Document:

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                       GUARANTEE AND COLLATERAL AGREEMENT

                                     made by

                        SKILLSOFT PUBLIC LIMITED COMPANY

                              SKILLSOFT CORPORATION

          and certain Subsidiaries of Skillsoft Public Limited Company

                                   in favor of

                       CREDIT SUISSE, as Collateral Agent

                            dated as of May 14, 2007

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                                TABLE OF CONTENTS

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SECTION 1. DEFINED TERMS............................................................    1

   1.01 Definitions.................................................................    1
   1.02 Other Definitional Provisions...............................................   10

SECTION 2. GUARANTEE................................................................   11

   2.01 Guarantee...................................................................   11
   2.02 Rights of Reimbursement, Contribution and Subrogation.......................   12
   2.03 Amendments, etc. with respect to the Borrower Obligations...................   13
   2.04 Guarantee Absolute and Unconditional........................................   14
   2.05 Reinstatement...............................................................   15
   2.06 Payments....................................................................   15

SECTION 3. GRANT OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL........   15

SECTION 4. REPRESENTATIONS AND WARRANTIES...........................................   17

   4.01 Representations in Credit Agreement.........................................   17
   4.02 Title; No Other Liens.......................................................   17
   4.03 Perfected First Priority Liens..............................................   17
   4.04 Name; Jurisdiction of Organization, etc.....................................   18
   4.05 Inventory and Equipment.....................................................   18
   4.06 Farm Products...............................................................   19
   4.07 Investment Property.........................................................   19
   4.08 Receivables.................................................................   20
   4.09 Intellectual Property.......................................................   20
   4.10 Letters of Credit and Letter of Credit Rights...............................   22
   4.11 Commercial Tort Claims......................................................   22
   4.12 Contracts...................................................................   22

SECTION 5. COVENANTS................................................................   23

   5.01 Delivery and Control of Instruments, Chattel Paper, Negotiable Documents,
        Investment Property and Deposit Accounts....................................   23
   5.02 Maintenance of Insurance....................................................   24
   5.03 [Reserved]..................................................................   25
   5.04 Maintenance of Perfected Security Interest; Further Documentation...........   25
   5.05 Changes in Locations, Name, Jurisdiction of Incorporation, etc..............   26
   5.06 Notices.....................................................................   26
   5.07 Investment Property.........................................................   26
   5.08 Receivables.................................................................   28
   5.09 Intellectual Property.......................................................   28
   5.10 Contracts...................................................................   30
   5.11 Commercial Tort Claims......................................................   31
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SECTION 6. REMEDIAL PROVISIONS......................................................   31

   6.01 Certain Matters Relating to Receivables.....................................   31
   6.02 Communications with Obligors; US Grantors Remain Liable.....................   31
   6.03 Pledged Securities..........................................................   32
   6.04 Proceeds to be Turned Over To Collateral Agent..............................   33
   6.05 Application of Proceeds.....................................................   33
   6.06 Code and Other Remedies.....................................................   34
   6.07 Registration Rights.........................................................   35
   6.08 Deficiency..................................................................   36

SECTION 7. THE COLLATERAL AGENT.....................................................   36

   7.01 Collateral Agent's Appointment as Attorney-in-Fact, etc.....................   36
   7.02 Duty of Collateral Agent....................................................   38
   7.03 Filing of Financing Statements..............................................   38
   7.04 Authority of Collateral Agent...............................................   39
   7.05 Appointment of Co-Collateral Agents.........................................   39

SECTION 8. MISCELLANEOUS............................................................   39

   8.01 Amendments in Writing.......................................................   39
   8.02 Notices.....................................................................   39
   8.03 No Waiver by Course of Conduct; Cumulative Remedies.........................   39
   8.04 Enforcement Expenses; Indemnification.......................................   40
   8.05 Successors and Assigns......................................................   40
   8.06 Set-Off.....................................................................   40
   8.07 Counterparts................................................................   41
   8.08 Severability................................................................   41
   8.09 Section Headings............................................................   41
   8.10 Integration.................................................................   41
   8.11 APPLICABLE LAW..............................................................   41
   8.12 Submission to Jurisdiction; Waivers.........................................   41
   8.13 Acknowledgments.............................................................   42
   8.14 Additional Grantors.........................................................   42
   8.15 Releases....................................................................   42
   8.16 WAIVER OF JURY TRIAL........................................................   43
   8.17 Reinstatement...............................................................   43
   8.18 Conflict....................................................................   43
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Exhibits:

Exhibit A Form of Securities Account Control Agreement
Exhibit B Form of Deposit Account Control Agreement
Exhibit C Form of Trademark Security Agreement
Exhibit D Form of Copyright Security Agreement
Exhibit E Form of Patent Security Agreement

Annex:

Annex 1 Form of Assumption Agreement

Schedules:

Schedule 4.03    Filings and Other Actions Required to Perfect
                 Security Interests
Schedule 4.04    Organizational Information
Schedule 4.05(a) Location of Inventory and Equipment
Schedule 4.07(a) Description of Equity Instruments
Schedule 4.07(b) Description of Pledged Debt Instruments
Schedule 4.07(c) Description of Pledged Accounts
Schedule 4.09(a) Intellectual Property
Schedule 4.09(c) Licenses, etc.
Schedule 4.10    Letter of Credit Rights
Schedule 4.11    Commercial Tort Claims
Schedule 4.12(a) Material Contracts
Schedule 8.02    Notice Address of Guarantors
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            GUARANTEE AND COLLATERAL AGREEMENT dated as of May 14, 2007, made by
each of the signatories hereto (together with any other entity that may become a
party hereto as provided herein, the "Grantors"), in favor of Credit Suisse
("CS"), as collateral agent (in such capacity and together with its successors,
the "Collateral Agent") for (i) the banks and other financial institutions or
entities (the "Lenders") from time to time parties to the Credit Agreement dated
as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the "Credit Agreement"), among SkillSoft Public Limited
Company, an Irish public limited company ("Holdings"), SkillSoft Corporation, a
Delaware corporation (the "Borrower"), the Lenders party thereto, CS, as
administrative agent (in such capacity and together with its successors, the
"Administrative Agent") and as Collateral Agent, and (ii) the other Secured
Parties (as hereinafter defined).

                              W I T N E S S E T H:

            WHEREAS, pursuant to the Credit Agreement, the Lenders have
severally agreed to make extensions of credit to the Borrower upon the terms and
subject to the conditions set forth therein;

            WHEREAS, the Borrower is a member of an affiliated group of
companies that includes each other Grantor;

            WHEREAS, the proceeds of the extensions of credit under the Credit
Agreement will be used in part to enable the Borrower to make valuable transfers
to one or more of the other Grantors in connection with the operation of their
respective businesses;

            WHEREAS, the Borrower and the other Grantors are engaged in related
businesses, and each Grantor will derive substantial direct and indirect benefit
from the making of the extensions of credit under the Credit Agreement; and

            WHEREAS, it is a condition precedent to the obligation of the
Lenders to make their respective extensions of credit to the Borrower under the
Credit Agreement that the Grantors shall have executed and delivered this
Agreement to the Collateral Agent for the ratable benefit of the Secured
Parties;

            NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to enter into the Credit Agreement and to induce the Lenders to make
their respective extensions of credit to the Borrower thereunder, each Grantor
hereby agrees with the Collateral Agent, for the ratable benefit of the Secured
Parties, as follows:

SECTION 1. DEFINED TERMS

            1.01 Definitions. (a) Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement, and the following terms are used herein as defined in the
New York UCC (and if defined in more than one Article of the New York UCC, such
terms shall have the meanings given in Article 9 thereof): Accounts, Account
Debtor, As-Extracted Collateral, Certificated Security, Chattel Paper,
Commercial Tort Claim, Commodity Account, Commodity Contract, Commodity
Intermediary, Documents, Deposit Account, Electronic Chattel Paper, Equipment,

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Farm Products, Financial Asset, Fixtures, General Intangibles, Goods,
Instruments, Inventory, Letter of Credit, Letter of Credit Rights, Money,
Payment Intangibles, Securities Account, Securities Intermediary, Security,
Security Entitlement, Supporting Obligations, Tangible Chattel Paper and
Uncertificated Security.

            (b) The following terms shall have the following meanings:

            "Administrative Agent" shall have the meaning assigned to such term
in the preamble.

            "After-Acquired Intellectual Property" shall have the meaning
assigned to such term in Section 5.10(k).

            "Agreement" shall mean this Guarantee and Collateral Agreement, as
the same may be amended, supplemented or otherwise modified from time to time.

            "Borrower" shall have the meaning assigned to such term in the
preamble.

            "Borrower Obligations" shall mean the collective reference to the
unpaid principal of and interest on (including interest accruing after the
maturity of the Loans and reimbursement obligations in respect of amounts drawn
under Letters of Credit and interest accruing after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to any Grantor, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) the Loans and all other
obligations and liabilities of the Grantors to the Arrangers, to any Agent or to
any Lender (or, in case of Specified Hedge Agreements, any Lender or any Agent
or Arranger or any Affiliate of any Lender, Agent or Arranger), whether direct
or indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred, which may arise under, out of, or in connection with the
Credit Agreement, any other Loan Document, the Letters of Credit, any Specified
Hedge Agreement or any other document made, delivered or given in connection
herewith or therewith, whether on account of principal, interest, reimbursement
obligations, guarantee obligations, fees, indemnities, costs, expenses
(including all fees, charges and disbursements of counsel to the Arrangers, to
any Agent or to any Lender that are required to be paid by any Grantor in
accordance with the Credit Agreement or any other Loan Document) or otherwise;
provided, that (i) obligations of Holdings, the Borrower or any other Loan Party
under any Specified Hedge Agreement shall be secured and guaranteed pursuant to
the Security Documents only to the extent that, and for so long as the other
Borrower Obligations are so secured and guaranteed, (ii) any release of
collateral or guarantors effected in the manner permitted by the Credit
Agreement or any other Loan Document shall not require the consent of holders of
obligations under Specified Hedge Agreements (in their capacity as such holders)
and (iii) the amount of secured obligations under any Specified Hedge Agreements
shall not exceed the net amount, including any net termination payments, that
would be required to be paid to the counterparty to such Specified Hedge
Agreement on the date of termination of such Specified Hedge Agreement.

            "Business Day" shall mean any day other than a Saturday, Sunday or
day on which commercial banks in New York City are authorized or required by law
to close.

            "Closing Date" shall mean the date hereof.

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            "Collateral" shall have the meaning assigned to such term in Section
3 and shall include all other property and assets of the Grantors, now owned or
hereafter acquired, upon which a Lien is purported to be created by any Security
Document.

            "Collateral Account" shall mean (i) any collateral account
established by the Collateral Agent as provided in Section 6.01 or 6.04 or (ii)
any cash collateral account established as provided in Section 2.23(j) of the
Credit Agreement.

            "Collateral Account Funds" shall mean, collectively, the following:
all funds and investments (including all cash equivalents) credited to any
Collateral Account and all certificates and instruments from time to time
representing or evidencing such investments; all notes, certificates of deposit,
checks and other instruments from time to time hereafter delivered to or
otherwise possessed by the Collateral Agent for or on behalf of any Grantor in
substitution for, or in addition to, any or all of the Collateral; and all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all of the items constituting Collateral.

            "Collateral Agent" shall have the meaning assigned to such term in
the preamble.

            "Contracts" shall mean all contracts and agreements between any
Grantor and any other person (in each case, whether written or oral, or third
party or intercompany) as the same may be amended, extended, restated,
supplemented or otherwise modified from time to time including (i) all rights of
any Grantor to receive moneys due and to become due to it thereunder or in
connection therewith, (ii) all rights of any Grantor to receive proceeds of any
insurance, indemnity, warranty or guaranty with respect thereto, (iii) all
rights of any Grantor to damages arising thereunder and (iv) all rights of any
Grantor to terminate and to perform and compel performance of, such contracts
and to exercise all remedies thereunder.

            "Copyright Licenses" shall mean any agreement, whether written or
oral, naming any Grantor as licensor or licensee (including those listed in
Schedule 4.09(a) (as such schedule may be amended or supplemented from time to
time)), granting any right in, to or under any Copyright, including the grant of
rights to reproduce, print, publish, copy, import, export, sell, distribute,
perform, publicly display, and make derivative works of any work protected by
copyright.

            "Copyrights" shall mean (i) all copyrights arising under the laws of
the United States, any other country, or union of countries, or any political
subdivision of any of the foregoing, whether registered or unregistered and
whether published or unpublished (including the registered copyrights and
applications listed in Schedule 4.09(a) (as such schedule may be amended or
supplemented from time to time)), all registrations and recordings thereof, and
all applications in connection therewith and rights corresponding thereto
throughout the world, including all registrations, recordings and applications
in the United States Copyright Office, (ii) the right to, and to obtain, all
extensions and renewals thereof, and the right to sue for past, present and
future infringements of any of the foregoing, (iii) all proceeds of the
foregoing, including license, royalties, income, payments, claims, damages, and
proceeds of suit and (iv) all other rights of any kind whatsoever accruing
thereunder or pertaining thereto.

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            "Credit Agreement" shall have the meaning assigned to such term in
the preamble.

            "dollars" or "$" shall mean lawful money of the United States of
America.

            "Excluded Assets" shall mean (i) all leases, licenses, contracts,
property rights or agreements to which any US Grantor is a party or any of its
rights or interests thereunder if and only for so long as the grant of a
security interest therein shall constitute or result in a breach, termination or
default under any such lease, license, contract, property right or agreement
(other than to the extent that any such term would be rendered ineffective
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant
jurisdiction or any other applicable law or principles of equity), provided,
however, that such security interest shall attach immediately to any portion of
such lease, license, contract, property rights or agreement that does not result
in any of the consequences specified above; (ii) all applications to register a
Trademark in the U.S. Patent and Trademark Office based on a Grantor's "intent
to use" such Trademark for which a statement of use has not been filed (but only
until such statement is filed); (iii) all equity interests in Foreign
Subsidiaries that are not a Grantor; (iv) all Equity Interests in Holdings; and
(v) the book debts of the Irish Guarantors, but solely to the extent that a
grant of security over such book debts under this Agreement would be construed
for the purposes of Irish law as constituting a fixed charge over such book
debts that would be subject to section 1001 of the Taxes Consolidation Act 1997
of Ireland, where "book debts" has the meaning given to that term in the
Companies Act 1963 of Ireland. Notwithstanding the foregoing, "Excluded Assets"
shall not include any proceeds, products, substitutions or replacements of
Excluded Assets (unless such proceeds, products, substitutions or replacements
would otherwise constitute Excluded Assets).

            "General Intangibles" shall mean all "general intangibles" as such
term is defined in Article 9 of the New York UCC and, in any event, including
with respect to any Grantor, all rights of such Grantor to receive any tax
refunds, all Hedging Agreements and all contracts, agreements, instruments and
indentures and all licenses, permits, concessions, franchises and authorizations
issued by Governmental Authorities in any form, and portions thereof, to which
such Grantor is a party or under which such Grantor has any right, title or
interest or to which such Grantor or any property of such Grantor is subject, as
the same may from time to time be amended, supplemented, replaced or otherwise
modified, including (i) all rights of such Grantor to receive moneys due and to
become due to it thereunder or in connection therewith, (ii) all rights of such
Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty
with respect thereto, (iii) all rights of such Grantor to damages arising
thereunder and (iv) all rights of such Grantor to terminate and to perform and
compel performance and to exercise all remedies thereunder.

            "Grantors" shall have the meaning assigned to such term in the
preamble.

            "Guarantor Obligations" shall mean with respect to any Guarantor,
all obligations and liabilities of such Guarantor which may arise under or in
connection with this Agreement (including Section 2) or any other Loan Document
or Specified Hedge Agreements to which such Guarantor is a party, in each case
whether on account of guarantee obligations, reimbursement obligations, fees,
indemnities, costs, expenses or otherwise (including all fees and

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disbursements of counsel to any Secured Party that are required to be paid by
such Guarantor pursuant to the terms of this Agreement or any other Loan
Document).

            "Guarantors" shall mean the collective reference to each Grantor
other than the Borrower.

            "Holdings" shall have the meaning assigned to such term in the
preamble.

            "Insurance" shall mean all insurance policies covering any or all of
the Collateral (regardless of whether the Collateral Agent is the loss payee
thereof).

            "Intellectual Property" shall mean the collective reference to all
rights, priorities and privileges relating to any intellectual property, whether
arising under United States, multinational or foreign laws or otherwise,
including the Copyrights, the Copyright Licenses, the Patents, the Patent
Licenses, the Trademarks, the Trademark Licenses, the Trade Secrets and the
Trade Secret Licenses, together with URLs, domain names, content of websites and
databases, and all rights to sue at law or in equity for any past, present and
future infringement or other violation of rights therein, including the right to
receive all proceeds and damages therefrom.

            "Intellectual Property Collateral" shall mean that portion of the
Collateral that constitutes Intellectual Property; but excluding all Excluded
Assets.

            "Investment Property" shall mean the collective reference to (i) all
"investment property" as such term is defined in Section 9-102(a)(49) of the New
York UCC including all Certificated Securities and Uncertificated Securities,
all Security Entitlements, all Securities Accounts, all Commodity Contracts and
all Commodity Accounts, (ii) security entitlements, in the case of any United
States Treasury book-entry securities, as defined in 31 C.F.R. section 357.2,
or, in the case of any United States federal agency book-entry securities, as
defined in the corresponding United States federal regulations governing such
book-entry securities, and (iii) whether or not otherwise constituting
"investment property," all Pledged Notes, all Pledged Equity Interests, all
Pledged Security Entitlements and all Pledged Commodity Contracts; but excluding
all Excluded Assets.

            "Issuers" shall mean the collective reference to each issuer of a
Pledged Security.

            "Lenders" shall have the meaning assigned to such term in the
preamble.

            "Licensed Intellectual Property" shall have the meaning assigned to
such term in Section 4.09(a).

            "Material Contract" shall mean each contract pursuant to which any
Grantor licenses Material Intellectual Property together with any agreement,
contract or license or other arrangement (other than an agreement, contract or
arrangement representing indebtedness for borrowed money) to which any Grantor
is a party that is material to the Grantors and their subsidiaries, taken as a
whole, and for which breach, nonperformance, cancellation or failure to renew
could reasonably be expected to have a Material Adverse Effect.

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            "Material Intellectual Property" shall have the meaning assigned to
such term in Section 4.09(b).

            "New York UCC" shall mean the Uniform Commercial Code as from time
to time in effect in the State of New York.

            "Obligations" shall mean (i) in the case of the Borrower, the
Borrower Obligations, and (ii) in the case of each Guarantor, its Guarantor
Obligations.

            "Owned Intellectual Property" shall have the meaning assigned to
such term in Section 4.09(a).

            "Patent License" shall mean all agreements, whether written or oral,
providing for the grant by or to any Grantor of any right to manufacture, use,
import, export, distribute or sell any invention covered by a Patent, including
any of the foregoing listed in Schedule 4.09(a) (as such schedule may be amended
or supplemented from time to time).

            "Patents" shall mean (i) all letters of patent of the United States,
any other country, union of countries or any political subdivision of any of the
foregoing, all reissues and extensions thereof and all goodwill associated
therewith, including any of the foregoing listed in Schedule 4.09(a) (as such
schedule may be amended or supplemented from time to time), (ii) all
applications for letters of patent of the United States or any other country or
union of countries or any political subdivision of any of the foregoing and all
divisions, continuations and continuations-in-part thereof, all improvements
thereof, including any of the foregoing listed in Schedule 4.09(a) (as such
schedule may be amended or supplemented from time to time), (iii) all rights to,
and to obtain, any reissues or extensions of the foregoing and (iv) all proceeds
of the foregoing, including licenses, royalties, income, payments, claims,
damages and proceeds of suit.

            "Payment in Full of the Obligations" shall have the meaning assigned
to such term in Section 2.01(e).

            "person" shall mean any natural person, institution, sole
proprietorship, unincorporated organization, public benefit corporation,
corporation, trust, business trust, joint venture, joint stock company,
association, company, limited liability company, partnership, Governmental
Authority or other entity.

            "Pledged Alternative Equity Interests" shall mean all interests of
any Grantor in participation or other interests in any equity or profits of any
business entity and the certificates, if any, representing such interests and
all dividends, distributions, cash, warrants, rights, options, instruments,
securities and other property or proceeds from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of such
interests and any other warrant, right or option to acquire any of the
foregoing; provided, however, that Pledged Alternative Equity Interests shall
not include any Pledged Stock, Pledged Partnership Interests, Pledged LLC
Interests or Pledged Trust Interests; but excluding all Excluded Assets.

            "Pledged Borrower Stock" shall mean all of the Equity Interests in
Borrower.

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            "Pledged Collateral" shall mean the collective reference to the
Pledged Commodity Contracts, the Pledged Securities and the Pledged Security
Entitlements in each case held by a US Grantor; but excluding all Excluded
Assets.

            "Pledged Commodity Contracts" shall mean all Commodity Contracts
listed on Schedule 4.07(c) (as such schedule may be amended from time to time)
and all other Commodity Contracts to which any Grantor is party from time to
time in each case held by a US Grantor; but excluding all Excluded Assets.

            "Pledged Debt Securities" shall mean all debt securities now owned
or hereafter acquired by any US Grantor, including the debt securities listed on
Schedule 4.07(b), (as such schedule may be amended or supplemented from time to
time), together with any other certificates, options, rights or security
entitlements of any nature whatsoever in respect of the debt securities of any
person that may be issued or granted to, or held by, any US Grantor while this
Agreement is in effect; but excluding all Excluded Assets.

            "Pledged Equity Interests" shall mean all Pledged Stock, Pledged LLC
Interests, Pledged Partnership Interests, Pledged Trust Interests and Pledged
Alternative Equity Interests in each case held by a US Grantor.

            "Pledged LLC Interests" shall mean all interests of any US Grantor
now owned or hereafter acquired in any limited liability company, including all
limited liability company interests listed on Schedule 4.07(a) hereto under the
heading "Pledged LLC Interests" (as such schedule may be amended or supplemented
from time to time) and the certificates, if any, representing such limited
liability company interests and any interest of such Grantor on the books and
records of such limited liability company and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or
proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such limited liability company
interests and any other warrant, right or option to acquire any of the
foregoing; but excluding all Excluded Assets.

            "Pledged Notes" shall mean all promissory notes now owned or
hereafter acquired by any Grantor, including those listed on Schedule 4.07(b)
(as such schedule may be amended or supplemented from time to time); but
excluding all Excluded Assets.

            "Pledged Partnership Interests" shall mean all interests of any US
Grantor now owned or hereafter acquired in any general partnership, limited
partnership, limited liability partnership or other partnership, including all
partnership interests listed on Schedule 4.07(a) hereto under the heading
"Pledged Partnership Interests" (as such schedule may be amended or supplemented
from time to time) and the certificates, if any, representing such partnership
interests and any interest of such Grantor on the books and records of such
partnership and all dividends, distributions, cash, warrants, rights, options,
instruments, securities and other property or proceeds from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all of such partnership interests and any other warrant, right or option
to acquire any of the foregoing; but excluding all Excluded Assets.

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            "Pledged Securities" shall mean the collective reference to the
Pledged Debt Securities, the Pledged Notes and the Pledged Equity Interests; but
excluding all Excluded Assets.

            "Pledged Security Entitlements" shall mean all Security Entitlements
with respect to the Financial Assets listed on Schedule 4.07(c) (as such
schedule may be amended from time to time) and all other Security Entitlements
of any Grantor; but excluding all Excluded Assets.

            "Pledged Stock" shall mean all shares of capital stock now owned or
hereafter acquired by any US Grantor, including all shares of capital stock
listed on Schedule 4.07(a) hereto under the heading "Pledged Stock" (as such
schedule may be amended or supplemented from time to time), and the
certificates, if any, representing such shares and any interest of such Grantor
in the entries on the books of the issuer of such shares and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such shares and any
other warrant, right or option to acquire any of the foregoing; but excluding
all Excluded Assets.

            "Pledged Trust Interests" shall mean all interests of any US Grantor
now owned or hereafter acquired in a Delaware business trust or other statutory
trust, including all trust interests listed on Schedule 4.07(a) hereto under the
heading "Pledged Trust Interests" (as such schedule may be amended or
supplemented from time to time) and the certificates, if any, representing such
trust interests and any interest of such Grantor on the books and records of
such trust or on the books and records of any securities intermediary pertaining
to such interest and all dividends, distributions, cash, warrants, rights,
options, instruments, securities and other property or proceeds from time to
time received, receivable or otherwise distributed in respect of or in exchange
for any or all of such trust interests and any other warrant, right or option to
acquire any of the foregoing; but excluding all Excluded Assets.

            "Proceeds" shall mean all "proceeds" as such term is defined in
Section 9-102(a)(64) of the New York UCC and, in any event, shall include all
dividends or other income from the Investment Property, collections thereon or
distributions or payments with respect thereto.

            "Qualified Counterparty" shall mean, with respect to any Specified
Hedge Agreement, any counterparty thereto that, at the time such Specified Hedge
Agreement was entered into, was a Lender, an Agent, an Arranger or an Affiliate
of a Lender, an Agent or an Arranger or an Affiliate of a Lender, an Agent or an
Arranger.

            "Receivable" shall mean all Accounts and any other right to payment
for goods or other property sold, leased, licensed or otherwise disposed of or
for services rendered, whether or not such right is evidenced by an Instrument
or Chattel Paper or classified as a Payment Intangible and whether or not it has
been earned by performance. References herein to Receivables shall include any
Supporting Obligation or collateral securing such Receivable.

            "Secured Parties" shall mean, collectively, the Arrangers, the
Administrative Agent, the Collateral Agent, the Syndication Agents, the
Co-Documentation Agents, the

                                        8

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Lenders, Swingline Lender, Issuing Bank and, with respect to any Specified Hedge
Agreement, any Qualified Counterparty that has agreed to be bound by the
provisions of Article VIII of the Credit Agreement as if it were a Lender party
thereto; provided that no Qualified Counterparty shall have any rights in
connection with the management or release of any Collateral or the obligations
of any Guarantor under this Agreement.

            "Securities Act" shall mean the Securities Act of 1933, as amended.

            "Specified Hedge Agreement" shall mean any Hedging Agreement (a)
entered into by (i) Holdings, the Borrower or any of the Subsidiaries and (ii)
any Lender, Agent or Arranger or any Affiliate of any Lender, Agent or Arranger,
or any person that was a Lender, Agent or Arranger or Affiliate of any Lender,
Agent or Arranger when such Hedging Agreement was entered into as counterparty
and (b) which has been designated by such Lender, Agent or Arranger and the
Borrower, by notice to the Collateral Agent not later than 90 days after the
execution and delivery thereof by Holdings, the Borrower or such Subsidiary, as
a Specified Hedge Agreement; provided that the designation of any Hedging
Agreement as a Specified Hedge Agreement shall not create in favor of any
Lender, Agent or Arranger or any Affiliate of any Lender, Agent or Arranger that
is a party thereto any rights in connection with the management or release of
any Collateral or of the obligations of any Guarantor under this Agreement.

            "Subsidiary" shall mean any subsidiary of Holdings.

            "Trademark License" shall mean any written agreement providing for
the grant by or to any Grantor of any right in, to or under any Trademark,
including any of the foregoing referred to in Schedule 4.09(a) (as such schedule
may be amended or supplemented from time to time).

            "Trademarks" shall mean (i) all trademarks, trade names, corporate
names, company names, business names, fictitious business names, trade styles,
service marks, logos, designs and other source or business identifiers, and all
goodwill associated therewith, now existing or hereafter adopted or acquired,
all registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any State thereof or any other
country, union of countries, or any political subdivision of any of the
foregoing, or otherwise, and all common-law rights related thereto, including
any of the foregoing listed in Schedule 4.09(a) (as such schedule may be amended
or supplemented from time to time), (ii) the right to, and to obtain, all
renewals thereof, (iii) the goodwill of the business connected with the use of
and symbolized by the foregoing, (iv) general intangibles of a like nature and
(v) the right to sue for past, present and future infringements or dilution of
any of the foregoing or for any injury to goodwill, and all proceeds of the
foregoing, including royalties, income, payments, claims, damages and proceeds
of suit.

            "Trade Secret License" shall mean any written agreement providing
for the grant by or to any Grantor of any right in, to or under any Trade
Secret.

                                        9

<PAGE>

            "Trade Secrets" shall mean all trade secrets and all other
confidential or proprietary information and know-how (all of the foregoing being
collectively called a "Trade Secret"), reduced to a writing or other tangible
form, including all documents and things embodying, incorporating or describing
such Trade Secret, the right to sue for past, present and future infringements
of any Trade Secret and all proceeds of the foregoing, including royalties,
income, payments, claims, damages and proceeds of suit.

            "Unfunded Advances/Participations" shall mean (a) with respect to
the Administrative Agent, the aggregate amount, if any (i) made available to the
Borrower on the assumption that each Lender has made its portion of the
applicable Borrowing available to the Administrative Agent as contemplated by
the Credit Agreement and (ii) with respect to which a corresponding amount shall
not in fact have been made available to the Administrative Agent by any such
Lender, (b) with respect to the Swingline Lender, the aggregate amount, if any,
of participations in respect of any outstanding Swingline Loan that shall not
have been funded by the Revolving Credit Lenders in accordance the Credit
Agreement and (c) with respect to any Issuing Bank, the aggregate amount, if
any, of participations in respect of any outstanding L/C Disbursement that shall
not have been funded by the Revolving Credit Lenders in accordance with the
Credit Agreement.

            "US Grantors" shall mean each Grantor incorporated, formed or
organized under the laws of any state of the United States of America.

            1.02 Other Definitional Provisions. (a) The words "hereof,"
"herein," "hereto" and "hereunder" and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section and Schedule references are to the
specific provisions of this Agreement unless otherwise specified.

            (b) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

            (c) Where the context requires, terms relating to the Collateral or
any part thereof, when used in relation to a Grantor, shall refer to the
property or assets such Grantor has granted as Collateral or the relevant part
thereof.

            (d) The expressions "payment in full," "paid in full" and any other
similar terms or phrases when used herein or in any other document with respect
to the Borrower Obligations or the Guarantor Obligations shall mean the
unconditional, final and irrevocable payment in full, in immediately available
funds, of all of the Borrower Obligations or the Guarantor Obligations, as the
case may be, in each case, unless otherwise specified, other than
indemnification and other contingent obligations not then due and payable.

            (e) The words "include," "includes" and "including," and words of
similar import, shall not be limiting and shall be deemed to be followed by the
phrase "without limitation."

            (f) All references to the Lenders herein shall, where appropriate,
include any Lender, the Administrative Agent, the Collateral Agent, any
Arranger, any Syndication Agent or

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<PAGE>

the Documentation Agents or, in the case of any Lender, Agent or Arranger, any
Affiliate thereof that is a party to a Specified Hedge Agreement.

SECTION 2. GUARANTEE

            2.01 Guarantee.

            (a) Each of the Guarantors hereby, jointly and severally,
unconditionally and irrevocably, guarantees to the Collateral Agent, for the
ratable benefit of the Secured Parties and their respective successors and
assigns, the prompt and complete payment and performance by the Borrower when
due (whether at the stated maturity, by acceleration or otherwise) of the
Borrower Obligations.

            (b) If and to the extent required in order for the Obligations of
any Guarantor to be enforceable under applicable federal, state and other laws
relating to the insolvency of debtors, the maximum liability of such Guarantor
hereunder shall be limited to the greatest amount which can lawfully be
guaranteed by such Guarantor under such laws, after giving effect to any rights
of contribution, reimbursement and subrogation arising under Section 2.02. Each
Guarantor acknowledges and agrees that, to the extent not prohibited by
applicable law, (i) such Guarantor (as opposed to its creditors, representatives
of creditors, bankruptcy trustee, or other insolvency official or officer
including such Guarantor in its capacity as debtor in possession exercising any
powers of a bankruptcy trustee) has no personal right under such laws to reduce,
or request any judicial relief that has the effect of reducing, the amount of
its liability under this Agreement, (ii) such Guarantor (as opposed to its
creditors, representatives of creditors, bankruptcy trustee, or other insolvency
official or officer including such Guarantor in its capacity as debtor in
possession exercising any powers of a bankruptcy trustee) has no personal right
to enforce the limitation set forth in this Section 2.01(b) or to reduce, or
request judicial relief reducing, the amount of its liability under this
Agreement, and (iii) the limitation set forth in this Section 2.01(b) may be
enforced only to the extent required under such laws in order for the
obligations of such Guarantor under this Agreement to be enforceable under such
laws and only by or for the benefit of a creditor, representative of creditors,
bankruptcy trustee, or other insolvency official or officer of such Guarantor or
other person entitled, under such laws, to enforce the provisions thereof.

            (c) Each Guarantor agrees that the Borrower Obligations may at any
time and from time to time be incurred or permitted in an amount exceeding the
maximum liability of such Guarantor under Section 2.01(b) without impairing the
guarantee contained in this Section 2 or affecting the rights and remedies of
any Secured Party hereunder.

            (d) The guarantee contained in this Section 2 shall remain in full
force and effect until Payment in Full of the Obligations, notwithstanding that
from time to time during the term of the Credit Agreement the Borrower may be
free from any Borrower Obligations.

            (e) No payment made by the Borrower, any of the Guarantors, any
other guarantor or any other person or received or collected by any Secured
Party from the Borrower, any of the Guarantors, any other guarantor or any other
person by virtue of any action or proceeding or any set-off or appropriation or
application at any time or from time to time in

                                       11

<PAGE>

reduction of or in payment of the Borrower Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of any Guarantor
hereunder which shall, notwithstanding any such payment (other than any payment
made by such Guarantor in respect of the Borrower Obligations or any payment
received or collected from such Guarantor in respect of the Borrower
Obligations), remain liable for the Borrower Obligations up to the maximum
liability of such Guarantor hereunder until the Borrower Obligations are paid in
full, no letter of credit shall be outstanding under the Credit Agreement and
all commitments to extend credit under the Credit Agreement shall have been
terminated or have expired (the occurrence of each of the forgoing, the "Payment
in Full of the Obligations").

            2.02 Rights of Reimbursement, Contribution and Subrogation. In case
any payment is made on account of the Obligations by any Grantor or is received
or collected on account of the Obligations from any Grantor or its property:

            (a) If such payment is made by the Borrower or from its property,
then, if and to the extent such payment is made on account of Obligations
arising from or relating to a Loan or other extension of credit made to the
Borrower or a letter of credit issued for the account of the Borrower, the
Borrower shall not be entitled (i) to demand or enforce reimbursement or
contribution in respect of such payment from any other Grantor or (ii) to be
subrogated to any claim, interest, right or remedy of any Secured Party against
any other person, including any other Grantor or its property.

            (b) If such payment is made by a Guarantor or from its property,
such Guarantor shall be entitled, subject to and upon Payment in Full of the
Obligations, (i) to demand and enforce reimbursement for the full amount of such
payment from the Borrower and (ii) to demand and enforce contribution in respect
of such payment from each other Guarantor that has not paid its proportionate
share of such payment, as necessary to ensure that (after giving effect to any
enforcement of reimbursement rights provided hereby) each Guarantor pays its
proportionate share of the unreimbursed portion of such payment. For this
purpose, the proportionate share of each Guarantor as to any unreimbursed
payment shall be determined based on an equitable apportionment of such
unreimbursed payment among all Guarantors based on the relative value of their
assets and any other equitable considerations deemed appropriate by a court of
competent jurisdiction.

            (c) If and whenever (after Payment in Full of the Obligations) any
right of reimbursement or contribution becomes enforceable by any Grantor
against any other Grantor under Sections 2.02(a) and 2.02(b), such Grantor shall
be entitled, subject to and upon Payment in Full of the Obligations, to be
subrogated (equally and ratably with all other Grantors entitled to
reimbursement or contribution from any other Grantor as set forth in this
Section 2.02) to any security interest that may then be held by the Collateral
Agent upon any Collateral granted (i) to it in this Agreement, and (ii) to any
claims, interests, rights or remedies under this Agreement or any other Loan
Document. Such right of subrogation shall be enforceable solely against the
Grantors, and not against the Secured Parties. Neither the Collateral Agent nor
any other Secured Party shall have any duty whatsoever to warrant, ensure or
protect any such right of subrogation or to obtain, perfect, maintain, hold,
enforce or retain any Collateral for any purpose related to any such right of
subrogation. If subrogation is demanded by any Grantor, then (after Payment in
Full of the Obligations) the Collateral Agent shall deliver to the Grantors
making

                                       12

<PAGE>

such demand, or to a representative of such Grantors or of the Grantors
generally, an instrument reasonably satisfactory to the Collateral Agent
transferring, on a quitclaim basis without any recourse, representation,
warranty or obligation whatsoever, whatever security interest and claims,
interests, rights or remedies under this Agreement or any other Loan Document
the Collateral Agent then may hold in whatever Collateral may then exist that
was not previously released or disposed of by the Collateral Agent.

            (d) All rights and claims arising under this Section 2.02 or based
upon or relating to any other right of reimbursement, indemnification,
contribution or subrogation that may at any time arise or exist in favor of any
Grantor as to any payment on account of the Obligations made by it or received
or collected from its property shall be fully subordinated in all respects to
the prior payment in full of all of the Obligations. Until Payment in Full of
the Obligations, no Grantor shall demand or receive any collateral security,
payment or distribution whatsoever (whether in cash, property or securities or
otherwise) on account of any such right or claim. If any such payment or
distribution is made or becomes available to any Grantor in any bankruptcy case
or receivership, insolvency, court protection or liquidation proceeding, such
payment or distribution shall be delivered by the person making such payment or
distribution directly to the Collateral Agent, for application to the payment of
the Obligations. If any such payment or distribution is received by any Grantor,
it shall be held by such Grantor in trust, as trustee of an express trust for
the benefit of the Secured Parties, and shall forthwith be transferred and
delivered by such Grantor to the Collateral Agent, in the exact form received
and, if necessary, duly endorsed.

            (e) The obligations of the Grantors under the Loan Documents,
including their liability for the Obligations and the enforceability of the
security interests granted thereby, are not contingent upon the validity,
legality, enforceability, collectibility or sufficiency of any right of
reimbursement, contribution or subrogation arising under this Section 2.02. The
invalidity, insufficiency, unenforceability or uncollectibility of any such
right shall not in any respect diminish, affect or impair any such obligation or
any other claim, interest, right or remedy at any time held by any Secured Party
against any Guarantor or its property. The Secured Parties make no
representations or warranties in respect of any such right and shall have no
duty to assure, protect, enforce or ensure any such right or otherwise relating
to any such right.

            (f) Each Grantor reserves any and all other rights of reimbursement,
contribution or subrogation at any time available to it as against any other
Grantor, but (i) the exercise and enforcement of such rights shall be subject to
Section 2.02(d) and (ii) neither the Collateral Agent nor any other Secured
Party shall ever have any duty or liability whatsoever in respect of any such
right, except as provided in Section 2.02(c).

            2.03 Amendments, etc. with respect to the Borrower Obligations. Each
Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against any Guarantor and without notice to or further
assent by any Guarantor, any demand for payment of any of the Borrower
Obligations made by any Secured Party may be rescinded by such Secured Party and
any of the Borrower Obligations continued, and the Borrower Obligations, or the
liability of any other person upon or for any part thereof, or any collateral
security or guarantee therefor or right of offset with respect thereto, may,
from time to

                                       13

<PAGE>

time, in whole or in part, be renewed, increased, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by any Secured Party,
and the Credit Agreement and the other Loan Documents and any other documents
executed and delivered in connection therewith may be amended, modified,
supplemented or terminated, in whole or in part, as the parties thereto may deem
advisable from time to time, and any collateral security, guarantee or right of
offset at any time held by any Secured Party for the payment of the Borrower
Obligations may be sold, exchanged, waived, surrendered or released. No Secured
Party shall have any obligation to protect, secure, perfect or insure any Lien
at any time held by it as security for the Borrower Obligations or for the
guarantee contained in this Section 2 or any property subject thereto.

            2.04 Guarantee Absolute and Unconditional. Each Guarantor waives any
and all notice of the creation, renewal, extension or accrual of any of the
Borrower Obligations and notice of or proof of reliance by any Secured Party
upon the guarantee contained in this Section 2 or acceptance of the guarantee
contained in this Section 2; the Borrower Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon the guarantee contained in this
Section 2; and all dealings between the Borrower and any of the Guarantors, on
the one hand, and the Secured Parties, on the other hand, in connection with the
Borrower Obligations, likewise shall be conclusively presumed to have been had
or consummated in reliance upon the guarantee contained in this Section 2.
Except as otherwise specifically provided in this Agreement or any other Loan
Document, each Guarantor waives diligence, presentment, protest, demand for
payment and notice of default or nonpayment to or upon the Borrower or any of
the Guarantors with respect to the Borrower Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 may be
construed as a continuing, absolute and unconditional guarantee of payment and
performance without regard to (a) the validity or enforceability of the Credit
Agreement or any other Loan Document, any of the Borrower Obligations or any
other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by any Secured Party, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance
hereunder) which may at any time be available to or be asserted by the Borrower
or any other person against any Secured Party, or (c) any other circumstance
whatsoever (with or without notice to or knowledge of the Borrower or such
Guarantor) which constitutes, or might be construed to constitute, an equitable
or legal discharge of the Borrower for the Borrower Obligations, or of such
Guarantor under the guarantee contained in this Section 2, in bankruptcy, court
protection, insolvency or in any other instance. When making any demand
hereunder or otherwise pursuing its rights and remedies hereunder against any
Guarantor, any Secured Party may, but shall be under no obligation to, make a
similar demand on or otherwise pursue such rights and remedies as it may have
against the Borrower, any other Guarantor or any other person or against any
collateral security or guarantee for the Borrower Obligations or any right of
offset with respect thereto, and any failure by any Secured Party to make any
such demand, to pursue such other rights or remedies or to collect any payments
from the Borrower, any other Guarantor or any other person or to realize upon
any such collateral security or guarantee or to exercise any such right of
offset, or any release of the Borrower, any other Guarantor or any other person
or any such collateral security, guarantee or right of offset, shall not relieve
any Guarantor of any obligation or liability hereunder, and shall not impair or
affect the rights and remedies, whether express, implied or

                                       14

<PAGE>

available as a matter of law, of any Secured Party against any Guarantor. For
the purposes hereof "demand" shall include the commencement and continuance of
any legal proceedings.

            2.05 Reinstatement. The guarantee contained in this Section 2 shall
continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Borrower Obligations is rescinded or
must otherwise be restored or returned by any Secured Party upon the insolvency,
bankruptcy, dissolution, court protection, liquidation or reorganization of the
Borrower or any Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, the
Borrower or any Guarantor or any substantial part of its property, or otherwise,
all as though such payments had not been made.

            2.06 Payments. Each Guarantor hereby guarantees that payments
hereunder will be paid to the Collateral Agent promptly upon demand by the
Collateral Agent without set-off or counterclaim in Dollars in immediately
available funds at the office of the Collateral Agent as specified in the Credit
Agreement.

SECTION 3. GRANT OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL

            (a) Each Grantor hereby grants to the Collateral Agent, for the
ratable benefit of the Secured Parties, a security interest in all of the
personal property of such Grantor, including the following property, in each
case, wherever located and now owned or at any time hereafter acquired by such
Grantor or in which such Grantor now has or at any time in the future may
acquire any right, title or interest (collectively, the "Collateral"), as
collateral security for the prompt and complete payment and performance when due
(whether at the stated maturity, by acceleration or otherwise) of such Grantor's
Obligations:

                  (i) all Accounts;

                  (ii) all As-Extracted Collateral;

                  (iii) all Chattel Paper;

                  (iv) all Commercial Tort Claims from time to time specifically
      described on Schedule 4.11;

                  (v) all Contracts;

                  (vi) all Deposit Accounts;

                  (vii) all Documents;

                  (viii) all Equipment;

                  (ix) all Fixtures

                  (x) all General Intangibles;

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<PAGE>

                  (xi) all Goods

                  (xii) all Instruments;

                  (xiii) all Insurance;

                  (xiv) all Intellectual Property;

                  (xv) all Inventory;

                  (xvi) all Investment Property;

                  (xvii) all Letters of Credit and all Letter of Credit Rights;

                  (xviii) all Money;

                  (xix) all Securities Accounts;

                  (xx) all Collateral Accounts and all Collateral Account Funds;

                  (xxi) all books, records, ledger cards, files, correspondence,
      customer lists, blueprints, technical specifications, manuals, computer
      software, computer printouts, tapes, disks and other electronic storage
      media and related data processing software and similar items that at any
      time pertain to or evidence or contain information relating to any of the
      Collateral or are otherwise necessary or helpful in the collection thereof
      or realization thereupon; and

                  (xxii) to the extent not otherwise included, all other
      property, whether tangible or intangible, of such Grantor and all
      Proceeds, products, accessions, rents and profits of any and all of the
      foregoing and all collateral security, Supporting Obligations and
      guarantees given by any person with respect to any of the foregoing;

provided that, notwithstanding any other provision set forth herein, this
Agreement (including without limitation, this Section 3) shall not, at any time,
constitute a grant of a security interest in any property that is, at such time,
an Excluded Asset.

            (b) Notwithstanding anything herein to the contrary, (i) each US
Grantor shall remain liable for all obligations under and in respect of the
Collateral and nothing contained herein is intended or shall be a delegation of
duties to the Collateral Agent or any other Secured Party, (ii) each US Grantor
shall remain liable under each of the agreements included in the Collateral,
including any Receivables, any Contracts and any agreements relating to Pledged
Partnership Interests or Pledged LLC Interests, to perform all of the
obligations undertaken by it thereunder all in accordance with and pursuant to
the terms and provisions thereof and applicable law and neither the Collateral
Agent nor any other Secured Party shall have any obligation or liability under
any of such agreements by reason of or arising out of this Agreement or any
other document related hereto nor shall the Collateral Agent nor any other
Secured Party have any obligation to make any inquiry as to the nature or
sufficiency of any payment received by it or have any obligation to take any
action to collect or enforce any rights under any agreement

                                       16

<PAGE>

included in the Collateral, including any agreements relating to any
Receivables, any Contracts or any agreements relating to Pledged Partnership
Interests or Pledged LLC Interests and (iii) the exercise by the Collateral
Agent of any of its rights hereunder shall not release any US Grantor from any
of its duties or obligations under the contracts and agreements included in the
Collateral, including any agreements relating to any Receivables, any Contracts
and any agreements relating to Pledged Partnership Interests or Pledged LLC
Interests, except to the extent such rights are exercised with respect to such
contracts and agreements included in Collateral.

SECTION 4. REPRESENTATIONS AND WARRANTIES

            To induce the Arrangers, the Administrative Agent, the Collateral
Agent, the Syndication Agents, the Documentation Agent, the Lenders and any
other Secured Parties to enter into the Credit Agreement and to induce the
Lenders and any other Secured Parties to make their respective extensions of
credit to the Borrower thereunder, each Grantor hereby represents and warrants
to the Secured Parties that with respect to such Grantor:

            4.01 Representations in Credit Agreement. In the case of such
Grantor (other than Holdings and Borrower), the representations and warranties
set forth in Article III of the Credit Agreement as they relate to such Grantor
or to the Loan Documents to which such Grantor is a party, each of which is
hereby incorporated herein by reference, are true and correct, in all material
respects, except for representations and warranties expressly stated to relate
to a specific earlier date, in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date, and
the Secured Parties shall be entitled to rely on each of them as if they were
fully set forth herein, provided that each reference in each such representation
and warranty to the Borrower's or Holdings' knowledge shall, for the purposes of
this Section 4.01, be deemed to be a reference to such Grantor's knowledge.

            4.02 Title; No Other Liens. Such Grantor owns each item of the
Collateral free and clear of any and all Liens or claims, including Liens
arising as a result of such Grantor becoming bound (as a result of merger or
otherwise) as grantor under a security agreement entered into by another person,
except for Liens expressly permitted by Section 6.02 of the Credit Agreement. No
financing statement, mortgage or other public notice with respect to all or any
part of the Collateral is on file or of record in any public office for
perfection of liens, except such as have been filed in favor of the Collateral
Agent, for the ratable benefit of the Secured Parties, pursuant to this
Agreement or as are expressly permitted by the Credit Agreement.

            4.03 Perfected First Priority Liens. The security interests granted
pursuant to this Agreement (a) upon completion of the filings and other actions
specified on Schedule 4.03 (as such schedule may be amended or supplemented from
time to time with respect to after-acquired property consistent with Section
5.09 of the Credit Agreement) (all of which, in the case of all filings and
other documents referred to on said Schedule, have been delivered to the
Collateral Agent in duly completed and duly executed form, as applicable, except
as otherwise permitted in any post closing or similar agreement which has been
executed by the Collateral Agent) and payment of all filing fees, will
constitute valid fully perfected security interests in substantially all of the
Collateral in favor of the Collateral Agent, for the ratable benefit of the
Secured Parties, granted by such US Grantor as collateral security for such US
Grantor's

                                       17
<PAGE>

Obligations, enforceable in accordance with the terms hereof, except for (x) the
taking of any actions required in connection with After-Acquired Intellectual
Property and (y) as may be required under the laws of any jurisdiction outside
of the United States in order to perfect the Collateral Agent's Lien in the
Collateral granted by such US Grantor which would be perfected by application of
the laws of jurisdictions outside the US and (b) are prior to all other Liens on
the Collateral, except for Liens expressly permitted by Section 6.02 of the
Credit Agreement. Without limiting the foregoing, each US Grantor has taken, to
the extent requested by the Collateral Agent, all actions necessary, including
those specified in Section 5.02 to (i) establish the Collateral Agent's
"control" (within the meanings of Sections 8-106 and 9-106 of the New York UCC)
over any portion of the Investment Property (excluding any payroll or similar
trust accounts) constituting Certificated Securities, Uncertificated Securities,
Securities Accounts, Securities Entitlements or Commodity Accounts having a
value in excess of $100,000 per account or in excess of $250,000 in the
aggregate for all such accounts (each as defined in the New York UCC),(ii)
establish the Collateral Agent's "control" (within the meaning of Section 9-104
of the New York UCC) over all Deposit Accounts (excluding any payroll or similar
trust accounts) having a value in excess of $100,000 per account or in excess of
$250,000 in the aggregate for all such accounts, (iii) to the extent requested
by the Collateral Agent, establish the Collateral Agent's "control" (within the
meaning of Section 9-107 of the New York UCC) over all Letter of Credit Rights
having a value in excess of $100,000 per account or in excess of $250,000 in the
aggregate for all such accounts, (iv) establish the Collateral Agent's control
(within the meaning of Section 9-105 of the New York UCC) over all Electronic
Chattel Paper having a value in excess of $100,000 per account or in excess of
$250,000 in the aggregate for all such accounts and (v) establish the Collateral
Agent's "control" (within the meaning of Section 16 of the Uniform Electronic
Transaction Act as in effect in the applicable jurisdiction "UETA") over all
"transferable records" (as defined in UETA) having a value in excess of $100,000
per account or in excess of $250,000 in the aggregate for all such accounts.

            4.04 Name; Jurisdiction of Organization, etc. On the date hereof,
such Grantor's exact legal name (as indicated on the public record of such
Grantor's jurisdiction of formation or organization), jurisdiction of
organization, organizational identification number, if any, and the location of
such Grantor's chief executive office or sole place of business are specified on
Schedule 4.04. Each US Grantor is organized solely under the law of the
jurisdiction so specified and has not filed any certificates of domestication,
transfer or continuance in any other jurisdiction. Except as specified on
Schedule 4.04, no such US Grantor has changed its name, jurisdiction of
organization, chief executive office or sole place of business or its corporate
structure in any way (e.g., by merger, consolidation, change in corporate form
or otherwise) within the past five years and has not within the last five years
become bound (whether as a result of merger or otherwise) as a grantor under a
security agreement entered into by another person, which has not heretofore been
terminated.

            4.05 Inventory and Equipment. (a) On the date hereof, the Inventory
and the Equipment (other than mobile goods) of a US Grantor that is included in
the Collateral are kept at the locations listed on Schedule 4.05(a).

            (b) None of the Inventory or Equipment that is included in the
Collateral of a US Grantor is in the possession of an issuer of a negotiable
document (as defined in Section 7

                                       18

<PAGE>

-104 of the New York UCC) therefor or is otherwise in the possession of any
bailee or warehouseman.

            4.06 Farm Products. None of the Collateral constitutes, or is the
Proceeds of, Farm Products.

            4.07 Investment Property. (a) Schedule 4.07(a) hereto (as such
schedule may be amended or supplemented from time to time) sets forth under the
headings "Pledged Stock," "Pledged LLC Interests," "Pledged Partnership
Interests" and "Pledged Trust Interests," respectively, all of the Pledged
Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust
Interests owned by any US Grantor in its subsidiaries and such Pledged Equity
Interests constitute the percentage of issued and outstanding shares of stock,
percentage of membership interests, percentage of partnership interests or
percentage of beneficial interest of the respective issuers thereof indicated on
such schedule. Schedule 4.07(b) (as such schedule may be amended or supplemented
from time to time) sets forth under the heading "Pledged Debt Securities" or
"Pledged Notes" all of the Pledged Debt Securities and Pledged Notes owned by
any US Grantor having a value in excess of $100,000. Schedule 4.07(c) hereto (as
such schedule may be amended from time to time) sets forth under the headings
"Securities Accounts," "Commodities Accounts," and "Deposit Accounts"
respectively, all of the Securities Accounts, Commodities Accounts and Deposit
Accounts in which each US Grantor has an interest. The applicable US Grantor
listed on Schedule 4.07(c) hereto is the sole entitlement holder or customer of
each such account, and no US Grantor is otherwise aware of any person having
"control" (within the meanings of Sections 8-106, 9-106 and 9-104 of the New
York UCC) over, or any other interest in, any such Securities Account, Commodity
Account or Deposit Account, in each case in which such US Grantor has an
interest, or any securities, commodities or other property credited thereto.
Schedule 4.07(a) hereto sets forth under the heading "Pledged Borrower Stock"
all of the Equity Interests owned by Holdings in Borrower and the shares of such
Pledged Borrower Stock pledged by Holdings hereunder constitute 100% of the
issued and outstanding shares of stock of Borrower.

            (b) The shares of Pledged Equity Interests pledged by such US
Grantor hereunder constitute all of the issued and outstanding shares of all
classes of Equity Interests in each Issuer owned by such US Grantor.

            (c) All the shares of the Pledged Equity Interests owned by such US
Grantor and listed on Schedule 4.07 hereto have been duly and validly issued and
are fully paid and nonassessable. All the shares of the Pledged Borrower Stock
owned by Holdings and listed on Schedule 4.07 hereto have been duly and validly
issued and are fully paid and nonassessable.

            (d) The terms of any uncertificated Pledged LLC Interests and
Pledged Partnership Interests owned by a US Grantor with respect to any Person
organized within the United States expressly provide that they are securities
governed by Article 8 of the Uniform Commercial Code in effect from time to time
in the "issuer's jurisdiction" of each Issuer thereof (as such term is defined
in the Uniform Commercial Code in effect in such jurisdiction). The terms of any
certificated Pledged LLC Interests and Pledged Partnership Interests expressly
provide that they are securities governed by Article 8 of the New York UCC.

                                       19

<PAGE>

            (e) Such US Grantor is the record and beneficial owner of, and has
good and defeasible title to, the Investment Property and Deposit Accounts
pledged by it hereunder, free of any and all Liens or options in favor of any
other person, except Liens expressly permitted by Section 6.02 of the Credit
Agreement, and there are no outstanding warrants, options or other rights to
purchase, or shareholder, voting trust or similar agreements outstanding with
respect to, or property that is convertible into, or that requires the issuance
or sale of, any Pledged Equity Interests. Holdings is the record and beneficial
owner of, and has good and defeasible title to, the Pledged Borrower Stock
pledged by it hereunder, free of any and all Liens or options in favor of any
other person, except Liens expressly permitted by Section 6.02 of the Credit
Agreement, and there are no outstanding warrants, options or other rights to
purchase, or shareholder, voting trust or similar agreements outstanding with
respect to, or property that is convertible into, or that requires the issuance
or sale of, any Pledged Borrower Stock.

            4.08 Receivables(a) . No amount payable to such US Grantor in excess
of $100,000 under or in connection with any Receivable that is included in the
Collateral of a US Grantor is evidenced by any Instrument or Tangible Chattel
Paper which has not been delivered to the Collateral Agent or constitutes
Electronic Chattel Paper that has not been subjected to the control (within the
meaning of Section 9-105 of the New York UCC) of the Collateral Agent.

            (a) Each Receivable in excess of $100,000 that is included in the
Collateral of a US Grantor (i) to such US Grantor's knowledge, is and will be
the legal, valid and binding obligation of the Account Debtor in respect
thereof, representing an unsatisfied obligation of such Account Debtor, (ii) to
such US Grantor's knowledge, is enforceable in accordance with its terms,
subject to the 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, (iii) is not subject to any setoffs, defenses, taxes, counterclaims
(except with respect to refunds, returns and allowances in the ordinary course
of business) and (iv) is in material compliance with all applicable laws and
regulations.

            4.09 Intellectual Property. (a) Schedule 4.09(a) includes all
Intellectual Property owned by a Grantor which is, as of the Closing Date,
registered with a Governmental Authority or is the subject of an application for
registration and all material unregistered Intellectual Property, in each case
which is owned by such Grantor in its own name, on the date hereof
(collectively, the "Owned Intellectual Property"). Except as set forth in
Schedule 4.09(a), to such Grantor's knowledge, such Grantor is listed as the
owner on Schedule 4.09 is the owner of the entire and unencumbered right, title
and interest in and to all such Owned Intellectual Property and is otherwise
entitled to use, and grant to others the right to use, all such Owned
Intellectual Property subject only to the license terms of the licensing or
franchise agreements referred to in paragraph (c) below. Each Grantor has a
valid and enforceable right to use all material Intellectual Property that it
uses in its business, but does not own (collectively, the "Licensed Intellectual
Property").

            (b) On the date hereof, to such Grantor's knowledge, all Owned
Intellectual Property and all Licensed Intellectual Property, in each case,
which is material to the conduct of such Grantor's business (collectively, the
"Material Intellectual Property") has not been abandoned. To such Grantor's
knowledge, all Material Intellectual Property is valid and

                                       20

<PAGE>

enforceable. To such Grantor's knowledge, neither the operation of such
Grantor's business as currently conducted or as contemplated to be conducted nor
the use of the Material Intellectual Property in connection therewith infringes,
misappropriates, dilutes, misuses or otherwise violates the Intellectual
Property rights of any other person where such infringement, misappropriation,
dilution, misuse or violation could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

            (c) Except as set forth in Schedule 4.09(c), on the date hereof (i)
none of the Material Intellectual Property is the subject of any licensing or
franchise agreement pursuant to which such Grantor is the licensor or franchisor
and (ii) there are no other agreements, obligations, orders or judgments,
covenants not to sue, non-assertion assurances or releases to which any Grantor
is a party which materially and adversely affect the validity or enforceability
or such Grantor's use of any Material Intellectual Property (it being understood
that each Grantor's rights to use any Licensed Intellectual Property are
governed by the terms of the related license agreement). To such Grantor's
knowledge, the rights of each such Grantor in or to the Material Intellectual
Property do not conflict with or infringe upon the rights of any third party,
and no claim has been asserted in writing that the use of such Intellectual
Property does or may infringe upon the rights of any third party, in each
instance, where such conflict or infringement could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

            (d) Except as set forth in Schedule 4.09(c), to such Grantor's
knowledge, no holding, decision or judgment has been rendered by any
Governmental Authority or arbitrator in the United States or outside the United
States which would limit or cancel the validity or enforceability of, or such
Grantor's rights in, any Material Intellectual Property where such limitation or
cancellation could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

            (e) Except as set forth in Schedule 4.09(c) or as could not have,
individually or in the aggregate, a Material Adverse Effect, no action or
proceeding is pending, or, to such Grantor's knowledge, threatened in writing
against any Grantor, on the date hereof (i) seeking to limit or cancel or
question the validity of any Owned Intellectual Property, (ii) alleging that any
services provided by, processes used by, or products manufactured or sold by
such Grantor infringe in any material respect any Intellectual Property rights,
or any other right of any other person, (iii) alleging that any Owned
Intellectual Property or, to such Grantor's knowledge, any Material Intellectual
Property is being licensed, sublicensed or used in violation of any Intellectual
Property right or any other right of any other person, or (iv) which, if
adversely determined, would have, individually or in the aggregate, a Material
Adverse Effect on the value of any Material Intellectual Property. The
consummation of the transactions contemplated by this Agreement, and the other
Loan Documents (including the enforcement of remedies in accordance with the
terms hereof and thereof) will not result in the termination or impairment of
the right to use any of the Material Intellectual Property.

            (f) With respect to each Copyright License, Trademark License, Trade
Secret License and Patent License pertaining to Material Intellectual Property,
the loss of which would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: (i) such license is a valid and binding
obligation of the applicable Grantor and, to such Grantor's

                                       21

<PAGE>

knowledge, the other parties thereto, and is in full force and effect; (ii) such
license will not cease to be valid and binding and in full force and effect, nor
will the grant of such rights and interests herein constitute a breach or
default under such license or otherwise give the licensor or licensee a right to
terminate such license; (iii) no Grantor has received any notice of termination
or cancellation under such license; (iv) no Grantor has received any notice of a
breach or default under such license, which breach or default has not been
cured; (v) no Grantor is in breach or default in any material respect; and (vi)
no Grantor has granted to any other person any rights, adverse or otherwise,
under such license.

            (g) Except as set forth in Schedule 4.09(a), each Grantor has made
all filings and recordations necessary to evidence its ownership interest in its
Material Intellectual Property which is the subject of a registration or
application, including recordation of its interests in the Patents and
Trademarks with the United States Patent and Trademark Office and in
corresponding national and international patent offices, and recordation of any
of its interests in the Copyrights with the United States Copyright Office and
in corresponding national and international copyright offices.

            (h) No Grantor is subject to any settlement or consents, judgment,
injunction, order, decree, covenants not to sue, non-assertion assurances or
releases that would impair the validity or enforceability of, or such Grantor's
rights in, any Material Intellectual Property.

            4.10 Letters of Credit and Letter of Credit Rights. No US Grantor is
a beneficiary or assignee under any Letter of Credit in excess of $250,000 other
than the Letters of Credit described on Schedule 4.10 (as such schedule may be
amended or supplemented from time to time). With respect to any such Letters of
Credit that are by their terms transferable, each US Grantor has requested (or,
in the case of the Letters of Credit that are specified on Schedule 4.10 on the
date hereof, will use commercially reasonable efforts to cause) all issuers and
nominated persons under Letters of Credit in which such US Grantor is the
beneficiary or assignee to consent to the assignment of such Letter of Credit to
the Collateral Agent and has agreed that upon the occurrence of a an Event of
Default it shall cause all payments thereunder to be made to the Collateral
Account. With respect to any such Letters of Credit that are not transferable,
each US Grantor shall obtain (or, in the case of the Letters of Credit that are
specified on Schedule 4.10 on the date hereof, use commercially reasonable
efforts to obtain), upon request of the Collateral Agent, the consent of the
issuer thereof and any nominated person thereon to the assignment of the
proceeds of the released Letter of Credit to the Collateral Agent in accordance
with Section 5-114(c) of the New York UCC.

