Document:

AMENDED
		AND RESTATED 

	  

	 AGREEMENT
		OF LIMITED PARTNERSHIP

	  

	 OF

	  

	 FORTRESS
		OPERATING ENTITY III LP

	  

	 Dated as
		of February 1, 2007

	  

	 
		

		

		
 

	 
	 

	 
	 
		 

		TABLE
		  OF CONTENTS

		

		  
			 	 	 	
					 Page

					 
	
					 ARTICLE I
						DEFINITIONS

					 	
					 1

					 
	
					 Section 1.1

					 	
					 Definitions

					 	
					 1

					 
	
					 ARTICLE II
						GENERAL
						PROVISIONS
 	
					 13

					 
	
					 Section 2.1

					 	
					 Organization

					 	
					 13

					 
	
					 Section 2.2

					 	
					 Partnership
						Name
 	
					 13

					 
	
					 Section 2.3

					 	
					 Registered
						Office, Registered Agent
 	
					 14

					 
	
					 Section 2.4

					 	
					 Certificates

					 	
					 14

					 
	
					 Section 2.5

					 	
					 Nature
						of Business; Permitted Powers
 	
					 14

					 
	
					 Section 2.6

					 	
					 Fiscal
						Year
 	
					 14

					 
	
					 Section 2.7

					 	
					 Perpetual
						Existence
 	
					 14

					 
	
					 Section 2.8

					 	
					 Limitation
						on Partner Liability
 	
					 14

					 
	
					 Section 2.9

					 	
					 Indemnification

					 	
					 14

					 
	
					 Section 2.10

					 	
					 Exculpation

					 	
					 15

					 
	
					 Section 2.11

					 	
					 Fiduciary
						Duty
 	
					 16

					 
	
					 Section 2.12

					 	
					 Confidentiality

					 	
					 17

					 
	
					 Section 2.13

					 	
					 Insurance

					 	
					 18

					 
	
					 Section 2.14

					 	
					 Representations
						and Warranties
 	
					 19

					 
	
					 ARTICLE III
						INTERESTS
						AND ADMISSION OF PARTNERS
 	
					 20

					 
	
					 Section 3.1

					 	
					 Units

					 	
					 20

					 
	
					 Section 3.2

					 	
					 Issuance
						of Additional Units
 	
					 21

					 
	
					 Section 3.3

					 	
					 Schedule
						A
 	
					 22

					 
	
					 ARTICLE IV
						VOTING
						AND MANAGEMENT
 	
					 22

					 
	
					 Section 4.1

					 	
					 General
						Partner: Power and Authority
 	
					 22

					 
	
					 Section 4.2

					 	
					 Books
						and Records; Accounting
 	
					 24

					 
	
					 Section 4.3

					 	
					 Expenses

					 	
					 24

					 
	
					 Section 4.4

					 	
					 Partnership
						Tax and Information Returns
 	
					 24

					 
	
					 ARTICLE V
						CONTRIBUTIONS
						AND CAPITAL ACCOUNTS
 	
					 25

					 
	
					 Section 5.1

					 	
					 Capital
						Contributions
 	
					 25

					 
	
					 Section 5.2

					 	
					 Capital
						Accounts
 	
					 25

					 
	
					 ARTICLE VI
						ALLOCATIONS

					 	
					 29

					 
	
					 Section 6.1

					 	
					 Allocations
						for Capital Account Purposes
 	
					 29

					 
	
					 Section 6.2

					 	
					 Allocations
						for Tax Purposes
 	
					 33

					 
	
					 ARTICLE VII
						DISTRIBUTIONS

					 	
					 35

					 
	
					 Section 7.1

					 	
					 Distributions

					 	
					 35

					 
	
					 Section 7.2

					 	
					 Distributions
						in Kind
 	
					 35

					 
	
					 Section 7.3

					 	
					 Tax
						Distributions
 	
					 36

					 
	
					 Section 7.4

					 	
					 Pre-IPO
						Minimum Distribution
 	
					 37

					 
	
					 Section 7.5

					 	
					 Expense
						Amount Distributions
 	
					 38

					 

 

		   

		  i

		   

		  

		  
		  

		  
		   

		  
			 	
					 ARTICLE VIII
						
 	
					 TRANSFER
						OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS
 	
					 38

					 
	
					 Section 8.1

					 	
					 Transfer
						and Assignment of Interest
 	
					 38

					 
	
					 Section 8.2

					 	
					 Withdrawal
						of General Partner
 	
					 38

					 
	
					 Section 8.3

					 	
					 Cessation
						of Status as a Partner
 	
					 38

					 
	
					 ARTICLE IX
						
 	
					 DISSOLUTION

					 	
					 39

					 
	
					 Section 9.1

					 	
					 Duration
						and Dissolution
 	
					 39

					 
	
					 Section 9.2

					 	
					 Distribution
						of Assets
 	
					 39

					 
	
					 Section 9.3

					 	
					 Notice
						of Liquidation
 	
					 39

					 
	
					 Section 9.4

					 	
					 Liquidator

					 	
					 39

					 
	
					 Section 9.5

					 	
					 Liquidation

					 	
					 40

					 
	
					 ARTICLE X
						
 	
					 MISCELLANEOUS

					 	
					 42

					 
	
					 Section 10.1

					 	
					 Amendment
						to the Agreement
 	
					 42

					 
	
					 Section 10.2

					 	
					 Successors,
						Counterparts
 	
					 42

					 
	
					 Section 10.3

					 	
					 Governing
						Law; Severability
 	
					 42

					 
	
					 Section 10.4

					 	
					 Arbitration

					 	
					 43

					 
	
					 Section 10.5

					 	
					 Filings

					 	
					 43

					 
	
					 Section 10.6

					 	
					 Power of
						Attorney
 	
					 43

					 
	
					 Section 10.7

					 	
					 Headings

					 	
					 44

					 
	
					 Section 10.8

					 	
					 Additional
						Documents
 	
					 44

					 
	
					 Section 10.9

					 	
					 Notices

					 	
					 44

					 
	
					 Section 10.10

					 	
					 Waiver
						of Right to Partition
 	
					 44

					 
	
					 Section 10.11

					 	
					 Entire
						Agreement
 	
					 44

					 

 
 

		 

		ii

		 

		

		
		

		 

	 This
		AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF FORTRESS OPERATING
		ENTITY III LP, a Delaware limited partnership (the "Partnership"), is
		made as of February 1, 2007, by and among FIG Corp., a Delaware corporation, as
		general partner (the "Initial
		General Partner"), and
		the Limited Partners (as defined below).

	  

	 WHEREAS,
		Fortress Investment Holdings LLC (the "Predecessor
		Company") was
		originally organized as a limited liability company pursuant to and in
		accordance with the Delaware Limited Liability Company Act, 6 Del. C.
		§ 18-101, et seq. (the
		"LLC
		Act");
		

	  

	 WHEREAS,
		on January 17, 2007, the Predecessor Company was converted from a limited
		liability company to a limited partnership organized pursuant to the Delaware
		Revised Uniform Limited Partnership Act, 6 Del. C. § 17-101,
		et seq. (the
		"Act"), and
		an Agreement of Limited Partnership of Fortress Operating Entity III LP, dated
		as of January 17, 2007 (the "Original
		Partnership Agreement");
		and

	  

	 WHEREAS,
		the Initial General Partner and the Limited Partners desire to amend and
		restate the Original Partnership Agreement on the terms set forth
		herein.

	  

	 NOW
		THEREFORE, in consideration of the mutual promises and agreements herein made
		and intending to be legally bound hereby, the parties hereto hereby agree as
		follows:

	  

	 ARTICLE I

	  

	 DEFINITIONS

	  

	 Section 1.1 Definitions
		As used
		herein, the following terms shall have the following meanings:

	  

	 "Act"
		has the meaning specified in the Preamble to this Agreement.

	  

	 "Additional
		Limited Partner" has the meaning specified in Section 3.2 of this
		Agreement.

	  

	 "Adjusted
		Capital Account" means
		the Capital Account maintained for each Partner as of the end of each fiscal
		year of the Partnership, (a) increased by any amounts that such Partner is
		obligated to restore under the standards set by Treasury Regulation Section
		1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury
		Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the
		amount of all losses and deductions that, as of the end of such fiscal year,
		are reasonably expected to be allocated to such Partner in subsequent years
		under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section
		1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end
		of such fiscal year, are reasonably expected to be made to such Partner in
		subsequent years in accordance with the terms of this Agreement or otherwise to
		the extent they exceed offsetting increases to such Partner’s Capital
		Account that are reasonably expected to occur during (or prior to) the year in
		which such distributions are reasonably expected to be made (other than
		increases as a result of a minimum gain chargeback pursuant to Section
		6.1(d)(i) or Section 6.1(d)(ii)). The foregoing definition of Adjusted Capital
		Account is intended to comply with the provisions of Treasury 

	  

	 

	 
	 

	 
	  

	 Regulation
		Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.
		The "Adjusted
		Capital Account" of a
		Partner in respect of a Unit shall be the amount that such Adjusted Capital
		Account would be if such Unit were the only interest in the Partnership held by
		such Partner from and after the date on which such Unit was first issued.
		

	  

	 "Adjusted
		Property" means
		any property the Carrying Value of which has been adjusted pursuant to Section
		5.2(d)(i) or Section 5.2(d)(ii). 

	  

	 "Affiliate"
		means, with respect to any Person, any other Person that directly or
		indirectly, through one or more intermediaries, controls, is controlled by, or
		is under common control with, such first Person. "Control" means the
		possession, direct or indirect, of the power to direct or cause the direction
		of the management and policies of a Person, whether through ownership of voting
		securities, by contract or otherwise.

	  

	 "Agreed
		Allocation" means
		any allocation, other than a Required Allocation, of an item of income, gain,
		loss or deduction pursuant to the provisions of Section 6.1, including, without
		limitation, a Curative Allocation (if appropriate to the context in which the
		term "Agreed
		Allocation" is
		used). 

	  

	 "Agreed
		Value" of any
		Contributed Property means the fair market value of such property or other
		consideration at the time of contribution as determined by the General Partner,
		without taking into account any liabilities to which such Contributed Property
		was subject at such time. The General Partner shall use such method as it
		determines to be appropriate to allocate the aggregate Agreed Value of
		Contributed Properties contributed to the Partnership in a single or integrated
		transaction among each separate property on a basis proportional to the fair
		market value of each Contributed Property.

	  

	 "Agreement"
		means this Amended and Restated Agreement of Limited Partnership of the
		Partnership, as amended, modified, supplemented or restated from time to
		time.

	  

	 "Book-Tax
		Disparity" means,
		with respect to any item of Contributed Property or Adjusted Property, as of
		the date of any determination, the difference between the Carrying Value of
		such Contributed Property or Adjusted Property and the adjusted basis thereof
		for federal income tax purposes as of such date.

	  

	 "Business
		Day" means any day other than Saturday, Sunday or other day on which commercial
		banks in The State of New York are authorized or required by law or executive
		order to remain closed.

	  

	 "Capital
		Account" means
		the capital account maintained for a Partner pursuant to Section 5.2. The
		"Capital
		Account" of a
		Partner in respect of a Unit shall be the amount that such Capital Account
		would be if such Unit were the only interest in the Partnership held by such
		Partner from and after the date on which such Unit was first issued.
		

	  

	 "Capital
		Contribution" means
		any cash, cash equivalents or the Net Agreed Value of Contributed Property that
		a Partner contributes to the Partnership pursuant to this Agreement.
		

	  

	 2

	  

	 

	 
	 

	 
	  

	 "Carrying
		Value" means
		(a) with respect to a Contributed Property, the Agreed Value of such property
		reduced (but not below zero) by all depreciation, amortization and cost
		recovery deductions charged to the Partners’ Capital Accounts in respect
		of such Contributed Property, and (b) with respect to any other Partnership
		property, the adjusted basis of such property for federal income tax purposes,
		all as of the time of determination. The Carrying Value of any property shall
		be adjusted from time to time in accordance with Section 5.2(d)(i) and Section
		5.2(d)(ii) and to reflect changes, additions or other adjustments to the
		Carrying Value for dispositions and acquisitions of Partnership properties, as
		deemed appropriate by the General Partner.

	  

	 "Certificate
		of Conversion" means the Certificate of Conversion executed and filed in the
		office of the Secretary of State of the State of Delaware (and any and all
		amendments thereto and restatements thereof) on behalf of the Predecessor
		Company with the office of the Secretary of State of the State of Delaware
		pursuant to the Act.

	  

	 "Certificate
		of Limited Partnership" means the Certificate of Limited Partnership executed
		and filed in the office of the Secretary of State of the State of Delaware (and
		any and all amendments thereto and restatements thereof) on behalf of the
		Partnership pursuant to the Act.

	  

	 "Certificate
		of Ownership" shall have the meaning set forth in
		Section 3.1.

	  

	 "Class A
		Share" means a share in Fortress designated as a "Class A Share." 

	  

	 "Class B
		Share" means a share in Fortress designated as a "Class B Share." 

	  

	 "Closing
		Date" means
		the first date on which Class A Shares are delivered by Fortress to the
		Underwriters pursuant to the provisions of the Underwriting
		Agreement.

	  

	 "Code" means
		the Internal Revenue Code of 1986, as amended and in effect from time to time.
		Any reference herein to a specific section or sections of the Code shall be
		deemed to include a reference to any corresponding provision of any successor
		law.

	  

	 "Common
		Units" shall mean Class A Common Units, Class B Common Units and any other
		class of Units hereafter designated as Common Units by the General
		Partner.

	  

	 "Contributed
		Property" means
		each property or other asset, in such form as may be permitted by the Act, but
		excluding cash, contributed to the Partnership. Once the Carrying Value of a
		Contributed Property is adjusted pursuant to Section 5.2(d), such property
		shall no longer constitute a Contributed Property, but shall be deemed an
		Adjusted Property.

	  

	 "Covered
		Person" means the General Partner and its Affiliates and the directors,
		officers, shareholders, members, employees, representatives and agents of the
		General Partner and its Affiliates.

	  

	 "Curative
		Allocation" means
		any allocation of an item of income, gain, deduction, loss or credit pursuant
		to the provisions of Section 6.1(d)(ix).

	  

	 "Damages"
		has the meaning set forth in Section 2.9.

	  

	 3

	 

	 
	 

	 
	  

	 "Disabling
		Conduct" has the meaning set forth in Section 2.9(a).

	  

	 "Economic
		Risk of Loss" has
		the meaning set forth in Treasury Regulation Section 1.752-2(a).

	  

	 "Exchange
		Act" means the Securities Exchange Act of 1934, as amended, supplemented or
		restated from time to time and any successor to such statute, and the rules and
		regulations promulgated thereunder.

	  

	 "Exchange
		Agreement" shall mean one or more exchange agreements providing for the
		exchange of FOG Units and corresponding Class B Shares for Class A Shares,
		including the Exchange Agreement referred to in the IPO Registration
		Statement.

	  

	 "Expense
		Amount" means any amount allocated to the Partnership pursuant to an Expense
		Allocation Agreement.

	  

	 "Expense
		Allocation Agreement" means any agreement entered into among the Fortress
		Operating Group Entities, Fortress, FIG Corp. and FIG Asset Co. LLC that
		provides for allocations of certain expense amounts.

	  

	 "First
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including March 31 of such Fiscal
		Year unless and until otherwise determined by the General Partner.

	  

	 "Fiscal
		Year" has the meaning set forth in Section 2.6.

	  

	 "Fortress"
		means Fortress Investment Group Holdings LLC, a Delaware limited liability
		company, which will be renamed Fortress Investment Group LLC in connection with
		the Fortress IPO and will thereafter mean Fortress Investment Group LLC, a
		Delaware limited liability company formerly known as Fortress Investment Group
		Holdings LLC.

	  

	 "Fortress
		IPO" means the initial public offering of Class A Shares.

	  

	 "Fortress
		LLC Agreement" means the Second Amended and Restated Limited Liability
		Agreement of Fortress Investment Group Holdings LLC, dated as of February 1,
		2007, as amended from time to time.

	  

	 "Fortress
		Operating Group" means the Persons directly Controlled by either FIG Corp. or
		FIG Asset Co. LLC.

	  

	 "Fortress
		Operating Group Entity" shall mean any Person that is included in the Fortress
		Operating Group and shall mean any Operating Entity or Principal
		Entity.

	  

	 "Fourth
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including December 31 of such
		Fiscal Year unless and until otherwise determined by the General
		Partner.

	  

	 "GAAP"
		means generally accepted accounting principles, consistently
		applied.

	  

	 4

	  

	 

	 
	 

	 
	  

	 "General
		Partner" shall mean the Initial General Partner or any successor general
		partner admitted to the Partnership in accordance with this
		Agreement.

	  

	 "incur"
		means to issue, assume, guarantee, incur or otherwise become liable for;
		"incurrence" has the correlative meaning.

	  

	 "Initial
		General Partner " shall have the meaning specified in the Preamble to this
		Agreement.

	  

	 "Interest"
		means a Partner's interest in the Partnership, including the right of the
		holder thereof to any and all benefits to which a Partner may be entitled as
		provided in this Agreement, together with the obligations of a Partner to
		comply with all of the terms and provisions of this Agreement.

	  

	 "Investment
		Company Act" means the Investment Company Act of 1940, as amended, supplemented
		or restated from time to time and any successor to such statute, and the rules
		and regulations promulgated thereunder.

	  

	 "IPO
		Registration Statement" means the Registration Statement on Form S-1 filed with
		the United States Securities and Exchange Commission on November 8, 2006
		(Registration No. 333-138514), as amended from time to time.

	  

	 "Limited
		Partner" means each of the Original Partners and any Additional Limited
		Partner.

	  

	 "Liquidation
		Date" means
		the date on which an event giving rise to the dissolution of the Partnership
		occurs. 

	  

	 "Liquidator" means
		one or more Persons selected by the General Partner to perform the functions
		described in Section 8.2 as liquidating trustee of the Partnership within the
		meaning of the Act.

	  

	 "LLC
		Act" has the meaning specified in the Preamble to this Agreement.

	  

	 "Net
		Agreed Value" means,
		(a) in the case of any Contributed Property, the Agreed Value of such property
		reduced by any liabilities either assumed by the Partnership upon such
		contribution or to which such property is subject when contributed, and (b) in
		the case of any property distributed to a Partner by the Partnership, the
		Partnership’s Carrying Value of such property (as adjusted pursuant to
		Section 5.2(d)(ii)) at the time such property is distributed, reduced by any
		indebtedness either assumed by such Partner upon such distribution or to which
		such property is subject at the time of distribution, in either case, as
		determined under Section 752 of the Code. 

	  

	 "Net
		Income" means,
		for any taxable year, the excess, if any, of the Partnership’s items of
		income and gain for such taxable year over the Partnership’s items of loss
		and deduction for such taxable year. The items included in the calculation of
		Net Income shall be determined in accordance with Section 5.2(b) and shall not
		include any items specially allocated under Section 6.1(d). 

	  

	 5

	  

	 

	 
	 

	 
	  

	 "Net
		Loss" means,
		for any taxable year, the excess, if any, of the Partnership’s items of
		loss and deduction for such taxable year over the Partnership’s items of
		income and gain for such taxable year. The items included in the calculation of
		Net Loss shall be determined in accordance with Section 5.2(b) and shall not
		include any items specially allocated under Section 6.1(d).

	  

	 "Nonrecourse
		Built-in Gain" means,
		with respect to any Contributed Properties or Adjusted Properties that are
		subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of
		any taxable gain that would be allocated to the Partners pursuant to Section
		6.2(b)(i)(A), Section 6.2(b)(ii)(A) and Section 6.2(b)(iii) if such properties
		were disposed of in a taxable transaction in full satisfaction of such
		liabilities and for no other consideration. 

	  

	 "Nonrecourse
		Deductions" means
		any and all items of loss, deduction, or expenditure (including, without
		limitation, any expenditure described in Section 705(a)(2)(B) of the Code)
		that, in accordance with the principles of Treasury Regulation Section
		1.704-2(b), are attributable to a Nonrecourse Liability. 

	  

	 "Nonrecourse
		Liability" has
		the meaning set forth in Treasury Regulation Section
		1.752-1(a)(2).

	  

	 "Operating
		Entities" means the Persons directly Controlled by FIG Corp.

	  

	 "Option
		Closing Date" means
		the date or dates on which any Class A Shares are sold by Fortress to the
		Underwriters upon exercise of the Over-Allotment Option.

	  

	 "Original
		Partners" means, collectively, Peter L. Briger, Jr., Wesley R. Edens, Robert I.
		Kauffman, Randal A. Nardone and Michael E. Novogratz, and each, individually,
		is an "Original Partner."

	  

	 "Over-Allotment
		Option" means
		the over-allotment option granted to the Underwriters by Fortress pursuant to
		the Underwriting Agreement.

	  

	 "Partner"
		means any Person that is admitted as a general partner or limited partner of
		the Partnership pursuant to the provisions of this Agreement and named as a
		general partner or limited partner of the Partnership on Schedule
		A hereto
		and includes any Person admitted as an Additional Limited Partner pursuant to
		the provisions of this Agreement, in each case, in such Person's capacity as a
		partner of the Partnership.

	  

	 "Partner
		Nonrecourse Debt" has
		the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).
		

	  

	 "Partner
		Nonrecourse Debt Minimum Gain" has
		the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).
		

	  

	 "Partner
		Nonrecourse Deductions" means
		any and all items of loss, deduction or expenditure (including, without
		limitation, any expenditure described in Section 705(a)(2)(B) of the Code)
		that, in accordance with the principles of Treasury Regulation Section
		1.704-2(i), are attributable to a Partner Nonrecourse Debt.

	  

	 6

	  

	 

	 
	 

	 
	  

	 "Partnership"
		has the meaning specified in the Preamble to this Agreement.

	  

	 "Partnership
		Minimum Gain" means
		that amount determined in accordance with the principles of Treasury Regulation
		Section 1.704-2(d).

	  

	 "Percentage
		Interest" means,
		with respect to any Partner as of any date of determination, (a) as to any
		Common Units, the product obtained by multiplying (i) 100% less the aggregate
		percentage applicable to all Units referred to in clause (b) by (ii) the
		quotient obtained by dividing (x) the number of such Units held by such Partner
		by (y) the total number of all outstanding Common Units, and (b) as to any
		other Units, the percentage established for such Units by the General Partner
		as a part of such issuance.

	  

	 "Permitted
		Transferee" shall mean with respect to each Original Partner and his Permitted
		Transferees (a) such Original Partner's spouse, (b) a lineal descendant of such
		Original Partner's maternal or paternal grandparents, the spouse of any such
		descendant or a lineal descendant of any such spouse, (c) a Charitable
		Institution (as defined below), (d) a trustee of a trust (whether inter
		vivos or
		testamentary), all of the current beneficiaries and presumptive remaindermen of
		which are one or more of such Original Partner and Persons described in clauses
		(a) through (c) of this definition; provided, however, that any subsequent
		transfer of any portion of the ownership of the entity such that it is owned in
		any part by a Person other than an Original Partner and/or a Person described
		in clauses (a) through (d) of this definition, will not be deemed to be to a
		transfer to a Permitted Transferee, (e) a corporation, limited liability
		company or partnership, of which all of the outstanding shares of capital stock
		or interests therein are owned by one or more of such Original Partner and
		Persons described in clauses (a) through (d) of this definition; provided,
		however, that in the event of any subsequent change in ownership of the entity
		such that it is owned in any part by a Person other than an Original Partner
		and/or a Person described in clauses (a) through (d) of this definition, then
		such change in ownership will be deemed to be a Transfer subject to the
		provisions of Section 8.1, (f) an individual mandated under a qualified
		domestic relations order, (g) a legal or personal representative of such
		Original Partner in the event of his death or Disability (as defined below),
		(h) any other Original Partner with respect to transactions contemplated by the
		Principals Agreement, (i) any other Original Partner who is then employed by
		Fortress or any of its Affiliates or any Permitted Transferee of such Original
		Partner in respect to any transaction not contemplated by the Principals
		Agreement, and (j) in the case of Mr. Novogratz, MN1 LLC, a Delaware limited
		liability company. For purpose of this definition: (i) "lineal descendants"
		shall not include individuals adopted after attaining the age of eighteen (18)
		years and such adopted Person's descendants; (ii) Charitable Institution shall
		refer to an organization described in section 501(c)(3) of the Code (or any
		corresponding provision of a future United State Internal Revenue law) which is
		exempt from income taxation under section 501(a) thereof; (iii) "presumptive
		remaindermen" shall refer to those Persons entitled to a share of a trust's
		assets if it were then to terminate; and (iv) Disability shall refer to any
		physical or mental incapacity which prevents such Original Partner from
		carrying out all or substantially all of his duties under his employment
		agreement with Fortress or any of its Subsidiaries in such capacity for any
		period of one hundred twenty (120) consecutive days or any aggregate period of
		six (6) months in any 12-month period, as determined, in its sole discretion,
		by a majority of the members of the 

	  

	 7

	  

	 

	 
	 

	 
	  

	 board of
		directors of Fortress, including a majority of the Original Partners who are
		then members of the board of directors of Fortress (but for the sake of clarity
		not including the Original Partner in respect of which the determination is
		being made).

	  

	 "Person" means
		any individual, corporation, firm, partnership, joint venture, limited
		liability company, estate, trust, business association, organization,
		governmental entity or other entity.

	  

	 "Pre-IPO
		Minimum Distributions" means the distributions made pursuant to Section 7.4 of
		this Agreement.

	  

	 "Pre-IPO
		Period" means, subject to the last sentence of Section 7.4, the period
		beginning on the first day of the First Quarterly Period of 2007 and ending on
		the earlier to occur of (i) the closing of the Fortress IPO, or (ii) the
		withdrawal of the request made by Fortress to register the Class A Shares for
		sale to the public. 

	  

	 "Presumed
		Tax Liability" means, with respect to the Capital Account of any Partner for
		any Quarterly Period (as defined below) ending after the date hereof, an amount
		equal to the product of (x) the amount of taxable income that, in the good
		faith judgment of the General Partner, would have been allocated to such
		Partner pursuant to the provisions of Article VI hereof were made in respect of
		such Quarterly Period and (y) the Presumed Tax Rate as of the end of such
		Quarterly Period.

	  

	 "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 and disregarding the effects of Code Sections 67 and 68 (or
		successor provisions thereto).)

	  

	 "Prior
		Distributions" means distributions made to the Partners pursuant to Section 7.1
		or 7.3 hereof.

	  

	 "Principal
		Entities" means the Persons directly Controlled by FIG Asset Co.
		LLC.

	  

	 "Principals
		Agreement" means the Agreement Among Principals, dated as of the date hereof,
		by and among the Original Partners.

	  

	 "Quarterly
		Periods" mean, collectively, the First Quarterly Period, the Second Quarterly
		Period, the Third Quarterly Period and the Fourth Quarterly Period,
		provided, however, that
		if there is a change in the periods applicable to payments of estimated Federal
		income taxes by individuals, then the Quarterly Period determinations hereunder
		shall change correspondingly such that the Partnership is required to make
		periodic Tax Distributions under Section 7.3 of this Agreement at the times and
		in the amounts sufficient to enable an individual Partner to satisfy such
		payments in full with respect to amounts allocated pursuant to the provisions
		of Article VI hereof (other than Section 6.2(h)).

	  

	 8

	  

	 

	 
	 

	 
	  

	 "Regulations"
		means the regulations, including temporary regulations, promulgated under the
		Code, as amended from time to time, or any federal income tax regulations
		promulgated after the date of this Agreement. A reference to a specific
		Regulation refers not only to such specific Regulation but also to any
		corresponding provision of any federal tax regulation enacted after the date of
		this Agreement, as such specific Regulation or corresponding provision is in
		effect and applicable on the date of application of the provisions of this
		Agreement containing such reference.

	  

	 "Recapture
		Income" means
		any gain recognized by the Partnership (computed without regard to any
		adjustment required by Section 734 or Section 743 of the Code) upon the
		disposition of any property or asset of the Partnership, which gain is
		characterized as ordinary income because it represents the recapture of
		deductions previously taken with respect to such property or asset.
		

