Document:

Exhibit 10.4

 

Execution Version

 

RELEASE

 

This RELEASE, dated as of November 8, 2015
(this “Agreement”), is entered into by and among (i) AR Capital, LLC (“AR Capital”),
(ii) Nicholas S. Schorsch, Peter M. Budko, William M. Kahane, Edward M. Weil, Jr. and Brian S. Block (each, an “ARC
Principal” and collectively, the “ARC Principals”), (iii) RCS Capital Corporation (“RCAP”)
and RCS Capital Holdings, LLC (“RCS Holdings”) and (iv) Luxor Capital Partners LP (“Luxor”).
Each of the foregoing are collectively referred to herein as the “Parties” and each individually as a
“Party.”

 

RECITALS

 

A.           WHEREAS,
on August 6, 2015 (i) AMH Holdings (Cayman), L.P. (“AMH”), AR Capital and AR Global, LLC entered into
a Transaction Agreement (the “Transaction Agreement”) and (ii) AMH and each of Nicholas S. Schorsch,
Peter M. Budko, William M. Kahane, Edward M. Weil, Jr. and Brian S. Block entered into a Guaranty and Support Agreement (the “Guaranty
Agreement”), and the parties to the Transaction Agreement and Guaranty Agreement are terminating such agreements
pursuant to a termination and release agreement entered into concurrently with this Agreement.

 

B.           WHEREAS,
on August 6, 2015 Apollo Management Holdings, L.P., RCAP and RCS Holdings entered into a Membership Interest Purchase Agreement
(the “Purchase Agreement”), and the parties to the Purchase Agreement are amending the Purchase Agreement
as of the date hereof (the “Amended Purchase Agreement”).

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual representations, warranties, covenants and agreements contained herein, the Parties hereto hereby agree
as follows:

 

AGREEMENT

 

1.           Mutual
Releases; Covenants Not to Sue.

 

(a)          AR
Capital and the ARC Principals, for and on behalf of themselves and the ARC Related Parties (as defined below), do hereby unequivocally
release and discharge (1) RCAP and RCS Holdings and any of their former and current subsidiaries, equity holders, directors, officers,
employees, agents, affiliates, members, managers, successors or assignees or any former or current subsidiary, equity holder, director,
officer, employee, agent, affiliate, member, manager, general or limited partner, successor or assignee of any of the foregoing
(other than the ARC Related Parties) (collectively, the “RCAP Related Parties”) and (2) Luxor and any
of its former and current subsidiaries, equity holders, directors, officers, employees, agents, affiliates, members, managers,
successors or assignees or any former or current subsidiary, equity holder, director, officer, employee, agent, affiliate, member,
manager, general or limited partner, successor or assignee of any of the foregoing (collectively, the “Luxor Related
Parties”), from any and all past, present or future liabilities, actions, claims or damages of any kind or nature,
in law, equity or otherwise, asserted or that could have been asserted, under any Applicable Law to which a Party is subject or
otherwise, whether known or unknown, suspected or unsuspected, foreseen or unforeseen, anticipated or unanticipated, disclosed
or undisclosed, accrued or unaccrued, apparent or not apparent, foreseen or unforeseen, matured or not matured, liquidated or not
liquidated, fixed or contingent, whether or not concealed or hidden, from the beginning of time until the date of execution of
this Agreement, that in any way, and to the extent, arises from or out of, are based upon, or are in connection with or relate
in any way to or involve, directly or indirectly, any of the actions, transactions, occurrences, statements, representations, misrepresentations,
omissions, allegations, facts, practices, events, claims or any other matters, things or causes whatsoever, or any series thereof,
that were, could have been, or in the future can or might be alleged, asserted, set forth or claimed, directly or indirectly, based
on: (i) the Transaction Agreement, the Guaranty Agreement and the Purchase Agreement (collectively, the “Transaction
Documents”), (ii) any breach, non-performance, action or failure to act under any of the Transaction Documents, (iii)
the Amended Purchase Agreement and the transactions contemplated thereby, (iv) the events leading to the termination of the Transaction
Agreement and the Guaranty Agreement and the execution of the Amended Purchase Agreement, (v) any deliberations or negotiations
in connection with the Transaction Documents, and (vi) any SEC filings, public filings, periodic reports, press releases, proxy
statements or other statements issued, made available or filed relating, directly or indirectly, to the transactions contemplated
by the Transaction Documents (collectively, the “ARC Released Claims”); provided, however,
that no Party shall be released from any breach, non-performance, action or failure to act under this Agreement occurring
on or after the date hereof.

 

    	 	1	 

     

    

 

(b)          Each
of RCAP and RCS Holdings, for and on behalf of itself and the RCAP Related Parties, does hereby unequivocally release and discharge
(1) AR Capital, the ARC Principals and any of their former and current subsidiaries, equity holders, controlling persons, directors,
officers, employees, agents, affiliates, members, managers, general or limited partners, spouses, heirs, trusts, trustees, successors,
assignees, or any former or current subsidiary, equity holder, controlling person, director, officer, employee, agent, affiliate,
member, manager, general or limited partner, successor or assignee of any of the foregoing (collectively, the “ARC
Related Parties” and, together with the Luxor Related Parties and the RCAP Related Parties, the “Related
Parties”), and (2) the Luxor Related Parties, from any and all past, present or future liabilities, actions, claims
or damages of any kind or nature, in law, equity or otherwise, asserted or that could have been asserted, under any Applicable
Law to which a Party is subject or otherwise, whether known or unknown, suspected or unsuspected, foreseen or unforeseen, anticipated
or unanticipated, disclosed or undisclosed, accrued or unaccrued, apparent or not apparent, foreseen or unforeseen, matured or
not matured, liquidated or not liquidated, fixed or contingent, whether or not concealed or hidden, from the beginning of time
until the date of execution of this Agreement, that in any way, and to the extent, arises from or out of, are based upon, or are
in connection with or relate in any way to or involve, directly or indirectly, any of the actions, transactions, occurrences, statements,
representations, misrepresentations, omissions, allegations, facts, practices, events, claims or any other matters, things or causes
whatsoever, or any series thereof, that were, could have been, or in the future can or might be alleged, asserted, set forth or
claimed, directly or indirectly, based on: (i) the Transaction Documents and the transactions contemplated by the Transaction Documents,
(ii) any breach, non-performance, action or failure to act under any of the Transaction Documents, (iii) the Amended Purchase Agreement
and the transactions contemplated thereby, (iv) the events leading to the termination of the Transaction Agreement and the Guaranty
Agreement and the execution of the Amended Purchase Agreement, (v) any deliberations or negotiations in connection with the Transaction
Documents, and (vi) any SEC filings, public filings, periodic reports, press releases, proxy statements or other statements issued,
made available or filed relating, directly or indirectly, to the transactions contemplated by the Transaction Documents (collectively,
the “RCAP Released Claims”); provided, however, that no Party shall be released from any
breach, non-performance, action or failure to act under this Agreement occurring on or after the date hereof.

 

    	 	2	 

     

    

 

(c)          Luxor,
for and on behalf of itself and the Luxor Related Parties, does hereby unequivocally release and discharge (1) the ARC Related
Parties and (2) the RCAP Related Parties, from any and all past, present or future liabilities, actions, claims or damages of any
kind or nature, in law, equity or otherwise, asserted or that could have been asserted, under any Applicable Law to which a Party
is subject or otherwise, whether known or unknown, suspected or unsuspected, foreseen or unforeseen, anticipated or unanticipated,
disclosed or undisclosed, accrued or unaccrued, apparent or not apparent, foreseen or unforeseen, matured or not matured, liquidated
or not liquidated, fixed or contingent, whether or not concealed or hidden, from the beginning of time until the date of execution
of this Agreement, that in any way, and to the extent, arises from or out of, are based upon, or are in connection with or relate
in any way to or involve, directly or indirectly, any of the actions, transactions, occurrences, statements, representations, misrepresentations,
omissions, allegations, facts, practices, events, claims or any other matters, things or causes whatsoever, or any series thereof,
that were, could have been, or in the future can or might be alleged, asserted, set forth or claimed, directly or indirectly, based
on: (i) the Transaction Documents and the transactions contemplated by the Transaction Documents, (ii) any breach, non-performance,
action or failure to act under any of the Transaction Documents, (iii) the Amended Purchase Agreement and the transactions contemplated
thereby, (iv) the events leading to the termination of the Transaction Agreement and the Guaranty Agreement and the execution of
the Amended Purchase Agreement, (v) any deliberations or negotiations in connection with the Transaction Documents, and (vi) any
SEC filings, public filings, periodic reports, press releases, proxy statements or other statements issued, made available or filed
relating, directly or indirectly, to the transactions contemplated by the Transaction Documents (collectively, the “Luxor
Released Claims” and, together with the ARC Released Claims and the RCAP Released Claims, the “Released
Claims”); provided, however, that no Party shall be released from any breach, non-performance, action
or failure to act under this Agreement occurring on or after the date hereof.