            4.11 Commercial Tort Claims. No US Grantor has any Commercial Tort
Claims individually or in the aggregate in excess of $1,000,000, except as
specifically described on Schedule 4.11 (as such schedule may be amended or
supplemented from time to time).

            4.12 Contracts. (a) Schedule 4.12(a) sets forth as of the date
hereof all of the Material Contracts in which each US Grantor has any right or
interest. Except as set forth on Schedule 4.12(b), no Material Contract
prohibits assignment or encumbrance by such Grantor or requires or purports to
require consent of, or notice to, any party (other than such Grantor) to any
Material Contract in connection with the execution, delivery and performance of
this Agreement, including the exercise of remedies by the Administrative Agent
or the Collateral Agent with

                                       22

<PAGE>

respect to such Material Contract, except for such consents that have been
obtained and such notices that have been given.

            (b) Each Material Contract is in full force and effect and
constitutes a valid and legally enforceable obligation of the Grantor party
thereto and (to the best of such Grantor's knowledge) each other party thereto,
subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting
creditors' rights generally, general equitable principles (whether considered in
a proceeding in equity or at law) and an implied covenant of good faith and
proportionate dealing.

SECTION 5. COVENANTS

            Each Grantor covenants and agrees with the Secured Parties that,
from and after the date of this Agreement until the Obligations (other than
Obligations in respect of any Specified Hedge Agreement or Letters of Credit)
shall have been paid in full, no letters of credit issued under the Credit
Agreement shall be outstanding and all commitments to extend credit under the
Credit Agreement shall have expired or been terminated:

            5.01 Delivery and Control of Instruments, Chattel Paper, Negotiable
Documents, Investment Property and Deposit Accounts. (a) If any of the
Collateral of a US Grantor is or shall become evidenced or represented by any
Instrument, Certificated Security, Negotiable Document or Tangible Chattel
Paper, then such Instrument (other than checks received in the ordinary course
of business), Certificated Security, Negotiable Documents or Tangible Chattel
Paper having a value in excess of $250,000 shall be immediately delivered to the
Collateral Agent, duly endorsed in a manner reasonably satisfactory to the
Collateral Agent, to be held as Collateral pursuant to this Agreement.

            (b) If any of the Collateral of a US Grantor is or shall become
"Electronic Chattel Paper" such US Grantor shall ensure that (i) a single
authoritative copy exists which is unique, identifiable, unalterable (except as
provided in clauses (iii), (iv) and (v) of this paragraph), (ii) for such
Electronic Chattel Paper having a value in excess of $250,000, upon the request
of the Collateral Agent, such authoritative copy will identify the Collateral
Agent as the assignee and is communicated to and maintained by the Collateral
Agent or its designee, (iii) copies or revisions that add or change the assignee
of the authoritative copy can only be made with the participation of the
Collateral Agent, (iv) each copy of the authoritative copy and any copy of a
copy is readily identifiable as a copy and not the authoritative copy and (v)
any revision of the authoritative copy is readily identifiable as an authorized
or unauthorized revision.

            (c) If any Collateral of a US Grantor is or shall become evidenced
or represented by an Uncertificated Security, such US Grantor shall, if such
Uncertificated Security has a value in excess of $500,000, cause the Issuer
thereof either (i) to register the Collateral Agent as the registered owner of
such Uncertificated Security, upon original issue or registration of transfer or
(ii) to agree in writing with such US Grantor and the Collateral Agent that such
Issuer will comply with instructions with respect to such Uncertificated
Security originated by the Collateral Agent without further consent of such US
Grantor, such agreement to be in substantially the form of Exhibit A.

                                       23

<PAGE>

            (d) Each US Grantor shall maintain Securities Entitlements,
Securities Accounts and Deposit Accounts with values in excess of $100,000 in
each individual account, or $500,000 in the aggregate, only with financial
institutions that have, to the extent required by the Collateral Agent, agreed
to comply with entitlement orders and instructions issued or originated by the
Collateral Agent without further consent of such US Grantor, such agreement to
be substantially in the form of Exhibit A or B or such other form as shall be
reasonably acceptable to the Collateral Agent. Each non-US Grantor maintaining
such Securities Entitlements, Securities Accounts and Deposit Accounts in excess
of such values within the United States shall only maintain them with financial
institutions that have, to the extent required by the Collateral Agent, agreed
to comply with entitlement orders and instructions issued or originated by the
Collateral Agent without further consent of such non-US Grantor, such agreement
to be substantially in the form of Exhibit A or B or such other form as shall be
reasonably acceptable to the Collateral Agent.

            (e) If any of the Collateral of a US Grantor is or shall become
evidenced or represented by a Commodity Contract, such US Grantor shall, if such
Commodity Contract has a value in excess of $1,000,000, cause the Commodity
Intermediary with respect to such Commodity Contract to agree in writing with
such US Grantor and the Collateral Agent that such Commodity Intermediary will
apply any value distributed on account of such Commodity Contract as directed by
the Collateral Agent without further consent of such US Grantor, such agreement
shall be in a form reasonably acceptable to the Collateral Agent.

            (f) In addition to and not in lieu of the foregoing, if any Issuer
of any Investment Property is organized under the law of, or has its chief
executive office in, a jurisdiction outside of the United States, each US
Grantor shall, if such Investment Property constitutes Collateral having a value
in excess of $500,000, take such additional actions, including using reasonable
efforts to cause the issuer to register the pledge on its books and records, as
may be necessary or advisable or as may be reasonably requested by the
Collateral Agent, under the laws of such jurisdiction to insure the validity,
perfection and priority of the security interest of the Collateral Agent.

            (g) In the case of any transferable Letters of Credit Rights in
excess of $500,000 individually, each US Grantor shall use commercially
reasonable efforts to obtain, upon request, the consent of any issuer thereof to
the transfer of such Letter of Credit Rights to the Collateral Agent. In the
case of any other Letter of Credit Rights in excess of $500,000 individually,
the applicable US Grantor shall use commercially reasonable efforts to obtain,
upon request, the consent of the issuer thereof and any nominated person thereon
to the assignment of the proceeds of the related Letter of Credit in accordance
with Section 5-114(c) of the New York UCC.

            5.02 Maintenance of Insurance. (a) Such US Grantor will maintain,
with financially sound and reputable insurance companies, insurance on all its
property (including all Inventory, Equipment and Vehicles) in at least such
amounts and against at least such risks as are usually insured against by
companies engaged in the same or a similar business; and furnish to the
Collateral Agent, upon written request, full information as to the insurance
carried; provided that in any event such US Grantor will maintain, to the extent
obtainable on commercially reasonable terms, (i) property and casualty insurance
on all real and personal property on an all

                                       24
<PAGE>

risks basis (including the perils of flood and quake and loss by fire, explosion
and theft), covering the repair or replacement cost of all such property and
consequential loss coverage for business interruption and extra expense (which
shall include construction expenses and such other business interruption
expenses as are otherwise generally available to similar businesses), and (ii)
public liability insurance. All such insurance with respect to such Grantor
shall be provided by insurers or reinsurers which (x) in the case of United
States insurers and reinsurers, have an A.M. Best policyholders rating of not
less than A- with respect to primary insurance and B+ with respect to excess
insurance and (y) in the case of non-United States insurers or reinsurers, the
providers of at least 80% of such insurance have either an ISI policyholders
rating of not less than A, an A.M. Best policyholders rating of not less than A-
or a surplus of not less than $500,000,000 with respect to primary insurance,
and an ISI policyholders rating of not less than BBB with respect to excess
insurance, or, if the relevant insurance is not available from such insurers,
such other insurers as the Collateral Agent may approve in writing. All
insurance shall (i) provide that no cancellation, material reduction in amount
or material change in coverage thereof shall be effective until at least 30 days
after notice to the Collateral Agent thereof, or 30 days after notice to the
Collateral Agent of cancellation due to failure to pay, and (ii) be reasonably
satisfactory in all other respects to the Collateral Agent.

            (b) Such US Grantor will deliver to the Collateral Agent on behalf
of the Secured Parties, (i) on the Closing Date, a certificate dated on or about
such date showing the amount and types of insurance coverage as of such date,
(ii) promptly following receipt of notice from any insurer, a copy of any notice
of cancellation or material change in coverage from that existing on the Closing
Date, (iii) forthwith, notice of any cancellation or nonrenewal of coverage by
such Grantor and (iv) promptly after such information is available to such US
Grantor, full information as to any claim for an amount in excess of $250,000
with respect to any property and casualty insurance policy maintained by such
Grantor. Each Secured Party shall be named as additional insured on all such
liability insurance policies of such Grantor and the Collateral Agent shall be
named as loss payee on all property and casualty insurance policies of such
Grantor.

            (c) Upon the request of the Collateral Agent, the Borrower shall
deliver to the Secured Parties a report of a reputable insurance broker with
respect to such insurance and such supplemental reports with respect thereto as
the Collateral Agent may from time to time reasonably request.

            5.03 [Reserved].

            5.04 Maintenance of Perfected Security Interest; Further
Documentation. (a) Such US Grantor shall maintain each of the security interests
created by this Agreement as a perfected security interest, consistent with the
provisions of this Agreement, having at least the priority described in Section
4.03 and shall use commercially reasonable efforts to defend such security
interest against the claims and demands of all persons whomsoever, subject to
the provisions of Section 8.15.

            (b) Such US Grantor shall furnish to the Secured Parties from time
to time statements and schedules further identifying and describing the
Collateral and such other reports

                                       25

<PAGE>

in connection with the assets and property of such US Grantor as the Collateral
Agent may reasonably request, all in reasonable detail.

            (c) At any time and from time to time, upon the written request of
the Collateral Agent, and at the sole expense of such US Grantor, such US
Grantor shall promptly and duly authorize, execute and deliver, and have
recorded, such further instruments and documents and take such further actions
as the Collateral Agent may reasonably request for the purpose of obtaining or
preserving the full benefits of this Agreement and the other Security Documents
and of the rights and powers herein and therein granted, including, the filing
of any financing or continuation statements under the Uniform Commercial Code
(or other similar laws) in effect in any jurisdiction with respect to the
security interests created hereby and in the case of Investment Property,
Deposit Accounts and any other relevant Collateral, taking any actions necessary
to enable the Collateral Agent to obtain "control" (within the meaning of the
applicable Uniform Commercial Code) with respect thereto, including without
limitation, executing and delivering and using commercially reasonable efforts
to cause the relevant depositary bank or securities intermediary to execute and
deliver a Control Agreement in the form attached hereto as Exhibit B or such
other form reasonably acceptable to the Collateral Agent.

            5.05 Changes in Locations, Name, Jurisdiction of Incorporation, etc.
Such US Grantor shall not, except upon 30 days' prior written notice to the
Collateral Agent and delivery to the Collateral Agent of duly authorized and,
where required, executed copies of all additional financing statements and other
documents reasonably requested by the Collateral Agent to maintain the validity,
perfection and priority of the security interests provided for herein:

            (i) change its legal name or jurisdiction of organization from that
      referred to in Section 4.04;

            (ii) change its identity or structure to such an extent that any
      financing statement filed by the Collateral Agent in connection with this
      Agreement would become misleading; or

            (iii) change the address of its chief executive office to such an
      extent that any financing statement filed by the Collateral Agent in
      connection with this Agreement would become incorrect.

            5.06 Notices. Such US Grantor shall advise the Collateral Agent
promptly, in reasonable detail, of:

            (a) any Lien (other than any Lien expressly permitted by Section
6.02 of the Credit Agreement) on any of the Collateral; and

            (b) of the occurrence of any other event which could reasonably be
expected to have a Material Adverse Effect.

            5.07 Investment Property. (a) If such US Grantor shall become
entitled to receive or shall receive any stock or other ownership certificate
(including any certificate representing a stock dividend or a distribution in
connection with any reclassification, increase or

                                       26

<PAGE>

reduction of capital or any certificate issued in connection with any
reorganization), option or rights in respect of the Equity Interests in any
Issuer, whether in addition to, in substitution of, as a conversion of, or in
exchange for, any shares of or other ownership interests in the Pledged
Securities, or otherwise in respect thereof, such US Grantor shall, to the
extent such items would constitute Collateral, accept the same as the agent of
the Secured Parties, hold the same in trust for the Secured Parties and, if the
value exceeds $100,000 deliver the same forthwith to the Collateral Agent in the
exact form received, duly endorsed by such US Grantor to the Collateral Agent,
if required, together with an undated stock power or similar instrument of
transfer covering such certificate duly executed in blank by such US Grantor, to
be held by the Collateral Agent, subject to the terms hereof, as additional
collateral security for the Obligations. While an Event of Default is
continuing, any sums paid upon or in respect of the Pledged Securities upon the
liquidation or dissolution of any Issuer of Pledged Securities shall be paid
over to the Collateral Agent to be held by it hereunder as additional collateral
security for the Obligations, and in case any distribution of capital shall be
made on or in respect of the Pledged Securities or any property shall be
distributed upon or with respect to the Pledged Securities pursuant to the
recapitalization or reclassification of the capital of any Issuer or pursuant to
the reorganization thereof, the property so distributed shall, unless otherwise
subject to a perfected security interest in favor of the Collateral Agent, be
delivered to the Collateral Agent to be held by it hereunder as additional
collateral security for the Obligations. While an Event of Default is
continuing, unless otherwise permitted by the Credit Agreement, if any sums of
money or property so paid or distributed in respect of the Pledged Securities
shall be received by such US Grantor, such US Grantor shall, until such money or
property is paid or delivered to the Collateral Agent, hold such money or
property in trust for the Secured Parties, segregated from other funds of such
US Grantor, as additional collateral security for the Obligations. If Holdings
shall become entitled to receive or shall receive any stock or other ownership
certificate (including any certificate representing a stock dividend or a
distribution in connection with any reclassification, increase or reduction of
capital or any certificate issued in connection with any reorganization), option
or rights in respect of the Equity Interests in Borrower, whether in addition
to, in substitution of, as a conversion of, or in exchange for, any shares of or
other ownership interests in the Pledged Borrower Stock, or otherwise in respect
thereof, Holdings shall accept the same as the agent of the Secured Parties,
hold the same in trust for the Secured Parties and deliver the same forthwith to
the Collateral Agent in the exact form received, duly endorsed by Holdings to
the Collateral Agent, if required, together with an undated stock power or
similar instrument of transfer covering such certificate duly executed in blank
by Holdings, to be held by the Collateral Agent, subject to the terms hereof, as
additional collateral security for the Obligations. While an Event of Default is
continuing, any sums paid upon or in respect of the Pledged Borrower Stock upon
the liquidation or dissolution of Borrower shall be paid over to the Collateral
Agent to be held by it hereunder as additional collateral security for the
Obligations, and in case any distribution of capital shall be made on or in
respect of the Pledged Borrower Stock or any property shall be distributed upon
or with respect to the Pledged Borrower Stock pursuant to the recapitalization
or reclassification of the capital of Borrower or pursuant to the reorganization
thereof, the property so distributed shall, unless otherwise subject to a
perfected security interest in favor of the Collateral Agent, be delivered to
the Collateral Agent to be held by it hereunder as additional collateral
security for the Obligations. While an Event of Default is continuing, unless
otherwise permitted by the Credit Agreement, if any sums of money or property so
paid or distributed in respect of the Pledged Securities shall be received by
Holdings, Holdings shall, until such money

                                       27

<PAGE>

or property is paid or delivered to the Collateral Agent, hold such money or
property in trust for the Secured Parties, segregated from other funds of
Holdings, as additional collateral security for the Obligations.

            (b) Without the prior written consent of the Collateral Agent, such
US Grantor shall not, cause or permit any Issuer of any Pledged Partnership
Interests or Pledged LLC Interests which are not securities (for purposes of the
New York UCC) on the date hereof to elect or otherwise take any action to cause
such Pledged Partnership Interests or Pledged LLC Interests to be treated as
securities for purposes of the New York UCC; provided, however, notwithstanding
the foregoing, if any issuer of any Pledged Partnership Interests or Pledged LLC
Interests takes any such action in violation of the provisions in this clause
(v), such US Grantor shall promptly notify the Collateral Agent in writing of
any such election or action and, in such event, shall take all steps necessary
or advisable to establish the Collateral Agent's "control" thereof. (c) In the
case of Borrower and in the case of each US Grantor which is an Issuer, Borrower
and such Issuer agrees that (i) it shall be bound by the terms of this Agreement
relating to the Pledged Borrower Stock and the Pledged Securities constituting
Collateral issued by it and shall comply with such terms insofar as such terms
are applicable to it, (ii) it shall notify the Collateral Agent promptly in
writing of the occurrence of any of the events described in Section 5.07(a) with
respect to the Pledged Borrower Stock and the Pledged Securities constituting
Collateral issued by it and (iii) the terms of Sections 6.03(c) and 6.07 shall
apply to it, mutatis mutandis, with respect to all actions that may be required
of it pursuant to Section 6.03(c) or 6.07 with respect to the Pledged Borrower
Stock or Pledged Securities constituting Collateral issued by it. In addition,
Borrower and each US Grantor which is either an Issuer or an owner of any
Pledged Security hereby consents to the grant by Holdings and each other US
Grantor of the security interest hereunder in favor of the Collateral Agent and
to the transfer of any Pledged Borrower Stock or Pledged Security to the
Collateral Agent or its nominee following an Event of Default and to the
substitution of the Collateral Agent or its nominee as a partner, member or
shareholder of the Issuer of the related Pledged Borrower Stock or Pledged
Security.

            5.08 Receivables. (a) Other than in a manner consistent with its
past practice, such US Grantor shall not (i) grant any extension of the time of
payment of any Receivable, (ii) compromise or settle any Receivable for less
than the full amount thereof, (iii) release, wholly or partially, any person
liable for the payment of any Receivable, (iv) allow any credit or discount
whatsoever on any Receivable or (v) amend, supplement or modify any material
Receivable in any manner that could reasonably be expected to materially and
adversely affect the value thereof.

            (b) Such US Grantor shall deliver to the Collateral Agent a copy of
each material demand, notice or document received by it that reasonably
questions or calls into doubt the validity or enforceability of more than 10% of
the aggregate amount of the then outstanding Receivables that are included in
the Collateral.

            5.09 Intellectual Property. (a) Except for sales, dispositions, or
other transfers permitted under the Credit Agreement, or except to the extent it
determines it is reasonably

                                       28

<PAGE>

prudent to do so, such Grantor (either itself or through licensees) shall (i)
continue to use each Trademark that constitutes Material Intellectual Property
on each and every trademark class of goods applicable to its current line as
reflected in its current catalogs, brochures and price lists in order to
maintain such Trademark in full force free from any claim of abandonment for
non-use, (ii) maintain as in the past the quality of products and services
offered under such Trademark and take all reasonable steps to ensure that all
its licensed users of such Trademark maintain such quality, and (iii) not (and
not permit any licensee or sublicensee thereof to) do any act or knowingly omit
to do any act whereby such Trademark may reasonably be expected to become
invalidated or impaired in any material way.

            (b) Except to the extent it determines it is reasonably prudent to
do so, such Grantor (either itself or through licensees) shall not knowingly do
any act, or omit to do any act, whereby any Patent owned by such Grantor that
constitutes Material Intellectual Property may become forfeited, abandoned or
dedicated to the public.

            (c) Except to the extent it determines it is reasonably prudent to
do so, such Grantor shall not (and shall not permit any licensee or sublicensee
thereof to) do any act or knowingly omit to do any act whereby any Copyrights
that constitute Material Intellectual Property may reasonably be expected to
become invalidated and shall not (either itself or through licensees) do any act
whereby any Copyrights that constitute Material Intellectual Property may
reasonably be expected to fall into the public domain.

            (d) Except to the extent it determines it is reasonably prudent to
do so, such Grantor shall not do any act that infringes, misappropriates or
violates the Intellectual Property rights of any other person in any material
respect.

            (e) Such Grantor shall, and shall take reasonable steps to require
its licensees, to use Material Intellectual Property with proper statutory
notice of registration and all other notices and legends required by applicable
Requirements of Law, consistent with historic practices.

            (f) Such Grantor shall notify the Collateral Agent promptly if it
knows, that any application or registration relating to any Material
Intellectual Property becomes forfeited, abandoned or dedicated to the public,
or of any adverse determination or development in any proceeding (including the
institution of, or any such determination or development in, any proceeding in
the United States Patent and Trademark Office, the United States Copyright
Office or any court or tribunal in any country regarding such Grantor's
ownership of, or the validity of, any Material Intellectual Property or such
Grantor's right to register the same.

            (g) Whenever such Grantor, either by itself or through any agent,
employee, licensee or designee, shall file an application for the registration
of any Intellectual Property that is material to the business of such Grantor
with the United States Copyright Office or the United States Patent and
Trademark Office or any similar office or agency in any other country or any
political subdivision thereof, such Grantor shall report such filing to the
Collateral Agent at the time of delivery of the next set of financial statements
owing pursuant to Section 5.04 of the Credit Agreement. Upon request of the
Collateral Agent, such Grantor shall execute and deliver, and have recorded, any
and all agreements, instruments, documents and papers as the Collateral

                                       29

<PAGE>

Agent may request to evidence the Secured Parties' security interest in any
Copyright, Patent, Trademark or other Intellectual Property of such Grantor and
the goodwill and general intangibles of such Grantor relating thereto or
represented thereby.

            (h) Except for sales, dispositions, or other transfers permitted
under the Credit Agreement, or except to the extent it determines it is
reasonably prudent to do so, such Grantor shall take all reasonable and
necessary steps, including in any proceeding before the United States Patent and
Trademark Office or the United States Copyright Office or any similar office or
agency in any other country or any political subdivision thereof, to maintain
and pursue each application (and to obtain the relevant registration) and to
maintain each registration of Material Intellectual Property, including the
payment of required fees and taxes, the filing of responses to office actions
issued by the United States Patent and Trademark Office and the United States
Copyright Office, the filing of applications for renewal or extension, the
filing of affidavits of use and affidavits of incontestability, the filing of
divisional, continuation, continuation-in-part, reissue, and renewal
applications or extensions, the payment of maintenance fees, and, where
commercially reasonable, the participation in interference, reexamination,
opposition, cancellation, infringement and misappropriation proceedings

            (i) To the extent commercially reasonably, in the event that any
Material Intellectual Property is infringed, misappropriated or diluted by a
third party in any material respect, such Grantor shall take such actions as
such Grantor shall reasonably deem appropriate under the circumstances to
protect such Intellectual Property and attempt to recover damages for such
infringement, misappropriation or dilution.

            (j) Such US Grantor agrees that, should it obtain an ownership
interest in any item of material Intellectual Property which is not, as of the
Closing Date, a part of the Intellectual Property Collateral (the
"After-Acquired Intellectual Property"), any such After-Acquired Intellectual
Property, and in the case of Trademarks, the goodwill of the business connected
therewith or symbolized thereby, shall automatically become part of the
Intellectual Property Collateral except to the extent it constitutes Excluded
Assets.

            (k) Such US Grantor agrees to execute on the Closing Date, a
Trademark Security Agreement, in substantially the form of Exhibit C, and a
Copyright Security Agreement, in substantially the form of Exhibit D, and a
Patent Security Agreement, in substantially the form of Exhibit E in order to
record the security interest granted herein to the Collateral Agent for the
ratable benefit of the Secured Parties with the United States Patent and
Trademark Office, the United States Copyright Office, and any other applicable
Governmental Authority.

            5.10 Contracts. (a) Such US Grantor shall perform and comply in all
material respects with all its obligations under the Contracts.

            (b) Such Grantor shall not amend, modify, terminate, waive or fail
to enforce any provision of any Contract in any manner which could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

            (c) Such Grantor shall not permit to become effective in any
document creating, governing or providing for any permit, lease, license or
Material Contract, a provision

                                       30

<PAGE>

that would prohibit the creation or perfection of, or exercise of remedies in
connection with, a Lien on such permit, lease, license or Material Contract in
favor of the of the Collateral Agent for the ratable benefit of the Secured
Parties unless such Grantor believes, in its reasonable judgment, that such
prohibition is usual and customary in transactions of such type.

            5.11 Commercial Tort Claims. Such US Grantor shall advise the
Collateral Agent promptly of any Commercial Tort Claim held by such US Grantor
individually or in the aggregate in excess of $1,000,000 and shall promptly
execute, upon request, a supplement to this Agreement in form and substance
reasonably satisfactory to the Collateral Agent to grant a security interest in
such Commercial Tort Claim to the Collateral Agent for the ratable benefit of
the Secured Parties.

SECTION 6. REMEDIAL PROVISIONS

            6.01 Certain Matters Relating to Receivables. (a) If required by the
Collateral Agent at any time after the occurrence and during the continuance of
an Event of Default, any payments of Receivables, when collected by any US
Grantor, (i) shall be forthwith (and, in any event, within two Business Days)
deposited by such US Grantor in the exact form received, duly endorsed by such
US Grantor to the Collateral Agent if required, in a Collateral Account
maintained under the sole dominion and control of the Collateral Agent, subject
to withdrawal by the Collateral Agent for the account of the Secured Parties
only as provided in Section 6.05, and (ii) until so turned over, shall be held
by such US Grantor in trust for the Secured Parties, segregated from other funds
of such US Grantor.

            (b) If an Event of Default has occurred and is continuing, at the
Collateral Agent's request, each US Grantor shall deliver to the Collateral
Agent all original and other documents evidencing, and relating to, the
agreements and transactions which gave rise to the Receivables that are included
in the Collateral, including all original orders, invoices and shipping
receipts.

            6.02 Communications with Obligors; US Grantors Remain Liable. (a)
The Collateral Agent in its own name or in the name of others may at any time
after the occurrence and during the continuance of an Event of Default
communicate with obligors under the Receivables and parties to the Contracts to
verify with them to the Collateral Agent's reasonable satisfaction the
existence, amount and terms of any such Receivables or Contracts.

            (b) The Collateral Agent may, at any time during the continuance of
an Event of Default, notify, or require any US Grantor to so notify, the Account
Debtor or counterparty on any Receivable or Contract of the security interest of
the Collateral Agent therein. In addition, after the occurrence and during the
continuance of an Event of Default, the Collateral Agent may upon written notice
to the applicable US Grantor, notify, or require any US Grantor to notify, the
Account Debtor or counterparty to make all payments under the Receivables and/or
Contracts directly to the Collateral Agent;

            (c) Anything herein to the contrary notwithstanding, each US Grantor
shall remain liable under each of the Receivables and Contracts to observe and
perform all the conditions and obligations to be observed and performed by it
thereunder, all in accordance with

                                       31

<PAGE>

the terms of any agreement giving rise thereto. No Secured Party shall have any
obligation or liability under any Receivable (or any agreement giving rise
thereto) or Contract by reason of or arising out of this Agreement or the
receipt by any Secured Party of any payment relating thereto, nor shall any
Secured Party be obligated in any manner to perform any of the obligations of
any US Grantor under or pursuant to any Receivable (or any agreement giving rise
thereto) or Contract, to make any payment, to make any inquiry as to the nature
or the sufficiency of any payment received by it or as to the sufficiency of any
performance by any party thereunder, to present or file any claim, to take any
action to enforce any performance or to collect the payment of any amounts which
may have been assigned to it or to which it may be entitled at any time or
times.

            6.03 Pledged Securities. (a) Unless an Event of Default shall have
occurred and be continuing and the Collateral Agent shall have given notice to
Holdings or the relevant US Grantor of the Collateral Agent's intent to exercise
its corresponding rights pursuant to Section 6.03(b), Holdings and each US
Grantor shall be permitted to receive all cash dividends paid in respect of the
Pledged Borrower Stock and the Pledged Equity Interests and all payments made in
respect of the Pledged Notes, in each case paid consistently with past practice,
to the extent permitted in the Credit Agreement, and to exercise all voting and
corporate rights with respect to the Pledged Borrower Stock and the Pledged
Securities; provided, however, that no vote shall be cast or corporate or other
ownership right exercised or other action taken which result in any violation of
any provision of the Credit Agreement, this Agreement or any other Loan
Document.

            (b) If an Event of Default shall occur and be continuing: (i) upon
written notice from Collateral Agent of its election to exercise the rights
under this clause, all rights of Holdings and each US Grantor to exercise or
refrain from exercising the voting and other consensual rights which it would
otherwise be entitled to exercise pursuant hereto shall cease and all such
rights shall thereupon become vested in the Collateral Agent who shall thereupon
have the sole right, but shall be under no obligation, to exercise or refrain
from exercising such voting and other consensual rights, (ii) the Collateral
Agent shall have the right, without notice to Holdings or the US Grantors, to
transfer all or any portion of the Pledged Borrower Stock and the Investment
Property constituting Collateral to its name or the name of its nominee or
agent, and (iii) the Collateral Agent shall have the right at any time, without
notice to Holdings or the US Grantors, to exchange any certificates or
instruments representing any Investment Property constituting Pledged Borrower
Stock and the Collateral for certificates or instruments of smaller or larger
denominations. If an Event of Default has occurred and is continuing and the
Collateral Agent shall have given notice to Holdings or the relevant US Grantor
under Section 6.03(b), in order to permit the Collateral Agent to exercise the
voting and other consensual rights which it may be entitled to exercise pursuant
hereto and to receive all dividends and other distributions which it may be
entitled to receive hereunder Holdings and each US Grantor shall promptly
execute and deliver (or cause to be executed and delivered) to the Collateral
Agent all proxies, dividend payment orders and other instruments as the
Collateral Agent may from time to time reasonably request and Holdings and each
US Grantor acknowledges that the Collateral Agent may utilize the power of
attorney set forth herein.

            (c) Holdings and each US Grantor hereby authorizes and instructs
Borrower and each Issuer of Pledged Borrower Stock and any Pledged Securities
constituting Collateral

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<PAGE>

pledged by Holdings or any such US Grantor hereunder to, while an Event of
Default is continuing, (i) comply with any instruction received by it from the
Collateral Agent in writing that (x) states that an Event of Default has
occurred and is continuing and (y) is otherwise in accordance with the terms of
this Agreement, without any other or further instructions from Holdings or such
US Grantor, and (ii) upon any such instruction following the occurrence and
during the continuance of an Event of Default, pay any dividends or other
payments with respect to the Pledged Borrower Stock and Investment Property,
including Pledged Securities, directly to the Collateral Agent.

            6.04 Proceeds to be Turned Over To Collateral Agent. In addition to
the rights of the Secured Parties specified in Section 6.01 with respect to
payments of Receivables, if an Event of Default shall occur and be continuing,
at the request of the Collateral Agent, all Proceeds received by any US Grantor
consisting of cash, cash equivalents, checks and other near-cash items shall be
held by such US Grantor in trust for the Secured Parties, segregated from other
funds of such US Grantor, and shall, forthwith upon receipt by such US Grantor,
be turned over to the Collateral Agent in the exact form received by such US
Grantor (duly endorsed by such US Grantor to the Collateral Agent, if required).
All such Proceeds received by the Collateral Agent hereunder shall be held by
the Collateral Agent in a Collateral Account maintained under its sole dominion
and control. All such Proceeds while held by the Collateral Agent in a
Collateral Account (or by such US Grantor in trust for the Secured Parties)
shall continue to be held as collateral security for all the Obligations and
shall not constitute payment thereof until applied as provided in Section 6.05.

            6.05 Application of Proceeds. At such intervals as may be agreed
upon by the Borrower and the Collateral Agent, or, if an Event of Default shall
have occurred and be continuing, at any time at the Collateral Agent's election,
the Collateral Agent may apply all or any part of the net Proceeds (after
deducting fees and expenses as provided in Section 6.06) constituting Collateral
realized through the exercise by the Collateral Agent of its remedies hereunder,
whether or not held in any Collateral Account, and any proceeds of the guarantee
set forth in Section 2, in payment of the Obligations in the following order:

            FIRST, to the payment of all reasonable costs and expenses incurred
      by the Collateral Agent in connection with such collection or sale or
      otherwise in connection with this Agreement, any other Loan Document or
      any of the Obligations, including all reasonable court costs and the fees
      and expenses of its agents and legal counsel, the repayment of all
      advances made by the Collateral Agent hereunder or under any other Loan
      Document on behalf of any Grantor and any other reasonable costs or
      expenses incurred in connection with the exercise of any right or remedy
      hereunder or under any other Loan Document;

            SECOND, to the payment in full of Unfunded Advances/Participations
      (the amounts so applied to be distributed between or among the
      Administrative Agent, the Swingline Lender and any Issuing Bank pro rata
      in accordance with the respective amounts of the Unfunded
      Advances/Participations owed to them on the date of any such
      distribution);

                                       33

<PAGE>

            THIRD, to the payment in full of all other Obligations (the amounts
      so applied to be distributed among the Secured Parties pro rata in
      accordance with the respective amounts of the Obligations owed to them on
      the date of any such distribution); and

            FOURTH, to the Grantors, their successors or assigns, or as a court
      of competent jurisdiction may otherwise direct.

            6.06 Code and Other Remedies. (a) If an Event of Default shall occur
and be continuing, the Collateral Agent, on behalf of the Secured Parties, may
exercise, in addition to all other rights and remedies granted to them in this
Agreement and in any other instrument or agreement securing, evidencing or
relating to the Obligations, all rights and remedies of a secured party under
the New York UCC (whether or not the New York UCC applies to the affected
Collateral) or its rights under any other applicable law or in equity. Without
limiting the generality of the foregoing, the Collateral Agent, without demand
of performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below or under any Loan
Document) to or upon any Grantor or any other person (all and each of which
demands, defenses, advertisements and notices are hereby waived), may in such
circumstances forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and/or may forthwith sell, lease, license,
assign, give option or options to purchase, or otherwise dispose of and deliver
the Collateral or any part thereof (or contract to do any of the foregoing), in
one or more parcels at public or private sale or sales, at any exchange,
broker's board or office of any Secured Party or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery without assumption of any credit risk.
Each Secured Party shall have the right upon any such public sale or sales, and,
to the extent permitted by law, upon any such private sale or sales, to purchase
the whole or any part of the Collateral so sold, free of any right or equity of
redemption in any Grantor, which right or equity is hereby waived and released.
Each purchaser at any such sale shall hold the property sold absolutely free
from any claim or right on the part of any Grantor, and each Grantor hereby
waives (to the extent permitted by applicable law) all rights of redemption,
stay and/or appraisal which it now has or may at any time in the future have
under any rule of law or statute now existing or hereafter enacted. Each Grantor
agrees that, to the extent notice of sale shall be required by law, at least ten
days prior written notice to such Grantor of the time and place of any public
sale or the time after which any private sale is to be made may constitute
reasonable notification. The Collateral Agent shall not be obligated to make any
sale of Collateral regardless of notice of sale having been given. The
Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned. The
Collateral Agent may sell the Collateral without giving any warranties as to the
Collateral. The Collateral Agent may specifically disclaim or modify any
warranties of title or the like. This procedure will not be considered to
adversely affect the commercial reasonableness of any sale of the Collateral.
Each Grantor agrees that it would not be commercially unreasonable for the
Collateral Agent to dispose of the Collateral or any portion thereof by using
Internet sites that provide for the auction of assets of the types included in
the Collateral or that have the reasonable capability of doing so, or that match
buyers and sellers of assets. Each Grantor further agrees, at the Collateral
Agent's reasonable request, to assemble the Collateral and make it available to
the Collateral Agent at places which the Collateral Agent shall reasonably
select, whether at such Grantor's premises or elsewhere. The Collateral Agent

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<PAGE>

shall have the right to enter onto the property where any Collateral is located
and take possession thereof with or without judicial process.

            (b) The Collateral Agent shall apply the net proceeds of any action
taken by it pursuant to this Section 6.06, after deducting all reasonable costs
and expenses of every kind incurred in connection therewith or incidental to the
care or safekeeping of any of the Collateral or in any way relating to the
Collateral or the rights of the Secured Parties hereunder, including reasonable
attorneys' fees and disbursements, to the payment in whole or in part of the
Obligations and only after such application and after the payment by the
Collateral Agent of any other amount required by any provision of law, including
Section 9-615(a) of the New York UCC, need the Collateral Agent account for the
surplus, if any, to any Grantor. If the Collateral Agent sells any of the
Collateral upon credit, the applicable Grantor will be credited only with
payments actually made by the purchaser and received by the Collateral Agent and
applied to indebtedness of the purchaser. In the event the purchaser fails to
pay for the Collateral, the Collateral Agent may resell the Collateral and the
applicable Grantor shall be credited with proceeds of the sale. To the extent
permitted by applicable law, each Grantor waives all claims, damages and demands
it may acquire against any Secured Party arising out of the exercise by them of
any rights hereunder.

            (c) In the event of any disposition of any of the Trademarks, the
goodwill of the business connected with and symbolized by any Trademarks subject
to such Disposition shall be included, and with respect to any Intellectual
Property Collateral, the applicable US Grantor shall supply the Collateral Agent
or its designee with such US Grantor's know-how and expertise, and with records,
documents and things embodying the same, relating to the manufacture,
distribution, advertising and sale of products or the provision of services
relating to such Intellectual Property Collateral subject to such disposition,
and such US Grantor's customer lists pertaining thereto, subject to appropriate
confidentiality undertakings on the part of any person receiving such
proprietary information.

            (d) The Collateral Agent shall have no obligation to marshal any of
the Collateral.

            6.07 Registration Rights. (a) If the Collateral Agent shall
determine to exercise its right to sell any or all of the Pledged Borrower
Stock, Pledged Equity Interests or the Pledged Debt Securities constituting
Collateral pursuant to Section 6.06, and if in the opinion of the Collateral
Agent it is necessary or advisable to have such Pledged Borrower Stock, Pledged
Equity Interests or such Pledged Debt Securities, or that portion thereof to be
sold, registered under the provisions of the Securities Act, Holdings or the
relevant US Grantor shall cause the Issuer thereof to (i) execute and deliver
all such instruments and documents, and do or cause to be done all such other
acts as may be necessary or advisable to register such Pledged Borrower Stock,
Pledged Equity Interests or the Pledged Debt Securities, or that portion thereof
to be sold, under the provisions of the Securities Act, (ii) use commercially
reasonable efforts to cause the registration statement relating thereto to
become effective and to remain effective for a period of one year from the date
of the first public offering of such Pledged Borrower Stock, Pledged Equity
Interests or the Pledged Debt Securities, or that portion thereof to be sold,
and (iii) make all amendments thereto and/or to the related prospectus which are
reasonably necessary or advisable, all in conformity with the requirements of
the Securities Act and the rules and

                                       35

<PAGE>

regulations of the SEC applicable thereto. Holdings and each US Grantor agrees
to use commercially reasonable efforts to cause Borrower and such Issuer to
comply with the provisions of the securities or "Blue Sky" laws of any and all
jurisdictions which the Collateral Agent shall designate and to make available
to its security holders, as soon as practicable, an earnings statement (which
need not be audited) which will satisfy the provisions of Section 11(a) of the
Securities Act.

            (b) Holdings and each US Grantor recognizes that the Collateral
Agent may be unable to effect a public sale of any or all the Pledged Borrower
Stock, Pledged Equity Interests or the Pledged Debt Securities constituting
Collateral, by reason of certain prohibitions contained in the Securities Act
and applicable state securities laws or otherwise, and may be compelled to
resort to one or more private sales thereof to a restricted group of purchasers
which will be obliged to agree, among other things, to acquire such securities
for their own account for investment and not with a view to the distribution or
resale thereof. Holdings and each US Grantor acknowledges and agrees that any
such private sale may result in prices and other terms less favorable than if
such sale were a public sale and, notwithstanding such circumstances, agrees
that any such private sale shall be deemed to have been made in a commercially
reasonable manner. The Collateral Agent shall be under no obligation to delay a
sale of any of such Pledged Borrower Stock, Pledged Equity Interests or the
Pledged Debt Securities for the period of time necessary to permit the Issuer
thereof to register such securities for public sale under the Securities Act, or
under applicable state securities laws, even if such Issuer would agree to do
so.

            (c) Holdings and each US Grantor agrees to use its commercially
reasonable efforts to do or cause to be done all such other acts as may be
necessary to make such sale or sales of all or any portion of the Pledged
Borrower Stock, Pledged Equity Interests or the Pledged Debt Securities
constituting Collateral pursuant to this Section 6.07 valid and binding and in
compliance with any and all other applicable Requirements of Law. Holdings and
each US Grantor further agrees that a breach of any of the covenants contained
in this Section 6.07 will cause irreparable injury to the Secured Parties, that
the Secured Parties have no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section
6.07 shall be specifically enforceable against Holdings and each such US
Grantor, and Holdings and each such US Grantor hereby waives and agrees not to
assert any defenses against an action for specific performance of such covenants
except for a defense that no Event of Default has occurred and is continuing
under the Credit Agreement or a defense of payment, or the willful misconduct
and gross negligence of the Secured Parties.

            6.08 Deficiency. Each Grantor shall remain liable for any deficiency
if the proceeds of any sale or other disposition of the Collateral are
insufficient to pay its Obligations and the reasonable fees and disbursements of
any attorneys employed by any Secured Party to collect such deficiency.

SECTION 7. THE COLLATERAL AGENT

            7.01 Collateral Agent's Appointment as Attorney-in-Fact, etc. (a)
Each Grantor hereby irrevocably constitutes and appoints the Collateral Agent
and any authorized officer or agent thereof, with full power of substitution, as
its true and lawful attorney-in-fact

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<PAGE>

with full irrevocable power and authority in the place and stead of such Grantor
and in the name of such Grantor or in its own name, such appointment being
coupled with an interests, for the purpose of carrying out the terms of this
Agreement, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the
purposes of this Agreement, and, without limiting the generality of the
foregoing, each Grantor hereby gives the Collateral Agent the power and right,
on behalf of such Grantor, without notice to or assent by such Grantor, to do
any or all of the following:

                  (i) in the name of such Grantor or its own name, or otherwise,
      take possession of and endorse and collect any checks, drafts, notes,
      acceptances or other instruments for the payment of moneys due under any
      Receivable or Contract or with respect to any other Collateral and file
      any claim or take any other action or proceeding in any court of law or
      equity or otherwise deemed appropriate by the Collateral Agent for the
      purpose of collecting any and all such moneys due under any Receivable or
      Contract or with respect to any other Collateral whenever payable;

                  (ii) in the case of any Intellectual Property that is included
      in the Collateral, execute and deliver, and have recorded, any and all
      agreements, instruments, documents and papers as the Collateral Agent may
      request to evidence the Secured Parties' security interest in such
      Intellectual Property and the goodwill and general intangibles of such
      Grantor relating thereto or represented thereby;

                  (iii) pay or discharge taxes and Liens levied or placed on or
      threatened against the Collateral, effect any repairs or any insurance
      called for by the terms of this Agreement and pay all or any part of the
      premiums therefor and the costs thereof;

                  (iv) execute, in connection with any sale provided for in
      Section 6.07 or 6.08, any endorsements, assignments or other instruments
      of conveyance or transfer with respect to the Collateral; and

                  (v) (1) direct any party liable for any payment under any of
      the Collateral to make payment of any and all moneys due or to become due
      thereunder directly to the Collateral Agent or as the Collateral Agent
      shall direct; (2) ask or demand for, collect, and receive payment of and
      receipt for, any and all moneys, claims and other amounts due or to become
      due at any time in respect of or arising out of any Collateral; (3) sign
      and endorse any invoices, freight or express bills, bills of lading,
      storage or warehouse receipts, drafts against debtors, assignments,
      verifications, notices and other documents in connection with any of the
      Collateral; (4) commence and prosecute any suits, actions or proceedings
      at law or in equity in any court of competent jurisdiction to collect the
      Collateral or any portion thereof and to enforce any other right in
      respect of any Collateral; (5) defend any suit, action or proceeding
      brought against such Grantor with respect to any Collateral; (6) settle,
      compromise or adjust any such suit, action or proceeding and, in
      connection therewith, give such discharges or releases as the Collateral
      Agent may deem appropriate; (7) assign any Copyright, Patent or Trademark
      (along with the goodwill of the business to which any such Trademark
      pertains), throughout the world for such term or terms, on such
      conditions, and in such manner, as the Collateral Agent shall in its sole
      discretion determine; and (8) generally, sell, transfer,

                                       37

<PAGE>

      pledge and make any agreement with respect to or otherwise deal with any
      of the Collateral as fully and completely as though the Collateral Agent
      were the absolute owner thereof for all purposes, and do, at the
      Collateral Agent's option and such Grantor's expense, at any time, or from
      time to time, all acts and things which the Collateral Agent deems
      necessary to protect, preserve or realize upon the Collateral and the
      Secured Parties' security interests therein and to effect the intent of
      this Agreement, all as fully and effectively as such Grantor might do.

            Anything in this Section 7.01(a) to the contrary notwithstanding,
the Collateral Agent agrees that, except as provided in Section 7.01(b), it will
not exercise any rights under the power of attorney provided for in this Section
7.01(a) unless an Event of Default shall have occurred and be continuing.

            (b) If an Event of Default has occurred and is continuing, if any
Grantor fails to perform or comply with any of its agreements contained herein,
the Collateral Agent, at its option, but without any obligation so to do, may
perform or comply, or otherwise cause performance or compliance, with such
agreement; provided, however, that the Collateral Agent shall not exercise this
power without first making demand on the Grantor and the Grantor failing to
immediately comply therewith.

            (c) The reasonable expenses of the Collateral Agent incurred in
connection with actions undertaken as provided in this Section 7.01 shall be
payable by such Grantor to the Collateral Agent on demand.

            7.02 Duty of Collateral Agent. The Collateral Agent's sole duty with
respect to the custody, safekeeping and physical preservation of the Collateral
in its possession, under Section 9-207 of the New York UCC or otherwise, shall
be to deal with it in the same manner as the Collateral Agent deals with similar
property for its own account. Neither the Collateral Agent, nor any other
Secured Party nor any of their respective officers, directors, partners,
employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates
shall be liable for failure to demand, collect or realize upon any of the
Collateral or for any delay in doing so or shall be under any obligation to sell
or otherwise dispose of any Collateral upon the request of any Grantor or any
other person or to take any other action whatsoever with regard to the
Collateral or any part thereof. The powers conferred on the Secured Parties
hereunder are solely to protect the Secured Parties' interests in the Collateral
and shall not impose any duty upon any Secured Party to exercise any such
powers. The Secured Parties shall be accountable only for amounts that they
actually receive as a result of the exercise of such powers, and neither they
nor any of their officers, directors, partners, employees, agents, attorneys and
other advisors, attorneys-in-fact or affiliates shall be responsible to any
Grantor for any act or failure to act hereunder, except to the extent that any
such act or failure to act is found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted primarily from their own gross
negligence or willful misconduct in breach of a duty owed to such Grantor.

            7.03 Filing of Financing Statements. Each Grantor acknowledges that
pursuant to Section 9-509(b) of the New York UCC and any other applicable law,
each Grantor authorizes the Collateral Agent to file or record financing or
continuation statements, and amendments thereto, and other filing or recording
documents or instruments with respect to the Collateral,

                                       38

<PAGE>

without the signature of such Grantor, in such form and in such offices as the
Collateral Agent reasonably determines appropriate to perfect or maintain the
perfection of the security interests of the Collateral Agent under this
Agreement. Each Grantor agrees that such financing statements may describe the
collateral in the same manner as described in the Security Documents or as "all
assets" or "all personal property," whether now owned or hereafter existing or
acquired or such other description as the Collateral Agent, in its sole
judgment, determines is necessary or advisable. A photographic or other
reproduction of this Agreement shall be sufficient as a financing statement or
other filing or recording document or instrument for filing or recording in any
jurisdiction.

            7.04 Authority of Collateral Agent. Each Grantor acknowledges that
the rights and responsibilities of the Collateral Agent under this Agreement
with respect to any action taken by the Collateral Agent or the exercise or
non-exercise by the Collateral Agent of any option, voting right, request,
judgment or other right or remedy provided for herein or resulting or arising
out of this Agreement shall, as between the Collateral Agent and the other
Secured Parties, be governed by the Credit Agreement and by such other
agreements with respect thereto as may exist from time to time among them, but,
as between the Collateral Agent and the Grantors, the Collateral Agent shall be
conclusively presumed to be acting as agent for the Secured Parties with full
and valid authority so to act or refrain from acting, and no Grantor shall be
under any obligation, or entitlement, to make any inquiry respecting such
authority.

            7.05 Appointment of Co-Collateral Agents. At any time or from time
to time, in order to comply with any applicable requirement of law, the
Collateral Agent may appoint another bank or trust company or one of more other
persons, either to act as co-agent or agents on behalf of the Secured Parties
with such power and authority as may be necessary for the effectual operation of
the provisions hereof and which may be specified in the instrument of
appointment (which may, in the discretion of the Collateral Agent, include
provisions for indemnification and similar protections of such co-agent or
separate agent).

SECTION 8. MISCELLANEOUS

            8.01 Amendments in Writing. None of the terms or provisions of this
Agreement may be waived, amended, supplemented or otherwise modified except by a
written instrument executed by each affected Grantor and the Collateral Agent,
subject to any consents required under Section 9.08 of the Credit Agreement;
provided that any provision of this Agreement imposing obligations on any
Grantor may be waived by the Collateral Agent in a written instrument executed
by the Collateral Agent.

            8.02 Notices. All notices, requests and demands to or upon the
Collateral Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 9.01 of the Credit Agreement; provided that any such
notice, request or demand to or upon any Guarantor shall be addressed to such
Guarantor at its notice address set forth on Schedule 8.02 (as such schedule may
be amended or supplemented from time to time).

            8.03 No Waiver by Course of Conduct; Cumulative Remedies. No Secured
Party shall by any act (except by a written instrument pursuant to Section
8.01), delay, indulgence, omission or otherwise be deemed to have waived any
right or remedy hereunder or

                                       39

<PAGE>

to have acquiesced in any Default or Event of Default. No failure to exercise,
nor any delay in exercising, on the part of any Secured Party, any right, power
or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
A waiver by any Secured Party of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which such
Secured Party would otherwise have on any future occasion. The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any other rights or remedies provided by law.

            8.04 Enforcement Expenses; Indemnification. (a) The parties hereto
agree that the Collateral Agent and the other Secured Parties shall be entitled
to reimbursement of their expenses incurred hereunder as provided in Section
9.05 of the Credit Agreement.

            (b) The agreements in this Section shall survive repayment of the
Obligations and all other amounts payable under the Credit Agreement and the
other Loan Documents.

            8.05 Successors and Assigns. This Agreement shall be binding upon
the successors and assigns of each Grantor and shall inure to the benefit of the
Secured Parties and their successors and assigns; provided that no Grantor may
assign, transfer or delegate any of its rights or obligations under this
Agreement without the prior written consent of the Collateral Agent, and any
attempted assignment without such consent shall be null and void.

            8.06 Set-Off. Each US Grantor hereby irrevocably authorizes each
Secured Party at any time and from time to time, while an Event of Default shall
have occurred and be continuing, with notice to such US Grantor or any other US
Grantor, to set-off and appropriate and apply any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by such Secured Party to or for the credit or the account of such US
Grantor, or any part thereof in such amounts as such Secured Party may elect,
against and on account of the obligations and liabilities of such US Grantor to
such Secured Party hereunder and claims of every nature and description of such
Secured Party against such US Grantor, in any currency, whether arising
hereunder, under the Credit Agreement, any other Loan Document or otherwise, as
such Secured Party may elect, whether or not any Secured Party has made any
demand for payment and although such obligations, liabilities and claims may be
contingent or unmatured. Each Secured Party shall notify such US Grantor
promptly of any such set-off and the application made by such Secured Party of
the proceeds thereof, provided that the failure to give such notice shall not
affect the validity of such set-off and application. The rights of each Secured
Party under this Section are in addition to other rights and remedies (including
other rights of set-off) which such Secured Party may have.

            8.07 Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts (including
by facsimile and electronic PDF delivery), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

                                       40

<PAGE>

            8.08 Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

            8.09 Section Headings. The Section headings used in this Agreement
are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

            8.10 Integration. This Agreement and the other Loan Documents
represent the agreement of the Grantors, the Collateral Agent and the other
Secured Parties with respect to the subject matter hereof and thereof, and there
are no promises, undertakings, representations or warranties by any Secured
Party relative to subject matter hereof and thereof not expressly set forth or
referred to herein or in the other Loan Documents.

            8.11 APPLICABLE LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

            8.12 Submission to Jurisdiction; Waivers. Each Grantor hereby
irrevocably and unconditionally:

            (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement and the other Loan Documents to which it
is a party, or for recognition and enforcement of any judgment in respect
thereof, to the non-exclusive general jurisdiction of the Courts of the State of
New York, the courts of the United States of America for the Southern District
of New York, and appellate courts from any thereof;

            (b) consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the
venue of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient court and agrees not to plead or claim
the same;

            (c) agrees that service of process in any such action or proceeding
may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to such Grantor at its
address referred to in Section 8.02 or at such other address of which the
Collateral Agent shall have been notified pursuant thereto;

            (d) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right
to sue in any other jurisdiction; and

            (e) waives, to the maximum extent not prohibited by law, any right
it may have to claim or recover in any legal action or proceeding referred to in
this Section any special, exemplary, punitive or consequential damages.

            8.13 Acknowledgments. Each Grantor hereby acknowledges that:

                                       41

<PAGE>

            (a) it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Loan Documents to which it is a party;

            (b) no Secured Party has any fiduciary relationship with or duty to
any Grantor arising out of or in connection with this Agreement or any of the
other Loan Documents, and the relationship between the Grantors, on the one
hand, and the Secured Parties, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and

            (c) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Secured Parties or among the Grantors and the Secured Parties.

            8.14 Additional Grantors. Each Subsidiary of the Borrower that is
required to become a party to this Agreement pursuant to Section 5.09 of the
Credit Agreement shall become a Grantor for all purposes of this Agreement upon
execution and delivery by such Subsidiary of an Assumption Agreement in the form
of Annex 1 hereto.

            8.15 Releases. (a) At such time as the Loans and the other
Obligations shall have been paid in full, each Letter of Credit shall have been
cancelled and the commitments under the Credit Agreement have been terminated or
expired, the Collateral shall be released from the Liens created hereby, and
this Agreement and all obligations (other than those expressly stated to survive
such termination) of the Collateral Agent and each Grantor hereunder shall
terminate, all without delivery of any instrument or performance of any act by
any party, and all rights to the Collateral shall revert to the Grantors. At the
request and sole expense of any Grantor following any such termination, the
Collateral Agent shall deliver to such Grantor any Collateral held by the
Collateral Agent hereunder, and execute and deliver to such Grantor such
documents as such Grantor shall reasonably request to evidence such termination.

            (b) If any of the Collateral shall be sold or otherwise disposed of
by any Grantor in a transaction permitted by the Credit Agreement, then the
Collateral Agent, at the request and sole expense of such Grantor, shall execute
and deliver to such Grantor all releases or other documents reasonably necessary
or desirable for the release of the Liens created hereby on such Collateral. At
the request and sole expense of the Borrower, a Guarantor (other than Holdings)
shall be released from its obligations hereunder in the event that all the
Equity Interests in such Guarantor shall be sold or otherwise disposed of in a
transaction permitted by the Credit Agreement; provided that the Borrower shall
have delivered to the Collateral Agent, at least ten Business Days prior to the
date of the proposed release, a written request for such release identifying the
relevant Guarantor and the terms of the relevant sale or other disposition in
reasonable detail, including the price thereof and any expenses incurred in
connection therewith, together with a certification by the Borrower stating that
such transaction is in compliance with the Credit Agreement and the other Loan
Documents.

            (c) Each Grantor acknowledges that it is not authorized to file any
financing statement or amendment or termination statement with respect to any
financing statement originally filed in connection herewith without the prior
written consent of the Collateral Agent, subject to such Grantor's rights under
Section 9-509(d)(2) of the New York UCC.

                                       42

<PAGE>

            8.16 WAIVER OF JURY TRIAL. EACH GRANTOR AND THE COLLATERAL AGENT AND
EACH SECURED PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

            8.17 Reinstatement. This Guarantee and Collateral Agreement shall
remain in full force and effect and continue to be effective should any petition
be filed by or against any Grantor for liquidation or reorganization, should any
Grantor become insolvent or make an assignment for the benefit of any creditor
or creditors or should a receiver or trustee be appointed for all or any
significant part of any Grantor's assets, and shall continue to be effective or
be reinstated, as the case be, if at any time payments and performance of the
Obligations, or any part thereof, is, pursuant to applicable law, rescinded or
reduced in amount, or must otherwise be restored or returned by any oblige of
the Obligations, whether as a "voidable preference," "fraudulent conveyance," or
otherwise, all as though such payment or performance had not been made. In the
event that any payment, or any part thereof, is rescinded, reduced, restored or
returned, the Obligations shall be reinstated and deemed reduced only by such
amount paid and not so rescinded, reduced, restored or returned.

            8.18 Conflict. In the event there is a dispute or conflict as to
this Agreement and another Security Document (the "Other Security Document")
relating to the Pledged Borrower Stock and a court of competent jurisdiction
determines that the laws of the country of organization of Borrower shall govern
such dispute, then this Agreement shall control such dispute as to such Pledged
Borrower Stock; provided, that, if such court determines that the laws of
Ireland or another foreign jurisdiction shall govern such dispute, then such
Other Security Document shall control such dispute as to the Pledged Borrower
Stock.

                  [Remainder of page intentionally left blank]

                                       43
<PAGE>

     IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and
Collateral Agreement to be duly executed and delivered as of the date first
above written.

                                   GRANTORS:

                                   SKILLSOFT CORPORATION

                                   By: /s/ Anthony P. Amato
                                       _________________________________________
                                       Name:  Anthony P. Amato
                                       Title: CAO

                                      S-1

<PAGE>

                                   BOOKS24X7.COM, INC.

                                   By: /s/ Thomas J. McDonald
                                       ________________________________________
                                       Name:  Thomas J. McDonald
                                       Title: Treasurer

                                      S-2
<PAGE>

                                   SMARTCERTIFY DIRECT, INC.

                                   By: /s/ Thomas J. McDonald
                                       _________________________________________
                                       Name: Thomas J. McDonald
                                       Title: CFO

                                      S-3
<PAGE>

                                   TARGETED LEARNING CORPORATION

                                   By: /s/ Anthony P. Amato
                                       ________________________________________
                                       Name: Anthony P. Amato
                                       Title: Treasurer & Secretary

                                      S-4
<PAGE>

Signed, sealed and delivered by                    )
                                                   )
Anthony P. Amato                                   )
____________________(name in block capitals)       )
as attorney of                                     )
SKILLSOFT PUBLIC LIMITED COMPANY                   )
and in exercise of a power of attorney             )
under the hand and seal of                         )
SKILLSOFT PUBLIC LIMITED COMPANY                   )
in the presence of :                               )
                                                    /s/ Anthony P. Amato
                                                   _____________________________
                                                   Signature of attorney

Signature of witness:       /s/ Joshua L. Jenkins
                            _____________________

Name:                       Joshua L. Jenkins
                            _____________________

Address:                    107 Northeastern Blvd
                            _____________________

                            Nashua NH 03062
                            _____________________

                                      S-5
<PAGE>

                                                   CBT (TECHNOLOGY) LIMITED
Signed, sealed and delivered by                    )
                                                   )
Anthony P. Amato (name in block capitals)          )
_______________________                            )
as attorney of                                     )
CBT (TECHNOLOGY) LIMITED                           )
and in exercise of a power of attorney             )
under the hand and seal of                         )
CBT (TECHNOLOGY) LIMITED                           )
in the presence of :                               )
                                                   ) /s/ Anthony P. Amato
                                                   _____________________________
                                                   Signature of attorney

Signature of witness:       /s/ Joshua L. Jenkins
                            _____________________

Name:                       Joshua L. Jenkins
                            _____________________

Address:                    107 Northeaster Blvd
                            _____________________

                            Nastua NH 03062
                            _____________________

Occupation:                 Treasury Manager
                            _____________________

                                      S-6
<PAGE>

                                                       FIDALCO LIMITED
Signed, sealed and delivered by                        )
                                                       )
Anthony P. Amato                                       )
______________________________ (name in block capitals )
as attorney of                                         )
FIDALCO LIMITED                                        )
and in exercise of a power of attorney                 )
under the hand and seal of                             )
FIDALCO LIMITED                                        )
in the presence of:                                    ) /s/ Anthony P. Amato
                                                       ________________________
                                                       Signature of attorney

Signature of witness:       /s/ Joshua L. Jenkins
                            _____________________

Name:                       Joshua L. Jenkins
                            _____________________

Address:                    107 Northeaster Blvd
                            _____________________

                            Nastua NH 03062
                            _____________________

Occupation:                 Treasury Manager
                            _____________________

                                      S-7

<PAGE>

                                                SKILLSOFT IRELAND LIMITED
Signed, sealed and delivered by                 )
Anthony P. Amato
______________________________                  )
as attorney of                                  )
SKILLSOFT IRELAND LIMITED                       )
and in exercise of a power of attorney          )
under the hand and seal of                      )
SKILLSOFT IRELAND LIMITED                       )
in the presence of:                             ) /s/ Anthony P. Amato
                                                ___________________________
                                                Signature of attorney

Signature of witness:       /s/ Joshua L. Jenkins
                            _____________________

Name:                       Joshua L. Jenkins
                            _____________________

Address:                    107 Northeastern Blvd
                            _____________________

                            Nashua NH 03062
                            _____________________

Occupation:                 Treasury Manager
                            _____________________

                                      S-8
<PAGE>

IN WITNESS whereof the Company has executed this Guarantee and Collateral
Agreement as a deed the day and year first above written.

EXECUTED AS A DEED by                           )
SKILLSOFT FINANCE LIMITED:                      ) /s/ Anthony P. Amato
                                                  ______________________________
                                                )    Duly Authorised Signatory
                                                )
                                                )    Name:  Anthony P. Amato
                                                            ____________________
                                                )
                                                )    Title: Director
                                                            ____________________
                                                )

in the presence of:

/s/ Joshua L. Jenkins
______________________________________________________
Signature of Witness

Name:              Joshua L. Jenkins
                   ___________________________________

                   107 Northeastern Blvd
Address:           Nastra NH 03062
                   ___________________________________

Occupation:        Treasury Manager
                   ___________________________________

(Note: These details are to be completed in the witness's
own hand writing.)

                                      S-9
<PAGE>

                                   SKILLSOFT UK LIMITED

                                   By:  /s/ Anthony P. Amato
                                       _______________________________________
                                       Name:  Anthony P. Amato
                                       Title: Director

                                      S-10
<PAGE>

                                   SKILLSOFT CANADA, LTD.

