of
Initial Notes and Additional Notes, if issued, to issue and deliver to such
Holders, in exchange for the Initial Notes and Additional Notes, a like
aggregate principal amount of Exchange Notes registered under the Securities
Act.

 

“Registration Rights Agreement” means (1) with
respect to the Initial Notes issued on the Issue Date, the Registration Rights
Agreement dated as of May 10, 2007, among the Issuer, the Guarantors and
the Initial Purchasers and (2) with respect to each issuance of Additional
Notes issued in a transaction exempt from the registration requirements of the
Securities Act, the registration rights agreement, if any, among the Issuer and
the Initial Purchasers with respect to such Additional Notes under the related
Purchase Agreement. 

 

“Restricted Definitive Note” means a Definitive Note
that is a Transfer Restricted Note.

 

“Restricted Global Note” means a Global Note that is a
Transfer Restricted Note.

 

2

 

“Shelf Registration Statement” means the registration
statement issued by the Issuer in connection with the offer and sale of Initial
Notes or Private Exchange Notes pursuant to the Registration Rights Agreement.

 

“Transfer Restricted Notes” means Notes that bear or
are required to bear a Private Placement Legend.

 

“Unrestricted Definitive Note” means a Definitive Note
that is not a Transfer Restricted Note and that does not bear a Private
Placement Legend.

 

“Unrestricted Global Note” means a Global Note that is
not a Transfer Restricted Note and does not bear the Private Placement Legend.

 

1.2                                 Other Definitions

 

	
  Term

  	
   

  	
  Defined in

  Section:

  
	
  “Agent Members”

  	
   

  	
  2.1(b)

  
	
  “Global Note”

  	
   

  	
  2.1 (a)

  
	
  “IAI Global Note”

  	
   

  	
  2.1(a)

  
	
  “Permanent Regulation S Global Note”

  	
   

  	
  2.1 (a)

  
	
  “Regulation S”

  	
   

  	
  2.1 (a)

  
	
  “Regulation S Global Note”

  	
   

  	
  2.1 (a)

  
	
  “Rule 144A”

  	
   

  	
  2.1 (a)

  
	
  “Rule 144A Global Note”

  	
   

  	
  2.1 (a)

  
	
  “Temporary Regulation S Global Note”

  	
   

  	
  2.1 (a)

  

 

2.                                       The Notes

 

2.1 (a)  Form and Dating.  The Initial Notes shall be offered and sold
by the Issuer pursuant to the Purchase Agreement.  The Initial Notes shall be resold initially
only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”)
and (ii) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S under the Securities Act (“Regulation S”).  Notes initially resold by the Initial
Purchasers pursuant to Rule 144A shall be issued initially in the form of
one or more permanent Global Notes (collectively, the “Rule 144A Global
Note”); Notes (other than Initial Notes) initially resold to IAIs shall be
issued initially in the form of one or more permanent global Notes in
definitive, fully registered form (collectively, the “IAI Global Notes”); and
Notes initially resold by the Initial Purchasers pursuant to Regulation S shall
be issued initially in the form of one or more temporary Global Notes
(collectively, the “Temporary Regulation S Global Note”), in each case without
interest coupons and with the applicable Private Placement Legend and Global
Notes legend set forth in Exhibit 1-A hereto, which shall be deposited on
behalf of the Purchasers of the Notes represented thereby with the Notes
Custodian and registered in the name of the Depository or a nominee of the
Depository for the accounts of designated agents holding on behalf of Euroclear
or Clearstream, duly executed by the Issuer and authenticated by the Trustee as
provided in this Indenture.  

 

3

 

Each Global Note shall represent such of the
outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests
in the Global Note” attached thereto, and each shall provide that it shall
represent up to the aggregate principal amount of outstanding Notes from time
to time endorsed thereon.  The aggregate
principal amount of the Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depository
or its nominee as hereinafter provided.

 

(b)                                 Book-Entry
Provisions.  This Section 2.1(b) shall
apply only to a Global Note deposited with or on behalf of the Depository.

 

The Issuer shall execute and the Trustee shall, in
accordance with this Section 2.1(b), authenticate and deliver initially
one or more Global Notes that (a) shall be registered in the name of the
Depository for such Global Note or Global Notes or the nominee of such
Depository and (b) shall be delivered by the Trustee to such Depository or
pursuant to such Depository’s instructions or held by the Notes Custodian for
the Depository.

 

Members of, or participants in, the Depository (“Agent
Members”) shall have no rights under this Indenture with respect to any Global
Note held on their behalf by the Depository or by the Trustee as the custodian
of the Depository or under such Global Note, and the Issuer, the Trustee and
any agent of the Issuer, the Guarantors or the Trustee shall be entitled to
treat the Depository as the absolute owner of such Global Note for all purposes
whatsoever.  Notwithstanding the
foregoing, nothing herein shall prevent the Issuer, the Guarantors, the Trustee
or any agent of the Issuer, the Guarantors or the Trustee from giving effect to
any written certification, proxy or other authorization furnished by the
Depository or impair, as between the Depository and its Agent Members, or the
operation of customary practices of such Depository governing the exercise of
the rights of a holder of a beneficial interest in any Global Note.

 

(c)                                  Definitive Notes.  Except as provided in Section 2.3 or
2.4, owners of beneficial interests in Global Notes shall not be entitled to
receive physical delivery of Definitive Notes.

 

2.2                                 Authentication

 

The Trustee shall authenticate and deliver:  (1) on the Issue Date, an aggregate
principal amount of $850,000,000 of Initial Notes, (2) any Additional
Notes for an original issue in an aggregate principal amount specified in the
written order of the Issuer pursuant to Section 2.03 of this Indenture and
(3) Exchange Notes or Private Exchange Notes for issue only in a
Registered Exchange Offer or a Private Exchange, respectively, pursuant to the
Registration Rights Agreement, for a like principal amount of Initial Notes or
Additional Notes, in each case upon a written order of the Issuer signed by one
Officer.  Such order shall specify the
amount of the Notes to be authenticated and the date on which the original
issue of Notes is to be authenticated.

 

2.3                                 Transfer and
Exchange

 

(a)                                  Transfer and
Exchange of Global Notes.  A Global
Note may not be transferred except as a whole by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary

 

4

 

or any such
nominee to a successor Depositary or a nominee of such successor
Depositary.  All Global Notes will be
exchanged by the Issuer for Definitive Notes if:

 

(1)                                  the Depositary (a) notifies
the Issuer that it is unwilling or unable to continue as depositary for the
Global Notes or (b) has ceased to be a clearing agency registered under
the Exchange Act and, in either case, the Issuer fails to appoint a successor
depositary; 

 

(2)                                  the Issuer, at its
option, notifies the Trustee in writing that it elects to cause the issuance of
the Definitive Notes; or

 

(3)                                  there has occurred
and is continuing an Event of Default with respect to the Notes.

 

Upon the occurrence of either of the preceding events
in (1) or (2) above, Definitive Notes shall be issued in such names
as the Depositary shall instruct the Trustee. 
Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.08 and 2.10 of the Indenture.  Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to
Sections 2.08 or 2.10 of the Indenture shall be authenticated and delivered in
the form of, and shall be, a Global Note. 
A Global Note may not be exchanged for another Note other than as
provided in this Section 2.3(a), however, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.3(b), (c) or
(f) below.

 

(b)                                 Transfer and
Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable
Procedures.  Beneficial interests in the
Restricted Global Notes will be subject to restrictions on transfer comparable
to those set forth herein to the extent required by the Securities Act.  Transfers of beneficial interests in the Global
Notes also will require compliance with either subparagraph (1) or (2) below,
as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)  Transfer of Beneficial Interests in
the Same Global Note. 
Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in the
same Restricted Global Note in accordance with the transfer restrictions set
forth in the Private Placement Legend; provided, however,
that prior to the expiration of the Distribution Compliance Period, transfers
of beneficial interests in the Temporary Regulation S Global Note may not be
made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser). Beneficial interests in any Unrestricted Global
Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note.  No written orders or instructions shall be
required to be delivered to the Registrar to effect the transfers described in
this Section 2.3(b)(1).

 

(2)  All
Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are
not subject to

 

5

 

Section 2.3(b)(1) above, the transferor of such beneficial
interest must deliver to the Registrar either:

 

(A) both: 

 

(x) a written
order from an Agent Member given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to credit or cause to be
credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(y) instructions
given in accordance with the Applicable Procedures containing information
regarding the Agent Member account to be credited with such increase; or 

 

(B) solely to the extent issuance of a
Definitive Note is permitted pursuant to Section 2.4 hereof, both:

 

(x) a written
order from an Agent Member given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to cause to be issued a
Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(y) instructions
given by the Depositary to the Registrar containing information regarding the
Person in whose name such Definitive Note shall be registered to effect the
transfer or exchange referred to in (x) above.

 

Upon consummation of the
Registered Exchange Offer, the requirements of this Section 2.3(b)(2) shall
be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the letter of transmittal delivered by the holder of
such beneficial interests in the Restricted Global Notes in connection with the
Registered Exchange Offer.  Upon
satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Notes or
otherwise applicable under the Securities Act, the Trustee shall adjust the
principal amount of the relevant Global Note(s) pursuant to Section 2.3(g) hereof.

 

(3)  Transfer of Beneficial Interests to
Another Restricted Global Note.  A
beneficial interest in any Restricted Global Note may be transferred to a Person
who takes delivery thereof in the form of a beneficial interest in another
Restricted Global Note if the transfer complies with the requirements of Section 2.3(b)(2) above
and:

 

(A) if the transferee will take delivery
in the form of a beneficial interest in the Rule 144A Global Note, then
the transferor must deliver to the Registrar a certificate in the form of Exhibit 2
hereto, including the certifications in item (1) thereof; 

 

(B) if the transferee will take delivery
in the form of a beneficial interest in)
the Regulation S Global Note, then the transferor must deliver to the Registrar
a certificate in the form of Exhibit 2 hereto, including the
certifications in item (2) thereof; and

 

6

 

(C) if the transferee will take delivery in the
form of a beneficial interest in the IAI Global Note, then the transferor must
deliver to the Registrar a certificate in the form of Exhibit 2 hereto,
including the certifications, certificates and Opinion of Counsel required by
item (3)(d) thereof, if applicable.

 

(4) Transfer and Exchange of Beneficial
Interests in a Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note.  A
beneficial interest in any Restricted Global Note may be exchanged by any holder
thereof for a beneficial interest in an Unrestricted Global Note or transferred
to a Person who takes delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note if the exchange or transfer complies with the
requirements of Section 2.3(b)(2) above and:

 

(A) such exchange or transfer is
effected pursuant to the Registered Exchange Offer in accordance with the
Registration Rights Agreement and the holder of the beneficial interest to be
transferred, in the case of an exchange, or the transferee, in the case of a
transfer, makes the certifications required by the Registration Rights
Agreement;

 

(B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights
Agreement;

 

(C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

(x) if the holder
of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a beneficial interest in an Unrestricted Global
Note, a certificate from such holder in the form of Exhibit 3 hereto,
including the certifications in item (1)(a) thereof; or

 

(y) if the holder
of such beneficial interest in a Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate
from such holder in the form of Exhibit 2 hereto, including the
certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (D), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global
Note has not yet been issued, the Issuer shall issue and, upon receipt of a
written order from the Issuer in accordance with Section 2.03 hereof, the
Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal

 

7

 

to the
aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (B) or (D) above.

 

(5) Transfer and Exchange of Beneficial
Interests in an Unrestricted Global Note for Beneficial Interests in a
Restricted Global Note.  Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

 

(c)                                  Transfer
or Exchange of Beneficial Interests for Definitive Notes.  

 

(1)                               Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes.  Beneficial interests in Restricted Global
Notes may not be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a Restricted Definitive Note except to the extent set
forth in Section 2.4 hereof.  If so provided
pursuant to Section 2.4, a holder of a beneficial interest in a Restricted
Global Note may exchange such beneficial interest for a Restricted Definitive
Note or transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note, only upon receipt by the
Registrar of the following documentation:

 

(A) if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note, a certificate from such holder in
the form of Exhibit 3 hereto, including the certifications in item (2)(a) thereof;

 

(B) if such beneficial interest is being
transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit 2 hereto, including the certifications in item
(1) thereof;

 

(C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications in item (2) thereof;

 

(D) if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect
set forth in Exhibit 2 hereto, including the certifications in item (3)(a) thereof;

 

(E)  if such beneficial interest is
being transferred to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through
(D) above, a certificate to the effect set forth in Exhibit 3 hereto,
including the certifications, certificates and Opinion of Counsel required by
item (3)(d) thereof, if applicable;

 

(F)  if such beneficial interest is
being transferred to the Issuer or any of its Subsidiaries, a certificate to
the effect set forth in Exhibit 2 hereto, including the certifications in
item (3)(b) thereof; or

 

8

 

(G) if such beneficial interest is being
transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications in item (3)(c) thereof,

 

the Trustee shall cause
the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.2(a) hereof, and the Issuer shall
execute and the Trustee shall authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount.  Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.3(c)(1) shall
be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Agent Member.  The Trustee shall deliver such Definitive
Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.3(c)(1) shall
bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein.

 

(2) Beneficial Interests in Restricted
Global Notes to Unrestricted Definitive Notes.  Beneficial interests in Restricted Global
Notes may not be exchanged for, or transferred to Persons who take delivery
thereof in the form of, an Unrestricted Definitive Note except to the extent
set forth in Section 2.4 hereof.  If
so provided pursuant to Section 2.4, a holder of a beneficial interest in
a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only if:

 

(A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the holder of such beneficial interest, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a
Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of the Issuer;

 

(B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights
Agreement;

 

(C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

(x) if the holder
of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for an Unrestricted Definitive Note, a certificate
from such holder in the form of Exhibit 3 hereto, including the
certifications in item (1)(b) thereof; or

 

9

 

(y) if the holder
of such beneficial interest in a Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such holder in the
form of Exhibit 2 hereto, including the certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (e), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

(3)                               Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.   Beneficial interests in Unrestricted Global
Notes may not be exchanged for, or transferred to Persons who take delivery
thereof in the form of, Unrestricted Definitive Notes except to the extent set
forth in Section 2.4 hereof. If so provided pursuant to Section 2.4,
a beneficial interest in an Unrestricted Global Note may be exchanged for a
Definitive Note or may be transferred to a Person who takes delivery thereof in
the form of a Definitive Note, upon satisfaction of the conditions set forth in
Section 2.3(b)(2) hereof. 
Thereupon, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.2(a) hereof,
and the Issuer will execute and the Trustee will authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate
principal amount.  Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.3(c)(3) will
be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Agent
Member.  The Trustee will deliver such
Definitive Notes to the Persons in whose names such Notes are so
registered.  Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.3(c)(3) will
not bear the Private Placement Legend.

 

(d)                                 Transfer and
Exchange of Definitive Notes for Beneficial Interests. 

 

(1) Restricted Definitive Notes to
Beneficial Interests in Restricted Global Notes.   If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global
Note or to transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation:

 

(A) if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note, a certificate from such Holder in the form of Exhibit 3
hereto, including the certifications in item (2)(b) thereof;

 

10

 

(B) if such Restricted Definitive Note
is being transferred to a QIB in accordance with Rule 144A, a certificate
to the effect set forth in Exhibit 2 hereto, including the certifications
in item (1) thereof;

 

(C) if such Restricted Definitive Note is
being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit 2
hereto, including the certifications in item (2) thereof;

 

(D) if such Restricted Definitive Note
is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a
certificate to the effect set forth in Exhibit 2 hereto, including the
certifications in item (3)(a) thereof;

 

(E)  if such Restricted Definitive Note is being
transferred to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through
(D) above, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications, certificates and Opinion of Counsel required by
item (3)(d) thereof, if applicable;

 

(F) if such Restricted Definitive Note
is being transferred to the Issuer or any of its Subsidiaries, a certificate to
the effect set forth in Exhibit 2 hereto, including the certifications in
item (3)(b) thereof; or

 

(G) if such Restricted Definitive Note
is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications in item (3)(c) thereof,

 

the Trustee will cancel
the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global
Note, in the case of clause (C) above, the Regulation S Global Note, and
in all other cases, the IAI Global Note; provided, however, that if no IAI
Global Note shall have been issued by the Issuer and the Issuer elects not to
do so in connection with any such transfer or exchange, then the exchange or
transfer (other than an exchange or transfer for the Rule 144A Global Note
or the Regulation S Global Note) shall not be made and any such transferee
shall be required to accept a Restricted Definitive Note in accordance with the
other applicable provisions of this Section 2.3.

 

(2) Restricted Definitive Notes to
Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Restricted Definitive Note to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note only if:

 

(A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case

 

11

 

of an exchange, or the transferee, in the case of a transfer, makes the
certifications in connection therewith as are required by the Registration
Rights Agreement.

 

(B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights
Agreement;

 

(C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

(x) if the Holder
of such Definitive Notes proposes to exchange such Notes for a beneficial
interest in an Unrestricted Global Note, a certificate from such Holder in the
form of Exhibit 3 hereto, including the certifications in item (1)(c) thereof;
or

 

(y) if the Holder
of such Definitive Notes proposes to transfer such Notes to a Person who shall
take delivery thereof in the form of a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit 2
hereto, including the certifications in item (4) thereof;

 

and, in each such case
set forth in subparagraph (D), if the Registrar so requests or in any case if
the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

Upon satisfaction
of the conditions of any of the subparagraphs in this Section 2.3(d)(2),
the Trustee will cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

 

(3) Unrestricted Definitive Notes to
Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note
or transfer such Definitive Notes to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an
exchange or transfer, the Trustee will cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes.

 

If any such
exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a
time when an Unrestricted Global Note has not yet been issued, the Issuer will
issue and, upon receipt of a written order from the Issuer in accordance with Section 2.03
of this Indenture, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

 

12

 

(e)                                  Transfer and
Exchange of Definitive Notes for Definitive Notes.  Definitive Notes may not be exchanged for, or
transferred to Persons who take delivery thereof in the form of, Definitive
Notes except to the extent set forth in Section 2.4 hereof.  If so provided pursuant to Section 2.4,
upon request by a Holder of Definitive Notes and such Holder’s compliance with
the provisions of this Section 2.3, the Registrar will register the transfer
or exchange of Definitive Notes.  Prior
to such registration of transfer or exchange, the requesting Holder must
present or surrender to the Registrar the Definitive Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the
Registrar duly executed by such Holder or by its attorney, duly authorized in
writing.  In addition, the requesting
Holder must provide any additional certifications, documents and information,
as applicable, required pursuant to the following provisions of this Section 2.3(e).

 

(1) Restricted Definitive Notes to
Restricted Definitive Notes.  Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof
in the form of a Restricted Definitive Note if the Registrar receives the
following:

 

(A) if the transfer will be made
pursuant to Rule 144A, then the transferor must deliver a certificate in
the form of Exhibit 2 hereto, including the certifications in item (1) thereof;

 

(B) if the transfer will be made
pursuant to Rule 903 or Rule 904, then the transferor must deliver a
certificate in the form of Exhibit 2 hereto, including the certifications
in item (2) thereof; and

 

(C) if the transfer will be made
pursuant to any other exemption from the registration requirements of the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit 2
hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(2) Restricted Definitive Notes to
Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof
in the form of an Unrestricted Definitive Note if:

 

(A) such exchange or transfer is effected pursuant to the Exchange
Offer in accordance with the Registration Rights Agreement and the Holder, in
the case of an exchange, or the transferee, in the case of a transfer, makes
the certifications required by the Registration Rights Agreement;

 

(B) any such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement;

 

(C) any such transfer is effected by a Broker-Dealer pursuant to
the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or

 

(D) the Registrar receives the following:

 

13

 

(x) if the Holder
of such Restricted Definitive Notes proposes to exchange such Notes for an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit 3
hereto, including the certifications in item (1)(d) thereof; or

 

(y) if the Holder
of such Restricted Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Note,
a certificate from such Holder in the form of Exhibit 2 hereto, including
the certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (D), if the Registrar so requests, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such
exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

(3) Unrestricted Definitive Notes to
Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note.  Upon
receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder
thereof.

 

(f)                                    Exchange Offer.  Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer will issue and,
upon receipt of an Issuer Order in accordance with Section 2.03 hereof,
the Trustee will authenticate:

 

(1) one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Restricted Global Notes accepted for exchange in
the Exchange Offer by Persons that make the certifications required by the
Registration Rights Agreement; and 

 

(2) solely to the extent Definitive
Notes shall be issuable as set forth in Section 2.4, Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount
of the Restricted Definitive Notes accepted for exchange in the Exchange Offer
by Persons that make the certifications required by the Registration Rights
Agreement. 

 

Concurrently with the
issuance of such Notes, the Trustee will cause the aggregate principal amount
of the applicable Restricted Global Notes to be reduced accordingly, and the
Issuer will execute, and the Trustee will authenticate and deliver to the
Persons designated by the Holders of Definitive Notes so accepted Unrestricted
Definitive Notes in the appropriate principal amount.

 

(g)                                 Legends.

 

(i)                                     (A) 
Private Placement Legend.  Except as
permitted by the following paragraphs (ii), (iii) and (iv), each Note
certificate evidencing the Global Notes (and all Notes issued in exchange
therefor or in substitution thereof) shall bear a legend in substantially the
following form:

 

14

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES
ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE
COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES, (II)
IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (V) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,  OR (VI) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED
UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), IN EACH OF CASES (I)
THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

(B)  Each certificate evidencing a Regulation S Global Note shall,
in lieu of the foregoing, bear a legend in substantially the following form:

 

THIS NOTE (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO
THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

(C)  Each certificate evidencing a Temporary Regulation S Global
Note shall, in addition to (A) or (B) above, bear a legend in
substantially the following form:

 

15

 

THIS NOTE IS A TEMPORARY REGULATION S GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER.  EXCEPT IN THE CIRCUMSTANCES DESCRIBED IN SECTION 2.3
OF APPENDIX A TO THE INDENTURE, NO TRANSFER OR EXCHANGE OF AN INTEREST IN THIS
TEMPORARY REGULATION S GLOBAL NOTE MAY BE MADE FOR AN INTEREST IN THE RULE
144A GLOBAL NOTE.  NO EXCHANGE OF AN
INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE MADE FOR AN
INTEREST IN THE PERMANENT REGULATION S GLOBAL NOTE EXCEPT (A) ON OR AFTER
THE TERMINATION OF THE DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION
S UNDER THE SECURITIES ACT) AND (B) UPON DELIVERY OF THE OWNER NOTES
CERTIFICATION AND THE TRANSFEREE NOTES CERTIFICATION RELATING TO SUCH INTEREST
IN ACCORDANCE WITH THE TERMS OF THE INDENTURE.

 

UNTIL 40 DAYS AFTER THE COMMENCEMENT OF THE
OFFERING OF THE NOTES, AN OFFER OR SALE OF THE NOTES WITHIN THE UNITED STATES
BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

(D)  Each Global Note shall also bear the Global Notes legend from
Exhibit 1-A of this Appendix.

 

(E)  Each Restricted Definitive Note shall also bear the
Definitive Notes Legend from Exhibit 1-A of this Appendix.

 

(ii)                                  Upon
any sale or transfer of a Transfer Restricted Note (including any Transfer
Restricted Note represented by a Global Note) pursuant to the Shelf
Registration Statement or Rule 144 under the Securities Act, the Registrar
shall permit the transferee thereof to exchange such Transfer Restricted Note
for a Note that does not bear the Private Placement Legend set forth above (or
a beneficial interest in an Unrestricted Global Note) and rescind any
restriction on the transfer of such Transfer Restricted Note, if the transferor
meets the requirements for such removal set forth above in this Section 2.3.

 

(iii)                               Upon
the consummation of a Registered Exchange Offer with respect to the Initial
Notes and any Additional Notes, all requirements pertaining to such Initial
Notes and Additional Notes that such Notes issued to certain Holders be issued
in global form shall still apply with respect to Holders of such Notes that do
not exchange their Notes, and Exchange Notes in global (or, to the extent set
forth in Section 2.4, definitive) form, in each case without the Private
Placement Legend, shall be available to Holders that exchange such Notes in
such Registered Exchange Offer.

 

16

 

(iv)                              Upon
the consummation of a Private Exchange with respect to the Initial Notes and
any Additional Notes, all requirements pertaining to such Notes that Initial
Notes issued to certain Holders be issued in global form shall still apply with
respect to Holders of such Initial Notes that do not exchange their Initial
Notes, and Private Exchange Notes in global form with the Private Placement
Legend and applicable Global Notes legend(s) shall be available to Holders that
exchange such Initial Notes in such Private Exchange.

 

(h)                                 Cancellation
or Adjustment of Global Note.  At
such time as all beneficial interests in a Global Note have either been
exchanged for Definitive Notes, redeemed, purchased or canceled, such Global
Note shall be returned to the Depository for cancellation or retained and
canceled by the Trustee.  At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged
for certificated Notes, redeemed, purchased or canceled, the principal amount
of Notes represented by such Global Note shall be reduced, and an adjustment
shall be made on the books and records of the Trustee (if it is then the Notes
Custodian for such Global Note) with respect to such Global Note, by the
Trustee or the Notes Custodian, to reflect such reduction.

 

(i)                                     No
Obligation of the Trustee.

 

(i)                                     The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Note or other Person with respect to the accuracy of the records of the
Depository or its nominee or of Agent Member thereof, with respect to any
ownership interest in the Notes or with respect to the delivery to any Agent
Member, beneficial owner or other Person (other than the Depository) of any
notice (including any notice of redemption) or the payment of any amount, under
or with respect to such Notes.  All
notices and communications to be given to the Holders, and all payments to be
made to Holders under the Notes, shall be given or made only to or upon the
order of the registered Holders (which shall be the Depository or its nominee
in the case of a Global Note).  The
rights of beneficial owners in any Global Note shall be exercised only through
the Depository, subject to the applicable rules and procedures of the
Depository.  The Trustee may rely and
shall be fully protected in relying upon information furnished by the
Depository with respect to its Agent Members and any beneficial owners.

 

(ii)                                  The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among Depository Agent Members or
beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so, if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

2.4                                 Definitive Notes

 

(a)                                  Except
as set forth below, all Notes issued pursuant to this Indenture shall be issued
solely as Global Notes.

 

17

 

(b)                                 A
Global Note deposited with the Depository or with the Trustee as Notes
Custodian for the Depository pursuant to Section 2.1 shall be transferred
to the beneficial owners thereof in the form of Definitive Notes in an
aggregate principal amount equal to the principal amount of such Global Note,
in exchange for such Global Note, only if such transfer complies with Section 2.3
hereof and (i) the Depository notifies the Issuer that it is unwilling or
unable to continue as Depository for such Global Note, and the Depository fails
to appoint a successor depositary or if at any time such Depository ceases to
be a “clearing agency” registered under the Exchange Act and, in either case, a
successor Depository is not appointed by the Issuer within 90 days of such
notice, or (ii) an Event of Default has occurred and is continuing or (iii) the
Issuer, in its sole discretion, notifies the Trustee in writing that it elects
to cause the issuance of Definitive Notes under this Indenture.

 

(c)                                  Any
Global Note that is transferable to the beneficial owners thereof pursuant to
this Section 2.4(b) shall be surrendered by the Notes Custodian on
behalf of the Depository to the Trustee located at its principal corporate
trust office, to be so transferred, in whole, or from time to time in part,
without charge, and the Trustee shall authenticate and deliver, upon such
transfer of each portion of such Global Note, an equal aggregate principal
amount of Definitive Notes of authorized denominations.  Any portion of a Global Note transferred
pursuant to this Section 2.4(b) shall be executed, authenticated and
delivered only in denominations of $2,000 principal amount and integral
multiples of $1,000 in excess thereof and registered in such names as the
Depository shall direct.  Any Definitive
Note delivered in exchange for an interest in a Restricted Global Note shall,
except as otherwise provided by Section 2.3(g) hereof, bear the
applicable Private Placement Legend and Definitive Note legend set forth in Section 2.3(g).

 

(d)                                 Subject
to the provisions of Section 2.4(b) hereof, the registered Holder of
a Global Note shall be entitled to grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

 

(e)                                  In
the event a holder of an interest in a Restricted Global Note wishes to
transfer such interest pursuant to an exemption from registration under the
Securities Act other than Rule 144, Rule 144A or Regulation S either (i) to
a Person that is not entitled to hold an interest in the Rule 144A Global
Note, Regulation S Global Note or IAI Global Note or (ii) to an IAI at a
time during which the Issuer has elected not to cause the issuance of an IAI
Global Note, then, upon such transfer satisfying all of the applicable
certification, opinion and other requirement of Section 2.3, the Issuer
shall cause to be issued Restricted Definitive Notes to the transferee of such
transfer.  Following any such issuance,
any such Definitive Note may be transferred to a Person who may take delivery
thereof in the form of a Definitive Note provided that all applicable
requirements of this Section 2.3 in respect of such transfer shall be
complied with in connection with such transfer.

 

(f)                                    In
the event of the occurrence of one of the events specified in Section 2.4(b) or
(e) hereof, the Issuer shall promptly make available to the Trustee a
reasonable supply of Definitive Notes in definitive, fully registered form
without interest coupons.  In the event
that such Definitive Notes are not issued, the Issuer expressly acknowledges,
with respect to the right of any Holder to pursue a remedy pursuant to Section 6.06
of this Indenture, the right of any

 

18

 

beneficial owner of Notes to pursue such remedy with
respect to the portion of the Global Note that represents such beneficial owner’s
Notes, as if such Definitive Notes had been issued.

 

19

 

EXHIBIT 1-A to
APPENDIX A (RULE 144A/REGULATION S/IAI APPENDIX)

 

[FORM OF FACE OF
INITIAL NOTE AND ADDITIONAL NOTE]

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Rule 144A
Global Note Legend]

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES
ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE
COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES, (II)
IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (V) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT

 

 

UNDER
THE SECURITIES ACT,  OR (VI) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO
REQUESTS), IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

[Regulation S
Global Note Legend]

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED
IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON
EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS.  TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO
THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

[Temporary
Regulation S Global Note Legend]

 

THIS NOTE IS A
TEMPORARY REGULATION S GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED
TO HEREINAFTER.  EXCEPT IN THE
CIRCUMSTANCES DESCRIBED IN SECTION 2.3 OF APPENDIX A TO THE INDENTURE, NO
TRANSFER OR EXCHANGE OF AN INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE
MADE FOR AN INTEREST IN THE RULE 144A GLOBAL NOTE.  NO EXCHANGE OF AN INTEREST IN THIS TEMPORARY
REGULATION S GLOBAL NOTE MAY BE MADE FOR AN INTEREST IN THE PERMANENT
REGULATION S GLOBAL NOTE EXCEPT (A) ON OR AFTER THE TERMINATION OF THE
DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) AND (B) UPON DELIVERY OF THE OWNER NOTES CERTIFICATION AND THE
TRANSFEREE NOTES CERTIFICATION RELATING TO SUCH INTEREST IN ACCORDANCE WITH THE
TERMS OF THE INDENTURE.

 

UNTIL 40 DAYS AFTER THE COMMENCEMENT OF THE
OFFERING OF THE NOTES, AN OFFER OR SALE OF THE NOTES WITHIN THE UNITED STATES
BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

[Definitive Notes
Legend]

 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND

 

2

 

OTHER INFORMATION
AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

3

 

CAPMARK FINANCIAL GROUP
INC.

 

Floating Rate Senior
Notes due 2010

 

[144A CUSIP No. 140661
AC3  

and ISIN No.  US140661AC34]

 

[REG S CUSIP No. 
U13626 AB9 

and ISIN No.  USU13626AB98]

 

	
  No. [  ]

  	
   

  	
  $[ ]

  

 

CAPMARK FINANCIAL GROUP INC., a Nevada corporation,
promises to pay to [CEDE & CO.], or its registered assigns, the
principal sum of [  ] Dollars ($[  ]) on May 10, 2010.

 

Interest Payment Dates:  February 10, May 10, August 10
and November 10

 

Record Dates:  January 25,
April 25, July 25 and October 25

 

Additional provisions of this Note are set forth on
the other side of this Note.

 

SIGNATURE PAGE FOLLOWS

 

4

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed.

 

 

	
  CAPMARK FINANCIAL GROUP
  INC.

  
	
   

  
	
  By 

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  TRUSTEE’S CERTIFICATE OF

  
	
  AUTHENTICATION

  
	
   

  
	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  
	
  as Trustee, certifies that this is one of the Notes

  
	
  referred to in the Indenture.

  
	
   

  
	
   

  
	
  By

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  
	
   

  
	
   

  
	
  Dated:

  

 

5

 

[FORM OF REVERSE
SIDE OF INITIAL NOTE OR ADDITIONAL NOTE]

 

Floating Rate Senior
Notes due 2010

 

1.                                       Interest

 

Capmark Financial Group Inc., a Nevada corporation
(such Person, and its respective successors and assigns under the Indenture
hereinafter referred to, being herein called the “Issuer”), promises to pay
interest on the principal amount of this Note quarterly, in arrears, at the
rate per annum, reset quarterly, equal to the three month LIBOR (as defined
below) plus 0.650% (the “calculated interest rate”), which calculated interest
rate shall be subject to adjustment as set forth below.  The Issuer shall also pay Additional Interest
to the extent and with respect to such periods, if any, as such Additional
Interest is payable pursuant to the Registration Rights Agreement.  The Issuer shall pay interest quarterly on February 10,
May 10, August 10 and November 10 of each year, commencing on August 1,
2007.  Interest on this Note shall accrue
from the most recent date to which interest has been paid or, if no interest
has been paid, from the Issue Date. 
Interest shall be calculated on the basis of the actual number of days
in the applicable interest period and a 360-day year.  

 

The calculated interest rate in effect for each
interest period will be equal to LIBOR, as determined by the Calculation Agent
on the applicable interest determination date with respect to such interest
period, plus 0.650%.  The interest rate
shall be reset to be effective as of the first day of each interest period
other than the initial interest period (each an “interest reset date”).  An interest period shall be the period
commencing on an interest payment date (or the Issue Date in the case of the
initial interest period) and ending on the day immediately preceding the next
following interest payment date.  The “interest
determination date” will be May 8, 2007 in the case of the first interest
period and the second London banking day preceding the beginning of the
interest period in the case of each other interest period.

 

“LIBOR”, with respect to any interest period, shall be
the interest rate determined by the Calculation Agent as follows:

 

(1)                                  LIBOR
shall be the arithmetic mean of the offered rates for deposits in U.S. dollars
for the three-month period that appear on “Reuters Page LIBOR 01” (or if
such page by its terms provides for a single rate, such single rate) at
approximately 11:00 a.m., London time, on the interest determination
date.  “Reuters Page LIBOR 01” means
the display page designated as “LIBOR 01” on the Reuters service for the
purpose on displaying London interbank offered rates of major banks, or any
successor page on the Reuters service selected by the Issuer with the
consent of the Calculation Agent, or if the Issuer determines that no such
successor service exists on Reuters, an equivalent page on any successor
service selected by the Issuer with the consent of the Calculation Agent.

 

(2)                                  If
the offered rate does not appear on the Reuters Page LIBOR 01 at 11:00 a.m.,
London time, on the applicable interest determination date, the Calculation
Agent shall determine LIBOR on the basis of the rates at which deposits in U.S.
dollars are offered by four major banks in the London interbank market
(selected by the Calculation Agent after consulting with the Issuer) at
approximately 11:00 a.m., London time, on the interest determination date
to

 

6

 

prime
banks in the London interbank market for a period of three months in principal
amounts of at least $1,000,000, which rates are representative for single
transactions in such market at such time. 
In such case, the Calculation Agent shall request the principal London
office of each such major bank to provide a quotation of that rate.  If at least two such quotations are provided,
LIBOR for the applicable interest reset date will be the arithmetic mean of the
quotations.  If fewer than two such
quotations are provided as requested, LIBOR for the applicable interest reset
date shall be the arithmetic mean of the rates quoted by three major banks in
New York City, New York (selected by the Calculation Agent after consulting
with the Issuer) at approximately 11:00 a.m. New York time, on the
interest determination date for the applicable interest reset date for loans in
U.S. dollars to leading banks for a period of three months commencing on such
interest reset date and in a principal amount equal to an amount not less than
$1,000,000, which rates are representative for single transactions in such
market at such time.  If fewer than three
quotations are provided as requested, LIBOR for the following interest period
shall be the same as the rate determined for the then-current interest period.

 

As used herein, a “London banking day” means any day on
which dealings in U.S. dollars are transacted or, with respect to any future
date, are expected to be transacted in the London interbank market.

 

All percentages resulting from the calculation of the
interest rate with respect to the Notes shall be rounded, if necessary, to the
nearest one-hundred thousandth of a percentage point, with five one-millionth
of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be
rounded to 9.87655% (or .0987655) and 9.876544% (or 0.9876544) would be rounded
to 9.87654% (or 0.987654), and all dollar amounts in or resulting from any such
calculation shall be rounded to the nearest cent (with one-half cent being
rounded upward).

 

Promptly upon determination, the Calculation Agent
shall inform the Trustee and the Issuer of the interest rate for the next
interest period.  The Calculation Agent
shall also, upon the request of the Holder of any Notes, provide the interest
rate in effect for the then-current interest period and, if it has been
determined, the interest rate to be in effect for the next interest
period.  All calculations made by the
Calculation Agent in the absence of willful misconduct, bad faith or manifest
error will be conclusive for all purpose and binding on the Issuer and the
Holders of the Notes.

 

Notwithstanding the foregoing, if an interest payment
date (other than the maturity date) falls on a day that is not a Business Day,
the interest payment date shall be postponed to the next succeeding Business
Day, unless such next succeeding Business Day would fall in the next calendar
month, in which case the interest payment date will be the immediately
preceding Business Day.  If the maturity
date of the Notes falls on a day that is not a Business Day, the Issuer shall
make the required payment of principal and interest on the immediately
succeeding Business Day, as if it were made on the date the payment was
due.  Interest shall not accrue as a
result of any postponed or delayed payment in accordance with this paragraph.

 

The calculated interest rate payable on this Note will
be subject to adjustment from time to time if either Moody’s or S&P
downgrades (or subsequently upgrades) the debt rating assigned to the Notes as
set forth below.

 

7

 

If the rating from Moody’s is decreased to a rating
set forth in the immediately following table, the interest rate on this Note
shall increase from the calculated interest rate by the percentage set forth
opposite that rating:

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba1

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba2

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba3

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B1 or below

  	
   

  	
  1.00

  	
  %

  

 

If the rating from S&P is decreased to a rating
set forth in the immediately following table, the interest rate on this Note
shall increase from the calculated interest rate set forth above by the
percentage set forth opposite that rating:

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB-

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
  %

  

 

If Moody’s or S&P subsequently increases its
rating of the Notes to any of the ratings set forth above, the interest rate on
this Note will be decreased such that the interest rate for this Note equals
the calculated interest rate set forth above plus (if applicable) the
percentage set forth opposite the ratings from the tables above in effect
immediately following the increase.  Each
adjustment required by any decrease or increase in a rating set forth above,
whether occasioned by the action of Moody’s or S&P, shall be made
independent of any and all other adjustments. 
In no event shall (1) the interest rate for this Note be reduced to
below the calculated interest rate set forth above, or (2) the total
increase in the interest rate on this Note by virtue of the adjustments
described above exceed 2.00% above the calculated interest rate set forth
above.

 

The interest rate on this Note shall permanently cease
to be subject to any adjustment described above if the Notes become rated Baa2
or higher by Moody’s and BBB or higher by S&P, with a stable or positive or
equivalent outlook by each.

 

If either Moody’s or S&P ceases to provide a
rating, any subsequent increase or decrease in the interest rate of this Note
necessitated by a reduction or increase in the rating by

 

8

 

the
agency continuing to provide the rating shall be twice the percentage set forth
in the applicable table above.  No
adjustments in the interest rate of this Note shall be made solely as a result
of Moody’s or S&P ceasing to provide a rating of the Notes.  If both Moody’s and S&P cease to provide
a rating of the Notes, the interest rate on this Note will increase to, or
remain at, as the case may be, 2.00% above the calculated interest rate set
forth above.

 

Any interest rate increase or decrease, as described
above, will take effect from the first day of the interest period during which
a rating change requires an adjustment in the interest rate.  

 

The interest rate on this Note shall in no event
exceed the maximum rate permitted by New York law.

 

2.                                       Method
of Payment

 

The Issuer shall pay interest on the Notes (except
defaulted interest) to the Persons who are registered holders of Notes at the
close of business on the January 25, April 25, July 25 or October 25
next preceding the interest payment date even if Notes are canceled after such
record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Issuer shall pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Payments in respect
of the Notes represented by a Global Note (including principal, premium and
interest) shall be made by wire transfer of immediately available funds to the
accounts specified by the Depository. 
The Issuer shall make all payments in respect of a Definitive Note
(including principal, premium and interest) by mailing a check to the
registered address of each Holder thereof; provided, however, that payments on a Definitive Note shall be
made by wire transfer to a U.S. dollar account maintained by the payee with a
bank in the United States if such Holder elects payment by wire transfer by
giving written notice to the Trustee or the Paying Agent to such effect
designating such account no later than 30 days immediately preceding the
relevant due date for payment (or such other date as the Trustee may accept in
its discretion).

 

3.                                       Paying
Agent, Calculation Agent and Registrar

 

Initially, Deutsche Bank Trust Company Americas (the “Trustee”)
shall act as Paying Agent, Calculation Agent and Registrar.  The Issuer may appoint and change any Paying
Agent, Calculation Agent, Registrar or co-registrar without notice.  The Issuer or any of its Subsidiaries may act
as Paying Agent, Calculation Agent, Registrar or co-registrar.

 

9

 

4.                                       Indenture

 

The Issuer issued the Notes under an Indenture, dated
as of May 10, 2007 (the “Indenture”), among the Issuer, the Guarantors and
the Trustee.  The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the
“TIA”).  Terms defined in the Indenture
and not defined herein have the meanings ascribed thereto in the
Indenture.  The Notes are subject to all
such terms, and Holders are referred to the Indenture and the TIA for a
statement of those terms.

 

The Notes are unsecured obligations of the Issuer and
consist of the Floating Rate Senior Notes due 2010 issued on the Issue Date and
any additional Notes that may be issued after the Issue Date.  The Indenture does not limit the aggregate
principal amount of Notes that may be issued.

 

The Indenture contains covenants that, among other
things, limit the ability of the Issuer and the Guarantors to create liens to
secure Indebtedness and to consolidate, merge or transfer all or substantially
all of their respective assets.  These
covenants are subject to important exceptions and qualifications.

 

5.                                       Optional
Redemption

 

The Issuer may redeem the Notes on any one or more
interest payment date on or after November 10, 2008, in whole or in part,
at its option, at a redemption price equal to 100% of the principal amount of
the Notes to be redeemed plus accrued and unpaid interest on the principal
amount being redeemed.

 

6.                                       Notice
of Redemption

 

Notice of redemption shall be mailed by first-class
mail, postage prepaid, at least 30 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at the Holder’s
registered address.  Notes in
denominations larger than $2,000 principal amount may be redeemed in part but
only in whole multiples of $1,000.  If
money sufficient to pay the redemption price of and accrued and unpaid interest
on all Notes (or portions thereof) to be redeemed on the redemption date is
deposited with the Paying Agent on or before the redemption date and certain
other conditions are satisfied, on and after such date interest ceases to
accrue on such Notes (or such portions thereof) called for redemption.

 

7.                                       Repurchase
Upon Change of Control Triggering Event

 

Upon a Change
of Control Triggering Event, the Issuer will be required to offer to purchase
all of the outstanding Notes at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest, if any, thereon to the date
of purchase. 

 

10

 

8.                                       Guarantee

 

The payment by the Issuer of the principal of, and
premium, if any, and interest on, the Notes is fully and unconditionally
guaranteed on a joint and several basis by each of the Guarantors to the extent
set forth in the Indenture.

 

9.                                       Denominations;
Transfer; Exchange

 

The Notes are in fully registered form without coupons
in denominations of $2,000 and whole multiples of $1,000 in excess
thereof.  A Holder may transfer or
exchange Notes in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture.  The Registrar need not register the transfer
or exchange of any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or any
Notes for a period of 15 days before a selection of Notes to be redeemed
through the redemption date.

 

10.                                 Persons
Deemed Owners

 

The registered Holder of this Note may be treated as
the owner of it for all purposes.

 

11.                                 Unclaimed
Money

 

If money for the payment of principal, premium, if
any, or interest remains unclaimed for two years, the Trustee or Paying Agent
shall pay the money back to the Issuer at its request unless an abandoned
property law designates another Person. 
After any such payment, Holders entitled to the money must look only to
the Issuer and not to the Trustee for payment.

 

12.                                 Discharge
and Defeasance

 

Subject to certain conditions set forth in the
Indenture, the Issuer at any time shall be entitled to terminate some or all of
its and the Guarantors’ obligations under the Notes and the Indenture if the
Issuer deposits or causes to be deposited with the Trustee money or Government
Obligations for the payment of principal and interest on the Notes to
redemption or maturity, as the case may be.

 

13.                                 Amendment,
Waiver

 

Subject to certain exceptions set forth in the
Indenture, (a) the Indenture and the Notes may be amended with the written
consent of the Holders of at least a majority in principal amount outstanding
of the Notes and (b) any Default or noncompliance with any provision may
be waived with the written consent of the Holders of a majority in principal
amount outstanding of the Notes.  Subject
to certain exceptions set forth in the Indenture, without the consent of any
Holder, the Issuer, the Guarantors and the Trustee shall be entitled to amend
the Indenture or the Notes to, among other things, cure any ambiguity,
omission, defect or inconsistency or to make any change that does not
materially adversely affect the rights of any Holder.

 

11

 

14.                                 Defaults
and Remedies

 

If an Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the Notes may
declare all the Notes to be due and payable immediately, subject to certain
conditions set forth in the Indenture. 
Certain events of bankruptcy or insolvency are Events of Default which
shall result in the Notes being due and payable immediately upon the occurrence
of such Events of Default.

 

Holders may not enforce the Indenture or the Notes
except as provided in the Indenture.  The
Trustee may require indemnity or security reasonably satisfactory to it before
it enforces the Indenture or the Notes. 
Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from
Holders notice of any continuing Default (except a Default in payment of principal
or interest) if it determines that withholding notice is in the interest of the
Holders.

 

15.                                 Trustee
Dealings with the Issuer

 

Subject to certain limitations imposed by the TIA, the
Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Issuer and its Affiliates and may otherwise deal
with the Issuer and its Affiliates to the same extent as if it were not the
Trustee.

 

16.                                 No
Recourse Against Others

 

A director, officer, employee, stockholder or holder
of any equity interest, as such, of the Issuer, any Guarantors or the Trustee
shall not have any liability for any obligations of the Issuer or the
Guarantors under the Notes, the Guarantees or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their
creation.  By accepting a Note, each
Holder waives and releases all such liability. 
The waiver and release are part of the consideration for the issue of
the Notes.

 

17.                                 Authentication

 

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent) manually signs the
certificate of authentication on the other side of this Note.

 

18.                                 Abbreviations

 

Customary abbreviations may be used in the name of a
Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants
by the entireties), JT TEN (=joint tenants with rights of survivorship and not
as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

 

19.                                 CUSIP
Numbers

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures the Issuer has caused
CUSIP numbers to be printed on the

 

12

 

Notes
and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

20.                                 Holders’
Compliance with Registration Rights Agreement

 

Each Holder of a Note, by acceptance hereof,
acknowledges and agrees to the provisions of the Registration Rights Agreement,
including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein.

 

21.                                 Governing
Law

 

THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

 

The Issuer shall furnish to any Holder upon written
request and without charge to the Holder a copy of the Indenture which has in
it the text of this Note.  Requests may
be made to:

 

Capmark Financial Group
Inc.

116 Welsh Road

Horsham, Pennsylvania
19044

Attention:  General Counsel

 

13

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                               
agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for
him.

 

 

	
  Date: 

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  

 

Sign exactly as your name appears on the other side of
this Note.

 

In connection with any transfer of any of the Notes
evidenced by this certificate occurring prior to the expiration of the period
referred to in Rule 144(k) under the Securities Act after the later of the
date of original issuance of such Notes and the last date, if any, on which
such Notes were owned by the Issuer or any Affiliate of the Issuer, the
undersigned confirms that such Notes are being transferred in accordance with
its terms:

 

CHECK ONE BOX BELOW 

 

o            to the Issuer; or

 

	
  (1)

  	
  o

  	
  pursuant to an
  effective registration statement under the Securities Act of 1933; or

  
	
   

  	
   

  	
   

  
	
  (2)

  	
  o

  	
  inside the United
  States to a “qualified institutional buyer” (as defined in Rule 144A
  under the Securities Act of 1933) that purchases for its own account or for
  the account of a qualified institutional buyer to whom notice is given that
  such transfer is being made in reliance on Rule 144A, in each case
  pursuant to and in compliance with Rule 144A under the Securities Act of
  1933; or

  
	
   

  	
   

  	
   

  
	
  (3)

  	
  o

  	
  outside the United
  States in an offshore transaction within the meaning of Regulation S under
  the Securities Act in compliance with Rule 904 under the Securities Act
  of 1933; or

  
	
   

  	
   

  	
   

  
	
  (4)

  	
  o

  	
  pursuant to the
  exemption from registration provided by Rule 144 under the Securities
  Act of 1933; or

  

 

1

 

	
  (5)

  	
  o

  	
  to an institutional “accredited
  investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
  the Securities Act of 1933) that has furnished to the Trustee a signed letter
  containing certain representations and agreements; or

  
	
   

  	
   

  	
   

  
	
  (6)

  	
  o

  	
  pursuant to an
  exemption from registration under the Securities Act of 1933 other than the
  exemptions referred to above.

  

 

Unless one of the boxes is checked, the Trustee shall
refuse to register any of the Notes evidenced by this certificate in the name
of any person other than the registered holder thereof; provided, however, that
if box (3), (4) or (6) is checked, the Trustee shall be entitled to
require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as the Issuer has reasonably
requested to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933.

 

 

	
   

  	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature must be guaranteed

  	
  Signature

  
					

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which
requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

2

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Note purchased by
the Issuer pursuant to Section 4.07 of the Indenture, check the box:

o

 

If you want to elect to have only part of this Note
purchased by the Issuer pursuant to Section 4.07 of the Indenture, state
the amount in principal amount that you elect to have purchased:

$                           

 

	
  Dated: 

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (Sign exactly as your name appears on the other side

  of this Note.)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  (Signature must
  be guaranteed)

  	
   

  
							

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which
requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

[TO BE ATTACHED TO GLOBAL
NOTES]

 

SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE

 

The following
increases or decreases in this Global Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in 

  Principal amount of this 

  Global Note

  	
   

  	
  Amount of increase in 

  Principal amount of this 

  Global Note

  	
   

  	
  Principal amount of this 

  Global Note following 

  such decrease or increase

  	
   

  	
  Signature of authorized 

  officer of Trustee or

  Notes Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2

 

EXHIBIT 1-B to APPENDIX A (RULE 144A/REGULATION
S/IAI APPENDIX)

 

FORM OF FACE OF
EXCHANGE NOTE

OR PRIVATE EXCHANGE NOTE*

 

*/ If the Note is to be used in global form add the Global Notes Legend
from Exhibit 1 to Appendix A and the attachment from such Exhibit 1-A captioned
“[TO BE ATTACHED TO GLOBAL NOTES] - SCHEDULE OF INCREASES OR DECREASES IN
GLOBAL NOTE”.

 

If the Note is a Private Exchange Note issued in a Private Exchange to
an Initial Purchaser holding an unsold portion of its initial allotment, add the
Restricted Notes Legend from Exhibit 1-A to Appendix A and replace the
Assignment Form included in this Exhibit A with the Assignment Form included in
such Exhibit 1-A.

 

3

 

CAPMARK FINANCIAL GROUP
INC.

 

Floating Rate Senior
Notes due 2010

 

[144A CUSIP No. 140661
AC3

and ISIN No.  US140661AC34]

 

[REG S CUSIP No. 
U13626 AB9

and ISIN No.  USU13626AB98]

 

	
  No. [  ]

  	
  $[  ]

  

CAPMARK FINANCIAL GROUP INC., a Nevada corporation,
promises to pay to [CEDE & CO.], or its registered assigns, the
principal sum of [  ] Dollars ($[  ]) on May 10, 2010.

 

Interest Payment Dates:  February 10, May 10, August 10
and November 10

 

Record Dates:  January 25,
April 25, July 25 and October 25

 

Additional provisions of this Note are set forth on
the other side of this Note.

 

SIGNATURE PAGE FOLLOWS

 

4

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed.

 

 

	
  CAPMARK FINANCIAL GROUP
  INC.

  
	
   

  
	
  By 

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE OF

  AUTHENTICATION

  
	
   

  
	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  as Trustee, certifies that this is one of

  the Notes referred to in the Indenture.

  
	
   

  
	
  By 

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

 

Dated:

 

5

 

[FORM OF REVERSE
SIDE OF EXCHANGE NOTE

OR PRIVATE EXCHANGE NOTE]

 

Floating Rate Senior
Notes due 2010

1.             Interest

 

Capmark Financial Group Inc., a Nevada corporation
(such Person, and its respective successors and assigns under the Indenture
hereinafter referred to, being herein called the “Issuer”), promises to pay
interest on the principal amount of this Note quarterly, in arrears, at the
rate per annum, reset quarterly, equal to the three month LIBOR (as defined
below) plus 0.650% (the “calculated interest rate”), which calculated interest
rate shall be subject to adjustment as set forth below.  The Issuer shall pay interest quarterly on February 10,
May 10, August 10 and November 10 of each year, commencing on August 10,
2007.  Interest on this Note shall accrue
from the most recent date to which interest has been paid or, if no interest
has been paid, from the Issue Date. 
Interest on the Notes shall be calculated on the basis of the actual
number of days in the applicable interest period and a 360-day year.  

 

The calculated interest rate in effect for each
interest period will be equal to LIBOR, as determined by the Calculation Agent
on the applicable interest determination date with respect to such interest
period, plus 0.650%.  The interest rate
shall be reset to be effective as of the first day of each interest period
other than the initial interest period (each an “interest reset date”).  An interest period shall be the period
commencing on an interest payment date (or the Issue Date in the case of the
initial interest period) and ending on the day immediately preceding the next
following interest payment date.  The “interest
determination date” will be May 8, 2007 in the case of the first interest
period and the second London banking day preceding the beginning of the
interest period in the case of each other interest period.

 

“LIBOR”, with respect to any interest period, shall be
the interest rate determined by the Calculation Agent as follows:

 

(1)           LIBOR
shall be the arithmetic mean of the offered rates for deposits in U.S. dollars
for the three-month period that appear on “Reuters Page LIBOR 01” (or if
such page by its terms provides for a single rate, such single rate) at
approximately 11:00 a.m., London time, on the interest determination
date.  “Reuters Page LIBOR 01” means
the display page designated as “LIBOR 01” on the Reuters service for the
purpose on displaying London interbank offered rates of major banks, or any
successor page on the Reuters service selected by the Issuer with the
consent of the Calculation Agent, or if the Issuer determines that no such
successor service exists on Reuters, an equivalent page on any successor
service selected by the Issuer with the consent of the Calculation Agent.

 

(2)           If
the offered rate does not appear on the Reuters Page LIBOR 01 at 11:00 a.m.,
London time, on the applicable interest determination date, the Calculation
Agent shall determine LIBOR on the basis of the rates at which deposits in U.S.
dollars are offered by four major banks in the London interbank market
(selected by the Calculation Agent after consulting with the Issuer) at
approximately 11:00 a.m., London time, on the interest determination date
to 

 

6

 

prime
banks in the London interbank market for a period of three months in principal
amounts of at least $1,000,000, which rates are representative for single
transactions in such market at such time. 
In such case, the Calculation Agent shall request the principal London
office of each such major bank to provide a quotation of that rate.  If at least two such quotations are provided,
LIBOR for the applicable interest reset date will be the arithmetic mean of the
quotations.  If fewer than two such
quotations are provided as requested, LIBOR for the applicable interest reset
date shall be the arithmetic mean of the rates quoted by three major banks in
New York City, New York (selected by the Calculation Agent after consulting
with the Issuer) at approximately 11:00 a.m. New York time, on the
interest determination date for the applicable interest reset date for loans in
U.S. dollars to leading banks for a period of three months commencing on such
interest reset date and in a principal amount equal to an amount not less than
$1,000,000, which rates are representative for single transactions in such
market at such time.  If fewer than three
quotations are provided as requested, LIBOR for the following interest period
shall be the same as the rate determined for the then-current interest period.

 

As used herein, a “London banking day” means any day
on which dealings in U.S. dollars are transacted or, with respect to any future
date, are expected to be transacted in the London interbank market.

 

All percentages resulting from the calculation of the
interest rate with respect to the Notes shall be rounded, if necessary, to the
nearest one-hundred thousandth of a percentage point, with five one-millionth
of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be
rounded to 9.87655% (or .0987655) and 9.876544% (or 0.9876544) would be rounded
to 9.87654% (or 0.987654), and all dollar amounts in or resulting from any such
calculation shall be rounded to the nearest cent (with one-half cent being
rounded upward).

 

Promptly upon determination, the Calculation Agent
shall inform the Trustee and the Issuer of the interest rate for the next
interest period.  The Calculation Agent
shall also, upon the request of the Holder of any Notes, provide the interest
rate in effect for the then-current interest period and, if it has been
determined, the interest rate to be in effect for the next interest
period.  All calculations made by the
Calculation Agent in the absence of willful misconduct, bad faith or manifest
error will be conclusive for all purpose and binding on the Issuer and the
Holders of the Notes.

 

Notwithstanding the foregoing, if an interest payment
date (other than the maturity date) falls on a day that is not a Business Day,
the interest payment date shall be postponed to the next succeeding Business
Day, unless such next succeeding Business Day would fall in the next calendar
month, in which case the interest payment date will be the immediately
preceding Business Day.  If the maturity
date of the Notes falls on a day that is not a Business Day, the Issuer shall
make the required payment of principal and interest on the immediately
succeeding Business Day, as if it were made on the date the payment was
due.  Interest shall not accrue as a result
of any postponed or delayed payment in accordance with this paragraph.

 

The calculated interest rate payable on this Note will
be subject to adjustment from time to time if either Moody’s or S&P
downgrades (or subsequently upgrades) the debt rating assigned to the Notes as
set forth below.

 

7

 

If the rating from Moody’s is decreased to a rating
set forth in the immediately following table, the interest rate on this Note
shall increase from the calculated interest rate by the percentage set forth opposite
that rating:

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba1

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba2

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba3

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B1 or below

  	
   

  	
  1.00

  	
  %

  

 

If the rating from S&P is decreased to a rating
set forth in the immediately following table, the interest rate on this Note
shall increase from the calculated interest rate set forth above by the
percentage set forth opposite that rating:

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB-

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
  %

  

 

If Moody’s or S&P subsequently increases its rating
of the Notes to any of the ratings set forth above, the interest rate on this
Note will be decreased such that the interest rate for this Note equals the
calculated interest rate set forth above plus (if applicable) the percentage
set forth opposite the ratings from the tables above in effect immediately
following the increase.  Each adjustment
required by any decrease or increase in a rating set forth above, whether
occasioned by the action of Moody’s or S&P, shall be made independent of
any and all other adjustments.  In no
event shall (1) the interest rate for this Note be reduced to below the
calculated interest rate set forth above, or (2) the total increase in the
interest rate on this Note by virtue of the adjustments described above exceed
2.00% above the calculated interest rate set forth above.

 

The interest rate on this Note shall permanently cease
to be subject to any adjustment described above if the Notes become rated Baa2
or higher by Moody’s and BBB or higher by S&P, with a stable or positive or
equivalent outlook by each.

 

If either Moody’s or S&P ceases to provide a
rating, any subsequent increase or decrease in the interest rate of this Note
necessitated by a reduction or increase in the rating by 

 

8

 

the
agency continuing to provide the rating shall be twice the percentage set forth
in the applicable table above.  No
adjustments in the interest rate of this Note shall be made solely as a result
of Moody’s or S&P ceasing to provide a rating of the Notes.  If both Moody’s and S&P cease to provide
a rating of the Notes, the interest rate on this Note will increase to, or
remain at, as the case may be, 2.00% above the calculated interest rate set
forth above.

 

Any interest rate increase or decrease, as described
above, will take effect from the first day of the interest period during which
a rating change requires an adjustment in the interest rate. 

 

The interest rate on the Notes shall in no event
exceed the maximum rate permitted by New York law. 

 

2.             Method
of Payment

 

The Issuer shall pay interest on the Notes (except
defaulted interest) to the Persons who are registered holders of Notes at the
close of business on the January 25, April 25, July 25 or October 25
next preceding the interest payment date even if Notes are canceled after such
record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Issuer shall pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Payments in respect
of the Notes represented by a Global Note (including principal, premium and
interest) shall be made by wire transfer of immediately available funds to the
accounts specified by the Depository. 
The Issuer shall make all payments in respect of a Definitive Note
(including principal, premium and interest) by mailing a check to the
registered address of each Holder thereof; provided, however, that payments on a Definitive Note shall be
made by wire transfer to a U.S. dollar account maintained by the payee with a
bank in the United States if such Holder elects payment by wire transfer by
giving written notice to the Trustee or the Paying Agent to such effect
designating such account no later than 30 days immediately preceding the
relevant due date for payment (or such other date as the Trustee may accept in
its discretion).

 

3.             Paying
Agent, Calculation Agent and Registrar

 

Initially, Deutsche Bank Trust Company Americas (the “Trustee”)
shall act as Paying Agent, Calculation Agent and Registrar.  The Issuer may appoint and change any Paying
Agent, Calculation Agent, Registrar or co-registrar without notice.  The Issuer or any of its Subsidiaries may act
as Paying Agent, Calculation Agent, Registrar or co-registrar.

 

9

 

4.             Indenture

 

The Issuer issued the Notes under an Indenture, dated
as of May 10, 2007 (the “Indenture”), among the Issuer, the Guarantors and
the Trustee.  The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb)
(the “TIA”).  Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the
Indenture.  The Notes are subject to all
such terms, and Holders are referred to the Indenture and the TIA for a
statement of those terms.

 

The Notes are unsecured obligations of the Issuer and
consist of the Floating Rate Senior Notes due 2010 issued on the Issue Date and
any additional Notes that may be issued after the Issue Date.  The Indenture does not limit the aggregate
principal amount of Notes that may be issued.

 

The Indenture contains covenants that, among other
things, limit the ability of the Issuer and the Guarantors to create liens to
secure Indebtedness and to consolidate, merge or transfer all or substantially
all of their respective assets.  These
covenants are subject to important exceptions and qualifications.

 

5.             Optional
Redemption

 

The Issuer may redeem the Notes on any one or more
interest payment date on or after November 10, 2008, in whole or in part,
at its option, at a redemption price equal to 100% of the principal amount of
the Notes to be redeemed plus accrued and unpaid interest on the principal
amount being redeemed.

 

6.             Notice
of Redemption

 

Notice of redemption shall be mailed by first-class
mail, postage prepaid, at least 30 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at the Holder’s
registered address.  Notes in
denominations larger than $2,000 principal amount may be redeemed in part but
only in whole multiples of $1,000.  If
money sufficient to pay the redemption price of and accrued and unpaid interest
on all Notes (or portions thereof) to be redeemed on the redemption date is
deposited with the Paying Agent on or before the redemption date and certain
other conditions are satisfied, on and after such date interest ceases to
accrue on such Notes (or such portions thereof) called for redemption.

 

7.             Repurchase
Upon Change of Control Triggering Event

 

Upon a Change
of Control Triggering Event, the Issuer will be required to offer to purchase
all of the outstanding Notes at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest, if any, thereon to the date
of purchase. 

 

10

 

8.             Guarantee

 

The payment by the Issuer of the principal of, and
premium, if any, and interest on, the Notes is fully and unconditionally
guaranteed on a joint and several basis by each of the Guarantors to the extent
set forth in the Indenture.

 

9.             Denominations;
Transfer; Exchange

 

The Notes are in fully registered form without coupons
in denominations of $2,000 and whole multiples of $1,000 in excess
thereof.  A Holder may transfer or
exchange Notes in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture.  The Registrar need not register the transfer
or exchange of any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or any
Notes for a period of 15 days before a selection of Notes to be redeemed
through the redemption date.

 

10.           Persons
Deemed Owners

 

The registered Holder of this Note may be treated as
the owner of it for all purposes.

 

11.           Unclaimed
Money

 

If money for the payment of principal, premium, if
any, or interest remains unclaimed for two years, the Trustee or Paying Agent
shall pay the money back to the Issuer at its request unless an abandoned property
law designates another Person.  After any
such payment, Holders entitled to the money must look only to the Issuer and
not to the Trustee for payment.

 

12.           Discharge
and Defeasance

 

Subject to certain conditions set forth in the
Indenture, the Issuer at any time shall be entitled to terminate some or all of
its and the Guarantors’ obligations under the Notes and the Indenture if the
Issuer deposits or causes to be deposited with the Trustee money or Government
Obligations for the payment of principal and interest on the Notes to
redemption or maturity, as the case may be.

 

13.           Amendment,
Waiver

 

Subject to certain exceptions set forth in the
Indenture, (a) the Indenture and the Notes may be amended with the written
consent of the Holders of at least a majority in principal amount outstanding
of the Notes and (b) any Default or noncompliance with any provision may
be waived with the written consent of the Holders of a majority in principal
amount outstanding of the Notes.  Subject
to certain exceptions set forth in the Indenture, without the consent of any
Holder, the Issuer, the Guarantors and the Trustee shall be entitled to amend
the Indenture or the Notes to, among other things, cure any ambiguity,
omission, defect or inconsistency or to make any change that does not
materially adversely affect the rights of any Holder.

 

11

 

14.           Defaults
and Remedies

 

If an Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the Notes may
declare all the Notes to be due and payable immediately, subject to certain
conditions set forth in the Indenture. 
Certain events of bankruptcy or insolvency are Events of Default which
shall result in the Notes being due and payable immediately upon the occurrence
of such Events of Default.

 

Holders may not enforce the Indenture or the Notes
except as provided in the Indenture.  The
Trustee may require indemnity or security reasonably satisfactory to it before
it enforces the Indenture or the Notes. 
Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from
Holders notice of any continuing Default (except a Default in payment of
principal or interest) if it determines that withholding notice is in the
interest of the Holders.

 

15.           Trustee
Dealings with the Issuer

 

Subject to certain limitations imposed by the TIA, the
Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Issuer and its Affiliates and may otherwise deal
with the Issuer and its Affiliates to the same extent as if it were not the
Trustee.

 

16.           No
Recourse Against Others

 

A director, officer, employee, stockholder or holder
of any equity interest, as such, of the Issuer, any Guarantors or the Trustee
shall not have any liability for any obligations of the Issuer or the
Guarantors under the Notes, the Guarantees or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their
creation.  By accepting a Note, each
Holder waives and releases all such liability. 
The waiver and release are part of the consideration for the issue of
the Notes.

 

17.           Authentication

 

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent) manually signs the
certificate of authentication on the other side of this Note.

 

18.           Abbreviations

 

Customary abbreviations may be used in the name of a
Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants
by the entireties), JT TEN (=joint tenants with rights of survivorship and not
as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

 

19.           CUSIP
Numbers

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures the Issuer has caused
CUSIP numbers to be printed on the 

 

12

 

Notes and has directed the Trustee to use CUSIP
numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

 

20.           Holders’
Compliance with Registration Rights Agreement

 

Each Holder of a Note, by acceptance hereof,
acknowledges and agrees to the provisions of the Registration Rights Agreement,
including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein.

 

21.           Governing
Law

 

THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

 

The Issuer shall furnish to any Holder upon written
request and without charge to the Holder a copy of the Indenture which has in
it the text of this Note.  Requests may
be made to:

 

Capmark Financial Group
Inc.

116 Welsh Road

Horsham, Pennsylvania
19044

Attention:  General Counsel

 

13

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                                           
agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for
him.

 

 

	
  Date: 

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  

 

Sign exactly as your name appears on the other side of
this Note.

 

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Note purchased by
the Issuer pursuant to Section 4.07 of the Indenture, check the box:

o

 

If you want to elect to have only part of this Note
purchased by the Issuer pursuant to Section 4.07 of the Indenture, state
the amount in principal amount that you elect to have purchased:

$                             

 

 

	
  Dated:

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (Sign exactly as your name appears on the other side

  of this Note.)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
  (Signature must
  be guaranteed)

  	
   

  
							

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of
the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

 

 

[TO BE ATTACHED TO GLOBAL
NOTES]

 

SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE

 

The following
increases or decreases in this Global Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in 

  Principal amount of this 

  Global Note

  	
   

  	
  Amount of increase in 

  Principal amount of this 

  Global Note

  	
   

  	
  Principal amount of this 

  Global Note following 

  such decrease or increase

  	
   

  	
  Signature of authorized 

  officer of Trustee or

  Notes Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT 2 to RULE
144A/REGULATION S/IAI APPENDIX

 

FORM OF CERTIFICATE OF TRANSFER

 

Capmark Financial Group
Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of: 
General Counsel

 

Deutsche Bank Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee 37211

Attention of:  Transfer Department

 

Re:  Floating
Rate Senior Notes Due 2010

 

Reference is hereby made to the Indenture, dated as of
May 10, 2007 (the “Indenture”),
among Capmark Financial Group Inc., as issuer (the “Issuer”),
the Guarantors party thereto and Deutsche Bank Trust Issuer Americas, as
trustee.  Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

 

                                          
(the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto,
in the principal amount of $                               
in such Note[s] or interests (the “Transfer”), to                                                         
(the “Transferee”), as further specified in
Annex A hereto.  In connection with the
Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  o   Check if Transferee will
take delivery of a beneficial interest in the 144A Global Note or, if available
pursuant to Section 2.4 of Appendix A to the Indenture,  a Restricted Definitive Note pursuant to Rule 144A.  The Transfer is being effected pursuant to
and in accordance with Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive
Note is being transferred to a Person that the Transferor reasonably believes
is purchasing the beneficial interest or Definitive Note for its own account,
or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A in a transaction meeting
the requirements of Rule 144A, and such Transfer is in compliance with any
applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

 

 

2.  o   Check if Transferee will
take delivery of a beneficial interest in the Regulation S Global Note or, if
available pursuant to Section 2.4 of the Indenture, a Restricted
Definitive Note pursuant to Regulation S.  The Transfer is being effected pursuant to
and in accordance with Rule 903 or Rule 904 under the Securities Act
and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a Person in the United States and (x) at the time
the buy order was originated, the Transferee was outside the United States or
such Transferor and any Person acting on its behalf reasonably believed and
believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the
United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part
of a plan or scheme to evade the registration requirements of the Securities
Act and (iv) if the proposed transfer is being made prior to the expiration
of the Restricted Period, the transfer is not being made to a U.S. Person or
for the account or benefit of a U.S. Person (other than an Initial Purchaser).
Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement
Legend printed on the Regulation S Global Note and/or the Restricted Definitive
Note and in the Indenture and the Securities Act.

 

3.  o   Check and complete if
Transferee will take delivery of a beneficial interest in the IAI Global Note
(if such Note shall have been issued by the Issuer pursuant to the Indenture)
or a Restricted Definitive Note pursuant to any provision of the Securities Act
other than Rule 144A or Regulation S.  The Transfer is being effected in compliance
with the transfer restrictions applicable to beneficial interests in Restricted
Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any
state of the United States, and accordingly the Transferor hereby further
certifies that (check one):

 

(a)           o   such Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)           o   such Transfer is being effected to the
Issuer or a subsidiary thereof;

 

or

 

(c)           o   such Transfer is being effected pursuant to
an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act;

 

or

 

(d)           o   such Transfer is being effected to an
Institutional Accredited Investor and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144,
Rule 903 or Rule 904, and the Transferor hereby 

 

 

further certifies that it
has not engaged in any general solicitation within the meaning of Regulation D
under the Securities Act and the Transfer complies with the transfer
restrictions applicable to beneficial interests in a Restricted Global Note or
Restricted Definitive Notes and the requirements of the exemption claimed,
which certification is supported by (1) a certificate executed by the
Transferee in the form of Exhibit 5 to Appendix A to the Indenture and (2) if
such Transfer is in respect of a principal amount of Notes at the time of
transfer of less than $250,000, an Opinion of Counsel provided by the
Transferor or the Transferee (a copy of which the Transferor has attached to this
certification), to the effect that such Transfer is in compliance with the
Securities Act.  Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture
and the Securities Act.

 

4.  o   Check
if Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or, if available in accordance with Section 2.4 of Appendix A
to the Indenture, an Unrestricted Definitive Note.

 

(a)  o   Check if Transfer is
pursuant to Rule 144.  (i) The
Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(b)  o   Check if Transfer is
Pursuant to Regulation S.  (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(c)  o   Check if Transfer is
Pursuant to Other Exemption.  (i) The
Transfer is being effected pursuant to and in compliance with an exemption from
the registration requirements of the Securities Act other than Rule 144, Rule 903
or Rule 904 and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any State of the
United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the 

 

 

terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Definitive Notes and in the Indenture.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer.

 

	
   

  	
   

  
	
   

  	
   

  	
  [Insert Name of
  Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated: 

  	
   

  	
   

  
				

 

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.             The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

	
  (a)

  	
  o   
  a beneficial interest in the:

  
	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  o

  	
  144A Global Note (CUSIP                        ),
  or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  o

  	
  Regulation S Global
  Note (CUSIP                        ),
  or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  o

  	
  IAI Global Note (CUSIP                        ),
  or

  
	
   

  	
   

  	
   

  	
   

  
	
  (b)

  	
  o   
  a Restricted Definitive Note.

  

 

2.             After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

	
  (a)

  	
  o     a beneficial interest in the:

  
	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  o

  	
  144A Global Note (CUSIP                        ),
  or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  o

  	
  Regulation S Global
  Note (CUSIP                        ),
  or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  o

  	
  IAI Global Note (CUSIP                        );
  or*

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (iv)

  	
  o

  	
  Unrestricted Global
  Note (CUSIP                        );
  or

  
	
   

  	
   

  	
   

  
	
  (b)

  	
  o     a Restricted Definitive Note; or*

  
	
   

  	
   

  	
   

  
	
  (c)

  	
  o     an Unrestricted Definitive Note,*

  
	
   

  	
   

  
	
  in accordance with the
  terms of the Indenture.

  

 

*Note: this form of Note shall be available only under limited
circumstances as set forth in the Indenture. 
If not available, the Transferee shall be required to accept either a
Restricted Global Note or an Unrestricted Global Note, as applicable, dependent
upon the circumstances of transfer.

 

 

EXHIBIT 3 to RULE 144A/REGULATION S/IAI APPENDIX

 

FORM OF CERTIFICATE OF EXCHANGE

 

Capmark Financial Group
Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of: 
General Counsel

 

Deutsche Bank Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee 37211

Attention of:  Transfer Department

 

Re:  Floating
Rate Senior Notes Due 2010

 

(CUSIP                 )

 

Reference is hereby made to the Indenture, dated as of
May 10, 2007 (the “Indenture”),
among Capmark Financial Group Inc., as issuer (the “Issuer”),
the Guarantors party thereto and Deutsche Bank Trust Company Americas, as
trustee.  Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

 

                                                           (the
“Owner”) owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $                         
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner
hereby certifies that:

 

1.             Exchange of Restricted
Definitive Notes or Beneficial Interests in a Restricted Global Note for
Unrestricted Definitive Notes (if available pursuant to Section 2.4 of
Appendix A of the Indenture) or Beneficial Interests in an Unrestricted Global
Note

 

(a)  o   Check if Exchange is from
beneficial interest in a Restricted Global Note to beneficial interest in an
Unrestricted Global Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an
equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the
Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

(b)  o   Check if Exchange is from
beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s

 

 

beneficial interest in a Restricted Global Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the
Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

*NOTE:  Exchange under this clause (b) is
available only under the limited circumstances set forth under Section 2.4
of Appendix A of the Indenture.  Exchange
pursuant to this clause (b) shall not be permitted if such circumstances
have not occurred.

 

(c)  o   Check if Exchange is from
Restricted Definitive Note to beneficial interest in an Unrestricted Global
Note.  In connection with the
Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in
an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

(d)  o   Check if Exchange is from
Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

*NOTE:  Exchange under this clause (d) is
available only under the limited circumstances set forth under Section 2.4
of Appendix A of the Indenture.  Exchange
pursuant to this clause (d) shall not be permitted if such circumstances
have not occurred.

 

2.             Exchange of Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes
or Beneficial Interests in Restricted Global Notes

 

(a)  o   Check if Exchange is from
beneficial interest in a Restricted Global Note to Restricted Definitive Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the
Restricted Definitive Note is being acquired for the Owner’s own account
without transfer.  Upon consummation of
the proposed Exchange in 

 

 

accordance with the terms of the Indenture, the
Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Definitive Note and in the Indenture and the Securities Act.

 

*NOTE:  Exchange under this clause (a) is
available only under the limited circumstances set forth under Section 2.4
of Appendix A of the Indenture.  Exchange
pursuant to this clause (a) shall not be permitted if such circumstances
have not occurred.

 

(b)  o   Check if Exchange is from
Restricted Definitive Note to beneficial interest in a Restricted Global Note.  In connection with the Exchange of the Owner’s
Restricted Definitive Note for a beneficial interest in the [CHECK ONE] o 144A
Global Note, o Regulation S
Global Note, o IAI Global Note
with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any
applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Insert Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated: 

  	
   

  	
   

  	
   

  
					

 

 

EXHIBIT 4 to RULE 144A/REGULATION S/IAI APPENDIX

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Capmark Financial Group
Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of: 
General Counsel

 

Deutsche Bank Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee 37211

Attention of:  Transfer Department

Re:  5.875% Senior Notes Due 2012

 

Reference is hereby made to the Indenture, dated as of
May 10, 2007 (the “Indenture”),
among Capmark Financial Group Inc., as issuer (the “Issuer”),
the guarantors party thereto and Deutsche Bank Trust Company Americas, as
trustee.  Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

 

In connection with our proposed purchase of $                             
aggregate principal amount of:

 

(a)  o   a beneficial interest in a Global Note, or

 

(b)  o   a Definitive Note,

 

we confirm that:

 

1.             We
understand that any subsequent transfer of the Notes or any interest therein is
subject to certain restrictions and conditions set forth in the Indenture and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

2.             We
understand that the offer and sale of the Notes have not been registered under
the Securities Act, and that the Notes and any interest therein may not be
offered or sold except as permitted in the following sentence.  We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should
sell the Notes or any interest therein, we will do so only (A) to the
Issuer or any subsidiary thereof, (B) in accordance with Rule 144A
under the Securities Act to a “qualified institutional buyer” (as defined
therein), (C) to an institutional “accredited investor” (as defined below)
that, prior to such transfer, furnishes (or has furnished on its behalf by a
U.S. broker-dealer) to you and to the Issuer a signed letter substantially in
the form of this letter and, if such transfer is in respect of a 

 

 

principal amount of Notes, at the time of transfer of
less than $250,000, an Opinion of Counsel in form reasonably acceptable to the
Issuer to the effect that such transfer is in compliance with the Securities
Act, (D) outside the United States in accordance with Rule 904 of
Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k)
under the Securities Act, (F) pursuant to an effective registration
statement under the Securities Act or (G) pursuant to another available
exemption from the registration requirements of the Securities Act (and based
on an Opinion of Counsel if the Issuer so requests), and we further agree to
provide to any Person purchasing the Definitive Note or beneficial interest in
a Global Note from us in a transaction meeting the requirements of clauses (A) through
(D) or (G) of this paragraph a notice advising such purchaser that
resales thereof are restricted as stated herein.

 

3.             We
understand that, on any proposed resale of the Notes or beneficial interest
therein, we will be required to furnish to you and the Issuer such
certifications, legal opinions and other information as you and the Issuer may
reasonably require to confirm that the proposed sale complies with the
foregoing restrictions.  We further
understand that the Notes purchased by us will bear a legend to the foregoing
effect.

 

4.             We
are an institutional “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and
we and any accounts for which we are acting are each able to bear the economic
risk of our or its investment.

 

5.             We
are acquiring the Notes or beneficial interest therein purchased by us for our
own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

You and the Issuer are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby.

 

	
   

  	
   

  
	
   

  	
   

  	
  [Insert Name of Accredited
  Investor]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated: 

  	
   

  	
   

  	
   

  
					

 

2

 

APPENDIX B

[FORM OF
SUPPLEMENTAL INDENTURE TO BE

DELIVERED FOR FUTURE GUARANTORS]

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),
dated as of [ ] among [ ] (the “Additional Subsidiary Guarantor”), a [ ]
[corporation][limited liability company][limited partnership][other] and a
[direct] [indirect] subsidiary of Capmark Financial Group Inc., a Nevada
corporation (the “Issuer”), and Deutsche Bank Trust Company Americas, as
Trustee under the Indenture (the “Trustee”).

 

WITNESSETH:

 

WHEREAS the Issuer and the Subsidiary Guarantors have
heretofore executed and delivered to the Trustee an Indenture (the “Indenture”),
dated as of May 10, 2007, providing for the issuance of Floating Rate
Senior Notes Due 2010 (the “Notes”);

 

WHEREAS, Section 4.03 and Section 10.06 of
the Indenture provide that under certain circumstances the Issuer shall cause
the Additional Subsidiary Guarantor to execute and deliver to the Trustee a
guaranty agreement pursuant to which the Additional Subsidiary Guarantor shall
Guarantee payment of the Notes on the same terms and conditions as those set
forth in Article 10 of the Indenture; and

 

WHEREAS, pursuant to Section 9.01(iv) of the
Indenture, the Trustee and the Issuer are authorized to execute and deliver
this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing and
for good and valuable consideration, the receipt of which is hereby
acknowledged, the Issuer, the Additional Subsidiary Guarantor and the Trustee
mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows:

 

SECTION 1. 
Capitalized Terms. 
Capitalized terms used herein but not defined shall have the meanings
assigned to them in the Indenture.

 

SECTION 2. 
Guarantees.  The Additional
Subsidiary Guarantor hereby agrees, jointly and severally with all other
Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms
and subject to the conditions set forth in Article 10 of the Indenture and
to be bound by all other applicable provisions of the Indenture.

 

SECTION 3. 
Ratification of Indenture; Supplemental Indentures Part of
Indenture.  Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and
effect.  This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby.

 

SECTION 4. 
Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

3

 

SECTION 5. 
Trustee Makes No Representation. 
The Trustee makes no representation as to the validity or sufficiency of
this Supplemental Indenture.

 

SECTION 6. 
Counterparts.  The parties may
sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but
all of them together represent the same agreement.

 

SECTION 7. 
Effect of Headings.  The Section headings
herein are for convenience only and shall not affect the construction of this
Supplemental Indenture.

 

4

 

IN WITNESS WHEREOF, the parties have caused this
Supplemental Indenture to be duly executed as of the date first written above.

 

	
   

  	
  CAPMARK FINANCIAL
  GROUP INC., 

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [ADDITIONAL
  SUBSIDIARY GUARANTOR], 

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK
  TRUST COMPANY 

  AMERICAS,

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

5Exhibit 4.2

 

EXECUTION COPY

 

 

 

 

CAPMARK FINANCIAL GROUP INC.

 

as Issuer

 

the GUARANTORS named herein

 

5.875% SENIOR NOTES DUE 2012

 

 

INDENTURE

 

Dated as of May 10, 2007

 

 

DEUTSCHE BANK TRUST COMPANY
AMERICAS,

 

as Trustee

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS
  AND INCORPORATION BY REFERENCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01. Definitions

  	
   

  	
  1

  
	
  SECTION 1.02. Other Definitions

  	
   

  	
  9

  
	
  SECTION 1.03. Incorporation by
  Reference of TIA

  	
   

  	
  10

  
	
  SECTION 1.04. Rules of
  Construction

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01. Amount of Notes

  	
   

  	
  11

  
	
  SECTION 2.02. Form and Dating

  	
   

  	
  11

  
	
  SECTION 2.03. Execution and
  Authentication

  	
   

  	
  11

  
	
  SECTION 2.04. Registrar and Paying
  Agent

  	
   

  	
  12

  
	
  SECTION 2.05. Paying Agent to Hold
  Money in Trust

  	
   

  	
  13

  
	
  SECTION 2.06. Holder Lists

  	
   

  	
  13

  
	
  SECTION 2.07. Transfer and Exchange

  	
   

  	
  13

  
	
  SECTION 2.08. Replacement Notes

  	
   

  	
  14

  
	
  SECTION 2.09. Outstanding Notes

  	
   

  	
  14

  
	
  SECTION 2.10. Temporary Notes

  	
   

  	
  15

  
	
  SECTION 2.11. Cancellation

  	
   

  	
  15

  
	
  SECTION 2.12. Defaulted Interest

  	
   

  	
  15

  
	
  SECTION 2.13. CUSIP Numbers, ISINs,
  etc.

  	
   

  	
  15

  
	
  SECTION 2.14. Calculation of Principal
  Amount of Notes

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  REDEMPTION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01. Redemption

  	
   

  	
  16

  
	
  SECTION 3.02. Applicability of Article

  	
   

  	
  16

  
	
  SECTION 3.03. Notices to Trustee

  	
   

  	
  16

  
	
  SECTION 3.04. Selection of Notes to Be
  Redeemed

  	
   

  	
  16

  
	
  SECTION 3.05. Notice of Optional
  Redemption

  	
   

  	
  17

  
	
  SECTION 3.06. Effect of Notice of
  Redemption

  	
   

  	
  17

  
	
  SECTION 3.07. Deposit of Redemption
  Price

  	
   

  	
  18

  
	
  SECTION 3.08. Notes Redeemed in Part

  	
   

  	
  18

  

 

i

 

	
  ARTICLE 4

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01. Payment of Notes

  	
   

  	
  18

  
	
  SECTION 4.02. Reports and Other
  Information

  	
   

  	
  18

  
	
  SECTION 4.03. Future Guarantors

  	
   

  	
  19

  
	
  SECTION 4.04. Limitation on Liens

  	
   

  	
  20

  
	
  SECTION 4.05. Maintenance of Office or
  Agency

  	
   

  	
  21

  
	
  SECTION 4.06. Compliance Certificate

  	
   

  	
  21

  
	
  SECTION 4.07. Offer to Repurchase Upon
  Change of Control Triggering Event

  	
   

  	
  21

  
	
  SECTION 4.08. Maintenance of Corporate
  Existence

  	
   

  	
  23

  
	
  SECTION 4.09. Notice of Additional
  Interest, Interest Adjustments and Registered Exchange Offer

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CONSOLIDATION,
  MERGER, SALE OR CONVEYANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01. Consolidation, Merger,
  Sale or Conveyance

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFAULTS AND
  REMEDIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01. Events of Default

  	
   

  	
  25

  
	
  SECTION 6.02. Acceleration

  	
   

  	
  27

  
	
  SECTION 6.03. Other Remedies

  	
   

  	
  27

  
	
  SECTION 6.04. Waiver of Past Defaults

  	
   

  	
  27

  
	
  SECTION 6.05. Control by Majority

  	
   

  	
  28

  
	
  SECTION 6.06. Limitation on Suits

  	
   

  	
  28

  
	
  SECTION 6.07. Rights of the Holders to
  Receive Payment

  	
   

  	
  28

  
	
  SECTION 6.08. Collection Suit by
  Trustee

  	
   

  	
  29

  
	
  SECTION 6.09. Trustee May File
  Proofs of Claim

  	
   

  	
  29

  
	
  SECTION 6.10. Priorities

  	
   

  	
  29

  
	
  SECTION 6.11. Undertaking for Costs

  	
   

  	
  29

  
	
  SECTION 6.12. Waiver of Stay or
  Extension Laws

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TRUSTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.01. Duties of Trustee

  	
   

  	
  30

  
	
  SECTION 7.02. Rights of Trustee

  	
   

  	
  31

  

 

ii

 

	
  SECTION 7.03. Individual Rights of
  Trustee

  	
   

  	
  32

  
	
  SECTION 7.04. Trustee’s Disclaimer

  	
   

  	
  32

  
	
  SECTION 7.05. Notice of Defaults

  	
   

  	
  32

  
	
  SECTION 7.06. Reports by Trustee to
  the Holders

  	
   

  	
  33

  
	
  SECTION 7.07. Compensation and
  Indemnity

  	
   

  	
  33

  
	
  SECTION 7.08. Replacement of Trustee

  	
   

  	
  34

  
	
  SECTION 7.09. Successor Trustee by
  Merger

  	
   

  	
  35

  
	
  SECTION 7.10. Eligibility;
  Disqualification

  	
   

  	
  35

  
	
  SECTION 7.11. Preferential Collection
  of Claims Against Issuer

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DISCHARGE OF
  INDENTURE; DEFEASANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.01. Discharge of Liability
  on Notes; Defeasance

  	
   

  	
  35

  
	
  SECTION 8.02. Conditions to Defeasance

  	
   

  	
  37

  
	
  SECTION 8.03. Application of Trust
  Money

  	
   

  	
  38

  
	
  SECTION 8.04. Repayment to the Issuer

  	
   

  	
  38

  
	
  SECTION 8.05. Indemnity for Government
  Obligations

  	
   

  	
  38

  
	
  SECTION 8.06. Reinstatement

  	
   

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AMENDMENTS
  AND WAIVERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01. Without Consent of the
  Holders

  	
   

  	
  39

  
	
  SECTION 9.02. With Consent of the
  Holders

  	
   

  	
  40

  
	
  SECTION 9.03. Compliance with Trust
  Indenture Act

  	
   

  	
  41

  
	
  SECTION 9.04. Revocation and Effect of
  Consents and Waivers

  	
   

  	
  41

  
	
  SECTION 9.05. Notation on or Exchange
  of Notes

  	
   

  	
  41

  
	
  SECTION 9.06. Trustee to Sign
  Amendments

  	
   

  	
  41

  
	
  SECTION 9.07. Payment for Consent

  	
   

  	
  42

  
	
  SECTION 9.08. Additional Voting Terms;
  Calculation of Principal Amount

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GUARANTEES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.01. Guarantees

  	
   

  	
  42

  
	
  SECTION 10.02. Limitation on
  Liability; Release

  	
   

  	
  44

  
	
  SECTION 10.03. Successors and Assigns

  	
   

  	
  45

  
	
  SECTION 10.04. No Waiver

  	
   

  	
  45

  
	
  SECTION 10.05. Modification

  	
   

  	
  45

  
	
  SECTION 10.06. Execution of
  Supplemental Indenture for Future Guarantors

  	
   

  	
  45

  
	
  SECTION 10.07. Subrogation

  	
   

  	
  45

  
	
  SECTION 10.08. Benefits Acknowledged

  	
   

  	
  46

  
	
  SECTION 10.09. Indemnification of
  Judgment Currency

  	
   

  	
  46

  

 

iii

 

	
  ARTICLE 11

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.01. TIA Controls

  	
   

  	
  46

  
	
  SECTION 11.02. Notices

  	
   

  	
  46

  
	
  SECTION 11.03. Communication by the
  Holders with Other Holders

  	
   

  	
  47

  
	
  SECTION 11.04. Certificate and Opinion
  as to Conditions Precedent

  	
   

  	
  47

  
	
  SECTION 11.05. Statements Required in
  Certificate or Opinion

  	
   

  	
  48

  
	
  SECTION 11.06. When Notes Disregarded

  	
   

  	
  48

  
	
  SECTION 11.07. Rules by Trustee,
  Paying Agent and Registrar

  	
   

  	
  48

  
	
  SECTION 11.08. Legal Holidays

  	
   

  	
  48

  
	
  SECTION 11.09.  Governing Law

  	
   

  	
  48

  
	
  SECTION 11.10. No Recourse Against
  Others

  	
   

  	
  48

  
	
  SECTION 11.11. Successors

  	
   

  	
  49

  
	
  SECTION 11.12. Multiple Originals

  	
   

  	
  49

  
	
  SECTION 11.13. Table of Contents;
  Headings

  	
   

  	
  49

  
	
  SECTION 11.14. Indenture Controls

  	
   

  	
  49

  
	
  SECTION 11.15. Severability

  	
   

  	
  49

  
	
  SECTION 11.16. USA Patriot Act

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  Appendix A – Rule 144A/Regulation
  S/IAI Appendix

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Exhibit 1-A – Form of
  Rule 144A/Regulation S/IAI Initial and Additional Notes

  	
   

  	
   

  
	
   

  	
  Exhibit 1-B – Form of Exchange
  Note or Private Exchange Note

  	
   

  	
   

  
	
   

  	
  Exhibit 2 – Form of Certificate
  of Transfer

  	
   

  	
   

  
	
   

  	
  Exhibit 3 – Form of Certificate
  of Exchange

  	
   

  	
   

  
	
   

  	
  Exhibit 4 – Form of Certificate
  from Acquiring Institutional Accredited Investor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Appendix B – Form of Supplemental
  Indenture for Future Guarantors

  	
   

  	
   

  

 

iv

 

CROSS-REFERENCE
TABLE

 

	
  TIA

  	
   

  	
  Indenture

  
	
  Section

  	
   

  	
  Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  7.08; 7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.06

  
	
   

  	
  (b)

  	
   

  	
  11.03

  
	
   

  	
  (c)

  	
   

  	
  11.03

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06

  
	
   

  	
  (c)

  	
   

  	
  7.06

  
	
   

  	
  (d)

  	
   

  	
  7.06

  
	
  314

  	
  (a)

  	
   

  	
  4.02

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(1)

  	
   

  	
  11.04

  
	
   

  	
  (c)(2)

  	
   

  	
  11.04

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  11.05

  
	
   

  	
  (f)

  	
   

  	
  4.07

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
  (b)

  	
   

  	
  7.05

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a) (last
  sentence )

  	
   

  	
  11.06

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  6.07

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.05

  
	
  318

  	
  (a)

  	
   

  	
  11.01

  

 

N.A.  means Not Applicable.

Note:  This Cross-Reference Table
shall not, for any purposes, be deemed to be part of this Indenture.

 

v

 

INDENTURE dated as of May 10, 2007 among
Capmark Financial Group Inc., a Nevada corporation (the “Issuer”), the
Guarantors (as defined herein) and Deutsche Bank Trust Company Americas, a New
York banking corporation, as trustee (the “Trustee”).

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders of
Notes issued under this Indenture.

 

ARTICLE 1

 

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

SECTION 1.01.                 Definitions.

 

“Additional Interest” means all additional
interest owing on the Notes pursuant to the Registration Rights Agreement.

 

“Additional Notes” means the 5.875% Senior
Notes due 2012 issued by the Issuer from time to time after the Issue Date.

 

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

 

“Below Investment Grade Rating Event” means the
Notes are rated below an Investment Grade Rating by each of the Rating Agencies
on any date from the date of the public notice of an arrangement that could
result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of the Change of Control (which 60-day period
shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by any of the Rating Agencies).

 

“Board of Directors” means as to any Person,
the board of directors or managers, as applicable, of such Person (or, if such
Person is a partnership, the board of directors or other governing body of the
general partner of such Person) or any duly authorized committee thereof.

 

“Bridge Loan” means that certain Bridge Loan
Agreement, dated as of March 23, 2006, among the Issuer, the several
lenders from time to time party thereto, Citicorp North America, Inc., as
administrative agent, J.P. Morgan Securities Inc., as syndication agent, Credit
Suisse, Deutsche Bank Securities Inc., Goldman Sachs Credit Partners, L.P. and
The Royal Bank of Scotland plc, as documentation agents, and Citigroup Global
Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs
Credit Partners, L.P., J.P. Morgan Securities Inc. and The Royal Bank of
Scotland plc, as joint lead arrangers and joint bookrunners, as amended,
restated, supplemented or otherwise modified from time to time.

 

“Business Day” means a day other than a
Saturday, Sunday or other day on which banking institutions are authorized or
required by law to close in New York City.

 

 

“Capital Stock”
means:

 

(1)                                  with
respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not
voting) or corporate stock, including each class of Common Stock and Preferred
Stock of such Person; and

 

(2)                                  with
respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person.

 

“Cash Equivalents” means:

 

(1)                                  securities
issued or directly and fully guaranteed or insured by the United  States or any
agency or instrumentality thereof and having maturities of not more than 12  months
after the date of acquisition;

 

(2)                                  time
deposits or certificates of deposit of any bank of recognized standing having
capital and surplus in excess of $100 million or whose commercial paper rating
is at least A-1 from S&P or P-1 from Moody’s and having maturities of not
more than 12 months of acquisition;

 

(3)                                  commercial
paper rated at least A-1 by Moody’s or P-1 by S&P and  having
maturities of not more than 12 months after acquisition;

 

(4)                                  direct
obligations (or certificates representing an ownership interest in           such obligations) of any state of the United
States (including any agency or  instrumentality thereof) the
long-term debt of which is rated A-3 or higher by Moody’s or  A- or higher
by S&P (or rated the equivalent by at least one nationally recognized  statistical
rating organization) and having maturities of not more than 12 months after  acquisition;
and

 

(5)                                  in
the case of any foreign Subsidiary of the Issuer, investments (A) in
direct obligations of the sovereign nation (or any agency or instrumentality
thereof) in which such Subsidiary is organized or is conducting a substantial
amount of business or in obligations fully and unconditionally guaranteed by
such sovereign nation (or agency or instrumentality) or (B) of the type
and maturity described in clause (1) through (4) above of foreign
obligors, which investments or obligors (or their parents) have ratings
equivalent to those described above (which may be equivalent ratings from
foreign rating agencies).

 

“Change of
Control” means the occurrence of one or more of the following events:

 

(1)                                  any
sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all or substantially all of the assets of the Issuer
to any Person or group of related Persons for purposes of Section 13(d) of
the Exchange Act (a “Group”), together with any Affiliates thereof (whether or
not otherwise in compliance with the 

 

2

 

provisions of this Indenture), other than any
Person or Group that is controlled by Kohlberg Kravis Roberts & Co.
L.P.;

 

(2)                                  the
approval by the holders of Capital Stock of the Issuer of any plan or proposal
for the liquidation or dissolution of the Issuer (whether or not in compliance
with the provisions of this Indenture);

 

(3)                                  any
Person or Group, other than any Person or Group that is controlled by Kohlberg
Kravis Roberts & Co. L.P., shall become the owner, directly or
indirectly, beneficially or of record, of shares representing more than 50% of
the aggregate ordinary voting power represented by the issued and outstanding
Capital Stock of the Issuer; or

 

(4)                                  the
replacement of a majority of the Board of Directors of the Issuer over a
two-year period from the directors who constituted the Board of Directors of
the Issuer at the beginning of such period, and such replacement shall not have
been approved by a vote of a least a majority of the Board of Directors of the
Issuer then still in office who either were members of such Board of Directors
at the beginning of such period or whose election as a member of such Board of
Directors was previously so approved.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and
a Below Investment Grade Rating Event.

 

“Code” means the Internal Revenue Code of
1986, as amended.

 

“Commission” means the Securities and
Exchange Commission, as from time to time constituted, created under the
Exchange Act, or, if at any time after the execution of this Indenture such
Commission is not existing and performing the duties now assigned to it under
the TIA, then the body performing such duties at such time.

 

“Common Stock” of any Person means any and
all shares, interests or other participations in, and other equivalents
(however designated and whether voting or non-voting) of such Person’s common
stock, and includes, without limitation, all series and classes of such common
stock.

 

“Consolidated Net Tangible Assets” means, as
of any determination date, the total of all the assets appearing on the most
recent consolidated balance sheet of the Issuer delivered to the Trustee or
filed with the Commission pursuant to this Indenture less the following:  (i) current liabilities, other than (A) bank-issued
certificates of deposit, (B) the amount of current liabilities which by
their terms are either (1) automatically extendable or renewable or (2) renewable
at the option of the obligor to a date that is no less than 363 days following
such determination date and (C) intercompany obligations among the Issuer
and any of its Subsidiaries or among its Subsidiaries, (ii) reserves for
depreciation and other asset valuation reserves, (iii) intangible assets
such as goodwill, trademarks, trade names, patents and unamortized debt
discount and expenses carried as an asset on such balance sheet and (iv) appropriate
adjustments on account of minority interests of other Persons.

 

“Credit Agreement” means (i) the
Existing Credit Agreement and (ii) any successor credit agreement to the
Existing Credit Agreement or to any such successor credit 

 

3

 

agreement, including any related notes, guarantees, instruments and
agreements executed in connection therewith, that has terms and characteristics
that are substantially similar to the Existing Credit Agreement and is entered
into by the Issuer, as borrower, with a syndicate of two or more banks to
renew, refund, replace, refinance or extend the Existing Credit Agreement or
any such successor credit agreement, as amended, restated, supplemented or
otherwise modified from time to time. 
For the avoidance of doubt, the term “Credit Agreement” does not include
the Bridge Loan.

 

“Default” means any event that is, or after
the giving of notice or the passage of time or both would be, an Event of
Default.

 

“Domestic Subsidiary” means any Subsidiary of
the Issuer that is organized under the laws of the United States or any state
thereof or the District of Columbia.

 

“Equity Interests” means Capital Stock and
all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital
Stock).

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder.

 

“Exchange Notes” means the debt securities of
the Issuer issued pursuant to this Indenture in exchange for, and in an
aggregate principal amount equal to, the Initial Notes and the Additional
Notes, if applicable, in compliance with the terms of the Registration Rights
Agreement and includes any Private Exchange Notes.

 

“Existing Credit Agreement” means that
certain Credit Agreement, dated as of March 23, 2006, among the Issuer,
the designated borrowers named therein, the several lenders from time to time
party thereto, Citibank, N.A., as administrative agent, J.P. Morgan Securities
Inc., as syndication agent, Credit Suisse, Deutsche Bank Securities Inc.,
Goldman Sachs Credit Partners, L.P., and The Royal Bank of Scotland plc, as
documentation agents, and Citigroup Global Markets Inc., Credit Suisse,
Deutsche Bank Securities Inc., Goldman Sachs Credit Partners, L.P., J.P. Morgan
Securities Inc. and The Royal Bank of Scotland plc, as joint lead arrangers and
joint bookrunners, including any related notes, guarantees, instruments and
agreements executed in connection therewith, as amended, restated, supplemented
or otherwise modified from time to time.

 

“Fitch” means Fitch Ratings Inc. or any
successor to the rating agency business thereof.

 

“Foreign Initial Guarantor” means Crystal
Ball Holding of Bermuda Limited.

 

“Foreign Subsidiary” means any Subsidiary of
the Issuer that is not organized under the laws of the United States or any
state thereof or the District of Columbia.

 

“GAAP” means generally accepted accounting
principles in the United States as applied by the Issuer in the preparation of
its consolidated financial statements delivered to the Trustee or filed with
the Commission in accordance with the provisions of this Indenture; 

 

4

 

provided, however, that for purposes of Section 4.04, GAAP shall
mean generally accepted accounting principles in effect on the Issue Date and
without giving effect to any changes thereto or the interpretation or
application of SFAS 140 or FIN 66(R) after such date in the preparation of the
foregoing financial statements.

 

“Government Obligations” means securities
that are:

 

(1)                                  direct obligations of
the United States of America for the timely payment of which its full faith and
credit is pledged; or

 

(2)                                  obligations of a
Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America,

 

which, in either case, are not callable or redeemable at the option of
the issuers thereof, and shall also include a depository receipt issued by a
bank (as defined in Section 3(a)(2) of the Securities Act), as
custodian with respect to any such Government Obligations or a specific payment
of principal of or interest on any such Government Obligations held by such
custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Government Obligations
or the specific payment of principal or interest on the Government Obligations
evidenced by such depository receipt.

 

“Guarantee” means, as to any Person, any
financial obligation, contingent or otherwise, of such Person directly or
indirectly guaranteeing any Indebtedness of any other Person or in any manner
providing for the payment of Indebtedness of any other Person; provided,
however, that the term “Guarantee” shall not include endorsements for
collection or deposit in the ordinary course of business.  The term “Guarantee” used as a verb has a
corresponding meaning.  The term “Guarantee”
shall not apply to a guarantee of intercompany indebtedness among the Issuer
and its Subsidiaries or among its Subsidiaries. 
The value of any Guarantee of any Person will be deemed to be the
carrying value of such Guarantee, with such carrying value being determined in
a manner consistent with the carrying value of Guarantees as reflected in the
financial statements of the Issuer most recently delivered to the Trustee or
filed with the Commission in accordance with this Indenture.

 

“Guarantor” means each Initial Guarantor and
any Domestic Subsidiary that becomes a New Guarantor in accordance with the
provisions of Section 4.03 herein; provided that a Person released from
its guarantee obligations as described in Section 10.02(b) shall not
be deemed a Guarantor.

 

“Holder” or “Noteholder” means the Person in
whose name a Note is registered on the registrar’s books.

 

“Indebtedness” means, with respect to any
Person at a particular time, without duplication, all of the following, whether
or not included as indebtedness or liabilities in accordance with GAAP (but
excluding any such items to the extent accounted for under 

 

5

 

Accounting Research Bulletin No. 51, “Consolidated Financial
Statements”, SFAS 66 or FIN 46(R) in each case in relation to the Issuer’s
affordable tax credit syndication business):

 

(a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds,
debentures, notes, loan agreements, convertible securities (to the extent that
such convertible securities have put provisions that are exercisable during the
period the Notes are outstanding) or other similar instruments;

 

(b) all direct or contingent obligations
of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties and surety bonds;

 

(c) capitalized leases; and

 

(d) all Guarantees of such Person in
respect of any of the foregoing.  For the
purposes of determining any particular amount of Indebtedness under this
definition, Guarantees of Indebtedness (or obligations with respect to letters
of credit) otherwise included in the determination of such amount shall not be
included.

 

For the avoidance of doubt, any obligation
that is non-recourse to any such Person other than to specified assets of such
Person shall not be deemed Indebtedness of such Person under this definition.

 

“Indenture” means this Indenture as amended
or supplemented from time to time by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all
purposes of this Indenture and any such supplemental indenture, the provisions
of the TIA that are deemed to be part of and govern this instrument and any
such supplemental indenture, respectively.

 

“Initial Guarantors” means Capmark Capital
Inc., Capmark Finance Inc., Capmark Investments LP, Commercial Equity
Investments, Inc., Mortgage Investments, LLC, Net Lease Acquisition LLC,
SJM Cap, LLC and Crystal Ball Holding of Bermuda Limited.

 

“Initial Notes” means the 5.875% Senior Notes
due 2012 issued by the Issuer on the Issue Date.

 

“Issue Date” means May 10, 2007.

 

“Investment Grade Rating” means a rating
equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P.

 

“Lien” means any mortgage, pledge, lien,
security interest, encumbrance, lien or charge of any kind.

 

“Moody’s” means Moody’s Investors Service, Inc.
or any successor to the rating agency business thereof.

 

6

 

“Notes” means the Initial Notes and any
Additional Notes and Exchange Notes issued pursuant to this Indenture, in each
case, in the forms set forth in Appendix A.

 

“Officer” means the Chairman of the Board,
Chief Executive Officer, Chief Financial Officer, President, any Executive Vice
President, Senior Vice President or Vice President, the Treasurer or the
Secretary of the Issuer or any of the Issuer’s Subsidiaries.

 

“Officers’ Certificate” means a certificate
signed on behalf of the Issuer, or, in the case of Section 5.01(b), a
Guarantor as provided herein by two Officers of the Issuer or, in the case of Section 5.01(b),
such Guarantor, as the case may be, one of whom, in the case of the Issuer
only, must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Issuer that meets the
requirements set forth in this Indenture.

 

“Opinion of Counsel” means a written opinion
in such form, and from legal counsel who is, reasonably acceptable to the
Trustee.  The counsel may be an employee
of or counsel to the Issuer or the Trustee.

 

“Permitted Receivables Financing” means a
limited recourse sale or financing of any real estate receivables and mortgage
notes and related security by the Issuer or any of its Subsidiaries in
connection with the sale, securitization or syndication of those receivables,
notes and security (including planned future sales, securitizations and
financings), which sale, securitization or syndication is with recourse only to
the extent usual and customary in asset securitization transactions for
companies with credit characteristics similar to those of the Issuer or its
relevant Subsidiaries.

 

“Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other
entity.

 

“Preferred Stock” of any Person means any
Capital Stock of such Person that has preferential rights to any other Capital
Stock of such Person with respect to dividends or redemptions or upon
liquidation.

 

“Rating Agencies” means (1) each of
Moody’s, S&P and Fitch and (2) if any of Moody’s, S&P or Fitch
ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Issuer’s control, a “nationally recognized
statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act, selected by the Issuer (as certified by a resolution of the Board
of Directors of the Issuer) as a replacement agency for Moody’s, S&P or
Fitch, or all of them, as the case may be.

 

“S&P” means Standard & Poor’s
Ratings Group or any successor to the rating agency business thereof.

 

“Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations of the Commission
promulgated thereunder.

 

7

 

“Significant Subsidiary” means a Subsidiary
of the Issuer which would be a “significant subsidiary” within the meaning of Rule 1-02
under Regulation S-X promulgated by the Commission as in effect on the date of
this Indenture, assuming the Issuer were the registrant referred to in such
definition.

 

“Specified Asset Categories” means,
collectively, all (a) cash and Cash Equivalents; (b) mortgage loan
interests and securities that are not owned by any Specified Subsidiaries of
the Issuer and are either (i) direct obligations of a government-sponsored
enterprise or the United States government or any of its agencies and backed by
the full faith and credit of the United States, (ii) obligations that a
government-sponsored enterprise or the United States government or any of its
agencies and backed by the full faith and credit of the United States has
guaranteed or committed to purchase or (iii) rated at least A- by S&P,
A3 by Moody’s or A- by Fitch; and (c) mortgage loan interests that are not
owned by any Specified Subsidiaries of the Issuer and either (i) have a
debt coverage ratio (as determined in accordance with the credit rating
standards of the Issuer) of at least 1.20 to 1.00 and loan to value ratio (as
determined in accordance with the underwriting standards of the Issuer) of not
greater than 80% and/or (ii) are loan interests that have been targeted
for, or are the subject of, a sale, securitization or syndication transaction
which has previously closed or which is scheduled for execution within 180
days.

 

“Specified Subsidiaries” means, collectively,
Capmark Bank, Escrow Bank USA, Capmark Bank Europe p.l.c. and any Subsidiary of
any of the foregoing.

 

“Stated Maturity” means, with respect to any
Note, the date specified in such Note as the fixed date on which the final
payment of principal of such security is due and payable (but excluding any
repurchase date at the option of the Holder thereof upon the happening of any
contingency beyond the control of the issuer unless such contingency has
occurred).

 

“Subsidiary” means, as to any Person, any
corporation, limited liability company, partnership or other business entity of
which such Person owns or controls (either directly or through one or more
other Subsidiaries) more than 50% of the issued share capital or other
ownership interests, in each case, having ordinary voting power (and not merely
voting power exercisable upon a contingency) to elect or appoint a majority of
the directors, managers or trustees of such corporation, limited liability
company, partnership or other business entity (irrespective of whether or not
Capital Stock or other ownership interests of any other class or classes of
such corporation, limited liability company, partnership or other business
entity shall or might have voting power upon the occurrence of any
contingency).

 

“TIA” means the Trust Indenture Act of 1939
(15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture
(or to the extent applicable to any supplemental indenture to this Indenture,
as in effect on the date of such supplemental indenture).

 

“Trust Officer” means, when used with respect
to the Trustee, any managing director, director, vice president, assistant vice
president, associate or any other officer within the corporate trust department
of the Trustee customarily performing functions similar to those performed by
any of the above designated officers, and shall also mean, with respect to a 

 

8

 

particular corporate trust matter, any officer to whom such matter is
referred because of such Person’s knowledge of and familiarity with the
particular subject.

 

“Trustee” means the respective party named as
such in this Indenture until a successor replaces it and, thereafter, means the
successor.

 

“wholly-owned Subsidiary” of any Person means
a Subsidiary of such Person 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares or shares
or interests required to be held by foreign nationals) shall at the time be
owned by such Person or by one or more wholly-owned Subsidiaries of such Person
and one or more wholly-owned Subsidiaries of such Person.

 

SECTION 1.02.                 Other
Definitions.

 

	
  Term

  	
   

  	
  Defined in

  Section

  	
   

  
	
  “Bankruptcy Law”

  	
   

  	
  6.01

  	
   

  
	
  “Clearstream”

  	
   

  	
  Appendix A

  	
   

  
	
  “Change of Control Date”

  	
   

  	
  4.07(a)

  	
   

  
	
  “Change of Control Offer”

  	
   

  	
  4.07(a)

  	
   

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.07(a)

  	
   

  
	
  “Change of Control Purchase Date”

  	
   

  	
  4.07(a)

  	
   

  
	
  “Change of Control Purchase Price”

  	
   

  	
  4.07(a)

  	
   

  
	
  “covenant defeasance option”

  	
   

  	
  8.01(b)

  	
   

  
	
  “Custodian”

  	
   

  	
  6.01

  	
   

  
	
  “Definitive Note”

  	
   

  	
  Appendix A

  	
   

  
	
  “Depository”

  	
   

  	
  Appendix A

  	
   

  
	
  “Euroclear”

  	
   

  	
  Appendix A

  	
   

  
	
  “Event of Default”

  	
   

  	
  6.01

  	
   

  
	
  “Exchange Offer Registration Statement”

  	
   

  	
  Appendix A

  	
   

  
	
  “Global Notes”

  	
   

  	
  Appendix A

  	
   

  
	
  “Guaranteed Obligations”

  	
   

  	
  10.01(a)

  	
   

  
	
  “incorporated provision”

  	
   

  	
  11.01

  	
   

  
	
  “Initial Purchasers”

  	
   

  	
  Appendix A

  	
   

  
	
  “Judgment Currency”

  	
   

  	
  10.09

  	
   

  
	
  “legal defeasance option”

  	
   

  	
  8.01(b)

  	
   

  
	
  “Notes Custodian”

  	
   

  	
  Appendix A

  	
   

  
	
  “Paying Agent”

  	
   

  	
  2.04(a)

  	
   

  
	
  “Private Exchange”

  	
   

  	
  Appendix A

  	
   

  
	
  “Private Exchange Notes”

  	
   

  	
  Appendix A

  	
   

  
	
  “Private Placement Legend”

  	
   

  	
  Appendix A

  	
   

  
	
  “protected purchaser”

  	
   

  	
  2.08(a)

  	
   

  
	
  “Purchase Agreement”

  	
   

  	
  Appendix A

  	
   

  
	
  “QIB”

  	
   

  	
  Appendix A

  	
   

  
	
  ‘Rates of Exchange”

  	
   

  	
  11.16(b)

  	
   

  
	
  “Registered Exchange Offer”

  	
   

  	
  Appendix A

  	
   

  
	
  “Registrar”

  	
   

  	
  2.04(a)

  	
   

  

 

9

 

	
  “Registration Rights Agreement”

  	
   

  	
  Appendix A

  	
   

  
	
  “Regulation S”

  	
   

  	
  Appendix A

  	
   

  
	
  “Regulation S Global Note”

  	
   

  	
  Appendix A

  	
   

  
	
  “Restricted Definitive Note”

  	
   

  	
  Appendix A

  	
   

  
	
  “Restricted Global Note”

  	
   

  	
  Appendix A

  	
   

  
	
  “Rule 144A”

  	
   

  	
  Appendix A

  	
   

  
	
  “Rule 144A Global Note”

  	
   

  	
  Appendix A

  	
   

  
	
  “Shelf Registration Statement”

  	
   

  	
  Appendix A

  	
   

  
	
  “Successor Issuer”

  	
   

  	
  5.01 (a)

  	
   

  
	
  “Successor Guarantor”

  	
   

  	
  5.01(b)

  	
   

  
	
  “Transfer Restricted Notes”

  	
   

  	
  Appendix A

  	
   

  
	
  “Unrestricted Definitive Notes”

  	
   

  	
  Appendix A

  	
   

  
	
  “Unrestricted Global Notes”

  	
   

  	
  Appendix A

  	
   

  

 

SECTION 1.03.                 Incorporation
by Reference of TIA.  This Indenture
incorporates by reference certain provisions of the TIA.  The following TIA terms have the following
meanings:

 

“indenture securities” means the Notes and
the Guarantees.

 

“indenture security holder” means a Holder.

 

“indenture to be qualified” means this
Indenture.

 

“indenture trustee” or “institutional trustee”
means the Trustee.

 

“obligor” on the indenture securities means
the Issuer, the Guarantors and any other obligor on the Notes.

 

All other TIA terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or
defined by the rules of the Commission have the meanings assigned to them
by such definitions.

 

SECTION 1.04.                 Rules of
Construction.  Unless the context
otherwise requires:

 

(a)                                  a term has the
meaning assigned to it;

 

(b)                                 an accounting term not
otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)                                  “or” is not
exclusive;

 

(d)                                 “including” means
including without limitation;

 

(e)                                  words in the singular
include the plural and words in the plural include the singular;

 

10

 

(f)                                    the principal
amount of any discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the Issuer dated such date
prepared in accordance with GAAP; and

 

(g)                                 unless the context
requires otherwise, any reference to an “Article,” “Section” or “clause” refers
to an Article, Section or clause of this Indenture; and, whenever in this
Indenture there is mentioned, in any context, principal, interest or any other
amount payable under or with respect to any Notes, such mention shall be deemed
to include mention of the payment of Additional Interest, to the extent that,
in such context, Additional Interest is, was, or would be payable in respect
thereof.

 

ARTICLE 2

 

THE NOTES

 

SECTION 2.01.                 Amount of
Notes.  The aggregate principal
amount of Notes which may be authenticated and delivered under this Indenture
on the Issue Date is $1,200,000,000.  The
Issuer may issue Additional Notes from time to time after the Issue Date
without notice or the consent of Holders. 
The Initial Notes, any Exchange Notes and any Additional Notes
subsequently issued under this Indenture will be treated as a single class for
all purposes hereunder, including, without limitation, waivers, amendments,
redemptions and offers to purchase.

 

SECTION 2.02.                 Form and
Dating.  Appendix A is hereby
expressly incorporated in and made a part of this Indenture.  The (i) Initial Notes and the Trustee’s
certificate of authentication and (ii) any Additional Notes (if issued as
Transfer Restricted Notes) and the Trustee’s certificate of authentication
shall each be substantially in the form set forth in Exhibit 1-A to
Appendix A, which Appendix is hereby incorporated in and expressly made a part
of this Indenture.  The (i) Exchange
Notes and the Trustee’s certificate of authentication and (ii) any
Additional Notes issued other than as Transfer Restricted Notes and the Trustee’s
certificate of authentication shall each be substantially in the form set forth
in Exhibit 1-B to Appendix A.  The
Notes may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Issuer or any Guarantor is subject, if
any, or usage (provided that any such notation, legend or endorsement is in a
form acceptable to the Issuer).  Each
Note shall be dated the date of its authentication.  The Notes shall be issuable only in fully
registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

 

SECTION 2.03.                 Execution and
Authentication.  (a)  The
Trustee shall authenticate and make available for delivery upon a written order
of the Issuer signed by one Officer (i) Notes for original issue on the
date hereof in an aggregate principal amount of $1,200,000,000, (ii) subject
to the terms of this Indenture, Additional Notes in an aggregate principal
amount to be determined at the time of issuance and specified therein and (iii) the
Exchange Notes for issue in a Registered Exchange Offer or Private Exchange
pursuant to the Registration Rights Agreement for a like principal amount of
Initial Notes and, if applicable, any Additional Notes.  Such order shall specify the amount of the
Notes to be authenticated, the date on which the original issue of Notes is to
be authenticated and whether the Notes are to be Initial 

 

11

 

Notes, Additional Notes or Exchange Notes.  Notwithstanding anything to the contrary in
this Indenture or Appendix A, any issuance of Additional Notes after the Issue
Date shall be in a principal amount of at least $2,000.

 

(b)                                 One duly authorized
Officer shall sign the Notes for the Issuer by manual or facsimile signature.

 

(c)                                  If an Officer whose
signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless.

 

(d)                                 A Note shall not be
valid until an authorized signatory of the Trustee manually signs the
certificate of authentication on the Note. 
The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture.

 

(e)                                  The Trustee may
appoint one or more authenticating agents reasonably acceptable to the Issuer
to authenticate the Notes.  Any such
appointment shall be evidenced by an instrument signed by a Trust Officer, a
copy of which shall be furnished to the Issuer. 
Unless limited by the terms of such appointment, an authenticating agent
may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights
as any Registrar, Paying Agent or agent for service of notices and demands.

 

SECTION 2.04.                 Registrar and
Paying Agent.  (a)  The Issuer
shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (the “Registrar”), and where Notes may
be presented for payment (the “Paying Agent”). 
The Registrar shall keep a register of the Notes and of their transfer
and exchange.  The Issuer may have one or
more co-registrars and one or more additional paying agents.  The term “Registrar” includes any co-registrars.  The Issuer initially appoints the Trustee as (i) Registrar,
and Paying Agent in connection with the Notes and (ii) the Custodian with
respect to the Global Notes.

 

(b)                                 The Issuer may change
any Paying Agent or Registrar without any prior notice to any Holder.  The Issuer shall enter into an agency
agreement with any Registrar or Paying Agent not a party to this Indenture,
which shall incorporate the terms of the TIA. 
The agreement shall implement the provisions of this Indenture that
relate to such agent.  If the Issuer
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such
and shall be entitled to compensation therefor pursuant to Section 7.07.  The Issuer shall notify the Trustee of the
name and address of any such agent.  The
Issuer or any of the Issuer’s Subsidiaries may act as Paying Agent or
Registrar.

 

(c)                                  The Issuer may remove
any Registrar or Paying Agent upon written notice to such Registrar or Paying
Agent and to the Trustee; provided, however, that no such removal
shall become effective until (i) if applicable, acceptance of an
appointment by a successor as evidenced by an appropriate agreement entered
into by the Issuer and such successor Registrar or Paying Agent, as the case
may be, and delivered to the Trustee or (ii) notification to the Trustee
that the Trustee shall serve as Registrar or Paying Agent until the appointment
of a successor in accordance with clause (i) above.  The Registrar or Paying Agent may resign at
any time upon written notice to the Issuer and the Trustee; provided, however,
that, unless the Issuer has 

 

12

 

appointed a Paying Agent and Registrar other than the Trustee, the
Trustee may resign as Paying Agent or Registrar only if the Trustee also
resigns as Trustee in accordance with Section 7.08.

 

SECTION 2.05.                 Paying Agent
to Hold Money in Trust.  Prior to
10:00 a.m., New York City time, on each due date of the principal of and
interest on any Note, the Issuer shall deposit with each Paying Agent (or if
the Issuer or a Subsidiary of the Issuer is acting as Paying Agent, segregate
and hold in trust for the benefit of the Persons entitled thereto) a sum
sufficient to pay such principal and interest when so becoming due.  The Issuer shall require each Paying Agent
(other than the Trustee) to agree in writing that a Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by a Paying
Agent for the payment of principal of and interest on the Notes, and shall
notify the Trustee of any default by the Issuer in making any such
payment.  The Issuer at any time may
require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed by such Paying Agent.  Upon complying with this Section 2.05, a
Paying Agent shall have no further liability for the money delivered to the
Trustee.

 

SECTION 2.06.                 Holder Lists.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of Holders.  If the
Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar
to furnish, to the Trustee, in writing at least two Business Days before each
interest payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders.

 

SECTION 2.07.                 Transfer and
Exchange.  (a)  The Notes shall
be issued in registered form and shall be transferable only upon the surrender
of a Note for registration of transfer and in compliance with Appendix A.  When a Note is presented to the Registrar
with a request to register a transfer, the Registrar shall register the
transfer as requested if its requirements therefor are met.  When Notes are presented to the Registrar
with a request to exchange them for an equal principal amount of Notes of the
same series of other denominations, the Registrar shall make the exchange as
requested if the same requirements are met. 
To permit registration of transfers and exchanges, the Issuer shall
execute and the Trustee shall authenticate Notes at the Registrar’s
request.  The Issuer may require payment
of a sum sufficient to pay all taxes, assessments or other governmental charges
in connection with any transfer or exchange pursuant to this Section 2.07.  The Issuer shall not be required to make, and
the Registrar need not register, transfers or exchanges of Notes selected for
redemption (except, in the case of Notes to be redeemed in part, the portion
thereof not to be redeemed) or of any Notes for a period of 15 days before a
selection of Notes to be redeemed through the date of redemption.

 

(b)                                 Prior to the due
presentation for registration of transfer of any Note, the Issuer, the
Guarantors, the Trustee, each Paying Agent and the Registrar may deem and treat
the Person in whose name a Note is registered as the absolute owner of such
Note for the purpose of receiving payment of principal of (premium, if any) and
interest, if any, on such Note and for all other purposes whatsoever, whether
or not such Note is overdue, and none of the Issuer, any Guarantor, the
Trustee, a Paying Agent or the Registrar shall be affected by notice to the
contrary.

 

13

 

(c)                                  Any Holder of a
beneficial interest in a Global Note shall, by acceptance of such beneficial
interest, agrees that transfers of beneficial interests in such Global Note may
be effected only through a book-entry system maintained by the Holder of such
Global Note (or its agent) and that ownership of a beneficial interest in such
Global Note shall be required to be reflected in a book entry.

 

(d)                                 All Notes issued upon
any transfer or exchange pursuant to the terms of this Indenture shall evidence
the same debt and shall be entitled to the same benefits under this Indenture
as the Notes surrendered upon such transfer or exchange.

 

SECTION 2.08.                 Replacement
Notes.  (a)  In the event that
any Note shall become mutilated, destroyed, lost or stolen, the Issuer will
execute and, upon the request of the Issuer, the Trustee will authenticate and
deliver a replacement Note of like tenor (including the same date of issuance)
and equal principal amount, registered in the same manner, and bearing interest
from the date to which interest has been paid on such Note, in exchange and
substitution for such Note (upon surrender and cancellation thereof) or in lieu
of and substitution for such Note.  In
the event that such Note is destroyed, lost or stolen, the applicant for a
replacement Note shall furnish the Issuer and the Trustee such security or
indemnity as may be required by the Issuer or the Trustee, as the case may be,
to hold it harmless, and, in every case of destruction, loss or theft of such
Note, the applicant shall also furnish the Issuer and the Trustee satisfactory
evidence of the destruction, loss or theft of such Note and of the ownership
thereof.  Upon the issuance of any
replacement Note, the Issuer may require the payment by the registered Holder
thereof of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other fees and expenses (including
the fees and expenses of the Trustee) connected therewith.

 

(b)                                 Every replacement Note
is an additional obligation of the Issuer and the Guarantors.

 

(c)                                  The provisions of
this Section 2.08 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of
mutilated, lost, destroyed or wrongfully taken Notes.

 

SECTION 2.09.                 Outstanding
Notes.  (a)  Notes outstanding
at any time are all Notes authenticated by the Trustee except for those
canceled by it, those reductions in a Global Note effected by the Trustee in
accordance with the provisions hereof, those delivered to it for cancellation,
those redeemed pursuant to Article 3 and those described in this Section 2.09
as not outstanding.  Subject to Section 11.06,
a Note does not cease to be outstanding because the Issuer, a Guarantor or an
Affiliate of the Issuer or a Guarantor holds the Note.

 

(b)                                 If a Note is replaced
pursuant to Section 2.08 (other than a mutilated Note surrendered for
replacement), it ceases to be outstanding unless the Trustee and the Issuer
receive proof satisfactory to them that the replaced Note is held by a
protected purchaser.  A mutilated Note
ceases to be outstanding upon surrender of such Note and replacement thereof
pursuant to Section 2.08.

 

14

 

(c)                                  If a Paying Agent
segregates and holds in trust, in accordance with this Indenture, on a
redemption date or maturity date money sufficient to pay all principal and
interest payable on that date with respect to the Notes (or portions thereof)
to be redeemed or maturing, as the case may be, then on and after that date
such Notes (or portions thereof) cease to be outstanding and interest on them
ceases to accrue.

 

SECTION 2.10.                 Temporary
Notes.  In the event that Definitive
Notes are to be issued under the terms of this Indenture, until such Definitive
Notes are ready for delivery, the Issuer may prepare and the Trustee shall
authenticate temporary Notes.  Temporary
Notes shall be substantially in the form of Definitive Notes but may have
variations that the Issuer considers appropriate for temporary Notes.  Without unreasonable delay, the Issuer shall
prepare and the Trustee shall authenticate Definitive Notes and make them
available for delivery in exchange for temporary Notes upon surrender of such
temporary Notes at the office or agency of the Issuer, without charge to the
Holder.  Until such exchange, temporary
Notes shall be entitled to the same rights, benefits and privileges as
Definitive Notes.

 

SECTION 2.11.                 Cancellation.  The Issuer at any time may deliver Notes to
the Trustee for cancellation.  The
Registrar and each Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel all
Notes surrendered for registration of transfer, exchange, payment or
cancellation and shall dispose of canceled Notes in accordance with its
customary procedures or deliver canceled Notes to the Issuer pursuant to
written direction by an Officer. 
Certification of the destruction of cancelled Notes shall be delivered
to the Issuer upon the Issuer’s request. The Issuer may not issue new Notes to
replace Notes it has redeemed, paid or delivered to the Trustee for
cancellation.  The Trustee shall not
authenticate Notes in place of canceled Notes other than pursuant to the terms
of this Indenture.

 

SECTION 2.12.                 Defaulted
Interest.  If the Issuer defaults in
a payment of interest on the Notes, the Issuer shall pay the defaulted interest
then borne by the Notes (plus interest on such defaulted interest to the extent
lawful) in any lawful manner.  The Issuer
may pay the defaulted interest to the Persons who are Holders on a subsequent
special record date to be fixed by the Trustee not more than 15 nor less than
10 days prior to the date fixed by the Issuer for payment of the defaulted
interest.  The Issuer shall fix or cause
to be fixed any such payment date to the reasonable satisfaction of the Trustee
and shall promptly mail or cause to be mailed to each affected Holder, with a
copy to the Trustee, a notice that states the special record date, the payment
date and the amount of defaulted interest to be paid.

 

SECTION 2.13.                 CUSIP Numbers,
ISINs, etc.  The Issuer in issuing
the Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if then
generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common
Code” numbers in notices of redemption as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to
the correctness of such numbers, either as printed on the Notes or as contained
in any notice of a redemption, that reliance may be placed only on the other
identification numbers printed on the Notes and that any such redemption shall
not be affected by any defect in or omission of such numbers.  The Issuer shall advise the Trustee of any
change in the CUSIP numbers, ISINs and “Common Code” numbers.

 

15

 

SECTION 2.14.                 Calculation of
Principal Amount of Notes.  The
aggregate principal amount of the Notes, at any date of determination, shall be
the principal amount of the Notes outstanding at such date of
determination.  With respect to any
matter requiring consent, waiver, approval or other action of the Holders of a
specified percentage of the principal amount of all the Notes then outstanding,
such percentage shall be calculated, on the relevant date of determination, by
dividing (a) the principal amount, as of such date of determination, of
Notes, the Holders of which have so consented by (b) the aggregate
principal amount, as of such date of determination, of the Notes then
outstanding, in each case, as determined in accordance with the preceding
sentence, Section 2.09 and Section 11.06 of this Indenture.  Any such calculation made pursuant to this Section 2.15
shall be made by the Issuer and delivered to the Trustee pursuant to an
Officers’ Certificate.

 

ARTICLE 3

 

REDEMPTION

 

SECTION 3.01.                 Redemption.  The Notes may be redeemed, in whole or in
part, at any time, at the option of the Issuer, subject to the conditions and
at the redemption price set forth in the form of Notes set forth in Appendix A,
which is hereby incorporated by reference and made a part of this Indenture,
together with accrued and unpaid interest, if any, to the redemption date.

 

SECTION 3.02.                 Applicability
of Article.  Redemption of Notes at
the election of the Issuer or otherwise, as permitted or required by the Notes
or any provision of this Indenture, shall be made in accordance with the Notes,
such provision and this Article.

 

SECTION 3.03.                 Notices to
Trustee.  If the Issuer elects to
redeem Notes pursuant to the optional redemption provisions of the Notes, it
shall furnish to the Trustee not less than 40 days before the redemption date
(unless a shorter period is acceptable to the Trustee), an Officers’
Certificate setting forth (i) the Section of this Indenture pursuant
to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of Notes to be redeemed and (iv) the redemption price.

 

SECTION 3.04.                 Selection of
Notes to Be Redeemed.  In the case of
any partial redemption, selection of the Notes for redemption shall be made by
the Trustee not more than 60 days prior to the redemption date on a pro rata basis, by lot or by such other
method as the Trustee shall deem fair and appropriate (and in such manner as
complies with applicable legal requirements); provided that no Notes of $2,000
or less shall be redeemed in part.  If
any Note is to be redeemed in part only, the notice of redemption relating to
such Note shall state the portion of the principal amount thereof to be
redeemed.  A new Note in principal amount
equal to the unredeemed portion thereof shall be issued in the name of the
Holder thereof upon cancellation of the original Note.  On and after the redemption date, interest
shall cease to accrue on Notes or portions thereof called for redemption so
long as the Issuer has deposited with the paying agent funds sufficient to pay
the principal of, premium, if any, plus accrued and unpaid interest (if any)
on, the Notes to be redeemed.

 

16

 

SECTION 3.05.                 Notice of
Optional Redemption.  (a)  At
least 30 days but not more than 60 days before a redemption date, the Issuer
shall mail or cause to be mailed by first-class mail, postage prepaid, a notice
of redemption to each Holder whose Notes are to be redeemed.

 

Any such notice shall identify the Notes to
be redeemed and shall state:

 

(i)                                     the redemption
date;

 

(ii)                                  the redemption price
and the amount of accrued interest to the redemption date;

 

(iii)                               the name and address of
a Paying Agent;

 

(iv)                              that Notes called for
redemption must be surrendered to a Paying Agent to collect the redemption
price, plus accrued interest;

 

(v)                                 if fewer than all the
outstanding Notes of a series are to be redeemed, the certificate numbers and
principal amounts of the particular Notes to be redeemed, or if any Note is to
be redeemed in part only, the portion of the principal amount of the Note that
is to be redeemed;

 

(vi)                              that, unless the Issuer
defaults in making such redemption payment, interest on Notes (or portion
thereof) called for redemption ceases to accrue on and after the redemption
date;

 

(vii)                           the CUSIP number, ISIN or “Common
Code” number, if any, printed on the Notes being redeemed;

 

(viii)                        that no representation is made
as to the correctness or accuracy of the CUSIP number or ISIN or “Common Code”
number, if any, listed in such notice or printed on the Notes; and

 

(ix)                                the applicable
provision in this Indenture or the Notes pursuant to which the Issuer is
redeeming such Notes.

 

(b)                                 At the Issuer’s
request, the Trustee shall give the notice of redemption in the Issuer’s name
and at the Issuer’s expense; provided that the Issuer shall provide the Trustee
with the information required by this Section 3.05 no later than 40 days
before the redemption date (unless a shorter notice shall be agreed to by the
Trustee).

 

SECTION 3.06.                 Effect of
Notice of Redemption.  Once notice of
redemption is mailed or electronically transmitted in accordance with Section 3.05,
Notes called for redemption become due and payable on the redemption date and
at the redemption price stated in the notice. 
Upon surrender to any Paying Agent, such Notes shall be paid at the
redemption price stated in the notice, plus accrued interest to the redemption
date; provided, however, that if the redemption date is after a regular record
date and on or prior to the interest payment date, the accrued interest shall be
payable to the Holder of the redeemed Notes registered on the relevant 

 

17

 

record date.  Failure to give
notice or any defect in the notice to any Holder shall not affect the validity
of the notice to any other Holder.

 

SECTION 3.07.                 Deposit of
Redemption Price.  With respect to
any Notes, prior to 10:00 a.m., New York City time, on the redemption
date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a
Subsidiary of the Issuer is a Paying Agent, shall segregate and hold in trust)
money sufficient to pay the redemption price of and accrued interest on all
Notes or portions thereof to be redeemed on that date other than Notes or
portions of Notes called for redemption that have been delivered by the Issuer
to the Trustee for cancellation.  On and
after the redemption date, interest shall cease to accrue on Notes or portions
thereof called for redemption so long as the Issuer has deposited with the Paying
Agent funds sufficient to pay the principal of (and premium, if any), plus
accrued and unpaid interest on, the Notes to be redeemed.

 

SECTION 3.08.                 Notes Redeemed
in Part.  Upon surrender of a Note
that is redeemed in part, the Issuer shall execute and the Trustee shall
authenticate for the Holder (at the Issuer’s expense) a new Note equal in
principal amount to the unredeemed portion of the Note surrendered.

 

ARTICLE 4

 

COVENANTS

 

SECTION 4.01.                 Payment of
Notes.  (a)  The Issuer shall
promptly pay the principal of (and premium, if any) and interest, on the Notes
on the dates and in the manner provided in the Notes and in this
Indenture.  An installment of principal
of or interest on the Notes shall be considered paid on the date it is due if
on such date the Trustee or any Paying Agent (other than the Issuer or any of
its Affiliates) holds in accordance with this Indenture money sufficient to pay
all principal and interest then due.

 

(b)                                 The Issuer shall pay
interest on overdue principal at the rate specified therefor in the Notes and
shall pay interest on overdue installments of interest at the same rate borne
by the Notes to the extent lawful.

 

SECTION 4.02.                 Reports and
Other Information.  (a) If at
any time the Issuer is subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act, the Issuer shall file with the Commission
(unless the Commission will not accept such a filing), and provide the Trustee
with copies thereof, without cost, within 15 days after it files (or attempts
to file) them with the Commission,

 

(i)                                     an annual report
on Form 10-K (or any successor or comparable form) containing the
information required to be contained therein (or required in such successor or
comparable form);

 

(ii)                                  a quarterly report on
Form 10-Q (or any successor or comparable form); and

 

18

 

(iii)                               all current reports that
would be required to be filed with the Commission on Form 8-K.

 

(b)                                 If the Issuer is not
subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, the Issuer shall file with the Trustee, within 45 days after the
required filing deadline in accordance with the rules and regulations
prescribed from time to time by the Commission (applied as if the Issuer were
subject to the foregoing reporting requirements):

 

(i)                                     such financial
information of the Issuer as would be required to be contained in an annual
report on Form 10-K and a quarterly report on Form 10-Q, as
applicable, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,”

 

(ii)                                  with respect to the
annual financial information referred to above only, a report on the annual
financial statements of the Issuer by the Issuer’s independent public
accountants, and

 

(iii)                               such current reports on Form 8-K
as would be required pursuant to Section 15(d) of the Exchange Act in
respect of a security subject to the periodic reporting requirements of such
section.

 

(c)                                  For so long as the
Notes are “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, the Issuer will, at any time when the Issuer is not subject
to Section 13 of 15(d) of the Exchange Act, promptly furnish or cause
to be furnished to any Holder or beneficial owner of those restricted
securities or to any prospective purchaser of those restricted securities
designated by the Holder or beneficial owner, in each case, upon the request of
the Holder, beneficial owner or prospective purchaser the information required
to be delivered under Rule 144A(d)(4) under the Securities Act.

 

(d)                                 Notwithstanding the
foregoing, the Issuer shall be deemed to have furnished such reports referred
to in Section 4.02(a) and (b) above to the Trustee if it has
filed such reports with the Commission via the EDGAR filing system or any
successor system.  The subsequent filing
with the Trustee and, if applicable, the Commission of any report required by
this Section 4.02 shall be deemed to automatically cure any Default of
event of Default resulting from the failure to file such report within the time
period required.

 

(e)                                  If at any time any
direct or indirect parent of the Issuer is a Guarantor of the Notes and has
filed with the Trustee and, if applicable, the Commission the reports required
to be filed and furnished to Holders pursuant to this Section 4.02 with
respect to such parent (including any financial information required by
Regulation S-X promulgated by the Commission by virtue of such Guarantee), the
Issuer shall be deemed to be in compliance with the provisions of this Section 4.02.

 

SECTION 4.03.                 Future
Guarantors.  (a)  The Issuer
shall cause each wholly-owned Domestic Subsidiary of the Issuer that Guarantees
the obligations of the Issuer under the Credit Agreement or the Bridge Loan,
within 30 days of guaranteeing the obligations of the Issuer under the Credit
Agreement or the Bridge Loan, as the case may be, to execute and deliver to the
Trustee a supplemental indenture pursuant to which such wholly-owned Domestic 

 

19

 

Subsidiary shall unconditionally Guarantee, on a joint and several
basis, the full and prompt payment of the principal of, premium, if any and
interest on the Notes, and all other obligations under this Indenture, on a
senior or pari passu basis with
all other unsubordinated Indebtedness of such Guarantor.  

 

(b)                                 Each Guarantee shall
be limited to an amount not to exceed the maximum amount that can be guaranteed
by that wholly-owned Domestic Subsidiary without rendering the Guarantee, as it
relates to such wholly-owned Domestic Subsidiary, voidable under applicable law
relating to fraudulent conveyance or fraudulent transfer or similar laws
affecting the rights of creditors generally.

 

Each Guarantee shall be released, if and to
the extent applicable in accordance with Article 10 of this Indenture.

 

SECTION 4.04.                 Limitation on
Liens.  As long as any Notes are
outstanding, the Issuer shall not, and shall not permit any Guarantor to, issue
or assume any Indebtedness if such Indebtedness is secured by any Lien upon any
property or assets of the Issuer or such Guarantor, unless all principal of and
interest on the Notes are secured by such Lien, equally and ratably with any
and all other Indebtedness secured thereby, so long as any such other
Indebtedness shall be so secured; provided, however, that this Section 4.04
shall not apply in the case of:

 

(a)                                  Liens in favor of the
Issuer or any Guarantor;

 

(b)                                 any deposit of assets
of the Issuer or any Guarantor with any surety company or clerk of any court,
or escrow, as collateral in connection with, or in lieu of, any bond on appeal
by the Issuer or such Guarantor from any judgment or decree against it, or in
connection with other proceedings in actions at law or in equity by or against
the Issuer or such Guarantor;

 

(c)                                  any Lien or charge on
any property, tangible or intangible, real or personal, existing at the time of
acquisition of such property (including acquisition through merger or
consolidation) or given to secure the payment of all or any part of the
purchase price thereof or to secure any indebtedness incurred prior to, at the
time of, or within 120 days after, the acquisition thereof for the purpose of
financing all or any part of the purchase price thereof;

 

(d)                                 any Liens existing on
the Issue Date;

 

(e)                                  any extension,
renewal or replacement (or successive extensions, renewals or replacements), in
whole or in part, of the Liens, charges or pledges referred to in Sections 4.04(a) through
4.04(d) inclusive, provided that the amount of any and all Indebtedness
secured thereby shall not exceed the amount thereof so secured immediately
prior to the time of such extension, renewal or replacement; and

 

(f)                                    Liens (x)
evidencing the sale, securitization, syndication or financing of any real
estate receivables and mortgage notes and related security in connection with
Permitted Receivables Financings, in each case so long as such Liens extend
solely to the assets being sold, securitized or syndicated thereunder or (y) on
any assets that (A) fall within any Specified Asset Category or (B) are
owned by any Specified Subsidiary.

 

20

 

Notwithstanding the foregoing, this Section 4.04
shall not apply to the incurrence of any Liens securing Indebtedness which,
together with other outstanding Indebtedness of the Issuer or its Guarantors
(not including Indebtedness secured by Liens otherwise permitted under Section 4.04(a) through
4.04(f) inclusive), does not exceed the greater of (i) 10% of
Consolidated Net Tangible Assets and (ii) $1.5 billion.

 

This Section 4.04 shall permanently
cease to apply and shall be of no further force and effect following the first
date on which the rating of the Notes becomes A1 or higher by Moody’s and A+ or
higher by S&P, in each case with a stable or positive outlook.

 

SECTION 4.05.                 Maintenance of
Office or Agency.

 

(a)                                  The Issuer shall
maintain an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee or Registrar) where Notes may be surrendered for
registration or transfer or for exchange and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer shall give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency.  If at any time the Issuer
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the corporate trust office of the
Trustee as set forth in Section 11.02.

 

(b)                                 The Issuer may from
time to time designate one or more other offices or agencies where the Notes
may be presented or surrendered for any or all such purposes and may from time
to time rescind such designations; provided, however, that no designation or
rescission shall in any manner relieve the Issuer of its obligation to maintain
an office or agency in the Borough of Manhattan, The City of New York for such
purposes.  The Issuer shall give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

 

(c)                                  The Issuer hereby
initially designates the corporate trust office of the Trustee, as the office
or agency of the Issuer for purposes of this Section 4.05.

 

SECTION 4.06.                 Compliance
Certificate. (a)  The Issuer (and, to the extent required under the
TIA, each Guarantor) shall deliver to the Trustee within 120 days after the end
of each fiscal year of the Issuer an Officers’ Certificate stating that in the
course of the performance by the signers of their duties as Officers of the
Issuer they would normally have knowledge of any Default and whether or not the
signers know of any Default that occurred during such period.  If they do, the certificate shall describe
the Default, its status and what action the Issuer is taking or proposes to
take with respect thereto.  The Issuer
also shall comply with Section 314(a)(4) of the TIA.

 

(b)                                 When any Default has
occurred and is continuing under this Indenture, the Issuer shall deliver to
the Trustee, within 30 days after the occurrence thereof by registered or
certified mail or facsimile transmission, an Officers’ Certificate specifying
such Default and what action the Issuer is taking or proposes to take in respect
thereto.

 

SECTION 4.07.                 Offer to
Repurchase Upon Change of Control Triggering Event.  (a)  Upon the occurrence of a Change of
Control Triggering Event (the date of such occurrence, 

 

21

 

the “Change of Control Date”), each Holder shall have the right to
require the Issuer to purchase such Holder’s Notes in whole or in part in
integral multiples of $1,000 at a purchase price (the “Change of Control
Purchase Price”) in cash equal to 101% of the principal amount of such Notes,
plus accrued and unpaid interest, if any, to the date of repurchase (the “Change
of Control Purchase Date”), pursuant to and in accordance with the offer
described in this Section 4.07 (the “Change of Control Offer”).

 

(b)                                 Within 30 days
following the Change of Control Date the Issuer shall send, by first class
mail, a notice to the Holders and the Trustee stating:

 

(i)                                     that
the Change of Control Offer is being made pursuant to this Section 4.07
and that all Notes validly tendered will be accepted for payment;

 

(ii)                                  the
Change of Control Purchase Price and the Change of Control Purchase Date, which
shall be a Business Day that is no earlier than 30 days nor later than 60 days
from the date such notice is mailed (the “Change of Control Payment Date”)
other than as may be required by law;

 

(iii)                               that any Note not
tendered will continue to accrue interest;

 

(iv)                              that
any Note accepted for payment pursuant to the Change of Control Offer shall
cease to accrue interest after the Change of Control Payment Date unless the
Issuer shall default in the payment of the Change of Control Purchase Price of
the Notes and the only remaining right of the Holder is to receive payment of
the Change of Control Purchase Price upon surrender of the applicable Note to
the Paying Agent;

 

(v)                                 that
Holders electing to have a portion of a Note purchased pursuant to a Change of
Control Offer may elect to have such Note purchased in integral multiples of
$1,000;

 

(vi)                              that
if a Holder elects to have a Note purchased pursuant to the Change of Control
Offer it will be required to surrender the Note, with the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Note completed, or transfer
by book-entry transfer, to the Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day prior to the
Change of Control Payment Date;

 

(vii)                           that a
Holder will be entitled to withdraw its election if the Issuer receives, not
later than the third Business Day preceding the Change of Control Payment Date,
a telegram, telex, facsimile transmission or letter setting forth the name of
such Holder, the principal amount of Notes such Holder delivered for purchase,
and a statement that such Holder is withdrawing its election to have such Note
purchased; and

 

(viii)                        that if
Notes are purchased only in part a new Note of the same type will be issued in
a principal amount equal to the unpurchased portion of the Notes surrendered.

 

22

 

(c)                                  On or before the
Change of Control Payment date, the Issuer shall, to the extent lawful, accept
for payment, all Notes or portions thereof validly tendered pursuant to the
Change of Control Offer, and shall deliver to the Trustee an Officers’
Certificate stating that such Notes or portions thereof were accepted for
payment by the Issuer in accordance with the terms of this Section 4.07.  The Issuer, the Depositary or the Paying
Agent, as the case may be, shall promptly mail or deliver to each tendering Holder
an amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Issuer for purchase, and the Issuer shall promptly issue a new
Note, and the Trustee, upon written request from the Issuer shall authenticate
and mail or deliver such new Note to such Holder, in a principal amount equal
to any unpurchased portion of the Note surrendered.  Any Note not so accepted shall be promptly
mailed or delivered by the Issuer to the Holder thereof.

 

(d)                                 The Issuer shall
comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with the repurchase of Notes pursuant
to a Change of Control Offer.  To the
extent that any provisions of any securities laws or regulations conflict with
the provisions of this Section 4.07, the Issuer shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.07 by virtue of such
compliance.

 

SECTION 4.08.                 Maintenance of
Corporate Existence.

 

Subject to Article 5, the Issuer shall
do or cause to be done all things necessary to preserve and keep in full force
and effect (i) its corporate or other existence in accordance with its
organizational documents (as the same may be amended from time to time) and (ii) the
rights (charter and statutory), licenses and franchises of the Issuer and the
Guarantors; provided, however, the Issuer shall not be required to preserve any
such right, license or franchise if the Board of Directors of the Issuer shall
determine that the preservation thereof is no longer desirable in the conduct
of the business of the Issuer and its Subsidiaries, taken as a whole.

 

SECTION 4.09.                 Notice of
Additional Interest, Interest Adjustments and Registered Exchange Offer.

 

In the event that the Issuer is required to
pay Additional Interest to Holders of Notes pursuant to the Registration Rights
Agreement, the Issuer will provide written notice to the Trustee of its
obligation to pay Additional Interest no later than fifteen days prior to the
proposed payment date for the Additional Interest, and such notice shall set
forth the amount of Additional Interest to be paid by the Issuer on such payment
date.  The Trustee shall not at any time
be under any duty or responsibility to any Holder of Notes to determine the
Additional Interest, or with respect to the nature, extent, or calculation of
the amount of Additional Interest owed, or with respect to the method employed
in such calculation of Additional Interest. 
In the event that interest payable in respect of the Notes is adjusted
upward or downward as a result of a change in the rating of the Notes by Moody’s
or S&P, as set forth in the Notes, the Issuer will provide written notice
of such adjustment to the Trustee no later than fifteen days prior to the
proposed payment date on which such adjusted interest is first payable, or if
the event triggering such adjustment shall not have been announced prior to
such day, as soon as practicable following the date on which the event
triggering such adjustment shall have occurred. 
The Issuer shall provide 

 

23

 

the Trustee with prompt written notice of the consummation of the
Registered Exchange Offer.

 

ARTICLE 5

 

CONSOLIDATION,
MERGER, SALE OR CONVEYANCE

 

SECTION 5.01.                 Consolidation,
Merger, Sale or Conveyance.  (a) 
The Issuer may not consolidate with or merge into any other person or convey,
transfer or lease substantially all of its properties and assets in one or more
related transactions to, any Person unless:

 

(i)                                     the Person
acquiring the assets of the Issuer in any such sale or other disposition or the
Person formed by or surviving any such consolidation or merger is a
corporation, limited liability company or limited partnership organized and
existing under the laws of the United States or a state thereof (the Issuer or
such Person, as the case may be, being herein called the “Successor Issuer”)
and (if such Person is not the Issuer) expressly assumes pursuant to a
supplemental indenture, in form and substance reasonably satisfactory to the
Trustee, all the obligations of the Issuer under the Notes and this Indenture;
provided, that if such Person is not a corporation, a corporate co-issuer that
is organized and existing under the laws of the United States or a state
thereof shall be added to this Indenture by executing and delivering a
supplemental indenture, in form and substance reasonably satisfactory to the
Trustee;

 

(ii)                                  immediately after
giving effect to such transaction no Default or Event of Default shall have
occurred and be continuing; and

 

(iii)                               the Issuer shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, conveyance, transfer or lease and such
supplemental indenture (if any) comply with this Indenture.

 

The Successor Issuer (if other than the
Issuer) shall succeed to, and be substituted for, the Issuer under this Indenture
and the Notes, and the Issuer shall automatically be released and discharged
from its obligations under this Indenture and the Notes without any further
action required by any party other than as expressly set forth in this
Indenture.

 

Any sale or conveyance of assets of one or
more Significant Subsidiaries of the Issuer (other than to the Issuer or any
Guarantor), which, if such assets were owned by the Issuer would constitute all
or substantially all of the consolidated assets of the Issuer and its
Subsidiaries taken as a whole, shall be deemed to be the transfer of all or
substantially all of consolidated assets of the Issuer for purposes of the
provisions of this Section 5.01. 
After assuming the obligations of the Issuer, the Successor Issuer will
have all the rights, powers and obligations of the Issuer under this Indenture
and the Issuer shall be automatically released and discharged from its
obligations under this Indenture and the Notes.

 

(b)                                 Subject to Section 10.02(b),
each Guarantor shall not, and the Issuer shall not permit any Guarantor to,
consolidate or merge into, or convey, transfer or lease substantially 

 

24

 

all of its properties and assets in one or more related transactions
to, any Person (other than the Issuer or another Guarantor) unless:

 

(i)                                     the Person
acquiring the assets of a Guarantor in any such sale or other disposition or
the Person formed by or surviving any such consolidation or merger is a
corporation, limited liability company or limited partnership organized and
existing under the laws of the United States or a state thereof, (such
Guarantor or such Person, as the case may be, being herein called the “Successor
Guarantor”) and the Successor Guarantor (if other than the Guarantor) expressly
assumes pursuant to a supplemental indenture, in form and substance reasonably
satisfactory to the Trustee, all the obligations of such Guarantor under such
Guarantor’s Guarantee and this Indenture;

 

(ii)                                  immediately after
giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; and

 

(iii)                               any Successor Guarantor
(if other than such Guarantor) shall have delivered or caused to be delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, merger, conveyance, transfer or lease and such
supplemental indenture (if any) comply with this Indenture.

 

The Successor Guarantor shall succeed to, and
be substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee, and such Guarantor shall automatically be released and discharged
from its obligations under this Indenture and such Subsidiary Guarantor’s
guarantee.  After assuming the
obligations of such Guarantor, the Successor Guarantor will have all the
rights, powers and obligations of the Guarantor under this Indenture and such
Guarantor shall be automatically released and discharged from its obligations
under this Indenture and its Guarantee without any further action required by
any party other than as expressly set forth in this Indenture.

 

(c)                                  Notwithstanding Section 5.01(b),
a Subsidiary Guarantor may sell or otherwise dispose of all or substantially
all of its assets to, or consolidate or merge with or into, another Person
without complying with the provisions of this Section 5.01 so long as the
Guarantee of the Guarantor would be permitted to be released in connection with
such transaction in accordance with the provisions of Article 10.02(b).

 

ARTICLE 6

 

DEFAULTS AND REMEDIES

 

SECTION 6.01.                 Events of
Default.  The following events shall
constitute an “Event of Default” with respect to the Notes:

 

(a)                                  a default in the
payment of the principal of any Note after any such principal becomes due in
accordance with the terms thereof, upon redemption or otherwise; or default in
the payment of any interest in respect of any Note if such default continues
for 30 days after such interest becomes due in accordance with the terms
thereof;

 

25

 

(b)                                 the failure by the
Issuer, or any Guarantor, to observe or perform any other covenant or agreement
contained in the Notes or this Indenture, and such failure continues for 90
days after notice, by registered or certified mail, to the Issuer by the
Trustee or to the Issuer and the Trustee by the Holders of at least 25% in
principal amount of the outstanding Notes issued pursuant to this Indenture,
specifying such failure and requiring such failure to be remedied and stating
that such notice constitutes a notice of default under this Indenture (except
in the case of a default with respect to payments when due of any amount set
forth in Section 4.07, which will constitute an Event of Default with such
notice requirement but without such passage of time requirement);

 

(c)                                  the failure by the
Issuer, or any of its Significant Subsidiaries, to perform any term or
provision of any evidence of Indebtedness of the Issuer or such Significant
Subsidiary, whether such Indebtedness now exists or shall hereafter be created,
or any other condition shall occur, and as a result of the occurrence of which
default or condition any Indebtedness of the Issuer or any Significant
Subsidiary in an amount in excess of $100,000,000 shall become or be declared
to be due and payable, or the Issuer, or any of its Significant Subsidiaries,
shall be obligated to purchase any such Indebtedness of the Issuer or any of
its Significant Subsidiaries, in each case, prior to the date on which it would
otherwise become due and payable, or any Indebtedness of the Issuer or any of
its Significant Subsidiaries in an amount in excess of $100,000,000 shall not
be paid when due at its stated maturity;

 

(d)                                 a decree or order by a
court having jurisdiction under any Bankruptcy Law shall have been entered
adjudging the Issuer, any Guarantor or any Significant Subsidiary of the Issuer
as bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization of or by the Issuer, any Guarantor or any Significant Subsidiary
of the Issuer and such decree or order shall have continued undischarged and
unstayed for a period of 60 days; or a decree or order of a court having
jurisdiction under any Bankruptcy Law for the appointment of a receiver or
liquidator or for the liquidation or dissolution of the Issuer, any Guarantor
or any Significant Subsidiary of the Issuer, shall have been entered, and such
decree or order shall have continued undischarged and unstayed for a period of
60 days; provided, however, that any Significant Subsidiary may be liquidated
or dissolved if, pursuant to such liquidation or dissolution, all or
substantially all of its assets are transferred to the Issuer or another
Significant Subsidiary of the Issuer;

 

(e)                                  the Issuer, any
Guarantor or any Significant Subsidiary of the Issuer shall institute any
proceeding under any Bankruptcy Law to be adjudicated as voluntarily bankrupt,
or shall consent to the filing of a proceeding against it under any Bankruptcy
Law, or shall file a petition or answer or consent seeking reorganization, or
shall consent to the filing of any such petition, or shall consent to the
appointment under any Bankruptcy Law of a receiver or liquidator or trustee or
assignee in bankruptcy or insolvency of it or its property; or

 

(f)                                    any Guarantee shall
cease to be in full force and effect (unless such Guarantee has been released
in accordance with this Indenture).

 

26

 

The foregoing shall constitute Events of
Default whatever the reason for any such Event of Default and whether it is
voluntary or involuntary or is effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body.

 

The term “Bankruptcy Law” means Title 11,
United States Code, or any similar Federal or state law for the relief of
debtors.

 

SECTION 6.02.                 Acceleration.  If an Event of Default specified in section 6.01(d) or
6.01(e) occurs, the maturity of all outstanding Notes shall automatically
be accelerated and the principal amount of the Notes, together with accrued
interest thereon, shall be immediately due and payable.  

 

In the event any other Event of Default
occurs and is continuing, either the Trustee or the Holders of not less than
25% of the aggregate principal amount of Notes outstanding may, by written
notice to the Issuer (and to the Trustee if given by the Holders), declare the
principal amount of the Notes, together with accrued interest thereon,
immediately due and payable.  The right
of the Holders to give such acceleration notice shall terminate if the event
giving rise to such right shall have been cured before such right is
exercised.  Any declaration may be
annulled and rescinded by written notice from the Trustee or the Holders of a
majority of the aggregate principal amount of the Notes outstanding to the
Issuer if all amounts then due with respect to the Notes are paid (other than
amounts due solely because of such declaration) and all other Defaults with
respect to the Notes are cured or waived.

 

Should the Issuer fail to comply with its
obligations under this Indenture and the Notes and such failure shall be
continuing, the Trustee shall be under no obligation to exercise any of its
rights or powers unless such Holders shall have offered to the Trustee
reasonable indemnity.  The Holders of a
majority in aggregate principal amount of the outstanding Notes affected by an
event of default shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Notes, to the
extent such action does not conflict with the provisions of this Indenture or
applicable law.

 

SECTION 6.03.                 Other Remedies.  If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy at law or in equity to
collect the payment of principal of or interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any Holder in exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default.  No
remedy is exclusive of any other remedy. 
All available remedies are cumulative.

 

SECTION 6.04.                 Waiver of Past
Defaults.  Holders of not less than a
majority in aggregate principal amount of the then outstanding Notes by notice
to the Trustee may, on behalf of the Holders of all the Notes, waive any
existing Default and its consequences hereunder, 

 

27

 

except a Default in the payment of the principal of, or premium, if
any, or interest on, any Note held by a non-consenting Holder; provided that,
subject to Section 6.02, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may rescind any acceleration and its
consequences including any related payment default that result from such
acceleration.  When a Default is waived,
it is deemed cured and shall cease to exist and the Issuer, the Trustee and the
Holders shall be restored to their former positions and rights under this
Indenture, but no such waiver shall extend to any subsequent or other Default
or impair any consequent right.

 

SECTION 6.05.                 Control by
Majority.  The Holders of a majority
in principal amount of the Notes outstanding may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
of exercising any trust or power conferred on the Trustee.  However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 7.01,
that the Trustee determines is unduly prejudicial to the rights of any other
Holder or that would subject the Trustee to personal liability; provided,
however, that the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with such direction.

 

SECTION 6.06.                 Limitation on
Suits.  (a)  Except to enforce
the right to receive payment of principal, premium, if any, or interest when
due, no Holder may pursue any remedy with respect to this Indenture or the
Notes unless:

 

(i)                                     such Holder has
previously given the Trustee written notice that an Event of Default is
continuing,

 

(ii)                                  Holders of at least
25% in aggregate principal amount of the Notes outstanding have requested the
Trustee in writing to pursue the remedy,

 

(iii)                               such Holders have
offered the Trustee reasonable security or indemnity against any loss,
liability or expense,

 

(iv)                              the Trustee has not
complied with such request within 60 days after the receipt of the request and
the offer of security or indemnity, and

 

(v)                                 the Holders of a
majority in principal amount of the outstanding Notes have not given the
Trustee a direction inconsistent with such request within such 60-day period.

 

(b)                                 A Holder may not use
this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder.

 

SECTION 6.07.                 Rights of the
Holders to Receive Payment. 
Notwithstanding any other provision of this Indenture, the right of any
Holder to receive payment of principal of, premium, if any, and interest on the
Notes held by such Holder, on or after the respective due dates expressed or
provided for in the Notes, or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.

 

28

 

SECTION 6.08.                 Collection
Suit by Trustee.  If an Event of
Default specified in Section 6.01(a) occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust
against the Issuer or any other obligor on the Notes for the whole amount then
due and owing (together with interest on overdue principal and (to the extent
lawful) on any unpaid interest at the rate provided for in the Notes) and the
amounts provided for in Section 7.07.

 

SECTION 6.09.                 Trustee May File
Proofs of Claim.  The Trustee may
file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
compensation, expenses disbursements and advances of the Trustee (including
fees and expenses of counsel, accountants, experts or such other professionals
as the Trustee deems necessary, advisable or appropriate)) and the Holders
allowed in any judicial proceedings relative to the Issuer or any Guarantor,
their creditors or their property, shall be entitled to participate as a
member, voting or otherwise, of any official committee of creditors appointed
in such matters and, unless prohibited by law or applicable regulations, may
vote on behalf of the Holders in any election of a trustee in bankruptcy or
other Person performing similar functions, and any Custodian in any such
judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the compensation, expenses, disbursements and advances of the Trustee, its
agents and its counsel, and any other amounts due the Trustee under Section 7.07.

 

SECTION 6.10.                 Priorities.  If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money or property in the
following order:

 

FIRST: 
to the Trustee for amounts due under Section 7.07;

 

SECOND: 
to Holders for amounts due and unpaid on the Notes for principal,
premium, if any, and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Notes for principal,
premium, if any, and interest, respectively; and

 

THIRD: 
to the Issuer or, to the extent the Trustee collects any amount for any
Guarantor, to such Guarantor.

 

The Trustee may fix a record date and payment
date for any payment to the Holders pursuant to this Section.  At least 15 days before such record date, the
Trustee shall mail or electronically transmit to each Holder and the Issuer a
notice that states the record date, the payment date and amount to be paid.

 

SECTION 6.11.                 Undertaking
for Costs.  In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the 

 

29

 

party litigant.  This Section does
not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07
or a suit by Holders of more than 10% in principal amount of the Notes.

 

SECTION 6.12.                 Waiver of Stay
or Extension Laws.  Each of the
Issuer and each Guarantor agrees (to the extent it may lawfully do so) not to
at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Issuer and each Guarantor (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law, and shall not hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law had been enacted.

 

ARTICLE 7

 

TRUSTEE

 

SECTION 7.01.                 Duties of
Trustee.  (a)  If an Event of
Default has occurred and is continuing, the Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

(b)                                 Except during the
continuance of an Event of Default:

 

(i)                                     the Trustee
undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

 

(ii)                                  in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture.  However,
in the case of certificates or opinions required by any provision hereof to be
provided to it, the Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture.

 

(c)                                  The Trustee may not
be relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:

 

(i)                                     this paragraph
does not limit the effect of paragraph (b) of this Section;

 

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

 

(iii)                               the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.05; and

 

30

 

(iv)                              no provision of this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers.

 

(d)                                 Every provision of
this Indenture that in any way relates to the Trustee is subject to this Section 7.01.

 

(e)                                  The Trustee shall not
be liable for interest on any money received by it except as the Trustee may
agree in writing with the Issuer.

 

(f)                                    Money held in trust
by the Trustee need not be segregated from other funds except to the extent
required by law.

 

(g)                                 Every provision of
this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section and
to the provisions of the TIA.

 

SECTION 7.02.                 Rights of
Trustee.  (a)  The Trustee may
conclusively rely on any document believed by it to be genuine and to have been
signed or presented by the proper person. 
The Trustee need not investigate any fact or matter stated in the
document.

 

(b)                                 Before the Trustee
acts or refrains from acting, it may require an Officers’ Certificate and/or an
Opinion of Counsel.  The Trustee shall
not be liable for any action it takes or omits to take in good faith in
reliance on the Officers’ Certificate or Opinion of Counsel.

 

(c)                                  The Trustee may act
through agents and shall not be responsible for the misconduct or negligence of
any agent appointed with due care.

 

(d)                                 The Trustee shall not
be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers; provided, however,
that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

(e)                                  The Trustee may
consult with counsel of its own selection and the advice or Opinion of Counsel
with respect to legal matters relating to this Indenture and the Notes shall be
full and complete authorization and protection from liability in respect of any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

 

(f)                                    The Trustee shall
not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, debenture, note or other paper or
document unless requested in writing to do so by the Holders of not less than a
majority in principal amount of the Notes at the time outstanding, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuer, personally or by agent or attorney,
at the expense of the Issuer and shall incur no liability of any kind by reason
of making or not making such inquiry or investigation.

 

31

 

(g)                                 The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity reasonably satisfactory to the Trustee against the costs, expenses
and liabilities which might be incurred by it in compliance with such request
or direction.

 

(h)                                 The rights,
privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each
agent, custodian and other Person employed to act hereunder.

 

(i)                                     The Trustee shall
not be responsible for the computation of any interest payments or redemption
amounts.

 

(j)                                     In no event shall
the Trustee be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond the Trustee’s control,
including, but not limited to, acts of God, flood, war (whether declared or
undeclared), terrorism, fire, riot or embargo, which delay, restrict or
prohibit the providing of the services contemplated by this Indenture.

 

SECTION 7.03.                 Individual
Rights of Trustee.  The Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights
it would have if it were not Trustee. 
Any Paying Agent or Registrar may do the same with like rights.  However, the Trustee must comply with
Sections 7.10 and 7.11.

 

SECTION 7.04.                 Trustee’s
Disclaimer.  The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture, any Guarantee or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer or any Guarantor in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Trustee’s certificate of authentication.  The Trustee shall not be charged with
knowledge of any Default or Event of Default under Sections 6.01(b), (c), or (f) or
of the identity of any Significant Subsidiary unless either (a) a Trust
Officer shall have actual knowledge thereof or (b) the Trustee shall have
received notice thereof in accordance with Section 11.02 hereof from the
Issuer, any Guarantor or any Holder.

 

SECTION 7.05.                 Notice of
Defaults.  If a Default occurs and is
continuing with respect to the Notes and if it is actually known to the
Trustee, the Trustee shall mail or electronically transmit to each Holder of
the Notes notice of the Default within the earlier of 90 days after it occurs
or 30 days after it is actually known to a Trust Officer or written notice of
it is received by the Trustee.  Except in
the case of a Default in the payment of principal or premium, if any, or
interest on the Notes, the Trustee may withhold the notice if and so long as a
committee of its Trust Officers in good faith determines that withholding the
notice is in the interests of the Holders.

 

32

 

SECTION 7.06.                 Reports by
Trustee to the Holders.  As promptly
as practicable after each August 1 beginning with the August 1
following the date of this Indenture, and in any event prior to October 1
in each year, the Trustee shall mail to each Holder a brief report dated as of
such August 1 that complies with Section 313(a) of the TIA if
and to the extent required thereby.  The
Trustee shall also comply with Section 313(b) of the TIA and shall
transmit by mail all reports as required by TIA Section 313(c).

 

A copy of each report at the time of its
mailing to the Holders shall be filed with the Commission (if the Issuer is
required to file reports under Section 13 or 15(d) under the Exchange
Act) and each stock exchange (if any) on which the Notes are listed.  The Issuer agrees to notify promptly the
Trustee whenever the Notes become listed on any stock exchange and of any
delisting thereof.

 

SECTION 7.07.                 Compensation
and Indemnity.  The Issuer shall pay
to the Trustee from time to time such compensation for its services as the
parties shall agree to from time to time. 
The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Issuer shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection,
in addition to the compensation for its services.  Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts.  The
Issuer and each Guarantor, jointly and severally shall indemnify the Trustee
against any and all loss, liability, claim, damage or expense (including
reasonable attorneys’ fees and expenses) incurred by or in connection with the
acceptance or administration of this trust and the performance of its duties
hereunder, including the costs and expenses of enforcing this Indenture or
Guarantee against the Issuer or a Guarantor (including this Section 7.07)
and defending itself against or investigating any claim (whether asserted by
the Issuer, any Guarantor, any Holder or any other Person).  The Trustee shall notify the Issuer of any
claim for which it may seek indemnity promptly upon obtaining actual knowledge
thereof; provided, however, that any failure so to notify the Issuer shall not
relieve the Issuer or any Guarantor of its indemnity obligations
hereunder.  The Issuer shall defend the
claim and the indemnified parties shall provide reasonable cooperation at the
Issuer’s expense in the defense.  Such
indemnified parties may have separate counsel and the Issuer and the
Guarantors, as applicable shall pay the fees and expenses of such counsel;
provided, however, that the Issuer shall not be required to pay such fees and
expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no conflict of interest
between the Issuer and the Guarantors, as applicable, and such parties in
connection with such defense; and provided, further, that the Issuer shall in
no event be obligated to pay the fees and expenses of more than one separate
counsel (and one local counsel in each jurisdiction where such local counsel is
required) for all such indemnified parties. 
The Issuer need not reimburse any expense or indemnify against any loss,
liability or expense incurred by an indemnified party through such party’s own
willful misconduct, negligence or bad faith.

 

To secure the Issuer’s and the Guarantors’
payment obligations in this Section, the Trustee shall have a Lien prior to the
Notes on all money or property held or collected by the Trustee other than
money or property held in trust to pay principal of and interest on particular
Notes.

 

33

 

The Issuer’s and the Guarantors’ payment
obligations pursuant to this Section 7.07 shall survive the satisfaction
or discharge of this Indenture, any rejection or termination of this Indenture
under any Bankruptcy Law or the resignation or removal of the Trustee.  Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee incurs expenses after the
occurrence of a Default specified in Section 6.01(d) or (e) with
respect to the Issuer, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law.

 

SECTION 7.08.                 Replacement of
Trustee.  (a)  The Trustee may
resign at any time by so notifying the Issuer. 
The Holders of a majority in principal amount of the Notes may remove
the Trustee by so notifying the Trustee and may appoint a successor Trustee.  The Issuer may remove the Trustee if:

 

(i)                                     the Trustee fails
to comply with Section 7.10;

 

(ii)                                  the Trustee is
adjudged bankrupt or insolvent;

 

(iii)                               a receiver or other
public officer takes charge of the Trustee or its property; or

 

(iv)                              the Trustee otherwise
becomes incapable of acting.

 

(b)                                 If the Trustee
resigns, is removed by the Issuer or by the Holders of a majority in principal
amount of the Notes and such Holders do not reasonably promptly appoint a
successor Trustee (the Trustee in such event being referred to herein as the
retiring Trustee), the Issuer shall promptly appoint a successor Trustee.

 

(c)                                  A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Issuer.  Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture.  The successor
Trustee shall mail a notice of its succession to the Holders.  The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the
Lien provided for in Section 7.07.

 

(d)                                 If a successor Trustee
does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee or the Holders of 10% in principal amount of the
Notes may petition at the expense of the Issuer any court of competent
jurisdiction for the appointment of a successor Trustee.

 

(e)                                  If the Trustee fails
to comply with Section 7.10, unless the Trustee’s duty to resign is stayed
as provided in Section 310(b) of the TIA, any Holder who has been a
bona fide Noteholder for at least six months may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

 

(f)                                    Notwithstanding the
replacement of the Trustee pursuant to this Section, the Issuer’s obligations
under Section 7.07 shall continue for the benefit of the retiring Trustee.

 

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SECTION 7.09.                 Successor
Trustee by Merger.  If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

 

In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed
to the trusts created by this Indenture any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated; and in case at that time any of the Notes shall not
have been authenticated, any successor to the Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have
the full force which it is anywhere in the Notes or in this Indenture provided
that the certificate of the Trustee shall have.

 

SECTION 7.10.                 Eligibility;
Disqualification.  The Trustee shall
at all times satisfy the requirements of Section 310(a) of the
TIA.  The Trustee shall have a combined
capital and surplus of at least $100,000,000 as set forth in its most recent
published annual report of condition. 
The Trustee shall comply with Section 310(b) of the TIA,
subject to its right to apply for a stay of its duty to resign under the
penultimate paragraph of Section 310(b) of the TIA; provided,
however, that there shall be excluded from the operation of Section 310(b)(1) of
the TIA any series of securities issued under this Indenture and any indenture
or indentures under which other securities or certificates of interest or
participation in other securities of the Issuer is outstanding if the
requirements for such exclusion set forth in Section 310(b)(1) of the
TIA are met.

 

SECTION 7.11.                 Preferential
Collection of Claims Against Issuer. 
The Trustee shall comply with Section 311(a) of the TIA,
excluding any creditor relationship listed in Section 311(b) of the
TIA.  A Trustee who has resigned or been
removed shall be subject to Section 311(a) of the TIA to the extent
indicated.

 

ARTICLE 8

 

DISCHARGE OF
INDENTURE; DEFEASANCE

 

SECTION 8.01.                 Discharge of
Liability on Notes; Defeasance.  (a) 
This Indenture shall be discharged and shall cease to be of further effect
(except as to surviving rights of registration of transfer or exchange of
Notes, as expressly provided for in this Indenture) as to all outstanding Notes
and the obligations under this Indenture with respect to the Holders of the
Notes when:

 

(i)                                     either (a) all
the Notes theretofore authenticated under this Indenture and delivered (except
lost, stolen or destroyed Notes which have been replaced or paid and Notes for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust) have been delivered to the Trustee for cancellation or (b) all
of the Notes that have not been delivered to the Trustee for cancellation under
this Indenture have become due

 

35

 

and payable by reason of the making of a
notice of redemption or otherwise or shall become due and payable within one
year, and the Issuer has irrevocably deposited or caused to be deposited with
the Trustee funds, Government Obligations or a combination thereof, sufficient
without reinvestment to pay and discharge the entire Indebtedness on the Notes
not theretofore delivered to the Trustee for cancellation, for principal of,
premium, if any, and interest on the Notes to the date of redemption or
maturity, together with irrevocable instructions from the Issuer directing the
Trustee to apply such funds to the payment thereof to the date of redemption or
maturity, as the case may be;

 

(ii)                                  the Issuer has paid
or caused to be paid all other sums payable by the Issuer under this Indenture
and the Notes (except for any indemnification obligations thereafter owing to
the Trustee); and

 

(iii)                               the Issuer has delivered
to the Trustee an Officers’ Certificate stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this
Indenture have been complied with.

 

(b)                                 Subject to Sections
8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its
obligations under the Notes and this Indenture with respect to the Notes, and
all of the obligations of the Guarantors (“legal defeasance option”) or (ii) (A) its
obligations under Sections 4.02, 4.03, 4.04, 4.07, 4.08 (except with respect to
the existence of the Issuer) and 5.01 for the benefit of the Notes, (B) the
applicability of Section 6.01(b) to any failure to comply with any of
the foregoing covenants and (C) and the operation of Section 6.01(c) for
the benefit of the Notes (“covenant defeasance option”).

 

In the event that the Issuer terminates its
obligations under the Notes and this Indenture by exercising its legal
defeasance option or its covenant defeasance option, the obligations of each
Guarantor under its Guarantee shall be terminated simultaneously with the
termination of such obligations.

 

The Issuer may exercise its legal defeasance
option notwithstanding its prior exercise of its covenant defeasance option.

 

If the Issuer exercises its legal defeasance
option, subject to Section 8.02, the Issuer and Guarantors shall be deemed
to have discharged all of their obligations with respect to all outstanding
Notes and Guarantees, no Notes and Guarantees shall thereafter be deemed to be “outstanding”
and payment of the Notes so defeased may not be accelerated because of an Event
of Default with respect thereto. 
Notwithstanding the foregoing, the following provisions shall survive
until otherwise terminated or discharged hereunder:

 

(i)                                     the
rights of Holders to receive payments in respect of the principal of, premium,
if any, and interest on the Notes when such payments are due solely out of the
trust created pursuant to Section 8.02;

 

(ii)                                  the
Issuer’s obligations with respect to the issuance of Temporary Notes,
registration of Notes, mutilated, lost, destroyed or stolen Notes and the
maintenance of an office or agency for payment and money for security payments
held in trust;

 

36

 

(iii)                               the
rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s
obligations in connection therewith; and

 

(iv)                              this Section 8.01.

 

  If
the Issuer exercises its covenant defeasance option, the Issuers and Guarantors
shall, subject to the satisfaction of the conditions set forth in Section 8.02,
be released from their obligations under the covenants contained in Sections
4.02, 4.03, 4.04, 4.07, 4.08 (except with respect to the existence of the
Issuer) and 5.01 for the benefit of the Notes and the Notes shall thereafter be
deemed not outstanding for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that the Notes shall not
be deemed outstanding for accounting purposes). 
Covenant defeasance means that the Issuer may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein or in any other document, and such omission to
comply shall not constitute a Default or an Event of Default specified in Section 6.01.  In addition, subject to the conditions set
forth in Section 8.02, if the Issuer exercises its covenant defeasance
option, Section 6.01(c) shall cease to apply and shall no longer
constitute an Event of Default.

 

Upon satisfaction of the conditions set forth
herein and upon request of the Issuer, the Trustee shall acknowledge in writing
the discharge of those obligations of the Issuer that have terminated.

 

SECTION 8.02.                 Conditions to
Defeasance.  (a)  The Issuer may
exercise its legal defeasance option or its covenant defeasance option only if:

 

(i)                                     the Issuer
irrevocably deposits with the Trustee, in trust, for the benefit of the Holder
of the Notes, cash in U.S. Dollars, Government Obligations, or a combination
thereof, in such amounts as shall be sufficient without reinvestment, in the
opinion of an internationally recognized investment bank, appraisal firm or
firm of independent public accountants chosen by the Issuer, to pay the
principal of, premium, if any, and interest on the Notes on the stated date for
payment thereof or on the applicable redemption date, as the case may be;

 

(ii)                                  in the case of the
legal defeasance option, the Issuer shall have delivered to the Trustee an
Opinion of Counsel from counsel in the United States (subject to customary
exceptions and exclusions) and independent of the Issuer to the effect that (A) the
Issuer has received from, or there has been published by, the Internal Revenue
Service a ruling or (B) since the Issue Date, there has been a change in
the applicable U.S. federal income tax law, in either case to the effect that
(and based thereon such Opinion of Counsel shall state that) the Holders will
not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such legal defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have
been the case if such legal defeasance had not occurred;

 

37

 

(iii)                               in the case of the
covenant defeasance option, the Issuer shall have delivered to the Trustee an
Opinion of Counsel in the United States (subject to customary exceptions and
exclusions) to the effect that the Holders will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such covenant
defeasance and will be subject to U.S. federal income tax on the same
amounts,  in the same manner and at the
same times as would have been the case if such covenant defeasance had not
occurred;

 

(iv)          no Default or Event of Default shall have
occurred and be continuing on  the date of the deposit pursuant to Section 8.02(a)(i) (other
than a default or Event of  Default arising in connection with the grant of any Lien
securing a borrowing of funds to be
applicable to such deposit); and

 

(v)           The Issuer delivers to the Trustee an
Officers’ Certificate and an Opinion  of Counsel, each stating that all
conditions precedent to the defeasance and discharge of  the Notes to
be so defeased and discharged as contemplated by this Article 8 have been complied
with.

 

(b)                                 Before or after a
deposit, the Issuer may make arrangements satisfactory to the Trustee for the
redemption of such Notes at a future date in accordance with Article 3.

 

SECTION 8.03.                 Application of
Trust Money.  Subject to Section 8.04,
the Trustee shall hold in trust money or Government Obligations (including
proceeds thereof) deposited with it pursuant to this Article 8.  It shall apply the deposited money and the
money from Government Obligations through each Paying Agent and in accordance
with this Indenture to the payment of principal of, premium, if any, and
interest on the Notes so discharged or defeased.

 

SECTION 8.04.                 Repayment to
the Issuer.  Each of the Trustee and
each Paying Agent shall promptly turn over to the Issuer upon request any money
or Government Obligations held by it as provided in this Article which, in
the written opinion of nationally recognized investment bank, appraisal firm of
independent public accountants chosen by the Issuer, delivered to the Trustee
(which opinion shall only be required if Government Obligations have been so
deposited), are in excess of the amount thereof which would then be required to
be deposited to effect an equivalent discharge or defeasance in accordance with
this Article.

 

Subject to any applicable abandoned property
law, the Trustee and each Paying Agent shall pay to the Issuer upon written
request any money held by them for the payment of principal or interest that
remains unclaimed for two years, and, thereafter, Holders entitled to the money
must look to the Issuer for payment as general creditors, and the Trustee and
each Paying Agent shall have no further liability with respect to such monies.

 

SECTION 8.05.                 Indemnity for
Government Obligations.  The Issuer
shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against deposited Government Obligations or the
principal and interest received on such Government Obligations.

 

38

 

SECTION 8.06.                 Reinstatement.  If the Trustee or any Paying Agent is unable
to apply any money or Government Obligations in accordance with this Article 8
by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Issuer’s
and the Guarantors’ obligations under this Indenture and the Notes so
discharged or defeased shall be revived and reinstated as though no deposit had
occurred pursuant to this Article 8 until such time as the Trustee or any
Paying Agent is permitted to apply all such money or Government Obligations in
accordance with this Article 8; provided, however, that, if the Issuer has
made any payment of principal of, premium, if any, or interest on, any such
Notes because of the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Obligations held by the Trustee or any Paying
Agent.

 

ARTICLE 9

 

AMENDMENTS AND
WAIVERS

 

SECTION 9.01.                 Without
Consent of the Holders.  The Issuer,
the Guarantors and the Trustee may amend this Indenture, the Notes or the
Guarantees without notice to or consent of any Holder to:

 

(i)                                     cure any
ambiguity, omission, defect or inconsistency;

 

(ii)                                  provide for the
assumption by a Successor Issuer of the obligations of the Issuer or a
Successor Guarantor of the obligations of any Guarantor under this Indenture
and the Notes in compliance with Article 5;

 

(iii)                               provide for
uncertificated Notes in addition to or in place of certificated Notes (provided
that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of
the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code);

 

(iv)                              add a Guarantor or
release a Guarantor from its obligations under a Guarantee or this Indenture in
accordance with the provisions of this Indenture;

 

(v)                                 secure any Notes;

 

(vi)                              add to the covenants of
the Issuer for the benefit of the Holders or to surrender any right or power
conferred upon the Issuer or a Guarantor;

 

(vii)                           make any change that does
not materially adversely affect the rights of any Holder;

 

(viii)                        comply with any requirement of
the Commission in connection with the qualification of this Indenture under the
TIA;

 

(ix)                                provide for the
appointment of a successor trustee (provided that the successor trustee is
otherwise qualified and eligible to act as such under the terms of this
Indenture);

 

39

 

(x)                                   provide for the
issuance of Exchange Notes which shall have terms identical in all material
respects to the Notes exchanged therefor (except that the transfer restrictions
contained in such notes shall be modified or eliminated as appropriate and that
no Additional Interest shall be payable in respect thereof) and which shall be
treated, together with any outstanding Notes, as a single class of securities;
or

 

(xi)                                after
the Issuer’s obligation to purchase Notes arises under Section 4.07,
amend, change or modify in any material respect its obligation to make and
consummate a Change of Control Offer in the event of a Change of Control
Triggering Event or, after such Change of Control Triggering Event has
occurred, modify any of the provisions or definitions with respect thereto.

 

After an amendment or supplement under this Section 9.01
becomes effective, the Issuer shall mail to Holders a notice briefly describing
such amendment or supplement.  The
failure to give such notice to all Holders, or any defect therein, shall not
impair or affect the validity of an amendment or supplement under this Section 9.01.

 

SECTION 9.02.                 With Consent
of the Holders.  (a)  The Issuer
and the Trustee may amend this Indenture, the Notes or the Guarantees with the
written consent of the Holders of at least a majority in principal amount of
the Notes then outstanding voting as a single class (including consents obtained
in connection with a purchase of, or tender offer or exchange for the Notes)
and any past default or compliance with any provisions may be waived with the
consent of the Holders of a majority in principal amount of the Notes then
outstanding voting as a single class (including consents obtained in connection
with a purchase of, or tender offer or exchange for, the Notes).  However, without the consent of each Holder
of an outstanding Note affected, an amendment may not:

 

(i)                                     change any
installment of interest with respect to the Notes or reduce the principal
amount of or interest with respect to any Note,

 

(ii)                                  change cash prices at
which the Notes may be redeemed by the Issuer,

 

(iii)                               change the currency in
which, or change the required place at which, payment with respect to principal
of or interest with respect to the Notes is payable,

 

(iv)                              change the time at which
the Notes may be redeemed, or

 

(v)                                 reduce the percentage
of the principal amount of Notes required to modify or amend this Indenture or
the terms or conditions of the Notes or to waive any future compliance or past
Default or Event of Default.

 

It shall not be necessary for the consent of
the Holders under this Section 9.02 to approve the particular form of any
proposed amendment or supplement, but it shall be sufficient if such consent
approves the substance thereof.

 

A consent to any amendment, supplement or
waiver under this Indenture by any Holder of Notes given in connection with a
tender of the Holder’s Notes shall not be rendered invalid by such tender.

 

40

 

(b)                                 After an amendment or
supplement under this Section 9.02 becomes effective, the Issuer shall
mail to the Holders affected by such amendment or supplement a notice briefly
describing such amendment or supplement. 
The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment or supplement under
this Section 9.02.

 

SECTION 9.03.                 Compliance
with Trust Indenture Act.  From the
date on which this Indenture is qualified under the TIA, every amendment,
waiver or supplement to this Indenture or the Notes shall comply with the TIA
as then in effect.

 

SECTION 9.04.                 Revocation and
Effect of Consents and Waivers.  (a) 
A consent to an amendment or a waiver by a Holder of a Note shall bind the
Holder and every subsequent Holder of that Note or portion of the Note that
evidences the same debt as the consenting Holder’s Note, even if notation of
the consent or waiver is not made on the Note. 
However, any such Holder or subsequent Holder may revoke the consent or
waiver as to such Holder’s Note or portion of the Note if the Trustee receives
the notice of revocation before the date on which the consent or waiver becomes
effective.  After an amendment or waiver
becomes effective, it shall bind every Holder. 
An amendment or waiver becomes effective upon the (i) receipt by
the Issuer or the Trustee of consents by the Holders of the requisite principal
amount of securities, (ii) satisfaction of conditions to effectiveness as
set forth in this Indenture and any indenture supplemental hereto containing
such amendment or waiver and (iii) execution of such amendment or waiver
(or supplemental indenture) by the Issuer and the Trustee.

 

(b)                                 The Issuer may, but
shall not be obligated to, fix a record date for the purpose of determining the
Holders entitled to give their consent or take any other action described above
or required or permitted to be taken pursuant to this Indenture.  If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were
Holders at such record date (or their duly designated proxies), and only those
Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. 
No such consent shall be valid or effective for more than 120 days after
such record date unless the consent of the requisite number of Holders has been
obtained.

 

SECTION 9.05.                 Notation on or
Exchange of Notes.  If an amendment,
supplement or waiver changes the terms of a Note, the Issuer may require the
Holder of the Note to deliver it to the Trustee.  The Trustee may place an appropriate notation
on the Note regarding the changed terms and return it to the Holder.  Alternatively, if the Issuer or the Trustee
so determines, the Issuer in exchange for the Note shall issue and the Trustee
shall authenticate a new Note that reflects the changed terms.  Failure to make the appropriate notation or
to issue a new Note shall not affect the validity of such amendment, supplement
or waiver.

 

SECTION 9.06.                 Trustee to
Sign Amendments.  The Trustee shall
sign any amendment, supplement or waiver authorized pursuant to this Article 9
if the amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee.  If it does
adversely affect such rights, duties, liabilities or immunities, the Trustee
may but need not sign it.  In signing
such amendment, the Trustee shall be entitled to receive indemnity reasonably
satisfactory to it and shall be provided with, and (subject to Section 7.01)
shall be fully protected

 

41

 

in relying upon, an Officers’ Certificate and an Opinion of Counsel
stating that such amendment, supplement or waiver is authorized or permitted by
this Indenture and that such amendment, supplement or waiver is the legal,
valid and binding obligation of the Issuer and the Guarantors, enforceable
against them in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof (including Section 9.03).  Notwithstanding the foregoing, no Opinion of
Counsel shall be required to execute any amendment or supplement adding a new
Guarantor under this Indenture.

 

SECTION 9.07.                 Payment for
Consent.  The Issuer shall not, and
shall not permit any of the Subsidiaries of the Issuer to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of
any Holder for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of this Indentures or the Notes unless such
consideration is offered to be paid and is paid to all Holders that consent,
waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement.

 

SECTION 9.08.                 Additional
Voting Terms; Calculation of Principal Amount.  Except as expressly provided in this
Indenture, including under Section 9.02, all Notes issued under this
Indenture shall vote and consent together on all matters (as to which any of
such Notes may vote) as one class. 
Determinations as to whether Holders of the requisite aggregate principal
amount of Notes have concurred in any direction, waiver or consent shall be
made in accordance with this Article Nine and Section 2.14.

 

ARTICLE 10

 

GUARANTEES

 

SECTION 10.01.           Guarantees.  (a)  Each Guarantor hereby jointly and
severally, irrevocably and unconditionally guarantees, as a primary obligor and
not merely as a surety on a senior basis, to each Holder and to the Trustee and
its successors and assigns (i) the full and punctual payment when due,
whether at Stated Maturity, by acceleration, by redemption or otherwise, of all
obligations of the Issuer under this Indenture (including obligations to the
Trustee) and the Notes, whether for payment of principal of, premium, if any,
or interest on and in respect of the Notes and all other monetary obligations
of the Issuer under this Indenture and the Notes and (ii) the full and
punctual performance within applicable grace periods of all other obligations
of the Issuer, whether for fees, expenses, indemnification or otherwise under
this Indenture and the Notes (all the foregoing being hereinafter collectively
called the “Guaranteed Obligations”). 
Each Guarantor further agrees that the Guaranteed Obligations may be
extended or renewed, in whole or in part, without notice or further assent from
each such Guarantor, and that each such Guarantor shall remain bound under this
Article 10 notwithstanding any extension or renewal of any Guaranteed
Obligation.

 

(b)                                 Each Guarantor waives
presentation to, demand of payment from and protest to the Issuer of any of the
Guaranteed Obligations and also waives notice of protest for nonpayment.  Each Guarantor waives notice of any default
under the Notes or the Guaranteed Obligations. 
The obligations of each Guarantor hereunder shall not be affected by (i) the
failure of any Holder or the Trustee to assert any claim or demand or to
enforce any right or remedy

 

42

 

against the Issuer or any other Person under this Indenture, the Notes,
or any other agreement or otherwise; (ii) any extension or renewal of this
Indenture, the Notes or any other agreement; (iii) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture,
the Notes or any other agreement; (iv) the release of any security held by
any Holder or the Trustee for the Guaranteed Obligations or any Guarantor; (v) the
failure of any Holder or Trustee to exercise any right or remedy against any
other guarantor of the Guaranteed Obligations; or (vi) any change in the
ownership of such Guarantor, except as provided in Section 10.02(b).

 

(c)                                  Each Guarantor hereby
waives any right to which it may be entitled to have its obligations hereunder
divided among the Guarantors, such that such Guarantor’s obligations would be
less than the full amount claimed.  Each
Guarantor hereby waives any right to which it may be entitled to have the
assets of the Issuer or any other Guarantor first be used and depleted as
payment of the Issuer’s or such Guarantor’s obligations hereunder prior to any
amounts being claimed from or paid by such Guarantor hereunder.  Each Guarantor hereby waives any right to
which it may be entitled to require that the Issuer be sued prior to an action
being initiated against such Guarantor.

 

(d)                                 Each Guarantor further
agrees that its Guarantee herein constitutes a guarantee of payment,
performance and compliance when due (and not a guarantee of collection) and
waives any right to require that any resort be had by any Holder or the Trustee
to any security held for payment of the Guaranteed Obligations.

 

(e)                                  Except as expressly
set forth in Sections 8.01(b), 10.02 and 10.06, the obligations of each
Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason, including any claim of waiver,
release, surrender, alteration or compromise, and shall not be subject to any
defense of setoff, counterclaim, recoupment or termination whatsoever or by
reason of the invalidity, illegality or unenforceability of the Guaranteed
Obligations or otherwise.  Without
limiting the generality of the foregoing, the obligations of each Guarantor
herein shall not be discharged or impaired or otherwise affected by the failure
of any Holder or the Trustee to assert any claim or demand or to enforce any
remedy under this Indenture, the Notes or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or
otherwise, in the performance of the obligations, or by any other act or thing
or omission or delay to do any other act or thing which may or might in any
manner or to any extent vary the risk of any Guarantor or would otherwise
operate as a discharge of any Guarantor as a matter of law or equity.

 

(f)                                    Each Guarantor
agrees that its Guarantee shall remain in full force and effect until payment
in full of all the Guaranteed Obligations. 
Each Guarantor further agrees that its Guarantee herein shall continue
to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of principal of or interest on any Guaranteed Obligation is
rescinded or must otherwise be restored by any Holder or the Trustee upon the
bankruptcy or reorganization of the Issuer or otherwise.

 

(g)                                 In furtherance of the
foregoing and not in limitation of any other right which any Holder or the Trustee
has at law or in equity against any Guarantor by virtue hereof, upon the
failure of the Issuer to pay the principal of or interest on any Guaranteed
Obligation

 

43

 

when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, or to perform or comply with any
other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon
receipt of written demand by the Trustee, forthwith pay, or cause to be paid,
in cash, to the Holders or the Trustee an amount equal to the sum of (i) the
unpaid principal amount of such Guaranteed Obligations, (ii) accrued and
unpaid interest on such Guaranteed Obligations (but only to the extent not
prohibited by applicable law) and (iii) all other monetary obligations of
the Issuer to the Holders and the Trustee.

 

(h)                                 Each Guarantor agrees
that it shall not be entitled to any right of subrogation in relation to the
Holders in respect of any Guaranteed Obligations guaranteed hereby until
payment in full of all Guaranteed Obligations. 
Each Guarantor further agrees that, as between it, on the one hand, and
the Holders and the Trustee, on the other hand, (i) the maturity of the
Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6
for the purposes of any Guarantee herein, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby, and (ii) in the event of any declaration of
acceleration of such Guaranteed Obligations as provided in Article 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become
due and payable by such Guarantor for the purposes of this Section 10.01.

 

(i)                                     Each Guarantor also
agrees to pay any and all costs and expenses (including reasonable attorneys’
fees and expenses) incurred by the Trustee or any Holder in enforcing any
rights under this Section 10.01.

 

(j)                                     Upon request of
the Trustee, each Guarantor shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

 

SECTION 10.02.           Limitation on
Liability; Release.  (a)  Any
term or provision of this Indenture to the contrary notwithstanding, the
maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by
any Guarantor shall not exceed the maximum amount that can be hereby guaranteed
without rendering this Indenture, as it relates to such Guarantor, voidable
under applicable Bankruptcy Laws or laws relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors
generally.

 

(b)                                 A Guarantee as to any
Guarantor shall terminate and be of no further force or effect and such
Guarantor shall automatically and unconditionally be deemed to be released from
all of its obligations under this Indenture:

 

(i)                                     in the case of the
Foreign Initial Guarantor, if the Foreign Initial Guarantor ceases to guarantee
the obligations of the Issuer under the Bridge Loan;

 

(ii)                                  in the case of any
other Guarantor, if the Guarantor ceases to guarantee the obligations of the
Issuer under the Credit Agreement and the Bridge Loan; and

 

(iii)                               in the case of all
Guarantors, upon the satisfaction and discharge of this Indenture pursuant to Section 8.01(a) or
the legal defeasance or covenant defeasance of the notes in accordance with Section 8.01(b).

 

44

 

SECTION 10.03.           Successors and
Assigns.  This Article 10 shall
inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder
or the Trustee, the rights and privileges conferred upon that party in this Indenture
and in the Notes shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 10.04.           No Waiver.  Neither a failure nor a delay on the part of
either the Trustee or the Holders in exercising any right, power or privilege
under this Article 10 shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise of
any right, power or privilege.  The
rights, remedies and benefits of the Trustee and the Holders herein expressly
specified are cumulative and not exclusive of any other rights, remedies or
benefits which either may have under this Article 10 at law, in equity, by
statute or otherwise.

 

SECTION 10.05.           Modification.  No modification, amendment or waiver of any
provision of this Article 10, nor the consent to any departure by any
Guarantor therefrom, shall in any event be effective unless the same shall be
in writing and signed by the Trustee, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which
given.  No notice to or demand on any
Guarantor in any case shall entitle such Guarantor to any other or further
notice or demand in the same, similar or other circumstances.

 

SECTION 10.06.           Execution of
Supplemental Indenture for Future Guarantors.  Each Person which is required to become a
Guarantor after the Issue Date pursuant to Section 4.03 shall promptly
execute and deliver to the Trustee a supplemental indenture in the form of
Appendix B hereto pursuant to which such Person shall become a Guarantor under
this Article 10 and shall guarantee the Guaranteed Obligations.  Concurrently with the execution and delivery
of such supplemental indenture, the Issuer shall deliver to the Trustee an
Opinion of Counsel and an Officers’ Certificate to the effect that such
supplemental indenture has been duly authorized, executed and delivered by such
Person and that, subject to the application of bankruptcy, insolvency, moratorium,
fraudulent conveyance or transfer and other similar laws relating to creditors’
rights generally and to the principles of equity, whether considered in a
proceeding at law or in equity, the Guarantee of such Guarantor is a legal,
valid and binding obligation of such Guarantor, enforceable against such
Guarantor in accordance with its terms and/or to such other matters as the
Trustee may reasonably request.

 

SECTION 10.07.           Subrogation.

 

Each Guarantor shall be subrogated to all
rights of Holders of the Notes against the Issuer in respect of any amounts
paid by any Guarantor pursuant to the provisions of Section 10.01 hereof;
provided that, if an Event of Default has occurred and is continuing, no
Guarantor shall be entitled to enforce or receive any payments arising out of,
or based upon, such right of subrogation until all amounts then due and payable
by the Issuer under this Indenture or the Notes shall have been paid in full.

 

45

 

SECTION 10.08.           Benefits Acknowledged.

 

Each Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and
that the guarantee and waivers made by it pursuant to its Guarantee are
knowingly made in contemplation of such benefits.

 

SECTION 10.09.  Indemnification of Judgment Currency.

 

Each Foreign Guarantor shall indemnify the
Trustee and any Holder of a Note against any loss incurred by the Trustee or
such Holder, as the case may be, as a result of any judgment or order being
given or made for any amount due under this Indenture or such Note and being
expressed and paid in a currency (the “Judgment Currency”) other than U.S.
dollars, and as a result of any variation between (i) the rate of exchange
at which the U.S. dollar amount is converted into the Judgment Currency for the
purpose of such judgment or order and (ii) the spot rate of exchange in
New York City at which the Trustee or such Holder, as the case may be, on the
date of payment of such judgment or order and is able to purchase U.S. dollars
with the amount of the Judgment Currency actually received by the Trustee or
such Holder.  Notwithstanding the
preceding sentence of this Section 10.09, in the event that the amount of
U.S. dollars purchased by any Holder as a result of such indemnification
exceeds the amount originally to be paid to such Holder, such Holder shall
reimburse such excess to such Foreign Guarantor.  The foregoing indemnity shall constitute a separate
and independent obligation of the Foreign Guarantor and shall continue in full
force and effect notwithstanding any such judgment or order as aforesaid.  The term “spot rate of exchange” shall
include any premiums and costs of exchange payable in connection with the
purchase of, or conversion into, U.S. dollars.

 

ARTICLE 11

 

MISCELLANEOUS

 

SECTION 11.01.           TIA Controls.  If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by, or
with another provision (an “incorporated provision”) included in this Indenture
by operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties
or incorporated provision shall control.

 

SECTION 11.02.           Notices.  (a)  Any notice or communication
required or permitted hereunder shall be in writing and delivered in person,
via facsimile or mailed by first-class mail addressed as follows:

 

if to the Issuer or a Guarantor:

 

Capmark Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of:  General Counsel

Facsimile:  (215) 441-7238

 

46

 

if to the Trustee:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 27th Floor

MS:NYC60-2710

New York, New York 10005

Fax: 732-380-2345

Attention:  Trust & Securities
Services

 

copy to:

 

Deutsche Bank National Trust Company

for Deutsche Bank Trust Company Americas

25 DeForest Avenue

Mail Stop: 
SUM01-0105

Summit, New Jersey 07901

Tel: 
908-608-3191

Fax: 
732-578-4635

Attention: 
Trust & Securities Services

 

The Issuer, any Guarantor or the Trustee by notice to the others may
designate additional or different addresses for subsequent notices or
communications.

 

(b)                                 Any notice or
communication mailed to a Holder shall be mailed, first class mail, postage
prepaid, to the Holder at the Holder’s address as it appears on the
registration books of the Registrar and shall be sufficiently given if so
mailed within the time prescribed.

 

(c)                                  Failure to mail a
notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. 
If a notice or communication is mailed in the manner provided above, it
is duly given, whether or not the addressee receives it.

 

SECTION 11.03.           Communication by the
Holders with Other Holders.  The
Holders may communicate pursuant to Section 312(b) of the TIA with
other Holders with respect to their rights under this Indenture or the
Notes.  The Issuer, the Trustee, the
Registrar and other Persons shall have the protection of Section 312(c) of
the TIA.

 

SECTION 11.04.           Certificate and Opinion
as to Conditions Precedent.  Upon any
request or application by the Issuer to the Trustee to take or refrain from
taking any action under this Indenture, the Issuer shall furnish to the Trustee
at the request of the Trustee:

 

(a)                                  an Officers’ Certificate
in form reasonably satisfactory to the Trustee stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and

 

(b)                                 an Opinion of Counsel
in form reasonably satisfactory to the Trustee stating that, in the opinion of
such counsel, all such conditions precedent have been satisfied.

 

47

 

SECTION 11.05.           Statements Required
in Certificate or Opinion.  Each certificate
or opinion with respect to compliance with a covenant or condition provided for
in this Indenture (other than pursuant to Section 4.06) shall include:

 

(a)                                  a statement that the
individual making such certificate or opinion has read such covenant or
condition;

 

(b)                                 a brief statement as
to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based;

 

(c)                                  a statement that, in
the opinion of such individual, he has made such examination or investigation
as is necessary to enable him to express an informed opinion as to whether or
not such covenant or condition has been complied with; and

 

(d)                                 a statement as to
whether or not, in the opinion of such individual, such covenant or condition
has been complied with; provided, however, that with respect to
matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or
certificates of public officials.

 

SECTION 11.06.           When Notes
Disregarded.  In determining whether
the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Issuer, any Guarantor or by
any Person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer or any Guarantor shall be
disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes which the Trustee knows are so owned
shall be so disregarded.  Subject to the
foregoing, only Notes outstanding at the time shall be considered in any such
determination.

 

SECTION 11.07.           Rules of
Trustee, Paying Agent and Registrar. 
The Trustee may make reasonable rules for action by or a meeting of
the Holders.  The Registrar and a Paying
Agent may make reasonable rules for their functions.

 

SECTION 11.08.           Legal Holidays.  If a payment date is not a Business Day,
payment shall be made on the next succeeding day that is a Business Day as if
made on the date such payment was due, and no interest shall accrue on any
amount that would have been otherwise payable on such payment date if it were a
Business Day for the intervening period. 
If a regular record date is not a Business Day, the record date shall
not be affected.

 

SECTION 11.09.           GOVERNING LAW.  THIS INDENTURE AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

SECTION 11.10.           No Recourse Against
Others.  No director, officer,
employee, incorporator or holder of any Equity Interests in the Issuer or any
Guarantor, as such, shall have any liability for any obligations of the Issuer
or the Guarantors under the Notes, the Guarantees or this Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their
creation.  Each Noteholder by accepting a
Note waives and releases all such liability. 
The

 

48

 

waiver and release are part of the consideration for issuance of the
Notes.  The waiver may not be effective
to waive liabilities under the federal securities laws.

 

SECTION 11.11.           Successors.  All agreements of the Issuer and each
Guarantor in this Indenture and the Notes shall bind its successors, except as
otherwise provided in Section 10.02(b). 
All agreements of the Trustee in this Indenture shall bind its
successors.

 

SECTION 11.12.           Multiple Originals.  The parties may sign any number of copies of
this Indenture.  Each signed copy shall
be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this
Indenture.

 

SECTION 11.13.           Table of Contents;
Headings.  The table of contents,
cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

 

SECTION 11.14.           Indenture Controls.  If and to the extent that any provision of
the Notes limits, qualifies or conflicts with a provision of this Indenture,
such provision of this Indenture shall control.

 

SECTION 11.15.           Severability.  In case any provision in this Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby and such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability

 

SECTION 11.16.  USA Patriot Act.  The parties hereto acknowledge that in
accordance with Section 326 of the USA Patriot Act, the Trustee, like all
financial institutions and to help fight the funding of terrorism and money
laundering, is required to obtain, verify and record information that
identifies each person or legal entity that establishes a relationship or opens
an account with Deutsche Bank Trust Company Americas.  The parties to this Indenture agree that they
will provide the Trustee with such information as it may reasonably request in
order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

49

 

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

 

	
   

  	
  CAPMARK FINANCIAL GROUP INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Marc A. Fox

  	
   

  
	
   

  	
   

  	
  Name: Marc A. Fox

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPMARK CAPITAL INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Marc A. Fox

  	
   

  
	
   

  	
   

  	
  Name: Marc A. Fox

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPMARK FINANCE INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anne E. Kelly

  	
   

  
	
   

  	
   

  	
  Name: Anne E. Kelly

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPMARK INVESTMENTS LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Rene J. Paradis

  	
   

  
	
   

  	
   

  	
  Name: Rene J. Paradis

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMERCIAL EQUITY INVESTMENTS, INC. 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Marc A. Fox

  	
   

  
	
   

  	
   

  	
  Name: Marc A. Fox

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MORTGAGE INVESTMENTS, LLC 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Anne E. Kelly

  	
   

  
	
   

  	
   

  	
  Name: Anne E. Kelly

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  

 

S-1

 

	
   

  	
  NET LEASE ACQUISITION LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Rene J. Paradis

  	
   

  
	
   

  	
   

  	
  Name: Rene J. Paradis

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SJM CAP, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Anne E. Kelly

  	
   

  
	
   

  	
   

  	
  Name: Anne E. Kelly

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Executed as a Deed /s/ REC

  

  CRYSTAL BALL HOLDING OF BERMUDA

  LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Richard E. Cage

  	
   

  
	
   

  	
   

  	
  Name: Richard E. Cage

  
	
   

  	
   

  	
  Title: Vice President

  

 

S-2

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS, As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Richard L. Buckwalter

  	
   

  
	
   

  	
   

  	
  Name: Richard L. Buckwalter

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Annie Jaghatspanyan

  	
   

  
	
   

  	
   

  	
  Name: Annie Jaghatspanyan

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

S-3

 

APPENDIX A

(RULE 144A/REGULATION S/IAI APPENDIX)

 

PROVISIONS
RELATING TO INITIAL NOTES,

PRIVATE
EXCHANGE NOTES AND EXCHANGE NOTES

 

1.                                       Definitions

 

1.1                                 Definitions

 

For the purposes of this Appendix, the
following terms shall have the meanings indicated below:

 

“Applicable Procedures” means, with respect
to any transfer or transaction involving a Global Note or beneficial interest
therein, the rules and procedures of the Depository for such a Global
Note, to the extent applicable to such transaction and as in effect from time
to time.

 

“Clearstream” means Clearstream Banking, S.A.
and its successors.

 

“Definitive Note” means a certificated
Initial Note, Additional Note or Exchange Note or Private Exchange Note
bearing, if required, the appropriate restricted notes legend set forth in Section 2.3(e).

 

“Depository” means The Depository Trust
Company, its nominees and their respective successors and any successor
Depository appointed pursuant to this Indenture.

 

“Distribution Compliance Period”, with
respect to any Notes, means the period of 40 consecutive days beginning on and
including the later of (i) the day on which such Notes are first offered
to Persons other than distributors (as defined in Regulation S under the
Securities Act) in reliance on Regulation S and (ii) the issue date with
respect to such Notes.

 

“Euroclear” means Euroclear S.A./N.V., as
operator of the Euroclear system, and its successors.

 

“Exchange Notes” means the Notes issued
pursuant to this Indenture in connection with the Registered Exchange Offer
effected pursuant to the Registration Rights Agreement.

 

“Exchange Offer Registration Statement” means
the registration statement to be filed with the Commission with respect to the
Registered Exchange Offer.

 

“Global Notes” means the collective reference
to the Rule 144A Notes, the Temporary Regulation S Notes, the Permanent
Regulation S Notes and any other Notes issued pursuant to this Indenture in
temporary or permanent global certificated form.

 

“IAI” means an institutional “accredited
investor”, as defined in Rule 501(a)(1), (2), (3) and (7) of
Regulation D under the Securities Act.

 

 

“Initial Purchasers” means (a) with
respect to the Initial, Citigroup Global Markets Inc., Credit Suisse Securities
(USA) LLC, Goldman, Sachs & Co., Deutsche Bank Securities Inc.,
Greenwich Capital Markets, Inc., J.P. Morgan Securities, Inc., Daiwa
Securities SB Capital Markets Europe Limited, Mitsubishi UFJ Securities
International plc, Wachovia Capital Markets, LLC, WestLB AG, Banc of America
Securities LLC, Natixis Securities North America Inc., RBC Capital Markets
Corporation, Scotia Capital (USA) Inc., Lehman Brothers Inc., Morgan Stanley &
Co. Incorporated and Shinsei International Limited and (b) with respect to
each issuance of Additional Notes, the Persons purchasing or underwriting such
Additional Notes under the related Purchase Agreement.

 

“Notes Custodian” means the custodian with
respect to a Global Note (as appointed by the Depository), or any successor
Person thereto, and shall initially be the Trustee.

 

“Private Exchange” means the offer by the
Issuer, pursuant to the Registration Rights Agreement, to the Initial
Purchasers to issue and deliver to each such Initial Purchaser, in exchange for
the Initial Notes by such Initial Purchaser as part of the initial distribution
of such Initial Notes, a like aggregate principal amount of Private Exchange
Notes.

 

“Private Exchange Notes” means any Notes
issued in connection with a Private Exchange.

 

“Private Placement Legend” means any of the
legends relating to restrictions on transfer relating to the Securities Act set
forth in Section 2.3(g).

 

“Purchase Agreement” means (a) with
respect to the Initial Notes issued on the Issue Date, the Purchase Agreement
dated May 3, 2007, among the Issuer, the Guarantors and the Initial
Purchasers with respect to the Initial Notes and (b) with respect to each
issuance of Additional Notes, the purchase agreement or underwriting agreement
among the Issuer, the Guarantors and the Persons purchasing or underwriting
such Additional Notes.

 

“QIB” means a “qualified institutional buyer”
as defined in Rule 144A.

 

“Registered Exchange Offer” means the offer
by the Issuer, pursuant to the Registration Rights Agreement, to certain
Holders of Initial Notes and Additional Notes, if issued, to issue and deliver
to such Holders, in exchange for the Initial Notes and Additional Notes, a like
aggregate principal amount of Exchange Notes registered under the Securities
Act.

 

“Registration Rights Agreement” means (1) with
respect to the Initial Notes issued on the Issue Date, the Registration Rights
Agreement dated as of May 10, 2007, among the Issuer, the Guarantors and
the Initial Purchasers and (2) with respect to each issuance of Additional
Notes issued in a transaction exempt from the registration requirements of the
Securities Act, the registration rights agreement, if any, among the Issuer and
the Initial Purchasers with respect to such Additional Notes under the related
Purchase Agreement.

 

“Restricted Definitive Note” means a Definitive
Note that is a Transfer Restricted Note.

 

“Restricted Global Note” means a Global Note
that is a Transfer Restricted Note.

 

2

 

“Shelf Registration Statement” means the
registration statement issued by the Issuer in connection with the offer and
sale of Initial Notes or Private Exchange Notes pursuant to the Registration
Rights Agreement.

 

“Transfer Restricted Notes” means Notes that
bear or are required to bear a Private Placement Legend.

 

“Unrestricted Definitive Note” means a
Definitive Note that is not a Transfer Restricted Note and that does not bear a
Private Placement Legend.

 

“Unrestricted Global Note” means a Global
Note that is not a Transfer Restricted Note and does not bear the Private
Placement Legend.

 

1.2                                 Other Definitions

 

	
  Term

  	
   

  	
  Defined in

  Section:

  
	
  “Agent Members”

  	
   

  	
  2.1(b)

  
	
  “Global Note”

  	
   

  	
  2.1 (a)

  
	
  “IAI Global Note”

  	
   

  	
  2.1(a)

  
	
  “Permanent Regulation S Global Note”

  	
   

  	
  2.1 (a)

  
	
  “Regulation S”

  	
   

  	
  2.1 (a)

  
	
  “Regulation S Global Note”

  	
   

  	
  2.1 (a)

  
	
  “Rule 144A”

  	
   

  	
  2.1 (a)

  
	
  “Rule 144A Global Note”

  	
   

  	
  2.1 (a)

  
	
  “Temporary Regulation S Global Note”

  	
   

  	
  2.1 (a)

  

 

2.                                       The
Notes

 

2.1 (a)  Form and Dating.  The Initial Notes shall be offered and sold
by the Issuer pursuant to the Purchase Agreement.  The Initial Notes shall be resold initially
only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”)
and (ii) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S under the Securities Act (“Regulation S”).  Notes initially resold by the Initial
Purchasers pursuant to Rule 144A shall be issued initially in the form of
one or more permanent Global Notes (collectively, the “Rule 144A Global
Note”); Notes (other than Initial Notes) initially resold to IAIs shall be
issued initially in the form of one or more permanent global Notes in
definitive, fully registered form (collectively, the “IAI Global Notes”); and
Notes initially resold by the Initial Purchasers pursuant to Regulation S shall
be issued initially in the form of one or more temporary Global Notes
(collectively, the “Temporary Regulation S Global Note”), in each case without
interest coupons and with the applicable Private Placement Legend and Global
Notes legend set forth in Exhibit 1-A hereto, which shall be deposited on
behalf of the Purchasers of the Notes represented thereby with the Notes
Custodian and registered in the name of the Depository or a nominee of the
Depository for the accounts of designated agents holding on behalf of Euroclear
or Clearstream, duly executed by the Issuer and authenticated by the Trustee as
provided in this Indenture.

 

3

 

Each Global Note shall represent such of the
outstanding Notes as shall be specified in the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, and each shall provide that it
shall represent up to the aggregate principal amount of outstanding Notes from
time to time endorsed thereon.  The
aggregate principal amount of the Global Notes may from time to time be
increased or decreased by adjustments made on the records of the Trustee and
the Depository or its nominee as hereinafter provided.

 

(b)                                 Book-Entry
Provisions.  This Section 2.1(b) shall
apply only to a Global Note deposited with or on behalf of the Depository.

 

The Issuer shall execute and the Trustee
shall, in accordance with this Section 2.1(b), authenticate and deliver
initially one or more Global Notes that (a) shall be registered in the
name of the Depository for such Global Note or Global Notes or the nominee of
such Depository and (b) shall be delivered by the Trustee to such
Depository or pursuant to such Depository’s instructions or held by the Notes
Custodian for the Depository.

 

Members of, or participants in, the
Depository (“Agent Members”) shall have no rights under this Indenture with
respect to any Global Note held on their behalf by the Depository or by the
Trustee as the custodian of the Depository or under such Global Note, and the
Issuer, the Trustee and any agent of the Issuer, the Guarantors or the Trustee
shall be entitled to treat the Depository as the absolute owner of such Global
Note for all purposes whatsoever. 
Notwithstanding the foregoing, nothing herein shall prevent the Issuer,
the Guarantors, the Trustee or any agent of the Issuer, the Guarantors or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository
and its Agent Members, or the operation of customary practices of such
Depository governing the exercise of the rights of a holder of a beneficial
interest in any Global Note.

 

(c)                                  Definitive Notes.  Except as provided in Section 2.3 or
2.4, owners of beneficial interests in Global Notes shall not be entitled to
receive physical delivery of Definitive Notes.

 

2.2                                 Authentication

 

The Trustee shall authenticate and
deliver:  (1) on the Issue Date, an
aggregate principal amount of $1,200,000,000 of Initial Notes, (2) any
Additional Notes for an original issue in an aggregate principal amount
specified in the written order of the Issuer pursuant to Section 2.03 of
this Indenture and (3) Exchange Notes or Private Exchange Notes for issue
only in a Registered Exchange Offer or a Private Exchange, respectively,
pursuant to the Registration Rights Agreement, for a like principal amount of
Initial Notes or Additional Notes, in each case upon a written order of the
Issuer signed by one Officer.  Such order
shall specify the amount of the Notes to be authenticated and the date on which
the original issue of Notes is to be authenticated.

 

2.3                                 Transfer and
Exchange

 

(a)                                  Transfer and
Exchange of Global Notes.  A Global
Note may not be transferred except as a whole by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary 

 

4

 

or any such nominee to a successor Depositary or a nominee of such
successor Depositary.  All Global Notes
will be exchanged by the Issuer for Definitive Notes if:

 

(1)                                  the Depositary (a) notifies
the Issuer that it is unwilling or unable to continue as depositary for the
Global Notes or (b) has ceased to be a clearing agency registered under
the Exchange Act and, in either case, the Issuer fails to appoint a successor
depositary;

 

(2)                                  the Issuer, at its
option, notifies the Trustee in writing that it elects to cause the issuance of
the Definitive Notes; or

 

(3)                                  there has occurred
and is continuing an Event of Default with respect to the Notes.

 

Upon the occurrence of either of the
preceding events in (1) or (2) above, Definitive Notes shall be
issued in such names as the Depositary shall instruct the Trustee.  Global Notes also may be exchanged or
replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of the
Indenture.  Every Note authenticated and
delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to Sections 2.08 or 2.10 of the Indenture shall be authenticated and
delivered in the form of, and shall be, a Global Note.  A Global Note may not be exchanged for
another Note other than as provided in this Section 2.3(a), however,
beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.3(b), (c) or (f) below.

 

(b)                                 Transfer and
Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable
Procedures.  Beneficial interests in the
Restricted Global Notes will be subject to restrictions on transfer comparable
to those set forth herein to the extent required by the Securities Act.  Transfers of beneficial interests in the Global
Notes also will require compliance with either subparagraph (1) or (2) below,
as applicable, as well as one or more of the other following subparagraphs, as
applicable:

 

(1)  Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global
Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Distribution Compliance Period, transfers of beneficial
interests in the Temporary Regulation S Global Note may not be made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note. 
No written orders or instructions shall be required to be delivered to
the Registrar to effect the transfers described in this Section 2.3(b)(1).

 

(2)  All
Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are
not subject to 

 

5

 

Section 2.3(b)(1) above, the
transferor of such beneficial interest must deliver to the Registrar either:

 

(A) both:

 

(x) a written
order from an Agent Member given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to credit or cause to be
credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(y)
instructions given in accordance with the Applicable Procedures containing
information regarding the Agent Member account to be credited with such
increase; or

 

(B) solely to the extent issuance of a
Definitive Note is permitted pursuant to Section 2.4 hereof, both:

 

(x) a written
order from an Agent Member given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to cause to be issued a
Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(y)
instructions given by the Depositary to the Registrar containing information
regarding the Person in whose name such Definitive Note shall be registered to
effect the transfer or exchange referred to in (x) above.

 

Upon consummation of the Registered Exchange Offer, the requirements of
this Section 2.3(b)(2) shall be deemed to have been satisfied upon
receipt by the Registrar of the instructions contained in the letter of
transmittal delivered by the holder of such beneficial interests in the
Restricted Global Notes in connection with the Registered Exchange Offer.  Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or otherwise applicable under the Securities Act,
the Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 2.3(g) hereof.

 

(3)  Transfer
of Beneficial Interests to Another Restricted Global Note.  A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes
delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section 2.3(b)(2) above
and:

 

(A) if the transferee will take delivery
in the form of a beneficial interest in the Rule 144A Global Note, then
the transferor must deliver to the Registrar a certificate in the form of Exhibit 2
hereto, including the certifications in item (1) thereof;

 

(B) if the transferee will take delivery
in the form of a beneficial interest in) the
Regulation S Global Note, then the transferor must deliver to the Registrar a
certificate in the form of Exhibit 2 hereto, including the certifications
in item (2) thereof; and

 

6

 

(C) if the transferee will take delivery
in the form of a beneficial interest in the IAI Global Note, then the
transferor must deliver to the Registrar a certificate in the form of Exhibit 2
hereto, including the certifications, certificates and Opinion of Counsel
required by item 3(d) thereof, if applicable.

 

(4) Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. 
A beneficial interest in any Restricted Global
Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note if the
exchange or transfer complies with the requirements of Section 2.3(b)(2) above
and:

 

(A) such exchange or transfer is
effected pursuant to the Registered Exchange Offer in accordance with the
Registration Rights Agreement and the holder of the beneficial interest to be
transferred, in the case of an exchange, or the transferee, in the case of a
transfer, makes the certifications required by the Registration Rights
Agreement;

 

(B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights
Agreement;

 

(C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

(x) if the
holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted
Global Note, a certificate from such holder in the form of Exhibit 3
hereto, including the certifications in item (1)(a) thereof; or

 

(y) if the
holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit 2 hereto, including
the certifications in item (4) thereof;

 

and, in each such case set forth in this
subparagraph (D), if the Registrar so requests or if the Applicable Procedures
so require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global
Note has not yet been issued, the Issuer shall issue and, upon receipt of a
written order from the Issuer in accordance with Section 2.03 hereof, the
Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal 

 

7

 

to the aggregate principal amount of beneficial interests transferred
pursuant to subparagraph (B) or (D) above.

 

(5) Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Note for
Beneficial Interests in a Restricted Global Note.  Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

 

(c)                                  Transfer or
Exchange of Beneficial Interests for Definitive Notes.  

 

(1)                               Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes.  Beneficial interests in Restricted Global
Notes may not be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a Restricted Definitive Note except to the extent set
forth in Section 2.4 hereof.  If so
provided pursuant to Section 2.4, a holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for a Restricted
Definitive Note or transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Restricted Definitive Note, only upon receipt
by the Registrar of the following documentation:

 

(A) if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note, a certificate from such holder in
the form of Exhibit 3 hereto, including the certifications in item (2)(a) thereof;

 

(B) if such beneficial interest is being
transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit 2 hereto, including the certifications in item
(1) thereof;

 

(C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications in item (2) thereof;

 

(D) if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect
set forth in Exhibit 2 hereto, including the certifications in item (3)(a) thereof;

 

(E) if
such beneficial interest is being transferred to an IAI in reliance on an
exemption from the registration requirements of the Securities Act other than
those listed in subparagraphs (B) through (D) above, a certificate to
the effect set forth in Exhibit 3 hereto, including the certifications,
certificates and Opinion of Counsel required by item 3(d) thereof, if
applicable;

 

(F)  if such beneficial interest is
being transferred to the Issuer or any of its Subsidiaries, a certificate to
the effect set forth in Exhibit 2 hereto, including the certifications in
item (3)(b) thereof; or

 

8

 

(G) if such beneficial interest is being
transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.2(a) hereof,
and the Issuer shall execute and the Trustee shall authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate
principal amount.  Any Definitive Note
issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.3(c)(1) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Agent Member.  The
Trustee shall deliver such Definitive Notes to the Persons in whose names such
Notes are so registered.  Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.3(c)(1) shall bear the Private Placement
Legend and shall be subject to all restrictions on transfer contained therein.

 

(2) Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes.  Beneficial interests in Restricted Global
Notes may not be exchanged for, or transferred to Persons who take delivery
thereof in the form of, an Unrestricted Definitive Note except to the extent
set forth in Section 2.4 hereof.  If
so provided pursuant to Section 2.4, a holder of a beneficial interest in
a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only if:

 

(A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the holder of such beneficial interest, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a
Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of the Issuer;

 

(B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights
Agreement;

 

(C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

(x) if the
holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit 3 hereto, including
the certifications in item (1)(b) thereof; or

 

9

 

(y) if the
holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such holder
in the form of Exhibit 2 hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this
subparagraph (e), if the Registrar so requests or if the Applicable Procedures
so require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

(3)                               Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes.   Beneficial interests in Unrestricted Global
Notes may not be exchanged for, or transferred to Persons who take delivery
thereof in the form of, Unrestricted Definitive Notes except to the extent set
forth in Section 2.4 hereof. If so provided pursuant to Section 2.4,
a beneficial interest in an Unrestricted Global Note may be exchanged for a
Definitive Note or may be transferred to a Person who takes delivery thereof in
the form of a Definitive Note, upon satisfaction of the conditions set forth in
Section 2.3(b)(2) hereof. 
Thereupon, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.2(a) hereof,
and the Issuer will execute and the Trustee will authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate
principal amount.  Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.3(c)(3) will
be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Agent
Member.  The Trustee will deliver such
Definitive Notes to the Persons in whose names such Notes are so
registered.  Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.3(c)(3) will
not bear the Private Placement Legend.

 

(d)                                 Transfer and
Exchange of Definitive Notes for Beneficial Interests.

 

(1) Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes.   If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global
Note or to transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation:

 

(A) if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note, a certificate from such Holder in the form of Exhibit 3
hereto, including the certifications in item (2)(b) thereof;

 

10

 

(B) if such Restricted Definitive Note
is being transferred to a QIB in accordance with Rule 144A, a certificate
to the effect set forth in Exhibit 2 hereto, including the certifications
in item (1) thereof;

 

(C) if such Restricted Definitive Note
is being transferred to a Non-U.S. Person in an offshore transaction in
accordance with Rule 903 or Rule 904, a certificate to the effect set
forth in Exhibit 2 hereto, including the certifications in item (2) thereof;

 

(D) if such Restricted Definitive Note
is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a
certificate to the effect set forth in Exhibit 2 hereto, including the
certifications in item (3)(a) thereof;

 

(E) if such Restricted Definitive Note
is being transferred to an IAI in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in
subparagraphs (B) through (D) above, a certificate to the effect set
forth in Exhibit 2 hereto, including the certifications, certificates and
Opinion of Counsel required by item (3)(d) thereof, if applicable;

 

(F) if such Restricted Definitive Note
is being transferred to the Issuer or any of its Subsidiaries, a certificate to
the effect set forth in Exhibit 2 hereto, including the certifications in
item (3)(b) thereof; or

 

(G) if such Restricted Definitive Note
is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit 2 hereto,
including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal
amount of, in the case of clause (A) above, the appropriate Restricted
Global Note, in the case of clause (B) above, the 144A Global Note, in the
case of clause (C) above, the Regulation S Global Note, and in all other
cases, the IAI Global Note; provided, however, that if no IAI Global Note shall
have been issued by the Issuer and the Issuer elects not to do so in connection
with any such transfer or exchange, then the exchange or transfer (other than
an exchange or transfer for the Rule 144A Global Note or the Regulation S
Global Note) shall not be made and any such transferee shall be required to
accept a Restricted Definitive Note in accordance with the other applicable
provisions of this Section 2.3.

 

(2) Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Restricted Definitive Note to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note only if:

 

(A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case 

 

11

 

of an exchange, or the transferee, in the
case of a transfer, makes the certifications in connection therewith as are
required by the Registration Rights Agreement.

 

(B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights
Agreement;

 

(C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

(x) if the
Holder of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in an Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit 3 hereto, including the certifications in
item (1)(c) thereof; or

 

(y) if the
Holder of such Definitive Notes proposes to transfer such Notes to a Person who
shall take delivery thereof in the form of a beneficial interest in the
Unrestricted Global Note, a certificate from such Holder in the form of Exhibit 2
hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in
subparagraph (D), if the Registrar so requests or in any case if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

Upon
satisfaction of the conditions of any of the subparagraphs in this Section 2.3(d)(2),
the Trustee will cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

 

(3) Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note
or transfer such Definitive Notes to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an
exchange or transfer, the Trustee will cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes.

 

If any such
exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a
time when an Unrestricted Global Note has not yet been issued, the Issuer will
issue and, upon receipt of a written order from the Issuer in accordance with Section 2.03
of this Indenture, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

 

12

 

(e)                                  Transfer and
Exchange of Definitive Notes for Definitive Notes.  Definitive Notes may not be exchanged for, or
transferred to Persons who take delivery thereof in the form of, Definitive Notes
except to the extent set forth in Section 2.4 hereof.  If so provided pursuant to Section 2.4,
upon request by a Holder of Definitive Notes and such Holder’s compliance with
the provisions of this Section 2.3, the Registrar will register the
transfer or exchange of Definitive Notes. 
Prior to such registration of transfer or exchange, the requesting
Holder must present or surrender to the Registrar the Definitive Notes duly
endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney,
duly authorized in writing.  In addition,
the requesting Holder must provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of
this Section 2.3(e).

 

(1) Restricted
Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof
in the form of a Restricted Definitive Note if the Registrar receives the
following:

 

(A) if the transfer will be made
pursuant to Rule 144A, then the transferor must deliver a certificate in
the form of Exhibit 2 hereto, including the certifications in item (1) thereof;

 

(B) if the transfer will be made
pursuant to Rule 903 or Rule 904, then the transferor must deliver a
certificate in the form of Exhibit 2 hereto, including the certifications
in item (2) thereof; and

 

(C) if the transfer will be made
pursuant to any other exemption from the registration requirements of the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit 2
hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(2) Restricted
Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an
Unrestricted Definitive Note or transferred to a Person or Persons who take
delivery thereof in the form of an Unrestricted Definitive Note if:

 

(A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an exchange, or the transferee,
in the case of a transfer, makes the certifications required by the
Registration Rights Agreement;

 

(B) any such transfer is effected
pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C) any such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or

 

(D) the Registrar receives the
following:

 

13

 

(x) if the
Holder of such Restricted Definitive Notes proposes to exchange such Notes for
an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit 3
hereto, including the certifications in item (1)(d) thereof; or

 

(y) if the
Holder of such Restricted Definitive Notes proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit 2
hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this
subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

(3) Unrestricted
Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note.  Upon
receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder
thereof.

 

(f)                                    Exchange Offer.  Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer will issue and,
upon receipt of an Issuer Order in accordance with Section 2.03 hereof,
the Trustee will authenticate:

 

(1) one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Restricted Global Notes accepted for exchange in
the Exchange Offer by Persons that make the certifications required by the Registration
Rights Agreement; and

 

(2) solely to the extent Definitive
Notes shall be issuable as set forth in Section 2.4, Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount
of the Restricted Definitive Notes accepted for exchange in the Exchange Offer
by Persons that make the certifications required by the Registration Rights
Agreement.

 

Concurrently with the issuance of such Notes,
the Trustee will cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Issuer will execute,
and the Trustee will authenticate and deliver to the Persons designated by the
Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the
appropriate principal amount.

 

(g)                                 Legends.

 

(i)                                     (A) 
Private Placement Legend.  Except as
permitted by the following paragraphs (ii), (iii) and (iv), each Note
certificate evidencing the Global Notes (and all Notes issued in exchange
therefor or in substitution thereof) shall bear a legend in substantially the
following form:

 

14

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY
NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM
THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER OR ANY OF ITS
SUBSIDIARIES, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE
904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (V)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,  OR (VI) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED
UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), IN EACH OF CASES (I)
THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

(B)  Each
certificate evidencing a Regulation S Global Note shall, in lieu of the
foregoing, bear a legend in substantially the following form:

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS.
TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE
SECURITIES ACT.

 

(C)  Each
certificate evidencing a Temporary Regulation S Global Note shall, in addition
to (A) or (B) above, bear a legend in substantially the following
form:

 

15

 

THIS NOTE IS A TEMPORARY REGULATION S GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER.  EXCEPT IN THE CIRCUMSTANCES DESCRIBED IN SECTION 2.3
OF APPENDIX A TO THE INDENTURE, NO TRANSFER OR EXCHANGE OF AN INTEREST IN THIS
TEMPORARY REGULATION S GLOBAL NOTE MAY BE MADE FOR AN INTEREST IN THE RULE
144A GLOBAL NOTE.  NO EXCHANGE OF AN
INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE MADE FOR AN INTEREST
IN THE PERMANENT REGULATION S GLOBAL NOTE EXCEPT (A) ON OR AFTER THE
TERMINATION OF THE DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT) AND (B) UPON DELIVERY OF THE OWNER NOTES
CERTIFICATION AND THE TRANSFEREE NOTES CERTIFICATION RELATING TO SUCH INTEREST
IN ACCORDANCE WITH THE TERMS OF THE INDENTURE.

 

UNTIL 40 DAYS AFTER THE COMMENCEMENT OF THE
OFFERING OF THE NOTES, AN OFFER OR SALE OF THE NOTES WITHIN THE UNITED STATES
BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT .

 

(D)  Each
Global Note shall also bear the Global Notes legend from Exhibit 1-A of
this Appendix.

 

(E)  Each
Restricted Definitive Note shall also bear the Definitive Notes Legend from Exhibit 1-A
of this Appendix.

 

(ii)                                  Upon
any sale or transfer of a Transfer Restricted Note (including any Transfer
Restricted Note represented by a Global Note) pursuant to the Shelf
Registration Statement or Rule 144 under the Securities Act, the Registrar
shall permit the transferee thereof to exchange such Transfer Restricted Note
for a Note that does not bear the Private Placement Legend set forth above (or
a beneficial interest in an Unrestricted Global Note) and rescind any
restriction on the transfer of such Transfer Restricted Note, if the transferor
meets the requirements for such removal set forth above in this Section 2.3.

 

(iii)                               Upon
the consummation of a Registered Exchange Offer with respect to the Initial
Notes and any Additional Notes, all requirements pertaining to such Initial
Notes and Additional Notes that such Notes issued to certain Holders be issued
in global form shall still apply with respect to Holders of such Notes that do
not exchange their Notes, and Exchange Notes in global (or, to the extent set
forth in Section 2.4, definitive) form, in each case without the Private
Placement Legend, shall be available to Holders that exchange such Notes in
such Registered Exchange Offer.

 

16

 

(iv)                              Upon
the consummation of a Private Exchange with respect to the Initial Notes and
any Additional Notes, all requirements pertaining to such Notes that Initial
Notes issued to certain Holders be issued in global form shall still apply with
respect to Holders of such Initial Notes that do not exchange their Initial
Notes, and Private Exchange Notes in global form with the Private Placement
Legend and applicable Global Notes legend(s) shall be available to Holders that
exchange such Initial Notes in such Private Exchange.

 

(h)                                 Cancellation or
Adjustment of Global Note.  At such
time as all beneficial interests in a Global Note have either been exchanged
for Definitive Notes, redeemed, purchased or canceled, such Global Note shall
be returned to the Depository for cancellation or retained and canceled by the
Trustee.  At any time prior to such
cancellation, if any beneficial interest in a Global Note is exchanged for
certificated Notes, redeemed, purchased or canceled, the principal amount of
Notes represented by such Global Note shall be reduced, and an adjustment shall
be made on the books and records of the Trustee (if it is then the Notes
Custodian for such Global Note) with respect to such Global Note, by the
Trustee or the Notes Custodian, to reflect such reduction.

 

(i)                                     No Obligation
of the Trustee.

 

(i)                                     The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Note or other Person with respect to the accuracy of the records of the
Depository or its nominee or of Agent Member thereof, with respect to any
ownership interest in the Notes or with respect to the delivery to any Agent
Member, beneficial owner or other Person (other than the Depository) of any
notice (including any notice of redemption) or the payment of any amount, under
or with respect to such Notes.  All
notices and communications to be given to the Holders, and all payments to be
made to Holders under the Notes, shall be given or made only to or upon the
order of the registered Holders (which shall be the Depository or its nominee
in the case of a Global Note).  The
rights of beneficial owners in any Global Note shall be exercised only through
the Depository, subject to the applicable rules and procedures of the
Depository.  The Trustee may rely and
shall be fully protected in relying upon information furnished by the
Depository with respect to its Agent Members and any beneficial owners.

 

(ii)                                  The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among Depository Agent Members or
beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so, if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

2.4                                 Definitive Notes

 

(a)                                  Except as set forth
below, all Notes issued pursuant to this Indenture shall be issued solely as
Global Notes.

 

17

 

(b)                                 A Global Note
deposited with the Depository or with the Trustee as Notes Custodian for the
Depository pursuant to Section 2.1 shall be transferred to the beneficial
owners thereof in the form of Definitive Notes in an aggregate principal amount
equal to the principal amount of such Global Note, in exchange for such Global
Note, only if such transfer complies with Section 2.3 hereof and (i) the
Depository notifies the Issuer that it is unwilling or unable to continue as
Depository for such Global Note, and the Depository fails to appoint a
successor depositary or if at any time such Depository ceases to be a “clearing
agency” registered under the Exchange Act and, in either case, a successor
Depository is not appointed by the Issuer within 90 days of such notice, or (ii) an
Event of Default has occurred and is continuing or (iii) the Issuer, in
its sole discretion, notifies the Trustee in writing that it elects to cause
the issuance of Definitive Notes under this Indenture.

 

(c)                                  Any Global Note that
is transferable to the beneficial owners thereof pursuant to this Section 2.4(b) shall
be surrendered by the Notes Custodian on behalf of the Depository to the
Trustee located at its principal corporate trust office, to be so transferred,
in whole, or from time to time in part, without charge, and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global
Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations.  Any portion of a Global
Note transferred pursuant to this Section 2.4(b) shall be executed,
authenticated and delivered only in denominations of $2,000 principal amount
and integral multiples of $1,000 in excess thereof and registered in such names
as the Depository shall direct.  Any
Definitive Note delivered in exchange for an interest in a Restricted Global
Note shall, except as otherwise provided by Section 2.3(g) hereof,
bear the applicable Private Placement Legend and Definitive Note legend set
forth in Section 2.3(g).

 

(d)                                 Subject to the
provisions of Section 2.4(b) hereof, the registered Holder of a
Global Note shall be entitled to grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

 

(e)                                  In the event a holder
of an interest in a Restricted Global Note wishes to transfer such interest
pursuant to an exemption from registration under the Securities Act other than Rule 144,
Rule 144A or Regulation S either (i) to a Person that is not entitled
to hold an interest in the Rule 144A Global Note, Regulation S Global Note
or IAI Global Note or (ii) to an IAI at a time during which the Issuer has
elected not to cause the issuance of an IAI Global Note, then, upon such
transfer satisfying all of the applicable certification, opinion and other
requirement of Section 2.3, the Issuer shall cause to be issued Restricted
Definitive Notes to the transferee of such transfer.  Following any such issuance, any such
Definitive Note may be transferred to a Person who may take delivery thereof in
the form of a Definitive Note provided that all applicable requirements of this
Section 2.3 in respect of such transfer shall be complied with in
connection with such transfer.

 

(f)                                    In the event of the
occurrence of one of the events specified in Section 2.4(b) or (e) hereof,
the Issuer shall promptly make available to the Trustee a reasonable supply of
Definitive Notes in definitive, fully registered form without interest
coupons.  In the event that such
Definitive Notes are not issued, the Issuer expressly acknowledges, with
respect to the right of any Holder to pursue a remedy pursuant to Section 6.06
of this Indenture, the right of any 

 

18

 

beneficial owner of Notes to pursue such remedy with respect to the
portion of the Global Note that represents such beneficial owner’s Notes, as if
such Definitive Notes had been issued.

 

19

 

EXHIBIT 1-A to APPENDIX A
(RULE 144A/REGULATION S/IAI APPENDIX)

 

[FORM OF FACE OF INITIAL
NOTE AND ADDITIONAL NOTE]

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Rule 144A Global Note
Legend]

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY
NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM
THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES,
(II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (V) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT 

 

 

UNDER THE SECURITIES ACT,  OR
(VI) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO
REQUESTS), IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

[Regulation S Global Note
Legend]

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS.  TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO
THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

[Temporary Regulation S Global
Note Legend]

 

THIS NOTE IS A TEMPORARY REGULATION S GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER.  EXCEPT IN THE CIRCUMSTANCES DESCRIBED IN SECTION 2.3
OF APPENDIX A TO THE INDENTURE, NO TRANSFER OR EXCHANGE OF AN INTEREST IN THIS
TEMPORARY REGULATION S GLOBAL NOTE MAY BE MADE FOR AN INTEREST IN THE RULE
144A GLOBAL NOTE.  NO EXCHANGE OF AN
INTEREST IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE MADE FOR AN
INTEREST IN THE PERMANENT REGULATION S GLOBAL NOTE EXCEPT (A) ON OR AFTER
THE TERMINATION OF THE DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION
S UNDER THE SECURITIES ACT) AND (B) UPON DELIVERY OF THE OWNER NOTES
CERTIFICATION AND THE TRANSFEREE NOTES CERTIFICATION RELATING TO SUCH INTEREST
IN ACCORDANCE WITH THE TERMS OF THE INDENTURE.

 

UNTIL 40 DAYS AFTER THE COMMENCEMENT OF THE
OFFERING OF THE NOTES, AN OFFER OR SALE OF THE NOTES WITHIN THE UNITED STATES
BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

[Definitive Notes Legend]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND 

 

2

 

OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

3

 

CAPMARK FINANCIAL GROUP INC.

 

5.875% Senior Notes due 2012

 

[144A CUSIP No. 140661
AE9  

and ISIN No.  US140661AE99]

 

[REG S CUSIP No. 
U13626 AC7 

and ISIN No.  USU13626AC71]

 

 

	
  No. [  ]

  	
  $[ ]

  

CAPMARK FINANCIAL GROUP INC., a Nevada
corporation, promises to pay to [CEDE & CO.], or its registered
assigns, the principal sum of [  ]
Dollars ($[  ]) on May 10, 2012.

 

Interest Payment Dates:  May 10 and November 10

 

Record Dates: 
April 25 and October 25

 

Additional provisions of this Note are set
forth on the other side of this Note.

 

 

SIGNATURE PAGE FOLLOWS

 

4

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed.

 

 

	
  CAPMARK FINANCIAL GROUP INC.

  
	
   

  
	
  By 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  
	
   

  
	
  TRUSTEE’S CERTIFICATE OF

  
	
  AUTHENTICATION

  
	
   

  
	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  
	
  as Trustee, certifies that this is one of
  the Notes

  
	
  referred to in the Indenture.

  
	
   

  
	
   

  
	
  By

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  
	
   

  
	
   

  
	
  Dated:

  
				

 

5

 

[FORM OF REVERSE SIDE OF
INITIAL NOTE OR ADDITIONAL NOTE]

 

5.875% Senior Notes due 2012

 

1.                                       Interest

 

Capmark Financial Group Inc., a Nevada
corporation (such Person, and its respective successors and assigns under the
Indenture hereinafter referred to, being herein called the “Issuer”), promises
to pay interest on the principal amount of this Note at a rate per annum of
5.875% (the “initial interest rate”), which initial interest rate shall be
subject to adjustment as set forth below. 
The Issuer shall also pay Additional Interest to the extent and with
respect to such periods, if any, as such Additional Interest is payable
pursuant to the Registration Rights Agreement. 
The Issuer shall pay interest (which, as used in this Note, shall also
refer to Additional Interest to the extent payable) semiannually in arrears on May 10
and November 10 of each year, commencing November 10, 2007.  Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the Issue Date.  Interest
shall be computed on the basis of a 360-day year of twelve 30-day months, and
in the case of any partial month, the actual number of days elapsed in such
partial month.

 

The interest rate payable on this Note will
be subject to adjustment from time to time if either Moody’s or S&P
downgrades (or subsequently upgrades) the debt rating assigned to the Notes as
set forth below.

 

If the rating from Moody’s is decreased to a
rating set forth in the immediately following table, the interest rate on this
Note shall increase from the initial interest rate by the percentage set forth
opposite that rating:

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba1

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba2

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba3

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B1 or below

  	
   

  	
  1.00

  	
  %

  

 

 

If the rating from S&P is decreased to a
rating set forth in the immediately following table, the interest rate on this
Note shall increase from the initial interest rate set forth above by the
percentage set forth opposite that rating:

 

6

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB-

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
  %

  

 

If Moody’s or S&P subsequently increases
its rating of the Notes to any of the ratings set forth above, the interest
rate on this Note will be decreased such that the interest rate for this Note
equals the initial interest rate set forth above plus (if applicable) the
percentage set forth opposite the ratings from the tables above in effect
immediately following the increase.  Each
adjustment required by any decrease or increase in a rating set forth above,
whether occasioned by the action of Moody’s or S&P, shall be made
independent of any and all other adjustments. 
In no event shall (1) the interest rate for this Note be reduced to
below the initial interest rate set forth above, or (2) the total increase
in the interest rate on this Note by virtue of the adjustments described above
exceed 2.00% above the initial interest rate set forth above.

 

The interest rate on this Note shall
permanently cease to be subject to any adjustment described above if the Notes
become rated Baa2 or higher by Moody’s and BBB or higher by S&P, with a stable
or positive or equivalent outlook by each.

 

If either Moody’s or S&P ceases to
provide a rating, any subsequent increase or decrease in the interest rate of
this Note necessitated by a reduction or increase in the rating by the agency
continuing to provide the rating shall be twice the percentage set forth in the
applicable table above.  No adjustments
in the interest rate of this Note shall be made solely as a result of Moody’s
or S&P ceasing to provide a rating of the Notes.  If both Moody’s and S&P cease to provide
a rating of the Notes, the interest rate on this Note will increase to, or
remain at, as the case may be, 2.00% above the initial interest rate set forth
above.

 

Any interest rate increase or decrease, as
described above, will take effect from the first day of the interest period
during which a rating change requires an adjustment in the interest rate.

 

2.                                       Method
of Payment

 

The Issuer shall pay interest on the Notes
(except defaulted interest) to the Persons who are registered holders of Notes
at the close of business on the April 25 or October 25 next preceding
the interest payment date even if Notes are canceled after such record date and
on or before the interest payment date. 
Holders must surrender Notes to a Paying Agent to collect principal
payments.  The Issuer shall pay
principal, premium, if any, and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts.  Payments in respect of the Notes represented
by a Global Note (including principal, premium and interest) shall be made by
wire transfer of immediately available funds to the accounts specified by the
Depository.  The Issuer shall make all
payments in respect of a Definitive Note (including principal, premium and interest)
by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on a Definitive Note shall be made by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately 

 

7

 

preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion).

 

3.                                       Paying
Agent and Registrar

 

Initially, Deutsche Bank Trust Company
Americas (the “Trustee”) shall act as Paying Agent and Registrar.  The Issuer may appoint and change any Paying
Agent, Registrar or co-registrar without notice.  The Issuer or any of its Subsidiaries may act
as Paying Agent, Registrar or co-registrar.

 

4.                                       Indenture

 

The Issuer issued the Notes under an
Indenture, dated as of May 10, 2007 (the “Indenture”), among the Issuer,
the Guarantors and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) (the “TIA”).  Terms
defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture.  The Notes are
subject to all such terms, and Holders are referred to the Indenture and the
TIA for a statement of those terms.

 

The Notes are unsecured obligations of the
Issuer and consist of the 5.875% Senior Notes due 2012 issued on the Issue Date
and any additional Notes that may be issued after the Issue Date.  The Indenture does not limit the aggregate
principal amount of Notes that may be issued.

 

The Indenture contains covenants that, among
other things, limit the ability of the Issuer and the Guarantors to create
liens to secure Indebtedness and to consolidate, merge or transfer all or
substantially all of their respective assets. 
These covenants are subject to important exceptions and qualifications.

 

5.                                       Optional
Redemption

 

The Issuer may redeem the Notes, at its
option, in whole at any time or in part from time to time, at a redemption
price equal to (A) the greater of (1) 100% of the principal amount of
the Notes to be redeemed, and (2) the sum of the present values (as
determined by the Independent Investment Banker and as notified to the Trustee)
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (not including any portion of such payments of interest accrued to
the date of redemption) discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Rate plus 20 basis points, plus (B) accrued and unpaid
interest on the principal amount being redeemed.

 

As used in this Section 5:

 

“Treasury Rate” means (1) the yield,
under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on
actively 

 

8

 

traded United States Treasury securities adjusted to constant maturity
under “Treasury Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue; provided that if no maturity is within three months
before or after the Remaining Life, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined
and the Treasury Rate will be interpolated or extrapolated from such yields on
a straight line basis, rounding to the nearest month; or (2) if such
release (or any successor release) is not published during the week preceding
the redemption date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price
for the redemption date.  The Treasury
Rate will be calculated by the Independent Investment Banker on the third
Business Day preceding the redemption date.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term (the “Remaining Life”) of the Notes
to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to such Remaining Life.

 

“Comparable Treasury Price” means, with
respect to the redemption date, (1) the average of five Reference Treasury
Dealer Quotations for the redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of
the Reference Treasury Dealers appointed by the Issuer.

 

“Reference Treasury Dealer” means a primary
U.S. government securities dealer in New York City, New York.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 5:00 p.m., New York City, New York time, on the third
Business Day preceding such redemption date.

 

6.                                       Notice
of Redemption

 

Notice of redemption shall be mailed by first-class
mail, postage prepaid, at least 30 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at the Holder’s
registered address.  Notes in
denominations larger than $2,000 principal amount may be redeemed in part but
only in whole multiples of $1,000.  If
money sufficient to pay the redemption price of and accrued and unpaid interest
on all Notes (or portions thereof) to be redeemed on the redemption date is deposited
with the Paying Agent on 

 

9

 

or before the redemption date and certain other conditions are
satisfied, on and after such date interest ceases to accrue on such Notes (or
such portions thereof) called for redemption.

 

7.                                       Repurchase
Upon Change of Control Triggering Event

 

Upon a Change of Control Triggering Event,
the Issuer will be required to offer to purchase all of the outstanding Notes
at a purchase price equal to 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, thereon to the date of purchase.

 

8.                                       Guarantee

 

The payment by the Issuer of the principal
of, and premium, if any, and interest on, the Notes is fully and
unconditionally guaranteed on a joint and several basis by each of the
Guarantors to the extent set forth in the Indenture.

 

9.                                       Denominations;
Transfer; Exchange

 

The Notes are in fully registered form
without coupons in denominations of $2,000 and whole multiples of $1,000 in
excess thereof.  A Holder may transfer or
exchange Notes in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture.  The Registrar need not register the transfer
or exchange of any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or any
Notes for a period of 15 days before a selection of Notes to be redeemed
through the date of redemption.

 

10.                                 Persons
Deemed Owners

 

The registered Holder of this Note may be
treated as the owner of it for all purposes.

 

11.                                 Unclaimed
Money

 

If money for the payment of principal,
premium, if any, or interest remains unclaimed for two years, the Trustee or
Paying Agent shall pay the money back to the Issuer at its request unless an
abandoned property law designates another Person.  After any such payment, Holders entitled to
the money must look only to the Issuer and not to the Trustee for payment.

 

12.                                 Discharge
and Defeasance

 

Subject to certain conditions set forth in
the Indenture, the Issuer at any time shall be entitled to terminate some or
all of its and the Guarantors’ obligations under the Notes and the Indenture if
the Issuer deposits or causes to be deposited with the Trustee money or
Government Obligations for the payment of principal and interest on the Notes
to redemption or maturity, as the case may be.

 

10

 

13.                                 Amendment,
Waiver

 

Subject to certain exceptions set forth in
the Indenture, (a) the Indenture and the Notes may be amended with the
written consent of the Holders of at least a majority in principal amount
outstanding of the Notes and (b) any Default or noncompliance with any
provision may be waived with the written consent of the Holders of a majority
in principal amount outstanding of the Notes. 
Subject to certain exceptions set forth in the Indenture, without the
consent of any Holder, the Issuer, the Guarantors and the Trustee shall be
entitled to amend the Indenture or the Notes to, among other things, cure any
ambiguity, omission, defect or inconsistency or to make any change that does
not materially adversely affect the rights of any Holder.

 

14.                                 Defaults
and Remedies

 

If an Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the Notes may declare all the Notes to be due and payable immediately, subject
to certain conditions set forth in the Indenture.  Certain events of bankruptcy or insolvency
are Events of Default which shall result in the Notes being due and payable
immediately upon the occurrence of such Events of Default.

 

Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. 
The Trustee may require indemnity or security reasonably satisfactory to
it before it enforces the Indenture or the Notes.  Subject to certain limitations, Holders of a
majority in principal amount of the Notes may direct the Trustee in its
exercise of any trust or power.  The
Trustee may withhold from Holders notice of any continuing Default (except a
Default in payment of principal or interest) if it determines that withholding
notice is in the interest of the Holders.

 

15.                                 Trustee
Dealings with the Issuer

 

Subject to certain limitations imposed by the
TIA, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer and its Affiliates and may
otherwise deal with the Issuer and its Affiliates to the same extent as if it
were not the Trustee.

 

16.                                 No
Recourse Against Others

 

A director, officer, employee, stockholder or
holder of any equity interest, as such, of the Issuer, any Guarantors or the
Trustee shall not have any liability for any obligations of the Issuer or the
Guarantors under the Notes, the Guarantees or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their
creation.  By accepting a Note, each
Holder waives and releases all such liability. 
The waiver and release are part of the consideration for the issue of
the Notes.

 

11

 

17.                                 Authentication

 

This Note shall not be valid until an
authorized signatory of the Trustee (or an authenticating agent) manually signs
the certificate of authentication on the other side of this Note.

 

18.                                 Abbreviations

 

Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act).

 

19.                                 CUSIP
Numbers

 

Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Issuer has
caused CUSIP numbers to be printed on the Notes and has directed the Trustee to
use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.

 

20.                                 Holders’
Compliance with Registration Rights Agreement

 

Each Holder of a Note, by acceptance hereof,
acknowledges and agrees to the provisions of the Registration Rights Agreement,
including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein.

 

21.                                 Governing
Law

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

The Issuer shall furnish to any Holder upon
written request and without charge to the Holder a copy of the Indenture which
has in it the text of this Note. 
Requests may be made to:

 

Capmark Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention:  General Counsel

 

12

 

ASSIGNMENT FORM

 

	
  To assign this Note, fill in the form
  below:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  I or we assign and transfer this Note to

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Print or type assignee’s name, address and
  zip code)

  
	
   

  	
   

  	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D.
  No.)

  
	
   

  	
   

  	
   

  
	
  and irrevocably appoint                                         
  agent to transfer this Note on the books of the Issuer. The agent may
  substitute another to act for him.

  
	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
  Sign exactly as your name appears on the
  other side of this Note.

  	
   

  	
   

  
							

 

In connection with any transfer of any of the Notes evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule 144(k)
under the Securities Act after the later of the date of original issuance of
such Notes and the last date, if any, on which such Notes were owned by the Issuer
or any Affiliate of the Issuer, the undersigned confirms that such Notes are
being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

o                                    to
the Issuer; or

 

	
  (1)

  	
  o

  	
  pursuant to an effective registration
  statement under the Securities Act of 1933; or

  
	
   

  	
   

  	
   

  
	
  (2)

  	
  o

  	
  inside the United States to a “qualified
  institutional buyer” (as defined in Rule 144A under the Securities Act
  of 1933) that purchases for its own account or for the account of a qualified
  institutional buyer to whom notice is given that such transfer is being made
  in reliance on Rule 144A, in each case pursuant to and in compliance
  with Rule 144A under the Securities Act of 1933; or

  
	
   

  	
   

  	
   

  
	
  (3)

  	
  o

  	
  outside the United States in an offshore
  transaction within the meaning of Regulation S under the Securities Act in
  compliance with Rule 904 under the Securities Act of 1933; or

  
	
   

  	
   

  	
   

  
	
  (4)

  	
  o

  	
  pursuant to the exemption from registration
  provided by Rule 144 under the Securities Act of 1933; or

  

 

1

 

	
  (5)

  	
  o

  	
  to an institutional “accredited investor”
  (as defined in Rule 501(a)(1), (2), (3) or (7) under the
  Securities Act of 1933) that has furnished to the Trustee a signed letter
  containing certain representations and agreements; or

  
	
   

  	
   

  	
   

  
	
  (6)

  	
  o

  	
  pursuant to an exemption from registration
  under the Securities Act of 1933 other than the exemptions referred to above.

  

 

Unless one of the boxes is checked, the
Trustee shall refuse to register any of the Notes evidenced by this certificate
in the name of any person other than the registered holder thereof; provided,
however, that if box (3), (4) or (6) is checked, the Trustee shall be
entitled to require, prior to registering any such transfer of the Notes, such
legal opinions, certifications and other information as the Issuer has
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.

 

 

	
   

  	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature must be guaranteed

  	
  Signature

  
							

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which
requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

2

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Note
purchased by the Issuer pursuant to Section 4.07 of the Indenture, check
the box:

 

o

 

If you want to elect to have only part of
this Note purchased by the Issuer pursuant to Section 4.07 of the
Indenture, state the amount in principal amount that you elect to have
purchased:

 

	
  $                                    

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
  (Sign exactly as your name appears on the other side

  of this Note.)

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
  (Signature
  must be guaranteed)

  
						

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which
requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

[TO BE ATTACHED TO GLOBAL
NOTES]

 

SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL NOTE

 

The following increases or decreases in this
Global Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal amount of this

  Global Note

  	
   

  	
  Amount of increase in

  Principal amount of this

  Global Note

  	
   

  	
  Principal amount of this

  Global Note following 

  such decrease or increase

  	
   

  	
  Signature of authorized

  officer of Trustee or

  Notes Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2

 

EXHIBIT 1-B to APPENDIX A (RULE
144A/REGULATION S/IAI APPENDIX)

 

FORM OF FACE OF EXCHANGE
NOTE

OR PRIVATE EXCHANGE NOTE*

 

 

*/ If the Note is to be used in global form add the Global Notes Legend
from Exhibit 1 to Appendix A and the attachment from such Exhibit 1-A captioned
“[TO BE ATTACHED TO GLOBAL NOTES] - SCHEDULE OF INCREASES OR DECREASES IN
GLOBAL NOTE”.

 

If the Note is a Private Exchange Note issued in a Private Exchange to
an Initial Purchaser holding an unsold portion of its initial allotment, add
the Restricted Notes Legend from Exhibit 1-A to Appendix A and replace the
Assignment Form included in this Exhibit A with the Assignment Form included in
such Exhibit 1-A.

 

3

 

CAPMARK FINANCIAL GROUP INC.

 

5.875% Senior Notes due 2012

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   [CUSIP No. [•]

  
	
   

  	
   

  	
  and ISIN
  No.  [•]]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [REG S CUSIP
  No.  [•]

  
	
   

  	
   

  	
  and ISIN
  No.  [•]]

  
	
   

  	
   

  	
   

  
	
  No.[  ]

  	
   

  	
   $[  ]

  

 

CAPMARK FINANCIAL GROUP INC., a Nevada
corporation, promises to pay to [CEDE & CO.], or its registered
assigns, the principal sum of [ ] Dollars ($[ ]) on May 10, 2012.

 

Interest Payment Dates: May 10 and November 10

 

Record Dates: April 25 to October 25

 

Additional provisions of this Note are set
forth on the other side of this Note.

 

[SIGNATURE PAGE FOLLOWS]

 

4

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed.

 

 

CAPMARK FINANCIAL GROUP INC.

 

	
  By 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  
	
   

  
	
  TRUSTEE’S CERTIFICATE OF

  
	
  AUTHENTICATION

  
	
   

  
	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  
	
  as Trustee, certifies that this is one of

  
	
  the Notes referred to in the Indenture.

  
	
   

  
	
  By

  	
   

  	
   

  
	
  Authorized Signatory

  
	
   

  
	
   

  
	
  Dated:

  

 

5

 

[FORM OF REVERSE SIDE OF
EXCHANGE NOTE

OR PRIVATE EXCHANGE NOTE]

 

5.875% Senior Notes due 2012

 

1.                                       Interest

 

Capmark Financial Group Inc., a Nevada
corporation (such Person, and its respective successors and assigns under the
Indenture hereinafter referred to, being herein called the “Issuer”), promises
to pay interest on the principal amount of this Note at a rate per annum of
5.875% (the “initial interest rate”), which initial interest rate shall be
subject to adjustment as set forth below. The Issuer shall pay interest
semiannually in arrears on May 10 and November 10 of each year,
commencing November 10, 2007. Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the Issue Date. Interest shall be computed on the basis of a 360-day
year of twelve 30-day months, and in the case of any partial month, the actual
number of days elapsed in such partial month.

 

The interest rate payable on this Note will
be subject to adjustment from time to time if either Moody’s or S&P
downgrades (or subsequently upgrades) the debt rating assigned to the Notes as
set forth below.

 

If the rating from Moody’s is decreased to a
rating set forth in the immediately following table, the interest rate on this
Note shall increase from the initial interest rate by the percentage set forth
opposite that rating:

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba1

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba2

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ba3

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B1 or below

  	
   

  	
  1.00

  	
  %

  

 

If the rating from S&P is decreased to a
rating set forth in the immediately following table, the interest rate on this
Note shall increase from the initial interest rate set forth above by the
percentage set forth opposite that rating:

 

6

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB-

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
  %

  

 

If Moody’s or S&P subsequently increases
its rating of the Notes to any of the ratings set forth above, the interest
rate on the Note will be decreased such that the interest rate for this Note
equals the initial interest rate set forth above plus (if applicable) the
percentage set forth opposite the ratings from the tables above in effect
immediately following the increase. Each adjustment required by any decrease or
increase in a rating set forth above, whether occasioned by the action of Moody’s
or S&P, shall be made independent of any and all other adjustments. In no
event shall (1) the interest rate for this Note be reduced to below the
initial interest rate set forth above, or (2) the total increase in the
interest rate on this Note by virtue of the adjustments described above exceed
2.00% above the initial interest rate set forth above.

 

The interest rate on this Note shall
permanently cease to be subject to any adjustment described above if the Notes
become rated Baa2 or higher by Moody’s and BBB or higher by S&P, with a
stable or positive or equivalent outlook by each.

 

If either Moody’s or S&P ceases to
provide a rating, any subsequent increase or decrease in the interest rate of
this Note necessitated by a reduction or increase in the rating by the agency
continuing to provide the rating shall be twice the percentage set forth in the
applicable table above. No adjustments in the interest rate of this Note shall
be made solely as a result of Moody’s or S&P ceasing to provide a rating of
the Notes. If both Moody’s and S&P cease to provide a rating of the Notes,
the interest rate on this Note will increase to, or remain at, as the case may
be, 2.00% above the initial interest rate set forth above.

 

Any interest rate increase or decrease, as
described above, will take effect from the first day of the interest period
during which a rating change requires an adjustment in the interest rate.

 

2.                                       Method
of Payment

 

The Issuer shall pay interest on the Notes
(except defaulted interest) to the Persons who are registered holders of Notes
at the close of business on the April 25 or October 25 next preceding
the interest payment date even if Notes are canceled after such record date and
on or before the interest payment date. Holders must surrender Notes to a
Paying Agent to collect principal payments. The Issuer shall pay principal,
premium, if any, and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts. Payments in
respect of the Notes represented by a Global Note (including principal, premium
and interest) shall be made by wire transfer of immediately available funds to
the accounts specified by the Depository. The Issuer shall make all payments in
respect of a Definitive Note (including principal, premium and interest) by
mailing a check to the registered address of each Holder thereof; provided,
however, that payments on a Definitive Note shall be made by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately 

 

7

 

preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion).

 

3.                                       Paying
Agent and Registrar

 

Initially, Deutsche Bank Trust Company
Americas (the “Trustee”) shall act as Paying Agent and Registrar. The Issuer
may appoint and change any Paying Agent, Registrar or co-registrar without
notice. The Issuer or any of its Subsidiaries may act as Paying Agent,
Registrar or co-registrar.

 

4.                                       Indenture

 

The Issuer issued the Notes under an
Indenture, dated as of May 10, 2007 (the “Indenture”), among the Issuer,
the Guarantors and the Trustee. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “TIA”). Terms
defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture. The Notes are subject to all such terms, and Holders
are referred to the Indenture and the TIA for a statement of those terms.

 

The Notes are unsecured obligations of the
Issuer and consist of the 5.875% Senior Notes due 2012 issued on the Issue Date
and any additional Notes that may be issued after the Issue Date. The Indenture
does not limit the aggregate principal amount of Notes that may be issued.

 

The Indenture contains covenants that, among
other things, limit the ability of the Issuer and the Guarantors to create
liens to secure Indebtedness and to consolidate, merge or transfer all or
substantially all of their respective assets. These covenants are subject to
important exceptions and qualifications.

 

5.                                       Optional
Redemption

 

The Issuer may redeem the Notes, at its
option, in whole at any time or in part from time to time, at a redemption
price equal to (A) the greater of (1) 100% of the principal amount of
the Notes to be redeemed, and (2) the sum of the present values (as
determined by the Independent Investment Banker and as notified to the Trustee)
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (not including any portion of such payments of interest accrued to
the date of redemption) discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Rate plus 20 basis points, plus (B) accrued and unpaid
interest on the principal amount being redeemed.

 

As used in this Section 5:

 

“Treasury Rate” means (1) the yield,
under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on
actively 

 

8

 

traded United States Treasury securities adjusted to constant maturity
under “Treasury Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue; provided that if no maturity is within three months
before or after the Remaining Life, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined
and the Treasury Rate will be interpolated or extrapolated from such yields on
a straight line basis, rounding to the nearest month; or (2) if such
release (or any successor release) is not published during the week preceding
the redemption date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price
for the redemption date. The Treasury Rate will be calculated by the
Independent Investment Banker on the third Business Day preceding the
redemption date.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term (the “Remaining Life”) of the Notes
to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to such Remaining Life.

 

“Comparable Treasury Price” means, with
respect to the redemption date, (1) the average of five Reference Treasury
Dealer Quotations for the redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of
the Reference Treasury Dealers appointed by the Issuer.

 

“Reference Treasury Dealer” means a primary
U.S. government securities dealer in New York City, New York.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 5:00 p.m., New York City, New York time, on the third
Business Day preceding such redemption date.

 

6.                                       Notice
of Redemption

 

Notice of redemption shall be mailed by first-class
mail, postage prepaid, at least 30 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at the Holder’s
registered address. Notes in denominations larger than $2,000 principal amount
may be redeemed in part but only in whole multiples of $1,000. If money
sufficient to pay the redemption price of and accrued and unpaid interest on
all Notes (or portions thereof) to be redeemed on the redemption date is
deposited with the Paying Agent on 

 

9

 

or before the redemption date and certain other conditions are
satisfied, on and after such date interest ceases to accrue on such Notes (or
such portions thereof) called for redemption.

 

7.                                       Repurchase
Upon Change of Control Triggering Event

 

Upon a Change of Control Triggering Event,
the Issuer will be required to offer to purchase all of the outstanding Notes
at a purchase price equal to 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, thereon to the date of purchase.

 

8.                                       Guarantee

 

The payment by the Issuer of the principal
of, and premium, if any, and interest on, the Notes is fully and
unconditionally guaranteed on a joint and several basis by each of the
Guarantors to the extent set forth in the Indenture.

 

9.                                       Denominations;
Transfer; Exchange

 

The Notes are in fully registered form
without coupons in denominations of $2,000 and whole multiples of $1,000 in
excess thereof. A Holder may transfer or exchange Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not register
the transfer or exchange of any Notes selected for redemption (except, in the
case of a Note to be redeemed in part, the portion of the Note not to be
redeemed) or any Notes for a period of 15 days before a selection of Notes to
be redeemed through the date of redemption.

 

10.                                 Persons
Deemed Owners

 

The registered Holder of this Note may be
treated as the owner of it for all purposes.

 

11.                                 Unclaimed
Money

 

If money for the payment of principal,
premium, if any, or interest remains unclaimed for two years, the Trustee or
Paying Agent shall pay the money back to the Issuer at its request unless an
abandoned property law designates another Person. After any such payment,
Holders entitled to the money must look only to the Issuer and not to the
Trustee for payment.

 

12.                                 Discharge
and Defeasance

 

Subject to certain conditions set forth in
the Indenture, the Issuer at any time shall be entitled to terminate some or
all of its and the Guarantors’ obligations under the Notes and the Indenture if
the Issuer deposits or causes to be deposited with the Trustee money or
Government Obligations for the payment of principal and interest on the Notes
to redemption or maturity, as the case may be.

 

10

 

13.                                 Amendment,
Waiver

 

Subject to certain exceptions set forth in
the Indenture, (a) the Indenture and the Notes may be amended with the
written consent of the Holders of at least a majority in principal amount
outstanding of the Notes and (b) any Default or noncompliance with any
provision may be waived with the written consent of the Holders of a majority
in principal amount outstanding of the Notes. Subject to certain exceptions set
forth in the Indenture, without the consent of any Holder, the Issuer, the
Guarantors and the Trustee shall be entitled to amend the Indenture or the
Notes to, among other things, cure any ambiguity, omission, defect or
inconsistency or to make any change that does not materially adversely affect
the rights of any Holder.

 

14.                                 Defaults
and Remedies

 

If an Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of
the Notes may declare all the Notes to be due and payable immediately, subject
to certain conditions set forth in the Indenture. Certain events of bankruptcy
or insolvency are Events of Default which shall result in the Notes being due
and payable immediately upon the occurrence of such Events of Default.

 

Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee may require indemnity or
security reasonably satisfactory to it before it enforces the Indenture or the
Notes. Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Holders notice of any continuing Default
(except a Default in payment of principal or interest) if it determines that
withholding notice is in the interest of the Holders.

 

15.                                 Trustee
Dealings with the Issuer

 

Subject to certain limitations imposed by the
TIA, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer and its Affiliates and may
otherwise deal with the Issuer and its Affiliates to the same extent as if it
were not the Trustee.

 

16.                                 No
Recourse Against Others

 

A director, officer, employee, stockholder or
holder of any equity interest, as such, of the Issuer, any Guarantors or the
Trustee shall not have any liability for any obligations of the Issuer or the
Guarantors under the Notes, the Guarantees or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Notes.

 

11

 

17.                                 Authentication

 

This Note shall not be valid until an
authorized signatory of the Trustee (or an authenticating agent) manually signs
the certificate of authentication on the other side of this Note.

 

18.                                 Abbreviations

 

Customary abbreviations may be used in the name
of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entireties), JT TEN (=joint tenants with rights of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act).

 

19.                                 CUSIP
Numbers

 

Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Issuer has
caused CUSIP numbers to be printed on the Notes and has directed the Trustee to
use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

20.                                 Holders’
Compliance with Registration Rights Agreement

 

Each Holder of a Note, by acceptance hereof,
acknowledges and agrees to the provisions of the Registration Rights Agreement,
including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein.

 

21.                                 Governing
Law

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

The Issuer shall furnish to any Holder upon
written request and without charge to the Holder a copy of the Indenture which
has in it the text of this Note. Requests may be made to:

 

Capmark Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention: General Counsel

 

12

 

ASSIGNMENT FORM

 

	
  To assign this Note, fill in the form
  below:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  I or we assign and transfer this Note to

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Print or type assignee’s name, address and
  zip code)

  
	
   

  	
   

  	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D.
  No.)

  
	
   

  	
   

  	
   

  
	
  and irrevocably appoint                                        agent to transfer this Note on the books of
  the Issuer. The agent may substitute another to act for him.

  
	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature: 

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
  Sign exactly as your name appears on the
  other side of this Note.

  
								

 

 

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Note
purchased by the Issuer pursuant to Section 4.07 of the Indenture, check
the box:

 

o

 

If you want to elect to have only part of
this Note purchased by the Issuer pursuant to Section 4.07 of the
Indenture, state the amount in principal amount that you elect to have
purchased:

	
  $                           

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on the other side  of this Note.) 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   Signature Guarantee:

  	
   

  
	
   

  	
  (Signature must be guaranteed)

  
							

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

 

[TO BE ATTACHED TO GLOBAL
NOTES]

 

SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL NOTE

 

The following increases or decreases in this
Global Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in 

  Principal amount of this

  Global Note

  	
   

  	
  Amount of increase in

  Principal amount of this

  Global Note

  	
   

  	
  Principal amount of this

  Global Note following

  such decrease or increase

  	
   

  	
  Signature of authorized

  officer of Trustee or

  Notes Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT 2 to RULE
144A/REGULATION S/IAI APPENDIX

 

FORM OF CERTIFICATE OF TRANSFER

 

Capmark
Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of:  General Counsel

 

Deutsche Bank Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee  37211

Attention of:  Transfer
Department

 

Re:  5.875% Senior Notes Due 2012

 

Reference is hereby made to the Indenture,
dated as of May 10, 2007 (the “Indenture”),
among Capmark Financial Group Inc., as issuer (the “Issuer”), the Guarantors party thereto and Deutsche Bank
Trust Issuer Americas, as trustee. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

                                       
(the “Transferor”) owns and
proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $                          
in such Note[s] or interests (the “Transfer”),
to                                                
(the “Transferee”), as further
specified in Annex A hereto.  In
connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  o   Check
if Transferee will take delivery of a beneficial interest in the 144A Global
Note or, if available pursuant to Section 2.4 of Appendix A to the
Indenture,  a Restricted Definitive Note
pursuant to Rule 144A. 
The Transfer is being effected pursuant to and in accordance with Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the beneficial interest or Definitive Note is being
transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more
accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A in a transaction meeting the
requirements of Rule 144A, and such Transfer is in compliance with any
applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

 

 

2.  o   Check
if Transferee will take delivery of a beneficial interest in the Regulation S
Global Note or, if available pursuant to Section 2.4 of the Indenture, a
Restricted Definitive Note pursuant to Regulation S.  The Transfer is being effected pursuant to
and in accordance with Rule 903 or Rule 904 under the Securities Act
and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a Person in the United States and (x) at the time
the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes
that the Transferee was outside the United States or (y) the transaction was
executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no
directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act and (iv) if the
proposed transfer is being made prior to the expiration of the Restricted
Period, the transfer is not being made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on
the Regulation S Global Note and/or the Restricted Definitive Note and in the
Indenture and the Securities Act.

 

3.  o   Check
and complete if Transferee will take delivery of a beneficial interest in the
IAI Global Note (if such a Note shall have been issued by the Issuer pursuant
to the Indenture) or a Restricted Definitive Note pursuant to any provision of
the Securities Act other than Rule 144A or Regulation S.  The Transfer is being effected in compliance
with the transfer restrictions applicable to beneficial interests in Restricted
Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any
state of the United States, and accordingly the Transferor hereby further
certifies that (check one):

 

(a)           o     such Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)           o     such Transfer is being effected to the
Issuer or a subsidiary thereof;

 

or

 

(c)           o     such Transfer is being effected pursuant to
an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act;

 

or

 

(d)           o     such Transfer is being effected to an
Institutional Accredited Investor and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144,
Rule 903 or Rule 904, and the Transferor hereby

 

 

further certifies that it has not engaged in
any general solicitation within the meaning of Regulation D under the
Securities Act and the Transfer complies with the transfer restrictions
applicable to beneficial interests in a Restricted Global Note or Restricted
Definitive Notes and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the Transferee
in the form of Exhibit 5 to Appendix A to the Indenture and (2) if
such Transfer is in respect of a principal amount of Notes at the time of
transfer of less than $250,000, an Opinion of Counsel provided by the
Transferor or the Transferee (a copy of which the Transferor has attached to
this certification), to the effect that such Transfer is in compliance with the
Securities Act.  Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the IAI
Global Note and/or the Restricted Definitive Notes and in the Indenture and the
Securities Act.

 

4.  o   Check if Transferee will take delivery of a beneficial
interest in an Unrestricted Global Note or, if available in accordance with Section 2.4
of Appendix A to the Indenture, an Unrestricted Definitive Note.

 

(a)  o   Check if
Transfer is pursuant to Rule 144.  (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and
in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)  o   Check if
Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(c)  o   Check if
Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed
Transfer in accordance with the

 

 

terms of the Indenture, the transferred beneficial interest or
Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer.

 

	
   

  	
   

  	
   

  
	
   

  	
         [Insert
  Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
						

 

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

	
  1.

  	
   

  	
  The Transferor owns and proposes to
  transfer the following:

  

 

[CHECK ONE OF (a) OR (b)]

 

	
   

  	
  (a)

  	
  o

  	
  a beneficial interest in the:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
    o

  	
  144A Global Note (CUSIP                  ),
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
    o

  	
  Regulation S Global Note (CUSIP                  ),
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
    o

  	
  IAI Global Note (CUSIP                  );
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  o

  	
  a Restricted Definitive Note.

  
	
   

  	
   

  
	
  2.

  	
   

  	
  After the Transfer the Transferee will
  hold:

  

 

[CHECK ONE]

 

	
   

  	
  (a)

  	
  o

  	
  a beneficial interest in the:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)

  	
    o

  	
  144A Global Note (CUSIP                  ),
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)

  	
    o

  	
  Regulation S Global Note (CUSIP                  ),
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iii)

  	
    o

  	
  IAI Global Note (CUSIP
                   ),
  or*

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (iv)

  	
    o

  	
  Unrestricted Global Note (CUSIP                  );
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  o

  	
  a Restricted Definitive Note; or*

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  o

  	
  an Unrestricted Definitive Note,*

  
	
   

  	
   

  
	
   

  	
  in accordance with the terms of the
  Indenture.

  

 

*Note:  this form of Note shall
be available only under limited circumstances as set forth in the
Indenture.  If not available, the
Transferee shall be required to accept either a Restricted Global Note or an
Unrestricted Global Note, as applicable, dependent upon the circumstances of
transfer.

 

 

EXHIBIT 3 to RULE 144A/REGULATION S/IAI
APPENDIX

 

FORM OF CERTIFICATE OF EXCHANGE

 

Capmark
Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of:  General Counsel

 

Deutsche Bank Trust Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee  37211

Attention of:  Transfer
Department

 

Re:  5.875% Senior Notes Due 2012

 

(CUSIP                )

 

Reference is hereby made to the Indenture,
dated as of May 10, 2007 (the “Indenture”),
among Capmark Financial Group Inc., as issuer (the “Issuer”), the Guarantors party thereto and Deutsche Bank
Trust Company Americas, as trustee. 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

                                                 
(the “Owner”) owns and proposes
to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $                              
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner
hereby certifies that:

 

1.             Exchange of Restricted Definitive Notes or Beneficial
Interests in a Restricted Global Note for Unrestricted Definitive Notes (if
available pursuant to Section 2.4 of Appendix A of the Indenture) or
Beneficial Interests in an Unrestricted Global Note

 

(a)  o  Check if Exchange is from beneficial interest in a
Restricted Global Note to beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

 

(b)  o  Check if Exchange is from beneficial interest in a
Restricted Global Note to Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s

 

 

beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is
being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Definitive Note
is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States.

 

*NOTE:  Exchange under this clause (b) is
available only under the limited circumstances set forth under Section 2.4
of Appendix A of the Indenture.  Exchange
pursuant to this clause (b) shall not be permitted if such circumstances
have not occurred.

 

(c)  o  Check if Exchange is from Restricted Definitive Note
to beneficial interest in an Unrestricted Global Note.  In connection with the Owner’s Exchange of a
Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

(d)  o  Check if Exchange is from Restricted Definitive Note
to Unrestricted Definitive Note. 
In connection with the Owner’s Exchange of a Restricted Definitive Note
for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Unrestricted Definitive Note is being acquired for the Owner’s own account
without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

*NOTE:  Exchange under this clause (d) is
available only under the limited circumstances set forth under Section 2.4
of Appendix A of the Indenture.  Exchange
pursuant to this clause (d) shall not be permitted if such circumstances
have not occurred.

 

2.             Exchange of Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes for Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes

 

(a)  o  Check if Exchange is from beneficial interest in a
Restricted Global Note to Restricted Definitive Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the
Restricted Definitive Note is being acquired for the Owner’s own account
without transfer.  Upon consummation of
the proposed Exchange in

 

 

accordance with the terms of the Indenture, the Restricted Definitive
Note issued will continue to be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Definitive
Note and in the Indenture and the Securities Act.

 

*NOTE:  Exchange under this clause (a) is
available only under the limited circumstances set forth under Section 2.4
of Appendix A of the Indenture.  Exchange
pursuant to this clause (a) shall not be permitted if such circumstances
have not occurred.

 

(b)  o  Check if Exchange is from Restricted Definitive Note
to beneficial interest in a Restricted Global Note.  In connection with the Exchange of the Owner’s
Restricted Definitive Note for a beneficial interest in the [CHECK ONE] 144A
Global Note, Regulation S Global Note with an equal principal amount, the Owner
hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, and in compliance with any applicable blue sky securities laws of any
state of the United States.  Upon
consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer.

 

	
   

  	
   

  	
   

  
	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

 

EXHIBIT 4 to RULE
144A/REGULATION S/IAI APPENDIX

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Capmark
Financial Group Inc.

116 Welsh Road

Horsham, Pennsylvania 19044

Attention of:  General Counsel

 

Deutsche Bank Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee  37211

Attention of:  Transfer
Department

 

Re:  5.875% Senior Notes Due 2012

 

Reference is hereby made to the Indenture,
dated as of May 10, 2007 (the “Indenture”),
among Capmark Financial Group Inc., as issuer (the “Issuer”), the guarantors party thereto and Deutsche Bank
Trust Company Americas, as trustee. 
Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

 

In connection with our proposed purchase of $                            
aggregate principal amount of:

 

(a)  o  a beneficial interest in a Global Note, or

 

(b)  o  a Definitive Note,

 

we confirm that:

 

1.             We
understand that any subsequent transfer of the Notes or any interest therein is
subject to certain restrictions and conditions set forth in the Indenture and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

2.             We
understand that the offer and sale of the Notes have not been registered under
the Securities Act, and that the Notes and any interest therein may not be
offered or sold except as permitted in the following sentence.  We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should
sell the Notes or any interest therein, we will do so only (A) to the
Issuer or any subsidiary thereof, (B) in accordance with Rule 144A
under the Securities Act to a “qualified institutional buyer” (as defined
therein), (C) to an institutional “accredited investor” (as defined below)
that, prior to such transfer, furnishes (or has furnished on its behalf by a
U.S. broker-dealer) to you and to the Issuer a signed letter substantially in
the form of this letter and, if such transfer is in respect of a principal
amount of Notes, at the time of transfer of less than $250,000, an Opinion of
Counsel in

 

 

form reasonably acceptable to the Issuer to the effect that such
transfer is in compliance with the Securities Act, (D) outside the United
States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144(k) under the
Securities Act, (F) pursuant to an effective registration statement under
the Securities Act or (G) pursuant to another available exemption from the
registration requirements of the Securities Act (and based on an Opinion of
Counsel if the Issuer so requests), and we further agree to provide to any
Person purchasing the Definitive Note or beneficial interest in a Global Note
from us in a transaction meeting the requirements of clauses (A) through (D) or
(G) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

 

3.             We
understand that, on any proposed resale of the Notes or beneficial interest
therein, we will be required to furnish to you and the Issuer such
certifications, legal opinions and other information as you and the Issuer may
reasonably require to confirm that the proposed sale complies with the
foregoing restrictions.  We further
understand that the Notes purchased by us will bear a legend to the foregoing
effect.

 

4.             We
are an institutional “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and
we and any accounts for which we are acting are each able to bear the economic
risk of our or its investment.

 

5.             We
are acquiring the Notes or beneficial interest therein purchased by us for our
own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

You and the Issuer are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby.

 

	
   

  	
   

  
	
   

  	
         [Insert
  Name of Accredited Investor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
					

 

2

 

APPENDIX B

 

[FORM OF SUPPLEMENTAL
INDENTURE FOR FUTURE GUARANTORS]

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of [ ] among [ ] (the “Additional Subsidiary Guarantor”),
a [ ] [corporation][limited liability company][limited partnership][other] and
a [direct] [indirect] subsidiary of Capmark Financial Group Inc., a Nevada
corporation (the “Issuer”), and Deutsche Bank Trust Company Americas, as Trustee
under the Indenture (the “Trustee”).

 

WITNESSETH:

 

WHEREAS the Issuer and the Subsidiary
Guarantors have heretofore executed and delivered to the Trustee an Indenture
(the “Indenture”), dated as of May 10, 2007, providing for the issuance of
5.875% Senior Notes Due 2012 (the “Notes”);

 

WHEREAS, Section 4.03 and Section 10.06
of the Indenture provide that under certain circumstances the Issuer shall
cause the Additional Subsidiary Guarantor to execute and deliver to the Trustee
a guaranty agreement pursuant to which the Additional Subsidiary Guarantor
shall Guarantee payment of the Notes on the same terms and conditions as those
set forth in Article 10 of the Indenture; and

 

WHEREAS, pursuant to Section 9.01(iv) of
the Indenture, the Trustee and the Issuer are authorized to execute and deliver
this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the
foregoing and for good and valuable consideration, the receipt of which is
hereby acknowledged, the Issuer, the Additional Subsidiary Guarantor and the
Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows:

 

SECTION 1.  Capitalized Terms.  Capitalized terms used herein but not defined
shall have the meanings assigned to them in the Indenture.

 

SECTION 2.  Guarantees.  The Additional Subsidiary Guarantor hereby
agrees, jointly and severally with all other Guarantors, to guarantee the
Issuer’s obligations under the Notes on the terms and subject to the conditions
set forth in Article 10 of the Indenture and to be bound by all other
applicable provisions of the Indenture.

 

SECTION 3.  Ratification of Indenture; Supplemental
Indentures Part of Indenture. 
Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. 
This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every holder of Notes heretofore or hereafter authenticated and
delivered shall be bound hereby.

 

SECTION 4.  Governing Law.  THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

 

3

 

SECTION 5.  Trustee Makes No Representation.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

 

SECTION 6.  Counterparts.  The parties may sign any number of copies of
this Supplemental Indenture.  Each signed
copy shall be an original, but all of them together represent the same
agreement.

 

SECTION 7.  Effect of Headings.  The Section headings herein are for
convenience only and shall not affect the construction of this Supplemental
Indenture.

 

4

 

IN WITNESS WHEREOF, the parties have caused
this Supplemental Indenture to be duly executed as of the date first written
above.

 

	
   

  	
  CAPMARK FINANCIAL GROUP INC.,

  
	
   

  	
   

  
	
   

  	
     by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [ADDITIONAL SUBSIDIARY GUARANTOR],

  
	
   

  	
   

  
	
   

  	
     by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS,

  
	
   

  	
   

  
	
   

  	
     by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

5

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