 

(d)          It
is understood and agreed that, except as provided in the provisos to Section 1(a), Section 1(b) and Section
1(c), the preceding paragraphs are a full and final release covering all known as well as unknown or unanticipated debts, claims
or damages of each of the Parties and their respective Related Parties relating to or arising out of the Transaction Documents.
Therefore, each of the Parties expressly waives any rights it may have under any statute or common law principle under which a
general release does not extend to claims which such Party does not know or suspect to exist in its favor at the time of executing
the release, which if known by such Party must have affected such Party’s settlement with the other, including, without limitation,
Section 1542 of the California Civil Code, which provides:

 

A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

    	 	3	 

     

    

 

In connection with such waiver and relinquishment,
the Parties acknowledge that they or their attorneys or agents may hereafter discover claims or facts in addition to or different
from those which they now know or believe to exist with respect to the Released Claims, but that it is their intention hereby fully,
finally and forever to settle and release all of the Released Claims. In furtherance of this intention, the releases herein given
shall be and remain in effect as full and complete mutual releases with regard to the Released Claims notwithstanding the discovery
or existence of any such additional or different claim or fact.

 

(e)          Each
Party, on behalf of itself and its respective Related Parties, hereby covenants to each other Party and their respective Related
Parties not to, with respect to any Released Claim, directly or indirectly encourage or solicit or voluntarily assist or participate
in any way in the investigation, filing, reporting or prosecution by such Party or its Related Parties or any third party of a
suit, arbitration, mediation, or claim against any other Party and/or its Related Parties relating to any Released Claim. The covenants
contained in this Section 2 shall survive this Agreement indefinitely regardless of any statute of limitations.

 

(f)          From
and following date hereof, each of RCAP and RCS Holdings agrees to defend, indemnify and hold harmless the ARC Related Parties
(the “Indemnified Parties”) from and against any and all damages, losses, liabilities, claims, demands,
suits, judgments, costs and expenses (including reasonable legal fees and expenses) incurred or suffered by the Indemnified Parties
as a result of any claim made by any third party to the extent such claim relates primarily to or arises from changes to the Purchase
Agreement reflected in the Amended Purchase Agreement (the “Indemnifiable Claims”) and upon request of
AR Capital, RCAP shall advance reasonable expenses in connection with any defense of any Indemnifiable Claim or any action or proceeding
arising therefrom. The right of the Indemnified Parties to any indemnification or advancement of expenses shall be subordinated
as to payment to (and only to) both (i) the First Lien Credit Agreement (as in effect from time to time, the “First
Lien Credit Agreement”) and (ii) the Second Lien Credit Agreement (as in effect from time to time, the “Second
Lien Credit Agreement”), each dated as of April 29, 2014, as amended (together, the “Credit Agreements”)
and notwithstanding anything to the contrary in this Agreement, RCAP shall not, and shall not permit any of its subsidiaries to,
make, and none of the Indemnified Parties shall, directly or indirectly, receive, any payment with respect to such indemnification
or advancement of expenses until 91 days after (A) indefeasibly paying all outstanding Term Loans and Revolving Loans and all other
Obligations in full in cash and permanently reducing all Commitments (including, without limitation, the Revolving Credit Commitments)
to zero (as such terms in this clause (A) are defined in the First Lien Credit Agreement) (the “Discharge of First
Lien Obligations”) and (B) indefeasibly paying all outstanding Term Loans and all other Obligations in full in cash
(as such terms in this clause (B) are defined in the Second Lien Credit Agreement) (the “Discharge of
Second Lien Obligations”). In the event any Indemnified Party receives a payment in contravention of the preceding
sentence, such Indemnified Party shall promptly pay over and deliver such payment to the Collateral Agent (as defined in the First
Lien Credit Agreement) (the “First Lien Collateral Agent”), so long as the Discharge of First Lien Obligations
has not occurred, and then to the Collateral Agent (as defined in the Second Lien Credit Agreement) (the “Second Lien
Collateral Agent” and, together with the First Lien Collateral Agent, the “Collateral Agents”),
and pending such payment over shall hold such payment in trust for the benefit of the Collateral Agents (or, after the Discharge
of First Lien Obligations, the Second Lien Collateral Agent). No amendment to the provisions of this paragraph shall be effective
without the consent of the Collateral Agents. The Collateral Agents and Secured Parties (as defined in the Credit Agreement) are
intended third party beneficiaries of this paragraph and have relied on this paragraph.

 

    	 	4	 

     

    

 

2.           Non-Disparagement.
Each Party agrees to not, directly or indirectly, make or ratify any statement, public or private, oral or written (including concerning
the Transaction Documents, the participation or involvement of the Parties in the transactions contemplated by the Transaction
Documents or the Amended Purchase Agreement or the reasons for or any of the events or circumstances surrounding the termination
of the transactions contemplated by the the termination of the Transaction Agreement and the Guaranty Agreement and the execution
of the Amended Purchase Agreement that disparages the business reputation of the other Parties or their respective Related Parties;
provided that nothing herein will (i) prevent Luxor from making (a) any public statements that Luxor has a reasonable basis for
believing are true or (b) any private statements, (ii) prevent any Party from making truthful statements as may be required by
Applicable Law to which a Party is subject or (iii) expand the scope of the releases contained in this Agreement.

 

3.          Public
Announcements. The initial press release concerning this Agreement shall be a press release in the form agreed by the Parties
(other than Luxor) as set forth on Annex A and thereafter the Parties shall consult with each other (and obtain the other party’s
consent) before any Party (or its Affiliates) issues any press release or otherwise makes any public statements with respect to
the transactions contemplated by this Agreement, except (a) as may be required by any Applicable Law to which a Party is subject
if the Party issuing such press release or other public statement has, to the extent practicable, provided the other Parties (other
than Luxor) with an opportunity to review and comment or (b) any press release or other public statement that is consistent in
all material respects with previous press releases, public disclosures or public statements made by a Party in accordance with
this Agreement, in each case under this clause (b) to the extent such disclosure is still accurate; provided that no such press
release shall make any reference to Luxor or any Luxor Related Parties without the Luxor’s prior written consent.

 

4.           Representations
of the Parties.

 

(a)          Each
Party represents and warrants to the other Parties as follows:

 

(i)          Such
Party has the requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to
consummate the transactions contemplated hereby. The execution and delivery by such Party of this Agreement, the performance of
its obligations hereunder and its consummation of the transactions contemplated hereby have been duly and validly authorized and
approved by all necessary action of such Party, as applicable, and no other action on the part of such Party, is necessary to authorize
the execution and delivery by such Party of this Agreement, the performance by it of its obligations hereunder and its consummation
of the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by such Party, and, assuming
the due authorization, execution and delivery by the other Parties, constitute legal and binding obligations of such Party, enforceable
against such Party in accordance with its terms, except as (a) the enforceability hereof may be limited by bankruptcy, insolvency,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) the availability
of equitable remedies may be limited by equitable principles of general applicability.

