Document:

Exhibit 4.3

 

EXECUTION COPY

 

 

 

CAPMARK FINANCIAL GROUP
INC.

 

as Issuer

 

the GUARANTORS named
herein

 

6.300% SENIOR NOTES DUE
2017

 

 

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

  	
  27

  
	
  SECTION 11.04. Certificate and Opinion as to
  Conditions Precedent

  	
  27

  
	
  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 6.300% Senior Notes due
2017 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 6.300% Senior Notes due 2017
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 $500,000,000. 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 $500,000,000, (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.

 

34

 

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

  	 

 

 

	
   

  	
  NET
  LEASE ACQUISITION LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Rene J. Paradis

  	
   

  
	
   

  	
   

  	
  Name: Rene
  J. Paradis

  
	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SJM
  CAP, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Anne E. Kelly

  	
   

  
	
   

  	
   

  	
  Name: Anne
  E. Kelly

  
	
   

  	
   

  	
  Title:   Assistant
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  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 $500,000,000 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.

 

6.300% Senior Notes due
2017

 

[144A CUSIP No. 140661
AA7

and ISIN No. 
US140661AA77]

 

[REG S CUSIP No. 
U13626 AA1

and ISIN No. 
USU13626AA16]

 

	
  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, 2017.

 

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]

 

6.300% Senior Notes due
2017

 

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 6.300%
(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:

 

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB- 

  	
   

  	
  0.75 

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
  %

  

 

6

 

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 6.300% Senior Notes due 2017 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.

 

6.300% Senior Notes due
2017

 

[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, 2017.

 

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]

 

6.300% Senior Notes due
2017

 

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 6.300%
(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:

 

 

	
  Rating

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  BB-

  	
   

  	
  0.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
  %

  

 

6

 

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 6.300% Senior Notes due 2017 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.

 

 

1

 

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:  6.300% Senior Notes Due 2017

 

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 Services Tennessee Inc.

648 Grassmere Park Road

Nashville, Tennessee 37211

Attention of: 
Transfer Department

 

Re:  6.300% Senior Notes Due 2017

 

(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 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:  6.300% Senior Notes Due 2017

 

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
6.300% Senior Notes Due 2017 (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 4.4

 

EXECUTION
VERSION

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of May 10, 2007

 

Among

 

CAPMARK FINANCIAL GROUP INC.,

 

THE GUARANTORS LISTED ON SCHEDULE I
HERETO

 

and

 

CREDIT SUISSE SECURITIES (USA) LLC,

CITIGROUP GLOBAL MARKETS INC.

 

and

 

GOLDMAN, SACHS & CO.

 

 

Floating Rate Senior Notes due 2010

5.875% Senior Notes due 2012

6.300% Senior Notes due 2017

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Exchange
  Offer

  	
  5

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Shelf
  Registration

  	
  8

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Market-Making

  	
  9

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Additional
  Interest

  	
  13

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Registration
  Procedures

  	
  14

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Registration
  Expenses

  	
  21

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Indemnification
  and Contribution

  	
  22

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Rules 144
  and 144A

  	
  26

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Underwritten
  Registrations

  	
  27

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Miscellaneous

  	
  27

  

 

i

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is dated as of May 10, 2007, among CAPMARK
FINANCIAL GROUP INC, a Nevada corporation (the “Company”), the
guarantors listed on Schedule I hereto (the “Guarantors”)
and CREDIT SUISSE SECURITIES (USA) LLC, CITIGROUP GLOBAL MARKETS INC. and GOLDMAN,
SACHS & CO., as representatives (the “Representatives”) of the
several purchasers (the “Purchasers”) named on Schedule A to
the Purchase Agreement (as defined below).

 

This Agreement is entered
into in connection with the Purchase Agreement, dated May 3, 2007 (the “Purchase
Agreement”), by and among the Company, the Guarantors and the Purchasers,
which provides for, among other things, the sale by the Company to the
Purchasers of $850,000,000 aggregate principal amount of the Company’s Floating
Rate Senior Notes due 2010 (the “2010 Notes”), $1,200,000,000 aggregate
principal amount of the Company’s 5.875% Senior Notes due 2012 (the “2012
Notes”) and $500,000,000 aggregate principal amount of the Company’s 6.300%
Senior Notes due 2017 (the “2017 Notes” and, together with the 2010
Notes and the 2012 Notes, the “Notes”). 
The 2010 Notes, the 2012 Notes and the 2017 Notes are each to be issued
under an indenture, each dated as of the date hereof (each such indenture, as
amended or supplemented from time to time, an “Indenture,” and
collectively, the “Indentures”), among the Company, the Guarantors and Deutsche
Bank Trust Company Americas, as trustee (the “Trustee”).  Pursuant to the Purchase Agreement and the
Indentures, the Guarantors are required to guarantee (collectively, the “Guarantees”)
the Company’s obligations under the Notes and the Indentures.  References to the “Securities” shall
mean, collectively, the Notes and, when issued, the Guarantees.  In order to induce the Purchasers (including
the Market-Maker) to enter into the Purchase Agreement, the Company has agreed
to provide the registration rights set forth in this Agreement for the benefit
of the Purchasers and any subsequent holder or holders of the Securities.  The execution and delivery of this Agreement
is a condition to the Purchasers’ obligations under the Purchase Agreement.

 

The parties hereby agree as
follows:

 

1.                                       Definitions

 

As used in this Agreement,
the following terms shall have the following meanings:

 

2010 Notes:  See
the introductory paragraphs hereto.

 

2012 Notes:  See
the introductory paragraphs hereto.

 

2017 Notes:  See
the introductory paragraphs hereto.

 

Additional Interest:  See Section 5(a) hereof.

 

Additional Securities: See the last paragraph of Section 2(a) hereof.

 

Advice:  See
the last paragraph of Section 6 hereof.

 

 

Agreement:  See
the introductory paragraphs hereto.

 

Applicable Period:  See Section 2(b) hereof.

 

Business Day: 
Shall have the meaning ascribed to such term in Rule 14d-1 under
the Exchange Act.

 

Company:  See
the introductory paragraphs hereto.

 

Effectiveness Date:  In
the case of the Exchange Offer Registration Statement, the 390th day after the
Issue Date, and, with respect to any Shelf Registration Statement, the 120th
day after the date a Shelf Notice is requested or required to be delivered with
respect thereto; provided, however, that if the Effectiveness
Date would otherwise fall on a day that is not a Business Day, then the
Effectiveness Date shall be the next succeeding Business Day.

 

Effectiveness Period:  See Section 3(a) hereof.

 

Event Date:  See Section 5(b) hereof.

 

Exchange Act:  The
Securities Exchange Act of 1934, as amended, and the rules and regulations
of the SEC promulgated thereunder.

 

Exchange Notes:  See Section 2(a) hereof.

 

Exchange Offer:  See Section 2(a) hereof.

 

Exchange Offer Registration
Statement:  See Section 2(a) hereof.

 

Exchange Securities:  See Section 2(a) hereof.

 

Guarantees:  See
the introductory paragraphs hereto.

 

Guarantors:  See
the introductory paragraphs hereto.

 

Holder:  Any
holder of a Registrable Security or Registrable Securities.

 

Indenture/Indentures:  See
the introductory paragraphs hereto.

 

Information:  See Section 6(n)
hereof.

 

Initial Shelf Registration:  See Section 3(a) hereof.

 

Inspectors:  See Section 6(n)
hereof.

 

Issue Date:  May 10,
2007, the date of original issuance of the Notes.

 

Market-Maker:  See Section 4(a) hereof.

 

2

 

Market-Making Registration:  See Section 4(a)(i) hereof.

 

Market-Making Registration
Statement:  See Section 4(a)(i) hereof.

 

NASD:  See Section 6(s)
hereof.

 

New Guarantees:  See Section 2(a) hereof.

 

Notes:  See
the introductory paragraphs hereto.

 

Participant:  See Section 8(a) hereof.

 

Participating Broker-Dealer:  See Section 2(b) hereof.

 

Person:  An
individual, trustee, corporation, partnership, limited liability company, joint
stock company, trust, unincorporated association, union, business association,
firm or other legal entity.

 

Private Exchange:  See Section 2(b) hereof.

 

Private Exchange Notes:  See Section 2(b) hereof.

 

Prospectus:  The
prospectus included in any Registration Statement (including, without
limitation, any prospectus subject to completion and a prospectus that includes
any information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the
Securities Act and any term sheet filed pursuant to Rule 433 under the
Securities Act), as amended or supplemented by any prospectus supplement, and
all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus.

 

Purchase Agreement:  See
the introductory paragraphs hereof.

 

Purchasers:  See
the introductory paragraphs hereto.

 

Records:  See Section 6(n)
hereof.

 

Registrable
Securities: 
Each Security upon its original issuance and at all times subsequent
thereto, each Exchange Security as to which Section 2(c)(v) hereof is
applicable upon original issuance and at all times subsequent thereto and each
Private Exchange Note (and the related Guarantees) upon original issuance
thereof and at all times subsequent thereto, until, in each case, the earliest
to occur of (i) a Registration Statement (other than, with respect to any
Exchange Securities as to which Section 2(c)(v) hereof is applicable,
the Exchange Offer Registration Statement) covering such Security, Exchange
Security or Private Exchange Note (and the related Guarantees) has been
declared effective by the SEC and such Security, Exchange Security or such
Private Exchange Note (and the related Guarantees), as the case may be, has been disposed of in
accordance with such effective Registration Statement, (ii) such Security
has been exchanged pursuant to the Exchange Offer for an Exchange Security or Exchange
Securities that may be resold without restriction under state and federal
securities laws, (iii) such Security, Exchange Security or Private
Exchange Note (and the related Guarantees), as the 

 

3

 

case may be, ceases to be
outstanding for purposes of the applicable Indenture or (iv) such
Security, Exchange Security or Private Exchange Note (and the related
Guarantees), as the case may be, may be resold without restriction pursuant to Rule 144(k)
(as amended or replaced) under the Securities Act.

