T-3 1 v228110_t3.htm

  

  

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



 

FORM T-3



 

APPLICATION FOR QUALIFICATION OF INDENTURES
UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED



 

Capmark Financial Group Inc.

(Issuer)
(Name of Applicant)

116 Welsh Road
Horsham, Pennsylvania 19044
(Address of principal executive offices)



 

Securities to be Issued under the Indenture to be Qualified

 
Title of Class   Amount
Floating Rate First Lien A Notes due 2014
Floating Rate First Lien B Notes due 2015		   Up to aggregate principal amount of $750,000,000
Up to aggregate principal amount of $500,000,000


 

Approximate date of proposed public offering:

As soon as practicable after the date of the qualification of the Indenture pursuant to this Application and the
Effective Date of the Plan of Reorganization

 
Name and address of agent for service:
  
Thomas L. Fairfield
Capmark Financial Group Inc.
116 Welsh Road
Horsham, Pennsylvania 19044		   With copies to:
  
John J. Altorelli, Esq.
Eric Blanchard, Esq.
Dewey & LeBoeuf LLP
1301 Avenue of the Americas
New York, New York 10019

The Applicants hereby amend this application for qualification on such date or dates as may be necessary to delay its effectiveness until: (1) the 20th day after the filing of a further amendment which specifically states that it shall supersede this application for qualification or (2) such date as the Securities and Exchange Commission, acting pursuant to Section 307(c) of the Trust Indenture Act of 1939, as amended, may determine upon the written request of the Applicants.

 

 

 
 

GENERAL

1. General Information.

The issuer of the Notes is Capmark Financial Group Inc. (the “Company” or “Applicant”). The Applicant is a Nevada corporation.

2. Securities Act Exemption Applicable.

On October 15, 2009, the Company, and certain direct and indirect wholly owned subsidiaries of the Company (together, the “First Filed Debtors”) commenced voluntary cases under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On January 15, 2010, Capmark Investments LP (“CILP”), a subsidiary of the Company, commenced a voluntary case under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On July 29, 2010, Protech Holdings C, LLC (“Protech C,” together with CILP and the First Filed Debtors, the “Debtors”), a subsidiary of the Company, commenced a voluntary case under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Bankruptcy Court is jointly administering these cases as under the caption “In re Capmark Financial Group Inc., et al., Case No. 09-13684 (CSS).”

Certain of the Debtors, including the Company, are proponents of the Second Amended Joint Plan of Capmark Financial Group Inc. and Certain Affiliated Proponent Debtors Under Chapter 11 of the Bankruptcy Code, dated July 8, 2011 [Docket No. 3224 ] (the “Plan”), attached hereto as Exhibit T3E.1, as may be altered, amended, modified or supplemented from time to time in accordance with the terms and provisions of the Plan. The terms of the Plan are described in the Second Amended Disclosure Statement for Joint Plan of Capmark Financial Group Inc. and Certain Affiliated Proponent Debtors Under Chapter 11 of the Bankruptcy Code, dated July 8, 2011 [Docket No.3226] (the “Disclosure Statement”), attached hereto as Exhibit T3E.2.

If confirmed by an order issued by the Bankruptcy Court, the Plan will become effective on the date on which all conditions to consummation of the Plan of Reorganization have been satisfied or waived (the “Effective Date”). On the Effective Date or as soon as reasonably practicable thereafter, the Company is issuing each of the Floating Rate First Lien A Notes due 2014 and the Floating Rate First Lien B Notes due 2015 (collectively, the “Notes”).

The issuance of the Notes is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption provided by Section 1145(a)(1) of the Bankruptcy Code. Section 1145(a)(1) of the Bankruptcy Code exempts an offer and sale of securities under a plan from registration under the Securities Act and state securities laws if three principal requirements are satisfied: (i) the securities must be offered and sold under a plan and must be securities of the debtor, an affiliate participating in a joint plan with the debtor or a successor to the debtor under the plan; (ii) the recipients of the securities must hold a prepetition or administrative expense claim against the debtor or an interest in the debtor; and (iii) the securities must be issued entirely in exchange for the recipient’s claim against or interest in the debtor, or principally in such exchange and partly for cash or property. The Applicant believes that the issuance of the Notes pursuant to the Plan will satisfy the aforementioned requirements.

1

 
 

AFFILIATIONS

3. Affiliates.

The following is a list of affiliates of the Applicant as of June 30, 2011. Other than specifically identified below, the following are expected to be affiliates immediately following the Effective Date.

   
COMPANY   OWNER   PERCENTAGE
GMACCH Investor LLC(1)   Private Investors   100%
GMAC Mortgage LLC(1)   Ally Financial Inc.   100%
100 Peachtree Street Atlanta, LLC   CB Asset Resolution Corporation   100%
20 South 36th Street Philadelphia, LLC   CB Asset Resolution Corporation   89%
     CB Philadelphia Asset Resolution LLC   11%
508 Venture One, L.P.   Capmark Finance Inc.   100%
Akasaka Residential GK   Kalaiwaa Property Ippan Shadan Hojin   100%
American Tax Credit Corporate California Fund, L.P.   AMTAX Holdings Corp. Fund (Del.) VIII, LLC   69.16%
     Broadway Street California, LP   1.00%
American Tax Credit Corporate Fund XVIII, L.P.   Broadway Street XVIII, LP   0.01%
     MS Guaranteed Tax Credit Fund I, LLC   99.99%
American Tax Credit Corporate Fund XVI, L.P.   Broadway Street XVI, LP   0.01%
     GMACCH Guaranteed Tax Credit Fund IX, LLC   99.99%
American Tax Credit Corporate Fund XV, L.P.   Broadway Street XV, LP   0.01%
     GMACCH Guaranteed Tax Credit Fund VI, LLC   99.99%
American Tax Credit Corporate Fund XX, LLC   Capmark Affordable Equity Inc.   100.00%
American Tax Credit Corporate Georgia Fund III, LLC   Capmark Affordable Properties Inc.   0.01%(2)
American Tax Credit Corporate Georgia Fund I, L.P.   Broadway Street Georgia I, LLC   0.20%
     MS Guaranteed Georgia Tax Credit Fund, LLC   29.17%
     MS Guaranteed Georgia Tax Credit Fund II, LLC   39.92%
     MS Guaranteed Georgia Tax Credit Fund III, LLC   4.47%
     MS Guaranteed Georgia Tax Credit Fund IV, LLC   26.24%
American Tobacco HH II LLC   Capmark Finance Inc.   0.01%(2)
AMTAX Holdings 102, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 103, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 104, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 105, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 107, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 108, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 109, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 110, LLC   AMTAX Holding Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 111, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 112, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 114, LLC   AMTAX Holdings Corp. Fund (Del.) IV, LLC   100%
AMTAX Holdings 115, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 116, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 118, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 120, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 121, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 122, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%

2

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 123, LLC   AMTAX Holdings Corp. Fund (Del.) 31, LLC   100%
AMTAX Holdings 124, LLC   AMTAX Holdings Corp. Fund (Del.) IV, LLC   100%
AMTAX Holdings 125, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 128, LLC   American Tax Credit Corporate Fund XX, LLC   100%
AMTAX Holdings 129, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 130, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 131, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 132, LLC   AMTAX Holdings Corp. Fund (Del.) 30, LLC   100%
AMTAX Holdings 133, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 134, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 135, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 136, LLC   AMTAX Holdings Corp. Fund (Del.) 30, LLC   100%
AMTAX Holdings 137, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 138, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 139, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 140, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 141, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 142, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 143, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 144, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 145, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 146, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 147, LLC   AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   100%
AMTAX Holdings 149, LLC   AMTAX Holdings Corp. Fund (Del.) 34, LLC   100%
AMTAX Holdings 150, LLC   American Tax Credit Corporate Georgia Fund I, L.P.   100%
AMTAX Holdings 152, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 153, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 154, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 155, LLC   AMTAX Holdings Corp. Fund (Del.) VIII, LLC   100%
AMTAX Holdings 156, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 157, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 159, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 160, LLC   AMTAX Holdings Corp. Fund (Del.) 34, LLC   100%
AMTAX Holdings 161, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 162, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 163, LLC   American Tax Credit Corporate Fund XVII, L.P.   100%
AMTAX Holdings 164, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 165, LLC   AMTAX Holdings Corp. Fund (Del.) IV, LLC   100%
AMTAX Holdings 166, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 168, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 169, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 170, LLC   American Tax Credit Corporate Georgia Fund I, L.P.   100%
AMTAX Holdings 171, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 172, LLC   AMTAX Holdings Corp. Fund (Del.) XVII, LLC   100%
AMTAX Holdings 173, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 174, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 175, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 176, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 177, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 178, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 179, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 180, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 181, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 182, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 183, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%

3

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 186, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 187, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 188, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 189, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 190, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 192, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 193, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 198, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 199, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 2001-AA, LLC   Paramount Properties Tax Credit Fund, L.P.   100%
AMTAX Holdings 2001-A, LLC   Paramount Properties Tax Credit Fund, L.P.   100%
AMTAX Holdings 2001-BB, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-CCC, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 2001-CC, LLC   American Tax Credit Corporate California   100%
AMTAX Holdings 2001-DDD, LLC   Paramount Properties Tax Credit Fund, L.P.   100%
AMTAX Holdings 2001-DD, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-EEE, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 2001-EE, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 2001-E, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-FFF, LLC   Paramount Properties Tax Credit Fund, L.P.   100%
AMTAX Holdings 2001-FF, LLC   Capmark Affordable Properties Inc.   0.01%
     AMTAX Holdings Corp. Fund (Del.) 37, LLC   99.99%
AMTAX Holdings 2001-F, LLC   American Tax Credit Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-GG, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 2001-HHH, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 2001-HH, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 2001-H, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-III, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-II, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-JJJ, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 2001-JJ, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 2001-J, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-K, LLC   Paramount Properties, Inc.   0.01%
     American Tax Credit Corporate California Fund, L.P.   99.99%
AMTAX Holdings 2001-L, LLC   AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   100%
AMTAX Holdings 2001-LL, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-LLL, LLC   AMTAX Holding Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-M, LLC   Paramount Properties Tax Credit Fund, L.P.   100%

