Document:

Exhibit 10.2

 

AMENDED AND RESTATED PROPERTY
MANAGEMENT AGREEMENT

 

THIS
AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of January 21,
2010, by and among Reit Management & Research LLC, a Delaware limited
liability company (“Managing Agent”), and
HRPT Properties Trust, a Maryland real estate investment trust (the “Company”),
on behalf of itself and those of its subsidiaries as may from time to time own
properties subject to this Agreement (each, an “Owner”
and, collectively, “Owners”).

 

W I T N E S S E T H :

 

WHEREAS, Owners and Managing Agent are parties to an
Amended and Restated Master Management Agreement, dated as of January 1,
2006 (as amended, the “Original Agreement”), pursuant to which Owners
have engaged Managing Agent to manage certain of the office, industrial and
other commercial properties (such types of properties, the “Properties”)
from time to time subject to this Agreement (the “Managed
Premises”); and

 

WHEREAS, Owners and
Managing Agent wish to amend and restate the Original Agreement as hereinafter
provided;

 

NOW,
THEREFORE, in consideration of the premises and the
agreements herein contained, Owners and Managing Agent hereby agree that the
Original Agreement is hereby amended and restated to read in its entirety as
follows:

 

1.             Engagement.  Subject to the terms and conditions
hereinafter set forth, Owners hereby continue to engage Managing Agent to
provide the property management and administrative services with respect to the
Managed Premises contemplated by this Agreement.  Managing Agent hereby accepts such continued
engagement as managing agent and agrees to devote such time, attention and
effort as may be appropriate to operate and manage the Managed Premises in a
diligent, orderly and efficient manner. 
Managing Agent may subcontract out some or all of its obligations
hereunder to third party managers; provided, however, that, in
any such event, Managing Agent shall be and remain primarily liable to Owners
for performance hereunder.

 

Notwithstanding anything to the contrary set forth in this Agreement,
the services to be provided by Managing Agent hereunder shall exclude all
services (including, without limitation, any garage management or cafeteria
management services) whose performance by a manager to any Owner could give
rise to an Owner’s receipt of “impermissible tenant service income” as defined
in §856(d)(7) of the Internal Revenue Code of 1986 (as amended or
superseded hereafter) or could in any other way jeopardize an Owner’s federal
or state tax qualification as a real estate

 

 

investment trust.  Managing Agent shall not perform any such
service and if, in the event Managing Agent shall inadvertently perform any
such service, no compensation therefor shall be paid or payable hereunder.

 

2.             General Parameters.  Any or all services may be performed or goods
purchased by Managing Agent under arrangements jointly with or for other
properties owned or managed by Managing Agent and the costs shall be reasonably
apportioned.  Managing Agent may employ
personnel who are assigned to work exclusively at the Managed Premises or
partly at the Managed Premises and other buildings owned and/or managed by
Managing Agent.  Wages, benefits and
other related costs of centralized accounting personnel and employees employed
by Managing Agent and assigned to work exclusively or partly at the Managed
Premises shall be fairly apportioned and reimbursed, pro rata, by Owners in
addition to the Fee and Construction Supervision Fee (each as defined in Section 6).

 

3.             Duties.  Without limitation, Managing Agent agrees to
perform the following specific duties:

 

(a)     To seek tenants for the Managed Premises in
accordance with market rents and to negotiate leases including renewals thereof
and to lease space to tenants, at rentals, and for periods of occupancy all on
market terms.  To employ appropriate
means in order that the availability of rental space is made known to potential
tenants, including, but not limited to, the employment of brokers.  The brokerage and legal expenses of
negotiating such leases and leasing such space shall be paid by the applicable
Owner.

 

(b)     To collect all rents and other income from
the Managed Premises and to give receipts therefor, both on behalf of Owners,
and deposit such funds in such banks and such accounts as are named, from time
to time, by Owners, in agency accounts for and under the name of Owners.
Managing Agent shall be empowered to sign disbursement checks on these
accounts.

 

(c)     To make contracts for and to supervise any repairs
and/or alterations to the Managed Premises, including tenant improvements and
decoration of rental space on reasonable commercial terms.

 

(d)     For Owners’ account and at its expense, to
hire, supervise and discharge employees as required for the efficient operation
and maintenance of the Managed Premises.

 

(e)     To obtain, at Owners’ expense, appropriate
insurance for the Managed Premises protecting Owners and Managing Agent while
acting on behalf of Owners against all normally insurable risks relating to the
Managed Premises and complying with

 

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the requirements of Owners’
mortgagee, if any, and to cause the same to be provided and maintained by all
tenants with respect to the Managed Premises to the extent required by the
terms of such tenants’ leases. 
Notwithstanding the foregoing, Owners may determine to purchase
insurance directly for their own account.

 

(f)      To promptly notify the applicable Owner’s
insurance carriers, as required by the applicable policies, of any casualty or
injury to person or property at the Managed Premises, and complete customary
reports in connection therewith.

 

(g)     To procure seasonably all supplies and
other materials necessary for the proper operation of the Managed Premises, at
Owners’ expense.

 

(h)     To pay promptly from rental receipts, other
income derived from the Managed Premises, or other monies made available by
Owners for such purpose, all costs incurred in the operation of the Managed
Premises which are expenses of Owners hereunder, including wages or other
payments for services rendered, invoices for supplies or other items furnished
in relation to the Managed Premises, and pay over forthwith the balance of such
rental receipts, income and monies to Owners or as Owners shall from time to
time direct.  (In the event that the sum
of the expenses to operate and the compensation due Managing Agent exceed gross
receipts in any month and no excess funds from prior months are available for
payment of such excess, Owners shall pay promptly the amount of the deficiency
thereof to Managing Agent upon receipt of statements therefor.)

 

(i)      To keep Owners apprised of any material
developments in the operation of the Managed Premises.

 

(j)      To establish reasonable rules and
regulations for tenants of the Managed Premises.

 

(k)     On behalf of and in the name of Owner, to
institute or defend, as the case may be, any and all legal actions or
proceedings relating to operation of the Managed Premises.

 

(l)      To maintain the books and records of
Owners reflecting the management and operation of the Managed Premises, making
available for reasonable inspection and examination by Owners or its
representatives, all books, records and other financial data relating to the
Managed Premises.

 

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(m)    To prepare and deliver seasonably to tenants
of the Managed Premises such statements of expenses or other information as
shall be required on the landlord’s part to be delivered to such tenants for
computation of rent, additional rent, or any other reason.

 

(n)     To aid, assist and cooperate with Owners in
matters relating to taxes and assessments and insurance loss adjustments,
notify Owners of any tax increase or special assessments relating to the
Managed Premises and to enter into contracts for tax abatements services.

 

(o)     To provide such emergency services as may
be required for the efficient management and operation of the Managed Premises
on a 24-hour basis.

 

(p)     To enter into contracts on commercially reasonable
terms for utilities (including, without limitation, water, fuel, electricity
and telephone) and for building services (including, without limitation,
cleaning of windows, common areas and tenant space, ash, rubbish and garbage  hauling, snow plowing, landscaping, carpet
cleaning and vermin extermination), and for other services as are appropriate
to first class office space.

 

(q)     To seek market terms for all items
purchased or services contracted by it under this Agreement.

 

(r)      To take such action generally consistent
with the provisions of this Agreement as Owners might with respect to the
Managed Premises if personally present.

 

(s)     To, from time to time, or at any time
requested by the Board of Trustees of the Company (the “Trustees”), make
reports of its performance of the foregoing services to the Company.

 

4.             Authority.  Owners give to Managing Agent the authority
and powers to perform the foregoing duties on behalf of Owners and authorize
Managing Agent to incur such reasonable expenses, specifically contemplated in Section 2,
on behalf of Owners as are necessary in the performance of those duties.

 

5.             Special Authority of
Managing Agent.  In
addition to, and not in limitation of, the duties and authority of Managing
Agent contained herein, Managing Agent shall perform the following duties:

 

(a)     Terminate tenancies and sign and serve in
the name of Owners such notices therefor as may be required for the proper
management of the Managed Premises.

 

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(b)     At Owners’ expense, institute and prosecute
actions to evict tenants and recover possession of rental space, and recover
rents and other sums due; and when expedient, settle, compromise and release
such actions or suits or reinstate such tenancies.

 

6.             Compensation.

 

(a)     In consideration of the services to be
rendered by Managing Agent hereunder, Owners agree to pay and Managing Agent
agrees to accept as its sole compensation (i) a management fee (the “Fee”) equal to three percent (3%) of the gross
collected rents actually received by Owners from the Managed Premises, such
gross rents to include all fixed rents, percentage rents, additional rents,
operating expense and tax escalations, and any other charges paid to Owners in
connection with occupancy of the Managed Premises, but excluding any amounts
collected from tenants to reimburse Owners for the cost of capital improvements
or for expenses incurred in curing any tenant default or in enforcing any
remedy against any tenant; and (ii) a construction supervision fee (the “Construction Supervision Fee”) in connection
with all interior and exterior construction renovation or repair activities at
the Managed Premises, including, without limitation, all tenant and capital
improvements in, on or about the Managed Premises, undertaken during the term
of this Agreement, other than ordinary maintenance and repair, equal to five
percent (5%) of the cost of such construction which shall include the costs of
all related professional services and the cost of general conditions.

 

(b)     Unless otherwise agreed, the Fee shall be
due and payable monthly, in arrears based on a reasonable annual estimate or
budget with an annual reconciliation within thirty (30) days after the end of
each calendar year.  The Construction Supervision
Fee shall be due and payable periodically, as agreed by Managing Agent and
Owners, based on actual costs incurred to date.

 

(c)     Notwithstanding anything herein to the
contrary, Owners shall reimburse Managing Agent for reasonable travel expenses incurred
when traveling to and from the Managed Premises while performing its duties in
accordance with this Agreement; provided, however, that,
reasonable travel expenses shall not include expenses incurred for travel to
and from the Managed Premises by personnel assigned to work exclusively at the
Managed Premises.

