Document:

AMENDED
		AND RESTATED

	  

	 AGREEMENT
		OF LIMITED PARTNERSHIP

	  

	 OF

	  

	 FORTRESS
		OPERATING ENTITY I LP

	  

	  

	 Dated as
		of February 1, 2007

	  

	  

	 
		

		

	 

	 

	 
	 

	 
	 

		TABLE
		  OF CONTENTS

		 
 

	 
		
		  	 	 	
				  Page

				  
	
				  ARTICLE I
					 DEFINITIONS
 	
				  1

				  
	
				  Section 1.1

				  	
				  Definitions

				  	
				  1

				  
	 	 	 
	
				  ARTICLE II
					 GENERAL PROVISIONS
 	
				  10

				  
	
				  Section 2.1

				  	
				  Organization

				  	
				  10

				  
	
				  Section 2.2

				  	
				  Partnership
					 Name
 	
				  11

				  
	
				  Section 2.3

				  	
				  Registered
					 Office, Registered Agent
 	
				  11

				  
	
				  Section 2.4

				  	
				  Certificates

				  	
				  11

				  
	
				  Section 2.5

				  	
				  Nature
					 of Business; Permitted Powers
 	
				  11

				  
	
				  Section 2.6

				  	
				  Fiscal
					 Year
 	
				  11

				  
	
				  Section 2.7

				  	
				  Perpetual
					 Existence
 	
				  11

				  
	
				  Section 2.8

				  	
				  Limitation
					 on Partner Liability
 	
				  11

				  
	
				  Section 2.9

				  	
				  Indemnification

				  	
				  11

				  
	
				  Section 2.10

				  	
				  Exculpation

				  	
				  12

				  
	
				  Section 2.11

				  	
				  Fiduciary
					 Duty
 	
				  12

				  
	
				  Section 2.12

				  	
				  Confidentiality

				  	
				  13

				  
	
				  Section 2.13

				  	
				  Insurance

				  	
				  14

				  
	
				  Section 2.14

				  	
				  Representations
					 and Warranties
 	
				  15

				  
	 	 	 
	
				  ARTICLE III
					 INTERESTS AND ADMISSION OF PARTNERS
 	
				  15

				  
	
				  Section 3.1

				  	
				  Units

				  	
				  15

				  
	
				  Section 3.2

				  	
				  Issuance
					 of Additional Units
 	
				  16

				  
	
				  Section 3.3

				  	
				  Schedule
					 A
 	
				  17

				  
	 	 	 
	
				  ARTICLE IV
					 VOTING AND MANAGEMENT
 	
				  18

				  
	
				  Section 4.1

				  	
				  General
					 Partner: Power and Authority
 	
				  18

				  
	
				  Section 4.2

				  	
				  Books
					 and Records; Accounting
 	
				  19

				  
	
				  Section 4.3

				  	
				  Expenses

				  	
				  19

				  
	
				  Section 4.4

				  	
				  Partnership
					 Tax and Information Returns
 	
				  19

				  
	 	 	 
	
				  ARTICLE V
					 CONTRIBUTIONS AND CAPITAL ACCOUNTS
 	
				  20

				  
	
				  Section 5.1

				  	
				  Capital
					 Contributions
 	
				  20

				  
	
				  Section 5.2

				  	
				  Capital
					 Accounts
 	
				  20

				  
	 	 	 
	
				  ARTICLE VI
					 ALLOCATIONS
 	
				  23

				  
	
				  Section 6.1

				  	
				  Allocations
					 for Capital Account Purposes
 	
				  23

				  
	
				  Section 6.2

				  	
				  Allocations
					 for Tax Purposes
 	
				  26

				  
	 	 	 
	
				  ARTICLE VII
					 DISTRIBUTIONS
 	
				  28

				  
	
				  Section 7.1

				  	
				  Distributions

				  	
				  28

				  
	
				  Section 7.2

				  	
				  Distributions
					 in Kind
 	
				  28

				  
	