 

Registration Statement:  Any
registration statement of the Company that covers any of the Securities, the
Exchange Securities or the Private Exchange Notes (and the related Guarantees)
filed with the SEC under the Securities Act, including, in each case, the
Prospectus, amendments and supplements to such registration statement,
including post-effective amendments, all exhibits, and all material
incorporated by reference or deemed to be incorporated by reference in such
registration statement.

 

Rule 144:  Rule 144
under the Securities Act.

 

Rule 144A:  Rule 144A
under the Securities Act.

 

Rule 405:  Rule 405
under the Securities Act.

 

Rule 415:  Rule 415
under the Securities Act.

 

Rule 424:  Rule 424
under the Securities Act.

 

SEC:  The
U.S. Securities and Exchange Commission.

 

Securities:  See
the introductory paragraphs hereto.

 

Securities Act:  The
Securities Act of 1933, as amended, and the rules and regulations of the
SEC promulgated thereunder.

 

Shelf Notice:  See Section 2(c) hereof.

 

Shelf Registration:  See Section 3(b) hereof.

 

Shelf Registration Statement:  Any
Registration Statement relating to a Shelf Registration.

 

Shelf Suspension Period:  See Section 3(a) hereof.

 

Subsequent Shelf
Registration:  See Section 3(b) hereof.

 

TIA:  The
Trust Indenture Act of 1939, as amended.

 

Trustee:  The
trustee under the Indentures and the trustee under any indenture (if different)
governing the Exchange Securities and Private Exchange Notes (and the related
Guarantees).

 

Underwritten registration or
underwritten offering:  A registration in which securities of the Company
are sold to an underwriter for reoffering to the public.

 

4

 

Except as otherwise
specifically provided, all references in this Agreement to acts, laws,
statutes, rules, regulations, releases, forms, no-action letters and other
regulatory requirements (collectively, “Regulatory Requirements”) shall
be deemed to refer also to any amendments thereto and all subsequent Regulatory
Requirements adopted as a replacement thereto having substantially the same
effect therewith; provided that Rule 144 shall not be deemed to
amend or replace Rule 144A.

 

2.                                       Exchange Offer

 

(a)                                  Unless the Exchange Offer would violate
applicable law or any applicable interpretation of the staff of the SEC, the Company
shall use its reasonable best efforts to file with the SEC a Registration
Statement (the “Exchange Offer Registration Statement”) on an
appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Securities for a like
aggregate principal amount of debt securities of the Company (the “Exchange
Notes”), guaranteed, to the extent applicable, on an unsecured senior basis
by the Guarantors (the “New Guarantees” and, together with the Exchange
Notes, the “Exchange Securities”), that are identical in all material
respects to the 2010 Notes, 2012 Notes or 2017 Notes, as applicable, except
that (i) the Exchange Notes shall contain no restrictive legend thereon, (ii) interest
thereon shall accrue from the last date on which interest was paid on such
Notes or, if no such interest has been paid, from the Issue Date and (iii) the
Exchange Notes will be entitled to the benefits of the Indenture applicable to
the 2010 Notes, 2012 Notes or 2017 Notes, as the case may be, or a trust
indenture which is identical in all material respects to such Indenture (other
than such changes to such Indenture or any such identical trust indenture as
are necessary to comply with the TIA) and which, in either case, has been
qualified under the TIA.  The Exchange
Offer shall comply with all applicable tender offer rules and regulations
under the Exchange Act and other applicable laws.  The Company shall use its reasonable best
efforts to (x) cause the Exchange Offer Registration Statement to become
effective under the Securities Act on or prior to the Effectiveness Date; (y) keep
the Exchange Offer open for at least 20 Business Days (or longer if required by
applicable law) after the date that notice of the Exchange Offer is mailed to
Holders; and (z) consummate the Exchange Offer on or prior to the 420th
day following the Issue Date.

 

Each Holder (including,
without limitation, each Participating Broker-Dealer) that participates in the
Exchange Offer, as a condition to participation in the Exchange Offer, will be
required to represent to the Company in writing (which may be contained in the
applicable letter of transmittal) that:  (i) any
Exchange Securities acquired in exchange for Registrable Securities tendered
are being acquired in the ordinary course of business of the Person receiving
such Exchange Securities, whether or not such recipient is such Holder itself; (ii) at
the time of the commencement or consummation of the Exchange Offer neither such
Holder nor, to the actual knowledge of such Holder, any other Person receiving
Exchange Securities from such Holder has an arrangement or understanding with
any Person to participate in the distribution (within the meaning of the
Securities Act) of the Exchange Securities in violation of the provisions of
the Securities Act; (iii) neither the Holder nor, to the actual knowledge
of such Holder, any other Person receiving Exchange Securities from such Holder
is an “affiliate” (as defined in Rule 405) of the Company or, if it is an
affiliate of the Company, it will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable and will
provide information to be included in the Shelf Registration Statement in
accordance with Section 6 hereof in order to have their Securities
included in the Shelf Registration Statement and benefit from the provisions
regarding Additional Interest in Section 5 hereof; (iv) if such
Holder is not a broker-dealer, neither such Holder nor, to the actual knowledge
of such Holder, any other Person receiving Exchange 

 

5

 

Securities from such Holder
is engaging in or intends to engage in a distribution of the Exchange
Securities; and (v) if such Holder is a Participating Broker-Dealer, such
Holder has acquired the Registrable Securities for its own account in exchange
for Securities that were acquired as a result of market-making activities or
other trading activities and that it will comply with the applicable provisions
of the Securities Act (including, but not limited to, the prospectus delivery
requirements thereunder).

 

Upon consummation of the
Exchange Offer in accordance with this Section 2, the provisions of this
Agreement shall continue to apply, mutatis  mutandis, solely with
respect to Registrable Securities that are Private Exchange Notes (and the
related Guarantees) or as to which Section 2(c)(iv) is applicable,
Exchange Securities as to which Section 2(c)(v) is applicable and
Exchange Securities held by the Market-Maker and Participating Broker-Dealers,
and the Company shall have no further obligation to register Registrable
Securities (other than Private Exchange Notes (and the related Guarantees),
Registrable Securities as to which Section 2(c)(iv) applies and
Exchange Securities as to which clause 2(c)(v) hereof applies)
pursuant to Section 3 hereof.

 

No securities other than the
Exchange Securities (and the related guarantees) and any additional securities
and related guarantees issued after the Issue Date that form a part of the same
series as the 2010 Notes, the 2012 Notes or the 2017 Notes, as applicable (the “Additional
Securities”), shall be included in the Exchange Offer Registration Statement.

 

(b)                                 The Company shall include within the
Prospectus contained in the Exchange Offer Registration Statement a section entitled
“Plan of Distribution,” which shall contain a summary statement of the
positions taken or policies made by the staff of the SEC with respect to the
potential “underwriter” status of any broker-dealer that is the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes
received by such broker-dealer in the Exchange Offer (a “Participating
Broker-Dealer”), whether such positions or policies have been publicly
disseminated by the staff of the SEC or such positions or policies represent
the prevailing views of the staff of the SEC. 
Such “Plan of Distribution” section shall also expressly permit, to
the extent permitted by applicable policies and regulations of the SEC, the use
of the Prospectus by all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the
Exchange Securities in compliance with the Securities Act.

 

The Company shall use its
reasonable best efforts to keep the Exchange Offer Registration Statement
effective and to amend and supplement the Prospectus contained therein in order
to permit such Prospectus to be lawfully delivered by all Persons subject to
the prospectus delivery requirements of the Securities Act for such period of
time as is necessary to comply with applicable law in connection with any
resale of the Exchange Securities; provided, however, that such
period shall not be required to exceed 90 days, or such longer period if
extended pursuant to the last paragraph of Section 6 hereof (the “Applicable
Period”).

 

If, prior to consummation of
the Exchange Offer, the Purchasers hold any Notes acquired by them that have
the status of an unsold allotment in the initial distribution, the Company,
upon the request of the Purchasers, shall simultaneously with the delivery of
the Exchange Notes issue and deliver to the Purchasers, in exchange (the “Private
Exchange”) for such Notes held by any such Holder, a like principal amount
of notes (the “Private Exchange Notes”) of the Company, guaranteed by
the Guarantors, that are identical in all material respects to the Exchange
Notes except for the placement of a restrictive 

 

6

 

legend on such Private
Exchange Notes.  The Private Exchange
Notes shall be issued pursuant to the same indenture as the Exchange Notes and
bear the same CUSIP number as the Exchange Notes if permitted by the CUSIP Service
Bureau.

 

In connection with the
Exchange Offer, the Company shall:

 

(1)                                  mail, or cause to be mailed, to each Holder
of record entitled to participate in the Exchange Offer a copy of the
Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents;

 

(2)                                  use its reasonable best efforts to keep the
Exchange Offer open for not less than 20 Business Days from the date that
notice of the Exchange Offer is mailed to Holders (or longer if required by
applicable law);

 

(3)                                  utilize the services of a depositary for the
Exchange Offer with an address in the Borough of Manhattan, The City of New
York;

 

(4)                                  permit Holders to withdraw tendered Notes at
any time prior to the close of business, New York time, on the last Business
Day on which the Exchange Offer remains open; and

 

(5)                                  otherwise comply with all laws, rules and
regulations applicable to the Exchange Offer.

 

As soon as practicable after
the close of the Exchange Offer and any Private Exchange, the Company shall:

 

(1)                                  accept for exchange all Registrable
Securities validly tendered and not validly withdrawn pursuant to the Exchange
Offer and any Private Exchange;

 

(2)                                  deliver to the Trustee for cancellation all
Registrable Securities so accepted for exchange; and

 

(3)                                  cause the Trustee to authenticate and deliver
promptly to each Holder of Notes, Exchange Notes or Private Exchange Notes, as
the case may be, equal in principal amount to the Notes of such Holder so
accepted for exchange; provided that, in the case of any Notes held in
global form by a depositary, authentication and delivery to such depositary of
one or more replacement Notes in global form in an equivalent principal amount
thereto for the account of such Holders in accordance with the applicable
Indenture shall satisfy such authentication and delivery requirement.