 

(d)     Managing Agent shall be entitled to no
other additional compensation, whether in the form of commission, bonus or the
like for its services under this Agreement. 
Except as otherwise specifically provided herein with respect to payment
by Owners of legal fees, accounting fees, salaries, wages, fees and charges of
parties hired by Managing Agent on behalf of Owners to perform operating and
maintenance functions in the Managed Premises, and the like, if Managing Agent
hires third parties to perform services required to be performed hereunder by
Managing Agent without additional charge to Owners, Managing Agent shall
(except to the extent the same are reasonably

 

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attributable to an emergency at the
Managed Premises) be responsible for the charges of such third parties.

 

7.             Term of Agreement.  This Agreement shall continue in force and
effect until December 31, 2010, and shall be automatically renewed for
successive one year terms annually thereafter unless notice of non-renewal is
given by the Company, on behalf of itself and Owners,  or Managing Agent before the end of the term.  It is expected that the terms and conditions
may be reviewed by the Independent Trustees as defined in the Company’s Bylaws,
as amended as of the date hereof (the “Independent Trustees”), of the
Compensation Committee of the Board of Trustees of the Company at least
annually.

 

Notwithstanding any other
provision of this Agreement to the contrary, this Agreement, or any extension
thereof, may be terminated (a) by either the Company, on behalf of itself
and the Owners, or Managing Agent upon sixty (60) days’ written notice to the
other party, which termination, if by the Company, must be approved by a
majority vote of the Independent Trustees of the Compensation Committee of the
Board of Trustees of the Company, or if by Managing Agent, must be approved by
a majority vote of the directors of Managing Agent; and (b) by Managing
Agent upon five (5) business days written notice to the Company if there
is a Change of Control.  This Agreement
may be terminated with respect to less than all of the properties comprising
the Managed Premises to accommodate any sale of some properties comprising the
Managed Premises with Managing Agent’s consent.

 

For purposes of this
Agreement, a “Change of Control” shall mean:  (a) the acquisition by any person or
entity, or two or more persons or entities acting in concert, of beneficial
ownership (such term, for purposes of this Section 7, having the
meaning provided such term in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended) of 9.8% or more, or rights, options or warrants to acquire
9.8% or more, or any combination thereof, of the Company’s outstanding common
shares of beneficial interest or other voting interests of the Company,
including voting proxies for such shares, or the power to direct the management
and policies of the Company, directly or indirectly (excluding Managing Agent
and its affiliates and persons or entities that beneficially own 9.8% or more
of the Company’s outstanding common shares of beneficial interest as of
immediately prior to the execution and delivery of this Agreement by the
parties hereto); (b) the merger or consolidation of the Company with or
into any other entity (other than the merger or consolidation of any entity
into the Company that does not result in a Change in Control of the Company
under clauses (a), (c), or (d) of this definition); (c) any one or
more sales or conveyances to any person or entity of all or any material
portion of the assets (including capital stock or other equity interests) or
business of the Company and its subsidiaries taken as a whole; or (d) the
cessation, for any reason, of the individuals who at the beginning of any 36
consecutive month period constituted the Trustees (together with any new
trustees whose election by the Trustees or whose nomination for election by the
shareholders of the Company was approved by a vote of a majority of the
trustees then still in office who were either trustees at the beginning of any
such period or whose election or nomination for election was previously so
approved) to constitute a majority of the Trustees then in office; provided, however,
a Change of Control of the Company shall not include the acquisition by any
person or entity, or two or

 

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more persons or entities acting in concert, of
beneficial ownership of 9.8% or more of the Company’s outstanding common shares
of beneficial interest or other voting interests of the Company if such
acquisition is approved by the Trustees in accordance with the Company’s
organizational documents and if such acquisition is otherwise in compliance with
applicable law.

 

Section 8 hereof shall
govern the rights, liabilities and obligations of the parties upon termination
of this Agreement; and, except as provided in Section 8, such
termination shall be without further liability of either party to the other,
other than for breach or violation of this Agreement prior to termination.

 

8.             Termination or Expiration.  Upon termination or expiration of this
Agreement with respect to any of the Managed Premises for any reason
whatsoever, Managing Agent shall as soon as practicable turn over to Owners all
books, papers, funds, records, keys and other items relating to the management
and operation of such Managed Premises, including, without limitation, all
leases in the possession of Managing Agent and shall render to Owners a final
accounting with respect thereto through the date of termination.  Owners shall be obligated to pay all
compensation for services rendered by Managing Agent hereunder prior and up to
the effective time of such termination, including, without limitation, any Fees
and Construction Supervision Fees, and shall pay and reimburse to Managing
Agent all expenses and costs incurred by Managing Agent prior and up to the
effective time of such termination which are otherwise payable or reimbursable
to Managing Agent pursuant to the terms of this Agreement.  The amount of such fees paid as compensation
pursuant to the foregoing sentence shall be subject to adjustment in accordance
with the annual reconciliation contemplated by Section 6(b) and
consistent with past practices in performing such reconciliation.

 

9.             Assignment of Rights and
Obligations.

 

(a)     Without Owners’ prior written consent,
Managing Agent shall not sell, transfer, assign or otherwise dispose of or
mortgage, hypothecate or otherwise encumber or permit or suffer any encumbrance
of all or any part of its rights and obligations hereunder, and any transfer,
encumbrance or other disposition of an interest herein made or attempted in
violation of this paragraph shall be void and ineffective, and shall not be
binding upon Owners.  Notwithstanding the
foregoing, Managing Agent may assign its rights and delegate its obligations
under this Agreement to any successor in interest who shall acquire
substantially all the assets of Managing Agent and substantially all of the
personnel that are utilized by Managing Agent to perform services under this
Agreement.

 

(b)     Owners, without Managing Agent’s consent,
may assign its rights and obligations hereunder to any mortgagee with respect
to, or successor Owners of, the Managed Premises, but not otherwise.

 

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(c)     Consistent with the foregoing paragraphs (a) and
(b), the terms “Owners” and “Managing Agent” as used in this Agreement shall
mean the original parties hereto and their respective mortgagees, successors,
assigns, heirs and legal representatives.

 

10.           Indemnification and
Insurance.

 

(a)     Owners agree to defend, indemnify and hold
harmless Managing Agent from and against all costs, claims, expenses and liabilities
(including reasonable attorneys’ fees) arising out of Managing Agent’s
performance of its duties in accordance with this Agreement including, without
limitation, injury or damage to persons or property occurring in, on or about
the Managed Premises and violations or alleged violations of any law,
ordinance, regulation or order of any governmental authority regarding the
Managed Premises except any injury, damage or violation resulting from Managing
Agent’s fraud, gross negligence or willful misconduct in the performance of its
duties hereunder.

 

(b)     Owners and Managing Agent shall maintain
such commercially reasonable insurance as shall from time to time be mutually
agreed by Owners and Managing Agent.

 

11.           Notices.  Any notice, report or other communication
required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when delivered in person, upon confirmation of
receipt when transmitted by facsimile transmission, on the next business day if
transmitted by a nationally recognized overnight courier or on the third
business day following mailing by first class mail, postage prepaid, in each
case as follows (or at such other United States address or facsimile number for
a party as shall be specified by like notice):

 

If
to the Company or the Owners:

 

HRPT
Properties Trust

400 Centre Street

Newton, Massachusetts 02458

Attention:  President 

Facsimile No.:  (617) 332-2261

 

If
to Managing Agent:

 

Reit
Management & Research LLC

400 Centre Street

Newton, Massachusetts 02458

Attention:  President 

Facsimile No.:  (617) 928-1305

 

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12.           Limitation of Liability.

 

(a)   Neither
Owners nor Managing Agent shall be personally liable hereunder, all such
liability being limited in the case of Owners to the interest of Owners in the
Managed Premises and in the case of Managing Agent, to its interest hereunder.

 

(b)   The
Declarations of Trust establishing certain Owners, a copy of each, together
with all amendments thereto (the “Declarations”),
are duly filed with the Department of Assessments and Taxation of the State of
Maryland, provide that the names of such Owners refers to the trustees under
such Declarations collectively as trustees, but not individually or
personally.  No trustee, officer,
shareholder, employee or agent of such Owners shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against, such
Owners.  All persons and entities dealing
with such Owners, in any way, shall look only to the respective assets of such
Owners for the payment of any sum or the performance of any obligation of such
Owners.  In any event, all liability of
such Owners hereunder is limited to the interest of such Owners in the Managed
Premises and, in the case of Managing Agent, to its interest hereunder.

 

13.           Additional Properties.  Unless Owners and Managing Agent otherwise
agree in writing, all Properties from time to time acquired by Owners or their
affiliates shall automatically become subject to this Agreement without
amendment hereof.

 

14.           Modification of Agreement.  This Agreement may not be modified, altered or
amended in any manner except by an amendment in writing, duly executed by the
parties hereto.

 

15.           Independent Contractor.  This Agreement is not one of general agency
by Managing Agent for Owners, but one with Managing Agent engaged as an
independent contractor.  Nothing in this
Agreement is intended to create a joint venture, partnership, tenancy-in-common
or other similar relationship between Owners and Managing Agent for any
purposes whatsoever, and, without limiting the generality of the foregoing, neither
the terms of this Agreement nor the fact that Owners and Managing Agent have
joint interests in any one or more investments, ownership or other interests in
any one or more entities or may have common officers or employees or a tenancy
relationship shall be construed so as to make them such partners or joint
venturers or impose any liability as such on either of them.

 

16.           Law Governing.  This Agreement shall be governed by and in
accordance with the laws of The Commonwealth of Massachusetts.

 

17.           Successors and Assigns.  This Agreement shall be binding upon any
successors or permitted assigns of the parties hereto as provided herein.

 

9

 

18.           No Third Party Beneficiary.  Except as otherwise provided in Section 21(i),
no person or entity other than the parties hereto and their successors and
permitted assigns is intended to be a beneficiary of this Agreement.

 

19.           Severability.         If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired, unless the
provisions held invalid, illegal or unenforceable shall substantially impair
the benefits of the remaining provisions hereof.

 

20.           Survival.  The provisions of Sections  6, 8,
10, 11, 12, 16, 18, 19, 20, 21
and 22 of this Agreement shall survive the termination hereof.