				  Section 7.3

				  	
				  Tax
					 Distributions
 	
				  28

				  
	
				  Section 7.4

				  	
				  Pre-IPO
					 Minimum Distribution
 	
				  29

				  
	
				  Section 7.5

				  	
				  Special
					 Advisor Cashflow Distribution
 	
				  30

				  

 

		 

		i

		 

		

		
		

		
		 

		
		  	
				  Section 7.6

				  	
				  Expense
					 Amount Distributions
 	
				  30

				  
	 	 	 
	
				  ARTICLE VIII
					 TRANSFER OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS
 	
				  30

				  
	
				  Section 8.1

				  	
				  Transfer
					 and Assignment of Interest
 	
				  30

				  
	
				  Section 8.2

				  	
				  Withdrawal
					 of General Partner
 	
				  30

				  
	
				  Section 8.3

				  	
				  Cessation
					 of Status as a Partner
 	
				  30

				  
	 	 
	
				  ARTICLE IX
					 DISSOLUTION
 	
				  31

				  
	
				  Section 9.1

				  	
				  Duration
					 and Dissolution
 	
				  31

				  
	
				  Section 9.2

				  	
				  Distribution
					 of Assets
 	
				  31

				  
	
				  Section 9.3

				  	
				  Notice
					 of Liquidation
 	
				  31

				  
	
				  Section 9.4

				  	
				  Liquidator

				  	
				  31

				  
	
				  Section 9.5

				  	
				  Liquidation

				  	
				  32

				  
	 	 	 
	
				  ARTICLE X
					 MISCELLANEOUS
 	
				  33

				  
	
				  Section 10.1

				  	
				  Amendment
					 to the Agreement
 	
				  33

				  
	
				  Section 10.2

				  	
				  Successors,
					 Counterparts
 	
				  33

				  
	
				  Section 10.3

				  	
				  Governing
					 Law; Severability
 	
				  33

				  
	
				  Section 10.4

				  	
				  Arbitration

				  	
				  34

				  
	
				  Section 10.5

				  	
				  Filings

				  	
				  34

				  
	
				  Section 10.6

				  	
				  Power of
					 Attorney
 	
				  34

				  
	
				  Section 10.7

				  	
				  Headings

				  	
				  35

				  
	
				  Section 10.8

				  	
				  Additional
					 Documents
 	
				  35

				  
	
				  Section 10.9

				  	
				  Notices

				  	
				  35

				  
	
				  Section 10.10

				  	
				  Waiver
					 of Right to Partition
 	
				  35

				  
	
				  Section 10.11

				  	
				  Entire
					 Agreement
 	
				  35

				  

 
 

	  

	 ii

	  

	 
 

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

	  

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

	  

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

	  

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

	  

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

	  

	 ARTICLE I

	  

	 DEFINITIONS

	  

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

	  

	 “Act”
		has the meaning specified in the Preamble to this Agreement.

	  

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

	  

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

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 2

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 “Class
		A Share” means a share in Fortress designated as a “Class A
		Share.” 

	  

	 “Class
		B Share” means a share in Fortress designated as a “Class B
		Share.” 

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 “Damages”
		has the meaning set forth in Section 2.9.

	  

	 3

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 “Fiscal
		Year” has the meaning set forth in Section 2.6.

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 “GAAP”
		means generally accepted accounting principles, consistently
		applied.

	  

	 4

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 5

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 “Operating
		Entities” means the Persons directly Controlled by FIG Corp.

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 6

	  

	 

	 
	 

	 
	  

	 “Partnership”
		has the meaning specified in the Preamble to this Agreement.

	  

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

	  

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

	  

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

	 
7

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 “Presumed
		Tax Liability” means, with respect to the Capital Account of any Partner
		for any Quarterly Period (as defined below) ending after the date hereof, an
		amount equal to the product of (x) the amount of taxable income that, in
		the good faith judgment of the General Partner, would have been allocated to
		such Partner pursuant to the provisions of Article VI hereof (other than
		Section 6.2(h)) were made in respect of such Quarterly Period and (y) the
		Presumed Tax Rate as of the end of such Quarterly Period.

