Document:

Credit Agreement, dated as of June 15, 2005

 Exhibit 10.1 
  
 EXECUTION VERSION 
  
  
 $175,000,000 
  
 CREDIT AGREEMENT 
  
 among 
  
  
 NATIONAL FINANCIAL PARTNERS CORP., 
 as Borrower, 
  
  
 The Several Lenders 
 from Time to Time Parties
Hereto, 
  
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  
  
 BANK OF AMERICA, N.A., 
 Successor by Merger to Fleet National Bank, 
 as Syndication Agent 
  
  
 J.P. MORGAN SECURITIES INC. 
 BANC OF AMERICA
SECURITIES LLC 
 as Joint Lead Arrangers and Joint Bookrunners 
  
  
 Dated as of June 15, 2005 

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 SECTION 1. DEFINITIONS
	  	1
		
	 1.1 Defined Terms
	  	1
		
	 1.2 Other Definitional Provisions
	  	1
		
	 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS
	  	19
		
	 2.1 Revolving Commitments
	  	19
		
	 2.2 Procedure for Revolving Loan Borrowing
	  	19
		
	 2.3 Commitment Fees, etc.
	  	20
		
	 2.4 Termination or Reduction of Revolving Commitments
	  	20
		
	 2.5 Term Loans
	  	20
		
	 2.6 Procedure for Term Borrowing
	  	20
		
	 2.7 Repayment of Term Loans
	  	21
		
	 2.8 Optional Prepayments
	  	21
		
	 2.9 Mandatory Prepayments and Commitment Reductions
	  	21
		
	 2.10 Conversion and Continuation Options
	  	22
		
	 2.11 Limitations on Eurodollar Tranches
	  	22
		
	 2.12 Interest Rates and Payment Dates
	  	22
		
	 2.13 Computation of Interest and Fees
	  	23
		
	 2.14 Inability to Determine Interest Rate
	  	23
		
	 2.15 Pro Rata Treatment and Payments
	  	24
		
	 2.16 Requirements of Law
	  	25
		
	 2.17 Taxes
	  	26
		
	 2.18 Indemnity
	  	28
		
	 2.19 Change of Lending Office
	  	29

			
		
	 2.20 Replacement of Lenders
	  	29
		
	 SECTION 3. LETTERS OF CREDIT
	  	29
		
	 3.1 L/C Commitment
	  	29
		
	 3.2 Procedure for Issuance of Letter of Credit
	  	30
		
	 3.3 Fees and Other Charges
	  	30
		
	 3.4 L/C Participations
	  	30
		
	 3.5 Reimbursement Obligation of the Borrower
	  	31
		
	 3.6 Obligations Absolute
	  	31
		
	 3.7 Letter of Credit Payments
	  	32
		
	 3.8 Applications
	  	32
		
	 SECTION 4. REPRESENTATIONS AND WARRANTIES
	  	32
		
	 4.1 Financial Condition
	  	32
		
	 4.2 No Change
	  	33
		
	 4.3 Existence; Compliance with Law
	  	33
		
	 4.4 Power; Authorization; Enforceable Obligations
	  	33
		
	 4.5 No Legal Bar
	  	33
		
	 4.6 Litigation
	  	34
		
	 4.7 No Default
	  	43
		
	 4.8 Ownership of Property; Liens
	  	34
		
	 4.9 Intellectual Property
	  	34
		
	 4.10 Taxes
	  	34
		
	 4.11 Federal Regulations
	  	34
		
	 4.12 ERISA
	  	34
		
	 4.13 Investment Company Act; Other Regulations
	  	35
		
	 4.14 Subsidiaries
	  	35

			
		
	 4.15 Use of Proceeds
	  	35
		
	 4.16 Accuracy of Information, etc.
	  	35
		
	 4.17 Security Documents
	  	36
		
	 4.18 Solvency
	  	36
		
	 4.19 Certain Documents
	  	36
		
	 SECTION 5. CONDITIONS PRECEDENT
	  	36
		
	 5.1 Conditions to Initial Extension of Credit
	  	36
		
	 5.2 Conditions to Each Extension of Credit
	  	37
		
	 SECTION 6. AFFIRMATIVE COVENANTS
	  	38
		
	 6.1 Financial Statements
	  	38
		
	 6.2 Certificates; Other Information
	  	38
		
	 6.3 Payment of Obligations
	  	39
		
	 6.4 Maintenance of Existence; Compliance
	  	39
		
	 6.5 Maintenance of Property; Insurance
	  	40
		
	 6.6 Inspection of Property; Books and Records; Discussions
	  	40
		
	 6.7 Notices
	  	40
		
	 6.8 Additional Collateral, etc.
	  	41
		
	 SECTION 7. NEGATIVE COVENANTS
	  	42
		
	 7.1 Financial Condition Covenants
	  	42
		
	 7.2 Indebtedness
	  	42
		
	 7.3 Liens
	  	43
		
	 7.4 Fundamental Changes
	  	44
		
	 7.5 Disposition of Property
	  	44
		
	 7.6 Restricted Payments
	  	45
		
	 7.7 Investments
	  	45

			
		
	 7.8 Sales and Leasebacks
	  	47
		
	 7.9 Changes in Fiscal Periods
	  	47
		
	 7.10 Negative Pledge Clauses
	  	47
		
	 7.11 Clauses Restricting Subsidiary Distributions
	  	47
		
	 7.12 Lines of Business
	  	47
		
	 7.13 Changes to Management Agreement
	  	47
		
	 SECTION 8. EVENTS OF DEFAULT
	  	48
		
	 SECTION 9. THE AGENTS
	  	50
		
	 9.1 Appointment
	  	50
		
	 9.2 Delegation of Duties
	  	51
		
	 9.3 Exculpatory Provisions
	  	51
		
	 9.4 Reliance by Administrative Agent
	  	51
		
	 9.5 Notice of Default
	  	52
		
	 9.6 Non–Reliance on Administrative Agent and Other Lenders
	  	52
		
	 9.7 Indemnification
	  	52
		
	 9.8 Administrative Agent in Its Individual Capacity
	  	53
		
	 9.9 Successor Administrative Agent
	  	53
		
	 9.10 Syndication Agent
	  	53
		
	 SECTION 10. MISCELLANEOUS
	  	54
		
	 10.1 Amendments and Waivers
	  	54
		
	 10.2 Notices
	  	54
		
	 10.3 No Waiver; Cumulative Remedies
	  	55
		
	 10.4 Survival of Representations and Warranties
	  	55
		
	 10.5 Payment of Expenses and Taxes
	  	56
		
	 10.6 Successors and Assigns; Participations and Assignments
	  	56

			
		
	 10.7 Adjustments; Set-off
	  	59
		
	 10.8 Counterparts
	  	60
		
	 10.9 Severability
	  	60
		
	 10.10 Integration
	  	60
		
	 10.11 GOVERNING LAW
	  	60
		
	 10.12 Submission To Jurisdiction; Waivers
	  	60
		
	 10.13 Acknowledgments
	  	61
		
	 10.14 Releases of Guarantees and Liens
	  	61
		
	 10.15 Confidentiality
	  	62
		
	 10.16 Patriot Act
	  	62
		
	 10.17 WAIVERS OF JURY TRIAL
	  	62

  
 SCHEDULES: 
  

			
	1.1A	  	Commitments
	1.1B	  	Material Subsidiaries
	4.4	  	Consents, Authorizations, Filings and Notices
	4.6	  	Litigation
	4.12	  	ERISA
	4.14	  	Subsidiaries
	4.17	  	UCC Filing Jurisdictions
	7.2(b)	  	Existing Indebtedness of the Borrower and Subsidiaries
	7.3(f)	  	Existing Liens
	7.7(a)	  	Existing Investments

  
 EXHIBITS: 
  

			
	A	  	Form of Guarantee and Collateral Agreement
	B	  	Form of Compliance Certificate
	C	  	Form of Closing Certificate
	D	  	Form of Assignment and Acceptance
	E	  	Form of Legal Opinion of Douglas W. Hammond
	F	  	Form of Prepayment Option Notice
	G	  	Form of Exemption Certificate

 CREDIT AGREEMENT (this “Agreement”), dated as of June 15, 2005, among NATIONAL FINANCIAL
PARTNERS CORP., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), BANK OF AMERICA, N.A., successor
by merger to Fleet National Bank, as Syndication Agent (“Bank of America” and, in such capacity, the “Syndication Agent”) and JPMORGAN CHASE BANK, N.A., as administrative agent (“JPMorgan Chase
Bank” and, in such capacity, the “Administrative Agent”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrower, the lenders parties thereto (the “Existing Lenders”) and the Administrative Agent are parties to a Credit
Agreement, dated as of April 3, 2003, as amended (the “Existing Credit Agreement”); 
  
 WHEREAS, the Borrower has requested that the Lenders enter into this Agreement to provide for a new $175,000,000 credit facility, which shall be used to
pay amounts outstanding under the Existing Credit Agreement, finance acquisitions of financial services entities (or entities engaged in related businesses) and provide for the ongoing working capital needs of the Borrower; 
  
 NOW, THEREFORE, the Lenders are willing to extend such credit facility to the
Borrower on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
  
 SECTION 1. DEFINITIONS 
  
 1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section
1.1. 
  
 “ABR”: for any day, a rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. For purposes hereof: “Prime
Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of
interest charged by JPMorgan Chase Bank in connection with extensions of credit to debtors). Any change in the ABR due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the
effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
  
 “ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR. 
  
 “Adjusted Net Income”: for any period, Consolidated Net
Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such 

  

 1 

 
Consolidated Net Income for such period, the sum of (a) depreciation and amortization expense, (b) amortization of intangibles (including, but not limited
to, goodwill) and organization costs and (c) impairment expense. 
  
 “Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates, as one of the Arrangers of the Commitments and as the administrative agent for the Lenders under this Agreement and the other Loan Documents,
together with any of its successors. 
  
 “Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a
Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction
of the management and policies of such Person, whether by contract or otherwise. 
  
 “Aggregate Exposure”: with respect to any Lender at any time, an amount equal to (a) until the Closing Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the
sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans and (ii) the amount of such Lender’s Revolving Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such
Lender’s Revolving Extensions of Credit then outstanding. 
  
 “Agreement”: as defined in the preamble hereto. 
  
 “Annualized Interest Expense”: the Consolidated Interest Expense for such fiscal quarter multiplied by four. 
  
 “Applicable Margin”: for each Type of Loan, the rate per annum set forth under the relevant column heading below: 
  

							
	 Consolidated Leverage Ratio

	  	Applicable Margin
for Eurodollar Loans

	 	 	Applicable Margin
for ABR Loans

	 
	 31.5 to
1
	  	1.50	%	 	.50	%
	 <1.5 to 1
	  	1.25	%	 	.25	%

  
 “Application”: an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing Lender to open a Letter of Credit. 
  
 “Arrangers”: J.P. Morgan Securities Inc. and Banc of America Securities LLC. 
  
 “Asset Sale”: any Disposition of property or series of
related Dispositions of property (excluding any such Disposition permitted by clause (a), (b), (c) or (d) of Section 7.5) that yields gross proceeds to any Group Member (valued at the initial principal amount thereof in the case of non-cash proceeds
consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $20,000,000. 
  

 2 

 “Assignee”: as defined in Section 10.6(c). 
  
 “Assignment and Acceptance”: an Assignment and Acceptance,
substantially in the form of Exhibit D. 
  
 “Assignor”: as defined in Section 10.6(c). 
  
 “Available Revolving Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving
Extensions of Credit then outstanding. 
  
 “Benefitted
Lender”: as defined in Section 10.7(a). 
  
 “Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 
  
 “Borrower”: as defined in the preamble hereto. 
  

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make
Loans hereunder. 
  
 “Business Day”: a day other
than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest
on, Eurodollar Loans, such day is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 
  
 “Capital Expenditures”: for any period, with respect to the Borrower and any Subsidiary, the aggregate of all expenditures by the
Borrower and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that has been
capitalized under GAAP on a consolidated balance sheet of the Borrower and its Subsidiaries. 
  
 “Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time
shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
  
 “Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person
(other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 
  
 “Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued
by any agency thereof 

  

 3 

 
and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of
deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any
state thereof having combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-1 by Standard & Poor’s Ratings Services (“S&P”) or P-1 by Moody’s Investors
Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within
six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or
fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are
rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause
(b) of this definition; or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition. 
  
 “CD Assessment Rate”: for any day as applied to any ABR Loan, the annual assessment rate in effect on such
day that is payable by a member of the Bank Insurance Fund maintained by the Federal Deposit Insurance Corporation (the “FDIC”) classified as well-capitalized and within supervisory subgroup “B” (or a comparable successor
assessment risk classification) within the meaning of 12 C.F.R. § 327.4 (or any successor provision) to the FDIC (or any successor) for the FDIC’s (or such successor’s) insuring time deposits at offices of such institution in the
United States. 
  
 “CD Reserve Percentage”: for
any day as applied to any ABR Loan, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board, for determining the maximum reserve requirement for a Depositary Institution (as defined in Regulation D of the
Board as in effect from time to time) in respect of new non-personal time deposits in Dollars having a maturity of 30 days or more. 
  
 “Closing Date”: the date on which the conditions precedent set forth in Section 5.1 shall have been satisfied, which date is June 15,
2005. 
  
 “Code”: the Internal Revenue Code of
1986, as amended from time to time. 
  
 “Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document. 
  
 “Commitment”: as to any Lender, the Revolving Commitment and the Term Commitment of such Lender.

  

 4 

 “Commitment Fee Rate”: .30% per annum. 
  
 “Commonly Controlled Entity”: an entity, whether or not
incorporated, that is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 
  
 “Compliance Certificate”: a certificate duly executed by a
Responsible Officer substantially in the form of Exhibit B. 
  
 “Conduit Lender”: any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument,
subject to the consent of the Administrative Agent and the Borrower (which consent shall not be unreasonably withheld); provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its
obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and
waivers required or requested under this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.17, 2.18, 2.19 or 10.5 than
the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 
  
 “Consolidated Current Assets”: at any date, all amounts (other than cash and Cash Equivalents) that would,
in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date. 
  
 “Consolidated Current Liabilities”: at any date, all amounts
that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date, but excluding (a) the current
portion of any Funded Debt of the Borrower and its Subsidiaries and (b) without duplication of clause (a) above, all Indebtedness consisting of Revolving Loans to the extent otherwise included therein. 
  
 “Consolidated Interest Coverage Ratio”: for any period, the
ratio of (a) EBITDA for such period to (b) Annualized Interest Expense for such period. 
  
 “Consolidated Interest Expense”: for any period, total cash interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with
respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedge
Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 
  
 “Consolidated Leverage Ratio”: as at the last day of any period, the ratio of (a) Consolidated Total Debt on such day to (b) EBITDA for
such period. 
  