 

21.           Arbitration.

 

(a)     Any disputes, claims or controversies
between the parties (i) arising out of or relating to this Agreement or
the provision of services by Managing Agent pursuant to this Agreement, or (ii) brought
by or on behalf of any shareholder of the Owners (which, for purposes of this Section 21,
shall mean any shareholder of record or any beneficial owner of shares of the
Owners, or any former shareholder of record or beneficial owner of shares of
the Owners), either on his, her or its own behalf, on behalf of the Owners or
on behalf of any series or class of shares of the Owners or shareholders of the
Owners against the Owners or any trustee, officer, manager (including Reit
Management & Research LLC or its successor), agent or employee of the
Owners, including disputes, claims or controversies relating to the meaning,
interpretation, effect, validity, performance or enforcement of this Agreement
or the Declarations of Trust or the Bylaws of the Owners (all of which are
referred to as “Disputes”), or relating in any way to such a Dispute or
Disputes shall, on the demand of any party to such Dispute be resolved through
binding and final arbitration in accordance with the Commercial Arbitration Rules (the
“Rules”) of the American Arbitration Association (“AAA”) then in
effect, except as those Rules may be modified in this Section 21.  For the avoidance of doubt, and not as a
limitation, Disputes are intended to include derivative actions against
trustees, officers or managers of the Owners and class actions by a shareholder
against those individuals or entities and the Owners.  For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.

 

(b)     There shall be three arbitrators.  If there are only two parties to the Dispute
(with, for purposes of this Section 21, any and all Owners involved
in the Dispute treated as one party), each party shall select one arbitrator
within 15 days after receipt by respondent of a copy of the demand for
arbitration.  Such arbitrators may be
affiliated or interested persons of such parties.  If either party fails to timely select an
arbitrator, the other party to the Dispute shall select the second arbitrator
who shall be neutral and 

 

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impartial and shall not be
affiliated with or an interested person of either party.  If there are more than two parties to the
Dispute, all claimants, on the one hand, and all respondents, on the other
hand, shall each select, by the vote of a majority of the claimants or the
respondents, as the case may be, one arbitrator.  Such arbitrators may be affiliated or
interested persons of the claimants or the respondents, as the case may
be.  If either all claimants or all
respondents fail to timely select an arbitrator then such arbitrator (who shall
be neutral, impartial and unaffiliated with any party) shall be appointed by
the parties who have appointed the first arbitrator.  The two arbitrators so appointed shall
jointly appoint the third and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within 15 days of the appointment of
the second arbitrator.  If the third
arbitrator has not been appointed within the time limit specified herein, then
the AAA shall provide a list of proposed arbitrators in accordance with the
Rules, and the arbitrator shall be appointed by the AAA in accordance with a
listing, striking and ranking procedure, with each party having a limited number
of strikes, excluding strikes for cause.

 

(c)     The place of arbitration shall be Boston,
Massachusetts unless otherwise agreed by the parties.

 

(d)     There shall be only limited documentary
discovery of documents directly related to the issues in dispute, as may be
ordered by the arbitrators.

 

(e)     In rendering an award or decision (the “Award”),
the arbitrators shall be required to follow the laws of The Commonwealth of
Massachusetts.  Any arbitration
proceedings or Award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. §1 et seq.  The
Award shall be in writing and may, but shall not be required to, briefly state
the findings of fact and conclusions of law on which it is based.

 

(f)      Except to the extent expressly provided by
this Agreement or as otherwise agreed by the parties, each party involved in a
Dispute shall bear its own costs and expenses (including attorneys’ fees), and
the arbitrators shall not render an award that would include shifting of any
such costs or expenses (including attorneys’ fees) or, in a derivative case or
class action, award any portion of the Owners’ award to the claimant or the
claimant’s attorneys.  Each party (or, if
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there
are more than two parties to the Dispute, all claimants, on the one hand, and
all respondents, on the other hand) shall equally bear the costs and expenses
of the third appointed arbitrator.

 

(g)     An Award shall be final and binding upon
the parties thereto and shall be the sole and exclusive remedy between such
parties relating to the Dispute, including any 

 

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claims, counterclaims,
issues or accounting presented to the arbitrators.  Judgment upon the Award may be entered in any
court having jurisdiction.  To the
fullest extent permitted by law, no application or appeal to any court of
competent jurisdiction may be made in connection with any question of law
arising in the course of arbitration or with respect to any award made except for
actions relating to enforcement of this agreement to arbitrate or any arbitral
award issued hereunder and except for actions seeking interim or other
provisional relief in aid of arbitration proceedings in any court of competent
jurisdiction.

 

(h)     Any monetary award shall be made and
payable in U.S. dollars free of any tax, deduction or offset.  Each party against which the Award assesses a
monetary obligation shall pay that obligation on or before the 30th day following
the date of the Award or such other date as the Award may provide.

 

(i)      This Section 21 is intended to
benefit and be enforceable by the shareholders, directors, officers, managers
(including Managing Agent or its successor), agents or employees of the Owners
and the Owners and shall be binding on the shareholders of the Owners and the
Owners, as applicable, and shall be in addition to, and not in substitution
for, any other rights to indemnification or contribution that such individuals
or entities may have by contract or otherwise.

 

22.           Consent to Jurisdiction
and Forum.  This Section 22
is subject to, and shall not in any way limit the application of, Section 21;
in case of any conflict between this Section 22 and Section 21,
Section 21 shall govern.  The
exclusive jurisdiction and venue in any action brought by any party hereto
pursuant to this Agreement shall lie in any federal or state court located in
Boston, Massachusetts.  By execution and
delivery of this Agreement, each party hereto irrevocably submits to the
jurisdiction of such courts for itself and in respect of its property with
respect to such action. The parties irrevocably agree that venue would be
proper in such court, and hereby waive any objection that such court is an
improper or inconvenient forum for the resolution of such action.  The parties further agree and consent to the
service of any process required by any such court by delivery of a copy thereof
in accordance with Section 11 and that any such delivery shall
constitute valid and lawful service of process against it, without necessity
for service by any other means provided by statute or rule of court.

 

23.           Entire Agreement.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
supersedes and cancels any pre-existing agreements with respect to such subject
matter.

 

24.           Other Agreements.    The
Company and Managing Agent are also parties to a Business Management Agreement,
dated as of the date hereof, as in effect from time to time (the “Business
Management Agreement”).  The parties
agree that this Agreement does not include or otherwise address the rights and
obligations of the parties under the Business Management Agreement and that the
Business Management Agreement provides for its own separate rights 

 

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and obligations of the
parties thereto, including without limitation separate compensation payable by
the Company to Managing Agent thereunder for services to be provided by the
Managing Agent pursuant to the Business Management Agreement.

 

 

[Signature Page To
Follow.]

 

13

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amended and Restated Property Management Agreement as a sealed
instrument as of the date above first written.

 

 

	
   

  	
   

  	
  MANAGING
  AGENT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REIT
  MANAGEMENT & RESEARCH LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  John G. Murray

  
	
   

  	
   

  	
  Name:
  John G. Murray

  
	
   

  	
   

  	
  Title:
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  OWNERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HRPT
  PROPERTIES TRUST, on its own behalf and on behalf of its subsidiaries

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  John A. Mannix

  
	
   

  	
   

  	
  Name:
  John A. Mannix

  
	
   

  	
   

  	
  Title: President and Chief
  Investment Officer

  

 

14Exhibit 10.1

 

INCREMENTAL AND EXTENSION
AGREEMENT, dated as of January 25, 2010 (this “Agreement”),
among LPL Investment Holdings, Inc., a Delaware corporation (“Holdings”),
LPL Holdings, Inc., a Massachusetts corporation (the “Borrower”),
the other Credit Parties signatory hereto (such term and each other capitalized
term used, but not defined in this preamble having the meanings provided in the
Credit Agreement (as defined below), the Incremental Revolving Credit
Commitment Increase Lenders signatory hereto, each 2013 Revolving Credit Lender
(as hereinafter defined), Morgan Stanley Senior Funding, Inc. (“MSSF”),
as  Administrative Agent, Letter of
Credit Issuer and Swingline Lender, and Morgan Stanley & Co. (“MS&Co”),
as Collateral Agent.  Capitalized terms
used in this Agreement, including in the preamble and recitals hereto, but not
defined in this Agreement shall have the meanings provided in the Second
Amended and Restated Credit Agreement, dated as of June 18, 2007 (as
amended by Amendment No. 1 thereto, dated as of December 9, 2009, and
as the same may be further amended, supplemented or otherwise modified from
time to time in accordance with the terms thereof and of the other Credit
Documents, the “Credit Agreement”), among Holdings, the Borrower, the
Lenders from time to time party thereto, MSSF, as Administrative Agent,
MS&Co, as Collateral Agent, and the other parties thereto.

 

WHEREAS, pursuant to the
Credit Agreement, the Lenders have extended, and have agreed to extend, credit
to the Borrower, in each case pursuant to the terms and subject to the
conditions set forth therein;

 

WHEREAS, pursuant to Section 2.14
of the Credit Agreement, the Borrower has requested that the Incremental
Revolving Credit Commitment Increase Lenders provide aggregate Incremental
Revolving Credit Commitment Increases under the Credit Agreement in an
aggregate principal amount of at least $50,000,000;

 

WHEREAS, the Incremental
Revolving Credit Commitment Increase Lenders party hereto are willing to
provide such Incremental Revolving Credit Commitment Increases to the Borrower
pursuant to the terms and subject to the conditions set forth in this
Agreement;

 

WHEREAS, pursuant to Section 2.15
of the Credit Agreement, the Borrower has requested that certain of the terms
of (a) the Revolving Credit Loans and Revolving Credit Commitments (in
each case, after giving effect to the Incremental Revolving Credit Commitment
Increase contemplated by this Agreement) of each Lender that executes and
delivers to the Administrative Agent (or its counsel), on or prior to 5:00p.m.,
New York City time, on January 22, 2010, a signature page to this
Agreement (each such Lender with respect to the amount of such Lender’s 2013
Revolving Credit Commitment set forth on such Lender’s signature page to this
Agreement being referred to as a “2013 Revolving Credit Lender”; and
each Lender with a Revolving Credit Commitment that does not so execute,
together with each Lender that does so execute but only with respect to the
amount of such Lender’s 2011 Revolving Credit Commitment set forth on such
Lender’s signature page to this Agreement being referred to as a “2011
Revolving Credit Lender”) and (b) the Letter of Credit Commitment and
Swingline Commitment, be modified as set forth in this Agreement;

 

WHEREAS, the 2013 Revolving
Credit Lenders are willing to agree to the modifications to their Revolving
Credit Loans and Revolving Credit Commitments on the terms

 

 

and subject to the conditions set forth in
this Agreement and the Letter of Issuer and Swingline Lender are willing to
agree to the modifications of the Letter of Credit Commitment and Swingline
Commitment, respectively, on the terms and subject to the conditions set forth
in this Agreement;

 

NOW, THEREFORE, in
consideration of the premises and covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree
as follows:

 

Section 1               Incremental Revolving Credit
Commitment Increase.