	  

	 "Required
		Allocations" means
		(a) any limitation imposed on any allocation of Net Losses under Section 6.1(b)
		and (b) any allocation of an item of income, gain, loss or deduction pursuant
		to Section 6.1(d)(i), 6.1(d)(ii), 6.1(d)(iii), 6.1(d)(vi) or 6.1(d)(viii).
		

	  

	 "Residual
		Gain" or
		"Residual
		Loss" means
		any item of gain or loss, as the case may be, of the Partnership recognized for
		federal income tax purposes resulting from a sale, exchange or other
		disposition of a Contributed Property or Adjusted Property, to the extent such
		item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or
		6.2(b)(ii)(A), respectively, to eliminate Book-Tax Disparities.

	  

	 "Second
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including May 31 of such Fiscal
		Year, unless and until otherwise determined by the General
		Partner.

	  

	 "Securities
		Act" means the Securities Act of 1933, as amended, supplemented or restated
		from time to time and any successor to such statute, and the rules and
		regulations promulgated thereunder.

	  

	 "Senior
		Credit Facility" means the Amended and Restated Credit Agreement, dated as of
		June 23, 2006 (as amended, modified or supplemented from time to time), by and
		among Fortress and certain of its Affiliates as borrowers, certain Subsidiaries
		and Affiliates of the borrowers as guarantors, Bank of America NA as
		Administrative Agent and L/C Issuer, and the other lenders party
		hereto.

	  

	 "Subsidiary"
		means, with respect to any Person, as of any date of determination, any other
		Person as to which such Person owns, directly or indirectly, or otherwise
		controls more than 50% of the voting shares or other similar interests or a
		general partner interest or managing member or similar interest of such Person.
		

	  

	 "Substitute
		Limited Partner" shall mean each Person who acquires the entire Interest of any
		Limited Partner in connection with the exercise by a creditor of remedies under
		any security agreement, which acquisition, and which acquirer (identified
		specifically or by category) were each approved in advance by the General
		Partner, pursuant to Section 3.2 hereof, 

	  

	 9

	  

	 

	 
	 

	 
	  

	 approved
		in a writing (a "Substitute
		Limited Partner Notice") filed
		with the records of the Partnership.

	  

	 "Tax
		Matters Partner" means the Person designated as such in
		Section 4.7(b).

	  

	 "Third
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including August 31 of such Fiscal
		Year, unless and until otherwise determined by the General
		Partner.

	  

	 "Transfer"
		shall mean, with respect to any Interest, any sale, exchange, assignment,
		pledge, hypothecation, bequeath, creation of an encumbrance, or any other
		transfer or disposition of any kind, whether voluntary or involuntary, of such
		Interest.

	  

	 "Underwriter" means
		each Person named as an underwriter in the Underwriting Agreement who purchases
		Class A Shares pursuant thereto. 

	  

	 "Underwriting
		Agreement" means
		the Underwriting Agreement expected to be entered into by Fortress providing
		for the sale of Class A Shares in the Fortress IPO.

	  

	 "Units"
		shall mean a fractional share of the Interests in the Partnership, which
		entitles the holder thereof to such benefits as are specified in this Agreement
		or any Unit Designation.

	  

	 "Unit
		Designation" shall have the meaning set forth in Section 3.1.

	  

	 "Unrealized
		Gain"
		attributable to any item of Partnership property means, as of any date of
		determination, the excess, if any, of (a) the fair market value of such
		property as of such date (as determined under Section 5.2(d)) over (b) the
		Carrying Value of such property as of such date (prior to any adjustment to be
		made pursuant to Section 5.2(d) as of such date). 

	  

	 "Unrealized
		Loss"
		attributable to any item of Partnership property means, as of any date of
		determination, the excess, if any, of (a) the Carrying Value of such property
		as of such date (prior to any adjustment to be made pursuant to Section 5.2(d)
		as of such date) over (b) the fair market value of such property as of such
		date (as determined under Section 5.2(d)).

	  

	 ARTICLE II

	  

	 GENERAL
		PROVISIONS

	  

	 Section 2.1 Organization. The
		Predecessor Company was originally organized as a limited liability company
		under the LLC Act. The Predecessor Company was converted to a limited
		partnership pursuant to the Act on January 17, 2007. The Certificate of
		Conversion, the Certificate of Limited Partnership, and all actions taken or to
		be taken by any employee of Skadden, Arps, Slate, Meagher & Flom LLP (each
		of the Wilmington, DE or New York, NY office of the law firm Skadden, Arps,
		Slate, Meagher & Flom LLP, and each, an "Organizer") and
		any other person who executed and filed or who executes and files, after the
		date hereof, the Certificate of Conversion or the Certificate of Limited
		Partnership are hereby adopted and ratified, or authorized, as the case may
		be.

	  

	 10

	  

	 

	 
	 

	 
	  

	 Section 2.2 Partnership
		Name. The
		name of the Partnership is "Fortress Operating Entity III LP." The name of the
		Partnership may be changed from time to time by the General
		Partner.

	  

	 Section 2.3 Registered
		Office, Registered Agent. The
		Partnership shall maintain a registered office in the State of Delaware at, and
		the name and address of the Partnership's registered agent in the State of
		Delaware is, The Corporation Trust Company, 1209 Orange Street, Wilmington,
		Delaware 19801. Such office and such agent may be changed from time to time by
		the General Partner.

	  

	 Section 2.4 Certificates. Any
		person authorized by the General Partner shall execute, deliver and file any
		amendment to or restatements of the Certificate of Limited Partnership and any
		other certificates (and any amendments and/or restatements thereof) necessary
		for the Partnership to qualify to do business in a jurisdiction in which the
		Partnership may wish to conduct business.

	  

	 Section 2.5 Nature
		of Business; Permitted Powers. The
		purposes of the Partnership shall be to engage in any lawful act or activity
		for which limited liability companies may be formed under the Act.

	  

	 Section 2.6 Fiscal
		Year. Unless
		and until otherwise determined by the General Partner, the fiscal year of the
		Partnership for federal income tax purposes shall, except as otherwise required
		in accordance with the Code, end on December 31 of each year (each, a
		"Fiscal
		Year").

	  

	 Section 2.7 Perpetual
		Existence. The
		Partnership shall have a perpetual existence unless dissolved in accordance
		with the provisions of Article IX of this Agreement.

	  

	 Section 2.8 Limitation
		on Partner Liability. Except
		as otherwise expressly required by law or in this Agreement, the debts,
		obligations and liabilities of the Partnership, whether arising in contract,
		tort or otherwise, shall be solely the debts, obligations and liabilities of
		the Partnership, and no Limited Partner shall be obligated personally for any
		such debt, obligation or liability of the Partnership solely by reason of being
		a Limited Partner. No Partner will have any obligation to restore any negative
		or deficit balance in its Capital Account, including any negative or deficit
		balance in its Capital Account upon liquidation and dissolution of the
		Partnership.

	  

	 Section 2.9 Indemnification.
		

	  

	 (a) To the
		fullest extent permitted by applicable law, any Covered Person shall be
		indemnified and held harmless by the Partnership for and from any liabilities,
		demands, claims, actions or causes of action, regulatory, legislative or
		judicial proceedings or investigations, assessments, levies, losses, fees,
		penalties, damages, costs and expenses, including, without limitation,
		reasonable attorneys', accountants', investigators', and experts' fees and
		expenses (collectively, "Damages")
		sustained or incurred by such Covered Person by reason of any act performed or
		omitted by such Covered Person in connection with the affairs of the
		Partnership in good faith and in a manner reasonably believed by the Covered
		Person to be in or not opposed to the best interests of the Partnership unless
		such act or omission becomes subject 

	  

	 11

	  

	 

	 
	 

	 
	  

	 to a
		final non-appealable judgment of a court of competent jurisdiction that such
		Covered Person engaged in bad faith or willful misconduct (the "Disabling
		Conduct")
		thereby; provided,
		however, that
		any indemnity under this Section 2.9 shall be provided out of and to the
		extent of Partnership assets only, and no Limited Partner or any Affiliate of
		any Limited Partner shall have any personal liability on account thereof. The
		right of indemnification pursuant to this Section 2.9 shall include the
		right to have paid on behalf of such Covered Person, or reimbursed by the
		Partnership for the reasonable expenses incurred by a Covered Person with
		respect to any Damages, including expenses incurred in collecting such amounts
		from the Partnership; provided that the Covered Person shall have given a
		written undertaking to reimburse the Partnership in the event it is
		subsequently determined that he, she or it is not entitled to such
		indemnification.

	  

	 (b) The
		right of any Covered Person to the indemnification provided herein shall be
		cumulative of, and in addition to, any and all rights to which such Covered
		Person may otherwise be entitled by contract or as a matter of law or equity
		and shall extend to such Covered Person's successors, assigns and legal
		representatives.

	  

	 Section 2.10 Exculpation.

	  

	 (a) To the
		fullest extent permitted by applicable law, no Covered Person shall be liable
		to the Partnership or any Limited Partner or any Affiliate of any Limited
		Partner for any Damages incurred by reason of any act performed or omitted by
		such Covered Person in good faith on behalf of the Partnership in a manner
		reasonably believed to be in or not opposed to the best interests of the
		Partnership, unless such act or omission becomes subject to a final
		non-appealable judgment of a court of competent jurisdiction that such Covered
		Person was engaged in Disabling Conduct.

	  

	 (b) A
		Covered Person shall be fully protected in relying in good faith upon the
		records of the Partnership and upon such information, opinions, reports or
		statements presented to the Partnership by any Person (other than such Covered
		Person) as to matters the Covered Person reasonably believes are within such
		other Person's professional or expert competence and who has been selected with
		reasonable care by or on behalf of the Partnership, including information,
		opinions, reports or statements as to the value and amount of the assets,
		liabilities, profits, losses, or any other facts pertinent to the existence and
		amount of assets from which distributions to Partners might properly be
		paid.

	  

	 Section 2.11 Fiduciary
		Duty.

	  

	 (a) To the
		extent that, at law or in equity, a Covered Person has duties (including
		fiduciary duties) and liabilities relating to the Partnership or to any Limited
		Partner or any Affiliate of any Limited Partner (or other Person with any
		equity interest in the Partnership) or other Person bound by (or having rights
		pursuant to) the terms of this Agreement, a Covered Person acting pursuant to
		the terms, conditions and limitations of this Agreement shall not be liable to
		the Partnership or to any Limited Partner or any Affiliate of any Limited
		Partner (or other Person) for its good faith reliance on the provisions of this
		Agreement. The provisions of this Agreement, to the extent that they expand or
		restrict the duties and liabilities of a Covered Person otherwise existing at
		law or equity, are agreed by the Partners (and any other Person 

	  

	 12

	  

	 

	 
	 

	 
	  

	 bound by
		or having rights pursuant to this Agreement) to modify to that extent such
		other duties and liabilities of the Covered Person to the extent permitted by
		law.

	  

	 (b) To the
		fullest extent permitted by applicable law and unless otherwise expressly
		provided herein, (i) whenever a conflict of interest exists or arises
		between the General Partner and the Partnership or a Limited Partner, or
		(ii) whenever this Agreement or any other agreement contemplated herein
		provides that the General Partner shall act in a manner that is fair and
		reasonable to the Partnership or any Limited Partner, the General Partner shall
		resolve such conflict of interest or take such action, considering in each case
		the relative interest of the Partnership, each Limited Partner and the General
		Partner, to such conflict, agreement, transaction or situation and the benefits
		and burdens relating to such interests, any customary or accepted industry
		practices, and any applicable generally accepted accounting practices or
		principles. So long as the General Partner acts, based on the foregoing
		sentence, in good faith and in a manner consistent with the foregoing sentence,
		the resolution or action so made or taken by the General Partner shall not
		constitute a breach of this Agreement or any other agreement contemplated
		herein.

	  

	 (c) Notwithstanding
		anything to the contrary in the Agreement or under applicable law, whenever in
		this Agreement the General Partner is permitted or required to make a decision
		or take an action or omit to do any of the foregoing acting solely in its
		capacity as the General Partner, the General Partner shall, except where an
		express standard is set forth, be entitled to make such decision in its sole
		discretion (and the words "in its sole discretion" should be deemed inserted
		therefor in each case in association with the words "General Partner," whether
		or not the words "sole discretion" are actually included in the specific
		provisions of this Agreement), and in so acting in its sole discretion the
		General Partner shall be entitled to consider only such interests and factors
		as it desires, including its own interests, and, except as set forth in Section
		2.11(b) in the case of a conflict of interest, shall have no duty or obligation
		to give any consideration to any interest of or factors affecting the
		Partnership, any of the Partnership's Affiliates, any Limited Partner or any
		other Person. To the fullest extent permitted by applicable law, if pursuant to
		this Agreement the General Partner, acting solely in its capacity as the
		General Partner, is permitted or required to make a decision in its "good
		faith" or under another express standard, the General Partner shall act under
		such express standard and shall not be subject to any other or different
		standard imposed by this Agreement or otherwise other applicable
		law.

	  

	 (d) The
		General Partner may consult with the legal counsel and accountants and any act
		or omission suffered or taken by the General Partner on behalf of the
		Partnership in furtherance of the interests of the Partnership in good faith in
		reliance upon and in accordance with the advice of such counsel or accountants
		will be full justification for any such act or omission, and the General
		Partner will be fully protected in so acting or omitting to act so long as such
		counsel or accountants were selected with reasonable care.

	  

	 Section 2.12 Confidentiality.

	  

	 (a) Each
		Partner acknowledges and agrees that the information contained in the books and
		records of the Partnership is confidential and, except in the course of
		performing such Partner's duties as is necessary for the Partnership and its
		Affiliates, as required 

	  

	 13

	  

	 

	 
	 

	 
	  

	 by law
		or legal process or to enforce the terms of this Agreement, shall keep and
		retain in the strictest confidence and not to disclose to any Person all
		confidential matters of the Partnership or any Person included within Fortress
		and their respective Affiliates and successors and the other Partners,
		including, without limitation, the identity of the beneficial holders of
		interests in any fund or account managed by Fortress or any of its
		Subsidiaries, confidential information concerning the Partnership, any Person
		included within Fortress and their respective Affiliates and successors, the
		General Partner, the other Partners and any fund, account or investment managed
		by any Person included within Fortress, including marketing, investment,
		performance data, fund management, credit and financial information, and other
		business affairs of the Partnership, any Person included within Fortress and
		their respective Affiliates and successors, the General Partner, the other
		Partners and any fund, account or investment managed directly or indirectly by
		any Person included within Fortress learned by the Partner heretofore or
		hereafter. This clause 2.12(a) shall not apply to (i) any information that
		has been made publicly available by the Partnership or any of its Affiliates,
		becomes public knowledge (except as a result of an act of such Partner in
		violation of this Agreement) or is generally known to the business community
		and (ii) the disclosure of information to the extent necessary for a
		Partner to prepare and file his or her tax returns, to respond to any inquiries
		regarding the same from any taxing authority or to prosecute or defend any
		action, proceeding or audit by any taxing authority with respect to such
		returns. Notwithstanding anything to the contrary herein, each Partner (and
		each employee, representative or other agent of such Partner) may
		disclose to any and all Persons, without limitation of any kind, the tax
		treatment and tax structure of (x) the Partnership
		and
		(y) any of its transactions, and all materials of any kind (including
		opinions or other tax analyses) that are provided to the Partners
		relating
		to such tax treatment and tax structure.

	  

	 (b) If a
		Partner commits a breach, or threatens to commit a breach, of any of the
		provisions of Section 2.12(a), the General Partner shall have the right
		and remedy to have the provisions of such Section specifically enforced by
		injunctive relief or otherwise by any court of competent jurisdiction without
		the need to post any bond or other security, it being acknowledged and agreed
		that any such breach or threatened breach shall cause irreparable injury to the
		Partnership, the other Partners, Fortress or any of its Subsidiaries, and the
		accounts and funds managed by Fortress and that money damages alone shall not
		provide an adequate remedy to such Persons. Such rights and remedies shall be
		in addition to, and not in lieu of, any other rights and remedies available at
		law or in equity.

	  

	 Section 2.13 Insurance. The
		Partnership may purchase and maintain insurance, to the extent and in such
		amounts as the General Partner shall deem reasonable, on behalf of Covered
		Persons and such other Persons as the General Partner shall determine, against
		any liability that may be asserted against or expenses that may be incurred by
		any such Person in connection with the activities of the Partnership and/or its
		Subsidiaries regardless of whether the Partnership would have the power or
		obligation to indemnify such Person against such liability under the provisions
		of this Agreement. The Partnership may enter into indemnity contracts with
		Covered Persons and such other Persons as the General Partner shall determine
		and adopt written procedures pursuant to which arrangements are made for the
		advancement of expenses and the funding of obligations under this
		Section 2.13, and containing such other procedures regarding
		indemnification as are appropriate and consistent with this
		Agreement.

	  

	 14

	  

	 

	 
	 

	 
	  

	 Section 2.14 Representations
		and Warranties. Each
		Partner hereby represents and warrants to the others and to the Partnership as
		follows:

	  

	 (a) Such
		Partner has all requisite power to execute, deliver and perform this Agreement;
		the performance of its obligations hereunder will not result in a breach or a
		violation of, or a default under, any material agreement or instrument by which
		such Partner or any of such Partner's properties is bound or any statute, rule,
		regulation, order or other law to which it is subject, nor require the
		obtaining of any consent, approval, permit or license from or filing with, any
		governmental authority or other Person by such Person in connection with the
		execution, delivery and performance by such Partner of this
		Agreement.

	  

	 (b) This
		Agreement constitutes (assuming its due authorization and execution by the
		other Partners) such Partner's legal, valid and binding
		obligation.

	  

	 (c) Such
		Partner is acquiring its Interest for investment solely for such Partner's own
		account and not for distribution, transfer or sale to others in connection with
		any distribution or public offering.

	  

	 (d) Such
		Partner (i) has received all information that such Partner deems necessary
		to make an informed investment decision with respect to an investment in the
		Partnership and (ii) has had the unrestricted opportunity to make such
		investigation as such Partner desires pertaining to the Partnership and an
		investment therein and to verify any information furnished to such
		Partner.

	  

	 (e) Such
		Partner understands that such Partner must bear the economic risk of an
		investment in the Partnership for an indefinite period of time because
		(i) the Interests have not been registered under the Securities Act and
		applicable state securities laws and (ii) the Interests may not be sold,
		transferred, pledged or otherwise disposed of except in accordance with this
		Agreement and then only if they are subsequently registered in accordance with
		the provisions of the Securities Act and applicable state securities laws or
		registration under the Securities Act or any applicable state securities laws
		is not required.

	  

	 (f) Such
		Partner understands that the Partnership is not obligated to register the
		Interests for resale under any applicable federal or state securities laws and
		that the Partnership is not obligated to supply such Partner with information
		or assistance in complying with any exemption under any applicable federal or
		state securities laws.

	  

	 ARTICLE III

	  

	 INTERESTS
		AND ADMISSION OF PARTNERS

	  

	 Section 3.1 Units.

	  

	 (a) Interests
		in the Partnership shall be represented by Units. Initially, all Units shall be
		designated as "Class A Common Units" ("Class
		A Common Units") and
		"Class B Common Units" ("Class
		B Common Units"), and,
		except as expressly provided herein, a Class A Common Unit and a Class B Common
		Unit shall entitle the holder thereof to equal rights under this Agreement.
		From time to time, the General Partner may establish other classes or
		

	  

	 15

	  

	 

	 
	 

	 
	  

	 series
		of Units pursuant to Section 3.2. Units may (but need not, in the sole
		discretion of the General Partner) be evidenced by a certificate (a
		"Certificate
		of Ownership") in
		the form set forth in Exhibit
		A (for
		Class A Common Units or Class B Common Units) or the Unit Designation relating
		to such Units (for other Units). The
		Certificate of Ownership may contain such legends as may be required by law or
		as may be appropriate to evidence, if approved by the General Partner pursuant
		to Section 8.1, the pledge of a Partner’s Units. Each Certificate of
		Ownership shall be signed by or on behalf of the General Partner by either
		manual or facsimile signature. The Certificates of Ownership of the Partnership
		shall be numbered and registered in the register or transfer books of the
		Partnership as they are issued. The Partnership shall act as registrar and
		transfer agent for the purposes of registering the ownership and Transfer of
		Units. If a Certificate of Ownership is defaced, lost or destroyed it may be
		replaced on such terms, if any, as to evidence and indemnity as the General
		Partner thinks fit.

	  

	 (b) Transfer
		and Exchange. When
		Certificates of Ownership are presented to the Partnership with a request to
		register a Transfer, the Partnership shall register the Transfer or make the
		exchange on the register or transfer books of the Partnership if the
		requirements set forth in Section 8.1 of this Agreement for such
		transactions are met; provided,
		however, that
		any Certificates of Ownership presented or surrendered for registration of
		Transfer or exchange shall be duly endorsed or accompanied by a written
		instrument of Transfer in form satisfactory to the Partnership duly executed by
		the holder thereof or his attorney duly authorized in writing. The Partnership
		shall not be required to register the Transfer, or exchange, any Certificate of
		Ownership if as a result the Transfer of the Units at issue would cause the
		Partnership to violate the Securities Act, the Exchange Act, the Investment
		Company Act (including by causing any violation of the laws, rules,
		regulations, orders and other directives of any governmental authority) or
		otherwise violate Section 8.1 of this Agreement.

	  

	 (c) Record
		Holder. Except
		to the extent that the Partnership shall have received written notice of a
		Transfer of Units and such Transfer complies with the requirements of
		Section 8.1 of this Agreement applicable to such transaction, the
		Partnership shall be entitled to treat the individual or entity in whose name
		any Certificates of Ownership issued by the Partnership stand on the books of
		the Partnership as the absolute owner thereof, and shall not be bound to
		recognize any equitable or other claim to, or interest in, such Units on the
		part of any other individual or entity.

	  

	 (d) Class
		B Common Unit Voting Rights.
		Holders of Class B Common Units shall have no voting, consent or approval
		rights with respect to any matter submitted to holders of Units for their
		consent or approval, except as set forth in Sections 4.1(c) and
		10.1(a).

	  

	 (e) Automatic
		Conversion of Class B Common Units. If, as
		a result of an exchange pursuant to the Exchange Agreement, Fortress or any of
		its Subsidiaries (excluding any Fortress Operating Group Entity and any
		Subsidiary of a Fortress Operating Group Entity) acquires any Class B Common
		Units, such Units will automatically convert into an equal number of Class A
		Common Units.

	  

	 Section 3.2 Issuance
		of Additional Units. The
		General Partner may from time to time admit any Person as an additional Limited
		Partner of the Partnership (each such Person, 

	  

	 16

	  

	 

	 
	 

	 
	  

	 if so
		admitted, an "Additional
		Limited Partner" and
		collectively, the "Additional
		Limited Partners").
		A Person
		shall be deemed admitted as a Limited Partner at the time such Person
		(i) executes this Agreement or a counterpart of this Agreement and
		(ii) is named as a Limited Partner on the attached Schedule
		A. Each
		Substitute Limited Partner shall be deemed an Additional Partner whose
		admission as an Additional Limited Partner has been approved by the General
		Partner for all purposes hereunder. Subject to the satisfaction of the
		foregoing requirements and Section 4.1(c), the General Partner is hereby
		expressly authorized to cause the Partnership to issue additional Units for
		such consideration and on such terms and conditions, and to such Persons,
		including the General Partner, any Limited Partner or any of their Affiliates,
		as shall be established by the General Partner in its sole discretion, all
		without the approval of any Partner or any other Person. Without limiting the
		foregoing, but subject to Section 4.1(c), the General Partner is expressly
		authorized to cause the Partnership to issue Units (i) upon the conversion,
		redemption or exchange of any debt, Units or other securities issued by the
		Partnership, (ii) for less than fair market value, so long as the General
		Partner concludes in good faith that such issuance is in the best interests of
		the Partnership and its Partners, and (iii) in connection with the merger of
		any other Person into the Partnership if the applicable merger agreement
		provides that Persons are to receive Units in exchange for their interests in
		the Person merging into the Partnership. The General Partner is hereby
		expressly authorized to take any action, including without limitation amending
		this Agreement and Schedule
		A, to
		reflect any issuance of additional Units. Additional Units may be Class A
		Common Units, Class B Common Units or other Units. Any additional Units may be
		issued in one or more classes, or one or more series of any of such classes,
		with such designations, preferences and relative, participating, optional or
		other special rights, powers and duties (including, without limitation, rights,
		powers and duties that may be senior or otherwise entitled to preference over
		existing Units) as shall be determined by the General Partner, in its sole and
		absolute discretion without the approval of any Limited Partner or any other
		Person, and set forth in a written document thereafter attached to and made an
		exhibit to this Agreement, which exhibit shall be an amendment to this
		Agreement and shall be incorporated herein by this reference (each, a
		"Unit
		Designation").
		Without limiting the generality of the foregoing, the General Partner shall
		have authority to specify (a) the allocations of items of Partnership income,
		gain, loss, deduction and credit to holders of each such class or series of
		Units; (b) the right of holders of each such class or series of Units to share
		(on a pari
		passu, junior
		or preferred basis) in Partnership distributions; (c) the rights of holders of
		each such class or series of Units upon dissolution and liquidation of the
		Partnership; (d) the voting rights, if any, of holders of each such class or
		series of Units; and (e) the conversion, redemption or exchange rights
		applicable to each such class or series of Units. The total number of Units
		that may be created and issued pursuant to this Section 3.2 is not
		limited.

	  

	 Section 3.3 Schedule
		A. The
		name and business address of each Partner is set forth on Schedule A. The
		General Partner shall amend Schedule
		A from
		time to time as necessary to reflect accurately the information therein and
		shall send each Partner prompt written notice of each such amendment to
		Schedule
		A. Any
		amendment or revision to Schedule
		A made in
		accordance with this Agreement shall not be deemed an amendment to this
		Agreement. Any reference in this Agreement to Schedule
		A, shall
		be deemed to be a reference to Schedule
		A, as
		amended and in effect from time to time.

	  

	 17

	  

	 

	 
	 

	 
	  

	 ARTICLE IV

	  

	 VOTING
		AND MANAGEMENT

	  

	 Section 4.1 General
		Partner: Power and Authority.
		

	  

	 (a) The
		business and affairs of the Partnership shall be managed exclusively by the
		General Partner. The General Partner shall have the power and authority, on
		behalf of and in the name of the Partnership, to carry out any and all of the
		objects and purposes and exercise any and all of the powers of the Partnership
		and to perform all acts which it may deem necessary or advisable in connection
		therewith. The General Partner is not required to hold any interest in the
		Partnership. The Limited Partners, in their capacity as limited partners, shall
		have no part in the management of the Partnership and shall have no authority
		or right to act on behalf of or bind the Partnership in connection with any
		matter. The Partners agree that all determinations, decisions and actions made
		or taken by the General Partner in accordance with this Agreement shall be
		conclusive and absolutely binding upon the Partnership, the Partners and their
		respective successors, assigns and personal representatives. 

	  

	 (b) Limited
		Partners holding a majority of the outstanding Class A Common Units shall have
		the right to remove the General Partner at any time, with or without cause.
		Upon the withdrawal or removal of the General Partner, Limited Partners holding
		a majority of the outstanding Class A Common Units shall have the right to
		appoint a successor General Partner; provided, that any successor General
		Partner must be a direct or indirect wholly owned Subsidiary of Fortress. Any
		Person appointed as a successor General Partner by the Limited Partners holding
		a majority of the outstanding Class A Common Units shall become a successor
		General Partner for all purposes herein, and shall be vested with the powers
		and rights of the transferor General Partner, and shall be liable for all
		obligations of the General Partner arising from and after such date, and shall
		be responsible for all duties of the General Partner, once such Person has
		executed such instruments as may be necessary to effectuate its admission and
		to confirm its agreement to be bound by all the terms and provisions of this
		Agreement in its capacity as the General Partner.