 5 

 “Consolidated Net Income”: for any period, the consolidated net income (or loss) of the
Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is
merged into or consolidated with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the
extent that any such income is available to the Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 
  
 “Consolidated Total Debt”: at any date, the aggregate
principal amount of all Indebtedness of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 
  
 “Consolidated Working Capital”: at any date, the excess of Consolidated Current Assets on such date over Consolidated Current
Liabilities on such date. 
  
 “Contractual
Obligation”: as to any Person, any provision of any preferred equity or debt security issued by such Person (other than, in the case of such a security when issued by a Group Member, to another Group Member) or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Control Investment Affiliate”: as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by,
or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies. For purposes of this definition, “control” of a Person means the
power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 
  
 “Default”: any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both,
has been satisfied. 
  
 “Disposition”: with
respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 
  
 “Dollars” and “$”: dollars in lawful
currency of the United States. 
  
 “Domestic
Subsidiary”: any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States. 
  
 “EBITDA”: for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a
charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) interest expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts 

  

 6 

 
and other fees and charges associated with Indebtedness (including the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles
(including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, without limitation whether or not otherwise includable as a separate item in the statement of
such Consolidated Net Income for such period, non-cash losses on sales of assets outside of the ordinary course of business), and (f) any other non-cash charges, and minus, to the extent included in the statement of such Consolidated Net
Income for such period, the sum of (a) interest income, (b) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such
period, gains on the sales of assets outside of the ordinary course of business), (c) any other non-cash income and (d) any cash payments made during such period in respect of items described in clause (e) above subsequent to the period in which the
relevant non-cash expenses or losses were reflected as a change in the statement of Consolidated Net Income, all as determined on a consolidated basis. For the purposes of calculating EBITDA for any period of four consecutive fiscal quarters (each,
a “Reference Period”) (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the EBITDA for such Reference Period shall be reduced by an amount equal to the EBITDA
(if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the EBITDA (if negative) attributable thereto for such Reference Period and (ii) if during such
Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition, EBITDA for such Reference Period shall be calculated after giving pro forma effect as if such Material Acquisition occurred on the first day of
such Reference Period. As used in this definition, pro forma effect shall mean the equivalent of the EBITDA of the company or business that is the subject of such Material Acquisition after giving effect to any adjustments thereto in
accordance with Regulation S-X and the impact of the Management Agreement in respect thereof. As used in this definition, “Material Disposition” means any Disposition of property or series of related Dispositions of property that
yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $1,000,000. 
  
 “Environmental Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or
other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect. 
  
 “ERISA”: the Employee Retirement Income Security Act of
1974, as amended from time to time. 
  
 “Eurocurrency
Reserve Requirements”: for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental,
marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as
“Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 
  

 7 

 “Eurodollar Base Rate”: with respect to each day during each Interest Period pertaining
to a Eurodollar Loan, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen as of
11:00 A.M., London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on Page 3750 of the Telerate screen (or otherwise on such screen), the “Eurodollar Base Rate”
shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which the
Administrative Agent is offered Dollar deposits at or about 11:00 A.M., New York City time, two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market where its eurodollar and foreign currency and exchange
operations are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein. 
  
 “Eurodollar Loans”: Loans the rate of interest applicable to which is based upon the Eurodollar Rate. 
  
 “Eurodollar Rate”: with respect to each day during each
Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

	
	Eurodollar Base Rate
	1.00 - Eurocurrency Reserve Requirements

  
 “Eurodollar
Tranche”: the collective reference to Eurodollar Loans under a particular Facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall
originally have been made on the same day). 
  
 “Event of
Default”: any of the events specified in Section 8, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
  
 “Excess Cash Flow”: for any fiscal period of the Borrower, the excess, if any, of (a) the sum, without
duplication, of (i) Consolidated Net Income for such fiscal period, (ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such Consolidated Net Income, (iii) decreases, if any, in Consolidated
Working Capital for such fiscal period, and (iv) the aggregate net amount of non-cash loss on the Disposition of property by the Borrower and its Subsidiaries during such fiscal period (other than sales of inventory in the ordinary course of
business), to the extent deducted in arriving at such Consolidated Net Income minus (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such Consolidated Net Income, (ii) the aggregate amount
actually paid by the Borrower and its Subsidiaries in cash during such fiscal period on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such expenditures), (iii) the aggregate amount of all
prepayments of Revolving Loans during such fiscal period to the extent accompanying permanent optional reductions of the Revolving Commitments and all optional prepayments of the Term Loans during such fiscal period, (iv) the aggregate amount of all
regularly scheduled principal payments of Funded Debt (including the 

  

 8 

 
Term Loans) of the Borrower and its Subsidiaries made during such fiscal period (other than in respect of any revolving credit facility to the extent there
is not an equivalent permanent reduction in commitments thereunder), (v) increases in Consolidated Working Capital for such fiscal period, and (vi) the aggregate net amount of non-cash gain on the Disposition of property by the Borrower and its
Subsidiaries during such fiscal period (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated Net Income. 
  
 “Excluded Foreign Subsidiary”: any Foreign Subsidiary in respect of which either (a) the pledge of all of
the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax consequences to the Borrower. 
  
 “Facility”: the Revolving Commitments and the extensions of
credit made thereunder (the “Revolving Facility”) or the Term Loans made hereunder (the “Term-Facility”). 
  
 “Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the
quotations for the day of such transactions received by JPMorgan Chase Bank from three federal funds brokers of recognized standing selected by it. 
  
 “Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary. 
  
 “Funded Debt”: as to any Person, all Indebtedness of such
Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving
credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking fund payments in respect of such Indebtedness whether or not
required to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans. 
  
 “Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to
time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 
  
 “GAAP”: generally accepted accounting principles in the United States as in effect from time to time, except that for purposes of Section
7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 4.1. In the event that any
“Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter
into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes 

  

 9 

 
with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Changes as if such
Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement
shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by
the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 
  
 “Governmental Authority”: any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory
organization (including the National Association of Insurance Commissioners). 
  
 “Group Members”: the collective reference to the Borrower and its Subsidiaries. 
  
 “Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement to be executed and delivered by the Borrower, substantially
in the form of Exhibit A. 
  
 “Guarantee
Obligation”: as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing
person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third
Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth
or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or
collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of
which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount
for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined
by the Borrower in good faith. 
  

 10 

 “Hedge Agreements”: all interest rate swaps, caps or collar agreements or similar
arrangements dealing with interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies. 
  
 “Holding Subsidiary”: as defined in Section 6.8. 
  
 “Indebtedness”: of any Person at any date, without
duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s
business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired
by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of
such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all preferred Capital Stock of such Person, (h) all
Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such
obligation, (j) all deferred payment obligations under final judgments or settlements and (k) for the purposes of Sections 7.2 and 8(e) only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person shall include
the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. 
  
 “Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of
ERISA. 
  
 “Insolvent”: pertaining to a condition
of Insolvency. 
  
 “Intellectual Property”: the
collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses,
trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
  
 “Interest Payment Date”: (a) as to any ABR Loan, the last
day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period,
(c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the 

  

 11 

 
first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving Loan that is an ABR Loan), the
date of any repayment or prepayment made in respect thereof. 
  
 “Interest Period”: as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six or (if
available to all Lenders under the relevant Facility) twelve months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period
commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not less than
three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 
  
 (i) if any Interest Period would otherwise end on a day that
is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on
the immediately preceding Business Day; 
  
 (ii)
the Borrower may not select an Interest Period under a particular Facility that would extend beyond the Revolving Termination Date or beyond the date final payment is due on the Term Loans, as the case may be; 
  
 (iii) any Interest Period that begins on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 
  
 (iv) the Borrower shall select Interest Periods so as not to
require a payment or prepayment of any Eurodollar Loan during an Interest Period for such Loan. 
  
 “Investments”: as defined in Section 7.7. 
  
 “Issuing Lender”: JPMorgan Chase Bank, in its capacity as issuer of any Letter of Credit. 
  
 “L/C Commitment”: $10,000,000. 
  
 “L/C Fee Payment Date”: the last day of each March, June,
September and December and the last day of the Revolving Commitment Period. 
  
 “L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings
under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 
  

 12 

 “L/C Participants”: the collective reference to all the Revolving Lenders other than the
Issuing Lender. 
  
 “Lender Affiliate”: (a) any
Affiliate of any Lender, (b) any Person that is administered or managed by any Lender and that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its
business and (c) with respect to any Lender which is a fund that invests in commercial loans and similar extensions of credit, any other fund that invests in commercial loans and similar extensions of credit and is managed or advised by the same
investment advisor as such Lender or by an Affiliate of such Lender or investment advisor. 
  
 “Lenders”: as defined in the preamble hereto; provided, that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender.

  
 “Letters of Credit”: as defined in Section
3.1(a). 
  
 “Lien”: any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including
any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing). 
  
 “Loan”: any loan made by any Lender pursuant to this Agreement. 
  
 “Loan Documents”: this Agreement, the Security Documents and the Notes and any amendment, waiver,
supplement or other modification to the foregoing. 
  
 “Loan Parties”: each Group Member that is a party to a Loan Document. 
  
 “Management Agreements”: those certain management agreements between the Borrower, its Subsidiaries and Managers pursuant to each of
which a Manager manages the day to day operations of such Subsidiary. 
  
 “Managers”: with respect to any Subsidiary, certain individuals and companies owned by certain individuals who manage the business of a Subsidiary pursuant to a Management Agreement. 
  
 “Material Adverse Effect”: a material adverse effect on (a)
the business, property, operations, condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the
Administrative Agent or the Lenders hereunder or thereunder. 
  
 “Material Acquisition”: any acquisition of property or series of related acquisitions of property that (a) constitutes assets comprising all or substantially all of an operating unit or segment or “book of
business” of a business or constitutes all or substantially all of the common stock of a Person and (b) involves the payment of consideration by the Borrower and its Subsidiaries in excess of $1,000,000. 
  

 13 

 “Material Subsidiary”: each of the Subsidiaries listed on Schedule 1.1B, as such
Schedule may be revised from time to time by the Borrower, with notice to the Administrative Agent, to add additional Subsidiaries and to delete any Subsidiaries the Capital Stock or assets of which have been disposed of in accordance with this
Agreement or which have been merged, liquidated or dissolved in accordance herewith. The Borrower shall revise Schedule 1.1B from time to time as necessary so that at least 75% of the consolidated revenues of the Borrower and its Subsidiaries for
the four fiscal quarter period ending with the most recent fiscal quarter for which financial statements have been furnished pursuant to Section 6.1 has been provided by the Borrower and the Material Subsidiaries. 
  
 “Multiemployer Plan”: a Plan that is a multiemployer plan as
defined in Section 4001(a)(3) of ERISA. 
  
 “Net Cash
Proceeds”: (a) in connection with any Disposition, the proceeds thereof in the form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or
purchase price adjustment receivable or otherwise, but only as and when received) of such Asset Sale, net of attorneys’ fees and expenses, accountants’ fees and expenses, investment banking fees and expenses, amounts required to be applied
to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually incurred in
connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (b) in connection with any issuance or sale
of Capital Stock or any incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary
fees and expenses actually incurred in connection therewith. 
  
 “Non-Excluded Taxes”: as defined in Section 2.17(a). 
  
 “Non-U.S. Lender”: as defined in Section 2.17(d). 
  
 “Notes”: the collective reference to any promissory note evidencing Loans. 
  
 “Obligations”: the unpaid principal of and interest on (including interest accruing after the maturity of
the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing
or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender (or, in the case of Specified Hedge Agreements, any affiliate of any Lender),
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified
Hedge Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and
disbursements of counsel to the 

  

 14 

 
Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise. 
  
 “Other Taxes”: any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

  
 “Participant”: as defined in Section 10.6(b).

  
 “Patriot Act”: the USA Patriot Act, Title III
of Pub. L. 107-56, signed into law on October 26, 2001. 
  
 “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
  
 “Percentage”: as to any Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total
Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans or Term Loans then outstanding constitutes of the
aggregate principal amount of the Revolving Loans or Term Loans, as the case may be, then outstanding, provided, that, in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Total Revolving Extensions of
Credit, the Percentages shall be determined in a manner designed to ensure that the other outstanding Revolving Extensions of Credit shall be held by the Lenders on a comparable basis. 
  
 “Permitted Acquisition Indebtedness:” Indebtedness of acquired entities at the time of the acquisition
thereof and not created in contemplation of such acquisition, not in excess of $35,000,000 in the aggregate, provided that such Indebtedness of any acquired entity does not exceed $15,000,000. 
  
 “Permitted Investors”: the collective reference to the
Sponsor and its Control Investment Affiliates. 
  
 “Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

  
 “Plan”: at a particular time, any employee
benefit plan that is covered by ERISA and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
  
 “Projections”: as
defined in Section 6.2(c). 
  
 “Properties”: as
defined in Section 4.16(a). 
  
 “Register”: as
defined in Section 10.6(d). 
  

 15 

 “Regulation U”: Regulation U of the Board as in effect from time to time. 
  
 “Reimbursement Obligation”: the obligation of the Borrower
to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit. 
  
 “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section
4241 of ERISA. 
  
 “Reportable Event”: any of the
events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 
  
 “Required Lenders”: at any time, the holders of more than
50% of the Percentages then in effect, provided that, if at such time any Lender holds a Percentage in excess of 50%, Required Lenders shall be the holders of more than 66-2/3% of the Percentages then in effect. 
  
 “Requirement of Law”: as to any Person, the Certificate of
Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject. 
  
 “Responsible Officer”: the chief executive officer, president or chief financial officer of the Borrower, but in any event, with respect to financial matters, the chief financial officer of the
Borrower. 
  
 “Restricted Payments”: as defined
in Section 7.6. 
  
 “Revolving Commitment”: as to
any Lender, the obligation of such Lender, if any, to make Revolving Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such
Lender’s name on Schedule 1.1A or in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The amount of the Total Revolving Commitments as
of the Closing Date is $150,000,000. 
  
 “Revolving
Commitment Period”: the period from and including the Closing Date to the Revolving Termination Date. 
  
 “Revolving Extensions of Credit”: as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal
amount of all Revolving Loans held by such Lender then outstanding and (b) such Lender’s Percentage of the L/C Obligations then outstanding. 
  
 “Revolving Lender”: each Lender that has a Revolving Commitment or that holds Revolving Loans. 
  

 16 

 “Revolving Loans”: as defined in Section 2.1(a). 
  
 “Revolving Termination Date”: June 15, 2008. 
  
 “SEC”: the Securities and Exchange Commission, any successor
thereto and any analogous Governmental Authority. 
  
 “Security Documents”: the collective reference to the Guarantee and Collateral Agreement, and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to
secure the obligations and liabilities of any Loan Party under any Loan Document. 
  
 “Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan. 
  
 “Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair
saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable
federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such
Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they
mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable
remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 
  
 “Specified Hedge Agreement”: any Hedge Agreement (a) entered into by the Borrower and any Lender or Lender Affiliate and (b) that has
been designated by the relevant Lender and the Borrower, by written notice to the Administrative Agent, as a Specified Hedge Agreement. The designation of any Hedge Agreement as a Specified Hedge Agreement shall not create in favor of such Lender or
Lender Affiliate any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under the Guarantee and Guarantee and Collateral Agreement. 
  