 

Subject to the terms and conditions set forth herein and in the Credit
Agreement, as of the 2010 Revolving Credit Increase Effective Date (as defined
in Section 6 of this Agreement), each Incremental Revolving Credit
Commitment Increase Lender providing an Incremental Revolving Credit Commitment
Increase hereunder agrees to increase the amount of its Revolving Credit
Commitment such that, after giving effect to such Incremental Revolving Credit
Increase, the amounts set forth opposite such Lender’s name on Schedule A to
this Agreement shall be such Lender’s new Revolving Credit Commitment, and that
such Schedule A shall be deemed to amend Schedule 1.1(b) to the Credit
Agreement for all purposes of the Credit Documents (all of the foregoing actions
described in this Section 1 collectively being the “2010 Revolving
Credit Increase”).  It is agreed that
(i) this Agreement shall be deemed to be an Incremental Agreement under
and as defined in Section 2.14(e) of the Credit Agreement, (ii) as
of the 2010 Revolving Credit Increase Effective Date, the commitments of each
Incremental Revolving Credit Commitment Increase Lender signatory hereto
pursuant to the 2010 Revolving Credit Increase shall be deemed to be “Revolving
Credit Commitments” for all purposes of the Credit Documents and (iii) the
Incremental Revolving Credit Increase provisions of Section 2.14(f) shall
be effected.

 

Section 2               Revolving Credit Loans and
Revolving Credit Commitments.

 

(a)  Immediately after the 2010 Revolving
Credit Increase Effective Date, but subject to the terms and conditions set
forth in this Agreement and in the Credit Agreement, as of the 2010 Revolving
Credit Extension Effective Date (as defined in Section 7 of this
Agreement), each 2013 Revolving Credit Lender agrees that (i) (x) its
Revolving Credit Loans and Revolving Credit Commitments will, to the extent of
its 2013 Revolving Credit Commitment set forth on its signature page hereto,
be exchanged to become 2013 Revolving Credit Loans and 2013 Revolving Credit
Commitments, respectively, pursuant to the provisions of Section 2.15 and Section 4.2(a) of
the Credit Agreement and (y) the remainder of its Revolving Credit Loans
and Revolving Credit Commitments will, to the extent of its 2011 Revolving
Credit Commitment set forth on its signature page hereto, remain
outstanding as 2011 Revolving Credit Loans and Revolving Credit Commitments,
respectively, on the same terms as in existence prior to the 2010 Revolving
Credit Increase Effective Date and (ii) the Revolving Credit Loans and
Revolving Credit Commitments of each 2011 Revolving Credit Lender that is not
party hereto shall remain outstanding as 2011 Revolving Credit Loans and 2011
Revolving Credit Commitments on the same terms as in existence prior to the
2010 Revolving Credit Increase Effective Date (the actions described in clause
(i)(x) above being the “2010 Revolving Credit Extension”).  Any Interest Periods and Eurodollar Rates in
effect for the Revolving Credit Loans immediately prior 

 

2

 

to the 2010 Revolving Credit Extension
Effective Date shall remain in effect for the 2011 Revolving Credit Loans and
2013 Revolving Credit Loans resulting from the effectiveness of this Agreement
on the 2010 Revolving Credit Extension Effective Date, notwithstanding that the
Applicable ABR Margin, the Applicable Eurodollar Margin and commitment fee
rates will change as of, and with effect from and after, the 2010 Revolving
Credit Extension Effective Date solely with respect to the 2013 Revolving
Credit Loans and the 2013 Revolving Credit Commitments.  It is agreed that this Agreement shall be
deemed to be an Extension Agreement under and as defined in Section 2.15(c) of
the Credit Agreement, that the 2011 Revolving Credit Commitments shall be
deemed to be “Existing Revolving Credit Commitments”, the 2011 Revolving Credit
Loans shall be deemed to be “Existing Revolving Credit Loans”, the 2013
Revolving Credit Commitments shall be deemed to be “Extended Revolving
Commitments”, the 2013 Revolving Credit Loans shall be deemed to be “Extended
Revolving Credit Loans”, the 2013 Revolving Credit Facility shall be deemed to
be an “Extended Revolving Credit Facility” and the 2013 Revolving Credit
Lenders shall be deemed to be “Extending Lenders”, in each case under and as
defined in Section 2.15 of the Credit Agreement.

 

(b)  Immediately after the 2010 Revolving
Credit Increase Effective Date, but subject to the terms and conditions set
forth in this Agreement and in the Credit Agreement, as of the 2010 Revolving
Credit Extension Effective Date, each of the Letter of Credit Issuer and the
Swingline Lender agrees to each of the amendments to the Credit Agreement set
forth in this Agreement and affecting, with respect to the Letter of Credit
Issuer, the Letter of Credit Commitment and the terms and conditions of Section 3
of the Credit Agreement and, with respect to the Swingline Lender, the
Swingline Commitment and the terms and conditions of Credit Agreement related
thereto.

 

Section 3                Amendments.

 

(a)           Section 1.1
of the Credit Agreement is hereby amended by adding the following definitions
in proper alphabetical order:

 

“2010 Revolving Credit Extension” shall have
the meaning provided in Section 2 of the Incremental and Extension
Agreement.

 

“2010 Revolving Credit Extension Effective Date”
shall have the meaning provided in Section 7 of the Incremental and
Extension Agreement.

 

“2010 Revolving Credit
Increase” shall have the meaning provided in Section 1 of the
Incremental and Extension Agreement.

 

“2010 Revolving Credit Increase Effective Date”
shall have the meaning provided in Section 6 of the Incremental and
Extension Agreement.

 

“2011 Final Date” shall mean, with respect to
2011 Revolving Credit Commitments, the date on which the 2011 Revolving Credit
Commitments shall have terminated, no 2011 Revolving Credit Loans shall be
outstanding and the 2011 Revolving Credit Lenders shall have no more Letter of
Credit Exposure with respect to their 2011 Revolving Credit Commitments and
2011 Revolving Credit Loans;

 

3

 

“2011 Revolving Credit Commitment” shall
mean, (a) with respect to each 2011 Revolving Credit Lender on the 2010
Revolving Credit Extension Effective Date which does not execute the
Incremental and Extension Agreement, the amount of the Revolving Credit
Commitment of such 2011 Revolving Credit Lender which shall terminate on the
2011 Revolving Credit Maturity Date, as such Revolving Credit Commitment may be
reduced from time to time pursuant to the terms hereof, (b) with respect
to each 2011 Revolving Credit Lender on the 2010 Revolving Credit Extension
Effective Date which does execute the Incremental and Extension Agreement, the
amount of such Lender’s 2011 Revolving Credit Commitment set forth on such
Lender’s signature page to the Incremental and Extension Agreement, as
such Revolving Credit Commitment may be reduced from time to time pursuant to
the terms hereof, (c) in the case of any Lender that receives an
assignment of any portion of a 2011 Revolving Credit Commitment that was held
by a 2011 Revolving Credit Lender on the 2010 Revolving Credit Extension
Effective Date, the amount specified as such Lender’s “Revolving Credit
Commitment” in the Assignment and Acceptance pursuant to which such Lender
assumed a portion of the Total 2011 Revolving Credit Commitment, as such
Revolving Credit Commitment may be reduced from time to time pursuant to the
terms hereof and (d) in the case of any 2011 Revolving Credit Lender that
increases its 2011 Revolving Credit Commitment or becomes an Incremental
Revolving Credit Commitment Increase Lender with respect to its 2011 Revolving
Credit Commitment, in each case pursuant to Section 2.14, the amount
specified in the applicable Incremental Agreement, as such Revolving Credit
Commitment may be reduced from time to time pursuant to the terms hereof.

 

“2011 Revolving Credit Commitment Percentage”
shall mean at any time, for each 2011 Revolving Credit Lender, the percentage
obtained by dividing (a) such Lender’s 2011 Revolving Credit Commitment at
such time by (b) the aggregate amount of the 2011 Revolving Credit
Commitments at such time; provided that at any time when the Total 2011
Revolving Credit Commitment shall have been terminated, each Lender’s 2011
Revolving Credit Commitment Percentage shall be its 2011 Revolving Credit
Commitment Percentage as in effect immediately prior to such termination.

 

“2011 Revolving Credit Facility” shall mean
the revolving credit facility represented by the 2011 Revolving Credit
Commitments.

 

“2011 Revolving Credit Lender” shall have the
meaning provided in the recitals to the Incremental and Extension Agreement.

 

“2011 Revolving Credit Loan” shall mean
Revolving Credit Loans made by any 2011 Revolving Credit Lenders pursuant to
its 2011 Revolving Credit Commitment.

 

“2011 Revolving Credit Maturity Date” shall
mean December 28, 2011.

 

“2013 Final Date” shall mean, with respect to
2013 Revolving Credit Commitments and Letters of Credit, the date on which the
2013 Revolving Credit Commitments shall have terminated, no 2013 Revolving
Credit Loans shall be 

 

4

 

outstanding and the 2013
Revolving Credit Lenders shall have no more Letter of Credit Exposure.