 

    	 	5	 

     

    

 

(ii)         The
execution and delivery by such Party of this Agreement does not, and the consummation of the transactions contemplated hereby and
the performance of its obligations hereunder will not (with or without the giving of notice, the termination of any grace period
or both): (a) violate, conflict with, or result in a breach or default under any provision of the organizational documents
of such Party, as applicable or (b) (x) violate any Applicable Law to which a Party is subject, (y) violate,
result in a violation or breach by such Party of, or cause the termination, acceleration or cancellation or the loss, impairment
or alteration of any right or benefit under, or conflict with or constitute a default (or give rise to a right of termination,
acceleration, cancellation or the loss, impairment or alteration of any right or benefit under, any contract to which such Party
is a party or by which any of its respective properties is bound, whether with the passage of time, giving of notice, or both or
(z) result in the creation of any lien on the assets or properties of such Party, except, in the cases of clauses (x),
(y) and (z), for any such violation, breach, termination, acceleration, conflict, default or lien as would not, individually or
in the aggregate, prohibit or materially impair the ability of such Party to consummate the transactions contemplated by this Agreement
or perform its obligations hereunder on a timely basis.

 

(b)          AR
Capital represents and warrants to Luxor that, there are no agreements, side letters or arrangements (written or oral) among AR
Capital, on the one hand, and RCAP and/or AMH and/or any of their respective affiliates, on the other hand, with respect to, or
in any way relating to, the termination of the Transaction Agreement and the Guaranty Agreement and the execution of the Amended
Purchase Agreement that have not been disclosed (and provided in the case of written materials, if any) to Luxor.

 

(c)          RCAP
represents and warrants to Luxor that, there are no agreements, side letters or arrangements (written or oral) among RCAP, on the
one hand, and [AMH] and/or AR Capital and/or any of their respective affiliates, on the other hand, with respect to, or in any
way relating to, the termination of the Transaction Agreement and the Guaranty Agreement and the execution of the Amended Purchase
Agreement (and provided in the case of written materials, if any) to Luxor.

 

5.          Notices.
All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed given
if delivered personally, mailed by registered or certified mail with postage prepaid and return receipt requested or sent by commercial
overnight courier, courier fees prepaid (if available; otherwise, by the next best class of service available), to the parties
at the following addresses:

 

If to AR Capital or any of the ARC Principals,
addressed as follows:

 

405 Park Avenue, 14th Floor

 

    	 	6	 

     

    

 

New York, NY 10022

Attn: Jesse C. Galloway

Email: jgalloway@arlcap.com

 

with copies (which shall not constitute
notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention:       Lee Meyerson

                         Elizabeth
Cooper

Email: lmeyerson@stblaw.com

     ecooper@stblaw.com

 

If to RCAP or RCS Holdings, to it at:

 

RCS Capital Corporation

405 Park Ave

New York, NY 10022

Attention: General Counsel

Email: JTanaka@rcscapital.com

Fax: 646-861-7743

 

with a copy (which shall not constitute
notice) to:

 

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Attn: Martin Nussbaum

Email: Martin.Nussbaum@dechert.com

Fax: (212) 698-0496

If to Luxor, to it at:

 

Luxor Capital Partners, LP

1114 Avenue of the Americas, 29th Floor

New York, NY 10036

Attention: Norris Nissim

Email: legal@luxorcap.com

Facsimile: (212) 763-8001

 

with a copy to:

 

with a copy (which shall not constitute
notice) to:

 

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

 

    	 	7	 

     

    

 

New York, NY 10036

Attention: Gregory Horowitz

Facsimile: (212) 715-8000

Email: ghorowitz@kramerlevin.com

 

or to such other Person or address as any party shall specify
by notice in writing to the other parties in accordance with this Section 5. All such notices or other communications shall be
deemed to have been received on the date of the personal delivery, on the third Business Day after the mailing or dispatch thereof,
or in the case of electronic mail or facsimile transmission, on the date received, subject to confirmation of receipt; provided
that notice of change of address shall be effective only upon receipt.

 

6.          Entire
Agreement. This Agreement constitute the entire agreement and supersede all other prior agreements and understandings, both
written and oral, of the parties with respect to the subject matter hereof.

 

7.          Amendments
and Waiver. This Agreement may not be amended except by an instrument or instruments in writing signed and delivered on behalf
of each of the Parties. Any Party that is entitled to the benefits hereof may waive compliance with any of the agreements of any
other Party contained herein. Any agreement on the part of a Party to any such waiver shall be valid if set forth in an instrument
in writing signed and delivered on behalf of such Party. Waivers shall operate to waive only the specific matter described in the
writing and shall not impair the rights of the party granting the waiver in other respects or at other times. A Party’s waiver
of a breach of a provision of this Agreement, or failure (on one or more occasions) to enforce a provision of, or to exercise a
right under, this Agreement, shall not constitute a waiver of a similar breach, or of such provision or right other than as explicitly
waived.

 

8.          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other governmental
authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

 

9.          Governing
Law. This Agreement shall be governed in all respects (including as to validity, interpretation and effect) by the internal
laws of the State of New York, without giving effect to any conflict of laws rules or principles that would require or permit the
application of another jurisdiction’s laws.

 

    	 	8	 

     

    

 

10.         Jurisdiction
of Disputes. Each party hereby irrevocably agrees that any action or proceeding arising out of any dispute in connection with
this Agreement, any rights or obligations hereunder or the performance of such rights or obligations shall be brought exclusively
in the courts of the State of New York located in the Borough of Manhattan or the federal courts of the United States of America
located in the Southern District of New York (and appellate courts thereof) and hereby expressly submits to the personal jurisdiction
and venue of such courts for the purposes thereof and expressly waives any claim of improper venue and any claim that such courts
are an inconvenient forum. Each party hereby irrevocably consents to the service of process of any of the aforementioned courts
in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail or by overnight courier
service, postage prepaid, to its address set forth in Section 5.

 

11.         Waiver
of Jury Trail. Each Party hereby waives all rights to a jury trial with respect to any action or claim arising out of any dispute
in connection with this Agreement, any rights or obligations hereunder or the performance of such rights and obligations. Each
Party (i) certifies that no representative, agent or attorney of any Party has represented, expressly or otherwise, that such Party
would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that the other Parties have
been induced to enter into this Agreement and the transactions contemplated hereby by, among other things, the waivers and certifications
contained herein.

 

12.         No
Assignment; Binding Effect. Neither this Agreement nor any right, interest or obligation hereunder may be assigned by any Party
hereto without the prior written consent of the other Parties hereto and any attempt to do so shall be void, except for assignments
and transfers by operation of any laws. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit
of and is enforceable by the Parties and their respective successors and assigns.

 

13.         Third-Party
Beneficiaries. Each Party acknowledges and agrees that the ARC Related Parties, the Luxor Related Parties and the RCAP Related
Parties are express third-party beneficiaries of the releases of such Related Parties and covenants not to sue such Related Parties
contained in Section 3 of this Agreement and are entitled to enforce rights under such section to the same extent that
such Related Parties could enforce such rights if they were a party to this Agreement. Except as provided in the preceding sentence,
there are no third-party beneficiaries to this Agreement.

 

14.         Headings.
The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit the provisions
hereof.

 

15.         Specific
Performance. The Parties agree that if any of the provisions of this Agreement were not performed by the Parties in accordance
with their specific terms or were otherwise breached thereby, irreparable damage would occur, no adequate remedy at law would exist
and damages would be difficult to determine, and that each Party will be entitled to specific performance to prevent breaches of
the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to
which it may be entitled at law or in equity.

 

16.         Counterparts;
Effectiveness. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all
of which together shall constitute one and the same instrument.

 

    	 	9	 

     

    

 

17.          AmEx
Guarantee. Nicholas S. Schorsch has terminated use by the Company, its subsidiaries and their respective officers, directors
and employees under the AmEx Contract and the Company shall indemnify and hold Nicholas S. Schorsch harmless from and against any
such obligations arising out of any such use.

 

18.          Certain
Defined Terms. For the purposes of this Agreement:

 

(a)          “AmEx
Contract means the agreement and guaranty, dated November 25, 2013, by and between Nicholas Schorsch and American Express.

 

(b)          “Applicable
Law” means any domestic or foreign federal, state or local statute, law (whether statutory or common law), ordinance,
rule, administrative interpretation, regulation, order, writ, injunction, directive, judgment, decree, policy, guidelines or other
requirement of any Governmental Authority.