 “Sponsor”: Apollo Management, L.P. 
  
 “Subsidiary”: as to any Person, a corporation, partnership,
limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more 

  

 17 

 
intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 
  
 “Syndication Agent”: Bank of America, N.A., together with its affiliates, as one of the Arrangers of the Commitments and as the syndication agent under this Agreement and the other Loan Documents, together with any of its
successors. 
  
 “Term Borrowing Request”: a
request by the Borrower for a Term Loan in accordance with Section 2.6. 
  
 “Term Loans”: as defined in Section 2.5. 
  
 “Term Loan Maturity Date”: June 15, 2009. 
  
 “Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. 
  
 “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders
outstanding at such time. 
  
 “Transferee”: any
Assignee or Participant. 
  
 “Type”: as to any
Loan, its nature as an ABR Loan or a Eurodollar Loan. 
  
 “United States”: the United States of America. 
  
 “Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or
through other Wholly Owned Subsidiaries. 
  
 1.2 Other
Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or
thereto. 
  
 (b) As used herein and in the other Loan Documents,
and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall
have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur”
shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract
rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time.

  

 18 

 (c) The words “hereof”, “herein” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 
  
 (d) The meanings given to terms defined herein shall be equally applicable to
both the singular and plural forms of such terms. 
  
 SECTION 2.
AMOUNT AND TERMS OF COMMITMENTS 
  
 2.1 Revolving
Commitments. (a) Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans (“Revolving Loans”) to the Borrower from time to time during the Revolving Commitment Period in
an aggregate principal amount at any one time outstanding which, when added to such Lender’s Percentage of the L/C Obligations then outstanding, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving
Commitment Period the Borrower may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be
Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.6. Revolving Loans outstanding under the Existing Credit Agreement on the Closing Date and not repaid on such
date shall continue thereafter hereunder with the same respective Interest Periods. 
  
 (b) The Borrower shall repay all outstanding Revolving Loans not converted into Term Loans pursuant to Section 2.6 on the Revolving Termination Date. 
  
 2.2 Procedure for Revolving Loan Borrowing. The Borrower may borrow under the Revolving Commitments during the
Revolving Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, (a) three
Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of ABR Loans), specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested
Borrowing Date and (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Revolving Commitments shall be in an amount equal
to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $1,000,000 or a whole multiple
thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to
the Administrative Agent for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will
then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like
funds as received by the Administrative Agent. 
  

 19 

 2.3 Commitment Fees, etc. (a) The Borrower agrees to pay to the Administrative Agent for the
account of each Revolving Lender a commitment fee for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving
Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Termination Date, commencing on the first of such dates to occur
after the date hereof. 
  
 (b) The Borrower agrees to pay to the
Administrative Agent the fees in the amounts and on the dates previously agreed to in writing by the Borrower and the Administrative Agent. 
  
 2.4 Termination or Reduction of Revolving Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to
the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after
giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to
$1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect. 
  
 2.5 Term Loans. The Revolving Loans outstanding at the close of business, or any part thereof, on the Revolving Termination Date shall, at the
option of the Borrower by notice given to the Administrative Agent as provided in Section 2.6, convert on such date into term loans (the “Term Loans”) of the Borrower. The Term Loans may be (a) Eurodollar Loans, (b) ABR Loans or (c)
a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with Section 2.6. 
  
 2.6 Procedure for Term Borrowing. To request the conversion of the Revolving Loans to Term Loans as contemplated in Section 2.5, the Borrower shall
notify the Administrative Agent of such request by telephone prior to 11:00 A.M., New York City time, (a) three Business Days prior to the Revolving Termination Date, if all or any part of the Term Loans are to be initially Eurodollar Loans or (b)
on the Revolving Termination Date, otherwise. Such telephonic Term Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Term Borrowing Request in a form approved
by the Administrative Agent and signed by the Borrower. Each such telephonic and written Term Borrowing Request shall specify the following information: 
  
 (i) the aggregate amount of the requested conversion; 
  
 (ii) the date of such conversion, which shall be a Business Day; 
  
 (iii) whether after giving effect to such conversion, the
outstanding Term Loans are to consist of an ABR Loan or a Eurodollar Loan, or a combination thereof; and 
  

 20 

 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable
thereto, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If no election as to the Type of Term Loans is specified, then the requested Term Loans shall be an ABR Loan. If no Interest Period is specified with respect to any requested Eurodollar Term Loan, then the Borrower
shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Term Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of
the amount of such Lender’s Loan converted as part of the requested Loan. The aggregate principal amount of the Term Loans shall be equal to the aggregate principal amount of the Revolving Loans then outstanding and the Term Loans shall be made
by conversion of such Revolving Loans, without any payments being made by the Lenders. 
  
 2.7 Repayment of Term Loans. The Term Loans shall mature in two equal installments on December 15, 2008 and June 15, 2009, each of which for each Lender shall be in an amount equal to such Lender’s
Percentage of the amount thereof. 
  
 2.8 Optional
Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent at least three Business Days prior thereto in the
case of Eurodollar Loans or on the date of such prepayment in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or ABR Loans; provided, that if a Eurodollar
Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.18. Upon receipt of any such notice the Administrative Agent shall promptly notify each
relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are ABR Loans) accrued interest to such date
on the amount prepaid. Partial prepayments of Term Loans and Revolving Loans shall be in an aggregate principal amount of $500,000 or a whole multiple thereof. Optional prepayments of the Term Loan may not be reborrowed and shall be applied to the
installments thereof in direct order. 
  
 2.9 Mandatory
Prepayments and Commitment Reductions. (a) If, on any date after the Revolving Termination Date, any Capital Stock shall be issued by the Borrower (excluding any issuances specifically targeted for announced, pending or completed acquisitions of
financial services entities or entities engaged in related businesses and any issuances pursuant to stock incentive, bonus or other compensation arrangements), an amount equal to 50% of the Net Cash Proceeds thereof received by the Borrower or any
Holding Subsidiary shall be applied on the date of such issuance or incurrence toward the prepayment of the Term Loans as set forth in Section 2.9(c). 
  
 (b) If, on any date after the Revolving Termination Date, the Borrower or any Holding Subsidiary shall receive Net Cash Proceeds from any Asset Sale or
any issuance of Indebtedness (other than any such Indebtedness permitted by Section 7.2 as in effect on the date hereof) then 100% of such Net Cash Proceeds shall be applied on such date toward the prepayment of the Term Loans as set forth in
Section 2.9(c). 
  

 21 

 (c) The application of any prepayment pursuant to Section 2.9 shall be made, first, to ABR Loans
and, second, to Eurodollar Loans. Each prepayment of the Loans under this Section 2.9 shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. Mandatory prepayments of the Term Loans may not be reborrowed
and shall be applied to the installments thereof in direct order. 
  
 2.10 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such
election, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the
Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be
converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such
conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 
  
 (b) Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving
irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided
that no Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders in respect of such Facility have determined in its or
their sole discretion not to permit such continuations, and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the
preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

  
 2.11 Limitations on Eurodollar Tranches.
Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after
giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $1,000,000 or a whole multiple thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one
time. 
  
 2.12 Interest Rates and Payment Dates. (a) Each
Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. 
  
 (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR
plus the Applicable Margin. 
  

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 (c) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be
paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the
foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or
Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate
then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in
each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). 
  

(d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this
Section shall be payable from time to time on demand. 
  
 2.13
Computation of Interest and Fees. (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans the rate of interest on which is calculated
on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the
relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on
which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. 
  
 (b) Each determination of an interest rate by the Administrative Agent
pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing
the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.12(a). 
  
 2.14 Inability to Determine Interest Rate. If prior to the first day of any Interest Period: 
  
 (a) the Administrative Agent shall have determined (which determination shall
be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 
  
 (b) the Administrative Agent shall have received notice from the Required
Lenders in respect of the relevant Facility that the Eurodollar Rate determined or to be 

  

 23 

 
determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or
maintaining their affected Loans during such Interest Period, 
  
 the
Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans under the relevant Facility requested to be made on
the first day of such Interest Period shall be made as ABR Loans, (y) any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any
outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then-current Interest Period, to ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans under the
relevant Facility shall be made or continued as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans. 
  
 2.15 Pro Rata Treatment and Payments. (a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any
commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the Revolving Percentages of the Lenders. 
  

(b) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be made pro rata
according to the Percentages of the Lenders. 
  
 (c) All payments
(including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date
thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as
received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan
becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event
such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such
extension. 
  
 (d) Unless the Administrative Agent shall have been
notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making
such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the
required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal 

  

 24 

 
Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the
Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent
by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans under the relevant Facility, on demand,
from the Borrower. 
  
 (e) Unless the Administrative Agent shall
have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower
is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not
made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the
preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower.

  
 2.16 Requirements of Law. (a) If the adoption of or any
change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent
to the date hereof: 
  
 (i) shall subject any
Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any Application or any Eurodollar Loan made by it, or change the basis of taxation of payments of principal, interest and fees due from the Borrower to
such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.17 and changes in the taxation of the net income of such Lender and changes in any branch taxation, franchise taxation or doing business taxation of such Lender in
lieu of net income taxation); 
  
 (ii) shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other
acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate; or 
  
 (iii) shall impose on such Lender any other condition regarding this Agreement, any Letter of Credit, any Application or any Eurodollar
Loan made by it; 
  
 and the result of any of the foregoing is to increase the
cost to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans or issuing or participating in Letters of Credit, or to reduce any amount of 

  

 25 

 
principal, interest or fees receivable by such Lender in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, within 30 days
after its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable, to the extent such compensation is sought from similarly situated Borrowers. If any Lender becomes entitled to claim
any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled and its computation in reasonable detail of the amount of
such claim. 
  
 (b) If any Lender shall have determined that the
adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital
adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of
its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or
such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then, to the extent such compensation is sought from similarly situated Borrowers from time to time, after submission by such
Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefore and its computation in reasonable detail of the amount of such claim, the Borrower shall pay to such Lender, within 30 days after demand, such additional
amount or amounts as will compensate such Lender or such corporation for such reduction; provided that the Borrower shall not be required to compensate a Lender pursuant to this paragraph for any amounts incurred more than six months prior to
the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; and provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month
period shall be extended to include the period of such retroactive effect. 
  
 (c) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.
The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 2.17 Taxes. (a) All payments made by the Borrower under this Agreement shall be made free and clear of, and without
deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority, excluding net income taxes and any branch taxes, franchise taxes or doing business taxes (imposed in lieu of net income taxes) imposed on the Administrative Agent or any Lender as a result of a present or former connection
between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the
Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other 

  

 26 

 
Loan Document). If any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or
Other Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender hereunder, the amounts so payable to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the
Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement, provided, however, that the
Borrower shall not be required to increase any such amounts payable to the Administrative Agent or any Lender with respect to any Non-Excluded Taxes or Other Taxes (i) that are attributable to such Lender’s failure to comply with the
requirements of paragraph (d) or (e) of this Section or (ii) that are imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled,
at the time of assignment, to receive additional amounts from the Borrower with respect to such Non-Excluded Taxes pursuant to this paragraph. 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law, except Other Taxes
imposed on or with respect to any assignment or sale contemplated by Section 10.6. 
  
 (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as possible thereafter the Borrower shall send to the Administrative Agent for its own account or for the account of the
relevant Lender, as the case may be, an original or a certified copy of an official receipt received by the Borrower showing payment thereof, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent. If the Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, the
Borrower shall indemnify the Administrative Agent and the Lenders for any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure. 
  
 (d) Each Lender (or Transferee) that is not a “United States
Person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall
have been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to
payments of “portfolio interest”, a statement substantially in the form of Exhibit G and a Form W-8BEN, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a
party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation). In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any
form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered 

  

 27 

 
certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose. 
  
 (e) A Lender that is entitled to an exemption from or reduction of non-U.S.
withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a
reduced rate, provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or submission would not materially prejudice the legal position of
such Lender. 
  
 (f) The agreements in this Section shall survive
the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  
 (g) If a Lender or the Administrative Agent shall become aware that it is entitled to claim a refund of tax from the jurisdiction to which the tax was
paid to which such Lender or the Administrative Agent would not be entitled but for the payment of taxes pursuant to this Section 2.17, it shall promptly notify the Borrower in writing of the availability of such refund claim and shall, within 30
days after receipt of a written request of the Borrower, make a claim to such jurisdiction for such refund. If a Lender or the Administrative Agent receives a refund of any such tax, it shall within 30 days from the date of such receipt pay over
such refund to the Borrower. 
  
 2.18 Indemnity. The
Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation
of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower has
given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount
equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or
continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans
provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount
on deposit for a comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error.
This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  

 28 

 2.19 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving
rise to the operation of Section 2.16 or 2.17 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans
affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic,
legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.16 or 2.17. 
  
 2.20 Replacement of Lenders. The Borrower shall be permitted to
replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.16 or 2.17 or (b) defaults in its obligation to make Loans hereunder, with a replacement financial institution; provided that (i) such replacement does
not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken no action under Section 2.19 so as to
eliminate the continued need for payment of amounts owing pursuant to Section 2.16 or 2.17, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of
replacement, (v) the Borrower shall be liable to such replaced Lender under Section 2.18 if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement
financial institution, if not already a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the
Borrower shall be obligated to pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.16 or
2.17, as the case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 
  
 SECTION 3. LETTERS OF CREDIT 
  
 3.1 L/C Commitment. (a) Subject to the terms and conditions hereof,
the Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the
Revolving Commitment Period in such form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C
Obligations would exceed the L/C Commitment or (ii) the aggregate amount of the Available Revolving Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars, (ii) have a face amount of at least $250,000 (unless
otherwise agreed by the Issuing Lender) and (iii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any
Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above). Each letter of credit outstanding under the Existing Credit
Agreement shall be deemed, from and after the Closing Date, to be outstanding as a Letter of Credit hereunder. 
  

 29 

 (b) The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance
would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 
  
 3.2 Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by
delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender
may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and
shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other
certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall
furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of
each Letter of Credit (including the amount thereof) and the subsequent amendments, if any, of each Letter of Credit (including the amount thereof). 
  
 3.3 Fees and Other Charges. (a) The Borrower will pay a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin
then in effect with respect to Eurodollar Loans under the Revolving Facility, shared ratably among the Revolving Lenders and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. In addition, the Borrower shall pay to
the Issuing Lender for its own account a fronting fee of 0.25% per annum on the undrawn and unexpired amount of each Letter of Credit, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. 
  
 (b) In addition to the foregoing fees, the Borrower shall pay or reimburse
the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 
  
 3.4 L/C Participations. (a) The Issuing Lender irrevocably agrees to
grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and
conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit
and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not
reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount 

  

 30 

 
equal to such L/C Participant’s Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. 
  
