Document:

CERTIFICATE
		OF FORMATION

	  

	 OF

	  

	 FIG
		ASSET CO. LLC

	  

	 1. The name
		of the limited liability company is FIG Asset Co. LLC.

	  

	 2. The
		address of its registered office in the State of Delaware is 1209 Orange
		Street, in the City of Wilmington, County of New Castle, 19801. The name of its
		registered agent at such address is The Corporation Trust Company.

	  

	 IN
		WITNESS WHEREOF, the undersigned has executed this Certificate of Formation of
		FIG Asset Co. LLC on this 11th day of January, 2007.

	 
			 	 	 
	 
 	 
 	 
 
	 	By:  	 /s/ Deborah M. Reusch
	 	
				

				Name:
				  Deborah M. Reusch 
 
	 	
				Title:
				  Authorized PersonLIMITED
		LIABILITY COMPANY AGREEMENT

	  

	 OF

	  

	 FIG
		ASSET CO.
		LLC

	  

	 THIS
		LIMITED LIABILITY COMPANY AGREEMENT (the "Agreement") of FIG Asset Co. LLC (the
		"Company") effective as of the 17th day of January 2007, by Fortress Investment
		Group Holdings LLC, as the sole member of the Company (the
		"Member").

	  

	 RECITAL

	  

	 The
		Member has formed the Company as a limited liability company under the laws of
		the State of Delaware and desires to enter into a written agreement, in
		accordance with the provisions of the Delaware Limited Liability Company Act
		and any successor statute, as amended from time to time (the "Act"), governing
		the affairs of the Company and the conduct of its business.

	  

	 ARTICLE
		1

	  

	 The
		Limited Liability Company

	  

	 1.1  Formation. The
		Member has previously formed the Company as a limited liability company
		pursuant to the provisions of the Act. A certificate of formation for the
		Company as described in Section 18-201 of the Act (the "Certificate of
		Formation") has been filed in the Office of the Secretary of State of the State
		of Delaware in conformity with the Act. 

	  

	 1.2  Name. The
		name of the Company shall be "FIG Asset Co. LLC" and its business shall be
		carried on in such name with such variations and changes as the Board (as
		hereinafter defined) shall determine or deem necessary to comply with
		requirements of the jurisdictions in which the Company's operations are
		conducted.

	  

	 1.3  Business
		Purpose;
		Powers. The
		Company is formed for the purpose of engaging in any lawful business, purpose
		or activity for which limited liability companies may be formed under the Act.
		The Company shall possess and may exercise all the powers and privileges
		granted by the Act or by any other law or by this Agreement, together with any
		powers incidental thereto, so far as such powers and privileges are necessary
		or convenient to the conduct, promotion or attainment of the business purposes
		or activities of the Company. 

	  

	 1.4  Registered
		Office and Agent. The
		location of the registered office of the Company shall be 1209
		Orange Street, in the City of Wilmington, County of New Castle, 19801. The
		Company's Registered Agent at such address shall be The Corporation Trust
		Company.

	  

	 

	 1.5  Term.
		Subject to the provisions of Article 6 below, the Company shall have perpetual
		existence.

	  

	 ARTICLE
		2

	  

	 The
		Member

	  

	 2.1  The
		Member. The
		name and address of the sole Member is as follows:

	 
		

		  
			 	Name	Address
	 	 
	
					 Fortress
						Investment Group Holdings LLC
 	
					 1345
						Avenue of the Americas
 
	 	
					 New
						York, New York 10105
 

 
 

		 
 

	 2.2  Actions
		by the Member. The
		Member may approve a matter or take any action by written consent.

	  

	 2.3  Liability
		of the Member. All
		debts, obligations and liabilities of the Company, whether arising in contract,
		tort or otherwise, shall be solely the debts, obligations and liabilities of
		the Company, and the Member shall not be obligated personally for any such
		debt, obligation or liability of the Company solely by reason of being a
		member.

	  

	 2.4  Power
		to Bind the Company. The
		Member shall not have the authority to bind the Company to any third party with
		respect to any matter.

