Exhibit 10.3
WAIVER AND AMENDMENT NO. 4 TO CREDIT AGREEMENT
     This WAIVER AND AMENDMENT NO. 4 (this “Amendment”), dated as of February 9,
2010, to the Credit Agreement, dated as of October 30, 2007 (as heretofore
amended, supplemented or otherwise modified, the “Credit Agreement”), among FA
SUB 3 LIMITED, a British Virgin Islands Business Company (the “Borrower”), GLG
PARTNERS, INC. (formerly known as Freedom Acquisition Holdings, Inc.), a
Delaware corporation (the “Parent”), FA SUB 1 LIMITED, a British Virgin Islands
Business Company (“Holdco I”), FA SUB 2 LIMITED, a British Virgin Islands
Business Company (“Holdco II”, and together with Holdco I, the “Holdcos”, and
together with the Borrower and Parent, the “GLG Parties”), the financial
institutions and other entities from time to time party thereto as lenders (the
“Lenders”) and CITICORP USA, INC. as agent for the Lenders and as agent for the
Secured Parties under the Collateral Documents (in such capacity, the
“Administrative Agent”).
W I T N E S S E T H:
     WHEREAS, the Parent wishes to establish a subsidiary in Hong Kong (the
“Hong Kong Subsidiary”) the Stock of which will be owned by GLG Partners
Services Limited in its capacity as general partner of GLG Partners Services LP
(“GPS LP”) to engage in the business of investment advisory, asset management
and securities trading activities; and
     WHEREAS, the Parent may in the future establish one or more subsidiaries
that will operate in Switzerland, the United Arab Emirates, and the People’s
Republic of China (the “Designated Future Subsidiaries”, and, together with the
Hong Kong Subsidiary, the “Designated New Subsidiaries”) to engage in the
business of investment advisory, asset management and/or securities trading
activities; and
     WHEREAS, the Lenders party to this Amendment (constituting the Requisite
Lenders), the GLG Parties and the Administrative Agent have agreed, subject to
certain limitations and conditions set forth below, to waive and amend certain
provisions of the Credit Agreement in connection with the establishment of the
Designated New Subsidiaries, as more specifically set forth below;
          NOW, THEREFORE, in consideration of the premises and the covenants and
obligations contained herein the parties hereto agree as follows:
     Section 1. Definitions; Rules of Construction
     Except as otherwise expressly provided herein, capitalized terms used
herein shall have the meanings set forth in the Credit Agreement, and the rules
of construction set forth in Sections 1.2 through 1.5 of the Credit Agreement
shall apply to this Amendment.
     Section 2. Waiver and Amendment
     Each Lender party to this Amendment (each, a “Lender Party”):
     (a) waives compliance with Section 8.9 of the Credit Agreement in
connection with any Investment by GPS LP in the Hong Kong Subsidiary;

 

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     (b) waives compliance with Section 8.9 of the Credit Agreement in
connection with any Investment by the Group Member that owns the Stock of a
Designated Future Subsidiary (each, a “Parent Company”) in such Designated
Future Subsidiary;
     (c) waives compliance with Section 8.3 of the Credit Agreement in
connection with equity Investments by GPS LP in the Hong Kong Subsidiary in an
amount not to exceed U.S. $2,500,000 in the aggregate to comply with the paid-up
capital and liquid capital requirements of the Securities and Futures Commission
of Hong Kong;
     (d) waives compliance with Section 8.3 of the Credit Agreement in
connection with equity Investments by each Parent Company in the Designated
Future Subsidiary owned by each Parent Company in an amount not to exceed U.S.
$2,500,000 in the aggregate for each such Designated Future Subsidiary to comply
with any applicable capital requirements imposed on such Designated Future
Subsidiary by any Governmental Authority;
     (e) waives compliance with Sections 8.4 and 8.9 of the Credit Agreement in
connection with any Asset Sale by the Hong Kong Subsidiary to GPS LP of the
Stock of the Hong Kong Subsidiary; and
     (f) waives compliance with Sections 8.4 and 8.9 of the Credit Agreement in
connection with any Asset Sale by each Designated Future Subsidiary to its
Parent Company of the Stock of such Designated Future Subsidiary.
     Section 3. Additional Amendment
     (a) Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended
by inserting the following definitions in its proper alphabetical order therein:
          “Amendment No. 4” means Amendment No. 4 to the Credit Agreement, dated
as of February 9, 2010, among the Administrative Agent, the Borrower, the
Parent, the Holdcos, the Subsidiary Guarantors and the Lenders party thereto.
          “Designated Future Subsidiary” means a Subsidiary of a Group Member
operating in Switzerland, the United Arab Emirates or the People’s Republic of
China and designated by the Borrower as a “Designated Future Subsidiary”
pursuant to Section 8.20(d)(i) (Designated New Subsidiaries); provided, that
there shall be no more than one “Designated Future Subsidiary” in each of
Switzerland, the United Arab Emirates and the People’s Republic of China.
          “Designated New Subsidiary” means each Designated Future Subsidiary
and the Hong Kong Subsidiary.
          “Hong Kong Subsidiary” means GLG Partners Hong Kong Limited, a company
incorporated under the Companies Ordinance of Hong Kong whose company number is
24925.
          “Parent Company” means each Group Member that owns the Stock of a
Designated New Subsidiary.

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     (b) The definition of “Restricted Entity” set forth in Section 1.1.
(Defined Terms) of the Credit Agreement is hereby amended by deleting clause
(b) through to the proviso thereof and replacing it with the following:
     “(b) following the Closing Date, (i) any other Subsidiary of the Parent
acquired or established in connection with a Permitted Acquisition and that is
or becomes regulated by a Governmental Authority in the European Economic Area
(a “Permitted Regulated Entity”), (ii) any other Subsidiary of the Parent that
is established for the purpose of becoming regulated by a Governmental Authority
that has jurisdiction over investment advisory, asset management, securities
trading or similar business activities operating in Hong Kong, Switzerland, the
United Arab Emirates or the People’s Republic of China (together with a
Permitted Regulated Entity, “Regulated Entities”) or (iii) any other Subsidiary
of the Parent that a Governmental Authority having jurisdiction over a Regulated
Entity deems part of a consolidated group for the purposes of the consolidated
supervision on a quantitative basis of one or more such Regulated Entities;”
     (c) Article VIII (Negative Covenants) of the Credit Agreement is hereby
amended by inserting the following as a new Section 8.20:
     Section 8.20 Designated New Subsidiaries
     Notwithstanding anything contained in this Agreement to the contrary:
     (a) The Fair Market Value of Investments made by Group Members in any
Designated New Subsidiary shall not at any time exceed U.S. $2,500,000 in the
aggregate.
     (b) At no time shall any Parent Company cease to be a Loan Party and each
Parent Company shall comply at all times with the requirements of
Section 7.11(c) (Additional Collateral and Guaranties) with respect to the Stock
and Stock Equivalents of each Designated New Subsidiary.
     (c) In the event that either (i) the Hong Kong Subsidiary does not become
regulated by a Governmental Authority overseeing investment advisory, asset
management and/or securities trading activities on or before the date 210 days
after the Hong Kong Subsidiary becomes a Subsidiary of GLG Partners Services LP
(or such later date as the Administrative Agent may agree) or (ii) at any time
following the date that is 210 days after the Hong Kong Subsidiary becomes a
Subsidiary of GLG Partners Services LP (or such later date as the Administrative
Agent may agree), it ceases to be regulated by a Governmental Authority
overseeing investment advisory, asset management and/or securities trading
activities, the Hong Kong Subsidiary shall cease to be deemed a Restricted
Entity and shall be required to fully comply with Section 7.11 (Additional
Collateral and Guaranties).
     (d) Within 30 days (or such later time as may be agreed by the
Administrative Agent) of the formation of any Designated Future Subsidiary, the
GLG Parties shall cause to be delivered to the Administrative Agent: (i) a
certificate of a Responsible Officer of the Borrower designating such Designated
Future Subsidiary a

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“Designated Future Subsidiary”, naming the Governmental Authority by which such
Designated Future Subsidiary is, becomes, or is established for the purpose of
becoming, regulated and stating the aggregate amount of equity Investments that
must be made in such Designated Future Subsidiary by its Parent Company in order
to comply with any applicable capital requirements imposed on such Designated
Future Subsidiary by any Governmental Authority, (ii) a pledge agreement
governed by the law of the jurisdiction in which such Designated Future
Subsidiary was formed, duly executed by the Parent Company of such Designated
Future Subsidiary, with respect to the Stock of such Designated Future
Subsidiary, in form and substance satisfactory to the Administrative Agent,
together with all certificates, instruments and other documents representing
Pledged Stock and undated stock powers (or instruments of transfer, as
applicable), with respect to the same, (iii) legal opinions, in form and
substance satisfactory to the Administrative Agent, of counsel to the Loan
Parties in the jurisdiction of the Designated Future Subsidiary and its Parent
Company, in each case addressed to the Administrative Agent and the Lenders
addressing such matters as the Administrative Agent may reasonably request and
(iv) such other information that the Administrative Agent may request in its
reasonable discretion.
     (e) If a Designated Future Subsidiary does not become regulated by a
Governmental Authority with jurisdiction over investment advisory, asset
management, securities trading or similar business activities operating in
Switzerland, the United Arab Emirates or the People’s Republic of China, as
applicable, on or before the date that is 210 days after the formation of such
Designated Future Subsidiary, subject to extension by the Administrative Agent,
such Designated Future Subsidiary shall (i) be dissolved as promptly as possible
or (ii) cease to be deemed a Restricted Entity pursuant to the definition
thereof (as amended) and shall be required to fully comply with Section 7.11
(Additional Collateral and Guaranties).
     Section 4. Conditions Precedent to Effectiveness
     This Amendment shall become effective when each of the following conditions
precedent shall have been satisfied or duly waived (the “Effective Date”):
     (a) This Amendment shall have been executed and delivered by the GLG
Parties and the Requisite Lenders.
     (b) The representations and warranties set forth in Section 5 hereof shall
be true and correct as of the Effective Date.
     (c) The GLG Parties shall have paid all Obligations due, after giving
effect to this Amendment, on or before the later of the date hereof and the
Effective Date including, without limitation, the fees set forth in Section 6
hereof and all costs and expenses of the Administrative Agent in connection with
the preparation, reproduction, execution and delivery of this Amendment and all
other Loan Documents entered into in connection herewith (including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent with respect thereto and with respect to all other Loan
Documents) and all other costs, expenses and fees due under any Loan Document.

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     (d) The Administrative Agent shall have received: (i) a pledge agreement,
duly executed by GPS LP, with respect to the Stock of the Hong Kong Subsidiary,
in form and substance satisfactory to the Administrative Agent, together with
all certificates, instruments and other documents representing Pledged Stock and
undated stock powers (or instruments of transfer, as applicable), with respect
to the same and (ii) a favorable opinion, in form and substance satisfactory to
the Administrative Agent of counsel to the Loan Parties in the Cayman Islands
and Hong Kong.
     Section 5. Representations and Warranties
     On and as of the Effective Date, after giving effect to this Amendment, the
GLG Parties hereby represent and warrant to the Administrative Agent and each
Lender as follows:
     (a) this Amendment is within the power and authority of and has been duly
authorized, executed and delivered by the GLG Parties;
     (b) each of this Amendment and the Credit Agreement as amended hereby
constitutes the legal, valid and binding obligation of the GLG Parties,
enforceable against the GLG Parties in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law);
     (c) each of the representations and warranties contained in Article IV
(Representations and Warranties) of the Credit Agreement, in the other Loan
Documents or in any certificate, document or financial or other statement
furnished at any time under or in connection therewith are true and correct in
all material respects on and as of the Effective Date, in each case as if made
on and as of the Effective Date, except to the extent that such representations
and warranties specifically relate to a specific date, in which case such
representations and warranties shall be true and correct in all material
respects as of such specific date; provided, however, that references therein to
the “Credit Agreement” shall be deemed to refer to the Credit Agreement as
amended and waived hereby;
     (d) no Default or Event of Default has occurred and is continuing or would
result therefrom;
     (e) no litigation has been commenced against any Loan Party or any of its
Subsidiaries seeking to restrain or enjoin (whether temporarily, preliminarily
or permanently) the performance of any action by any Loan Party required or
contemplated by this Amendment, the Credit Agreement or any other Loan Document,
in each case as amended or waived hereby (if applicable); and
     (f) subject to the approval of a license application, the Hong Kong
Subsidiary will be regulated by the Securities and Futures Commission of Hong
Kong and for this reason cannot be a Loan Party.

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     Section 6. Fees and Expenses
     (a) The GLG Parties agree to pay on demand in accordance with the terms of
Section 11.3 (Costs and Expenses) of the Credit Agreement all reasonable costs
and expenses of the Administrative Agent in connection with the preparation,
execution and delivery of this Amendment and all other Loan Documents entered
into in connection herewith (including, without limitation, the reasonable fees
and out-of-pocket expenses of counsel for the Administrative Agent with respect
thereto and with respect to all other Loan Documents).
     (b) The Borrower agrees to pay to the Administrative Agent, for the account
of each Lender consenting to this Amendment (other than the GLG Affiliate) from
which the Administrative Agent shall have received (by facsimile or otherwise)
an executed copy of this Amendment by 12:00 p.m. (New York time) on January 29,
2010 or such later date as the Administrative Agent and the Borrower may agree
(each, a “Consenting Lender”), a fee equal to 0.02% of such Consenting Lender’s
Commitment currently in effect.
     Section 7. Reference to the Effect on the Loan Documents
     (a) As of the Effective Date, each reference in the Credit Agreement to
“this Amendment,” “hereunder,” “hereof,” “herein,” or words of like import, and
each reference in the other Loan Documents to the Credit Agreement (including,
without limitation, by means of words like “thereunder”, “thereof” and words of
like import), shall mean and be a reference to the Credit Agreement as amended
hereby, and this Amendment and the Credit Agreement shall be read together and
construed as a single instrument.
     (b) Except as expressly amended or waived hereby, all of the terms and
provisions of the Credit Agreement and all other Loan Documents are and shall
remain in full force and effect and are hereby ratified and confirmed.
     (c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of the Lenders, Arranger or the Administrative Agent under any of the
Loan Documents, or constitute an amendment of any other provision of any of the
Loan Documents for any purpose except as expressly set forth herein.
     (d) This Amendment is a Loan Document.
     Section 8. Execution in Counterparts
     This Amendment may be executed in any number of counterparts and by
different parties in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one
and the same agreement. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are attached to the same document. Delivery of an executed counterpart by
telecopy or e-mail shall be effective as delivery of a manually executed
counterpart of this Amendment.

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     Section 9. Consent of Guarantors
     Each Guarantor hereby consents to this Amendment and agrees that the terms
hereof shall not affect in any way its obligations and liabilities under the
Loan Documents (as amended and otherwise expressly modified hereby), all of
which obligations and liabilities shall remain in full force and effect and each
of which is hereby reaffirmed (as amended and otherwise expressly modified
hereby).
     Section 10. Governing Law
     This Amendment shall be governed by and construed in accordance with the
law of the State of New York.
     Section 11. Section Titles
     The section titles contained in this Amendment are and shall be without
substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto, except when used to reference a section.
Any reference to the number of a clause, sub-clause or subsection of any Loan
Document immediately followed by a reference in parenthesis to the title of the
section of such Loan Document containing such clause, sub-clause or subsection
is a reference to such clause, sub-clause or subsection and not to the entire
section; provided, however, that, in case of direct conflict between the
reference to the title and the reference to the number of such section, the
reference to the title shall govern absent manifest error. If any reference to
the number of a section (but not to any clause, sub-clause or subsection
thereof) of any Loan Document is followed immediately by a reference in
parenthesis to the title of a section of any Loan Document, the title reference
shall govern in case of direct conflict absent manifest error.
     Section 12. Notices
     All communications and notices hereunder shall be given as provided in the
Credit Agreement or, as the case may be, the Guaranty.
     Section 13. Severability
     The fact that any term or provision of this Amendment is held invalid,
illegal or unenforceable as to any person in any situation in any jurisdiction
shall not affect the validity, enforceability or legality of the remaining terms
or provisions hereof or the validity, enforceability or legality of such
offending term or provision in any other situation or jurisdiction or as applied
to any person.
     Section 14. Successors
     The terms of this Amendment shall be binding upon, and shall inure to the
benefit of, the parties hereto and their respective successors and assigns.

