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Exhibit 4.2

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

The following description of the capital stock of GCM Grosvenor Inc. (the “Company,” “we,” “us,” and “our”) and certain provisions of our amended and restated certificate of incorporation (the “Charter”), bylaws (the “Bylaws”), Warrant Agreement, dated as of December 12, 2018, between Continental Stock Transfer & Trust Company and CF Finance Acquisition Corp., a Delaware corporation (the “Warrant Agreement”) and Stockholders’ Agreement, dated as of November 17, 2020 by and among the Company, the GCM Equityholders (as defined below) and the other parties thereto (the “Stockholders’ Agreement”),  are summaries and are qualified in their entirety by reference to the full text of the Charter, Bylaws, Warrant Agreement and Stockholders’ Agreement, copies of which have been filed with the Securities and Exchange Commission, and applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”). As of December 31, 2020, we had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): Class A common stock, $0.0001 par value per share (“Class A common stock”) and warrants to purchase shares of Class A common stock.

Our authorized capital stock consists of:
a.700,000,000 shares of Class A common stock;
b.500,000,000 shares of Class B common stock, par value $0.0001 per share (“Class B common stock”);
c.300,000,000 shares of Class C common stock, par value $0.0001 per share (“Class C common stock” and, together with the Class A common stock and the Class B common stock, “common stock”); and
d.100,000,000 shares of preferred stock, par value $0.0001 per share.
All shares of our common stock outstanding are fully paid and non-assessable.

Common Stock

Voting

Pursuant to our Charter, holders of Class A common stock and Class C common stock vote together as a single class on all matters submitted to the stockholders for their vote or approval, except as required by applicable law. Holders of Class A common stock are entitled to one vote per share on all matters submitted to the stockholders for their vote or approval. Prior to the date on which Grosvenor Holdings, L.L.C., GCM Grosvenor Management, LLC and Grosvenor Holdings II, L.L.C. (the “GCMH Equityholders”) beneficially own voting shares representing less than 20% of the amount of Class A common stock held by the GCMH Equityholders immediately following the closing of our business combination on November 17, 2020 (the “Sunset Date”),  the holders of Class C common stock are entitled to the lesser of (i) 10 votes per share and (ii) the Class C Share Voting Amount on all matters submitted to stockholders for their vote or approval. From and after the Sunset Date, holders of Class C Common Stock will be entitled to one vote per share. The Class B common stock is not entitled to vote (except as required by applicable law).

GCM V, LLC  (“GCM V”) controls approximately 75% of the combined voting power of our common stock as a result of its ownership of all of Class C common stock. Accordingly, Michael Sacks, through his control of GCM V, controls our business policies and affairs and can control any action requiring the general approval of our stockholders, including the election of our board, the adoption of amendments to our Charter and Bylaws and approval of any merger or sale of substantially all of its assets. Until the Sunset Date, Mr. Sacks will continue to control the outcome of matters submitted to the stockholders.

The Class B common stock is non-voting and is not entitled to any votes on any matter that is submitted to a vote of our stockholders, except as required by Delaware law. Delaware law would permit holders of Class B common stock to vote, with one vote per share, on a matter if it were to (i) change the par value of the Class B common stock or (ii) amend the Charter to alter the powers, preferences, or special rights of the Class B common stock as a whole in a way that would adversely affect the holders of Class B common stock.

As a result, in these limited instances, the holders of a majority of the Class B common stock could defeat such an amendment to the Charter. For example, if a proposed amendment of the Charter provided for the Class B common stock to rank junior to the Class A common stock or Class C common stock with respect to (i) any dividend or distribution, (ii) the distribution of proceeds were we to be acquired, or (iii) any other right, Delaware 
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Exhibit 4.2

law would require the separate vote of the holders of Class B common stock, with each share of Class B common stock entitled to one vote per share. In this instance, the holders of a majority of the Class B common stock could defeat that amendment to the Charter.

Dividends

The holders of Class A common stock and Class B common stock (collectively, the “Economic Rights Stock”) are entitled to receive dividends as and if declared by our board of directors out of legally available funds. Under the Charter, dividends may not be declared or paid in respect of the Class A common stock or the Class B common stock unless they are declared or paid in the same amount in respect of the other class of Economic Rights Stock. With respect to stock dividends, holders of Class A common stock must receive Class A common stock and holders of Class B common stock must receive Class B common stock.

The holders of Class C common stock do not have any right to receive dividends other than stock dividends consisting of shares of Class C common stock, paid proportionally with respect to each outstanding share of Class C common stock.

Merger, Consolidation or Tender or Exchange Offer

The holders of Class A common stock are not entitled to receive economic consideration for their shares in excess of that payable to the holders of Class B common stock in connection with any merger, consolidation, or tender or exchange offer. However, in any such event involving consideration in the form of securities, the holders of Class B common stock will be deemed to have received the same consideration as the holders of Class A common stock.

Liquidation or Dissolution

Upon our liquidation or dissolution, the holders of all classes of common stock are entitled to their respective par value, and the holders of Class A common stock and Class B common stock will then be entitled to share ratably in those of our assets that are legally available for distribution to stockholders after payment of liabilities and subject to the prior rights of any holders of preferred stock then outstanding. Other than their par value, the holders of Class C common stock will not have any right to receive a distribution upon our liquidation or dissolution.

Conversion, Transferability and Exchange

Subject to the terms of the Fifth Amended and Restated Limited Liability Partnership Agreement of Grosvenor Capital Management Holdings, LLLP (“A&R LLLPA”), the limited partners of Grosvenor Capital Management Holdings, LLLP (“GCMH”) (other than GCM Grosvenor Holdings, LLC (“IntermediateCo”)) may from time to time cause GCMH to redeem any or all of their  units of partnership interest in GCMH (the “Grosvenor common units”) in exchange for, at our election (subject to certain exceptions), either cash (based on the market price for a share of the Class A common stock) or shares of Class A common stock. At our election, such transaction may be effectuated via a direct exchange of Class A common stock or cash by IntermediateCo for the redeemed Grosvenor common units.

The Charter provides that (i) a share of Class C common stock will automatically be cancelled for no consideration upon any sale or other transfer of a share of Class A common stock issued as a result of any redemption or direct exchange of Grosvenor common units transferred to any person that is not Michael Sacks, GCM V or the GCM Equityholders (or affiliate or owner thereof), and (ii) a share of Class C common stock will automatically be cancelled for no consideration upon the redemption or exchange of a Grosvenor common unit for cash. Shares of Class A common stock, Class B common stock and Class C common stock are not subject to any conversion right.
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Exhibit 4.2

Other Provisions

None of the Class A common stock, Class B common stock or Class C common stock has any pre-emptive or other subscription rights, or sinking fund provisions.

Preferred Stock

We are authorized to issue up to 100,000,000 shares of preferred stock. Our board of directors is authorized, subject to limitations prescribed by Delaware law and the Charter, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers (including the voting power), designations, preferences and rights of the shares. Our board of directors also will be authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of our Company and may adversely affect the voting and other rights of the holders of Class A common stock, Class B common stock and Class C common stock, which could have a negative impact on the market price of the Class A common stock. We have no current plan to issue any shares of preferred stock.

Redeemable Warrants

Public Warrants

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time. Pursuant to the Warrant Agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. The warrants will expire on November 17, 2025, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

We are not obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant.

We may call the warrants for redemption:

•        in whole and not in part;
•        at a price of $0.01 per warrant;
•        upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
•      if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders.

If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of Class A common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.

We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the 
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Exhibit 4.2

$18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

If we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, its cash position, the number of warrants that are outstanding and the dilutive effect on its stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (as defined below) by (y) the fair market value. The “fair market value” shall mean the average volume weighted average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants. If we call our warrants for redemption and our management does not take advantage of this option, CF Finance Holdings, LLC (the “CF Sponsor”) and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.

If the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A common stock) and (ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, or (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a stockholder vote to amend our Charter with respect to any provision relating to stockholders’ rights, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.
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Exhibit 4.2

If the number of outstanding shares of Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of Class A common stock.

Whenever the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of our assets or other property an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based on the Black-Scholes value (as defined in the Warrant Agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.

The Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 65% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to be issued to the warrant holder.
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Exhibit 4.2

Amendment of Certificate of Incorporation or Bylaws

The Bylaws may be amended or repealed by a majority vote of our board of directors or by the holders of at least the majority of the voting power of all of the then-outstanding shares entitled to vote thereon, subject to the Stockholders Agreement (for so long as it remains in effect).  The affirmative vote of a majority of our board of directors and a majority in voting power of the outstanding shares entitled to vote thereon is required to amend our Charter, subject to the terms contained therein.

Exclusive Forum

The Charter provides that, to the fullest extent permitted by law, and unless we provide notice in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees,  agents or stockholders to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, the Charter or Bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action asserting a claim governed by the internal affairs doctrine, in each such case subject to such Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein. The Charter further provides that, unless we otherwise consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. There is uncertainty as to whether a court would enforce such a provision relating to causes of action arising under the Securities Act, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. The clauses described above will not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

Anti-Takeover Effects of Provisions of the Charter and Bylaws

The provisions of the Charter and Bylaws and of the DGCL summarized below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that you might consider in your best interest, including an attempt that might result in your receipt of a premium over the market price for your shares of Class A common stock.

The Charter and Bylaws contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and that may have the effect of delaying, deferring or preventing our future takeover or change in control unless such takeover or change in control is approved by our board of directors.

These provisions include:

Action by Written Consent; Special Meetings of Stockholders.    The Charter provides that, until we are no longer a “controlled company” under Nasdaq Listing Rule 5605(c)(1), stockholder action can be taken by written consent in lieu of a meeting. The Charter and Bylaws also provide that, subject to any special rights of the holders of any series of preferred stock and except as otherwise required by law, special meetings of the stockholders can only be called by our board of directors, the chairman or so long as we are a “controlled company,” by the Secretary at the request of any holder of at least 25% of the total voting power of the outstanding shares of capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class. Stockholders are not otherwise permitted to call a special meeting or to require our board of directors to call a special meeting.

Advance Notice Procedures.    The Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, and for stockholder nominations of persons for election to our board of directors to be brought before an annual or special meeting of stockholders. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary 
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Exhibit 4.2

timely written notice, in proper form, of the stockholder’s intention to bring that business or nomination before the meeting. Although the Bylaws do not give our board of directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, as applicable, the Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquiror from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.

Authorized but Unissued Shares.    Our authorized but unissued shares of common stock and preferred stock will be available for future issuance without stockholder approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock and preferred stock could render more difficult or discourage an attempt to obtain control of a majority of our common stock by means of a proxy contest, tender offer, merger or otherwise.

Business Combinations with Interested Stockholders.    The Charter provides that we are not subject to Section 203 of the DGCL, an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with an “interested stockholder” (which includes a person or group owning 15% or more of the corporation’s voting stock) for a period of three years following the date the person became an interested stockholder, unless (with certain exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. However, our Charter contains provisions that have a similar effect to Section 203, except that they provide that Mr. Sacks and the GCMH Equityholders, their respective affiliates and successors and their direct and indirect transferees will not be deemed to be “interested stockholders,” regardless of the percentage of our voting stock owned by them, and accordingly will not be subject to such restrictions.

Corporate Opportunities

The Charter provides that, to the fullest extent permitted by law, we renounce any interest or expectancy in a transaction or matter that may be a corporate opportunity for us and Mr. Sacks (other than in his capacity as an officer and employee of our Company), the GCMH Equityholders, or any of our non-employee directors have no duty to present such corporate opportunity to us and they may invest in competing businesses or do business with our clients or customers.

Registration Rights

On November 17, 2020, we entered into a registration rights agreement (the “Registration Rights Agreement”) with the CF Sponsor, the GCMH Equityholders and certain qualified institutional buyers and accredited investors that agreed to purchase shares of Class A common stock in a private placement in connection with the transactions contemplated by that certain transaction agreement dated as of August 2, 2020. Pursuant to the Registration Rights Agreement, we agreed to register for resale, pursuant to Rule 415 under the Securities Act, certain shares of our Class A common stock and other equity securities that are held by the parties thereto from time to time.

Transfer Agent and Registrar

The transfer agent for our common stock is Continental Stock Transfer & Trust Company. Each person investing in our Class A common stock held through The Depository Trust Company must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of our Class A common stock.

For as long as any shares of our Class A common stock are listed on Nasdaq or on any other stock exchange operating in the United States, the laws of the State of New York shall apply to the property law aspects of our Class A common stock (including securities exercisable for or convertible into our Class A common stock) reflected in the register administered by our transfer agent.

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Exhibit 4.2

We have listed shares of our Class A common stock in registered form and such shares, through the transfer agent, will not be certificated. We have appointed Continental Stock Transfer & Trust Company as our agent in New York to maintain our shareholders’ register on behalf of our board of directors and to act as transfer agent and registrar for our Class A common stock. Shares of our Class A common stock are traded on Nasdaq in book-entry form.

The warrant agent for the warrants is Continental Stock Transfer & Trust Company.

Listing of Class A Common Stock and Warrants

Our Class A common stock and warrants are listed on Nasdaq under the symbols “GCMG” and “GCMGW,” respectively.

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Exhibit 10.10

AMENDMENT NO. 5
This AMENDMENT NO. 5, dated as of February 24, 2021 (this “Amendment”), to the CREDIT AGREEMENT, dated as of January 2, 2014, as amended by that certain Amendment No. 1, dated as of August 18, 2016, that certain Amendment No. 2, dated as of April 19, 2017, that certain Omnibus Amendment No. 1, dated as of August 15, 2017, that certain Amendment No. 3, dated as of August 22, 2017, and that certain Amendment No. 4, dated as of March 29, 2018 (the “Credit Agreement” and, as amended by this Amendment, the “Amended Credit Agreement”), among GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP, a Delaware limited liability limited partnership (the “Borrower”), GROSVENOR HOLDINGS, L.L.C., an Illinois limited liability company (“Holdings I”), grosvenor holdings ii, l.l.c., a Delaware limited liability company (“Holdings II”), GCM GROSVENOR MANAGEMENT, LLC, a Delaware limited liability company (“Holdings III”), GCM GROSVENOR HOLDINGS, LLC, a Delaware limited liability company (“GCM Holdings”), GCM, L.L.C., a Delaware limited liability company (“GCM LLC”), each GUARANTOR and GP ENTITY party hereto, the LENDERS and LETTER OF CREDIT ISSUERS party hereto, GOLDMAN SACHS BANK USA (“Goldman Sachs”), as the Predecessor Agent, and MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), as the Successor Agent.  Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Amended Credit Agreement. The rules of interpretation set forth in Section 1.2 of the Amended Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.
PRELIMINARY STATEMENTS
(1)    The Borrower has requested (a) the refinancing of all of the 2025 Term Loans outstanding under the Credit Agreement immediately prior to the Amendment No. 5 Effective Date (as defined below) by incurring new term loans (the “Amendment No. 5 Initial Term Loans”) under the Credit Agreement, including pursuant to a Conversion (as defined below) of 2025 Term Loans of any Term Lender that owns 2025 Term Loans as of immediately prior to the Amendment No. 5 Effective Date (each, a “2025 Term Lender” and, collectively, the “2025 Term Lenders”), (b) the extension of the Revolving Credit Maturity Date from March 29, 2023 to the fifth anniversary of the Amendment No. 5 Effective Date, or, if such date is not a Business Day, the first Business Day thereafter and (c) in connection therewith, the other amendments reflected in this Amendment.
(2)    Certain 2025 Term Lenders have elected, and the Borrower has agreed, to either (i) convert (by exercising a cashless rollover option) their 2025 Term Loans into Amendment No. 5 Initial Term Loans on the Amendment No. 5 Effective Date or (ii) have their 2025 Term Loans repaid in cash on the Amendment No. 5 Effective Date and to purchase by assignment Amendment No. 5 Initial Term Loans, in each case on the terms and subject to the conditions provided for herein by executing and delivering to the Lead Arranger, prior to 8:00 a.m., New York City time, on the Amendment No. 5 Effective Date, a consent to this Amendment substantially in the form attached as Exhibit A hereto (a “Consent to Amendment No. 5”).
(3)    Each 2025 Term Lender that shall have executed and delivered a Consent to Amendment No. 5 prior to 8:00 a.m., New York City time, on the Amendment No. 5 Effective Date pursuant to which it selected the “Cashless Settlement Option” with respect thereto (each such 2025 Term Lender being referred to as a “Converting Amendment No. 5 Initial Term Lender”) has authorized the Lead Arranger to execute and deliver this Amendment on behalf of such 2025 Term Lender and has agreed to convert all (or such lesser amount allocated to such 2025 Term Lender by the Lead Arranger) of its outstanding 2025 Term Loans into Amendment No. 5 Initial Term Loans in the same outstanding aggregate principal amount as such 2025 Term Lender’s 2025 Term Loans so converted (the “Conversion”), and such 2025 

Term Lender shall thereafter become an Amendment No. 5 Initial Term Lender, in each case on the terms and subject to the conditions set forth herein.
(4)    Each 2025 Term Lender that shall have executed and delivered a Consent to Amendment No. 5 prior to 8:00 a.m., New York City time, on the Amendment No. 5 Effective Date pursuant to which it selected the “Post-Closing Settlement Option” with respect thereto (each such 2025 Term Lender being referred to as a “Post-Closing Option Term Lender”) has agreed to have all (or such lesser amount allocated to such 2025 Term Lender by the Lead Arranger) of its outstanding 2025 Term Loans prepaid on the Amendment No. 5 Effective Date and purchase by assignment the principal amount of Amendment No. 5 Initial Term Loans committed to separately by such 2025 Term Lender (or such lesser amount as shall be allocated to such 2025 Term Lender by the Lead Arranger).
(5)    Each Person whose name is set forth on Exhibit B hereto (each such Person being referred to as a “New Amendment No. 5 Initial Term Lender” and, together with each Converting Amendment No. 5 Initial Term Lender, the “Amendment No. 5 Initial Term Lenders”) has agreed to make an Amendment No. 5 Initial Term Loan on the Amendment No. 5 Effective Date in a principal amount not to exceed the amount set forth on Exhibit B opposite its name (such commitment being, with respect to each New Amendment No. 5 Initial Term Lender, its “New Amendment No. 5 Initial Term Loan Commitment”), in each case on the terms and subject to the conditions set forth herein.
(6)    Substantially simultaneously with the effectiveness of this Amendment, the Borrower will make a voluntary prepayment of 2025 Term Loans that are not converted to Amendment No. 5 Initial Term Loans pursuant to the Conversion in an aggregate principal amount of $50,258,825.92 (such prepayment, the “Concurrent Prepayment”).
(7)    The Amendment No. 5 Initial Term Loans to be made by any Converting Amendment No. 5 Initial Term Lender will be made solely through the Conversion. The Amendment No. 5 Initial Term Loans to be made by any New Amendment No. 5 Initial Lender will be funded in cash in accordance with the Amended Credit Agreement, and the proceeds thereof received by the Borrower shall, together with the Concurrent Prepayment, be applied on the Amendment No. 5 Effective Date to repay the principal in respect of all 2025 Term Loans that are not converted to Amendment No. 5 Initial Term Loans pursuant to the Conversion and, to the extent any such proceeds remain, to pay any accrued and unpaid interest thereon and other fees, expenses and original issue discount payable in connection with the Amendment No. 5 Initial Term Loans.
(8)    Each Revolving Credit Lender party hereto has agreed to extend the Revolving Credit Maturity Date and consent to this Amendment, in each case on the terms and subject to the conditions provided for herein.
(9)    This Amendment constitutes (a) an Extension Agreement pursuant to Section 2.15(c) of the Credit Agreement and (b) a written amendment, supplement or modification executed by the Credit Parties, Holdings, Parent GPs, GP Entities, the Administrative Agent and the Revolving Credit Lenders party hereto pursuant Section 13.1 of the Credit Agreement.
(10)    MSSF has been designated by the Borrower to act, and has agreed to act, as sole lead arranger and sole bookrunner (in such capacity, the “Lead Arranger”) for this Amendment and the transactions contemplated hereby.
(11)    Goldman Sachs desires to resign as Administrative Agent and Collateral Agent in accordance with Section 12.8 of the Credit Agreement effective as of immediately after the effectiveness 
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of this Amendment, and the Lenders party hereto, constituting Required Lenders at such time, and the Borrower desire to appoint MSSF to act as successor Administrative Agent and Collateral Agent under the Amended Credit Agreement and the other Credit Documents effective as of immediately after the effectiveness of this Amendment.  Goldman Sachs, as the Predecessor Agent, MSSF, as the Successor Agent, the Borrower, Holdings I, Holdings II, Holdings III, GCM Holdings, GCM LLC and certain Guarantors and GP Entities have entered into an Agency Transfer Agreement dated as of the date hereof (the “Agency Transfer Agreement”) pursuant to which Goldman Sachs shall resign as, and MSSF shall succeed to and become, the Administrative Agent and Collateral Agent (Goldman Sachs, in its capacity as Administrative Agent and Collateral Agent immediately prior to the effectiveness of the resignation and appointment provided for therein, being referred to as the “Predecessor Agent”, and MSSF, in its capacity as Administrative Agent and Collateral Agent immediately after the effectiveness of the resignation and appointment provided for therein, being referred to as the “Successor Agent”).
(12)    In accordance with Sections 2.15(c) and 13.1 of the Credit Agreement, the Administrative Agent, the Amendment No. 5 Initial Term Lenders, the Revolving Credit Lenders party hereto, the Swingline Lender, the Letter of Credit Issuers, the Credit Parties, Holdings, Parent GPs and GP Entities have each agreed, subject to the terms and conditions stated below, to the transactions described herein.  
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows:
Section 1.    Amendment No. 5 Initial Term Loans.
a.Converted Amendment No. 5 Initial Term Loans. The Borrower and each Converting Amendment No. 5 Initial Term Lender agree that, on the Amendment No. 5 Effective Date, the 2025 Term Loans of such Converting Amendment No. 5 Initial Term Lender in an aggregate principal amount set forth opposite such Converting Amendment No. 5 Initial Term Lender’s name on Schedule 1.1(a) of the Amended Credit Agreement shall convert into Amendment No. 5 Initial Term Loans of such Converting Amendment No. 5 Initial Term Lender under a new Class that shall be designated as Amendment No. 5 Initial Term Loans (and, upon such conversion, shall cease to be 2025 Term Loans), and shall continue to be in effect and outstanding under the Amended Credit Agreement on the terms and conditions set forth therein. The Amendment No. 5 Initial Term Loans of each Converting Amendment No. 5 Initial Term Lender may be repaid or prepaid in accordance with the provisions of the Amended Credit Agreement, but once repaid or prepaid may not be reborrowed.
b.New Amendment No. 5 Initial Term Loans. Subject to the terms and conditions hereof and the Amended Credit Agreement, each New Amendment No. 5 Initial Term Lender agrees to make, on the Amendment No. 5 Effective Date, an Amendment No. 5 Initial Term Loan to the Borrower in a principal amount not to exceed its New Amendment No. 5 Initial Term Loan Commitment. The New Amendment No. 5 Initial Term Loan Commitment of each New Amendment No. 5 Initial Term Lender shall terminate immediately and without any further action upon the making of its Amendment No. 5 Initial Term Loan on the Amendment No. 5 Effective Date.
c.Amendment No. 5 Initial Term Loans Generally. 
i.The terms of the Amendment No. 5 Initial Term Loans made pursuant to each of Section 1(a) and Section 1(b) above shall be identical, and all such Loans shall constitute a single Class of Loans for all purposes of the Amended Credit Agreement and the other Credit Documents. In furtherance of the foregoing, effective as of the Amendment No. 5 Effective Date, 
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for all purposes of the Amended Credit Agreement and the other Credit Documents, (A) the Amendment No. 5 Initial Term Loans established pursuant to Section 1(a) and Section 1(b) above shall be “Amendment No. 5 Initial Term Loans” and “Loans” under the Amended Credit Agreement and shall constitute a “Term Loan Facility” and a “Credit Facility” under the Amended Credit Agreement, in each case for all purposes thereof, and (B) each Converting Amendment No. 5 Initial Term Lender and each New Amendment No. 5 Initial Term Lender shall be an “Amendment No. 5 Initial Term Lender”, a “Term Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents.
ii.The funding of the Amendment No. 5 Initial Term Loans on the Amendment No. 5 Effective Date pursuant to Section 1(b) hereof shall be made in the manner contemplated by the Amended Credit Agreement. The Amendment No. 5 Initial Term Loans arising from the Conversion shall be made solely by the conversion of the 2025 Term Loans pursuant to Section 1(a) hereof.
iii.As of the Amendment No. 5 Effective Date, the Amendment No. 5 Initial Term Loans shall be of such Type as shall be specified therefor in the Notice of Borrowing delivered under Section 5(d) hereof. The initial Interest Period applicable to each Borrowing of Amendment No. 5 Initial Term Loans that are Eurodollar Loans shall be as set forth in the Notice of Borrowing delivered under Section 5(d) hereof.
d.Repayment of 2025 Term Loans, Revolving Credit Loans, Etc. On the Amendment No. 5 Effective Date, the Borrower shall make the following payments:
i.the repayment of principal in respect of all 2025 Term Loans that are not converted to Amendment No. 5 Initial Term Loans pursuant to Section 1(a) hereof;
ii.the payment of all accrued and unpaid interest on the 2025 Term Loans as of the Amendment No. 5 Effective Date (including on those 2025 Term Loans converted to Amendment No. 5 Initial Term Loans); and
iii.the payment of all Commitment Fees, Letter of Credit Fees and Fronting Fees that shall have accrued in respect of the Revolving Credit Commitments or Letters of Credit, as applicable, as of the Amendment No. 5 Effective Date.
Section 2.     Revolving Credit Maturity Date Extension. For all purposes of the Amended Credit Agreement, the extension of the Revolving Credit Maturity Date as set forth herein shall not be deemed to be subject to the provisions of Section 2.15, and the Revolving Credit Commitments and Revolving Credit Loans of each Revolving Credit Lender shall continue to be in effect as such under the Amended Credit Agreement on the terms and conditions set forth therein (and, for the avoidance of doubt, shall not constitute Extended Revolving Credit Commitments or Extended Revolving Credit Loans).  As of the Amendment No. 5 Effective Date, the Revolving Credit Lenders and the Revolving Credit Commitments shall be as set forth on Schedule 1.1(a) of the Amended Credit Agreement.
Section 3.     Amendments. 
a.With effect from and after the Amendment No. 5 Effective Date, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in Exhibit C attached hereto. Each Revolving 
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Credit Lender, each Amendment No. 5 Initial Term Lender and each other Lender party hereto constitute Required Lenders as of the Amendment No. 5 Effective Date pursuant to Section 13.1 of the Credit Agreement and hereby consent to the amendments to the Credit Agreement set forth in this Amendment and the Amended Credit Agreement.
b.Schedule 1.1(a) to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit D hereto.
c.Schedule 9.10 to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit E hereto.
d.Schedule 10.1 to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit F hereto.
e.Schedule 10.2 to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit G hereto.
f.Schedule 10.5 to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit H hereto.
g.Schedule 10.12 to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit I hereto.
h.Schedule 13.2 to the Credit Agreement is hereby amended and restated in its entirety as set forth in Exhibit J hereto.
Section 4.     Concerning Agency Transfer.  The Lenders party hereto, constituting all Lenders as of the date hereof, hereby (a) appoint MSSF as Administrative Agent and Collateral Agent under the Amended Credit Agreement and other Credit Documents, it being understood that the effectiveness of such appointment is subject to the acceptance thereof by MSSF pursuant to the Agency Transfer Agreement, (b) authorize and direct MSSF to enter into this Amendment and the Agency Transfer Agreement in its capacity as Successor Agent and (c) acknowledge and agree to all the other matters set forth in the Agency Transfer Agreement.
Section 5.    Conditions to Effectiveness of Amendment No. 5. This Amendment shall become effective on the first date (the “Amendment No. 5 Effective Date”) on which the following conditions shall have been satisfied or waived:
a.Each of the Predecessor Agent and the Successor Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of (i) each Credit Party, (ii) each Holdings, (iii) each Parent GP, (iv) each GP Entity, (v) the Predecessor Agent, (vi) the Successor Agent, (vii) each Revolving Credit Lender, the Swingline Lender and each Letter of Credit Issuer, (viii) each Amendment No. 5 Initial Term Lender (including by the Lead Arranger on behalf of, and pursuant to a written authorization of, an Amendment No. 5 Initial Term Lender) and (ix) without duplication, Lenders constituting the Required Lenders.
b.All fees previously agreed in writing among the Borrower and the Lead Arranger in respect of this Amendment, and all reasonable out-of-pocket expenses of each of the Predecessor Agent and the Successor Agent (including the reasonable fees, disbursements and other charges of Cravath, Swaine & Moore LLP) payable by the Borrower for which invoices have been presented at least two Business Days prior to the Amendment No. 5 Effective Date, shall have been paid by the Borrower. 
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c.The Successor Agent shall have received payment in immediately available funds from or on behalf of the Borrower in an amount sufficient to make the payments required to be made by the Borrower on the Amendment No. 5 Effective Date pursuant to Section 1(d) hereof.
d.The Successor Agent shall have received a Notice of Borrowing for the Amendment No. 5 Initial Term Loans to be made on the Amendment No. 5 Effective Date, setting forth the information specified in Section 2.3 of the Credit Agreement, with such modifications thereto as shall be reasonably satisfactory to the Successor Agent. The Successor Agent shall have received a notice of prepayment with respect to prepayment of the 2025 Term Loans that shall not be converted to Amendment No. 5 Initial Term Loans as contemplated by Section 1(d) hereof. 
e.The Successor Agent shall have received favorable written opinions of Simpson Thacher & Bartlett LLP, counsel to the Borrower, and Sidley Austin LLP, special Illinois counsel to the Borrower, each dated the Amendment No. 5 Effective Date and addressed to the Successor Agent, the Amendment No. 5 Initial Term Lenders, the Revolving Credit Lenders, the Swingline Lender and the Letter of Credit Issuers and in form and substance reasonably satisfactory to the Successor Agent and including opinions as to the matters required to be covered thereby under Section 2.15(c) of the Credit Agreement. The Borrower hereby instructs its counsel to deliver such opinion to the Successor Agent, the Amendment No. 5 Initial Term Lenders, the Revolving Credit Lenders, the Swingline Lender and the Letter of Credit Issuers.
f.The Successor Agent shall have received a certificate from the Borrower, dated the Amendment No. 5 Effective Date and executed by an Authorized Officer of the Borrower, which shall certify that, as of the Amendment No. 5 Effective Date, at the time of and after giving effect to the transactions contemplated hereby, (i) no Default or Event of Default shall have occurred and be continuing, and (ii) all representations and warranties made by any Credit Party (and Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents) contained in Section 8 of the Credit Agreement or in the other Credit Documents (including this Amendment) shall be true and correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, and except that the representations and warranties contained in Section 8.9(a) of the Credit Agreement shall be deemed to refer to the most recent annual and quarterly Section 9.1 Financials then delivered pursuant to the Credit Agreement; provided that the words “Closing Date” as set forth in Sections 8.8, 8.10, 8.15(a) and 8.17 of the Credit Agreement shall be deemed to refer to the Amendment No. 5 Effective Date); provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Amendment No. 5 Effective Date or on such earlier date, as the case may be (after giving effect to such qualification).
g.The Successor Agent shall have received a copy of the resolutions, in form and substance reasonably satisfactory to the Successor Agent, of the applicable governing body of each Person that is a Credit Party as of the Amendment No. 5 Effective Date and of Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents (or a duly authorized committee thereof) authorizing (i) the execution, delivery and performance of this Amendment and (ii) in the case of the Borrower, the extensions of credit contemplated under this Amendment.
h.The Successor Agent shall have received true and complete copies of (i) the Organizational Documents of each Person that is a Credit Party as of the Amendment No. 5 Effective Date and of Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents and (ii) such other documents and certifications, each dated as of, or where applicable as of a recent date 
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prior to, the Amendment No. 5 Effective Date, as the Successor Agent may reasonably require to evidence that each such Person is duly organized or formed, validly existing, in good standing and qualified to engage in business in the State of such Person’s organization or formation, as applicable, and other customary matters; provided that in the case of (i) the Organizational Documents and (ii) the incumbency and specimen signatures of the officers executing this Amendment and the other documents required to be provided to the Successor Agent on the Amendment No. 5 Effective Date as provided for herein, of each of the Credit Parties, Holdings, Parent GPs and GP Entities, a certificate from an Authorized Officer certifying that there has been no change to the Organizational Documents and the incumbency and specimen signature of each such officer included in the closing certificates provided on the Closing Date or the Amendment No. 4 Effective Date, as applicable, shall be deemed to satisfy this condition with respect to such matters.
i.The Successor Agent shall have received a certificate from an Authorized Officer of the Borrower, in form and substance reasonably satisfactory to the Successor Agent, demonstrating that after giving effect to the consummation of this Amendment, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.
j.The Successor Agent and the Lead Arranger shall have received at least three Business Days prior to the Amendment No. 5 Effective Date all documentation and other information concerning the Credit Parties, Holdings, Parent GPs and GP Entities that has been reasonably requested in writing at least three Business Days prior to the Amendment No. 5 Effective Date by the Successor Agent or the Lead Arranger (on behalf of itself and/or any Amendment No. 5 Initial Term Lender or Revolving Credit Lender) and that the Successor Agent or the Lead Arranger reasonably determine is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and the Customer Due Diligence Requirements for Financial Institutions issued by the U.S. Department of Treasury Financial Crimes Enforcement Network under the Bank Secrecy Act (such rule published May 11, 2016 and effective May 11, 2018, as amended from time to time).
k.Each of the Predecessor Agent and the Successor Agent shall have received counterparts of the Agency Transfer Agreement that, when taken together, bear the signatures of (i) the Predecessor Agent, (ii) the Successor Agent, (iii) the Borrower, (iv) Holdings I, (v) Holdings II, (vi) Holdings III, (vii) GCM Holdings, (viii) GCM LLC and (iv) the Guarantors and GP Entities party thereto.
l.The Successor Agent shall have received a counterpart to an Administrative Agent fee letter, dated the date hereof, that bears the signature of the Borrower.
m.Substantially simultaneously with the effectiveness of this Amendment, the Borrower shall have made the Concurrent Prepayment (it being agreed by the parties hereto that, notwithstanding anything to the contrary contained in Sections 5.1 or 5.2 of the Amended Credit Agreement or otherwise, the Concurrent Prepayment shall be applied solely to repay Lenders holding 2025 Term Loans that are not converted to Amendment No. 5 Initial Term Loans, and there shall be no requirement that such prepayment be made pro rata to all Lenders holding 2025 Term Loans).
n.The Successor Agent shall have received a Parent GP Undertaking, executed and delivered by an Authorized Officer of GCM Holdings.
Section 6.    Confirmation and Reaffirmation of Obligations. 
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a.Holdings III hereby expressly assumes all the obligations of a “New Holdings” under the Amended Credit Agreement and the other Credit Documents and any reference to “Holdings” in the Credit Documents shall be meant to include Holdings III.
b.GCM Holdings hereby expressly assumes all the obligations of “Parent GP” under the Amended Credit Agreement and the other Credit Documents and any reference to “Parent GPs” in the Credit Documents shall be meant to include GCM Holdings.
c.After giving effect to the Amendment No. 5 Transactions (as defined in the Amended Credit Agreement) on the Amendment No. 5 Effective Date, each Credit Party, Holdings, Parent GP and GP Entity hereby unconditionally and irrevocably (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents (including the Amended Credit Agreement) to which it is a party (or to which another Credit Party, Holdings, Parent GP or GP Entity is party on such Person’s behalf), (b) ratifies and reaffirms each grant of a Lien on, or security interest in, its property made pursuant to the Credit Documents to which it is a party (or to which another Credit Party, Holdings, Parent GP or GP Entity is party on such Person’s behalf) and confirms that such Liens and security interests continue to have full force and effect at law following the effectiveness of this Amendment to secure the Obligations (including any Obligations in respect of the Amendment No. 5 Initial Term Loans), subject to the terms thereof, and (c) in the case of each Guarantor, ratifies and reaffirms its guaranty of the Obligations (including any Obligations in respect of the Amendment No. 5 Initial Term Loans) pursuant to the Guarantee and confirms that the Guarantee continues to have full force and effect at law, notwithstanding this Amendment.
Section 7.     Representations and Warranties. The Credit Parties, