Exhibit 10.1

EXECUTION VERSION

FIRST AMENDMENT TO CREDIT AGREEMENT

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of December 11, 2019, among BGC PARTNERS, INC., a Delaware corporation (the
“Borrower”), 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, the Borrower, 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 becomes a lender in accordance with the Credit Agreement
(together with their successors and assigns, the “Lenders”) and the
Administrative Agent are parties to that certain Credit Agreement dated as of
November 28, 2018 (as amended, restated, supplemented or otherwise modified from
time to time, including as amended by this Amendment, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Lenders amend certain provisions of
the Credit Agreement; and

WHEREAS, the Lenders are willing to so consent and 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 First Amendment
Effective Date, the Credit Agreement is hereby amended as follows:

(a)    The cover page of the Credit Agreement is amended to replace the
reference to “MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED” with “BOFA
SECURITIES, INC.”

(b)    The following definitions are added to Section 1.01 of the Credit
Agreement in the appropriate alphabetical order:

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined
under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

“BofA Securities” means BofA Securities, Inc.

“Covered Entity” means any of the following: (a) a “covered entity” as that term
is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (b) a
“covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b), or (c) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b).

“Covered Party” has the meaning specified in Section 11.20.

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“Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

“Extended Maturity Date” means February 26, 2021; provided, however, that if any
such date is not a Business Day, the Extended Maturity Date shall be the next
preceding Business Day.

“First Amendment” means that certain First Amendment to Credit Agreement, dated
as of the First Amendment Effective Date, among the Borrower, the Lenders
signatory thereto and the Administrative Agent.

“First Amendment Effective Date” means December 11, 2019.

“Non-Extending Lender” means a Lender (as of the First Amendment Effective Date)
that did not execute the First Amendment, including any Eligible Assignee of
such Lender (but only to the extent of the amount of any Commitment or Loans
assigned), unless such Lender or such Eligible Assignee agrees in writing to not
be a Non-Extending Lender.

“Original Maturity Date” means November 28, 2020; provided, however, that if any
such date is not a Business Day, the Original Maturity Date shall be the next
preceding Business Day.

“QFC” has the meaning assigned to the term “qualified financial contract” in,
and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

“QFC Credit Support” has the meaning specified in Section 11.20.

“Supported QFC” has the meaning specified in Section 11.20.

“U.S. Special Resolution Regimes” has the meaning specified in Section 11.20.

(c)    The definition of “MLPFS” in Section 1.01 of the Credit Agreement is
deleted.

(d)    The definition of “Arrangers” in Section 1.01 of the Credit Agreement is
amended to replace the reference to “MLPFS” with “BofA Securities”.

(e)    The definition of “Availability Period” and clause (c) of the definition
of “Indebtedness” in Section 1.01 of the Credit Agreement and Section 2.01(b) of
the Credit Agreement are amended to replace each reference to “the Maturity
Date” with “the Extended Maturity Date”.

(f)    The definition of “Fee Letter” in Section 1.01 of the Credit Agreement is
amended to replace the reference to “MLPFS” with “BofA Securities (as successor
in interest to Merrill Lynch, Pierce, Fenner & Smith Incorporated)”.

(g)    The definition of “Maturity Date” in Section 1.01 of the Credit Agreement
is amended to read as follows:

“Maturity Date” means (a) with respect to each Lender (other than any
Non-Extending Lender), the Extended Maturity Date, and (b) with respect to each
Non-Extending Lender, the Original Maturity Date.

 

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(h)    The last paragraph of Section 2.06 of the Credit Agreement is amended to
read as follows:

Notwithstanding the foregoing, (A) a notice of termination of the Aggregate
Revolving Commitments delivered by the Borrower may state that such notice is
conditioned upon the effectiveness of other credit facilities, in which case
such notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified effective date) if such condition is not
satisfied and (B) if there are any Non-Extending Lenders as of the Original
Maturity Date, (1) the Aggregate Revolving Commitments shall automatically be
reduced on such date on a non-pro rata basis by the amount of Revolving
Commitments of such Non-Extending Lenders and (2) the Revolving Commitments of
such Non-Extending Lenders shall automatically terminate on such date.

(i)    Section 2.07(a) of the Credit Agreement is amended to read as follows:

(a)    The Borrower shall repay to (i) the Non-Extending Lenders, on the
Original Maturity Date, the aggregate principal amount of all Loans and all
other Obligations outstanding owing to the Non-Extending Lenders on such date
and (ii) the Lenders (other than the Non-Extending Lenders), on the Extended
Maturity Date, the aggregate principal amount of all Loans and all other
Obligations outstanding on such date.

(j)    Section 2.13 of the Credit Agreement is amended to add a new paragraph at
the end of such Section to read as follows:

Notwithstanding anything in this Section 2.13 to the contrary, the Lenders agree
that any Non-Extending Lender may be repaid the outstanding Obligations owed to
it on the Original Maturity Date on a non-pro rata basis.

(k)    Article V of the Credit Agreement is amended to add a new Section 5.20 at
the end of such Article to read as follows:

5.20   Covered Entity.

No Loan Party is a Covered Entity.

(l)    Article XI of the Credit Agreement is amended to add a new Section 11.20
at the end of such Article to read as follows:

11.20 Acknowledgement Regarding Any Supported QFCs.

To the extent that the Loan Documents provide support, through a guarantee or
otherwise, for any Swap Contract or any other agreement or instrument that is a
QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit
Support (with the provisions below applicable notwithstanding that the Loan
Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the
United States):

 

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In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC
Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under such U.S. Special Resolution Regime if
the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a
state of the United States. In the event a Covered Party or a BHC Act Affiliate
of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise
apply to such Supported QFC or any QFC Credit Support that may be exercised
against such Covered Party are permitted to be exercised to no greater extent
than such Default Rights could be exercised under such U.S. Special Resolution
Regime if the Supported QFC and the Loan Documents were governed by the laws of
the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any
Covered Party with respect to a Supported QFC or any QFC Credit Support.