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     Section 15. Waiver of Jury Trial
     EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION
OR PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT.
[Remainder of page intentionally left blank; signature pages follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their authorized signatories as of the day and year first above
written.

            FA SUB 3 LIMITED, as Borrower
      By:   /s/ Emmanuel Roman         Name:   Emmanuel Roman        Title:  
Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            Guarantors:

GLG PARTNERS, INC., as Parent
      By:   /s/ Alejandro San Miguel         Name:   Alejandro San Miguel       
Title:   General Counsel & Corporate Secretary     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            FA SUB 1 LIMITED, as Holdco 1
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            FA SUB 2 LIMITED, as Holdco 2
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG FA SUB 4 LIMITED, as a Guarantor
      By:   /s/ Victoria Parry         Name:   Victoria Parry        Title:  
Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            MOUNT GARNET LIMITED, as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            KNOX PINES LTD., as a Guarantor
      By:   /s/ Emmanuel Roman         Name:   Emmanuel Roman        Title:  
Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS SERVICES LIMITED,
as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            BETAPOINT CORPORATION,
as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS SERVICES LIMITED,
acting as General Partner of

GLG PARTNERS SERVICES LP,
as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS INTERNATIONAL
(CAYMAN) LIMITED, as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS CORP., as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS SERVICES INTERNATIONAL
LTD., as a Guarantor
      By:   /s/ Leslie J. Schreyer         Name:   Leslie J. Schreyer       
Title:   Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG HOLDINGS INC., as a Guarantor
      By:   /s/ John C. Small         Name:   John C. Small        Title:  
President     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG INC., as a Guarantor
      By:   /s/ John C. Small         Name:   John C. Small        Title:  
President     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS UK HOLDINGS LIMITED,
as a Guarantor
      By:   /s/ Emmanuel Roman         Name:   Emmanuel Roman        Title:  
Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG PARTNERS UK GROUP LIMITED,
as a Guarantor
      By:   /s/ Emmanuel Roman         Name:   Emmanuel Roman        Title:  
Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG FA SUB 5 S.À R.L, as a Guarantor
      By:   /s/ Laurent Heilliger         Name:   Laurent Heilliger       
Title:   Manager     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            CITICORP USA, INC., as Administrative Agent
and Lender
      By:   /s/ Alexander Duka         Name:   Alexander Duka        Title:  
Managing Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            CREDIT AGRICOLE CIB, as Lender
      By:   /s/ Lee Browne         Name:   Lee Browne        Title:   Head of
Client Service Unit              By:   /s/ Glen Barnes         Name:   Glen
Barnes        Title:   Authorized Signatory     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            LEHMAN COMMERCIAL PAPER INC.,
as Lender
      By:   /s/ Ashim Rao         Name:   Ashim Rao        Title:   Vice
President     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            GLG FA SUB 5 S.À R.L, as Lender
      By:   /s/ Laurent Heilliger         Name:   Laurent Heilliger       
Title:   Manager     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]

 

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            THE BANK OF NEW YORK MELLON
(formerly known as The Bank of New York),
as Lender
      By:   /s/ David Aldrich         Name:   David Aldrich        Title:  
Managing Director     

[SIGNATURE PAGE TO GLG WAIVER AND AMENDMENT #4]