 

(c)          “Governmental
Authority” means any United States or foreign government, any state or other political subdivision thereof, any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the
Securities and Exchange Commission, Commodity Futures Trading Commission or any other authority, agency, department, board, commission
or instrumentality of the United States, any State of the United States or any political subdivision thereof or any foreign jurisdiction,
and any court, tribunal or arbitrator(s) of competent jurisdiction, and any United States or foreign governmental or non-governmental
self-regulatory organization, agency or authority, including Financial Industry Regulatory Authority and the New York Stock Exchange.

 

[signature page follows]

 

    	 	10	 

     

    

 

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

 

	 	RCS Capital Corporation
	 	 	 
	 	By:	/s/ Brian D. Jones
	 	 	Name:  Brian D. Jones
	 	 	Title:  Chief Financial Officer
	 	 
	 	RCS Capital Holdings, LLC
	 	 	 
	 	By:	/s/ Brian D. Jones
	 	 	Name:  Brian D. Jones
	 	 	Title:  Chief Financial Officer
	 	 
	 	Luxor Capital Partners LP
	 	 	 
	 	By:	/s/ Norris Nissim
	 	 	Name:  Norris Nissim
	 	 	Title:  General Counsel
	 	 	Luxor Capital Group, LP, Investment Manager
	 	 
	 	AR Capital, LLC
	 	 	 
	 	By:	/s/ William M. Kahane
	 	 	Name:  William M. Kahane
	 	 	Title:  Managing Member
	 	 	 
	 	By:	/s/ Nicholas S. Schorsch
	 	 	Nicholas S. Schorsch
	 	 	 
	 	By:	/s/ Peter M. Budko
	 	 	Peter M. Budko
	 	 	 
	 	By:	/s/ William M. Kahane
	 	 	William M. Kahane

 

    	 	11	 

     

    

 

	 	By:	/s/ Edward M. Weil, Jr.
	 	 	Edward M. Weil, Jr.
	 	 	 
	 	By:	/s/ Brian S. Block
	 	 	Brian S. Block

 

    	 	12Exhibit 10.5

 

Execution Version

 

AMENDMENT No. 2, dated as of November
8, 2015 (this “Amendment”), to the First Lien Credit Agreement, dated as of April 29, 2014 (as amended by Amendment
No. 1 dated as of June 30, 2015 and as further amended, restated, amended and restated, extended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among RCS Capital Corporation, a Delaware corporation (the “Borrower”),
RCAP Holdings, LLC, a Delaware limited liability company (“RCAP Holdings”), RCS Capital Management, LLC, a Delaware
limited liability company (“RCS Management”), the Subsidiary Guarantors, the lenders and other parties thereto
from time to time party thereto and Barclays Bank PLC, as Administrative Agent and
Collateral Agent.

 

A. The Borrower has requested that the Required
Lenders amend the Credit Agreement as set forth below.

 

B. Pursuant to Section 9.08 of the
Credit Agreement, the Borrower and the Lenders may amend the Credit Agreement with the acknowledgement of the Administrative Agent.

 

C. Capitalized terms used but not defined
herein have the meanings assigned to them in the Credit Agreement.

 

Accordingly, in consideration of the mutual
agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

 

ARTICLE I

Amendment No. 2 Effective Date Amendments

 

(a) The definition of Eligible
Assignee in Section 1.01 of the Credit Agreement is hereby amended and restated as follows:

 

““Eligible Assignee”
shall mean any Person (other than a natural Person) that is (a) in the case of Term Loans, (i) a Lender, (ii) an Affiliate
of a Lender, (iii) a Related Fund of a Lender and (iv) any other Person (other than a natural person) approved by the Administrative
Agent and the Borrower in accordance with Section 9.04(b) (each such approval not to be unreasonably withheld, conditioned or delayed)
and (b) in the case of any assignment of a Revolving Credit Commitment, (i) a Revolving Credit Lender, (ii) an Affiliate of a Revolving
Credit Lender and (iii) any other Person (other than a natural person) approved by the Administrative Agent and the Borrower in
accordance with Section 9.04(b) (each such approval not to be unreasonably withheld, conditioned or delayed); provided that no
Person may be an Eligible Assignee of any Revolving Credit Commitment unless such Person shall be approved by the Issuing Bank
and the Swing Line Lender (such approval not to be unreasonably withheld, conditioned or delayed); provided that notwithstanding
the foregoing, “Eligible Assignee” shall not include any RCS Company or any Affiliate of an RCS Company (in each case
other than the Borrower and, in the case of the Borrower, solely in connection with transactions permitted pursuant to Section
2.25 and Section 9.04(l)) or any Restricted Party.”

 

(b) The definition of Junior Debt
in Section 1.01 of the Credit Agreement is hereby amended and restated as follows:

 

““Junior Debt”
shall mean (a) Subordinated Indebtedness, (b) the Senior Notes and any additional Indebtedness incurred pursuant to Section
6.01(y), (c) any Indebtedness (including, without limitation, Second Lien Loans and other obligations secured by Liens granted
pursuant to Section 6.02(z)) that is secured by a Lien on any Collateral that ranks junior to the Lien on such Collateral securing
the Obligations and (d) Indebtedness incurred (but not assumed) pursuant to Section 6.01(m) or (u) (or any Indebtedness incurred
pursuant to Section 6.01(l) that was originally incurred pursuant to Section 6.01(m) or (u) or any refinancing pursuant to 6.01(l)
of any such Indebtedness).”

 

    	 	 	 

     

    

 

(c) Section 1.01 of the
Credit Agreement is amended by adding the following definitions to such Section in the appropriate alphabetical order:

 

(i) “Amendment No. 2”
means Amendment No. 2 to this Agreement, dated as of November 8, 2015.

 

(ii) “Amendment No.
2 Effective Date” has the meaning assigned to such term in Amendment No. 2.

 

(iii) “Designated Entities”
means Realty Capital Securities, LLC, Strategic Capital Management Holdings, LLC and American National Stock Transfer, LLC.

 

(iv) “Funding Effective
Date” means the date on which the Borrower shall have (A) applied an aggregate principal amount of not less than
$112,500,000 (of which no less than $87,500,000 shall be applied to the Term Loans) to the prepayment of the then outstanding principal
amounts of the Term Loans and the Revolving Loans as a result of either (i) mandatory prepayments pursuant to Section 2.13(b) of
the Credit Agreement from the Net Cash Proceeds of Asset Sales made on or after the Amendment No. 2 Effective Date in each case
permitted pursuant to Section 6.04(b), or (ii) voluntary prepayments made pursuant to Section 2.12(a) of the Credit Agreement,
excluding, in the case of each of the foregoing (i) and (ii), any proceeds from any Specified Asset Sales or the Senior Notes and
(B) the Revolving Loans shall have been repaid in full and in cash, subject to reborrowing upon satisfaction of the conditions
set forth in Section 4.01 of this Agreement, and the Revolving Credit Commitments shall have been permanently reduced, by at least
$4,167,000.

 

(v) “Independent Board
Approval” means approval by the board of directors (which approval must include all of the members of the board of
directors that were nominated or appointed by the Third Party Funding Source and no fewer than at least one director nominated
or appointed by the Third Party Funding Source) of Borrower in good faith with any representative (including any board nominee)
of a Restricted Party (other than the Third Party Funding Source) and any representative (including any board nominee) of any group
in which a Restricted Party (other than the Third Party Funding Source) is a member abstaining from such approval process.

 

(vi) “Membership Interest
Purchase Agreement” means that certain Amended and Restated Membership Interest Purchase Agreement, dated as of November
8, 2015, among Apollo Management Holdings, L.P., the Borrower and RCAP Holdings, as in effect on November 8, 2015.

 

(vii) “Note Purchase
and Class B Share Agreement” means that certain Note Purchase and Class B Share Agreement dated as of November 8,
2015, between the Borrower and RCAP Holdings, LLC as in effect on November 8, 2015.

