Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of November 9, 2018, among BGC PARTNERS, INC., a Delaware corporation (“BGC”),
the Lenders (defined herein) signatory hereto and BANK OF AMERICA, N.A., as
administrative agent (in such capacity, together with its successors in such
capacity, the “Administrative Agent”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement (defined herein).

RECITALS

WHEREAS, BGC, Newmark Group, Inc., a Delaware corporation (“SpinCo”), the
Guarantors from time to time party thereto, each of the Persons identified as a
“Lender” on the signature pages thereto and each other Person that became a
lender in accordance with the Credit Agreement (together with their successors
and assigns, the “Lenders”) and the Administrative Agent previously entered into
that certain Credit Agreement dated as of September 8, 2017 (as amended,
restated, supplemented or otherwise modified prior to the date hereof, the
“Credit Agreement”);

WHEREAS, the Acquisition Term Loan has been repaid in full and therefore,
pursuant to Section 11.01(a)(vi) of the Credit Agreement, SpinCo has
automatically been released as a Loan Party in all respects and BGC has been
released as a Guarantor of the Obligations with respect to the Acquisition Term
Loan;

WHEREAS, BGC has requested that the Lenders amend certain provisions of the
Credit Agreement to, among other things, facilitate the spinoff of SpinCo from
BGC; and

WHEREAS, the Lenders are willing to make such amendments to the Credit
Agreement, in each case, in accordance with and subject to the terms and
conditions set forth herein.

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

1. Amendments to the Credit Agreement. Effective as of the Second Amendment
Effective Date, the Credit Agreement is hereby amended as follows:

 

  (a)

Add the following new definition to Section 1.01 of the Credit Agreement in
proper alphabetical order:

“Newmark Distribution” means the distribution by BGC to its stockholders of all
of the shares of SpinCo’s common stock owned by BGC, such that shares of
SpinCo’s Class A common stock would be distributed to the holders of BGC’s
Class A common stock and shares of SpinCo’s Class B common stock would be
distributed to the holders of BGC’s Class B common stock.

“Newmark Spinoff” means the series of transactions whereby, as a result of the
Newmark Distribution, the majority of SpinCo’s issued and outstanding shares of
common stock will be held by the stockholders of BGC and SpinCo will no longer
be a Subsidiary of BGC.

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  (b)

The definition of “Aggregate Revolving Commitments” is hereby amended to add the
following sentence at the end of such definition:

On the date that is thirty (30) days after the occurrence of the Newmark
Spinoff, the Aggregate Revolving Commitments shall automatically be reduced to
an aggregate amount equal to $300,000,000, and each Lender’s Revolving
Commitment shall be reduced on a pro rata basis as a result of such reduction in
the Aggregate Revolving Commitments.

 

  (c)

Section 6.14 of the Credit Agreement is deleted in its entirety.

 

  (d)

Section 7.03(j) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

(j) Indebtedness of SpinCo and its Subsidiaries (i) pursuant to the Mirror Debt,
(ii) to the extent the proceeds of such Indebtedness are used to pay outstanding
amounts under the Term Loan Facility and (iii) subject to the terms of
Section 2.05(b)(i), to the extent that at the time of (and after giving effect
to) the incurrence of such Indebtedness, the Newmark Leverage Ratio does not
exceed 2.50:1.00;

 

  (e)

Section 7.05(d) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

(d) Dispositions of Equity Interests of SpinCo pursuant to (i) an initial public
offering which may result in SpinCo becoming a less than wholly-owned Subsidiary
of BGC, (ii) the issuance of additional Equity Interests of SpinCo and/or
(iii) the Newmark Distribution; and

 

  (f)

Section 7.06 of the Credit Agreement is hereby amended by inserting as
Section 7.06(d) the following:

“BGC may make the Newmark Distribution.”

 

  (g)

Section 7.11(c) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

(c) Consolidated Net Worth. Consolidated Net Worth at any time to be less than
the sum of (i) (A) with respect to any time prior to the date of the Newmark
Spinoff, $1,400,000,000, (B) with respect to any time from the date of the
Newmark Spinoff to the last date of the first fiscal quarter following the
Newmark Spinoff, $575,000,000 and (C) with respect to any time following the
first fiscal quarter following the Newmark Spinoff, the greater of (x)
$575,000,000 and (y) 75% of the actual Consolidated Net Worth as of the last
date of the first fiscal quarter following the Newmark Spinoff, plus, in each
case (ii) an amount equal to (x) 50% multiplied by (y) the Net Cash Proceeds
received by BGC or its Subsidiaries from the issuance and sale of Equity
Interests of BGC or any of its Subsidiaries after the Closing Date, other than
Equity Issuances pursuant to BGC’s at-the-market controlled equity offering
program (at the market shelf) intended to offset share repurchases, redemptions,
exchanges and other payments in connection with compensation plans or
arrangements or from current or former employees and partners or their estates
or from directors, consultants or charities, in each case consistent with
historic practices.

 

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2. Representations and Warranties. Each Loan Party hereby represents and
warrants to the Administrative Agent and the Lenders that:

(a) It has taken all necessary corporate or other organization action to
authorize the execution, delivery and performance of this Amendment.