 

The Exchange Offer and the
Private Exchange shall not be subject to any conditions, other than that (i) the
Exchange Offer or Private Exchange, as the case may be, does not violate applicable
law or any applicable interpretation of the staff of the SEC; (ii) no
action or proceeding shall have been instituted or threatened in any court or
by any governmental agency which might materially impair the ability of the Company
to proceed with the Exchange Offer or the Private Exchange, and no material

 

7

 

adverse development shall
have occurred in any existing action or proceeding with respect to the Company;
and (iii) all governmental approvals shall have been obtained, which
approvals the Company deems necessary for the consummation of the Exchange Offer
or Private Exchange.

 

The Exchange Securities and
the Private Exchange Notes (and related guarantees) shall be issued under (i) the
applicable Indenture or (ii) an indenture identical in all material respects
to such applicable Indenture and which, in either case, has been qualified
under the TIA or is exempt from such qualification and shall provide that the
Exchange Securities shall not be subject to the transfer restrictions set forth
in the applicable Indenture.  The
Indenture or such indenture with respect to each of the 2010 Notes, the 2012
Notes or the 2017 Notes, shall provide that the Exchange Notes, the Private
Exchange Notes and the Notes of the applicable series shall vote and consent
together on all matters as one class and that none of the Exchange Notes, the
Private Exchange Notes or the Notes of the applicable series will have the
right to vote or consent as a separate class on any matter.

 

(c)                                  If, (i) because of any change in law or
in currently prevailing interpretations of the staff of the SEC, the Company is
not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not
consummated within 420 days of the Issue Date, (iii) any holder of
Private Exchange Notes so requests in writing to the Company at any time within
30 days after the consummation of the Exchange Offer, (iv) any Holder of
Registrable Securities (other than an Participating Broker-Dealer) is
prohibited by applicable law or SEC policy from participating in the Exchange
Offer and so requests in writing to the Company at any time within 30 days
after the consummation of the Exchange Offer, or (v) in the case of any
Holder that participates in the Exchange Offer, such Holder does not receive
Exchange Securities on the date of the exchange that may be sold without
restriction under state and federal securities laws (other than due solely to
the status of such Holder as an affiliate of the Company within the meaning of
the Securities Act) and so notifies the Company within 30 days after such
Holder first becomes aware of such restrictions, then in the case of each of
clauses (i) to and including (v) of this sentence, the Company shall
promptly deliver to the Trustee (to deliver to the Holders) written notice
thereof (the “Shelf Notice”) and shall file a Shelf Registration
pursuant to Section 3 hereof.

 

3.                                       Shelf Registration

 

If at any time a Shelf
Notice is delivered as contemplated by Section 2(c) hereof, then:

 

(a)                                  Shelf Registration.  The Company
shall promptly file with the SEC a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 covering all of the
Registrable Securities (the “Initial Shelf Registration”).  The Initial Shelf Registration shall be on Form S-1
or another appropriate form permitting registration of such Registrable
Securities for resale by Holders in the manner or manners designated by them
(including, without limitation, one or more underwritten offerings).  The Company shall not permit any securities
other than the Registrable Securities and the Guarantees and any Additional
Securities to be included in the Initial Shelf Registration or any Subsequent
Shelf Registration (as defined below).

 

The
Company shall use its reasonable best efforts to cause the Shelf Registration
to be declared effective under the Securities Act on or prior to the
Effectiveness Date and to keep the Initial Shelf Registration continuously
effective under the Securities Act until the earliest of (i) the date that
is two years from the Issue Date (ii) such shorter period ending when all
Registrable Securities covered by 

 

8

 

the Initial Shelf
Registration have been sold in the manner set forth and as contemplated in the
Initial Shelf Registration or, if applicable, a Subsequent Shelf Registration
or (iii) the date upon which all Registrable Securities become eligible
for resale without regard to volume, manner of sale or other restrictions pursuant
to Rule 144(k) (the “Effectiveness Period”); provided, however,
that the Effectiveness Period in respect of the Initial Shelf Registration
shall be extended to the extent required to permit dealers to comply with the
applicable prospectus delivery requirements of Rule 174 under the
Securities Act and as otherwise provided herein.  Notwithstanding anything to the contrary in
this Agreement, at any time, the Company may delay the filing of any Initial
Shelf Registration Statement or delay or suspend the effectiveness thereof, for
a reasonable period of time, but not in excess of 60 consecutive days or more
than three (3) times during any calendar year (each, a “Shelf
Suspension Period”), if the Board of Directors of the Company determines
reasonably and in good faith that the filing of any such Initial Shelf
Registration Statement or the continuing effectiveness thereof would require
the disclosure of non-public material information that, in the reasonable
judgment of the Board of Directors of the Company, would be detrimental to the
Issuer if so disclosed or would otherwise materially adversely affect a
financing, acquisition, disposition, merger or other material transaction or
such action is required by applicable law.

 

(b)                                 Withdrawal of Stop Orders; Subsequent Shelf
Registrations.  If the Initial Shelf Registration or any
Subsequent Shelf Registration ceases to be effective for any reason at any time
during the Effectiveness Period (other than because of the sale of all of the Registrable
Securities registered thereunder), the Company shall use its reasonable best
efforts to obtain the prompt withdrawal of any order suspending the
effectiveness thereof, and in any event shall file an additional Shelf
Registration Statement pursuant to Rule 415 covering all of the
Registrable Securities covered by and not sold under the Initial Shelf
Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent
Shelf Registration”).  If a
Subsequent Shelf Registration is filed, the Company shall use its reasonable
best efforts to cause the Subsequent Shelf Registration to be declared
effective under the Securities Act as soon as practicable after such filing and
to keep such subsequent Shelf Registration continuously effective for a period
equal to the number of days in the Effectiveness Period less the aggregate number
of days during which the Initial Shelf Registration or any Subsequent Shelf
Registration was previously continuously effective.  As used herein the term “Shelf
Registration” means the Initial Shelf Registration and any Subsequent Shelf
Registration.

 

(c)                                  Supplements and Amendments.  The Company
shall promptly supplement and amend the Shelf Registration if required by the
rules, regulations or instructions applicable to the registration form used for
such Shelf Registration, if required by the Securities Act, or if reasonably
requested by the Holders of a majority in aggregate principal amount of the
Registrable Securities (or their counsel) covered by such Registration
Statement with respect to the information included therein with respect to one
or more of such Holders, or, if reasonably requested by any underwriter of such
Registrable Securities, with respect to the information included therein with
respect to such underwriter.

 

4.                                       Market-Making

 

(a)                                  For the sole benefit of Goldman, Sachs &
Co. (in such capacity, the “Market-Maker”) or any of its affiliates (as
defined in the rules and regulations of the SEC), so long as (x) any
of the Registrable Securities or Exchange Securities are outstanding and
(y) it would be necessary under applicable laws, rules and regulations,
in the reasonable opinion of the Market-Maker, for the Market-

 

9

 

Maker or any of its affiliates to deliver a
prospectus in connection with market-making activities with respect to the
Registrable Securities or Exchange Securities and the Market-Maker or such
affiliate proposes to make a market in the Registrable Securities or Exchange
Securities as part of its business in the ordinary course, the following
provisions shall apply for the sole benefit of the Market-Maker:

 

(i)                                     The Company shall file under the Securities
Act one or more registration statements, in a form approved by the Market-Maker
(each such filing, a “Market-Making Registration,” and each such
registration statement, the “Market-Making Registration Statement”).  The Company agrees to use its reasonable best
efforts to cause a Market-Making Registration Statement with respect to the
Exchange Securities to be declared effective on or prior to (i) the date
the Exchange Offer is completed pursuant to Section 2(a) above or (ii) the
date the Initial Shelf Registration becomes or is declared effective pursuant
to Section 3 above, and, in each case, to keep such Market-Making
Registration Statement continuously effective for so long as the Market-Maker
may be required to deliver a prospectus in connection with transactions in the
Registrable Securities or the Exchange Securities, as the case may be.  In the event that the Market-Maker holds
Securities at the time the Exchange Offer is to be conducted under Section 2(a) above,
the Company agrees that the applicable Market-Making Registration shall provide
for the resale by the Market-Maker of such Registrable Securities or Exchange
Securities and shall use its reasonable best efforts to keep the Market-Making
Registration Statement continuously effective for so long as the Market-Maker
may be required to deliver a prospectus in connection with the sale of such
Registrable Securities or Exchange Securities. 
The Company further agrees to supplement or make amendments to each
Market-Making Registration Statement, as and when required by the rules,
regulations or instructions applicable to the registration form used by the
Company for the applicable Market-Making Registration Statement, and the Company
agrees to furnish to the Market-Maker copies of any such supplement or
amendment prior to its being used or promptly following its filing with the
SEC.

 

(ii)                                  Notwithstanding the foregoing, the Company
may suspend the offering and sale under a Market-Making Registration Statement
for a period or periods the Board of Directors of the Company reasonably
determines to be advisable for valid business reasons, if (A) (i) the
Board of Directors of the Company determines in good faith that such action is
in the best interests of the Company or (ii) such Market-Making
Registration Statement, prospectus or amendment or supplement thereto contains
an untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, and (B) the
Company notifies the Market-Maker within five days before the effectiveness of
such suspension.

 

(iii)                               The Company shall notify the Market-Maker (A) when
any post-effective amendment to a Market-Making Registration Statement or any
amendment or supplement to the related prospectus has been filed, and, with
respect to any post-effective amendment, when the same has become effective; (B) of
any request by the SEC for any post-effective amendment to a Market-Making
Registration Statement, any supplement or amendment to the related prospectus
or for additional information; (C) the issuance by the SEC of any stop
order suspending the effectiveness of a Market-Making Registration Statement or
the initiation of any proceedings for that purpose; (D) of the receipt by
the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities or Exchange Securities for sale in
any 

 

10

 

jurisdiction
or the initiation or threatening of any proceedings for such purpose; and (E) of
the happening of any event that makes any statement made in a Market-Making
Registration Statement, the related prospectus or any amendment or supplement
thereto untrue or that requires the making of any changes in a Market-Making
Registration Statement, such prospectus or any amendment or supplement thereto,
in order to make the statements therein not misleading.