                                   By:   /s/ Thomas J. McDonald
                                         ___________________________________
                                         Authorized Signing Officer

                                   By:   /s/ Charles E. Moran
                                         ___________________________________
                                         Authorized Signing Officer

                                      S-11
<PAGE>

                                   COLLATERAL AGENT:

                                   CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
                                   as Collateral Agent

                                   By: /s/ Robert Hefi
                                       ______________________________________
                                       Name:
                                       Title:

                                   By: /s/ Denise L. Alvarez
                                       ______________________________________
                                       Name:
                                       Title:

                                      S-12EXECUTION COPY
	 

	 
		 
	 

	 
		CUSIP Number: __________
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		SECOND AMENDED AND RESTATED
	 

	 
		CREDIT AGREEMENT
	 

	 
		 
	 

	 
		Dated as of May 10, 2007
	 

	 
		 
	 

	 
		among
	 

	 
		 
	 

	 
		FIG LLC
	 

	 
		AND CERTAIN OF ITS AFFILIATES
	 

	 
		as Borrowers,
	 

	 
		 
	 

	 
		CERTAIN SUBSIDIARIES AND AFFILIATES OF THE
		BORROWERS
	 

	 
		as Guarantors,
	 

	 
		 
	 

	 
		BANK OF AMERICA, N.A.,
	 

	 
		as Administrative Agent and L/C
		Issuer,
	 

	 
		 
	 

	 
		and
	 

	 
		 
	 

	 
		THE OTHER LENDERS PARTY HERETO
	 

	 
		 
	 

	 
		 
	 

	 
		CITIBANK, N.A.,
	 

	 
		as Syndication Agent
	 

	 
		 
	 

	 
		Arranged By:
	 

	 
		 
	 

	 
		BANC OF AMERICA SECURITIES LLC
	 

	 
		and
	 

	 
		CITIGROUP GLOBAL MARKETS INC.,
	 

	 
		as Joint Lead Arrangers and Joint Book
		Managers
	 

	 
		
		  
		  

		
 
 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				  ARTICLE I DEFINITIONS AND ACCOUNTING
				  TERMS
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  1.01
				

			 	
				
				   
				

			 	
				
				  Defined Terms
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  1.02
				

			 	
				
				   
				

			 	
				
				  Other Interpretive Provisions

				

			 	
				
				   
				

			 	
				
				  27
				

			 
	
				
				  1.03
				

			 	
				
				   
				

			 	
				
				  Accounting Terms
				

			 	
				
				   
				

			 	
				
				  27
				

			 
	
				
				  1.04
				

			 	
				
				   
				

			 	
				
				  Rounding
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  1.05
				

			 	
				
				   
				

			 	
				
				  Times of Day
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  1.06
				

			 	
				
				   
				

			 	
				
				  Letter of Credit Amounts
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  1.07
				

			 	
				
				   
				

			 	
				
				  Exchange Rates; Currency
				  Equivalents
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				  
 ARTICLE II THE COMMITMENTS AND
				  CREDIT EXTENSIONS
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  2.01
				

			 	
				
				   
				

			 	
				
				  Revolving Loans and Term
				  Loans
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  2.02
				

			 	
				
				   
				

			 	
				
				  Borrowings, Conversions and
				  Continuations of Loans
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  2.03
				

			 	
				
				   
				

			 	
				
				  Letters of Credit
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  2.04
				

			 	
				
				   
				

			 	
				
				  Prepayments
				

			 	
				
				   
				

			 	
				
				  39
				

			 
	
				
				  2.05
				

			 	
				
				   
				

			 	
				
				  Termination or Reduction of
				  Commitments
				

			 	
				
				   
				

			 	
				
				  40
				

			 
	
				
				  2.06
				

			 	
				
				   
				

			 	
				
				  Maturity
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  2.07
				

			 	
				
				   
				

			 	
				
				  Interest
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  2.08
				

			 	
				
				   
				

			 	
				
				  Fees
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  2.09
				

			 	
				
				   
				

			 	
				
				  Computation of Interest and
				  Fees
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  2.10
				

			 	
				
				   
				

			 	
				
				  Evidence of Debt
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  2.11
				

			 	
				
				   
				

			 	
				
				  Payments Generally; Administrative
				  Agent’s Clawback
				

			 	
				
				   
				

			 	
				
				  43
				

			 
	
				
				  2.12
				

			 	
				
				   
				

			 	
				
				  Sharing of Payments by
				  Lenders
				

			 	
				
				   
				

			 	
				
				  44
				

			 
	
				
				  2.13
				

			 	
				
				   
				

			 	
				
				  Joint and Several Liability of
				  Borrowers
				

			 	
				
				   
				

			 	
				
				  45
				

			 
	
				
				  2.14
				

			 	
				
				   
				

			 	
				
				  Appointment of FIG
				

			 	
				
				   
				

			 	
				
				  46
				

			 
	
				
				  
 ARTICLE III TAXES, YIELD
				  PROTECTION AND ILLEGALITY
				

			 	
				
				   
				

			 	
				
				  47
				

			 
	
				
				  3.01
				

			 	
				
				   
				

			 	
				
				  Taxes
				

			 	
				
				   
				

			 	
				
				  47
				

			 
	
				
				  3.02
				

			 	
				
				   
				

			 	
				
				  Illegality
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  3.03
				

			 	
				
				   
				

			 	
				
				  Inability to Determine Rates
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  3.04
				

			 	
				
				   
				

			 	
				
				  Increased Costs
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  3.05
				

			 	
				
				   
				

			 	
				
				  Compensation for Losses
				

			 	
				
				   
				

			 	
				
				  50
				

			 
	
				
				  3.06
				

			 	
				
				   
				

			 	
				
				  Mitigation Obligations; Replacement
				  of Lenders
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  3.07
				

			 	
				
				   
				

			 	
				
				  Survival
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  
 ARTICLE IV GUARANTY
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  4.01
				

			 	
				
				   
				

			 	
				
				  The Guaranty
				

			 	
				
				   
				

			 	
				
				  51
				

			 
	
				
				  4.02
				

			 	
				
				   
				

			 	
				
				  Obligations Unconditional
				

			 	
				
				   
				

			 	
				
				  52
				

			 
	
				
				  4.03
				

			 	
				
				   
				

			 	
				
				  Reinstatement
				

			 	
				
				   
				

			 	
				
				  53
				

			 
	
				
				  4.04
				

			 	
				
				   
				

			 	
				
				  Certain Additional Waivers
				

			 	
				
				   
				

			 	
				
				  53
				

			 
	
				
				  4.05
				

			 	
				
				   
				

			 	
				
				  Remedies
				

			 	
				
				   
				

			 	
				
				  53
				

			 
	
				
				  4.06
				

			 	
				
				   
				

			 	
				
				  Rights of Contribution
				

			 	
				
				   
				

			 	
				
				  53
				

			 
	
				
				  4.07
				

			 	
				
				   
				

			 	
				
				  Guarantee of Payment; Continuing
				  Guarantee
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  
 ARTICLE V CONDITIONS PRECEDENT
				  TO CREDIT EXTENSIONS
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  5.01
				

			 	
				
				   
				

			 	
				
				  Conditions of Initial Credit
				  Extension
				

			 	
				
				   
				

			 	
				
				  54
				

			 
	
				
				  5.02
				

			 	
				
				   
				

			 	
				
				  Conditions to all Credit
				  Extensions
				

			 	
				
				   
				

			 	
				
				  56
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  ARTICLE VI REPRESENTATIONS AND
				  WARRANTIES
				

			 	
				
				   
				

			 	
				
				  56
				

			 
	
				
				  6.01
				

			 	
				
				   
				

			 	
				
				  Existence, Qualification and
				  Power
				

			 	
				
				   
				

			 	
				
				  56
				

			 
	
				
				  6.02
				

			 	
				
				   
				

			 	
				
				  Authorization; No
				  Contravention
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  6.03
				

			 	
				
				   
				

			 	
				
				  Governmental Authorization; Other
				  Consents
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  6.04
				

			 	
				
				   
				

			 	
				
				  Binding Effect
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  6.05
				

			 	
				
				   
				

			 	
				
				  Financial Statements; No Material
				  Adverse Effect
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  6.06
				

			 	
				
				   
				

			 	
				
				  Litigation
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  6.07
				

			 	
				
				   
				

			 	
				
				  No Default
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  6.08
				

			 	
				
				   
				

			 	
				
				  Ownership of Property; Liens
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  6.09
				

			 	
				
				   
				

			 	
				
				  Environmental Compliance
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  6.10
				

			 	
				
				   
				

			 	
				
				  Insurance
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  6.11
				

			 	
				
				   
				

			 	
				
				  Taxes
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  6.12
				

			 	
				
				   
				

			 	
				
				  ERISA Compliance
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  6.13
				

			 	
				
				   
				

			 	
				
				  Subsidiaries/Equity Interests

				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  6.14
				

			 	
				
				   
				

			 	
				
				  Margin Regulations; Investment
				  Company Act; Investment Advisors Act
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  6.15
				

			 	
				
				   
				

			 	
				
				  Disclosure
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  6.16
				

			 	
				
				   
				

			 	
				
				  Compliance with Laws
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  6.17
				

			 	
				
				   
				

			 	
				
				  Intellectual Property; Licenses,
				  Etc
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  6.18
				

			 	
				
				   
				

			 	
				
				  Solvency
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  6.19
				

			 	
				
				   
				

			 	
				
				  [Intentionally Omitted]
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  6.20
				

			 	
				
				   
				

			 	
				
				  Property Information/ Legal
				  Identification
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  6.21
				

			 	
				
				   
				

			 	
				
				  Management Agreements/Other
				  Agreements/Intercompany Debt
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  
 ARTICLE VII AFFIRMATIVE
				  COVENANTS
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  7.01
				

			 	
				
				   
				

			 	
				
				  Financial Statements
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  7.02
				

			 	
				
				   
				

			 	
				
				  Certificates; Other
				  Information
				

			 	
				
				   
				

			 	
				
				  63
				

			 
	
				
				  7.03
				

			 	
				
				   
				

			 	
				
				  Notices
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  7.04
				

			 	
				
				   
				

			 	
				
				  Payment of Obligations
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  7.05
				

			 	
				
				   
				

			 	
				
				  Preservation of Existence,
				  Etc
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  7.06
				

			 	
				
				   
				

			 	
				
				  Maintenance of Properties
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  7.07
				

			 	
				
				   
				

			 	
				
				  Maintenance of Insurance
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  7.08
				

			 	
				
				   
				

			 	
				
				  Compliance with Laws
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  7.09
				

			 	
				
				   
				

			 	
				
				  Books and Records
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  7.10
				

			 	
				
				   
				

			 	
				
				  Inspection Rights
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  7.11
				

			 	
				
				   
				

			 	
				
				  Use of Proceeds
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  7.12
				

			 	
				
				   
				

			 	
				
				  Existing and Additional Fortress
				  Entities or Subsidiaries
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  7.13
				

			 	
				
				   
				

			 	
				
				  ERISA Compliance
				

			 	
				
				   
				

			 	
				
				  67
				

			 
	
				
				  7.14
				

			 	
				
				   
				

			 	
				
				  Pledged Assets
				

			 	
				
				   
				

			 	
				
				  67
				

			 
	
				
				  7.15
				

			 	
				
				   
				

			 	
				
				  Management Fees
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  7.16
				

			 	
				
				   
				

			 	
				
				  Distributions of Income to the Loan
				  Parties
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  
 ARTICLE VIII NEGATIVE
				  COVENANTS
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  8.01
				

			 	
				
				   
				

			 	
				
				  Liens
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  8.02
				

			 	
				
				   
				

			 	
				
				  [Intentionally Omitted]
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  8.03
				

			 	
				
				   
				

			 	
				
				  Indebtedness
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  8.04
				

			 	
				
				   
				

			 	
				
				  Fundamental Changes
				

			 	
				
				   
				

			 	
				
				  71
				

			 
	
				
				  8.05
				

			 	
				
				   
				

			 	
				
				  Dispositions
				

			 	
				
				   
				

			 	
				
				  71
				

			 
	
				
				  8.06
				

			 	
				
				   
				

			 	
				
				  Restricted Payments
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  8.07
				

			 	
				
				   
				

			 	
				
				  Change in Nature of Business
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  8.08
				

			 	
				
				   
				

			 	
				
				  Transactions with Affiliates and
				  Insiders
				

			 	
				
				   
				

			 	
				
				  73
				

			 
	
				
				  8.09
				

			 	
				
				   
				

			 	
				
				  Burdensome Agreements
				

			 	
				
				   
				

			 	
				
				  73
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		ii
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  8.10
				

			 	
				
				   
				

			 	
				
				  Financial Covenants
				

			 	
				
				   
				

			 	
				
				  73
				

			 
	
				
				  8.11
				

			 	
				
				   
				

			 	
				
				  [Intentionally Omitted]
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  8.12
				

			 	
				
				   
				

			 	
				
				  Organization Documents; Fiscal Year;
				  Legal Name, State of Formation and Form of Entity
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  8.13
				

			 	
				
				   
				

			 	
				
				  Sale Leasebacks
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  8.14
				

			 	
				
				   
				

			 	
				
				  Capital Expenditures
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  
 ARTICLE IX EVENTS OF DEFAULT
				  AND REMEDIES
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  9.01
				

			 	
				
				   
				

			 	
				
				  Events of Default
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  9.02
				

			 	
				
				   
				

			 	
				
				  Remedies Upon Event of
				  Default
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  9.03
				

			 	
				
				   
				

			 	
				
				  Application of Funds
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  
 ARTICLE X ADMINISTRATIVE
				  AGENT
				

			 	
				
				   
				

			 	
				
				  78
				

			 
	
				
				  10.01
				

			 	
				
				   
				

			 	
				
				  Appointment and Authority
				

			 	
				
				   
				

			 	
				
				  78
				

			 
	
				
				  10.02
				

			 	
				
				   
				

			 	
				
				  Rights as a Lender
				

			 	
				
				   
				

			 	
				
				  79
				

			 
	
				
				  10.03
				

			 	
				
				   
				

			 	
				
				  Exculpatory Provisions
				

			 	
				
				   
				

			 	
				
				  79
				

			 
	
				
				  10.04
				

			 	
				
				   
				

			 	
				
				  Reliance by Administrative
				  Agent
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  10.05
				

			 	
				
				   
				

			 	
				
				  Delegation of Duties
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  10.06
				

			 	
				
				   
				

			 	
				
				  Resignation of Administrative
				  Agent
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  10.07
				

			 	
				
				   
				

			 	
				
				  Non-Reliance on Administrative Agent
				  and Other Lenders
				

			 	
				
				   
				

			 	
				
				  81
				

			 
	
				
				  10.08
				

			 	
				
				   
				

			 	
				
				  No Other Duties; Etc
				

			 	
				
				   
				

			 	
				
				  81
				

			 
	
				
				  10.09
				

			 	
				
				   
				

			 	
				
				  Administrative Agent May File Proofs
				  of Claim
				

			 	
				
				   
				

			 	
				
				  81
				

			 
	
				
				  10.10
				

			 	
				
				   
				

			 	
				
				  Collateral and Guaranty
				  Matters/Ineligible Assignee Letter Agreement
				

			 	
				
				   
				

			 	
				
				  82
				

			 
	
				
				  
 ARTICLE XI MISCELLANEOUS

				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  11.01
				

			 	
				
				   
				

			 	
				
				  Amendments, Etc
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  11.02
				

			 	
				
				   
				

			 	
				
				  Notices and Other Communications;
				  Facsimile Copies
				

			 	
				
				   
				

			 	
				
				  84
				

			 
	
				
				  11.03
				

			 	
				
				   
				

			 	
				
				  No Waiver; Cumulative
				  Remedies
				

			 	
				
				   
				

			 	
				
				  86
				

			 
	
				
				  11.04
				

			 	
				
				   
				

			 	
				
				  Expenses; Indemnity; and Damage
				  Waiver
				

			 	
				
				   
				

			 	
				
				  86
				

			 
	
				
				  11.05
				

			 	
				
				   
				

			 	
				
				  Payments Set Aside
				

			 	
				
				   
				

			 	
				
				  88
				

			 
	
				
				  11.06
				

			 	
				
				   
				

			 	
				
				  Successors and Assigns
				

			 	
				
				   
				

			 	
				
				  88
				

			 
	
				
				  11.07
				

			 	
				
				   
				

			 	
				
				  Treatment of Certain Information;
				  Confidentiality
				

			 	
				
				   
				

			 	
				
				  92
				

			 
	
				
				  11.08
				

			 	
				
				   
				

			 	
				
				  Set-off
				

			 	
				
				   
				

			 	
				
				  92
				

			 
	
				
				  11.09
				

			 	
				
				   
				

			 	
				
				  Interest Rate Limitation
				

			 	
				
				   
				

			 	
				
				  93
				

			 
	
				
				  11.10
				

			 	
				
				   
				

			 	
				
				  Counterparts; Integration;
				  Effectiveness
				

			 	
				
				   
				

			 	
				
				  93
				

			 
	
				
				  11.11
				

			 	
				
				   
				

			 	
				
				  Survival of Representations and
				  Warranties
				

			 	
				
				   
				

			 	
				
				  93
				

			 
	
				
				  11.12
				

			 	
				
				   
				

			 	
				
				  Severability
				

			 	
				
				   
				

			 	
				
				  94
				

			 
	
				
				  11.13
				

			 	
				
				   
				

			 	
				
				  Replacement of Lenders
				

			 	
				
				   
				

			 	
				
				  94
				

			 
	
				
				  11.14
				

			 	
				
				   
				

			 	
				
				  Governing Law; Jurisdiction;
				  Etc
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  11.15
				

			 	
				
				   
				

			 	
				
				  Waiver of Right to Trial by
				  Jury
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  11.16
				

			 	
				
				   
				

			 	
				
				  USA PATRIOT Act Notice
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  11.17
				

			 	
				
				   
				

			 	
				
				  Judgment Currency
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  11.18
				

			 	
				
				   
				

			 	
				
				  No Advisory or Fiduciary
				  Responsibility
				

			 	
				
				   
				

			 	
				
				  96
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		iii
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		SCHEDULES
  
	 

	 
			
				
				  2.01
				

			 	
				
				   
				

			 	
				
				  Commitments and Applicable
				  Percentages
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  2.03
				

			 	
				
				   
				

			 	
				
				  Existing Letters of Credit
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  6.13(a)(i)
				

			 	
				
				   
				

			 	
				
				  List of Subsidiaries of Loan
				  Parties
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  6.13(a)(ii)
				

			 	
				
				   
				

			 	
				
				  Fortress Funds
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  6.13(a)(iii)
				

			 	
				
				   
				

			 	
				
				  SPVs
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  6.20
				

			 	
				
				   
				

			 	
				
				  Property Information
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  6.21
				

			 	
				
				   
				

			 	
				
				  Management Agreements
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  8.01
				

			 	
				
				   
				

			 	
				
				  Liens
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  8.03
				

			 	
				
				   
				

			 	
				
				  Indebtedness
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  11.02
				

			 	
				
				   
				

			 	
				
				  Certain Addresses for Notices

				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		EXHIBITS
	 

	 
		 
	 

	 
			
				
				  2.02
				

			 	
				
				   
				

			 	
				
				  Form of Loan Notice
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  2.10(a)(i)
				

			 	
				
				   
				

			 	
				
				  Form of Revolving Note
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  2.10(a)(ii)
				

			 	
				
				   
				

			 	
				
				  Form of Term Loan A Note
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  2.10(a)(iii)
				

			 	
				
				   
				

			 	
				
				  Form of Delayed Draw Term Loan
				  Note
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  2.10(a)(iv) 
				

			 	
				
				   
				

			 	
				
				  Form of Term Loan B Note
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  7.02
				

			 	
				
				   
				

			 	
				
				  Form of Compliance
				  Certificate
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  7.12
				

			 	
				
				   
				

			 	
				
				  Form of Joinder Agreement
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  11.07
				

			 	
				
				   
				

			 	
				
				  Form of Assignment and
				  Assumption
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		iv
	 

	 
		 
	 

	 
	 

	 

	 
		SECOND AMENDED AND RESTATED
	 

	 
		CREDIT AGREEMENT
	 

	 
		This SECOND AMENDED AND RESTATED CREDIT
		AGREEMENT is entered into as of May 10, 2007 among FIG LLC, a Delaware limited
		liability company (formerly known as Fortress Investment Group LLC)
		(“FIG”), the other Borrowers (defined herein), the
		Guarantors (defined herein), the Lenders (defined herein) and BANK OF AMERICA,
		N.A., as Administrative Agent and L/C Issuer.
	 

	 
		FIG, certain subsidiaries and affiliates of
		FIG as borrowers, certain other subsidiaries and affiliates of FIG as
		guarantors, certain lenders party thereto and Bank of America, N.A., as
		administrative agent and letter of credit issuer entered into that certain
		Credit Agreement, dated as of June 23, 2006 (as amended and modified from time
		to time prior to the date hereof, the “Existing Credit Agreement”).
	 

	 
		The Borrowers wish to amend and restate the
		Existing Credit Agreement to provide for $1,000,000,000 in credit facilities
		for the purposes set forth herein, and the Lenders are willing to do so on the
		terms and conditions set forth herein.
	 

	 
		In consideration of the mutual covenants and
		agreements herein contained, the parties hereto covenant and agree as
		follows:
	 

	 
		ARTICLE I
	 

	 
		 
	 

	 
		DEFINITIONS AND
		ACCOUNTING TERMS
	 

	 
		1.01 Defined
		Terms.
	 

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

	 
		“Acquisition”, by any Person, means the acquisition by such
		Person, in a single transaction or in a series of related transactions, of all
		or substantially all of the Property of another Person or at least a majority
		of the Voting Stock of another Person, in each case whether or not involving a
		merger or consolidation with such other Person and whether for cash, property,
		services, assumption of Indebtedness, securities or otherwise.
	 

	 
		“Additional Castle” means any Person formed or acquired by a Loan
		Party (a) that has issued Equity Interests to a Loan Party upon its formation
		or acquisition, (b) that is intended by the owner of such Person’s Equity
		Interests to become a publicly traded entity, (c) that is not a Private Equity
		Fund or a Hedge Fund, and (d) with respect to whose incentive income paid to a
		Loan Party is limited to amounts above a performance threshold specified in
		such Person’s Organizational Documents.
	 

	 
		“Administrative Agent” means Bank of America in its capacity as
		administrative agent under any of the Loan Documents, or any successor
		administrative agent.
	 

	 
		“Administrative
		Agent’s Office” means the
		Administrative Agent’s address and, as appropriate, account as set forth
		on Schedule 11.02 or such other address or account as the Administrative
		Agent may from time to time notify to the Borrowers and the Lenders.
	 

	 
		“Administrative Questionnaire” means an Administrative Questionnaire in a form
		supplied by the Administrative Agent.
	 

	 
		 
	 

	 
	 

	 

	 
		“Affiliate”
		means, with respect to any Person, another Person that directly, or indirectly
		through one or more intermediaries, Controls or is Controlled by or is under
		common Control with the Person specified. 
	 

	 
		“Agent Fee Letter” means the letter agreement, dated April 11, 2007,
		among FIG and the Administrative Agent. 
	 

	 
		“Aggregate Delayed Draw Term Loan
		Commitments” means the Delayed
		Draw Term Loan Commitments of all the Delayed Draw Term Loan Lenders. The
		amount of the Aggregate Delayed Draw Term Loan Commitments in effect on the
		Closing Date is FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000).
	 

	 
		“Aggregate Revolving Commitments” means the Revolving Commitments of all the
		Revolving Lenders. The amount of Aggregate Revolving Commitments in effect as
		of the Closing Date is TWO HUNDRED MILLION DOLLARS ($200,000,000).
	 

	 
		“Aggregate Term Loan A Commitments” means the Term Loan A Commitments of all the Term
		Loan A Lenders. The amount of the Aggregate Term Loan A Commitments in effect
		on the Closing Date is ONE HUNDRED MILLION DOLLARS ($100,000,000).
	 

	 
		“Aggregate Term Loan B Commitments” means the Term Loan B Commitments of all the Term
		Loan B Lenders. The amount of the Aggregate Term Loan B Commitments is TWO
		HUNDRED FIFTY MILLION DOLLARS ($250,000,000).
	 

	 
		“Agreement”
		means this Credit Agreement.
	 

	 
		“Alternative Currency” means Canadian Dollars, British Pounds Sterling,
		Euros and each other currency (other than Dollars) that is approved by the
		Administrative Agent in its sole discretion.
	 

	 
		“Alternative Currency Equivalent” means, at any time, with respect to any amount
		denominated in Dollars, the equivalent amount thereof in the applicable
		Alternative Currency as determined by the Administrative Agent or the L/C
		Issuer, as applicable, at such time on the basis of the Spot Rate (determined
		as of the most recent Revaluation Date) for the purchase of such Alternative
		Currency with Dollars.
	 

	 
		“Alternative Currency Letter of Credit
		Sublimit” means an amount equal to
		$15,000,000. The Alternative Currency Letter of Credit Sublimit is part of, and
		not in addition to, the Letter of Credit Sublimit.
	 

	 
		“Applicable Percentage” means, (a) with respect to each Revolving
		Lender’s Revolving Commitment at any time, the percentage (carried out to
		the ninth decimal place) of the Aggregate Revolving Commitments represented by
		such Revolving Lender’s Revolving Commitment at such time; provided that if
		the commitment of each Revolving Lender to make Revolving Loans and the
		obligation of the L/C Issuer to make L/C Credit Extensions has been terminated
		pursuant to Section 9.02 or if the Aggregate Revolving Commitments have expired,
		then the Applicable Percentage of each Revolving Lender shall be determined
		based on the Applicable Percentage of such Revolving Lender most recently in
		effect, giving effect to any subsequent assignments, (b) with respect to such
		Term A Lender’s portion of the outstanding Term A Loans at any time, the
		percentage (carried out to the ninth decimal place) of the Aggregate Term Loan
		A Commitments represented by such Term Loan A Lender’s Term Loan A
		Commitment at such time; provided that
		after the Closing Date, the Applicable Percentage of each Term Loan A Lender
		shall be determined based on the outstanding principal amount of the Term A
		Loans held 
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		by such Term Loan A Lender at such time, (c)
		with respect to such Delayed Draw Term Lender’s portion of the outstanding
		Delayed Draw Term Loans at any time, the percentage (carried out to the ninth
		decimal place) of the Aggregate Delayed Draw Term Loan Commitments represented
		by such Delayed Draw Term Loan Lender’s Delayed Draw Term Loan Commitment
		at such time, provided that if the commitment of each Delayed Draw Term Loan
		Lender to make Delayed Draw Term Loans has been terminated pursuant to
		Section 9.02 or if the Aggregate Delayed Draw Term Loan Commitments
		have expired, then the Applicable Percentage of each Delayed Draw Term Loan
		Lender shall be determined based on the outstanding principal amount of the
		Delayed Draw Term Loans held by such Delayed Draw Term Loan Lender at such time
		and (d) with respect to such Term B Lender’s portion of the outstanding
		Term B Loans at any time, the percentage (carried out to the ninth decimal
		place) of the Aggregate Term Loan B Commitments represented by such Term Loan
		Lender’s Term Loan Commitment at such time; provided that
		after the Closing Date, the Applicable Percentage of each Term Loan B Lender
		shall be determined based on the outstanding principal amount of the Term B
		Loans held by such Term Loan B Lender at such time. The initial Applicable
		Percentage of each Lender is set forth opposite the name of such Lender on
		Schedule 2.01 or, if applicable, in the Assignment and Assumption
		pursuant to which such Lender becomes a party hereto, as applicable.
	 

	 
		“Applicable Rate” means, from time to time, the following
		percentages per annum, based upon the Debt Ratings as set forth below: 
	 

	 
		Applicable Rate
	 

	 
		 
	 

	 
			
				
				  Pricing
 Level
				

			 	
				
				   
				

			 	
				
				  Debt Ratings 

				  S&P/Moody’s
				

			 	
				
				   
				

			 	
				
				  Eurodollar
 Rate Loans and
 Letters of Credit
				

			 	
				
				   
				

			 	
				
				  Base Rate Loans
				

			 	
				
				   
				

			 	
				
				  Commitment
 Fee
				

			 
	
				
				  1
				

			 	
				
				   
				

			 	
				
				  A- or A3 or higher
				

			 	
				
				   
				

			 	
				
				  0.500%
				

			 	
				
				   
				

			 	
				
				  0.000%
				

			 	
				
				   
				

			 	
				
				  0.150%
				

			 
	
				
				  2
				

			 	
				
				   
				

			 	
				
				  BBB+ or Baa1
				

			 	
				
				   
				

			 	
				
				  0.650%
				

			 	
				
				   
				

			 	
				
				  0.000%
				

			 	
				
				   
				

			 	
				
				  0.200%
				

			 
	
				
				  3
				

			 	
				
				   
				

			 	
				
				  BBB or Baa2
				

			 	
				
				   
				

			 	
				
				  0.800%
				

			 	
				
				   
				

			 	
				
				  0.000%
				

			 	
				
				   
				

			 	
				
				  0.250%
				

			 
	
				
				  4
				

			 	
				
				   
				

			 	
				
				  BBB- or Baa3
				

			 	
				
				   
				

			 	
				
				  0.950%
				

			 	
				
				   
				

			 	
				
				  0.000%
				

			 	
				
				   
				

			 	
				
				  0.300%
				

			 
	
				
				  5
				

			 	
				
				   
				

			 	
				
				  BB+ or Ba1
				

			 	
				
				   
				

			 	
				
				  1.050%
				

			 	
				
				   
				

			 	
				
				  0.050%
				

			 	
				
				   
				

			 	
				
				  0.375%
				

			 
	
				
				  6
				

			 	
				
				   
				

			 	
				
				  BB or Ba2 or lower
				

			 	
				
				   
				

			 	
				
				  1.200%
				

			 	
				
				   
				

			 	
				
				  0.200%
				

			 	
				
				   
				

			 	
				
				  0.375%
				

			 

 

	 
		“Debt Rating” means, as of any date of determination, the
		rating as determined by either S&P or Moody’s (collectively, the
		“Debt Ratings”) of the Borrowers’ non-credit-enhanced,
		senior secured long-term debt; provided that
		(a) if the respective Debt Ratings issued by the foregoing rating agencies
		differ by one level, then the Pricing Level for the higher of such Debt Ratings
		shall apply (with the Debt Rating for Pricing Level 1 being the highest and the
		Debt Rating for Pricing Level 6 being the lowest); (b) if there is a split in
		Debt Ratings of more than one level, then the Pricing Level that is one level
		higher than the Pricing Level of the lower Debt Rating shall apply; (c) if the
		Borrowers have only one Debt Rating, the Pricing Level of such Debt Rating
		shall apply; and (d) if the Borrowers do not have any Debt Rating, Pricing
		Level 6 shall apply. Pricing Level 6 shall apply on the Closing Date.
	 

	 
		Notwithstanding the Foregoing, the
		Applicable Rate with respect to the Commitment Fee for the Delayed Draw Term
		Loan shall be equal to 0.175% on the Closing Date and for the first 135 days
		thereafter. Each change in the Applicable Rate resulting from a publicly
		announced change in the Debt Rating shall be effective as of the date of the
		public announcement thereof and ending on the date immediately preceding the
		effective date of the next such change.
	 

	 
		“Applicable Time” means, with respect to any borrowings and
		payments in Alternative Currency, the local time in the place of settlement for
		Alternative Currency as may be determined by the L/C Issuer 
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		to be necessary for timely settlement on the
		relevant date in accordance with normal banking procedures in the place of
		payment. 
	 

	 
		“Approved Fund Lender” means any Fund Lender that is administered or
		managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
		Affiliate of an entity that administers or manages a Lender.
	 

	 
		“Arrangers”
		means BAS and Citigroup Global Markets Inc., in their capacities a joint lead
		arrangers and joint book runners.
	 

	 
		“Asset Value” means (a) with respect to Co-Investment Fund
		Investments and Fortress Fund Investments, the value of each such asset based
		on the fair market value of such asset and (b) with respect to Direct
		Investments, the value of each such asset based on the cost of such asset
		minus permanent impairment as determined by GAAP; provided
		that the value of any Investment Assets owned by an SPV shall be reduced by all
		Indebtedness owed by such SPV (but in no event less than zero).
	 

	 
		“Assignee Group” means two or more Eligible Assignees that are
		Affiliates of one another or two or more Approved Fund Lenders managed by the
		same investment advisor.
	 

	 
		“Assignment and Assumption” means an assignment and assumption entered into
		by a Lender and an Eligible Assignee (with the consent of any party whose
		consent is required by Section
		11.06(b)), and accepted by the
		Administrative Agent, in substantially the form of Exhibit 11.07 or
		any other form approved by the Administrative Agent.
	 

	 
		“Assignment of LLC Interests” means the assignment of interests in the equity
		owned by the Loan Parties in certain of their Subsidiaries executed in favor of
		the Administrative Agent, for the benefit of the Lenders, by each of the
		applicable Loan Parties.
	 

	 
		“Assignment of Interests in Management
		Agreements” means the assignment
		of interests in management agreements executed in favor of the Administration
		Agent, for the benefit of the Lenders, by each of the applicable Loan
		Parties.
	 

	 
		“Attributable Indebtedness” means, on any date, (a) in respect of any Capital
		Lease of any Person, the capitalized amount thereof that would appear on a
		balance sheet of such Person prepared as of such date in accordance with GAAP,
		(b) in respect of any Synthetic Lease, the capitalized amount of the remaining
		lease payments under the relevant lease that would appear on a balance sheet of
		such Person prepared as of such date in accordance with GAAP if such lease were
		accounted for as a Capital Lease, (c) in respect of any Securitization
		Transaction of any Person, the outstanding principal amount of such financing,
		after taking into account reserve accounts and making appropriate adjustments,
		determined by the Administrative Agent in its reasonable judgment and (d) in
		the case of any Sale and Leaseback Transaction, the present value (discounted
		in accordance with GAAP at the debt rate implied in the applicable lease) of
		the obligations of the lessee for rental payments during the term of such
		lease.
	 

	 
		“Audited Financial Statements” means the audited combined balance sheet of the
		Fortress Entities, their respective Subsidiaries and the Consolidated Fortress
		Funds for the fiscal year ended December 31, 2006, and the related
		combined statements of income or operations, shareholders’ equity and cash
		flows for such fiscal year of the Fortress Entities and their respective
		Subsidiaries, including the notes thereto.
	 

	 
		“Availability Period”  means, (a) with respect to the Revolving
		Commitments, the period from and including the Closing Date to the earliest of
		(i) the Maturity Date, (ii) the date of termination of the 
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		Aggregate Revolving Commitments pursuant to
		Section 2.05, and (iii) the date of termination of the commitment of
		each Revolving Lender to make Revolving Loans and of the obligation of the L/C
		Issuer to make L/C Credit Extensions pursuant to Section 9.02 and
		(b) with respect to the Delayed Draw Term Loan Commitments, the period from and
		including the Closing Date to the earliest of (i) February 10, 2008,
		(ii) the date that the total Delayed Draw Term Loan Commitment has been
		fully funded to the Borrowers and (iii) the date of termination of the Delayed
		Draw Term Loan Commitments pursuant to Section 9.02.
	 

	 
		“Bank of America” means Bank of America, N.A. and its
		successors.
	 

	 
		“BAS” means
		Banc of America Securities LLC.
	 

	 
		“Base Rate”
		means for any day a fluctuating rate per annum equal to the higher of (a) the
		Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for
		such day as publicly announced from time to time by Bank of America as its
		“prime rate.” The “prime rate” is a rate set by Bank of
		America based upon various factors including Bank of America’s costs and
		desired return, general economic conditions and other factors, and is used as a
		reference point for pricing some loans, which may be priced at, above, or below
		such announced rate. Any change in the “prime rate” announced by Bank
		of America shall take effect at the opening of business on the day specified in
		the public announcement of such change.
	 

	 
		“Base Rate Loan” means a Loan that bears interest based on the
		Base Rate.
	 

	 
		“Borrowers”
		means, subject to Section
		8.04(f), FIG, FOE I, FOE II, FOE III,
		and Principal Holdings I LP and “Borrower”
		means any one of them.
	 

	 
		“Borrowing”
		means a borrowing consisting of simultaneous Loans of the same Type and, in the
		case of Eurodollar Rate Loans, having the same Interest Period made by each of
		the applicable Lenders pursuant to Section 2.01.
	 

	 
		“Business Day” means any day other than a Saturday, Sunday or
		other day on which commercial banks are authorized to close under the Laws of,
		or are in fact closed in, the state where the Administrative Agent’s
		Office is located and, if such day relates to any Eurodollar Rate Loan, means
		any such day on which dealings in Dollar deposits are conducted by and between
		banks in the London interbank eurodollar market.
	 

	 
		“Businesses”
		means, at any time, a collective reference to the businesses operated by the
		Borrowers, their Subsidiaries and the Fortress Funds at such time.
	 

	 
		“Capital Expenditures” means, for any period, for any Person, all
		capital expenditures of such Person, as determined in accordance with
		GAAP.
	 

	 
		“Capital Lease” means, as applied to any Person, any lease of any
		Property by that Person as lessee which, in accordance with GAAP, is required
		to be accounted for as a capital lease on the balance sheet of that
		Person.
	 

	 
		“Cash Collateral Account” has the meaning set forth in the Cash Collateral
		Account Agreement.
	 

	 
		“Cash Collateral Account Agreement” means the cash collateral account agreement
		executed in favor of the Administrative Agent, for the benefit of the Lenders,
		by each of the applicable Loan Parties.
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		“Cash Collateralize” has the meaning specified in Section 2.03(g).
	 

	 
		“Cash Equivalents” means, as at any date, (a) securities issued
		or directly and fully guaranteed or insured by the United States or any agency
		or instrumentality thereof (provided that
		the full faith and credit of the United States is pledged in support thereof)
		having maturities of not more than twelve months from the date of acquisition,
		(b) Dollar denominated time deposits and certificates of deposit of
		(i) any Lender, (ii) any domestic commercial bank of recognized
		standing having capital and surplus in excess of $500,000,000 or (iii) any
		bank whose short-term commercial paper rating from S&P is at least A-1 or
		the equivalent thereof or from Moody’s is at least P-1 or the equivalent
		thereof (any such bank being an “Approved Bank”), in each case with
		maturities of not more than 270 days from the date of acquisition,
		(c) commercial paper and variable or fixed rate notes issued by any
		Approved Bank (or by the parent company thereof) or any variable rate notes
		issued by, or guaranteed by, any domestic corporation rated A-1 (or the
		equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or
		better by Moody’s and maturing within six months of the date of
		acquisition, (d) repurchase agreements entered into by any Person with a
		bank or trust company (including any of the Lenders) or recognized securities
		dealer having capital and surplus in excess of $500,000,000 for direct
		obligations issued by or fully guaranteed by the United States in which such
		Person shall have a perfected first priority security interest (subject to no
		other Liens) and having, on the date of purchase thereof, a fair market value
		of at least 100% of the amount of the repurchase obligations and
		(e) investments, classified in accordance with GAAP as current assets, in
		money market investment programs registered under the Investment Company Act of
		1940 which are administered by reputable financial institutions having capital
		of at least $500,000,000 and the portfolios of which are limited to investments
		of the character described in the foregoing subdivisions (a) through
		(d).
	 

	 
		“Castle” or
		“Castles” means Eurocastle, Newcastle and any Additional
		Castle.
	 

	 
		“Castle Options” means the Eurocastle Options, the Newcastle
		Options and options on Additional Castle Equity Interests owned, directly or
		indirectly, by the Loan Parties.
	 

	 
		“Change in Law” means the occurrence, after the date of this
		Agreement, of any of the following: (a) the adoption or taking effect of any
		law, rule, regulation or treaty, (b) any change in any law, rule, regulation or
		treaty or in the administration, interpretation or application thereof by any
		Governmental Authority or (c) the making or issuance of any request, guideline
		or directive (whether or not having the force of law) by any Governmental
		Authority.
	 

	 
		“Change of Control” means any “person” or “group”
		(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
		Act of 1934, but excluding (i) any employee benefit plan of such person or its
		subsidiaries, and any person or entity acting in its capacity as trustee, agent
		or other fiduciary or administrator of any such plan or (ii) the Principals or
		any group which, directly or indirectly, is controlled by them) becomes the
		“beneficial owner” (as defined in Rules 13d 3 and 13d 5 under the
		Securities Exchange Act of 1934), directly or indirectly, of 35% or more of the
		combined voting power of all Voting Stock of Public FIG on a fully diluted
		basis.
	 

	 
		“Closing Date” means the date hereof.
	 

	 
		“Co-Investment Fund Investments” means Investments, either directly or indirectly,
		by the Loan Parties or their Subsidiaries in a Person in which a Fortress Fund
		also made or will concurrently make an Investment.
	 

	 
		“Collateral”
		means a collective reference to all Property with respect to which Liens in
		favor of the Administrative Agent, for the benefit of itself and the Lenders,
		are purported to be granted pursuant to and in accordance with the terms of the
		Collateral Documents.
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		“Collateral Documents” means a collective reference to the Security
		Agreement, the Pledge Agreement, the Assignment of LLC Interests, the
		Assignment of Interests in Management Agreements, the Cash Collateral Account
		Agreement, the Transfer Documents and such other security documents as may be
		executed and delivered by the Loan Parties pursuant to the terms of
		Section 7.14 or otherwise.
	 

	 
		“Commitment”
		means, as to each Lender, the Revolving Commitment of such Lender, the Term
		Loan A Commitment of such Lender, the Delayed Draw Term Loan Commitment of such
		Lender and/or the Term Loan B Commitment of such Lender.
	 

	 
		“Commitment Fees” means the fees set forth in 2.08(a).
	 

	 
		“Compliance Certificate” means a certificate substantially in the form of
		Exhibit 7.02.
	 

	 
		“Consolidated Adjusted Asset Value” means the Consolidated Asset Value
		minus the amount by which the contribution from any
		individual Co-Investment Fund Investment or Direct Investment
		exceeds 30% of the Required Investment Assets.
	 

	 
		“Consolidated Asset Value” means the aggregate Asset Value of all
		Co-Investment Fund Investments, Direct Investments and Fortress Fund
		Investments.
	 

	 
		“Consolidated Fortress Funds” means those certain Fortress Funds that are
		consolidated with the Loan Parties in the financial statements of Public
		FIG.
	 

	 
		“Contractual Obligation” means, as to any Person, any provision of any
		security issued by such Person or of any agreement, instrument or other
		undertaking to which such Person is a party or by which it or any of its
		property is bound, including, without limitation, any Management
		Agreement.
	 

	 
		“Control”
		means the possession, directly or indirectly, of the power to direct or cause
		the direction of the management or policies of a Person, whether through the
		ability to exercise voting power, by contract or otherwise.
		“Controlling” and “Controlled”
		have meanings correlative thereto. Without limiting the generality of the
		foregoing, a Person shall be deemed to be Controlled by another Person if such
		other Person possesses, directly or indirectly, power to vote 10% or more of
		the securities having ordinary voting power for the election of directors,
		managing general partners or the equivalent.
	 

	 
		“Credit Extension” means each of the following: (a) a Borrowing and
		(b) an L/C Credit Extension.
	 

	 
		“Credit Facility Swap Contract” means any Swap Contract entered into by a Loan
		Party with a Lender or an Affiliate of a Lender with respect to the
		Obligations.
	 

	 
		“Debt Rating” has the meaning specified in the definition of
		“Applicable Rate”.
	 

	 
		“Debtor Relief Laws” means the Bankruptcy Code of the United States,
		and all other liquidation, conservatorship, bankruptcy, assignment for the
		benefit of creditors, moratorium, rearrangement, receivership, insolvency,
		reorganization, or similar debtor relief Laws of the United States or other
		applicable jurisdictions from time to time in effect and affecting the rights
		of creditors generally.
	 

	 
		“Default”
		means any event or condition that constitutes an Event of Default or that, with
		the giving of any notice, the passage of time, or both, would be an Event of
		Default.
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		“Default Rate” means (a) when used with respect to Obligations
		other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate
		plus (ii) the Applicable Rate, if any, applicable to Base
		Rate Loans plus (iii) 2% per annum; provided,
		however, that with respect to a Eurodollar Rate Loan, the
		Default Rate shall be an interest rate equal to the interest rate (including
		any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, in
		each case to the fullest extent permitted by applicable Laws and (b) when used
		with respect to Letter of Credit Fees, a rate equal to the Applicable Rate
		plus 2% per annum.
	 

	 
		“Defaulting Lender” means any Lender that (a) has failed to fund any
		portion of the Loans or participations in L/C Obligations required to be funded
		by it hereunder within one Business Day of the date required to be funded by it
		hereunder, (b) has otherwise failed to pay over to the Administrative Agent or
		any other Lender any other amount required to be paid by it hereunder within
		one Business Day of the date when due, unless the subject of a good faith
		dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy
		or insolvency proceeding.
	 

	 
		“Deferred Management and Incentive Fees” means the deferred management, incentive and
		performance fees from the Offshore Hedge Funds that are shown as an asset on
		the balance sheet of FIG from time to time.
	 

	 
		“Delayed Draw Term Loan Commitment” means, as to each Delayed Draw Term Loan Lender,
		its obligation to make its portion of the Delayed Draw Term Loans to the
		Borrowers pursuant to Section
		2.01(c), in the principal amount set
		forth opposite such Delayed Draw Term Loan Lender’s name on
		Schedule 2.01 or in the Assignment and Assumption pursuant to which
		such Delayed Draw Term Loan Lender becomes a party hereto, as applicable, as
		such amount may be adjusted from time to time in accordance with this
		Agreement. 
	 

	 
		“Delayed Draw Term Loan Lender” means each Lender with a Delayed Draw Term Loan
		Commitment greater than zero.
	 

	 
		“Delayed Draw Term Loan Note” has the meaning specified in Section 2.10(a).
	 

	 
		“Delayed Draw Term Loans” has the meaning specified in Section 2.01(c).
	 

	 
		“Direct Investments” means Investments by Loan Parties or their
		Subsidiaries which are not Fortress Fund Investments or Co-Investment Fund
		Investments.
	 

	 
		“Disposition” or “Dispose”
		means the sale, transfer, license, lease or other disposition (including any
		Sale and Leaseback Transaction) of any Property by a Loan Party (including the
		Equity Interests of any Subsidiary), including any sale, assignment, transfer
		or other disposal, with or without recourse, of any notes or accounts
		receivable or any rights and claims associated therewith, but excluding any
		Involuntary Disposition; it being understood that an Equity Issuance shall not
		be deemed to be a Disposition.
	 

	 
		“Distribution” means any dividend or distribution (whether in
		cash, securities or other Property) with respect to the Equity Interests of a
		Loan Party or any subsidiary.
	 

	 
		“Dollar” and
		“$” mean lawful money of the United States.
	 

	 
		“Dollar Equivalent” means, at any time, (a) with respect to any
		amount denominated in Dollars, such amount and (b) with respect to any
		amount denominated in Alternative Currency, the equivalent amount thereof in
		Dollars as determined by the L/C Issuer at such time on the basis of the Spot
		Rate 
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		(determined as of the most recent
		Revaluation Date) for the purchase of Dollars with Alternative Currency.

	 

	 
		“Drawbridge Funds” mean Drawbridge Special Opportunities Fund LP,
		Drawbridge Special Opportunities Fund Ltd., Drawbridge Global Macro Fund LP,
		Drawbridge Global Macro Fund Ltd, Drawbridge RV Plus Fund LP, and Drawbridge RV
		Plus Fund Ltd.
	 

	 
		“EBITDA”
		means with respect to any Person (or any asset of any Person) for any period,
		without duplication an amount equal to the sum of:
	 

	 
		(a) the Net Income of such Person (or
		attributable to such asset) for such period plus 
	 

	 
		(b) depreciation and amortization, interest
		expense and income taxes deducted in calculating such Net Income,
		plus 
	 

	 
		(c) any extraordinary or non-recurring
		losses deducted in calculating such Net Income, plus
	 

	 
		(d) the Incentive Income Adjustment;
		plus
	 

	 
		(e) the Other Income Adjustment;
		plus
	 

	 
		(f) compensation expenses recorded in
		connection with the assignment of the Castle Options and Stock Based
		Compensation, in each case deducted in calculating such Net Income;
		plus 
	 

	 
		(g) accrued employee profit sharing related
		to Oldcastle incentive compensation minus cash
		payments made with respect to such employee profit sharing; minus
	 

	 
		(h) income (loss) allocable to, or resulting
		from distributions to, the Principals and their assignees; minus
	 

	 
		(i) any earnings on deferred fee
		arrangements net of employees’ share; minus
	 

	 
		(j) any extraordinary or other non-recurring
		gains included in calculating such Net Income.
	 

	 
		Notwithstanding the above, (A) it is
		understood that EBITDA shall not include any amounts to be distributed as
		Promote Fees to equity holders of any Person other than a Loan Party and (B)
		upon the occurrence of a Permitted Management Function Transfer, EBITDA (as
		calculated for any present or past quarter) shall no longer include any income
		or expenses related to the applicable Fortress Fund (or any gains or losses
		related thereto).
	 

	 
		“Eligible Assets” means Property that is used or useful in the same
		or a similar line of business as the Loan Parties were engaged in on, and any
		Investments of the type that the Loan Parties had made on or prior to, the
		Closing Date (or any reasonable extensions or expansions thereof).
	 

	 
		“Eligible Assignee” means any Person that meets the requirements to
		be an assignee under Sections 11.06(b)(iii), (v) and (vi) (subject to such
		consents, if any, as may be required under Section 11.06(b)(iii)).
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		“Environmental Laws” means any and all federal, state, local, foreign
		and other applicable statutes, laws, regulations, ordinances, rules, judgments,
		orders, decrees, permits, concessions, grants, franchises, licenses, agreements
		or governmental restrictions relating to pollution and the protection of the
		environment or the release of any materials into the environment, including
		those related to hazardous substances or wastes, air emissions and discharges
		to waste or public systems.
	 

	 
		“Environmental Liability” means any liability, contingent or otherwise
		(including any liability for damages, costs of environmental remediation,
		fines, penalties or indemnities), of any Loan Party or any of their respective
		Subsidiaries or any Affiliate directly or indirectly resulting from or based
		upon (a) violation of any Environmental Law, (b) the generation, use, handling,
		transportation, storage, treatment or disposal of any Hazardous Materials, (c)
		exposure to any Hazardous Materials, (d) the release or threatened release of
		any Hazardous Materials into the environment or (e) any contract, agreement or
		other consensual arrangement pursuant to which liability is assumed or imposed
		with respect to any of the foregoing.
	 

	 
		“Equity Interests” means, with respect to any Person, all of the
		shares of capital stock of (or other ownership or profit interests in) such
		Person, all of the warrants, options or other rights for the purchase or
		acquisition from such Person of shares of capital stock of (or other ownership
		or profit interests in) such Person, all of the securities convertible into or
		exchangeable for shares of capital stock of (or other ownership or profit
		interests in) such Person or warrants, rights or options for the purchase or
		acquisition from such Person of such shares (or such other interests), and all
		of the other ownership or profit interests in such Person (including
		partnership, member or trust interests therein), whether voting or nonvoting,
		and whether or not such shares, warrants, options, rights or other interests
		are outstanding on any date of determination.
	 

	 
		“Equity Issuance” means any issuance by any Loan Party to any
		Person other than a Loan Party or a Subsidiary of its Equity Interests. The
		term “Equity Issuance” shall not be deemed to include any
		Disposition.
	 

	 
		“ERISA”
		means the Employee Retirement Income Security Act of 1974.
	 

	 
		 “ERISA Affiliate” means any trade or business (whether or not
		incorporated) under common control with any Borrower within the meaning of
		Section 414(b) or (c) of the Internal Revenue Code (and Sections 414(m) and (o)
		of the Internal Revenue Code for purposes of provisions relating to Section 412
		of the Internal Revenue Code).
	 

	 
		“ERISA Event” means (a) a Reportable Event with respect to a
		Pension Plan; (b) a withdrawal by any Borrower or any ERISA Affiliate from a
		Pension Plan subject to Section 4063 of ERISA during a plan year in which it
		was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or
		a cessation of operations that is treated as such a withdrawal under Section
		4062(e) of ERISA; (c) a complete or partial withdrawal by any Borrower or any
		ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer
		Plan is in reorganization; (d) the filing of a notice of intent to terminate,
		the treatment of a Plan amendment as a termination under Sections 4041 or 4041A
		of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension
		Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds
		under Section 4042 of ERISA for the termination of, or the appointment of a
		trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the
		imposition of any material liability under Title IV of ERISA, other than for
		PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any
		Borrower or any ERISA Affiliate.
	 

	 
		“Eurocastle”
		means Eurocastle Investment Limited, a Guernsey Company.
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		 “Eurocastle Options” means the options on Eurocastle stock owned by
		the Loan Parties.
	 

	 
		“Eurodollar Rate” means, for any Interest Period with respect to a
		Eurodollar Rate Loan, the rate per annum equal to the British Bankers
		Association LIBOR Rate (“BBA
		LIBOR”), as published by Reuters
		(or other commercially available source providing quotations of BBA LIBOR as
		designated by the Administrative Agent from time to time) at approximately
		11:00 a.m., London time, two Business Days prior to the commencement of such
		Interest Period, for Dollar deposits (for delivery on the first day of such
		Interest Period) with a term equivalent to such Interest Period. If such rate
		is not available at such time for any reason, then the “Eurodollar
		Rate” for such Interest Period shall be the rate per annum determined by
		the Administrative Agent to be the rate at which deposits in Dollars for
		delivery on the first day of such Interest Period in same day funds in the
		approximate amount of the Eurodollar Rate Loan being made, continued or
		converted by Bank of America and with a term equivalent to such Interest Period
		would be offered by Bank of America’s London Branch to major banks in the
		London interbank eurodollar market at their request at approximately 11:00 a.m.
		(London time) two Business Days prior to the commencement of such Interest
		Period.
	 

	 
		“Eurodollar Rate Loan” means a Loan that bears interest at a rate based
		on the Eurodollar Rate.
	 

	 
		“Event of Default” has the meaning specified in Section 9.01.
	 

	 
		“Excluded Management Agreements” means the Management Agreements identified on
		Schedule 6.21 that are subject to confidentiality agreements.
	 

	 
		“Excluded Taxes” means, with respect to the Administrative Agent
		(including any sub-agent), any Lender, the L/C Issuer or any other recipient of
		any payment to be made by or on account of any obligation of the Borrowers
		hereunder, (a) taxes imposed on or measured by its overall net income or gross
		receipts (however denominated), and franchise taxes imposed on it (in lieu of
		net income taxes), by the jurisdiction (or any political subdivision thereof)
		under the laws of which such recipient is organized or in which its principal
		office is located or with which it has a present of former connection (other
		than any such connection resulting in whole or in part from its having
		executed, delivered or performed its obligations or received a payment under,
		or enforced, this Agreement or any other Loan Document) or, in the case of any
		Lender, in which its applicable Lending Office is located, (b) branch
		profits taxes imposed by the United States or any similar tax imposed by any
		other jurisdiction, (c) in the case of a Foreign Lender (other than an
		assignee pursuant to a request by the Borrowers under Section 11.13),
		any withholding tax that is imposed on amounts payable to such Foreign Lender
		at the time such Foreign Lender becomes a party hereto (or designates a new
		Lending Office) or is attributable to such Foreign Lender’s failure or
		inability (other than as a result of a Change in Law) to comply with
		Section 3.01(e), except to the extent that such Foreign Lender (or its
		assignor, if any) was entitled, at the time of designation of a new Lending
		Office (or assignment), to receive additional amounts from the Borrowers with
		respect to such withholding tax pursuant to Section 3.01(a)
		and (d) in the case of a Lender other than a Foreign Lender, backup
		withholding tax imposed under Section 3406 of the Internal Revenue Code (other
		than as a result of a Change in Law).
	 

	 
		“Existing Credit Agreement” has the meaning set forth in the initial
		paragraphs hereto.
	 

	 
		“Existing Letters of Credit” means the Letters of Credit set forth on
		Schedule 2.03.
	 

	 
		“Facilities”
		means, at any time, a collective reference to the facilities and real
		properties owned, leased or operated by any Loan Party or any
		Subsidiary.
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		“Federal Funds Rate” means, for any day, the rate per annum equal to
		the weighted average of the rates on overnight federal funds transactions with
		members of the Federal Reserve System arranged by federal funds brokers on such
		day, as published by the Federal Reserve Bank of New York on the Business Day
		next succeeding such day; provided that
		(a) if such day is not a Business Day, the Federal Funds Rate for such day
		shall be such rate on such transactions on the next preceding Business Day as
		so published on the next succeeding Business Day, and (b) if no such rate is so
		published on such next succeeding Business Day, the Federal Funds Rate for such
		day shall be the average rate (rounded upward, if necessary, to a whole
		multiple of 1/100 of 1%) charged to Bank of America on such day on such
		transactions as determined by the Administrative Agent.
	 

	 
		“FIG” means
		FIG LLC, a Delaware limited liability company (formerly known as Fortress
		Investment Group LLC).
	 

	 
		“FIG Promote Entities” means any entity created with respect to a
		Private Equity Fund to hold Promote Fees for Persons other than Loan
		Parties. 
	 

	 
		“FOE I”
		means Fortress Operating Entity I LP, a Delaware limited partnership.
	 

	 
		“FOE II”
		means Fortress Operating Entity II LP, a Delaware limited partnership.
	 

	 
		“FOE III”
		means Fortress Operating Entity III LP, a Delaware limited partnership.
	 

	 
		“Foreign Lender” means any Lender that is organized under the laws
		of a jurisdiction other than that in which the Borrowers are residents for tax
		purposes. For purposes of this definition, the United States, each State
		thereof and the District of Columbia shall be deemed to constitute a single
		jurisdiction. 
	 

	 
		“Foreign Subsidiary” means any Subsidiary that is a “controlled
		foreign corporation” as defined in Section 957 of the Internal Revenue
		Code.
	 

	 
		“Fortress Entities” means the Borrowers and any other Person (other
		than a natural Person) who directly owns the investment advisor, general
		partner or managing member of a Fortress Fund or who otherwise receives Promote
		Fees or Management Fees.
	 

	 
		“Fortress Funds” means each of (a) each of the entities set forth
		on Schedule 6.13(a)(ii) and (b) any other Private Equity Fund, Hedge Fund or
		any other public or private investment fund created after the Closing Date and
		managed, directly or indirectly, by a Loan Party or one of its Subsidiaries or
		Affiliates or any of its investment advisors; provided that
		portfolio companies of a Fortress Fund shall not be deemed to be a Fortress
		Fund. 
	 

	 
		“Fortress Fund Investments” means (a) the stock of Newcastle and Eurocastle
		(and any other Equity Interests of a publicly traded entity) that has been
		pledged to the Lenders pursuant to the Pledge Agreement, (b) the Loan
		Parties’ ownership interest, direct or indirect, in the Private Equity
		Funds, (c) the Loan Parties’ ownership interest, direct or indirect, in
		the Onshore Hedge Funds, (d) the Newcastle Options and Eurocastle Options and
		any other options of a publicly traded Person for which a Loan Party or a
		Subsidiary is the manager and (e) the ownership interest, direct or indirect,
		of any Loan Party in any public or private investment fund created after the
		Closing Date that is managed, directly or indirectly, by a Loan Party. 
	 

	 
		“FRB” means
		the Board of Governors of the Federal Reserve System of the United
		States.
	 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		“Free Cash Flow” means, as to the Loan Parties and as of any date
		of determination, an amount equal to (a) $163,000,000 plus (b) EBITDA earned
		since March 31, 2007 to such date of determination less (c) the sum of (i)
		Interest Charges paid since March 31, 2007 to such date of determination
		plus (ii) Capital Expenditures made since March 31, 2007 to
		such date of determination (other than Capital Expenditures financed by
		Indebtedness permitted by Section 8.03(j)(i)) plus (iii)
		Distributions made in cash pursuant to Section 8.06(c)
		and (e) from March 31, 2007 to such date of
		determination.
	 

	 
		“Fund Lender” means any Person (other than a natural person)
		that is engaged in making, purchasing, holding or otherwise investing in
		commercial loans and similar extensions of credit in the ordinary course of its
		activities.
	 

	 
		“Funded Indebtedness” means, as to any Person at a particular time,
		without duplication, all of the following, whether or not included as
		indebtedness or liabilities in accordance with GAAP:
	 

	 
		(a) all obligations for borrowed money,
		whether current or long-term (including the Obligations) and all obligations of
		such Person evidenced by bonds, debentures, notes, loan agreements or other
		similar instruments;
	 

	 
		(b) all purchase money Indebtedness;
	 

	 
		(c) the principal portion of all obligations
		under conditional sale or other title retention agreements relating to Property
		purchased by any Borrower or any Subsidiary (other than customary reservations
		or retentions of title under agreements with suppliers entered into in the
		ordinary course of business);
	 

	 
		(d) all obligations arising under letters of
		credit (including standby and commercial), bankers’ acceptances, bank
		guaranties, surety bonds and similar instruments;
	 

	 
		(e) all obligations in respect of the
		deferred purchase price of property or services (other than trade accounts
		payable in the ordinary course of business and, in each case, not past due for
		more than 90 days after the date on which such trade account payable was
		created);
	 

	 
		(f) the Attributable Indebtedness of Capital
		Leases, Sale and Leaseback Transactions, Synthetic Leases and Securitization
		Transactions;
	 

	 
		(g) all obligations of such Person to
		purchase, redeem, retire, defease or otherwise make any payment in respect of
		any Equity Interests in such Person or any other Person, valued, in the case of
		a redeemable preferred interest, at the greater of its voluntary or involuntary
		liquidation preference plus accrued and unpaid dividends; 
	 

	 
		(h) all Funded Indebtedness of others
		secured by (or for which the holder of such Funded Indebtedness has an existing
		right, contingent or otherwise, to be secured by) any Lien on, or payable out
		of the proceeds of production from, Property owned or acquired by such Person,
		whether or not the obligations secured thereby have been assumed;
	 

	 
		(i) all Guarantees with respect to Funded
		Indebtedness of the types specified in clauses (a) through (h) above of another
		Person; and
	 

	 
		(j) all Funded Indebtedness of the types
		referred to in clauses (a) through (j) above of any partnership or joint
		venture (other than a joint venture that is itself a corporation or limited
		liability company) in which such Person is a general partner or joint venturer,
		except to the extent
	 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		that (i) such Funded Indebtedness is
		recourse to such Person solely as a result of such Person being a general
		partner of another Person and such Funded Indebtedness is non-recourse to any
		Loan Party or any other Subsidiary or (ii) such Funded Indebtedness is
		expressly made non-recourse to such Person.
	 