 (b) If any amount required to be paid by any L/C Participant to the Issuing
Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C
Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on
which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any
L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant,
on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving Facility. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts
owing under this Section shall be conclusive in the absence of manifest error. 
  
 (c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section
3.4(a), the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account
thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any such payment received by the Issuing Lender shall be required to be returned by
the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the Issuing Lender to it. 
  
 3.5 Reimbursement Obligation of the Borrower. The Borrower agrees to reimburse the Issuing Lender on the Business Day next succeeding the Business
Day on which the Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or
expenses incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on
any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 2.12(b) and (ii) thereafter, Section 2.12(c).

  
 3.6 Obligations Absolute. The Borrower’s
obligations under this Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any
beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected
by, among other things, the 

  

 31 

 
validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or
any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or
any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for
errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the
Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the Uniform Commercial
Code of the State of New York, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 
  
 3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the
Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in
such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 
  
 3.8 Applications. To the extent that any provision of any Application
related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. 
  
 SECTION 4. REPRESENTATIONS AND WARRANTIES 
  
 To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit,
the Borrower hereby represents and warrants to the Administrative Agent and each Lender that: 
  
 4.1 Financial Condition. The audited consolidated balance sheet of the Borrower as at December 31, 2004, and the related consolidated statements of income and of cash flows for the fiscal year ended on such
date, reported on by and accompanied by an unqualified report from PricewaterhouseCoopers LLP, present fairly the consolidated financial condition of the Borrower as at such date, and the consolidated results of its operations and its consolidated
cash flows for the fiscal year then ended. All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the
aforementioned firm of accountants and disclosed therein). Neither the Borrower nor any Material Subsidiary had any material Guarantee Obligations, contingent liabilities and liabilities as of December 31, 2004 for taxes, or any material long-term
leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the financial statements, including footnotes,
as at and for December 31, 2004 referred to in this paragraph. During the period from March 31, 2005, to 

  

 32 

 
and including the date hereof there has been no Disposition by any Group Member of any material part of the business or property of the Borrower and its
Subsidiaries taken as a whole, other than Dispositions for aggregate consideration of not more than $10,000,000. 
  
 4.2 No Change. Since March 31, 2005, there has been no development or event that has had or could reasonably be expected to have a Material Adverse
Effect. 
  
 4.3 Existence; Compliance with Law. Each of the
Borrower and its Material Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to
lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership, lease or operation of
property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
  
 4.4 Power; Authorization;
Enforceable Obligations. Each of the Borrower and its Material Subsidiaries has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain
extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the
extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extensions
of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices described in Schedule 4.4, which consents,
authorizations, filings and notices have been obtained or made and are in full force and effect and (ii) the filings referred to in Section 4.17. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto.
This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law). 
  
 4.5 No Legal Bar. The
execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation
of the Borrower and each Material Subsidiary and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other
than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Material Subsidiaries could reasonably be expected to have a Material Adverse Effect. 
  

 33 

 4.6 Litigation. Except as disclosed in Schedule 4.6, no litigation, investigation or proceeding of
or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any Material Subsidiary or against any of their respective properties or revenues (a) with respect to any of
the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 
  
 4.7 No Default. Neither the Borrower nor any Material Subsidiary is in default under or with respect to any of its Contractual Obligations in any
respect that could reasonably be expected to have a Material Adverse Effect. 
  
 4.8 Ownership of Property; Liens. The Borrower and each Material Subsidiary has title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest
in, all its other material property, and none of such property is subject to any Lien except as permitted by Section 7.3. 
  
 4.9 Intellectual Property. The Borrower and each Material Subsidiary owns, or is licensed to use, all material Intellectual Property necessary for
the current conduct of its business. No material claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does the
Borrower know of any valid basis for any such claim. The use of Intellectual Property by each Group Member does not infringe on the rights of any Person in any material respect. 
  
 4.10 Taxes. The Borrower and each Material Subsidiary has filed or caused to be filed all Federal, state and other
material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its
property by any Governmental Authority (other than any such taxes, fees or other charges the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of the relevant entity); no tax Lien has been filed, and, to the knowledge of the Borrower, no claim is being asserted, with respect to any such tax, fee or other charge. 
  
 4.11 Federal Regulations. No part of the proceeds of any Loans, and no
other extensions of credit hereunder, will be used for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in
effect or for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect
in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 
  
 4.12 ERISA. Except as disclosed on Schedule 4.12, neither a material Reportable Event nor a material “accumulated funding deficiency”
(within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and 

  

 34 

 
each Plan has complied in all material respects with the applicable provisions of ERISA and the Code. Any terminations of Single Employer Plans that have
occurred during such five-year period have not resulted in any material liability not promptly provided for in accordance with applicable law, and no Lien in favor of the PBGC or a Plan has arisen during such five-year period. The present value of
all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed to any material
extent the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower nor any Commonly Controlled Entity maintains or contributes to, or has withdrawn from, any Multiemployer Plan. 
  
 4.13 Investment Company Act; Other Regulations. Neither the Borrower
nor any Material Subsidiary is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. The Borrower is not subject to
regulation under any Requirement of Law (other than Regulation X of the Board) that limits its ability to incur Indebtedness. 
  
 4.14 Subsidiaries. Except as disclosed to the Administrative Agent by the Borrower in writing from time to time after the Closing Date, (a)
Schedule 4.14 sets forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party and (b) as of the Closing Date, there are no outstanding
subscriptions, options, warrants, calls, rights or other agreements or commitments (except for stock options and other stock-based compensation rights or commitments granted to employees or directors and directors’ qualifying shares) of any
nature relating to any Capital Stock of any Subsidiary other than any Subsidiary which is not directly owned by the Borrower and which is a member or partner of any joint venture the governing documents of which, or documents relating thereto,
include provisions relating to the Capital Stock of such Subsidiary. 
  
 4.15 Use of Proceeds. The proceeds of the Revolving Loans, and the Letters of Credit, shall be used to finance the acquisition of financial services entities and entities engaged in related businesses and the working capital needs of
the Borrower. 
  
 4.16 Accuracy of Information, etc. No
statement or information contained in this Agreement, any other Loan Document, or any other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them, for use in
connection with the transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state
a material fact necessary to make the statements contained herein or therein not misleading. The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and
assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the
period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. There is no fact known to the Borrower that could reasonably be expected to have a Material Adverse Effect that has
not been expressly disclosed herein, in the other Loan 

  

 35 

 
Documents, or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for use in connection with the
transactions contemplated hereby and by the other Loan Documents. 
  
 4.17 Security Documents. The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described
therein and proceeds thereof. In the case of the pledged stock described in the Guarantee and Collateral Agreement (used herein as defined therein, “Pledged Stock”), when stock certificates representing such Pledged Stock are
delivered to the Administrative Agent, and in the case of the other Collateral described in the Guarantee and Collateral Agreement, when financing statements and other filings specified on Schedule 4.17 in appropriate form are filed in the offices
specified on Schedule 4.17, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for
the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.3). 
  
 4.18 Solvency. The Borrower is, and after giving effect to the
incurrence of all Indebtedness and obligations being incurred in connection herewith will be and will continue to be, Solvent. 
  
 4.19 Certain Documents. The Borrower has delivered to the Administrative Agent a complete and correct copy of the stockholders agreement with
Apollo, including any amendments, supplements or modifications with respect to any of the foregoing. 
  
 SECTION 5. CONDITIONS PRECEDENT 
  
 5.1 Conditions to Initial Extension of Credit. In addition to the conditions set forth in Section 5.2, the agreement of each Lender to make the initial extension of credit requested to be made by it is subject
to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 
  
 (a) Credit Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received (i) this Agreement, executed and delivered
by the Administrative Agent, the Borrower and each Person listed on Schedule 1.1A, (ii) the Guarantee and Collateral Agreement, executed and delivered by the Borrower and (iii) an Acknowledgment and Consent in the form attached to the Guarantee and
Collateral Agreement, executed and delivered by each Issuer (as defined therein), if any, that is not a Loan Party. 
  
 In the event that any one or more Persons listed on Schedule 1.1A have not executed and delivered this Agreement on the date scheduled to be the Closing
Date (each such Person being referred to herein as a “Non-Executing Person”), the condition referred to in clause (i) above shall nevertheless be deemed satisfied if on such date the Borrower and the Administrative Agent shall have
designated one or more Persons (the “Designated Lenders”) to assume, in the aggregate, all of the Commitments that would have been held by the Non-Executing Persons (subject to each such Designated Lender’s consent and its
execution and 

  

 36 

 
delivery of this Agreement). Schedule 1.1A shall automatically be deemed to be amended to reflect the respective Commitments of the Designated Lenders and
the omission of the Non-Executing Persons as Lenders hereunder. 
  
 (b) Payment Under Existing Credit Agreement. The revolving loans outstanding under the Existing Credit Agreement shall have been prepaid in full. 
  
 (c) Approvals. All governmental and third party approvals (including landlords’ and other consents) necessary in
connection with the continuing operations of the Group Members and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or
threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 
  
 (d) Fees. The Lenders, the Administrative Agent and the Arrangers shall have received all fees required to be paid, and all expenses for which
invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Closing Date. All such amounts will be paid with proceeds of Loans made on the Closing Date and will be reflected in the funding
instructions given by the Borrower to the Administrative Agent on or before the Closing Date. 
  
 (e) Closing Certificate. The Administrative Agent shall have received a certificate of the Borrower, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments.

  
 (f) Legal Opinion. The Administrative Agent shall have
received the legal opinion of Douglas W. Hammond, general counsel of the Borrower, substantially in the form of Exhibit E. Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the
Administrative Agent may reasonably require. 
  
 (g)
Insurance. The Administrative Agent shall have received insurance certificates describing the insurance maintained by the Borrower. 
  
 5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by it on any date
(including its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
  
 (a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be
true and correct on and as of such date as if made on and as of such date. 
  
 (b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 
  
 Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder
shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 
  

 37 

 SECTION 6. AFFIRMATIVE COVENANTS 
  
 The Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or
any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall and shall cause each of its Material Subsidiaries to: 
  

6.1 Financial Statements. Furnish to the Administrative Agent and each Lender: 
  
 (a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the
audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form
the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by PricewaterhouseCoopers LLP or other independent certified public
accountants of nationally recognized standing; 
  
 (b) as soon as
available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the
end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the
previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments). 
  
 All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied
consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). 
  
 6.2 Certificates; Other Information. Furnish to the Administrative Agent and each Lender (or, in the case of clause
(f), to the relevant Lender): 
  
 (a) concurrently with the
delivery of the financial statements referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was
obtained of any Default or Event of Default, except as specified in such certificate; 
  
 (b) concurrently with the delivery of any financial statements pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating that, to the best of each such Responsible Officer’s knowledge, each Loan
Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by
it, and that such Responsible Officer has obtained no knowledge of any Default or 

  

 38 

 
Event of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial statements, (x) a Compliance Certificate
containing all information and calculations necessary for determining compliance by each Group Member with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of the Borrower, as the case may
be, and (y) to the extent not previously disclosed to the Administrative Agent, any change in the jurisdiction of organization of the Borrower or any Holding Subsidiary or any change in its name during the period covered by such financial
statements; 
  
 (c) as soon as available, and in any event no
later than 45 days after the end of each fiscal year of the Borrower, a detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following
fiscal year, the related consolidated statements of projected cash flow, projected changes in financial position and projected income and a description of the underlying assumptions applicable thereto), and, as soon as available, significant
revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such
Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; 
  
 (d) within 45 days after the end of each of the first three fiscal quarters
of the Borrower and within 90 days at the end of each fiscal year, in each case to the extent that the Borrower is not filing a report on form 10-Q or 10-K for such period, a narrative discussion and analysis of the financial condition and results
of operations of the Borrower and its Subsidiaries for such fiscal period, with relevant comparisons; 
  
 (e) within fifteen Business Days after the end of each fiscal quarter of the Borrower, a summary in reasonable detail of acquisitions of financial
services entities or entities in a related business completed during such fiscal quarter, describing each such entity (including the key management and history thereof) and the consideration (including deferred consideration) paid in respect
thereof; and 
  
 (f) promptly, such additional financial and other
information as any Lender may from time to time reasonably request. 
  
 6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof
is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member, except to the extent that failure to comply therewith would
not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 6.4 Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and
franchises necessary or desirable in the normal conduct of its business, 

  

 39 

 
except, in each case, as otherwise permitted by Section 7.4 and except, in the case of clauses (i) and (ii) above, to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
  
 6.5 Maintenance of Property;
Insurance. (a) Keep all material property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its
material property and businesses in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies
engaged in the same or a similar business, subject to deductibles and retainages as the Borrower reasonably believes to be appropriate. 
  
 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries in
conformity with GAAP and all Requirements of Law shall be made of all material dealings and transactions in relation to its business and activities and (b) permit representatives of any Lender to visit the Borrower and examine and make abstracts
from any of the books and records of the Borrower and its Subsidiaries at any reasonable time upon appropriate notice and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of
the Borrower and its Subsidiaries with officers and employees of the Borrower and with its independent certified public accountants. 
  
 6.7 Notices. Promptly give notice to the Administrative Agent and each Lender of: 
  
 (a) the occurrence of any Default or Event of Default; 
  
 (b) any (i) default or event of default under any Contractual Obligation of any Group Member or (ii) litigation,
investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse
Effect; 
  
 (c) any litigation or proceeding affecting any Group
Member which, if successful, is likely to have a Material Adverse Effect; 
  
 (d) the following events, as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to
make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the
taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan in all cases other than in
connection with terminations, withdrawals, 

  

 40 

 
proceedings or other events related to Subsidiaries acting in contemplation of joining Borrower Plans; provided that such terminations, withdrawals,
proceedings or other events do not involve or create any material liability for the Borrower; 
  
 (e) any development or event that has had or could reasonably be expected to have a Material Adverse Effect; and 
  
 (f) any change to an existing Management Agreement, other than in connection with a Disposition of the relevant Subsidiary, that may reasonably be
expected to reduce base earnings under such existing Management Agreement (when taken together with reductions in base earnings under other existing Management Agreements as to which any similar or related changes have been or are being made within
the same fiscal year) by more than $5,000,000. 
  
 Each notice pursuant to this
Section 6.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 
  
 6.8 Additional Collateral, etc. (a) With respect to any new Subsidiary
(other than an Excluded Foreign Subsidiary) created or acquired after the Closing Date by the Borrower and each Wholly Owned Subsidiary created or acquired to hold capital stock of financial services entities or entities in related businesses (a
“Holding Subsidiary”), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative
Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party, (ii) deliver to the Administrative Agent the certificates representing such Capital
Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such new Subsidiary (if it is a Holding Subsidiary) (A) to become a party to the Guarantee and
Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral
Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or as may be requested by the Administrative Agent
and (C) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative
Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
  
 (b) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by the Borrower and each
Holding Subsidiary (other than by Holding Subsidiary that is an Excluded Foreign Subsidiary), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems
necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party (provided that in no event shall
more than 66% of the total outstanding voting Capital Stock of any such new Subsidiary be required to be so 

  

 41 

 
pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed
and delivered by a duly authorized officer of the relevant Loan Party, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and
(iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent. 
  