(b) This Amendment has been duly executed and delivered by such Person and
constitutes such Person’s legal, valid and binding obligation, enforceable
against such Person in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

(c) No approval, consent, exemption, authorization, or other action by, or
notice to, or filing with, any Governmental Authority or any other Person is
necessary or required in connection with the execution, delivery or performance
by, or enforcement against, BGC of this Agreement or any other Loan Document
other than those that have already been obtained and are in full force and
effect.

(d) After giving effect to this Amendment, the representations and warranties of
BGC and each Guarantor contained in Article V of the Credit Agreement are true
and correct in all material respects (other than those representations and
warranties qualified by materiality or Material Adverse Effect, in which case
they are true and correct in all respects) on and as of the Second Amendment
Effective Date, except to the extent that such representation and warranties
specifically refer to an earlier date, in which case they were true and correct
in all material respects (other than those representations and warranties
qualified by materiality or Material Adverse Effect, in which case they were
true and correct in all respects) as of such earlier date.

(e) After giving effect to this Amendment, no event has occurred and is
continuing which constitutes a Default or an Event of Default.

(f) Except as specifically provided in this Amendment, the Obligations are not
reduced or modified by this Amendment and are not subject to any offsets,
defenses or counterclaims.

3. Second Amendment Effective Date Conditions. This Amendment shall become
effective upon satisfaction or waiver of the following conditions (such date,
the “Second Amendment Effective Date”):

(a) After giving effect to this Amendment, no Event of Default shall exist.

(b) Receipt by the Administrative Agent of a copy of this Amendment duly
executed by BGC, the Required Lenders and the Administrative Agent.

For purposes of determining compliance with the conditions specified in this
Amendment, each Lender that has signed this Amendment shall be deemed to have
consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Second Amendment Effective Date
specifying its objection thereto.

4. Miscellaneous.

(a) Amended Terms. On and after the Second Amendment Effective Date, all
references to the Credit Agreement in each of the Loan Documents shall hereafter
mean the Credit Agreement as amended by all terms of this Amendment. Except as
specifically amended hereby or otherwise agreed, the Credit Agreement is hereby
ratified and confirmed and shall remain in full force and effect according to
its terms.

 

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(b) Loan Document; Entirety; Further Assurances. This Amendment shall constitute
a Loan Document under the terms of the Credit Agreement. This Amendment and the
other Loan Documents embody the entire agreement among the parties hereto and
supersede all prior agreements and understandings, oral or written, if any,
relating to the subject matter hereof. BGC agrees to promptly take such action,
upon the request of the Administrative Agent, as is necessary to carry out the
intent of this Amendment.

(c) Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or other electronic imaging means (e.g., “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this
Amendment.

(d) GOVERNING LAW; Jurisdiction; Waiver of Jury Trial; Etc. THIS AMENDMENT SHALL
BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. The jurisdiction, service of process, waiver of venue
and waiver of jury trial provisions of Sections 11.14 and 11.15 of the Credit
Agreement are hereby incorporated by reference, mutatis mutandis.

(e) Costs and Expenses. BGC shall pay all reasonable and documented out of
pocket expenses incurred by the Administrative Agent and its Affiliates
(including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent) in connection with the preparation, negotiation,
execution, delivery and administration of this Amendment.

[NO FURTHER TEXT ON THIS PAGE]

 

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

 

BGC PARTNERS, INC.,
a Delaware corporation By:  

/s/ Steven McMurray

Name:   Steven McMurray Title:   Chief Financial Officer

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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ADMINISTRATIVE AGENT:     BANK OF AMERICA, N.A.     By:  

/s/ Paley Chen

    Name:   Paley Chen     Title:   Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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LENDERS:     BANK OF AMERICA, N.A.     By:  

/s/ Sherman M Wong

    Name:   Sherman M Wong     Title:   Director

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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CAPITAL ONE, NATIONAL ASSOCIATION By:  

/s/ Wallace Lo

Name:   Wallace Lo Title:   Duly Authorized Signatory

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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CITIBANK, N.A. By:  

/s/ Marina Donskaya

Name:   Marina Donskaya Title:   Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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GOLDMAN SACHS BANK USA By:  

/s/ Jamie Minieri

Name:   Jamie Minieri Title:   Authorized Signatory

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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PNC BANK, NATIONAL ASSOCIATION By:  

/s/ Alaa Shraim

Name:   Alaa Shraim Title:   Senior Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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MIZUHO BANK, LTD. By:  

/s/ Donna DeMagistris

Name:   Donna DeMagistris Title:   Authorized Signatory

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., NEW YORK BRANCH By:  

/s/ Letian Yan

Name:   Letian Yan Title:   Relationship Manager By:  

/s/ Shulin Peng

Name:   Shulin Peng Title:   MD, Head of Financial Institutions

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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ASSOCIATED BANK, NATIONAL ASSOCIATION By:  

/s/ Liliana Huerta Correa

Name:   Liliana Huerta Correa Title:   Senior Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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BANKUNITED, N.A. By:  

/s/ Paul Ferrara

Name:   Paul Ferrara Title:   Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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STIFEL BANK & TRUST By:  

/s/ Jeff Rombach

Name:   Jeff Rombach Title:   Senior Vice President

 

SECOND AMENDMENT TO CREDIT AGREEMENT

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REGIONS BANK By:  

/s/ Hichem Kerma

Name:   Hichem Kerma Title:   Director

 

SECOND AMENDMENT TO CREDIT AGREEMENT