 

(viii) “Restricted Parties”
means (i) Apollo Global Asset Management, LLC and its Affiliates, portfolio companies and funds controlled by it or its Affiliates,
(ii) from and after the date on which any Designated Entity is not directly or indirectly wholly owned by the Borrower, such Designated
Entity and its Affiliates and (iii) Luxor Capital Group, L.P. and any holder of any class of outstanding preferred Equity Interests
of any RCS Company (other than Redwood Capital Management, LLC, Nokota Capital Master Fund LP or any of their respective Affiliates
or any funds Controlled by or managed by either of them or their respective Affiliates) and their respective Affiliates, portfolio
companies or any funds Controlled by any of them or any of their respective Affiliates; provided, that the foregoing clause
(iii) shall not apply to (a) a Lender that becomes a holder of any class of outstanding preferred Equity Interests of any RCS Company
after the Amendment No. 2 Effective Date, (b) any Person to the extent such Person no longer has a representative on the board
of directors of Borrower and no longer holds or has any right or option to acquire Equity Interests of any RCS Company or any of
the respective Subsidiaries of the RCS Companies or (c) any RCS Company and its Subsidiaries.

 

    	 	 	 

     

    

 

(ix) “Senior Notes”
means the senior unsecured notes contemplated to be issued pursuant to the terms of the Senior Notes Agreements as in effect on
November 8, 2015.

 

(x) “Senior Notes Agreements”
means, collectively, (A) the Note Purchase and Class B Share Agreement and (B) the Note Purchase Agreement, dated as of November
8, 2015, between the Borrower and the applicable Senior Notes Investors, in each case, as in effect on November 8, 2015, pursuant
to which the Borrower has agreed to issue the Senior Notes to the Senior Notes Investors.

 

(xi) “Senior Notes Investors”
means the purchasers of the Senior Notes pursuant to the Senior Notes Agreements.

 

(xii) “Specified Asset
Sales” means the sale of all or substantially all of the assets, Equity Interests or business of any Specified Entity.

 

(xiii) “Specified Entities”
means Hatteras Funds, LLC, Docupace Technologies, LLC and DirectVest LLC.

 

(xiv) “Third Party Funding
Event” means the repayment of the Loans in accordance with the definition of “Funding Effective Date”,
in whole or in part, from (i) the proceeds of the issuance of Equity Interests of the Borrower to a Third Party Funding Source
on the Funding Effective Date or (ii) the proceeds of Subordinated Indebtedness provided to the Borrower by the Third Party Funding
Source on the Funding Effective Date.

 

(xv) “Third Party Funding
Source” means in respect of a Third Party Funding Event, (i) a purchaser (that, prior to becoming a purchaser, was
not an RCS Company, an Affiliate of an RCS Company or a Restricted Party) of Equity Interests of the Borrower on the Funding Effective
Date or (ii) a lender (that, prior to becoming a lender, was not an RCS Company, an Affiliate of an RCS Company or a Restricted
Party) of Subordinated Indebtedness to the Borrower on the Funding Effective Date; provided, for solely for the purposes
of this definition, a Restricted Party shall not include Luxor Capital Group, L.P. and its Affiliates or any funds Controlled by
any of them or any of their respective Affiliates.

 

(d) A new Section 3.30
shall be added to the end of Article III of the Credit Agreement that shall read as follows:

 

“SECTION 3.30 Specified
Asset Sales; Certain Agreements. In the 60 days prior to the Amendment No. 2 Effective Date, no Company has made any Investment
in, made any Restricted Payments to, disposed of, sold, leased or otherwise transferred any assets to, or merged, consolidated
or amalgamated with any Specified Entity; other than as a result of a transaction that (i) was in the ordinary course of business
consistent with past practices or (ii) is set forth on Schedule 1. There is no written agreement between the Borrower or
any of its Subsidiaries and any Restricted Party that relates to any Designated Entity, other than agreements entered into in the
ordinary course of business and agreements regarding the sale referred to in Section 6.14(b)(viii).”

 

(e) The paragraph following Section
5.04(a) of the Credit Agreement is hereby amended by replacing such paragraph in its entirety with the following:

 

“Such financial statements
shall be audited by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing and accompanied
by an opinion of such accountants (which opinion shall not be qualified as to the scope of such audit or as to the status of the
Borrower and its Subsidiaries as a going concern (other than with respect to the fiscal year ending December 31, 2015) to the effect
that such consolidated financial statements fairly present in all material respects the financial condition and results of operations
of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently (except as otherwise
disclosed therein) applied;”

 

    	 	 	 

     

    

 

 

(f) A new Section 5.16
and a new Section 5.17 shall be added to the end of Article V of the Credit Agreement that shall read as follows:

 

“SECTION 5.16 Financial
Advisor for the Secured Parties. The Loan Parties acknowledge and agree that the Required Lenders may, for the benefit of the
Administrative Agent, the Lenders and the other Secured Parties, at any time and from time to time at the sole expense of the Loan
Parties (payable upon demand by the Administrative Agent or the Required Lenders but not to exceed $150,000 per month, plus the
reasonable expenses of such financial advisor), retain a financial advisor (the “Secured Party Financial Advisor”)
until the Funding Effective Date to perform such services and duties with respect to the Borrower and the other Loan Parties, and
their financial condition, assets, liabilities, operations and/or businesses, as determined by the Administrative Agent in its
sole discretion or the Required Lenders in their sole discretion. The Borrower and the other Loan Parties agree to cooperate fully
with the Secured Party Financial Advisor and the Administrative Agent’s and the Lenders’ personnel and representatives
with respect to, among other things, any reasonable request for information by the Secured Party Financial Advisor or such personnel
and representatives including, without limitation, to (i) participate fully in, and cause its Financial Advisor to participate
fully in, calls with the Secured Party Financial Advisor, the Administrative Agent and/or the Lenders at such times and with such
frequency as reasonably requested by the Administrative Agent or the Required Lenders and (ii) provide, and cause its Financial
Advisor to provide, such other reports and information (financial or otherwise) as the Administrative Agent, the Required Lenders
or the Secured Party Financial Advisor may request from time to time in connection with any Collateral or any Loan Party’s
or Subsidiary’s financial condition, assets, liabilities, operations, businesses, upcoming transactions or financing activities
or transactions with Restricted Parties or Affiliates. The Loan Parties acknowledge and agree that (i) the Secured Party Financial
Advisor shall be deemed to be an “Indemnitee” as that term is used and defined in the Credit Agreement and (ii) notwithstanding
anything in this Agreement to the contrary, the fees, costs and expenses of the Secured Party Financial Advisor shall constitute
“Obligations” under the Credit Agreement secured by the Collateral under the Security Documents.

 

SECTION 5.17 Chief Restructuring
Officer. Within 14 days after the Amendment No. 2 Effective Date, the Borrower shall appoint a chief restructuring officer
reasonably satisfactory to the Administrative Agent and the Required Lenders, having authority reasonably satisfactory to the Administrative
Agent and the Required Lenders and reporting directly to the board of directors of the Borrower.”

 

(g) Section 6.01 of the
Credit Agreement is hereby amended by deleting “and” at the end of clause (v), replacing the “.”
at the end of clause (w) with “;” and adding the following clause (x) and clause (y)”:

 

“(x) Subordinated Indebtedness
of the Borrower; provided (i) such Subordinated Indebtedness shall at all times be unsecured, (ii) shall only be guaranteed
by a Company that is a Guarantor of the Obligations; provided that, if such Guarantor is released from its obligations under
the Guarantee Agreement, then the terms of such Subordinated Indebtedness shall expressly provide that such Guarantor shall be
automatically released from its guaranty obligations with respect to such Subordinated Indebtedness, (ii) the terms of such Subordinated
Indebtedness will not provide for payments of principal or interest in cash prior to the 91st day after payment in full
of the Obligations, (iii) such Indebtedness will have a maturity date on or after the 91st day after the Term Loan Maturity
Date (as in effect on the date hereof) and (iv) the such Subordinated Indebtedness shall be subordinated pursuant to a subordination
agreement that is reasonably acceptable to the Required Lenders; and

 

    	 	 	 

     

    

 

(y) (i) the Senior Notes; provided
(A) the Senior Notes shall at all times be unsecured, (B)the Senior Notes shall only be obligations of the Borrower and shall
not be Guaranteed by any Person, (C) the terms of the Senior Notes will not require payments of principal or interest in cash prior
to the 91st day after payment in full of the Obligations, and (D) the Senior Notes will have a maturity date on or after
the 91st day after the Term Loan Maturity Date (as in effect on the date hereof) and (ii) additional Indebtedness that has the
same terms as the Senior Notes and meets the requirements of the foregoing clauses (A) through (D); provided further
that (I) not more than $75,000,000 of Indebtedness may be incurred in reliance on this clause (y) (excluding amounts incurred
as payment in kind of interest) and (II) the Borrower will not make payments of principal or interest on the Senior Notes or any
Indebtedness incurred in reliance on the foregoing clause (y) in cash prior to the 91st day after payment in full of the Obligations
except as provided in Section 6.06(b)(vi).”