	  

	 2.5  Admission
		of Members.
		New
		members shall be admitted only upon the approval of the Member.

	  

	 ARTICLE
		3

	  

	 The
		Board

	  

	 3.1  Management
		by the Board of Managers.

	  

	 (a)  Subject
		to such matters which are expressly reserved hereunder or under the Act to the
		Member for decision, the business and affairs of the Company shall be managed
		by a board of managers (the "Board"), which shall be responsible for policy
		setting, approving the overall direction of the Company and making all
		decisions affecting the business and affairs of the Company. The Board shall
		consist of one to ten individuals (the "Managers"), the exact number of
		Managers to be determined from time to time by resolution of the Member. The
		initial Board shall consist of five members, who shall be Wesley Edens, Peter
		Briger, Robert Kauffman, Randal Nardone and Michael Novogratz. 

	  

	 (b)  Each
		Manager shall be elected by the Member and shall serve until his or her
		successor has been duly elected and qualified, or until his or her
		

	  

	 2

	  

	 

	 earlier
		removal, resignation, death or disability. The Member may remove any Manager
		from the Board or from any other capacity with the Company at any time, with or
		without cause. A Manager may resign at any time upon written notice to the
		Member.

	  

	 (c)  Any
		vacancy occurring on the Board as a result of the resignation, removal, death
		or disability of a Manager or an increase in the size of the Board shall be
		filled by the Member. A Manager chosen to fill a vacancy resulting from the
		resignation, removal, death or disability of a Manager shall serve the
		unexpired term of his or her predecessor in office.

	  

	 3.2  Action
		by the Board.

	  

	 (a)  Meetings
		of the Board may be called by any Manager upon two (2) days prior written
		notice to each Manager. The presence of a majority of the Managers then in
		office shall constitute a quorum at any meeting of the Board. All actions of
		the Board shall require the affirmative vote of a majority of the Managers then
		in office.

	  

	 (b)  Meetings
		of the Board may be conducted in person or by conference telephone facilities.
		Any action required or permitted to be taken at any meeting of the Board may be
		taken without a meeting if such number of Managers sufficient to approve such
		action pursuant to the terms of this Agreement consent thereto in writing.
		Notice of any meeting may be waived by any Manager.

	  

	 3.3  Power
		to Bind Company.
		None of
		the Managers (acting in their capacity as such) shall have authority to bind
		the Company to any third party with respect to any matter unless the Board
		shall have approved such matter and authorized such Manager(s) to bind the
		Company with respect thereto.

	  

	 3.4  Officers
		and Related Persons. The
		Board shall have the authority to appoint and terminate officers of the Company
		and retain and terminate employees, agents and consultants of the Company and
		to delegate such duties to any such officers, employees, agents and consultants
		as the Board deems appropriate, including the power, acting individually or
		jointly, to represent and bind the Company in all matters, in accordance with
		the scope of their respective duties.

	  

	 ARTICLE
		4

	  

	 Capital
		Structure and Contributions

	  

	 4.1  Capital
		Structure. The
		capital structure of the Company shall consist of one class of common interests
		(the "Common Interests") and one class of preferred interests (the "Preferred
		Interests"), and the Company shall have the authority to issue 500,000,000
		Common Interests and 250,000,000 Preferred Interests. All Common Interests
		shall be identical with each other in every respect. The Preferred Interests
		may be issued by the Company in one or more classes, with such designations,
		preferences, rights, powers and duties (which may be junior to, equivalent to,
		or senior or superior to, any existing classes of Shares), as shall be fixed by
		the Board of Directors and reflected 

	  

	 3

	  

	 

	 in a
		written action or actions approved by the Board of Directors (each, an
		"Interest
		Designation"),
		including, without limitation (i) the right to share Company profits and losses
		or items thereof; (ii) the right to share in Company distributions, the dates
		distributions will be payable and whether distributions with respect to such
		series will be cumulative or non-cumulative; (iii) rights upon dissolution and
		liquidation of the Company; (iv) whether, and the terms and conditions upon
		which, the Company may redeem the Preferred Interests; (v) whether such
		Preferred Interests are issued with the privilege of conversion or exchange
		and, if so, the terms and conditions of such conversion or exchange; (vi) the
		terms and conditions upon which each Preferred Interest will be issued,
		evidenced by certificates and assigned or transferred; (vii) the method for
		determining the percentage interest as to such Preferred Interest; (viii) the
		terms and amounts of any sinking fund provided for the purchase or redemption
		of Preferred Interests of the series; (ix) whether there will be restrictions
		on the issuance of Preferred Interests of the same series or any other class or
		series; and (x) the right, if any, of the holder of each such Preferred
		Interest to vote on Company matters, including matters relating to the relative
		rights, preferences and privileges of such Preferred Interest. An Interest
		Designation (or any resolution of the Board of Directors amending any Interest
		Designation) shall be effective when a duly executed original of the same is
		delivered to the Secretary of the Company for inclusion among the permanent
		records of the Company, and shall be annexed to, and constitute part of, this
		Agreement. Unless otherwise provided in the applicable Interest Designation,
		the Board of Directors may at any time increase or decrease the amount of
		Preferred Interests of any series, but not below the number of Preferred
		Interests of such series then outstanding.