 

“2013 Revolving Credit Commitment” shall
mean, (a) with respect to each 2013 Revolving Credit Lender on the 2010
Revolving Credit Extension Effective Date, the amount set forth on such Lender’s
signature page to the Incremental and Extension Agreement, as such
Revolving Credit Commitment may be reduced from time to time pursuant to the
terms hereof, (b) in the case of any Lender that receives an assignment of
any portion of a 2013 Revolving Credit Commitment that was held by a 2013
Revolving Credit Lender on the 2010 Revolving Credit Extension Effective Date,
the amount specified as such Lender’s “Revolving Credit Commitment” in the
Assignment and Acceptance pursuant to which such Lender assumed a portion of
the Total 2013 Revolving Credit Commitment, as such Revolving Credit Commitment
may be reduced from time to time pursuant to the terms hereof and (c) in
the case of any 2013 Revolving Credit Lender that increases its 2013 Revolving
Credit Commitment or becomes an Incremental Revolving Credit Commitment
Increase Lender with respect to its 2013 Revolving Credit Commitment, in each
case pursuant to Section 2.14, the amount specified in the applicable
Incremental Agreement, as such Revolving Credit Commitment may be reduced from
time to time pursuant to the terms hereof.

 

“2013 Revolving Credit Commitment Percentage”
shall mean at any time, for each 2013 Revolving Credit Lender, the percentage
obtained by dividing (a) such Lender’s 2013 Revolving Credit Commitment at
such time by (b) the aggregate amount of the 2013 Revolving Credit
Commitments at such time; provided that at any time when the Total 2013
Revolving Credit Commitment shall have been terminated, each Lender’s 2013
Revolving Credit Commitment Percentage shall be its 2013 Revolving Credit
Commitment Percentage as in effect immediately prior to such termination.

 

“2013 Revolving Credit Facility” shall mean
the revolving credit facility represented by the 2013 Revolving Credit
Commitments.

 

“2013 Revolving Credit Lender” shall have the
meaning provided in the recitals to the Incremental and Extension Agreement.

 

“2013 Revolving Credit Loan” shall mean
Revolving Credit Loans made by any 2013 Revolving Credit Lenders pursuant to
its 2013 Revolving Credit Commitment.

 

“2013 Revolving Credit Maturity Date” shall
mean June 28, 2013.

 

“Incremental and Extension Agreement” shall
mean the Incremental and Extension Agreement, dated as of January 25,
2010, among Holdings, the Borrower, the other Credit Parties signatory thereto,
the Incremental Revolving Credit Commitment Increase Lenders signatory thereto,
the 2013 Revolving Credit Lenders signatory thereto, the Administrative Agent,
the Letter of Credit Issuer, the Swingline Lender and the Collateral Agent.

 

5

 

“Total 2011 Revolving Credit Commitment”
shall mean, on any date, the sum of the 2011 Revolving Credit Commitments on
such date of all 2011 Revolving Credit Lenders.

 

“Total 2013 Revolving Credit Commitment”
shall mean, on any date, the sum of the 2013 Revolving Credit Commitments on
such date of all 2013 Revolving Credit Lenders.

 

(b)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Applicable
ABR Margin” contained therein and replacing it with the following:

 

““Applicable ABR Margin” shall mean, at any
date, (a) with respect to the Tranche D Term Loans, (i) during any
period in which the Borrower’s corporate family rating by Moody’s is B2 or
less, 1.25% per annum, (ii) during any period in which the Borrower’s
corporate family rating by Moody’s is Ba3 or better, 0.75% per annum, and (iii) during
all other periods, 1.00% per annum, (b) with respect to 2011 Revolving
Credit Loans (and, for each day prior to the 2010 Revolving Credit Increase
Effective Date, the 2013 Revolving Credit Loans and the Swingline Loans), 1.00%
per annum, (c) with respect to 2013 Revolving Credit Loans and Swingline
Loans, 2.50% per annum.  Changes in the
Applicable ABR Margin resulting from changes in ratings from Moody’s shall
become effective on the date such rating shall have changed.”

 

(c)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Applicable
Eurodollar Margin” contained therein and replacing it with the following:

 

““Applicable Eurodollar Margin” shall mean,
at any date, (a) with respect to the Tranche D Term Loans, (i) during
any period in which the Borrower’s corporate family rating by Moody’s is B2 or
less, 2.25% per annum, (ii) during any period in which the Borrower’s
corporate family rating by Moody’s is Ba3 or better, 1.75% per annum, and (iii) during
all other periods, 2.00% per annum, (b) with respect to 2011 Revolving
Credit Loans (and, for each day prior to the 2010 Revolving Credit Increase
Effective Date, the 2013 Revolving Credit Loans), 2.00% per annum and (c) with
respect to 2013 Revolving Credit Loans, 3.50% per annum.  Changes in the Applicable Eurodollar Margin
resulting from changes in ratings from Moody’s shall become effective on the
date such rating shall have changed.”

 

(d)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Class”
contained therein and replacing it with the following:

 

““Class”,
when used in reference to any Loan or Borrowing, shall refer to whether such
Loan, or the Loans comprising such Borrowing, are 2011 Revolving Credit Loans,
2013 Revolving Credit Loans, Tranche D Term Loans, Incremental Term Loans,
Extended Term Loans (of the same Extension Series), Extended Revolving Credit
Loans (of the same Extension Series) other than 2013 Revolving Credit Loans,
Additional/Replacement Revolving Credit Loans (made pursuant to the same
tranche) or Swingline Loans and, when used in reference to any Commitment,
refers to whether such 

 

6

 

Commitment is a 2011 Revolving
Credit Commitment, a 2013 Revolving Credit Commitment, a Tranche D Term Loan
Commitment, an Incremental Term Loan Commitment, an Extended Revolving Credit
Commitment (of the same Extension Series) other than 2013 Revolving Credit
Commitments, an Additional/Replacement Revolving Credit Commitment (made
pursuant to the same tranche) or a Swingline Commitment.”

 

(e)           Section 1.1 of the
Credit Agreement is hereby amended by deleting the definition of “Credit
Facility” contained therein and replacing it with the following:

 

““Credit Facility” shall mean any of the
Tranche D Term Loan Facility, any Incremental Term Loan Facility, any Extended
Term Loan Facility, the 2011 Revolving Credit Facility, the 2013 Revolving
Credit Facility, any Extended Revolving Credit Facility other than the 2013
Revolving Credit Facility and any Additional/Replacement Revolving Credit
Facility.

 

(f)            Section 1.1 of the Credit Agreement
is hereby amended by deleting the definition of “Final Date” contained
therein and replacing it with the following:

 

““Final Date”
shall mean, in respect of the 2011 Revolving Credit Commitments, the 2011 Final
Date and, in respect of the 2013 Revolving Credit Commitments, the 2013 Final
Date.”

 

(g)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Mandatory
Borrowing” contained therein and replacing it with the following:

 

““Mandatory Borrowing” shall have the meaning
provided in Section 2.1(e).”

 

(h)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Maturity
Date” contained therein and replacing it with the following:

 

““Maturity Date” shall mean the Tranche D
Term Loan Maturity Date, the 2011 Revolving Credit Maturity Date, the 2013
Revolving Credit Maturity Date, any maturity date related to any tranche of
Additional/Replacement Revolving Credit Commitments, any Incremental Term Loan
Maturity Date, any maturity date related to any Extension Series of
Extended Term Loans and any  maturity
date related to any Extension Series of Extended Revolving Credit
Commitments other than 2013 Revolving Credit Commitments.”

 

(i)            Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Revolving
Credit Commitment” contained therein and replacing it with the following:

 

““Revolving Credit Commitment” shall mean, (a) with
respect to each Lender that is a Lender prior to the 2010 Revolving Credit
Increase Effective Date, the “Revolving Credit Commitments” as defined in the
Credit Agreement as in effect at any time prior to such date, (b) with respect
to each Lender that is a Lender on and after the 2010 Revolving Credit Increase
Effective Date but prior to the 2010 Revolving Credit 

 

7

 

Extension Effective Date,
the amount set forth opposite each Lender’s name on Schedule A to the
Incremental and Extension Agreement as such Lender’s “Revolving Credit
Commitment” and (c) with respect to each Lender that is a Lender on and
after the 2010 Revolving Credit Extension Effective Date, the sum of such Lender’s
2011 Revolving Credit Commitments and 2013 Revolving Credit Commitments.  The aggregate amount of Revolving Credit
Commitments in effect prior to the 2010 Revolving Credit Increase Effective
Date is $100,000,000.  The aggregate
amount of the Revolving Credit Commitments in effect on the 2010 Revolving
Credit Increase Effective Date is $218,212,250.”

 

(j)            Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Revolving
Credit Facility” contained therein and replacing it with the following:

 

““Revolving Credit Facility” shall mean the
collective reference to the 2011 Revolving Credit Facility and 2013 Revolving
Credit Facility.”

 

(k)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Revolving
Credit Loan” contained therein and replacing it with the following:

 

““Revolving Credit Loan” shall have the
meaning provided in Section 2.1(c), and shall include 2011 Revolving
Credit Loans and/or 2013 Revolving Credit Loans, as applicable.”

 

(l)            Section 1.1 of the Credit Agreement
is hereby amended by deleting the definition of “Revolving Credit Maturity
Date” in its entirety.

 

(m)          Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Swingline
Loan” contained therein and replacing it with the following:

 

““Swingline Loan” shall have the meaning
provided in Section 2.1(d).”

 

(n)           Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Swingline
Maturity Date” contained therein and replacing it with the following:

 

““Swingline Maturity Date”
shall mean, with respect to any Swingline Loan, the date that is five Business
Days prior to the 2013 Revolving Credit Maturity Date.