	 
		For purposes hereof, the amount of any
		direct obligation arising under letters of credit (including standby and
		commercial), bankers’ acceptances, bank guaranties, surety bonds and
		similar instruments shall be the maximum amount available to be drawn
		thereunder.
	 

	 
		“GAAP” means
		generally accepted accounting principles in the United States set forth in the
		opinions and pronouncements of the Accounting Principles Board and the American
		Institute of Certified Public Accountants and statements and pronouncements of
		the Financial Accounting Standards Board, consistently applied and as in effect
		from time to time or with respect to a Person organized outside of the United
		States, the generally accepted accounting principals of the applicable
		country.
	 

	 
		“Governmental Authority” means the government of the United States or any
		other nation, or of any political subdivision thereof, whether state or local,
		and any agency, authority, instrumentality, regulatory body, court, central
		bank or other entity exercising executive, legislative, judicial, taxing,
		regulatory or administrative powers or functions of or pertaining to government
		(including any supra-national bodies such as the European Union or the European
		Central Bank).
	 

	 
		“Guarantee”
		means, as to any Person, (a) any obligation, contingent or otherwise, of such
		Person guaranteeing or having the economic effect of guaranteeing any
		Indebtedness or other obligation payable or performable by another Person (the
		“primary obligor”) in any manner, whether directly or indirectly, and
		including any obligation of such Person, direct or indirect, (i) to purchase or
		pay (or advance or supply funds for the purchase or payment of) such
		Indebtedness or other obligation, (ii) to purchase or lease property,
		securities or services for the purpose of assuring the obligee in respect of
		such Indebtedness or other obligation of the payment or performance of such
		Indebtedness or other obligation, (iii) to maintain working capital, equity
		capital or any other financial statement condition or liquidity or level of
		income or cash flow of the primary obligor so as to enable the primary obligor
		to pay such Indebtedness or other obligation, or (iv) entered into for the
		purpose of assuring in any other manner the obligee in respect of such
		Indebtedness or other obligation of the payment or performance thereof or to
		protect such obligee against loss in respect thereof (in whole or in part), or
		(b) any Lien on any assets of such Person securing any Indebtedness or other
		obligation of any other Person, whether or not such Indebtedness or other
		obligation is assumed by such Person. The amount of any Guarantee shall be
		deemed to be an amount equal to the stated or determinable amount of the
		related primary obligation, or portion thereof, in respect of which such
		Guarantee is made or, if not stated or determinable, the maximum reasonably
		anticipated liability in respect thereof as determined by the guaranteeing
		Person in good faith. The term “Guarantee” as a verb has a
		corresponding meaning.
	 

	 
		“Guarantors”
		means all Persons signatories to this Agreement, such other Persons that join
		as a Guarantor from time to time pursuant to Section 7.12 or otherwise, and
		their successors and assigns.
	 

	 
		“Guaranty”
		means the Guaranty made by the Guarantors in favor of the Administrative Agent
		and the Lenders pursuant to Article
		IV.
	 

	 
		“Hazardous Materials” means all explosive or radioactive substances or
		wastes and all hazardous or toxic substances, wastes or other pollutants,
		including petroleum or petroleum distillates, asbestos or asbestos-containing
		materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
		and all other substances or wastes of any nature regulated pursuant to any
		Environmental Law.
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		“Hedge Funds” means the Drawbridge Funds, Fortress Partners
		Fund LP and any other hedge fund created after the Closing Date and managed,
		directly or indirectly, by a Loan Party or one of its Subsidiaries or
		Affiliates or any of the investment advisors of the foregoing. 
	 

	 
		“Honor Date”
		has the meaning set forth in Section
		2.03(c).
	 

	 
		“Illiquid Investments” means investments in the Castles, Private Equity
		Funds and investments in special investment accounts at Hedge Funds.
	 

	 
		“Incentive Income Adjustment” means:
	 

	 
		(i) for Private Equity Funds, (a) incentive
		income paid (or declared as a distribution) to such Person minus a reserve
		for potential future clawbacks if the likelihood of a clawback is deemed
		greater than remote (net of the reversal of any prior such reserves that are no
		longer reasonably deemed necessary by such Person) minus (b)
		incentive income recorded in accordance with GAAP; plus 
	 

	 
		(ii) for all Fortress Funds other than
		Private Equity Funds, (x) incentive income on an accrual basis as if such
		incentive income from these funds were payable on a quarterly basis
		minus (y) incentive income recorded in accordance with
		GAAP.
	 

	 
		“Indebtedness” means, as to any Person at a particular time,
		without duplication, all of the following, whether or not included as
		indebtedness or liabilities in accordance with GAAP:
	 

	 
		(a) all Funded Indebtedness;
	 

	 
		(b) the Swap Termination Value of any Swap
		Contract;
	 

	 
		(c) all Guarantees with respect to
		outstanding Indebtedness of the types specified in clauses (a) and (b) above of
		any other Person; and
	 

	 
		(d) all Indebtedness of the types referred
		to in clauses (a) through (c) above of any partnership or joint venture (other
		than a joint venture that is itself a corporation or limited liability company)
		in which such Person is a general partner or joint venturer, except to the
		extent that (i) such Funded Indebtedness is recourse to such Person solely
		as a result of such Person being a general partner of another Person and such
		Funded Indebtedness is non-recourse to any Loan Party or any other Subsidiary
		or (ii) such Indebtedness is expressly made non-recourse to such
		Person.
	 

	 
		“Indemnified Taxes” means Taxes other than Excluded Taxes.
	 

	 
		“Indemnitees” has the meaning specified in Section 11.04(b).
	 

	 
		“Ineligible Assignees” means those certain Persons set forth in the
		Ineligible Assignee Letter Agreement and all Affiliates thereof.
	 

	 
		“Ineligible Assignees Letter Agreement” means that certain letter agreement, dated as of
		the Closing Date, between FIG LLC and the Administrative Agent, as such letter
		agreement may be amended or modified from time to time with the consent of FIG
		LLC and, in accordance with Section 10.10, the Administrative Agent.
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		“Information” has the meaning specified in Section 11.07.
	 

	 
		“Interest Charges” means, with respect to any Person (or any asset
		of any Person) for any period an amount equal to the sum of (a) all interest,
		premium payments, debt discount, fees, charges and related expenses in
		connection with borrowed money (including capitalized interest) of such Person
		or in connection with the deferred purchase price of assets of such Person for
		such period, in each case to the extent treated as interest in accordance with
		GAAP, plus (b) the portion of rent expense with respect to such
		period under Capital Leases of such Person that is treated as interest in
		accordance with GAAP plus (iii) the
		implied interest component of Synthetic Leases of such Person with respect to
		such period. 
	 

	 
		“Interest Payment Date” means (a) as to any Eurodollar Rate Loan, the
		last day of each Interest Period applicable to such Loan and the Maturity Date;
		provided, however, that if
		any Interest Period for a Eurodollar Rate Loan exceeds three months, the
		respective dates that fall every three months after the beginning of such
		Interest Period shall also be Interest Payment Dates; and (b) as to any Base
		Rate Loan, the last Business Day of each March, June, September and December
		and the Maturity Date.
	 

	 
		“Interest Period” means, as to each Eurodollar Rate Loan, the
		period commencing on the date such Eurodollar Rate Loan is disbursed or
		converted to or continued as a Eurodollar Rate Loan and ending on the date one,
		two, three or six months (or, subject to the availability to all applicable
		Lenders, nine or twelve months) thereafter, as selected by the Borrowers in its
		Loan Notice; provided that:
	 

	 
		(a) any Interest Period that would otherwise
		end on a day that is not a Business Day shall be extended to the next
		succeeding Business Day unless such Business Day falls in another calendar
		month, in which case such Interest Period shall end on the next preceding
		Business Day;
	 

	 
		(b) any Interest Period that begins on the
		last Business Day of a calendar month (or on a day for which there is no
		numerically corresponding day in the calendar month at the end of such Interest
		Period) shall end on the last Business Day of the calendar month at the end of
		such Interest Period; and
	 

	 
		(c) no Interest Period shall extend beyond
		the Maturity Date.
	 

	 
		“Internal Revenue Code” means the Internal Revenue Code of 1986, as
		amended.
	 

	 
		“Investment”
		means, as to any Person, any direct or indirect acquisition or investment by
		such Person, whether by means of (a) the purchase or other acquisition of
		Equity Interests of another Person, (b) a loan, advance or capital contribution
		to, Guarantee or assumption of debt of, or purchase or other acquisition of any
		other debt or equity participation or interest in, another Person, including
		any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor
		Guarantees Indebtedness of such other Person, or (c) an Acquisition.
		Furthermore, for purposes of compliance with Section 8.10(c), cash shall be
		considered to be an Investment. 
	 

	 
		“Investment Asset” means Co-Investment Fund Investments, Direct
		Investments and Fortress Fund Investments.
	 

	 
		“Involuntary Disposition” means any loss of, damage to or destruction of,
		or any condemnation or other taking for public use of, any Property of a Loan
		Party or any of its Subsidiaries.
	 

	 
		“IP Rights”
		has the meaning specified in Section
		6.17.
	 

	 
		“IRS” means
		the United States Internal Revenue Service.
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		“ISP” means,
		with respect to any Letter of Credit, the “International Standby Practices
		1998” published by the Institute of International Banking Law &
		Practice (or such later version thereof as may be in effect at the time of
		issuance).
	 

	 
		“Issuer Documents” means with respect to any Letter of Credit, the
		Letter of Credit Application, and any other document, agreement and instrument
		entered into by the L/C Issuer and the Borrowers (or any Subsidiary) or in
		favor the L/C Issuer and relating to any such Letter of Credit.
	 

	 
		“Joinder Agreement” means a joinder agreement substantially in the
		form of Exhibit 7.12 executed and delivered by a Subsidiary in accordance
		with the provisions of Section
		7.12.
	 

	 
		“Joint Fee Letter” means the letter agreement, dated April 11, 2007,
		among FIG, the Arrangers and the Administrative Agent.
	 

	 
		“Joint Venture” means a Person in which another Person owns less
		than 100% of the equity interest in such Person.
	 

	 
		“Laws”
		means, collectively, all international, foreign, federal, state and local
		statutes, treaties, rules, guidelines, regulations, ordinances, codes and
		administrative or judicial precedents or authorities, including the
		interpretation or administration thereof by any Governmental Authority charged
		with the enforcement, interpretation or administration thereof, and all
		applicable administrative orders, directed duties, requests, licenses,
		authorizations and permits of, and agreements with, any Governmental Authority,
		in each case whether or not having the force of law.
	 

	 
		“L/C Advance” means, with respect to each Revolving Lender,
		such Lender’s funding of its participation in any L/C Borrowing in
		accordance with its Applicable Percentage. All L/C Advance shall be denominated
		in Dollars.
	 

	 
		“L/C Borrowing” means an extension of credit resulting from a
		drawing under any Letter of Credit which has not been reimbursed on the date
		when made or refinanced as a Borrowing of Revolving Loans. All L/C Borrowings
		shall be denominated in Dollars.
	 

	 
		“L/C Credit Extension” means, with respect to any Letter of Credit, the
		issuance thereof or extension of the expiry date thereof, or the increase of
		the amount thereof.
	 

	 
		“L/C Issuer”
		means Bank of America in its capacity as issuer of Letters of Credit hereunder
		or any successor issuer of Letters of Credit hereunder.
	 

	 
		“L/C Obligations” means, as at any date of determination, the
		aggregate amount available to be drawn under all outstanding Letters of Credit
		plus the aggregate of all Unreimbursed Amounts, including
		all L/C Borrowings. For purposes of computing the amount available to be drawn
		under any Letter of Credit, the amount of such Letter of Credit shall be
		determined in accordance with Section
		1.06. For all purposes of this
		Agreement, if on any date of determination a Letter of Credit has expired by
		its terms but any amount may still be drawn thereunder by reason of the
		operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be
		“outstanding” in the amount so remaining available to be drawn.
		
	 

	 
		“Lenders”
		means each of the Persons identified as a “Lender” on the signature
		pages hereto and their successors and assigns and includes both the Revolving
		Lenders and the Term Lenders.
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		“Lending Office” means, as to any Lender, the office or offices of
		such Lender described as such in such Lender’s Administrative
		Questionnaire, or such other office or offices as a Lender may from time to
		time notify the Borrowers and the Administrative Agent.
	 

	 
		“Letter of Credit” means any standby letters of
		credit issued hereunder and shall include the Existing Letters of Credit.
		Letters of Credit may be issued in Dollars or in Alternative Currency (subject
		to the Alternative Currency Letter of Credit Sublimit).
	 

	 
		“Letter of Credit Application” means an application and agreement for the
		issuance or amendment of a letter of credit in the form from time to time in
		use by the L/C Issuer.
	 

	 
		“Letter of Credit Expiration Date” means the day that is twenty days prior to the
		Maturity Date then in effect (or, if such day is not a Business Day, the next
		preceding Business Day).
	 

	 
		“Letter of Credit Fee” has the meaning specified in Section 2.03(i).
	 

	 
		“Letter of Credit Sublimit” means an amount equal to the lesser of (a) the
		Aggregate Revolving Commitments and (b) TWENTY-FIVE MILLION DOLLARS
		($25,000,000). The Letter of Credit Sublimit is part of, and not in addition
		to, the Aggregate Revolving Commitments.
	 

	 
		“Lien” means
		any mortgage, pledge, hypothecation, assignment, deposit arrangement,
		encumbrance, lien (statutory or other), charge, or preference, priority or
		other security interest or preferential arrangement in the nature of a security
		interest of any kind or nature whatsoever (including any conditional sale or
		other title retention agreement, any easement, right of way or other
		encumbrance on title to real property, and any financing lease having
		substantially the same economic effect as any of the foregoing).
	 

	 
		“Loan” means
		an extension of credit by a Lender to a Borrower under Article II in
		the form of a Revolving Loan, Term A Loan, Delayed Draw Term Loan or Term B
		Loan.
	 

	 
		“Loan Documents” means this Agreement, each Note, each Issuer
		Document, each Joinder Agreement, the Collateral Documents, the Fee Letter and
		the Post Closing Letter.
	 

	 
		“Loan Notice” means a notice of (a) a Borrowing of Revolving
		Loans, Term A Loans, Delayed Draw Term Loans or Term B Loans, (b) a conversion
		of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate
		Loans, in each case pursuant to Section
		2.02(a), which, if in writing, shall be
		substantially in the form of Exhibit 2.02.
	 

	 
		“Loan Parties” means, collectively, the Borrowers and the
		Guarantors.
	 

	 
		“Management Agreements” means all management agreements and
		Organizational Documents that set forth Management Fees therein to which a Loan
		Party or a Subsidiary is a party as more fully set forth on Schedule 6.21.
	 

	 
		“Management Fees” means any management fees paid pursuant to a
		Management Agreement.
	 

	 
		“Management Fee Earning Assets” means all assets subject to a Management
		Agreement in which a Loan Party, directly or indirectly, earns Management
		Fees.
	 

	 
		“Margin Stock” has the meaning set forth in Regulation U issued
		by the FRB. 
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
		“Material Adverse Effect” means (a) a material adverse change in, or a
		material adverse effect upon, the operations, business, properties, liabilities
		(actual or contingent) or financial condition of the Borrowers and their
		Subsidiaries taken as a whole; (b) a material impairment of the ability of the
		Loan Parties, taken as a whole, to perform their obligations under any Loan
		Document to which they are a party; or (c) a material adverse effect upon the
		legality, validity, binding effect or enforceability against any Loan Party of
		any Loan Document to which it is a party.
	 

	 
		“Material Fortress Fund” means any Fortress Fund in which the sum of the
		Management Fees and the Promote Fees payable to a Loan Party or one of its
		Subsidiaries (other than, with respect to Hedge Funds and Private Equity Funds,
		Promote Fees allocable to individuals), whether paid or accrued, during the
		most recently ended twelve month period, or reasonably expected to be payable
		during the next succeeding twelve month period, exceeds $25,000,000, in the
		aggregate.
	 

	 
		“Material Subsidiary” means (a) any Subsidiary of a Fortress Entity
		that either directly or indirectly through another Subsidiary (i) generates any
		revenues or cash flow of $5,000,000 or more in any fiscal year or (ii) owns
		assets with an aggregate value greater than or equal to $15,000,000 (excluding
		the value of leasehold improvements) and (b) any other Subsidiary of a Fortress
		Entity designated by the Borrowers from time to time such that the aggregate
		value of all assets owned by Subsidiaries of Fortress Entities that are not
		Material Subsidiaries under this definition does not exceed $100,000,000
		(excluding the value of leasehold improvements).
	 

	 
		“Maturity Date” means May 10, 2012.
	 

	 
		“Moody’s” means Moody’s Investors Service, Inc. and
		any successor thereto.
	 

	 
		“Multiemployer Plan” means any employee benefit plan of the type
		described in Section 4001(a)(3) of ERISA, to which any Borrower or any
		ERISA Affiliate makes or is obligated to make contributions, or during the
		preceding five plan years, has made or been obligated to make
		contributions.
	 

	 
		“Net Cash Proceeds” means the aggregate cash or Cash Equivalents
		proceeds received by a Loan Party in respect of any Disposition or Involuntary
		Disposition, net of (a) direct costs incurred in connection therewith
		(including, without limitation, legal, accounting and investment banking fees,
		and sales commissions), (b) taxes paid or payable as a result thereof or in
		connection therewith and (c) in the case of any Disposition or Involuntary
		Disposition, the amount necessary to retire any Indebtedness secured by a
		Permitted Lien (ranking senior to any Lien of the Administrative Agent) on the
		related Property; it being understood that “Net Cash Proceeds” shall
		include, without limitation, any cash or Cash Equivalents received upon the
		sale or other disposition of any non-cash consideration received by a Loan
		Party in any Disposition or Involuntary Disposition. 
	 

	 
		“Net Income”
		means, with respect to any Person (or any asset of any Person) for any period,
		the net income of such Person (or attributable to such asset) for that period,
		as determined in accordance with GAAP.
	 

	 
		“Newcastle”
		means Newcastle Investment Corp., a Maryland corporation.
	 

	 
		“Newcastle Options” means the options on Newcastle stock owned by the
		Loan Parties.
	 

	 
		 “Note” means
		a Revolving Note, a Term Loan A Note, a Delayed Draw Term Loan Note or a Term
		Loan B Note.
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		“Obligations” means all advances to, and debts, liabilities,
		obligations, covenants and duties of, any Loan Party arising under any Loan
		Document or otherwise with respect to any Loan or Letter of Credit, whether
		direct or indirect (including those acquired by assumption), absolute or
		contingent, due or to become due, now existing or hereafter arising and
		including interest and fees that accrue after the commencement by or against
		any Loan Party or any Affiliate thereof of any proceeding under any Debtor
		Relief Laws naming such Person as the debtor in such proceeding, regardless of
		whether such interest and fees are allowed claims in such proceeding. The
		foregoing shall also include (a) all obligations under any Credit Facility Swap
		Contract between any Loan Party and any Lender or Affiliate of a Lender that is
		permitted to be incurred pursuant to Section 8.03(d)
		and (b) all obligations under any Treasury Management Agreement between any
		Loan Party and any Lender or Affiliate of a Lender.
	 

	 
		“Offshore Hedge Funds” means any Hedge Fund organized outside of the
		United States. 
	 

	 
		“Oldcastle”
		means Newcastle Investment Holdings LLC, a Delaware limited liability
		company.
	 

	 
		“Onshore Hedge Funds” means any Hedge Fund organized in the United
		States. 
	 

	 
		“Organization Documents” means, (a) with respect to any corporation, the
		certificate or articles of incorporation and the bylaws (or equivalent or
		comparable constitutive documents with respect to any non-U.S. jurisdiction);
		(b) with respect to any limited liability company, the certificate or articles
		of formation or organization and operating agreement; and (c) with respect to
		any partnership, joint venture, trust or other form of business entity, the
		partnership, joint venture or other applicable agreement of formation or
		organization and any agreement, instrument, filing or notice with respect
		thereto filed in connection with its formation or organization with the
		applicable Governmental Authority in the jurisdiction of its formation or
		organization and, if applicable, any certificate or articles of formation or
		organization of such entity.
	 

	 
		“Other Income Adjustment” means:
	 

	 
		(a) (i) realizations of income or loss from
		the Illiquid Investments, minus (ii)
		impairment charges with respect to the Illiquid Investments, minus (iii)
		equity method earnings (losses) recorded with respect to the Illiquid
		Investments in accordance with GAAP, minus 
	 

	 
		(b) unrealized gains (unrealized losses) on
		the Castle Options, minus 
	 

	 
		(c) unrealized gains (unrealized losses)
		from Private Equity Funds, plus 
	 

	 
		(d) (i) proceeds from the sale of shares
		received pursuant to the exercise of Castle Options, in excess of their strike
		price minus (ii) management fee income recorded in accordance with
		GAAP in connection with the receipt of such Castle Options.
	 

	 
		“Other Taxes” means all present or future stamp or documentary
		taxes or any other excise or property taxes, charges or similar levies arising
		from any payment made hereunder or under any other Loan Document or from the
		execution, delivery or enforcement of, or otherwise with respect to, this
		Agreement or any other Loan Document.
		excluding, however, in each
		case, amounts imposed as a result of an assignment or other transfer (other
		than an assignment that occurs at the request of a Borrower).
	 

	 
		“Outstanding Amount” means (a) with respect to any Loans on any date,
		the aggregate outstanding principal amount thereof after giving effect to any
		borrowings and prepayments or repayments of any Loans occurring on such date;
		and (b) with respect to any L/C Obligations on any date, the Dollar Equivalent
		of the aggregate outstanding amount of such L/C Obligations on such date after
		
	 

	 
		 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		giving effect to any L/C Credit Extension
		occurring on such date and any other changes in the aggregate amount of the L/C
		Obligations as of such date, including as a result of any reimbursements by the
		Borrowers of Unreimbursed Amounts.
	 

	 
		“Overnight Rate” means, for any day, (a) with respect to any
		amount denominated in Dollars, the Federal Funds Rate and (b) with respect to
		any amount denominated in an Alternative Currency, the rate of interest per
		annum at which overnight deposits in Alternative Currency, in an amount
		approximately equal to the amount with respect to which such rate is being
		determined, would be offered for such day by a branch or Affiliate of Bank of
		America in the applicable offshore interbank market for such currency to major
		banks in such interbank market.
	 

	 
		“Participant” has the meaning specified in Section 11.06(d).
	 

	 
		“PBGC” means
		the Pension Benefit Guaranty Corporation or any successor thereto.
	 

	 
		“Pension Plan” means any “employee pension benefit
		plan” (as such term is defined in Section 3(2) of ERISA), other than a
		Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or
		maintained by any Borrower or any ERISA Affiliate or to which any Borrower or
		any ERISA Affiliate contributes or has an obligation to contribute, or in the
		case of a multiple employer or other plan described in Section 4064(a) of
		ERISA, has made contributions at any time during the immediately preceding five
		plan years.
	 

	 
		“Permitted Liens” means, at any time, Liens in respect of Property
		of a Loan Party or any of its Subsidiaries permitted to exist at such time
		pursuant to the terms of Section
		8.01.
	 

	 
		“Permitted Fund Termination” means the termination, dissolution, liquidation
		or wind up of a Fortress Fund after the last asset or Investment in such
		Fortress Fund is sold in the ordinary course of business.
	 

	 
		“Permitted Management Function Transfer” means the transfer of the management functions of
		a Fortress Fund from a Loan Party to such Fortress Fund itself for
		consideration at least equal to the greater of (i) fair market value (whether
		in cash or equity), determined by the Borrowers in a commercially reasonable
		manner, and (ii) the aggregate amount of net Management Fees and net Promote
		Fees expected to be earned over the period from the consummation of such
		transfer to the Maturity Date; provided that
		(a) no Event of Default exists or would be caused by such transfer,
		(b) after giving effect thereto, the Loan Parties shall be in compliance
		with the financial covenants in Section 8.10 (as of the last day of the most recently ended fiscal
		quarter for which financial statements have been provided pursuant to
		Section 7.01(b)) on a pro forma basis as if such transfer had occurred
		twelve months prior to the date of determination and (c) all assets
		received by such Loan Party in such transfer shall be pledged to the Lenders in
		a manner reasonably acceptable to the Administrative Agent.
	 

	 
		“Permitted Tax Distribution” has the meaning set forth in Section 8.06(c).
	 

	 
		“Permitted Transfers” means (a) Dispositions of inventory in the
		ordinary course of business; (b) Dispositions of machinery and equipment
		no longer used or useful in the conduct of business of a Loan Party and its
		Subsidiaries that are Disposed of in the ordinary course of business; (c)
		Dispositions of Property to a Loan Party or any Subsidiary; provided, that
		if the transferor of such Property is a Loan Party  the transferee thereof
		must be a Loan Party; (d) Dispositions of Investments other than Investments in
		Material Subsidiaries; (e) Dispositions of accounts receivable in connection
		with the collection or compromise thereof; and (f) licenses, sublicenses,
		leases or subleases granted to others not interfering in any material respect
		with the business of a Loan Party and its Subsidiaries.
	 

	 
		 
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
	 

	 

	 
		“Person”
		means any natural person, corporation, limited liability company, trust, joint
		venture, association, company, partnership, Governmental Authority or other
		entity.
	 

	 
		“Plan” means
		any “employee benefit plan” (as such term is defined in Section 3(3)
		of ERISA) established by any Borrower or, with respect to any such plan that is
		subject to Section 412 of the Internal Revenue Code or Title IV of ERISA, any
		ERISA Affiliate.
	 

	 
		“Pledge Agreement” means the pledge agreement, dated as of the
		Closing Date, executed in favor of the Administrative Agent, for the benefit of
		the Lenders, by each of the applicable Loan Parties.
	 

	 
		“Presumed Tax Rate” means the effective combined Federal, state and
		local income tax rate applicable to either a natural person or corporation,
		whichever is higher, residing in New York, New York, taxable at the highest
		marginal Federal income tax rate and the highest marginal New York State and
		New York City income tax rates (taking into account the character of the
		income) and after giving effect to the Federal income tax deduction for such
		state and local income taxes).
	 

	 
		“Principals”
		means Wesley R. Edens, Peter Briger, Robert I. Kauffman, Randal A. Nardone and
		Michael Novogratz.
	 

	 
		“Private Equity Fund” means all private equity funds whether now
		existing or created after the Closing Date, in each case managed by a Loan
		Party or any one of its other Subsidiaries or Affiliates or any of its
		investment advisors. 
	 

	 
		“Pro Forma Basis” means, for purposes of calculating the financial
		covenants set forth in Section
		8.10, that any Disposition (other than
		Permitted Transfers) or Acquisition, shall be deemed to have occurred as of the
		first day of the most recent four fiscal quarter period preceding the date of
		such transaction for which the Borrowers were required to deliver financial
		statements pursuant to Section
		7.01(a) or (b). In
		connection with the foregoing, income statement and cash flow statement items
		(whether positive or negative) attributable to the Property disposed of shall
		be excluded to the extent relating to any period occurring prior to the date of
		such transaction. 
	 

	 
		“Promote Fees” means distributions paid as “incentive
		fees,” “incentive allocations” or “promote fees”
		pursuant to any Management Agreement or any Organization Document of a
		Fund.
	 

	 
		“Property”
		means any interest of any kind in any property or asset, whether real, personal
		or mixed, or tangible or intangible.
	 

	 
		“Public FIG”
		means Fortress Investment Group LLC, a Delaware limited liability company, a
		public company listed on the New York Stock Exchange.
	 

	 
		“Recovery Event” means any settlement of or payment in respect of
		any property or casualty insurance claim or any condemnation proceeding
		relating to any asset of any Loan Party or any of its Subsidiaries.
	 

	 
		“Register”
		has the meaning specified in Section
		11.06(c).
	 

	 
		“Registered Public Accounting Firm” means an independent certified public
		accountant.
	 

	 
		“Related Parties” means, with respect to any Person, such
		Person’s Affiliates and the partners, directors, officers, employees,
		agents and advisors of such Person and of such Person’s Affiliates.

	 

	 
		 
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
	 

	 

	 
		“Reportable Event” means any of the events set forth in Section
		4043(c) of ERISA, other than events for which the thirty-day notice period has
		been waived.
	 

	 
		“Request for Credit Extension” means (a) with respect to a Borrowing, conversion
		or continuation of Loans, a Loan Notice and (b) with respect to an L/C Credit
		Extension, a Letter of Credit Application.
	 

	 
		“Required Investment
		Assets” has the meaning set forth
		in Section 8.10(c).
	 

	 
		“Required Lenders” means, at any time, Lenders holding in the
		aggregate more than 50% of (a) the unfunded Commitments and the
		outstanding Loans, L/C Obligations and participations therein or (b) if
		the Commitments have been terminated, the outstanding Loans, L/C Obligations
		and participations therein. The unfunded Commitments of, and the outstanding
		Loans held or deemed held by, any Defaulting Lender shall be excluded for
		purposes of making a determination of Required Lenders.
	 

	 
		“Responsible Officer” means the chief executive officer, president or
		chief financial officer or any vice president, secretary or assistant secretary
		of a Loan Party.
	 

	 
		“Restricted Payment” means any dividend or other distribution (whether
		in cash, securities or other property) with respect to any Equity Interests of
		a Loan Party or any Subsidiary, or any payment (whether in cash, securities or
		other property), including any sinking fund or similar deposit, on account of
		the purchase, redemption, retirement, acquisition, cancellation or termination
		of any such Equity Interests or on account of any return of capital to a Loan
		Party’s stockholders, partners or members (or the equivalent Person
		thereof), or any setting apart of funds or Property for any of the
		foregoing.
	 

	 
		“Revaluation Date” means, with respect to any Letter of Credit, each
		of the following: (a) each date of issuance of any Letter of Credit, (b) each
		date of an amendment of any such Letter of Credit having the effect of
		increasing the amount thereof (solely with respect to the increased amount),
		(c) each date of any payment by the L/C Issuer of any Letter of Credit
		denominated in Alternative Currency, (d) the last Business Day of each calendar
		month and (e) such additional dates as the Administrative Agent or the L/C
		Issuer shall require.
	 

	 
		“Revolving Commitment” means, as to each Revolving Lender, its
		obligation to (a) make Revolving Loans to the Borrowers pursuant to
		Section 2.01(a) and (b) purchase participations in L/C Obligations, in
		an aggregate principal amount at any one time outstanding not to exceed the
		amount set forth opposite such Revolving Lender’s name on Schedule 2.01 or
		in the Assignment and Assumption pursuant to which such Revolving Lender
		becomes a party hereto, as applicable, as such amount may be adjusted from time
		to time in accordance with this Agreement.
	 

	 
		“Revolving Lender” means each Lender who has a Revolving Commitment
		greater than zero.
	 

	 
		“Revolving Loan” has the meaning specified in Section 2.01(a).
	 

	 
		“Revolving Note” has the meaning specified in Section 2.10(a).
	 

	 
		“S&P”
		means Standard & Poor’s Ratings Services, a division of The
		McGraw-Hill Companies, Inc. and any successor thereto.
	 

	 
		“Sale and Leaseback Transaction” means, with respect to a Loan Party or any
		Subsidiary, any arrangement, directly or indirectly, with any Person whereby a
		Loan Party or such Subsidiary shall sell or transfer any Property used or
		useful in its business, whether now owned or hereafter acquired, and 
	 

	 
		 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
	 

	 

	 
		thereafter rent or lease such Property or
		other Property that it intends to use for substantially the same purpose or
		purposes as the Property being sold or transferred.
	 

	 
		“Same Day Funds” means (a) with respect to disbursements and
		payments in Dollars, immediately available funds and (b) with respect to
		disbursements and payments in an Alternative Currency, same day or other funds
		as may be determined by the Administrative Agent or the L/C Issuer, as
		applicable, to be customary in the place of disbursement or payment for the
		settlement of international banking transactions in Alternative
		Currency.
	 

	 
		“SEC” means
		the Securities and Exchange Commission, or any Governmental Authority
		succeeding to any of its principal functions.
	 

	 
		“Securitization Transaction” means, with respect to any Person, any financing
		transaction or series of financing transactions (including factoring
		arrangements) pursuant to which such Person or any Subsidiary of such Person
		may sell, convey or otherwise transfer, or grant a security interest in,
		accounts, payments, receivables, rights to future lease payments or residuals
		or similar rights to payment to a special purpose subsidiary or affiliate of
		such Person.
	 

	 
		“Security Agreement” means the security agreement, dated as of the
		Closing Date, executed in favor of the Administrative Agent, for the benefit of
		the Lenders, by each of the Loan Parties.
	 

	 
		“Solvent” or
		“Solvency” means, with respect to any Person as of a
		particular date, that on such date (a) such Person is able to pay its debts and
		other liabilities, contingent obligations and other commitments as they mature
		in the ordinary course of business, (b) such Person does not intend to, and
		does not believe that it will, incur debts or liabilities beyond such
		Person’s ability to pay as such debts and liabilities mature in their
		ordinary course, (c) such Person is not engaged in a business or a transaction,
		and is not about to engage in a business or a transaction, for which such
		Person’s Property would constitute unreasonably small capital after giving
		due consideration to the prevailing practice in the industry in which such
		Person is engaged or is to engage, (d) the fair value of the Property of such
		Person is greater than the total amount of liabilities, including, without
		limitation, contingent liabilities, of such Person and (e) the present fair
		salable value of the assets of such Person is not less than the amount that
		will be required to pay the probable liability of such Person on its debts as
		they become absolute and matured. In computing the amount of contingent
		liabilities at any time, it is intended that such liabilities will be computed
		at the amount which, in light of all the facts and circumstances existing at
		such time, represents the amount that can reasonably be expected to become an
		actual or matured liability.
	 

	 
		“Spot Rate”
		for a currency means the rate determined by the Administrative Agent or the L/C
		Issuer, as applicable, to be the rate quoted by the Person acting in such
		capacity as the spot rate for the purchase by such Person of such currency with
		another currency through its principal foreign exchange trading office at
		approximately 11:00 a.m. on the date two Business Days prior to the date as of
		which the foreign exchange computation is made; provided
		that the Administrative Agent or the
		L/C Issuer may obtain such spot rate from another financial institution
		designated by the Administrative Agent or the L/C Issuer if the Person acting
		in such capacity does not have as of the date of determination a spot buying
		rate for any such currency; and provided
		further that the L/C Issuer may use such spot rate quoted on
		the date as of which the foreign exchange computation is made in the case of
		any Letter of Credit denominated in Alternative Currency.
	 

	 
		“SPV” means
		any Person whose Equity Interests are owned, directly or indirectly, by a Loan
		Party that (a) is formed solely for the purpose of making an Investment in a
		Fortress Fund and (b) borrows the money to make such Investments from Persons
		other than the Loan Parties; provided,

	 

	 
		 
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 
	 

	 

	 
		however, that the Indebtedness of such SPV shall not be
		recourse to the Loan Parties, any of their Subsidiaries or their assets.

	 

	 
		“Stock Based Compensation” means “stock based compensation” (as
		defined in Financial Accounting Standards Board pronouncement 123R) consisting
		of Equity Interests in the Registrant and its consolidated Subsidiaries
		(including, without limitation, the Loan Parties).
	 

	 
		“Subsidiary”
		of a Person means a corporation, partnership, joint venture, limited liability
		company or other business entity of which a majority of the shares of Voting
		Stock is at the time beneficially owned, or the management of which is
		otherwise controlled, directly, or indirectly through one or more
		intermediaries, or both, by such Person. Unless otherwise specified, all
		references herein to a “Subsidiary” or to “Subsidiaries”
		shall refer to a Subsidiary or Subsidiaries of the Borrowers; provided that
		neither a Fortress Fund nor any of its Subsidiaries nor any FIG Promote Entity
		nor any SPV shall be deemed to be a Subsidiary of a Loan Party.
	 

	 
		“Swap Contract” means, to the extent entered into on a fair
		market value basis at the time of entry, (a) any and all rate swap
		transactions, basis swaps, credit derivative transactions, forward rate
		transactions, commodity swaps, commodity options, forward commodity contracts,
		equity or equity index swaps or options, bond or bond price or bond index swaps
		or options or forward bond or forward bond price or forward bond index
		transactions, interest rate options, forward foreign exchange transactions, cap
		transactions, floor transactions, collar transactions, currency swap
		transactions, cross-currency rate swap transactions, currency options, spot
		contracts, or any other similar transactions or any combination of any of the
		foregoing (including any options to enter into any of the foregoing), whether
		or not any such transaction is governed by or subject to any master agreement,
		and (b) any and all transactions of any kind, and the related confirmations,
		which are subject to the terms and conditions of, or governed by, any form of
		master agreement published by the International Swaps and Derivatives
		Association, Inc., any International Foreign Exchange Master Agreement, or any
		other master agreement (any such master agreement, together with any related
		schedules, a “Master
		Agreement”), including any such
		obligations or liabilities under any Master Agreement.
	 

	 
		“Swap Termination Value” means, in respect of any one or more Swap
		Contracts, after taking into account the effect of any legally enforceable
		netting agreement relating to such Swap Contracts, (a) for any date on or after
		the date such Swap Contracts have been closed out and termination value(s)
		determined in accordance therewith, such termination value(s) and (b) for any
		date prior to the date referenced in clause (a), the amount(s) determined as
		the mark-to-market value(s) for such Swap Contracts, as determined based upon
		one or more mid-market or other readily available quotations provided by any
		recognized dealer in such Swap Contracts (which may include a Lender or any
		Affiliate of a Lender).
	 

	 
		“Synthetic Lease” means any synthetic lease, tax retention
		operating lease, off-balance sheet loan or similar off-balance sheet financing
		arrangement whereby the arrangement is considered borrowed money indebtedness
		for tax purposes but is classified as an operating lease or does not otherwise
		appear on a balance sheet under GAAP.
	 

	 
		“Taxes”
		means all present or future taxes, levies, imposts, duties, deductions,
		withholdings, assessments, fees or other charges imposed by any Governmental
		Authority, including any interest, additions to tax or penalties applicable
		thereto.
	 

	 
		“Term A Loans” has the meaning specified in Section 2.01(b).
	 

	 
		“Term B Loans” has the meaning specified in Section 2.01(d).
	 

	 
		 
	 

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 
	 

	 

	 
		“Term Loan A Commitment” means, as to each Term Loan A Lender, its
		obligation to make its portion of the Term A Loans to the Borrowers pursuant to
		Section 2.01(b), in the principal amount set forth opposite such Term
		Loan A Lender’s name on Schedule
		2.01. 
	 

	 
		“Term Loan A Lender” means each Lender with a Term Loan A Commitment
		greater than zero.
	 

	 
		“Term Loan A Note” has the meaning specified in Section 2.10(a).
	 

	 
		“Term Loan B Commitment” means, as to each Term Loan B Lender, its
		obligation to make its portion of the Term B Loans to the Borrowers pursuant to
		Section 2.01(d), in the principal amount set forth opposite such Term
		Loan B Lender’s name on Schedule
		2.01.
	 

	 
		“Term Loan B Lender” means each Lender with a Term Loan B Commitment
		greater than zero.
	 

	 
		“Term Loan B Note” has the meaning specified in Section 2.10(a).
	 

	 
		“Term Loans”
		means, collectively, the Term A Loans, the Delayed Draw Term Loans and the Term
		B Loans.
	 

	 
		“Threshold Amount” means $25,000,000.
	 

	 
		“Total Revolving Outstandings” means the aggregate Outstanding Amount of all
		Revolving Loans and all L/C Obligations.
	 

	 
		“Transfer Documents” means the consent to assignment, transfer of
		interest and acknowledgment for each equity interest pledged to the
		Administrative Agent under the Assignment of LLC Interest.
	 

	 
		“Treasury Management Agreement” means any agreement governing the provision of
		treasury or cash management services, including deposit accounts, funds
		transfer, automated clearinghouse, zero balance accounts, returned check
		concentration, controlled disbursement, lockbox, account reconciliation and
		reporting and trade finance services.
	 

	 
		“Type”
		means, with respect to any Loan, its character as a Base Rate Loan or a
		Eurodollar Rate Loan.
	 

	 
		“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit
		liabilities under Section 4001(a)(16) of ERISA, over the current value of that
		Pension Plan’s assets, determined in accordance with the assumptions used
		for funding that Pension Plan pursuant to Section 412 of the Internal Revenue
		Code for the applicable plan year.
	 

	 
		“United States” and “U.S.” mean
		the United States of America.
	 

	 
		“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).
	 

	 
		“Voting Stock” means, with respect to any Person, Equity
		Interests issued by such Person the holders of which are ordinarily, in the
		absence of contingencies, entitled to vote for the election of directors (or
		persons performing similar functions) of such Person, even though the right so
		to vote has been suspended by the happening of such a contingency.
	 

	 
		 
	 

	 
		 
	 

	 
		26
	 

	 
		 
	 

	 
	 

	 

	 
		1.02 Other Interpretive Provisions.
	 

	 
		With reference to this Agreement and each
		other Loan Document, unless otherwise specified herein or in such other Loan
		Document:
	 

	 
		(a) The definitions of terms herein shall
		apply equally to the singular and plural forms of the terms defined. Whenever
		the context may require, any pronoun shall include the corresponding masculine,
		feminine and neuter forms. The words “include,”
		“includes” and “including”
		shall be deemed to be followed by the phrase “without limitation.”
		The word “will” shall be construed to have the same meaning and
		effect as the word “shall.”
		Unless the context requires otherwise, (i) any definition of or reference to
		any agreement, instrument or other document (including any Organization
		Document) shall be construed as referring to such agreement, instrument or
		other document as from time to time amended, supplemented or otherwise modified
		(subject to any restrictions on such amendments, supplements or modifications
		set forth herein or in any other Loan Document), (ii) any reference herein to
		any Person shall be construed to include such Person’s successors and
		assigns, (iii) the words “herein,”
		“hereof” and “hereunder,”
		and words of similar import when used in any Loan Document, shall be construed
		to refer to such Loan Document in its entirety and not to any particular
		provision thereof, (iv) all references in a Loan Document to Articles,
		Sections, Exhibits and Schedules shall be construed to refer to Articles and
		Sections of, and Exhibits and Schedules to, the Loan Document in which such
		references appear, (v) any reference to any law shall include all statutory and
		regulatory provisions consolidating, amending, replacing or interpreting such
		law and any reference to any law or regulation shall, unless otherwise
		specified, refer to such law or regulation as amended, modified or supplemented
		from time to time, and (vi) the words “asset” and
		“property” shall be construed to have the same meaning and
		effect and to refer to any and all tangible and intangible assets and
		properties, including cash, securities, accounts and contract rights.
	 

	 
		(b) In the computation of periods of time
		from a specified date to a later specified date, the word “from” means
		“from and including;” the words “to” and
		“until” each mean “to but excluding;” and the word “through”
		means “to and
		including.”
	 

	 
		(c) Section headings herein and in the other
		Loan Documents are included for convenience of reference only and shall not
		affect the interpretation of this Agreement or any other Loan Document.
	 

	 
		1.03 Accounting Terms.
	 

	 
		(a) Generally.
		Except as otherwise specifically prescribed herein, all accounting terms not
		specifically or completely defined herein shall be construed in conformity
		with, and all financial data (including financial ratios and other financial
		calculations) required to be submitted pursuant to this Agreement shall be
		prepared in conformity with, GAAP applied on a consistent basis, as in effect
		from time to time, applied in a manner consistent with that used in preparing
		the Audited Financial Statements; provided,
		however, that calculations of Attributable Indebtedness under
		any Synthetic Lease or the implied interest component of any Synthetic Lease
		shall be made by any Borrower in accordance with accepted financial practice
		and consistent with the terms of such Synthetic Lease.
	 

	 
		(b) Changes in GAAP.
		The Borrowers will provide a written summary of material changes in GAAP and in
		the consistent application thereof with each annual and quarterly Compliance
		Certificate delivered in accordance with Section 7.02(b).
		If at any time any change in GAAP would affect the computation of any financial
		ratio or requirement set forth in any Loan Document, and either the 
	 

	 
		 
	 

	 
		 
	 

	 
		27
	 

	 
		 
	 

	 
	 

	 

	 
		Borrowers or the Required Lenders shall so
		request, the Administrative Agent, the Lenders and the Borrowers shall
		negotiate in good faith to amend such ratio or requirement to preserve the
		original intent thereof in light of such change in GAAP (subject to the
		approval of the Required Lenders); provided that,
		until so amended, (i) such ratio or requirement shall continue to be computed
		in accordance with GAAP prior to such change therein and (ii) the
		Borrowers shall provide to the Administrative Agent and the Lenders financial
		statements and other documents required under this Agreement or as reasonably
		requested hereunder setting forth a reconciliation between calculations of such
		ratio or requirement made before and after giving effect to such change in
		GAAP.
	 

	 
		(c) Calculations.
		Notwithstanding the above, the parties hereto acknowledge and agree that all
		calculations of the financial covenants in Section 8.10
		shall be made on a Pro Forma Basis.
	 

	 
		1.04 Rounding.

	 

	 
		Any financial ratios required to be
		maintained by the Borrowers pursuant to this Agreement shall be calculated by
		dividing the appropriate component by the other component, carrying the result
		to one place more than the number of places by which such ratio is expressed
		herein and rounding the result up or down to the nearest number (with a
		rounding-up if there is no nearest number).
	 

	 
		1.05 Times of Day.
	 

	 
		Unless otherwise specified, all references
		herein to times of day shall be references to Eastern time (daylight or
		standard, as applicable).
	 

	 
		1.06 Letter of Credit Amounts.
	 

	 
		Unless otherwise specified herein, the
		amount of a Letter of Credit at any time shall be deemed to be the Dollar
		Equivalent of the stated amount of such Letter of Credit in effect at such
		time; provided, however, that
		with respect to any Letter of Credit that, by its terms or the terms of any
		Issuer Document related thereto, provides for one or more automatic increases
		in the stated amount thereof, the amount of such Letter of Credit shall be
		deemed to be the Dollar Equivalent of the maximum stated amount of such Letter
		of Credit after giving effect to all such increases, whether or not such
		maximum stated amount is in effect at such time. 
	 

	 
		1.07 Exchange Rates; Currency Equivalents.
	 

	 
		(a) The Administrative Agent or the L/C
		Issuer shall determine as of each Revaluation Date the Spot Rates to be used
		for calculating Dollar Equivalent amounts of Letters of Credit and Outstanding
		Amounts denominated in Alternative Currency. Such Spot Rates shall be effective
		as of each such Revaluation Date and shall be the Spot Rates employed in
		converting any amounts between Dollars and Alternative Currency until the next
		Revaluation Date to occur. Except as otherwise expressly provided herein, the
		applicable amount of Alternative Currency for purposes of the Loan Documents
		shall be such Dollar Equivalent amount as so determined by the Administrative
		Agent or the L/C Issuer, as applicable.
	 

	 
		(b) Wherever in this Agreement in connection
		with the issuance, amendment or extension of a Letter of Credit, an amount,
		such as a required minimum or multiple amount, is expressed in Dollars, but
		such Letter of Credit is denominated in Alternative Currency, such amount shall
		be the relevant Alternative Currency Equivalent of such Dollar amount (rounded
		to the nearest unit of such Alternative Currency, with a rounding-up if there
		is no nearest number), as determined by the Administrative Agent or the L/C
		Issuer, as applicable.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		28
	 

	 
		 
	 

	 
	 

	 

	 
		ARTICLE II
	 

	 
		THE COMMITMENTS AND CREDIT EXTENSIONS

	 

	 
		2.01 Revolving Loans and Term Loans.
	 

	 
		(a) Revolving Loans.
		Subject to the terms and conditions set forth herein, each Revolving Lender
		severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrowers in Dollars from time to time on
		any Business Day during the Availability Period in an aggregate amount not to
		exceed at any time outstanding the amount of such Lender’s Revolving
		Commitment; provided, however, that
		after giving effect to any Borrowing of Revolving Loans, (i) the Total
		Revolving Outstandings shall not exceed the Aggregate Revolving Commitments and
		(ii) the aggregate Outstanding Amount of the Revolving Loans of any Revolving
		Lender plus such Revolving Lender’s Applicable Percentage of
		the Outstanding Amount of all L/C Obligations shall not exceed such Revolving
		Lender’s Revolving Commitment. Within the limits of each Revolving
		Lender’s Revolving Commitment, and subject to the other terms and
		conditions hereof, the Borrowers may borrow under this Section 2.01,
		prepay under Section
		2.04, and reborrow under this
		Section 2.01. Revolving Loans may be Base Rate Loans or Eurodollar
		Rate Loans, as further provided herein; provided,
		however, all Borrowings of Revolving Loans made on the Closing
		Date shall be made as Base Rate Loans unless the Administrative Agent shall
		have received an appropriate funding indemnity letter executed by the Borrowers
		and reasonably acceptable to the Administrative Agent at least three Business
		Days prior to the Closing Date.
	 

	 
		(b) Term A Loans.
		Subject to the terms and conditions set forth herein, each Term Loan A Lender
		severally agrees to make its portion of certain term loans (the
		“Term A Loans”) to the Borrowers in Dollars on the Closing Date
		in an aggregate amount equal to such Lender’s Term Loan A Commitment;
		provided that the aggregate amount of all Term A Loans made
		hereunder shall not exceed the Aggregate Term A Loan Commitments. Amounts
		repaid on the Term A Loans may not be reborrowed. The Term A Loans may consist
		of Base Rate Loans or Eurodollar Rate Loans, as further provided herein,
		provided, however, all
		Borrowings of Term A Loans made on the Closing Date shall be made as Base Rate
		Loans unless the Administrative Agent shall have received an appropriate
		funding indemnity letter executed by the Borrowers and reasonably acceptable to
		the Administrative Agent at least three Business Days prior to the Closing
		Date.
	 

	 
		(c) Delayed Draw Term Loans. Subject to the terms and conditions set forth herein,
		each Delayed Draw Term Loan Lender severally agrees to make its portion of
		certain term loans (the “Delayed
		Draw Term Loans”) to the Borrowers
		in Dollars during the Availability Period in an aggregate amount equal to such
		Lender’s Delayed Draw Term Loan Commitment; provided that
		the aggregate amount of all Delayed Draw Term Loans made hereunder shall not
		exceed the Aggregate Delayed Draw Term Loan Commitments. Amounts repaid on the
		Delayed Draw Term Loans may not be reborrowed. The Delayed Draw Term Loans may
		consist of Base Rate Loans or Eurodollar Rate Loans, as further provided
		herein, provided, however, all
		Borrowings of Delayed Draw Term Loans made on the Closing Date shall be made as
		Base Rate Loans unless the Administrative Agent shall have received an
		appropriate funding indemnity letter executed by the Borrowers and reasonably
		acceptable to the Administrative Agent at least three Business Days prior to
		the Closing Date. At the end of the Availability Period, the Commitment to make
		Delayed Draw Term Loans shall terminate.
	 

	 
		(d) Term B Loans.
		Subject to the terms and conditions set forth herein, each Term Loan B Lender
		severally agrees to make its portion of certain term loans (the
		“Term B Loans”) to the Borrowers in Dollars on the Closing Date
		in an aggregate amount equal to such Lender’s Term Loan B Commitment;
		provided that the aggregate amount of all Term B Loans made on
		the Closing Date shall not exceed the 
	 

	 
		 
	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 
	 

	 

	 
		Aggregate Term Loan B Commitments. Amounts
		repaid on the Term B Loans may not be reborrowed. The Term B Loans may consist
		of Base Rate Loans or Eurodollar Loans, as further provided herein,
		provided, however, all
		Borrowings of Term B Loans on the Closing Date shall be made as Base Rate Loans
		unless the Administrative Agent shall have received an appropriate funding
		indemnity letter executed by the Borrowers and reasonably acceptable to the
		Administrative Agent at least three Business Days prior to the Closing
		Date.
	 

	 
		2.02 Borrowings, Conversions and Continuations of
		Loans.
	 

	 
		(a) Each Borrowing, each conversion of Loans
		from one Type to the other, and each continuation of Eurodollar Rate Loans
		shall be made upon the Borrowers’ irrevocable notice to the Administrative
		Agent, which may be given by telephone. Each such notice must be received by
		the Administrative Agent not later than 11:00 a.m. (i) three Business Days
		prior to the requested date of any Borrowing of, conversion to or continuation
		of, Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base
		Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans.
		Each telephonic notice by the Borrowers pursuant to this Section 2.02(a)
		must be confirmed promptly by delivery to the Administrative Agent of a written
		Loan Notice, appropriately completed and signed by a Responsible Officer of the
		Borrowers. Each Borrowing of, conversion to or continuation of Eurodollar Rate
		Loans shall be in a principal amount of $2,500,000 or a whole multiple of
		$500,000 in excess thereof. Except as provided in Section 2.03(c),
		each Borrowing of or conversion to Base Rate Loans shall be in a principal
		amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each
		Loan Notice (whether telephonic or written) shall specify (i) whether the
		Borrowers are requesting a Borrowing, a conversion of Loans from one Type to
		the other, or a continuation of Eurodollar Rate Loans, (ii) the identity of the
		Borrower with respect to the Borrowing, conversion or continuation, as the case
		may be, (iii) the requested date of the Borrowing, conversion or continuation,
		as the case may be (which shall be a Business Day), (iv) whether such Loans are
		Revolving Loans, Term A Loans, Delayed Draw Term Loans or Term B Loans and the
		principal amount of such Loans to be borrowed, converted or continued, (v) the
		Type of Loans to be borrowed or to which existing Loans are to be converted,
		and (vi) if applicable, the duration of the Interest Period with respect
		thereto. If the Borrowers fail to specify a Type of a Loan in a Loan Notice or
		if the Borrowers fail to give a timely notice requesting a conversion or
		continuation, then the applicable Loans shall be made as, or converted to, Base
		Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective
		as of the last day of the Interest Period then in effect with respect to the
		applicable Eurodollar Rate Loans. If the Borrowers request a Borrowing of,
		conversion to, or continuation of Eurodollar Rate Loans in any Loan Notice, but
		fail to specify an Interest Period, it will be deemed to have specified an
		Interest Period of one month. 
	 

	 
		(b) Following receipt of a Loan Notice, the
		Administrative Agent shall promptly notify each applicable Lender of the amount
		of its Applicable Percentage of the applicable Loans, and if no timely notice
		of a conversion or continuation is provided by the Borrowers, the
		Administrative Agent shall notify each applicable Lender of the details of any
		automatic conversion to Base Rate Loans as described in the preceding
		subsection. In the case of a Borrowing, each applicable Lender shall make the
		amount of its Loan available to the Administrative Agent in immediately
		available funds at the Administrative Agent’s Office not later than 1:00
		p.m. on the Business Day specified in the applicable Loan Notice. Upon
		satisfaction of the applicable conditions set forth in Section 5.02
		(and, if such Borrowing is the initial Credit Extension, Section 5.01),
		the Administrative Agent shall make all funds so received available to the
		Borrowers in like funds as received by the Administrative Agent either by (i)
		crediting the account of the Borrowers on the books of Bank of America with the
		amount of such funds or (ii) wire transfer of such funds, in each case in
		accordance with instructions provided to (and reasonably acceptable to) the
		Administrative Agent by the Borrowers; provided,
		however, that if, on the date of a Borrowing of Revolving
		Loans, there are L/C Borrowings outstanding, then the proceeds of such 
	 

	 
		 
	 

	 
		 
	 

	 
		30
	 

	 
		 
	 

	 
	 

	 

	 
		Borrowing, first, shall be applied to the
		payment in full of any such L/C Borrowings and second, shall be
		made available to the Borrowers as provided above.
	 

	 
		(c) Except as otherwise provided herein, a
		Eurodollar Rate Loan may be continued or converted only on the last day of the
		Interest Period for such Eurodollar Rate Loan. During the existence of a
		Default, no Loans may be requested as, converted to or continued as Eurodollar
		Rate Loans without the consent of the Required Lenders, and the Required
		Lenders may demand that any or all of the then outstanding Eurodollar Rate
		Loans be converted immediately to Base Rate Loans.
	 

	 
		(d) The Administrative Agent shall promptly
		notify the Borrowers and the Lenders of the interest rate applicable to any
		Interest Period for Eurodollar Rate Loans upon determination of such interest
		rate. At any time that Base Rate Loans are outstanding, the Administrative
		Agent shall notify the Borrowers and the Lenders of any change in Bank of
		America’s prime rate used in determining the Base Rate promptly following
		the public announcement of such change.
	 

	 
		(e) After giving effect to all Borrowings,
		all conversions of Loans from one Type to the other, and all continuations of
		Loans as the same Type, there shall not be more than ten Interest Periods in
		effect with respect to all outstanding Loans.
	 

	 
		2.03 Letters of Credit.
	 

	 
		(a) The Letter of Credit Commitment. 
	 

	 
		(i) Subject to the terms and conditions set
		forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the
		Revolving Lenders set forth in this Section 2.03,
		(1) from time to time on any Business Day during the period from the Closing
		Date until the Letter of Credit Expiration Date, to issue Letters of Credit in
		Dollars or Alternative Currency for the account of the Borrowers or any of
		their Subsidiaries, and to amend or extend Letters of Credit previously issued
		by it, in accordance with subsection (b) below, and (2) to honor drawings under
		the Letters of Credit; and (B) the Revolving Lenders severally agree to
		participate in Letters of Credit issued for the account of the Borrowers or
		their Subsidiaries and any drawings thereunder; provided that
		after giving effect to any L/C Credit Extension with respect to any Letter of
		Credit, (w) the Total Revolving Outstandings shall not exceed the Aggregate
		Revolving Commitments, (x) the aggregate Outstanding Amount of the Revolving
		Loans of any Revolving Lender, plus such
		Revolving Lender’s Applicable Percentage of the Outstanding Amount of all
		L/C Obligations shall not exceed such Revolving Lender’s Revolving
		Commitment, (y) the Outstanding Amount of the L/C Obligations shall not exceed
		the Letter of Credit Sublimit and (z) the Outstanding Amount of L/C Obligations
		denominated in Alternative Currency shall not exceed the Alternative Currency
		Letter of Credit Sublimit. Each request by the Borrowers for the issuance or
		amendment of a Letter of Credit shall be deemed to be a representation by the
		Borrowers that the L/C Credit Extension so requested complies with the
		conditions set forth in the proviso to the preceding sentence. Within the
		foregoing limits, and subject to the terms and conditions hereof, the
		Borrowers’ ability to obtain Letters of Credit shall be fully revolving,
		and accordingly the Borrowers may, during the foregoing period, obtain Letters
		of Credit to replace Letters of Credit that have expired or that have been
		drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to
		have been issued pursuant hereto, and from and after the Closing Date shall be
		subject to and governed by the terms and conditions hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		31
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) The L/C Issuer shall not issue any
		Letter of Credit if:
	 

	 
		(A) the expiry date of such requested Letter
		of Credit would occur more than twelve months after the date of issuance or
		last extension, unless more than 50% of the Revolving Lenders have approved
		such expiry date; or
	 

	 
		(B) the expiry date of such requested Letter
		of Credit would occur after the Letter of Credit Expiration Date, unless all
		the Revolving Lenders have approved such expiry date. 
	 

	 
		(iii) The L/C Issuer shall not be under any
		obligation to issue any Letter of Credit if:
	 

	 
		(A) any order, judgment or decree of any
		Governmental Authority or arbitrator shall by its terms purport to enjoin or
		restrain the L/C Issuer from issuing such Letter of Credit, or any Law
		applicable to the L/C Issuer or any request or directive (whether or not having
		the force of law) from any Governmental Authority with jurisdiction over the
		L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the
		issuance of letters of credit generally or such Letter of Credit in particular
		or shall impose upon the L/C Issuer with respect to such Letter of Credit any
		restriction, reserve or capital requirement (for which the L/C Issuer is not
		otherwise compensated hereunder) not in effect on the Closing Date, or shall
		impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
		applicable on the Closing Date and which the L/C Issuer in good faith deems
		material to it;
	 

	 
		(B) the issuance of such Letter of Credit
		would violate one or more policies of the L/C Issuer;
	 

	 
		(C) except as otherwise agreed by the
		Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial
		stated amount less than $100,000.
	 

	 
		(D) such Letter of Credit is to be
		denominated in a currency other than Dollars or Alternative Currency; or

	 

	 
		(E) a default of any Revolving Lender’s
		obligations to fund under Section
		2.03(c) exists or any Revolving Lender
		is at such time a Defaulting Lender hereunder, unless the L/C Issuer has
		entered into satisfactory arrangements with the Borrowers or such Revolving
		Lender to eliminate the L/C Issuer’s risk with respect to such Revolving
		Lender.
	 

	 
		(iv) The L/C Issuer shall not amend any
		Letter of Credit if the L/C Issuer would not be permitted at such time to issue
		such Letter of Credit in its amended form under the terms hereof.
	 

	 
		(v) The L/C Issuer shall be under no
		obligation to amend any Letter of Credit if (A) the L/C Issuer would have
		no obligation at such time to issue such Letter of Credit in its amended form
		under the terms hereof, or (B) the beneficiary of such Letter of Credit does
		not accept the proposed amendment to such Letter of Credit.
	 

	 
		(vi) The L/C Issuer shall act on behalf of
		the Revolving Lenders with respect to any Letters of Credit issued by it and
		the documents associated therewith, and the L/C Issuer shall have all of the
		benefits and immunities (A) provided to the Administrative Agent in
		Article X 
	 

	 
		 
	 

	 
		 
	 

	 
		32
	 

	 
		 
	 

	 
	 

	 

	 
		with respect to any acts taken or omissions
		suffered by the L/C Issuer in connection with Letters of Credit issued by it or
		proposed to be issued by it and Issuer Documents pertaining to such Letters of
		Credit as fully as if the term “Administrative Agent” as used in
		Article X included the L/C Issuer with respect to such acts or
		omissions, and (B) as additionally provided herein with respect to the L/C
		Issuer.
	 

	 
		(b) Procedures for Issuance and Amendment of Letters of
		Credit; Auto–Extension Letter of Credit
	 

	 
		(i) Each Letter of Credit shall be issued or
		amended, as the case may be, upon the request of the Borrowers delivered to the
		L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of
		Credit Application, appropriately completed and signed by a Responsible Officer
		of the Borrowers. Such Letter of Credit Application must be received by the L/C
		Issuer and the Administrative Agent not later than 11:00 a.m. at least five (5)
		Business Days (or such later date and time as the Administrative Agent and the
		L/C Issuer may agree in a particular instance in their sole discretion or such
		later date as the L/C Issuer may determine in its sole discretion with respect
		to any Letter of Credit denominated in Alternative Currency) prior to the
		proposed issuance date or date of amendment, as the case may be. In the case of
		a request for an initial issuance of a Letter of Credit, such Letter of Credit
		Application shall specify in form and detail satisfactory to the L/C Issuer:
		(A) the proposed issuance date of the requested Letter of Credit (which shall
		be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D)
		the name and address of the beneficiary thereof; (E) the documents to be
		presented by such beneficiary in case of any drawing thereunder; (F) the full
		text of any certificate to be presented by such beneficiary in case of any
		drawing thereunder; (G) the purpose and nature of the requested Letter of
		Credit; and (H) such other matters as the L/C Issuer may reasonably require. In
		the case of a request for an amendment of any outstanding Letter of Credit,
		such Letter of Credit Application shall specify in form and detail satisfactory
		to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date
		of amendment thereof (which shall be a Business Day); (C) the nature of the
		proposed amendment; and (D) such other matters as the L/C Issuer may reasonably
		require. Additionally, the Borrowers shall furnish to the L/C Issuer and the
		Administrative Agent such other documents and information pertaining to
		such requested Letter of Credit issuance or amendment, including any Issuer
		Documents, as the L/C Issuer or the Administrative Agent may reasonably
		require.
	 