	  

	 “Presumed
		Tax Rate” means the effective combined Federal, state and local income tax
		rate applicable to either a natural person or corporation, whichever is higher,
		residing in New York, New York, taxable at the highest marginal Federal income
		tax rate and the highest marginal New York State and New York City income tax
		rates ((taking into account the character of the income) and after giving
		effect to the Federal income tax deduction for such state and local income
		taxes and disregarding the effects of Code Sections 67 and 68 (or
		successor provisions thereto).)

	  

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

	  

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

	  

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

	  

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

	  

	 8

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 9

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 ARTICLE II

	  

	 GENERAL
		PROVISIONS

	  

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

	  

	 10

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 Section 2.9 Indemnification.
		

	  

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

	  

	 11

	  

	 

	 
	 

	 
	  

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

	  

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

	  

	 Section 2.10 Exculpation.

	  

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

	  

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

	  

	 Section 2.11 Fiduciary
		Duty.

	  

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

	  

	 12

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 Section 2.12 Confidentiality.

	  

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

	  

	 13

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

	 14

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 ARTICLE III

	  

	 INTERESTS
		AND ADMISSION OF PARTNERS

	  

	 Section 3.1 Units.

	  

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

	  

	 15

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 16

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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	 ARTICLE IV

	  

	 VOTING
		AND MANAGEMENT

	  

	 Section 4.1 General
		Partner: Power and Authority.
		

	  

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

	  

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

	  

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

	  

	 18

	  

	 

	 
	 

	 
	  

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

	  

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

	  

	 Section 4.4 Partnership
		Tax and Information Returns.

	  

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

	  

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

	  

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

	  

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

	  

	 19

	  

	 

	 
	 

	 
	  

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

	  

	 ARTICLE V

	  

	 CONTRIBUTIONS
		AND CAPITAL ACCOUNTS

	  

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

	  

	 Section 5.2 Capital
		Accounts.
		

	  

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

	  

	 20

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 21

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 22

	 

	 
	 

	 
	  

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

	  

	 ARTICLE VI

	  

	 ALLOCATIONS

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 23

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 24

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 (ix) Curative
		Allocation.
		

	  

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

	  

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

	  

	 25

	 

	 
	 

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

	  

	 Section 6.2 Allocations
		for Tax Purposes.
		

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 26

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 27

	 

	 
	 

	 
	  

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

	  

	 (h) For
		purposes of this Section 6.2, each of (i) any income allocated to the
		Partnership under Section 481(a) of the Code as a result of the termination of
		any of Drawbridge Special Opportunities Advisors, LLC, Drawbridge Global Macro
		Advisors, LLC, or Drawbridge Relative Value Advisors, LLC, and (ii) any state
		or local taxes attributable to such income and imposed upon the Partnership or
		one of its Subsidiaries shall be treated as an item of Section 704(c) income or
		deduction, as the case may be, allocable entirely to the Original Partners pro
		rata in accordance with their Percentage Interests.

	  

	 ARTICLE VII

	  

	 DISTRIBUTIONS

	  

	 Section 7.1 Distributions. Subject
		to the terms of any Unit Designation, distributions shall be made to the
		Partners, after Tax Distributions are made pursuant to Sections 7.3
		hereof, and after Expense Amount distributions are made pursuant to Section 7.6
		hereof, as and when determined by the General Partner, to the Partners in
		accordance with their respective Common Units.

	  

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

	  

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

	  

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

	  

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

	  

	 (c) On or
		before the 10th day
		following the end of the Third Quarterly Period of each Calendar Year, an
		amount equal to such Partner’s Presumed Tax Liability for the
		

	  

	 28

	 

	 
	 

	 
	  

	 Third
		Quarterly Period (the “Third
		Quarter Tax Distribution”)
		less the aggregate amount of Prior Distributions previously made to such
		Partner during such calendar year, excluding any Tax Distribution with respect
		to a previous calendar year;

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 29

	 

	 
	 

	 
	  

	 in which
		case the Pre-IPO Period in respect of such Partner shall be deemed to begin on
		the date such Partner first acquired Units. 