4

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 2001-NN, LLC   AMTAX Holdings Corp. Fund (Del.) XVII, LLC   100%
AMTAX Holdings 2001-NNN, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-O, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-OO, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-OOO, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 2001-P, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-PP, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-PPP, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-Q, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 2001-QQ, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-QQQ, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-R, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 2001-RR, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-RRR, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-S, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-SS, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 2001-SSS, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-T, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-TT, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-TTT, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-U, LLC   Paramount Properties Tax Credit Fund, L.P.   100%
AMTAX Holdings 2001-UU, LLC   AMTAX Holdings Corp. Fund (Del.), LLC   100%
AMTAX Holdings 2001-UUU, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-VV, LLC   American Tax Credit Corporate Fund XVI, L.P.   100%
AMTAX Holdings 2001-VVV, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-W, LLC   GAHTCF Holdings, LLC   100%
AMTAX Holdings 2001-WWW, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-X, LLC   American Tax Credit Corporate Fund XV, L.P.   100%
AMTAX Holdings 2001-XX, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-XXX, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-Y, LLC   AMTAX Holdings Corp. Fund (Del.) VIII, LLC   100%
AMTAX Holdings 2001-YY, LLC   American Tax Credit Corporate Fund XV, L.P.   100%

5

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 2001-YYY, LLC   AMTAX Holdings Corp. Fund (Del.) V, LLC   100%
AMTAX Holdings 2001-Z, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 2001-ZZZ, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 201, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 202, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 204, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 205, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 206, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 207, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 209, LLC   AMTAX Holdings Corp. Fund (Del.) 30, LLC   100%
AMTAX Holdings 211, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 212, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 214, LLC   American Tax Credit Corporate Georgia Fund, L.P   100%
AMTAX Holdings 215, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 217, LLC   American Tax Credit Corporate Georgia Fund III, LLC   100%
AMTAX Holdings 218, LLC   AMTAX Holdings Corp. Fund (Del.) XVIII, LLC   100%
AMTAX Holdings 219, LLC   Paramount Georgia, LLC   100%
AMTAX Holdings 220, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 221, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 222, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 223, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 225, LLC   Paramount Georgia, LLC   100%
AMTAX Holdings 226, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 227, LLC   AMTAX Holdings Corp. Fund (Del.) XVII, LLC   100%
AMTAX Holdings 229, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 230, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 231, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 232, LLC   AMTAX Holdings Corp. Fund (Del.) XVII, LLC   100%
AMTAX Holdings 233, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 235, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 237, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 238, LLC   AMTAX Holdings Corp. Fund (Del.) X, LLC   100%
AMTAX Holdings 239, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 240, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 241, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 242, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 243, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 245, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 246, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 247, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 248, LLC   AMTAX Holdings Corp. Fund (Del.) 31, LLC   100%
AMTAX Holdings 249, LLC   AMTAX Holdings Corp. Fund (Del.) 31, LLC   100%
AMTAX Holdings 250, LLC   AMTAX Holdings Corp. Fund (Del.) 31, LLC   100%
AMTAX Holdings 251, LLC   AMTAX Holdings Corp. Fund (Del.) XVII, LLC   100%
AMTAX Holdings 254, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 255, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 257, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 258, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 259, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 260, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 261, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 262, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 263, LLC   AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   100%

6

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 264, LLC   AMTAX Holdings Corp. Fund (Del.) XI, LLC   100%
AMTAX Holdings 265, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 266, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 268, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 269, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 270, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 271, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 272, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 273, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 274, LLC   AMTAX Holdings Corp. Fund (Del.) 33, LLC   100%
AMTAX Holdings 275, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 276, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 277, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 278, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 279, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 280, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 281, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 282, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 283, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 284, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 285, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 286, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 288, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 289, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 290, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 291, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 292, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 293, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 294, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 295, LLC   American Tax Credit Corporate Fund XX, LLC   100%
AMTAX Holdings 296, LLC   AMTAX Holdings Corp. Fund (Del.) XVIII, LLC   100%
AMTAX Holdings 298, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 299, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 300, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 301, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 302, LLC   AMTAX Holdings Corp. Fund (Del.) XVII, LLC   100%
AMTAX Holdings 303, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 304, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 305, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 306, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 307, LLC   AMTAX Holdings Corp. Fund (Del.) XVIII, LLC   100%
AMTAX Holdings 309, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 310, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 311, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 312, LLC   AMTAX Holdings Corp. Fund (Del.) II, LLC   100%
AMTAX Holdings 315, LLC   Paramount Georgia, LLC   100%
AMTAX Holdings 316, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 317, LLC   AMTAX Holdings Corp. Fund (Del.) 33, LLC   100%
AMTAX Holdings 319, LLC   Paramount Georgia, LLC   100%
AMTAX Holdings 320, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 321, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 323, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 324, LLC   AMTAX Holdings Corp. Fund (Del.) XVIII, LLC   100%
AMTAX Holdings 325, LLC   AMTAX Holdings Corp. Fund (Del.) XVIII, LLC   100%
AMTAX Holdings 326, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%

7

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 327, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 328, LLC   Capmark Holdings Corp. Fund (Del.) 4.5, LLC   100%
AMTAX Holdings 329, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 330, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 331, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 332, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 333, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 334, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 335, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 336, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 337, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 338, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 339, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 340, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 341, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 342, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 343, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 346, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 349, LLC   Paramount Properties Tax Credit Fund IV, LLC   100%
AMTAX Holdings 350, LLC   AMTAX Holdings Corp. Fund (Del.) VII, LLC   100%
AMTAX Holdings 351, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 352, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 353, LLC   American Tax Credit Corporate Fund XVIII, L.P.   100%
AMTAX Holdings 354, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 356, LLC   American Tax Credit Corporate Georgia Fund I, L.P.   100%
AMTAX Holdings 360, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 361, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 362, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 364, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 365, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 366, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 367, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 368, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 369, LLC   American Tax Credit Corporate Georgia Fund I, L.P.   100%
AMTAX Holdings 371, LLC   American Tax Credit Corporate Georgia Fund III, LLC   100%
AMTAX Holdings 373, LLC   American Tax Credit Corporate Georgia Fund III, LLC   100%
AMTAX Holdings 374, LLC   American Tax Credit Corporate Georgia Fund III, LLC   100%
AMTAX Holdings 379, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 380, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 381, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 382, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 383, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 384, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 385, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC,   100%
AMTAX Holdings 386, LLC   AMTAX Holdings Corp. Fund (Del.) III, LLC   100%
AMTAX Holdings 387, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 389, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 390, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 391, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 392, LLC   AMTAX Holdings Corp. Fund (Del.) XVI, LLC   100%
AMTAX Holdings 394, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 395, LLC   AMTAX Holdings Corp. Fund (Del.) XIV, LLC   100%
AMTAX Holdings 397, LLC   Paramount Properties Tax Credit Fund V, LLC   100%
AMTAX Holdings 400, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 402, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%

8

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 405, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 409, LLC   Capmark Affordable Properties Inc.   0.01%
     AMTAX Holdings Corp. Fund (Del.) XX, LLC   99.99%
AMTAX Holdings 411, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 412, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 413, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 414, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 416, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 417, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 418, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 419, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 420, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 421, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 422, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 424, LLC   AMTAX Holdings Corp. Fund (Del.) 32, LLC   100%
AMTAX Holdings 425, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 426, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 427, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 428, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 429, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 430, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 431, LLC   AMTAX Holdings Corp. Fund (Del.) XXI, LLC   100%
AMTAX Holdings 432, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 433, LLC   AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   100%
AMTAX Holdings 436, LLC   AMTAX Holdings Corp. Fund (Del.) Northeastern, LLC   100%
AMTAX Holdings 438, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 439, LLC   AMTAX Holdings Corp. Fund (Del.) 31, LLC   100%
AMTAX Holdings 440, LLC   AMTAX Holdings Corp. Fund (Del.) 31, LLC   100%
AMTAX Holdings 441, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 442, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 443, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 444, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 445, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 446, LLC   AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   100%
AMTAX Holdings 447, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 448, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 449, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 450, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 451, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 452, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 453, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 454, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 455, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 456, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 457, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 458, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 459, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 460, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 461, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 462, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 463, LLC   AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   100%
AMTAX Holdings 464, LLC   AMTAX Holdings Corp. Fund (Del.) XXII, LLC   100%
AMTAX Holdings 465, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 468, LLC   AMTAX Holdings Corp. Fund (Del.) 36, LLC   100%
AMTAX Holdings 469, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%

9

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 470, LLC   AMTAX Holdings Corp. Fund (Del.) 33, LLC   100%
AMTAX Holdings 471, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 472, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 474, LLC   AMTAX Holdings Corp. Fund (Del.) XII, LLC   100%
AMTAX Holdings 477, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 479, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-B, LLC   100%
AMTAX Holdings 480, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 482, LLC   Capmark Affordable Equity Holdings Inc.   100%
AMTAX Holdings 484, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 485, LLC   Capmark Holdings Corp. Fund (Del.) 4.5, LLC   100%
AMTAX Holdings 486, LLC   AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   100%
AMTAX Holdings 487, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 488, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 489, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 490, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 491, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 493, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 494, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 495, LLC   AMTAX Holdings Corp. Fund (Del.) XXV, LLC   100%
AMTAX Holdings 496, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 497, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 498, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 499, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 500, LLC   AMTAX Holdings Corp. Fund (Del.) 43, LLC   100%
AMTAX Holdings 501, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 503, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 504, LLC   AMTAX Holdings Corp. Fund (Del.) XX, LLC   100%
AMTAX Holdings 505, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 507, LLC   GMAC Guaranteed Tax Credit Fund XXIII, LLC   100%
AMTAX Holdings 509, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 510, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 511, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 512, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 513, LLC   Paramount Missouri, LLC   100%
AMTAX Holdings 515, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 516, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 517, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 518, LLC   AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   100%
AMTAX Holdings 519, LLC   AMTAX Holdings Corp. Fund (Del.) 32, LLC   100%
AMTAX Holdings 520, LLC   American Tax Credit Corporate Fund XX, LLC   100%
AMTAX Holdings 521, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 522, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 523, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 524, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 525, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 526, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 527, LLC   AMTAX Holdings Corp. Fund (Del.) 33, LLC   100%
AMTAX Holdings 528, LLC   American Tax Credit Corporate Fund XXI, L.P.   100%
AMTAX Holdings 529, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 530, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 531, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 532, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 533, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 534, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   100%
AMTAX Holdings 535, LLC   AMTAX Holdings Corp. Fund (Del.) 36, LLC   100%