	 
		(ii) Promptly after receipt of any Letter of
		Credit Application, the L/C Issuer will confirm with the Administrative Agent
		(by telephone or in writing) that the Administrative Agent has received a copy
		of such Letter of Credit Application from the Borrowers and, if not, the L/C
		Issuer will provide the Administrative Agent with a copy thereof. Unless the
		L/C Issuer has received written notice from any Lender, the Administrative
		Agent or any Loan Party, at least one Business Day prior to the requested date
		of issuance or amendment of the applicable Letter of Credit, that one or more
		applicable conditions contained in Article V shall
		not be satisfied, then, subject to the terms and conditions hereof, the L/C
		Issuer shall, on the requested date, issue a Letter of Credit for the account
		of the Borrowers or the applicable Subsidiary or enter into the applicable
		amendment, as the case may be, in each case in accordance with the L/C
		Issuer’s usual and customary business practices. Immediately upon the
		issuance of each Letter of Credit, each Revolving Lender shall be deemed to,
		and hereby irrevocably and unconditionally agrees to, purchase from the L/C
		Issuer a risk participation in such Letter of Credit in an amount equal to the
		product of such Lender’s Applicable Percentage times the amount
		of such Letter of Credit.
	 

	 
		(iii) If a Borrower so requests in any
		applicable Letter of Credit Application, the L/C Issuer may, in its sole and
		absolute discretion, agree to issue a Letter of Credit that has
		automatic
	 

	 
		 
	 

	 
		 
	 

	 
		33
	 

	 
		 
	 

	 
	 

	 

	 
		extension provisions (each, an
		“Auto-Extension Letter of
		Credit”); provided that
		any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent
		any such extension at least once in each twelve-month period (commencing with
		the date of issuance of such Letter of Credit) by giving prior notice to the
		beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed
		upon at the time such Letter of Credit is issued. Unless otherwise directed by
		the L/C Issuer, a Borrower shall not be required to make a specific request to
		the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
		has been issued, the Lenders shall be deemed to have authorized (but may not
		require) the L/C Issuer to permit the extension of such Letter of Credit at any
		time to an expiry date not later than the Letter of Credit Expiration Date;
		provided, however, that
		the L/C Issuer shall not permit any such extension if (A) the L/C Issuer
		has determined that it would not be permitted, or would have no obligation, at
		such time to issue such Letter of Credit in its revised form (as extended)
		under the terms hereof (by reason of the provisions of clause (ii)
		or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice
		(which may be by telephone or in writing) on or before the day that is seven
		Business Days before the Non-Extension Notice Date (1) from the
		Administrative Agent that the Required Lenders have elected not to permit such
		extension or (2) from the Administrative Agent, any Lender or the Borrower
		that one or more of the applicable conditions specified in Section 5.02 is not then satisfied, and in each such case directing
		the L/C Issuer not to permit such extension.
	 

	 
		(iv) Promptly after its delivery of any
		Letter of Credit or any amendment to a Letter of Credit to an advising bank
		with respect thereto or to the beneficiary thereof, the L/C Issuer will also
		deliver to the Borrowers and the Administrative Agent a true and complete copy
		of such Letter of Credit or amendment.
	 

	 
		(c) Drawings and Reimbursements; Funding of
		Participations.
	 

	 
		(i) Upon receipt from the beneficiary of any
		Letter of Credit of any notice of drawing under such Letter of Credit, the L/C
		Issuer shall notify the Borrowers and the Administrative Agent thereof. Not
		later than 11:00 a.m. on the date of any payment by the L/C Issuer under a
		Letter of Credit to be reimbursed in Dollars or at the Applicable Time on the
		date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed
		in Alternative Currency (each such date, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer
		through the Administrative Agent in an amount equal to the amount of such
		drawing. In the case of a Letter of Credit denominated in Dollars, the
		applicable Borrower shall reimburse the L/C Issuer in Dollars. In the case of a
		Letter of Credit denominated in Alternative Currency, the applicable Borrower
		shall reimburse the L/C Issuer in Dollars unless the L/C Issuer (at its option)
		shall specify in such notice that it will require payment in Alternative
		Currency. In the case of any such reimbursement in Dollars of a drawing under a
		Letter of Credit denominated in Alternative Currency, the L/C Issuer shall
		notify the applicable Borrower of the Dollar Equivalent of the amount of the
		drawing promptly following the determination thereof. If the Borrowers fails to
		so reimburse the L/C Issuer by such time, the Administrative Agent shall
		promptly notify each Revolving Lender of the Honor Date, the amount of the
		unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s
		Applicable Percentage thereof. In such event, the Borrowers shall be deemed to
		have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date
		in an amount equal to the Unreimbursed Amount, without regard to the minimum
		and multiples specified in Section
		2.02 for the principal amount of Base
		Rate Loans, but subject to the amount of the unutilized portion of the
		Aggregate Revolving Commitments and the conditions set forth in Section 5.02
		(other than the delivery of a Loan Notice). Any notice given by the L/C Issuer
		or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in
		writing; provided that 
	 

	 
		 
	 

	 
		 
	 

	 
		34
	 

	 
		 
	 

	 
	 

	 

	 
		the lack of such immediate written
		confirmation shall not affect the conclusiveness or binding effect of such
		notice.
	 

	 
		(ii) Each Revolving Lender shall upon any
		notice pursuant to Section
		2.03(c)(i) make funds available to the
		Administrative Agent for the account of the L/C Issuer at the Administrative
		Agent’s Office in an amount equal to its Applicable Percentage of the
		Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in
		such notice by the Administrative Agent, whereupon, subject to the provisions
		of Section 2.03(c)(iii), each Revolving Lender that so makes funds available
		shall be deemed to have made a Base Rate Loan to the Borrowers in such amount.
		The Administrative Agent shall remit the funds so received to the L/C Issuer in
		Dollars, or if requested by the L/C Issuer pursuant to the provisions of
		Section 2.03(c)(i), the equivalent amount thereof in Alternative Currency
		as determined by the Administrative Agent at such time on the basis of the Spot
		Rate (determined as of such funding date) for the purchase of Alternative
		Currency with Dollars.
	 

	 
		(iii) With respect to any Unreimbursed
		Amount that is not fully refinanced by a Borrowing of Base Rate Loans because
		the conditions set forth in Section
		5.02 cannot be satisfied or for any
		other reason, the Borrowers shall be deemed to have incurred from the L/C
		Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so
		refinanced, which L/C Borrowing shall be due and payable on demand (together
		with interest) and shall bear interest at the Default Rate. In such event, each
		Revolving Lender’s payment to the Administrative Agent for the account of
		the L/C Issuer pursuant to Section
		2.03(c)(ii) shall be deemed payment in
		respect of its participation in such L/C Borrowing and shall constitute an L/C
		Advance from such Revolving Lender in satisfaction of its participation
		obligation under this Section
		2.03.
	 

	 
		(iv) Until each Revolving Lender funds its
		Revolving Loan or L/C Advance pursuant to this Section 2.03(c)
		to reimburse the L/C Issuer for any amount drawn under any Letter of Credit,
		interest in respect of such Lender’s Applicable Percentage of such amount
		shall be solely for the account of the L/C Issuer.
	 

	 
		(v) Each Revolving Lender’s obligation
		to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts
		drawn under Letters of Credit, as contemplated by this Section 2.03(c),
		shall be absolute and unconditional and shall not be affected by any
		circumstance, including (A) any setoff, counterclaim, recoupment, defense or
		other right which such Revolving Lender may have against the L/C Issuer, the
		Borrowers or any other Person for any reason whatsoever; (B) the occurrence or
		continuance of a Default, or (C) any other occurrence, event or condition,
		whether or not similar to any of the foregoing; provided,
		however, that each Revolving Lender’s obligation to make
		Revolving Loans pursuant to this Section
		2.03(c) is subject to the conditions
		set forth in Section
		5.02 (other than delivery by the
		Borrowers of a Loan Notice). No such making of an L/C Advance shall relieve or
		otherwise impair the obligation of the Borrowers to reimburse the L/C Issuer
		for the amount of any payment made by the L/C Issuer under any Letter of
		Credit, together with interest as provided herein.
	 

	 
		(vi) If any Revolving Lender fails to make
		available to the Administrative Agent for the account of the L/C Issuer any
		amount required to be paid by such Revolving Lender pursuant to the foregoing
		provisions of this Section
		2.03(c) by the time specified in
		Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such
		Revolving Lender (acting through the Administrative Agent), on demand, such
		amount with interest thereon for the period from the date such payment is
		required to the date on which such payment is immediately available to the L/C
		Issuer at a rate per annum equal to the greater of the Overnight Rate and a
		rate determined by the L/C Issuer in accordance with banking industry rules on
		interbank compensation pl us any 
	 

	 
		 
	 

	 
		 
	 

	 
		35
	 

	 
		 
	 

	 
	 

	 

	 
		administrative, processing or similar fees
		customarily charged by the L/C Issuer in connection with the foregoing. A
		certificate of the L/C Issuer submitted to any Revolving Lender (through the
		Administrative Agent) with respect to any amounts owing under this clause (vi)
		shall be conclusive absent manifest error.
	 

	 
		(d) Repayment of Participations. 
	 

	 
		(i) At any time after the L/C Issuer has
		made a payment under any Letter of Credit and has received from any Revolving
		Lender such Revolving Lender’s L/C Advance in respect of such payment in
		accordance with Section
		2.03(c), if the Administrative Agent
		receives for the account of the L/C Issuer any payment in respect of the
		related Unreimbursed Amount or interest thereon (whether directly from the
		Borrowers or otherwise, including proceeds of cash collateral applied thereto
		by the Administrative Agent), the Administrative Agent will distribute to such
		Revolving Lender its Applicable Percentage thereof (appropriately adjusted, in
		the case of interest payments, to reflect the period of time during which such
		Revolving Lender’s L/C Advance was outstanding) in the same funds as those
		received by the Administrative Agent.
	 

	 
		(ii) If any payment received by the
		Administrative Agent for the account of the L/C Issuer pursuant to
		Section 2.03(c)(i) is required to be returned under any of the
		circumstances described in Section
		11.05 (including pursuant to any
		settlement entered into by the L/C Issuer in its discretion), each Revolving
		Lender shall pay to the Administrative Agent for the account of the L/C Issuer
		its Applicable Percentage thereof on demand of the Administrative Agent, plus
		interest thereon from the date of such demand to the date such amount is
		returned by such Revolving Lender, at a rate per annum equal to the Federal
		Funds Rate from time to time in effect. The obligations of the Revolving
		Lenders under this clause shall survive the payment in full of the Obligations
		and the termination of this Agreement.
	 

	 
		(e) Obligations Absolute. The obligation of the Borrowers to reimburse the L/C
		Issuer for each drawing under each Letter of Credit and to repay each L/C
		Borrowing shall be absolute, unconditional and irrevocable, and shall be paid
		strictly in accordance with the terms of this Agreement under all
		circumstances, including the following:
	 

	 
		(i) any lack of validity or enforceability
		of such Letter of Credit, this Agreement, or any other Loan Document;
	 

	 
		(ii) the existence of any claim,
		counterclaim, setoff, defense or other right that any Borrower or any
		Subsidiary may have at any time against any beneficiary or any transferee of
		such Letter of Credit (or any Person for whom any such beneficiary or any such
		transferee may be acting), the L/C Issuer or any other Person, whether in
		connection with this Agreement, the transactions contemplated hereby or by such
		Letter of Credit or any agreement or instrument relating thereto, or any
		unrelated transaction;
	 

	 
		(iii) any draft, demand, certificate or
		other document presented under such Letter of Credit proving to be forged,
		fraudulent, invalid or insufficient in any respect or any statement therein
		being untrue or inaccurate in any respect; or any loss or delay in the
		transmission or otherwise of any document required in order to make a drawing
		under such Letter of Credit;
	 

	 
		(iv) any payment by the L/C Issuer under
		such Letter of Credit against presentation of a draft or certificate that does
		not strictly comply with the terms of such Letter of Credit; or any payment
		made by the L/C Issuer under such Letter of Credit to any Person purporting to
		be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
		creditors, liquidator,
	 

	 
		 
	 

	 
		 
	 

	 
		36
	 

	 
		 
	 

	 
	 

	 

	 
		receiver or other representative of or
		successor to any beneficiary or any transferee of such Letter of Credit,
		including any arising in connection with any proceeding under any Debtor Relief
		Law; 
	 

	 
		(v) any adverse change in the relevant
		exchange rates or in the availability of Alternative Currency to a Borrower or
		any Subsidiary or in the relevant currency markets generally; or
	 

	 
		(vi) any other circumstance or happening
		whatsoever, whether or not similar to any of the foregoing, including any other
		circumstance that might otherwise constitute a defense available to, or a
		discharge of, any Loan Party or any Subsidiary.
	 

	 
		The Borrowers shall promptly examine a copy
		of each Letter of Credit and each amendment thereto that is delivered to it
		and, in the event of any claim of noncompliance with the Borrowers’
		instructions or other irregularity, the Borrowers will immediately notify the
		L/C Issuer. The Borrowers shall be conclusively deemed to have waived any such
		claim against the L/C Issuer and its correspondents unless such notice is given
		as aforesaid.
	 

	 
		(f) Role of L/C Issuer. Each Revolving Lender and the Borrowers agree that, in
		paying any drawing under a Letter of Credit, the L/C Issuer shall not have any
		responsibility to obtain any document (other than any sight draft, certificates
		and documents expressly required by such Letter of Credit) or to ascertain or
		inquire as to the validity or accuracy of any such document or the authority of
		the Person executing or delivering any such document. None of the L/C Issuer,
		the Administrative Agent, any of their respective Related Parties nor any
		correspondent, participant or assignee of the L/C Issuer shall be liable to any
		Lender for (i) any action taken or omitted in connection herewith at the
		request or with the approval of the Lenders or the Required Lenders, as
		applicable; (ii) any action taken or omitted in the absence of gross negligence
		or willful misconduct; or (iii) the due execution, effectiveness, validity or
		enforceability of any document or instrument related to any Letter of Credit or
		Issuer Document. The Borrowers hereby assume all risks of the acts or omissions
		of any beneficiary or transferee with respect to its use of any Letter of
		Credit; provided, however, that
		this assumption is not intended to, and shall not, preclude the Borrowers’
		pursuing such rights and remedies as it may have against the beneficiary or
		transferee at law or under any other agreement. None of the L/C Issuer, the
		Administrative Agent, any of their respective Related Parties nor any
		correspondent, participant or assignee of the L/C Issuer shall be liable or
		responsible for any of the matters described in clauses (i) through (vi) of
		Section 2.03(e); provided,
		however, that anything in such clauses to the contrary
		notwithstanding, the Borrowers may have a claim against the L/C Issuer, and the
		L/C Issuer may be liable to the Borrowers, to the extent, but only to the
		extent, of any direct, as opposed to consequential or exemplary, damages
		suffered by the Borrowers which the Borrowers prove were caused by the L/C
		Issuer’s willful misconduct or gross negligence or the L/C Issuer’s
		willful failure to pay under any Letter of Credit after the presentation to it
		by the beneficiary of a sight draft and certificate(s) strictly complying with
		the terms and conditions of a Letter of Credit unless the L/C Issuer is
		prevented or prohibited from so paying as a result of any order or directive of
		any court or other Governmental Authority. In furtherance and not in limitation
		of the foregoing, the L/C Issuer may accept documents that appear on their face
		to be in order, without responsibility for further investigation, regardless of
		any notice or information to the contrary, and the L/C Issuer shall not be
		responsible for the validity or sufficiency of any instrument transferring or
		assigning or purporting to transfer or assign a Letter of Credit or the rights
		or benefits thereunder or proceeds thereof, in whole or in part, which may
		prove to be invalid or ineffective for any reason.
	 

	 
		(g) Cash Collateral.
		
	 

	 
		(i) Upon the request of the
		Administrative Agent, (A) if the L/C Issuer has honored any full or partial
		drawing request under any Letter of Credit and such drawing has resulted in an
		L/C 
	 

	 
		 
	 

	 
		 
	 

	 
		37
	 

	 
		 
	 

	 
	 

	 

	 
		Borrowing, or (B) if, as of the Letter of
		Credit Expiration Date, any L/C Obligation for any reason remains outstanding,
		the Borrowers shall, in each case, immediately Cash Collateralize the then
		Outstanding Amount of all L/C Obligations. 
	 

	 
		(ii) In addition, if the Administrative
		Agent notifies the Borrowers at any time that the Outstanding Amount of all L/C
		Obligations in Alternative Currency at such time exceeds the Alternative
		Currency Letter of Credit Sublimit then in effect, then, within two Business
		Days after receipt of such notice, the Borrowers shall Cash Collateralize the
		L/C Obligations in an amount equal to the amount by which the Outstanding
		Amount of all L/C Obligations in Alternative Currency exceeds the Alternative
		Currency Letter of Credit Sublimit.
	 

	 
		(iii) The Administrative Agent may, at any
		time and from time to time after the initial deposit of cash collateral,
		request that additional cash collateral be provided in order and as required to
		protect against the results of exchange rate fluctuations.
	 

	 
		(iv) Sections 2.04
		and 9.02(c) set forth certain additional requirements to deliver
		Cash Collateral hereunder. For purposes of this Section 2.03,
		Section 2.04 and Section
		9.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to
		the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, as
		collateral for the L/C Obligations, cash or deposit account balances pursuant
		to documentation in form and substance reasonably satisfactory to the
		Administrative Agent and the L/C Issuer (which documents are hereby consented
		to by the Lenders). Derivatives of such term have corresponding meanings. The
		Borrowers hereby grant to the Administrative Agent, for the benefit of the L/C
		Issuer and the Lenders, a security interest in all such cash, deposit accounts
		and all balances therein and all proceeds of the foregoing. Cash Collateral
		shall be maintained in blocked, non-interest bearing deposit accounts at Bank
		of America.
	 

	 
		(h) Applicability of ISP. Unless otherwise expressly agreed by the L/C Issuer
		and the Borrowers when a Letter of Credit is issued (including any such
		agreement applicable to an Existing Letter of Credit), the rules of the ISP
		shall apply to each Letter of Credit.
	 

	 
		(i)
		Letter of Credit Fees. The Borrowers shall pay to the Administrative Agent
		for the account of each Revolving Lender in accordance with its Applicable
		Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the
		Applicable Rate times the Dollar Equivalent of the daily maximum amount
		available to be drawn under such Letter of Credit. For purposes of computing
		the daily amount available to be drawn under any Letter of Credit, the amount
		of such Letter of Credit shall be determined in accordance with Section 1.06.
		Letter of Credit Fees shall be (i) computed on a quarterly basis in
		arrears and (ii) due and payable on the first Business Day after the end of
		each March, June, September and December, commencing with the first such date
		to occur after the issuance of such Letter of Credit, on the Letter of Credit
		Expiration Date and thereafter on demand. If there is any change in the
		Applicable Rate during any quarter, the daily amount available to be drawn
		under each Letter of Credit shall be computed and multiplied by the Applicable
		Rate separately for each period during such quarter that such Applicable Rate
		was in effect. Notwithstanding anything to the contrary contained herein, upon
		the request of the Required Lenders,
		while any Event of Default under
		Section 9.01(a) exists, all Letter of Credit Fees shall accrue at the Default
		Rate.
	 

	 
		(j) Fronting Fee and Processing Charges Payable to L/C
		Issuer. The Borrowers shall pay
		directly to the L/C Issuer for its own account a fronting fee in Dollars with
		respect to each Letter of Credit, at the rate per annum specified in the Fee
		Letter (or such other amount as agreed to between the Borrowers and the L/C
		Issuer), computed on the Dollar Equivalent actual daily maximum amount
		available to be drawn under such Letter of Credit (whether or not such maximum
		amount is then in effect 
	 

	 
		 
	 

	 
		 
	 

	 
		38
	 

	 
		 
	 

	 
	 

	 

	 
		under such Letter of Credit) and on a
		quarterly basis in arrears. Such fronting fee shall be due and payable on the
		tenth Business Day after the end of each March, June, September and December in
		respect of the most recently-ended quarterly period (or portion thereof, in the
		case of the first payment), commencing with the first such date to occur after
		the issuance of such Letter of Credit, on the Letter of Credit Expiration Date
		and thereafter on demand. For purposes of computing the daily amount available
		to be drawn under any Letter of Credit, the amount of such Letter of Credit
		shall be determined in accordance with Section 1.06. In
		addition, the Borrowers shall pay directly to the L/C Issuer for its own
		account the customary issuance, presentation, amendment and other processing
		fees, and other standard costs and charges, of the L/C Issuer relating to
		letters of credit as from time to time in effect. Such customary fees and
		standard costs and charges are due and payable on demand and are
		nonrefundable.
	 

	 
		(k) Conflict with Issuer Documents. In the event of any conflict between the terms hereof
		and the terms of any Issuer Document, the terms hereof shall control.
	 

	 
		(l) Letters of Credit Issued for
		Subsidiaries. Notwithstanding that a
		Letter of Credit issued or outstanding hereunder is in support of any
		obligations of, or is for the account of, a Subsidiary, the Borrowers shall be
		obligated to reimburse the L/C Issuer hereunder for any and all drawings under
		such Letter of Credit. The Borrowers hereby acknowledge that the issuance of
		Letters of Credit for the account of Subsidiaries inures to the benefit of the
		Borrowers, and that the Borrowers’ business derives substantial benefits
		from the businesses of such Subsidiaries.
	 

	 
		2.04 Prepayments.
	 

	 
		(a) Voluntary Prepayments of Loans. The Borrowers may, upon notice from the Borrowers to
		the Administrative Agent, at any time or from time to time voluntarily prepay
		Revolving Loans and Term Loans in whole or in part without premium or penalty;
		provided that (A) such notice must be received by the
		Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to
		any date of prepayment of Eurodollar Rate Loans and (2) on the date of
		prepayment of Base Rate Loans; (B) any such prepayment of Eurodollar Rate Loans
		shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in
		excess thereof (or, if less, the entire principal amount thereof then
		outstanding); and (C) any prepayment of Base Rate Loans shall be in a principal
		amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if
		less, the entire principal amount thereof then outstanding). Each such notice
		shall specify the date and amount of such prepayment and the Type(s) of Loans
		to be prepaid. The Administrative Agent will promptly notify each Lender of its
		receipt of each such notice, and of the amount of such Lender’s Applicable
		Percentage of such prepayment. If such notice is given by the Borrowers, the
		Borrowers shall make such prepayment and the payment amount specified in such
		notice shall be due and payable on the date specified therein. Any prepayment
		of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the
		amount prepaid, together with any additional amounts required pursuant to
		Section 3.05. Each such prepayment shall be applied to the Loans of
		the Lenders in accordance with their respective Applicable Percentages. 

	 

	 
		(b) Mandatory Prepayments of Loans.
	 

	 
		(i) Commitments. If
		for any reason the Total Revolving Outstandings at any time exceed the
		Aggregate Revolving Commitments then in effect, the Borrowers shall immediately
		prepay Revolving Loans and/or Cash Collateralize the L/C Obligations in an
		aggregate amount equal to such excess; provided,
		however, that the Borrowers shall not be required to Cash
		Collateralize the L/C Obligations pursuant to this Section 2.04(b)(i) unless after the prepayment in full of the Revolving
		Loans the Total Revolving Outstandings exceed the Aggregate Revolving
		Commitments then in effect. Any prepayment pursuant to this clause (i) shall be
		applied as set forth in clause (iii) below.
	 

	 
		 
	 

	 
		 
	 

	 
		39
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) Dispositions and Involuntary
		Dispositions. The Borrowers shall
		immediately prepay the Loans and/or Cash Collateralize the L/C Obligations in
		an aggregate amount equal to 100% of the Net Cash Proceeds of all Dispositions
		(other than Permitted Transfers and Dispositions permitted by Section 8.05(c))
		and Involuntary Dispositions to the extent (A) such Net Cash Proceeds are not
		reinvested in Eligible Assets within 270 days of the date of
		such Disposition or Involuntary Disposition or (B) the aggregate amount of such
		Net Cash Proceeds not so reinvested exceeds $10,000,000 during any fiscal year.
		Any prepayment pursuant to this clause (ii) shall be applied as set forth in
		clause (iii) below.
	 

	 
		(iii) Application of Mandatory Prepayments. All amounts required to be paid pursuant to
		Sections 2.04(b)(i) and (ii) shall be
		applied as follows:
	 

	 
		(A) with respect to all amounts prepaid
		pursuant to Section
		2.04(b)(i), first, ratably
		to the L/C Borrowings, second, to the
		outstanding Revolving Loans, and, third, to Cash
		Collateralize the remaining L/C Obligations; and
	 

	 
		(B) with respect to all amounts prepaid
		pursuant to Section
		2.04(b)(ii), first pro rata
		among the outstanding Term A Loans and the outstanding Delayed Draw Term Loans
		and then (after the Term A Loans and Delayed Draw Term Loans have been paid in
		full) to the Term B Loans and then (after the Term B Loans have been paid in
		full) to a permanent reduction in any unfunded Delayed Draw Term Loan
		Commitments and then (after the Delayed Draw Term Loan Commitments are zero) to
		Revolving Loans (with a corresponding reduction in the Aggregate Revolving
		Commitments) and then (after all Revolving Loans have been repaid) to Cash
		Collateralize L/C Obligations (with a corresponding reduction in the Aggregate
		Revolving Commitments). 
	 

	 
		Within the parameters of the applications
		set forth above, prepayments shall be applied first to Base Rate Loans and then
		to Eurodollar Rate Loans in direct order of Interest Period maturities. All
		prepayments under this Section
		2.04(b) shall be subject to
		Section 3.05, but otherwise without premium or penalty, and shall be
		accompanied by interest on the principal amount prepaid through the date of
		prepayment.
	 

	 
		2.05 Termination or Reduction of Commitments.
	 

	 
		The Borrowers may, upon notice to the
		Administrative Agent, terminate (a) the Aggregate Revolving Commitments, or
		from time to time permanently reduce the Aggregate Revolving Commitments to an
		amount not less than the Outstanding Amount of Revolving Loans and L/C
		Obligations or (b) the Aggregate Delayed Draw Term Loan Commitments or from
		time to time permanently reduce any undrawn amount of the Aggregate Delayed
		Draw Term Loan Commitments; provided that
		(i) any such notice shall be received by the Administrative Agent
		(i) not later than 12:00 noon three Business Days prior to the date of
		termination or reduction, (ii) any such partial reduction shall be in an
		aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess
		thereof and (iii) if, after giving effect to any reduction of the
		Aggregate Revolving Commitments, the Letter of Credit Sublimit or the
		Alternative Currency Letter of Credit Sublimit exceeds the amount of the
		Aggregate Revolving Commitments, such sublimit shall be automatically reduced
		by the amount of such excess. The Administrative Agent will promptly notify the
		Lenders of any such notice of termination or reduction of the Aggregate
		Revolving Commitments or the Aggregate Delayed Draw Term Loan Commitments. Any
		reduction of the Aggregate Revolving Commitments or the Aggregate Delayed Draw
		Term Loan Commitments shall be applied to the Revolving Commitment or Delayed
		Draw Term Loan Commitment, as applicable, of each Lender according to its
		Applicable Percentage. All fees accrued with respect 
	 

	 
		 
	 

	 
		 
	 

	 
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		thereto until the effective date of any
		termination of the Aggregate Revolving Commitments or the Aggregate Delayed
		Draw Term Loan Commitments shall be paid on the effective date of such
		termination. 
	 

	 
		2.06 Maturity.

	 

	 
		The Borrowers shall repay to the Lenders on
		the Maturity Date the aggregate principal amount of all Loans outstanding on
		such date, together with all accrued but unpaid interest and all other amounts
		owing with respect thereto.
	 

	 
		2.07 Interest.

	 

	 
		(a) Subject to the provisions of subsection
		(b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding
		principal amount thereof for each Interest Period at a rate per annum equal to
		the sum of the Eurodollar Rate for such Interest Period plus the
		Applicable Rate and (ii) each Base Rate Loan shall bear interest on the
		outstanding principal amount thereof from the applicable borrowing date at a
		rate per annum equal to the Base Rate plus the
		Applicable Rate.
	 

	 
		(b) (i) While any Event of Default under
		Section 9.01(a) exists, the Borrowers shall pay interest on all outstanding
		Obligations hereunder at a fluctuating interest rate per annum at all times
		equal to the Default Rate to the fullest extent permitted by applicable Laws.
		
	 

	 
		(ii) Accrued and unpaid interest on past due
		amounts (including interest on past due interest) shall be due and payable upon
		demand.
	 

	 
		(c) Interest on each Loan shall be due and
		payable in arrears on each Interest Payment Date applicable thereto and at such
		other times as may be specified herein. Interest hereunder shall be due and
		payable in accordance with the terms hereof before and after judgment, and
		before and after the commencement of any proceeding under any Debtor Relief
		Law.
	 

	 
		2.08 Fees.
	 

	 
		In addition to certain fees described in
		subsections (i) and (j) of Section
		2.03:
	 

	 
		(a) Commitment Fees.
	 

	 
		(i) Revolving Lenders. The Borrowers shall pay to the Administrative Agent,
		for the account of each Revolving Lender in accordance with its Applicable
		Percentage, a commitment fee equal to the product of (A) the Applicable Rate
		times (B) the actual daily amount by which the Aggregate
		Revolving Commitments exceed the sum of (I) the Outstanding Amount of Revolving
		Loans plus (II) the Outstanding Amount of L/C Obligations.
	 

	 
		(ii) Delayed Draw Term Loan Lenders. The Borrowers shall pay to the Administrative Agent,
		for the account of each Delayed Draw Term Loan Lender in accordance with its
		Applicable Percentage, a commitment fee equal to the product of (A) the
		Applicable Rate times (B)(I) the Aggregate Delayed Draw Term Loan Commitments
		minus (II) the Outstanding Amount of Delayed Draw Term
		Loans.
	 

	 
		The Commitment Fees shall accrue at all
		times during the applicable Availability Period, including at any time during
		which one or more of the conditions in Article V is not
		met, 
	 

	 
		 
	 

	 
		 
	 

	 
		41
	 

	 
		 
	 

	 
	 

	 

	 
		and shall be due and payable quarterly in
		arrears on the last Business Day of each March, June, September and December,
		commencing with last Business Day in June following the Closing Date, and on
		the Maturity Date. The Commitment Fees shall be calculated quarterly in
		arrears, and if there is any change in the Applicable Rate during any quarter,
		the actual daily amount shall be computed and multiplied by the Applicable Rate
		separately for each period during such quarter that such Applicable Rate was in
		effect. 
	 

	 
		(b) Fee Letters. The
		Borrowers shall pay (i) to the Arrangers for their own respective accounts fees
		in the amounts and at the times specified in the Joint Fee Letter and
		(ii) to Bank of America in the amounts and at the times specified in the
		Agent Fee Letter. Such fees shall be fully earned when paid and shall be
		non-refundable for any reason whatsoever.
	 

	 
		2.09 Computation of Interest and Fees.
	 

	 
		All computations of interest for Base Rate
		Loans when the Base Rate is determined by Bank of America’s “prime
		rate” shall be made on the basis of a year of 365 or 366 days, as the case
		may be, and actual days elapsed. All other computations of fees and interest
		shall be made on the basis of a 360-day year and actual days elapsed (which
		results in more fees or interest, as applicable, being paid than if computed on
		the basis of a 365-day year). Interest shall accrue on each Loan for the day on
		which the Loan is made, and shall not accrue on a Loan, or any portion thereof,
		for the day on which the Loan or such portion is paid, provided that
		any Loan that is repaid on the same day on which it is made shall, subject to
		Section 2.11(a), bear interest for one day. Each determination by the
		Administrative Agent of an interest rate or fee hereunder shall be conclusive
		and binding for all purposes, absent manifest error.
	 

	 
		2.10 Evidence of Debt.
	 

	 
		(a) The Credit Extensions made by each
		Lender shall be evidenced by one or more accounts or records maintained by such
		Lender and by the Administrative Agent in the ordinary course of business. The
		accounts or records maintained by the Administrative Agent and each Lender
		shall be conclusive absent manifest error of the amount of the Credit
		Extensions made by the Lenders to the Borrowers and the interest and payments
		thereon. Any failure to so record or any error in doing so shall not, however,
		limit or otherwise affect the obligation of the Borrowers hereunder to pay any
		amount owing with respect to the Obligations. In the event of any conflict
		between the accounts and records maintained by any Lender and the accounts and
		records of the Administrative Agent in respect of such matters, the accounts
		and records of the Administrative Agent shall control in the absence of
		manifest error. The Borrowers shall execute and deliver to such Lender (through
		the Administrative Agent) (i) a promissory note, which shall evidence a
		Revolving Lender’s Revolving Loans, in the form of Exhibit 2.10(a)(i) (each a “Revolving Note”), (ii) a promissory note which shall
		evidence a Term Loan A Lender’s Term A Loans, in the form of
		Exhibit 2.10(a)(ii) (each a “Term Loan A Note”) (iii) a promissory note which shall evidence a
		Delayed Draw Term Loan Lender’s Delayed Draw Term Loans, in the form of
		Exhibit 2.10(a)(iii) (each a “Delayed Draw Term Loan Note”) and (iv) a promissory note which shall evidence
		a Term Loan B Lender’s Term B Loans, in the form of Exhibit 2.10(a)(iv) (each a “Term Loan B Note”), in each case, in addition to such accounts or
		records. Each Lender may attach schedules to its Note(s) and endorse thereon
		the date, Type (if applicable), amount and maturity of its Loans and payments
		with respect thereto.
	 

	 
		(b) In addition to the accounts and records
		referred to in subsection (a), each Lender and the Administrative Agent shall
		maintain in accordance with its usual practice accounts or records evidencing
		the purchases and sales by such Lender of participations in Letters of Credit.
		In the event of any conflict between the accounts and records maintained by the
		Administrative Agent and the accounts and records 
	 

	 
		 
	 

	 
		 
	 

	 
		42
	 

	 
		 
	 

	 
	 

	 

	 
		 of any Lender in respect of such matters,
		the accounts and records of the Administrative Agent shall control in the
		absence of manifest error.
	 

	 
		2.11 Payments Generally; Administrative Agent’s
		Clawback.
	 

	 
		(a) General. All
		payments to be made by the Borrowers shall be made without condition or
		deduction for any counterclaim, defense, recoupment or setoff. Except as
		otherwise expressly provided herein, all payments by the Borrowers hereunder
		shall be made to the Administrative Agent, for the account of the respective
		Lenders to which such payment is owed, at the Administrative Agent’s
		Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date
		specified herein. The Administrative Agent will promptly distribute to each
		Lender its Applicable Percentage (or other applicable share as provided herein)
		of such payment in like funds as received by wire transfer to such
		Lender’s Lending Office. All payments received by the Administrative Agent
		(i) after 2:00 p.m. in the case of payment in Dollars or (ii) after the
		Applicable Time specified by the Administrative Agent in the case of payments
		in Alternative Currency shall, in each case, be deemed received on the next
		succeeding Business Day and any applicable interest or fee shall continue to
		accrue. Subject to the definition of “Interest Period”, if any
		payment to be made by the Borrowers shall come due on a day other than a
		Business Day, payment shall be made on the next following Business Day, and
		such extension of time shall be reflected in computing interest or fees, as the
		case may be.
	 

	 
		(b) (i) Funding by Lenders; Presumption by Administrative
		Agent. Unless the Administrative Agent
		shall have received notice from a Lender prior to the proposed date of any
		Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base
		Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender
		will not make available to the Administrative Agent such Lender’s share of
		such Borrowing, the Administrative Agent may assume that such Lender has made
		such share available on such date in accordance with Section 2.02
		(or, in the case of any Borrowing of Base Rate Loans, that such Lender has made
		such share available in accordance with and at the time required by
		Section 2.02) and may, in reliance upon such assumption, make
		available to the Borrowers a corresponding amount. In such event, if a Lender
		has not in fact made its share of the applicable Borrowing available to the
		Administrative Agent, then the applicable Lender and the Borrowers severally
		agree to pay to the Administrative Agent forthwith on demand such corresponding
		amount in immediately available funds with interest thereon, for each day from
		and including the date such amount is made available to the Borrowers to but
		excluding the date of payment to the Administrative Agent, at (A) in the case
		of a payment to be made by such Lender, the greater of the Federal Funds Rate
		and a rate determined by the Administrative Agent in accordance with banking
		industry rules on interbank compensation and (B) in the case of a payment to be
		made by the Borrowers, the interest rate applicable to Base Rate Loans. If the
		Borrowers and such Lender shall pay such interest to the Administrative Agent
		for the same or an overlapping period, the Administrative Agent shall promptly
		remit to the Borrowers the amount of such interest paid by the Borrowers for
		such period. If such Lender pays its share of the applicable Borrowing to the
		Administrative Agent, then the amount so paid shall constitute such
		Lender’s Loan included in such Borrowing. Any payment by the Borrowers
		shall be without prejudice to any claim the Borrowers may have against a Lender
		that shall have failed to make such payment to the Administrative Agent.

	 

	 
		(ii) Payments by Borrowers; Presumptions by Administrative
		Agent. Unless the Administrative Agent
		shall have received notice from the Borrowers prior to the date on which any
		payment is due to the Administrative Agent for the account of the Lenders or
		the L/C Issuer hereunder that the Borrowers will not make such payment, the
		Administrative Agent may assume that the Borrowers have made such payment on
		such date in accordance herewith and may, in reliance upon such assumption,
		distribute to the Lenders or the L/C Issuer, as the case may be, the 
	 

	 
		 
	 

	 
		 
	 

	 
		43
	 

	 
		 
	 

	 
	 

	 

	 
		amount due. In such event, if the Borrowers
		have not in fact made such payment, then each of the Lenders or the L/C Issuer,
		as the case may be, severally agrees to repay to the Administrative Agent
		forthwith on demand the amount so distributed to such Lender or the L/C Issuer,
		in Same Day Funds with interest thereon, for each day from and including the
		date such amount is distributed to it to but excluding the date of payment to
		the Administrative Agent, at the greater of the Overnight Rate and a rate
		determined by the Administrative Agent in accordance with banking industry
		rules on interbank compensation.
	 

	 
		A notice of the Administrative Agent to any
		Lender or the Borrowers with respect to any amount owing under this subsection
		(b) shall be conclusive, absent manifest error.
	 

	 
		(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative
		Agent funds for any Loan to be made by such Lender as provided in the foregoing
		provisions of this Article
		II, and such funds are not made
		available to the Borrowers by the Administrative Agent because the conditions
		to the applicable Credit Extension set forth in Article V are
		not satisfied or waived in accordance with the terms hereof, the Administrative
		Agent shall return such funds (in like funds as received from such Lender) to
		such Lender, without interest.
	 

	 
		(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
		Loans, to fund participations in Letters of Credit and to make payments
		pursuant to Section
		11.04(c) are several and not joint. The
		failure of any Lender to make any Loan, to fund any such participation or to
		make any payment under Section
		11.04(c) on any date required hereunder
		shall not relieve any other Lender of its corresponding obligation to do so on
		such date, and no Lender shall be responsible for the failure of any other
		Lender to so make its Loan, to purchase its participation or to make its
		payment under Section
		11.04(c).
	 

	 
		(e) Funding Source.
		Nothing herein shall be deemed to obligate (i) any Lender to obtain the
		funds for any Loan in any particular place or manner or to constitute a
		representation by any Lender that it has obtained or will obtain the funds for
		any Loan in any particular place or manner or (ii) any Lender (other than the
		L/C Issuer with respect to Letters of Credit denominated in Alternative
		Currency) to make any payments or Loans in any currency other than
		Dollars.
	 

	 
		2.12 Sharing of Payments by Lenders.
	 

	 
		If any Lender shall, by exercising any right
		of setoff or counterclaim or otherwise, obtain payment in respect of any
		principal of or interest on any of the Loans made by it, or the participations
		in L/C Obligations held by it resulting in such Lender’s receiving payment
		of a proportion of the aggregate amount of such Loans or participations and
		accrued interest thereon greater than its pro
		rata share thereof as provided herein, then the Lender
		receiving such greater proportion shall (a) notify the Administrative Agent of
		such fact and (b) purchase (for cash at face value) participations in the Loans
		and subparticipations in L/C Obligations of the other applicable Lenders, or
		make such other adjustments as shall be equitable, so that the benefit of all
		such payments shall be shared by the applicable Lenders ratably in accordance
		with the aggregate amount of principal of and accrued interest on their
		respective Loans and other amounts owing them, provided
		that:
	 

	 
		(i) if any such participations or
		subparticipations are purchased and all or any portion of the payment giving
		rise thereto is recovered, such participations or subparticipations shall be
		rescinded and the purchase price restored to the extent of such recovery,
		without interest; and
	 

	 
		 
	 

	 
		 
	 

	 
		44
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) the provisions of this Section shall
		not be construed to apply to (x) any payment made by the Borrowers pursuant to
		and in accordance with the express terms of this Agreement or (y) any payment
		obtained by a Lender as consideration for the assignment of or sale of a
		participation in any of its Loans or subparticipations in L/C Obligations to
		any assignee or participant, other than to any Borrower or any Subsidiary
		thereof (as to which the provisions of this Section shall apply).
	 

	 
		Each Loan Party consents to the foregoing
		and agrees, to the extent it may effectively do so under applicable law, that
		any Lender acquiring a participation pursuant to the foregoing arrangements may
		exercise against such Loan Party rights of setoff and counterclaim with respect
		to such participation as fully as if such Lender were a direct creditor of such
		Loan Party in the amount of such participation.
	 

	 
		2.13 Joint and Several Liability of Borrowers.
	 

	 
		(a) Each of the Borrowers is accepting joint
		and several liability hereunder in consideration of the financial accommodation
		to be provided by the Lenders under this Agreement, for the mutual benefit,
		directly and indirectly, of each of the Borrowers and in consideration of the
		undertakings of each of the Borrowers to accept joint and several liability for
		the obligations of each of them.
	 

	 
		(b) Each of the Borrowers jointly and
		severally hereby irrevocably and unconditionally accepts, not merely as a
		surety but also as a co-debtor, joint and several liability with the other
		Borrower with respect to the payment and performance of all of the Obligations
		arising under this Agreement and the other Loan Documents, it being the
		intention of the parties hereto that all the Obligations shall be the joint and
		several obligations of each of the Borrowers without preferences or distinction
		among them.
	 

	 
		(c) If and to the extent that either of the
		Borrowers shall fail to make any payment with respect to any of the Obligations
		as and when due or to perform any of the Obligations in accordance with the
		terms thereof, then in each such event, the other Borrower will make such
		payment with respect to, or perform, such Obligation.
	 

	 
		(d) The obligations of each Borrower under
		the provisions of this Section
		2.13 constitute full recourse
		obligations of such Borrower, enforceable against it to the full extent of its
		properties and assets.
	 

	 
		(e) Except as otherwise expressly provided
		herein, to the extent permitted by law, each Borrower (in its capacity as a
		joint and several obligor in respect of the obligations of the other Borrower)
		hereby waives notice of acceptance of its joint and several liability, notice
		of occurrence of any Default or Event of Default (except to the extent notice
		is expressly required to be given pursuant to the terms of this Agreement), or
		of any demand for any payment under this Agreement, notice of any action at any
		time taken or omitted by the Administrative Agent or the Lenders under or in
		respect of any of the obligations hereunder, any requirement of diligence and,
		generally, all demands, notices and other formalities of every kind in
		connection with this Agreement. Each Borrower hereby assents to, and waives
		notice of, any extension or postponement of the time for the payment of any of
		the Obligations, the acceptance of any partial payment thereon, any waiver,
		consent or other action or acquiescence by the Administrative Agent or the
		Lenders at any time or times in respect of any default by the other Borrower in
		the performance or satisfaction of any term, covenant, condition or provision
		of this Agreement, any and all other indulgences whatsoever by the
		Administrative Agent or the Lenders in respect of any of the obligations
		hereunder, and the taking, addition, substitution or release, in whole or in
		part, at any time or times, of any security for any of 
	 

	 
		 
	 

	 
		 
	 

	 
		45
	 

	 
		 
	 

	 
	 

	 

	 
		such obligations or the addition,
		substitution or release, in whole or in part, of the other Borrower. Without
		limiting the generality of the foregoing, each Borrower (in its capacity as a
		joint and several obligor in respect of the obligations of the other Borrower)
		assents to any other action or delay in acting or any failure to act on the
		part of the Administrative Agent or the Lenders, including, without limitation,
		any failure strictly or diligently to assert any right or to pursue any remedy
		or to comply fully with applicable laws or regulations thereunder which might,
		but for the provisions of this Section
		2.13, afford grounds for terminating,
		discharging or relieving such Borrower, in whole or in part, from any of its
		obligations under this Section
		2.13, it being the intention of each
		Borrower that, so long as any of the Obligations hereunder remain unsatisfied,
		the obligations of such Borrower under this Section 2.13
		shall not be discharged except by performance and then only to the extent of
		such performance. The obligations of each Borrower under this Section 2.13
		shall not be diminished or rendered unenforceable by any winding up,
		reorganization, arrangement, liquidation, reconstruction or similar proceeding
		with respect to any Borrower or a Lender. The joint and several liability of
		the Borrowers hereunder shall continue in full force and effect notwithstanding
		any absorption, merger, amalgamation or any other change whatsoever in the
		name, membership, constitution or place of formation of any Borrower or any of
		the Lenders.
	 

	 
		(f) The provisions of this Section 2.13 are
		made for the benefit of the Lenders and their successors and assigns, and may
		be enforced by them from time to time against either of the Borrowers as often
		as occasion therefor may arise and without requirement on the part of the
		Lenders first to marshal any of its claims or to exercise any of its rights
		against the other Borrower or to exhaust any remedies available to it against
		the other Borrower or to resort to any other source or means of obtaining
		payment of any of the Obligations hereunder or to elect any other remedy. The
		provisions of this Section 2.13
		shall remain in effect until all the
		Obligations shall have been paid in full or otherwise fully satisfied. If at
		any time, any payment, or any part thereof, made in respect of any of the
		Obligations is rescinded or must otherwise be restored or returned by the
		Lenders upon the insolvency, bankruptcy or reorganization of either of the
		Borrowers, or otherwise, the provisions of this Section 2.13
		will forthwith be reinstated and in effect as though such payment had not been
		made.
	 

	 
		(g) Notwithstanding any provision to the
		contrary contained herein or in any of the other Loan Documents, to the extent
		the obligations of any Borrower shall be adjudicated to be invalid or
		unenforceable for any reason (including, without limitation, because of any
		applicable state or federal law relating to fraudulent conveyances or
		transfers) then the obligations of such Borrower hereunder shall be limited to
		the maximum amount that is permissible under applicable law (whether federal or
		state and including, without limitation, the Bankruptcy Code of the United
		States).
	 

	 
		2.14 Appointment of FIG.
	 

	 
		Each Borrower, other than FIG, hereby
		appoints FIG to act as its agent for all purposes under this Agreement
		(including, without limitation, with respect to all matters related to the
		borrowing and repayment of Loans) and agrees that (a) FIG may execute such
		documents on behalf of the other Borrowers as FIG deems appropriate in its sole
		discretion and the other Borrowers shall be obligated by all of the terms of
		any such document executed on its behalf, (b) any notice or communication
		delivered by the Administrative Agent or the Lender to FIG shall be deemed
		delivered to the applicable Borrower and (c) the Administrative Agent or the
		Lenders may accept, and be permitted to rely on, any document, instrument or
		agreement executed by FIG on behalf of the other Borrowers.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE III
	 

	 
		TAXES, YIELD PROTECTION AND
		ILLEGALITY
	 

	 
		3.01 Taxes. 
	 

	 
		(a) Payments Free of Taxes. Any and all payments by or on account of any
		obligation of the Loan Parties hereunder or under any other Loan Document shall
		be made free and clear of and without reduction or withholding for any
		Indemnified Taxes or Other Taxes, provided that if
		any Loan Party shall be required by applicable law to deduct any Indemnified
		Taxes (including any Other Taxes) from such payments, then (i) the sum payable
		shall be increased as necessary so that after making all required deductions
		(including deductions applicable to additional sums payable under this Section)
		the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an
		amount equal to the sum it would have received had no such deductions been
		made, (ii) such Loan Party shall make such deductions and (iii) such Loan Party
		shall timely pay the full amount deducted to the relevant Governmental
		Authority in accordance with applicable law.
	 

	 
		(b) Payment of Other Taxes by the Loan
		Parties. Without limiting the
		provisions of subsection (a) above, the Loan Parties shall timely pay any Other
		Taxes to the relevant Governmental Authority in accordance with applicable
		law.
	 

	 
		(c) Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative
		Agent, each Lender and the L/C Issuer, within 10 days after demand therefor,
		for the full amount of any Indemnified Taxes or Other Taxes (including
		Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
		amounts payable under this Section) paid by the Administrative Agent, such
		Lender or the L/C Issuer, as the case may be, and reasonable expenses arising
		therefrom or with respect thereto, whether or not such Indemnified Taxes or
		Other Taxes were correctly or legally imposed or asserted by the relevant
		Governmental Authority. A certificate as to the amount of such payment or
		liability delivered to the Borrowers by a Lender or the L/C Issuer (with a copy
		to the Administrative Agent), or by the Administrative Agent on its own behalf
		or on behalf of a Lender or the L/C Issuer, setting forth in reasonable detail
		the basis of such amounts, shall be conclusive absent manifest error.
	 

	 
		(d) Evidence of Payments. As soon as practicable after any payment of
		Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority,
		the Borrowers shall deliver to the Administrative Agent the original or a
		certified copy of a receipt issued by such Governmental Authority evidencing
		such payment, a copy of the return reporting such payment or other evidence of
		such payment reasonably satisfactory to the Administrative Agent.
	 

	 
		(e) Status of Lenders. Any Foreign Lender that is entitled to an exemption
		from or reduction of withholding tax under the law of the jurisdiction in which
		the Borrowers are residents for tax purposes, or any treaty to which such
		jurisdiction is a party, with respect to payments hereunder or under any other
		Loan Document shall deliver to the Borrowers (with a copy to the Administrative
		Agent), at the time or times prescribed by applicable law or reasonably
		requested by the Borrowers or the Administrative Agent, such properly completed
		and executed documentation prescribed by applicable law as will permit such
		payments to be made without withholding or at a reduced rate of withholding. In
		addition, any Lender or the L/C Issuer, if requested by the Borrowers or the
		Administrative Agent, shall deliver such other documentation prescribed by
		applicable law or reasonably requested by the Borrowers or the Administrative
		Agent as will enable the Borrowers or the Administrative Agent to determine
		whether or not such Lender is subject to backup withholding or information
		reporting requirements.
	 

	 
		 
	 

	 
		 
	 

	 
		47
	 

	 
		 
	 

	 
	 

	 

	 
		Without limiting the generality of the
		foregoing, in the event that the Borrowers are residents for tax purposes in
		the United States, any Foreign Lender shall deliver to the Borrowers and the
		Administrative Agent (in such number of copies as shall be requested by the
		recipient) on or prior to the date on which such Foreign Lender becomes a
		Lender under this Agreement (and from time to time thereafter upon the request
		of the Borrowers or the Administrative Agent and upon the expiration of a
		previously delivered form, but only if such Foreign Lender is legally entitled
		to do so), whichever of the following is applicable:
	 

	 
		(i) duly completed copies of Internal
		Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax
		treaty to which the United States is a party,
	 

	 
		(ii) duly completed copies of Internal
		Revenue Service Form W-8ECI,
	 

	 
		(iii) in the case of a Foreign Lender
		claiming the benefits of the exemption for portfolio interest under section
		881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is
		not (A) a “bank” within the meaning of section 881(c)(3)(A) of the
		Code, (B) a “10 percent shareholder” of the Borrowers within the
		meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
		corporation” described in section 881(c)(3)(C) of the Code and (y) duly
		completed copies of Internal Revenue Service Form W-8BEN, or
	 

	 
		(iv) any other form prescribed by applicable
		law as a basis for claiming exemption from or a reduction in United States
		Federal withholding tax duly completed together with such supplementary
		documentation as may be prescribed by applicable law to permit the Borrowers to
		determine the withholding or deduction required to be made.
	 

	 
		(f) Treatment of Certain Refunds. If the Administrative Agent, any Lender or the L/C
		Issuer determines, in its sole discretion, that it has received a refund of any
		Taxes or Other Taxes as to which it has been indemnified by any Loan Party or
		with respect to which any Loan Party has paid additional amounts pursuant to
		this Section, it shall pay to such Loan Party an amount equal to such refund
		(but only to the extent of indemnity payments made, or additional amounts paid,
		by such Loan Party under this Section with respect to the Taxes or Other Taxes
		giving rise to such refund), net of all out-of-pocket expenses of the
		Administrative Agent, such Lender or the L/C Issuer, as the case may be, and
		without interest (other than any interest paid by the relevant Governmental
		Authority with respect to such refund), provided that
		each Loan Party, upon the request of the Administrative Agent, such Lender or
		the L/C Issuer, agrees to repay the amount paid over to such Loan Party (plus
		any penalties, interest or other charges imposed by the relevant Governmental
		Authority) to the Administrative Agent, such Lender or the L/C Issuer in the
		event the Administrative Agent, such Lender or the L/C Issuer is required to
		repay such refund to such Governmental Authority. This subsection shall not be
		construed to require the Administrative Agent, any Lender or the L/C Issuer to
		make available its tax returns (or any other information relating to its taxes
		that it deems confidential) to any Borrower or any other Person.
	 

	 
		3.02 Illegality.
	 

	 
		If any Lender determines that any Law has
		made it unlawful, or that any Governmental Authority has asserted that it is
		unlawful, for any Lender or its applicable Lending Office to make, maintain or
		fund Eurodollar Rate Loans, or to determine or charge interest rates based upon
		the Eurodollar Rate, or any Governmental Authority has imposed material
		restrictions on the authority of such Lender to purchase or sell, or to take
		deposits of, Dollars in the London interbank market, then, on notice thereof by
		such Lender to the Borrowers through the Administrative Agent, any obligation
		of such Lender to make or continue Eurodollar Rate Loans or to convert Base
		Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender
		notifies the Administrative Agent and the Borrowers that the circumstances
		giving rise to 
	 

	 
		 
	 

	 
		 
	 

	 
		48
	 

	 
		 
	 

	 
	 

	 

	 
		such determination no longer exist. Upon
		receipt of such notice, the Borrowers shall, upon demand from such Lender (with
		a copy to the Administrative Agent), prepay or, if applicable, convert all
		Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day
		of the Interest Period therefor, if such Lender may lawfully continue to
		maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender
		may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such
		prepayment or conversion, the Borrowers shall also pay accrued interest on the
		amount so prepaid or converted.
	 

	 
		3.03 Inability to Determine Rates.
	 

	 
		If the Required Lenders determine that for
		any reason in connection with any request for a Eurodollar Rate Loan or a
		conversion to or continuation thereof that (a) Dollar deposits are not
		being offered to banks in the London interbank eurodollar market for the
		applicable amount and Interest Period of such Eurodollar Rate Loan, (b) 
		adequate and reasonable means do not exist for determining the Eurodollar Base
		Rate for any requested Interest Period with respect to a proposed Eurodollar
		Rate Loan, or (c) the Eurodollar Base Rate for any requested Interest
		Period with respect to a proposed Eurodollar Rate Loan does not adequately and
		fairly reflect the cost to the Lenders of funding such Loan, the Administrative
		Agent will promptly notify the Borrowers and all Lenders. Thereafter, the
		obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be
		suspended until the Administrative Agent revokes such notice. Upon receipt of
		such notice, the Borrowers may revoke any pending request for a Borrowing,
		conversion or continuation of Eurodollar Rate Loans or, failing that, will be
		deemed to have converted such request into a request for a Borrowing of Base
		Rate Loans in the amount specified therein.
	 

	 
		3.04 Increased Costs.
	 

	 
		(a) Increased Costs Generally. If any Change in Law shall:
	 

	 
		(i) impose, modify or deem applicable any
		reserve, special deposit, compulsory loan, insurance charge or similar
		requirement against assets of, deposits with or for the account of, or credit
		extended or participated in by, any Lender (except any reserve requirement
		reflected in the Eurodollar Rate or the L/C Issuer); 
	 

	 
		(ii) subject any Lender or the L/C Issuer to
		any tax of any kind whatsoever with respect to this Agreement, any Letter of
		Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan
		made by it, or change the basis of taxation of payments to such Lender or the
		L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes
		covered by Section 3.01 and the imposition of, or any change in the rate of,
		any Excluded Tax payable by such Lender or the L/C Issuer); or
	 

	 
		(iii) impose on any Lender or the L/C Issuer
		or the London interbank market any other condition, cost or expense affecting
		this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of
		Credit or participation therein;
	 

	 
		and the result of any of the foregoing shall
		be to increase the cost to such Lender of making or maintaining any Eurodollar
		Rate Loan (or of maintaining its obligation to make any such Loan), or to
		increase the cost to such Lender or the L/C Issuer of participating in, issuing
		or maintaining any Letter of Credit (or of maintaining its obligation to
		participate in or to issue any Letter of Credit), or to reduce the amount of
		any sum received or receivable by such Lender or the L/C Issuer hereunder
		(whether of principal, interest or any other amount) then, upon request of such
		Lender or the L/C Issuer, the Borrowers will pay to such Lender or the L/C
		Issuer, as the case 
	 

	 
		 
	 

	 
		 
	 

	 
		49
	 

	 
		 
	 

	 
	 

	 

	 
		may be, such additional amount or amounts as
		will compensate such Lender or the L/C Issuer, as the case may be, for such
		additional costs incurred or reduction suffered.
	 

	 
		(b) Capital Requirements. If any Lender or the L/C Issuer determines that any
		Change in Law affecting such Lender or the L/C Issuer or any Lending Office of
		such Lender or such Lender’s or the L/C Issuer’s holding company, if
		any, regarding capital requirements has or would have the effect of reducing
		the rate of return on such Lender’s or the L/C Issuer’s capital or on
		the capital of such Lender’s or the L/C Issuer’s holding company, if
		any, as a consequence of this Agreement, the Commitments of such Lender or the
		Loans made by, or participations in Letters of Credit held by, such Lender, or
		the Letters of Credit issued by the L/C Issuer, to a level below that which
		such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
		holding company could have achieved but for such Change in Law (taking into
		consideration such Lender’s or the L/C Issuer’s policies and the
		policies of such Lender’s or the L/C Issuer’s holding company with
		respect to capital adequacy), then from time to time the Borrowers will pay to
		such Lender or the L/C Issuer, as the case may be, such additional amount or
		amounts as will compensate such Lender or the L/C Issuer or such Lender’s
		or the L/C Issuer’s holding company for any such reduction
		suffered.
	 

	 
		(c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting
		forth the amount or amounts necessary to compensate such Lender or the L/C
		Issuer or its holding company, as the case may be, as specified in subsection
		(a) or (b) of this Section and delivered to the Borrowers shall be conclusive
		absent manifest error. The Borrowers shall pay such Lender or the L/C Issuer,
		as the case may be, the amount shown as due on any such certificate within 10
		days after receipt thereof.
	 

	 
		(d) Delay in Requests. Failure or delay on the part of any Lender or the L/C
		Issuer to demand compensation pursuant to the foregoing provisions of this
		Section shall not constitute a waiver of such Lender’s or the L/C
		Issuer’s right to demand such compensation, provided that
		the Borrowers shall not be required to compensate a Lender or the L/C Issuer
		pursuant to the foregoing provisions of this Section for any increased costs
		incurred or reductions suffered more than nine months prior to the date that
		such Lender or the L/C Issuer, as the case may be, notifies the Borrowers of
		the Change in Law giving rise to such increased costs or reductions and of such
		Lender’s or the L/C Issuer’s intention to claim compensation therefor
		(except that, if the Change in Law giving rise to such increased costs or
		reductions is retroactive, then the nine-month period referred to above shall
		be extended to include the period of retroactive effect thereof).
	 

	 
		3.05 Compensation for Losses.
	 

	 
		Upon demand of any Lender (with a copy to
		the Administrative Agent) from time to time, the Borrowers shall promptly
		compensate such Lender for and hold such Lender harmless from any loss, cost or
		expense incurred by it as a result of:
	 

	 
		(a) any continuation, conversion, payment or
		prepayment of any Eurodollar Rate Loan on a day other than the last day of the
		Interest Period for such Eurodollar Rate Loan (whether voluntary, mandatory,
		automatic, by reason of acceleration, or otherwise);
	 

	 
		(b) any failure by the Borrowers (for a
		reason other than the failure of such Lender to make a Loan) to prepay, borrow,
		continue or convert any Eurodollar Rate Loan on the date or in the amount
		notified by the Borrowers; 
	 

	 
		(c) any assignment of a Eurodollar Rate Loan
		on a day other than the last day of the Interest Period therefor as a result of
		a request by the Borrowers pursuant to Section 11.13;
		or
	 

	 
		 
	 

	 
		 
	 

	 
		50
	 

	 
		 
	 

	 
	 

	 

	 
		(d) any failure by the Borrowers to make
		payment of any drawing under any Letter of Credit (or interest due thereon)
		denominated in Dollars or in Alternative Currency, as requested by the L/C
		Issuer, pursuant to the terms hereof; or
	 

	 
		including any loss or expense arising from
		the liquidation or reemployment of funds obtained by it to maintain such Loan
		or from fees payable to terminate the deposits from which such funds were
		obtained and from any foreign currency exchange losses. The Borrowers shall
		also pay any customary administrative fees charged by such Lender in connection
		with the foregoing.
	 

	 
		For purposes of calculating amounts payable
		by the Borrowers to the Lenders under this Section 3.05,
		each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it
		at the Eurodollar Rate for such Loan by a matching deposit or other borrowing
		in the London interbank eurodollar market for a comparable amount and for a
		comparable period, whether or not such Eurodollar Rate Loan was in fact so
		funded.
	 