	  

	 Section 7.5 Special
		Advisor Cashflow Distribution.
		Notwithstanding Section 7.1, to the extent not distributed prior to the date
		hereof, the assets listed on Schedule 7.5 hereto, to the extent received by the
		Partnership prior to the Fortress IPO and attributable to the income which is
		allocated to the Original Partners pursuant to Section 6.2(h), shall be
		distributed entirely to such Original Partners in accordance with the
		allocation of the related income items under Section 6.2(h). For the avoidance
		of doubt, such distribution shall not be a “Prior Distribution” for
		purposes of Section 7.3.

	  

	 Section 7.6 Expense
		Amount Distributions. The
		Partnership shall distribute any Expense Amount to the Initial General Partner
		at the times set forth in any Expense Allocation Agreement.

	  

	 ARTICLE VIII

	  

	 TRANSFER
		OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS

	  

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

	  

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

	  

	 Section 8.3 Cessation
		of Status as a Partner.

	  

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

	  

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

	  

	 30

	 

	 
	 

	 
	 ARTICLE IX

	  

	 DISSOLUTION

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 Section 9.4 Liquidator. Upon
		dissolution of the Partnership, the General Partner may select one or more
		Persons to act as a liquidator trustee for the Partnership (such person, or the
		General Partner, the “Liquidator”).
		The Liquidator (if other than the General Partner) shall be entitled to receive
		such compensation for its services as may be approved by holders of a majority
		of the Class A Common Units (subject to the terms of any Unit Designation). The
		Liquidator (if other than the General Partner) shall agree not to resign at any
		time without 15 days’ prior notice and may be removed at any time, with or
		without cause, by notice of removal approved by holders of a majority of the
		Class A Common Units (subject to the terms of any Unit Designation). Upon
		dissolution, death, incapacity, removal or resignation of the Liquidator, a
		successor and substitute Liquidator (who shall have and succeed to all rights,
		powers and duties of the original Liquidator) shall within 30 days thereafter
		be approved by the General Partner (or, in the case of the removal of the
		Liquidator by holders of units, by holders of a majority of the Units (subject
		to the terms of any Unit Designation)). The right to approve a successor or
		substitute Liquidator in the manner provided herein shall be deemed to refer
		also to 

	  

	 31

	 

	 
	 

	 
	  

	 any such
		successor or substitute Liquidator approved in the manner herein provided.
		Except as expressly provided in this Section 9.4, the Liquidator approved in
		the manner provided herein shall have and may exercise, without further
		authorization or consent of any of the parties hereto, all of the powers
		conferred upon the General Partner under the terms of this Agreement (but
		subject to all of the applicable limitations, contractual and otherwise, upon
		the exercise of such powers) necessary or appropriate to carry out the duties
		and functions of the Liquidator hereunder for and during the period of time
		required to complete the winding up and liquidation of the Partnership as
		provided for herein. 

	  

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

	  

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

	  

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

	  

	  

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

	  

	 
		32

		

		
		

		 

	  

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

	  

	 ARTICLE X 

	  

	 MISCELLANEOUS

	  

	 Section 10.1 Amendment
		to the Agreement.