10

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 536, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 538, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC I, LLC   100%
AMTAX Holdings 539, LLC   AMTAX Holdings Corp. Fund (Del.) XIX, LLC   100%
AMTAX Holdings 540, LLC   AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   100%
AMTAX Holdings 541, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 542, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 543, LLC   AMTAX Holdings Corp. Fund (Del.) 32, LLC   100%
AMTAX Holdings 544, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 545, LLC   Protech Development Corporation   100%
AMTAX Holdings 549, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 550, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 551, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 553, LLC   American Tax Credit Corporate Fund XX. LP   100%
AMTAX Holdings 555, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 556, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 557, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-B, LLC   100%
AMTAX Holdings 558, LLC   AMTAX Holdings Corp. Fund (Del.) 35, LLC   100%
AMTAX Holdings 562, LLC   Capmark Affordable Equity Holdings Inc.   100%
AMTAX Holdings 563, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 564, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-B, LLC   100%
AMTAX Holdings 565, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 568, LLC   AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   100%
AMTAX Holdings 569, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 570, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 571, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 572, LLC   AMTAX Holdings Corp. Fund (Del.) 32, LLC   100%
AMTAX Holdings 574, LLC   AMTAX Holdings Corp. Fund (Del.) XXVII-B, LLC   100%
AMTAX Holdings 575, LLC   AMTAX Holdings Corp. Fund (Del.) 36, LLC   100%
AMTAX Holdings 576, LLC   AMTAX Holdings Corp. Fund (Del.) 36, LLC   100%
AMTAX Holdings 577, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 580, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 584, LLC   AMTAX Holdings Corp. Fund (Del.) 43, LLC   100%
AMTAX Holdings 585, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 586, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 589, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 590, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 591, LLC   AMTAX Holdings Corp. Fund (Del.) 32, LLC   100%
AMTAX Holdings 592, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 593, LLC   AMTAX Holdings Corp. Fund (Del.) 43, LLC   100%
AMTAX Holdings 594, LLC   AMTAX Holdings Corp. Fund (Del.) 36, LLC   100%
AMTAX Holdings 595, LLC   AMTAX Holdings Corp. Fund (Del.) 36, LLC   100%
AMTAX Holdings 596, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 597, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 598, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 599, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 601, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 603, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 604, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 606, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 607, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 608, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 610, LLC   Capmark Holdings Corp. Fund (Del.) 4.5 LLC   100%
AMTAX Holdings 612, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 614, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 616, LLC   Capmark Holdings Corp. Fund (Del.) 4.5 LLC   100%

11

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 617, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC II, LLC   100%
AMTAX Holdings 619, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 620, LLC   Capmark Affordable Tax Credit Fund 3 LLC   100%
AMTAX Holdings 621, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 622, LLC   AMTAX Holdings Corp. Fund (Del.) 42, LLC   100%
AMTAX Holdings 623, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 624, LLC   AMTAX Holdings Corp. Fund (Del.) XV, LLC   100%
AMTAX Holdings 625, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC III, LLC   100%
AMTAX Holdings 627, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 630, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 631, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 632, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 638, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 643, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 644, LLC   AMTAX Holdings Corp. Fund (Del.) 41, LLC   100%
AMTAX Holdings 645, LLC   Capmark Holdings Corp. Fund (Del.) 4.5, LLC   100%
AMTAX Holdings 646, LLC   AMTAX Holdings Corp. Fund (Del.) 34-B, LLC   100%
AMTAX Holdings 647, LLC   AMTAX Holdings Corp. Fund (Del.) 43, LLC   100%
AMTAX Holdings 648, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 651, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC III, LLC   100%
AMTAX Holdings 652, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 653, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 656, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 657, LLC   Capmark Holdings Corp. Fund (Del.) 4.5, LLC   100%
AMTAX Holdings 658, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 659, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 661, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 662, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC III, LLC   100%
AMTAX Holdings 663, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 664, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 665, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 667, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 669, LLC   AMTAX Holdings Corp. Fund (Del.) 32, LLC   100%
AMTAX Holdings 670, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC III, LLC   100%
AMTAX Holdings 671, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 673, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 674, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 675, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 676, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 677, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 678, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 679, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 681, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 685, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 687, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 688, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC IV, LLC   100%
AMTAX Holdings 690, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 692, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 693, LLC   Capmark Holdings Corp. Fund (Del.) 4.5, LLC   100%
AMTAX Holdings 694, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 695, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 698, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 699, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 700, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 702, LLC   Capmark Holdings Corp. Fund (Del.) 4.5, LLC   100%

12

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings 704, LLC   American Tax Credit Corporate Fund XX, LP   100%
AMTAX Holdings 711, LLC   AMTAX Holdings Corp. Fund (Del.) 38, LLC   100%
AMTAX Holdings 712, LLC   AMTAX Holdings Corp. Fund (Del.) 42, LLC   100%
AMTAX Holdings 714, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 715, LLC   AMTAX Holdings Corp. Fund (Del.) AMBAC V, LLC   100%
AMTAX Holdings 718, LLC   AMTAX Holdings Corp. Fund (Del.) 39, LLC   100%
AMTAX Holdings 724, LLC   American Tax Credit Corporate Fund XX, LP   100%
AMTAX Holdings 726, LLC   AMTAX Holdings Corp. Fund (Del.) 42, LLC   100%
AMTAX Holdings 727, LLC   AMTAX Holdings Corp. Fund (Del.) 39, LLC   100%
AMTAX Holdings 731, LLC   American Tax Credit Corporate Fund XX, LP   100%
AMTAX Holdings 735, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 736, LLC   AMTAX Holdings Corp. Fund (Del.) 42, LLC   100%
AMTAX Holdings 740, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 741, LLC   Capmark Affordable Tax Credit Fund 3, LLC   100%
AMTAX Holdings 745, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 747, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings 748, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings 749, LLC   Paramount Georgia II, LLC   100%
AMTAX Holdings 750, LLC   American Tax Credit Corporate Fund XX, L.P.   100%
AMTAX Holdings Corp. Fund (Del.) 30, LLC   Paramount Properties, Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund 30, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 31, LLC   Paramount Properties, Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund 31, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 32, LLC   MS Managing Member XV, LLC   0.01%
     MS Guaranteed Tax Credit Fund XV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 33, LLC   Paramount Properties, Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund 33, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 34, LLC   Paramount Managing Member 34, LLC   0.01%
     Paramount Guaranteed Tax Credit Fund IV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 35, LLC   MS Managing Member X, LLC   0.01%
     MS Guaranteed Tax Credit Fund X, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 36, LLC   MS Managing Member XI, LLX   0.01%
     MS Guaranteed Tax Credit Fund XI, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 37, LLC   MS Managing Member XII, LLC   0.01%
     MS Guaranteed Tax Credit Fund XII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 38, LLC   Capmark Affordable Properties Inc.   0.01%
     Paramount Guaranteed Tax Credit Fund VII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 39, LLC   Capmark Affordable Properties Inc.   0.01%
     Paramount Guaranteed Tax Credit Fund VIII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) 43, LLC   MS Managing Member XIV, LLC   0.01%
     MS Guaranteed Tax Credit Fund XIV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) Ambac III, LLC   Paramount Managing Member AMBAC III, LLC   0.01%(2)

13

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings Corp. Fund (Del.) Ambac II, LLC   Paramount Managing Member AMBAC II, LLC –    0.01%(2)
AMTAX Holdings Corp. Fund (Del.) Ambac I, LLC   Paramount Managing Member XVI, LLC   0.01%(2)
AMTAX Holdings Corp. Fund (Del.) Ambac IV, LLC   Paramount Managing Member AMBAC IV, LLC   0.01%(2)
AMTAX Holdings Corp. Fund (Del.) Ambac V, LLC   Paramount Managing Member AMBAC V, LLC   0.01%(2)
AMTAX Holdings Corp. Fund (Del.) III, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax GMAC Guaranteed Tax Credit Fund III, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) II, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund I, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) IV, LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund IV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) Northeastern, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Northeastern Tax Credit Fund, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) VIII, LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund VIII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) VII, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund I, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) V, LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund V, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XII, LLC   Capmark Affordable Properties Inc.   0.01%(2)
AMTAX Holdings Corp. Fund (Del.) XI, LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund XI, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XIV, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XIV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XIX, LLC   Capmark Affordable Properties Inc.   0.010%
     Paramount Credit Enhanced Tax Credit Fund I, LLC   49.995%
     Paramount Credit Enhanced Tax Credit Fund II, LLC   49.995%
AMTAX Holdings Corp. Fund (Del.) X, LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund XI, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XVIII, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XVIII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XVI, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XV, LLC   99.99%

14

 
 

   
COMPANY   OWNER   PERCENTAGE
AMTAX Holdings Corp. Fund (Del.) XV, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXIII, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XXIII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXII, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund IV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXI, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund III, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXIV, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XXIV, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXIX, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund VII, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XX, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund II, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXVII-A, LLC   Paramount Managing Member XXVII, LLC   0.01%
     Paramount Guaranteed Tax Credit Fund II, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXVII-B, LLC   Paramount Managing Member XXVII, LLC   0.01%
     Paramount Guaranteed Tax Credit Fund I, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXVIII, LLC   MS Managing Member VIII, LLC   0.010%
     MS Guaranteed Tax Credit Fund VIII, LLC   47.555%
     MS Guaranteed Tax Credit Fund IX, LLC   52.435%
AMTAX Holdings Corp. Fund (Del.) XXVI, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund VI, LLC   99.99%
AMTAX Holdings Corp. Fund (Del.) XXV, LLC   Capmark Affordable Properties Inc.   0.01%
     MS Guaranteed Tax Credit Fund V, LLC   99.99%
AMTAX Holdings Corporate Fund, LLC   Capmark Affordable Properties Inc.   100%
AMTAX Holdings II, LLC   Capmark Affordable Properties Inc.   0.01%
     American Tax Credit Corporate Fund XVII, L.P.   99.99%
AMTAX Holdings, LLC   Capmark Affordable Equity Inc.   0.01%
     American Tax Credit Corporate Fund XI, L.P.   99.99%
AMTX Holdings Partner X, LLC   Capmark Affordable Equity Holdings Inc.   100%
Aqua Vista HH LLC   Capmark REO Holding LLC   100%
Ardennes Investments, Y.K.   Summit Crest Ventures, LLC   100%
Arlington Property KK   G Investment Holding, Y.K.   100%
Atlantech Charter Colony, LLC   Protech Holdings 110, LLC   51%
     Atlantic Midlothian, LLC   49%
Belmont Villas LLC   AMTAX Holdings 520, LLC   99.98%
     Protect 2003-D, LLC   0.01%
     Protech Holdings 128, LLC   0.01%
Belton Missouri Development Corporation   Protech Economics, LLC   100%