	  

	 (c) In order
		to protect the economic and legal rights of the Original Partners set forth in
		this Agreement and the Exchange Agreement, unless the General Partner receives
		the prior written consent of Original Partners holding a majority of the Class
		B Common Units then owned by all Original Partners (treating any Units owned by
		a Permitted Transferee of an Original Partner as owned by such Original Partner
		for such purposes), (i) the General Partner shall not take any action, and
		shall not permit any Subsidiary of the Partnership to take any action, that is
		prohibited under Section 2.9 of the Fortress LLC Agreement, (ii) the General
		Partner shall cause the Partnership and its Subsidiaries to comply with the
		provisions of Section 2.9 of the Fortress LLC Agreement, and (iii) the General
		Partner shall not issue any Units (or other equity securities) of the
		Partnership that have any economic or voting rights that are senior or superior
		to the economic or voting rights of the Class A Common Units other than Units
		(or other equity securities) of the Partnership that are issued pursuant to
		Section 2.9(e) of the Fortress LLC Agreement in connection with an issuance of
		equity securities by Fortress. 

	  

	 18

	  

	 

	 
	 

	 
	 Section 4.2 Books
		and Records; Accounting. The
		General Partner shall have responsibility for the day-to-day management and
		general oversight of the accounting and finance function of the Partnership and
		shall keep at the principal office of the Partnership (or at such other place
		as the General Partner shall determine) true and complete books and records
		regarding the status of the business and financial condition and results of
		operations of the Partnership. The books and records of the Partnership shall
		be kept in accordance with the Federal income tax accounting methods and rules
		determined by the General Partner, which methods and rules shall reflect all
		transactions of the Partnership and shall be appropriate and adequate for the
		business of the Partnership. The Partnership shall also keep books and records
		in accordance with GAAP.

	  

	 Section 4.3 Expenses. Except
		as otherwise provided in this Agreement, the Partnership shall be responsible
		for and shall pay out of funds of the Partnership determined by the General
		Partner to be available for such purpose, all expenses and obligations of the
		Partnership, including those incurred by the Partnership or the General Partner
		or its Affiliates in connection with the formation, conversion, operation or
		management of the Partnership, in organizing the Partnership and preparing,
		negotiating, executing, delivering, amending and modifying this
		Agreement.

	  

	 Section 4.4 Partnership
		Tax and Information Returns.

	  

	 (a) The
		Partnership shall timely file all returns of the Partnership that are required
		for federal, state and local income tax purposes on the basis of the accrual
		method and its fiscal year. The Officers of the Partnership shall use
		reasonable efforts to furnish to all Partners necessary tax information as
		promptly as possible after the end of the fiscal year of the Partnership;
		provided,
		however, that
		delivery of such tax information will be subject to delay in the event of,
		among other reasons, the late receipt of any necessary tax information from an
		entity in which the Partnership has made an investment. The classification,
		realization and recognition of income, gain, losses and deductions and other
		items shall be on the accrual method of accounting for federal income tax
		purposes. 

	  

	 (b) The
		Partnership shall make the election under Section 754 of the Code in accordance
		with applicable regulations thereunder. 

	  

	 (c) Except
		as otherwise provided herein, the General Partner shall determine whether the
		Partnership should make any other elections permitted by the Code.
		

	  

	 (d) The
		General Partner shall designate one Partner as the Tax Matters Partner (as
		defined in the Code). The initial Tax Matters Partner shall be FIG Corp., a
		Delaware corporation. The Tax Matters Partner is authorized and required to
		represent the Partnership (at the Partnership’s expense) in connection
		with all examinations of the Partnership’s affairs by tax authorities,
		including resulting administrative and judicial proceedings, and to expend
		Partnership funds for professional services and costs associated therewith.
		Each Partner agrees to cooperate with the Tax Matters Partner and to do or
		refrain from doing any or all things reasonably required by the Tax Matters
		Partner to conduct such proceedings.

	  

	 19

	  

	 

	 
	 

	 
	  

	 (e) Notwithstanding
		any other provision of this Agreement, the General Partner is authorized to
		take any action that may be required to cause the Partnership to comply with
		any withholding requirements established under the Code or any other federal,
		state, local or foreign law including, without limitation, pursuant to Sections
		1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is
		required or elects to withhold and pay over to any taxing authority any amount
		resulting from the allocation or distribution of income to any Partner
		(including, without limitation, by reason of Section 1446 of the Code), the
		General Partner may treat the amount withheld as a distribution of cash
		pursuant to Section 7.1 or Article IX in the amount of such withholding from
		such Partner.

	  

	 ARTICLE V

	  

	 CONTRIBUTIONS
		AND CAPITAL ACCOUNTS

	  

	 Section 5.1 Capital
		Contributions. Each
		Original Partner has contributed to the capital of the Partnership prior to the
		date hereof. Additional
		Limited Partners (other than Substitute Limited Partners) shall make initial
		contributions to the capital of the Partnership at such times and in such
		amounts as shall be determined by the General Partner in connection with the
		admission of such Additional Limited Partner. The
		Limited Partners are not required to, and do not have the right to, make
		contributions to the capital of the Partnership in addition to such initial
		capital contributions. From time to time, individual Partners may make
		additional capital contributions in exchange for additional Units, in such
		amounts and on such terms as determined by the General Partner.

	  

	 Section 5.2 Capital
		Accounts.
		

	  

	 (a) The
		General Partner shall maintain for each Partner owning Units a separate Capital
		Account with respect to such Units in accordance with the rules of Treasury
		Regulation Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased
		by (i) the amount of all Capital Contributions made to the Partnership with
		respect to such Units pursuant to this Agreement and (ii) all items of
		Partnership income and gain (including, without limitation, income and gain
		exempt from tax) computed in accordance with Section 5.2(b) and allocated with
		respect to such Units pursuant to Section 6.1, and decreased by (x) the amount
		of cash or Net Agreed Value of all actual and deemed distributions of cash or
		property made with respect to such Units pursuant to this Agreement and (y) all
		items of Partnership deduction and loss computed in accordance with Section
		5.2(b) and allocated with respect to such Units pursuant to Section 6.1. The
		foregoing provisions and the other provisions of this Agreement relating to the
		maintenance of Capital Accounts are intended to comply with Treasury Regulation
		Section 1.704-1(b) and shall be interpreted and applied in a manner consistent
		with such Regulations. In the event the General Partner shall determine that it
		is prudent to modify the manner in which the Capital Accounts or any
		adjustments thereto (including, without limitation, adjustments relating to
		liabilities which are secured by contributed or distributed property or which
		are assumed by the Partnership or any Partners) are computed in order to comply
		with such Treasury Regulation, the General Partner may make such modification,
		provided that it is not likely to have a material effect on the amounts
		distributed to any Person pursuant to Article VIII hereof upon the dissolution
		of the Partnership. The General Partner also shall (i) make any adjustments
		that are necessary or appropriate to maintain equality among the Capital
		Accounts of the Partners and the 

	  

	 20

	  

	 

	 
	 

	 
	  

	 amount
		of capital reflected on the Partnership's balance sheet, as computed for book
		purposes, in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(q),
		and (ii) make any appropriate modifications in the event unanticipated events
		might otherwise cause this Agreement not to comply with Treasury Regulation
		Section 1.704-1(b).

	  

	 (b) For
		purposes of computing the amount of any item of income, gain, loss or
		deduction, which is to be allocated pursuant to Article VI and is to be
		reflected in the Partners’ Capital Accounts, the determination,
		recognition and classification of any such item shall be the same as its
		determination, recognition and classification for federal income tax purposes
		(including, without limitation, any method of depreciation, cost recovery or
		amortization used for that purpose), provided, that: 

	  

	 (i) Solely
		for purposes of this Section 5.2, the Partnership shall be treated as owning
		directly its proportionate share (as determined by the General Partner) of all
		property owned by any partnership, limited liability company, unincorporated
		business or other entity or arrangement that is classified as a partnership for
		federal income tax purposes, of which the Partnership is, directly or
		indirectly, a partner. 

	  

	 (ii) Except
		as otherwise provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m), the
		computation of all items of income, gain, loss and deduction shall be made
		without regard to any election under Section 754 of the Code which may be made
		by the Partnership and, as to those items described in Section 705(a)(1)(B) or
		705(a)(2)(B) of the Code, without regard to the fact that such items are not
		includable in gross income or are neither currently deductible nor capitalized
		for federal income tax purposes. To the extent an adjustment to the adjusted
		tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the
		Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m),
		to be taken into account in determining Capital Accounts, the amount of such
		adjustment in the Capital Accounts shall be treated as an item of gain or loss.
		

	  

	 (iii) Any
		income, gain or loss attributable to the taxable disposition of any Partnership
		property shall be determined as if the adjusted basis of such property as of
		such date of disposition were equal in amount to the Partnership’s
		Carrying Value with respect to such property as of such date. 

	  

	 (iv) In
		accordance with the requirements of Section 704(b) of the Code, any deductions
		for depreciation, cost recovery or amortization attributable to any Contributed
		Property shall be determined in the manner described in Regulation Section
		1.704-1(b)(2)(iv)(g)(3) as if the adjusted basis of such property on the date
		it was acquired by the Partnership were equal to the Agreed Value of such
		property. Upon an adjustment pursuant to Section 5.2(d) to the Carrying Value
		of any Adjusted Property that is subject to depreciation, cost recovery or
		amortization, any further deductions for such depreciation, cost recovery or
		amortization attributable to such property shall be determined in the manner
		described in Regulation Sections 1.704-1(b)(2)(iv)(g)(3) and 1.704-3(a)(6)(i)
		as if the adjusted basis of such property were equal to the Carrying Value of
		such property immediately following such adjustment; provided, however, that,
		if the asset has a zero adjusted basis for federal income tax purposes,
		depreciation, cost recovery or amortization deductions shall be determined
		using any method that the General Partner may adopt. 

	  

	 21

	  

	 

	 
	 

	 
	  

	 (c) A
		transferee of Units shall succeed to a pro rata portion of the Capital Account
		of the transferor relating to the Units so transferred. 

	  

	 (d) (i) In
		accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on an
		issuance of additional Units for cash or Contributed Property and the issuance
		of Units as consideration for the provision of services, the Capital Account of
		all Partners and the Carrying Value of each Partnership property immediately
		prior to such issuance shall be adjusted upward or downward to reflect any
		Unrealized Gain or Unrealized Loss attributable to such Partnership property,
		as if such Unrealized Gain or Unrealized Loss had been recognized on an actual
		sale of each such property immediately prior to such issuance and had been
		allocated to the Partners at such time pursuant to Section 6.1 in the same
		manner as any item of gain or loss actually recognized during such period would
		have been allocated. In determining such Unrealized Gain or Unrealized Loss,
		the aggregate cash amount and fair market value of all Partnership assets
		(including, without limitation, cash or cash equivalents) immediately prior to
		the issuance of additional Units shall be determined by the General Partner
		using such method of valuation as it may adopt; provided, however, that the
		General Partner, in arriving at such valuation, must take fully into account
		the fair market value of the Units of all Partners at such time. The General
		Partner shall allocate such aggregate value among the assets of the Partnership
		(in such manner as it determines) to arrive at a fair market value for
		individual properties.

	  

	 (i) In
		accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately
		prior to any actual or deemed distribution to a Partner of any Partnership
		property (other than a distribution of cash that is not in redemption or
		retirement of a Unit), the Capital Accounts of all Partners and the Carrying
		Value of all Partnership property shall be adjusted upward or downward to
		reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership
		property, as if such Unrealized Gain or Unrealized Loss had been recognized in
		a sale of such property immediately prior to such distribution for an amount
		equal to its fair market value, and had been allocated to the Partners, at such
		time, pursuant to Section 6.1 in the same manner as any item of gain or loss
		actually recognized during such period would have been allocated. In
		determining such Unrealized Gain or Unrealized Loss the aggregate cash amount
		and fair market value of all Partnership assets (including, without limitation,
		cash or cash equivalents) immediately prior to a distribution shall (A) in the
		case of an actual distribution that is not made pursuant to Article VIII or in
		the case of a deemed distribution, be determined and allocated in the same
		manner as that provided in Section 5.2(d)(i) or (B) in the case of a
		liquidating distribution pursuant to Article VIII, be determined and allocated
		by the Liquidator using such method of valuation as it may adopt. 

	  

	 (ii) The
		General Partner may make the adjustments described in clause (i) above in the
		manner set forth therein if the General Partner determines that such
		adjustments are necessary or useful to effectuate the intended economic
		arrangement among the Partners (equal distributions paid with respect to each
		Class A Common Unit and each Class B Common Unit), including Partners who
		received Units in connection with the performance of services to or for the
		benefit of the Partnership.

	  

	 (e) Notwithstanding
		anything expressed or implied to the contrary in this Agreement, in the event
		the General Partner shall determine, in its sole and absolute 

	  

	 22

	  

	 

	 
	 

	 
	  

	 discretion,
		that it is prudent to modify the manner in which the Capital Accounts, or any
		debits or credits thereto, are computed in order to effectuate the intended
		economic sharing arrangement of the Partners (equal distributions paid with
		respect to each Class A Common Unit and each Class B Common Unit), the General
		Partner may make such modification.

	  

	 ARTICLE VI

	  

	 ALLOCATIONS

	  

	 Section 6.1 Allocations
		for Capital Account Purposes. For
		purposes of maintaining the Capital Accounts and in determining the rights of
		the Partners among themselves, the Partnership’s items of income, gain,
		loss and deduction (computed in accordance with Section 5.2(b)) shall be
		allocated among the Partners in each taxable year (or portion thereof) as
		provided herein below. 

	  

	 (a) Net
		Income. After
		giving effect to the special allocations set forth in Section 6.1(d), Net
		Income for each taxable year and all items of income, gain, loss and deduction
		taken into account in computing Net Income for such taxable year shall be
		allocated to the Partners in accordance with their respective Percentage
		Interests. 

	  

	 (b) Net
		Losses. After
		giving effect to the special allocations set forth in Section 6.1(d), Net
		Losses for each taxable period and all items of income, gain, loss and
		deduction taken into account in computing Net Losses for such taxable period
		shall be allocated to the Partners in accordance with their respective
		Percentage Interests; provided that to the extent any allocation of Net Losses
		would cause any Partners to have a deficit balance in its Adjusted Capital
		Account at the end of such taxable year (or increase any existing deficit
		balance in its Adjusted Capital Account), such allocation of Net Loss shall be
		reallocated among the other Partners in accordance with their respective
		Percentage Interests. 

	  

	 (c) Allocation
		upon Termination. With
		respect to all Section 6.1(a) and (b) allocations following a Liquidation Date,
		such allocations shall be made after Capital Account balances have been
		adjusted by all other allocations provided under this Section 6.1 and after
		giving effect to all distributions during such taxable year; provided, however,
		that solely for purposes of this Section 6.1(c), Capital Accounts shall not be
		adjusted for distributions made pursuant to Article IX. 

	  

	 (d) Special
		Allocations.
		Notwithstanding any other provision of this Section 6.1, the following special
		allocations shall be made for such taxable period: 

	  

	 (i) Partnership
		Minimum Gain Chargeback.
		Notwithstanding any other provision of this Section 6.1, if there is a net
		decrease in Partnership Minimum Gain during any Partnership taxable period,
		each Partner shall be allocated items of Partnership income and gain for such
		period (and, if necessary, subsequent periods) in the manner and amounts
		provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and
		1.704-2(j)(2)(i), or any successor provision. For purposes of this Section
		6.1(d), each Partner’s Adjusted Capital Account balance shall be
		determined, and the allocation of income and gain required hereunder shall be
		effected, prior to the application of any other allocations pursuant
		to

	  

	 23

	  

	 

	 
	 

	 
	  

	 this
		Section 6.1(d) with respect to such taxable period (other than an allocation
		pursuant to Section 6.1(d)(iii) and 6.1(d)(vi)). This Section 6.1(d)(i) is
		intended to comply with the Partnership Minimum Gain chargeback requirement in
		Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently
		therewith. 

	  

	 (ii) Chargeback
		of Partner Nonrecourse Debt Minimum Gain.
		Notwithstanding the other provisions of this Section 6.1 (other than Section
		6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if
		there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any
		Partnership taxable period, any Partner with a share of Partner Nonrecourse
		Debt Minimum Gain at the beginning of such taxable period shall be allocated
		items of Partnership income and gain for such period (and, if necessary,
		subsequent periods) in the manner and amounts provided in Treasury Regulation
		Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For
		purposes of this Section 6.1(d), each Partner’s Adjusted Capital Account
		balance shall be determined, and the allocation of income and gain required
		hereunder shall be effected, prior to the application of any other allocations
		pursuant to this Section 6.1(d), other than Section 6.1(d)(i) and other than an
		allocation pursuant to Section 6.1(d)(v) and 6.1(d)(vi), with respect to such
		taxable period. This Section 6.1(d)(ii) is intended to comply with the
		chargeback of items of income and gain requirement in Treasury Regulation
		Section 1.704-2(i)(4) and shall be interpreted consistently therewith.
		

	  

	 (iii) Qualified
		Income Offset. In the
		event any Partner unexpectedly receives any adjustments, allocations or
		distributions described in Treasury Regulation Sections
		1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain
		shall be specially allocated to such Partner in an amount and manner sufficient
		to eliminate, to the extent required by the Treasury Regulations promulgated
		under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted
		Capital Account created by such adjustments, allocations or distributions as
		quickly as possible unless such deficit balance is otherwise eliminated
		pursuant to Section 6.1(d)(i) or (ii). This Section 6.1(d)(iii) is intended to
		qualify and be construed as a “qualified income offset” within the
		meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be
		interpreted consistently therewith. 

	  

	 (iv) Gross
		Income Allocations. In the
		event any Partner has a deficit balance in its Capital Account at the end of
		any Partnership taxable period in excess of the sum of (A) the amount such
		Partner is required to restore pursuant to the provisions of this Agreement and
		(B) the amount such Partner is deemed obligated to restore pursuant to Treasury
		Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be
		specially allocated items of Partnership gross income and gain in the amount of
		such excess as quickly as possible; provided, that an allocation pursuant to
		this Section 6.1(d)(iv) shall be made only if and to the extent that such
		Partner would have a deficit balance in its Capital Account as adjusted after
		all other allocations provided for in this Section 6.1 have been tentatively
		made as if this Section 6.1(d)(iv) were not in this Agreement. 

	  

	 (v) Nonrecourse
		Deductions.
		Nonrecourse Deductions for any taxable period shall be allocated to the
		Partners in accordance with their respective Percentage Interests. If the
		General Partner determines that the Partnership’s Nonrecourse Deductions
		should be allocated in a different ratio to satisfy the safe harbor
		requirements of the Treasury 

	  

	 24

	  

	 

	 
	 

	 
	  

	 Regulations
		promulgated under Section 704(b) of the Code, the General Partner is
		authorized, upon notice to the other Partners, to revise the prescribed ratio
		to the numerically closest ratio that does satisfy such requirements.
		

	  

	 (vi) Partner
		Nonrecourse Deductions.
		Partner Nonrecourse Deductions for any taxable period shall be allocated 100%
		to the Partner that bears the Economic Risk of Loss with respect to the Partner
		Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable
		in accordance with Treasury Regulation Section 1.704-2(i). If more than one
		Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse
		Debt, such Partner Nonrecourse Deductions attributable thereto shall be
		allocated between or among such Partners in accordance with the ratios in which
		they share such Economic Risk of Loss. 

	  

	 (vii) Nonrecourse
		Liabilities.
		Nonrecourse Liabilities of the Partnership described in Treasury Regulation
		Section 1.752-3(a)(3) shall be allocated among the Partners in the manner
		chosen by the General Partner and consistent with such Treasury Regulation.
		

	  

	 (viii) Code
		Section 754 Adjustments. To the
		extent an adjustment to the adjusted tax basis of any Partnership asset
		pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to
		Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
		determining Capital Accounts, the amount of such adjustment to the Capital
		Accounts shall be treated as an item of gain (if the adjustment increases the
		basis of the asset) or loss (if the adjustment decreases such basis), and such
		item of gain or loss shall be specially allocated to the Partners in a manner
		consistent with the manner in which their Capital Accounts are required to be
		adjusted pursuant to such Section of the Treasury Regulations. 

	  

	 (ix) Curative
		Allocation.
		

	  

	 (A) The
		Required Allocations are intended to comply with certain requirements of the
		Treasury Regulations. It is the intent of the Partners that, to the extent
		possible, all Required Allocations shall be offset either with other Required
		Allocations or with special allocations of other items of Partnership income,
		gain, loss or deduction pursuant to this Section 6.1(d)(ix). Therefore,
		notwithstanding any other provision of this Article VI (other than the Required
		Allocations), the General Partner shall make such offsetting special
		allocations of Partnership income, gain, loss or deduction in whatever manner
		it determines appropriate so that, after such offsetting allocations are made,
		each Partner's Capital Account balance is, to the extent possible, equal to the
		Capital Account balance such Partner would have had if the Required Allocations
		were not part of this Agreement and all Partnership items were allocated
		pursuant to the economic agreement among the Partners. 

	  

	 (B) The
		General Partner shall, with respect to each taxable period, (1) apply the
		provisions of Section 6.1(d)(ix)(A) in whatever order is most likely to
		minimize the economic distortions that might otherwise result from the Required
		Allocations, and (2) divide all allocations pursuant to Section 6.1(d)(ix)(A)
		among the Partners in a manner that is likely to minimize such economic
		distortions. 

	  

	 25

	  

	 

	 
	 

	 
	 (x) The
		Partnership shall specially allocate an amount of gross income equal to the
		Expense Amount to the Initial Partner.

	  

	 Section 6.2 Allocations
		for Tax Purposes.
		

	  

	 (a) Except
		as otherwise provided herein, for federal income tax purposes, each item of
		income, gain, loss and deduction shall be allocated among the Partners in the
		same manner as its correlative item of "book" income, gain, loss or deduction
		is allocated pursuant to Section 6.1. 

	  

	 (b) In an
		attempt to eliminate Book-Tax Disparities attributable to a Contributed
		Property or an Adjusted Property, items of income, gain, loss, depreciation,
		amortization and cost recovery deductions shall be allocated for federal income
		tax purposes among the Partners as follows: 

	  

	 (i) (A) In
		the case of a Contributed Property, such items attributable thereto shall be
		allocated among the Partners in the manner provided under Section 704(c) of the
		Code that takes into account the variation between the Agreed Value of such
		property and its adjusted basis at the time of contribution; and (B) any item
		of Residual Gain or Residual Loss attributable to a Contributed Property shall
		be allocated among the Partners in the same manner as its correlative item of
		"book" gain or loss is allocated pursuant to Section 6.1. 

	  

	 (ii) (A) In
		the case of an Adjusted Property, such items shall (1) first, be allocated
		among the Partners in a manner consistent with the principles of Section 704(c)
		of the Code to take into account the Unrealized Gain or Unrealized Loss
		attributable to such property and the allocations thereof pursuant to Section
		5.2(d)(i) or 5.2(d)(ii), and (2) second, in the event such property was
		originally a Contributed Property, be allocated among the Partners in a manner
		consistent with Section 6.2(b)(i)(A); and (B) any item of Residual Gain or
		Residual Loss attributable to an Adjusted Property shall be allocated among the
		Partners in the same manner as its correlative item of "book" gain or loss is
		allocated pursuant to Section 6.1. 

	  

	 (iii) In order
		to eliminate Book-Tax Disparities, the General Partner shall apply the
		"traditional method with curative allocations of gain on disposition," as
		described in Treasury Regulation Section 1.704-3(c)(3)(iii)(B). Notwithstanding
		the preceding sentence, the General Partner may cause the Partnership to
		eliminate Book-Tax Disparities using another method described in Treasury
		Regulation Section 1.704-3.

	  

	 (c) For the
		proper administration of the Partnership and for the preservation of uniformity
		of the Units (or any class or classes thereof), the General Partner shall (i)
		adopt such conventions as it deems appropriate in determining the amount of
		depreciation, amortization and cost recovery deductions; (ii) make special
		allocations for federal income tax purposes of income (including, without
		limitation, gross income) or deductions; (iii) amend the provisions of this
		Agreement as appropriate (x) to reflect the proposal or promulgation of
		Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y)
		otherwise to preserve or achieve uniformity of the Units (or any class or
		classes thereof); and (iv) adopt and employ such methods for (A) the
		maintenance of capital accounts for book and tax purposes, (B) the
		determination and allocation of adjustments under Sections 704(c), 734 and 743
		of the Code, 

	  

	 26

	  

	 

	 
	 

	 
	  

	 (C) the
		determination and allocation of taxable income, tax loss and items thereof
		under this Agreement and pursuant to the Code, (D) the determination of the
		identities and tax classification of Unitholders, (E) the provision of tax
		information and reports to the Unitholders, (F) the adoption of reasonable
		conventions and methods for the valuation of assets and the determination of
		tax basis, (G) the allocation of asset values and tax basis, (H) the adoption
		and maintenance of accounting methods, (I) the recognition of the transfer of
		Units, (J) tax compliance and other tax-related requirements, including without
		limitation, the use of computer software, as it determines in its sole
		discretion are necessary and appropriate to execute the provisions of this
		Agreement and to comply with federal, state and local tax law, and to achieve
		uniformity of Units within a class. The General Partner may adopt such
		conventions, make such allocations and make such amendments to this Agreement
		as provided in this Section 6.2(c) only if such conventions, allocations or
		amendments would not have a material adverse effect on the Partners, the
		holders of any class or classes of Units issued and outstanding or the
		Partnership, and if such allocations are consistent with the principles of
		Section 704 of the Code. 

	  

	 (d) The
		General Partner may determine to depreciate or amortize the portion of an
		adjustment under Section 743(b) of the Code attributable to unrealized
		appreciation in any Adjusted Property (to the extent of the unamortized
		Book-Tax Disparity) using a predetermined rate derived from the depreciation or
		amortization method and useful life applied to the Partnership’s common
		basis of such property, despite any inconsistency of such approach with
		Treasury Regulation Section 1.167(c)-l(a)(6) or any successor regulations
		thereto. If the General Partner determines that such reporting position cannot
		be taken, the General Partner may adopt depreciation and amortization
		conventions under which all purchasers acquiring Units in the same month would
		receive depreciation and amortization deductions, based upon the same
		applicable rate as if they had purchased a direct interest in the
		Partnership’s property. If the General Partner chooses not to utilize such
		aggregate method, the General Partner may use any other depreciation and
		amortization conventions to preserve the uniformity of the intrinsic tax
		characteristics of any Units, so long as such conventions would not have a
		material adverse effect on the Partners or the Record Holders of any class or
		classes of Units. 

	  

	 (e) Any gain
		allocated to the Partners upon the sale or other taxable disposition of any
		Partnership asset shall, to the extent possible, after taking into account
		other required allocations of gain pursuant to this Section 6.2, be
		characterized as Recapture Income in the same proportions and to the same
		extent as such Partners (or their predecessors in interest) have been allocated
		any deductions directly or indirectly giving rise to the treatment of such
		gains as Recapture Income. 

	  

	 (f) All
		items of income, gain, loss, deduction and credit recognized by the Partnership
		for federal income tax purposes and allocated to the Partners in accordance
		with the provisions hereof shall be determined without regard to any election
		under Section 754 of the Code that may be made by the Partnership; provided,
		however, that such allocations, once made, shall be adjusted (in the manner
		determined by the General Partner) to take into account those adjustments
		permitted or required by Sections 734 and 743 of the Code. 

	  

	 (g) For
		purposes of determining the items of Partnership income, gain, loss, deduction,
		or credit allocable to any Partner with respect to any period, such items shall
		be 

	  

	 27

	  

	 

	 
	 

	 
	  

	 determined
		on a daily, monthly, or other basis, as determined by the General Partner using
		any permissible method under Code Section 706 and the Regulations
		thereunder.