	  

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

	  

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

	  

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

	  

	 Section 10.3 Governing
		Law; Severability. This
		Agreement shall be governed by and construed in accordance with the laws of the
		State of Delaware without giving effect to 

	  

	 33

	 

	 
	 

	 
	  

	 the
		principles of conflict of laws thereof. In particular, this Agreement shall be
		construed to the maximum extent possible to comply with all of the terms and
		conditions of the Act. If, nevertheless, it shall be determined by a court of
		competent jurisdiction that any provisions or wording of this Agreement shall
		be invalid or unenforceable under the Act or other applicable law, such
		invalidity or unenforceability shall not invalidate this entire Agreement. In
		that case, this Agreement shall be construed so as to limit any term or
		provision to make it enforceable or valid within the requirements of applicable
		law, and, in the event such term or provisions cannot be so limited, this
		Agreement shall be construed to omit such invalid or unenforceable provisions.
		If it shall be determined by a court of competent jurisdiction that any
		provisions relating to the distributions and allocations of the Partnership is
		invalid or unenforceable, this Agreement shall be construed or interpreted so
		as (a) to make it enforceable or valid and (b) to make the distributions and
		allocations as closely equivalent to those set forth in this Agreement as is
		permissible under applicable law.

	  

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

	  

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

	  

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

	  

	 34

	 

	 
	 

	 
	  

	 the
		transfer of all or any portion of such Partner’s Interest and
		(ii) extend to such Partner’s successors, assigns and legal
		representatives.

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 35

	 

	 
	 

	 
	  

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

	  

	 
			 	 	
				GENERAL
				  PARTNER:
 
	 	 	
				 

				FIG
				  CORP.,

				a
				  Delaware corporation
 
	 	 	 	 
	 	 	
				By: 

					/s/ Randal A. Nardone 
	 	 	 	
				Name:
				  Randal A. Nardone
 
	 	 	 	
				Title:
				  Chief Operating Officer
 
	 	 	
				 

				LIMITED
				  PARTNERS:
 
	 	 	 
	 	 	/s/ Wesley R. Edens
	 	 	
				Wesley
				  R. Edens
 
	 	 	 
	 	 	 /s/ Peter L. Briger, Jr.
	 	 	
				Peter L.
				  Briger, Jr.
 
	 	 	 
	 	 	 /s/ Michael E. Novogratz
	 	 	
				Michael
				  E. Novogratz
 
	 	 	 
	 	 	/s/ Randal A. Nardone
	 	 	
				Randal
				  A. Nardone
 
	 	 	
				 

				ALDEL
				  LLC
 
	 	 	 	 
	 	 	
				By: 

					/s/ Robert I. Kauffman 
	 	 	 	
				Name:
				  Robert I. Kauffman
 
	 	 	 	
				Title:
				  Sole Member
 

 

	 

	 FORTRESS
		OPERATING ENTITY I LP

	 

		Amended
		  and Restated Agreement of Limited Partnership - Signature Page 

		

	  

	 

	 
	 

	 
	 SCHEDULE
		A

	  

	 PARTNERS* 

	  

	 General
		Partner

	 

	 FIG
		Corp.

	 

	 Limited
		Partners

	 

	 Peter L.
		Briger, Jr. 

	 Wesley
		R. Edens

	 Randal
		A. Nardone 

	 Michael
		E. Novogratz

	 Aldel
		LLC

	 

		
		  

		  
 

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

		   

		  

		  
		  

		   
 

	 EXHIBIT
		A

	  

	 CERTIFICATE
		OF OWNERSHIP OF COMMON UNITS

	 OF
		FORTRESS OPERATING ENTITY I LP

	  

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

	  

	 Certificate
		Number _________                                                                                       
		___________ Class [A/B] Common Units

	  

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

	  

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

	  

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

	  

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

	  

	 Dated:
		______________________

	  

	 
			 	 	
				FORTRESS
				  OPERATING ENTITY I LP,

				a
				  Delaware limited partnership
 
	 	 	
				 

				By: 

					
				 

				FIG
				  CORP.,

				its
				  general partner
 
	 	 	 	 
	 	 	
				By: 

					 
	 	 	 	
				Name:

				
	 	 	 	
				Title:AMENDED
		AND RESTATED 

	  

	 AGREEMENT
		OF LIMITED PARTNERSHIP

	  

	 OF

	  

	 FORTRESS
		OPERATING ENTITY II LP

	  

	 Dated
		as of February 1, 2007

	  

	 
		