 

(h) Section 6.03(y) of
the Credit Agreement is hereby amended by replacing such Section 6.03(y) in its entirety with the following:

 

“(y)Investments in the
form of ordinary course loans to Financial Advisors affiliated with the Borrower (other than loans to Affiliates (that are not
Companies) or their respective representatives) consistent with past practice in an aggregate amount for such loans not to exceed
$25,000,000 in any fiscal year; and”

 

(i) Section 6.04(b)(i)
of the Credit Agreement is hereby amended by adding the following proviso immediately at the end thereto:

 

“; provided, that,
the Companies may effect a Specified Asset Sale without regard to the foregoing limitations so long as (A) at the time of such
Specified Asset Sale and after giving effect to such Specified Asset Sale, no Default or Event of Default shall have occurred and
be continuing, (B) the representations and warranties in Section 3.30 are true and correct at the time of such Specified Asset
Sale, (C) the Net Cash Proceeds of each such Specified Asset Sale shall be immediately applied on the date of receipt thereof to
prepay the Loans as required by Section 2.13(b), and (D) any non cash proceeds received in the form of Indebtedness or capital
stock are pledged to the Collateral Agent to the extent required under Section 5.10.”

 

(j) Section 6.04(b) of
the Credit Agreement is hereby amended by amending and restating the paragraph the last paragraph of such section as follows:

 

“Notwithstanding the foregoing, the
Borrower shall not, and shall not permit any of its Subsidiaries to, sell, transfer or otherwise dispose of Cetera Financial Holdings,
Inc., Cetera Financial Group, Inc. or any of their respective Subsidiaries (or all or substantially all of the assets of Cetera
Financial Holdings, Inc., Cetera Financial Group, Inc. or any of their respective Subsidiaries) without first (or simultaneously)
indefeasibly paying all outstanding Term Loans and Revolving Loans and all other Obligations in full in cash and permanently reducing all
Commitments (including, without limitation, the Revolving Credit Commitments) to zero.”

 

(k) Section 6.05(a) of
the Credit Agreement is hereby amended by deleting “and” at the end of clause (xii), replacing the “.”
at the end of clause (xiii) with “; and” and adding the following clause (xiv)”:

 

“(xiv) the Borrower may
make Restricted Payments in an amount of $1 or less to effect the purchase by the Borrower of the Class B common Equity Interests
in the Borrower held by RCAP Holdings pursuant to the terms of the Note Purchase and Class B Share Agreement.”

 

(l) Section 6.06(b) of
the Credit Agreement is hereby amended by deleting “and” at the end of clause (iv), replacing the “.”
at the end of clause (v) with “; and” and adding the following clause (vi)”:

 

“(vi) the Borrower may make
payments in an amount necessary to purchase, redeem, retire, defease, acquire, cancel or terminate the Senior Note in the original
principal amount of $12,000,000 owed to RCAP Holdings, plus any accrued and outstanding interest thereon; provided, that
(A) the Funding Effective Date has occurred or will occur substantially simultaneously with such payment and (B) immediately after
giving effect to such payment, no Default or Event of Default shall have occurred and be continuing.”

 

    	 	 	 

     

    

 

(m) Section 6.07(a) of
the Credit Agreement is hereby amended by adding the following sentence after the table set forth therein:

 

“Notwithstanding the foregoing,
the Fixed Charge Coverage Ratio will not be tested for the Test Period ending as of September 30, 2015.”

 

(n) Section 6.07(b) of
the Credit Agreement is hereby amended by adding the following sentence after the table set forth therein:

 

“Notwithstanding the foregoing,
the Secured Leverage Ratio will not be tested for the Test Period ending as of September 30, 2015.”

 

(o) A new Section 6.12
shall be added to the end of Article VI of the Credit Agreement that shall read as follows:

 

“SECTION 6.12 Senior
Notes. Amend, modify, waive, terminate or grant any consent to any provision of the Senior Notes Agreements or any of the terms
or conditions of the Senior Notes set forth therein in any manner adverse to the interests of the Lenders.”

 

(p) A new Section 6.13
shall be added to the end of Article VI of the Credit Agreement that shall read as follows:

 

“SECTION 6.13 Specified
Asset Sales. On or after the Amendment No. 2 Effective Date, no Company shall make any Investment in, make any Restricted Payments
to, dispose of, sell, lease or otherwise transfer any assets (including Equity Interests) to, or merge, consolidate or amalgamate
with, any of the Specified Entities; other than as a result of transactions that are (i) in the ordinary course of business consistent
with past practices or (ii) in accordance with binding contractual arrangements in writing that were in existence and effective
as of September 30, 2015 ((x) without giving effect to any amendment, waiver, modification or supplement to such agreements after
September 30, 2015 and (y) excluding any agreement that is not effective on, and any transaction that has not been consummated
by, September 30, 2015 but contemplated by such contractual agreements to be entered into or consummated on a future date).”

 

(q) A new Section 6.14
shall be added to the end of Article VI of the Credit Agreement that shall read as follows:

 

“SECTION 6.14 Transactions
with Restricted Parties. (a) Enter into any Asset Sales in contravention of Section 6.04(b) or enter into any management or
other services agreements involving cash payments or consideration for the benefit of a Restricted Party.

 

(b) Enter into any transactions
with or for the benefit of any Restricted Party other than:

 

		(i)	transactions that were entered into when such Person was not a Restricted Party (whether before or after the Amendment No.
2 Effective Date);

 

		(ii)	transactions with Luxor Capital Group, L.P. and its Affiliates or any funds Controlled by any of them or any of their respective
Affiliates pursuant to which such Person is a purchaser of the Senior Notes and additional Indebtedness that has the same terms
as the Senior Notes or additional Equity Interests of the Borrower;

 

    	 	 	 

     

    

 

		(iii)	transactions that are (A) on terms that are substantially as favorable to such Company as it would obtain in comparable arm’s
length transactions with a Person that is not a Restricted Party or Affiliate and (B) consummated pursuant to binding contractual
agreements in writing that were in existence and effective as of September 30, 2015 ((x) without giving effect to any amendment,
waiver, modification or supplement to such agreements after September 30, 2015 and (y) excluding any agreement that is not effective
on, and any transaction that has not been consummated by, September 30, 2015 but contemplated by such contractual agreements to
be entered into or consummated on a future date);

 

		(iv)	after the occurrence of the Third Party Funding Event, transactions that (A) are on terms that are substantially as favorable
to such Company as it would obtain in comparable arm’s length transactions with a Person that is not a Restricted Party or
Affiliate and (B) have received Independent Board Approval;

 

		(v)	transactions pursuant to the Services Agreement among Realty Capital Services, LLC, RCS Advisory Services, LLC, American National
Stock Transfer, LLC, American Realty Capital Advisors, LLC and AR Advisory Services, LLC, dated as of June 4, 2013, and any modification,
amendment, supplement or amendment and restatement of such agreement; provided any such modification, amendment, supplement
or amendment and restatement is not adverse to the Lenders; provided further that total consideration paid with respect
to such Services Agreement shall not exceed $7,500,000 in any fiscal year;

 