 

(iv)                              If any event contemplated by Section 4(a)(iii)(B),
(D) and (E) occurs during the period for which the Company is
required to maintain an effective Market-Making Registration Statement, the Company
shall promptly prepare and file with the SEC a post-effective amendment to the
applicable Market-Making Registration Statement or a supplement to the related
prospectus or file any other required document so that the prospectus will not
include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

(v)                                 In the event of the issuance of any stop
order suspending the effectiveness of a Market-Making Registration Statement or
of any order suspending the qualification of the Registrable Securities or
Exchange Securities for sale in any jurisdiction, the Company shall use
promptly its reasonable best efforts to obtain its withdrawal.

 

(vi)                              The Company shall furnish to the
Market-Maker, in each case without charge to the Market-Maker, at least one
conformed copy of each Market-Making Registration Statement and any
post-effective amendment thereto and electronic copies of the related
prospectus and any amendment or supplement thereto.

 

(vii)                           The Company shall consent to the use of the
prospectus contained in a Market-Making Registration Statement or any amendment
or supplement thereto by the Market-Maker in connection with its market-making
activities.

 

(viii)                        Notwithstanding the foregoing provisions of
this Section 4, the Company may for valid business reasons, including
without limitation, a potential acquisition, divestiture of assets or other
material corporate transaction, issue a notice that a Market-Making
Registration Statement is no longer effective or the prospectus included
therein is no longer usable for offers and sales of Registrable Securities or
Exchange Securities (or Existing Notes, if applicable) and may issue any notice
suspending use of such Market-Making Registration Statement required under
applicable securities laws to be issued for so long as valid business reasons
exist and the Company shall not be obligated to amend or supplement such
Market-Making Registration Statement or the prospectus included therein until
it reasonably deems appropriate.  The
Market-Maker agrees that upon receipt of any notice from the Company pursuant
to this Section 4(a)(viii), it will discontinue use of each Market-Making
Registration Statement until receipt of copies of the supplemented or amended
prospectus relating thereto until advised in writing by the Company that the
use of a Market-Making Registration Statement may be resumed.

 

(b)                                 In connection with a Market-Making
Registration, the Company shall (i) make reasonably available for
inspection by a representative of, and counsel acting for, the Market-Maker all
relevant financial and other records, pertinent corporate documents and
properties of the Company and its 

 

11

 

subsidiaries
and (ii) use its reasonable best efforts to have its officers, directors,
employees, accountants and counsel supply all relevant information reasonably
requested by such representative or counsel or the Market-Maker.

 

(c)                                  Prior to the effective date of a
Market-Making Registration Statement, the Company will use its reasonable best
efforts to register or qualify such Registrable or Exchange Securities, as
applicable, for offer and sale under the securities or blue sky laws of such
jurisdictions as the Market-Maker reasonably requests in writing and do any and
all other acts or things necessary or advisable to enable the offer and sale in
such jurisdictions of the Registrable Securities or Exchange Securities covered
by such Market-Making Registration Statement; provided that neither the Company
nor any Guarantor will be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which
would subject it to general service of process or to taxation in any such
jurisdiction where it is not then so subject.

 

(d)                                 The Company represents that each
Market-Making Registration Statement, any post-effective amendments thereto,
any amendments or supplements to the related prospectus and any documents filed
by them under the Exchange Act will, when they become effective or are filed
with the SEC, as the case may be, conform in all respects to the requirements
of the Securities Act and the Exchange Act and the rules and regulations
of the SEC thereunder and will not, as of the effective date of such
Market-Making Registration Statement or post-effective amendments and as of the
filing date of amendments or supplements to such prospectus or filings under
the Exchange Act, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein in light of the circumstances under which they were made not
misleading; provided that no representation or warranty is made as to
information contained in or omitted from a Market-Making Registration Statement
or the related prospectus in reliance upon and in conformity with written
information furnished to the Company by the Market-Maker specifically for
inclusion therein, which information the parties hereto agree will be limited
to the statements concerning the Market-Making activities of the Market-Maker
to be set forth on the cover page and in the “Plan of Distribution” section of
the prospectus.

 

(e)                                  At the time of effectiveness of a
Market-Making Registration Statement (unless it is the same as the time of
effectiveness of the Exchange Offer Registration Statement) and concurrently
with each time such Market-Making Registration Statement or the related prospectus
shall be amended or such prospectus shall be supplemented, the Company shall
(if requested in writing by the Market-Maker) furnish the Market-Maker and its
counsel with a certificate of an appropriate officer to the effect that:

 

(i)                                     such Market-Making Registration Statement has
been declared effective;

 

(ii)                                  in the case of an amendment or supplement,
such amendment has become effective under the Securities Act as of the date and
time specified in such certificate, if applicable; if required, such amendment
or supplement to the prospectus was filed with the SEC pursuant to the
subparagraph of Rule 424(b) under the Securities Act specified in
such certificate on the date specified therein; and

 

(iii)                               as of the date of such Market-Making
Registration Statement, amendment or supplement, as applicable, such
Market-Making Registration Statement and the prospectus, as 

 

12

 

amended or supplemented, if
applicable, did not include any untrue statement of a material fact and did not
omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading.

 

(f)                                    The Company, on the one hand, and the
Market-Maker, on the other hand, hereby agree to indemnify each other, and, if
applicable, contribute to the other, in accordance with Section 8 of this
Agreement.

 

(g)                                 The Company will comply with the provisions
of this Section 4 at its own expense.

 

(h)                                 The agreements contained in this Section 4
and the representations, warranties and agreements contained in this Agreement
shall survive all offers and sales of the Registrable Securities or Exchange
Securities and shall remain in full force and effect, regardless of any
termination or cancellation of agreements outside this Section 4 of this
Agreement or any investigation made by or on behalf of any indemnified party.

 

(i)                                     For purposes of this Section 4, any
reference to the terms “amend,” “amendment” or “supplement” with respect to a
Market-Making Registration Statement or the prospectus contained therein shall
be deemed to refer to and include the filing under the Exchange Act of any
document deemed to be incorporated therein by reference.

 

5.                                       Additional Interest

 

(a)                                  The Company and the Purchasers agree that the
Holders will suffer damages if the Company fails to fulfill its obligations
under Section 2 or Section 3 hereof and that it would not be feasible
to ascertain the extent of such damages with precision.  Accordingly, the Company agrees to pay,
jointly and severally, as liquidated damages, additional interest on the 2010
Notes, 2012 Notes and/or the 2017 Notes, as applicable, in each case that are
Registrable Securities (“Additional Interest”), if (A) the Exchange
Offer Registration Statement has not been declared effective by the SEC on or
prior to the Effectiveness Date; (B) the Company has not exchanged
Exchange Securities for all Securities validly tendered in accordance with the
terms of the Exchange Offer on or prior to the 420th day after the Issue Date; (C) the
Company is required to file a Shelf Registration Statement and such Shelf
Registration Statement is not declared effective on or prior to the later of (1) the
390th day after the Issue Date and (2) the Effectiveness Date with respect
to such Shelf Registration Statement; or (D) if applicable, a Shelf
Registration Statement has been declared effective and such Shelf Registration Statement
ceases to be effective at any time during the Effectiveness Period (other than
because of the sale of all of the Registrable Securities registered
thereunder), then Additional Interest shall accrue on the principal amount of
the Notes at a rate of 0.25% per annum (which rate will be increased by an
additional 0.25% per annum for each subsequent 90-day period that such
Additional Interest continues to accrue, provided that the rate at which such
Additional Interest accrues may in no event exceed 1.00% per annum) (such
Additional Interest to be calculated by the Company) commencing on the (w)
391st day after the Issue Date, in the case of (A) above, (x) the 421st
day after the Issue Date, in the case of (B) above, (y) the later of the
391st day after the Issue Date and the day after the Effectiveness Date with
respect to the Shelf Registration Statement, in the case of (C) above, or
(z) the day the Shelf Registration Statement ceases to be effective in the case
of (D) above; provided, however, that upon the effectiveness
of the Exchange 

 

13

 

Offer
Registration Statement (in the case of clause (A) of this Section 5(a)),
upon the exchange of the Exchange Securities for all Securities validly
tendered (in the case of clause (B) of this Section 5(a)), upon the
effectiveness of the applicable Shelf Registration Statement (in the case of
clause (C) of this Section 5(a)), or upon the effectiveness of the
applicable Shelf Registration Statement which had ceased to remain effective
(in the case of cause (D) of this Section 5(a)), Additional Interest
on the Notes in respect of which such events relate as a result of such clause,
as the case may be, shall cease to accrue. 
If,  after any such Additional
Interest ceases to accrue, a different event specified in clauses (A), (B), (C) or
(D) above occurs, such Additional Interest shall begin to accrue again
pursuant to the foregoing provisions.  Notwithstanding
any other provisions of this Section 5, the Company shall not be obligated
to pay Additional Interest provided in Section 5(a)(C) during a Shelf
Suspension Period permitted by Section 3(a) hereof.

 

(b)                                 The Company shall notify the Trustee within
one business day after each and every date on which an event occurs in respect
of which Additional Interest is required to be paid (an “Event Date”).  Any amounts of Additional Interest due
pursuant to clause (a) of this Section 5 will be payable in cash (1) in
the case of each of the 2012 Notes and the 2017 Notes, semiannually on each May 10
and November 10 (to the holders of record on the April 25 and October 25
immediately preceding such dates), or (2) in the case of the 2010 Notes,
quarterly on each February 10, May 10, August 10 and November 10
(to the holders of record on the January 25, April 25, July 25
and October 25 immediately preceding such dates), in each case commencing
with the first such date occurring after any such Additional Interest commences
to accrue.  The amount of Additional
Interest will be determined by the Company by multiplying the applicable
Additional Interest rate by the principal amount of the Registrable Securities,
multiplied by a fraction, the numerator of which is the number of days such
Additional Interest rate was applicable during such period (determined on the
basis of a 360 day year comprised of twelve 30 day months and, in the
case of a partial month, the actual number of days elapsed), and the
denominator of which is 360.