	  

	 ARTICLE VII

	  

	 DISTRIBUTIONS

	  

	 Section 7.1 Distributions. Subject
		to the terms of any Unit Designation, distributions shall be made to the
		Partners, after Tax Distributions are made pursuant to Sections 7.3
		hereof, and after Expense Amount distributions are made pursuant to Section 7.5
		hereof, as and when determined by the General Partner, to the Partners in
		accordance with their respective Common Units.

	  

	 Section 7.2 Distributions
		in Kind. The
		General Partner may cause the Partnership to make distributions of assets in
		kind. Whenever the distributions provided for in Section 7.1 shall be
		distributable in property other than cash, the value of such distribution shall
		be the fair market value of such property determined by the General Partner in
		good faith, and in the event of such a distribution there shall be allocated to
		the Partners in accordance with Article VI the amount of Profits or Losses
		that would result if the distributed asset had been sold for an amount in cash
		equal to its fair market value at the time of the distribution. No Partner
		shall have the right to demand that the Partnership distribute any assets in
		kind to such Partner.

	  

	 Section 7.3 Tax
		Distributions.
		Subject to § 17-607 of the Act, the Partnership shall make
		distributions to each Partner for each calendar quarter ending after the date
		hereof as follows (collectively, the "Tax
		Distributions"):

	  

	 (a) On or
		before the 10th day
		following the end of the First Quarterly Period of each calendar year, an
		amount equal to such Partner's Presumed Tax Liability for the First Quarterly
		Period (the "First
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year;

	  

	 (b) On or
		before the 10th day
		following the end of the Second Quarterly Period of each Calendar Year, an
		amount equal to such Partner's Presumed Tax Liability for the Second Quarterly
		Period (the "Second
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year;

	  

	 (c) On or
		before the 10th day
		following the end of the Third Quarterly Period of each Calendar Year, an
		amount equal to such Partner's Presumed Tax Liability for the Third Quarterly
		Period (the "Third
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year;

	  

	 (d) On or
		before the 10th day
		following the end of the Fourth Quarterly Period of each Calendar Year, an
		amount equal to such Partner's Presumed Tax Liability for the Fourth Quarterly
		Period (the "Fourth
		Quarter Tax Distribution") less
		the aggregate amount of 

	  

	 28

	  

	 

	 
	 

	 
	  

	 Prior
		Distributions previously made to such Partner during such calendar year,
		excluding any Tax Distribution with respect to a previous calendar year;
		and

	  

	 (e) Tax
		Distributions shall be made on the basis of a calendar year regardless of the
		Fiscal Year used by the Partnership. To the extent the General Partner
		determines in its sole discretion that the distributions made under the
		foregoing subsections (a) through (d) are insufficient to satisfy the Partners'
		Presumed Tax Liability for the applicable calendar year, on or before the April
		10th
		immediately following the applicable calendar year, an amount that the General
		Partner determines in its reasonable discretion will be sufficient to allow
		each Partner to satisfy his or her Presumed Tax Liability for the applicable
		calendar year, after taking into account all Prior Distributions made to the
		Partners with respect to the applicable calendar year, excluding any Tax
		Distribution with respect to a previous calendar year.

	  

	 (f) Notwithstanding
		any other provision of this Agreement, Tax Distributions shall be made: (i) to
		all Partners pro rata in accordance with their Percentage Interests; and (ii)
		as if each distributee Partner was allocated an amount of income in each
		quarterly period equal to the product of (x) the highest amount of income
		allocated to any Partner with respect to his Units, calculated on a per-Unit
		basis, taking into account any income allocations pursuant to Section 6.2
		hereof, multiplied by (y) the amount of Units held by such distributee
		partner.

	  

	 (g) If
		necessary, but subject to Section 17-607 of the Act, the Partnership shall be
		required to borrow funds in order to make the Tax Distributions required by
		this Section 7.3.

	  

	 (h) For the
		avoidance of doubt, for purposes of calculating the amount of Tax Distributions
		to which a Partner is entitled with respect to a particular Quarterly Period,
		the term "Prior Distributions" shall not include such Partner's share of any
		distribution made during the Pre-IPO Period in excess of the Pre-IPO Minimum
		Distribution made to such Partner with respect to such Quarterly
		Period.

	  

	 Section 7.4 Pre-IPO
		Minimum Distribution. During
		the Pre-IPO Period, the Partnership shall make distributions to the Partners as
		and when determined by the General Partner, but no later than the last day of
		the Pre-IPO Period, in an aggregate amount equal to the product of the
		Partnership's share (as set forth in the schedule maintained by the General
		Partners of the Fortress Operating Group Entities) of the $750,000/day minimum
		distribution, multiplied by the number of days in the Pre-IPO Period. Pre-IPO
		Minimum Distributions accrue on a daily basis, and a Partner shall be entitled
		to receive a Pre-IPO Minimum Distribution (a) only to the extent such Partner
		owned Units on the day such distribution accrued, and (b) notwithstanding the
		fact that such Partner did not own Units on the first day of the First
		Quarterly Period of 2007, in which case the Pre-IPO Period in respect of such
		Partner shall be deemed to begin on the date such Partner first acquired Units.
		

	  

	 Section 7.5 Expense
		Amount Distributions. The
		Partnership shall distribute any Expense Amount to the Initial General Partner
		at the times set forth in any Expense Allocation Agreement.

	  

	 29

	  

	 

	 
	 

	 
	  

	 ARTICLE VIII

	  

	 TRANSFER
		OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS

	  

	 Section 8.1 Transfer
		and Assignment of Interest. A
		Partner may not Transfer all or any of such Partner's Units without approval of
		the General Partner, which approval may be granted or withheld, with or without
		reason, in the General Partner's sole discretion; provided,
		however, that,
		without the approval of the General Partner, a Partner may, at any time, (i)
		Transfer any of such Partner's Units pursuant to the Exchange Agreement, (ii)
		Transfer any of such Partner's Units to a Permitted Transferee of such Partner,
		or (iii) pledge or assign any of such Partner's Units to a lending institution
		that is not an Affiliate of such Limited Partner, as collateral or security for
		a bona fide loan or other extension of credit, and any Transfer of such pledged
		Units in connection with the exercise of remedies under such loan or extension
		of credit; provided, however, that no Transfer pursuant to this clause (iii)
		shall be permitted if such Transfer would cause the Partnership to be treated
		as a publicly traded partnership that is taxable as a corporation. In the event
		of any Transfer, the transferring Partner shall provide the address and
		facsimile number for each transferee as contemplated by Section
		10.9.

	  

	 Section 8.2 Withdrawal
		of General Partner. The
		General Partner shall not withdraw from the Partnership without the approval of
		the Limited Partners holding a majority of the outstanding Class A Common
		Units.

	  

	 Section 8.3 Cessation
		of Status as a Partner.

	  

	 (a) A
		Partner may not, without the consent of the General Partner, withdraw from the
		Partnership prior to the Partnership's termination.

	  

	 (b) Except
		as expressly provided in this Agreement, no event affecting a Partner,
		including death, bankruptcy, insolvency or withdrawal from the Partnership,
		shall affect the Partnership.

	  

	 ARTICLE IX

	  

	 DISSOLUTION

	  

	 Section 9.1 Duration
		and Dissolution. The
		Partnership shall be dissolved and its affairs shall be wound up upon the first
		to occur of the following:

	  

	 (a) the
		entry of a decree of judicial dissolution of the Partnership under
		Section 17-802 of the Act; and

	  

	 (b) the
		determination of the General Partner to dissolve the Partnership.

	  

	 Except
		as provided in this Agreement, the death, Disability, resignation, expulsion,
		bankruptcy or dissolution of any Partner or the occurrence of any other event
		which terminates the continued partnership of any Partner in the Partnership
		shall not cause the Partnership to be dissolved or its affairs wound up;
		provided,
		however, that
		at any time after the 

	  

	 30

	  

	 

	 
	 

	 
	  

	 bankruptcy
		of the General Partner, the holders of a majority of the Class A Common Units
		may, pursuant to written consent to such effect, replace the General Partner
		with another Person, who shall, after executing a written instrument confirming
		such Person's agreement to be bound by all the terms and provisions of this
		Agreement, (i) become a successor General Partner for all purposes hereunder,
		(ii) be vested with the powers and rights of the replaced General Partner, and
		(iii) be liable for all obligations and responsible for all duties of the
		replaced General Partner from the date of such replacement.

	  

	 Section 9.2 Distribution
		of Assets.
		Subject to the terms of any Unit Designation, upon the winding up of the
		Partnership, assets shall be distributed to the Partners in accordance with
		their Capital Account balances, as adjusted for all Partnership operations up
		to and including the date of such distribution.

	  

	 Section 9.3 Notice
		of Liquidation. The
		General Partner shall give each of the Partners prompt written notice of any
		liquidation, dissolution or winding up of the Partnership.

	  

	 Section 9.4 Liquidator. Upon
		dissolution of the Partnership, the General Partner may select one or more
		Persons to act as a liquidator trustee for the Partnership (such person, or the
		General Partner, the "Liquidator"). The Liquidator (if other than the General
		Partner) shall be entitled to receive such compensation for its services as may
		be approved by holders of a majority of the Class A Common Units (subject to
		the terms of any Unit Designation). The Liquidator (if other than the General
		Partner) shall agree not to resign at any time without 15 days’ prior
		notice and may be removed at any time, with or without cause, by notice of
		removal approved by holders of a majority of the Class A Common Units (subject
		to the terms of any Unit Designation). Upon dissolution, death, incapacity,
		removal or resignation of the Liquidator, a successor and substitute Liquidator
		(who shall have and succeed to all rights, powers and duties of the original
		Liquidator) shall within 30 days thereafter be approved by the General Partner
		(or, in the case of the removal of the Liquidator by holders of units, by
		holders of a majority of the Units (subject to the terms of any Unit
		Designation)). The right to approve a successor or substitute Liquidator in the
		manner provided herein shall be deemed to refer also to any such successor or
		substitute Liquidator approved in the manner herein provided. Except as
		expressly provided in this Section 9.4, the Liquidator approved in the manner
		provided herein shall have and may exercise, without further authorization or
		consent of any of the parties hereto, all of the powers conferred upon the
		General Partner under the terms of this Agreement (but subject to all of the
		applicable limitations, contractual and otherwise, upon the exercise of such
		powers) necessary or appropriate to carry out the duties and functions of the
		Liquidator hereunder for and during the period of time required to complete the
		winding up and liquidation of the Partnership as provided for herein.
		

	  

	 Section 9.5 Liquidation. The
		Liquidator shall proceed to dispose of the assets of the Partnership, discharge
		its liabilities, and otherwise wind up its affairs in such manner and over such
		period as determined by the Liquidator, subject to Section 17-804 of the Act
		and the following: 

	  

	 (a) The
		assets may be disposed of by public or private sale or by distribution in kind
		to one or more Partners on such terms as the Liquidator and such Partner or
		Partners may agree. If any property is distributed in kind, the Partner
		receiving the property shall 

	  

	 31

	  

	 

	 
	 

	 
	  

	 be
		deemed for purposes of Section 9.5(c) to have received cash equal to its fair
		market value; and contemporaneously therewith, appropriate cash distributions
		must be made to the other Partners. Notwithstanding anything to the contrary
		contained in this Agreement, the Partners understand and acknowledge that a
		Partner may be compelled to accept a distribution of any asset in kind from the
		Partnership despite the fact that the percentage of the asset distributed to
		such Partner exceeds the percentage of that asset which is equal to the
		percentage in which such Partner shares in distributions from the Partnership.
		The Liquidator may defer liquidation or distribution of the Partnership’s
		assets for a reasonable time if it determines that an immediate sale or
		distribution of all or some of the Partnership’s assets would be
		impractical or would cause undue loss to the Partners. The Liquidator may
		distribute the Partnership’s assets, in whole or in part, in kind if it
		determines that a sale would be impractical or would cause undue loss to the
		Partners. 

	  

	 (b) Liabilities
		of the Partnership include amounts owed to the Liquidator as compensation for
		serving in such capacity and amounts to Partners otherwise than in respect of
		their distribution rights under Article VII. With respect to any liability that
		is contingent, conditional or unmatured or is otherwise not yet due and
		payable, the Liquidator shall either settle such claim for such amount as it
		thinks appropriate or establish a reserve of cash or other assets to provide
		for its payment. When paid, any unused portion of the reserve shall be applied
		to other liabilities or distributed as additional liquidation proceeds.
		

	  

	 (c) All
		property and all cash in excess of that required to discharge liabilities as
		provided in Section 9.5(b) shall be distributed to holders of Units having
		liquidation preferences, if any, and then to the Partners in accordance with
		and to the extent of the positive balances in their respective Capital
		Accounts, as determined after taking into account all Capital Account
		adjustments (other than those made by reason of distributions pursuant to this
		Article VIII(c)) for the taxable year of the Partnership during which the
		liquidation of the Partnership occurs (with such date of occurrence being
		determined by the General Partner, and such distribution shall be made by the
		end of such taxable year (or, if later, within 90 days after said date of such
		occurrence). 

	  

	 Notwithstanding
		any other provision of this Agreement, if, upon the dissolution and liquidation
		of the Partnership pursuant to this Article IX and after all other allocations
		provided for in Section 6.1 have been tentatively made as if this Section 9.5
		were not in this Agreement, either (i) the positive Capital Account balance
		attributable to one or more Units having a liquidation preference is not equal
		to such liquidation preference, or (ii) the quotient obtained by dividing the
		positive balance of a Partner’s Capital Account with respect to Common
		Units by the aggregate of all Partners’ Capital Account balances with
		respect to Common Units at such time would differ from such Partner's
		Percentage Interest, then Net Income (and items thereof) and Net Loss (and
		items thereof) for the Fiscal Year in which the Partnership dissolves and
		liquidates pursuant to this Article IX shall be allocated among the Partners
		(x) first, to the extent necessary to ensure that the Capital Account balance
		attributable to a Unit having a liquidation preference is equal to such
		liquidation preference, and (y) second, in a manner such that the positive
		balance in the Capital Account of each Partner with respect to Common Units on
		a Unit by Unit basis, immediately after giving effect to such allocation, is,
		as nearly as possible, equal to each such Partner's Percentage Interest on a
		Unit by Unit basis.

	  

	 32

	  

	 

	 
	 

	 
	  

	 ARTICLE X 

	  

	 MISCELLANEOUS

	  

	 Section 10.1 Amendment
		to the Agreement.

	  

	 (a) Except
		as may be otherwise required by law, this Agreement may be amended by the
		General Partner without the consent or approval of any Partners; provided,
		however, that
		except as expressly provided herein (including Section 5.2(e)), (i) no
		amendment may adversely affect the rights of a holder of Units without the
		consent of such holder if such amendment adversely affects the rights of such
		holder other than on a pro
		rata basis
		with other holders of Units of the same class, (ii) no amendment may adversely
		affect the rights of the holders of a class of Units without the consent of
		holders of a majority of the outstanding Units of such class and (iii) the
		provisions of Section 4.1(c) relating to the consent rights of the Original
		Partners may not be amended without the written consent of Original Partners
		that hold a majority of the Class B Common Units then owned by all Original
		Partners (treating any Class B Common Units owned by a Permitted Transferee of
		an Original Partner as owned by such Original Partner for such
		purposes). 

	  

	 (b) It is
		acknowledged and agreed that neither the admission of any Additional Partner,
		the adoption of any Unit Designation nor the issuance of any Units shall be
		considered an amendment of this Agreement.

	  

	 Section 10.2 Successors,
		Counterparts. This
		Agreement and any amendment hereto in accordance with Section 10.1(a)
		shall be binding as to executors, administrators, estates, heirs and legal
		successors, or nominees or representatives, of the Partners, and may be
		executed in several counterparts with the same effect as if the parties
		executing the several counterparts had all executed one
		counterpart.

	  

	 Section 10.3 Governing
		Law; Severability. This
		Agreement shall be governed by and construed in accordance with the laws of the
		State of Delaware without giving effect to the principles of conflict of laws
		thereof. In particular, this Agreement shall be construed to the maximum extent
		possible to comply with all of the terms and conditions of the Act. If,
		nevertheless, it shall be determined by a court of competent jurisdiction that
		any provisions or wording of this Agreement shall be invalid or unenforceable
		under the Act or other applicable law, such invalidity or unenforceability
		shall not invalidate this entire Agreement. In that case, this Agreement shall
		be construed so as to limit any term or provision to make it enforceable or
		valid within the requirements of applicable law, and, in the event such term or
		provisions cannot be so limited, this Agreement shall be construed to omit such
		invalid or unenforceable provisions. If it shall be determined by a court of
		competent jurisdiction that any provisions relating to the distributions and
		allocations of the Partnership is invalid or unenforceable, this Agreement
		shall be construed or interpreted so as (a) to make it enforceable or valid and
		(b) to make the distributions and allocations as closely equivalent to those
		set forth in this Agreement as is permissible under applicable
		law.

	  

	 Section 10.4 Arbitration. Except
		as to matters expressly reserved in this Agreement for adjudication in a court
		of competent jurisdiction, any controversy or claim arising 

	  

	 33

	  

	 

	 
	 

	 
	  

	 out of
		or relating to this Agreement, shall be adjudicated only by arbitration in
		accordance with the rules of the American Arbitration Association, and judgment
		upon such award rendered by the arbitrator may be entered in any court having
		jurisdiction thereof. The arbitration shall be held in the City of New York,
		State of New York, Borough of Manhattan, or such other place as may be agreed
		upon at the time by the parties to the arbitration.

	  

	 Section 10.5 Filings.
		Following the execution and delivery of this Agreement, the General Partner or
		its designee shall promptly prepare any documents required to be filed and
		recorded under the Act or the LLC Act, and the General Partner or such designee
		shall promptly cause each such document to be filed and recorded in accordance
		with the Act or the LLC Act, as the case may be, and, to the extent required by
		local law, to be filed and recorded or notice thereof to be published in the
		appropriate place in each jurisdiction in which the Partnership may hereafter
		establish a place of business. The General Partner or such designee shall also
		promptly cause to be filed, recorded and published such statements of
		fictitious business name and any other notices, certificates, statements or
		other instruments required by any provision of any applicable law of the United
		States or any state or other jurisdiction which governs the conduct of its
		business from time to time.

	  

	 Section 10.6 Power
		of Attorney. Each
		Partner does hereby constitute and appoint the General Partner as its true and
		lawful representative and attorney-in-fact, in its name, place and stead, to
		make, execute, sign, deliver and file (a) any amendment to the Certificate of
		Limited Partnership required because of an amendment to this Agreement or in
		order to effectuate any change in the partners of the Partnership, (b) all such
		other instruments, documents and certificates which may from time to time be
		required by the laws of the United States of America, the State of Delaware or
		any other jurisdiction, or any political subdivision or agency thereof, to
		effectuate, implement and continue the valid and subsisting existence of the
		Partnership or to dissolve the Partnership or for any other purpose consistent
		with this Agreement and the transactions contemplated hereby. The power of
		attorney granted hereby is coupled with an interest and shall (i) survive
		and not be affected by the subsequent death, incapacity, Disability,
		dissolution, termination or bankruptcy of the Partner granting the same or the
		transfer of all or any portion of such Partner's Interest and (ii) extend
		to such Partner's successors, assigns and legal representatives.

	  

	 Section 10.7 Headings.
		Section and other headings contained in this Agreement are for reference
		purposes only and are not intended to describe, interpret, define or limit the
		scope or intent of this Agreement or any provision hereof.

	  

	 Section 10.8 Additional
		Documents. Each
		Partner, upon the request of the General Partner, agrees to perform all further
		acts and execute, acknowledge and deliver any documents that may be reasonably
		necessary to carry out the provisions of this Agreement.

	  

	 Section 10.9 Notices. All
		notices, requests and other communications to any party hereunder shall be in
		writing (including facsimile, e-mail or similar writing) and shall be given to
		such party (and any other person designated by such party) at its address,
		facsimile number or e-mail address set forth in a schedule filed with the
		records of the Partnership or such other address, facsimile number or e-mail
		address as such party may hereafter specify to the General Partner. Each such
		notice, request or other communication shall be effective (a) if given
		

	  

	 34

	  

	 

	 
	 

	 
	  

	 by
		facsimile, when transmitted to the number specified pursuant to this
		Section and the appropriate confirmation of receipt is received, (b) if
		given by mail, seventy-two hours after such communication is deposited in the
		mails with first class postage prepaid, addressed as aforesaid, (c) if given by
		e-mail, when transmitted to the e-mail address specified pursuant to this
		Section and the appropriate confirmation of receipt is received or (d) if
		given by any other means, when delivered at the address specified pursuant to
		this Section.

	  

	 Section 10.10 Waiver
		of Right to Partition. Each
		of the Partners irrevocably waives any right that it may have to maintain any
		action for partition with respect to any of the Partnership's
		assets.

	  

	 Section 10.11 Entire
		Agreement. This
		Agreement constitutes the entire agreement among the Partners with respect to
		the subject matter hereof and supersede any agreement or understanding entered
		into as of a date prior to the date hereof among or between any of them with
		respect to such subject matter, including (without limitation), the Limited
		Liability Company Agreement of the Predecessor Company.

	  

	 35

	  

	 

	 
	 

	 
	 IN
		WITNESS WHEREOF, this Agreement is executed and delivered as of the date first
		written above by the undersigned, being all of the Partners and the
		undersigned, do hereby agree to be bound by the terms and provisions set forth
		in this Agreement.

	  

	 
			 	 	 
	 	
				GENERAL
				  PARTNER:

				 

				
				  FIG
					 CORP.,

				  a Delaware
					 corporation
 
 
	 
 	 
 	 
 
	 	By:  	/s/
				Randal A. Nardone
	 	
				
Name:
				Randal A. Nardone
	 	Title:  Chief
				Operating Officer

 

	  

	  

	 
			 	 	 
	 	
				LIMITED
				  PARTNERS:

				 

				 /s/
				  Wesley R. Edens

				
				  

				  

				
				  Wesley
					 R. Edens

				   

				   /s/
					 Peter L. Briger, Jr.

				  
					 
Peter L.
					 Briger, Jr.

				   

				   /s/
					 Michael E. Novogratz

				  
					 
Michael
					 E. Novogratz

				   

				   /s/
					 Randal A. Nardone

				  
					 
Randal
					 A. Nardone
 

				 

				ALDEL
				  LLC
 
	 
 	 
 	 
 
	 	By:
					 /s/
				Robert I. Kauffman
	 	
				
				  

				  

				Name: Robert I.
				  Kauffman

				Title: Sole Member

				
	 	 

 

	 FORTRESS
		OPERATING ENTITY III LP

	  

	 
		Amended
		  and Restated Agreement of Limited Partnership — Signature
		  Page

		 

		 
 

	 

	 
	 

	 
	  

	 SCHEDULE
		A

	  

	 PARTNERS*

	  

	 General
		Partner

	 

	 FIG
		Corp.

	 

	 Limited
		Partners

	 

	 Peter L.
		Briger, Jr. 

	 Wesley
		R. Edens

	 Randal
		A. Nardone 

	 Michael
		E. Novogratz

	 Aldel
		LLC

	  

	 
		
		  

		  
 

	 
		
		  
			 	
					 *
 	 	
					 Unless
						otherwise indicated, the address of each Partner is c/o Fortress Investment
						Group LLC, 1345 Avenue of the Americas, 46th Floor,
						New York, NY 10105.
 

 
 
 

	 

	 
	 

	 
	 
		 
 

	 EXHIBIT
		A

	  

	 CERTIFICATE
		OF OWNERSHIP OF COMMON UNITS

	 OF
		FORTRESS OPERATING ENTITY III LP

	  

	 THIS
		CERTIFICATE REPRESENTING CLASS [A/B] COMMON UNITS OF FORTRESS OPERATING ENTITY
		III LP (THE "CERTIFICATE")
		HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
		UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE. THE HOLDER OF THIS
		CERTIFICATE, BY ITS ACCEPTANCE HEREOF, REPRESENTS THAT IT IS ACQUIRING THIS
		SECURITY FOR INVESTMENT AND NOT WITH A VIEW TO ANY SALE OR DISTRIBUTION
		HEREOF.

	  

	  

	 
			Certificate
				Number __________	
				 __________
				  Class [A/B] Common Units
 

 

	                                                             

	  

	 FORTRESS
		OPERATING ENTITY III LP, a Delaware limited partnership (the "Partnership"),
		hereby certifies that [_________________] (together with any assignee of this
		Certificate, the "Holder") is
		the owner of ____ Class [A/B] Common Units of limited partnership interest in
		the Partnership (the "Units"). The
		rights, powers, preferences, restrictions and limitations of the Units are set
		forth in, and this Certificate and the Units represented hereby are issued and
		shall in all respects be subject to the terms and provisions of, the Amended
		and Restated Agreement of Limited Partnership of the Partnership, dated as of
		February 1, 2007, as the same may be amended or restated from time to time (the
		"Limited
		Partnership Agreement"). By
		acceptance of this Certificate, and as a condition to being entitled to any
		rights and/or benefits with respect to the Units evidenced hereby, the Holder
		is deemed to have agreed to comply with and be bound by all the terms and
		conditions of the Limited Partnership Agreement. The Partnership will furnish a
		copy of the Limited Partnership Agreement to the Holder without charge upon
		written request to the Partnership at its principal place of business. This
		Certificate evidences an interest in the Partnership and shall be a security
		for purposes of Article 8 of the Uniform Commercial Code of the State of
		Delaware and the Uniform Commercial Code of any other
		Jurisdiction.

	  

	 Except
		as expressly provided in the Limited Partnership Agreement, the Units evidenced
		by this Certificate may not be sold, exchanged, assigned, hypothecated,
		bequeathed, subjected to encumbrance or otherwise transferred or disposed of in
		any manner, voluntary or involuntary, without the approval of the General
		Partner of the Partnership, which approval may be granted or withheld, with or
		without reason, in the General Partner's sole discretion.

	  

	 This
		Certificate and the Units evidenced hereby shall be governed by and construed
		in accordance with the laws of the State of Delaware without regard to
		principles of conflicts of laws.

	  

	 IN
		WITNESS WHEREOF, the Partnership has caused this Certificate to be executed by
		its General Partner as of the date set forth below.