	  

	 4.2  Capital
		Contributions. From
		time to time, the Board may determine that the Company requires capital and may
		request the Member to make capital contribution(s) in an amount determined by
		the Board. A capital account shall be maintained for the Member, to which
		contributions and profits shall be credited and against which distributions and
		losses shall be charged.

	  

	 ARTICLE
		5

	  

	 Profits,
		Losses and Distributions

	  

	 5.1  Profits
		and Losses. For
		financial accounting and tax purposes, the Company's net profits or net losses
		shall be determined on an annual basis in accordance with the manner determined
		by the Board. In each year, profits and losses shall be allocated entirely to
		the Member.

	  

	 5.2  Distributions. The
		Board shall determine profits available for distribution and the amount, if
		any, to be distributed to the Member, and shall authorize and distribute on the
		Common Interests, the determined amount when, as and if declared by the Board.
		The distributions of the Company shall be allocated entirely to the Member.
		

	  

	 4

	  

	 

	 ARTICLE
		6

	  

	 Events
		of Dissolution

	  

	 The
		Company shall be dissolved and its affairs wound up upon the determination of
		the Member or upon judicial dissolution of the Company under Section 18-802 of
		the Act.

	  

	 ARTICLE
		7

	  

	 Transfer
		of Interests in the Company

	  

	 The
		Member may sell, assign, transfer, convey, gift, exchange or otherwise dispose
		of any or all of its Common Interests and, upon receipt by the Company of a
		written agreement executed by the person or entity to whom such Common
		Interests are to be transferred agreeing to be bound by the terms of this
		Agreement, such person shall be admitted as a member.

	  

	 ARTICLE
		8

	  

	 Exculpation
		and Indemnification

	  

	 8.1  Exculpation
		and Indemnification.
		Subject
		to other applicable provisions of this Article 8, the Indemnified Persons (as
		defined below) shall not be liable to the Company, any subsidiary of the
		Company, any Manager, any Member or any holder of any equity interest in any
		subsidiary of the Company, for any acts or omissions by any of the Indemnified
		Persons arising from the performance of their duties and obligations in
		connection with the Company, this Agreement or any investment made or held by
		the Company, including with respect to any acts or omissions made while serving
		at the request of the Company as an officer, director, member, partner, tax
		matters partner, fiduciary or trustee of another person or entity or any
		employee benefit plan, except by reason of acts or omissions constituting
		fraud, willful misconduct or gross negligence. The Indemnified Persons shall be
		indemnified by the Company, to the fullest extent permitted by law, against all
		expenses and liabilities (including judgments, fines, penalties, interest,
		amounts paid in settlement with the approval of the Company and counsel fees
		and disbursements on a solicitor and client basis) arising from the performance
		of their any of their obligations in connection with their service to the
		Company or this Agreement, or any investment made or held by the Company or any
		of its subsidiaries, including in connection with any civil, criminal,
		administrative, investigative or other action, suit or proceeding to which any
		such person or entity may hereafter be made party by reason of being or having
		been a manager of the Company under Delaware law, a Manager or officer of the
		Company, or an officer, director, member, partner, tax matters partner,
		fiduciary or trustee of another person or entity or any employee benefit plan
		at the request of the Company, except by reason of acts or omissions
		constituting fraud, willful misconduct or gross negligence. Without limitation,
		the foregoing indemnity shall extend to any liability of any Indemnified
		Person, pursuant to a loan guaranty or otherwise, for any indebtedness of the
		Company or any subsidiary 

	  