 

6.                                       Registration Procedures

 

In connection with the
filing of any Registration Statement pursuant to Section 2 or 3 hereof,
the Company shall effect such registrations to permit the sale of the
securities covered thereby in accordance with the intended method or methods of
disposition thereof, and pursuant thereto and in connection with any
Registration Statement filed by the Company hereunder the Company shall:

 

(a)                                  Prepare and file with the SEC, a Registration
Statement or Registration Statements as prescribed by Section 2 or 3
hereof, and use its reasonable best efforts to cause each such Registration
Statement to become effective and remain effective as provided herein; provided,
however, that if (1) such filing is pursuant to Section 3
hereof or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered
under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period relating thereto from whom the
Company has received prior written notice that it will be a Participating
Broker-Dealer in the Exchange Offer, before filing any Registration Statement
or Prospectus or any amendments or supplements thereto, the Company shall
furnish to and afford counsel for the Holders of the Registrable Securities
covered by such Registration Statement (with respect to a Registration
Statement filed pursuant to Section 3 hereof) or counsel for such
Participating Broker-Dealer (with respect to any such Registration Statement),
as the case may be, and counsel to the managing 

 

14

 

underwriters, if any, a
reasonable opportunity to review copies of all such documents (including copies
of any documents to be incorporated by reference therein and all exhibits
thereto) proposed to be filed (in each case at least three Business Days prior
to such filing).  The Company shall not
file any Registration Statement or Prospectus or any amendments or supplements
thereto, including any offer relating to the Securities that would constitute a
“free writing prospectus,” as defined in Rule 405 under the Securities
Act, if the Holders of a majority in aggregate principal amount of the
Registrable Securities covered by such Registration Statement, their counsel,
or the managing underwriters, if any, shall reasonably object.

 

(b)                                 Prepare and file with the SEC such amendments
and post-effective amendments to each Shelf Registration Statement or Exchange
Offer Registration Statement, as the case may be, as may be necessary to keep
such Registration Statement continuously effective for the Effectiveness Period,
the Applicable Period or until consummation of the Exchange Offer, as the case
may be; cause the related Prospectus to be supplemented by any Prospectus
supplement required by applicable law, and as so supplemented to be filed pursuant
to Rule 424; and comply with the provisions of the Securities Act and the
Exchange Act applicable to it with respect to the disposition of all securities
covered by such Registration Statement as so amended or in such Prospectus as
so supplemented and with respect to the subsequent resale of any securities
being sold by an Participating Broker-Dealer covered by any such Prospectus in
all material respects.  The Company shall
be deemed not to have used its reasonable best efforts to keep a Registration
Statement effective if it voluntarily takes any action that is reasonably
expected to result in selling Holders of the Registrable Securities covered
thereby or Participating Broker-Dealers seeking to sell Exchange Securities not
being able to sell such Registrable Securities or such Exchange Securities
during that period unless such action is required by applicable law or
permitted by this Agreement.

 

(c)                                  If (1) a Shelf Registration is filed
pursuant to Section 3 hereof or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period relating thereto from whom the Company has received written notice that
it will be a Participating Broker-Dealer in the Exchange Offer, notify the
selling Holders of Registrable Securities (with respect to a Registration
Statement filed pursuant to Section 3 hereof), or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case
may be, their counsel and the managing underwriters, if any, promptly (but in
any event within three Business Days), and confirm such notice in writing, (i) when
a Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective under the Securities Act
(including in such notice a written statement that any Holder may, upon
request, obtain, at the sole expense of the Company, one conformed copy of such
Registration Statement or post-effective amendment including financial
statements and schedules, documents incorporated or deemed to be incorporated
by reference and exhibits), (ii) of any request by the SEC for amendments
or supplements to the Registration Statement or the Prospectus included therein
or for additional information, (iii) of the issuance by the SEC of any
stop order suspending the effectiveness of a Registration Statement or of any
order preventing or suspending the use of any preliminary prospectus or the
initiation of any proceedings for that purpose, (iv) if at any time when a
prospectus is required by the Securities Act to be delivered in connection with
sales of the Registrable Securities or resales of Exchange Securities by
Participating Broker-Dealers the representations and warranties of the Company
contained in any agreement (including any underwriting agreement) contemplated
by Section 6(m) hereof cease to be true and correct, (v) of the
receipt by the 

 

15

 

Company of any notification
with respect to the suspension of the qualification or exemption from
qualification of a Registration Statement or any of the Registrable Securities
or the Exchange Securities to be sold by any Participating Broker-Dealer for
offer or sale in any jurisdiction, or the initiation or threatening of any
proceeding for such purpose, (vi) of the happening of any event, the existence
of any condition or any information becoming known that makes any statement
made in such Registration Statement or related Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires the making of any changes in or amendments or
supplements to such Registration Statement, Prospectus or documents so that, in
the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
that in the case of the Prospectus, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and (vii) of the
Company’s determination that a post-effective amendment to a Registration
Statement would be appropriate.

 

(d)                                 Use its reasonable best efforts to prevent
the issuance of any order suspending the effectiveness of a Registration
Statement or of any order preventing or suspending the use of a Prospectus or
suspending the qualification (or exemption from qualification) of any of the
Registrable Securities or the Exchange Securities to be sold by any
Participating Broker-Dealer, for sale in any jurisdiction.

 

(e)                                  If a Shelf Registration is filed pursuant to Section 3
and if requested during the Effectiveness Period by the managing underwriter or
underwriters (if any) or the Holders of a majority in aggregate principal
amount of the Registrable Securities being sold in connection with an
underwritten offering, (i) as promptly as practicable incorporate in a
prospectus supplement or post-effective amendment such information as the
managing underwriter or underwriters (if any), such Holders or counsel for
either of them reasonably request to be included therein, (ii) make all
required filings of such prospectus supplement or such post-effective amendment
as soon as practicable after the Company has received notification of the
matters to be incorporated in such prospectus supplement or post-effective
amendment, and (iii) supplement or make amendments to such Registration
Statement.

 

(f)                                    If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period, furnish to each selling Holder of Registrable Securities (with respect
to a Registration Statement filed pursuant to Section 3 hereof) and to each
such Participating Broker-Dealer who so requests (with respect to any such
Registration Statement) and to their respective counsel and each managing underwriter,
if any, at the sole expense of the Company, one conformed copy of the
Registration Statement or Registration Statements and each post-effective
amendment thereto, including financial statements and schedules, and, if
requested, all documents incorporated or deemed to be incorporated therein by
reference and all exhibits.

 

(g)                                 If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period, deliver to each selling Holder of Registrable Securities 

 

16

 

(with respect to a
Registration Statement filed pursuant to Section 3 hereof), or each such
Participating Broker-Dealer (with respect to any such Registration Statement),
as the case may be, their respective counsel, and the underwriters, if any, at
the sole expense of the Company, as many copies of the Prospectus or
Prospectuses (including each form of preliminary prospectus) and each amendment
or supplement thereto and any documents incorporated by reference therein as
such Persons may reasonably request; and, subject to the last paragraph of this
Section 6, the Company hereby consents to the use of such Prospectus and
each amendment or supplement thereto by each of the selling Holders of
Registrable Securities or each such Participating Broker-Dealer, as the case
may be, and the underwriters or agents, if any, and dealers, if any, in connection
with the offering and sale of the Registrable Securities covered by, or the
sale by Participating Broker-Dealers of the Exchange Securities pursuant to,
such Prospectus and any amendment or supplement thereto.

 

(h)                                 Prior to any public offering of Registrable
Securities or any delivery of a Prospectus contained in the Exchange Offer
Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period, use its reasonable best
efforts to register or qualify, and to cooperate with the selling Holders of
Registrable Securities or each such Participating Broker-Dealer, as the case
may be, the managing underwriter or underwriters, if any, and their respective
counsel in connection with the registration or qualification (or exemption from
such registration or qualification) of such Registrable Securities for offer
and sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any selling Holder, Participating Broker-Dealer, or the
managing underwriter or underwriters reasonably request in writing; provided,
however, that where Exchange Securities held by Participating
Broker-Dealers or Registrable Securities are offered other than through an
underwritten offering, the Company agrees to cause its counsel to perform Blue
Sky investigations and file registrations and qualifications required to be
filed pursuant to this Section 6(h), keep each such registration or
qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be kept effective and do any and all
other acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Exchange Securities held by Participating Broker-Dealers
or the Registrable Securities covered by the applicable Registration Statement;
provided, however, that the Company shall not be required to (A) qualify
generally to do business in any jurisdiction where it is not then so qualified,
(B) take any action that would subject it to general service of process in
any such jurisdiction where it is not then so subject or (C) subject
itself to taxation in excess of a nominal dollar amount in any such jurisdiction
where it is not then so subject.

 

(i)                                     If a Shelf Registration is filed pursuant to Section 3
hereof, cooperate with the selling Holders of Registrable Securities and the
managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold, which certificates shall not bear any restrictive legends and shall be
in a form eligible for deposit with The Depository Trust Company; and enable
such Registrable Securities to be in such denominations (subject to applicable
requirements contained in the Indentures) and registered in such names as the
managing underwriter or underwriters, if any, or Holders may request.

 

(j)                                     Use its reasonable best efforts to cause the
Registrable Securities covered by the Registration Statement to be registered
with or approved by such other U.S. governmental agencies or authorities as may
be necessary to enable the seller or sellers thereof or the underwriter or
underwriters, if any, to consummate the disposition of such Registrable
Securities, except as may be required solely as a 

 

17

 

consequence of the nature of
such selling Holder’s business, in which case the Company will cooperate in all
respects with the filing of such Registration Statement and the granting of
such approvals.