	 
		3.06 Mitigation Obligations; Replacement of Lenders.
		
	 

	 
		(a) Designation of a Different Lending
		Office. If any Lender requests
		compensation under Section
		3.04, or the Borrowers are required to
		pay any additional amount to any Lender or any Governmental Authority for the
		account of any Lender pursuant to Section 3.01, or
		if any Lender gives a notice pursuant to Section 3.02,
		then such Lender shall use reasonable efforts to designate a different Lending
		Office for funding or booking its Loans hereunder or to assign its rights and
		obligations hereunder to another of its offices, branches or affiliates, if, in
		the judgment of such Lender, such designation or assignment (i) would eliminate
		or reduce amounts payable pursuant to Section 3.01 or
		3.04, as the case may be, in the future, or eliminate the
		need for the notice pursuant to Section
		3.02, as applicable, and (ii) in each
		case, would not subject such Lender to any unreimbursed cost or expense and
		would not otherwise be disadvantageous to such Lender. The Borrowers hereby
		agrees to pay all reasonable costs and expenses incurred by any Lender in
		connection with any such designation or assignment.
	 

	 
		(b) Replacement of Lenders. If any Lender requests compensation under
		Section 3.04, or if the Borrowers are required to pay any additional
		amount to any Lender or any Governmental Authority for the account of any
		Lender pursuant to Section
		3.01, the Borrowers may replace such
		Lender in accordance with Section
		11.13.
	 

	 
		3.07 Survival.

	 

	 
		All of the Borrowers’ obligations under
		this Article III shall survive termination of the Aggregate Revolving
		Commitments and repayment of all other Obligations hereunder.
	 

	 
		ARTICLE IV
	 

	 
		GUARANTY
	 

	 
		4.01 The Guaranty.
	 

	 
		Each of the Guarantors hereby jointly and
		severally guarantees to each Lender, each Affiliate of a Lender that enters
		into a Credit Facility Swap Contract or a Treasury Management Agreement with a
		Loan Party, and the Administrative Agent as hereinafter provided, as primary
		obligor and not as surety, the prompt payment of the Obligations in full when
		due (whether at stated maturity, as a mandatory prepayment, by 
	 

	 
		 
	 

	 
		 
	 

	 
		51
	 

	 
		 
	 

	 
	 

	 

	 
		acceleration, as a mandatory cash
		collateralization or otherwise) strictly in accordance with the terms thereof.
		The Guarantors hereby further agree that if any of the Obligations are not paid
		in full when due (whether at stated maturity, as a mandatory prepayment, by
		acceleration, as a mandatory cash collateralization or otherwise), the
		Guarantors will, jointly and severally, promptly pay the same, without any
		demand or notice whatsoever, and that in the case of any extension of time of
		payment or renewal of any of the Obligations, the same will be promptly paid in
		full when due (whether at extended maturity, as a mandatory prepayment, by
		acceleration, as a mandatory cash collateralization or otherwise) in accordance
		with the terms of such extension or renewal.
	 

	 
		Notwithstanding any provision to the
		contrary contained herein or in any other of the Loan Documents, Credit
		Facility Swap Contracts or Treasury Management Agreements, the obligations of
		each Guarantor under this Agreement and the other Loan Documents shall be
		limited to an aggregate amount equal to the largest amount that would not
		render such obligations subject to avoidance under the Debtor Relief Laws or
		any comparable provisions of any applicable state law.
	 

	 
		4.02 Obligations Unconditional.
	 

	 
		The obligations of the Guarantors under
		Section 4.01 are joint and several, absolute and unconditional,
		irrespective of the value, genuineness, validity or enforceability of any of
		the Loan Documents, Credit Facility Swap Contracts or Treasury Management
		Agreements, or any other agreement or instrument referred to therein, or any
		substitution, release, impairment or exchange of any other guarantee of or
		security for any of the Obligations, and, to the fullest extent permitted by
		applicable law, irrespective of any other circumstance whatsoever which might
		otherwise constitute a legal or equitable discharge or defense of a surety or
		guarantor, it being the intent of this Section 4.02 that the obligations of the Guarantors hereunder shall
		be absolute and unconditional under any and all circumstances. Each Guarantor
		agrees that such Guarantor shall have no right of subrogation, indemnity,
		reimbursement or contribution against any Borrower or any other Guarantor for
		amounts paid under this Article IV
		until such time as the Obligations have been paid in full and the Commitments
		have expired or terminated. Without limiting the generality of the foregoing,
		it is agreed that, to the fullest extent permitted by law, the occurrence of
		any one or more of the following shall not alter or impair the liability of any
		Guarantor hereunder, which shall remain absolute and unconditional as described
		above:
	 

	 
		(a) at any time or from time to time,
		without notice to any Guarantor, the time for any performance of or compliance
		with any of the Obligations shall be extended, or such performance or
		compliance shall be waived;
	 

	 
		(b) any of the acts mentioned in any of the
		provisions of any of the Loan Documents, any Credit Facility Swap Contract or
		Treasury Management Agreement between any Loan Party and any Lender, or any
		Affiliate of a Lender, or any other agreement or instrument referred to in the
		Loan Documents, such Credit Facility Swap Contracts or such Treasury Management
		Agreements shall be taken or omitted;
	 

	 
		(c) the maturity of any of the Obligations
		shall be accelerated, or any of the Obligations shall be modified, supplemented
		or amended in any respect, or any right under any of the Loan Documents, any
		Credit Facility Swap Contract or Treasury Management Agreement between any Loan
		Party and any Lender, or any Affiliate of a Lender, or any other agreement or
		instrument referred to in the Loan Documents, such Credit Facility Swap
		Contracts or such Treasury Management Agreements shall be waived or any other
		guarantee of any of the Obligations or any security therefor shall be released,
		impaired or exchanged in whole or in part or otherwise dealt with;
	 

	 
		 
	 

	 
		 
	 

	 
		52
	 

	 
		 
	 

	 
	 

	 

	 
		(d) any Lien granted to, or in favor of, the
		Administrative Agent or any Lender or Lenders as security for any of the
		Obligations shall fail to attach or be perfected; or
	 

	 
		(e) any of the Obligations shall be
		determined to be void or voidable (including for the benefit of any creditor of
		any Guarantor) or shall be subordinated to the claims of any Person (including
		any creditor of any Guarantor).
	 

	 
		With respect to its obligations hereunder,
		each Guarantor hereby expressly waives diligence, presentment, demand of
		payment, protest and all notices whatsoever, and any requirement that the
		Administrative Agent or any Lender exhaust any right, power or remedy or
		proceed against any Person under any of the Loan Documents, any Credit Facility
		Swap Contract or any Treasury Management Agreement between any Loan Party and
		any Lender, or any Affiliate of a Lender, or any other agreement or instrument
		referred to in the Loan Documents, such Credit Facility Swap Contracts or such
		Treasury Management Agreements, or against any other Person under any other
		guarantee of, or security for, any of the Obligations.
	 

	 
		4.03 Reinstatement.
	 

	 
		The obligations of the Guarantors under this
		Article IV shall be automatically reinstated if and to the extent
		that for any reason any payment by or on behalf of any Person in respect of the
		Obligations is rescinded or must be otherwise restored by any holder of any of
		the Obligations, whether as a result of any proceedings in bankruptcy or
		reorganization or otherwise, and each Guarantor agrees that it will indemnify
		the Administrative Agent and each Lender on demand for all reasonable costs and
		expenses (including the reasonable fees, charges and disbursements of counsel)
		incurred by the Administrative Agent or such Lender in connection with such
		rescission or restoration, including any such costs and expenses incurred in
		defending against any claim alleging that such payment constituted a
		preference, fraudulent transfer or similar payment under any bankruptcy,
		insolvency or similar law.
	 

	 
		4.04 Certain Additional Waivers.
	 

	 
		Each Guarantor further agrees that such
		Guarantor shall have no right of recourse to security for the Obligations,
		except through the exercise of rights of subrogation pursuant to
		Section 4.02 and through the exercise of rights of contribution
		pursuant to Section 4.06.
	 

	 
		4.05 Remedies.

	 

	 
		The Guarantors agree that, to the fullest
		extent permitted by law, as between the Guarantors, on the one hand, and the
		Administrative Agent and the Lenders, on the other hand, the Obligations may be
		declared to be forthwith due and payable as provided in Section 9.02 (and shall be deemed to have become automatically due
		and payable in the circumstances provided in said Section 9.02) for purposes of Section 4.01 notwithstanding any stay, injunction or other
		prohibition preventing such declaration (or preventing the Obligations from
		becoming automatically due and payable) as against any other Person and that,
		in the event of such declaration (or the Obligations being deemed to have
		become automatically due and payable), the Obligations (whether or not due and
		payable by any other Person) shall forthwith become due and payable by the
		Guarantors for purposes of Section 4.01. The Guarantors acknowledge and agree that their
		obligations hereunder are secured in accordance with the terms of the
		Collateral Documents and that the Lenders may exercise their remedies
		thereunder in accordance with the terms thereof.
	 

	 
		4.06 Rights of Contribution.
	 

	 
		The Guarantors agree among themselves that,
		in connection with payments made hereunder, each Guarantor shall have
		contribution rights against the other Guarantors as permitted under applicable
		law. Such 
	 

	 
		 
	 

	 
		 
	 

	 
		53
	 

	 
		 
	 

	 
	 

	 

	 
		contribution rights shall be subordinate and
		subject in right of payment to the obligations of such Guarantors under the
		Loan Documents and no Guarantor shall exercise such rights of contribution
		until all Obligations have been paid in full and the Commitments have
		terminated.
	 

	 
		4.07 Guarantee of Payment; Continuing
		Guarantee.
	 

	 
		The guarantee in this Article IV
		is a guaranty of payment and not of collection, is a continuing guarantee, and
		shall apply to all Obligations whenever arising.
	 

	 
		ARTICLE V
	 

	 
		CONDITIONS PRECEDENT TO CREDIT
		EXTENSIONS
	 

	 
		5.01 Conditions of Initial Credit Extension.
	 

	 
		The obligation of the L/C Issuer and each
		Lender to make its initial Credit Extension hereunder is subject to
		satisfaction of the following conditions precedent:
	 

	 
		(a) Loan Documents.
		Receipt by the Administrative Agent of executed counterparts of this Agreement
		and the other Loan Documents, each properly executed by a Responsible Officer
		of the signing Loan Party and, in the case of this Agreement, by each
		Lender.
	 

	 
		(b) Opinions of Counsel. Receipt by the Administrative Agent of opinions of
		legal counsel to the Loan Parties, addressed to the Administrative Agent and
		each Lender, dated as of the Closing Date, and in form and substance reasonably
		satisfactory to the Administrative Agent.
	 

	 
		(c) Financial Statements. The Administrative Agent shall have received the
		Audited Financial Statements and the combined financial statements of the
		Fortress Entities, their respective Subsidiaries and the Consolidated Fortress
		Funds for the fiscal years ended 2006 and 2005, including balance sheets and
		income and cash flow statements, in each case audited by independent public
		accountants of recognized national standing and prepared in conformity with
		GAAP.
	 

	 
		(d) No Material Adverse Change. There shall not have occurred a material adverse
		change since December 31, 2006 in the business, assets, liabilities (actual or
		contingent), operations or financial condition of the Borrowers and their
		Subsidiaries taken as a whole.
	 

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

	 
		(f) Organization Documents, Resolutions, Etc.
		Receipt by the Administrative Agent of
		the following, each of which shall be originals or facsimiles (followed
		promptly by originals), in form and substance satisfactory to the
		Administrative Agent:
	 

	 
		(i) copies of the Organization Documents of
		each Loan Party certified to be true and complete as of a recent date by the
		appropriate Governmental Authority of the state or other jurisdiction of its
		incorporation or organization, where applicable, and certified by a secretary
		or assistant secretary of such Loan Party to be true and correct as of the
		Closing Date;
	 

	 
		 
	 

	 
		 
	 

	 
		54
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) such certificates of resolutions or
		other action, incumbency certificates and/or other certificates of a
		Responsible Officer of each Loan Party as the Administrative Agent may require
		evidencing the identity, authority and capacity of such Responsible Officer
		thereof authorized to act as a Responsible Officer in connection with this
		Agreement and the other Loan Documents to which such Loan Party is a party;
		and
	 

	 
		(iii) such documents and certifications as
		the Administrative Agent may reasonably require to evidence that each Loan
		Party 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.
	 

	 
		(g) Perfection and Priority of Liens. Receipt by the Administrative Agent of the following:
		
	 

	 
		(i) searches of Uniform Commercial Code
		filings in the jurisdiction of formation of each Loan Party, and each other
		jurisdiction where a filing would need to be made in order to perfect a
		security interest in the Collateral, copies of the financing statements on file
		in such jurisdictions and evidence that no Liens exist other than Permitted
		Liens.
	 

	 
		(ii) UCC financing statements for each
		appropriate jurisdiction as is necessary, in the Administrative Agent’s
		sole discretion, to perfect the Administrative Agent’s security interest
		in the Collateral. 
	 

	 
		(iii) all certificates evidencing any
		certificated Equity Interests pledged to the Administrative Agent pursuant to
		the Pledge Agreement, together with duly executed in blank, undated stock
		powers attached thereto.
	 

	 
		(iv) if requested, a FR Form U-1 from each
		applicable Loan Party and such other documentation or certificates as are
		necessary to comply with Regulation U of the FRB.
	 

	 
		(h) Consents.
		Receipt by the Administrative Agent of any consents required to be obtained in
		connection with the execution, delivery and performance of the obligations of
		the Loan Parties under the Loan Documents, including any consents necessary to
		grant a security interest in the Collateral.
	 

	 
		(i) Closing Certificate. Receipt by the Administrative Agent of a certificate
		signed by a Responsible Officer of the Borrowers (i) certifying that the
		conditions specified in Sections
		5.01(d) and (e) and
		Sections 5.02(a), and (b) have been
		satisfied and certifying to such other matters as reasonably requested by the
		Administrative Agent and (ii) providing a calculation of the financial
		covenants in Section
		8.10 (other than Section 8.10(b)) as of March 31, 2007. 
	 

	 
		(j) Existing Indebtedness. Receipt by the Administrative Agent of evidence that,
		on the Closing Date, all obligations under the Existing Credit Agreement have
		been, or concurrently with the Closing Date are being, paid and fully
		satisfied. 
	 

	 
		(k) Fees. Receipt by
		the Administrative Agent and the Lenders of any fees required to be paid on or
		before the Closing Date.
	 

	 
		 
	 

	 
		 
	 

	 
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		(l) Attorney Costs.
		Unless waived by the Administrative Agent, the Borrowers shall have paid all
		reasonable fees, charges and disbursements of counsel to the Administrative
		Agent to the extent invoiced prior to or on the Closing 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
		Borrowers and the Administrative Agent).
	 

	 
		5.02 Conditions to all Credit Extensions.
	 

	 
		The obligation of each Lender to honor any
		Request for Credit Extension is subject to the following conditions
		precedent:
	 

	 
		(a) The representations and warranties of
		the Borrowers and each other Loan Party contained in Article VI or
		any other Loan Document, or which are contained in any document furnished at
		any time under or in connection herewith or therewith, shall be true and
		correct in all material respects on and as of the date of such Credit
		Extension, except to the extent that such representations and warranties
		specifically refer to an earlier date, in which case they shall be true and
		correct in all material respects as of such earlier date, and except that for
		purposes of this Section
		5.02, the representations and
		warranties contained in subsections (a) and (b) of Section 6.05
		shall be deemed to refer to the most recent statements furnished pursuant to
		clauses (a) and (b), respectively, of Section 7.01.
	 

	 
		(b) No Default shall exist, or would result
		from such proposed Credit Extension or from the application of the proceeds
		thereof.
	 

	 
		(c) The Administrative Agent and, if
		applicable, the L/C Issuer shall have received a Request for Credit Extension
		in accordance with the requirements hereof.
	 

	 
		Each Request for Credit Extension submitted
		by the Borrowers shall be deemed to be a representation and warranty that the
		conditions specified in Sections
		5.02(a), and (b) have been
		satisfied on and as of the date of the applicable Credit Extension.
	 

	 
		ARTICLE VI
	 

	 
		REPRESENTATIONS AND WARRANTIES
	 

	 
		The Loan Parties represent and warrant to
		the Administrative Agent and the Lenders that:
	 

	 
		6.01 Existence,
		Qualification and Power.
	 

	 
		Each Loan Party (a) is duly organized or
		formed, validly existing and, where applicable, in good standing under the Laws
		of the jurisdiction of its incorporation or organization, (b) has all requisite
		power and authority and all requisite governmental licenses, authorizations,
		consents and approvals to (i) own or lease its assets and carry on its business
		and (ii) execute, deliver and perform its obligations under the Loan Documents
		to which it is a party, and (c) is duly qualified and is licensed and in good
		standing under the Laws of each jurisdiction where its ownership, lease or
		operation of properties or the conduct of its business requires such
		qualification, license or good standing; except in each case referred to in
		clause 
	 

	 
		 
	 

	 
		 
	 

	 
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		(b)(i) or (c), to the extent that failure to
		do so could not reasonably be expected to have a Material Adverse
		Effect.
	 

	 
		6.02 Authorization; No Contravention.
	 

	 
		The execution, delivery and performance by
		each Loan Party of each Loan Document to which such Person is party and any
		other document or certificate delivered hereunder or with respect thereto has
		been duly authorized by all necessary corporate or other organizational action,
		and does not (a) contravene the terms of any of such Person’s Organization
		Documents; (b) conflict with or result in any breach or contravention of, or
		the creation of any Lien under, or require any payment to be made under (i) any
		Management Agreement, (ii) any material Contractual Obligation to which such
		Person is a party or affecting such Person or the properties of such Person or
		any of its Subsidiaries or (iii) any material order, injunction, writ or decree
		of any Governmental Authority or any arbitral award to which such Person or its
		property is subject; or (c) violate any material Law (including, without
		limitation, Regulation U
		or Regulation X issued by the FRB).
		Each Loan Party is in compliance with (x) all of its Organizational Documents
		and (y) all of its Contractual Obligations, except to the extent such
		non-compliance with its Contractual Obligations could not be reasonably
		expected to have a Material Adverse Effect. Any Responsible Officer executing a
		document delivered hereunder shall be conclusively presumed to have acted on
		behalf of the applicable Loan Party.
	 

	 
		6.03 Governmental Authorization; Other
		Consents.
	 

	 
		No material 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, any Loan Party of this Agreement or any other Loan Document other than
		(a) those that have already been obtained and are in full force and effect and
		(b) filings to perfect the Liens created by the Collateral Documents.
	 

	 
		6.04 Binding Effect.
	 

	 
		Each Loan Document has been duly executed
		and delivered by each Loan Party that is party thereto. Each Loan Document
		constitutes a legal, valid and binding obligation of each Loan Party that is
		party thereto, enforceable against each such Loan Party in accordance with its
		terms subject to and as limited by the effect of any applicable bankruptcy,
		insolvency, reorganization, moratorium and other similar laws of general
		application affecting the rights and remedies of creditors and by equitable
		principals relating to enforcement to the extent applicable.
	 

	 
		6.05 Financial Statements; No Material Adverse
		Effect.
	 

	 
		(a) The Audited Financial Statements (i)
		were prepared in accordance with GAAP consistently applied throughout the
		period covered thereby, except as otherwise expressly noted therein; (ii)
		fairly present in all material respects the financial condition of the Fortress
		Entities and their respective Subsidiaries as of the date thereof and their
		results of operations for the period covered thereby in accordance with GAAP
		consistently applied throughout the period covered thereby, except as otherwise
		expressly noted therein; and (iii) show all material indebtedness and other
		liabilities, direct or contingent, of the Fortress Entities and their
		respective Subsidiaries as of the date thereof, including liabilities for
		taxes, commitments and Indebtedness.
	 

	 
		(b) [Intentionally omitted].
	 

	 
		 
	 

	 
		 
	 

	 
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		(c) From the date of the Audited Financial
		Statements to and including the Closing Date, there has been no incurrence of
		liabilities (contingent or otherwise) or reductions in the assets of the Loan
		Parties and their Subsidiaries that, in each case, is material in relation to
		the combined financial condition of the Fortress Entities and their
		respective Subsidiaries, taken as a whole and which is not either reflected in
		the foregoing financial statements or in the notes thereto or has not otherwise
		been disclosed in writing to the Lenders on or prior to the Closing
		Date.
	 

	 
		(d) The financial statements delivered
		pursuant to Section
		7.01(a) and (b) have been
		prepared in accordance with GAAP (except, in each case, as may otherwise be
		permitted under Section
		7.01(a) and (b)) and present
		fairly (on the basis disclosed in the footnotes to such financial statements)
		in all material respects the combined financial condition, results of
		operations and cash flows of the Fortress Entities and their respective
		Subsidiaries or the Public FIG and its Subsidiaries, as applicable, as of the
		dates thereof and for the periods covered thereby.
	 

	 
		(e) Since the date of the Audited Financial
		Statements, there has been no event or circumstance, either individually or in
		the aggregate, that has had or could reasonably be expected to have a Material
		Adverse Effect. 
	 

	 
		6.06 Litigation.
	 

	 
		There is no action, suit, proceeding, claim
		or dispute pending or, to the knowledge of the Loan Parties, threatened, at
		law, in equity, in arbitration or before any Governmental Authority, by or
		against a Loan Party or any of its Subsidiaries or Affiliates or against any of
		their properties or revenues (a) that purport to affect or pertain to this
		Agreement or any other Loan Document, or any of the transactions contemplated
		hereby or (b) which has a reasonable possibility of being adversely determined
		and, if adversely determined, could, either individually or together with other
		such actions, suits, claims or disputes, reasonably be expected to have a
		Material Adverse Effect. 
	 

	 
		6.07 No Default.
	 

	 
		(a) No Loan Party nor any Subsidiary is in
		default under or with respect to any Contractual Obligation that could
		reasonably be expected to have a Material Adverse Effect.
	 

	 
		(b) No Default has occurred and is
		continuing.
	 

	 
		6.08 Ownership of Property; Liens.
	 

	 
		Each of the Loan Parties and their
		Subsidiaries has good title to, or valid leasehold interests in, all Property
		necessary in the conduct of its business as currently conducted. The Property
		of the Loan Parties and their Subsidiaries is subject to no Liens, other than
		Permitted Liens.
	 

	 
		6.09 Environmental Compliance.
	 

	 
		Except as could not reasonably be expected
		to have a Material Adverse Effect:
	 

	 
		(a) Each of the Facilities and all
		operations at the Facilities are in compliance with all applicable
		Environmental Laws, and there is no violation of any Environmental Law with
		respect to the Facilities or the Businesses.
	 

	 
		 
	 

	 
		 
	 

	 
		58
	 

	 
		 
	 

	 
	 

	 

	 
		(b) None of the Facilities contains, or has
		previously contained, any Hazardous Materials at, on or under the Facilities in
		amounts or concentrations that constitute or constituted a violation of, or
		could give rise to liability under, Environmental Laws.
	 

	 
		6.10 Insurance.
	 

	 
		The properties of the Loan Parties and their
		Subsidiaries are adequately insured with insurance companies that are not
		Affiliates of the Borrowers, in such amounts, with such deductibles and
		covering such risks as the Loan Parties believe are adequate. 
	 

	 
		6.11 Taxes.
	 

	 
		The Loan Parties and their Subsidiaries have
		filed all federal and other material tax returns and reports required to be
		filed, and have paid all federal and other material taxes, assessments, fees
		and other governmental charges levied or imposed upon them or their properties,
		income or assets otherwise due and payable, except those which are being
		contested in good faith by appropriate proceedings diligently conducted and for
		which adequate reserves have been provided in accordance with GAAP. There is no
		proposed tax assessment against a Loan Party or any Subsidiary that would, if
		made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary
		thereof is party to any tax sharing agreement except as contemplated by
		Section 8.06(c).
	 

	 
		6.12 ERISA Compliance.
	 

	 
		(a) Except for non-compliance which could
		not be reasonably expected to have a Material Adverse Effect, each Plan is in
		compliance in all respects with the applicable provisions of ERISA, the
		Internal Revenue Code and other federal or state Laws. Each Plan that is
		intended to qualify under Section 401(a) of the Internal Revenue Code has
		received a favorable determination letter from the IRS or an application for
		such a letter is currently being processed by the IRS with respect thereto and,
		to the best knowledge of the Loan Parties, nothing has occurred which would
		prevent, or cause the loss of, such qualification. Each Loan Party and each
		ERISA Affiliate have made all required contributions to each Plan subject to
		Section 412 of the Internal Revenue Code, and no application for a funding
		waiver or an extension of any amortization period pursuant to Section 412 of
		the Internal Revenue Code has been made with respect to any Plan.
	 

	 
		(b) There are no pending or, to the best
		knowledge of the Loan Parties, threatened claims, actions or lawsuits, or
		action by any Governmental Authority, with respect to any Plan that could be
		reasonably be expected to have a Material Adverse Effect. There has been no
		prohibited transaction or violation of the fiduciary responsibility rules with
		respect to any Plan that has resulted or could reasonably be expected to result
		in a Material Adverse Effect.
	 

	 
		(c) (i) No ERISA Event has occurred or is
		reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension
		Liability; (iii) no Loan Party or any ERISA Affiliate has incurred, or
		reasonably expects to incur, any liability (and no event has occurred which,
		with the giving of notice under Section 4219 of ERISA, would result in such
		liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer
		Plan; and (iv) no Loan Party or any ERISA Affiliate has engaged in a
		transaction that could be subject to Section 4069 or 4212(c) of ERISA.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		59
	 

	 
		 
	 

	 
	 

	 

	 
		6.13 Subsidiaries/Equity Interests.
	 

	 
		(a) Set forth on Schedule 6.13(a)(i) is a complete and accurate list of the Fortress
		Entities, their respective Subsidiaries and the relationship of each to the
		Fortress Funds (including, without limitation, all Material Fortress Funds),
		together with (i) jurisdiction of formation, (ii) number of shares of each
		class of Equity Interests outstanding, (iii) percentage of outstanding shares
		or interests of each class owned (directly or indirectly) by a Fortress Entity
		or any Subsidiary, (iv) which Subsidiaries constitute Material
		Subsidiaries and whether the Equity Interests of each such Material Subsidiary
		have been pledged as Collateral and, to the extent any such Equity Interests
		have not been pledged as Collateral, a notation as to why and (v) which
		Fortress Entities and Subsidiaries are Guarantors and, to the extent any
		Fortress Entity or Subsidiary is not a Guarantor, a notation as to why, as such
		Schedule 6.13(a)(i) may be updated from time to time in accordance with
		Section 7.02(b). Set forth on Schedule 6.13(a)(ii) is a complete and accurate list of all Fortress Funds,
		as such Schedule
		6.13(a)(ii) may be updated from time to
		time in accordance with Section
		7.02(b). Set forth on Schedule 6.13(a)(iii) is a complete and accurate list of all SPVs, as such
		Schedule 6.13(a)(iii) may be updated from time to time in accordance with
		Section 7.02(b).
	 

	 
		(b) All Equity Interests of Newcastle,
		Eurocastle and Oldcastle owned by the Loan Parties (other than Newcastle
		Options and Eurocastle Options) and all other Equity Interests in a public
		entity owned by the Loan Parties have been pledged to the Administrative Agent,
		for the benefit of the Lenders, pursuant to the Pledge Agreement. All Equity
		Interests owned by a Loan Party in Material Subsidiaries have been pledged to
		the Administrative Agent, for the benefit of the Lenders, pursuant to the
		Assignment of LLC Interests unless such Loan Party is contractually prevented
		from doing so or such pledge would require the consent of a third party.

	 

	 
		(c) The outstanding Equity Interests being
		pledged pursuant to the Collateral Documents are validly issued and
		non-assessable.
	 

	 
		6.14 Margin Regulations; Investment Company Act; Investment
		Advisors Act. 
	 

	 
		(a) No portion of any Loan or Letter of
		Credit will be used for the purpose of purchasing or carrying any Margin Stock.
		The Borrowers are not engaged and will not engage, principally or as one of its
		important activities, in the business of purchasing or carrying Margin Stock or
		extending credit for the purpose of purchasing or carrying Margin Stock.
		Following the application of the proceeds of each Borrowing or drawing under
		each Letter of Credit, not more than 25% of the value of the assets (either of
		the Borrowers only or of the Borrowers and their respective Subsidiaries on a
		consolidated basis) will be Margin Stock.
	 

	 
		(b) None of the Loan Parties, any Person
		Controlling a Loan Party, or any Subsidiary is or is required to be registered
		as an “investment company” under the Investment Company Act of
		1940.
	 

	 
		6.15 Disclosure.
	 

	 
		Each Loan Party has disclosed to the
		Administrative Agent and the Lenders all restrictions to which it or any of its
		Subsidiaries is subject, and all other matters known to it, that, individually
		or in the aggregate, could reasonably be expected to result in a Material
		Adverse Effect. No report, financial statement, certificate or other
		information furnished in writing by or on behalf of any Loan Party to the
		Administrative Agent or any Lender in connection with the transactions
		contemplated hereby and the negotiation of this Agreement or delivered
		hereunder or under any other Loan Document (in each case, as modified or
		supplemented by other information so furnished) contains any material
		misstatement of fact 
	 

	 
		 
	 

	 
		 
	 

	 
		60
	 

	 
		 
	 

	 
	 

	 

	 
		or omits to state any material fact
		necessary to make the statements therein, in the light of the circumstances
		under which they were made, not misleading; provided that,
		with respect to projected financial information, the Loan Parties represent
		only that such information was prepared in good faith based upon assumptions
		believed to be reasonable at the time; it being understood that actual results
		may differ materially from such projected financial information
	 

	 
		6.16 Compliance with Laws.
	 

	 
		Each of the Loan Parties and each Subsidiary
		is in compliance with the requirements of all Laws and all orders, writs,
		injunctions and decrees applicable to it or to its Properties, except in such
		instances in which (a) such requirement of Law or order, writ, injunction or
		decree is being contested in good faith by appropriate proceedings diligently
		conducted or (b) the failure to comply therewith could not reasonably be
		expected to have a Material Adverse Effect.
	 

	 
		6.17 Intellectual Property; Licenses, Etc.
	 

	 
		Except for such failure to own or possess
		the legal right to use that could not reasonably be expected to have a Material
		Adverse Effect, the Loan Parties and their Subsidiaries own, or possess the
		legal right to use, all of the trademarks, service marks, trade names,
		copyrights, patents, patent rights, franchises, licenses and other intellectual
		property rights (collectively, “IP
		Rights”) that are necessary for
		the operation of their respective businesses. Except for such claims and
		infringements that could not reasonably be expected to have a Material Adverse
		Effect, no claim has been asserted and is pending by any Person challenging or
		questioning the use of any IP Rights or the validity or effectiveness of any IP
		Rights, nor does any Loan Party know of any such claim, and, to the knowledge
		of the Responsible Officers of the Loan Parties, the use of any IP Rights by a
		Loan Party or any Subsidiary or the granting of a right or a license in respect
		of any IP Rights from a Loan Party or any Subsidiary does not infringe on the
		rights of any Person. 
	 

	 
		6.18 Solvency.

	 

	 
		Each Borrower is Solvent and the Loan
		Parties and their Subsidiaries are Solvent on a consolidated basis. 
	 

	 
		6.19 [Intentionally Omitted].
	 

	 
		6.20 Property Information/ Legal
		Identification.
	 

	 
		Set forth on Schedule 6.20 is
		a list of (a) all real property located in the United States that is owned or
		leased by the Loan Parties as of the Closing Date and (b) the chief executive
		office, tax payer identification number and organizational identification
		number of each Loan Party as of the Closing Date. The exact legal name and
		state of organization of each Loan Party is as set forth on the signature pages
		hereto. Except as set forth on Schedule
		6.20, no Loan Party has during the five
		years preceding the Closing Date (i) changed its legal name, (ii) changed its
		state of formation, or (iii) been party to a merger, consolidation or other
		change in structure. 
	 

	 
		6.21 Management Agreements/Other Agreements/Intercompany
		Debt.
	 

	 
		(a) Set forth on Schedule 6.21 is
		a list of all of the Management Agreements, as such Schedule 6.21
		may be updated from time to time pursuant to Section 7.02(b).
		The Management Agreements have been duly authorized, executed and delivered by
		the parties thereto and are in full force and effect. Except as set forth on
		Schedule 6.21, FIG is a party to or the sole managing member of each
		manager entity that is a party to the Management Agreements.
	 

	 
		 
	 

	 
		 
	 

	 
		61
	 

	 
		 
	 

	 
	 

	 

	 
		(b) The Loan Parties are not a party to any
		contracts for the payment of Management Fees other than the Management
		Agreements.
	 

	 
		(c) No intercompany debt between a Loan
		Party, any Subsidiary or any of their Affiliates is evidenced by a note or any
		chattel paper unless such note or chattel paper has been delivered to the
		Administrative Agent, together with such other documentation as the
		Administrative Agent may request with respect thereto.
	 

	 
		ARTICLE VII
	 

	 
		AFFIRMATIVE COVENANTS
	 

	 
		So long as any Lender shall have any
		Commitment hereunder, any Loan or other Obligation hereunder shall remain
		unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the
		Loan Parties shall and shall cause each Subsidiary to:
	 

	 
		7.01 Financial Statements.
	 

	 
		Deliver to the Administrative Agent in form
		and detail reasonably satisfactory to the Administrative Agent and the Required
		Lenders:
	 

	 
		(a) Annual Financial Statements.
	 

	 
		(i) Public FIG. As
		soon as available, but in any event within 120 days after the end of each
		fiscal year of Public FIG (or on the date delivered to the SEC if earlier), a
		consolidated balance sheet of Public FIG and its Subsidiaries, in each case as
		at the end of such fiscal year, and the related consolidated statements of
		income or operations, shareholders’ equity and cash flows for such fiscal
		year, setting forth in each case in comparative form the figures for the
		previous fiscal year, all in reasonable detail and prepared in accordance with
		GAAP, audited and accompanied by an opinion of a Registered Public Accounting
		Firm of nationally recognized standing reasonably acceptable to the Required
		Lenders, which opinion shall be prepared in accordance with generally accepted
		auditing standards and shall not be subject to any “going concern” or
		like qualification or exception or any qualification or exception as to the
		scope of such audit.
	 

	 
		(ii) Material Fortress Funds. As soon as available, but in any event within 150 days
		after the end of each fiscal year of the Borrowers (or within 160 days after
		the end of each fiscal year of the Borrowers if agreed to by the Administrative
		Agent in its sole discretion), the balance sheet of the Material Fortress Funds
		(other than (A) Newcastle, Eurocastle and any other public investment fund, in
		each case, to the extent such balance sheets are otherwise publicly available
		to the Lenders and (B) Fortress Partners Fund LP and Fortress Partners Offshore
		Fund LP, for which such information shall be delivered by July 31 of each year)
		as of the end of such fiscal year and the related statements of income, changes
		in shareholder’s equity and cash flows for such year, setting forth in
		each case in comparative from the figures for the previous fiscal year, all in
		reasonable detail, prepared in accordance with GAAP, audited and accompanied by
		an opinion of a Registered Public Accounting Firm of nationally recognized
		standing reasonably acceptable to the Required Lenders, which opinion shall be
		prepared in accordance with generally accepted auditing standards and shall not
		be subject to any 
	 

	 
		 
	 

	 
		 
	 

	 
		62
	 

	 
		 
	 

	 
	 

	 

	 
		“going concern” or like
		qualification or exception or any qualification or exception as to the scope of
		such audit. 
	 

	 
		(b) Quarterly Financial Statements. As soon as available, but in any event within 55 days
		after the end of each of the first three fiscal quarters of each fiscal year of
		Public FIG (or on the date delivered to SEC if earlier), (i) a consolidated
		balance sheet of Public FIG and its Subsidiaries, in each case as at the end of
		such fiscal quarter, and the related consolidated statements of income or
		operations, shareholders’ equity and cash flows for such fiscal quarter
		and for the portion of the Borrowers’ fiscal year then
		ended, setting forth in each case in comparative form the
		figures for the corresponding fiscal quarter of the previous fiscal year and
		the corresponding portion of the previous fiscal year, all in reasonable detail
		and certified by a Responsible Officer of the Borrowers as fairly presenting
		the financial condition, results of operations, shareholders’ equity and
		cash flows of the Public FIG and its Subsidiaries, as applicable, in accordance
		with GAAP, subject only to normal year-end audit adjustments and the absence of
		footnotes, and (ii) a report setting forth the net asset value of the Hedge
		Funds certified by a Responsible Officer of the Borrower to fairly represent
		the net asset value of the Hedge Funds.
	 

	 
		7.02 Certificates; Other Information.
	 

	 
		Deliver to the Administrative Agent and each
		Lender, in form and detail reasonably satisfactory to the Administrative Agent
		and the Required Lenders:
	 

	 
		(a) Concurrently with the delivery of the
		financial statements referred to in Section 7.01(a)(i), a certificate of its independent certified public
		accountants certifying such financial statements and stating that in making the
		examination necessary therefor no knowledge was obtained of any non-compliance
		with Section 8.10.
	 

	 
		(b) Within 10 days subsequent to the
		delivery of the financial statements referred to in Sections 7.01(a)(i) and (b), a duly
		completed Compliance Certificate signed by a Responsible Officer of the
		Borrowers including, without limitation, (i) information regarding the amount
		of all Dispositions, Involuntary Dispositions and Capital Expenditures that
		occurred during the period covered by such financial statements, (ii) a revised
		Schedule 6.13(a)(i), Schedule
		6.13(a)(ii) and/or Schedule 6.21,
		if applicable, (iii) a reconciliation report showing fees, expenses and other
		amounts received or deferred under each Management Agreement, (iv) a detailed
		report listing Management Fee Earning Assets for each Fortress Fund and an
		identification of which Fortress Funds are Material Fortress Funds, (v) a
		statement of the amount of capital commitment and the unpaid capital
		obligations of each Loan Party and (vi) copies of any amendments, modifications
		or changes to the Organization Documents of a Loan Party or any Subsidiary
		thereof not previously disclosed in writing to the Administrative Agent.

	 

	 
		(c) Prior to the end of each fiscal year of
		the Borrowers, an annual business plan and budget of the Borrowers and its
		Subsidiaries.
	 

	 
		(d) Promptly, and in any event within five
		Business Days after receipt thereof by any Loan Party or any Subsidiary
		thereof, copies of each notice or other correspondence received from the SEC
		(or comparable agency in any applicable non-U.S. jurisdiction) concerning any
		investigation or possible investigation or other inquiry by such agency
		regarding financial or other operational results of any Loan Party or any
		Subsidiary thereof other than customary audits of registered investment
		advisors (under the Investment Advisors Act of 1940) and registered investment
		companies (under the Investment Company Act of 1940).
	 

	 
		 
	 

	 
		 
	 

	 
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		(e) Promptly, such additional information
		regarding the business, financial or corporate affairs of any Loan Party or any
		Subsidiary, or compliance with the terms of the Loan Documents, as the
		Administrative Agent or any Lender may from time to time reasonably
		request.
	 

	 
		Except for Compliance Certificates, as set
		forth in Section 7.02(b), the Administrative Agent shall have no obligation to
		request the delivery or to maintain copies of the documents referred to above,
		and in any event shall have no responsibility to monitor compliance by the
		Borrowers with any such request for delivery, and each Lender shall be solely
		responsible for requesting delivery to it or maintaining its copies of such
		documents.
	 

	 
		7.03 Notices.
	 

	 
		(a) Promptly notify the Administrative Agent
		and each Lender of the occurrence of any Default.
	 

	 
		(b) Promptly notify the Administrative Agent
		of any matter that has resulted or could reasonably be expected to result in a
		Material Adverse Effect, including (i) breach or non-performance of, or any
		default under, a Contractual Obligation of a Loan Party or any Subsidiary; (ii)
		any dispute, litigation, investigation, proceeding or suspension between a Loan
		Party or any Subsidiary and any Governmental Authority; or (iii) the
		commencement of, or any material development in, any litigation or proceeding
		affecting a Loan Party or any Subsidiary, including pursuant to any applicable
		Environmental Laws.
	 

	 
		(c) Promptly notify the Administrative Agent
		of the occurrence of any ERISA Event.
	 

	 
		(d) Promptly notify the Administrative Agent
		of any material change in accounting policies or financial reporting practices
		by a Loan Party or any Subsidiary.
	 

	 
		(e) Promptly after the same are available,
		copies of each annual report, proxy or financial statement or other report or
		communication sent to the equityholders of Public FIG, and copies of all
		annual, regular, periodic and special reports and registration statements which
		Public FIG may file or be required to file with the SEC under Section 13
		or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to
		be delivered to the Administrative Agent pursuant hereto;
	 

	 
		(f) Promptly notify the Administrative Agent
		of any announcement by S&P or Moody’s of any establishment, change or
		possible change in a Debt Rating.
	 

	 
		Each notice pursuant to this Section 7.03(a)
		through (d) shall be accompanied by a statement of a Responsible Officer of the
		Borrowers setting forth details of the occurrence referred to therein and
		stating what action the Borrowers have taken and proposes to take with respect
		thereto. Each notice pursuant to Section
		7.03(a) shall describe with
		particularity any and all provisions of this Agreement and any other Loan
		Document that have been breached.
	 

	 
		7.04 Payment of Obligations.
	 

	 
		Pay and discharge, as the same shall become
		due and payable, all its material obligations and liabilities, including (a)
		all material tax liabilities, assessments and governmental charges or levies
		upon it or its properties or assets, unless the same are being contested in
		good faith by appropriate proceedings diligently conducted and adequate
		reserves in accordance with GAAP are being maintained by the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Borrowers or such Subsidiary and (b) all
		lawful claims which, if unpaid, would by law become a material Lien upon its
		property.
	 

	 
		7.05 Preservation of Existence, Etc.
	 

	 
		(a) Preserve, renew and maintain in full
		force and effect its legal existence under the Laws of the jurisdiction of its
		organization except in a transaction permitted by Section 8.04 or
		8.05.
	 

	 
		(b) Preserve, renew and maintain in full
		force and effect its good standing under the Laws of the jurisdiction of its
		organization, except to the extent the failure to do so could not reasonably be
		expected to have a Material Adverse Effect.
	 

	 
		(c) Take all reasonable action to maintain
		all rights, privileges, permits, licenses and franchises necessary or desirable
		in the normal conduct of its business, except to the extent that the failure to
		do so could not reasonably be expected to have a Material Adverse
		Effect.
	 

	 
		(d) Preserve or renew all of its material
		registered patents, copyrights, trademarks, trade names and service marks, the
		non-preservation of which could reasonably be expected to have a Material
		Adverse Effect.
	 

	 
		7.06 Maintenance of Properties.
	 

	 
		(a) Maintain, preserve and protect all of
		its material properties and equipment necessary in the operation of its
		business in good working order and condition, ordinary wear and tear
		excepted.
	 

	 
		(b) Make all necessary repairs thereto and
		renewals and replacements thereof, except where the failure to do so could not
		reasonably be expected to have a Material Adverse Effect.
	 

	 
		(c) Use the standard of care typical in the
		industry in the operation and maintenance of its Facilities.
	 

	 
		7.07 Maintenance of Insurance.
	 

	 
		Maintain in full force and effect adequate
		insurance (including worker’s compensation insurance, liability insurance
		and casualty insurance) with insurance companies not Affiliates of the Loan
		Parties in such amounts, with such deductibles and covering such risks as the
		Loan Parties believe are adequate.
		The Administrative Agent shall be named
		as loss payee and/or additional insured with respect to any such insurance and
		the Loan Parties shall use commercially reasonable efforts to cause each
		provider of any such insurance to agree, by endorsement upon the policy or
		policies issued by it or by independent instruments furnished to the
		Administrative Agent, that it will give the Administrative Agent 30 days prior
		written notice before any such policy or policies shall be altered or
		canceled.
	 

	 
		7.08 Compliance with Laws.
	 

	 
		Comply with the requirements of all Laws and
		all orders, writs, injunctions and decrees applicable to it or to its business
		or property, except in such instances in which (a) such requirement of Law or
		order, writ, injunction or decree is being contested in good faith by
		appropriate proceedings diligently conducted; or (b) the failure to comply
		therewith could not reasonably be expected to have a Material Adverse Effect.
		
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
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		7.09 Books and Records.
	 

	 
		(a) Maintain proper books of record and
		account, in which full, true and correct entries in conformity with GAAP
		consistently applied shall be made of all financial transactions and matters
		involving the assets and business of a Loan Party or a Subsidiary, as the case
		may be.
	 

	 
		(b) Maintain such books of record and
		account in material conformity with all applicable requirements of any
		Governmental Authority having regulatory jurisdiction over Loan Party or a
		Subsidiary, as the case may be.
	 

	 
		7.10 Inspection Rights.
	 

	 
		(a) Permit representatives and independent
		contractors of the Administrative Agent and each Lender to visit and inspect
		any of its Properties, to examine its corporate, financial and operating
		records, and make copies thereof or abstracts therefrom, to audit the
		Collateral, and to discuss its affairs, finances and accounts with its
		directors, officers, and independent public accountants (and the Loan Parties
		shall be afforded the opportunity to participate in any discussions with such
		directors, officers, and independent public accountants), at such reasonable
		times during normal business hours but not more frequently than twice each
		fiscal year, upon reasonable advance notice to the Borrowers; provided that
		absent an Event of Default the Borrower shall not be required to pay the
		expenses related thereto more frequently than once each fiscal year; and
		provided further that
		during the existence of an Event of Default the Administrative Agent (or any of
		its representatives) may do any of the foregoing at the expense of the
		Borrowers at any time during normal business hours, without advance notice and
		as often as may be reasonably desired. 
	 

	 
		(b) If requested by the Administrative Agent
		in its sole discretion, promptly deliver to the Administrative Agent such
		information regarding the Collateral as reasonably requested.
	 

	 
		7.11 Use of Proceeds.
	 

	 
		The Term B Loans shall be used exclusively
		to repay the “Term B Loans” under the Existing Credit Agreement. The
		other Loans shall be used (i) to refinance other Indebtedness evidenced by the
		Existing Credit Agreement, (ii) to provide capital investments for Fortress
		Funds and (iii) to finance working capital and capital expenditures and for
		other lawful corporate purposes. Notwithstanding anything in this Section 7.11
		above, in no event shall the proceeds of the Credit Extensions be used in
		contravention of any Law, including Regulation U issued by the FRB, or of any
		Loan Document.
	 

	 
		7.12 Existing and Additional Fortress Entities or
		Subsidiaries.
	 

	 
		(a) On the Closing Date, with respect to
		each existing Fortress Entity which is not a Borrower and each Subsidiary
		thereof, and (b) concurrently with the delivery of the Compliance Certificates
		pursuant to Section
		7.02(b), with respect to the
		acquisition or formation of any Fortress Entity or Subsidiary after the Closing
		Date:
	 

	 
		(i) notify the Administrative Agent thereof
		in writing, together with the (A) jurisdiction of formation, (B) number of
		shares of each class of Equity Interests outstanding, and (C) number and
		percentage of outstanding shares of each class owned (directly or indirectly)
		by a Loan Party or any Subsidiary; and
	 

	 
		(ii) subject to the proviso below, cause
		such Person to (A) become a Guarantor and pledge its assets (pursuant to the
		terms of the Collateral Documents) by executing and delivering to the
		Administrative Agent, this Agreement, a Joinder Agreement or such other
		documents as the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Administrative Agent shall deem appropriate
		for such purpose, and (B) with respect to Fortress Entities and their
		Subsidiaries formed or acquired after the Closing Date, deliver to the
		Administrative Agent documents of the types referred to in Sections 5.01(f)
		and (g) and opinions of counsel to such Person (which shall
		cover, among other things, the legality, validity, binding effect and
		enforceability of the documentation referred to in clause (A)), all in form,
		content and scope reasonably satisfactory to the Administrative Agent;
		provided that such Person shall not be required to become a
		Guarantor if the Borrowers provide written confirmation to the Administrative
		Agent that (w) such action would require the consent of a third party or is
		otherwise contractually prohibited, (x) such Person (I) is an investment
		advisory affiliate formed to act as a general partner or investment manager to
		a Fortress Fund and (II) is not wholly-owned by a Loan Party or Subsidiary (or
		will not be wholly-owned within the next twelve months of the formation of such
		Person), (y) such Person is not a Material Subsidiary or (z) such Person is a
		Foreign Subsidiary.
	 

	 
		7.13 ERISA Compliance.
	 

	 
		Do, and cause each of its ERISA Affiliates
		to do, each of the following: (a) maintain each Plan in compliance in all
		material respects with the applicable provisions of ERISA, the Internal Revenue
		Code and other federal or state law; (b) cause each Plan that is qualified
		under Section 401(a) of the Internal Revenue Code to maintain such
		qualification; and (c) make all required contributions to any Plan subject to
		Section 412 of the Internal Revenue Code.
	 

	 
		7.14 Pledged Assets.
	 

	 
		(a) Equity Interests. The Loan Parties will cause the following Equity
		Interests to be subject at all times to a first priority, perfected Lien in
		favor of the Administrative Agent pursuant to the terms and conditions of the
		Collateral Documents 100% of the issued and outstanding Equity Interests owned
		by the Loan Parties in (i) Newcastle, Eurocastle and Oldcastle (other than the
		Newcastle Options and the Eurocastle Options) and all Equity Interests in any
		other publicly traded entity, including all such Equity Interests acquired
		after the Closing Date, (ii) another Loan Party, (iii) Fortress Funds, (iv)
		SPVs and (v) Material Subsidiaries of any Loan Party, including all such Equity
		Interests acquired after the Closing Date, provided,
		however, that the Loan Parties will not be required to pledge
		(A) with respect to clauses (ii), (iii), (iv) and (v) above, such Equity
		Interests if the existence of such Lien would require the consent of a third
		party or is otherwise contractually prohibited or (B) with respect to such
		Equity Interests in Foreign Subsidiaries, more that 65% of the total voting
		stock of any Foreign Subsidiary if such pledge would result in an adverse tax
		consequence, in each case, together with opinions of counsel and any filings
		and deliveries reasonably necessary in connection therewith to perfect the
		security interests therein, all in form and substance reasonably satisfactory
		to the Administrative Agent
	 

	 
		(b) Other Property.
		Each Loan Party will (i) cause all of its Property (to the extent contemplated
		by the Collateral Documents, including, but not limited to, its rights to fees
		under any Management Agreement and its rights in any aircraft (or interest
		therein) purchased as a permitted Capital Expenditure pursuant to
		Section 8.14) to be subject at all times to a perfected Lien in
		favor of the Administrative Agent, for the benefit of the Lenders, to secure
		the Obligations pursuant to the terms and conditions of the Collateral
		Documents or, with respect to any such Property acquired subsequent to the
		Closing Date, such other additional security documents as the Administrative
		Agent shall reasonably request, subject in any case to Permitted Liens and (ii)
		deliver such other documentation as the Administrative Agent may reasonably
		request in connection with the foregoing, including, without limitation,
		appropriate UCC-1 financing statements, certified resolutions and other
		organizational and authorizing documents of such Person, opinions of counsel to
		such Person (which shall cover, among other things, the legality, validity,
		binding effect and enforceability of the documentation referred to 
	 

	 
		 
	 

	 
		 
	 

	 
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		above and the perfection of the
		Administrative Agent’s Liens thereunder) and other items of the types
		required to be delivered pursuant to Section 5.01(g),
		all in form, content and scope reasonably satisfactory to the Administrative
		Agent. 
	 

	 
		7.15 Management Fees.
		
	 

	 
		The Loan Parties will cause 100% of all
		Management Fees net of expenses and tax payments paid to an investor advisory
		affiliate (other than the portion of the Management Fees to which any employee
		of FIG or any of its Affiliates serving as a manager of a Fortress Fund is
		entitled pursuant to the terms of such individual’s agreement(s) with FIG
		or its Affiliates in respect of any Fortress Fund; it being understood that, as
		of the Closing Date, the only Fortress Funds in respect of which any employee
		of FIG or one of its Affiliates is entitled to any portion of such Fortress
		Fund’s Management Fees are Drawbridge Relative Value Fund LP and
		Drawbridge Relative Value Ltd., which began paying Management Fees after
		January 1, 2005) and, in each case to the extent such fees are not paid by
		a Fortress Fund directly to a Loan Party, to be promptly distributed (in cash
		except as set forth above) to a Loan Party when received by the Person to which
		such fees are paid; such distribution to be made to the Cash Collateral Account
		or otherwise in accordance with the payment instructions set forth in the
		Collateral Documents or notices delivered pursuant thereto; provided,
		however, that this Section shall not apply to any Deferred
		Management and Incentive Fees. The Loan Parties shall cause Subsidiaries that
		are entitled to receive any such fees from a Fortress Fund to enforce their
		respective rights at law and in equity to receive such fees from such Fortress
		Fund. Nothing herein shall limit the right of the Loan Parties or their
		Subsidiaries to reinvest or defer receipt of Management Fees earned or received
		from the Offshore Hedge Funds.
	 

	 
		7.16 Distributions of Income to the Loan
		Parties. 
	 

	 
		In addition to the requirements set forth in
		Section 7.15, the Loan Parties shall cause all of their respective
		Subsidiaries and, to the extent possible, the Private Equity Funds to promptly
		distribute to the Loan Parties (but not less frequently than once each fiscal
		quarter), whether in the form of dividends, distributions or otherwise, their
		applicable share of any profits, proceeds or other income relating to or
		arising from such Person’s use, operation, financing, refinancing, sale or
		other disposition of its assets and properties after (a) the payment by such
		Person of its debt service and operating expenses for such quarter and (b) the
		establishment of reasonable reserves for the payment of operating expenses not
		paid on at least a quarterly basis (including, but not limited to, employee
		compensation) and capital improvements to be made to such Person’s assets
		and properties approved by such Person in the ordinary course of business
		consistent with its past practices. The Loan Parties shall enforce their
		respective rights at law and in equity to receive distributions from their
		Affiliates and from Newcastle and Eurocastle. 
	 

	 
		ARTICLE VIII
	 

	 
		NEGATIVE COVENANTS
	 

	 
		 So long as any Lender shall have any
		Commitment hereunder, any Loan or other Obligation hereunder shall remain
		unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, no
		Loan Party shall, nor shall it permit any Subsidiary to, directly or
		indirectly:
	 

	 
		8.01 Liens.
	 

	 
		Create, incur, assume or suffer to exist any
		Lien upon any of its property, assets or revenues, whether now owned or
		hereafter acquired, other than the following: 
	 

	 
		(a) Liens pursuant to any Loan
		Document;
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) Liens existing on the date hereof and
		listed on Schedule 8.01 and any renewals or extensions thereof, provided that
		(i) the Property covered thereby is not changed, (ii) the amount secured or
		benefited thereby is not increased, (iii) the direct or any contingent obligor
		with respect thereto is not changed, and (iv) any renewal or extension of the
		obligations secured or benefited thereby is permitted by Section 8.03(b);
	 

	 
		(c) Liens (other than Liens imposed under
		ERISA) for taxes, assessments or governmental charges or levies not yet due or
		which are being contested in good faith and by appropriate proceedings
		diligently conducted, if adequate reserves with respect thereto are maintained
		on the books of the applicable Person in accordance with GAAP;
	 

	 
		(d) statutory Liens of landlords and Liens
		of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens
		imposed by law or pursuant to customary reservations or retentions of title
		arising in the ordinary course of business, provided that
		such Liens secure only amounts not yet due and payable or, if due and payable,
		are unfiled and no other action has been taken to enforce the same or are being
		contested in good faith by appropriate proceedings for which adequate reserves
		determined in accordance with GAAP have been established;
	 

	 
		(e) pledges or deposits in the ordinary
		course of business in connection with workers’ compensation, unemployment
		insurance and other social security legislation, other than any Lien imposed by
		ERISA;
	 

	 
		(f) deposits to secure the performance of
		bids, trade contracts and leases (other than Indebtedness), statutory
		obligations, surety and appeal bonds, performance bonds and other obligations
		of a like nature incurred in the ordinary course of business;
	 

	 
		(g) easements, rights-of-way, restrictions
		and other similar encumbrances affecting real property which, in the aggregate,
		are not substantial in amount, and which do not in any case materially detract
		from the value of the property subject thereto or materially interfere with the
		ordinary conduct of the business of the applicable Person;
	 

	 
		(h) Liens securing judgments for the payment
		of money (or appeal or other surety bonds relating to such judgments) not
		constituting an Event of Default under Section 9.01(h);
	 

	 
		(i) leases or subleases granted to others
		not interfering in any material respect with the business of a Loan Party or
		any of their Subsidiaries;
	 

	 
		(j) any interest of title of a lessor under,
		and Liens arising from UCC financing statements (or equivalent filings,
		registrations or agreements in foreign jurisdictions) relating to, leases
		permitted by this Agreement;
	 

	 
		(k) Liens deemed to exist in connection with
		Investments in permitted repurchase agreements;
	 

	 
		(l) normal and customary rights of setoff
		upon deposits of cash in favor of banks or other depository
		institutions;
	 

	 
		(m) Liens of a collection bank arising under
		Section 4-210 of the Uniform Commercial Code on items in the course of
		collection;
	 

	 
		 
	 

	 
		 
	 

	 
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		(n) Liens of sellers of goods to a Loan
		Party and any of its Subsidiaries arising under Article 2 of the Uniform
		Commercial Code or similar provisions of applicable law in the ordinary course
		of business, covering only the goods sold and securing only the unpaid purchase
		price for such goods and related expenses; and
	 

	 
		(o) Liens in connection with Indebtedness
		permitted by Section
		8.03(j).
	 

	 
		8.02 [Intentionally Omitted].
	 

	 
		8.03 Indebtedness.
	 

	 
		Create, incur, assume or suffer to exist any
		Indebtedness, except:
	 

	 
		(a) Indebtedness under the Loan
		Documents;
	 

	 
		(b) Indebtedness of the Loan Parties and
		their Subsidiaries set forth in Schedule
		8.03 (and renewals, refundings,
		refinancings and extensions thereof; provided that
		(i) the amount of such Indebtedness is not increased at the time of such
		refinancing, refunding, renewal or extension except by an amount equal to a
		reasonable premium or other reasonable amount paid, and fees and expenses
		reasonably incurred, in connection with such refinancing and by an amount equal
		to any existing commitments unutilized thereunder and (ii) the terms relating
		to principal amount, amortization, maturity, collateral (if any) and
		subordination (if any), and other material terms taken as a whole, of any such
		refinancing, refunding, renewing or extending Indebtedness, and of any
		agreement entered into and of any instrument issued in connection therewith,
		are no less favorable in any material respect to the Loan Parties or the
		Lenders than the terms of any agreement or instrument governing the
		Indebtedness being refinanced, refunded, renewed or extended and the interest
		rate applicable to any such refinancing, refunding, renewing or extending
		Indebtedness does not exceed the then applicable market interest rate);
	 

	 
		(c) Indebtedness of a Loan Party or a
		Subsidiary to another Loan Party or Subsidiary;
	 

	 
		(d) obligations (contingent or otherwise) of
		any Borrower or any Subsidiary existing or arising under (i) any Credit
		Facility Swap Contract or (ii) any other Swap Contract, provided that
		with respect to clause (ii) (A) such obligations are (or were) entered into by
		such Person in the ordinary course of business for the purpose of directly
		mitigating risks associated with liabilities, commitments, investments, assets,
		or property held or reasonably anticipated by such Person, or changes in the
		value of securities issued by such Person, and not for purposes of speculation
		or taking a “market view” and (B) such Swap Contract does not contain
		any provision exonerating the non-defaulting party from its obligation to make
		payments on outstanding transactions to the defaulting party;
	 

	 
		(e) current liabilities of the Loan Parties
		or their respective Subsidiaries incurred in the ordinary course of business
		but not incurred through (i) the borrowing of money or (ii) the
		obtaining of credit except for credit on an open account basis customarily
		extended and in fact extended in connection with normal purchases of goods and
		services;
	 

	 
		(f) Indebtedness in respect of taxes,
		assessments, governmental charges or levies and claims for labor, materials and
		supplies to the extent that payment therefor shall not at the time be required
		to be made in accordance with the provisions of Section 7.04;
	 

	 
		 
	 

	 
		 
	 

	 
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		(g) Indebtedness in respect of judgments or
		awards only to the extent, for the period and for an amount not resulting in a
		Default;
	 

	 
		(h) endorsements for collection, deposit or
		negotiation and warranties of products or services, in each case incurred in
		the ordinary course of business;
	 

	 
		(i) Indebtedness in the form of either a
		direct obligation of a Loan Party or in the form of a guaranty by a Loan Party,
		in each case, with respect to the obligation to refund or repay Promote Fees
		previously received from a Private Equity Fund;
	 

	 
		(j) (i) Indebtedness for Capital Leases and
		purchase money obligations for fixed or capital assets in an aggregate amount
		not to exceed $40,000,000 at any one time outstanding and (ii) other
		Indebtedness in an aggregate principal amount not to exceed $30,000,000 at any
		one time outstanding; and
	 

	 
		(k) Guarantees with respect to Indebtedness
		permitted under clauses (a) through (j) of this Section 8.03.
	 

	 
		8.04 Fundamental Changes.
	 

	 
		Merge, dissolve, liquidate, consolidate with
		or into another Person, or Dispose of (whether in one transaction or in a
		series of transactions) all or substantially all of its assets (whether now
		owned or hereafter acquired) to or in favor of any Person); provided that,
		notwithstanding the foregoing provisions of this Section 8.04 but
		subject to the terms of Sections 7.12 and 7.14, (a) a
		Borrower may merge or consolidate with any of its Subsidiaries;
		provided that such Borrower shall be the continuing or surviving
		corporation, (b) any Loan Party that is not a Borrower may merge or consolidate
		with `any other Loan Party that is not a Borrower, (c) any Subsidiary that is
		not a Loan Party may be merged or consolidated with or into any Loan Party
		provided that such surviving Person is a Loan Party or shall promptly become a
		Loan Party, (d) any Subsidiary that is not a Loan Party may be merged or
		consolidated with or into any other Subsidiary that is not a Loan Party, (e)
		any Subsidiary that is not a Loan Party may dissolve, liquidate or wind up its
		affairs at any time; provided that
		such dissolution, liquidation or winding up, as applicable, could not have a
		Material Adverse Effect, and (f) a Borrower may merge or consolidate with any
		Borrower; provided that in
		any such event FIG must survive and remain a Borrower. It is understood and
		agreed that this Section
		8.04 shall not prohibit any change in
		ownership of a Loan Party or a Subsidiary that is not a Loan Party that does
		not cause a Change of Control as long as such Person remains a Loan Party, if
		it was a Loan Party, and all Liens on the assets of such Person, if any, remain
		in full force and effect.
	 

