Document:

Exhibit 10.11

 

October 23,
2006

 

GMAC Mortgage
Group, Inc. 

200 Renaissance Center

P.O. Box 200

Detroit, Michigan 48265-2000 

Attention: Corporate Secretary 

Telecopy: (313) 665-6308

 

GMACCH Investor
LLC

c/o Kohlberg, Kravis & Roberts & Co. L.P.

9 West 57th Street

New York, New York 10019

Attention: Scott C. Nuttall

Telecopy: (212) 750-0003

 

GMACCH Investor
LLC

c/o Goldman, Sachs & Co.

85 Broad Street 

New York, New York 10004 

Attention: Stuart Katz 

Telecopy: (212) 357-5505

 

GMACCH Investor
LLC 

c/o Five Mile Capital Partners LLC 

Four Stamford Plaza, Suite 400 

Stamford, Connecticut 06902 

Attention: Konrad Kruger 

Telecopy: (203) 905-0954

 

Re:                 Stockholders
Agreement dated as of March 23, 2006 (the “Agreement”), by and
among GMAC Mortgage Group, Inc. (“Seller”), GMAC Commercial Holding
Corp. (the “Company”) and GMACCH Investor LLC (“Investor”)

 

Ladies and
Gentlemen:

 

Reference is made to the Agreement, as defined above. Terms used herein
and not otherwise defined herein have the meanings set forth in the Agreement.

 

The parties hereby agree that, subject to the terms hereof, a
supermajority vote (which majority includes the affirmative vote or written
consent of all of the shares of Common Stock held by Seller or its assignee of
Seller’s right to designate directors pursuant to Section 2.1(b) of
the Agreement) shall not be required under Section 2.2(a)(iv) of the
Agreement with respect to a repurchase, exchange or redemption (each such
repurchase, exchange or redemption not otherwise excepted from the supermajority
vote requirements by subparts (i)-(iii) of 2.2(a)(iv), a “Company
Transaction”) by the Company or any Subsidiary of the Company of any common
stock of the Company from an employee, officer, non-employee member of the
Board of Directors, consultant or other person having a service relationship
with the Company or one of its Subsidiaries (each, a “Counterparty”) in
connection with satisfying any of its obligations

 

1

 

under, or
exercising any of its rights under, an employee benefit plan or employment
agreement. For purposes of clarification, a Company Transaction shall not be
deemed to include any such repurchase, exchange or redemption effected by the
Company or any Subsidiary of the Company from a Counterparty in connection with
satisfying any of its obligations under an employee benefit plan or employment
agreement.

 

Within 5 business days following the end of each calendar month, the
Company shall, and Investor shall cause the Company to, submit a list of any
such Company Transaction effected in such calendar month without Seller’s
consent pursuant to the immediately preceding paragraph. The monthly list of
Company Transactions shall be submitted to Seller in accordance with the notice
provisions of the Agreement, and shall include the name of each Counterparty,
the number of shares included in the Company Transaction, the date of the
Company Transaction and the amounts paid or consideration provided to the
Counterparty with respect to such Counterparty Transaction. Seller shall have
the right to request (and the Company shall be required to provide) such
additional information with respect to any Company Transaction as Seller may
reasonably request.

 

Notwithstanding anything to the contrary herein, Seller’s waiver
hereunder of certain rights under Section 2.2(a)(iv) shall not be
effective with respect to any Company Transaction or series of related Company
Transactions with a Counterparty who, prior to such Company Transaction, owns
(together with its affiliates or related parties) not less than 2% of any class
of common stock of the Company.

 

This letter agreement may be executed in any number of counterparts and
by different parties hereto on separate counterparts (including by means of
telecopied signature pages), all of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute one and the same
agreement.

 

Please acknowledge your agreement with the foregoing by executing a
counterpart of this letter agreement where indicated below and returning to the
undersigned.

 

* * * * * * * * * * * * *

 

2

 

	
   

  	
   

  	
   

  	
  Sincerely,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  CAPMARK FINANCIAL GROUP INC.