 

(k)                                  If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period, upon the occurrence of any event contemplated by paragraph 6(c)(vi) or
6(c)(vii) hereof, as promptly as practicable prepare and (subject to Section 6(a) hereof)
file with the SEC, at the sole expense of the Company, a supplement or
post-effective amendment to the Registration Statement or a supplement to the
related Prospectus or any document incorporated therein by reference, or file
any other required document so that, as thereafter delivered to the purchasers
of the Registrable Securities being sold thereunder (with respect to a
Registration Statement filed pursuant to Section 3 hereof) or to the
purchasers of the Exchange Securities to whom such Prospectus will be delivered
by a Participating Broker-Dealer (with respect to any such Registration
Statement), any such Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(l)                                     Prior to the effective date of the first
Registration Statement relating to the Registrable Securities, (i) provide
the Trustee with certificates for the Registrable Securities in a form eligible
for deposit with The Depository Trust Company and (ii) provide a CUSIP
number for the Exchange Securities.

 

(m)                               In connection with any underwritten offering
of Registrable Securities pursuant to a Shelf Registration, enter into an
underwriting agreement as is customary in underwritten offerings of debt
securities similar to the Securities (including, without limitation, a
customary condition to the obligations of the underwriters that the
underwriters shall have received “cold comfort” letters and updates thereof in
form, scope and substance reasonably satisfactory to the managing underwriter
or underwriters from the independent certified public accountants of the Company
(and, if necessary, any other independent certified public accountants of the Company,
or of any business acquired by the Company, for which financial statements and
financial data are, or are required to be, included or incorporated by
reference in the Registration Statement), addressed to each of the
underwriters, such letters to be in customary form and covering matters of the
type customarily covered in “cold comfort” letters in connection with
underwritten offerings of debt securities similar to the Securities), and take
all such other actions as are reasonably requested by the managing underwriter
or underwriters in order to expedite or facilitate the registration or the
disposition of such Registrable Securities and, in such connection, (i) make
such representations and warranties to, and covenants with, the underwriters
with respect to the business of the Company (including any acquired business,
properties or entity, if applicable), and the Registration Statement,
Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, as are customarily made by issuers to
underwriters in underwritten offerings of debt securities similar to the
Securities, and confirm the same in writing if and when requested; (ii) obtain
the written opinions of counsel to the Company and the Guarantors, and written
updates thereof in form, scope and substance reasonably satisfactory to the
managing underwriter or underwriters, addressed to the underwriters covering
the matters customarily covered in opinions reasonably requested in
underwritten offerings of debt securities similar to the Securities; and (iii) if
an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures 

 

18

 

no less favorable to the
sellers and underwriters, if any, than those set forth in Section 8 hereof
(or such other provisions and procedures reasonably acceptable to Holders of a
majority in aggregate principal amount of Registrable Securities covered by
such Registration Statement and the managing underwriter or underwriters or
agents, if any).  The above shall be done
at each closing under such underwriting agreement, or as and to the extent
required thereunder.

 

(n)                                 If (1) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable
Period, make available for inspection by any Purchaser, any selling Holder of
such Registrable Securities being sold (with respect to a Registration
Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer,
as the case may be, any underwriter participating in any such disposition of
Registrable Securities, if any, and any attorney, accountant or other agent
retained by any such selling Holder or each such Participating Broker-Dealer
(with respect to any such Registration Statement), as the case may be, or
underwriter (any such Purchasers, Holders, Participating Broker-Dealers,
underwriters, attorneys, accountants or agents, collectively, the “Inspectors”),
upon written request, at the offices where normally kept, during reasonable
business hours, all pertinent financial and other records, pertinent corporate
documents and instruments of the Company and subsidiaries of the Company
(collectively, the “Records”), as shall be reasonably necessary to enable
them to exercise any applicable due diligence responsibilities, and cause the officers,
directors and employees of the Company and any of its subsidiaries to supply
all information (“Information”) reasonably requested by any such
Inspector in connection with such due diligence responsibilities.  Each Inspector shall agree in writing that it
will keep the Records and Information confidential, to use the Information only
for due diligence purposes, to abstain from using the Information as the basis
for any market transactions in Securities of the Company and that it will not
disclose any of the Records or Information that the Company determines, in good
faith, to be confidential and notifies the Inspectors in writing are
confidential unless (i) the disclosure of such Records or Information is
necessary to avoid or correct a misstatement or omission in such Registration
Statement or Prospectus, (ii) the release of such Records or Information
is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, (iii) disclosure of such Records or Information is necessary
or advisable, in the opinion of counsel for any Inspector, in connection with
any action, claim, suit or proceeding, directly or indirectly, involving or
potentially involving such Inspector and arising out of, based upon, relating
to, or involving this Agreement or the Purchase Agreement, or any transactions
contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the
information in such Records or Information has been made generally available to
the public other than by an Inspector or an “affiliate” (as defined in Rule 405)
thereof; provided, however, that prior notice shall be provided
as soon as practicable to the Company of the potential disclosure of any
information by such Inspector pursuant to clauses (ii) or (iii) of
this sentence to permit the Company to obtain a protective order (or waive the
provisions of this paragraph (n)) and that such Inspector shall take such
actions as are reasonably necessary to protect the confidentiality of such
information (if practicable) to the extent such action is otherwise not
inconsistent with, an impairment of or in derogation of the rights and
interests of the Holder or any Inspector.

 

(o)                                 Provide an indenture trustee for the
Registrable Securities or the Exchange Securities, as the case may be, and
cause the Indentures or the trust indentures provided for in Section 2(a) hereof,
as the case may be, to be qualified under the TIA not later than the effective
date of the first Registration Statement relating to the Registrable
Securities; and in connection therewith, 

 

19

 

cooperate with the trustee
under any such indenture and the Holders of the Registrable Securities, to
effect such changes (if any) to such indenture as may be required for such
indenture to be so qualified in accordance with the terms of the TIA; and
execute, and use its commercially reasonable best efforts to cause such trustee
to execute, all documents as may be required to effect such changes, and all
other forms and documents required to be filed with the SEC to enable such
indenture to be so qualified in a timely manner.

 

(p)                                 Comply in all material respects with all
applicable rules and regulations of the SEC and make generally available
to its securityholders with regard to any applicable Registration Statement, a
consolidated earning statement satisfying the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder (or any similar rule promulgated
under the Securities Act) no later than 45 days after the end of any
fiscal quarter (or 90 days after the end of any 12-month period if such
period is a fiscal year) (i) commencing at the end of any fiscal quarter
in which Registrable Securities are sold to underwriters in a firm commitment
or best efforts underwritten offering and (ii) if not sold to underwriters
in such an offering, commencing on the first day of the first fiscal quarter of
the Company, after the effective date of a Registration Statement, which
statements shall cover said 12-month periods; provided that the requirements of
this Section 6(p) shall be deemed satisfied by the Company complying with Section 4.02
of the Indentures.

 

(q)                                 Upon consummation of the Exchange Offer or a
Private Exchange, obtain an opinion of counsel to the Company, in a form
customary for underwritten transactions, addressed to the Trustee for the
benefit of all Holders of Registrable Securities participating in the Exchange
Offer or the Private Exchange, as the case may be, that the Exchange Securities
or Private Exchange Notes (and the related Guarantees), as the case may be, and
the related indentures constitute legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms,
subject to customary exceptions and qualifications.  If the Exchange Offer or a Private Exchange
is to be consummated, upon delivery of the Registrable Securities by Holders to
the Company (or to such other Person as directed by the Company), in exchange
for the Exchange Securities or the Private Exchange Notes (and the related
Guarantees), as the case may be, the Company shall mark, or cause to be marked,
on such Registrable Securities that such Registrable Securities are being
cancelled in exchange for the Exchange Securities or the Private Exchange Notes
(and the related Guarantees), as the case may be; in no event shall such
Registrable Securities be marked as paid or otherwise satisfied.

 

(r)                                    Use reasonable efforts to cooperate with each
seller of Registrable Securities covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required
to be made with the National Association of Securities Dealers, Inc. (the “NASD”).

 

(s)                                  Use its respective reasonable best efforts to
take all other steps reasonably necessary to effect the registration of the
Exchange Securities and/or Registrable Securities covered by a Registration
Statement contemplated hereby.

 

The Company may require each
seller of Registrable Securities as to which any registration is being effected
to furnish to the Company such information regarding such seller and the distribution
of such Registrable Securities as the Company may, from time to time,
reasonably request.  The Company may
exclude from such registration the Registrable Securities of any seller so long
as such 

 

20

 

seller fails to furnish such information within a
reasonable time after receiving such request. 
Each seller as to which any Shelf Registration is being effected agrees
to furnish promptly to the Company all information required to be disclosed in
order to make the information previously furnished to the Company by such
seller not materially misleading.

 

If any such Registration
Statement refers to any Holder by name or otherwise as the holder of any
securities of the Company, then such Holder shall have the right to require (i) the
insertion therein of language, in form and substance reasonably satisfactory to
such Holder, to the effect that the holding by such Holder of such securities
is not to be construed as a recommendation by such Holder of the investment
quality of the securities covered thereby and that such holding does not imply
that such Holder will assist in meeting any future financial requirements of
the Company, or (ii) in the event that such reference to such Holder by
name or otherwise is not required by the Securities Act or any similar federal
statute then in force, the deletion of the reference to such Holder in any
amendment or supplement to the Registration Statement filed or prepared
subsequent to the time that such reference ceases to be required.

 

Each Holder of Registrable
Securities and each Participating Broker-Dealer agrees by its acquisition of
such Registrable Securities or Exchange Securities to be sold by such Participating
Broker-Dealer, as the case may be, that, upon actual receipt of any notice from
the Company of the happening of any event of the kind described in Section 6(c)(iii),
6(c)(v), 6(c)(vi), or 6(c)(vii) hereof, such Holder will forthwith
discontinue disposition of such Registrable Securities covered by such Registration
Statement or Prospectus or Exchange Securities to be sold by such Holder or
Participating Broker-Dealer, as the case may be, until such Holder’s or
Participating Broker-Dealer’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 6(k) hereof, or until it is
advised in writing (the “Advice”) by the Company that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments
or supplements thereto.  In the event
that the Company shall give any such notice, each of the Applicable Period and
the Effectiveness Period shall be extended by the number of days during such
periods from and including the date of the giving of such notice to and
including the date when each seller of Registrable Securities covered by such
Registration Statement or Exchange Securities to be sold by such Participating
Broker-Dealer, as the case may be, shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 6(k) hereof
or (y) the Advice.