	 
		8.05 Dispositions.
	 

	 
		Make any Disposition except:
	 

	 
		(a) Permitted Transfers;
	 

	 
		(b) subject to Section 2.04(b) (ii),
		Dispositions of Equity Interests in any Castle;
	 

	 
		(c) Dispositions of Investment Assets;
		provided that (i) the Loan Parties are in compliance on a Pro
		Forma Basis with the financial covenants in Section 8.10
		after giving effect thereto, (ii) the Net Cash Proceeds received in connection
		therewith shall be funded into the Cash Collateral Account and (iii) such Net
		Cash Proceeds shall be either reinvested in other Investment Assets within 270
		days from such Disposition or used to prepay the then Outstanding Amounts in
		the manner set forth in Section
		2.04(b)(ii);
	 

	 
		 
	 

	 
		 
	 

	 
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		(d) Subject to Section 2.04(b)(ii), Permitted Management Function Transfers;
	 

	 
		(e) Dispositions of Promote Fees;
	 

	 
		(f) Subject to Section 2.04(b)(ii), other Dispositions so long as (i) the consideration
		paid in connection therewith shall be cash or Cash Equivalents paid
		contemporaneous with consummation of the transaction and shall be in an amount
		not less than the fair market value of the Property disposed of, (ii) such
		transaction is not a Sale and Leaseback Transaction, (iii) such transaction
		does not involve the sale or other disposition of an Equity Interest in any
		Subsidiary other than transfers relating to Promote Fees permitted by clause
		(e) above, (iv) such transaction does not involve a sale or other disposition
		of receivables other than receivables owned by or attributable to other
		Property concurrently being disposed of in a transaction otherwise permitted
		under this Section 8.05, (v) the aggregate net book value of all of the assets
		sold or otherwise disposed of by the Loan Parties and their Subsidiaries in any
		single transaction (or series of related transaction) does not exceed
		$25,000,000 and (vi) no Default exists or would be caused by such
		Disposition; 
	 

	 
		8.06 Restricted Payments.
	 

	 
		Declare or make, directly or indirectly, any
		Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
		except that:
	 

	 
		(a) each Subsidiary may make Restricted
		Payments to a Loan Party and any other Person that owns an Equity Interest in
		such Subsidiary, ratably according to their respective holdings of the type of
		Equity Interest in respect of which such Restricted Payment is being made;
		
	 

	 
		(b) each Loan Party and each Subsidiary may
		declare and make dividend payments or other distributions payable solely in the
		Equity Interests of such Person; 
	 

	 
		(c) the Loan Parties may, for any period,
		make other Restricted Payments in the form of Distributions for the payment of
		taxes in an amount equal to taxes that would be owed (including estimated
		taxes), as determined by the Borrowers in their reasonable discretion (using
		reasonable consistent assumptions), by any Person as a result of its direct or
		indirect ownership of a Loan Party or Subsidiary; provided that
		such Distributions pursuant to this clause (c) shall not exceed an amount equal
		to the product of the Presumed Tax Rate and the taxable income of the Loan
		Parties and their Subsidiaries (less any prior Distributions for estimated
		taxes) for such period (collectively, “Permitted Tax Distributions”); 
	 

	 
		(d) a Loan Party or a Subsidiary may make
		any Distribution to the extent it would be permitted as a Disposition under
		Section 8.05; and
	 

	 
		(e) so long as no Event of Default exists
		immediately prior or after giving effect thereto, Borrowers may make
		Distributions of Free Cash Flow to Persons who are not Loan Parties.
	 

	 
		8.07 Change in Nature of Business.
	 

	 
		Engage in any material line of business not
		in the investment management business or any business ancillary thereto.

	 

	 
		 
	 

	 
		 
	 

	 
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		8.08 Transactions with Affiliates and
		Insiders.
	 

	 
		Enter into or permit to exist any
		transaction or series of transactions with any officer, director or Affiliate
		of such Person other than (a) advances of working capital to any Loan Party,
		(b) transfers of cash and assets to any Loan Party, (c) intercompany
		transactions expressly permitted by Sections 8.03,
		8.04, 8.05 or
		8.06, (d) normal and reasonable compensation and
		reimbursement of expenses of officers and directors and the granting of Equity
		Interests to officers and directors, (e) Investments in Fortress Funds by
		officers, directors and Affiliates without the payment of normal fees or
		charges related thereto, and (f) except as otherwise specifically limited in
		this Agreement, other transactions which are entered into in the ordinary
		course of such Person’s business on terms and conditions substantially as
		favorable to such Person as would be obtainable by it in a comparable
		arms-length transaction with a Person other than an officer, director or
		Affiliate.
	 

	 
		8.09 Burdensome Agreements.
	 

	 
		(a) Enter into, or permit to exist, any
		Contractual Obligation that encumbers or restricts the ability of any such
		Person to (i) pay dividends or make any other Distributions to any Loan Party
		on its Equity Interests or with respect to any other interest or participation
		in, or measured by, its profits, (ii) pay any Indebtedness or other obligation
		owed to any Loan Party, (iii) make loans or advances to any Loan Party, (iv)
		sell, lease or transfer any of its material Property to any Loan Party other
		than restrictions (A) on the transfer of partnership interests,
		(B) with respect to the assignment of interests in management agreements
		or (C) set forth in lease agreements in the ordinary course, (v) with
		respect solely to Loan Parties, pledge its Property pursuant to the Loan
		Documents or any renewals, refinancings, exchanges, refundings or extension
		thereof or (vi) with respect solely to Loan Parties, act as a Loan Party
		pursuant to the Loan Documents or any renewals, refinancings, exchanges,
		refundings or extension thereof, except (in respect of any of the matters
		referred to in clauses (i)-(v) above) for (A) this Agreement and the other Loan
		Documents, (B) any Permitted Lien or any document or instrument governing any
		Permitted Lien, provided that any such restriction contained therein relates
		only to the asset or assets subject to such Permitted Lien or (C) customary
		restrictions and conditions contained in any agreement relating to the sale of
		any Property permitted under Section
		8.05 pending the consummation of such
		sale.
	 

	 
		(b) With respect solely to Loan Parties,
		enter into, or permit to exist, any Contractual Obligation that prohibits or
		otherwise restricts the existence of any Lien upon any of its Property in favor
		of the Administrative Agent (for the benefit of the Lenders) for the purpose of
		securing the Obligations, whether now owned or hereafter acquired, or requiring
		the grant of any security for any obligation if such Property is given as
		security for the Obligations, except (i) any document or instrument governing
		Indebtedness incurred pursuant to Section 8.03(e)
		or section 8.03(j)(i), provided that
		any such restriction contained therein relates only to the asset or assets
		constructed or acquired in connection therewith, (ii) in connection with any
		Permitted Lien or any document or instrument governing any Permitted Lien,
		provided that any such restriction contained therein relates
		only to the asset or assets subject to such Permitted Lien, (iii) pursuant to
		customary restrictions and conditions contained in any agreement relating to
		the sale of any Property permitted under Section 8.05,
		pending the consummation of such sale and (iv) in connection with the formation
		of entities consistent with past practices.
	 

	 
			
				
				  8.10 Financial Covenants. 
				

			 

 

	 
		(a) Minimum Management Fee Earning Assets. At any time, permit the Management Fee Earning Assets
		to be less than the sum of (i) $18,000,000,000 plus (ii) an additional
		$500,000,000 as of the last day of each fiscal year of the Borrowers during the
		term of this Agreement (e.g., as of December 31, 2007, the Management Fee
		Earning Assets must not be less than $18,500,000,000, as of
		December 31, 2008, the Management Fee Earning Assets must not be less
		than $19,000,000,000, etc.).
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) Minimum EBITDA.
		Permit as of the end of any fiscal quarter of the Borrowers for the four
		quarter period ending on such date, the EBITDA of the Loan Parties and their
		consolidated Subsidiaries to be less than (i) for the fiscal quarters
		ending June 30, 2007 and September 30, 2007, $375,000,000
		(ii) for the fiscal quarters ending December 31, 2007, March 31,
		2008, June 30, 2008 and September 30, 2008, $400,000,000 and (iii) for
		each fiscal quarter thereafter, $500,000,000.
	 

	 
		(c) Minimum Investment Assets.
	 

	 
		(i) Permit the Consolidated Adjusted Asset
		Value to be less than the sum of (i) $550,000,000 plus (ii) the
		Outstanding Amount of the Delayed Draw Term Loans plus (iii) an
		additional $50,000,000 as of March 31 of each year during the term of this
		Agreement (the sum of (i), (ii) and (iii), the “Required Investment Assets”).
	 

	 
		(ii) Permit the sum of (A) the aggregate
		Asset Value of all Fortress Fund Investments plus (B) the
		amount of cash and Cash Equivalents located in a Cash Collateral Account to be
		less than 40% of the Required Investment Assets.
	 

	 
		(iii) Permit the sum of (A) the aggregate
		Asset Value of all Fortress Fund Investments plus (B) the
		aggregate Asset Value of all Co-Investment Fund Investments plus (C) the
		amount of cash and Cash Equivalents located in a Cash Collateral Account to be
		less than 60% of the Required Investment Assets; provided that
		the contribution to clause (B) above from any individual Co-Investment Fund
		Investments shall not exceed $75,000,000 for purposes of this Section 8.10(c)(iii).
	 

	 
		8.11 [Intentionally Omitted].
	 

	 
		8.12 Organization Documents; Fiscal Year; Legal Name, State
		of Formation and Form of Entity.

	 

	 
		(a) Amend, modify or change its Organization
		Documents in a manner materially adverse to the Lenders.
	 

	 
		(b) Change its fiscal year.
	 

	 
		(c) Without providing 20 days prior written
		notice to the Administrative Agent, change its name, state of formation or form
		of organization.
	 

	 
		8.13 Sale Leasebacks.
	 

	 
		Enter into any Sale and Leaseback
		Transaction.
	 

	 
		8.14 Capital Expenditures.
	 

	 
		Permit Capital Expenditures of the Loan
		Parties and their Subsidiaries to exceed $25,000,000, in the aggregate, during
		any fiscal year.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		74
	 

	 
		 
	 

	 
	 

	 

	 
		ARTICLE IX
	 

	 
		EVENTS OF DEFAULT AND REMEDIES
	 

	 
		9.01 Events of Default.
	 

	 
		Any of the following shall constitute an
		Event of Default:
	 

	 
		(a) Non-Payment. Any
		Borrower or any other Loan Party fails to pay (i) when and as required to be
		paid herein and in the currency required hereunder, any amount of principal of
		any Loan or any L/C Obligation, or (ii) within three Business Days after the
		same becomes due, any interest on any Loan or on any L/C Obligation, or any fee
		due hereunder, or (iii) within ten Business Days after the same becomes due,
		any other amount payable hereunder or under any other Loan Document; or
	 

	 
		(b) Specific Covenants. Any Loan Party fails to perform or observe any term,
		covenant or agreement contained in any of Sections
		7.03, 7.05, or
		7.11 or Article
		VIII; or 
	 

	 
		(c) Other Defaults.
		Any Loan Party fails to perform or observe any other covenant or agreement (not
		specified in subsection (a) or (b) above) contained in any Loan Document on its
		part to be performed or observed and such failure continues for the greater of
		(i) thirty days or (ii) ten Business Days after any Loan Party
		obtains knowledge thereof; or 
	 

	 
		(d) Representations and Warranties. Any representation, warranty, certification or
		statement of fact made or deemed made by or on behalf of any Borrower or any
		other Loan Party herein, in any other Loan Document, or in any document
		delivered in connection herewith or therewith shall be incorrect in any
		material respect when made or deemed made; or
	 

	 
		(e) Cross-Default.
		(i) A Loan Party or any Subsidiary (A) fails to make any payment when due
		(whether by scheduled maturity, required prepayment, acceleration, demand, or
		otherwise) in respect of any Indebtedness (other than Indebtedness hereunder
		and Indebtedness under Swap Contracts) having an aggregate principal amount
		(including undrawn committed or available amounts and including amounts owing
		to all creditors under any combined or syndicated credit arrangement) of more
		than the Threshold Amount, and such failure shall continue after the applicable
		grace period, if any, or (B) fails to observe or perform any other agreement or
		condition relating to any such Indebtedness contained in any instrument or
		agreement evidencing, securing or relating thereto, or any other event occurs,
		the effect of which default or other event is to cause, or to permit the holder
		or holders of such Indebtedness (or a trustee or agent on behalf of such holder
		or holders or beneficiary or beneficiaries) to cause, with the giving of notice
		if required, such Indebtedness to be demanded or to become due or to be
		repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an
		offer to repurchase, prepay, defease or redeem such Indebtedness to be made,
		prior to its stated maturity, or cash collateral in respect thereof to be
		demanded; or (ii) there occurs under any Swap Contract an Early Termination
		Date (as defined in such Swap Contract) resulting from (A) any event of default
		under such Swap Contract as to which any Borrower or any Subsidiary is the
		Defaulting Party (as defined in such Swap Contract) or (B) any Termination
		Event (as so defined) under such Swap Contract as to which any Borrower or any
		Subsidiary is an Affected Party (as so defined) and, in either event, the Swap
		Termination Value owed by the Borrowers or such Subsidiary as a result thereof
		is greater than the Threshold Amount; or
	 

	 
		 
	 

	 
		 
	 

	 
		75
	 

	 
		 
	 

	 
	 

	 

	 
		(f) Insolvency Proceedings, Etc. A Loan Party or any of its Subsidiaries institutes or
		consents to the institution of any proceeding under any Debtor Relief Law, or
		makes an assignment for the benefit of creditors; or applies for or consents to
		the appointment of any receiver, trustee, custodian, conservator, liquidator,
		rehabilitator or similar officer for it or for all or any material part of its
		property; or any receiver, trustee, custodian, conservator, liquidator,
		rehabilitator or similar officer is appointed without the application or
		consent of such Person and the appointment continues undischarged or unstayed
		for 60 calendar days; or any proceeding under any Debtor Relief Law relating to
		any such Person or to all or any material part of its property is instituted
		without the consent of such Person and continues undismissed or unstayed for 60
		calendar days, or an order for relief is entered in any such proceeding;
		or
	 

	 
		(g) Inability
		to Pay Debts; Attachment. (i) a Loan
		Party or any Subsidiary becomes unable or admits in writing its inability or
		fails generally to pay its debts as they become due, or (ii) any writ or
		warrant of attachment or execution or similar process is issued or levied
		against all or any material part of the property of any such Person and is not
		released, vacated or fully bonded within thirty days after its issue or levy;
		or
	 

	 
		(h) Judgments. There
		is entered against a Loan Party or any Subsidiary (i) one or more final
		judgments or orders for the payment of money in an aggregate amount exceeding
		the Threshold Amount (to the extent not covered by independent third-party
		insurance as to which the insurer does not dispute coverage), or (ii) any one
		or more non-monetary final judgments that have, or could reasonably be expected
		to have, individually or in the aggregate, a Material Adverse Effect and, in
		either case, (A) enforcement proceedings are commenced by any creditor upon
		such judgment or order and have not been stayed, or (B) there is a period of 30
		consecutive days during which a stay of enforcement of such judgment, by reason
		of a pending appeal or otherwise, is not in effect; or 
	 

	 
		(i) ERISA. (i) An
		ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which
		has resulted or could reasonably be expected to result in liability of a Loan
		Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or
		the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) a
		Loan Party or any ERISA Affiliate fails to pay when due, after the expiration
		of any applicable grace period, any installment payment with respect to its
		withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in
		an aggregate amount in excess of the Threshold Amount; or
	 

	 
		(j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution and
		delivery and for any reason other than as expressly permitted hereunder or
		thereunder or satisfaction in full of all the Obligations, ceases to be in full
		force and effect; or any Loan Party or any other Subsidiary or Affiliate of a
		Loan Party contests in any manner the validity or enforceability of any Loan
		Document; or any Loan Party denies that it has any or further liability or
		obligation under any Loan Document, or purports to revoke, terminate or rescind
		any Loan Document; or
	 

	 
		(k) Change of Control. There occurs any Change of Control; or 
	 

	 
		(l) Management Agreements. Any Management Agreement with respect to a Material
		Fortress Fund shall be terminated or otherwise fail to exist or be in full
		force and effect other than in connection with (i) a Permitted Management
		Function Transfer, (ii) a scheduled orderly unwinding of a Private Equity Fund
		or (iii) a Permitted Fund Termination; or 
	 

	 
		 
	 

	 
		 
	 

	 
		76
	 

	 
		 
	 

	 
	 

	 

	 
		(m) Material Fortress Funds. Any event occurs which causes a Material Fortress Fund
		to (i) terminate, dissolve, liquidate or wind up (or to begin the process of
		same) other than in connection with a Permitted Fund Termination or (ii) not be
		managed and advised by a Borrower of a Subsidiary or a Borrower other than as a
		result of (A) a scheduled orderly unwinding of a Private Equity Fund or (B) a
		Permitted Management Function Transfer. 
	 

	 
		9.02 Remedies Upon Event of Default.
	 

	 
		If any Event of Default occurs and is
		continuing, the Administrative Agent shall, at the request of, or may, with the
		consent of, the Required Lenders, take any or all of the following
		actions:
	 

	 
		(a) declare the commitment of each Lender to
		make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions
		to be terminated, whereupon such commitments and obligation shall be
		terminated; 
	 

	 
		(b) declare the unpaid principal amount of
		all outstanding Loans, all interest accrued and unpaid thereon, and all other
		amounts owing or payable hereunder or under any other Loan Document to be
		immediately due and payable, without presentment, demand, protest or other
		notice of any kind, all of which are hereby expressly waived by the Borrowers;
		
	 

	 
		(c) require that the Borrowers Cash
		Collateralize the L/C Obligations (in an amount equal to the then Outstanding
		Amount thereof); and
	 

	 
		(d) exercise on behalf of itself and the
		Lenders all rights and remedies available to it and the Lenders under the Loan
		Documents;
	 

	 
		provided, however, that
		upon the occurrence of an Event of Default under Sections 9.01(f), the obligation of each Lender to make Loans and any
		obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
		terminate, the unpaid principal amount of all outstanding Loans and all
		interest and other amounts as aforesaid shall automatically become due and
		payable, and the obligation of the Borrowers to Cash Collateralize the L/C
		Obligations as aforesaid shall automatically become effective, in each case
		without further act of the Administrative Agent or any Lender.
	 

	 
		9.03 Application of Funds.
	 

	 
		After the exercise of remedies provided for
		in Section 9.02 (or after the Loans have automatically become
		immediately due and payable and the L/C Obligations have automatically been
		required to be Cash Collateralized as set forth in the proviso to
		Section 9.02), any amounts received on account of the Obligations
		shall be applied by the Administrative Agent in the following order:
	 

	 
		First, to payment of that portion of the Obligations
		constituting fees, indemnities, expenses and other amounts (including
		reasonable fees, charges and disbursements of counsel to the Administrative
		Agent and amounts payable under Article
		III) payable to the Administrative
		Agent in its capacity as such;
	 

	 
		Second, to payment of that portion of the Obligations
		constituting fees, indemnities and other amounts (other than principal,
		interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer
		(including reasonable fees, charges and disbursements of counsel to the
		respective Lenders and the L/C Issuer and amounts payable under Article III),
		ratably among them in proportion to the respective amounts described in this
		clause Second payable to them;
	 

	 
		 
	 

	 
		 
	 

	 
		77
	 

	 
		 
	 

	 
	 

	 

	 
		Third, to payment of that portion of the Obligations
		constituting accrued and unpaid Letter of Credit Fees and interest on the Loans
		and L/C Borrowings and fees, premiums and scheduled periodic payments, and any
		interest accrued thereon, due under any Credit Facility Swap Contract, ratably
		among the Lenders (and, in the case of such Credit Facility Swap Contracts,
		Affiliates of Lenders) and the L/C Issuer in proportion to the respective
		amounts described in this clause Third held by
		them;
	 

	 
		Fourth, to (a) payment of that portion of the Obligations
		constituting unpaid principal of the Loans and L/C Borrowings, (b) payment of
		breakage, termination or other payments, and any interest accrued thereon, due
		under any Credit Facility Swap Contract, (c) payments of amounts due under
		any Treasury Management Agreement between any Loan Party and any Lender, or any
		Affiliate of a Lender and (d) Cash Collateralize that portion of L/C
		Obligations comprised of the aggregate undrawn amount of Letters of Credit,
		ratably among the Lenders (and, in the case of such Credit Facility Swap
		Contracts, Affiliates of Lenders) and the L/C Issuer in proportion to the
		respective amounts described in this clause Fourth held by
		them; and
	 

	 
		Last, the balance, if any, after all of the Obligations have
		been indefeasibly paid in full, to the Borrowers or as otherwise required by
		Law.
	 

	 
		Subject to Section 2.03(c),
		amounts used to Cash Collateralize the aggregate undrawn amount of Letters of
		Credit pursuant to clause Fourth above
		shall be applied to satisfy drawings under such Letters of Credit as they
		occur. If any amount remains on deposit as Cash Collateral after all Letters of
		Credit have either been fully drawn or expired, such remaining amount shall be
		applied to the other Obligations, if any, in the order set forth above.
	 

	 
		ARTICLE X
	 

	 
		ADMINISTRATIVE AGENT
	 

	 
		10.01 Appointment and Authority. 
	 

	 
		Each of the Lenders and the L/C Issuer
		hereby irrevocably appoints Bank of America to act on its behalf as the
		Administrative Agent hereunder and under the other Loan Documents and
		authorizes the Administrative Agent to take such actions on its behalf and to
		exercise such powers as are delegated to the Administrative Agent by the terms
		hereof or thereof, together with such actions and powers as are reasonably
		incidental thereto. The provisions of this Article are solely for the benefit
		of the Administrative Agent, the Lenders and the L/C Issuer, and neither a
		Borrower nor any other Loan Party shall have rights as a third party
		beneficiary of any of such provisions.
	 

	 
		The Administrative Agent shall also act as
		the “collateral
		agent” under the Loan Documents,
		and each of the Lenders (in its capacities as a Lender, provider of a Credit
		Facility Swap Contract or Treasury Management Agreement and the L/C Issuer)
		hereby irrevocably appoints and authorizes the Administrative Agent to act as
		the agent of such Lender and the L/C Issuer for purposes of acquiring, holding
		and enforcing any and all Liens on Collateral granted by any of the Loan
		Parties to secure any of the Obligations, together with such powers and
		discretion as are reasonably incidental thereto. In this connection, the
		Administrative Agent, as “collateral agent” and any co-agents,
		sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant
		to Section 10.05 for purposes of holding or enforcing any Lien on the
		Collateral (or any portion thereof) granted under the Collateral Documents, or
		for exercising any rights and remedies thereunder at the direction of the
		Administrative Agent), shall be entitled to the benefits of all provisions of
		this Article X and Article
		XI (including Section 11.04(c), as 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		78
	 

	 
		 
	 

	 
	 

	 

	 
		though such co-agents, sub-agents and
		attorneys-in-fact were the “collateral agent” under the Loan
		Documents) as if set forth in full herein with respect thereto.
	 

	 
		10.02 Rights as a Lender.
	 

	 
		The Person serving as the Administrative
		Agent hereunder shall have the same rights and powers in its capacity as a
		Lender as any other Lender and may exercise the same as though it were not the
		Administrative Agent and the term “Lender” or “Lenders”
		shall, unless otherwise expressly indicated or unless the context otherwise
		requires, include the Person serving as the Administrative Agent hereunder in
		its individual capacity. Such Person and its Affiliates may accept deposits
		from, lend money to, act as the financial advisor or in any other advisory
		capacity for and generally engage in any kind of business with any Loan Party
		or any Subsidiary or other Affiliate thereof as if such Person were not the
		Administrative Agent hereunder and without any duty to account therefor to the
		Lenders.
	 

	 
		10.03 Exculpatory Provisions.
	 

	 
		The Administrative Agent shall not have any
		duties or obligations except those expressly set forth herein and in the other
		Loan Documents. Without limiting the generality of the foregoing, the
		Administrative Agent:
	 

	 
		(a) shall not be subject to any fiduciary or
		other implied duties, regardless of whether a Default has occurred and is
		continuing;
	 

	 
		(b) shall not have any duty to take any
		discretionary action or exercise any discretionary powers, except discretionary
		rights and powers expressly contemplated hereby or by the other Loan Documents
		that the Administrative Agent is required to exercise as directed in writing by
		the Required Lenders (or such other number or percentage of the Lenders as
		shall be expressly provided for herein or in the other Loan Documents),
		provided that the Administrative Agent shall not be required to
		take any action that, in its opinion or the opinion of its counsel, may expose
		the Administrative Agent to liability or that is contrary to any Loan Document
		or applicable law; and
	 

	 
		(c) shall not, except as expressly set forth
		herein and in the other Loan Documents, have any duty to disclose, and shall
		not be liable for the failure to disclose, any information relating to any Loan
		Party or any of its Affiliates that is communicated to or obtained by the
		Person serving as the Administrative Agent or any of its Affiliates in any
		capacity.
	 

	 
		The Administrative Agent shall not be liable
		for any action taken or not taken by it (i) with the consent or at the request
		of the Required Lenders (or such other number or percentage of the Lenders as
		shall be necessary, or as the Administrative Agent shall believe in good faith
		shall be necessary, under the circumstances as provided in Sections 11.01
		and 9.02) or (ii) in the absence of its own gross negligence or
		willful misconduct. The Administrative Agent shall be deemed not to have
		knowledge of any Default unless and until notice describing such Default is
		given to the Administrative Agent by the Borrowers, a Lender or the L/C
		Issuer.
	 

	 
		The Administrative Agent shall not be
		responsible for or have any duty to ascertain or inquire into (i) any
		statement, warranty or representation made in or in connection with this
		Agreement or any other Loan Document, (ii) the contents of any certificate,
		report or other document delivered hereunder or thereunder or in connection
		herewith or therewith, (iii) the performance or observance of any of the
		covenants, agreements or other terms or conditions set forth herein or therein
		or the occurrence of any Default, (iv) the validity, enforceability,
		effectiveness or genuineness of this Agreement, any other Loan 
	 

	 
		 
	 

	 
		 
	 

	 
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		Document or any other agreement, instrument
		or document or the creation, perfection or priority of any Lien purported to be
		created by the Collateral Documents, (v) the value or the sufficiency of any
		Collateral or (vi) the satisfaction of any condition set forth in
		Article V or elsewhere herein, other than to confirm receipt of
		items expressly required to be delivered to the Administrative Agent.
	 

	 
		10.04 Reliance by Administrative Agent. 
	 

	 
		The Administrative Agent shall be entitled
		to rely upon, and shall not incur any liability for relying upon, any notice,
		request, certificate, consent, statement, instrument, document or other writing
		(including any electronic message, Internet or intranet website posting or
		other distribution) believed by it to be genuine and to have been signed, sent
		or otherwise authenticated by the proper Person. The Administrative Agent also
		may rely upon any statement made to it orally or by telephone and believed by
		it to have been made by the proper Person, and shall not incur any liability
		for relying thereon. In determining compliance with any condition hereunder to
		the making of a Loan, or the issuance of a Letter of Credit, that by its terms
		must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
		Administrative Agent may presume that such condition is satisfactory to such
		Lender or the L/C Issuer unless the Administrative Agent shall have received
		notice to the contrary from such Lender or the L/C Issuer prior to the making
		of such Loan or the issuance of such Letter of Credit. The Administrative Agent
		may consult with legal counsel (who may be counsel for the Loan Parties),
		independent accountants and other experts selected by it, and shall not be
		liable for any action taken or not taken by it in accordance with the advice of
		any such counsel, accountants or experts.
	 

	 
		10.05 Delegation of Duties.
	 

	 
		The Administrative Agent may perform any and
		all of its duties and exercise its rights and powers hereunder or under any
		other Loan Document by or through any one or more sub-agents appointed by the
		Administrative Agent. The Administrative Agent and any such sub-agent may
		perform any and all of its duties and exercise its rights and powers by or
		through their respective Related Parties. The exculpatory provisions of this
		Article shall apply to any such sub-agent and to the Related Parties of the
		Administrative Agent and any such sub-agent, and shall apply to their
		respective activities in connection with the syndication of the credit
		facilities provided for herein as well as activities as Administrative
		Agent.
	 

	 
		10.06 Resignation of Administrative Agent.
	 

	 
		The Administrative Agent may at any time
		give notice of its resignation to the Lenders, the L/C Issuer and the
		Borrowers. Upon receipt of any such notice of resignation, the Required Lenders
		shall have the right, in consultation with the Borrowers, to appoint a
		successor, which shall be a bank with an office in the United States, or an
		Affiliate of any such bank with an office in the United States; provided that
		if any such potential successor is not classified as a “U.S. person”
		and a “financial institution” within the meaning of Treasury
		Regulation Section 1.144-1, then the Borrowers shall have the right to prohibit
		such potential successor from becoming the Administrative Agent in their
		reasonable discretion. If no such successor shall have been so appointed by the
		Required Lenders and shall have accepted such appointment within 30 days
		after the retiring Administrative Agent gives notice of its resignation, then
		the retiring Administrative Agent may on behalf of the Lenders and the L/C
		Issuer, appoint a successor Administrative Agent meeting the qualifications set
		forth above; provided that if any such potential successor is not classified as
		a “U.S. person” and a “financial institution” within the
		meaning of Treasury Regulation Section 1.144-1, then the Borrowers shall have
		the right to prohibit such potential successor from becoming the Administrative
		Agent in their reasonable discretion; and provided further
		that if the Administrative Agent shall notify the Borrowers and the Lenders
		that no qualifying Person has accepted such appointment, then such resignation
		shall nonetheless become effective in accordance with such 
	 

	 
		 
	 

	 
		 
	 

	 
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		notice and (1) the retiring
		Administrative Agent shall be discharged from its duties and obligations
		hereunder and under the other Loan Documents (except that in the case of any
		Collateral held by the Administrative Agent on behalf of the Lenders or the L/C
		Issuer under any of the Loan Documents, the retiring Administrative Agent shall
		continue to hold such Collateral until such time as a successor Administrative
		Agent is appointed) and (2) all payments, communications and
		determinations provided to be made by, to or through the Administrative Agent
		shall instead be made by or to each Lender and the L/C Issuer directly, until
		such time as the Required Lenders appoint a successor Administrative Agent as
		provided for above in this Section. Upon the acceptance of a successor’s
		appointment as Administrative Agent hereunder, such successor shall succeed to
		and become vested with all of the rights, powers, privileges and duties of the
		retiring (or retired) Administrative Agent, and the retiring Administrative
		Agent shall be discharged from all of its duties and obligations hereunder or
		under the other Loan Documents (if not already discharged therefrom as provided
		above in this Section). The fees payable by the Borrowers to a successor
		Administrative Agent shall be the same as those payable to its predecessor
		unless otherwise agreed between the Borrowers and such successor. After the
		retiring Administrative Agent’s resignation hereunder and under the other
		Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such
		retiring Administrative Agent, its sub-agents and their respective Related
		Parties in respect of any actions taken or omitted to be taken by any of them
		while the retiring Administrative Agent was acting as Administrative
		Agent.
	 

	 
		Any resignation by Bank of America as
		Administrative Agent pursuant to this Section shall also constitute its
		resignation as L/C Issuer. Upon the acceptance of a successor’s
		appointment as Administrative Agent hereunder, (a) such successor shall succeed
		to and become vested with all of the rights, powers, privileges and duties of
		the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged from
		all of their respective duties and obligations hereunder or under the other
		Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit
		in substitution for the Letters of Credit, if any, outstanding at the time of
		such succession or make other arrangements satisfactory to the retiring L/C
		Issuer to effectively assume the obligations of the retiring L/C Issuer with
		respect to such Letters of Credit.
	 

	 
		10.07 Non-Reliance on Administrative Agent and Other
		Lenders.
	 

	 
		Each Lender and the L/C Issuer acknowledges
		that it has, independently and without reliance upon the Administrative Agent
		or any other Lender or any of their Related Parties and based on such documents
		and information as it has deemed appropriate, made its own credit analysis and
		decision to enter into this Agreement. Each Lender and the L/C Issuer also
		acknowledges that it will, independently and without reliance upon the
		Administrative Agent or any other Lender or any of their Related Parties and
		based on such documents and information as it shall from time to time deem
		appropriate, continue to make its own decisions in taking or not taking action
		under or based upon this Agreement, any other Loan Document or any related
		agreement or any document furnished hereunder or thereunder.
	 

	 
		10.08 No Other Duties; Etc.
	 

	 
		Anything herein to the contrary
		notwithstanding, none of the bookrunners, arrangers, syndication agents,
		documentation agents or co-agents shall have any powers, duties or
		responsibilities under this Agreement or any of the other Loan Documents,
		except in its capacity, as applicable, as the Administrative Agent, a Lender or
		the L/C Issuer hereunder.
	 

	 
		10.09 Administrative Agent May File Proofs of
		Claim.
	 

	 
		In case of the pendency of any receivership,
		insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
		composition or other judicial proceeding relative to any Loan Party, the

	 

	 
		 
	 

	 
		 
	 

	 
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		Administrative Agent (irrespective of
		whether the principal of any Loan or L/C Obligation shall then be due and
		payable as herein expressed or by declaration or otherwise and irrespective of
		whether the Administrative Agent shall have made any demand on the Borrowers)
		shall be entitled and empowered, by intervention in such proceeding or
		otherwise:
	 

	 
		(a) to file and prove a claim for the whole
		amount of the principal and interest owing and unpaid in respect of the Loans,
		L/C Obligations and all other Obligations (other than obligations under Credit
		Facility Swap Contracts or Treasury Management Agreements to which the
		Administrative Agent is not a party) that are owing and unpaid and to file such
		other documents as may be necessary or advisable in order to have the claims of
		the Lenders, the L/C Issuer and the Administrative Agent (including any claim
		for the reasonable compensation, expenses, disbursements and advances of the
		Lenders, the L/C Issuer and the Administrative Agent and their respective
		agents and counsel and all other amounts due the Lenders, the L/C Issuer and
		the Administrative Agent under Sections
		2.03(i) and (j),
		2.08 and 11.04) allowed
		in such judicial proceeding; and
	 

	 
		(b) to collect and receive any monies or
		other property payable or deliverable on any such claims and to distribute the
		same;
	 

	 
		and any custodian, receiver, assignee,
		trustee, liquidator, sequestrator or other similar official in any such
		judicial proceeding is hereby authorized by each Lender and the L/C Issuer to
		make such payments to the Administrative Agent and, in the event that the
		Administrative Agent shall consent to the making of such payments directly to
		the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount
		due for the reasonable compensation, expenses, disbursements and advances of
		the Administrative Agent and its agents and counsel, and any other amounts due
		the Administrative Agent under Sections
		2.08 and 11.04.
	 

	 
		Nothing contained herein shall be deemed to
		authorize the Administrative Agent to authorize or consent to or accept or
		adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
		arrangement, adjustment or composition affecting the Obligations or the rights
		of any Lender or to authorize the Administrative Agent to vote in respect of
		the claim of any Lender in any such proceeding.
	 

	 
		10.10 Collateral and Guaranty Matters/Ineligible Assignee
		Letter Agreement.
	 

	 
		The Lenders and the L/C Issuer irrevocably
		authorize the Administrative Agent, at its option and in its discretion,
		
	 

	 
		(a) to release any Lien on any Collateral
		granted to or held by the Administrative Agent under any Loan Document
		(i) upon termination of the Aggregate Revolving Commitments and the
		Aggregate Term Commitments and payment in full of all Obligations (other than
		contingent indemnification obligations) and the expiration or termination of
		all Letters of Credit, (ii) that is transferred or to be transferred as
		part of or in connection with any Disposition permitted hereunder or under any
		other Loan Document or any Involuntary Disposition, or (iii) as approved
		in accordance with Section 11.01; 
	 

	 
		(b) to release any Guarantor from its
		obligations under the Guaranty if such Person ceases to be a Subsidiary as a
		result of a transaction permitted hereunder; and
	 

	 
		(c) to consent to any amendment or
		modification to the Ineligible Assignee Letter Agreement on the date five
		Business Days after notice of such amendment or modification unless at least
		three non-affiliated Lenders holding in the aggregate more than 25% of
		(i) the unfunded 
	 

	 
		 
	 

	 
		 
	 

	 
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		Commitments and the outstanding Loans, L/C
		Obligations and participations therein or (ii) if the Commitments have
		been terminated, the outstanding Loans, L/C Obligations and participations
		therein has notified the Administrative Agent of their objection to such
		amendment or modification prior to the expiration of such five Business Day
		period. 
	 

	 
		Upon request by the Administrative Agent at
		any time, the Required Lenders will confirm in writing the Administrative
		Agent’s authority to release or subordinate its interest in particular
		types or items of Property, or to release any Guarantor from its obligations
		under the Guaranty, pursuant to this Section 10.10.
	 

	 
		ARTICLE XI
	 

	 
		MISCELLANEOUS
	 

	 
		11.01 Amendments, Etc.
	 

	 
		No amendment or waiver of any provision of
		this Agreement or any other Loan Document, and no consent to any departure by
		the Borrowers or any other Loan Party therefrom, shall be effective unless in
		writing signed by the Required Lenders and the Borrowers or the applicable Loan
		Party, as the case may be, and acknowledged by the Administrative Agent, and
		each such waiver or consent shall be effective only in the specific instance
		and for the specific purpose for which given; provided,
		further, that 
	 

	 
		(a) no such amendment, waiver or consent
		shall:
	 

	 
		(i) extend or increase the Commitment of a
		Lender (or reinstate any Commitment terminated pursuant to Section 9.02)
		without the written consent of such Lender whose Commitment is being extended
		or increased (it being understood and agreed that a waiver of any condition
		precedent set forth in Section
		5.02 or of any Default or a mandatory
		reduction in Commitments, if any, is not considered an extension or increase in
		Commitments of any Lender);
	 

	 
		(ii) postpone any date fixed by this
		Agreement or any other Loan Document for any payment of principal (excluding
		mandatory prepayments), interest, fees or other amounts due to the Lenders (or
		any of them) or any scheduled or mandatory reduction of the Commitments
		hereunder or under any other Loan Document without the written consent of each
		Lender entitled to receive such payment or whose Commitments are to be
		reduced;
	 

	 
		(iii) reduce the principal of, or the rate
		of interest specified herein on, any Loan or L/C Borrowing, or (subject to
		clause (i) of the final proviso to this Section 11.01)
		any fees or other amounts payable hereunder or under any other Loan Document
		without the written consent of each Lender entitled to receive such payment of
		principal, interest, fees or other amounts; provided,
		however, that only the consent of the Required Lenders shall be
		necessary to amend the definition of “Default Rate” or to waive any
		obligation of the Borrowers to pay interest or Letter of Credit Fees at the
		Default Rate;
	 

	 
		(iv) change Section 2.13 or
		Section 9.03 in a manner that would alter the pro rata sharing of
		payments required thereby without the written consent of each Lender directly
		affected thereby;
	 

	 
		 
	 

	 
		 
	 

	 
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		(v) change any provision of this
		Section 11.01(a) or the definition of “Required Lenders”
		without the written consent of each Lender directly affected thereby; 
	 

	 
		(vi) except in connection with a Disposition
		permitted under Section
		8.05, release all or substantially all
		of the Collateral without the written consent of each Lender whose Obligations
		are secured by such Collateral; or
	 

	 
		(vii) release a Borrower or, except in
		connection with a merger or consolidation permitted under Section
		8.04 or a Disposition permitted under
		Section 8.05, all or substantially all of the value of the Guaranty
		without the written consent of each Lender whose Obligations are guarantied
		thereby; or
	 

	 
		(b) prior to the termination of the
		Aggregate Revolving Commitments, unless also signed by Revolving Lenders (other
		than Defaulting Lenders) holding in the aggregate at least a majority of the
		Revolving Commitments, no such amendment, waiver or consent shall, (i) waive
		any Default for purposes of Section 5.02(b) or (ii) amend, change, waive, discharge or terminate
		Sections 2.03(a)(ii)(B), 5.02 or
		9.01 in a manner adverse to such Lenders or this
		Section 11.01(b); or
	 

	 
		(c) unless also signed by (i) Term Loan A
		Lenders (other than Defaulting Lenders) holding in the aggregate at least a
		majority of the outstanding Term A Loans (and participations therein), and (ii)
		Delayed Draw Term Loan Lenders (other than Defaulting Lenders) holding in the
		aggregate at least a majority of the outstanding Delayed Draw Term Loans (and
		participations therein), no such amendment, waiver or consent shall (i) amend,
		change, waive, discharge or terminate Section 2.04(b)(iii) so as to alter the manner of application of proceeds of
		any mandatory prepayment required by Section 2.04(b)(ii) or (ii) amend, change, waive, discharge or terminate
		this Section 11.01(c) (other than to provide other Term Loan A Lenders and
		other Delayed Draw Term Loan Lenders with proportional rights under this
		Section 11.01(c)); or 
	 

	 
		(d) unless also signed by the L/C Issuer, no
		amendment, waiver or consent shall affect the rights or duties of the L/C
		Issuer under this Agreement or any Issuer Document relating to any Letter of
		Credit issued or to be issued by it; or
	 

	 
		(e) unless also signed by the Administrative
		Agent, no amendment, waiver or consent shall affect the rights or duties of the
		Administrative Agent under this Agreement or any other Loan Document; 
	 

	 
		provided, however, that
		notwithstanding anything to the contrary herein, (i) the Fee Letter may be
		amended, or rights or privileges thereunder waived, in a writing executed only
		by the parties thereto, (ii) no Defaulting Lender shall have any right to
		approve or disapprove any amendment, waiver or consent hereunder, except that
		the Commitment of such Lender may not be increased or extended without the
		consent of such Lender, (iii) each Lender is entitled to vote as such
		Lender sees fit on any bankruptcy reorganization plan that affects the Loans,
		and each Lender acknowledges that the provisions of Section 1126(c) of the
		Bankruptcy Code of the United States supersedes the unanimous consent
		provisions set forth herein and (iv) the Required Lenders shall determine
		whether or not to allow a Loan Party to use cash collateral in the context of a
		bankruptcy or insolvency proceeding and such determination shall be binding on
		all of the Lenders.
	 

	 
		11.02 Notices and Other Communications; Facsimile
		Copies.
	 

	 
		(a) Notices Generally. Except in the case of notices and other communications
		expressly permitted to be given by telephone (and except as provided in
		subsection (b) below), all notices and other 
	 

	 
		 
	 

	 
		 
	 

	 
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		communications provided for herein shall be
		in writing and shall be delivered by hand or overnight courier service, mailed
		by certified or registered mail or sent by telecopier as follows, and all
		notices and other communications expressly permitted hereunder to be given by
		telephone shall be made to the applicable telephone number, as follows:
	 

	 
		(i) if to any Borrower or any other Loan
		Party, the Administrative Agent or the L/C Issuer, to the address, telecopier
		number, electronic mail address or telephone number specified for such Person
		on Schedule 11.02; and 
	 

	 
		(ii) if to any other Lender, to the address,
		telecopier number, electronic mail address or telephone number specified in its
		Administrative Questionnaire.
	 

	 
		Notices sent by hand or overnight courier
		service, or mailed by certified or registered mail, shall be deemed to have
		been given when received; notices sent by telecopier shall be deemed to have
		been given when sent (except that, if not given during normal business hours
		for the recipient, shall be deemed to have been given at the opening of
		business on the next business day for the recipient). Notices delivered through
		electronic communications to the extent provided in subsection (b) below, shall
		be effective as provided in such subsection (b).
	 

	 
		(b) Electronic Communications. Notices and other communications to the Lenders and
		the L/C Issuer hereunder may be delivered or furnished by electronic
		communication (including e-mail and Internet or intranet websites) pursuant to
		procedures approved by the Administrative Agent, provided that
		the foregoing shall not apply to notices to any Lender or the L/C Issuer
		pursuant to Article II if such Lender or the L/C Issuer, as applicable, has
		notified the Administrative Agent that it is incapable of receiving notices
		under such Article by electronic communication. The Administrative Agent or the
		Borrowers may, in its discretion, agree to accept notices and other
		communications to it hereunder by electronic communications pursuant to
		procedures approved by it, provided that
		approval of such procedures may be limited to particular notices or
		communications.
	 

	 
		Unless the Administrative Agent otherwise
		prescribes, (i) notices and other communications sent to an e-mail address
		shall be deemed received upon the sender’s receipt of an acknowledgement
		from the intended recipient (such as by the “return receipt
		requested” function, as available, return e-mail or other written
		acknowledgement), provided that if
		such notice or other communication is not sent during the normal business hours
		of the recipient, such notice or communication shall be deemed to have been
		sent at the opening of business on the next business day for the recipient, and
		(ii) notices or communications posted to an Internet or intranet website
		shall be deemed received upon the deemed receipt by the intended recipient at
		its e-mail address as described in the foregoing clause (i) of
		notification that such notice or communication is available and identifying the
		website address therefor.
	 

	 
		(c) Information. In
		no event shall the Administrative Agent or any of its Related Parties
		(collectively, the “Agent
		Parties”) have any liability to
		any Borrower, any Lender, the L/C Issuer or any other Person for losses,
		claims, damages, liabilities or expenses of any kind (whether in tort, contract
		or otherwise) arising out of the Borrowers’ or the Administrative
		Agent’s transmission of Borrower materials through the Internet, except to
		the extent that such losses, claims, damages, liabilities or expenses are
		determined by a court of competent jurisdiction by a final judgment to have
		resulted from the gross negligence or willful misconduct of such Agent Party;
		provided, however, that in
		no event shall any Agent Party have any liability to the Borrowers, any Lender,
		the L/C Issuer or any other Person for indirect, special, incidental,
		consequential or punitive damages (as opposed to direct or actual
		damages).
	 

	 
		(d) Change of Address, Etc. Each of the Borrowers, the Administrative Agent and
		the L/C Issuer may change its address, telecopier or telephone number for
		notices and other communications 
	 

	 
		 
	 

	 
		 
	 

	 
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		hereunder by notice to the other parties
		hereto. Each other Lender may change its address, telecopier or telephone
		number for notices and other communications hereunder by notice to the
		Borrowers, the Administrative Agent and the L/C Issuer. In addition, each
		Lender agrees to notify the Administrative Agent from time to time to ensure
		that the Administrative Agent has on record (i) an effective address, contact
		name, telephone number, telecopier number and electronic mail address to which
		notices and other communications may be sent and (ii) accurate wire
		instructions for such Lender.
	 

	 
		(e) Reliance by Administrative Agent, L/C Issuer and
		Lenders. The Administrative Agent, the
		L/C Issuer and the Lenders shall be entitled to rely and act upon any notices
		(including telephonic Loan Notices) purportedly given by or on behalf of any
		Loan Party even if (i) such notices were not made in a manner specified herein,
		were incomplete or were not preceded or followed by any other form of notice
		specified herein, or (ii) the terms thereof, as understood by the recipient,
		varied from any confirmation thereof. The Loan Parties shall indemnify the
		Administrative Agent, the L/C Issuer, each Lender and the Related Parties of
		each of them from all losses, costs, expenses and liabilities resulting from
		the reliance by such Person on each notice purportedly given by or on behalf of
		a Loan Party. All telephonic notices to and other telephonic communications
		with the Administrative Agent may be recorded by the Administrative Agent, and
		each of the parties hereto hereby consents to such recording.
	 

	 
		11.03 No Waiver; Cumulative Remedies.
	 

	 
		No failure by any Lender, the L/C Issuer or
		the Administrative Agent to exercise, and no delay by any such Person in
		exercising, any right, remedy, power or privilege hereunder shall operate as a
		waiver thereof; nor shall any single or partial exercise of any right, remedy,
		power or privilege hereunder preclude any other or further exercise thereof or
		the exercise of any other right, remedy, power or privilege. The rights,
		remedies, powers and privileges herein provided are cumulative and not
		exclusive of any rights, remedies, powers and privileges provided by
		law.
	 

	 
		11.04 Expenses; Indemnity; and Damage Waiver.
	 

	 
		(a) Costs and Expenses. The Loan Parties shall pay (i) all reasonable
		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 syndication of the credit
		facilities provided for herein, the preparation, negotiation, execution,
		delivery and administration of this Agreement and the other Loan Documents or
		any amendments, modifications or waivers of the provisions hereof or thereof
		(whether or not the transactions contemplated hereby or thereby shall be
		consummated), (ii) all reasonable documented out-of-pocket expenses
		incurred by the L/C Issuer in connection with the issuance, amendment, renewal
		or extension of any Letter of Credit or any demand for payment thereunder and
		(iii) all documented out-of-pocket expenses incurred by the Administrative
		Agent, any Lender or the L/C Issuer (including the reasonable fees, charges and
		disbursements of any counsel for the Administrative Agent, any Lender or the
		L/C Issuer), and shall pay all reasonable fees and time charges for attorneys
		who may be employees of the Administrative Agent, any Lender or the L/C Issuer,
		in connection with the enforcement or protection of its rights (A) in
		connection with this Agreement and the other Loan Documents, including its
		rights under this Section, or (B) in connection with the Loans made or
		Letters of Credit issued hereunder, including all such out-of-pocket expenses
		incurred during any workout, restructuring or negotiations in respect of such
		Loans or Letters of Credit.
	 

	 
		(b) Indemnification by the Borrowers. The Loan Parties shall indemnify the Administrative
		Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each
		Related Party of any of the foregoing Persons (each such Person being called an
		“Indemnitee”) against, and hold each Indemnitee harmless from,
		any and all losses, claims, damages, liabilities and related expenses
		(including the 
	 

	 
		 
	 

	 
		 
	 

	 
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		reasonable documented fees, charges and
		disbursements of any counsel for any Indemnitee but excluding Taxes which are
		the subject matter of Section 3.01 other than the net amount of any Taxes
		related to amounts paid pursuant to this Section 11.04(b)), and shall indemnify
		and hold harmless each Indemnitee from all reasonable documented fees and time
		charges and disbursements for attorneys who may be employees of any Indemnitee,
		incurred by any Indemnitee or asserted against any Indemnitee by any third
		party or by any Borrower or any other Loan Party arising out of, in connection
		with, or as a result of (i) the execution or delivery of this Agreement,
		any other Loan Document or any agreement or instrument contemplated hereby or
		thereby, the performance by the parties hereto of their respective obligations
		hereunder or thereunder or the consummation of the transactions contemplated
		hereby or thereby, or, in the case of the Administrative Agent (and any
		sub-agent thereof) and its Related Parties only, the administration of this
		Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit
		or the use or proposed use of the proceeds therefrom (including any refusal by
		the L/C Issuer to honor a demand for payment under a Letter of Credit if the
		documents presented in connection with such demand do not strictly comply with
		the terms of such Letter of Credit), (iii) any actual or alleged presence
		or release of Hazardous Materials on or from any property owned or operated by
		a Loan Party or any of its Subsidiaries, or any Environmental Liability related
		in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual
		or prospective claim, litigation, investigation or proceeding relating to any
		of the foregoing, whether based on contract, tort or any other theory, whether
		brought by a third party or by any Borrower or any other Loan Party, and
		regardless of whether any Indemnitee is a party thereto; provided that
		such indemnity shall not, as to any Indemnitee, be available to the extent that
		such losses, claims, damages, liabilities or related expenses (x) are
		determined by a court of competent jurisdiction by final judgment to have
		resulted from the gross negligence or willful misconduct of such Indemnitee,
		(y) result from a claim brought by any Borrower or any other Loan Party
		against an Indemnitee for breach in bad faith of such Indemnitee’s
		obligations hereunder or under any other Loan Document, if the Borrowers or
		such Loan Party has obtained a final judgment in its favor on such claim as
		determined by a court of competent jurisdiction or (z) does not directly
		involve an act or omission of a Loan Party or any of its Affiliates and is
		brought by an Indemnitee against any other Indemnitee.
	 

	 
		(c) Reimbursement by Lenders. To the extent that the Loan Parties for any reason
		fail to indefeasibly pay any amount required under subsection (a)
		or (b) of this Section to be paid by them to the Administrative Agent (or
		any sub-agent thereof), the L/C Issuer or any Related Party of any of the
		foregoing, each Lender severally agrees to pay to the Administrative Agent (or
		any such sub-agent), the L/C Issuer or such Related Party, as the case may be,
		such Lender’s Applicable Percentage (determined as of the time that the
		applicable unreimbursed expense or indemnity payment is sought) of such unpaid
		amount, provided that the unreimbursed expense or indemnified loss,
		claim, damage, liability or related expense, as the case may be, was incurred
		by or asserted against the Administrative Agent (or any such sub-agent) or the
		L/C Issuer in its capacity as such, or against any Related Party of any of the
		foregoing acting for the Administrative Agent (or any such sub-agent) or L/C
		Issuer in connection with such capacity. The obligations of the Lenders under
		this subsection (c) are subject to the provisions of Section 2.11(d).
	 

	 
		(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no
		Loan Party or Indemnitee shall assert, and each Loan Party and Indemnitee
		hereby waives, any claim against any Indemnitee or Loan Party, on any theory of
		liability, for special, indirect, consequential or punitive damages (as opposed
		to direct or actual damages) arising out of, in connection with, or as a result
		of, this Agreement, any other Loan Document or any agreement or instrument
		contemplated hereby, the transactions contemplated hereby or thereby, any Loan
		or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred
		to in subsection (b) above shall be liable for any damages arising from the use
		by unintended recipients of any information or other materials distributed by
		it through telecommunications, electronic or other information transmission
		systems in connection with this 
	 

	 
		 
	 

	 
		 
	 

	 
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		Agreement or the other Loan Documents or the
		transactions contemplated hereby or thereby unless such damages were caused by
		such Indemnitee’s gross negligence or willful misconduct.
	 

	 
		(e) Payments. All
		amounts due under this Section shall be payable not later than ten Business
		Days after demand therefor.
	 

	 
		(f) Survival. The
		agreements in this Section shall survive the resignation of the Administrative
		Agent and the L/C Issuer, the replacement of any Lender, the termination of the
		Commitments and the repayment, satisfaction or discharge of all the other
		Obligations.
	 

	 
		11.05 Payments Set Aside.
	 

	 
		To the extent that any payment by or on
		behalf of any Loan Party is made to the Administrative Agent, the L/C Issuer or
		any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises
		its right of setoff, and such payment or the proceeds of such setoff or any
		part thereof is subsequently invalidated, declared to be fraudulent or
		preferential, set aside or required (including pursuant to any settlement
		entered into by the Administrative Agent, the L/C Issuer or such Lender in its
		discretion) to be repaid to a trustee, receiver or any other party, in
		connection with any proceeding under any Debtor Relief Law or otherwise, then
		(a) to the extent of such recovery, the obligation or part thereof originally
		intended to be satisfied shall be revived and continued in full force and
		effect as if such payment had not been made or such setoff had not occurred,
		and (b) each Lender and the L/C Issuer severally agrees to pay to the
		Administrative Agent upon demand its applicable share (without duplication) of
		any amount so recovered from or repaid by the Administrative Agent, plus
		interest thereon from the date of such demand to the date such payment is made
		at a rate per annum equal to the Federal Funds Rate from time to time in
		effect. The obligations of the Lenders and the L/C Issuer under clause (b) of
		the preceding sentence shall survive the payment in full of the Obligations and
		the termination of this Agreement.
	 

	 
		11.06 Successors and Assigns.
	 

	 
		(a) Successors and Assigns Generally. The provisions of this Agreement and the other Loan
		Documents shall be binding upon and inure to the benefit of the parties hereto
		and thereto and their respective successors and assigns permitted hereby,
		except that the Borrowers may not assign or otherwise transfer any of its
		rights or obligations hereunder or thereunder without the prior written consent
		of the Administrative Agent and each Lender and no Lender may assign or
		otherwise transfer any of its rights or obligations hereunder except (i) to an
		assignee in accordance with the provisions of subsection (b) of this Section,
		(ii) by way of participation in accordance with the provisions of subsection
		(d) of this Section or (iii) by way of pledge or assignment of a security
		interest subject to the restrictions of subsection (f) of this Section (and any
		other attempted assignment or transfer by any party hereto shall be null and
		void). Nothing in this Agreement, expressed or implied, shall be construed to
		confer upon any Person (other than the parties hereto, their respective
		successors and assigns permitted hereby, Participants to the extent provided in
		subsection (d) of this Section and, to the extent expressly contemplated
		hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer
		and the Lenders) any legal or equitable right, remedy or claim under or by
		reason of this Agreement.
	 

	 
		(b) Assignments by Lenders. Any Lender may at any time assign to one or more
		assignees all or a portion of its rights and obligations under this Agreement
		and the other Loan Documents (including all or a portion of its Commitment and
		the Loans (including for purposes of this subsection (b), participations in L/C
		Obligations) at the time owing to it); provided that
		any such assignment shall be subject to the following conditions:
	 

	 
		(i) Minimum Amounts.
		
	 

	 
		 
	 

	 
		 
	 

	 
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		(A)in the case of an assignment of the
		entire remaining amount of the assigning Lender’s Commitment and the
		related Loans at the time owing to it or in the case of an assignment to a
		Lender, an Affiliate of a Lender or an Approved Fund Lender, no minimum amount
		need be assigned; and
	 

	 
		(B) in any case not described in subsection
		(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for
		this purpose includes Loans outstanding thereunder) or, if the Commitment is
		not then in effect, the principal outstanding balance of the Loans of the
		assigning Lender subject to each such assignment, determined as of the date the
		Assignment and Assumption with respect to such assignment is delivered to the
		Administrative Agent or, if “Trade Date” is specified in the
		Assignment and Assumption, as of the Trade Date, shall not be less than
		$1,000,000 in the case of an assignment of a Revolving Commitment (and the
		related Revolving Loans thereunder) and $1,000,000 in the case of an assignment
		of Term A Loans, Term B Loans or a Delayed Draw Loan Commitment and the related
		Delayed Draw Term Loans thereunder) unless each of the Administrative Agent
		and, so long as no Event of Default has occurred and is continuing, the
		Borrowers otherwise consent (each such consent not to be unreasonably withheld
		or delayed); provided, however, that
		concurrent assignments to members of an Assignee Group and concurrent
		assignments from members of an Assignee Group to a single Eligible Assignee (or
		to an Eligible Assignee and members of its Assignee Group) will be treated as a
		single assignment for purposes of determining whether such minimum amount has
		been met. 
	 

	 
		(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment
		of a proportionate part of all the assigning Lender’s Loans and
		Commitments, and rights and obligations with respect thereto, assigned, except
		that this clause (ii) shall not prohibit any Lender from assigning all or a
		portion of its rights and obligations in respect of its Revolving Commitment
		(and the related Revolving Loans thereunder) and its outstanding Term Loans (or
		any tranche thereof) on a non-pro rata basis;
	 

	 
		(iii) Required Consents. No consent
		shall be required for any assignment except to the extent required by
		subsection (b)(i)(B) of this Section and, in addition:
	 

	 
		(A) the consent of the Borrowers (such
		consent not to be unreasonably withheld or delayed; shall be required unless
		(1) an Event of Default under Section
		9.01(a), (f) or
		(g) has occurred and is continuing at the time of such
		assignment or any other Event of Default has occurred and is in existence for
		at least 10 Business Days and is continuing at the time of such assignment or
		(2) such assignment is to a Lender, an Affiliate of a Lender or an Approved
		Fund Lender;
	 

	 
		(B) the consent of the Administrative Agent
		(such consent not to be unreasonably withheld or delayed) shall be required for
		assignments in respect of (i) any Commitment if such assignment is to a Person
		that is not a Lender with a Commitment in respect of the Commitment subject to
		such assignment, an Affiliate of such Lender or an Approved Fund Lender with
		respect to such Lender or (ii) any Term Loan to a Person that is not a Lender,
		an Affiliate of a Lender or an Approved Fund Lender; and
	 

	 
		(C) the consent of the L/C Issuer (such
		consent not to be unreasonably withheld or delayed) shall be required for any
		assignment that increases the obligation of the assignee to participate in
		exposure under one or more Letters of Credit (whether or not then outstanding).
		
	 

	 
		 
	 

	 
		 
	 

	 
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		(iv) Assignment and Assumption. The parties to each assignment shall execute and
		deliver to the Administrative Agent an Assignment and Assumption, together with
		a processing and recordation fee in the amount of $3,500; provided, however, that
		the Administrative Agent may, in its sole discretion, elect to waive such
		processing and recordation fee in the case of any assignment. The assignee, if
		it shall not be a Lender, shall deliver to the Administrative Agent an
		Administrative Questionnaire.
	 

	 
		(v) No Assignment to a Borrower. No such assignment shall be made to a Borrower or any
		of a Borrower’s Affiliates or Subsidiaries. 
	 

	 
		(vi) No Assignment to Natural Persons or Ineligible
		Assignees. No such assignment shall be
		made to a natural person or an Ineligible Assignee.
	 

	 
		Subject to acceptance and recording thereof
		by the Administrative Agent pursuant to subsection (c) of this Section, from
		and after the effective date specified in each Assignment and Assumption, the
		assignee thereunder shall be a party to this Agreement and, to the extent of
		the interest assigned by such Assignment and Assumption, have the rights and
		obligations of a Lender under this Agreement, and the assigning Lender
		thereunder shall, to the extent of the interest assigned by such Assignment and
		Assumption, be released from its obligations under this Agreement (and, in the
		case of an Assignment and Assumption covering all of the assigning
		Lender’s rights and obligations under this Agreement, such Lender shall
		cease to be a party hereto but shall continue to be entitled to the benefits of
		Sections 3.01, 3.04,
		3.05 and 11.04 with
		respect to facts and circumstances occurring prior to the effective date of
		such assignment). Upon request, the Borrowers (at their expense) shall execute
		and deliver a Note or Notes to the assignee Lender. Any assignment or transfer
		by a Lender of rights or obligations under this Agreement that does not comply
		with this subsection shall be treated for purposes of this Agreement as a sale
		by such Lender of a participation in such rights and obligations in accordance
		with subsection (d) of this Section.
	 

	 
		(c) Register. The
		Administrative Agent, acting solely for this purpose as an agent of the
		Borrowers, shall maintain at the Administrative Agent’s Office a copy of
		each Assignment and Assumption delivered to it and a register for the
		recordation of the names and addresses of the Lenders, and the Commitments of,
		and principal amounts of the Loans and L/C Obligations owing to, each Lender
		pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be
		conclusive, and the Borrowers, the Administrative Agent and the Lenders shall
		only treat each Person whose name is recorded in the Register pursuant to the
		terms hereof as a Lender hereunder for all purposes of this Agreement,
		notwithstanding notice to the contrary. The Register shall be available for
		inspection by the Borrowers and any Lender at any reasonable time and from time
		to time upon reasonable prior notice. 
	 