	 5

	  

	 

	 of the
		Company (including, without limitation, any indebtedness which the Company or
		any subsidiary of the Company has assumed or taken subject to), and the
		officers of the Company are hereby authorized and empowered, on behalf of the
		Company, to enter into one or more indemnity agreements consistent with the
		provisions of this Section 8.1 in favor of any Indemnified Person having or
		potentially having liability for any such indebtedness. It is the intention of
		this Section 8.1 that the Company indemnify each Indemnified Person to the
		fullest extent permitted by law. The termination of any action, suit or
		proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
		contendere or its equivalent, shall not, of itself, create a presumption that
		the person committed an act or omission that constitutes fraud, willful
		misconduct or gross negligence. "Indemnified
		Person" means
		(a) any person who is or was a Manager, officer or tax matters partner of the
		Company, (b) any person who is or was serving at the request of the Company as
		an officer, member, manager, partner, tax matters partner, fiduciary or trustee
		of another person (including any subsidiary); provided, that a person shall not
		be an Indemnified Person by reason of providing, on a fee-for-services basis,
		trustee, fiduciary or custodial services, and (c) any person the Board of
		Managers designates as an "Indemnified Person" for purposes of this
		Agreement.

	  

	 8.2  Amendments. Any
		repeal or modification of this Article 8 by the Member shall not adversely
		affect any rights of such Covered Person pursuant to this Article 8, including
		the right to indemnification and to the advancement of expenses of a Covered
		Person existing at the time of such repeal or modification with respect to any
		acts or omissions occurring prior to such repeal or modification.

	  

	 ARTICLE
		9

	  

	 Miscellaneous

	  

	 9.1  Certification
		of Membership Interests. Upon
		the Company’s issuance of Common Interests to any person or entity,
		the Company shall issue one or more certificates in the name of such person or
		entity evidencing the number of such Common Interests being so issued.
		Certificates shall be executed on behalf of the Company by any two
		Managers.   

	  

	 9.2  Tax
		Treatment. Unless
		otherwise determined by the Member, the Company shall be a disregarded entity
		for U.S. federal income tax purposes (as well as for any analogous state or
		local tax purposes), and the Member and the Company shall timely make any and
		all necessary elections and filings for the Company treated as a disregarded
		entity for U.S. federal income tax purposes (as well as for any analogous state
		or local tax purposes).

	  

	 9.3  Amendments.
		Amendments
		to this Agreement and to the Certificate of Formation shall be approved in
		writing by the Member. An amendment shall become effective as of the date
		specified in the approval of the Member or if none is specified as of the date
		of such approval or as otherwise provided in the Act.

	  

	 6

	  

	 

	 9.4  Severability. If any
		provision of this Agreement is held to be invalid or unenforceable for any
		reason, such provision shall be ineffective to the extent of such invalidity or
		unenforceability; provided,
		however, that
		the remaining provisions will continue in full force without being impaired or
		invalidated in any way unless such invalid or unenforceable provision or clause
		shall be so significant as to materially affect the expectations of the Member
		regarding this Agreement. Otherwise, any invalid or unenforceable provision
		shall be replaced by the Member with a valid provision which most closely
		approximates the intent and economic effect of the invalid or unenforceable
		provision.

	  

	 9.5  Governing
		Law. This
		Agreement shall be governed by and construed in accordance with the laws of the
		State of Delaware without regard to the principles of conflicts of laws
		thereof.

	  

	 9.6  Limited
		Liability Company. The
		Member intends to form a limited liability company and does not intend to form
		a partnership under the laws of the State of Delaware or any other
		laws.

	  

	 [Execution
		Page Follows]

	  

	 7

	  

	 

	 IN
		WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the day
		first above written.

	  

	 
			 	 	 
	 	
				FORTRESS INVESTMENT
				  GROUP HOLDINGS
				  LLC
 
	 
 	 
/s/ Randal A. Nardone
	 	By:  	 Randal A.
				Nardone
	 	Title: 	 Chief Operating Officer and
				Secretary
	 	 	 
	 	/s/ Daniel N. Bass
	 	By: 	 Daniel N. Bass
	 	Title:	 Chief Financial Officer

 

	 

	 Signature
		Page to FIG Asset Co. LLC Operating Agreement

	  

	 8

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