		
 

	  

	 

	 
	 

	 
	 TABLE
		OF CONTENTS

	  

	 
			 	 	
				Page

				
	
				ARTICLE I
				  DEFINITIONS
 	
				1

				
	
				Section 1.1

					
				Definitions

					
				1

				
	 	 	 
	
				ARTICLE II
				  GENERAL PROVISIONS
 	
				10

				
	
				Section 2.1

					
				Organization

					
				10

				
	
				Section 2.2

					
				Partnership
				  Name
 	
				11

				
	
				Section 2.3

					
				Registered
				  Office, Registered Agent
 	
				11

				
	
				Section 2.4

					
				Certificates

					
				11

				
	
				Section 2.5

					
				Nature
				  of Business; Permitted Powers
 	
				11

				
	
				Section 2.6

					
				Fiscal
				  Year
 	
				11

				
	
				Section 2.7

					
				Perpetual
				  Existence
 	
				11

				
	
				Section 2.8

					
				Limitation
				  on Partner Liability
 	
				11

				
	
				Section 2.9

					
				Indemnification

					
				11

				
	
				Section 2.10

					
				Exculpation

					
				12

				
	
				Section 2.11

					
				Fiduciary
				  Duty
 	
				12

				
	
				Section 2.12

					
				Confidentiality

					
				13

				
	
				Section 2.13

					
				Insurance

					
				14

				
	
				Section 2.14

					
				Representations
				  and Warranties
 	
				15

				
	 	 	 
	
				ARTICLE III
				  INTERESTS AND ADMISSION OF PARTNERS
 	
				15

				
	
				Section 3.1

					
				Units

					
				15

				
	
				Section 3.2

					
				Issuance
				  of Additional Units
 	
				16

				
	
				Section 3.3

					
				Schedule
				  A
 	
				17

				
	 	 	 
	
				ARTICLE IV
				  VOTING AND MANAGEMENT
 	
				18

				
	
				Section 4.1

					
				General
				  Partner: Power and Authority
 	
				18

				
	
				Section 4.2

					
				Books
				  and Records; Accounting
 	
				19

				
	
				Section 4.3

					
				Expenses

					
				19

				
	
				Section 4.4

					
				Partnership
				  Tax and Information Returns
 	
				19

				
	 	 	 
	
				ARTICLE V
				  CONTRIBUTIONS AND CAPITAL ACCOUNTS
 	
				20

				
	
				Section 5.1

					
				Capital
				  Contributions
 	
				20

				
	
				Section 5.2

					
				Capital
				  Accounts
 	
				20

				
	 	 	 
	
				ARTICLE VI
				  ALLOCATIONS
 	
				23

				
	
				Section 6.1

					
				Allocations
				  for Capital Account Purposes
 	
				23

				
	
				Section 6.2

					
				Allocations
				  for Tax Purposes
 	
				26

				
	 	 	 
	
				ARTICLE VII
				  DISTRIBUTIONS
 	
				28

				
	
				Section 7.1

					
				Distributions

					
				28

				
	
				Section 7.2

					
				Distributions
				  in Kind
 	
				28

				
	
				Section 7.3

					
				Tax
				  Distributions
 	
				28

				
	
				Section 7.4

					
				Pre-IPO
				  Minimum Distribution
 	
				29

				
	
				Section 7.5

					
				Expense
				  Amount Distributions
 	
				29

				

 

	  

	 i

	 
		

		
		

		
 

	 
			
				ARTICLE VIII
				  TRANSFER OR ASSIGNMENT INTEREST; CESSATION OF PARTNER
				  STATUS
 	
				30

				
	
				Section 8.1

					
				Transfer
				  and Assignment of Interest
 	
				
				  30

				  
 
	
				Section 8.2

					
				Withdrawal
				  of General Partner
 	
				
				  30

				  
 
	
				Section 8.3

					
				Cessation
				  of Status as a Partner
 	
				
				  30

				  
 
	 	 	 
	