		(vi)	transactions whereby Borrower or its Subsidiaries perform transaction management and related services and the distribution
of investment products pursuant to ordinary course services agreements between a Loan Party and any Restricted Party’s portfolio
companies or funds or any of their respective Affiliates (including, but not limited to, dealer-manager agreements, transfer agent
services agreements, investor relations services agreements, investment banking services agreements and engagement letters and
listing and proxy services agreements), in each case consistent with past practice and approved by the affirmative vote of a majority
of the independent directors (or similar governing body) of such portfolio company or fund; provided that the terms of such
transactions are no less favorable to the Borrower or such Subsidiary as the Borrower or such Subsidiary would obtain in a comparable
arm’s-length transaction with a Person that is not an Affiliate of the Borrower or a Restricted Party;

 

		(vii)	the sublease contemplated by Section 8.16 of the Note Purchase and Class B Share Agreement; provided that the amounts
payable by the Borrower and its Subsidiaries under such sublease agreement shall not exceed $100,000 per month, excluding reimbursement
of expenses on customary terms;

 

		(viii)	the sale by the Borrower and the Borrower’s wholly-owned subsidiary, RCS Capital Holdings,
LLC (“RCS Holdings”), to Apollo Management Holdings, LP, of 100% of the Equity Interests of Realty Capital
Securities, LLC (“RCS”) and Strategic Capital Management Holdings, LLC (“StratCap”),
and the other transactions and agreements contemplated by the Membership Interest Purchase Agreement, for an aggregate consideration
of $6,000,000, subject to working capital and other adjustments (the “MIPA Purchase Price”), which sale
shall be consummated, in the case of RCS, no later than January 2016 and, in the case of StratCap, upon the satisfaction of applicable
conditions; provided that the consideration provided by the Borrower and its Subsidiaries under such transactions shall
be only (a) the Equity Interests in RCS and StratCap and (b) other consideration in excess of the MIPA Purchase Price the fair
market value of which shall not exceed in any fiscal year of the Borrower and its Subsidiaries the sum of the consideration received
therefor by the Borrower and its Subsidiaries and $5,000,000; and

 

    	 	 	 

     

    

 

		(ix)	the indemnity provided in that certain Release, dated as of November 8, 2015, by and among AR Capital, LLC, Nicholas S. Schorsch,
Peter M. Budko, William M. Kahane, Edward M. Weil, Jr. and Brian S. Block, the Borrower, RCS Holdings and Luxor Capital Partners
LP, as in effect on the date hereof (the “Release”) in favor of the ARC Related Parties (as defined in
the Release) by the Borrower and RCS Holdings.”

 

(r) Section 7.01(f) is
hereby amended and restated as follows:

 

“(f) (i) any Company shall
default in the payment of any principal or interest due in respect of any of the Senior Notes or any other Indebtedness incurred
in reliance on Section 6.01(y) (collectively, “Specified Debt”) or any Material Indebtedness, in each case beyond
the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) any other
event or condition occurs, in either case that results in any Specified Debt or any Material Indebtedness becoming due prior to
its scheduled maturity or that enables or permits the holders of any Specified Debt or any Material Indebtedness or any trustee
or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity; provided that this clause (ii) shall not apply to (x) with respect to Indebtedness
consisting of any Hedging Agreements, termination events or equivalent events pursuant to the terms of such Hedging Agreements
and (y) secured Indebtedness that becomes due solely as a result of the sale, transfer or other disposition of the property or
assets securing such indebtedness; provided further that this clause (f) shall not apply to any redemption, conversion or settlement
of any such Indebtedness that is convertible into Qualified Capital Stock of Borrower or RCAP Holdings (and cash in lieu of fractional
shares or units) and/or cash (in lieu of such Qualified Capital Stock of Borrower or RCAP Holdings) pursuant to its terms unless
such redemption, conversion or settlement results from a default thereunder;”

 

(s) A new Section 7.01(o)
shall be added to the end of Article VII of the Credit Agreement that shall read as follows:

 

“(o) an Affiliate of a Company
or a Restricted Party becomes a Lender under the Credit Agreement or a Lender (as such term is defined in the Second Lien Credit
Agreement) under the Second Lien Credit Agreement.”

 

(t) Section 9.05(a) of
the Credit Agreement is hereby amended by inserting a new sentence at the end of such section reading as follows:

 

“In addition, the Borrower
agrees to pay all reasonable out of pocket fees and expenses of Jones Day, as counsel to certain of the Lenders, relating to the
Loan Documents (A) to the extent required under Amendment No. 2 to be paid on the Amendment No. 2 Effective Date and (B) to the
extent incurred from and after the Amendment No. 2 Effective Date and on or prior to the Funding Effective Date, or relating to
the occurrence of the Funding Effective Date.”

 

ARTICLE II

Representations and Warranties

 

The Loan Parties represent and warrant, as
of the Amendment No. 2 Effective Date, to the Administrative Agent and the Lenders that:

 

A. This Amendment has been duly executed and
delivered by each Loan Party and constitutes a legal, valid and binding obligation of such Loan Party enforceable against such
Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other laws affecting creditors’ rights generally and to general principles of equity and an implied covenant of good faith
and fair dealing. Each Senior Notes Agreement has been duly executed and delivered by the Borrower and, to the knowledge of the
Borrower, the Senior Notes Investors party thereto and constitutes a legal, valid and binding obligation of the Borrower and, to
the knowledge of the Borrower, the Senior Notes Investors party thereto, enforceable against the Borrower and, to the knowledge
of the Borrower, the Senior Notes Investors party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles
of equity and an implied covenant of good faith and fair dealing.

 

    	 	 	 

     

    

 

B. Upon the effectiveness of this Amendment,
the representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects
(and in all respects with respect to representations qualified by materiality) on and as of the date hereof with the same effect
as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties were true and correct in all material respects (and in all respects with
respect to representations qualified by materiality) as of such earlier date).

 

C. No Affiliate of an RCS Company is a Lender
under the Credit Agreement or a Lender (as such term is defined in the Second Lien Credit Agreement) under the Second Lien Credit
Agreement.

 

D. In the 60 days prior to the Amendment No.
2 Effective Date, no Company has made any Investment in, made any Restricted Payments to, disposed of, sold, leased or otherwise
transferred any assets to, or merged, consolidated or amalgamated with any of the Specified Entities; other than as a result of
a transaction that was in the ordinary course of business consistent with past practices or in accordance with binding contractual
arrangements that were in existence and effective at the time of such transaction.

 

E. Upon the effectiveness of this Amendment,
no Default or Event of Default has occurred and is continuing.

 

F. No Loan Party or any of their respective
representatives or advisors has provided material non public information to the Lenders party hereto other than pursuant to the
terms of Section 9.16 of the Credit Agreement and the letter agreements entered into with individual Lenders, which shall, pursuant
to the terms of such letter agreements, as amended hereby and agreed by the Lenders, be publicly disclosed as of November 16, 2015.

 

G. As of the date of this Amendment, there
are no side letters or other agreements with respect to the Senior Notes other than the Senior Notes and the Senior Notes Agreements
that has not been disclosed to Lenders’ counsel.

 

H. None of the Persons listed on any annex
attached to that certain letter agreement related to employees of the Borrower, dated November 8, 2015, by the Borrower and accepted
and agreed to by ARC Capital, LLC, have at any time in the past twelve months performed any services or functions on behalf of
or related to Cetera Financial Holdings, Inc., Cetera Financial Group, Inc. or any of their respective Subsidiaries (collectively,
the “Covered Companies”) except those employees listed on Schedule 2 who are employees of Companies other than
the Covered Companies and perform activities for the Covered Companies that are incidental to their responsibilities at Companies
other than the Covered Companies.

 

ARTICLE III

Conditions to Amendment No. 2 Effectiveness

 

This Amendment shall become effective on the
date (the “Amendment No 2. Effective Date”) on which each of the following conditions is satisfied or waived:

 

A. The Administrative Agent (or its counsel)
shall have received an executed counterpart of this Amendment from (i) the Required Lenders and the Administrative Agent no later
than 5:00 p.m. (New York time) on 8, 2015 (such date and time, the “Consent Deadline”), and (ii) the Loan Parties.