  	
   

  
	
   

  	
   

  	
   

  	
  (formerly known as GMAC
  Commercial Holdings Corp.)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Linda Pickles

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Linda
  Pickles

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  	
   

  
								

 

 

	
  Agreed:

  
	
   

  
	
  GMACCH INVESTOR LLC

  
	
   

  
	
  By: KKR ASSOCIATES MILLENNIUM FUND L.P., 

  its Member

  
	
   

  
	
  By: KKR MILLENNIUM L.P., 

  its General Partner

  
	
   

  
	
  By: KKR MILLENNIUM GP LLC,

  its General Partner

  
	
   

  
	
  By:

  	
  /s/
  Scott C. Nuttall

  	
   

  
	
  Name:
  Scott C. Nuttall

  
	
  Title:
  Member

  
	
   

  

 

	
  GMAC MORTGAGE GROUP, INC.

  
	
   

  
	
  By:

  	
  /s/
  D. C. Walker

  	
   

  
	
  Name:

  	
  D.
  C. Walker

  
	
  Title:

  	
  CFO

  

 

3Exhibit 10.12

 

TRANSITIONAL TRADEMARK
LICENSE AGREEMENT

 

This Transitional
Trademark License Agreement (this “Trademark Agreement”) is made and
entered into as of this 23  day of
March  2006, by and between
General Motors Acceptance Corporation, a Delaware corporation (“Parent”),
and GMAC Commercial Holding Corp., a Nevada corporation (the “Company”).
Parent and Company are referred to herein, collectively, as the “Parties”
and, individually, as a “Party.”

 

RECITALS

 

WHEREAS,
Parent, GMAC Mortgage Group, Inc., a Michigan corporation (“Seller”),
Company and GMACCH Investor LLC, a Delaware limited liability company (“Investor”),
have entered into that certain Amended and Restated Stock Purchase Agreement
dated August 2, 2005, as amended (the “Stock Purchase Agreement”)
pursuant to which Seller has agreed to sell and Investor has agreed to purchase
780 shares of common stock, par value $.01 per share, of the Company (“Common
Stock”), representing 78% of the issued and outstanding shares of Common
Stock; and

 

WHEREAS,
in the context of such sale, Parent desires to grant to
Company, and Company desires to accept, a limited license to use certain of
Parent’s trademarks, service marks, trade dress, trade names, company names,
logos, slogans and domain names solely in a certain specified field of use.

 

NOW,
THEREFORE, in consideration of the foregoing and the
covenants contained in this Trademark Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto agree
as follows.

 

1.                         DEFINITIONS
AND ORDER OF PRECEDENCE.

 

1.1.                Definitions.
The following terms, when used herein with initial capital letters, shall have
the respective meaning set forth in this Article 1. The singular includes the
plural and vice versa. Words or phrases, including, without limitation,
initially capitalized terms, used in this Trademark Agreement and not otherwise
defined herein shall have the respective meanings assigned to them in the Stock
Purchase Agreement.

 

a.                          “Brand
Standards” shall mean the brand standards of Parent published at www.gmacbrand.com,
as amended from time to time.

 

b.                         “Claims”
shall mean commenced or threatened third party claims, demands, causes of
action, suits or similar proceedings by a third party against a Party.

 

c.                          “Field
of Use” shall mean Commercial Capital Business.

 

d.                         “GM”
shall mean General Motors Corporation.

 

1

 

e.                          “Marks”
shall mean the trademarks, service marks, trade dress, trade names, company
names, logos, slogans and domain names of Parent that Company was using as of
the Closing Date.

 

f.                            “Party”
or “Parties” shall have the meaning ascribed to such term in the
preamble.

 

g.                         “Term”
shall mean the term of this Trademark Agreement commencing on the Closing Date
and continuing for a period of eighteen (18) months from the Closing Date,
unless terminated pursuant to the termination provisions of Section 5.1 hereof
and except and to the extent this Trademark Agreement continues pursuant to Section 2.2 hereof.

 

1.2.                Order of
Precedence. In the case of ambiguity or conflict between or among the terms
and conditions of this Trademark Agreement and the terms and conditions of the
Stock Purchase Agreement, the terms and conditions of this Trademark Agreement
shall control with respect to the use of the Marks.

 

2.                         LICENSE.

 

2.1.                Cessation of
Use. Except as provided in Sections 2.2, 2.3 and 5.4, Company shall cease
using the Marks no later than the expiration or termination of the Term of this
Trademark Agreement.