 SECTION 7. NEGATIVE COVENANTS 

 
 The Borrower hereby agrees that, so long as the Commitments remain in
effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 

 
 7.1 Financial Condition Covenants. 
  
 (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage
Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower to exceed 2.0 to 1 
  
 (b) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio for any period of four consecutive fiscal quarters of the
Borrower to be less than 4.0 to 1. 
  
 (c) EBITDA. Permit
the EBITDA for any period of four consecutive fiscal quarters of the Borrower to be less than $90,000,000. 
  
 7.2 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except: 
  
 (a) with respect to the Borrower and its Subsidiaries: 
  
 (i) Indebtedness of any Loan Party pursuant to any Loan
Document; 
  
 (ii) Indebtedness of the Borrower
to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary; 
  
 (iii) Guarantee Obligations incurred in the ordinary course of business by the Borrower or any of its Subsidiaries of obligations of any
Wholly Owned Subsidiary; 
  
 (iv) Hedge
Agreements in respect of Indebtedness otherwise permitted hereby that bears interest at a floating rate, so long as such agreements are not entered into for speculative purposes; and 
  
 (v) Permitted Acquisition Indebtedness; 
  

 42 

 (vi) Indebtedness outstanding on the date hereof and listed on Schedule 7.2(b) and any
refinancings, refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof); and 
  
 (vii) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 7.3(g) in an aggregate
principal amount not to exceed $20,000,000 at any one time outstanding; 
  
 (b) with respect to the Borrower only, $50,000,000 unsecured subordinated debt, provided that the maturity date of which is at least six months beyond the Term Loan Maturity Date and whose terms are satisfactory to the Lenders; 

 
 (c) with respect to all of the Subsidiaries taken together, Indebtedness
to any third party that is not a Group Member in an aggregate principal amount not to exceed $30,000,000, provided that such Indebtedness of any individual Subsidiary does not exceed $10,000,000, with such amounts (i) excluding any
Indebtedness that is outstanding on the date hereof and listed in Schedule 7.2(b) and any refinancings, refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof), but (ii) including
any Indebtedness secured by Liens permitted by Section 7.3(g) (including, without limitation, Capital Lease Obligations but excluding, without limitation all operating leases entered into in the ordinary course of business). 
  
 7.3 Liens. Create, incur, assume or suffer to exist any Lien upon any
of its property, whether now owned or hereafter acquired, except: 
  
 (a) Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case
may be, in conformity with GAAP; 
  
 (b) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate
proceedings; 
  
 (c) pledges or deposits in connection with
workers’ compensation, unemployment insurance and other social security legislation; 
  
 (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature
incurred in the ordinary course of business; 
  
 (e) easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not in any case materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; 
  
 (f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Sections 7.2(a)(vi) or 7.2(c)(i), provided
that no such Lien is spread to 

  

 43 

 
cover any additional property after the Closing Date and that the amount of Indebtedness secured thereby is not increased; 
  
 (g) Liens securing Indebtedness of the Borrower or any other Subsidiary
incurred pursuant to Sections 7.2(a)(vii) or 7.2(c)(ii) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets,
(ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 
  
 (h) Liens created pursuant to the Security Documents; 
  
 (i) any interest or title of a lessor under any lease entered into by the Borrower or any other Subsidiary in the ordinary
course of its business and covering only the assets so leased; and 
  
 (j) Liens in connection with Indebtedness permitted by Section 7.2(a)(iv). 
  
 7.4 Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its
property or business, except that: 
  
 (a) any Subsidiary of the
Borrower may be merged or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving corporation) or with or into any other Subsidiary; and 
  
 (b) any Subsidiary of the Borrower may Dispose of any or all of its assets
(i) to the Borrower or any other Subsidiary (upon voluntary liquidation or otherwise) or (ii) pursuant to a Disposition permitted by Section 7.5. 
  
 7.5 Disposition of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or
sell any shares of such Subsidiary’s Capital Stock to any Person, except: 
  
 (a) the Disposition of obsolete or worn out property in the ordinary course of business; 
  
 (b) the sale of inventory in the ordinary course of business; 
  
 (c) Dispositions permitted by Section 7.4(b); 
  
 (d) the sale, issuance or other transfer of any Subsidiary’s Capital Stock to the Borrower or any Wholly Owned Subsidiary, provided that in
the event of a transfer of the Capital Stock of any Subsidiary which is pledged under the Guarantee and Collateral Agreement, the transferee of such Capital Stock (if such transferee is not the Borrower) becomes or is a party to the Guarantee and
Collateral Agreement as a guarantor thereunder and as pledgor thereunder of such Capital Stock; 
  

 44 

 (e) the Disposition of any aircraft or interests in any aircraft; and 
  
 (f) the Disposition of other property, including the Capital Stock or assets
of any Subsidiary, having a fair market value not to exceed $15,000,000 in the aggregate for any fiscal year of the Borrower (with such amount being calculated to be the net of any reinvestment of the Net Cash Proceeds of any such Disposition in
such fiscal year or committed in such fiscal year to be reinvested in the next such fiscal year to an acquisition permitted hereunder and to be the net of any such Net Cash Proceeds used to make a mandatory prepayment of the Term Loans pursuant to
Section 2.9(b)). 
  
 7.6 Restricted Payments. Declare or
pay any dividend (other than dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance,
retirement or other acquisition of, any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any
Group Member (collectively, “Restricted Payments”), except that (a) the Borrower will be permitted make Restricted Payments in the form of dividend payments to holders of its Capital Stock and repurchases of its own Capital
Stock, provided that at any time the aggregate amount of such Restricted Payments does not, on a cumulative basis, exceed the lesser of 50% of Adjusted Net Income for the then completed fiscal quarters of the Borrower commencing with the fiscal
quarter ended December 31, 2004 or 50% of Excess Cash Flow for the same period, (b) any Subsidiary may make Restricted Payments to the Borrower and its other Subsidiaries, on the one hand, and the other holders of its Capital Stock, on the other
hand, on a basis no less favorable to the Borrower and its Subsidiaries than a ratable basis and (c) any Subsidiary may make Restricted Payments in respect of any purchase, redemption, defeasance, retirement or other acquisition of its Capital Stock
in connection with a Disposition of such Subsidiary permitted by Section 7.5. 
  
 7.7 Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or
any assets constituting a business unit of, or make any other investment in, any Person (all of the foregoing, “Investments”), except: 
  
 (a) Investments in existence or committed as of the date hereof and listed on Schedule 7.7(a); 
  
 (b) extensions of trade credit in the ordinary course of business;

  
 (c) loans and advances made in connection with the sale or
disposition, reorganization or restructuring of any Group Member in a manner consistent with past practice; 
  
 (d) Investments in Cash Equivalents; 
  
 (e) Guarantee Obligations permitted by Section 7.2; 
  

 45 

 (f) loans and advances to employees and Managers of Group Members to the extent that any such loan or
advance is fully secured at the time of the making thereof by Capital Stock of the Borrower; 
  
 (g) monthly advances to Group Members or employees or Managers thereof as required under Management Agreements; 
  
 (h) loans and advances to employees or Managers of any Group Member in the ordinary course of business (including for travel, entertainment and relocation
expenses and including the unsecured portion of any loans and advances referred to in paragraph (f)) in an aggregate amount for all employees, Group Members, or Managers not to exceed $20,000,000 at any one time outstanding; 
  
 (i) any Investment by the Borrower or any of its Subsidiaries in promissory
notes issued by employees or Managers of any Group Member, provided that such Investment is made in connection with the acquisition of such Group Member; 
  
 (j) any Investment by any Group Member in the Borrower or any Person that either (i) prior to such investment is a Subsidiary or (ii) after such
investment is a Subsidiary and is either a Holding Subsidiary or an entity primarily engaged in the financial services business or a related business, including any such investment in or of Capital Stock, bonds, notes, debentures or other debt
securities of any such Person, any assets constituting a business unit of any such Person or assets necessary to further the business operations of the Borrower or its Subsidiaries, in each case made in the ordinary course of business of the
Borrower and its Subsidiaries; 
  
 (k) any Investment by the
Borrower or any of its Subsidiaries in a privately-held entity or business practice specifically relating to estate planning, corporate benefits or financial services, which Investment is made in the ordinary course of business of the Borrower and
its Subsidiaries; and 
  
 (l) in addition to Investments otherwise
expressly permitted by this Section, Investments by the Borrower or any of its Subsidiaries in an aggregate amount (valued at cost) not to exceed $10,000,000 in any fiscal year. 
  
 Prior to making any Investment permitted above in the nature of an acquisition of all or substantially all of the Capital Stock of a Person
or operating unit or the “book of business” of a Person for (i) consideration of $20,000,000 or more, the Borrower shall furnish to the Administrative Agent and each Lender a certificate of a Responsible Officer to the effect that, after
giving effect to such acquisition, the Borrower shall be in compliance with all its covenants and agreements in this Agreement (including the covenants in Section 7.1 on a pro forma basis as of the end of its most recently completed fiscal quarter,
with such certificate containing calculations thereof in reasonable detail), the representations and warranties in Section 4 shall be true and correct and as of the date of such acquisition as if made on and as of such date and no Default or Event
of Default shall have occurred and be continuing, and (ii) cash consideration of $50,000,000 or more, the Borrower shall secure the consent, not to be unreasonably withheld, of the Required Lenders. 
  

 46 

 7.8 Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by
any Group Member of real or personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or
rental obligations of such Group Member. 
  
 7.9 Changes in
Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters. 
  
 7.10 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement (other than an
agreement between or among Group Members) that prohibits or limits the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to secure its
obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any
prohibition or limitation shall only be effective against the assets financed thereby) and (c) any agreement relating to a joint venture organized in the ordinary course of business of the Borrower and its Subsidiaries. 
  
 7.11 Clauses Restricting Subsidiary Distributions. Enter into or
suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of the Borrower (other than any such encumbrance or restriction in an agreement between or among Group Members) to (a) make Restricted
Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Subsidiary of the Borrower, (b) make loans or advances to, or other Investments in, the Borrower or any other Subsidiary
of the Borrower or (c) transfer any of its assets to the Borrower or any other Subsidiary of the Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any
restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary and (iii) any restrictions
consistent with the Management Agreements. 
  
 7.12 Lines of
Business. Enter into any business, either directly or through any Subsidiary, except for the financial services, insurance or brokerage business and businesses reasonably related thereto, or fail to be engaged, taking the Borrower and its
Subsidiaries as a whole, predominantly in financial services and other related businesses on a commission-for-services or fee-for-services basis. 
  
 7.13 Changes to Management Agreement. Enter into or give any amendment, waiver or other modifications of or to any Management Agreement if the
effect thereof, either individually or as part of any series of amendments, waivers or other modification of or to any Management Agreements, would reasonably be expected to have a Material Adverse Effect. 
  

 47 

 SECTION 8. EVENTS OF DEFAULT 
  
 If any of the following events shall occur and be continuing: 
  
 (a) the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the
terms hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five Business Days after any such interest or other amount becomes
due in accordance with the terms hereof; or 
  
 (b) any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this
Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made, and such inaccuracy, if correctable, continues unremedied for 15 days; or 
  
 (c) any Loan Party shall default in the observance or performance of any
agreement contained in clause (i) or (ii) of Section 6.4(a) (with respect to the Borrower only), Section 6.7(a) or Section 7 of this Agreement or Sections 5.5 and 5.7(b) of the Guarantee and Collateral Agreement; or 
  
 (d) any Loan Party shall default in the observance or performance of any
other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after notice to the Borrower from the
Administrative Agent or the Required Lenders; or 
  
 (e) any Group
Member shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto beyond the period of grace, if any, provided
in the instrument or agreement under which such Indebtedness was created; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such
Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described
in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall
have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $10,000,000; or 
  
 (f) (i) any Group Member shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking 

  

 48 

 
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Group Member shall make a general assignment for the benefit of its creditors; or (ii) there shall
be commenced against any Group Member any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against any Group Member any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any
substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) any Group Member shall take any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Group Member shall generally not, or shall be unable to, or shall admit in writing its
inability to, pay its debts as they become due; or 
  
 (g) (i) any
Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or
not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall
commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the
Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the Borrower or any Commonly Controlled Entity shall, or in
the reasonable opinion of the Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with
respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could, in the sole judgment of the Required Lenders, reasonably be expected to have a Material
Adverse Effect; or 
  
 (h) one or more judgments or decrees shall
be entered against any Group Member involving in the aggregate a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $10,000,000 or more, and all such judgments or decrees shall
not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof (or, if later, the date payment is required to be made thereunder); or 
  
 (i) any of the Security Documents shall cease, for any reason (other than the fault of the Administrative Agent following
notice from a Loan Party), to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority
purported to be created thereby; or 
  

 49 

 (j) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), excluding the Permitted Investors, shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 51% of the outstanding common stock of the Borrower; 
  
 then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to
the Borrower, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or
not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following
actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Commitments to be
terminated forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by
notice to the Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then
outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which
presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then
undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all
such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully
drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be
returned to the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower.

  
 SECTION 9. THE AGENTS 
  
 9.1 Appointment. Each Lender hereby irrevocably designates and
appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the
provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, 

  

 50 

 
together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the
Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 
  
 9.2 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected
by it with reasonable care. 
  
 9.3 Exculpatory Provisions.
Neither the Administrative Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection
with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence
or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

 
 9.4 Reliance by Administrative Agent. The Administrative Agent
shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by
the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative
Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified
by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such
action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this
Agreement, all Lenders), and such request and any action taken or 

  

 51 

 
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
  
 9.5 Notice of Default. The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that
such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to
such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
  
 9.6 Non-Reliance on Administrative Agent and Other Lenders. Each
Lender expressly acknowledges that neither the Administrative Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by the
Administrative Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender
represents to the Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it
will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the
Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide
any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of
the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
  
 9.7 Indemnification. The Lenders agree to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower
and without limiting the obligation of the Borrower to do so), ratably according to their respective Percentages in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which
the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time 
  

 52 

 
(whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Administrative Agent in any way relating to or arising
out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Administrative Agent
under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all
other amounts payable hereunder. 
  
 9.8 Administrative Agent
in Its Individual Capacity. The Administrative Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans
made or renewed by it and with respect to any Letter of Credit issued or participated in by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same
as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 
  
 9.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’
notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the
Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as
provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under this Agreement and the other Loan Documents. 
  
 9.10
Syndication Agent. The Syndication Agent shall have no duties or responsibilities hereunder in its capacity as such, but shall be entitled to the benefits of Sections 9.3 and 9.7 to the same extent as the Administrative Agent. 
  