 

7.                                       Registration Expenses

 

All fees and expenses
incident to the performance of or compliance with this Agreement by the Company
of its obligations under Sections 2, 3, 4, 6 and 9 shall be borne by the Company,
whether or not the Exchange Offer Registration Statement or any Shelf
Registration Statement is filed or becomes effective or the Exchange Offer is
consummated, including, without limitation, (i) all registration and
filing fees (including, without limitation, (A) fees with respect to
filings required to be made with the NASD in connection with an underwritten
offering and (B) fees and expenses of compliance with state securities or
Blue Sky laws (including, without limitation, reasonable fees and disbursements
of counsel in connection with Blue Sky qualifications of the Registrable
Securities or Exchange Securities and determination of the eligibility of the
Registrable Securities or Exchange Securities for investment under the laws of
such jurisdictions in the United States (x) where the holders of
Registrable Securities are located, in the case of the Exchange Securities, or
(y) as provided in Section 6(h) hereof, in the case of 

 

21

 

Registrable Securities or Exchange Securities to be
sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing
expenses, including, without limitation, printing prospectuses if the printing
of prospectuses is requested by the managing underwriter or underwriters, if
any, by the Holders of a majority in aggregate principal amount of the
Registrable Securities included in any Registration Statement or in respect of
Registrable Securities or Exchange Securities to be sold by any Participating
Broker-Dealer during the Applicable Period, as the case may be, (iii) fees
and expenses of the Trustee, any exchange agent and their counsel, (iv) fees
and disbursements of counsel for the Company and, in the case of a Shelf
Registration, reasonable fees and disbursements of one special counsel for all
of the sellers of Registrable Securities selected by the Holder of a majority
in aggregate principal amount of Registrable Securities covered by such Shelf
Registration (which counsel shall be reasonably satisfactory to the Company)
exclusive of any counsel retained pursuant to Section 8 hereof), (v) fees
and disbursements of all independent certified public accountants referred to
in Section 6(m) hereof (including, without limitation, the expenses of any
“cold comfort” letters required by or incident to such performance), (vi) rating
agency fees, if any, and any fees associated with making the Registrable
Securities or Exchange Securities eligible for trading through The Depository
Trust Company, (vii) Securities Act liability insurance, if the Company desires
such insurance, (viii) fees and expenses of all other Persons retained by
the Company, (ix) internal expenses of the Company (including, without limitation,
all salaries and expenses of officers and employees of the Company performing
legal or accounting duties), (x) the expense of any annual audit,
(xi) any fees and expenses incurred in connection with the listing of the
securities to be registered on any securities exchange, and the obtaining of a
rating of the securities, in each case, if applicable, and (xii) the
expenses relating to printing, word processing and distributing all
Registration Statements, underwriting agreements, indentures and any other
documents necessary in order to comply with this Agreement.

 

8.                                       Indemnification and Contribution.

 

(a)                                  The Company and the Guarantors jointly and
severally agree to indemnify and hold harmless each Holder of Registrable
Securities, the Market-Maker and each Participating Broker-Dealer selling
Exchange Securities during the Applicable Period, and each Person, if any, who
controls such Person or its affiliates within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims,
damages or liabilities, joint or several, to which any Participant may become
subject under the Securities Act, the Exchange Act or otherwise, insofar as any
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon:

 

(i)                                     any untrue statement or alleged untrue statement
of any material fact contained in any Registration Statement (or any amendment
thereto), Market-Making Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if the Company shall have furnished any
amendments or supplements thereto) or any preliminary prospectus or “issuer
free writing prospectus,” as defined in Rule 433 under the Securities Act
(“Issuer FWP”) relating to a Shelf Registration; or

 

(ii)                                  the omission or alleged omission to state, in
any Registration Statement (or any amendment thereto), Market-Making
Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus or Issuer FWP relating to a Shelf 

 

22

 

Registration
or any other document or any amendment or supplement thereto, a material fact
required to be stated therein or necessary to make the statements therein not
misleading,

 

except,
in each case, insofar as such losses, claims, damages or liabilities are
arising out of or based upon any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any
information relating to any Purchaser, the Market-Maker or any Holder furnished
to the Company in writing through the Purchasers, the Market-Maker or any
selling Holder expressly for use therein;

 

and agree (subject to the
limitations set forth in the proviso to this sentence) to reimburse, as
incurred, the Participant for any reasonable legal or other expenses incurred
by the Participant in connection with investigating, defending against or
appearing as a third-party witness in connection with any such loss, claim, damage,
liability or action; provided, however, neither the Company nor
the Guarantors will be liable in any such case to the extent that any such
loss, claim, damage, or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in
any Registration Statement (or any amendment thereto), Market-Making
Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus or Issuer FWP relating to a Shelf
Registration or any amendment or supplement thereto in reliance upon and in
conformity with written information relating to any Participant furnished to
the Company by such Participant specifically for use therein. The indemnity
provided for in this Section 8 will be in addition to any liability that
the Company may otherwise have to the indemnified parties.  The Company and the Guarantors shall not be
liable under this Section 8 to any indemnified party regarding any
settlement or compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not
the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent is consented to by the Company
and the Guarantors, which consent shall not be unreasonably withheld.

 

(b)                                 Each Participant, severally and not jointly,
agrees to indemnify and hold harmless the Company, the Guarantors, their
respective directors (or equivalent), their respective officers who sign any
Registration Statement and each person, if any, who controls the Company or any
Guarantor within the meaning of Section 15 of the Act or Section 20
of the Exchange Act against any losses, claims, damages or liabilities to which
the Company, the Guarantors or any such director, officer or controlling person
may become subject under the Act, the Exchange Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement,
Market-Making Registration Statement or Prospectus, any amendment or supplement
thereto, or any preliminary prospectus or Issuer FWP relating to a Shelf
Registration, or (ii) the omission or the alleged omission to state therein
a material fact necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information concerning such Participant,
furnished to the Company by or on behalf of such Participant, specifically for
use therein; and subject to the limitation set forth immediately preceding this
clause, will reimburse, as incurred, any reasonable legal or other expenses
incurred by the Company, the Guarantors or any such director, officer or
controlling person in connection with investigating or defending against or
appearing 

 

23

 

as
a third party witness in connection with any such loss, claim, damage,
liability or action in respect thereof. 
The indemnity provided for in this Section 8 will be in addition to
any liability that the Participants may otherwise have to the indemnified parties.  The Participants shall not be liable under
this Section 8 to any indemnified party regarding any settlement or
compromise or consent to the entry of any judgment with respect to any pending
or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent is consented to by the
Participants, which consent shall not be unreasonably withheld.  The Company and the Guarantors shall not,
without the prior written consent of such Participant, effect any settlement or
compromise of any pending or threatened proceeding in respect of which such
Participant is or could have been a party, or indemnity could have been sought
hereunder by such Participant, unless such settlement (A) includes an
unconditional written release of such Participant, in form and substance
reasonably satisfactory to such Participant, from all liability on claims that
are the subject matter of such proceeding and (B) does not include any
statement as to an admission of fault, culpability or failure to act by or on
behalf of such Participant.

 

(c)                                  Promptly after receipt by an indemnified party
under this Section 8 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 8, notify the indemnifying party of
the commencement thereof in writing; but the omission to so notify the
indemnifying party (i) will not relieve it from any liability under
paragraph (a) or (b) above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraphs (a) and (b) above. 
The indemnifying party shall be entitled to appoint counsel (including
local counsel) of the indemnifying party’s choice at the indemnifying party’s
expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel,
other than local counsel if not appointed by the indemnifying party, retained
by the indemnified party or parties except as set forth below); provided,
however, that such counsel shall be reasonably satisfactory to the
indemnified party.  Notwithstanding the
indemnifying party’s election to appoint counsel (including local counsel) to
represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a
conflict of interest (based on the advice of counsel to the indemnified
person); (ii) such action includes both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
(based on the advice of counsel to the indemnified person) that there may be
legal defenses available to it and/or other indemnified parties that are
different from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action; or (iv) the
indemnifying party shall authorize the indemnified party to employ separate
counsel at the expense of the indemnifying party.  It is understood and agreed that the
indemnifying person shall not, in connection with any proceeding or separate
but related or substantially similar proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm (in addition to any
local counsel) representing the indemnified parties under paragraph (a) or

 

24

 

paragraph
(b) of this Section 8, as the case may be, who are parties to such
action or actions.  Any such separate
firm for any Participants shall be designated in writing by Participants who
sold a majority in interest of the Registrable Securities and Exchange Securities
sold by all such Participants in the case of paragraph (a) of this Section 8
or the Company in the case of paragraph (b) of this Section 8.  In the event that any Participants are
indemnified persons collectively entitled, in connection with a proceeding or
separate but related or substantially similar proceedings in a single
jurisdiction, to the payment of fees and expenses of a single separate firm
under this Section 8(c), and any such Participants cannot agree to a
mutually acceptable separate firm to act as counsel thereto, then such separate
firm for all such Indemnified Persons shall be designated in writing by
Participants who sold a majority in interest of the Registrable Securities and
Exchange Securities sold by all such Participants.  An indemnifying party will not, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties
are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or
proceeding and does not include any statement as to, or any admission of,
fault, culpability or failure to act by or on behalf of any indemnified party.  All fees and expenses reimbursed pursuant to
this paragraph (c) shall be reimbursed as they are incurred.

 

(d)                                 After notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof and
approval by such indemnified party of counsel appointed to defend such action,
the indemnifying party will not be liable to such indemnified party under this Section 8
for any legal or other expenses, other than reasonable costs of investigation,
subsequently incurred by such indemnified party in connection with the defense
thereof, unless (i) the indemnified party shall have employed separate
counsel in accordance with the third sentence of paragraph (c) of this Section 8
or (ii) the indemnifying party has authorized in writing the employment of
counsel for the indemnified party at the expense of the indemnifying
party.  After such notice from the
indemnifying party to such indemnified party, the indemnifying party will not
be liable for the costs and expenses of any settlement of such action effected
by such indemnified party without the prior written consent of the indemnifying
party (which consent shall not be unreasonably withheld), unless such
indemnified party waived in writing its rights under this Section 8, in
which case the indemnified party may effect such a settlement without such consent.