	  

	 Dated:
		______________________

	  

	 
			 	 	 
	 	
				FORTRESS
				  OPERATING ENTITY III LP,

				a
				  Delaware limited partnership
 
	 
 	 
 	 
 
	 	By:  	
				FIG CORP.,

				its general partner

				
	 	 	 
	 	 	 
	 	
				By:

					 
	 	
				

				Name:

				TitleAMENDED
		AND RESTATED

	  

	 AGREEMENT
		OF LIMITED PARTNERSHIP

	  

	 OF

	  

	 PRINCIPAL
		HOLDINGS I LP

	  

	 Dated as
		of February 1, 2007

	  

	 

	 
	 

	 
	  

	 
		TABLE
		  OF CONTENTS

		 

		
		  	 	 	
				  Page

				  
	
				  ARTICLE I
					 DEFINITIONS
 	
				  1

				  
	
				  Section 1.1

				  	
				  Definitions

				  	
				  1

				  
	 	 	 
	
				  ARTICLE II
					 GENERAL PROVISIONS
 	
				  13

				  
	
				  Section 2.1

				  	
				  Organization

				  	
				  13

				  
	
				  Section 2.2

				  	
				  Partnership
					 Name
 	
				  13

				  
	
				  Section 2.3

				  	
				  Registered
					 Office, Registered Agent
 	
				  14

				  
	
				  Section 2.4

				  	
				  Certificates

				  	
				  
					 14

					 
 
	
				  Section 2.5

				  	
				  Nature
					 of Business; Permitted Powers
 	
				  14

				  
	
				  Section 2.6

				  	
				  Fiscal
					 Year
 	
				  14

				  
	
				  Section 2.7

				  	
				  Perpetual
					 Existence
 	
				  14

				  
	
				  Section 2.8

				  	
				  Limitation
					 on Partner Liability
 	
				  14

				  
	
				  Section 2.9

				  	
				  Indemnification

				  	
				  14

				  
	
				  Section 2.10

				  	
				  Exculpation

				  	
				  15

				  
	
				  Section 2.11

				  	
				  Fiduciary
					 Duty
 	
				  16

				  
	
				  Section 2.12

				  	
				  Confidentiality

				  	
				  17

				  
	
				  Section 2.13

				  	
				  Insurance

				  	
				  18

				  
	
				  Section 2.14

				  	
				  Representations
					 and Warranties
 	
				  19

				  
	 	 	 
	
				  ARTICLE III
					 INTERESTS AND ADMISSION OF PARTNERS
 	
				  20

				  
	
				  Section 3.1

				  	
				  Units

				  	
				  20

				  
	
				  Section 3.2

				  	
				  Issuance
					 of Additional Units
 	
				  21

				  
	
				  Section 3.3

				  	
				  Schedule
					 A
 	
				  22

				  
	 	 
	
				  ARTICLE IV
					 VOTING AND MANAGEMENT
 	
				  22

				  
	
				  Section 4.1

				  	
				  General
					 Partner: Power and Authority
 	
				  22

				  
	
				  Section 4.2

				  	
				  Books
					 and Records; Accounting
 	
				  24

				  
	
				  Section 4.3

				  	
				  Expenses

				  	
				  24

				  
	
				  Section 4.4

				  	
				  Partnership
					 Tax and Information Returns
 	
				  24

				  
	 	 
	
				  ARTICLE V
					 CONTRIBUTIONS AND CAPITAL ACCOUNTS
 	
				  25

				  
	
				  Section 5.1

				  	
				  Capital
					 Contributions
 	
				  25

				  
	
				  Section 5.2

				  	
				  Capital
					 Accounts
 	
				  25

				  
	 	 
	
				  ARTICLE VI
					 ALLOCATIONS
 	
				  29

				  
	
				  Section 6.1

				  	
				  Allocations
					 for Capital Account Purposes
 	
				  29

				  
	
				  Section 6.2

				  	
				  Allocations
					 for Tax Purposes
 	
				  33

				  
	 	 
	
				  ARTICLE VII
					 DISTRIBUTIONS
 	
				  36

				  
	
				  Section 7.1

				  	
				  Distributions

				  	
				  36

				  
	
				  Section 7.2

				  	
				  Distributions
					 in Kind
 	
				  36

				  
	
				  Section 7.3

				  	
				  Tax
					 Distributions
 	
				  37

				  
	
				  Section 7.4

				  	
				  Pre-IPO
					 Minimum Distribution
 	
				  38

				  
	
				  Section 7.5

				  	
				  Expense
					 Amount Distributions
 	
				  38

				  
	 	 

 

		 

		i

		 

		

		
		

		
		 

		
		  	
				  ARTICLE VIII
					 TRANSFER OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS
 	
				  38

				  
	
				  Section 8.1

				  	
				  Transfer
					 and Assignment of Interest
 	
				  39

				  
	
				  Section 8.2

				  	
				  Withdrawal
					 of General Partner
 	
				  39

				  
	
				  Section 8.3

				  	
				  Cessation
					 of Status as a Partner
 	
				  39

				  
	 	
				   
 
	
				  ARTICLE IX
					 DISSOLUTION
 	
				  39

				  
	
				  Section 9.1

				  	
				  Duration
					 and Dissolution
 	
				  39

				  
	
				  Section 9.2

				  	
				  Distribution
					 of Assets
 	
				  40

				  
	
				  Section 9.3

				  	
				  Notice
					 of Liquidation
 	
				  40

				  
	
				  Section 9.4

				  	
				  Liquidator

				  	
				  40

				  
	
				  Section 9.5

				  	
				  Liquidation

				  	
				  41

				  
	 	 
	
				  ARTICLE X
					 MISCELLANEOUS
 	
				  42

				  
	
				  Section 10.1

				  	
				  Amendment
					 to the Agreement
 	
				  42

				  
	
				  Section 10.2

				  	
				  Successors,
					 Counterparts
 	
				  43

				  
	
				  Section 10.3

				  	
				  Governing
					 Law; Severability
 	
				  43

				  
	
				  Section 10.4

				  	
				  Arbitration

				  	
				  44

				  
	
				  Section 10.5

				  	
				  Filings

				  	
				  44

				  
	
				  Section 10.6

				  	
				  Power of
					 Attorney
 	
				  44

				  
	
				  Section 10.7

				  	
				  Headings

				  	
				  44

				  
	
				  Section 10.8

				  	
				  Additional
					 Documents
 	
				  45

				  
	
				  Section 10.9

				  	
				  Notices

				  	
				  45

				  
	
				  Section 10.10

				  	
				  Waiver
					 of Right to Partition
 	
				  45

				  
	
				  Section 10.11

				  	
				  Entire
					 Agreement
 	
				  45

				  

 

ii

	  

	 

	 
	 

	 

	 This
		AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF PRINCIPAL HOLDINGS I
		LP, a Delaware limited partnership (the "Partnership"), is
		made as of February 1, 2007, by and among FIG Asset Co. LLC, a Delaware limited
		liability company, as general partner (the "Initial
		General Partner"), and
		the Limited Partners (as defined below).

	  

	 WHEREAS,
		Fortress Investment Holdings LLC (the "Predecessor
		Company") was
		originally organized as a limited liability company pursuant to and in
		accordance with the Delaware Limited Liability Company Act, 6 Del. C.
		§ 18-101, et seq. (the
		"LLC
		Act");
		and

	  

	 WHEREAS,
		on January 17, 2007, the Predecessor Company was converted from a limited
		liability company to a limited partnership organized pursuant to the Delaware
		Revised Uniform Limited Partnership Act, 6 Del. C. § 17-101,
		et seq. (the
		"Act"), and
		an Agreement of Limited Partnership of Principal Holdings I LP, dated as of
		January 17, 2007 (the "Original
		Partnership Agreement");
		and

	  

	 WHEREAS,
		the Initial General Partner and the Limited Partners desire to amend and
		restate the Original Partnership Agreement on the terms set forth
		herein.

	  

	 NOW
		THEREFORE, in consideration of the mutual promises and agreements herein made
		and intending to be legally bound hereby, the parties hereto hereby agree as
		follows:

	  

	 ARTICLE I

	  

	 DEFINITIONS

	  

	 Section 1.1 Definitions
		As used
		herein, the following terms shall have the following meanings:

	  

	 "Act"
		has the meaning specified in the Preamble to this Agreement.

	  

	 "Additional
		Limited Partner" has the meaning specified in Section 3.2 of this
		Agreement.

	  

	 "Adjusted
		Capital Account" means
		the Capital Account maintained for each Partner as of the end of each fiscal
		year of the Partnership, (a) increased by any amounts that such Partner is
		obligated to restore under the standards set by Treasury Regulation Section
		1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury
		Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the
		amount of all losses and deductions that, as of the end of such fiscal year,
		are reasonably expected to be allocated to such Partner in subsequent years
		under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section
		1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end
		of such fiscal year, are reasonably expected to be made to such Partner in
		subsequent years in accordance with the terms of this Agreement or otherwise to
		the extent they exceed offsetting increases to such Partner’s Capital
		Account that are reasonably expected to occur during (or prior to) the year in
		which such distributions are reasonably expected to be made (other than
		increases as a result of a minimum gain chargeback pursuant to Section
		6.1(d)(i) or Section 6.1(d)(ii)). The foregoing definition of Adjusted Capital
		Account is intended to comply with the provisions of Treasury 

	  

	 

	 
	 

	 
	  

	 Regulation
		Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.
		The "Adjusted
		Capital Account" of a
		Partner in respect of a Unit shall be the amount that such Adjusted Capital
		Account would be if such Unit were the only interest in the Partnership held by
		such Partner from and after the date on which such Unit was first issued.
		

	  

	 "Adjusted
		Property" means
		any property the Carrying Value of which has been adjusted pursuant to Section
		5.2(d)(i) or Section 5.2(d)(ii). 

	  

	 "Affiliate"
		means, with respect to any Person, any other Person that directly or
		indirectly, through one or more intermediaries, controls, is controlled by, or
		is under common control with, such first Person. "Control" means the
		possession, direct or indirect, of the power to direct or cause the direction
		of the management and policies of a Person, whether through ownership of voting
		securities, by contract or otherwise.

	  

	 "Agreed
		Allocation" means
		any allocation, other than a Required Allocation, of an item of income, gain,
		loss or deduction pursuant to the provisions of Section 6.1, including, without
		limitation, a Curative Allocation (if appropriate to the context in which the
		term "Agreed
		Allocation" is
		used). 

	  

	 "Agreed
		Value" of any
		Contributed Property means the fair market value of such property or other
		consideration at the time of contribution as determined by the General Partner,
		without taking into account any liabilities to which such Contributed Property
		was subject at such time. The General Partner shall use such method as it
		determines to be appropriate to allocate the aggregate Agreed Value of
		Contributed Properties contributed to the Partnership in a single or integrated
		transaction among each separate property on a basis proportional to the fair
		market value of each Contributed Property.

	  

	 "Agreement"
		means this Amended and Restated Agreement of Limited Partnership of the
		Partnership, as amended, modified, supplemented or restated from time to
		time.

	  

	 "Book-Tax
		Disparity" means,
		with respect to any item of Contributed Property or Adjusted Property, as of
		the date of any determination, the difference between the Carrying Value of
		such Contributed Property or Adjusted Property and the adjusted basis thereof
		for federal income tax purposes as of such date.

	  

	 "Business
		Day" means any day other than Saturday, Sunday or other day on which commercial
		banks in The State of New York are authorized or required by law or executive
		order to remain closed.

	  

	 "Capital
		Account" means
		the capital account maintained for a Partner pursuant to Section 5.2. The
		"Capital
		Account" of a
		Partner in respect of a Unit shall be the amount that such Capital Account
		would be if such Unit were the only interest in the Partnership held by such
		Partner from and after the date on which such Unit was first issued.
		

	  

	 "Capital
		Contribution" means
		any cash, cash equivalents or the Net Agreed Value of Contributed Property that
		a Partner contributes to the Partnership pursuant to this Agreement.
		

	  

	 2

	  

	 

	 
	 

	 
	  

	 "Carrying
		Value" means
		(a) with respect to a Contributed Property, the Agreed Value of such property
		reduced (but not below zero) by all depreciation, amortization and cost
		recovery deductions charged to the Partners’ Capital Accounts in respect
		of such Contributed Property, and (b) with respect to any other Partnership
		property, the adjusted basis of such property for federal income tax purposes,
		all as of the time of determination. The Carrying Value of any property shall
		be adjusted from time to time in accordance with Section 5.2(d)(i) and Section
		5.2(d)(ii) and to reflect changes, additions or other adjustments to the
		Carrying Value for dispositions and acquisitions of Partnership properties, as
		deemed appropriate by the General Partner.

	  

	 "Certificate
		of Conversion" means the Certificate of Conversion executed and filed in the
		office of the Secretary of State of the State of Delaware (and any and all
		amendments thereto and restatements thereof) on behalf of the Predecessor
		Company with the office of the Secretary of State of the State of Delaware
		pursuant to the Act.

	  

	 "Certificate
		of Limited Partnership" means the Certificate of Limited Partnership executed
		and filed in the office of the Secretary of State of the State of Delaware (and
		any and all amendments thereto and restatements thereof) on behalf of the
		Partnership pursuant to the Act.

	  

	 "Certificate
		of Ownership" shall have the meaning set forth in
		Section 3.1.

	  

	 "Class A
		Share" means a share in Fortress designated as a "Class A Share." 

	  

	 "Class B
		Share" means a share in Fortress designated as a "Class B Share." 

	  

	 "Closing
		Date" means
		the first date on which Class A Shares are delivered by Fortress to the
		Underwriters pursuant to the provisions of the Underwriting
		Agreement.

	  

	 "Code" means
		the Internal Revenue Code of 1986, as amended and in effect from time to time.
		Any reference herein to a specific section or sections of the Code shall be
		deemed to include a reference to any corresponding provision of any successor
		law.

	  

	 "Common
		Units" shall mean Class A Common Units, Class B Common Units and any other
		class of Units hereafter designated as Common Units by the General
		Partner.

	  

	 "Contributed
		Property" means
		each property or other asset, in such form as may be permitted by the Act, but
		excluding cash, contributed to the Partnership. Once the Carrying Value of a
		Contributed Property is adjusted pursuant to Section 5.2(d), such property
		shall no longer constitute a Contributed Property, but shall be deemed an
		Adjusted Property.

	  

	 "Covered
		Person" means the General Partner and its Affiliates and the directors,
		officers, shareholders, members, employees, representatives and agents of the
		General Partner and its Affiliates.

	  

	 "Curative
		Allocation" means
		any allocation of an item of income, gain, deduction, loss or credit pursuant
		to the provisions of Section 6.1(d)(ix).

	  

	 "Damages"
		has the meaning set forth in Section 2.9.

	  

	 3

	  

	 

	 
	 

	 
	  

	 "Disabling
		Conduct" has the meaning set forth in Section 2.9(a).

	  

	 "Economic
		Risk of Loss" has
		the meaning set forth in Treasury Regulation Section 1.752-2(a).

	  

	 "Exchange
		Act" means the Securities Exchange Act of 1934, as amended, supplemented or
		restated from time to time and any successor to such statute, and the rules and
		regulations promulgated thereunder.

	  

	 "Exchange
		Agreement" shall mean one or more exchange agreements providing for the
		exchange of FOG Units and corresponding Class B Shares for Class A Shares,
		including the Exchange Agreement referred to in the IPO Registration
		Statement.

	  

	 "Expense
		Amount" means any amount allocated to the Partnership pursuant to an Expense
		Allocation Agreement.

	  

	 "Expense
		Allocation Agreement" means any agreement entered into among the Fortress
		Operating Group Entities, Fortress, FIG Corp. and FIG Asset Co. LLC that
		provides for allocations of certain expense amounts.

	  

	 "First
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including March 31 of such Fiscal
		Year unless and until otherwise determined by the General Partner.

	  

	 "Fiscal
		Year" has the meaning set forth in Section 2.6.

	  

	 "Fortress"
		means Fortress Investment Group Holdings LLC, a Delaware limited liability
		company, which will be renamed Fortress Investment Group LLC in connection with
		the Fortress IPO and will thereafter mean Fortress Investment Group LLC, a
		Delaware limited liability company formerly known as Fortress Investment Group
		Holdings LLC.

	  

	 "Fortress
		IPO" means the initial public offering of Class A Shares.

	  

	 "Fortress
		LLC Agreement" means the Second Amended and Restated Limited Liability
		Agreement of Fortress Investment Group Holdings LLC, dated as of February 1,
		2007, as amended from time to time.

	  

	 "Fortress
		Operating Group" means the Persons directly Controlled by either FIG Corp. or
		FIG Asset Co. LLC.

	  

	 "Fortress
		Operating Group Entity" shall mean any Person that is included in the Fortress
		Operating Group and shall mean any Operating Entity or Principal
		Entity.

	  

	 "Fourth
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including December 31 of such
		Fiscal Year unless and until otherwise determined by the General
		Partner.

	  

	 "GAAP"
		means generally accepted accounting principles, consistently applied. 
		 

		4

		 
 

	 

	 
	 

	 
	  

	 "General
		Partner" shall mean the Initial General Partner or any successor general
		partner admitted to the Partnership in accordance with this
		Agreement.

	  

	 "incur"
		means to issue, assume, guarantee, incur or otherwise become liable for;
		"incurrence" has the correlative meaning.

	  

	 "Initial
		General Partner " shall have the meaning specified in the Preamble to this
		Agreement.

	  

	 "Interest"
		means a Partner's interest in the Partnership, including the right of the
		holder thereof to any and all benefits to which a Partner may be entitled as
		provided in this Agreement, together with the obligations of a Partner to
		comply with all of the terms and provisions of this Agreement.

	  

	 "Investment
		Company Act" means the Investment Company Act of 1940, as amended, supplemented
		or restated from time to time and any successor to such statute, and the rules
		and regulations promulgated thereunder.

	  

	 "IPO
		Registration Statement" means the Registration Statement on Form S-1 filed with
		the United States Securities and Exchange Commission on November 8, 2006
		(Registration No. 333-138514), as amended from time to time.

	  

	 "Limited
		Partner" means each of the Original Partners and any Additional Limited
		Partner.

	  

	 "Liquidation
		Date" means
		the date on which an event giving rise to the dissolution of the Partnership
		occurs. 

	  

	 "Liquidator" means
		one or more Persons selected by the General Partner to perform the functions
		described in Section 8.2 as liquidating trustee of the Partnership within the
		meaning of the Act.

	  

	 "LLC
		Act" has the meaning specified in the Preamble to this Agreement.

	  

	 "Net
		Agreed Value" means,
		(a) in the case of any Contributed Property, the Agreed Value of such property
		reduced by any liabilities either assumed by the Partnership upon such
		contribution or to which such property is subject when contributed, and (b) in
		the case of any property distributed to a Partner by the Partnership, the
		Partnership’s Carrying Value of such property (as adjusted pursuant to
		Section 5.2(d)(ii)) at the time such property is distributed, reduced by any
		indebtedness either assumed by such Partner upon such distribution or to which
		such property is subject at the time of distribution, in either case, as
		determined under Section 752 of the Code. 

	  

	 "Net
		Income" means,
		for any taxable year, the excess, if any, of the Partnership’s items of
		income and gain for such taxable year over the Partnership’s items of loss
		and deduction for such taxable year. The items included in the calculation of
		Net Income shall be determined in accordance with Section 5.2(b) and shall not
		include any items specially allocated under Section 6.1(d). 

	 
		 

		5

		 
 

	 

	 
	 

	 
	  

	 "Net
		Loss" means,
		for any taxable year, the excess, if any, of the Partnership’s items of
		loss and deduction for such taxable year over the Partnership’s items of
		income and gain for such taxable year. The items included in the calculation of
		Net Loss shall be determined in accordance with Section 5.2(b) and shall not
		include any items specially allocated under Section 6.1(d).

	  

	 "Nonrecourse
		Built-in Gain" means,
		with respect to any Contributed Properties or Adjusted Properties that are
		subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of
		any taxable gain that would be allocated to the Partners pursuant to Section
		6.2(b)(i)(A), Section 6.2(b)(ii)(A) and Section 6.2(b)(iii) if such properties
		were disposed of in a taxable transaction in full satisfaction of such
		liabilities and for no other consideration. 

	  

	 "Nonrecourse
		Deductions" means
		any and all items of loss, deduction, or expenditure (including, without
		limitation, any expenditure described in Section 705(a)(2)(B) of the Code)
		that, in accordance with the principles of Treasury Regulation Section
		1.704-2(b), are attributable to a Nonrecourse Liability. 

	  

	 "Nonrecourse
		Liability" has
		the meaning set forth in Treasury Regulation Section
		1.752-1(a)(2).

	  

	 "Operating
		Entities" means the Persons directly Controlled by FIG Corp.

	  

	 "Option
		Closing Date" means
		the date or dates on which any Class A Shares are sold by Fortress to the
		Underwriters upon exercise of the Over-Allotment Option.

	  

	 "Original
		Partners" means, collectively, Peter L. Briger, Jr., Wesley R. Edens, Robert I.
		Kauffman, Randal A. Nardone and Michael E. Novogratz, and each, individually,
		is an "Original Partner."

	  

	 "Over-Allotment
		Option" means
		the over-allotment option granted to the Underwriters by Fortress pursuant to
		the Underwriting Agreement.

	  

	 "Partner"
		means any Person that is admitted as a general partner or limited partner of
		the Partnership pursuant to the provisions of this Agreement and named as a
		general partner or limited partner of the Partnership on Schedule
		A hereto
		and includes any Person admitted as an Additional Limited Partner pursuant to
		the provisions of this Agreement, in each case, in such Person's capacity as a
		partner of the Partnership.

	  

	 "Partner
		Nonrecourse Debt" has
		the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).
		

	  

	 "Partner
		Nonrecourse Debt Minimum Gain" has
		the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).
		

	  

	 "Partner
		Nonrecourse Deductions" means
		any and all items of loss, deduction or expenditure (including, without
		limitation, any expenditure described in Section 705(a)(2)(B) of the Code)
		that, in accordance with the principles of Treasury Regulation Section
		1.704-2(i), are attributable to a Partner Nonrecourse Debt.

	 
		 

		6

		 
 

	 

	 
	 

	 
	  

	 "Partnership"
		has the meaning specified in the Preamble to this Agreement.

	  

	 "Partnership
		Minimum Gain" means
		that amount determined in accordance with the principles of Treasury Regulation
		Section 1.704-2(d).

	  

	 "Percentage
		Interest" means,
		with respect to any Partner as of any date of determination, (a) as to any
		Common Units, the product obtained by multiplying (i) 100% less the aggregate
		percentage applicable to all Units referred to in clause (b) by (ii) the
		quotient obtained by dividing (x) the number of such Units held by such Partner
		by (y) the total number of all outstanding Common Units, and (b) as to any
		other Units, the percentage established for such Units by the General Partner
		as a part of such issuance.

	  

	 "Permitted
		Transferee" shall mean with respect to each Original Partner and his Permitted
		Transferees (a) such Original Partner's spouse, (b) a lineal descendant of such
		Original Partner's maternal or paternal grandparents, the spouse of any such
		descendant or a lineal descendant of any such spouse, (c) a Charitable
		Institution (as defined below), (d) a trustee of a trust (whether inter
		vivos or
		testamentary), all of the current beneficiaries and presumptive remaindermen of
		which are one or more of such Original Partner and Persons described in clauses
		(a) through (c) of this definition; provided, however, that any subsequent
		transfer of any portion of the ownership of the entity such that it is owned in
		any part by a Person other than an Original Partner and/or a Person described
		in clauses (a) through (d) of this definition, will not be deemed to be to a
		transfer to a Permitted Transferee, (e) a corporation, limited liability
		company or partnership, of which all of the outstanding shares of capital stock
		or interests therein are owned by one or more of such Original Partner and
		Persons described in clauses (a) through (d) of this definition; provided,
		however, that in the event of any subsequent change in ownership of the entity
		such that it is owned in any part by a Person other than an Original Partner
		and/or a Person described in clauses (a) through (d) of this definition, then
		such change in ownership will be deemed to be a Transfer subject to the
		provisions of Section 8.1, (f) an individual mandated under a qualified
		domestic relations order, (g) a legal or personal representative of such
		Original Partner in the event of his death or Disability (as defined below),
		(h) any other Original Partner with respect to transactions contemplated by the
		Principals Agreement, (i) any other Original Partner who is then employed by
		Fortress or any of its Affiliates or any Permitted Transferee of such Original
		Partner in respect to any transaction not contemplated by the Principals
		Agreement, and (j) in the case of Mr. Novogratz, MN1 LLC, a Delaware limited
		liability company. For purpose of this definition: (i) "lineal descendants"
		shall not include individuals adopted after attaining the age of eighteen (18)
		years and such adopted Person's descendants; (ii) Charitable Institution shall
		refer to an organization described in section 501(c)(3) of the Code (or any
		corresponding provision of a future United State Internal Revenue law) which is
		exempt from income taxation under section 501(a) thereof; (iii) "presumptive
		remaindermen" shall refer to those Persons entitled to a share of a trust's
		assets if it were then to terminate; and (iv) Disability shall refer to any
		physical or mental incapacity which prevents such Original Partner from
		carrying out all or substantially all of his duties under his employment
		agreement with Fortress or any of its Subsidiaries in such capacity for any
		period of one hundred twenty (120) consecutive days or any aggregate period of
		six (6) months in any 12-month period, as determined, in its sole discretion,
		by a majority of the members of the board of directors of Fortress, including a
		majority of the Original Partners who are then members of the 

	 
		 

		7

		 

		 
 

	 

	 
	 

	 
	 board of
		directors of Fortress (but for the sake of clarity not including the Original
		Partner in respect of which the determination is being made).

	  

	 "Person" means
		any individual, corporation, firm, partnership, joint venture, limited
		liability company, estate, trust, business association, organization,
		governmental entity or other entity.

	  

	 "Pre-IPO
		Minimum Distributions" means the distributions made pursuant to Section 7.4 of
		this Agreement.

	  

	 "Pre-IPO
		Period" means, subject to the last sentence of Section 7.4, the period
		beginning on the first day of the First Quarterly Period of 2007 and ending on
		the earlier to occur of (i) the closing of the Fortress IPO, or (ii) the
		withdrawal of the request made by Fortress to register the Class A Shares for
		sale to the public. 

	  

	 "Presumed
		Tax Liability" means, with respect to the Capital Account of any Partner for
		any Quarterly Period (as defined below) ending after the date hereof, an amount
		equal to the product of (x) the amount of taxable income that, in the good
		faith judgment of the General Partner, would have been allocated to such
		Partner pursuant to the provisions of Article VI hereof were made in respect of
		such Quarterly Period and (y) the Presumed Tax Rate as of the end of such
		Quarterly Period.

	  

	 "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 and disregarding the effects of Code Sections 67 and 68 (or
		successor provisions thereto).)

	  

	 "Prior
		Distributions" means distributions made to the Partners pursuant to Section 7.1
		or 7.3 hereof.

	  

	 "Principal
		Entities" means the Persons directly Controlled by FIG Asset Co.
		LLC.

	  

	 "Principals
		Agreement" means the Agreement Among Principals, dated as of the date hereof,
		by and among the Original Partners.

	  

	 "Quarterly
		Periods" mean, collectively, the First Quarterly Period, the Second Quarterly
		Period, the Third Quarterly Period and the Fourth Quarterly Period,
		provided, however, that
		if there is a change in the periods applicable to payments of estimated Federal
		income taxes by individuals, then the Quarterly Period determinations hereunder
		shall change correspondingly such that the Partnership is required to make
		periodic Tax Distributions under Section 7.3 of this Agreement at the times and
		in the amounts sufficient to enable an individual Partner to satisfy such
		payments in full with respect to amounts allocated pursuant to the provisions
		of Article VI hereof (other than Section 6.2(h)).

	 
		 

		8

		 
 

	 

	 
	 

	 
	  

	 "Regulations"
		means the regulations, including temporary regulations, promulgated under the
		Code, as amended from time to time, or any federal income tax regulations
		promulgated after the date of this Agreement. A reference to a specific
		Regulation refers not only to such specific Regulation but also to any
		corresponding provision of any federal tax regulation enacted after the date of
		this Agreement, as such specific Regulation or corresponding provision is in
		effect and applicable on the date of application of the provisions of this
		Agreement containing such reference.

	  

	 "Recapture
		Income" means
		any gain recognized by the Partnership (computed without regard to any
		adjustment required by Section 734 or Section 743 of the Code) upon the
		disposition of any property or asset of the Partnership, which gain is
		characterized as ordinary income because it represents the recapture of
		deductions previously taken with respect to such property or asset.
		

	  

	 "Required
		Allocations" means
		(a) any limitation imposed on any allocation of Net Losses under Section 6.1(b)
		and (b) any allocation of an item of income, gain, loss or deduction pursuant
		to Section 6.1(d)(i), 6.1(d)(ii), 6.1(d)(iii), 6.1(d)(vi) or 6.1(d)(viii).
		

	  

	 "Residual
		Gain" or
		"Residual
		Loss" means
		any item of gain or loss, as the case may be, of the Partnership recognized for
		federal income tax purposes resulting from a sale, exchange or other
		disposition of a Contributed Property or Adjusted Property, to the extent such
		item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or
		6.2(b)(ii)(A), respectively, to eliminate Book-Tax Disparities.

	  

	 "Second
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including May 31 of such Fiscal
		Year, unless and until otherwise determined by the General
		Partner.

	  

	 "Securities
		Act" means the Securities Act of 1933, as amended, supplemented or restated
		from time to time and any successor to such statute, and the rules and
		regulations promulgated thereunder.

	  

	 "Senior
		Credit Facility" means the Amended and Restated Credit Agreement, dated as of
		June 23, 2006 (as amended, modified or supplemented from time to time), by and
		among Fortress and certain of its Affiliates as borrowers, certain Subsidiaries
		and Affiliates of the borrowers as guarantors, Bank of America NA as
		Administrative Agent and L/C Issuer, and the other lenders party
		hereto.