				ARTICLE IX
				  DISSOLUTION
 	
				30

				
	
				Section 9.1

					
				Duration
				  and Dissolution
 	
				
				  30

				  
 
	
				Section 9.2

					
				Distribution
				  of Assets
 	
				
				  31

				  
 
	
				Section 9.3

					
				Notice
				  of Liquidation
 	
				
				  31

				  
 
	
				Section 9.4

					
				Liquidator

					
				
				  31

				  
 
	
				Section 9.5

					
				Liquidation

					
				31

				
	 	 	 
	
				ARTICLE X
				  MISCELLANEOUS
 	
				33

				
	
				Section 10.1

					
				Amendment
				  to the Agreement
 	
				
				  33

				  
 
	
				Section 10.2

					
				Successors,
				  Counterparts
 	
				
				  33

				  
 
	
				Section 10.3

					
				Governing
				  Law; Severability
 	
				
				  33

				  
 
	
				Section 10.4

					
				Arbitration

					
				33

				
	
				Section 10.5

					
				Filings

					
				
				  34

				  
 
	
				Section 10.6

					
				Power
				  of Attorney
 	
				
				  34

				  
 
	
				Section 10.7

					
				Headings

					
				34

				
	
				Section 10.8

					
				Additional
				  Documents
 	
				
				  34

				  
 
	
				Section 10.9

					
				Notices

					
				
				  34

				  
 
	
				Section 10.10

					
				Waiver
				  of Right to Partition
 	
				
				  35

				  
 
	
				Section 10.11

					
				Entire
				  Agreement
 	
				
				  35

				  
 

 

	  

	 ii

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 ARTICLE I

	  

	 DEFINITIONS

	  

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

	  

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

	  

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

	  

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

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 2

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 3

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 4

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 5

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 6

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 7

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 "Presumed
		Tax Rate" means the effective combined Federal, state and local
		income tax rate applicable to either a natural person or corporation,
		whichever is higher, residing in New York, New York, taxable at the
		highest marginal Federal income tax rate and the highest marginal New
		York State and New York City income tax rates ((taking into account
		the character of the income) and after giving effect to the Federal
		income tax deduction for such state and local income taxes and
		disregarding the effects of Code Sections 67 and 68 (or
		successor provisions thereto).)

	  

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

	  

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

	  

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

	  

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

	  

	 8

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 9

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 ARTICLE II

	  

	 GENERAL
		PROVISIONS

	  

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

	  

	 10

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 Section 2.9 Indemnification.

	  

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

	  

	 11

	  

	 

	 
	 

	 
	  

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

	  

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

	  

	 Section 2.10 Exculpation.

	  

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

	  

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

	  

	 Section 2.11 Fiduciary
		Duty.

	  

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

	  

	 12

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 Section 2.12 Confidentiality.

	  

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

	  

	 13

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

	 14

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 ARTICLE III

	  

	 INTERESTS
		AND ADMISSION OF PARTNERS

	  

	 Section 3.1 Units.

	  

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

	  

	 15

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 16

	  

	 

	 
	 

	 
	  

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

	  

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

	  

	 17

	  

	 

	 
	 

	 
	  

	 ARTICLE IV

	  

	 VOTING
		AND MANAGEMENT

	  

	 Section 4.1 General
		Partner: Power and Authority.
		

	  

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

	  

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

	  

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

	  

	 18

	  

	 

	 
	 

	 
	  

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

	  

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

	  

	 Section 4.4 Partnership
		Tax and Information Returns.

	  

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

	  

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

	  

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

	  

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

	  

	 19

	  

	 

	 
	 

	 
	  

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

	  

	 ARTICLE V

	  

	 CONTRIBUTIONS
		AND CAPITAL ACCOUNTS

	  

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

	  

	 Section 5.2 Capital
		Accounts.
		

	  

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

	  

	 20

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 21

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 22

	  

	 

	 
	 

	 
	  

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

	  

	 ARTICLE VI

	  

	 ALLOCATIONS

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 23

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 24

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	 (ix) Curative
		Allocation.
		