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 SECTION 10. MISCELLANEOUS 
  
 10.1 Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be
amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the
Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to
this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case
may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest
or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Lenders of each adversely affected Facility) and (y)
that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment
thereof, or increase the amount or extend the expiration date of any Lender’s Revolving Commitment, in each case without the written consent of each Lender directly affected thereby; (ii) eliminate or reduce the voting rights of any Lender
under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this
Agreement and the other Loan Documents, release all or substantially all of the Collateral or release any material guarantor from its obligations under the Guarantee and Collateral Agreement, in each case without the written consent of all Lenders;
(iv) amend, modify or waive any provision of Section 9 without the written consent of the Administrative Agent; or (v) amend, modify or waive any provision of Section 3 without the written consent of the Issuing Lender. Any such waiver and any such
amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the
Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 
  
 10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received,
addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent 

  

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in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto: 
  

			
	The Borrower:	  	 National Financial Partners Corp.
 787 7th Avenue, 11th Floor
 New York, New York 10019
 Attention: Mark Biderman
 Telecopy: 212-301-4170
 Telephone: 212-301-4070

		
	with a copy to:	  	 National Financial Partners Corp.
 787 7th Avenue, 11th Floor
 New York, New York 10019
 Attention: Douglas W. Hammond
 Telecopy: 212-301-4150
 Telephone: 212-301-4050

		
	The Administrative Agent:	  	 JPMorgan Chase Bank, N.A.
 270 Park Avenue

New York, New York 10017
 Attention: Jeanne Horn
 Telecopy: 212-270-2973
 Telephone: 212-270-9090

		
	with a copy to:	  	 JPMorgan Chase Bank Loan and Agency Service
 1111
Fannin, 10th Floor
 Houston, Texas 77002
 Attention: Andrew Perkins
 Telecopy: 713-750-2223
 Telephone: 713-750-3510

  
 provided that any notice,
request or demand to or upon the Administrative Agent or the Lenders shall not be effective until received. 
  
 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any
right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 10.4 Survival of Representations and Warranties. All representations
and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and
other extensions of credit hereunder. 
  

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 10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Administrative
Agent and the Arrangers for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the
other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the
Administrative Agent and the Arrangers and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and
from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent and the Arrangers shall deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent and the Arrangers for all its costs
and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the fees and disbursements of counsel (including the allocated fees and
expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent, (c) to pay, indemnify, and hold each Lender, the Administrative Agent and the Arrangers harmless from, any and all recording and filing fees and any and all
liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of
the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each
Lender, the Administrative Agent and the Arrangers and their respective officers, directors, employees, affiliates, agents and controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other
Loan Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee
against any Loan Party under any Loan Document (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect
to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. All
amounts due under this Section 10.5 shall be payable not later than 10 days after written demand therefor. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to Mark Biderman (Telephone No.: 212-301-4070) (Telecopy
No.: 212-301-4170), at the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5
shall survive repayment of the Loans and all other amounts payable hereunder. 
  
 10.6 Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent, all future holders of the
Loans and their respective successors and assigns, 

  

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except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender.

  
 (b) Any Lender other than any Conduit Lender may, without the
consent of the Borrower, in accordance with applicable law, at any time sell to one or more banks, financial institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any
Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement
to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan
Documents, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall
any Participant under any such participation have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or
consent would reduce the principal of, or interest on, the Loans or any fees payable hereunder, or postpone the date of the final maturity of the Loans, in each case to the extent subject to such participation. The Borrower agrees that if amounts
outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law,
be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement,
provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 10.7(a) as fully as if it were a Lender hereunder. The Borrower
also agrees that each Participant shall be entitled to the benefits of Sections 2.16, 2.17 and 2.18 (and subject to the obligations of Sections 2.17, 2.19 and 2.20) with respect to its participation in the Commitments and the Loans outstanding from
time to time as if it was a Lender; provided that a Participant shall not be entitled to the benefits of any such Section unless the Borrower is notified of the participation sold to such Participant and, in the case of Section 2.17, such
Participant shall have complied with the requirements of said Section and provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been
entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred and the aggregate amount of any payments payable under any such Section to the transferor
Lender and its Participant shall not exceed the amount of such payments to which the transferor Lender would have been entitled had it not sold such participation. Except as set forth in this Section 10.6(b), the Borrower shall not have any
obligation or duty to any Participant. 
  
 (c) Any Lender other
than any Conduit Lender (an “Assignor”) may, in accordance with applicable law, at any time and from time to time assign to any Lender or any Lender Affiliate or, with the consent of the Borrower and the Administrative Agent (which,
in each case, shall not be unreasonably withheld or delayed), to an additional bank, financial institution or other entity (an “Assignee”) all or any part of its rights and obligations under this Agreement and the other Loan
Documents pursuant to an Assignment and Acceptance, executed 

  

 57 

 
by such Assignee, such Assignor and any other Person whose consent is required pursuant to this paragraph, and delivered to the Administrative Agent for its
acceptance and recording in the Register; provided that, unless otherwise agreed by the Borrower and the Administrative Agent, no such assignment to an Assignee (other than any Lender or any Lender Affiliate) shall be in an aggregate
principal amount of less than $1,000,000), in each case except in the case of an assignment of all of a Lender’s interests under this Agreement. For purposes of the proviso contained in the preceding sentence, the amount described therein shall
be aggregated in respect of each Lender and its Lender Affiliates, if any. Any such assignment need not be ratable as among the Facilities. Upon such execution, delivery, acceptance and recording, from and after the effective date determined
pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with a Commitment and/or Loans as
set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of an
Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto). Notwithstanding any provision of this Section 10.6, the consent of the Borrower shall not be required for any assignment that occurs when
an Event of Default shall have occurred and be continuing and for which notice (other than in the case of an Event of Default under Section 8(f)) shall have been given to the Borrower. Notwithstanding the foregoing, any Conduit Lender may assign at
any time to its designating Lender hereunder without the consent of the Borrower or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set
forth in the first sentence of this Section 10.6(c). 
  
 (d) The
Administrative Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 10.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and
addresses of the Lenders and the Commitment of, and the principal amount of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each other Loan
Party, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing the Loans recorded therein for all purposes of this Agreement, and the recordation in
the Register shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any
manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto
being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the
Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be issued to the designated Assignee. 
  
 (e) Upon its receipt of an Assignment and Acceptance executed by an Assignor, an Assignee and any other Person whose consent
is required by Section 10.6(c), together with payment to the Administrative Agent of a registration and processing fee of $2,500, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) record 

  

 58 

 
the information contained therein in the Register on the effective date determined pursuant thereto. 
  
 (f) For avoidance of doubt, the parties to this Agreement acknowledge that
the provisions of this Section 10.6 concerning assignments relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including any pledge or assignment by a Lender to any Federal Reserve
Bank in accordance with applicable law. 
  
 (g) Any Lender may
request that Loans made by it be evidenced by a promissory note, and the Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in this
Agreement. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the
Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.6) be represented by one or more promissory notes in such form payable to the
order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 (h) Each of the Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other
Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing
commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising
out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 
  
 10.7 Adjustments; Set-off. (a) Except to the extent that this Agreement expressly provides for payments to be allocated to a particular Lender or
to the Lenders under a particular Facility, if any Lender (a “Benefitted Lender”) shall, at any time after the Loans and other amounts payable hereunder shall immediately become due and payable pursuant to Section 8, receive any
payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8(f), or otherwise), in a
greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest
in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such
collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price
and benefits returned, to the extent of such recovery, but without interest. 
  

 59 

 (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the
right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by
acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower, as the case may be. Each Lender agrees
promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
  
 10.8 Counterparts. This Agreement may be executed by one or more of
the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 
  
 10.9 Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 10.10 Integration. This Agreement and the other Loan Documents represent the entire agreement of the Borrower, the Administrative Agent and the
Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred
to herein or in the other Loan Documents. 
  
 10.11 GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 10.12 Submission To Jurisdiction; Waivers. The Borrower hereby
irrevocably and unconditionally: 
  
 (a) submits for itself and
its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 
  

 60 

 (b) consents that any such action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  
 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower, as the case may be at its address set forth in Section 10.2 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto; 
  
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) waives, to the maximum extent not prohibited by law, any right it may
have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
  
 10.13 Acknowledgments. The Borrower hereby acknowledges that: 
  
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan
Documents; 
  
 (b) neither the Administrative Agent nor any Lender
has any fiduciary relationship with or duty to the Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the Borrower, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
  
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders. 
  
 10.14 Releases of Guarantees and Liens. (a) Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take
any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in
accordance with Section 10.1 or (ii) under the circumstances described in paragraph (b) below. 
  
 (b) At such time as the Loans, the Reimbursement Obligations and the other obligations under the Loan Documents (other than obligations under or in respect of Hedge Agreements) shall have been paid in full, the
Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to
survive such termination) of the Administrative Agent and each Loan Party under the 

  

 61 

 
Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person. 
  
 10.15 Confidentiality. Each of the Administrative Agent and each
Lender agrees to keep confidential all non-public information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent the Administrative
Agent or any Lender from disclosing any such information (a) to the Administrative Agent, any other Lender or any Lender Affiliate, (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee or
any direct or indirect counterparty to any Hedge Agreement (or any professional advisor to such counterparty), (c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates, (d)
upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) that has been publicly disclosed, (g) subject
to an agreement to comply with the provisions of this Section to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s
investment portfolio in connection with ratings issued with respect to such Lender, (h) in connection with the exercise of any remedy hereunder or under any other Loan Document, or (i) notwithstanding anything herein to the contrary, each party to
this Agreement (and any employee, representative or other agent of such party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all
materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. However, any information relating to the tax treatment or tax structure shall remain subject to the
confidentiality provisions hereof (and the foregoing sentence shall not apply) to the extent reasonably necessary to enable such party (and any employee, representative or other agent of such party) to comply with applicable securities laws. For
this purpose, “tax structure” means any facts relevant to the federal income tax treatment of the transactions contemplated by this Agreement but does not include information relating to the identity of any existing or future party (or any
affiliate of such party) to this Agreement. 
  
 10.16 Patriot
Act. Each Lender that is subject to the requirements of the Patriot Act and the Administrative Agent (on behalf of itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is
required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify
the Borrower in accordance with the Patriot Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by each Lender and
the Administrative Agent to maintain compliance with the Patriot Act. 
  
 10.17 WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN. 
  

 62 

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

			
	NATIONAL FINANCIAL PARTNERS CORP.
		
	By:	 	 /s/    MARK C.
BIDERMAN        

	 Name:
	 	Mark C. Biderman
	 Title:
	 	Executive Vice President and Chief Financial Officer

  

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
		
	By:	 	/s/ Jeanne O’Connell Horn
	 Name:
	 	Jeanne O’Connell Horn
	 Title:
	 	Vice President

  

			
	BANK OF AMERICA, N.A., successor by merger to Fleet National Bank, as Syndication Agent and as a Lender
		
	By:	 	 /S/    RICHARD M.
WILLIAMS

	 Name:
	 	Richard M. Williams
	 	 	Authorized Signatory

  

			
	ING CAPITAL LLC, as Documentation Agent and as a Lender
		
	By:	 	/S/    KUNDUCK MOON
	 Name:
	 	Kunduck Moon
	 Title:
	 	Managing Director

  

			
	WACHOVIA BANK, N.A., as a Lender
		
	By:	 	 /S/    RENATO F.
GOMEZ

	 Name:
	 	Renato F. Gomez
	 Title:
	 	Vice President

  

			
	KEYBANK, as a Lender
		
	By:	 	 /S/    ROBERT D.
SCOTT

	 Name:
	 	Robert D. Scott
	 Title:
	 	Vice President

  

			
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Michael P. Behuniak, Jr.
	 Name:
	 	Michael P. Behuniak, Jr.
	 Title:
	 	Vice President

  

			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	/S/    TODD MELLER
	 Name:
	 	Todd Meller
	 Title:
	 	Managing Director

  

							
	COMMERZBANK AG – New York and Grand
Cayman Branches, as a Lender
				
	By:	  	 /S/    JOSEPH J. HAYES
	  	 	 	 /S/    MICHAEL P. MCCARTHY

	 Name:
	  	Joseph J. Hayes	  	 	 	Michael P. McCarthy
	 Title:
	  	Vice President	  	 	 	Vice President

  

			
	SUNTRUST BANK, as a Lender
		
	By:	 	/S/    KELLY GUNTER
	 Name:
	 	Kelly Gunter
	 Title:
	 	Vice President

  

			
	U.S. BANK, N.A., as a Lender
		
	By:	 	/s/    M. Scott Donaldson
	 Name:
	 	M. Scott Donaldson
	 Title:
	 	 Vice President
 U.S. Bank,
N.A.

  

			
	BANK LEUMI USA, as a Lender
		
	By:	 	/S/    JOHN KOENIGSBERG
	 Name:
	 	John Koenigsberg
	 Title:
	 	First Vice President

  

			
		
	By:	 	/S/    PHYLLIS ROSENFELD
	 Name:
	 	Phyllis Rosenfeld
	 Title:
	 	Vice President

  

 Schedule 1.1A 
  
 Revolving Commitments 
  

				
	 Lender

	  	Revolving
Commitment

	 JPMorgan Chase Bank, N.A.
	  	$	20,000,000
	 Bank of America, N.A.
	  	$	20,000,000
	 ING
	  	$	20,000,000
	 Wachovia Bank, N.A.
	  	$	20,000,000
	 Key Bank
	  	$	17,500,000
	 HSBC
	  	$	13,500,000
	 Bank of Nova Scotia
	  	$	13,500,000
	 Commerzbank
	  	$	13,500,000
	 SunTrust
	  	$	13,500,000
	 US Bank
	  	$	13,500,000
	 Bank Leumi
	  	$	10,000,000
	 	  	
	

	 Total
	  	$	175,000,000Form of Purchase Agreement

 Exhibit 10.1 
  
 PURCHASE AGREEMENT 
  
 THIS PURCHASE AGREEMENT (“Agreement”) is made as of the 15th day of June, 2005 by and among Rainmaker Systems, Inc., a Delaware corporation (the “Company”), and the Investors set forth on the signature pages affixed hereto (each an
“Investor” and collectively the “Investors”). 
  
 Recitals 
  
 A. The Company and the Investors are
executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission (the
“SEC”) under the Securities Act of 1933, as amended; and 
  
 B. The Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the terms and conditions stated in this Agreement, (i) an aggregate of 6,702,222 shares of the Company’s Common Stock,
par value $0.001 per share (the “Common Stock”), and (ii) warrants to purchase an aggregate of 1,005,333 shares of Common Stock in the form attached hereto as Exhibit A (the “Warrants”); and 
  
 C. Contemporaneous with the sale of the Common Stock and Warrants, the
parties hereto will execute and deliver a Registration Rights Agreement, in the form attached hereto as Exhibit B (the “Registration Rights Agreement”), pursuant to which the Company will agree to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, and applicable state securities laws. 
  