	  

	 "Subsidiary"
		means, with respect to any Person, as of any date of determination, any other
		Person as to which such Person owns, directly or indirectly, or otherwise
		controls more than 50% of the voting shares or other similar interests or a
		general partner interest or managing member or similar interest of such Person.
		

	  

	 "Substitute
		Limited Partner" shall mean each Person who acquires the entire Interest of any
		Limited Partner in connection with the exercise by a creditor of remedies under
		any security agreement, which acquisition, and which acquirer (identified
		specifically or by category) were each approved in advance by the General
		Partner, pursuant to Section 3.2 hereof, 

	 
		 

		9

		 

		 
 

	 

	 
	 

	 
	 approved
		in a writing (a "Substitute
		Limited Partner Notice") filed
		with the records of the Partnership.

	  

	 "Tax
		Matters Partner" means the Person designated as such in
		Section 4.7(b).

	  

	 "Third
		Quarterly Period" means, with respect to any Fiscal Year, the period commencing
		on and including January 1 and ending on and including August 31 of such Fiscal
		Year, unless and until otherwise determined by the General
		Partner.

	  

	 "Transfer"
		shall mean, with respect to any Interest, any sale, exchange, assignment,
		pledge, hypothecation, bequeath, creation of an encumbrance, or any other
		transfer or disposition of any kind, whether voluntary or involuntary, of such
		Interest.

	  

	 "Underwriter" means
		each Person named as an underwriter in the Underwriting Agreement who purchases
		Class A Shares pursuant thereto. 

	  

	 "Underwriting
		Agreement" means
		the Underwriting Agreement expected to be entered into by Fortress providing
		for the sale of Class A Shares in the Fortress IPO.

	  

	 "Units"
		shall mean a fractional share of the Interests in the Partnership, which
		entitles the holder thereof to such benefits as are specified in this Agreement
		or any Unit Designation.

	  

	 "Unit
		Designation" shall have the meaning set forth in Section 3.1.

	  

	 "Unrealized
		Gain"
		attributable to any item of Partnership property means, as of any date of
		determination, the excess, if any, of (a) the fair market value of such
		property as of such date (as determined under Section 5.2(d)) over (b) the
		Carrying Value of such property as of such date (prior to any adjustment to be
		made pursuant to Section 5.2(d) as of such date). 

	  

	 "Unrealized
		Loss"
		attributable to any item of Partnership property means, as of any date of
		determination, the excess, if any, of (a) the Carrying Value of such property
		as of such date (prior to any adjustment to be made pursuant to Section 5.2(d)
		as of such date) over (b) the fair market value of such property as of such
		date (as determined under Section 5.2(d)).

	  

	 ARTICLE II

	  

	 GENERAL
		PROVISIONS

	  

	 Section 2.1 Organization. The
		Predecessor Company was originally organized as a limited liability company
		under the LLC Act. The Predecessor Company was converted to a limited
		partnership pursuant to the Act on January 17, 2007. The Certificate of
		Conversion, the Certificate of Limited Partnership, and all actions taken or to
		be taken by any employee of Skadden, Arps, Slate, Meagher & Flom LLP (each
		of the Wilmington, DE or New York, NY office of the law firm Skadden, Arps,
		Slate, Meagher & Flom LLP, and each, an "Organizer") and
		any other person who executed and filed or who executes and files, after the
		date hereof, the Certificate of Conversion or the Certificate of Limited
		Partnership are hereby adopted and ratified, or authorized, as the case may
		be.

	 
		 

		10

		 

		

		
		

		 

	  

	 Section 2.2 Partnership
		Name. The
		name of the Partnership is "Principal Holdings I LP." The name of the
		Partnership may be changed from time to time by the General
		Partner.

	  

	 Section 2.3 Registered
		Office, Registered Agent. The
		Partnership shall maintain a registered office in the State of Delaware at, and
		the name and address of the Partnership's registered agent in the State of
		Delaware is, The Corporation Trust Company, 1209 Orange Street, Wilmington,
		Delaware 19801. Such office and such agent may be changed from time to time by
		the General Partner.

	  

	 Section 2.4 Certificates. Any
		person authorized by the General Partner shall execute, deliver and file any
		amendment to or restatements of the Certificate of Limited Partnership and any
		other certificates (and any amendments and/or restatements thereof) necessary
		for the Partnership to qualify to do business in a jurisdiction in which the
		Partnership may wish to conduct business.

	  

	 Section 2.5 Nature
		of Business; Permitted Powers. The
		purposes of the Partnership shall be to engage in any lawful act or activity
		for which limited liability companies may be formed under the Act.

	  

	 Section 2.6 Fiscal
		Year. Unless
		and until otherwise determined by the General Partner, the fiscal year of the
		Partnership for federal income tax purposes shall, except as otherwise required
		in accordance with the Code, end on December 31 of each year (each, a
		"Fiscal
		Year").

	  

	 Section 2.7 Perpetual
		Existence. The
		Partnership shall have a perpetual existence unless dissolved in accordance
		with the provisions of Article IX of this Agreement.

	  

	 Section 2.8 Limitation
		on Partner Liability. Except
		as otherwise expressly required by law or in this Agreement, the debts,
		obligations and liabilities of the Partnership, whether arising in contract,
		tort or otherwise, shall be solely the debts, obligations and liabilities of
		the Partnership, and no Limited Partner shall be obligated personally for any
		such debt, obligation or liability of the Partnership solely by reason of being
		a Limited Partner. No Partner will have any obligation to restore any negative
		or deficit balance in its Capital Account, including any negative or deficit
		balance in its Capital Account upon liquidation and dissolution of the
		Partnership.

	  

	 Section 2.9 Indemnification.

	  

	 (a) To the
		fullest extent permitted by applicable law, any Covered Person shall be
		indemnified and held harmless by the Partnership for and from any liabilities,
		demands, claims, actions or causes of action, regulatory, legislative or
		judicial proceedings or investigations, assessments, levies, losses, fees,
		penalties, damages, costs and expenses, including, without limitation,
		reasonable attorneys', accountants', investigators', and experts' fees and
		expenses (collectively, "Damages")
		sustained or incurred by such Covered Person by reason of any act performed or
		omitted by such Covered Person in connection with the affairs of the
		Partnership in good faith and in a manner reasonably believed by the Covered
		Person to be in or not opposed to the best interests of the Partnership unless
		such act or omission becomes subject 

	 
		 

		11

		 
 

	 

	 
	 

	 
	  

	 to a
		final non-appealable judgment of a court of competent jurisdiction that such
		Covered Person engaged in bad faith or willful misconduct (the "Disabling
		Conduct")
		thereby; provided,
		however, that
		any indemnity under this Section 2.9 shall be provided out of and to the
		extent of Partnership assets only, and no Limited Partner or any Affiliate of
		any Limited Partner shall have any personal liability on account thereof. The
		right of indemnification pursuant to this Section 2.9 shall include the
		right to have paid on behalf of such Covered Person, or reimbursed by the
		Partnership for the reasonable expenses incurred by a Covered Person with
		respect to any Damages, including expenses incurred in collecting such amounts
		from the Partnership; provided that the Covered Person shall have given a
		written undertaking to reimburse the Partnership in the event it is
		subsequently determined that he, she or it is not entitled to such
		indemnification.

	  

	 (b) The
		right of any Covered Person to the indemnification provided herein shall be
		cumulative of, and in addition to, any and all rights to which such Covered
		Person may otherwise be entitled by contract or as a matter of law or equity
		and shall extend to such Covered Person's successors, assigns and legal
		representatives.

	  

	 Section 2.10 Exculpation.

	  

	 (a) To the
		fullest extent permitted by applicable law, no Covered Person shall be liable
		to the Partnership or any Limited Partner or any Affiliate of any Limited
		Partner for any Damages incurred by reason of any act performed or omitted by
		such Covered Person in good faith on behalf of the Partnership in a manner
		reasonably believed to be in or not opposed to the best interests of the
		Partnership, unless such act or omission becomes subject to a final
		non-appealable judgment of a court of competent jurisdiction that such Covered
		Person was engaged in Disabling Conduct.

	  

	 (b) A
		Covered Person shall be fully protected in relying in good faith upon the
		records of the Partnership and upon such information, opinions, reports or
		statements presented to the Partnership by any Person (other than such Covered
		Person) as to matters the Covered Person reasonably believes are within such
		other Person's professional or expert competence and who has been selected with
		reasonable care by or on behalf of the Partnership, including information,
		opinions, reports or statements as to the value and amount of the assets,
		liabilities, profits, losses, or any other facts pertinent to the existence and
		amount of assets from which distributions to Partners might properly be
		paid.

	  

	 Section 2.11 Fiduciary
		Duty.

	  

	 (a) To the
		extent that, at law or in equity, a Covered Person has duties (including
		fiduciary duties) and liabilities relating to the Partnership or to any Limited
		Partner or any Affiliate of any Limited Partner (or other Person with any
		equity interest in the Partnership) or other Person bound by (or having rights
		pursuant to) the terms of this Agreement, a Covered Person acting pursuant to
		the terms, conditions and limitations of this Agreement shall not be liable to
		the Partnership or to any Limited Partner or any Affiliate of any Limited
		Partner (or other Person) for its good faith reliance on the provisions of this
		Agreement. The provisions of this Agreement, to the extent that they expand or
		restrict the duties and liabilities of a Covered Person otherwise existing at
		law or equity, are agreed by the Partners (and any other Person 

	 
		 

		12

		 
 

	 

	 
	 

	 
	  

	 bound by
		or having rights pursuant to this Agreement) to modify to that extent such
		other duties and liabilities of the Covered Person to the extent permitted by
		law.

	  

	 (b) To the
		fullest extent permitted by applicable law and unless otherwise expressly
		provided herein, (i) whenever a conflict of interest exists or arises
		between the General Partner and the Partnership or a Limited Partner, or
		(ii) whenever this Agreement or any other agreement contemplated herein
		provides that the General Partner shall act in a manner that is fair and
		reasonable to the Partnership or any Limited Partner, the General Partner shall
		resolve such conflict of interest or take such action, considering in each case
		the relative interest of the Partnership, each Limited Partner and the General
		Partner, to such conflict, agreement, transaction or situation and the benefits
		and burdens relating to such interests, any customary or accepted industry
		practices, and any applicable generally accepted accounting practices or
		principles. So long as the General Partner acts, based on the foregoing
		sentence, in good faith and in a manner consistent with the foregoing sentence,
		the resolution or action so made or taken by the General Partner shall not
		constitute a breach of this Agreement or any other agreement contemplated
		herein.

	  

	 (c) Notwithstanding
		anything to the contrary in the Agreement or under applicable law, whenever in
		this Agreement the General Partner is permitted or required to make a decision
		or take an action or omit to do any of the foregoing acting solely in its
		capacity as the General Partner, the General Partner shall, except where an
		express standard is set forth, be entitled to make such decision in its sole
		discretion (and the words "in its sole discretion" should be deemed inserted
		therefor in each case in association with the words "General Partner," whether
		or not the words "sole discretion" are actually included in the specific
		provisions of this Agreement), and in so acting in its sole discretion the
		General Partner shall be entitled to consider only such interests and factors
		as it desires, including its own interests, and, except as set forth in Section
		2.11(b) in the case of a conflict of interest, shall have no duty or obligation
		to give any consideration to any interest of or factors affecting the
		Partnership, any of the Partnership's Affiliates, any Limited Partner or any
		other Person. To the fullest extent permitted by applicable law, if pursuant to
		this Agreement the General Partner, acting solely in its capacity as the
		General Partner, is permitted or required to make a decision in its "good
		faith" or under another express standard, the General Partner shall act under
		such express standard and shall not be subject to any other or different
		standard imposed by this Agreement or otherwise other applicable
		law.

	  

	 (d) The
		General Partner may consult with the legal counsel and accountants and any act
		or omission suffered or taken by the General Partner on behalf of the
		Partnership in furtherance of the interests of the Partnership in good faith in
		reliance upon and in accordance with the advice of such counsel or accountants
		will be full justification for any such act or omission, and the General
		Partner will be fully protected in so acting or omitting to act so long as such
		counsel or accountants were selected with reasonable care.

	  

	 Section 2.12 Confidentiality.

	  

	 (a) Each
		Partner acknowledges and agrees that the information contained in the books and
		records of the Partnership is confidential and, except in the course of
		performing such Partner's duties as is necessary for the Partnership and its
		Affiliates, as required 

	 
		 

		13

		 

		 
 

	 

	 
	 

	 
	 by law
		or legal process or to enforce the terms of this Agreement, shall keep and
		retain in the strictest confidence and not to disclose to any Person all
		confidential matters of the Partnership or any Person included within Fortress
		and their respective Affiliates and successors and the other Partners,
		including, without limitation, the identity of the beneficial holders of
		interests in any fund or account managed by Fortress or any of its
		Subsidiaries, confidential information concerning the Partnership, any Person
		included within Fortress and their respective Affiliates and successors, the
		General Partner, the other Partners and any fund, account or investment managed
		by any Person included within Fortress, including marketing, investment,
		performance data, fund management, credit and financial information, and other
		business affairs of the Partnership, any Person included within Fortress and
		their respective Affiliates and successors, the General Partner, the other
		Partners and any fund, account or investment managed directly or indirectly by
		any Person included within Fortress learned by the Partner heretofore or
		hereafter. This clause 2.12(a) shall not apply to (i) any information that
		has been made publicly available by the Partnership or any of its Affiliates,
		becomes public knowledge (except as a result of an act of such Partner in
		violation of this Agreement) or is generally known to the business community
		and (ii) the disclosure of information to the extent necessary for a
		Partner to prepare and file his or her tax returns, to respond to any inquiries
		regarding the same from any taxing authority or to prosecute or defend any
		action, proceeding or audit by any taxing authority with respect to such
		returns. Notwithstanding anything to the contrary herein, each Partner (and
		each employee, representative or other agent of such Partner) may
		disclose to any and all Persons, without limitation of any kind, the tax
		treatment and tax structure of (x) the Partnership
		and
		(y) any of its transactions, and all materials of any kind (including
		opinions or other tax analyses) that are provided to the Partners
		relating
		to such tax treatment and tax structure.

	  

	 (b) If a
		Partner commits a breach, or threatens to commit a breach, of any of the
		provisions of Section 2.12(a), the General Partner shall have the right
		and remedy to have the provisions of such Section specifically enforced by
		injunctive relief or otherwise by any court of competent jurisdiction without
		the need to post any bond or other security, it being acknowledged and agreed
		that any such breach or threatened breach shall cause irreparable injury to the
		Partnership, the other Partners, Fortress or any of its Subsidiaries, and the
		accounts and funds managed by Fortress and that money damages alone shall not
		provide an adequate remedy to such Persons. Such rights and remedies shall be
		in addition to, and not in lieu of, any other rights and remedies available at
		law or in equity.

	  

	 Section 2.13 Insurance. The
		Partnership may purchase and maintain insurance, to the extent and in such
		amounts as the General Partner shall deem reasonable, on behalf of Covered
		Persons and such other Persons as the General Partner shall determine, against
		any liability that may be asserted against or expenses that may be incurred by
		any such Person in connection with the activities of the Partnership and/or its
		Subsidiaries regardless of whether the Partnership would have the power or
		obligation to indemnify such Person against such liability under the provisions
		of this Agreement. The Partnership may enter into indemnity contracts with
		Covered Persons and such other Persons as the General Partner shall determine
		and adopt written procedures pursuant to which arrangements are made for the
		advancement of expenses and the funding of obligations under this
		Section 2.13, and containing such other procedures regarding
		indemnification as are appropriate and consistent with this
		Agreement.

	 
		 

		14

		 
 

	 

	 
	 

	 
	  

	 Section 2.14 Representations
		and Warranties. Each
		Partner hereby represents and warrants to the others and to the Partnership as
		follows:

	  

	 (a) Such
		Partner has all requisite power to execute, deliver and perform this Agreement;
		the performance of its obligations hereunder will not result in a breach or a
		violation of, or a default under, any material agreement or instrument by which
		such Partner or any of such Partner's properties is bound or any statute, rule,
		regulation, order or other law to which it is subject, nor require the
		obtaining of any consent, approval, permit or license from or filing with, any
		governmental authority or other Person by such Person in connection with the
		execution, delivery and performance by such Partner of this
		Agreement.

	  

	 (b) This
		Agreement constitutes (assuming its due authorization and execution by the
		other Partners) such Partner's legal, valid and binding
		obligation.

	  

	 (c) Such
		Partner is acquiring its Interest for investment solely for such Partner's own
		account and not for distribution, transfer or sale to others in connection with
		any distribution or public offering.

	  

	 (d) Such
		Partner (i) has received all information that such Partner deems necessary
		to make an informed investment decision with respect to an investment in the
		Partnership and (ii) has had the unrestricted opportunity to make such
		investigation as such Partner desires pertaining to the Partnership and an
		investment therein and to verify any information furnished to such
		Partner.

	  

	 (e) Such
		Partner understands that such Partner must bear the economic risk of an
		investment in the Partnership for an indefinite period of time because
		(i) the Interests have not been registered under the Securities Act and
		applicable state securities laws and (ii) the Interests may not be sold,
		transferred, pledged or otherwise disposed of except in accordance with this
		Agreement and then only if they are subsequently registered in accordance with
		the provisions of the Securities Act and applicable state securities laws or
		registration under the Securities Act or any applicable state securities laws
		is not required.

	  

	 (f) Such
		Partner understands that the Partnership is not obligated to register the
		Interests for resale under any applicable federal or state securities laws and
		that the Partnership is not obligated to supply such Partner with information
		or assistance in complying with any exemption under any applicable federal or
		state securities laws.

	  

	 ARTICLE III

	  

	 INTERESTS
		AND ADMISSION OF PARTNERS

	  

	 Section 3.1 Units.

	  

	 (a) Interests
		in the Partnership shall be represented by Units. Initially, all Units shall be
		designated as "Class A Common Units" ("Class
		A Common Units") and
		"Class B Common Units" ("Class
		B Common Units"), and,
		except as expressly provided herein, a Class A Common Unit and a Class B Common
		Unit shall entitle the holder thereof to equal rights under this Agreement.
		From time to time, the General Partner may establish other classes or
		

	 
		 

		15

		 
 

	 

	 
	 

	 
	  

	 series
		of Units pursuant to Section 3.2. Units may (but need not, in the sole
		discretion of the General Partner) be evidenced by a certificate (a
		"Certificate
		of Ownership") in
		the form set forth in Exhibit
		A (for
		Class A Common Units or Class B Common Units) or the Unit Designation relating
		to such Units (for other Units). The
		Certificate of Ownership may contain such legends as may be required by law or
		as may be appropriate to evidence, if approved by the General Partner pursuant
		to Section 8.1, the pledge of a Partner’s Units. Each Certificate of
		Ownership shall be signed by or on behalf of the General Partner by either
		manual or facsimile signature. The Certificates of Ownership of the Partnership
		shall be numbered and registered in the register or transfer books of the
		Partnership as they are issued. The Partnership shall act as registrar and
		transfer agent for the purposes of registering the ownership and Transfer of
		Units. If a Certificate of Ownership is defaced, lost or destroyed it may be
		replaced on such terms, if any, as to evidence and indemnity as the General
		Partner thinks fit.

	  

	 (b) Transfer
		and Exchange. When
		Certificates of Ownership are presented to the Partnership with a request to
		register a Transfer, the Partnership shall register the Transfer or make the
		exchange on the register or transfer books of the Partnership if the
		requirements set forth in Section 8.1 of this Agreement for such
		transactions are met; provided,
		however, that
		any Certificates of Ownership presented or surrendered for registration of
		Transfer or exchange shall be duly endorsed or accompanied by a written
		instrument of Transfer in form satisfactory to the Partnership duly executed by
		the holder thereof or his attorney duly authorized in writing. The Partnership
		shall not be required to register the Transfer, or exchange, any Certificate of
		Ownership if as a result the Transfer of the Units at issue would cause the
		Partnership to violate the Securities Act, the Exchange Act, the Investment
		Company Act (including by causing any violation of the laws, rules,
		regulations, orders and other directives of any governmental authority) or
		otherwise violate Section 8.1 of this Agreement.

	  

	 (c) Record
		Holder. Except
		to the extent that the Partnership shall have received written notice of a
		Transfer of Units and such Transfer complies with the requirements of
		Section 8.1 of this Agreement applicable to such transaction, the
		Partnership shall be entitled to treat the individual or entity in whose name
		any Certificates of Ownership issued by the Partnership stand on the books of
		the Partnership as the absolute owner thereof, and shall not be bound to
		recognize any equitable or other claim to, or interest in, such Units on the
		part of any other individual or entity.

	  

	 (d) Class
		B Common Unit Voting Rights.
		Holders of Class B Common Units shall have no voting, consent or approval
		rights with respect to any matter submitted to holders of Units for their
		consent or approval, except as set forth in Sections 4.1(c) and
		10.1(a).

	  

	 (e) Automatic
		Conversion of Class B Common Units. If, as
		a result of an exchange pursuant to the Exchange Agreement, Fortress or any of
		its Subsidiaries (excluding any Fortress Operating Group Entity and any
		Subsidiary of a Fortress Operating Group Entity) acquires any Class B Common
		Units, such Units will automatically convert into an equal number of Class A
		Common Units.

	  

	 Section 3.2 Issuance
		of Additional Units. The
		General Partner may from time to time admit any Person as an additional Limited
		Partner of the Partnership (each such Person, 

	 
		 

		16

		 
 

	 

	 
	 

	 
	  

	 if so
		admitted, an "Additional
		Limited Partner" and
		collectively, the "Additional
		Limited Partners").
		A Person
		shall be deemed admitted as a Limited Partner at the time such Person
		(i) executes this Agreement or a counterpart of this Agreement and
		(ii) is named as a Limited Partner on the attached Schedule
		A. Each
		Substitute Limited Partner shall be deemed an Additional Partner whose
		admission as an Additional Limited Partner has been approved by the General
		Partner for all purposes hereunder. Subject to the satisfaction of the
		foregoing requirements and Section 4.1(c), the General Partner is hereby
		expressly authorized to cause the Partnership to issue additional Units for
		such consideration and on such terms and conditions, and to such Persons,
		including the General Partner, any Limited Partner or any of their Affiliates,
		as shall be established by the General Partner in its sole discretion, all
		without the approval of any Partner or any other Person. Without limiting the
		foregoing, but subject to Section 4.1(c), the General Partner is expressly
		authorized to cause the Partnership to issue Units (i) upon the conversion,
		redemption or exchange of any debt, Units or other securities issued by the
		Partnership, (ii) for less than fair market value, so long as the General
		Partner concludes in good faith that such issuance is in the best interests of
		the Partnership and its Partners, and (iii) in connection with the merger of
		any other Person into the Partnership if the applicable merger agreement
		provides that Persons are to receive Units in exchange for their interests in
		the Person merging into the Partnership. The General Partner is hereby
		expressly authorized to take any action, including without limitation amending
		this Agreement and Schedule
		A, to
		reflect any issuance of additional Units. Additional Units may be Class A
		Common Units, Class B Common Units or other Units. Any additional Units may be
		issued in one or more classes, or one or more series of any of such classes,
		with such designations, preferences and relative, participating, optional or
		other special rights, powers and duties (including, without limitation, rights,
		powers and duties that may be senior or otherwise entitled to preference over
		existing Units) as shall be determined by the General Partner, in its sole and
		absolute discretion without the approval of any Limited Partner or any other
		Person, and set forth in a written document thereafter attached to and made an
		exhibit to this Agreement, which exhibit shall be an amendment to this
		Agreement and shall be incorporated herein by this reference (each, a
		"Unit
		Designation").
		Without limiting the generality of the foregoing, the General Partner shall
		have authority to specify (a) the allocations of items of Partnership income,
		gain, loss, deduction and credit to holders of each such class or series of
		Units; (b) the right of holders of each such class or series of Units to share
		(on a pari
		passu, junior
		or preferred basis) in Partnership distributions; (c) the rights of holders of
		each such class or series of Units upon dissolution and liquidation of the
		Partnership; (d) the voting rights, if any, of holders of each such class or
		series of Units; and (e) the conversion, redemption or exchange rights
		applicable to each such class or series of Units. The total number of Units
		that may be created and issued pursuant to this Section 3.2 is not
		limited.

	  

	 Section 3.3 Schedule
		A. The
		name and business address of each Partner is set forth on Schedule A. The
		General Partner shall amend Schedule
		A from
		time to time as necessary to reflect accurately the information therein and
		shall send each Partner prompt written notice of each such amendment to
		Schedule
		A. Any
		amendment or revision to Schedule
		A made in
		accordance with this Agreement shall not be deemed an amendment to this
		Agreement. Any reference in this Agreement to Schedule
		A, shall
		be deemed to be a reference to Schedule
		A, as
		amended and in effect from time to time.

	 
		 

		17

		 
 

	 

	 
	 

	 
	  

	 ARTICLE IV

	  

	 VOTING
		AND MANAGEMENT

	  

	 Section 4.1 General
		Partner: Power and Authority.
		

	  

	 (a) The
		business and affairs of the Partnership shall be managed exclusively by the
		General Partner. The General Partner shall have the power and authority, on
		behalf of and in the name of the Partnership, to carry out any and all of the
		objects and purposes and exercise any and all of the powers of the Partnership
		and to perform all acts which it may deem necessary or advisable in connection
		therewith. The General Partner is not required to hold any interest in the
		Partnership. The Limited Partners, in their capacity as limited partners, shall
		have no part in the management of the Partnership and shall have no authority
		or right to act on behalf of or bind the Partnership in connection with any
		matter. The Partners agree that all determinations, decisions and actions made
		or taken by the General Partner in accordance with this Agreement shall be
		conclusive and absolutely binding upon the Partnership, the Partners and their
		respective successors, assigns and personal representatives. 

	  

	 (b) Limited
		Partners holding a majority of the outstanding Class A Common Units shall have
		the right to remove the General Partner at any time, with or without cause.
		Upon the withdrawal or removal of the General Partner, Limited Partners holding
		a majority of the outstanding Class A Common Units shall have the right to
		appoint a successor General Partner; provided, that any successor General
		Partner must be a direct or indirect wholly owned Subsidiary of Fortress. Any
		Person appointed as a successor General Partner by the Limited Partners holding
		a majority of the outstanding Class A Common Units shall become a successor
		General Partner for all purposes herein, and shall be vested with the powers
		and rights of the transferor General Partner, and shall be liable for all
		obligations of the General Partner arising from and after such date, and shall
		be responsible for all duties of the General Partner, once such Person has
		executed such instruments as may be necessary to effectuate its admission and
		to confirm its agreement to be bound by all the terms and provisions of this
		Agreement in its capacity as the General Partner.

	  

	 (c) In order
		to protect the economic and legal rights of the Original Partners set forth in
		this Agreement and the Exchange Agreement, unless the General Partner receives
		the prior written consent of Original Partners holding a majority of the Class
		B Common Units then owned by all Original Partners (treating any Units owned by
		a Permitted Transferee of an Original Partner as owned by such Original Partner
		for such purposes), (i) the General Partner shall not take any action, and
		shall not permit any Subsidiary of the Partnership to take any action, that is
		prohibited under Section 2.9 of the Fortress LLC Agreement, (ii) the General
		Partner shall cause the Partnership and its Subsidiaries to comply with the
		provisions of Section 2.9 of the Fortress LLC Agreement, and (iii) the General
		Partner shall not issue any Units (or other equity securities) of the
		Partnership that have any economic or voting rights that are senior or superior
		to the economic or voting rights of the Class A Common Units other than Units
		(or other equity securities) of the Partnership that are issued pursuant to
		Section 2.9(e) of the Fortress LLC Agreement in connection with an issuance of
		equity securities by Fortress. 