	  

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

	  

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

	  

	 25

	  

	 

	 
	 

	 
	  

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

	  

	 Section 6.2 Allocations
		for Tax Purposes.
		

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 26

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 27

	  

	 

	 
	 

	 
	  

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

	  

	 ARTICLE VII

	  

	 DISTRIBUTIONS

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 28

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 29

	  

	 

	 
	 

	 
	  

	 ARTICLE VIII

	  

	 TRANSFER
		OR ASSIGNMENT INTEREST; CESSATION OF PARTNER STATUS

	  

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

	  

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

	  

	 Section 8.3 Cessation
		of Status as a Partner.

	  

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

	  

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

	  

	 ARTICLE IX

	  

	 DISSOLUTION

	  

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

	  

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

	  

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

	  

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

	  

	 30

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 31

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

	  

	 32

	  

	 

	 
	 

	 
	  

	 ARTICLE X 

	  

	 MISCELLANEOUS

	  

	 Section 10.1 Amendment
		to the Agreement.

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 33

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

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

	  

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

	  

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

	  

	 34

	  

	 

	 
	 

	 
	  

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

	  

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

	  

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

	  

	 35

	  

	 

	 
	 

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

	 
			 	 	 
	 	
				GENERAL
				  PARTNER:

				 

				FIG
				  CORP.,

				a
				  Delaware corporation
 
	 
 	 
 	 
 
	 	By:  	/s/ Randal A.
				Nardone
	 	
				
				  
 

				Name:
				  Randal A. Nardone

				Title: Chief Operating
				  Officer
 

 

	 
			 	 	 
	 	 	 
	 	 	
				LIMITED
				  PARTNERS:

				 
 
	 	 	/s/ Wesley R.
				Edens
	 	
				
				  
Wesley
				  R. Edens
 

 

	 
			 	 	 
	 	 	/s/ Peter L.
				Briger, Jr.
	 	
				
				  
Peter
				  L. Briger, Jr.
 

 

	 
			 	 	 
	 	 	/s/ Michael
				E. Novogratz
	 	
				
				  
Michael
				  E. Novogratz
 

 

	 
			 	 	 
	 	 	/s/ Randal A.
				Nardone
	 	
				
				  
Randal
				  A. Nardone
 

 

	 
			 	 	 
	 	 	 
	 	ALDEL
				LLC
	 	 	 
	 	By:  
					/s/ Robert I.
				Kauffman
	 	
				
				  
 

				Name:
				  Robert I. Kauffman

				Title:
				  Sole Member
 
	 	 
	
				 FORTRESS
				  OPERATING ENTITY II LP
 

 

	  

	 Amended
		and Restated Agreement of Limited Partnership
		–
		Signature Page

	  

	 

	 
	 

	 
	 
 

	 SCHEDULE
		A

	  

	 PARTNERS*

	  

	 

	 General
		Partner

	 

	 FIG
		Corp.

	 

	 Limited
		Partners

	 

	 Peter
		L. Briger, Jr. 

	 Wesley
		R. Edens

	 Randal
		A. Nardone 

	 Michael
		E. Novogratz

	 Aldel
		LLC

	 
		
		   
			 
				
 
 

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

	  

	 

	 
	 

	 
	 EXHIBIT
		A

	  

	 CERTIFICATE
		OF OWNERSHIP OF COMMON UNITS

	 OF
		FORTRESS OPERATING ENTITY II LP

	  

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

	  

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

 

	  

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

	  

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

	  

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

	  

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

	  

	 Dated:
		______________________

	 
			 	 	 
	 	
				FORTRESS
				  OPERATING ENTITY II LP,

				a
				  Delaware limited partnership
 
	 
 	 
 	 
 
	 	  By:
				 	
				FIG
				  CORP.,

				its
				  general partner
 
	 	 	 
	 	By:  	 
	 	
				
				  
 

				Name:

				Title:

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