 

(o)           Section 2.1(b) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“Subject to and upon the terms and conditions herein
set forth including Section 2.4(d), each Lender having a Revolving Credit
Commitment severally agrees to make a loan or loans (each, a “Revolving
Credit Loan”) to the Borrower, which Revolving Credit Loans (i) shall
not exceed, for any such Lender, the Revolving Credit Commitment of such
Lender, (ii) shall not, after giving effect thereto and to the application
of the proceeds thereof, result in such Lender’s Revolving Credit Exposure at
such time exceeding such Lender’s Revolving Credit Commitment at such time, (iii) shall

 

8

 

not, after giving effect
thereto and to the application of the proceeds thereof, at any time result in
the aggregate amount of all Lenders’ Revolving Credit Exposures plus the
aggregate principal amount outstanding of all Swingline Loans at such time
exceeding the Total Revolving Credit Commitment then in effect, (iv) shall
be made at any time and from time to time after the Closing Date and, in the
case of Lenders with 2011 Revolving Credit Commitments, prior to the 2011
Revolving Credit Maturity Date and, in the case of Lenders with 2013 Revolving
Credit Commitments, prior to the 2013 Revolving Credit Maturity Date, (v) may
at the option of the Borrower be incurred and maintained as, and/or converted
into, ABR Loans or Eurodollar Loans; provided that all Revolving Credit
Loans made by each of the Lenders pursuant to the same Borrowing shall, unless
otherwise specifically provided herein, consist entirely of Revolving Credit
Loans of the same Type and (vi) may be repaid and reborrowed in accordance
with the provisions hereof.  With respect
to 2011 Revolving Credit Lenders, on the 2011 Revolving Credit Maturity Date,
all outstanding 2011 Revolving Credit Loans shall be repaid in full.  With respect to 2013 Revolving Credit
Lenders, on the 2013 Revolving Credit Maturity Date, all outstanding 2013
Revolving Credit Loans shall be repaid in full. 
For the avoidance of doubt, prior to the 2011 Revolving Credit Maturity
Date, all borrowings of Revolving Credit Loans under this Section 2.1(b) shall
be made by each Lender with a Revolving Credit Commitment pro  rata
based on each such Lender’s Revolving Credit Commitment Percentage without
regard to the Class of the Revolving Credit Commitments held by such
Lender.  For the avoidance of doubt,
commencing on the 2010 Revolving Credit Extension Effective Date, (i) each
2013 Revolving Credit Loan and each 2013 Revolving Credit Commitment of a 2013
Revolving Credit Lender shall be treated for all purposes of this Credit
Agreement as a 2013 Revolving Credit Loan and a 2013 Revolving Credit
Commitment, respectively, and (ii) each 2011 Revolving Credit Loan and
each 2011 Revolving Credit Commitment of a 2011 Revolving Credit Lender shall
be treated for all purposes of this Credit Agreement as a 2011 Revolving Credit
Loan and a 2011 Revolving Credit Commitment, respectively.”

 

(p)           Section 2.1(d) of
the Credit Agreement is hereby amended by (A) deleting the “(i)” at the
beginning thereof and (B) deleting the reference to “Section 2.1(e)(ii)”
therein and substituting therefor “Section 2.1(e)”.

 

(q)           Section 2.1(e) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“(e) On any Business Day, the Swingline Lender
may, in its sole discretion, give notice to the Lenders with Revolving Credit
Commitments, with a copy to the Borrower, that all then-outstanding Swingline
Loans shall be funded with a Borrowing of Revolving Credit Loans, in which case
Revolving Credit Loans constituting ABR Loans (each such Borrowing, a “Mandatory
Borrowing”) shall be made on the immediately succeeding Business Day by all
Lenders with Revolving Credit Commitments pro  rata based on each
such Lender’s Revolving Credit Commitment Percentage (regardless of the Class of
Revolving Credit Commitments held by such Lender), and the proceeds thereof
shall be applied directly to the Swingline Lender to repay the Swingline Lender
for such outstanding Swingline Loans.  Each
Lender with a Revolving Credit Commitment hereby irrevocably agrees to make
such Revolving Credit 

 

9

 

Loans upon one Business Day’s
notice pursuant to each Mandatory Borrowing in the amount and in the manner
specified in the preceding sentence and on the date specified to it in writing
by the Swingline Lender notwithstanding (i) that the amount of the
Mandatory Borrowing may not comply with the minimum amount for each Borrowing
specified in Section 2.2, (ii) whether any conditions specified in Section 7
are then satisfied, (iii) whether a Default or an Event of Default has
occurred and is continuing, (iv) the date of such Mandatory Borrowing or (v) any
reduction in the Total Commitment after any such Swingline Loans were
made.  In the event that, in the sole
judgment of the Swingline Lender, any Mandatory Borrowing cannot for any reason
be made on the date otherwise required above (including as a result of the
commencement of a proceeding under the Bankruptcy Code in respect of the
Borrower), each Lender with a Revolving Credit Commitment hereby agrees that it
shall forthwith purchase from the Swingline Lender (without recourse or
warranty) such participation of the outstanding Swingline Loans as shall be necessary
to cause each such Lender to share in such Swingline Loans ratably based upon
their respective Revolving Credit Commitment Percentages (regardless of the Class of
Revolving Credit Commitments held by such Lender); provided that all
principal and interest payable on such Swingline Loans shall be for the account
of the Swingline Lender until the date the respective participation is
purchased and, to the extent attributable to the purchased participation, shall
be payable to the Lender purchasing same from and after such date of
purchase.  On the Final Date for any Class of
Revolving Credit Commitments, such participations of the Revolving Credit
Lenders under and in respect of such Class shall be automatically
reallocated to the remaining Revolving Credit Lenders pro  rata
based on such Lender’s Revolving Credit Commitment Percentage after giving
effect to such Final Date.”

 

(r)            Section 2.3(d) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“(d)  Mandatory Borrowings shall be made upon
the notice specified in Section 2.1(e), with the Borrower irrevocably
agreeing, by its incurrence of any Swingline Loan, to the making of Mandatory
Borrowings as set forth in such Section.”

 

(s)           Section 2.4(a) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“(a)  No later than 2:00 p.m. (New
York time) on the date specified in each Notice of Borrowing (including
Mandatory Borrowings), each Lender will make available its pro  rata
portion, if any, of each Borrowing requested to be made on such date in the
manner provided below; provided, that all Swingline Loans shall be made
available in the full amount thereof by the Swingline Lender no later than 3:00 p.m.
(New York time) on the date requested; provided, further, that,
for the avoidance of doubt, prior to the 2011 Final Date, all borrowings of
Revolving Credit Loans hereunder shall be made by each Lender with a Revolving
Credit Commitment pro  rata based on each such Lender’s Revolving
Credit Commitment Percentage without regard to the Class of the Revolving
Credit Commitments held by such Lender.”

 

10

 

(t)            Clause
(ii) of the last sentence of Section 2.4(b) of the Credit
Agreement is hereby replaced in its entirety as follows:

 

“(ii) if paid by the Borrower, the
then-applicable rate of interest or fees, calculated in accordance with Section 2.8,
for the Loans of the applicable Class.”

 

(u)           Section 2.5(a) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“The Borrower shall repay to the Administrative
Agent, for the benefit of the applicable Lenders, (i) on the Tranche D
Term Loan Maturity Date, all then outstanding Tranche D Term Loans, (ii) on
the relevant maturity date for any tranche of Incremental Term Loans, all then
outstanding Incremental Term Loans of such tranche, (iii) on the 2011
Revolving Credit Maturity Date, all then outstanding 2011 Revolving Credit
Loans, (iv) on the 2013 Revolving Credit Maturity Date, all then
outstanding 2013 Revolving Credit Loans, (v) on the relevant maturity date
for any tranche of Additional/Replacement Revolving Credit Commitments, all
then outstanding Additional/Replacement Revolving Credit Loans, (vi) on
the relevant maturity date for any Extension Series of Extended Term Loans,
all then outstanding Extended Term Loans of such Extension Series, (vii) on
the relevant maturity date for any other Extension Series of Extended
Revolving Credit Commitments, all then outstanding Extended Revolving Credit
Loans of such Extension Series and (viii) on the Swingline Maturity
Date, all then outstanding Swingline Loans.”

 

(v)           Section 2.5(e) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“(e) The Administrative Agent shall maintain
the Register pursuant to Section 13.6(b), and a subaccount for each
Lender, in which Register and subaccounts (taken together) shall be recorded (i) the
amount of each Loan made hereunder, whether such Loan is a Tranche D Term Loan,
an Incremental Term Loan (and the relevant tranche thereof), a 2011 Revolving
Credit Loan, a 2013 Revolving Credit Loan, an Additional/Replacement Revolving
Credit Loan, an Extended Term Loan, an Extended Revolving Credit Loan other
than 2013 Revolving Credit Loans or Swingline Loan, as applicable, the Type of each
Loan made and the Interest Period applicable thereto, (ii) the amount of
any principal or interest due and payable or to become due and payable from the
Borrower to each Lender or the Swingline Lender hereunder and (iii) the
amount of any sum received by the Administrative Agent hereunder from the
Borrower and each Lender’s share thereof.”

 

(w)          The
second sentence of Section 2.7 of the Credit Agreement is hereby replaced
in its entirety as follows:

 

“Each Borrowing of Revolving Credit Loans under this
Agreement shall be granted by the Lenders pro  rata on the basis
of their then-applicable Revolving Credit Commitments without regard to the Class of
the Revolving Credit Commitments held by such Lender.”

 

11

 

(x)            Section 2.14
of the Credit Agreement is hereby amended by deleting each instance of “Revolving
Credit Maturity Date” therein and substituting therefor “2013 Revolving Credit
Maturity Date”.

 

(y)           Section 3.1(a) of
the Credit Agreement is hereby amended by deleting each instance of “Revolving
Credit Maturity Date” therein and substituting therefor “2013 Revolving Credit
Maturity Date”.