15

 
 

   
COMPANY   OWNER   PERCENTAGE
Berkley Property KK   G Investment Holding, Y.K.   100%
Bethesda Metro Center Holdings, LLC   CEI Bethesda Metro Center LLC   50%
     CEI Metro Center Investor LLC   48%
Bethesda Metro Center Office REIT   CEI Metro Center Investor LLC   100%
Birmingham HP HH LLC   Capmark Finance Inc.   0.01%
Birmingham RI HH LLC   Capmark Finance Inc.   0.01%
Blair Affordable Housing Limited Partnership   American Tax Credit Corporate Fund II, L.P.   99%
Brevard FL Equity Investments, Inc.   Commercial Equity Investments, Inc.   100%
Brevard FL Retail, LLC   Brevard FL Equity Investments, Inc.   100%
Briarcliff HH LLC   Capmark REO Holding LLC   100%
Broadway/Pelican Rapids, L.P.   Broadway Street IV, L.P.   1%(2)
Broadway Street 2001, L.P.   Capmark Affordable Properties Inc.   1%
     Protech Economics, LLC   99%
Broadway Street California, L.P.   Capmark Affordable Properties Inc.   1%
     Protech Economics, LLC   99%
Broadway Street Georgia I, LLC   Capmark Affordable Properties Inc.   100%
Broadway Street III, L.P.   Capmark Affordable Properties Inc.   0.010%
     Protech Economics, LLC   0.090%
     AMTAX Holdings, LLC   94.400%
Broadway Street II, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   84.90%
Broadway Street IV, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street IX, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street, L.P.   Capmark Affordable Properties Inc.   0.01%(2)
     Protech Economics, LLC   5.90%(2)
     AMTAX Holdings, LLC   0.09%(2)
Broadway Street VIII, L.P.   Capmark Affordable Properties Inc.   0.01%(2)
     Protech Economics, LLC   0.09%(2)
     AMTAX Holdings, LLC   35.90%(2)
Broadway Street VII, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street VI, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street V, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street XII, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street XI L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings II, LLC   99.90%
Broadway Street XIV, L.P.   Capmark Affordable Properties Inc.   0.01%

16

 
 

   
COMPANY   OWNER   PERCENTAGE
     Protech Economics, LLC   0.09%
     AMTAX Holdings II, LLC   99.90%
Broadway Street XIX, L.P.   Capmark Affordable Properties Inc.   1.00%
     Protech Economics, LLC   99.00%
Broadway Street X, L.P.   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   0.09%
     AMTAX Holdings, LLC   99.90%
Broadway Street XVIII, L.P.   Capmark Affordable Properties Inc.   1.00%
     Protech Economics, LLC   99.00%
Broadway Street XVII, L.P.   Capmark Affordable Properties Inc.   1.00%
     Protech Economics, LLC   99.00%
Broadway Street XVI, L.P.   Capmark Affordable Properties Inc.   1.00%
     Protech Economics, LLC   99.00%
Broadway Street XV, L.P.   Capmark Affordable Properties Inc.   1.00%
     Protech Economics, LLC   99.00%
Brookdale Mall HH LLC   Capmark REO Holding LLC   26.22%
     Paramount Community Development Fund, LLC   32.79%
Capmark AB No. 2 Limited   Capmark Management Public Limited Company   100%
Capmark Affordable Equity Holdings Inc.   Capmark Capital Inc.   100%
Capmark Affordable Equity Inc.   Capmark Affordable Equity Holdings Inc.   100%
Capmark Affordable Properties Inc.   Capmark Affordable Equity Holdings Inc.   100%
Capmark Affordable Realty Advisors LLC   Capmark Affordable Equity Holdings Inc.   100%
Capmark Affordable Tax Credit Fund 3 LLC   Capmark Affordable Properties Inc.   0.01%(2)
Capmark Asset Management KK   Capmark Japan KK   100%
Capmark Bank   Capmark Financial Group Inc.   100%
Capmark Canada Limited   Capmark Financial Group Inc.   100%
Capmark Capital Inc.   Capmark Financial Group Inc.   100%
Capmark EI Ireland Limited   Capmark Holdings Ireland Limited   100%
Capmark EI Jersey Holdings Limited   Capmark Financial Group Inc.   100%
Capmark EI Luxembourg SARL   Capmark Financial Group Inc.   100%
Capmark Finance Inc.   Capmark Financial Group Inc.   100%
Capmark Funding Japan KK   Capmark Financial Group Inc.   100%
Capmark Holdings Corp. Fund (Del.) 4.5 LLC   Capmark Managing Member 4.5, LLC   0.01%(2)
Capmark Holdings Ireland Limited   Capmark Financial Group Inc.   100%
Capmark Investment Consulting (Shanghai) Company Limited   SJM Cap, LLC   100%
Capmark Investment Holding LLC   Capmark Finance Inc.   100%
Capmark Investments LP   Capmark Finance Inc.   99%
     Capmark Investment Holding LLC   1%
Capmark Ippan Shadan Hojin JPN   Summit Crest Ventures, LLC   100%
Capmark Ireland Limited   Capmark Holdings Ireland Limited   100%
Capmark Japan KK   Capmark Financial Group Inc.   100%
Capmark JPN KK   Capmark Financial Group Inc.   100%
Capmark Live Oak Holdings, LLC   Capmark Affordable Properties Inc.   100%

17

 
 

   
COMPANY   OWNER   PERCENTAGE
Capmark Management Public Limited Company   Capmark Holdings Ireland Limited   100%
Capmark Managing Member 4.5 LLC   Capmark Affordable Properties Inc.   100%
Capmark Mexico Holding S. de R.L. de C.V.   Capmark Financial Group Inc.   99.97%
     Capmark Finance Inc.   0.03%
Capmark Mortgage Securities Inc.   Capmark Finance Inc.   100%
Capmark Philippines Ltd.   SJM Cap, LLC   100%
Capmark Real Estate Mezzanine GP LLC   Capmark Investments LP   100%
Capmark REO Holding LLC   Capmark Finance Inc.   100%
Capmark TJP KK   SJM Cap, LLC   100%
Capmark Trust   Capmark Financial Group Inc.   100%
Capmark UK Limited   Capmark Financial Group Inc.   100%
Caspita Protech 107 Special, L.P.   Protech Development Corporation   0.01%
     Protech Holdings 107, LLC   99.99%
CB 3 Metro, LLC   CB Asset Resolution Corporation   100%
CB Arapaho Courtyard, LLC   CB Asset Resolution Corporation   100%
CB Arvada, LLC   CB Asset Resolution Corporation   100%
CB Asset Resolution Corporation   Capmark Bank   100%
CB Atrium At Bent Tree, LLC   CB Asset Resolution Corporation   100%
CB Aurora, LLC   CB Asset Resolution Corporation   100%
CB Austin Tower, LLC   CB Asset Resolution Corporation   100%
CB Bayview Plaza, LLC   CB Asset Resolution Corporation   100%
CB Busch Office Portfolio, LLC   CB Asset Resolution Corporation   100%
CB Camino Real, LLC   CB Asset Resolution Corporation   100%
CB Cape Cod Golf, LLC   CB Asset Resolution Corporation   100%
CB Cove Club LLC   CB Asset Resolution Corporation   100%
CB Cross Creek – Chateau, LLC   CB Asset Resolution Corporation   100%
CB Fayette Street Baltimore, LLC   CB Asset Resolution Corporation   100%
CB Fountain Walk, LLC   CB Asset Resolution Corporation   100%
CB Gateway West, LLC   CB Asset Resolution Corporation   100%
CB Horseshoe Bend, LLC   CB Asset Resolution Corporation   100%
CB Houston Lakes, LLC   CB Asset Resolution Corporation   100%
CB Larimer, LLC   CB Asset Resolution Corporation   100%
CB Mid-Atlantic Golf Clubs, LLC   CB Asset Resolution Corporation   100%
CB Midwest Golf Clubs, LLC   CB Asset Resolution Corporation   100%
CB Mission Ridge, LLC   CB Asset Resolution Corporation   100%
CB Northville Golf, LLC   CB Asset Resolution Corporation   100%
CB Penobscot, LLC   CB Asset Resolution Corporation   100%
CB Philadelphia Asset Resolution, LLC   CB Asset Resolution Corporation   100%
CB Pigeon Forge Outlet, LLC   CB Asset Resolution Corporation   100%
CB Scottsdale Resort, LLC   CB Asset Resolution Corporation   100%
CB Seattle Parking Garage, LLC   CB Asset Resolution Corporation   100%
CB Silicon Valley Portfolio, LLC   CB Asset Resolution Corporation   100%
CB Silicon Valley Self Store, LLC   CB Asset Resolution Corporation   100%
CB Summit Business Center, LLC   CB Asset Resolution Corporation   100%

18

 
 