 In consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
  
 1.
Definitions. In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms shall have the meanings set forth below: 
  
 “Action” means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
  
 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries controls,
is controlled by, or is under common control with, such Person. 
  

 1 

 “Business Day” means a day, other than a Saturday or Sunday, on which banks in New York
City are open for the general transaction of business. 
  
 “Common Stock” means the common stock, par value $0.001 per share, of the Company, and any securities into which the Common Stock may be reclassified. 
  
 “Material Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of
operations, financial condition or business of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to perform its obligations under the Transaction Documents. 
  
 “Nasdaq” means The Nasdaq Stock Market, Inc. 
  
 “Person” means an individual, corporation, partnership,
limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 
  
 “Purchase Price” means two million six hundred ninety-six
thousand dollars ($2,696,000), calculated based on the following: (i) the Investors that are either officers and/or directors of the Company purchasing 302,222 Shares, multiplied by $0.45 (the closing bid price on the last full trading day before
signing); and (ii) the balance of the Investors purchasing 6,400,000 Shares, multiplied by $0.40. 
  
 “Registration Statement” has the meaning ascribed to such term in the Registration Rights Agreement. 
  
 “SEC Reports” has the meaning set forth in Section 4.5.

  
 “Securities” means the Shares, the Warrants
and the Warrant Shares. 
  
 “Shares” means the
shares of Common Stock being purchased by the Investors hereunder. 
  
 “Subsidiary” means, as to any party, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other Persons performing
similar functions are at the time directly or indirectly owned by such party. 
  
 “Transaction Documents” means this Agreement, the Warrants and the Registration Rights Agreement. 
  
 “Warrant Shares” means the shares of Common Stock issuable upon the exercise of the Warrants. 
  
 “1933 Act” means the Securities Act of 1933, as amended, or
any successor statute, and the rules and regulations promulgated thereunder. 
  

 2 

 “1934 Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated thereunder. 
  
 2. Purchase and Sale of the Shares and Warrants. Upon the terms and subject to the conditions of this Agreement, on the Closing Date, each of the Investors shall severally, and not jointly, purchase, and the Company shall sell and
issue to the Investors, the Shares and Warrants in the respective amounts set forth opposite the Investors’ names on the signature pages attached hereto in exchange for the Purchase Price as specified in Section 3 below. 
  
 3. Closing. The purchase and sale of the Shares and Warrants shall
take place at the office of White & Case, LLP, San Francisco, California, at 10:00 a.m. on the date hereof (the “Closing Date”). The Company shall cause to be delivered to each Investor a certificate or certificates, registered in such
name or names as each Investor may designate, representing the Shares and Warrants being purchased hereby against payment by wire transfer in same day funds sent to the account of the Company as instructed in writing by the Company, in an amount
representing such Investor’s pro rata portion of the Purchase Price as set forth on the signature pages to this Agreement (the “Closing”). 
  
 4. Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors that, except as set forth in the
schedules delivered herewith (collectively, the “Disclosure Schedules”): 
  
 4.1 Subsidiaries. The Company has no direct or indirect subsidiaries other than as specified in Schedule 4.1. Except as disclosed in Schedule 4.1, the Company owns, directly or indirectly, all of
the capital stock of each Subsidiary free and clear of any and all Liens, and all the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights.

  
 4.2 Organization and Qualification. The Company and
each Subsidiary are duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its
properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or
charter documents. The Company and each Subsidiary are duly qualified to conduct its respective businesses and are in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect. 
  
 4.3 Authorization; Enforcement. The Company has
the requisite corporate power and authority to enter into and to consummate the transactions 
  

 3 

 contemplated by the Transaction Documents and otherwise to carry out its obligations thereunder. The execution and
delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the
Company or its stockholders in connection therewith. The Transaction Documents have been duly executed and delivered by the Company and constitute valid and binding obligations of the Company enforceable against it in accordance with its respective
terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies (the “Enforceability Exceptions”). The Shares and Warrants have been duly authorized by all necessary corporate action and the Shares are validly issued and outstanding,
fully paid and nonassessable, and upon the Closing each Investor, as the new record owner of such shares, shall be entitled to all rights accorded to a holder of the Company’s common stock. Upon the due exercise of the Warrants, the Warrant
Shares will be validly issued and outstanding, fully paid and nonassessable. The Company has reserved a sufficient number of shares of Common Stock for issuance upon the exercise of the Warrants, free and clear of all encumbrances and
restrictions, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and except for those created by the Investors. 
  
 4.4 No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the
consummation by the Company of the transactions contemplated thereby (including the sale of the Shares and Warrants hereunder) do not and will not (i) conflict with or violate any provision of the Company’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument or other understanding to which the Company is a party or by which any property or asset of the
Company is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority, or the bylaws and rules of the Nasdaq Smallcap Market to
which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not have or
reasonably be expected to result in a Material Adverse Effect. 
  
 4.5 No Consents. No consent, approval, authorization or order of, or any filing or declaration with, any court or governmental agency or body is required in connection with the consummation by the Company of the transactions on its
part contemplated by the Transaction Documents, except (i) the filing with the Securities and Exchange Commission (the “Commission”) of one or more Registration Statements in accordance with the requirements of the Registration Rights
Agreement, (ii) the filing of an Additional Listing Application with Nasdaq and (iii) those that have been made or obtained prior to the date of this Agreement. 
  

 4 

 4.6 SEC Reports. The Company has filed all reports required to be filed by it under the 1934 Act,
including pursuant to Section 13(a) or 15(d) thereof, or the rules and regulations thereunder, for the two years preceding the date hereof (the foregoing materials and any materials incorporated therein by reference being collectively referred to
herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing or waiver thereof and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the
SEC Reports complied in all material respects with the requirements of the 1933 Act and the 1934 Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 4.7 Financial Statements. The financial statements filed with the
Commission as a part of the SEC Reports present fairly, in all material respects, the financial position of the Company and its consolidated subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the
periods specified therein, subject, in the case of interim financial statements, to the normal year-end adjustments which are not expected to be material in amount. Such financial statements have been prepared in conformity with generally accepted
accounting principles as applied in the United States and in effect as of the date of the applicable financial statements and supporting schedules, as applicable, applied on a consistent basis throughout the periods involved, except as may be
expressly stated in the related notes thereto, and comply in all material respects with the 1933 Act, the 1934 Act and the applicable rules and regulations of the Commission thereunder. 
  
 4.8 Listing. The Common Stock is listed on the Nasdaq Smallcap Market. Except as specified in the SEC Reports, the
Company has not, in the two years preceding the date hereof, received notice from Nasdaq to the effect that the Company is not in compliance with the listing or maintenance requirements thereof. Except as disclosed in the SEC Reports, the Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and maintenance requirements for continued listing of the Common Stock on the Trading Market on which the Common Stock is
currently listed or quoted. 
  
 4.9 Investment Company. The
Company is not, and is not an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
  
 4.10 Form S-3 Eligibility. The Company is eligible to register the resale of the Registrable Securities (as defined in the Registration Rights
Agreement) acquired by the Investors under Form S-3 promulgated under the 1933 Act. 
  

 5 

 4.11 Compliance. Neither the Company nor any Subsidiary (i) is in default under or in violation of
(and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default
under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived),
(ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign, federal, state and
local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not, individually or in the aggregate, have or reasonably be expected
to result in a Material Adverse Effect. The Company is in compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder, except where such noncompliance could not have or
reasonably be expected to result in a Material Adverse Effect. 
  
 4.12 Capitalization. The number of shares and type of all authorized, issued and outstanding capital stock of the Company, and all shares of Common Stock reserved for issuance under the Company’s various option and incentive
plans, is specified in the SEC Reports and on Schedule 4.12. Except as specified in the SEC Reports and on Schedule 4.12, no securities of the Company are entitled to preemptive or similar rights, and no Person has any right of first
refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as specified in the SEC Reports and on Schedule 4.12, there are no outstanding
options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any Person any right to subscribe for or acquire, any
shares of capital stock of the Company, or contracts by which the Company or any Subsidiary is or may become bound to issue additional shares of capital stock of the Company, or securities or rights convertible or exchangeable into shares of capital
stock of the Company. The issue and sale of the Securities will not, immediately or with the passage of time, obligate the Company to issue shares of capital stock of the Company or other securities to any Person (other than the Investors under the
Transaction Documents) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under such securities. 
  
 4.13 Press Releases. The press releases disseminated by the Company during the twelve months preceding the date of
this Agreement do not individually or taken as a whole contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made and when made, not misleading. 
  
 4.14
Material Changes. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in the SEC Reports, (i) there has been no event, occurrence or development that has had or that
could 
  

 6 

 reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities
(contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past practice and (B) liabilities (not to exceed $100,000) not required to be reflected in
the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting or the identity of its auditors, (iv) the Company has not declared
or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (v) the Company has not issued any equity securities, except
pursuant to existing Company stock option plans and consistent with past practice. The Company does not have pending before the Commission any request for confidential treatment of information. 
  
 4.15 Litigation. There is no Action which (i) adversely affects or
challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) except as specifically disclosed in the SEC Reports, could, if there were an unfavorable decision, individually or in the aggregate,
have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof (in his or her capacity as such), is or has been the subject of any Action involving a claim of
violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty, except as specifically disclosed in the SEC Reports. There has not been, and to the knowledge of the Company, there is not pending any
investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not issued any stop order or other order suspending the effectiveness of any
registration statement filed by the Company or any Subsidiary under the 1934 Act or the 1933 Act. 
  
 4.16 Labor Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the
Company. 
  
 4.17 Regulatory Permits. The Company and the
Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the
failure to possess such permits could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, and neither the Company nor any Subsidiary has received any notice of proceedings relating to the
revocation or modification of any such permits. 
  
 4.18 Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them that is material to their respective businesses and good and marketable title in all personal property owned by them that
is material to their respective businesses, in each case free and clear of all Liens, except for Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property
by the 
  

 7 

 Company and the Subsidiaries. Any real property and facilities held under lease by the Company and the Subsidiaries are
held by them under valid, subsisting and enforceable leases of which the Company and the Subsidiaries are in compliance, except as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

  
 4.19 Patents and Trademarks. The Company and the
Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use in connection with their
respective businesses as described in the SEC Reports and which the failure to so have could, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). Neither the Company nor any Subsidiary has received a written notice that the Intellectual Property Rights used by the Company or any Subsidiary violates or infringes upon the rights of any Person. Except as set forth
in the SEC Reports, to the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. 
  
 4.20 Insurance. The Company and the Subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. The Company has no reason to believe that it will
not be able to renew its and the Subsidiaries’ existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business on terms consistent with market for
the Company’s and such Subsidiaries’ respective lines of business. 
  
 4.21 Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees of the
Company is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee
has a substantial interest or is an officer, director, trustee or partner. 
  
 4.22 Certain Fees. Except as described in Schedule 4.22, no brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. The Investors shall have no obligation with respect to any fees or with respect to any claims (other than such fees or
commissions owed by an Investor pursuant to written agreements executed by such Investor which fees or commissions shall be the sole responsibility of such Investor) made by or on behalf of other Persons for fees of a type contemplated in this
Section that may be due in connection with the transactions contemplated by this Agreement. 
  

 8 

 4.23 Certain Registration Matters. Assuming the accuracy of the Investors’ representations
and warranties set forth in Article 5, no registration under the 1933 Act is required for the offer and sale of the Shares, Warrants and Warrant Shares by the Company to the Investors under the Transaction Documents. Except as specified in
Schedule 4.23, the Company has not granted or agreed to grant to any Person any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the Commission or any other governmental
authority that have not been satisfied or exercised. 
  
 4.24
No Additional Agreements. The Company does not have any agreement or understanding with any Investor with respect to the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents. 

 
 4.25 Disclosure. The Company confirms that neither it nor any
Person acting on its behalf has provided any Investor or its respective agents or counsel with any information that the Company believes constitutes material, non-public information except insofar as the existence and terms of the proposed
transactions hereunder may constitute such information and which shall be publicly disclosed pursuant to Section 8.11 hereof. The Company understands and confirms that the Investors will rely on the foregoing representations and covenants in
effecting transactions in securities of the Company. 
  
 5.
Representations and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company that: 
  

5.1 Organization. If an entity, Investor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization with full right, corporate, partnership or other power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations thereunder. 
  
 5.2 Authorization; Enforcement. Such Investor has the requisite power
and authority to enter into and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder. The execution, delivery and performance by such Investor of the transactions contemplated by the Transaction
Documents have been duly authorized by all necessary action on the part of the Investor. The Transaction Documents have been duly executed by such Investor, and constitutes the valid and legally binding obligation of the Investor, enforceable
against it in accordance with its terms, except for the Enforceability Exceptions. 
  
 5.3 Investment Intent. Such Investor understands that the Securities are “restricted securities” and have not been registered under the 1933 Act or any applicable state securities law. Such Investor
is acquiring the Securities as principal for 
  

 9 

 its own account for investment purposes only and not with a view to or for distributing or reselling such Securities or
any part thereof, has no present intention of distributing any of such Securities and has no arrangement, agreement, or understanding (directly or indirectly) with any other Persons regarding the distribution of any such Securities (provided,
however, that this representation and warranty shall not be in any way a limit on such Investor’s right to sell the Securities pursuant to any registration statement or otherwise in compliance with applicable federal and state securities laws).

  
 5.4 Investor Status. At the time the Investor was
offered the Shares and Warrants, it was, and at the date hereof it is, an Accredited Investor or a Qualified Institutional Buyer, as defined in Rule 501(a) of Regulation D under the 1933 Act. Such Investor is acquiring the Shares and Warrants
hereunder in the ordinary course of its business. Such Investor is not a registered broker-dealer or an entity engaged in the business of being a broker-dealer under Section 15 of the 1934 Act. 
  
 5.5 Experience of Such Investor. Such Investor, either alone or
together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares and Warrants, and has evaluated
the merits and risks of such investment. Such Investor is able to bear the economic risk of an investment in the Shares and Warrants and is able to afford a complete loss of such investment. 
  
 5.6 No General Solicitation. Such Investor is not purchasing the
Shares or the Warrants as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or
through any other general solicitation or general advertisement. 
  
 5.7 Access to Information. Such Investor acknowledges that it has reviewed the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of
the Company concerning the terms and conditions of the offering of the Shares and Warrants and the merits and risks of investing in the Shares and Warrants; (ii) access to information about the Company and its financial condition, results of
operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or
expense that is necessary to make an informed investment decision with respect to the investment. Neither such inquiries nor any other investigation conducted by or on behalf of such Investor or its representatives or counsel shall modify, amend or
affect such Investor’s right to rely on the truth, accuracy and completeness of the SEC Reports and the Company’s representations and warranties contained in the Transaction Documents. Such Investor understands that it is not relying on
any representation of any kind made by the Company regarding the Company, the Securities or any other matter other than as set forth herein. 
  