	 
		 

		18

		 
 

	 

	 
	 

	 
	  

	 Section 4.2 Books
		and Records; Accounting. The
		General Partner shall have responsibility for the day-to-day management and
		general oversight of the accounting and finance function of the Partnership and
		shall keep at the principal office of the Partnership (or at such other place
		as the General Partner shall determine) true and complete books and records
		regarding the status of the business and financial condition and results of
		operations of the Partnership. The books and records of the Partnership shall
		be kept in accordance with the Federal income tax accounting methods and rules
		determined by the General Partner, which methods and rules shall reflect all
		transactions of the Partnership and shall be appropriate and adequate for the
		business of the Partnership. The Partnership shall also keep books and records
		in accordance with GAAP.

	  

	 Section 4.3 Expenses. Except
		as otherwise provided in this Agreement, the Partnership shall be responsible
		for and shall pay out of funds of the Partnership determined by the General
		Partner to be available for such purpose, all expenses and obligations of the
		Partnership, including those incurred by the Partnership or the General Partner
		or its Affiliates in connection with the formation, conversion, operation or
		management of the Partnership, in organizing the Partnership and preparing,
		negotiating, executing, delivering, amending and modifying this
		Agreement.

	  

	 Section 4.4 Partnership
		Tax and Information Returns.

	  

	 (a) The
		Partnership shall timely file all returns of the Partnership that are required
		for federal, state and local income tax purposes on the basis of the accrual
		method and its fiscal year. The Officers of the Partnership shall use
		reasonable efforts to furnish to all Partners necessary tax information as
		promptly as possible after the end of the fiscal year of the Partnership;
		provided,
		however, that
		delivery of such tax information will be subject to delay in the event of,
		among other reasons, the late receipt of any necessary tax information from an
		entity in which the Partnership has made an investment. The classification,
		realization and recognition of income, gain, losses and deductions and other
		items shall be on the accrual method of accounting for federal income tax
		purposes. 

	  

	 (b) The
		Partnership shall make the election under Section 754 of the Code in accordance
		with applicable regulations thereunder. 

	  

	 (c) Except
		as otherwise provided herein, the General Partner shall determine whether the
		Partnership should make any other elections permitted by the Code.
		

	  

	 (d) The
		General Partner shall designate one Partner as the Tax Matters Partner (as
		defined in the Code). The initial Tax Matters Partner shall be FIG Asset Co.
		LLC, a Delaware limited liability company. The Tax Matters Partner is
		authorized and required to represent the Partnership (at the Partnership’s
		expense) in connection with all examinations of the Partnership’s affairs
		by tax authorities, including resulting administrative and judicial
		proceedings, and to expend Partnership funds for professional services and
		costs associated therewith. Each Partner agrees to cooperate with the Tax
		Matters Partner and to do or refrain from doing any or all things reasonably
		required by the Tax Matters Partner to conduct such proceedings.

	 
		 

		19

		 
 

	 

	 
	 

	 
	  

	 (e) Notwithstanding
		any other provision of this Agreement, the General Partner is authorized to
		take any action that may be required to cause the Partnership to comply with
		any withholding requirements established under the Code or any other federal,
		state, local or foreign law including, without limitation, pursuant to Sections
		1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is
		required or elects to withhold and pay over to any taxing authority any amount
		resulting from the allocation or distribution of income to any Partner
		(including, without limitation, by reason of Section 1446 of the Code), the
		General Partner may treat the amount withheld as a distribution of cash
		pursuant to Section 7.1 or Article IX in the amount of such withholding from
		such Partner.

	  

	 ARTICLE V

	  

	 CONTRIBUTIONS
		AND CAPITAL ACCOUNTS

	  

	 Section 5.1 Capital
		Contributions. Each
		Original Partner has contributed to the capital of the Partnership prior to the
		date hereof. Additional
		Limited Partners (other than Substitute Limited Partners) shall make initial
		contributions to the capital of the Partnership at such times and in such
		amounts as shall be determined by the General Partner in connection with the
		admission of such Additional Limited Partner. The
		Limited Partners are not required to, and do not have the right to, make
		contributions to the capital of the Partnership in addition to such initial
		capital contributions. From time to time, individual Partners may make
		additional capital contributions in exchange for additional Units, in such
		amounts and on such terms as determined by the General Partner.

	  

	 Section 5.2 Capital
		Accounts.
		

	  

	 (a) The
		General Partner shall maintain for each Partner owning Units a separate Capital
		Account with respect to such Units in accordance with the rules of Treasury
		Regulation Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased
		by (i) the amount of all Capital Contributions made to the Partnership with
		respect to such Units pursuant to this Agreement and (ii) all items of
		Partnership income and gain (including, without limitation, income and gain
		exempt from tax) computed in accordance with Section 5.2(b) and allocated with
		respect to such Units pursuant to Section 6.1, and decreased by (x) the amount
		of cash or Net Agreed Value of all actual and deemed distributions of cash or
		property made with respect to such Units pursuant to this Agreement and (y) all
		items of Partnership deduction and loss computed in accordance with Section
		5.2(b) and allocated with respect to such Units pursuant to Section 6.1. The
		foregoing provisions and the other provisions of this Agreement relating to the
		maintenance of Capital Accounts are intended to comply with Treasury Regulation
		Section 1.704-1(b) and shall be interpreted and applied in a manner consistent
		with such Regulations. In the event the General Partner shall determine that it
		is prudent to modify the manner in which the Capital Accounts or any
		adjustments thereto (including, without limitation, adjustments relating to
		liabilities which are secured by contributed or distributed property or which
		are assumed by the Partnership or any Partners) are computed in order to comply
		with such Treasury Regulation, the General Partner may make such modification,
		provided that it is not likely to have a material effect on the amounts
		distributed to any Person pursuant to Article VIII hereof upon the dissolution
		of the Partnership. The General Partner also shall (i) make any adjustments
		that are necessary or appropriate to maintain equality among the Capital
		Accounts of the Partners and the 

	 
		 

		20

		 
 

	 

	 
	 

	 
	  

	 amount
		of capital reflected on the Partnership's balance sheet, as computed for book
		purposes, in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(q),
		and (ii) make any appropriate modifications in the event unanticipated events
		might otherwise cause this Agreement not to comply with Treasury Regulation
		Section 1.704-1(b).

	  

	 (b) For
		purposes of computing the amount of any item of income, gain, loss or
		deduction, which is to be allocated pursuant to Article VI and is to be
		reflected in the Partners’ Capital Accounts, the determination,
		recognition and classification of any such item shall be the same as its
		determination, recognition and classification for federal income tax purposes
		(including, without limitation, any method of depreciation, cost recovery or
		amortization used for that purpose), provided, that: 

	  

	 (i) Solely
		for purposes of this Section 5.2, the Partnership shall be treated as owning
		directly its proportionate share (as determined by the General Partner) of all
		property owned by any partnership, limited liability company, unincorporated
		business or other entity or arrangement that is classified as a partnership for
		federal income tax purposes, of which the Partnership is, directly or
		indirectly, a partner. 

	  

	 (ii) Except
		as otherwise provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m), the
		computation of all items of income, gain, loss and deduction shall be made
		without regard to any election under Section 754 of the Code which may be made
		by the Partnership and, as to those items described in Section 705(a)(1)(B) or
		705(a)(2)(B) of the Code, without regard to the fact that such items are not
		includable in gross income or are neither currently deductible nor capitalized
		for federal income tax purposes. To the extent an adjustment to the adjusted
		tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the
		Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m),
		to be taken into account in determining Capital Accounts, the amount of such
		adjustment in the Capital Accounts shall be treated as an item of gain or loss.
		

	  

	 (iii) Any
		income, gain or loss attributable to the taxable disposition of any Partnership
		property shall be determined as if the adjusted basis of such property as of
		such date of disposition were equal in amount to the Partnership’s
		Carrying Value with respect to such property as of such date. 

	  

	 (iv) In
		accordance with the requirements of Section 704(b) of the Code, any deductions
		for depreciation, cost recovery or amortization attributable to any Contributed
		Property shall be determined in the manner described in Regulation Section
		1.704-1(b)(2)(iv)(g)(3) as if the adjusted basis of such property on the date
		it was acquired by the Partnership were equal to the Agreed Value of such
		property. Upon an adjustment pursuant to Section 5.2(d) to the Carrying Value
		of any Adjusted Property that is subject to depreciation, cost recovery or
		amortization, any further deductions for such depreciation, cost recovery or
		amortization attributable to such property shall be determined in the manner
		described in Regulation Sections 1.704-1(b)(2)(iv)(g)(3) and 1.704-3(a)(6)(i)
		as if the adjusted basis of such property were equal to the Carrying Value of
		such property immediately following such adjustment; provided, however, that,
		if the asset has a zero adjusted basis for federal income tax purposes,
		depreciation, cost recovery or amortization deductions shall be determined
		using any method that the General Partner may adopt. 

	 
		 

		21

		 
 

	 

	 
	 

	 
	  

	 (c) A
		transferee of Units shall succeed to a pro rata portion of the Capital Account
		of the transferor relating to the Units so transferred. 

	  

	 (d) i) In
		accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on an
		issuance of additional Units for cash or Contributed Property and the issuance
		of Units as consideration for the provision of services, the Capital Account of
		all Partners and the Carrying Value of each Partnership property immediately
		prior to such issuance shall be adjusted upward or downward to reflect any
		Unrealized Gain or Unrealized Loss attributable to such Partnership property,
		as if such Unrealized Gain or Unrealized Loss had been recognized on an actual
		sale of each such property immediately prior to such issuance and had been
		allocated to the Partners at such time pursuant to Section 6.1 in the same
		manner as any item of gain or loss actually recognized during such period would
		have been allocated. In determining such Unrealized Gain or Unrealized Loss,
		the aggregate cash amount and fair market value of all Partnership assets
		(including, without limitation, cash or cash equivalents) immediately prior to
		the issuance of additional Units shall be determined by the General Partner
		using such method of valuation as it may adopt; provided, however, that the
		General Partner, in arriving at such valuation, must take fully into account
		the fair market value of the Units of all Partners at such time. The General
		Partner shall allocate such aggregate value among the assets of the Partnership
		(in such manner as it determines) to arrive at a fair market value for
		individual properties.

	  

	 (ii) In
		accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately
		prior to any actual or deemed distribution to a Partner of any Partnership
		property (other than a distribution of cash that is not in redemption or
		retirement of a Unit), the Capital Accounts of all Partners and the Carrying
		Value of all Partnership property shall be adjusted upward or downward to
		reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership
		property, as if such Unrealized Gain or Unrealized Loss had been recognized in
		a sale of such property immediately prior to such distribution for an amount
		equal to its fair market value, and had been allocated to the Partners, at such
		time, pursuant to Section 6.1 in the same manner as any item of gain or loss
		actually recognized during such period would have been allocated. In
		determining such Unrealized Gain or Unrealized Loss the aggregate cash amount
		and fair market value of all Partnership assets (including, without limitation,
		cash or cash equivalents) immediately prior to a distribution shall (A) in the
		case of an actual distribution that is not made pursuant to Article VIII or in
		the case of a deemed distribution, be determined and allocated in the same
		manner as that provided in Section 5.2(d)(i) or (B) in the case of a
		liquidating distribution pursuant to Article VIII, be determined and allocated
		by the Liquidator using such method of valuation as it may adopt. 

	  

	 (iii) The
		General Partner may make the adjustments described in clause (i) above in the
		manner set forth therein if the General Partner determines that such
		adjustments are necessary or useful to effectuate the intended economic
		arrangement among the Partners (equal distributions paid with respect to each
		Class A Common Unit and each Class B Common Unit), including Partners who
		received Units in connection with the performance of services to or for the
		benefit of the Partnership.

	  

	 (e) Notwithstanding
		anything expressed or implied to the contrary in this Agreement, in the event
		the General Partner shall determine, in its sole and absolute 

	 
		 

		22

		 

		 
 

	 

	 
	 

	 
	 discretion,
		that it is prudent to modify the manner in which the Capital Accounts, or any
		debits or credits thereto, are computed in order to effectuate the intended
		economic sharing arrangement of the Partners (equal distributions paid with
		respect to each Class A Common Unit and each Class B Common Unit), the General
		Partner may make such modification.

	  

	 (f) If (i)
		the Partnership delivers the tax information required by Section 4.4(a) hereof,
		(ii) such information has been issued by Fortress to one or more holders of its
		Class A Shares, and (iii) subsequent to such issuance, the Partnership
		discovers that it actually earned additional income or gains, or suffered
		additional deductions or losses, then (x) such additional items of income,
		gain, loss, or deduction shall be allocated exclusively to the holders of Class
		B Units pro rata in accordance with their Percentage Interests, and (y) such
		holders shall, in subsequent Fiscal Years, receive allocations of items of
		Partnership income, gain, loss, or deduction that offset, to the extent
		possible, the allocations described in clause (x); provided that
		the allocations described in clause (y) shall, to the maximum extent possible,
		correspond to the character of the items allocated pursuant to clause (x). The
		preceding sentence shall not apply unless the Original Partners hold Class B
		Units that represent, in the aggregate, 40% or more of all Units issued by the
		Partnership. In the event that the Original Partners hold Class B Units that
		represent, in the aggregate, less than 40% of all Units issued by the
		Partnership: (i) the General Partner shall be authorized to admit Fortress
		Operating Entity I as a special limited partner; (ii) Fortress Operating Entity
		I shall be authorized to acquire a special class of Units of the Partnership
		(the "FOE I
		Units") in
		exchange for consideration having a value not less than $1 million, which
		provides a return commensurate with its proportionate interest in the
		Partnership's capital following the adjustments described in Section 5.2(d)(i);
		and (iii) the first sentence of this Section 5.2(f) shall be applied by
		deleting the words "Class B Units" and substituting the words "FOE I
		Units".

	  

	 ARTICLE VI

	  

	 ALLOCATIONS

	  

	 Section 6.1 Allocations
		for Capital Account Purposes. For
		purposes of maintaining the Capital Accounts and in determining the rights of
		the Partners among themselves, the Partnership’s items of income, gain,
		loss and deduction (computed in accordance with Section 5.2(b)) shall be
		allocated among the Partners in each taxable year (or portion thereof) as
		provided herein below. 

	  

	 (a) Net
		Income. After
		giving effect to the special allocations set forth in Section 6.1(d), Net
		Income for each taxable year and all items of income, gain, loss and deduction
		taken into account in computing Net Income for such taxable year shall be
		allocated to the Partners in accordance with their respective Percentage
		Interests. 

	  

	 (b) Net
		Losses. After
		giving effect to the special allocations set forth in Section 6.1(d), Net
		Losses for each taxable period and all items of income, gain, loss and
		deduction taken into account in computing Net Losses for such taxable period
		shall be allocated to the Partners in accordance with their respective
		Percentage Interests; provided that to the extent any allocation of Net Losses
		would cause any Partners to have a deficit balance in its Adjusted Capital
		Account at the end of such taxable year (or increase any existing deficit
		balance 

	 
		 

		23

		 
 

	 

	 
	 

	 
	  

	 in its
		Adjusted Capital Account), such allocation of Net Loss shall be reallocated
		among the other Partners in accordance with their respective Percentage
		Interests. 

	  

	 (c) Allocation
		upon Termination. With
		respect to all Section 6.1(a) and (b) allocations following a Liquidation Date,
		such allocations shall be made after Capital Account balances have been
		adjusted by all other allocations provided under this Section 6.1 and after
		giving effect to all distributions during such taxable year; provided, however,
		that solely for purposes of this Section 6.1(c), Capital Accounts shall not be
		adjusted for distributions made pursuant to Article IX. 

	  

	 (d) Special
		Allocations.
		Notwithstanding any other provision of this Section 6.1, the following special
		allocations shall be made for such taxable period: 

	  

	 (i) Partnership
		Minimum Gain Chargeback.
		Notwithstanding any other provision of this Section 6.1, if there is a net
		decrease in Partnership Minimum Gain during any Partnership taxable period,
		each Partner shall be allocated items of Partnership income and gain for such
		period (and, if necessary, subsequent periods) in the manner and amounts
		provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and
		1.704-2(j)(2)(i), or any successor provision. For purposes of this Section
		6.1(d), each Partner’s Adjusted Capital Account balance shall be
		determined, and the allocation of income and gain required hereunder shall be
		effected, prior to the application of any other allocations pursuant to this
		Section 6.1(d) with respect to such taxable period (other than an allocation
		pursuant to Section 6.1(d)(iii) and 6.1(d)(vi)). This Section 6.1(d)(i) is
		intended to comply with the Partnership Minimum Gain chargeback requirement in
		Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently
		therewith. 

	  

	 (ii) Chargeback
		of Partner Nonrecourse Debt Minimum Gain.
		Notwithstanding the other provisions of this Section 6.1 (other than Section
		6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if
		there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any
		Partnership taxable period, any Partner with a share of Partner Nonrecourse
		Debt Minimum Gain at the beginning of such taxable period shall be allocated
		items of Partnership income and gain for such period (and, if necessary,
		subsequent periods) in the manner and amounts provided in Treasury Regulation
		Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For
		purposes of this Section 6.1(d), each Partner’s Adjusted Capital Account
		balance shall be determined, and the allocation of income and gain required
		hereunder shall be effected, prior to the application of any other allocations
		pursuant to this Section 6.1(d), other than Section 6.1(d)(i) and other than an
		allocation pursuant to Section 6.1(d)(v) and 6.1(d)(vi), with respect to such
		taxable period. This Section 6.1(d)(ii) is intended to comply with the
		chargeback of items of income and gain requirement in Treasury Regulation
		Section 1.704-2(i)(4) and shall be interpreted consistently therewith.
		

	  

	 (iii) Qualified
		Income Offset. In the
		event any Partner unexpectedly receives any adjustments, allocations or
		distributions described in Treasury Regulation Sections
		1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain
		shall be specially allocated to such Partner in an amount and manner sufficient
		to eliminate, to the extent required by the Treasury Regulations promulgated
		under Section 704(b) of the Code, 

	 
		 

		24

		 
 

	 

	 
	 

	 
	  

	 the
		deficit balance, if any, in its Adjusted Capital Account created by such
		adjustments, allocations or distributions as quickly as possible unless such
		deficit balance is otherwise eliminated pursuant to Section 6.1(d)(i) or (ii).
		This Section 6.1(d)(iii) is intended to qualify and be construed as a
		“qualified income offset” within the meaning of Treasury Regulation
		Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.
		

	  

	 (iv) Gross
		Income Allocations. In the
		event any Partner has a deficit balance in its Capital Account at the end of
		any Partnership taxable period in excess of the sum of (A) the amount such
		Partner is required to restore pursuant to the provisions of this Agreement and
		(B) the amount such Partner is deemed obligated to restore pursuant to Treasury
		Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be
		specially allocated items of Partnership gross income and gain in the amount of
		such excess as quickly as possible; provided, that an allocation pursuant to
		this Section 6.1(d)(iv) shall be made only if and to the extent that such
		Partner would have a deficit balance in its Capital Account as adjusted after
		all other allocations provided for in this Section 6.1 have been tentatively
		made as if this Section 6.1(d)(iv) were not in this Agreement. 

	  

	 (v) Nonrecourse
		Deductions.
		Nonrecourse Deductions for any taxable period shall be allocated to the
		Partners in accordance with their respective Percentage Interests. If the
		General Partner determines that the Partnership’s Nonrecourse Deductions
		should be allocated in a different ratio to satisfy the safe harbor
		requirements of the Treasury Regulations promulgated under Section 704(b) of
		the Code, the General Partner is authorized, upon notice to the other Partners,
		to revise the prescribed ratio to the numerically closest ratio that does
		satisfy such requirements. 

	  

	 (vi) Partner
		Nonrecourse Deductions.
		Partner Nonrecourse Deductions for any taxable period shall be allocated 100%
		to the Partner that bears the Economic Risk of Loss with respect to the Partner
		Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable
		in accordance with Treasury Regulation Section 1.704-2(i). If more than one
		Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse
		Debt, such Partner Nonrecourse Deductions attributable thereto shall be
		allocated between or among such Partners in accordance with the ratios in which
		they share such Economic Risk of Loss. 

	  

	 (vii) Nonrecourse
		Liabilities.
		Nonrecourse Liabilities of the Partnership described in Treasury Regulation
		Section 1.752-3(a)(3) shall be allocated among the Partners in the manner
		chosen by the General Partner and consistent with such Treasury Regulation.
		

	  

	 (viii) Code
		Section 754 Adjustments. To the
		extent an adjustment to the adjusted tax basis of any Partnership asset
		pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to
		Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
		determining Capital Accounts, the amount of such adjustment to the Capital
		Accounts shall be treated as an item of gain (if the adjustment increases the
		basis of the asset) or loss (if the adjustment decreases such basis), and such
		item of gain or loss shall be specially allocated to the Partners in a manner
		consistent with the manner in which their Capital Accounts are required to be
		adjusted pursuant to such Section of the Treasury Regulations. 

	 
		 

		25

		 
 

	 

	 
	 

	 
	  

	 (ix) Curative
		Allocation.
		

	  

	 (A) The
		Required Allocations are intended to comply with certain requirements of the
		Treasury Regulations. It is the intent of the Partners that, to the extent
		possible, all Required Allocations shall be offset either with other Required
		Allocations or with special allocations of other items of Partnership income,
		gain, loss or deduction pursuant to this Section 6.1(d)(ix). Therefore,
		notwithstanding any other provision of this Article VI (other than the Required
		Allocations), the General Partner shall make such offsetting special
		allocations of Partnership income, gain, loss or deduction in whatever manner
		it determines appropriate so that, after such offsetting allocations are made,
		each Partner's Capital Account balance is, to the extent possible, equal to the
		Capital Account balance such Partner would have had if the Required Allocations
		were not part of this Agreement and all Partnership items were allocated
		pursuant to the economic agreement among the Partners. 

	  

	 (B) The
		General Partner shall, with respect to each taxable period, (1) apply the
		provisions of Section 6.1(d)(ix)(A) in whatever order is most likely to
		minimize the economic distortions that might otherwise result from the Required
		Allocations, and (2) divide all allocations pursuant to Section 6.1(d)(ix)(A)
		among the Partners in a manner that is likely to minimize such economic
		distortions. 

	  

	 (x) Notwithstanding
		any other provision of this Agreement, if, with respect to any Taxable Year,
		more than 90% of the items of gross income that would otherwise be allocable to
		the General Partner consist of items of income that are not described in
		Section 7704(d) of the Code, the Partnership's items of gross income that are
		not described in such Section shall be reallocated to the other Partners in a
		manner such that at least 90% of the items of gross income allocable to the
		General Partner consist of items described in Section 7704(d) of the Code.
		Allocations made under this Section 6.1(d)(x) shall be reflected in the Capital
		Account Balances of the Partners to whom such allocations are
		made.

	  

	 (xi) The
		Partnership shall specially allocate an amount of gross income equal to the
		Expense Amount to the Initial Partner.

	  

	 Section 6.2 Allocations
		for Tax Purposes.
		

	  

	 (a) Except
		as otherwise provided herein, for federal income tax purposes, each item of
		income, gain, loss and deduction shall be allocated among the Partners in the
		same manner as its correlative item of "book" income, gain, loss or deduction
		is allocated pursuant to Section 6.1. 

	  

	 (b) In an
		attempt to eliminate Book-Tax Disparities attributable to a Contributed
		Property or an Adjusted Property, items of income, gain, loss, depreciation,
		amortization and cost recovery deductions shall be allocated for federal income
		tax purposes among the Partners as follows: 

	  

	 (i) (A) In
		the case of a Contributed Property, such items attributable thereto shall be
		allocated among the Partners in the manner provided under Section 704(c) of the
		Code that takes into account the variation between the Agreed Value of such
		property and its adjusted basis at the time of contribution; and (B) any item
		of Residual Gain or 

	 
		 

		26

		 

		 
 

	 

	 
	 

	 
	 Residual
		Loss attributable to a Contributed Property shall be allocated among the
		Partners in the same manner as its correlative item of "book" gain or loss is
		allocated pursuant to Section 6.1. 

	  

	 (ii) (A) In
		the case of an Adjusted Property, such items shall (1) first, be allocated
		among the Partners in a manner consistent with the principles of Section 704(c)
		of the Code to take into account the Unrealized Gain or Unrealized Loss
		attributable to such property and the allocations thereof pursuant to Section
		5.2(d)(i) or 5.2(d)(ii), and (2) second, in the event such property was
		originally a Contributed Property, be allocated among the Partners in a manner
		consistent with Section 6.2(b)(i)(A); and (B) any item of Residual Gain or
		Residual Loss attributable to an Adjusted Property shall be allocated among the
		Partners in the same manner as its correlative item of "book" gain or loss is
		allocated pursuant to Section 6.1. 

	  

	 (iii) In order
		to eliminate Book-Tax Disparities, the General Partner shall apply the
		"traditional method with curative allocations of gain on disposition," as
		described in Treasury Regulation Section 1.704-3(c)(3)(iii)(B). Notwithstanding
		the preceding sentence, the General Partner may cause the Partnership to
		eliminate Book-Tax Disparities using another method described in Treasury
		Regulation Section 1.704-3.

	  

	 (c) For the
		proper administration of the Partnership and for the preservation of uniformity
		of the Units (or any class or classes thereof), the General Partner shall (i)
		adopt such conventions as it deems appropriate in determining the amount of
		depreciation, amortization and cost recovery deductions; (ii) make special
		allocations for federal income tax purposes of income (including, without
		limitation, gross income) or deductions; (iii) amend the provisions of this
		Agreement as appropriate (x) to reflect the proposal or promulgation of
		Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y)
		otherwise to preserve or achieve uniformity of the Units (or any class or
		classes thereof); and (iv) adopt and employ such methods for (A) the
		maintenance of capital accounts for book and tax purposes, (B) the
		determination and allocation of adjustments under Sections 704(c), 734 and 743
		of the Code, (C) the determination and allocation of taxable income, tax loss
		and items thereof under this Agreement and pursuant to the Code, (D) the
		determination of the identities and tax classification of Unitholders, (E) the
		provision of tax information and reports to the Unitholders, (F) the adoption
		of reasonable conventions and methods for the valuation of assets and the
		determination of tax basis, (G) the allocation of asset values and tax basis,
		(H) the adoption and maintenance of accounting methods, (I) the recognition of
		the transfer of Units, (J) tax compliance and other tax-related requirements,
		including without limitation, the use of computer software, as it determines in
		its sole discretion are necessary and appropriate to execute the provisions of
		this Agreement and to comply with federal, state and local tax law, and to
		achieve uniformity of Units within a class. The General Partner may adopt such
		conventions, make such allocations and make such amendments to this Agreement
		as provided in this Section 6.2(c) only if such conventions, allocations or
		amendments would not have a material adverse effect on the Partners, the
		holders of any class or classes of Units issued and outstanding or the
		Partnership, and if such allocations are consistent with the principles of
		Section 704 of the Code. 

	  

	 (d) The
		General Partner may determine to depreciate or amortize the portion of an
		adjustment under Section 743(b) of the Code attributable to unrealized
		appreciation in any Adjusted Property (to the extent of the unamortized
		Book-Tax Disparity) using a predetermined rate derived from the depreciation or
		amortization method and useful life applied 

	 
		 

		27

		 
 

	 

	 
	 

	 
	  

	 to the
		Partnership’s common basis of such property, despite any inconsistency of
		such approach with Treasury Regulation Section 1.167(c)-l(a)(6) or any
		successor regulations thereto. If the General Partner determines that such
		reporting position cannot be taken, the General Partner may adopt depreciation
		and amortization conventions under which all purchasers acquiring Units in the
		same month would receive depreciation and amortization deductions, based upon
		the same applicable rate as if they had purchased a direct interest in the
		Partnership’s property. If the General Partner chooses not to utilize such
		aggregate method, the General Partner may use any other depreciation and
		amortization conventions to preserve the uniformity of the intrinsic tax
		characteristics of any Units, so long as such conventions would not have a
		material adverse effect on the Partners or the Record Holders of any class or
		classes of Units. 