 

(e)                                  In circumstances in which the indemnity
agreement provided for in the preceding paragraphs of this Section 8 is
unavailable to, or insufficient to hold harmless, an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect
thereof) (other than by virtue of the failure of an indemnified party to notify
the indemnifying party of its right to indemnification pursuant to paragraph (a) or
(b) of this Section 8, where such failure materially prejudices the
indemnifying party (through the forfeiture of substantial rights or defenses)),
each indemnifying party, in order to provide for just and equitable contribution,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect (i) the relative
benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the offering of the Securities or (ii) if
the allocation provided by the foregoing clause (i) is not permitted by
applicable law, not only such relative benefits but also the relative fault of
the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions or alleged statements
or omissions that resulted 

 

25

 

in
such losses, claims, damages or liabilities (or actions in respect
thereof).  The relative benefits received
by the Company and the Guarantors on the one hand and such Participant on the
other shall be deemed to be in the same proportion that the total net proceeds
from the offering (before deducting expenses) of the Securities received by the
Company bear to the total discounts and commissions received by such
Participant in connection with the sale of the Securities (or if such
Participant did not receive discounts or commissions, the value of receiving
the Securities).  The relative fault of
the parties shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company
on the one hand, or the Participants on the other, the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission or alleged statement or omission, and any other equitable
considerations appropriate in the circumstances.  The parties agree that it would not be
equitable if the amount of such contribution were determined by pro rata or per
capita allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the first sentence of this
paragraph (e).  Notwithstanding any other
provision of this paragraph (e), no Participant shall be obligated to make
contributions hereunder that in the aggregate exceed the total discounts,
commissions and other compensation or net proceeds on the sale of Securities
received by such Participant in connection with the sale of the Securities,
less the aggregate amount of any damages that such Participant has otherwise
been required to pay by reason of the untrue or alleged untrue statements or
the omissions or alleged omissions to state a material fact, and no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.  For purposes of this paragraph (e), each
person, if any, who controls a Participant within the meaning of Section 15
of the Act or Section 20 of the Exchange Act shall have the same rights to
contribution as the Participants, and each director of the Company and the
Guarantors, each officer of the Company and the Guarantors and each person, if
any, who controls the Company and the Guarantors within the meaning of Section 15
of the Act or Section 20 of the Exchange Act, shall have the same rights
to contribution as the Company.

 

9.                                       Rules 144 and 144A

 

The Company covenants and
agrees that it will use reasonable best efforts to file the reports required to
be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder in a timely manner in accordance with
the requirements of the Securities Act and the Exchange Act and, if at any time
the Company is not required to file such reports, the Company will, upon the
request of any Holder or beneficial owner of Registrable Securities, make
available such information necessary to permit sales pursuant to Rule 144A.
The Company further covenants and agrees, for so long as any Registrable
Securities remain outstanding that it will take such further action as any
Holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144(k) under the Securities Act and Rule 144A unless
the Company is then subject to Section 13 or 15(d) of the Exchange
Act and reports filed thereunder satisfy the information requirements of Rule 144A
then in effect.

 

26

 

10.                                 Underwritten Registrations

 

The Company shall not be
required to assist in an underwritten offering unless requested by the Holders
of a majority in aggregate principal amount of the Registrable Securities. If
any of the Registrable Securities covered by any Shelf Registration are to be
sold in an underwritten offering, the investment banker or investment bankers and
manager or managers that will manage the offering will be selected by the
Holders of a majority in aggregate principal amount of such Registrable
Securities included in such offering and shall be reasonably acceptable to the Company.

 

No Holder of Registrable
Securities may participate in any underwritten registration hereunder unless
such Holder (a) agrees to sell such Holder’s Registrable Securities on the
basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

 

11.                                 Miscellaneous

 

(a)                                  No Inconsistent Agreements.  The
Company has not as of the date hereof, and the Company shall not, after the
date of this Agreement, enter into any agreement with respect to any of its
securities that is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof.  The rights granted to
the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s other issued and
outstanding securities under any such agreements.  Except with respect to any registration
rights agreement or similar agreement with respect to the Additional
Securities, the Company will not enter into any agreement with respect to any
of its securities which will grant to any Person piggy-back registration rights
with respect to any Registration Statement.

 

(b)                                 Adjustments Affecting Registrable Securities.  The Company
shall not, directly or indirectly, take any action with respect to the
Registrable Securities as a class that would adversely affect the ability of
the Holders of Registrable Securities to include such Registrable Securities in
a registration undertaken pursuant to this Agreement.

 

(c)                                  Amendments and Waivers.  The
provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
otherwise than with the prior written consent of (I) the Company, and
(II) (A) the Holders of not less than a majority in aggregate principal
amount of the then outstanding Registrable Securities and (B) in
circumstances that would adversely affect the Participating Broker-Dealers, the
Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes held by all Participating Broker-Dealers
(and, with respect to the provisions of Section 4 hereof, the written
consent of the Market-Maker); provided, however, that Section 8
and this Section 11(c) may not be amended, modified or supplemented without
the prior written consent of each Holder and each Participating Broker-Dealer
(including any person who was a Holder or Participating Broker-Dealer of
Registrable Securities or Exchange Securities, as the case may be, disposed of
pursuant to any Registration Statement) affected by any such amendment,
modification or supplement. 
Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a 

 

27

 

matter
that relates exclusively to the rights of Holders of Registrable Securities
whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders of Registrable Securities may be given by Holders of at least
a majority in aggregate principal amount of the Registrable Securities being
sold pursuant to such Registration Statement.

 

(d)           Notices.  All notices and other
communications (including, without limitation, any notices or other
communications to the Trustee) provided for or permitted hereunder shall be
made in writing by hand-delivery, registered first-class mail, next-day air
courier or facsimile:

 

(i)            if to a Holder of the Registrable Securities,
any Participating Broker-Dealer or the Market-Maker, at the most current
address of such Holder, Participating Broker-Dealer or the Market-Maker, as the
case may be, set forth on the records of the registrar under the Indentures,
with a copy in like manner to the Purchasers as follows:

 

Credit
Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010-3629

Facsimile No.:  (212) 325-4296

Attention:  LCD-IBD Group

 

with
a copy to:

 

Shearman &
Sterling LLP

599 Lexington Avenue

New York, New York 10022

Facsimile No.:  (646) 848-7325 

Attention:  Steven T. Giove, Esq.

 

(ii)                             if to the Purchasers, at the address specified in Section 11(d)(i);

 

(iii)                          if to the Company, at the address as follows:

 

Capmark
Financial Group Inc.

116
Welsh Road

Horsham,
PA 19044

Facsimile No.: (215) 441-7238

Attention:  General Counsel

 

with
a copy to:

 

Simpson
Thacher & Bartlett LLP

425 Lexington Ave.

New York, New York 10017

Facsimile No.:  (212) 455-2502

Attention:  Maripat Alpuche, Esq.

 

28

 

All such notices and
communications shall be deemed to have been duly given:  when delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and upon written confirmation, if sent by facsimile.

 

Copies of all such notices,
demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee at the address and in the manner specified in
such Indenture.

 

(e)                                  Successors and Assigns.  This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties hereto, the Holders and the Participating
Broker-Dealers; provided, however, that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement or the Indentures.

 

(f)                                    Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

(g)                                 Headings.  The headings in this Agreement
are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

(h)                                 Governing Law. 
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY
WITHIN THE STATE OF NEW YORK.  EACH OF
THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(i)                                     Severability.  If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or
restriction.  It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(j)                                     Notes Held by the Company or Its Affiliates. 
Whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by
the Company or its affiliates (as such term is defined in Rule 405 under
the Securities Act) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

 

29

 

(k)                                  Third-Party Beneficiaries. 
Holders of Registrable Securities and Participating Broker-Dealers are
intended third-party beneficiaries of this Agreement, and this Agreement may be
enforced by such Persons.

 

(l)                                     Entire Agreement.  This
Agreement, together with the Purchase Agreement and the Indentures, is intended
by the parties as a final and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein and any and all prior oral or written agreements, representations,
or warranties, contracts, understandings, correspondence, conversations and
memoranda between the Holders on the one hand and the Company on the other, or
between or among any agents, representatives, parents, subsidiaries,
affiliates, predecessors in interest or successors in interest with respect to
the subject matter hereof and thereof are merged herein and replaced hereby.

 

30

 

IN WITNESS WHEREOF, the
parties have executed this Agreement 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/ DAVID CHEUNG

  	
   

  
	
   

  	
   

  	
  Name: David Cheung

  
	
   

  	
   

  	
  Title:   Vice President and
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  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/ MICHAEL C. SPERGER

  	
   

  
	
   

  	
   

  	
  Name: Michael C. Sperger

  
	
   

  	
   

  	
  Title:   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

  

 

 

31

 

The foregoing Agreement

is hereby confirmed and accepted

as of the date first above written.

 

CREDIT SUISSE SECURITIES (USA) LLC

CITIGROUP GLOBAL MARKETS INC.

GOLDMAN, SACHS & CO.

 

Acting on behalf of themselves

and as the Representatives of

the several Purchasers

 

	
  By: Credit
  Suisse Securities (USA) LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GILBERT
  DYCHIAO

  	
   

  
	
   

  	
   

  	
  Name: Gilbert
  Dychiao

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:
  Citigroup Global Markets Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CHANDRU
  M. HARJANI

  	
   

  
	
   

  	
   

  	
  Name: Chandru
  M. Harjani

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  	
   

  
	
  By: Goldman,
  Sachs & Co.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GOLDMAN,
  SACHS & CO.

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

 

SCHEDULE I

 

THE
GUARANTORS

 

Crystal Ball
Holding of Bermuda Limited

Capmark
Finance Inc.

Capmark
Capital Inc.

Mortgage
Investments, LLC

SJM CAP, LLC

Net Lease
Acquisition LLC

Capmark
Investments LP

Commercial
Equity Investments, Inc.

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