 

(z)            Section 3.3(a) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“(a) Immediately upon the issuance by the
Letter of Credit Issuer of any Letter of Credit, the Letter of Credit Issuer
shall be deemed to have sold and transferred to each other Lender that has a
Revolving Credit Commitment (each such other Lender, in its capacity under this
Section 3.3(a), a “Letter of Credit Participant”), and each such
Letter of Credit Participant shall be deemed irrevocably and unconditionally to
have purchased and received from the Letter of Credit Issuer, without recourse
or warranty, an undivided interest and participation in such Letter of Credit,
each substitute letter of credit, each drawing made thereunder and the
obligations of the Borrower under this Agreement with respect thereto (each, a “Letter
of Credit Participation”), pro  rata based on such Letter of
Credit Participant’s Revolving Credit Commitment Percentage without regard to
the Class of the Revolving Credit Commitments held by such Lender, and any
security therefor or guaranty pertaining thereto (although Letter of Credit
Fees will be paid directly to the Administrative Agent for the ratable account
of the Letter of Credit Participants as provided in Section 4.1(c) and
the Letter of Credit Participants shall have no right to receive any portion of
any Fronting Fees).  On the Final Date
for any Class of Revolving Credit Commitments, such participations of
Revolving Credit Lenders under and in respect of such Class shall,
notwithstanding whether any conditions specified in Section 7 are then
satisfied, be automatically reallocated to the then remaining Revolving Credit
Lenders pro  rata based on each such Lender’s Revolving Credit
Commitment Percentage after giving effect to such Final Date.”

 

(aa)         Section 3.3(c) of
the Credit Agreement is amended by adding the following sentence at the end
thereof:

 

“For the avoidance of doubt, all distributions under
this Section 3.3(c) shall be made to each Lender with a Revolving
Credit Commitments pro  rata based on each such Lender’s Revolving
Credit Commitment Percentage without regard to the Class of the Revolving Credit
Commitments held by such Lender.”

 

(bb)         Section 3.4(a) of
the Credit Agreement is hereby replaced in its entirety as follows:

 

“(a) The Borrower hereby agrees to reimburse the Letter of Credit
Issuer, by making payment to the Administrative Agent for the account of the
Letter of Credit Issuer in immediately available funds, for any payment or
disbursement made by the Letter of Credit Issuer under any Letter of Credit
issued by it (each such amount so paid until reimbursed, an

 

12

 

“Unpaid
Drawing”) (i) within one Business Day of the date of such payment or
disbursement, if the Letter of Credit Issuer provides notice to the Borrower of
such payment or disbursement prior to 10:00 a.m. (New York time) on such
next succeeding Business Day after the date of such payment or disbursement or (ii) if
such notice is received after such time, on the Business Day following the date
of receipt of such notice (such required date for reimbursement under
clause (i) or (ii), as applicable, the “Required Reimbursement
Date”), with interest on the amount so paid or disbursed by such Letter of
Credit Issuer, (A) from and including the date of such payment or
disbursement to but excluding the Required Reimbursement Date, at the per annum
rate for each day equal to (x) the Applicable Eurodollar Margin applicable
to 2013 Revolving Credit Loans then in effect times (y) the amount of such
Unpaid Drawing, and (B) to the extent not reimbursed prior to 5:00 p.m.
(New York time) on the Required Reimbursement Date, from and including the
Required Reimbursement Date to but excluding the date such Letter of Credit
Issuer is reimbursed therefor, at a rate per annum that shall at all times be
the relevant Applicable ABR Margin applicable to 2013 Revolving Credit Loans plus
the ABR as in effect from time to time plus 2%; provided, that,
notwithstanding anything contained in this Agreement to the contrary, with
respect to any Letter of Credit, (i) unless the Borrower shall have
notified the Administrative Agent and the Letter of Credit Issuer prior to
10:00 a.m. (New York time) on the Required Reimbursement Date that the
Borrower intends to reimburse the Letter of Credit Issuer for the amount of
such drawing with funds other than the proceeds of Revolving Credit Loans, the
Borrower shall be deemed to have given a Notice of Borrowing requesting that the Lenders with Revolving Credit Commitments
make Revolving Credit Loans (which shall be ABR Loans) on the date on which
such drawing is honored in an amount equal to the amount of such drawing, and (ii) the
Administrative Agent shall promptly notify each Letter of Credit Participant of
such drawing and the amount of its Revolving Credit Loan to be made in respect
thereof, and each Letter of Credit Participant shall be irrevocably obligated
to make a Revolving Credit Loan to the Borrower in the manner deemed to have
been requested in the amount of its Revolving Credit Commitment Percentage of
the applicable Unpaid Drawing by 1:00 p.m. (New York time) on such
Business Day by making the amount of such Revolving Credit Loan available to
the Administrative Agent.  Such Revolving
Credit Loans shall be made without regard to the Minimum Borrowing Amount.  The Administrative Agent shall use the
proceeds of such Revolving Credit Loans solely for purpose of reimbursing the
Letter of Credit Issuer for the related Unpaid Drawing.   For the avoidance of doubt, all borrowings
of Revolving Credit Loans under this Section 3.4(a) shall be made by
each Lender with a Revolving Credit Commitments pro  rata based on
each such Lender’s Revolving Credit Commitment Percentage without regard to the
Class of the Revolving Credit Commitments held by such Lender.”

 

(cc)         Section 4.1(a) of the Credit Agreement is
hereby replaced in its entirety as follows:

 

“(a) (i) The Borrower agrees to pay to the
Administrative Agent for the account of each 2011 Revolving Credit Lender for
the period from the Closing Date to and excluding the 2011 Final Date, a
commitment fee which shall accrue at percentage per annum set forth below of
the daily average unused portion of the 2011 Revolving Credit Commitment of
such Lender (which, for purposes of this Section 4.1 only, shall not
include the incurrence of Swingline Loans) based upon the Status in effect on
such date, and which shall be payable quarterly in arrears on the last day of
each March, June, September and December and on the 2011 Final Date.

 

13

 

 

	
  Status

  	
   

  	
  Applicable Revolving

  Commitment Fee

  Percentage

  	
   

  
	
  Level I

  	
   

  	
  0.50

  	
  %

  
	
  Level II

  	
   

  	
  0.375

  	
  %

  

 

(ii) The Borrower agrees to pay to the
Administrative Agent for the account of each 2013 Revolving Credit Lender, (A) for
the period from the Closing Date to and excluding the 2010 Revolving Credit
Extension Effective Date, a commitment fee which shall accrue at percentage per
annum set forth below of the daily average unused portion of the 2013 Revolving
Credit Commitment of such Lender (which, for purposes of this Section 4.1
only, shall not include the incurrence of Swingline Loans) based upon the
Status in effect on such date, and which shall be payable quarterly in arrears
on the last day of each March, June, September and December.

 

	
  Status

  	
   

  	
  Applicable Revolving

  Commitment Fee

  Percentage

  	
   

  
	
  Level I

  	
   

  	
  0.50

  	
  %

  
	
  Level II

  	
   

  	
  0.375

  	
  %

  

 

and (B) for the period from and including the
2010 Revolving Credit Extension Effective Date to but excluding the 2013 Final
Date, a commitment fee which shall accrue at 0.75% per annum of the daily
average unused portion of the 2013 Revolving Credit Commitment of such Lender
(which, for purposes of this Section 4.1 only, shall not include the
incurrence of Swingline Loans), and which shall be payable quarterly in arrears
on the last day of each March, June, September and December and on
the 2013 Final Date.”

 

(dd)         The last sentence of Section 4.1(b) of the
Credit Agreement is hereby replaced in its entirety as follows:

 

“The Fronting Fee shall be due and payable quarterly
in arrears on the last day of each March, June, September and December and
on the 2013 Final Date.”

 

(ee)         Section 4.1(c) of the Credit Agreement is
hereby replaced in its entirety as follows:

 

“(c) (i) The Borrower agrees to pay to the
Administrative Agent for the account of each 2011 Revolving Credit Lender, pro
rata according to the Letter of Credit Exposure of such Lender, a fee in
respect of each Letter of Credit for the period from and including the date of
issuance of such Letter of Credit to but excluding the termination or
expiration date of such Letter of Credit, computed at the per annum rate for
each day equal to the product of (x) the Applicable Eurodollar Margin then
in effect for 2011 Revolving Credit Loans the and (y) the product of (A) the
average daily Stated Amount 

 

14

 

under such Letter of Credit
and (B) the quotient obtained by dividing (I) the aggregate amount of
2011 Revolving Credit Commitments by (II) the sum of the 2011 Revolving
Credit Commitments and the 2013 Revolving Credit Commitments.  The Letter of Credit Fee shall be payable
quarterly in arrears on the last day of each March, June, September and December and
on the 2011 Final Date.

 

(ii) The Borrower agrees to pay to the
Administrative Agent for the account of each 2013 Revolving Credit Lender, pro
rata according to the Letter of Credit Exposure of such Lender, a fee in
respect of each Letter of Credit for the period from and including the date of
issuance of such Letter of Credit to but excluding the termination or
expiration date of such Letter of Credit, computed at the per annum rate for
each day equal to the product of (x) the Applicable Eurodollar Margin then
in effect for 2013 Revolving Credit Loans the and (y) the product of (A) the
average daily Stated Amount under such Letter of Credit and (B) the
quotient obtained by dividing (I) the aggregate amount of 2013 Revolving
Credit Commitments by (II) the sum of the 2011 Revolving Credit
Commitments and the 2013 Revolving Credit Commitments.  The Letter of Credit Fee shall be payable
quarterly in arrears on the last day of each March, June, September and December and
on the 2013 Final Date.”

 

(ff)           Section 4.3(b) of the Credit Agreement is
hereby replaced in its entirety as follows:

 

“(b) (i) The Total 2011 Revolving Credit
Commitment shall terminate at 5:00 p.m. (New York time) on the 2011
Revolving Credit Maturity Date and (ii) the Total 2013 Revolving Credit
Commitment shall terminate at 5:00 p.m. (New York time) on the 2013
Revolving Credit Maturity Date.”

 

(gg)         Section 5.2(e)(i) is hereby amended by
adding the following sentence at the end thereof:

 

“For the avoidance of doubt, the amount of any
prepayment of Revolving Credit Loans shall be shall be allocated among the  Revolving Credit Loans of each Lender pro
rata based on each such Lender’s Revolving Credit Commitment Percentage
without regard to the Class of the Revolving Credit Commitments held by
such Lender.”