2.    Representations and Warranties. The Borrower 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, the Borrower or any Guarantor of this Amendment 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 the Borrower 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 First 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.

 

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

(f)    The Organization Documents of the Borrower have not been amended,
modified or terminated since the Closing Date, remain in full force and effect,
and remain true and correct in the form delivered to the Administrative Agent on
the Closing Date.

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

(a)    Receipt by the Administrative Agent of a copy of this Amendment duly
executed by the Borrower, the Lenders (other than any Non-Extending Lender) and
the Administrative Agent.

(b)    Receipt by the Administrative Agent of (i) such resolutions of the
governing body of the Borrower as the Administrative Agent may require
evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this
Amendment and the other Loan Documents to which the Borrower is a party; and
(ii) such documents and certifications as the Administrative Agent may
reasonably require to evidence that the Borrower is duly organized or formed,
and is validly existing, in good standing and qualified to engage in business in
its state of organization or formation.

(c)    Receipt by the Administrative Agent of a certificate signed by a
Responsible Officer of the Borrower certifying that (i) the conditions specified
in Sections 2(d), 2(e), 3(d) and 3(e) hereto have been satisfied and (ii) there
has been no event or circumstance since December 31, 2018 that has had or would
be reasonably expected to have, either individually or in the aggregate, a
Material Adverse Effect.

(d)    There shall not exist any action, suit, investigation or proceeding
pending or, to the knowledge of the Borrower, threatened in any court or before
an arbitrator or Governmental Authority that could reasonably be expected to
have a Material Adverse Effect.

(e)    All governmental, shareholder and third party consents and approvals
necessary in connection with the transactions contemplated hereby have been
obtained and all such consents and approvals are in force and effect.

(f)    Receipt by the Administrative Agent of a fee for each Lender executing
this Amendment in the amount set forth in that certain fee letter, dated as of
the date hereof, between the Borrower and the Administrative Agent.

(g)    The Borrower shall have paid all reasonable fees, charges and
disbursements of counsel to the Administrative Agent (directly to such counsel
if requested by the Administrative Agent) to the extent invoiced prior to or on
the First Amendment Effective Date, plus such additional amounts of such fees,
charges and disbursements as shall constitute its reasonable estimate of such
fees, charges and disbursements incurred or to be incurred by it through the
closing proceedings (provided that such estimate shall not thereafter preclude a
final settling of accounts between the Borrower and the Administrative Agent).

 

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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 First Amendment Effective Date
specifying its objection thereto.

4.    Miscellaneous.

(a)    Amended Terms. On and after the First 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.

(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. The Borrower 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.

[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.

 

BORROWER:     BGC PARTNERS, INC.,     a Delaware corporation     By:  

/s/ Sean Windeatt

    Name:   Sean Windeatt     Title:   Chief Operating Officer and       Interim
Chief Financial Officer

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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ADMINISTRATIVE       AGENT:     BANK OF AMERICA, N.A.,     as Administrative
Agent     By:  

/s/ Paley Chen

    Name:   Paley Chen     Title:   Vice President

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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LENDERS:     BANK OF AMERICA, N.A.,     as a Lender     By:  

/s/ Sherman M. Wong

    Name:   Sherman M. Wong     Title:   Director

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

By:  

/s/ Wallace Lo

Name:   Wallace Lo Title:   Duly Authorized Signatory

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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CITIBANK, N.A., as a Lender By:  

/s/ Marina Donskaya

Name:   Marina Donskaya Title:   Vice President

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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GOLDMAN SACHS BANK USA, as a Lender By:  

/s/ Annie Carr

Name:   Annie Carr Title:   Authorized Signatory

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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

/s/ Letian Yan

Name:   Letian Yan Title:   Relationship Manager By:  

/s/ Jeffrey Roth

Name:   Jeffrey Roth Title:   Executive Director

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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PNC BANK, NATIONAL ASSOCIATION,

as a Lender By:  

/s/ Alaa Shraim

Name:   Alaa Shraim Title:   Senior Vice President

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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SANTANDER BANK, N.A., as a Lender By:  

/s/ Marko Mandzuka

Name:   Marko Mandzuka Title:   Senior Vice President By:  

/s/ Jorge Saavedra

Name:   Jorge Saavedra Title:   Director

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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REGIONS BANK, as a Lender By:  

/s/ Hichem Kerma

Name:   Hichem Kerma Title:   Director

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By:  

/s/ James Mastroianna

Name:   James Mastroianna Title:   Director

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender

By:  

/s/ Liliana Huerta Correa

Name:   Liliana Huerta Correa Title:   Senior Vice President

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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BMO HARRIS BANK N.A., as a Lender By:  

/s/ Adam Tarr

Name:   Adam Tarr Title:   Director

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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UMB BANK, N.A., as a Lender By:  

/s/ Cory Miller

Name:   Cory Miller Title:   Senior Vice President

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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BANKUNITED, N.A., as a Lender By:  

/s/ George Manchenko

Name:   George Manchenko Title:   SVP

 

FIRST AMENDMENT TO CREDIT AGREEMENT

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STIFEL BANK & TRUST, as a Lender By:  

/s/ John H. Phillips

Name:   John H. Phillips Title:   Executive Vice President

 

FIRST AMENDMENT TO CREDIT AGREEMENT