	 
		(d) Participations.
		Any Lender may at any time, without the consent of, or notice to, the Borrowers
		or the Administrative Agent, sell participations to any Person (other than a
		natural person, an Ineligible Assignee or the Borrowers or any of a
		Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
		and/or obligations under this Agreement (including all or a portion of its
		Commitment and/or the Loans (including such Lender’s participations in L/C
		Obligations) owing to it); provided that
		(i) such Lender’s obligations under this Agreement shall remain
		unchanged, (ii) such Lender shall remain solely responsible to the other
		parties hereto for the performance of such obligations and (iii) the
		Borrowers, the Administrative Agent, the other Lenders and the L/C Issuer shall
		continue to deal solely and directly with such Lender in connection with such
		Lender’s rights and obligations under this Agreement. Any agreement or
		instrument pursuant to which a Lender sells such a participation shall provide
		that such Lender shall retain the sole right to enforce this 
	 

	 
		 
	 

	 
		 
	 

	 
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		Agreement and to approve any amendment,
		modification or waiver of any provision of this Agreement; provided that
		such agreement or instrument may provide that such Lender will not, without the
		consent of the Participant, agree to any amendment, waiver or other
		modification described in clauses (i) through (vii) of the Section 11.01(a)
		that affects such Participant. Subject to subsection (e) of this Section, the
		Borrowers agree that each Participant shall be entitled to the benefits of
		Sections 3.01, 3.04 and
		3.05 to the same
		extent as if it were a Lender and had acquired its interest by assignment
		pursuant to subsection (b) of this Section. To the extent permitted by law,
		each Participant also shall be entitled to the benefits of Section 11.08 as though it
		were a Lender, provided such Participant agrees to be subject to
		Section 2.13 as though it were a Lender. In the event that any
		Lender sells a participation pursuant to this Section 11.6(d), such Lender
		shall maintain with respect to such participation, acting solely for this
		purpose as an agent of the Borrower, a register comparable to the Register (the
		“Participant
		Register”). Interests in the
		rights and/or obligations of a Lender under this Agreement may be participated
		in whole or in part only by registration of such participation on such
		Participant Register. If requested by the Administrative Agent or the Borrower,
		such Lender shall make the Participant Register available to Administrative
		Agent or the Borrower upon either (i) the exercise by a Participant of remedies
		hereunder or (ii) a request for the Register by the IRS.
	 

	 
		(e) Limitation on Participant Rights. A Participant shall not be entitled to receive any
		greater payment under Section
		3.01 or 3.04
		than the applicable Lender would have
		been entitled to receive with respect to the participation sold to such
		Participant, unless the sale of the participation to such Participant is made
		with the Borrowers’ prior written consent. A Participant shall not be
		entitled to the benefits of Section 3.01 unless the Borrowers are notified of the participation
		sold to such Participant and such Participant agrees, for the benefit of the
		Borrowers, to comply with Section
		3.01(e) as though it were a
		Lender.
	 

	 
		(f) Certain Pledges.
		Any Lender may at any time pledge or assign a security interest in all or any
		portion of its rights under this Agreement (including under its Note, if any)
		to secure obligations of such Lender, including any pledge or assignment to
		secure obligations to a Federal Reserve Bank; provided that no
		such pledge or assignment shall release such Lender from any of its obligations
		hereunder or substitute any such pledgee or assignee for such Lender as a party
		hereto.
	 

	 
		(g) Electronic Execution of Assignments. The words “execution,” “signed,”
		“signature,” and words of like import in any Assignment and
		Assumption shall be deemed to include electronic signatures or the keeping of
		records in electronic form, each of which shall be of the same legal effect,
		validity or enforceability as a manually executed signature or the use of a
		paper-based recordkeeping system, as the case may be, to the extent and as
		provided for in any applicable law, including the Federal Electronic Signatures
		in Global and National Commerce Act, the New York State Electronic Signatures
		and Records Act, or any other similar state laws based on the Uniform
		Electronic Transactions Act.
	 

	 
		(h) Resignation as L/C Issuer after
		Assignment. Notwithstanding anything to
		the contrary contained herein, if at any time Bank of America assigns all of
		its Commitments and Loans pursuant to subsection (b) above, Bank of America
		may, upon thirty days’ notice to the Borrowers and the Lenders, resign as
		L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrowers
		shall be entitled to appoint from among the Lenders a successor L/C Issuer
		hereunder; provided, however, that no
		failure by the Borrowers to appoint any such successor shall affect the
		resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C
		Issuer, it shall retain all the rights, powers, privileges and duties of the
		L/C Issuer hereunder with respect to all Letters of Credit outstanding as of
		the effective date of its resignation as L/C Issuer and all L/C Obligations
		with respect thereto (including the right to require the Lenders to make Base
		Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
		Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (1)
		such successor shall succeed to and become vested with all of the rights,
		powers, privileges and duties of the retiring L/C Issuer and (2) the 
	 

	 
		 
	 

	 
		 
	 

	 
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		successor L/C Issuer shall issue letters of
		credit in substitution for the Letters of Credit, if any, outstanding at the
		time of such succession or make other arrangements satisfactory to Bank of
		America to effectively assume the obligations of Bank of America with respect
		to such Letters of Credit.
	 

	 
		11.07 Treatment of Certain Information;
		Confidentiality.
	 

	 
		Each of the Administrative Agent, the
		Lenders and the L/C Issuer agrees to maintain the confidentiality of the
		Information (as defined below) and to not use the Information for any purpose
		except in connection with the Loan Documents, except that Information may be
		disclosed (a) to its Affiliates and to its and its Affiliates’ respective
		partners, directors, officers, employees, agents, advisors and representatives
		and to any direct or indirect contractual counterparty (or such contractual
		counterparty’s professional advisor) under any Credit Facility Swap
		Contract, in each case whom it reasonably determines needs to know such
		information in connection with this Agreement and the transactions contemplated
		hereby (it being understood that the Persons to whom such disclosure is made
		will be informed of the confidential nature of such Information and instructed
		to keep such Information confidential), (b) to the extent requested by any
		regulatory authority purporting to have jurisdiction over it (including any
		self-regulatory authority, such as the National Association of Insurance
		Commissioners), (c) to the extent required by applicable laws or regulations or
		by any subpoena or similar legal process, (d) to any other party hereto, (e) in
		connection with the exercise of any remedies hereunder or under any other Loan
		Document or any action or proceeding relating to this Agreement or any other
		Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
		to an agreement containing provisions substantially the same as (or containing
		provisions more restrictive than) those of this Section, to (i) any assignee of
		or Participant in, or any prospective assignee of or Participant in, any of its
		rights or obligations under this Agreement or (ii) any actual or prospective
		counterparty (or its advisors) to any swap or derivative transaction relating
		to a Loan Party and its obligations, (g) with the consent of the Borrowers or
		(h) to the extent such Information (x) becomes publicly available other than as
		a result of a breach of this Section or (y) becomes available to the
		Administrative Agent, any Lender, the L/C Issuer or any of their respective
		Affiliates on a nonconfidential basis from a source other than the Borrowers.
		
	 

	 
		For purposes of this Section,
		“Information” means all information received from a Loan Party
		or any Subsidiary relating to the Loan Parties or any Subsidiary or any of
		their respective businesses, including investments, other than any such
		information that is available to the Administrative Agent, any Lender or the
		L/C Issuer on a nonconfidential basis prior to disclosure by such Loan Party or
		any Subsidiary, provided that, in the case of information received from a Loan
		Party or any Subsidiary after the date hereof, such information is clearly
		identified at the time of delivery as confidential. Any Person required to
		maintain the confidentiality of Information as provided in this Section shall
		be considered to have complied with its obligation to do so if such Person has
		exercised the same degree of care to maintain the confidentiality of such
		Information as such Person would accord to its own confidential
		information.
	 

	 
		Each of the Administrative Agent, the
		Lenders and the L/C Issuer acknowledges that (a) the Information may include
		material non-public information concerning a Loan Party or a Subsidiary, as the
		case may be, (b) it has developed compliance procedures regarding the use of
		material non-public information and (c) it will handle such material non-public
		information in accordance with applicable Law, including United States Federal
		and state securities Laws.
	 

	 
		11.08 Set-off.
	 

	 
		If an Event of Default shall have occurred
		and be continuing, each Lender, the L/C Issuer and each of their respective
		Affiliates is hereby authorized at any time and from time to time, after
		obtaining the prior written consent of the Administrative Agent, to the fullest
		extent permitted by applicable law, to 
	 

	 
		 
	 

	 
		 
	 

	 
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		set-off and apply any and all deposits
		(general or special, time or demand, provisional or final, in whatever
		currency) at any time held and other obligations (in whatever currency) at any
		time owing by such Lender, the L/C Issuer or any such Affiliate to or for the
		credit or the account of any Borrower or any other Loan Party against any and
		all of the obligations of the Borrowers or such Loan Party now or hereafter
		existing under this Agreement or any other Loan Document to such Lender or the
		L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall
		have made any demand under this Agreement or any other Loan Document and
		although such obligations of the Borrowers or such Loan Party may be contingent
		or unmatured or are owed to a branch or office of such Lender or the L/C Issuer
		different from the branch or office holding such deposit or obligated on such
		indebtedness. The rights of each Lender, the L/C Issuer and their respective
		Affiliates under this Section are in addition to other rights and remedies
		(including other rights of set-off) that such Lender, the L/C Issuer or their
		respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify
		the Borrowers and the Administrative Agent promptly after any such setoff and
		application, provided that the failure to give such notice shall not affect
		the validity of such setoff and application.
	 

	 
		11.09 Interest Rate Limitation.
	 

	 
		Notwithstanding anything to the contrary
		contained in any Loan Document, the interest paid or agreed to be paid under
		the Loan Documents shall not exceed the maximum rate of non-usurious interest
		permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall
		receive interest in an amount that exceeds the Maximum Rate, the excess
		interest shall be applied to the principal of the Loans or, if it exceeds such
		unpaid principal, refunded to the Borrowers. In determining whether the
		interest contracted for, charged, or received by the Administrative Agent or a
		Lender exceeds the Maximum Rate, such Person may, to the extent permitted by
		applicable Law, (a) characterize any payment that is not principal as an
		expense, fee, or premium rather than interest, (b) exclude voluntary
		prepayments and the effects thereof, and (c) amortize, prorate, allocate, and
		spread in equal or unequal parts the total amount of interest throughout the
		contemplated term of the Obligations hereunder.
	 

	 
		11.10 Counterparts; Integration; Effectiveness.
	 

	 
		This Agreement 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. This Agreement and the other Loan Documents
		constitute the entire contract among the parties relating to the subject matter
		hereof and supersede any and all previous agreements and understandings, oral
		or written, relating to the subject matter hereof. Except as provided in
		Section 5.01, this Agreement shall become effective when it shall
		have been executed by the Administrative Agent and when the Administrative
		Agent shall have received counterparts hereof that, when taken together, bear
		the signatures of each of the other parties hereto. Delivery of an executed
		counterpart of a signature page of this Agreement by telecopy shall be
		effective as delivery of a manually executed counterpart of this
		Agreement.
	 

	 
		11.11 Survival of Representations and
		Warranties. 
	 

	 
		All representations and warranties made
		hereunder and in any other Loan Document or other document delivered pursuant
		hereto or thereto or in connection herewith or therewith shall survive the
		execution and delivery hereof and thereof. Such representations and warranties
		have been or will be relied upon by the Administrative Agent and each Lender,
		regardless of any investigation made by the Administrative Agent or any Lender
		or on their behalf and notwithstanding that the Administrative Agent or any
		Lender may have had notice or knowledge of any Default at the time of any
		Credit Extension, and shall continue in full force and effect as long as any
		Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
		any Letter of Credit shall remain outstanding.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
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		11.12 Severability.
		
	 

	 
		If any provision of this Agreement or the
		other Loan Documents is held to be illegal, invalid or unenforceable, (a) the
		legality, validity and enforceability of the remaining provisions of this
		Agreement and the other Loan Documents shall not be affected or impaired
		thereby and (b) the parties shall endeavor in good faith negotiations to
		replace the illegal, invalid or unenforceable provisions with valid provisions
		the economic effect of which comes as close as possible to that of the illegal,
		invalid or unenforceable provisions. The invalidity of a provision in a
		particular jurisdiction shall not invalidate or render unenforceable such
		provision in any other jurisdiction.
	 

	 
		11.13 Replacement of Lenders. 
	 

	 
		If (i) any Lender requests compensation
		under Section 3.04,
		(ii) the Borrowers are required to pay any additional amount to any Lender or
		any Governmental Authority for the account of any Lender pursuant to
		Section 3.01, (iii) a Lender (a “Non-Consenting Lender”) does not consent to a proposed change, waiver,
		discharge or termination with respect to any Loan Document that has been
		approved by the Required Lenders as provided in Section 11.01
		but requires unanimous consent of all Lenders or all Lenders directly affected
		thereby (as applicable), (iv) any Lender is a Defaulting Lender or (v) any
		other circumstance exists hereunder that gives the Borrowers the right to
		replace a Lender as a party hereto, then the Borrowers may, at their sole
		expense and effort, upon notice to such Lender and the Administrative Agent,
		require such Lender to assign and delegate, without recourse (in accordance
		with and subject to the restrictions contained in, and consents required by,
		Section 11.06), all of its interests, rights and obligations under
		this Agreement and the related Loan Documents to an assignee that shall assume
		such obligations (which assignee may be another Lender, if a Lender accepts
		such assignment), provided
		that:
	 

	 
		(a) the Borrowers shall have paid to the
		Administrative Agent the assignment fee specified in Section 11.06(b);
	 

	 
		(b) such Lender shall have received payment
		of an amount equal to the outstanding principal of its Loans and L/C Advances,
		accrued interest thereon, accrued fees and all other amounts payable to it
		hereunder and under the other Loan Documents (including any amounts under
		Section 3.05) from the assignee (to the extent of such outstanding
		principal and accrued interest and fees) or the Borrowers (in the case of all
		other amounts);
	 

	 
		(c) in the case of any such assignment
		resulting from a claim for compensation under Section 3.04 or
		payments required to be made pursuant to Section 3.01,
		such assignment will result in a reduction in such compensation or payments
		thereafter;
	 

	 
		(d) such assignment does not conflict with
		applicable Laws; and
	 

	 
		(e) in the case of any such assignment
		resulting from a Non-Consenting Lender’s failure to consent to a proposed
		change, waiver, discharge or termination with respect to any Loan Document, the
		applicable replacement bank, financial institution or Fund Lender consents to
		the proposed change, waiver, discharge or termination; provided that
		the failure by such Non-Consenting Lender to execute and deliver an Assignment
		and Assumption shall not impair the validity of the removal of such
		Non-Consenting Lender and the mandatory assignment of such Non-Consenting
		Lender’s Commitments and outstanding Loans and participations in L/C
		Obligations pursuant to this Section
		11.13 shall nevertheless be effective
		without the execution by such Non-Consenting Lender of an Assignment and
		Assumption.
	 

	 
		 
	 

	 
		 
	 

	 
		94
	 

	 
		 
	 

	 
	 

	 

	 
		A Lender shall not be required to make any
		such assignment or delegation if, prior thereto, as a result of a waiver by
		such Lender or otherwise, the circumstances entitling the Borrowers to require
		such assignment and delegation cease to apply. 
	 

	 
		11.14 Governing Law; Jurisdiction; Etc. 
	 

	 
		(a) GOVERNING LAW.
		THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
		OF THE STATE OF NEW YORK.
	 

	 
		(b) SUBMISSION TO JURISDICTION. THE BORROWERS AND EACH OTHER LOAN PARTY IRREVOCABLY
		AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
		JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
		AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK,
		AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
		OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
		RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
		IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
		ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT
		OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
		EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
		PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
		SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
		AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE
		ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING
		ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
		AGAINST ANY BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
		ANY JURISDICTION.
	 

	 
		(c) WAIVER OF VENUE.
		THE BORROWERS AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
		TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
		NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
		ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY
		COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
		HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
		LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
		PROCEEDING IN ANY SUCH COURT.
	 

	 
		(d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF
		PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY
		PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
		LAW.
	 

	 
		11.15 Waiver of Right to Trial by Jury. 
	 

	 
		EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
		TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
		TRIAL BY JURY IN 
	 

	 
		 
	 

	 
		 
	 

	 
		95
	 

	 
		 
	 

	 
	 

	 

	 
		ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
		ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
		TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR
		ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
		AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
		THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
		THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
		HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN
		DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
		SECTION.
	 

	 
		11.16 USA PATRIOT Act Notice. 
	 

	 
		Each Lender that is subject to the Act (as
		hereinafter defined) and the Administrative Agent (for itself and not on behalf
		of any Lender) hereby notifies the Borrowers that pursuant to the requirements
		of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
		26, 2001)) (the “Act”), it
		is required to obtain, verify and record information that identifies the
		Borrowers, which information includes the name and address of the Borrowers and
		other information that will allow such Lender or the Administrative Agent, as
		applicable, to identify the Borrowers in accordance with the Act.
	 

	 
		11.17 Judgment Currency. 
	 

	 
		If, for the purposes of obtaining judgment
		in any court, it is necessary to convert a sum due hereunder or any other Loan
		Document in one currency into another currency, the rate of exchange used shall
		be that at which in accordance with normal banking procedures the
		Administrative Agent could purchase the first currency with such other currency
		on the Business Day preceding that on which final judgment is given. The
		obligation of a Borrower in respect of any such sum due from it to the
		Administrative Agent or the Lenders hereunder or under the other Loan Documents
		shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated
		in accordance with the applicable provisions of this Agreement (the
		“Agreement Currency”), be discharged only to the extent that on the
		Business Day following receipt by the Administrative Agent of any sum adjudged
		to be so due in the Judgment Currency, the Administrative Agent may in
		accordance with normal banking procedures purchase the Agreement Currency with
		the Judgment Currency. If the amount of the Agreement Currency so purchased is
		less than the sum originally due to the Administrative Agent from the
		applicable Borrower in the Agreement Currency, such Borrower agrees, as a
		separate obligation and notwithstanding any such judgment, to indemnify the
		Administrative Agent or the Person to whom such obligation was owing against
		such loss. If the amount of the Agreement Currency so purchased is greater than
		the sum originally due to the Administrative Agent in such currency, the
		Administrative Agent agrees to return the amount of any excess to the
		applicable Borrower (or to any other Person who may be entitled thereto under
		applicable law).
	 

	 
		11.18 No Advisory or Fiduciary Responsibility. 
	 

	 
		In connection with all aspects of each
		transaction contemplated hereby (including in connection with any amendment,
		waiver or other modification hereof or of any other Loan Document), each Loan
		Party acknowledges and agrees, and acknowledges its Affiliates’
		understanding, that: (a) (i) the arranging and other services regarding this
		Agreement provided by the Administrative Agent and the Arrangers are
		arm’s-length commercial transactions between each Loan Party and their
		respective Affiliates, on the one hand, and the Administrative Agent and the
		Arrangers, on the other hand, (ii) each Loan Party has consulted its own legal,
		accounting, regulatory and tax advisors to the extent it has deemed
		appropriate, and (iii) each Loan Party is capable of evaluating, and
		understands and accepts, the terms, risks and 
	 

	 
		 
	 

	 
		 
	 

	 
		96
	 

	 
		 
	 

	 
	 

	 

	 
		conditions of the transactions contemplated
		hereby and by the other Loan Documents; (b) (A) the Administrative Agent and
		the Arrangers each is and has been acting solely as a principal and, except as
		expressly agreed in writing by the relevant parties, has not been, is not, and
		will not be acting as an advisor, agent or fiduciary for any Loan Party or any
		of their respective Affiliates, or any other Person and (B) neither the
		Administrative Agent nor the Arrangers has any obligation to any Loan Party or
		any of their respective Affiliates with respect to the transactions
		contemplated hereby except those obligations expressly set forth herein and in
		the other Loan Documents; and (c) the Administrative Agent and the Arrangers
		and their respective Affiliates may be engaged in a broad range of transactions
		that involve interests that differ from those of the Loan Parties and their
		respective Affiliates, and neither the Administrative Agent nor the Arrangers
		has any obligation to disclose any of such interests to any Loan Party or any
		of their respective Affiliates. To the fullest extent permitted by law, each
		Loan Party hereby waives and releases any claims that it may have against the
		Administrative Agent and the Arrangers with respect to any breach or alleged
		breach of agency or fiduciary duty in connection with any aspect of any
		transaction contemplated hereby.
	 

	 
		[SIGNATURE PAGES FOLLOW]
	 

	 
		 
	 

	 
		 
	 

	 
		97
	 

	 
		 
	 

	 
	 

	 

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

	 
		 
	 

	 
			
				
				  BORROWERS:
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company

				  (formerly known as Fortress Investment Group
				  LLC)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY I
				  LP,
 a Delaware limited
				  partnership
 (formerly known as Fortress
				  Investment Holdings LLC)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY II
				  LP,
 a Delaware limited
				  partnership
 (formerly known as Fortress
				  Principal Investment Holdings II LLC)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY III
				  LP,
 a Delaware limited
				  partnership
 (formerly known as FIG
				  Partners Pool (P) LLC)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PRINCIPAL HOLDINGS I LP,

				  a Delaware limited partnership

				  (formerly known as Fortress Principal Investment
				  Holdings III LLC)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  GUARANTORS:
				

			 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT
				  HOLDINGS LLC,
 a Delaware limited
				  liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS PRINCIPAL INVESTMENT GROUP
				  LLC,
 a Delaware limited liability
				  company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS INVESTMENT FUND GP
				  (HOLDINGS) LLC, 
 a Delaware limited
				  liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS CANADA MANAGEMENT
				  TRUST,
 a Delaware statutory
				  trust
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG PARTNERS POOL (A)
				  LLC,
 a Delaware limited liability
				  company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG PARTNERS POOL (P2)
				  LLC,
 a Delaware limited liability
				  company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  ADMINISTRATIVE

				  AGENT:
				

			 	
				
				   
				

			 	
				
				  
 BANK OF AMERICA,
				  N.A.,
 as Administrative Agent
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  LENDERS:
				

			 	
				
				   
				

			 	
				
				  BANK OF AMERICA, N.A.,

				  as a Lender and L/C Issuer
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		[Other lenders to be provided]
	 

	 
		 
	 

   
	 
		EXHIBIT 2.02
	 

	 
		FORM OF LOAN NOTICE
	 

	 
		Date: ___________, _____
	 

	 
			
				
				  To:  
				

			 	
				
				  Bank of America, N.A., as
				  Administrative Agent
				

			 

 

	 
		Ladies and Gentlemen:
	 

	 
		Reference is made to that certain Second
		Amended and Restated Credit Agreement, dated as of May __, 2007 (as
		amended, restated, extended, supplemented or otherwise modified in writing from
		time to time, the “Agreement;”
		the terms defined therein being used herein as therein defined), among FIG LLC
		(formerly known as Fortress Investment Group LLC), a Delaware limited liability
		company, the other Borrowers party thereto, the Guarantors from time to time
		party thereto, the Lenders from time to time party thereto, and Bank of
		America, N.A., as Administrative Agent and L/C Issuer.
	 

	 
		The undersigned on behalf of [specify
		Borrower] hereby requests (select one):
	 

	 
		o A
		Borrowing of [Revolving][Term A][Term B][Delayed Draw Term] Loans
	 

	 
		o A
		conversion or continuation of [Revolving][Term A][Term B][Delayed Draw Term]
		Loans
	 

	 
			
				
				   
				

			 	
				
				  1.
				

			 	
				
				  On
				                                            
				                     
				  (a Business Day).
				

			 

 

	 
			
				
				   
				

			 	
				
				  2.
				

			 	
				
				  In the amount of $
				                        .

				

			 

 

	 
			
				
				   
				

			 	
				
				  3.
				

			 	
				
				  Comprised of
				                                         .

				

			 

 

	 
		[Type of Loan requested]
	 

	 
			
				
				   
				

			 	
				
				  4.
				

			 	
				
				  For Eurodollar Rate Loans: with an
				  Interest Period of ____ months.
				

			 

 

	 
		After giving effect to the Borrowing, if
		any, requested herein, the Borrowers will be in compliance with Section 2.01 of
		the Credit Agreement. In accordance with the requirements of Section 5.02,
		the Borrowers hereby reaffirm the representations and warranties set forth in
		the Credit Agreement and confirms that no Default or Event of Default exists or
		would result from the Borrowing or the application of the proceeds thereof.
		
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT 2.10(a)(i)
	 

	 
		 
	 

	 
		FORM OF REVOLVING NOTE
	 

	 
		                                                          

	 

	 
		FOR VALUE RECEIVED, the undersigned
		(collectively, the “Borrowers”), jointly and severally, hereby promise to pay to
		_____________________ or its registered assigns (the “Lender”),
		in accordance with the provisions of the Agreement (as hereinafter defined),
		the principal amount of each Revolving Loan from time to time made by the
		Lender to the Borrowers under that certain Second Amended and Restated Credit
		Agreement, dated as of May __, 2007 (as amended, restated, extended,
		supplemented or otherwise modified in writing from time to time, the
		“Agreement;” the terms defined therein being used herein as
		therein defined), among the Borrowers, the Guarantors party thereto, the
		Lenders from time to time party thereto, and Bank of America, N.A., as
		Administrative Agent and L/C Issuer.
	 

	 
		The Borrowers promise to pay interest on the
		unpaid principal amount of each Revolving Loan from the date of such Revolving
		Loan until such principal amount is paid in full, at such interest rates and at
		such times as provided in the Agreement. All payments of principal and interest
		shall be made to the Administrative Agent for the account of the Lender in
		Dollars in immediately available funds at the Administrative Agent’s
		Office. If any amount is not paid in full when due hereunder, such unpaid
		amount shall bear interest, to be paid upon demand, from the due date thereof
		until the date of actual payment (and before as well as after judgment)
		computed at the per annum rate set forth in the Agreement.
	 

	 
		This Revolving Note is one of the Revolving
		Notes referred to in the Agreement, is entitled to the benefits thereof and may
		be prepaid in whole or in part subject to the terms and conditions provided
		therein. This Revolving Note is also entitled to the benefits of the Guaranty
		and is secured by the Collateral. Upon the occurrence and continuation of one
		or more of the Events of Default specified in the Agreement, all amounts then
		remaining unpaid on this Revolving Note shall become, or may be declared to be,
		immediately due and payable all as provided in the Agreement. Revolving Loans
		made by the Lender shall be evidenced by one or more loan accounts or records
		maintained by the Lender in the ordinary course of business. The Lender may
		also attach schedules to this Revolving Note and endorse thereon the date,
		amount and maturity of its Revolving Loans and payments with respect
		thereto.
	 

	 
		The Borrowers, for themselves, their
		successors and assigns, hereby waive diligence, presentment, protest and demand
		and notice of protest, demand, dishonor and non-payment of this Revolving
		Note.
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		THIS NOTE SHALL FOR ALL PURPOSES BE GOVERNED
		BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS
		NOTE INCORPORATES BY REFERENCE, AND THE BORROWERS AND THE LENDERS HEREBY AGREE
		TO BE SUBJECT TO THE PROVISIONS SET FORTH IN SECTION 11.14 OF THE
		AGREEMENT.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY I
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY II
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY III
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PRINCIPAL HOLDINGS I LP,

				  a Delaware limited partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		REVOLVING LOANS AND PAYMENTS WITH RESPECT
		THERETO
	 

	 
		 
	 

	 
			
				
				  Date
				

			 	
				
				   
				

			 	
				
				  Type of Revolving Loan
				  Made
				

			 	
				
				   
				

			 	
				
				  Amount of Revolving Loan
				  Made
				

			 	
				
				   
				

			 	
				
				  End of Interest Period
				

			 	
				
				   
				

			 	
				
				  Amount of Principal or Interest
				  Paid This Date
				

			 	
				
				   
				

			 	
				
				  Outstanding Principal Balance This
				  Date
				

			 	
				
				   
				

			 	
				
				  Notation
 Made By
				

			 
	
				
				  __________
				

			 	
				
				   
				

			 	
				
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				  __________
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT 2.10(a)(ii)
	 

	 
		FORM OF TERM A LOAN NOTE
	 

	 
		                                                          

	 

	 
		FOR VALUE RECEIVED, the undersigned
		(collectively, the “Borrowers”), jointly and severally, hereby promise to pay to
		_____________________ or its registered assigns (the “Lender”),
		in accordance with the provisions of the Agreement (as hereinafter defined),
		the principal amount of each Term A Loan from time to time made by the Lender
		to the Borrowers under that certain Second Amended and Restated Credit
		Agreement, dated as of May __, 2007 (as amended, restated, extended,
		supplemented or otherwise modified in writing from time to time, the
		“Agreement;” the terms defined therein being used herein as
		therein defined), among the Borrowers, the Guarantors party thereto, the
		Lenders from time to time party thereto, and Bank of America, N.A., as
		Administrative Agent and L/C Issuer.
	 

	 
		The Borrowers promise to pay interest on the
		unpaid principal amount of each Term A Loan from the date of such Term A Loan
		until such principal amount is paid in full, at such interest rates and at such
		times as provided in the Agreement. All payments of principal and interest
		shall be made to the Administrative Agent for the account of the Lender in
		Dollars in immediately available funds at the Administrative Agent’s
		Office. If any amount is not paid in full when due hereunder, such unpaid
		amount shall bear interest, to be paid upon demand, from the due date thereof
		until the date of actual payment (and before as well as after judgment)
		computed at the per annum rate set forth in the Agreement.
	 

	 
		This Term A Loan Note is one of the Term A
		Loan Notes referred to in the Agreement, is entitled to the benefits thereof
		and may be prepaid in whole or in part subject to the terms and conditions
		provided therein. This Term A Loan Note is also entitled to the benefits of the
		Guaranty and is secured by the Collateral. Upon the occurrence and continuation
		of one or more of the Events of Default specified in the Agreement, all amounts
		then remaining unpaid on this Term A Loan Note shall become, or may be declared
		to be, immediately due and payable all as provided in the Agreement. Each Term
		A Loan made by the Lender shall be evidenced by one or more loan accounts or
		records maintained by the Lender in the ordinary course of business. The Lender
		may also attach schedules to this Term A Loan Note and endorse thereon the
		date, amount and maturity of each such Term A Loan and payments with respect
		thereto.
	 

	 
		The Borrowers, for themselves, their
		successors and assigns, hereby waive diligence, presentment, protest and demand
		and notice of protest, demand, dishonor and non-payment of this Term A Loan
		Note.
	 

	 
		 
	 

	 
	 

	 

	 
		THIS NOTE SHALL FOR ALL PURPOSES BE GOVERNED
		BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS
		NOTE INCORPORATES BY REFERENCE, AND THE BORROWERS AND THE LENDERS HEREBY AGREE
		TO BE SUBJECT TO THE PROVISIONS SET FORTH IN SECTION 11.14 OF THE
		AGREEMENT.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY I
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY II
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY III
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PRINCIPAL HOLDINGS I LP,

				  a Delaware limited partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		TERM LOANS AND PAYMENTS WITH RESPECT
		THERETO
	 

	 
		 
	 

	 
			
				
				  Date
				

			 	
				
				   
				

			 	
				
				  Type of Term Loan Made
				

			 	
				
				   
				

			 	
				
				  Amount of Term Loan
				  Made
				

			 	
				
				   
				

			 	
				
				  End of Interest Period
				

			 	
				
				   
				

			 	
				
				  Amount of Principal or Interest
				  Paid This Date
				

			 	
				
				   
				

			 	
				
				  Outstanding Principal Balance This
				  Date
				

			 	
				
				   
				

			 	
				
				  Notation 
 Made By
				

			 	
				
				   
				

			 
	
				
				  __________
				

			 	
				
				   
				

			 	
				
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				  __________
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT 2.10(a)(iii)
	 

	 
		 
	 

	 
		FORM OF DELAYED DRAW TERM LOAN
		NOTE
	 

	 
		                                                          

	 

	 
		FOR VALUE RECEIVED, the undersigned
		(collectively, the “Borrowers”), jointly and severally, hereby promise to pay to
		_____________________ or its registered assigns (the “Lender”),
		in accordance with the provisions of the Agreement (as hereinafter defined),
		the principal amount of each Delayed Draw Term Loan from time to time made by
		the Lender to the Borrowers under that certain Second Amended and Restated
		Credit Agreement, dated as of May __, 2007 (as amended, restated,
		extended, supplemented or otherwise modified in writing from time to time, the
		“Agreement;” the terms defined therein being used herein as
		therein defined), among the Borrowers, the Guarantors party thereto, the
		Lenders from time to time party thereto, and Bank of America, N.A., as
		Administrative Agent and L/C Issuer.
	 

	 
		The Borrowers promise to pay interest on the
		unpaid principal amount of each Delayed Draw Term Loan from the date of such
		Delayed Draw Term Loan until such principal amount is paid in full, at such
		interest rates and at such times as provided in the Agreement. All payments of
		principal and interest shall be made to the Administrative Agent for the
		account of the Lender in Dollars in immediately available funds at the
		Administrative Agent’s Office. If any amount is not paid in full when due
		hereunder, such unpaid amount shall bear interest, to be paid upon demand, from
		the due date thereof until the date of actual payment (and before as well as
		after judgment) computed at the per annum rate set forth in the
		Agreement.
	 

	 
		This Delayed Draw Term Loan Note is one of
		the Delayed Draw Term Loan Notes referred to in the Agreement, is entitled to
		the benefits thereof and may be prepaid in whole or in part subject to the
		terms and conditions provided therein. This Delayed Draw Term Loan Note is also
		entitled to the benefits of the Guaranty and is secured by the Collateral. Upon
		the occurrence and continuation of one or more of the Events of Default
		specified in the Agreement, all amounts then remaining unpaid on this Delayed
		Draw Term Loan Note shall become, or may be declared to be, immediately due and
		payable all as provided in the Agreement. Each Delayed Draw Term Loan made by
		the Lender shall be evidenced by one or more loan accounts or records
		maintained by the Lender in the ordinary course of business. The Lender may
		also attach schedules to this Delayed Draw Term Loan Note and endorse thereon
		the date, amount and maturity of each such Delayed Draw Term Loan and payments
		with respect thereto.
	 

	 
		The Borrowers, for themselves, their
		successors and assigns, hereby waive diligence, presentment, protest and demand
		and notice of protest, demand, dishonor and non-payment of this Delayed Draw
		Term Loan Note.
	 

	 
		 
	 

	 
	 

	 

	 
		THIS NOTE SHALL FOR ALL PURPOSES BE GOVERNED
		BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS
		NOTE INCORPORATES BY REFERENCE, AND THE BORROWERS AND THE LENDERS HEREBY AGREE
		TO BE SUBJECT TO THE PROVISIONS SET FORTH IN SECTION 11.14 OF THE
		AGREEMENT.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY I
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY II
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY III
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PRINCIPAL HOLDINGS I LP,

				  a Delaware limited partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		TERM LOANS AND PAYMENTS WITH RESPECT
		THERETO
	 

	 
		 
	 

	 
			
				
				  Date
				

			 	
				
				   
				

			 	
				
				  Type of Term Loan Made
				

			 	
				
				   
				

			 	
				
				  Amount of Term Loan
				  Made
				

			 	
				
				   
				

			 	
				
				  End of Interest Period
				

			 	
				
				   
				

			 	
				
				  Amount of Principal or Interest
				  Paid This Date
				

			 	
				
				   
				

			 	
				
				  Outstanding Principal Balance This
				  Date
				

			 	
				
				   
				

			 	
				
				  Notation
 Made By
				

			 	
				
				   
				

			 
	
				
				  __________
				

			 	
				
				   
				

			 	
				
				  __________
				

			 	
				
				   
				

			 	
				
				  __________
				

			 	
				
				   
				

			 	
				
				  __________
				

			 	
				
				   
				

			 	
				
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		EXHIBIT 2.10(a)(iv)
	 

	 
		 
	 

	 
		FORM OF TERM B LOAN NOTE
	 

	 
		                                                          

	 

	 
		FOR VALUE RECEIVED, the undersigned
		(collectively, the “Borrowers”), jointly and severally, hereby promise to pay to
		_____________________ or its registered assigns (the “Lender”),
		in accordance with the provisions of the Agreement (as hereinafter defined),
		the principal amount of each Term B Loan from time to time made by the Lender
		to the Borrowers under that certain Second Amended and Restated Credit
		Agreement, dated as of May __, 2007 (as amended, restated, extended,
		supplemented or otherwise modified in writing from time to time, the
		“Agreement;” the terms defined therein being used herein as
		therein defined), among the Borrowers, the Guarantors party thereto, the
		Lenders from time to time party thereto, and Bank of America, N.A., as
		Administrative Agent and L/C Issuer.
	 

	 
		The Borrowers promise to pay interest on the
		unpaid principal amount of each Term B Loan from the date of such Term B Loan
		until such principal amount is paid in full, at such interest rates and at such
		times as provided in the Agreement. All payments of principal and interest
		shall be made to the Administrative Agent for the account of the Lender in
		Dollars in immediately available funds at the Administrative Agent’s
		Office. If any amount is not paid in full when due hereunder, such unpaid
		amount shall bear interest, to be paid upon demand, from the due date thereof
		until the date of actual payment (and before as well as after judgment)
		computed at the per annum rate set forth in the Agreement.
	 

	 
		This Term B Loan Note is one of the Term B
		Loan Notes referred to in the Agreement, is entitled to the benefits thereof
		and may be prepaid in whole or in part subject to the terms and conditions
		provided therein. This Term B Loan Note is also entitled to the benefits of the
		Guaranty and is secured by the Collateral. Upon the occurrence and continuation
		of one or more of the Events of Default specified in the Agreement, all amounts
		then remaining unpaid on this Term B Loan Note shall become, or may be declared
		to be, immediately due and payable all as provided in the Agreement. Each Term
		B Loan made by the Lender shall be evidenced by one or more loan accounts or
		records maintained by the Lender in the ordinary course of business. The Lender
		may also attach schedules to this Term B Loan Note and endorse thereon the
		date, amount and maturity of each such Term B Loan and payments with respect
		thereto.
	 

	 
		The Borrowers, for themselves, their
		successors and assigns, hereby waive diligence, presentment, protest and demand
		and notice of protest, demand, dishonor and non-payment of this Term B Loan
		Note.
	 

	 
		 
	 

	 
	 

	 

	 
		THIS NOTE SHALL FOR ALL PURPOSES BE GOVERNED
		BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS
		NOTE INCORPORATES BY REFERENCE, AND THE BORROWERS AND THE LENDERS HEREBY AGREE
		TO BE SUBJECT TO THE PROVISIONS SET FORTH IN SECTION 11.14 OF THE
		AGREEMENT.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY I
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY II
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FORTRESS OPERATING ENTITY III
				  LP,
 a Delaware limited
				  partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  PRINCIPAL HOLDINGS I LP,

				  a Delaware limited partnership
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		TERM LOANS AND PAYMENTS WITH RESPECT
		THERETO
	 

	 
		 
	 

	 
			
				
				  Date
				

			 	
				
				   
				

			 	
				
				  Type of Term Loan Made
				

			 	
				
				   
				

			 	
				
				  Amount of Term Loan
				  Made
				

			 	
				
				   
				

			 	
				
				  End of Interest Period
				

			 	
				
				   
				

			 	
				
				  Amount of Principal or Interest
				  Paid This Date
				

			 	
				
				   
				

			 	
				
				  Outstanding Principal Balance This
				  Date
				

			 	
				
				   
				

			 	
				
				  Notation
 Made By
				

			 	
				
				   
				

			 
	
				
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		EXHIBIT 7.02
	 

	 
		FORM OF COMPLIANCE CERTIFICATE

	 

	 
			
				
				   
				

			 	
				
				  Statement
				  Date:              ,

				

			 

 

	 
			
				
				  To:  
				

			 	
				
				  Bank of America, N.A., as
				  Administrative Agent
				

			 

 

	 
		Ladies and Gentlemen:
	 

	 
		Reference is made to that certain Second
		Amended and Restated Credit Agreement, dated as of May __, 2007 (as
		amended, restated, extended, supplemented or otherwise modified in writing from
		time to time, the “Agreement;”
		the terms defined therein being used herein as therein defined), among FIG LLC
		(formerly known as Fortress Investment Group LLC), a Delaware limited liability
		company (“FIG”), the
		other Borrowers party thereto, the Guarantors party thereto, the Lenders from
		time to time party thereto, and Bank of America, N.A., as Administrative Agent
		and L/C Issuer.
	 

	 
		The undersigned Responsible Officer hereby
		certifies as of the date hereof that he/she is the                              
		                              of FIG, and that, as such, he/she is authorized to
		execute and deliver this Certificate to the Administrative Agent on the behalf
		of Borrowers, and that:
	 

	 
		[Use following paragraph 1 for fiscal
		year-end financial statements]
	 

	 
		1. The year-end audited financial statements
		required by Section 7.01(a)(i) of the Agreement for the fiscal year ended as of the
		above date of Public FIG and its Subsidiaries, together with the report and
		opinion of an independent certified public accountant required by such section,
		have been delivered to the Administrative Agent. Such financial statements
		fairly present the financial condition, results of operations and cash flows of
		Public FIG and its Subsidiaries, as at such date and for such period.
	 

	 
		[Use following paragraph 1 for fiscal
		quarter-end financial statements]
	 

	 
		1. The unaudited financial statements
		required by Section 7.01(b) of the Agreement for the fiscal quarter ended as of the
		above date of Public FIG and its Subsidiaries have been delivered to the
		Administrative Agent. Such financial statements fairly present the financial
		condition, results of operations and cash flows of Public FIG and its
		Subsidiaries, as at such date and for such period, subject only to normal
		year-end audit adjustments and the absence of footnotes.
	 

	 
		2. The undersigned has reviewed and is
		familiar with the terms of the Agreement and has made, or has caused to be made
		under his/her supervision, a detailed review of the transactions and condition
		(financial or otherwise) of Public FIG and its Subsidiaries during the
		accounting period covered by the attached financial statements.
	 

	 
		3. A review of the activities of the Loan
		Parties and their Subsidiaries and Affiliates during such fiscal period has
		been made under the supervision of the undersigned with a view to determining
		whether during such fiscal period the Loan Parties performed and observed all
		its Obligations under the Loan Documents, and
	 

	 
		[select one:]
	 

	 
		 
	 

	 
	 

	 

	 
		[to the best knowledge of the undersigned
		during such fiscal period, each Loan Party performed and observed each covenant
		and condition of the Loan Documents applicable to it, and no Default has
		occurred and is continuing.]
	 

	 
		--or--
	 

	 
		[the following covenants or conditions
		have not been performed or observed and the following is a list of each such
		Default and its nature and status:]
	 

	 
		4. The representations and warranties of the
		Loan Parties contained in Article VI
		of the Agreement, and any representations and warranties of any Loan Party that
		are contained in any document furnished at any time under or in connection with
		the Loan Documents, are true and correct in all material respects on and as of
		the date hereof, except to the extent that such representations and warranties
		specifically refer to an earlier date, in which case they are true and correct
		in all material respects as of such earlier date, and except that for purposes
		of this Compliance Certificate, the representations and warranties contained in
		subsections (a) and (b) of Section 6.05 of the Agreement shall be deemed to refer to the most
		recent statements furnished pursuant to clauses (a) and (b) of
		Section 7.01 of the Agreement, including the statements in
		connection with which this Compliance Certificate is delivered.
	 

	 
		5. Attached hereto as Schedule 1 are
		calculations demonstrating compliance with the financial covenants set forth in
		Section 8.10 of the Agreement.
	 

	 
		6. Attached hereto as Schedule 2 are
		calculations demonstrating compliance with Section 7.15 of the Agreement
		regarding the Management Fees.
	 

	 
		7. Attached hereto as Schedule 3 is a
		reconciliation report showing fees, expenses and other amounts received or
		deferred under each Management Agreement and a detailed report listing
		Management Fee Earning Assets for each Fortress Fund and identification of
		which Fortress Funds are Material Fortress Funds.
	 

	 
		8. Attached hereto as Schedule 4 is
		information regarding the amount of all Dispositions, Involuntary Dispositions
		and Capital Expenditures for the fiscal year/quarter ended as of the above
		date.
	 

	 
		9. Attached hereto as Schedule 5 are
		revised Schedules
		6.13(a)(i), 6.13(a)(ii),
		6.13(b), 6.20, and
		6.21 to the Credit Agreement, Schedule 2(a) to
		the Assignment of LLC Interests and Schedule 5(b) to
		the Assignment of LLC Interests, if applicable, or, if not applicable, a
		representation that such existing schedule(s) are true and accurate.
	 

	 
		10. Attached hereto as Schedule 6 are
		copies of the new or revised Management Agreement(s) or Organization
		Document(s) which must be provided pursuant to the Assignment of Interests in
		Management Agreements, the Assignment of LLC Interests and/or the Pledge
		Agreement, as applicable, or, if not applicable, a representation that such
		existing documents and agreements are true and accurate.
	 

	 
		11. Attached hereto as Schedule 7 are
		Joinder Agreement(s), to the extent not already provided and if applicable,
		executed by each new entity that is required to become a Guarantor pursuant
		Section 7.12 of the Credit Agreement.
	 

	 
		12. Attached hereto as Schedule 8 is a
		statement of the amount of capital commitment and the unpaid capital
		obligations of each Loan Party.
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
		                                  ,
		                     .

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FIG LLC,

				  a Delaware limited liability company
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Schedule 1 to
		
	 

	 
		Compliance Certificate
	 

	 
		Covenant Calculations
	 

	 
		 
	 

	 
	 

	 

	 
		Schedule 2 to
		
	 

	 
		Compliance Certificate
	 

	 
		Management Fee Calculations
	 

	 
	 

	 

	 
		Schedule 3 to 
	 

	 
		Compliance Certificate
	 

	 
		Management Fee Reconciliation Report,
		Management Fee Earning Assets
	 

	 
		And Material Fortress Funds
	 

	 
		[To Be Completed By Borrowers]

	 

	 
	 

	 

	 
		Schedule 4 to
		
	 

	 
		Compliance Certificate
	 

	 
		Dispositions, Involuntary
		Dispositions
	 

	 
		and Capital Expenditures
	 

	 
		[To Be Completed By Borrowers]

	 

	 
	 

	 

	 
		Schedule 5 to 
	 

	 
		Compliance Certificate
	 

	 
		Revised Schedules to Loan
		Documents
	 

	 
		and/or
	 

	 
		Representation that no change
		in
	 

	 
		such Schedules has occurred
	 

	 
		[To Be Completed By Borrowers]

	 

	 
	 

	 

	 
		Schedule 6 to 
	 

	 
		Compliance Certificate
	 

	 
		Management Agreement(s), Organization
		Document(s)
	 

	 
		and/or
	 

	 
		Representation that no change
		in
	 

	 
		such agreements and documents has
		occurred
	 

	 
		[To Be Completed By Borrowers]

	 

	 
	 

	 

	 
		Schedule 7 to 
	 

	 
		Compliance Certificate
	 

	 
		Joinder Agreement(s)
	 

	 
		[To Be Completed By Borrowers]

	 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
	 

	 

	 
		Schedule 8 to 
	 

	 
		Compliance Certificate
	 

	 
		Capital Commitments
	 

	 
		or
	 

	 
		Unpaid Capital Obligations
	 

	 
		[To Be Completed By Borrowers]

	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT 7.12
	 

	 
		FORM OF JOINDER AGREEMENT
	 

	 
		THIS JOINDER AGREEMENT (the
		“Agreement”), dated as of _____________, 20__, is by and between
		_____________________, a ___________________ (the “Subsidiary”), and
		BANK OF AMERICA, N.A., in its capacity as Administrative Agent under that
		certain Second Amended and Restated Credit Agreement (as it may be amended,
		modified, restated or supplemented from time to time, the “Credit
		Agreement”), dated as of May __, 2007, among FIG LLC (formerly known
		as Fortress Investment Group LLC), a Delaware limited liability company
		(“FIG”), the other Borrowers party thereto, the
		Guarantors party thereto, the Lenders from time to time party thereto, and Bank
		of America, N.A., as Administrative Agent and L/C Issuer. All of the defined
		terms in the Credit Agreement are incorporated herein by reference.
	 

	 
		The Loan Parties are required by
		Section 7.12 of the Credit Agreement to cause the Subsidiary to
		become a “Guarantor”.
	 

	 
		Accordingly, the Subsidiary hereby agrees as
		follows with the Agent, for the benefit of the Lenders:
	 

	 
		1. The Subsidiary hereby acknowledges,
		agrees and confirms that, by its execution of this Agreement, the Subsidiary
		will be deemed to be a party to the Credit Agreement and a
		“Guarantor” for all purposes of the Credit Agreement, and shall have
		all of the obligations of a Guarantor thereunder as if it had executed the
		Credit Agreement. The Subsidiary hereby ratifies, as of the date hereof, and
		agrees to be bound by, all of the terms, provisions and conditions applicable
		to the Guarantors contained in the Credit Agreement. Without limiting the
		generality of the foregoing terms of this paragraph 1, the Subsidiary hereby
		jointly and severally together with the other Guarantors, guarantees to each
		Lender and the Administrative Agent, as provided in Article IV of
		the Credit Agreement, the prompt payment and performance of the Obligations in
		full when due (whether at stated maturity, as a mandatory prepayment, by
		acceleration or otherwise) strictly in accordance with the terms
		thereof.
	 

	 
		2. The Subsidiary hereby acknowledges,
		agrees and confirms that, by its execution of this Agreement, the Subsidiary
		will be deemed to be a party to the Security Agreement, Pledge Agreement,
		Assignment of LLC Interests, Assignment of Interests in Management Agreements
		and Cash Collateral Account and Control Agreement (collectively, the
		“Collateral Documents”) and shall have all the obligations of an
		“Obligor” (as such term is defined in the applicable agreement)
		thereunder as if it had executed each agreement. The Subsidiary hereby
		ratifies, as of the date hereof, and agrees to be bound by, all of the terms,
		provisions and conditions contained in the Security Agreement. Without limiting
		generality of the foregoing terms of this paragraph 2, the Subsidiary hereby
		grants to the Administrative Agent, for the benefit of the Lenders, a
		continuing security interest in, and a right of set off against any and all
		right, title and interest of the Subsidiary in and to the Collateral (as such
		term is defined in the applicable Collateral Document) of the Subsidiary. The
		Subsidiary further agrees to (a) execute and deliver such documentation as
		reasonably requested by the Administrative Agent as is necessary to pledge such
		assets of the Subsidiary consistent with the liens granted by the Guarantors on
		the Closing Date (as more fully described in Section 5.01(g) of the Credit
		Agreement) and (b) deliver to the Administrative Agent (i) organization
		documents of the Subsidiary (as more fully described in Section 5.01(f) of the
		Credit Agreement) and (ii) a opinions of counsel to the Subsidiary all in form,
		content and scope reasonably satisfactory to the Administrative Agent.
	 

	 
		3. The Subsidiary hereby represents and
		warrants to the Administrative Agent that:
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		(a) Attached hereto as Schedule 1 are
		revised Schedules 6.13(a)(i),
		6.13(a)(ii), 6.13(b),
		6.20, and 6.21, to the
		Credit Agreement and Schedule
		2(a) to the Assignment of LLC Interests
		and Schedule 5(b) to the Assignment of LLC Interests, as applicable, or,
		if not applicable, a representation that such existing schedule(s) are true and
		accurate.
	 

	 
		(b) Except as set forth on Schedule 2, the
		Subsidiary has not during the past five years (i) changed its legal name, (ii)
		changed its state of formation, or (iii) been party to a merger, consolidation
		or other change in structure.
	 

	 
		4. The address of the Subsidiary for
		purposes of all notices and other communications is the same as the Borrowers
		and Guarantors as set forth on Schedule 11.02 of the Credit Agreement.
	 

	 
		5. The Subsidiary hereby waives acceptance
		by the Administrative Agent and the Lenders of the guaranty by the Subsidiary
		under Article IV of the Credit Agreement upon the execution of this Agreement
		by the Subsidiary.
	 

	 
		6. This Agreement may be executed in two or
		more counterparts, each of which shall constitute an original but all of which
		when taken together shall constitute one contract.
	 

	 
		7. This Agreement shall be governed by and
		construed and interpreted in accordance with the laws of the State of New
		York.
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the Subsidiary has
		caused this Joinder Agreement to be duly executed by its authorized officers,
		and the Administrative Agent, for the benefit of the Lenders, has caused the
		same to be accepted by its authorized officer, as of the day and year first
		above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  [SUBSIDIARY]
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Acknowledged and accepted:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  BANK OF AMERICA, N.A., 

				  as Administrative Agent
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		Schedule 1
	 

	 
		to Joinder Agreement
	 

	 
		Revised Schedules to Loan
		Documents
	 

	 
		and/or
	 

	 
		Representation that no change
		in
	 

	 
		such Schedules has occurred
	 

	 
		[To Be Completed By Borrowers]

	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		Schedule 2
	 

	 
		to Joinder Agreement
	 

	 
		Mergers, Consolidations, Tradenames,
		Etc.
	 

	 
		[To Be Completed By Borrowers]

	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT 11.07
	 

	 
		ASSIGNMENT AND ASSUMPTION
	 

	 
		This Assignment and Assumption (this
		“Assignment and
		Assumption”) is dated as of the
		Effective Date set forth below and is entered into by and between the Assignor
		identified in item 1 below (the “Assignor”)
		and the Assignee identified in item 2 below (the “Assignee”).
		Capitalized terms used but not defined herein shall have the meanings given to
		them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby
		acknowledged by the Assignee. The Standard Terms and Conditions set forth in
		Annex 1 attached hereto are hereby agreed to and incorporated herein by
		reference and made a part of this Assignment and Assumption as if set forth
		herein in full.
	 

	 
		For an agreed consideration, the Assignor
		hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
		irrevocably purchases and assumes from the Assignor, subject to and in
		accordance with the Standard Terms and Conditions and the Credit Agreement, as
		of the Effective Date inserted by the Administrative Agent as contemplated
		below (i) all of the Assignor’s rights and obligations in its capacity as
		a Lender under the Credit Agreement and any other documents or instruments
		delivered pursuant thereto to the extent related to the amount and percentage
		interest identified below of all of such outstanding rights and obligations of
		the Assignor under the respective facilities identified below (including,
		without limitation, the Letters of Credit included in such facilities) and (ii)
		to the extent permitted to be assigned under applicable law, all claims, suits,
		causes of action and any other right of the Assignor (in its capacity as a
		Lender) against any Person, whether known or unknown, arising under or in
		connection with the Credit Agreement, any other documents or instruments
		delivered pursuant thereto or the loan transactions governed thereby or in any
		way based on or related to any of the foregoing, including, but not limited to,
		contract claims, tort claims, malpractice claims, statutory claims and all
		other claims at law or in equity related to the rights and obligations sold and
		assigned pursuant to clause (i) above (the rights and obligations sold and
		assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above
		being referred to herein collectively as the “Assigned Interest”). Each such sale and assignment is without
		recourse to the Assignor and, except as expressly provided in this Assignment
		and Assumption, without representation or warranty by the Assignor.
	 

	 
			
				
				  1.
				

			 	
				
				  Assignor:
				

			 	
				
				  ______________________________
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  Assignee:
				

			 	
				
				  ______________________________ [and
				  is an Affiliate/Approved Fund of [identify Lender]]
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  Borrowers: FIG LLC (formerly known as Fortress Investment Group
				  LLC); Fortress Operating Entity I LP; Fortress Operating Entity I LP; Fortress
				  Operating Entity I LP; and Principal Holdings I LP.
				

			 

 

	 
			
				
				  4.
				

			 	
				
				  Administrative
				  Agent: Bank of America, N.A., as the
				  administrative agent under the Credit Agreement
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  Credit Agreement: Second Amended and Restated Credit Agreement, dated as
				  of May ___, 2007, among FIG LLC (formerly known as Fortress Investment
				  Group LLC), the other Borrowers party thereto, the Guarantors party thereto,
				  the Lenders from time to time party thereto, and Bank of America, N.A., as
				  Administrative Agent and L/C Issuer (the “Credit
				  Agreement”).
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				  6.
				

			 	
				
				  Assigned Interest:
				

			 

 

	 
		 
	 

	 
			
				
				  Facility
				  Assigned1
				

			 	
				
				   
				

			 	
				
				  Aggregate
 Amount of
 Commitment/Loans
 for all Lenders2
				

			 	
				
				   
				

			 	
				
				  Amount of
 Commitment/Loans
 Assigned1
				

			 	
				
				   
				

			 	
				
				  Percentage
 Assigned of
 Commitment/Loans3
				

			 	
				
				   
				

			 	
				
				  CUSIP Number
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  $_______________
				

			 	
				
				   
				

			 	
				
				  $_______________
				

			 	
				
				   
				

			 	
				
				  ____________%
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  $_______________
				

			 	
				
				   
				

			 	
				
				  $_______________
				

			 	
				
				   
				

			 	
				
				  ____________%
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
			
				
				  [7.
				

			 	
				
				  Trade Date:
				

			 	
				
				  __________________]4
				

			 

 

	 
		Effective Date: __________________, 20__ [TO
		BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
		RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]
	 

	 
		The terms set forth in this Assignment and
		Assumption are hereby agreed to:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ASSIGNOR

				  [NAME OF ASSIGNOR]
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ASSIGNEE

				  [NAME OF ASSIGNEE]
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		[Consented to and]5
		Accepted:
	 

	 
		 
	 

	 
			
				
				  BANK OF AMERICA, N.A., as

				  Administrative Agent
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		[Consented to:]6
	 

	 
		 
	 

	 
			
				
				  
 By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		______________
	 

	 
			
				
				  1
				

			 	
				
				  Fill in the appropriate terminology
				  for the types of facilities under the Credit Agreement that are being assigned
				  under this Assignment (e.g., Revolving Commitment, Term Loan A Commitment,
				  etc)
				

			 

 

	 
			
				
				  2
				

			 	
				
				  Amount to be adjusted by the
				  counterparties to take into account any payments or prepayments made between
				  the Trade Date and the Effective Date.
				

			 

 

	 
			
				
				  3
				

			 	
				
				  Set forth, to at least 9 decimals, as
				  a percentage of the Commitment/Loans of all Lenders thereunder.
				

			 

 

	 
			
				
				  4
				

			 	
				
				  To be completed if the Assignor and
				  the Assignee intend that the minimum assignment amount is to be determined as
				  of the Trade Date.
				

			 

 

	 
			
				
				  5
				

			 	
				
				  To be added only if the consent of
				  the Administrative Agent is required by the terms of the Credit
				  Agreement.
				

			 

 

	 
			
				
				  6
				

			 	
				
				  To be added only if the consent of
				  the FIG LLC and/or other parties (e.g. L/C Issuer) is required by the terms of
				  the Credit Agreement.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		ANNEX 1 TO ASSIGNMENT AND
		ASSUMPTION
	 

	 
		STANDARD TERMS AND CONDITIONS FOR
	 

	 
		ASSIGNMENT AND ASSUMPTION
	 

	 
		1. Representations and Warranties. 
	 

	 
		1.1. Assignor. The
		Assignor (a) represents and warrants that (i) it is the legal and beneficial
		owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of
		any lien, encumbrance or other adverse claim and (iii) it has full power and
		authority, and has taken all action necessary, to execute and deliver this
		Assignment and Assumption and to consummate the transactions contemplated
		hereby; and (b) assumes no responsibility with respect to (i) any statements,
		warranties or representations made in or in connection with the Credit
		Agreement or any other Loan Document, (ii) the execution, legality, validity,
		enforceability, genuineness, sufficiency or value of the Loan Documents or any
		collateral thereunder, (iii) the financial condition of the Borrowers, any of
		their Subsidiaries or Affiliates or any other Person obligated in respect of
		any Loan Document or (iv) the performance or observance by the Borrowers, any
		of their Subsidiaries or Affiliates or any other Person of any of their
		respective obligations under any Loan Document.
	 

	 
		1.2. Assignee. The
		Assignee (a) represents and warrants that (i) it has full power and authority,
		and has taken all action necessary, to execute and deliver this Assignment and
		Assumption and to consummate the transactions contemplated hereby and to become
		a Lender under the Credit Agreement, (ii) it meets all requirements of an
		Eligible Assignee under the Credit Agreement (subject to receipt of such
		consents as may be required under the Credit Agreement), (iii) from and after
		the Effective Date, it shall be bound by the provisions of the Credit Agreement
		as a Lender thereunder and, to the extent of the Assigned Interest, shall have
		the obligations of a Lender thereunder, (iv) it is sophisticated with respect
		to decisions to acquire assets of the type represented by the Assigned Interest
		and either it, or the Person exercising discretion in making its decision to
		acquire the Assigned Interest, is experienced in acquiring assets of such type,
		(v) it has received a copy of the Credit Agreement, and has received or has
		been accorded the opportunity to receive copies of the most recent financial
		statements delivered pursuant to Section 7.01 thereof, as applicable, and such
		other documents and information as it deems appropriate to make its own credit
		analysis and decision to enter into this Assignment and Assumption and to
		purchase the Assigned Interest, (vi) it has, independently and without reliance
		upon the Administrative Agent or any other Lender and based on such documents
		and information as it has deemed appropriate, made its own credit analysis and
		decision to enter into this Assignment and Assumption and to purchase the
		Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any
		documentation required to be delivered by it pursuant to the terms of the
		Credit Agreement, duly completed and executed by the Assignee; and (b) agrees
		that (i) it will, independently and without reliance upon the Administrative
		Agent, the Assignor or any other Lender, and based on such documents and
		information as it shall deem appropriate at the time, continue to make its own
		credit decisions in taking or not taking action under the Loan Documents, and
		(ii) it will perform in accordance with their terms all of the obligations
		which by the terms of the Loan Documents are required to be performed by it as
		a Lender.
	 

	 
		2. Payments. From
		and after the Effective Date, the Administrative Agent shall make all payments
		in respect of the Assigned Interest (including payments of principal, interest,
		fees and other amounts) to the Assignor for amounts which have accrued to but
		excluding the Effective Date and to the Assignee for amounts which have accrued
		from and after the Effective Date.
	 

	 
		3. General Provisions. This Assignment and Assumption shall be binding upon,
		and inure to the benefit of, the parties hereto and their respective successors
		and assigns. This Assignment 
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		and Assumption may be executed in any number
		of counterparts, which together shall constitute one instrument. Delivery of an
		executed counterpart of a signature page of this Assignment and Assumption by
		telecopy shall be effective as delivery of a manually executed counterpart of
		this Assignment and Assumption. This Assignment and Assumption shall be
		governed by, and construed in accordance with, the law of the State of New
		York.
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		The following is a brief description of the schedules omitted from the
		Credit Agreement.  The Company will supplementally provide the Securities
		and Exchange Commission with any omitted schedule upon request.
	 

	 
		

	 

	 
		SCHEDULES
	 

	 
		

	 

	 
		2.01
	 

	 
		Commitments and Applicable Percentages
	 

	 
		2.03
	 

	 
		Existing Letters of Credit
	 

	 
		6.13(a)(i)
	 

	 
		List of Subsidiaries of Loan Parties
	 

	 
		6.13(a)(ii)
	 

	 
		Fortress Funds
	 

	 
		6.13(a)(iii)
	 

	 
		SPVs
	 

	 
		6.20
	 

	 
		Property Information
	 

	 
		6.21
	 

	 
		Management Agreements
	 

	 
		8.01
	 

	 
		Liens
	 

	 
		8.03
	 

	 
		Indebtedness
	 

	 
		11.02
	 

	 
		Certain Addresses for Notices

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