 

(hh)         Section 5.2(e)(ii) is hereby amended as
follows:

 

(i) by deleting each instance of “Revolving
Credit Maturity Date” therein and substituting therefor “2013 Revolving Credit
Maturity Date”; and

 

(ii) by adding the following sentence at the
end thereof:

 

“For the avoidance of doubt, prior to the 2011 Final
Date, subject to the foregoing provisions of this Section 5.2(e)(ii),
reductions and terminations of Revolving Credit Commitments may be allocated
with regard to the Class of the Revolving Credit Commitments held by such
Lender.”

 

15

 

Section 4                Representations and Warranties, No Default.  Each Credit Party represents and warrants to
the Lenders as of the date hereof and as of the date of effectiveness of this
Agreement:

 

(a)           Each Credit
Party is a duly organized and validly existing corporation or other entity in
good standing under the laws of the jurisdiction of its organization and has
the corporate or other organizational power and authority to execute, delivery
and carry out the terms and provisions of this Agreement and has taken all
necessary corporate or other organizational action to authorize the execution,
delivery and performance of this Agreement. 
Each Credit Party has duly executed and delivered this Agreement and
this Agreement constitutes the legal, valid and binding obligation of such
Credit Party enforceable in accordance with its terms, subject to the effects
of bankruptcy, insolvency, fraudulent conveyance, reorganization and other
similar laws relating to or affecting creditors’ rights generally and general
principles of equity (whether considered in a proceeding in equity or law).

 

(b)           The execution,
delivery and performance by each Credit Party of this Agreement will not (a) contravene any applicable provision of any material law,
statute, rule, regulation, order, writ, injunction or decree of any court or
governmental instrumentality, (b) result in any breach of any of the
terms, covenants, conditions or provisions of, or constitute a default under,
or result in the creation or imposition of (or the obligation to create or
impose) any Lien upon any of the property or assets of any of the Borrower or
any of the Restricted Subsidiaries pursuant to the terms of any material
indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement
or other material instrument to which Holdings, the Borrower or any of their
Restricted Subsidiaries is a party or by which it or any of their property or
assets is bound, or (c) violate any provision of the certificate of
incorporation, By-Laws or other constitutional documents of Holdings, the
Borrower or any of their Restricted Subsidiaries.

 

(c)           The
representations and warranties set forth in the Credit Agreement and in the
other Credit Documents are true and correct in all material respects with the
same effect as if made on the date hereof and the date of effectiveness of this
Agreement, except where such representations and warranties expressly relate to
an earlier date, in which case such representations and warranties shall have
been true and correct in all material respects as of such earlier date.

 

(d)           At the time of
the Borrower’s request for the Incremental Revolving Credit Increases referred
to in the second recital hereto and at the time of and after giving effect to
this Agreement, no Default or Event of Default has occurred and is continuing.

 

Section 5                Reaffirmation. Each of the Credit
Parties, by its signature below, hereby (a) agrees that, notwithstanding
the effectiveness of this Agreement, the Credit Documents continue to be in
full force and effect, (b) affirms and confirms its guarantee of the
Obligations and the pledge of and/or grant of a security interest in its assets
as Collateral to secure such Obligations, all as provided in the Credit
Documents as originally executed, and acknowledges and agrees that such
guarantee, pledge and/or grant continue in full force and effect in respect of,
and to secure, such Obligations under the Credit Agreement, as amended 

 

16

 

hereby,
and the other Credit Documents and (c) affirms and confirms that all the
representations and warranties made by or relating to it contained in the
Credit Agreement, as amended hereby, and the other Credit Documents are true
and correct in all material respects on and as of both the 2010 Revolving
Credit Increase Effective Date and 2010 Revolving Credit Extension Effective
Date, except to the extent such representations and warranties expressly relate
to an earlier date.

 

Section 6                Conditions to Effectiveness of the 2010
Revolving Credit Increase.  The 2010 Revolving Credit Increase shall
become effective as of the date (the “2010 Revolving Credit Increase
Effective Date”) that each of the following conditions precedent shall have
been satisfied:

 

(a)           The Administrative Agent shall have receive duly
executed counterparts of this Agreement that, when taken together, bear the
signatures of Holdings, the Borrower, each Incremental Revolving Credit
Commitment Increase Lender agreeing to provide such Incremental Revolving
Credit Commitment Increase and the Administrative Agent.

 

(b)           No Default or Event of Default shall have occurred
and be continuing.

 

(c)           All representations and warranties made by any
Credit Party contained in this Agreement or in the other Credit Documents shall
be true and correct in all material respects with the same effect as though
such representations and warranties had been made on and as of the date of such
Credit Event (except where such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties shall
have been true and correct in all material respects as of such earlier date).

 

(d)           Payment from the Borrower of an upfront fee payable
in Dollars for the account of each Incremental Revolving Credit Commitment
Increase Lender providing an Incremental Revolving Credit Commitment Increase
hereunder in an amount equal to 1.00% of the aggregate principal amount of such
Incremental Revolving Credit Commitment Increase Lender’s Incremental Revolving
Credit Commitment Increase.  This fee
shall be payable in immediately available funds on the 2010 Revolving Credit
Increase Effective Date and shall be in addition to any fee payable for the
account of any Lender pursuant to Section 7(c) hereof.  Once paid, this fee shall not be refundable.

 

(e)           The Administrative Agent shall have received such
legal opinions, board resolutions and other closing certificates and
documentation from or relating to the Company and the other Credit Parties as
it shall reasonably require.

 

(f)            Each of the conditions set forth in Section 7
of the Credit Agreement (with all references to “the date of such Credit Event”
or similar language being deemed to refer to the 2010 Revolving Credit Increase
Effective Date) shall be satisfied.

 

Section 7                Conditions to Effectiveness of the 2010
Revolving Credit Extension. The 2010 Revolving Credit
Extension shall become effective as of the date (the “2010 Revolving Credit
Extension Effective Date”) that each of the following conditions precedent
shall have been satisfied:

 

(a)           The 2010 Revolving Credit Increase Effective Date
shall have occurred.

 

17

 

(b)           The Administrative Agent shall have receive duly
executed counterparts of this Agreement that, when taken together, bear the
signatures of each of the Credit Parties, the Administrative Agent, and each
2013 Revolving Credit Lender.

 

(c)           Payment from the Borrower of an upfront fee payable
in Dollars for the account of each 2013 Extending Lender in an amount equal to
0.50% of the aggregate principal amount of such 2013 Extending Lender’s
Revolving Credit Commitments exchanged for 2013 Revolving Credit
Commitments.  This fee shall be payable
in immediately available funds on the 2010 Revolving Credit Extension Effective
Date and shall be in addition to any fee payable for the account of any Lender
pursuant to Section 6(d) hereof. 
Once paid, this fee shall not be refundable.

 

(d)           The Administrative Agent shall have received such
legal opinions, board resolutions and other closing certificates and
documentation from or relating to the Company and the other Credit Parties as
it shall reasonably require.

 

Section 8                Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto on separate counterparts, each
of which when so executed and delivered shall be deemed to be an original, but
all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a
signature page of this Amendment by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

Section 9                Applicable Law.  THIS AMENDMENT SHALL BE
GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

 

Section 10              Headings.  The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

Section 11              Effect of Agreement.  Except as expressly set forth herein, this
Agreement shall not by implication or otherwise limit, impair, constitute a
waiver of or otherwise affect the rights and remedies of the Lenders or the
other Secured Parties under the Credit Agreement or any other Credit Document,
and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other provision of either such agreement or any other Credit
Document.  Each and every term,
condition, obligation, covenant and agreement contained in the Credit Agreement
or any other Credit Document is hereby ratified and re-affirmed in all respects
and shall continue in full force and effect. 
Each Credit Party reaffirms its obligations under the Credit Documents
to which it is party and the validity of the Liens granted by it pursuant to
the Security Documents.  From and after
the effective date of this Amendment, all references to the Credit Agreement in
any Credit Document shall, unless expressly provided otherwise, refer to the
Credit Agreement as amended by this Agreement.

 

18

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the date first above written.

 

	
   

  	
  LPL INVESTMENT HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Moore

  
	
   

  	
   

  	
  Name: Robert J. Moore

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  

 

 

	
   

  	
  LPL HOLDINGS, INC., as the Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Moore

  
	
   

  	
   

  	
  Name: Robert J. Moore

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  INDEPENDENT ADVISERS GROUP CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Moore

  
	
   

  	
   

  	
  Name: Robert J. Moore

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  GLENOAK, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Moore

  
	
   

  	
   

  	
  Name: Robert J. Moore

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  LPL INSURANCE ASSOCIATES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephanie L. Brown

  
	
   

  	
   

  	
  Name: Stephanie L. Brown

  
	
   

  	
   

  	
  Title: Secretary

  
	
   

  	
   

  
	
   

  	
  LPL INDEPENDENT ADVISOR SERVICES GROUP, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Moore

  
	
   

  	
   

  	
  Name: Robert J. Moore

  
	
   

  	
   

  	
  Title: Vice President & Treasurer

  

 

[Signature
Page to LPL Incremental and Extension Agreement]

 

 

	
   

  	
  ASSOCIATED FINANCIAL GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chad D. Perry

  
	
   

  	
   

  	
  Name: Chad D. Perry

  
	
   

  	
   

  	
  Title: Secretary

  
	
   

  	
   

  
	
   

  	
  ASSOCIATED PLANNERS INVESTMENT ADVISORY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chad D. Perry

  
	
   

  	
   

  	
  Name: Chad D. Perry

  
	
   

  	
   

  	
  Title: Secretary

  

 

[Signature
Page to LPL Incremental and Extension Agreement]

 

 

	
   

  	
  MORGAN STANLEY SENIOR FUNDING, INC., as
  Administrative Agent, Letter of Credit Issuer and Swingline Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen B. King

  
	
   

  	
   

  	
  Name: Stephen B. King

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO., as Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen B. King

  
	
   

  	
   

  	
  Name: Stephen B. King

  
	
   

  	
   

  	
  Title: Executive Director

  

 

[Signature
Page to LPL Incremental and Extension Agreement]

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