 

B. The Loan Parties shall have paid (i) all
fees and reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the Loan Documents, including,
without limitation, the preparation, execution and delivery of this Amendment (including, without limitation, the reasonable fees
and out-of-pocket expenses of counsel for the Administrative Agent, Cahill Gordon & Reindel LLP and Shearman & Sterling
LLP, with respect thereto (provided, that in no event shall the Loan Parties be responsible for any such fees, costs
or expenses of Cahill, Gordon & Reindel LLP incurred after November 5, 2015)), and (ii) all fees and reasonable out-of-pocket
costs and expenses of a single counsel for the Required Lenders in connection with the Loan Documents, including, without limitation,
the preparation, execution and delivery of this Amendment.

 

    	 	 	 

     

    

 

C. The representations and warranties in Article
II hereto shall be true and correct as of the Amendment No. 2 Effective Date.

 

D. Amendment No. 2 to the Second Lien Credit
Agreement, in the form attached hereto as Exhibit B, shall simultaneously become effective.

 

E. The Borrower shall have received (i) fully
executed copies of the Senior Note Agreements (as defined in Article I of this Amendment), in form and substance satisfactory to
the Administrative Agent and the Required Lenders and such Senior Notes Agreements shall be in full force and effect and (ii) net
cash proceeds in an aggregate amount not less than $27,000,000 from the issuance of Senior Notes (as defined in Article I of this
Amendment) pursuant to the terms of the Senior Notes Agreements.

 

F. The Borrower shall have paid, or substantially
contemporaneously with the effectiveness hereof, shall pay, to the Lenders all accrued and unpaid interest due and payable under
the Credit Agreement on the Amendment No. 2 Effective Date.

 

ARTICLE IV

Release

 

So long as no Company holds any Investment
in, made any Restricted Payments to, disposed of, sold, leased or otherwise transferred any assets to, or merged, consolidated
or amalgamated with RCAP Holdings on or after the Amendment No. 2 Effective Date, notwithstanding anything to the contrary in the
Agreement, upon the occurrence of the Funding Effective Date, the Borrower may effect the right to purchase the Class B common
Equity Interests of RCAP Holdings pursuant to the terms of the Note Purchase and Class B Share Agreement. The right to purchase
the Class B common Equity Interests of RCAP Holdings pursuant to the terms of the Note Purchase and Class B Share Agreement shall
be deemed a Permitted Lien under the Credit Agreement.

 

ARTICLE V

Release of Claims

 

The Borrower and, by
their execution of this Amendment, each of the other Loan Parties hereby releases and forever discharge the Administrative Agent,
the Lenders and each of the Administrative Agent’s and the Lenders’ predecessors, successors, assigns, officers, managers,
directors, employees, agents, attorneys, representatives, and Affiliates (hereinafter all of the above collectively referred to
as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities,
actions and causes of action of any nature whatsoever, in each case to the extent arising in connection with the Loan Documents,
this Amendment or any of the negotiations, activities, events or circumstances arising out of or related to the Loan Documents
or this Amendment through the Amendment No. 2 Effective Date, whether arising at law or in equity, whether known or unknown, whether
liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether
or not heretofore asserted, which any of the Loan Parties may have or claim to have against any of the Lender Group; provided,
that nothing will constitute a release or discharge of the Credit Agreement or of the effectiveness of the Loan Documents or this
Amendment from and after the Amendment No. 2 Effective Date.

 

    	 	 	 

     

    

 

ARTICLE VI

Miscellaneous

 

A. Credit Agreement. Except as expressly
set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect
the rights and remedies of the Lenders, the Administrative Agent, the Borrower or any other Loan Party under the Credit Agreement
or any other Loan 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 Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect. After the Amendment No. 2 Effective Date, any reference to the Credit
Agreement shall mean the Credit Agreement as modified hereby. This Amendment shall constitute a “Loan Document” for
all purposes of the Credit Agreement and the other Loan Documents.

 

 B. Acknowledgement and Reaffirmation
of Borrower and Guarantors. The Borrower and the Guarantors acknowledge and consent to all terms and conditions of this Amendment
and agree that this Amendment does not operate to reduce, impair or discharge the Borrower’s or the Guarantors’ obligations
under any Loan Document including, without limitation, the Obligations.  Each of the Borrower and the Guarantors hereby ratifies
and confirms its obligations under the Credit Agreement if a party thereto and the other Loan Documents to which it is a party
including, without limitation, the Obligations.

 

C. Liens Unimpaired.  After giving
effect to this Amendment and the transactions contemplated hereby, neither the modification of the Credit Agreement effected pursuant
to this Amendment nor the execution, delivery, performance or effectiveness of this Amendment (i) impairs the validity, enforceability,
effectiveness or priority of any of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the
same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or (ii) requires that any new filings
be made or other action taken to perfect or to maintain the perfection of such Liens.

 

D. Successors and Assigns. This Amendment
shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties
hereto and the successors and assigns of the Lenders.

 

E. Governing Law. THIS AMENDMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS
OF LAWS THEREOF.

 

F. Counterparts. This Amendment may
be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed
and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts
executed by all the parties hereto shall be lodged with the Borrower and Administrative Agent.

 

G. Headings. The headings of the several
sections and subsections of this Amendment are inserted for convenience only and shall not in any way affect the meaning or construction
of any provision of this Amendment.

 

H. Severability. Any provision of this
Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

 

    	 	 	 

     

    

 

I. Course of Dealing. Each party hereto
acknowledges that the terms of this Amendment shall not constitute a course of dealing among the parties hereto.

 

    	 	 	 

     

    

 

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

 

	 	RCS CAPITAL CORPORATION
	 	 	 	 
	 	By:	/s/ Brian D. Jones
	 	 	Name:	Brian D. Jones
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	RCAP HOLDINGS, LLC
	 	RCS CAPITAL MANAGEMENT, LLC
	 	 	 	 
	 	By:	/s/ William M. Kahane
	 	 	Name:	William M. Kahane
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	The Subsidiary Guarantors listed on Exhibit A hereto:
	 	 
	 	By:	/s/ Brian D. Jones
	 	 	Name:	Brian D. Jones
	 	 	Title:	Authorized Signatory

 

[Signature Page to Amendment No. 2 (First
Lien)]

 

    	 	 	 

     

    

 

Exhibit A

 

The Subsidiary Guarantors

 

RCS Capital Holdings, LLC

RCS Advisory Services, LLC

American National Stock Transfer, LLC

Cetera Financial Holdings, Inc.

Cetera Financial Group, Inc.

Cetera Investment Management LLC

Cetera Advisors Insurance Services LLC

Cetera Insurance Agency LLC

Cetera Advisor Networks Insurance Services, LLC

Cetera Financial Specialists Services LLC

Summit Financial Services Group, Inc.

Summit Capital Group, Inc.

SBS Financial Advisors, Inc.

Summit Financial Group, Inc.

Summit Holding Group, Inc.

SBS Insurance Agency of Florida, Inc.

SBS of California Insurance Agency, Inc.

SBSI Insurance Agency of Texas, Inc.

Braves Acquisition, LLC

J.P. Turner & Company Capital Management LLC

First Allied Holdings Inc.

FAS Holdings, Inc.

First Allied Advisory Services, Inc.

Legend Group Holdings, LLC

Legend Advisory Corporation New

Investors Capital Holdings, LLC.

ICH Securities Corporation

ICC Insurance Agency, Inc.

SK Research, LLC

VSR GROUP, LLC

CHARGERS ACQUISITION, LLC

Guaranty Brokerage Services, Inc.

Clifford Acquisition, Inc.

 

[Signature Page to Amendment No. 2 (First
Lien)]

 

    	 	 	 

     

    

 

	 	BARCLAYS BANK PLC, as Administrative Agent, Collateral Agent and a Lender
	 	 
	 	By:	/s/ Ryan M. Roy
	 	 	Name: Ryan M. Roy
	 	 	Title: Director

 

[Signature Page to Amendment No. 2 (First
Lien)]

 

    	 	 	 

     

    

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 
	 	By:	/s/ Charles S. Francavilla
	 	 	Name: Charles S. Francavilla
	 	 	Title: Managing Director

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