 

2.2.                License Grant.
Subject to the terms and conditions of this Trademark Agreement, Parent grants
to Company, a limited, worldwide, royalty-free, non-exclusive, non-transferable
and non-assignable license (without the right to sublicense) to use the Marks
solely (i) in the ordinary course of its business, (ii) in a manner which is
consistent with the manner in which the Company uses the Marks as of the
Closing Date, except as provided in this Trademark Agreement, (iii) in the
Field of Use, and (iv) during the Term hereof. Company may allow the other
GMACCH Companies to use the Marks in the same manner Company itself may use the
Marks. Notwithstanding the foregoing or any other provision to the contrary,
Company may continue to use the Marks to the extent required by applicable Law
or as may be needed to comply with legal or contractual obligations until the
third anniversary of the Closing Date.

 

2.3.                Company May
Reference its Former Name. Until the third anniversary of the Closing Date,
each of Company and the other GMACCH Companies may state in its signage, print
materials (including any letterhead, stationary and business cards),
promotional materials, point of sale materials or advertising copy that it was
formerly known as “GMAC Commercial Holding Corp.” or, as applicable, such
GMACCH Company’s name as was used immediately prior to the Closing Date;
provided, however, that each of the Company and the other GMACCH Companies may
continue to make such statements as set

 

2

forth in this Section 2.3
as necessary to comply with applicable Law and as any third party would have
the right to make such statements.

 

2.4.                No Other Rights.
Any rights not expressly granted to Company under this Trademark Agreement are
reserved by Parent. Company shall have no power or right to, and shall not,
sell, assign, sublicense or otherwise transfer this Trademark Agreement or the
license granted hereunder, to any third party, except as provided in Section
2.2. In using the Marks pursuant to this Trademark Agreement, Company shall in
no way represent that it has any right, title or interest in the Marks other
than those expressly granted under the terms and conditions of this Trademark
Agreement.

 

2.5.                Extension of
Company’s Obligations. Company shall be responsible for any breach of, or
failure to comply with, the provisions of this Trademark Agreement by any other
GMACCH Company and Company’s and each other GMACCH Company’s officers,
employees, and other non-traditional employees and independent contractors
acting under and consistent with the instruction of Company or other GMACCH Companies.

 

3.                         OWNERSHIP
AND PROTECTION OF THE MARKS.

 

3.1.                Parent’s
Ownership. Company acknowledges and agrees that the (i) Company shall not,
directly or indirectly, contest or challenge Parent’s sole and exclusive
ownership of all right, title and interest in and to the Marks or the validity
thereof, including, without limitation, the goodwill associated therewith, and
(ii) all goodwill arising from the use of the Marks shall inure solely to the
benefit of Parent and its Affiliates. Except for the right to use the Marks in
accordance with this Trademark Agreement, Company shall acquire no right, title
or interest in (or adopt, use, register or apply for registrations anywhere
for) the Marks (or any translations, variations, adaptations, derivations or
combinations of the foregoing) or marks confusingly similar thereto as a result
of exercise of any rights under this Trademark Agreement.

 

3.2.                Notice of
Infringement. Company shall give Parent prompt written notice of any actual
or threatened infringement of the Marks by any third party after Company has
actual knowledge of such infringement or threatened infringement.

 

3.3.                Notice of
Regulatory Action. Company shall promptly notify Parent if Company
receives, or if Company becomes aware that, a citation has been issued or
investigation commenced by any regulatory agency (federal, state or local) for
violation of any Law that may have a reasonable likelihood of having a material
adverse effect on Parent or its Affiliates or materially damage the goodwill
associated with the Marks.

 

3.4.     Protection of Rights in Marks.
Company shall provide Parent with all commercially reasonable cooperation to
assist Parent in protecting any of

 

 

3

 

Parent’s rights in the
Marks affected by, or related to, Company’s use of the Marks under this
Trademark Agreement. Company shall not commence or prosecute any registrations,
claims or suits in its own name or in the name of Parent.

 

4.                         QUALITY
CONTROL AND USE OF MARKS.

 

4.1.                Quality Control.
All services provided in connection with the Marks shall meet or exceed the
level of quality of such services as maintained by Parent in keeping with the
reputation and goodwill associated with the Marks as of the Closing Date.
Company may not materially vary such quality standards or any of the services
offered in connection with the Marks without the prior written consent of
Parent. Parent acknowledges that as of the Closing Date, Parent is familiar
with the Company’s services, and the quality standards thereof, and the
services of the Commercial Capital Business, and the quality standards thereof,
prior to the Closing Date met or exceeded the foregoing standard.

 

4.2.                Use of Marks.
Company shall comply in all material respects with the Brand Standards of
Parent in its use of the Marks in keeping with the reputation and goodwill
associated with the Marks as of the Closing Date. Parent acknowledges that as
of the Closing Date, Parent is familiar with the Company’s use of the Marks,
and that such use prior to the Closing Date met or exceeded the foregoing
standard.

 

4.3.                Compliance with
Laws. In using the Marks in connection with the provision of the services,
Company shall duly include all notices and legends with respect to the Marks as
are set forth in the Brand Standards or as are or may be required by applicable
federal, state or local trademark laws. Company shall comply in all material
respects with all Laws in connection with the use of the Marks and the
provision of services by Company.

 

4.4.                Reputation of
the Marks. Company shall not use or permit the use of the Marks in any
obscene, scandalous or disreputable manner or in any other manner likely to
tarnish, disparage, degrade or injure the reputation of the Parent or the
Marks, and the goodwill associated therewith.

 

4.5.                Parent’s Right
to Review Trademark Uses. Parent reserves the right to review for approval
all public uses of the Marks other than uses on materials prepared by Parent or
previously approved by Parent or any other use that is substantially similar to
such use. Company shall provide Parent with written notice of its plans to
implement material changes to the Marks and Parent shall have ten (10) business
days from the date of receipt of such written notice to request a review of the
changes for approval. Company shall provide Parent such written notice to Chief
Trademark Counsel, General Motors Corporation, Mail Code 482-C23-B21, 300
Renaissance Center, PO Box 300, Detroit, Michigan 48265-3000, or his or her
designee. If Parent does not respond to such written notice or request a review
of the changes

 

4

 

within ten (10) business
days from the date of receipt of such written notice, Parent’s approval is
deemed to be given. For purposes of this Section 4.5, all materials of the
GMACCH Companies existing on the Closing Date and all uses of the Marks by the
GMACCH Companies prior to the Closing Date shall be deemed to have been
approved by Parent.

 

4.6.                Parent’s
Inspection Rights. In order to preserve the validity and integrity of the
Marks licensed hereunder, Company grants Parent and its Affiliates the right,
upon reasonable prior written notice to Company, to enter upon any premises
owned, leased or controlled by Company or its Affiliates during Company’s
normal business hours, to inspect such premises and all of the operations
therein to ensure that (i) all uses of the Marks are permissible as set forth
herein and (ii) all services provided in connection with the Marks by Company
and its Affiliates meet the quality control standards set forth herein. During
such inspection, Parent and its Affiliates may confer with the employees of
Company and its Affiliates in order to determine the effect of the operations
of the business and the use of the Marks on the goodwill associated with the
Marks. Such inspection may occur once every six (6) months; provided, however,
that if there has been a prior violation or if Parent reasonably believes in
good faith, that a breach or other violation of items (i) or (ii) in this
Section 4.6 has occurred or is occurring by Company, such inspection limit
shall not apply. In conducting such inspection, Parent and its Affiliates shall
use commercially reasonable efforts to minimize disruption to Company’s
business and operations. Company shall at the reasonable request of Parent
submit without charge to Parent representative samples of use of the Marks.

 

4.7.                Indemnification.
Company shall defend, indemnify and hold harmless Parent and its Affiliates,
and its and their shareholders, directors, officers, employees and agents from
any Claims, and all damages, liabilities, judgments, costs (including, without
limitation, settlement costs) and expenses associated therewith (including,
without limitation, reasonable attorney’s fees) related to or arising from: (i)
Company’s breach of this Trademark Agreement; or (ii) Company’s use of the
Marks, except for any Claim asserting that the use by Company (or the other
GMACCH Companies) of the Marks violates or infringes upon any trademark,
copyright, service marks, trade dress, logos or other intellectual property or
proprietary right owned by a third party. Company shall have the right to
control the defense of any Claim for which Parent claims indemnification
hereunder; provided, however, that Parent or one of its Affiliates, at Parent’s
option, may participate in the defense of any Claim at its own expense.

 

5.        TERM AND TERMINATION.

 

5.1                   Term and
Termination. This Trademark Agreement shall remain valid during the Term
unless terminated thirty (30) days after written notice from Parent to Company
that Company has materially breached this Trademark

 

5

 

Agreement, unless, prior
to such thirtieth (30th) day, Company cures such breach.

 

5.2.                Effect of
Termination. Except for Company’s right to use the Marks as provided in
Sections 2.2, 2.3 and 5.4, upon expiration or termination of the Term of this
Trademark Agreement and thereafter as provided in Sections 2.2, 2.3 and 5.4,
all rights of Company to use the Marks shall terminate immediately and shall
revert to Parent. Except for Company’s right to use the Marks as provided in Sections
2.2, 2.3 and 5.4, upon expiration or termination of the Term of this Trademark
Agreement and thereafter as provided in Sections 2.2, 2.3 and 5.4, Company
shall claim no rights to the Marks or make any further reference to them,
whether directly or indirectly, in connection with Company’s business.

 

5.3.                Company Must
Remove and Destroy Materials and Change Names. Except as provided under
Section 2.2, on or before the last day of the Term, Company shall have (i)
removed or destroyed all business cards, signage, stationery and letterhead in
the possession of Company and the other GMACCH Companies that include the Marks
and provided a written certification to Parent signed by an officer of Company
of the same and (ii) changed all company names, trade names or business names
of Company and the other GMACCH Companies so as to eliminate the use or
inclusion therein of the Marks; provided a written certification to Parent
signed by an officer of Company of the same; and made all necessary filings
related thereto. Notwithstanding the foregoing, Company may continue to
maintain archival copies of contracts, annual reports and marketing materials
that include the Marks.

 

5.4.                Survival.
The following provisions shall survive the expiration or the termination of this
Trademark Agreement for any reason: the last sentence of Section 2.2; Section
2.3; Section 2.5; Article 3; Section 4.7; Section 5.2; Section 5.3; this
Section 5.4; Article 6; and Article 7. In addition, the following shall survive
until the third anniversary of the Closing Date: Article 4.1; 4.2; 4.3; 4.4;
4.5; and 4.6.

 

6.        DISCLAIMER OF WARRANTIES.

 

COMPANY
ACKNOWLEDGES AND AGREES THAT PARENT IS LICENSING THE MARKS AS IS. PARENT
HEREBY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION,
THE IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE AND NON-INFRINGEMENT. PARENT SHALL NOT BE LIABLE FOR ANY SPECIAL,
INDIRECT, CONSEQUENTIAL, EXEMPLARY, OR INCIDENTAL DAMAGES (INCLUDING, WITHOUT
LIMITATION, LOSS OF PROFITS) ARISING OUT OF OR RELATED TO THIS TRADEMARK
AGREEMENT, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY (INCLUDING, WITHOUT
LIMITATION, NEGLIGENCE AND

 

6

 

CONTRACT),
EVEN IF PARENT HAS BEEN ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

 

7.                         GENERAL
PROVISIONS.

 

7.1.                Amendment/Waiver.
No modification, amendment, supplement to or waiver of, any provision of this
Trademark Agreement shall be binding upon either Party unless made in a writing
signed by the Party against which such modification, amendment, supplement to
or waiver, is sought to be enforced. A failure of either Party to exercise any
right provided for herein shall not be deemed to be a waiver of any such right
hereunder.

 

7.2.                Entire
Agreement. This Trademark Agreement, together with the Stock Purchase
Agreement, sets forth the entire agreement between the Parties as it relates to
the subject matter hereof, and such document replaces and supersedes any and
all prior agreements, promises, proposals, representations, understandings and
negotiations, written or not, between the Parties relating to the subject
matter hereof.

 

7.3.                Headings and
Interpretation. The article and section headings used herein are for
reference and convenience only, and shall not enter into the interpretation
hereof. The Parties have participated jointly in the negotiation and drafting
of this Trademark Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Trademark Agreement shall be construed as if
jointly drafted by the Parties and no presumption or burden of proof shall
arise favoring or disfavoring any Party by virtue of the authorship of any
provision of this Trademark Agreement.

 

7.4.                Governing Law.
This Trademark Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of New York consistent with Sections 10.12
(Governing Law) and 10.13 (Jurisdiction; Waiver of Jury Trial) of the Stock
Purchase Agreement.

 

7.5.                Assignment.
Parent may assign or transfer this Trademark Agreement without the prior
written consent of Company. Company shall not assign or transfer this Trademark
Agreement, by operation of law, change of control, or otherwise, without the
prior written consent of Parent. This Trademark Agreement shall inure to the
benefit of, and be binding upon, the Parties and their respective permitted
successors and permitted assigns.

 

7.6.                Notices.
Notice under this Trademark Agreement shall be governed by Section 10.6
(Notices) of the Stock Purchase Agreement, except as provided in Section 4.5.

 

7.7.                Relationship of
the Parties. The relationship between the Parties to this Trademark
Agreement is that of independent contractors. Under no circumstances shall
either Party be deemed an agent or representative of the

 

7

 

other Party. Neither
Party shall have authority to act for or bind the other Party in any way, or
represent that it is in any way responsible for acts of the other Party.
Nothing in this Trademark Agreement shall be construed or interpreted to create
a relationship between the Parties of partner, joint venturer, principal and
agent, or employer and employee.

 

7.8.                Injunctive
Relief. Company acknowledges and agrees that the provisions of this
Trademark Agreement are reasonable and necessary to protect Parent’s rights and
interests in the Marks, that any material breach of the provisions of this
Trademark Agreement shall result in irreparable harm to Parent, and that the
remedy at law for such breach may be inadequate. Accordingly, in the event of a
material breach of the provisions of this Trademark Agreement by Company,
Parent, in addition to any other relief available to it at law, in equity, or
otherwise, shall be entitled to seek temporary and permanent injunctive relief
restraining Company from engaging in and/or continuing any conduct that
constitutes a breach of this Trademark Agreement, without the necessity of
proving irreparable harm or posting of a bond or other security.

 

7.9.                Severability.
If any provision of this Trademark Agreement is held to be invalid or
unenforceable, the meaning of said provision shall be construed, to the extent
feasible, so as to render the provision enforceable, and if no feasible
interpretation shall save such provision, it shall be severed from the
remainder of this Trademark Agreement, as appropriate. The remainder of this
Trademark Agreement shall remain in full force and effect unless the severed
provision is essential and material to the rights or benefits received by
either Party. In such event, the Parties shall use their best efforts to
negotiate, in good faith, a substitute, valid and enforceable provision or
agreement, which most nearly effects the Parties’ intent in entering into this
Trademark Agreement, as appropriate.

 

7.10.          Counterparts;
Facsimile Transmission. This Trademark Agreement may be executed in
multiple counterparts, each of which shall constitute an original, but all of
which together shall constitute one and the same agreement. Each Party may rely
on facsimile signature pages as if such facsimile pages were originals.

 

7.11.          Further Assurances.
The Parties shall execute and deliver such further documents and take such
further actions as may be reasonably necessary or appropriate to carry out the
provisions of this Trademark Agreement.

 

7.12.          Extension of Rights
and Third Party Beneficiary. Parent’s rights under this Trademark Agreement
extend to Parent and its Affiliates. Parent acknowledges and agrees that GM is
an intended third party beneficiary of all of Parent’s rights under this
Trademark Agreement. GM shall have the right to exercise Parent’s rights under
this Trademark Agreement independently of Parent. For purposes of this
Trademark Agreement, members of the Parent Group are not considered to be
Affiliates of Company or the other GMACCH Companies. Except as set forth
herein, the terms and provisions of this

 

8

 

Trademark Agreement are
intended solely for the benefit of each Party hereto and their respective
permitted successors or permitted assigns, and it is not the intention of the
Parties to confer third-party beneficiary rights upon any other party,
including, without limitation, employees, other than GM.

 

* * * *

 

[SIGNATURE PAGE FOLLOWS]

 

9

 

IN
WITNESS WHEREOF, each of the Parties hereto, by its duly
authorized representative, has caused this Trademark Agreement to be executed
as of the Closing Date.

 

 

	
  GENERAL
  MOTORS ACCEPTANCE

  CORPORATION

  	
   

  	
  GMAC
  COMMERCIAL HOLDING CORP.

  
	
  By:

  	
  

  /s/ D. C. Walker

  	
   

  	
   

  	
  By:

  	
  

  /s/ Robert D. Feller

  	
   

  
	
  Name:

  	
  D. C. Walker

  	
   

  	
   

  	
  Name:

  	
  Robert D. Feller

  	
   

  
	
  Its:

  	
  Group Vice President

  	
   

  	
   

  	
  Its:

  	
  Chief Executive Officer

  	
   

  
	
  Date:

  	
  March 23, 2006

  	
   

  	
   

  	
  Date:

  	
  March 23, 2006

  	
   

  

 

 

10

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