 10 

 5.8 Limited Ownership. The purchase by such Investor of the Shares and Warrants issuable to it at
the Closing will not result in such Investor (individually or together with other Person with whom such Investor has identified, or will have identified, itself as part of a “group” in a public filing made with the Commission involving the
Company’s securities) acquiring, or obtaining the right to acquire, in excess of 19.999% of the Company’s common stock or the voting power of the Company on a post transaction basis that assumes that the Closing shall have occurred. Such
Investor does not presently intend to, alone or together with others, make a public filing with the Commission to disclose that it has (or that it together with such other Persons have) acquired, or obtained the right to acquire, as a result of the
Closing (when added to any other securities of the Company that it or they then own or have the right to acquire), in excess of 19.999% of the Company’s common stock or the voting power of the Company on a post transaction basis that assumes
that the Closing shall have occurred. The Investor is not an officer, director, or to its knowledge an Affiliate of the Company. 
  
 5.9 Independent Investment Decision. Such Investor has independently evaluated the merits of its decision to purchase the Shares and Warrants
pursuant to the Transaction Documents, such decision has been independently made by such Investor and such Investor confirms that it has only relied on the advice of its own business and/or legal counsel and not on the advice of any other
Investor’s business and/or legal counsel in making such decision. 
  
 5.10 Certain Trading Activities. Such Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, engaged in any transactions in the securities of the Company
(including, without limitations, any short sales involving the Company’s securities) since the earlier to occur of (1) the time that such Investor was first contacted by the Company regarding an investment in the Company and (2) the 30th day
prior to the date of this Agreement. Such Investor covenants that neither it nor any Person acting on its behalf or pursuant to any understanding with it will engage in any short sales involving the Company’s securities prior to the date of
initial public disclosure, as set forth in Section 8.11, of the transactions contemplated hereby. 
  
 6. Conditions to Closing. 
  
 6.1 Conditions to the Investors’ Obligations. The obligation of each Investor to purchase the Shares and the Warrants at the Closing is
subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by such Investor: 
  
 (a) The representations and warranties made by the Company in Section 4 hereof qualified as to materiality shall be true
and correct at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier
date, and, the representations and warranties made by the Company in Section 4 hereof not qualified as to materiality shall be true and correct in all material respects at all times prior to and on the Closing Date, except to the 
  

 11 

 extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or
warranty shall be true and correct in all material respects as of such earlier date. The Company shall have performed in all material respects all obligations and conditions herein required to be performed or observed by it on or prior to the
Closing Date. 
  
 (b) The Company shall have obtained in a timely
fashion any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect. 
  
 (c) The Company shall have executed and delivered the Registration Rights Agreement. 
  
 (d) No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been
issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents. 
  
 (e) The Company shall have delivered a Certificate, executed on behalf of
the Company by its Chief Executive Officer or its Chief Financial Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (a), (b), (d) and (h) of this Section 6.1. 
  
 (f) The Company shall have delivered a Certificate, executed on behalf of
the Company by its Secretary, dated as of the Closing Date, certifying the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of
the Securities, certifying the current versions of the Certificate of Incorporation and Bylaws of the Company and certifying as to the signatures and authority of Persons signing the Transaction Documents and related documents on behalf of the
Company. 
  
 (g) The Investors shall have received an opinion
from White & Case LLP, the Company’s counsel, dated as of the Closing Date, in form and substance reasonably acceptable to the Investors to substantially the effect set forth in Exhibit C. 
  
 (h) No stop order or suspension of trading shall have been imposed by
Nasdaq, the Commission or any other governmental regulatory body with respect to public trading in the Common Stock. 
  
 (i) The Purchase Price shall be at least $2,650,000. 
  
 6.2 Conditions to Obligations of the Company. The Company’s obligation to sell and issue the Shares and the Warrants to each Investor at the
Closing is 
  

 12 

 subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following
conditions, any of which may be waived by the Company: 
  
 (a)
The representations and warranties made by each Investor in Section 5 hereof, (the “Investment Representations”), shall be true and correct in all material respects when made, and shall be true and correct in all material respects on the
Closing Date with the same force and effect as if they had been made on and as of said date. The Investment Representations shall be true and correct in all respects when made, and shall be true and correct in all respects on the Closing Date with
the same force and effect as if they had been made on and as of said date. Each Investor shall have performed in all material respects all obligations and conditions herein required to be performed or observed by them on or prior to the Closing
Date. 
  
 (b) Each Investor shall have executed and delivered the
Registration Rights Agreement. 
  
 (c) Each Investor shall have
delivered the Purchase Price to the Company. 
  
 7. Transfer
Restrictions. 
  
 (a) The Securities may only be disposed of
in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement, to the Company, to an Affiliate of an investor or in connection with a pledge as
contemplated in Section 7(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the
effect that such transfer does not require registration of such transferred Securities under the 1933 Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights
and obligations of an investor under this Agreement and the Registration Rights Agreement. 
  
 (b) (i)The Investors understand that so long as is required by this Section 7(b), a legend shall be placed on the Securities in the following form: 
  
 These securities have not been registered with the Securities and Exchange Commission or the securities
commission of any state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may not be offered or sold except pursuant to an effective registration statement under the Securities Act or
pursuant to any available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with applicable state securities laws as evidenced by a legal opinion of counsel to the transferor to
such effect, the substance of which shall be reasonably acceptable to the 
  

 13 

 Company. These securities may be pledged in connection with a bona fide margin account with a
registered broker-dealer or other loan with a financial institution that is an accredited investor or qualified institutional buyer as defined under the Securities Act. 
  
 (ii) The Company acknowledges and agrees that an investor may from time to time pledge pursuant to a bona fide margin
agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an Accredited Investor or Qualified Institutional Buyer as defined under the 1933 Act and, if required under
the terms of such arrangement, such Investor may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the
pledge, secured party or pledgor shall be required in connection therewith. At the appropriate Investor’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably
request in connection with a pledge or transfer of the Securities. 
  
 (c) Certificates evidencing the Securities shall not contain any legend (including the legend set forth in Section 7(b)): (i) following a sale or transfer of such Securities pursuant to an effective registration statement (including the
Registration Statement), or (ii) following a sale or transfer of such Securities pursuant to Rule 144 (assuming the transferor is not an Affiliate of the Company), or (iii) while such Securities are eligible for sale under Rule 144(k). The Company
may not make any notation on its records or give instructions to any transfer agent of the Company that enlarge the restrictions on transfer set forth in this Section. Notwithstanding anything to the Agreement to the contrary, after a Registration
Statement is declared effective, in the event any Investor requests the Company to remove the legend set forth in Section 7(b), the Company shall cause its transfer agent to so remove the legend. 
  
 8. Miscellaneous. 
  
 8.1 Successors and Assigns. This Agreement may not be assigned by a
party hereto without the prior written consent of the Company or the Investors, as applicable, provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate or to a third party
acquiring some or all of its Securities in a transaction complying with applicable securities laws without the prior written consent of the Company or the other Investors, after notice duly given by such Investor to the Company, provided, that no
such assignment or obligation shall affect the obligations of such Investor hereunder. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement. 
  

 14 

 8.2 Counterparts; Faxes. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed an original. 
  
 8.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not
to be considered in construing or interpreting this Agreement. 
  
 8.4 Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such
notice shall be deemed given upon such delivery, (ii) if given by telex or facsimile, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, and (iii) if given by mail (whether overnight courier or US mail),
then such notice shall be deemed given upon receipt of confirmation of delivery. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate by ten days’ advance
written notice to the other party: 
  
 If to the Company:

  
 Rainmaker Systems, Inc. 
 1800 Green Hills Road 
 Scotts Valley,
California 95066 
 Attention: Steve Valenzuela 
 Fax: (831) 430-9705 
  
 With a
copy to: 
  
 White & Case LLP 
 Three Embarcadero Center 
 22nd Floor

 San Francisco, CA 94111 
 Attention: Kevin B. Fisher, Esq. 
 Fax: (415) 544-0202 
  
 If to the Investors: 
  
 to the addresses set forth on the signature pages hereto. 
  
 8.5 Expenses. The parties hereto shall pay their own costs and expenses in connection herewith. In the event that legal proceedings are commenced
by any party to this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction Documents, the party or parties which do not prevail in such proceedings shall severally, but not jointly, pay their
pro rata share of the reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such proceedings. 
  

 15 

 8.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and all the Investors. Any amendment or waiver effected in accordance with
this paragraph shall be binding upon each holder of any Securities purchased under this Agreement at the time outstanding, each future holder of all such Securities, and the Company. 
  
 8.7 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision
of law which renders any provision hereof prohibited or unenforceable in any respect. 
  
 8.8 Entire Agreement. This Agreement, including the Exhibits and the Disclosure Schedules, and the other Transaction Documents constitute the entire agreement among the parties hereof with respect to the
subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof. 
  
 8.9 Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all
such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 
  
 8.10 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New
York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of
process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought
in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
  

 16 

 8.11 Securities Laws Disclosure; Publicity. By 9:30 a.m. (New York time) on the trading day
following the Closing Date, the Company shall issue press releases in a form reasonably approved by the Investors disclosing the transactions contemplated hereby. On the trading day following the Closing Date the Company will file a Current Report
on Form 8-K disclosing the material terms of the Transaction Documents (and attach as exhibits thereto the Transaction Documents). In addition, the Company will make such other filings and notices in the manner and time required by the Commission
and Nasdaq. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Investor, or include the name of any Investor in any filing with the Commission (other than the Registration Statement and any exhibits to filings
made in respect of this transaction in accordance with periodic filing requirements under the 1933 Act) or any regulatory agency or Nasdaq, without the prior written consent of such Investor, except to the extent such disclosure is required by law
or Nasdaq regulations. 
  
 8.12 Independent Nature of
Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of
the obligations of any other Investor under any Transaction Document. Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the
Securities or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement or out of the other
Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. 
  
 [signature pages follows] 
  

 17 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	The Company:	 	RAINMAKER SYSTEMS, INC.
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  
 [Counter-part signature
pages of Investors follow] 
  

 Signature Page 1 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	RAWLEIGH RALLS

  
 Aggregate Purchase Price: $500,000

  
 Number of Shares: 1,250,000 
  
 Number of Warrants: 187,500 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 2 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	Investor:	 	CRL MANAGEMENT LLC
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  
 Aggregate Purchase Price: $80,000

  
 Number of Shares: 200,000 
  
 Number of Warrants: 30,000 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 3 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	Investor:	 	SANDOR CAPITAL MASTER FUND LP
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  
 Aggregate Purchase Price: $300,000

  
 Number of Shares: 750,000 
  
 Number of Warrants: 112,500 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 4 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

							
	Investor:	 	DIKER VALUE TECH FUND LP
			
	 	 	By:	 	Diker Management LLC
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	Managing Member

  
 Aggregate Purchase Price: $213,200

  
 Number of Shares: 533,000 
  
 Number of Warrants: 79,950 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 5 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

							
	Investor:	 	DIKER VALUE TECH QP FUND, LP
			
	 	 	By:	 	Diker Management LLC
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	Managing Member

  
 Aggregate Purchase Price: $261,080

  
 Number of Shares: 652,700 
  
 Number of Warrants: 97,905 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 6 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	Investor:	 	CENTRAL NATIONAL GOTTESMAN INC.
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  
 Aggregate Purchase Price: $25,720

  
 Number of Shares: 64,300 
  
 Number of Warrants: 9,645 
  

			
	Address for Notice:	  	  

	 	  	  

	 	  	  

		
	with a copy to:	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 7 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	Investor:	 	SF CAPITAL PARTNERS LTD.
			
	 	 	By:	 	  

	 	 	Name:	 	Brian H. Davidson
	 	 	Title:	 	Authorized Signatory

  
 Aggregate Purchase Price: $1,000,000

  
 Number of Shares: 2,500,000 
  
 Number of Warrants: 375,000 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 8 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	Investor:	  	  

	 	  	JEFFREY W. WATERS

  
 Aggregate Purchase Price: $80,000

  
 Number of Shares: 200,000 
  
 Number of Warrants: 30,000 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 9 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	Investor:	 	SARGON CAPITAL LLC
			
	 	 	By:	 	  

	 	 	Name:	 	Raahim Don
	 	 	Title:	 	Managing Member

  
 Aggregate Purchase Price: $50,000

  
 Number of Shares: 125,000 
  
 Number of Warrants: 18,750 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 10 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

					
	Investor:	 	SARGON CAPITAL INTERNATIONAL FUND LTD.
			
	 	 	By:	 	  

	 	 	Name:	 	Raahim Don
	 	 	Title:	 	Partner

  
 Aggregate Purchase Price: $50,000

  
 Number of Shares: 125,000 
  
 Number of Warrants: 18,750 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 11 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	Investor:	 	  

	 	 	        MICHAEL SILTON

  
 Aggregate Purchase Price: $30,000

  
 Number of Shares: 66,667 
  
 Number of Warrants: 10,000 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 12 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	Investor:	  	  

	 	  	JOHN HOUTSMA

  
 Aggregate Purchase Price: $5,000

  
 Number of Shares: 11,111 
  
 Number of Warrants: 1,667 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 13 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	Investor:	  	  

	 	  	EDWIN OKAMURA

  
 Aggregate Purchase Price: $10,000

  
 Number of Shares: 22,222 
  
 Number of Warrants: 3,333 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 14 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	STEVE VALENZUELA

  
 Aggregate Purchase Price: $10,000

  
 Number of Shares: 22,222 
  
 Number of Warrants: 3,333 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 15 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	CLINTON J. HAUPTMEIER

  
 Aggregate Purchase Price: $1,000

  
 Number of Shares: 2,222 
  
 Number of Warrants: 333 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 16 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	LARRY SCHORK

  
 Aggregate Purchase Price: $5,000

  
 Number of Shares: 11,111 
  
 Number of Warrants: 1,667 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 17 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	ALOK MOHAN

  
 Aggregate Purchase Price: $20,000

  
 Number of Shares: 44,444 
  
 Number of Warrants: 6,667 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 18 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	MITCHELL LEVY

  
 Aggregate Purchase Price: $5,000

  
 Number of Shares: 11,111 
  
 Number of Warrants: 1,667 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 19 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	ROBERT LEFF

 Aggregate Purchase Price: $20,000 
  
 Number of Shares: 44,444 
  
 Number of Warrants: 6,667 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 20 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	BRADFORD PEPPARD

  
 Aggregate Purchase Price: $20,000

  
 Number of Shares: 44,444 
  
 Number of Warrants: 6,667 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 21 to Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 Investor:
	  	  

	 	  	ROBERT LANGER

  
 Aggregate Purchase Price: $10,000

  
 Number of Shares: 22,222 
  
 Number of Warrants: 3,333 
  

			
	 Address for Notice:
	  	  

	 	  	  

	 	  	  

		
	 with a copy to:
	  	  

	 	  	  

	 	  	  

	 	  	  

  

 Signature Page 22 to Stock Purchase Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]