	  

	 (e) Any gain
		allocated to the Partners upon the sale or other taxable disposition of any
		Partnership asset shall, to the extent possible, after taking into account
		other required allocations of gain pursuant to this Section 6.2, be
		characterized as Recapture Income in the same proportions and to the same
		extent as such Partners (or their predecessors in interest) have been allocated
		any deductions directly or indirectly giving rise to the treatment of such
		gains as Recapture Income. 

	  

	 (f) All
		items of income, gain, loss, deduction and credit recognized by the Partnership
		for federal income tax purposes and allocated to the Partners in accordance
		with the provisions hereof shall be determined without regard to any election
		under Section 754 of the Code that may be made by the Partnership; provided,
		however, that such allocations, once made, shall be adjusted (in the manner
		determined by the General Partner) to take into account those adjustments
		permitted or required by Sections 734 and 743 of the Code. 

	  

	 (g) For
		purposes of determining the items of Partnership income, gain, loss, deduction,
		or credit allocable to any Partner with respect to any period, such items shall
		be determined on a daily, monthly, or other basis, as determined by the General
		Partner using any permissible method under Code Section 706 and the Regulations
		thereunder.

	  

	 ARTICLE VII

	  

	 DISTRIBUTIONS

	  

	 Section 7.1 Distributions. Subject
		to the terms of any Unit Designation, distributions shall be made to the
		Partners, after Tax Distributions are made pursuant to Sections 7.3
		hereof, and after the Expense Amount distributions are made pursuant to Section
		7.5, as and when determined by the General Partner, to the Partners in
		accordance with their respective Common Units.

	  

	 Section 7.2 Distributions
		in Kind. The
		General Partner may cause the Partnership to make distributions of assets in
		kind. Whenever the distributions provided for in Section 7.1 shall be
		distributable in property other than cash, the value of such distribution shall
		be the fair market value of such property determined by the General Partner in
		good faith, and in the event of such a distribution there shall be allocated to
		the Partners in accordance with Article VI the amount of Profits or Losses
		that would result if the distributed asset had been sold 

	 
		 

		28

		 
 

	 

	 
	 

	 
	  

	 for an
		amount in cash equal to its fair market value at the time of the distribution.
		No Partner shall have the right to demand that the Partnership distribute any
		assets in kind to such Partner.

	  

	 Section 7.3 Tax
		Distributions.
		Subject to § 17-607 of the Act, the Partnership shall make
		distributions to each Partner for each calendar quarter ending after the date
		hereof as follows (collectively, the "Tax
		Distributions"):

	  

	 (a) On or
		before the 10th day
		following the end of the First Quarterly Period of each calendar year, an
		amount equal to such Partner's Presumed Tax Liability for the First Quarterly
		Period (the "First
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year;

	  

	 (b) On or
		before the 10th day
		following the end of the Second Quarterly Period of each Calendar Year, an
		amount equal to such Partner's Presumed Tax Liability for the Second Quarterly
		Period (the "Second
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year;

	  

	 (c) On or
		before the 10th day
		following the end of the Third Quarterly Period of each Calendar Year, an
		amount equal to such Partner's Presumed Tax Liability for the Third Quarterly
		Period (the "Third
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year;

	  

	 (d) On or
		before the 10th day
		following the end of the Fourth Quarterly Period of each Calendar Year, an
		amount equal to such Partner's Presumed Tax Liability for the Fourth Quarterly
		Period (the "Fourth
		Quarter Tax Distribution") less
		the aggregate amount of Prior Distributions previously made to such Partner
		during such calendar year, excluding any Tax Distribution with respect to a
		previous calendar year; and

	  

	 (e) Tax
		Distributions shall be made on the basis of a calendar year regardless of the
		Fiscal Year used by the Partnership. To the extent the General Partner
		determines in its sole discretion that the distributions made under the
		foregoing subsections (a) through (d) are insufficient to satisfy the Partners'
		Presumed Tax Liability for the applicable calendar year, on or before the April
		10th
		immediately following the applicable calendar year, an amount that the General
		Partner determines in its reasonable discretion will be sufficient to allow
		each Partner to satisfy his or her Presumed Tax Liability for the applicable
		calendar year, after taking into account all Prior Distributions made to the
		Partners with respect to the applicable calendar year, excluding any Tax
		Distribution with respect to a previous calendar year.

	  

	 (f) Notwithstanding
		any other provision of this Agreement, Tax Distributions shall be made: (i) to
		all Partners pro rata in accordance with their Percentage Interests; and (ii)
		as if each distributee Partner was allocated an amount of income in each
		quarterly period equal to the product of (x) the highest amount of income
		allocated to any Partner with respect to his Units, calculated on a per-Unit
		basis, taking into account any income 

	 
		 

		29

		 
 

	 

	 
	 

	 
	  

	 allocations
		pursuant to Section 6.2 hereof, multiplied by (y) the amount of Units held by
		such distributee partner.

	  

	 (g) If
		necessary, but subject to Section 17-607 of the Act, the Partnership shall be
		required to borrow funds in order to make the Tax Distributions required by
		this Section 7.3.

	  

	 (h) For the
		avoidance of doubt, for purposes of calculating the amount of Tax Distributions
		to which a Partner is entitled with respect to a particular Quarterly Period,
		the term "Prior Distributions" shall not include such Partner's share of any
		distribution made during the Pre-IPO Period in excess of the Pre-IPO Minimum
		Distribution made to such Partner with respect to such Quarterly
		Period.

	  

	 Section 7.4 Pre-IPO
		Minimum Distribution. During
		the Pre-IPO Period, the Partnership shall make distributions to the Partners as
		and when determined by the General Partner, but no later than the last day of
		the Pre-IPO Period, in an aggregate amount equal to the product of the
		Partnership's share (as set forth in the schedule maintained by the General
		Partners of the Fortress Operating Group Entities) of the $750,000/day minimum
		distribution, multiplied by the number of days in the Pre-IPO Period. Pre-IPO
		Minimum Distributions accrue on a daily basis, and a Partner shall be entitled
		to receive a Pre-IPO Minimum Distribution (a) only to the extent such Partner
		owned Units on the day such distribution accrued, and (b) notwithstanding the
		fact that such Partner did not own Units on the first day of the First
		Quarterly Period of 2007, in which case the Pre-IPO Period in respect of such
		Partner shall be deemed to begin on the date such Partner first acquired Units.
		

	  

	 Section 7.5 Expense
		Amount Distributions. The
		Partnership shall distribute any Expense Amount to the Initial General partner
		at the times set forth in any Expense Allocation Agreement.

	  

	 ARTICLE VIII

	  

	 TRANSFER
		OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS

	  

	 Section 8.1 Transfer
		and Assignment of Interest. A
		Partner may not Transfer all or any of such Partner's Units without approval of
		the General Partner, which approval may be granted or withheld, with or without
		reason, in the General Partner's sole discretion; provided,
		however, that,
		without the approval of the General Partner, a Partner may, at any time, (i)
		Transfer any of such Partner's Units pursuant to the Exchange Agreement, (ii)
		Transfer any of such Partner's Units to a Permitted Transferee of such Partner,
		or (iii) pledge or assign any of such Partner's Units to a lending institution
		that is not an Affiliate of such Limited Partner, as collateral or security for
		a bona fide loan or other extension of credit, and any Transfer of such pledged
		Units in connection with the exercise of remedies under such loan or extension
		of credit; provided, however, that no Transfer pursuant to this clause (iii)
		shall be permitted if such Transfer would cause the Partnership to be treated
		as a publicly traded partnership that is taxable as a corporation. In the event
		of any Transfer, the transferring Partner shall provide the address and
		facsimile number for each transferee as contemplated by Section
		10.9.

	 
		 

		30

		 
 

	 

	 
	 

	 
	  

	 Section 8.2 Withdrawal
		of General Partner. The
		General Partner shall not withdraw from the Partnership without the approval of
		the Limited Partners holding a majority of the outstanding Class A Common
		Units.

	  

	 Section 8.3 Cessation
		of Status as a Partner.

	  

	 (a) A
		Partner may not, without the consent of the General Partner, withdraw from the
		Partnership prior to the Partnership's termination.

	  

	 (b) Except
		as expressly provided in this Agreement, no event affecting a Partner,
		including death, bankruptcy, insolvency or withdrawal from the Partnership,
		shall affect the Partnership.

	  

	 ARTICLE IX

	  

	 DISSOLUTION

	  

	 Section 9.1 Duration
		and Dissolution. The
		Partnership shall be dissolved and its affairs shall be wound up upon the first
		to occur of the following:

	  

	 (a) the
		entry of a decree of judicial dissolution of the Partnership under
		Section 17-802 of the Act; and

	  

	 (b) the
		determination of the General Partner to dissolve the Partnership.

	  

	 Except
		as provided in this Agreement, the death, Disability, resignation, expulsion,
		bankruptcy or dissolution of any Partner or the occurrence of any other event
		which terminates the continued partnership of any Partner in the Partnership
		shall not cause the Partnership to be dissolved or its affairs wound up;
		provided,
		however, that
		at any time after the bankruptcy of the General Partner, the holders of a
		majority of the Class A Common Units may, pursuant to written consent to such
		effect, replace the General Partner with another Person, who shall, after
		executing a written instrument confirming such Person's agreement to be bound
		by all the terms and provisions of this Agreement, (i) become a successor
		General Partner for all purposes hereunder, (ii) be vested with the powers and
		rights of the replaced General Partner, and (iii) be liable for all obligations
		and responsible for all duties of the replaced General Partner from the date of
		such replacement.

	  

	 Section 9.2 Distribution
		of Assets.
		Subject to the terms of any Unit Designation, upon the winding up of the
		Partnership, assets shall be distributed to the Partners in accordance with
		their Capital Account balances, as adjusted for all Partnership operations up
		to and including the date of such distribution.

	  

	 Section 9.3 Notice
		of Liquidation. The
		General Partner shall give each of the Partners prompt written notice of any
		liquidation, dissolution or winding up of the Partnership.

	  

	 Section 9.4 Liquidator. Upon
		dissolution of the Partnership, the General Partner may select one or more
		Persons to act as a liquidator trustee for the Partnership (such 

	 
		 

		31

		 
 

	 

	 
	 

	 
	  

	 person,
		or the General Partner, the "Liquidator"). The Liquidator (if other than the
		General Partner) shall be entitled to receive such compensation for its
		services as may be approved by holders of a majority of the Class A Common
		Units (subject to the terms of any Unit Designation). The Liquidator (if other
		than the General Partner) shall agree not to resign at any time without 15
		days’ prior notice and may be removed at any time, with or without cause,
		by notice of removal approved by holders of a majority of the Class A Common
		Units (subject to the terms of any Unit Designation). Upon dissolution, death,
		incapacity, removal or resignation of the Liquidator, a successor and
		substitute Liquidator (who shall have and succeed to all rights, powers and
		duties of the original Liquidator) shall within 30 days thereafter be approved
		by the General Partner (or, in the case of the removal of the Liquidator by
		holders of units, by holders of a majority of the Units (subject to the terms
		of any Unit Designation)). The right to approve a successor or substitute
		Liquidator in the manner provided herein shall be deemed to refer also to any
		such successor or substitute Liquidator approved in the manner herein provided.
		Except as expressly provided in this Section 9.4, the Liquidator approved in
		the manner provided herein shall have and may exercise, without further
		authorization or consent of any of the parties hereto, all of the powers
		conferred upon the General Partner under the terms of this Agreement (but
		subject to all of the applicable limitations, contractual and otherwise, upon
		the exercise of such powers) necessary or appropriate to carry out the duties
		and functions of the Liquidator hereunder for and during the period of time
		required to complete the winding up and liquidation of the Partnership as
		provided for herein. 

	  

	 Section 9.5 Liquidation. The
		Liquidator shall proceed to dispose of the assets of the Partnership, discharge
		its liabilities, and otherwise wind up its affairs in such manner and over such
		period as determined by the Liquidator, subject to Section 17-804 of the Act
		and the following: 

	  

	 (a) The
		assets may be disposed of by public or private sale or by distribution in kind
		to one or more Partners on such terms as the Liquidator and such Partner or
		Partners may agree. If any property is distributed in kind, the Partner
		receiving the property shall be deemed for purposes of Section 9.5(c) to have
		received cash equal to its fair market value; and contemporaneously therewith,
		appropriate cash distributions must be made to the other Partners.
		Notwithstanding anything to the contrary contained in this Agreement, the
		Partners understand and acknowledge that a Partner may be compelled to accept a
		distribution of any asset in kind from the Partnership despite the fact that
		the percentage of the asset distributed to such Partner exceeds the percentage
		of that asset which is equal to the percentage in which such Partner shares in
		distributions from the Partnership. The Liquidator may defer liquidation or
		distribution of the Partnership’s assets for a reasonable time if it
		determines that an immediate sale or distribution of all or some of the
		Partnership’s assets would be impractical or would cause undue loss to the
		Partners. The Liquidator may distribute the Partnership’s assets, in whole
		or in part, in kind if it determines that a sale would be impractical or would
		cause undue loss to the Partners. 

	  

	 (b) Liabilities
		of the Partnership include amounts owed to the Liquidator as compensation for
		serving in such capacity and amounts to Partners otherwise than in respect of
		their distribution rights under Article VII. With respect to any liability that
		is contingent, conditional or unmatured or is otherwise not yet due and
		payable, the Liquidator shall either settle such claim for such amount as it
		thinks appropriate or establish a reserve of 

	 
		 

		32

		 
 

	 

	 
	 

	 
	  

	 cash or
		other assets to provide for its payment. When paid, any unused portion of the
		reserve shall be applied to other liabilities or distributed as additional
		liquidation proceeds. 

	  

	 (c) All
		property and all cash in excess of that required to discharge liabilities as
		provided in Section 9.5(b) shall be distributed to holders of Units having
		liquidation preferences, if any, and then to the Partners in accordance with
		and to the extent of the positive balances in their respective Capital
		Accounts, as determined after taking into account all Capital Account
		adjustments (other than those made by reason of distributions pursuant to this
		Article VIII(c)) for the taxable year of the Partnership during which the
		liquidation of the Partnership occurs (with such date of occurrence being
		determined by the General Partner, and such distribution shall be made by the
		end of such taxable year (or, if later, within 90 days after said date of such
		occurrence). 

	  

	 Notwithstanding
		any other provision of this Agreement, if, upon the dissolution and liquidation
		of the Partnership pursuant to this Article IX and after all other allocations
		provided for in Section 6.1 have been tentatively made as if this Section 9.5
		were not in this Agreement, either (i) the positive Capital Account balance
		attributable to one or more Units having a liquidation preference is not equal
		to such liquidation preference, or (ii) the quotient obtained by dividing the
		positive balance of a Partner’s Capital Account with respect to Common
		Units by the aggregate of all Partners’ Capital Account balances with
		respect to Common Units at such time would differ from such Partner's
		Percentage Interest, then Net Income (and items thereof) and Net Loss (and
		items thereof) for the Fiscal Year in which the Partnership dissolves and
		liquidates pursuant to this Article IX shall be allocated among the Partners
		(x) first, to the extent necessary to ensure that the Capital Account balance
		attributable to a Unit having a liquidation preference is equal to such
		liquidation preference, and (y) second, in a manner such that the positive
		balance in the Capital Account of each Partner with respect to Common Units on
		a Unit by Unit basis, immediately after giving effect to such allocation, is,
		as nearly as possible, equal to each such Partner's Percentage Interest on a
		Unit by Unit basis; provided,
		however, that
		in determining the amount of a Partner's Capital Account balance for purposes
		of applying the foregoing special allocation, any income allocated away from
		the General Partner and to the other Partners pursuant to Section 6.1(d)(x)
		shall not be taken into account.

	  

	 ARTICLE X 

	  

	 MISCELLANEOUS

	  

	 Section 10.1 Amendment
		to the Agreement.

	  

	 (a) Except
		as may be otherwise required by law, this Agreement may be amended by the
		General Partner without the consent or approval of any Partners; provided,
		however, that
		except as expressly provided herein (including Section 5.2(e)), (i) no
		amendment may adversely affect the rights of a holder of Units without the
		consent of such holder if such amendment adversely affects the rights of such
		holder other than on a pro
		rata basis
		with other holders of Units of the same class, (ii) no amendment may adversely
		affect the rights of the holders of a class of Units without the consent of
		holders of a majority of the outstanding Units of such class and (iii) the
		provisions of Section 4.1(c) relating to the consent rights of the Original
		Partners may not be amended without the written consent of Original Partners
		that hold 

	 
		 

		33

		 
 

	 

	 
	 

	 
	  

	 a
		majority of the Class B Common Units then owned by all Original Partners
		(treating any Class B Common Units owned by a Permitted Transferee of an
		Original Partner as owned by such Original Partner for such
		purposes). 

	  

	 (b) It is
		acknowledged and agreed that neither the admission of any Additional Partner,
		the adoption of any Unit Designation nor the issuance of any Units shall be
		considered an amendment of this Agreement.

	  

	 Section 10.2 Successors,
		Counterparts. This
		Agreement and any amendment hereto in accordance with Section 10.1(a)
		shall be binding as to executors, administrators, estates, heirs and legal
		successors, or nominees or representatives, of the Partners, and may be
		executed in several counterparts with the same effect as if the parties
		executing the several counterparts had all executed one
		counterpart.

	  

	 Section 10.3 Governing
		Law; Severability. This
		Agreement shall be governed by and construed in accordance with the laws of the
		State of Delaware without giving effect to the principles of conflict of laws
		thereof. In particular, this Agreement shall be construed to the maximum extent
		possible to comply with all of the terms and conditions of the Act. If,
		nevertheless, it shall be determined by a court of competent jurisdiction that
		any provisions or wording of this Agreement shall be invalid or unenforceable
		under the Act or other applicable law, such invalidity or unenforceability
		shall not invalidate this entire Agreement. In that case, this Agreement shall
		be construed so as to limit any term or provision to make it enforceable or
		valid within the requirements of applicable law, and, in the event such term or
		provisions cannot be so limited, this Agreement shall be construed to omit such
		invalid or unenforceable provisions. If it shall be determined by a court of
		competent jurisdiction that any provisions relating to the distributions and
		allocations of the Partnership is invalid or unenforceable, this Agreement
		shall be construed or interpreted so as (a) to make it enforceable or valid and
		(b) to make the distributions and allocations as closely equivalent to those
		set forth in this Agreement as is permissible under applicable
		law.

	  

	 Section 10.4 Arbitration. Except
		as to matters expressly reserved in this Agreement for adjudication in a court
		of competent jurisdiction, any controversy or claim arising out of or relating
		to this Agreement, shall be adjudicated only by arbitration in accordance with
		the rules of the American Arbitration Association, and judgment upon such award
		rendered by the arbitrator may be entered in any court having jurisdiction
		thereof. The arbitration shall be held in the City of New York, State of New
		York, Borough of Manhattan, or such other place as may be agreed upon at the
		time by the parties to the arbitration.

	  

	 Section 10.5 Filings.
		Following the execution and delivery of this Agreement, the General Partner or
		its designee shall promptly prepare any documents required to be filed and
		recorded under the Act or the LLC Act, and the General Partner or such designee
		shall promptly cause each such document to be filed and recorded in accordance
		with the Act or the LLC Act, as the case may be, and, to the extent required by
		local law, to be filed and recorded or notice thereof to be published in the
		appropriate place in each jurisdiction in which the Partnership may hereafter
		establish a place of business. The General Partner or such designee shall also
		promptly cause to be filed, recorded and published such statements of
		fictitious business name and any other notices, certificates, statements or
		other instruments required by any provision of any 

	 
		 

		34

		 

		 
 

	 

	 
	 

	 
	 applicable
		law of the United States or any state or other jurisdiction which governs the
		conduct of its business from time to time.

	  

	 Section 10.6 Power
		of Attorney. Each
		Partner does hereby constitute and appoint the General Partner as its true and
		lawful representative and attorney-in-fact, in its name, place and stead, to
		make, execute, sign, deliver and file (a) any amendment to the Certificate of
		Limited Partnership required because of an amendment to this Agreement or in
		order to effectuate any change in the partners of the Partnership, (b) all such
		other instruments, documents and certificates which may from time to time be
		required by the laws of the United States of America, the State of Delaware or
		any other jurisdiction, or any political subdivision or agency thereof, to
		effectuate, implement and continue the valid and subsisting existence of the
		Partnership or to dissolve the Partnership or for any other purpose consistent
		with this Agreement and the transactions contemplated hereby. The power of
		attorney granted hereby is coupled with an interest and shall (i) survive
		and not be affected by the subsequent death, incapacity, Disability,
		dissolution, termination or bankruptcy of the Partner granting the same or the
		transfer of all or any portion of such Partner's Interest and (ii) extend
		to such Partner's successors, assigns and legal representatives.

	  

	 Section 10.7 Headings.
		Section and other headings contained in this Agreement are for reference
		purposes only and are not intended to describe, interpret, define or limit the
		scope or intent of this Agreement or any provision hereof.

	  

	 Section 10.8 Additional
		Documents. Each
		Partner, upon the request of the General Partner, agrees to perform all further
		acts and execute, acknowledge and deliver any documents that may be reasonably
		necessary to carry out the provisions of this Agreement.

	  

	 Section 10.9 Notices. All
		notices, requests and other communications to any party hereunder shall be in
		writing (including facsimile, e-mail or similar writing) and shall be given to
		such party (and any other person designated by such party) at its address,
		facsimile number or e-mail address set forth in a schedule filed with the
		records of the Partnership or such other address, facsimile number or e-mail
		address as such party may hereafter specify to the General Partner. Each such
		notice, request or other communication shall be effective (a) if given by
		facsimile, when transmitted to the number specified pursuant to this
		Section and the appropriate confirmation of receipt is received, (b) if
		given by mail, seventy-two hours after such communication is deposited in the
		mails with first class postage prepaid, addressed as aforesaid, (c) if given by
		e-mail, when transmitted to the e-mail address specified pursuant to this
		Section and the appropriate confirmation of receipt is received or (d) if
		given by any other means, when delivered at the address specified pursuant to
		this Section.

	  

	 Section 10.10 Waiver
		of Right to Partition. Each
		of the Partners irrevocably waives any right that it may have to maintain any
		action for partition with respect to any of the Partnership's
		assets.

	  

	 Section 10.11 Entire
		Agreement. This
		Agreement constitutes the entire agreement among the Partners with respect to
		the subject matter hereof and supersede any agreement or understanding entered
		into as of a date prior to the date hereof among or between 

	 
		
		   

		  35

		   

		  

		  
		  

		   
 

	  

	 any of
		them with respect to such subject matter, including (without limitation), the
		Limited Liability Company Agreement of the Predecessor Company.

	 
		 

		36

		 

		

		
		

		 

	 IN
		WITNESS WHEREOF, this Agreement is executed and delivered as of the date first
		written above by the undersigned, being all of the Partners and the
		undersigned, do hereby agree to be bound by the terms and provisions set forth
		in this Agreement.

	 
			 	 	 
	 	GENERAL
				PARTNER:
	 	 
	 	FIG ASSET CO.
				LLC,
	 	a Delaware limited
				liability company
	 
 	 
 	 
 
	 	By:  	/s/
				Randal A. Nardone
	 	
				
Name: Randal A. Nardone
	 	Title: Chief Operating
				Officer
	 	 
	 	LIMITED
				PARTNERS:
	 
 	 
/s/ Wesley R.
				Edens
	 	
				
				  
 Wesley R. Edens
 
	 
 	 
/s/ Peter L.
				Briger, Jr.
	 	
				
				  
Peter L. Briger, Jr.

				
	 
 	 
/s/ Michael
				E. Novogratz
	 	
				
				  
Michael E. Novogratz

				
	 
 	 
/s/ Randal A.
				Nardone
	 	
				
				  
Randal A. Nardone
 
	 	 
	 	ALDEL
				LLC
	 	 
	 	By:   /s/
				Robert I. Kauffman	 
	 	
				
Name:
				Robert I. Kauffman
	 	Title: Sole
				Member

 

	  

	 PRINCIPAL
		HOLDINGS I LP

	 

		Amended
		  and Restated Agreement of Limited Partnership
		  –
		  Signature Page

	  

	  

		
		

		
		 
 

	 SCHEDULE
		A

	  

	 PARTNERS* 

	  

	 

	 General
		Partner

	 

	 FIG
		Asset Co. LLC

	 

	 Limited
		Partners

	 

	 Peter L.
		Briger, Jr. 

	 Wesley
		R. Edens

	 Randal
		A. Nardone 

	 Michael
		E. Novogratz

	 Aldel
		LLC

	 

		
		   
			 
				

				
 

		  
			 	
					 *
 	
					 Unless
						otherwise indicated, the address of each Partner is c/o Fortress Investment
						Group LLC, 1345 Avenue of the Americas, 46th Floor,
						New York, NY 10105.
 

 
 
 

	  

	 

	 
	 

	 
	 EXHIBIT
		A

	  

	 CERTIFICATE
		OF OWNERSHIP OF COMMON UNITS

	 OF
		PRINCIPAL HOLDINGS I LP

	  

	 THIS
		CERTIFICATE REPRESENTING CLASS [A/B] COMMON UNITS OF PRINCIPAL HOLDINGS I LP
		(THE "CERTIFICATE")
		HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
		UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE. THE HOLDER OF THIS
		CERTIFICATE, BY ITS ACCEPTANCE HEREOF, REPRESENTS THAT IT IS ACQUIRING THIS
		SECURITY FOR INVESTMENT AND NOT WITH A VIEW TO ANY SALE OR DISTRIBUTION
		HEREOF.

	  

	 
		
		  	
				  Certificate
					 Number _______
 	
				  _____________
					 Class [A/B] Common Units
 

 
 

	  

	 PRINCIPAL
		HOLDINGS I LP, a Delaware limited partnership (the "Partnership"),
		hereby certifies that [_________________] (together with any assignee of this
		Certificate, the "Holder") is
		the owner of ____ Class [A/B] Common Units of limited partnership interest in
		the Partnership (the "Units"). The
		rights, powers, preferences, restrictions and limitations of the Units are set
		forth in, and this Certificate and the Units represented hereby are issued and
		shall in all respects be subject to the terms and provisions of, the Amended
		and Restated Agreement of Limited Partnership of the Partnership, dated as of
		February 1, 2007, as the same may be amended or restated from time to time (the
		"Limited
		Partnership Agreement"). By
		acceptance of this Certificate, and as a condition to being entitled to any
		rights and/or benefits with respect to the Units evidenced hereby, the Holder
		is deemed to have agreed to comply with and be bound by all the terms and
		conditions of the Limited Partnership Agreement. The Partnership will furnish a
		copy of the Limited Partnership Agreement to the Holder without charge upon
		written request to the Partnership at its principal place of business. This
		Certificate evidences an interest in the Partnership and shall be a security
		for purposes of Article 8 of the Uniform Commercial Code of the State of
		Delaware and the Uniform Commercial Code of any other
		Jurisdiction.

	  

	 Except
		as expressly provided in the Limited Partnership Agreement, the Units evidenced
		by this Certificate may not be sold, exchanged, assigned, hypothecated,
		bequeathed, subjected to encumbrance or otherwise transferred or disposed of in
		any manner, voluntary or involuntary, without the approval of the General
		Partner of the Partnership, which approval may be granted or withheld, with or
		without reason, in the General Partner's sole discretion.

	  

	 This
		Certificate and the Units evidenced hereby shall be governed by and construed
		in accordance with the laws of the State of Delaware without regard to
		principles of conflicts of laws.

	  

	 IN
		WITNESS WHEREOF, the Partnership has caused this Certificate to be executed by
		its General Partner as of the date set forth below.

	  

	 Dated:
		______________________

	 
			 	 	 
	 	PRINCIPAL HOLDINGS I LP,
	 	a Delaware limited
				partnership
	 	 
	 	By: FIG
				ASSET CO. LLC,
	 	
				its general partner
 
	 
 	 
 	 
 
	 	By:  	 
	 	
				

				Name:

				
	 	Title:

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