   
COMPANY   OWNER   PERCENTAGE
CB Vintage Park, LLC   CB Asset Resolution Corporation   100%
CB Waterfall Village, LLC   CB Asset Resolution Corporation   100%
CB West Montgomery Road, LLC   CB Asset Resolution Corporation   100%
CB Williamsburg Village, LLC   CB Asset Resolution Corporation   100%
CEI Bethesda Metro Center LLC   CEI Bethesda Metro Center Investor LLC   100%
CEI Metro Center Investor LLC   Commercial Equity Investments, Inc.   100%
Centerview HH LLC   Capmark Finance Inc.   100%
Chapel Lakes HH LLC   Capmark REO Holding LLC   100%
Charter Colony Senior Associates, L.P.   Atlantech Charter Colony, LLC   0.01%
     AMTAX Holdings 498, LLC   99.99%
C Investment, KK   G Investment Holding, Y.K.   100%
City North HH LLC   Capmark REO Holding LLC   30.12%
     CB Asset Resolution Corporation   55.36%
Classic HH LLC   Capmark REO Holding LLC   100%
Cocke Estates, LLC   Cocke Estates Managing Member Inc.   0.01%
     Protech 2004-D, LLC   0.01%
     AMTAX Holdings 421, LLC   99.98%
Commercial Asset Trading LLC   Capmark Finance Inc.   100%
Commercial Equity Investments, Inc.   Capmark Financial Group Inc.   100%
Commercial Mortgage Funding LLC (1999-A)   Capmark Finance Inc.   100%
Cottages of Hastings, Ltd.   Hastings, Nebraska Development Corporation   100%
CP Corporation KK   G Investment Holding, Y.K.   100%
Crystal Ball Holding of Bermuda Limited   Capmark Financial Group Inc.   100%
Crystal City Partners LLC   Potomac Yard Equity Investments, Inc.   50%
CTS HH LLC   Capmark REO Holding LLC   12.95%
     Paramount Community Development Fund LLC   87.05%
Dial National of Pleasant Hills, L.P.   Capmark Affordable Properties Inc.   100%
Duffy HH LLC   Capmark Finance Inc.   100%
East Bank SLP, LLC   Protech Development Corporation   100%
Eastland International Holdings Ltd.   Fontainebleau One Investment Company Ltd.   100%
Elsinore Courtyard Development, LLC   Protech Holdings 105, LLC   100%
Elsinore Courtyard Limited Partnership   Elsinore Courtyard Development, LLC   0.01%
     AMTAX Holdings 305, LLC   99.99%
Fairview Terrace Holding Limited   Crystal Ball Holding of Bermuda Limited   100%
Fayetteville Marketfair HH LLC   Capmark Finance Inc.   100%
Filipinas Investments Ltd.   SJM Cap, LLC   100%
Flaming Cove Limited   Crystal Ball Holding of Bermuda Limited   100%
Fontainebleau One Investment Company Ltd.   Mark Capital China Investment Company Ltd.   100%
Formosa Asset Management Co., Ltd.   SJM Cap, LLC   100%
Franklin Drive Investors Limited   Fairview Terrace Holding Limited   100%
Freezestore Medley LLC   Net Lease Acquisition LLC   100%
Fuji Property GK   G Investment Holding, Y.K.   99.8%

19

 
 

   
COMPANY   OWNER   PERCENTAGE
     Pilialoha Ippan Shadan Hojin   0.2%
GAHTCF Holdings II, LLC   Capmark Affordable Properties Inc.   0.01%
     GMAC Guaranteed Tax Credit Fund XII, LLC   99.99%
GAHTCF Holdings, LLC   Capmark Affordable Properties Inc.   0.01%
     GMACCH Guaranteed Tax Credit Fund IX, LLC   99.99%
Gateway HH, LLC   Capmark REO Holding LLC   100%
G H Properties, Y.K.   G Investment Holding, Y.K.   100%
G Investment Assets, Y.K.   Summit Crest Ventures, LLC   100%
G Investment Holding Y.K.   Summit Crest Ventures, LLC   100%
GMACCH Guaranteed Tax Credit Fund II, LLC   Paramount Managing Member II, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund IV, LLC   Paramount Managing Member IV, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund IX, LLC   Paramount Managing Member IX, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund LLC   Paramount Managing Member, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund VIII, LLC   Paramount Managing Member VIII, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund VII, LLC   Paramount Managing Member VII, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund VI, LLC   Paramount Managing Member VI, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund V, LLC   Paramount Managing Member V, LLC   0.01%(2)
GMACCH Guaranteed Tax Credit Fund XI, LLC   Paramount Managing Member XI, LLC   0.01%(2)
GMACCH Unified Tax Credit Fund, LLC   Capmark Affordable Properties Inc.   100%
GMAC Guaranteed Northeastern Tax Credit Fund, LLC   Paramount Managing Member XVII, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund 30, LLC   Paramount Managing Member 30, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund 31, LLC   Paramount Managing Member 31, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund 33, LLC   Paramount Managing Member 33, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund III, LLC   Paramount Managing Member III, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund XII, LLC   Paramount Managing Member XII, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund XIV, LLC   Paramount Managing Member XIV, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund XVIII, LLC   Paramount Managing Member XVIII, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund XV, LLC   Paramount Managing Member XV, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund XXIII, LLC   Paramount Managing Member XXIII, LLC   0.01%(2)
GMAC Guaranteed Tax Credit Fund XXIV, LLC   Paramount Managing Member XXIV, LLC   0.01%(2)
GP Corporation, Y.K.   G Investment Holding, Y.K.   100%
GP Investments, Y.K.   Summit Crest Ventures, LLC   100%
GP Realty GK   G Investment Holding, Y.K.   100%

20

 
 

   
COMPANY   OWNER   PERCENTAGE
Grandbury Road Apartments Ft. Worth, LLC   CB Asset Resolution Corporation   100%
Granite One Holdings, Inc.   Capmark Philippines Ltd.   100%
Granite Two Holdings, Inc.   Capmark Philippines Ltd.   100%
Granville Manor Townhomes, L.P.   Capmark Affordable Equity Inc.   0.01%
     American Tax Credit Corporate Fund II, L.P.   99.99%
Hastings, Nebraska Development Corporation   Protech Economics   100%
Heritage Housing Associates, L.P.   Protech Development Corporation   100%
Hollywood HH LLC   Capmark Finance Inc.   21.54%(2)
Huron Plaza HH LLC   Capmark REO Holding LLC   10.49%(2)
Hyacinth Investments Limited   Capmark Holdings Ireland Limited   100%
Ihilani Ippan Shadan Hojin   Summit Crest Ventures, LLC   100%
Interlocken HH LLC   Capmark REO Holding LLC   50%
Ishizuchi Property GK   Summit Crest Ventures, LLC   100%
Japan Asset Trading Inc.   Capmark Financial Group inc.   100%
Kalaiwaa Property Ippan Shadan Hojin   Summit Crest Ventures, LLC   100%
Kanda LLC   Summit Crest Ventures, LLC   100%
Kannai Master Lessee GK   Capmark Ippan Shadan Hojin JPN   100%
Kannai Office TMK   Capmark Ippan Shadan Hojin JPN   100%
Koolau Ippan Shadan Hojin   Capmark Japan KK   100%
LaFollette Estates, LLC   AMTAX Holdings 420, LLC   99.98%
     Protech 2004-D, LLC   0.01%
Lawyers Square HH LLC   Capmark REO Holding LLC   100%
Lease Asset Trading L.L.C. (1999-A)   Capmark Finance Inc.   100%
Linden 78 HH LLC   Capmark REO Holding LLC   40.9%(2)
LTTS 1 Limited   Capmark Management Public Limited Company   100%
Macon Housing II, Limited Partnership   Protech Development Corporation   0.01%
     American Tax Credit Corporate Fund II, L.P.   99.99%
Macon Housing I, Limited Partnership   Protech Development Corporation   0.01%
     American Tax Credit Corporate Fund, L.P.   99.99%
Magnolia Landing Apartments, L.P.   Protech Holdings 159, LLC   0.009%
     Protech 2002-D, LLC   0.001%
     AMTAX Holdings 285, LLC   99.99%
Magnolia Place HH LLC   Capmark REO Holding LLC   100%
Mahalo, Y.K.   Summit Crest Ventures, LLC   100%
Mark Capital China Investment Company Ltd.   SJM Cap, LLC   100%
Market At Riverdale Bend HH LLC   Capmark REO Holding LLC   100%
Mortgage Investments, LLC   Capmark Financial Group inc.   100%
MS Georgia Managing Member III, LLC   Capmark Affordable Properties Inc.   50%
MS Georgia Managing Member II, LLC   Capmark Affordable Properties Inc.   50%
MS Georgia Managing Member IV, LLC   Capmark Affordable Properties Inc.   50%

21

 
 

   
COMPANY   OWNER   PERCENTAGE
MS Georgia Managing Member, LLC   Capmark Affordable Properties Inc.   50%
MS Guaranteed Georgia Tax Credit Fund III, LLC   MS Georgia Managing Member III, LLC   0.01%(2)
MS Guaranteed Georgia Tax Credit Fund II, LLC   MS Georgia Managing Member II, LLC   0.01%(2)
MS Guaranteed Georgia Tax Credit Fund IV, LLC   MS Georgia Managing Member IV, LLC   0.0100%
MS Guaranteed Georgia Tax Credit Fund, LLC   MS Georgia Managing Member, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund III, LLC   MS Managing Member III, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund II, LLC   MS Managing Member II, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund I, LLC   MS Managing Member I, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund IV, LLC   Paramount Managing Member XXI, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund IX, LLC   MS Managing Member VIII, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund VIII, LLC   MS Managing Member VIII, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund VII, LLC   MS Managing Member VII, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund VI, LLC   MS Managing Member VI, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund V, LLC   Paramount Managing Member XXV, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund XII, LLC   MS Managing Member XII, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund XI, LLC   MS Managing Member XI, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund XIV, LLC   MS Managing Member XIV, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund X, LLC   MS Managing Member X, LLC   0.01%(2)
MS Guaranteed Tax Credit Fund XV, LLC   MS Managing Member XV, LLC   0.01%(2)
MS Managing Member III, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member II, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member I, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member IV, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member IX, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member VIII, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member VII, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member VI, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member V, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member XII, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member XI, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member XIV, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member X, LLC   Capmark Affordable Properties Inc.   50%
MS Managing Member XV, LLC   Capmark Affordable Properties Inc.   50%

22

 
 

   
COMPANY   OWNER   PERCENTAGE
Munsey HH LLC   Capmark Finance Inc.   100%
NCAT 1 Japan TMK   Capmark Ippan Shadan Hojin JPN   100%
Net Center HH LLC   Capmark REO Holding LLC   99.99%
     Potomac Yard Equity Investments, Inc.   0.01%
Net Lease Acquisition LLC   Capmark Capital Inc.   100%
Newport Finlay Partners, Ltd.   Protech 2001-A, LLC   0.01%
     AMTAX Holdings 2001-DD, LLC   99.98%
Normandie Hotel HH LLC   Capmark REO Holding LLC   100%
Normandy Cobble Creek HH LLC   Capmark REO Holding LLC   100%
Oak Creek HH LLC   Capmark REO Holding LLC   100%
Oaks At Marymont HH LLC   Capmark REO Holding LLC   100%
Olin Investments, Y.K.   Summit Crest Ventures, LLC   100%
Olive Way Investors Limited   Crystal Ball Holding of Bermuda Limited   100%
Palm Springs HH LLC   Capmark REO Holding LLC   64.67%
Paramount Credit Associates II Limited Partnership   Capmark Affordable Properties Inc.   1.00%(2)
Paramount Credit Associates XVII Limited Partnership   Capmark Affordable Properties Inc.   1.00%(2)
Paramount Credit Enhanced Tax Credit Fund II, LLC   Paramount Managing Member XXII, LLC   0.01%(2)
Paramount Credit Enhanced Tax Credit Fund I, LLC   Paramount Managing Member XIX, LLC   0.01%(2)
Paramount Georgia II, LLC   Capmark Affordable Properties Inc.   0.01%(2)
Paramount Georgia, LLC   Capmark Affordable Properties Inc.   0.01%(2)
Paramount Guaranteed Tax Credit Fund III, LLC   Paramount Managing Member 34, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund II, LLC   Paramount Managing Member XXVII, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund I, LLC   Paramount Managing Member XXVII, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund IV, LLC   Paramount Managing Member 34, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund VIII, LLC   Paramount Managing Member 39, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund VII, LLC   Paramount Managing Member 38, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund VI, LLC   Paramount Managing Member 34, LLC   0.01%(2)
Paramount Guaranteed Tax Credit Fund V, LLC   Paramount Managing Member 34, LLC   0.01%(2)
Paramount Managing Member 30, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member 31, LLC   Capmark Affordable Properties Inc.   100%
Paramount Managing Member 33, LLC   Capmark Affordable Properties Inc.   100%
Paramount Managing Member 34, LLC   Capmark Affordable Properties Inc.   70%
Paramount Managing Member 38, LLC   Capmark Affordable Properties Inc.   70%
Paramount Managing Member 39, LLC   Capmark Affordable Properties Inc.   70%

23

 
 

   
COMPANY   OWNER   PERCENTAGE
Paramount Managing Member AMBAC III, LLC   Capmark Affordable Properties Inc.   100.00%
Paramount Managing Member AMBAC II, LLC   Capmark Affordable Properties Inc.   100.00%
Paramount Managing Member AMBAC IV, LLC   Capmark Affordable Properties Inc.   100.00%
Paramount Managing Member AMBAC V, LLC   Capmark Affordable Properties Inc.   100.00%
Paramount Managing Member III, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member II, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member IV, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member IX, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member VIII, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member VII, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member VI, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member V, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XII, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XI, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XIV, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XIX, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XVIII, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XVI, LLC   Capmark Affordable Properties Inc.   100.00%
Paramount Managing Member XV, LLC   Capmark Affordable Properties Inc.   0.01%

24

 
 

   
COMPANY   OWNER   PERCENTAGE
     Protech Economics, LLC   99.99%
Paramount Managing Member XXIII, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XXIV, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Managing Member XXVII, LLC   Capmark Affordable Properties Inc.   70%
Paramount Missouri, LLC   Capmark Affordable Properties Inc.   0.01%(2)
Paramount Northeastern Managing Member, LLC   Capmark Affordable Properties Inc.   0.01%
     Protech Economics, LLC   99.99%
Paramount Properties Tax Credit Fund IV, LLC   Capmark Affordable Properties Inc.   0.01%(2)
Paramount Properties Tax Credit Fund, L.P.   Broadway Street 2001, L.P.   0.10%(2)
Patriot Commons HH LLC   Capmark REO Holding LLC   100%
PF Preferred LLC   Capmark Finance Inc.   100%
Pilialoha Ippan Shadan Hojin   Capmark Japan KK   100%
Platinum Asset Management Limited Company   SJM Cap, LLC   100%
PLG Quik Park I, LLC   Capmark Finance Inc.   100%
Poplar Square, Limited Partnership   Protech Holdings 143, LLC   0.009%
     Protech 2002-D, LLC   0.001%
     AMTAX Holdings 273, LLC   99.99%
Potomac Yard Equity Investments, Inc.   Commercial Equity Investments, Inc.   100%
Property Equity Investments, Inc.   Commercial Equity Investments, Inc.   100%
Protech 2000 Corporation   Protech Development Corporation   100%
Protech 2001-A, LLC   Protech Development Corporation   100%
Protech 2001-B, LLC   Protech Development Corporation   100%
Protech 2002-A, LLC   Protech Development Corporation   100%
Protech 2002-B, LLC   Protech Development Corporation   100%
Protech 2002-C, LLC   Protech Development Corporation   100%
Protech 2002-D, LLC   Protech Development Corporation   100%
Protech 2003-A, LLC   Protech Development Corporation   100%
Protech 2003-B (Clinton Towers), LLC   Protech Development Corporation   100%
Protech 2003-B, LLC   Protech Development Corporation   100%
Protech 2003-B (Maple Oak), LLC   Protech Development Corporation   100%
Protech 2003-C, LLC   Protech Development Corporation   100%
Protech 2003-D, LLC   Protech Development Corporation   100%
Protech 2004-A, LLC   Protech Development Corporation   100%
Protech 2004-B, LLC   Protech Development Corporation   100%
Protech 2004-C, LLC   Protech Development Corporation   100%
Protech 2004-D, LLC   Protech Development Corporation   100%
Protech 2005-A, LLC   Protech Development Corporation   100%
Protech 2005-B, LLC   Protech Development Corporation   100%
Protech 2005-C, LLC   Protech Development Corporation   100%
Protech 2005-D, LLC   Protech Development Corporation   100%
Protech 2006-A, LLC   Protech Development Corporation   100%

25

 
 

   
COMPANY   OWNER   PERCENTAGE
Protech 2006-B, LLC   Protech Development Corporation   100%
Protech 2006-C, LLC   Protech Development Corporation   100%
Protech 2006-D, LLC   Protech Development Corporation   100%
Protech Administrative General Partner, LLC   Protech Development Corporation   100%
Protech America I Corporation   Protech Development Corporation   100%
Protech America I, LLC   Protech America I Corporation   100%
Protech Development 2000, LLC   Protech 2000 Corporation   100%
Protech Development Corporation   Capmark Affordable Equity Holdings Inc.   100%
Protech Development I, LLC   Protech Economics, LLC   100%
Protech Economics, LLC   Capmark Affordable Equity Holdings Inc.   100%
Protech Holdings 105, LLC   Protech Development I, LLC   100%
Protech Holdings 107, LLC   Protech Development I, LLC   100%
Protech Holdings 108, LLC   Protech Development I, LLC   100%
Protech Holdings 109, LLC   Protech Development I, LLC   100%
Protech Holdings 110, LLC   Protech Development I, LLC   100%
Protech Holdings 122, LLC   Protech Development I, LLC   100%
Protech Holdings 123, LLC   Protech Development I, LLC   100%
Protech Holdings 127, LLC   Protech Development I, LLC   100%
Protech Holdings 128, LLC   Protech Development I, LLC   100%
Protech Holdings 131, LLC   Protech Development I, LLC   100%
Protech Holdings 132, LLC   Protech Development I, LLC   100%
Protech Holdings 135, LLC   Protech Development I, LLC   100%
Protech Holdings 141, LLC   Protech Development I, LLC   100%
Protech Holdings 142, LLC   Protech Development I, LLC   100%
Protech Holdings 143, LLC   Protech Development I, LLC   100%
Protech Holdings 147, LLC   Protech Development I, LLC   100%
Protech Holdings 158, LLC   Protech Development I, LLC   100%
Protech Holdings 159, LLC   Protech Development Corporation   100%
Protech Holdings 180, LLC   Protech Development I, LLC   100%
Protech Holdings 2001Z, LLC   Protech Development Corporation   100%
Protech Holdings C, LLC   Protech Development I, LLC   100%
Protech Holdings N, LLC   Protech Development I, LLC   100%
Protech Holdings P, LLC   Protech Development Corporation   100%
Protech Holdings R, LLC   Protech Development I, LLC   100%
Protech Holdings W, LLC   Protech Development Corporation   100%
Protech Holdings X, LLC   Capmark Affordable Properties Inc.   100%
Protech Holdings Y, LLC   Protech Development Corporation   100%
RB Protech 147 L.P.   Protech America I Corporation   1%
     Protech Holdings 147, LLC   99%
Riata Property Investors LLC   Select Apartment Properties, LLC   49.75%
     Riata Property Partners, LLC   0.50%
Riata Property Partners LLC   Capmark Investments LP   100%
Rockwall HH, LLC   Capmark REO Holding LLC   100%
Roebuck Center HH LLC   Capmark REO Holding LLC   100%
RS Atlanta LLC   CB Asset Resolution Corporation   100%
San Pedro HH LLC   Capmark REO Holding LLC   100%
Sankyo LLC   Capmark Finance Inc.   100%
SC Littleton HH LLC   Capmark REO Holding LLC   39.75%(2)
Seacrest Investors GP, LLC   Seacrest Investors, LLC   100%
Seacrest Investors, LLC   Seacrest Investors Managing Member, LLC   50%
Seacrest Investors Managing Member, LLC   Commercial Equity Investments, Inc.   99.5%

26

 
 

   
COMPANY   OWNER   PERCENTAGE
     Capmark Investments LP   0.5%
Select Apartment Properties, LLC   Select Equity Investments, Inc.   9.16%(2)
Select Equity Investments, Inc.   Commercial Equity Investments, Inc.   100%
Shimura Leasing GK   Capmark Japan KK   100%
Shimura Property GK   Capmark Japan KK   100%
Shinano Property GK   Pilialoha Ippan Shadan Hojin   100%
Sibley Investments, Y.K.   Summit Crest Ventures, LLC   100%
Silver Cove Limited   Flaming Cove Limited   100%
SJM Cap, LLC   Capmark Financial Group Inc.   100%
Springhill Peabody HH LLC   Capmark Finance Inc.   100%
Structured Products Group CDE LLC   Capmark Capital Inc.   100%
Summit Crest Ventures, LLC   Capmark Finance Inc.   100%
Sutton Place HH LLC   Capmark Finance Inc.   100%
Sydney Investments, Y.K.   Summit Crest Ventures, LLC   100%
Symes HH LLC   Capmark Bank   8.21%(2)
Tallahassee Apartments HH, LLC   Capmark REO Holding LLC   100%
Tax Credit Holdings II, LLC   Capmark Affordable Equity Inc.   44.70%
     Capmark Affordable Equity Holdings Inc.   44.20%
     Capmark Affordable Properties Inc.   6.10%
     Protech Development Corporation   3.20%
     Capmark Capital Inc.   1.80%
Tax Credit Holdings I, LLC   Capmark Capital Inc.   99%
     Capmark Affordable Equity Inc.   1%
TCH I Depositor, LLC   Tax Credit Holdings I, LLC   100%
TCH II Assets, LLC   Tax Credit Holdings II, LLC   100%
TCH II Pledge Pool, LLC   Tax Credit Holdings II, LLC   100%
The Arlington LP   Protech Holdings 158, LLC   0.005%
     AMTAX Holdings 281, LLC   99.98%
     Protech 2004-B, LLC   0.005%
Tokachi Property, GK   Kalaiwaa Property Ippan Shadan Hojin   100%
Towson Commons HH LLC   Capmark REO Holding LLC   100%
Uris Investments, Y.K.   Summit Crest Ventures, LLC   100%
Villa Capri Apartments L.L.C.   Protech 2002-A, LLC   0.01%
     AMTAX Holdings 120, LLC   99.99%
Villagio CAT, LLC   Capmark REO Holding LLC   100%
Villa Toscana CAT, LLC   Commercial Asset Trading LLC   100%
Washiba Property GK   Capmark Japan KK   100%
Whitestone HH LLC   Capmark Finance Inc.   100%
Woodbine Holding Company, LLC   Capmark REO Holding LLC   100%

(1) These entities are not expected to be affiliates immediately following the Effective Date, in accordance with the Plan of Reorganization.
(2) These entities may be deemed to be affiliates of the Applicant due to contractual relationships pursuant to which affiliates of the Applicant may be deemed to control such entities.

Certain directors and officers of the Applicant may be deemed to be “affiliates” of the Applicant solely for purposes of this application by virtue of their positions with the Applicant. See Item 4, “Directors and Executive Officers.” Certain beneficial owners of the Applicant may be deemed to be “affiliates” of the Applicant solely for purposes of this application by virtue of their ownership of voting securities of the Applicant. See Item 5, “Principal Owners of Voting Securities.”

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MANAGEMENT AND CONTROL

4. Directors and Executive Officers.

The following table sets forth the names of, and all offices held by, all executive officers and directors of the Company. The executive officers are expected to continue in office, in accordance with the Plan of Reorganization, immediately following the Effective Date. On the Effective Date, the current directors will be replaced by a new board of directors. The composition of the new board will be consistent with amended and restated Articles of Incorporation and amended and restated bylaws of the Company which will be effective following the Effective Date. The mailing address for each executive officer and director listed below is c/o Capmark Financial Group Inc. and affiliates, 116 Welsh Road, Horsham, PA 19044.

Capmark Financial Group Inc.

 
Name   Position
Baum, Stephen P.   Director
Bechen, Peter F.   Director
Dammerman, Dennis D.   Chairman
Fox, Edward A.   Director
Gross, Bradley J.   Director
Grundhofer, John F.   Director
Hall, William C.   Director
Kendall, Thomas A.   Director
Kruger, Konrad R.   Director
Levine, Jay N.   Director
Neidich, Daniel M.   Director
Nuttall, Scott C.   Director
Olson, Tagar C.   Director
Singh, Rajinder   Director
Ballard, Robert C.   Senior Vice President
Brodzinski, Alyssa J.   Vice President, Assistant Secretary & Associate Counsel
Cage, Richard E.   Senior Vice President
Fairfield, Thomas L.   Chief Operations Officer, Executive Vice President, Secretary, Treasurer & General Counsel
Gallagher, William C.   Chief Executive Officer, President & Chief Risk Officer
Glitz, Donald R.   Vice President
Howell, Rebecca   Vice President & Assistant Secretary
Kim, Elizabeth   Vice President, Assistant Secretary & Associate Counsel
Lauerman, Marisol E.   Vice President, Assistant Secretary & Associate Counsel
Lucerne, John   Vice President
Lydon, Jennifer   Vice President
Sebastian, David   Vice President

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5. Principal owners of voting securities.

The following table sets forth information as to each person known by the Applicant to own 10% or more of the voting securities of the Applicant as of the date of this Application. These entities are not expected to own 10% or more of the voting securities of the Applicant after the Effective Date.

Capmark Financial Group Inc.

     
Name   Title of
Class Owned		   Amount
Owned		   Percentage
of Voting
Securities Owned
GMACCH Investor Group LLC(1)
c/o Kohlberg Kravis Roberts & Co. L.P.
9 West 57th Street
New York, New York 10019		     Common Stock       321,986,610       75.4 % 
GMAC Mortgage Group LLC(2)
200 Renaissance Center, P.O. Box 200
Detroit, Michigan 48265		     Common Stock       90,816,738       21.3 % 

(1) Shares of common stock owned of record by GMACCH Investor Group LLC may be deemed to be beneficially owned by KKR Millennium Fund L.P. KKR Millennium Fund L.P. and FMCP CH Investors LLC, GS Capital Partners V Fund, L.P., GS Capital Partners V Offshore Fund, L.P., GS Capital Partners V GmbH & Co. KG, GS Capital Partners V Institutional, L.P. and Dune Real Estate Parallel Fund LP, affiliates of Five Mile Capital Partners, Goldman, Sachs & Co. and Dune Capital Management LP, respectively, hold all of the voting membership interests in GMACCH Investor LLC. KKR Millennium Fund L.P. is the only person that is deemed to exercise voting or investment power over the shares of common stock that are owned of record by GMACCH Investor LLC. Each of KKR Associates Millennium L.P. (as the general partner of KKR Millennium Fund L.P.); KKR Millennium GP LLC (as the general partner of KKR Associates Millennium L.P.); KKR Fund Holdings L.P. (as the designated member of KKR Millennium GP LLC); KKR Fund Holdings GP Limited (as a general partner of KKR Fund Holdings L.P.); KKR Group Holdings L.P. (as a general partner of KKR Fund Holdings L.P. and the sole shareholder of KKR Fund Holdings GP Limited); KKR Group Limited (as the sole general partner of KKR Group Holdings L.P.); KKR & Co. L.P. (as the sole shareholder of KKR Group Limited) and KKR Management LLC (as the sole general partner of KKR & Co. L.P.) (collectively, the “KKR Affiliates”) may also be deemed to be the beneficial owner of the securities owned of record by GMACCH Investor Group LLC. As the designated members of KKR Management LLC, Henry R. Kravis and George R. Roberts may also be deemed to beneficially own the securities held by KKR Millennium Fund L.P. Messrs. Kravis and Roberts have also been designated as managers of KKR Millennium GP LLC by KKR Fund Holdings L.P. Messrs. Scott C. Nuttall and Tagar C. Olson are directors of the Applicant and are each an executive of Kohlberg Kravis Roberts & Co. L.P. and/or one or more of its affiliates. Each of KKR Millennium Fund L.P., the KKR Affiliates, and Messrs. Kravis, Roberts, Nuttall and Olson disclaim beneficial ownership of any shares of the Company’s common stock that may be deemed to be beneficially owned by KKR Millennium Fund L.P., except to the extent of their pecuniary interest, and each of their addresses is c/o Kohlberg Kravis Roberts & Co. L.P., 9 West 57th Street, New York, New York 10019.
(2) GMAC Mortgage Group LLC is a wholly-owned subsidiary of Ally Financial Inc., therefore, the shares of common stock held by GMAC Mortgage Group LLC may be deemed to be held beneficially by Ally Financial Inc. Mr. William C. Hall is a director of our Company and a director or employee of Ally Financial Inc. or GMAC Mortgage Group LLC. Mr. Hall does not exercise voting or investment power over the shares of common stock that are beneficially owned by Ally Financial Inc. and held of record by GMAC Mortgage Group LLC and therefore does not have beneficial ownership of such shares of our common stock. The address of Ally Financial Inc. is 200 Renaissance Center, P.O. Box 200, Detroit, Michigan 48265 and the address of Mr. Hall is 1185 Avenue of the Americas, 2nd Floor, New York, New York 10036.

29

 
 

UNDERWRITERS

6. Underwriters.

None.

CAPITAL SECURITIES

7. Capitalization.

(a) Set forth below is certain information as to each authorized class of securities of the Applicant as of the date of this Application. None of these securities are expected to be outstanding after the Effective Date.

Capmark Financial Group Inc.

   
Title of Class   Amount Authorized   Amount Outstanding
Common Stock     650,000,000       412,900,918  
Preferred Stock     100,000,000       0  
Floating Rate Senior Notes due 2010   $ 850,000,000     $ 641,712,529 (1) 
5.875% Senior Notes due 2012   $ 1,200,000,000     $ 1,243,333,593 (1) 
6.300% Senior Notes due 2017   $ 500,000,000     $ 519,041,926 (1) 
Floating Rate Trust Preferred Securities   $ 250,000,000     $ 266,359,591 (2) 

(1) These amounts are inclusive of principal, prepetition interest and prepetition fees.
(2) This amount includes principal and interest.
(b) Voting Rights

Each holder of Common Stock of the Applicant is entitled to one vote for each share of common stock held on all matters submitted to a vote of security holders.

INDENTURE SECURITIES

8. Analysis of Indenture Provisions.

The Notes will be issued under the Indenture to be entered into by and among the Company, the Guarantors identified therein and Wilmington Trust, National Association, as trustee and collateral agent. The following is a general description of certain provisions of the Indenture. The description is qualified in its entirety by reference to the form of Indenture filed as Exhibit T3C hereto and incorporated herein by reference. Capitalized terms used in this Item 8 and not defined herein have the meanings assigned to them in the Indenture.

Events of Default; Withholding of Notice.

The following will be Events of Default under the Indenture:

1. a default in the payment of the principal of or premium, if any, on any Note after any such principal or premium becomes due; default in the payment of any interest in respect of any Note if such default continues for 5 days; default in the redemption of principal payable if such default continues for 5 days; or a default in the payment of the REO Property Investment Advance Return if such default continues for 5 days;
2. the failure by the Company, or any Guarantor, to observe or perform any covenant or agreement contained in the Notes, the Notes Guarantees, the Indenture or the Security Documents if such failure continues for 30 days after notice by the Holders of at least 25% in principal amount of the Outstanding Notes of the Controlling Series (except in the case of a default with respect to payments in connection with a Change of Control, which will constitute an Event of Default without such passage of time requirement);

30

 
 

3. the failure by the Company, or any of its Subsidiaries, to perform any term or provision of any evidence of Indebtedness of the Company or such Subsidiary, or any other condition shall occur, and as a result of the occurrence of which default or condition any Indebtedness of the Company or any Subsidiary in an amount in excess of $25,000,000 shall become or be declared to be due and payable, or the Company, or any of its Subsidiaries, shall be obligated to purchase any such Indebtedness of the Issuer or any of its Subsidiaries, in each case, prior to the date on which it would otherwise become due and payable, or any Indebtedness of the Company or any of its Subsidiaries in an amount in excess of $25,000,000 shall not be paid when due at its stated maturity, other than, in the case of a Subsidiary that is not an Obligor or an REO Restricted Subsidiary, Indebtedness that is Non-Recourse Indebtedness;
4. certain events of bankruptcy, insolvency, reorganization, liquidation or receivership involving the Company, any Significant Guarantor or certain other entities, whether through (i) the entry of such events by a court of proper jurisdiction, if undischarged and unstayed for 60 days or (ii) the commencement of such events by the Company, Guarantor or other entity itself;
5. any Notes Guarantee shall cease to be in full force and effect (other than in accordance with the Indenture);
6. (1) a default by the Company or any Guarantor in the performance of the Security Documents which adversely effects the enforceability, validity, perfection or priority of the Collateral Agent’s Lien on the Collateral in any material respect, (2) repudiation or disaffirmation by the Company or any Guarantor of its obligations under the Security Documents or (3) judicial determination that the Security Documents are unenforceable or invalid against the Company or any Guarantor for any reason; or
7. the failure by the Company or any Subsidiary to pay one or more final and non-appealable judgments aggregating in excess of $25,000,000 (except to the extent a reputable and credit worthy insurance company has acknowledged liability in writing for such judgment), which judgments are not paid, discharged or stayed for a period of 60 days, other than a judgment in respect of certain entities which is non-recourse to the assets of any Obligor or any REO Restricted Subsidiary with assets in the aggregate of at least $25,000,000.

If an Event of Default specified above 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% in principal amount of the Outstanding Notes of the Controlling Series may, by written notice to the Company (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 such declaration may be annulled and rescinded by written notice to the Company from the Trustee or the Holders of a majority in principal amount of the Outstanding Notes of the Controlling Series 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.

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.

31

 
 

Holders of not less than a majority in principal amount of the Outstanding Notes of the Controlling Series may, on behalf of the Holders of all the Notes, waive any existing Default and its consequences hereunder, except a Default in the payment of the principal of, premium, if any, on, interest on or other payment in respect of any Note held by a non-consenting Holder; provided that the Holders of a majority in principal amount of the Outstanding Notes of the Controlling Series 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 Company, the Trustee and the Holders shall be restored to their former positions and rights under the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

The Holders of a majority in principal amount of the Outstanding Notes of the Controlling Series 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 the Indenture or that the Trustee determines is unduly prejudicial to the rights of the Holders not taking part in such direction 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.

Except to enforce the right to receive payment of principal, premium, if any, interest or other amount payable in respect of the Notes when due, no Holder may pursue any remedy with respect to the 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 principal amount of the Outstanding Notes of the Controlling Series 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 of the Controlling Series have not given the Trustee a direction inconsistent with such request within such 60-day period.

Authentication and Delivery of New Notes; Use of Proceeds.

The Trustee shall authenticate and make available for delivery upon a written order of the Company signed by one Officer (i) A Notes for original issue on the date as specified in accordance with the following sentence in an aggregate principal amount of $750 million and (ii) B Notes for original issue on the date as specified in accordance with the following sentence in an aggregate principal amount of $500 million. 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 A Notes or B Notes.

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Company 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 Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in the 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.

There will be no proceeds from the issuance of the Notes.

Release and Substitution of Any Property Subject to the Lien of the Indenture.

The Liens created by the Security Documents on the Collateral shall be automatically released, without the need for any further action by any Person, and will no longer secure the Notes or the Notes Guarantees or any other Obligations under the Indenture, and the right of the Holders and holders of such other Obligations to the benefits and proceeds of such Liens will terminate and be discharged:

1. in whole, upon payment in full of the principal of, accrued and unpaid interest, if any, and premium, if any, on, the Notes;
2. upon the release of a Guarantor from its obligations under the Indenture, as to the Collateral owned by such Guarantor;

32

 
 

3. in whole, upon the satisfaction and discharge of the Company’s obligations in accordance with the Indenture;
4. in whole, upon the occurrence of a legal defeasance or a covenant defeasance in accordance with the Indenture;
5. as to any property or assets constituting Collateral that are sold or otherwise disposed of in accordance with the terms of the Indenture; or
6. in whole or in part, pursuant to any amendment or supplement to the Indenture or to the Notes effected in accordance with the Indenture.

In addition, Collateral may be released from the Liens created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents. At the request of the Company for a confirmation, acknowledgement or other documentation requested by the Company to evidence the release of Liens or Collateral in accordance with the Indenture, at the Company’s and Guarantors’ expense, the Trustee shall promptly take all necessary actions to execute and/or deliver such confirmation, acknowledgement or other documentation so requested by the Company. The release of any Collateral from the Lien of the Security Documents or the release, in whole or in part, of the Liens created by the Security Documents, shall not be deemed to impair the Lien on the Collateral in contravention of the provisions of the Indenture if and to the extent the Collateral or Liens are released in accordance with the terms of the applicable Security Documents and the Indenture.

Satisfaction and Discharge of the Indenture.

The 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 the Indenture) as to all Outstanding Notes and the obligations under the Indenture with respect to the Holders of the Notes when:

1. either (x) all the Notes theretofore authenticated under the 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 Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation or (y) all of the Notes that have not been delivered to the Trustee for cancellation under the Indenture have become due and payable by reason of the making of a notice of redemption or otherwise or shall become due and payable within one year, and the Company 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 Company directing the Trustee to apply such funds to the payment thereof to the date of redemption or maturity, as the case may be;
2. the Company has paid or caused to be paid all other sums payable by the Company under the Indenture and the Notes (except for any indemnification obligations thereafter owing to the Trustee); and
3. the Company has delivered to the Trustee an Opinion of Counsel and Officers’ Certificate stating that all conditions precedent under the Indenture relating to the satisfaction and discharge of the Indenture have been complied with.

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Evidence Required to be Furnished by the Company to the Trustee as to Compliance with the
Conditions and Covenants Provided for in the Indenture.

The Company and, to the extent required under the Trust Indenture Act of 1939, each Guarantor, shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company 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 Company is taking or proposes to take with respect thereto. The Company also shall comply with Section 314(a)(4) of the Trust Indenture Act of 1939.

When any Default has occurred and is continuing under the Indenture, the Company 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 Company is taking or proposes to take in respect thereto.

9. Other Obligors.

As described in the form of Indenture filed as Exhibit T3C hereto, certain subsidiaries of the Company are expected to be Guarantors with respect to the Notes. Upon determination of the subsidiaries that will guarantee the Company’s obligations with respect to the notes, this application will be amended to include such subsidiary Guarantors as applicants.

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CONTENTS OF APPLICATION FOR QUALIFICATION

This application for qualification comprises:

(a) Pages numbered 1 to 37, consecutively.
(b) The statement of eligibility and qualification on Form T-1 of the Trustee under the Indenture to be qualified (included as Exhibit 25.1 hereto).
(c) The following exhibits in addition to those filed as part of the Form T-1 statement of eligibility and qualification of the Trustee:

 
Exhibit T3A.1   Amended and Restated Articles of Incorporation for Capmark Financial Group Inc.*
Exhibit T3B.1   Amended and Restated By-laws of Capmark Financial Group Inc.*
Exhibit T3C   Form of Indenture between the Company, Wilmington Trust, National Association, as Trustee and Collateral Agent and the other parties thereto.*
Exhibit T3D   Not Applicable.
Exhibit T3E.1   Second Amended Joint Plan of Capmark Financial Group Inc. and Certain Affiliated Proponent Debtors Under Chapter 11 of the Bankruptcy Code dated July 8, 2011.*
Exhibit T3E.2   Second Amended Disclosure Statement for Joint Plan of Capmark Financial Group Inc. and Certain Affiliated Proponent Debtors Under Chapter 11 of the Bankruptcy Code dated July 8, 2011.*
Exhibit T3F   Cross-reference sheet showing the location in the Indenture of the provisions inserted therein pursuant to Sections 310 through 318(a), inclusive, of the Trust Indenture Act of 1939 (included as part of Exhibit T3C herewith).*
Exhibit 25.1   Statement of eligibility of the Trustee on Form T-1.*

* Filed herewith

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SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Applicant has duly caused this Application to be signed on its behalf by the undersigned., thereunto duly authorized, and its seal to be hereunto affiliated and attested, all in the city of Horsham, and Commonwealth of Pennsylvania, on the 11th day of July, 2011.

(Seal)

 
  CAPMARK FINANCIAL GROUP INC.
    

By:

/s/ William C. Gallagher

Name: William C. Gallagher
Title: Chief Executive Officer, President & Chief Risk Officer

Attest:

By:

/s/ Thomas L. Fairfield

Name: Thomas L. Fairfield
Title: Chief Operations Officer, Executive Vice President, Secretary, Treasurer & General Counsel

     

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EXHIBIT LIST

 
Exhibit T3A.1   Amended and Restated Articles of Incorporation for Capmark Financial Group Inc.*
Exhibit T3B.1   Amended and Restated By-laws of Capmark Financial Group Inc.*
Exhibit T3C   Form of Indenture between the Company, Wilmington Trust, National Association, as Trustee and Collateral Agent and the other parties thereto.*
Exhibit T3D   Not Applicable.
Exhibit T3E.1   Second Amended Joint Plan of Capmark Financial Group Inc. and Certain Affiliated Proponent Debtors Under Chapter 11 of the Bankruptcy Code dated July 8, 2011*
Exhibit T3E.2   Second Amended Disclosure Statement for Joint Plan of Capmark Financial Group Inc. and Certain Affiliated Proponent Debtors Under Chapter 11 of the Bankruptcy Code dated July 8, 2011*
Exhibit T3F   Cross-reference sheet showing the location in the Indenture of the provisions inserted therein pursuant to Sections 310 through 318(a), inclusive, of the Trust Indenture Act of 1939 (included as part of Exhibit T3C herewith).*
Exhibit 25.1   Statement of eligibility of the Trustee on Form T-1.*

* Filed herewith

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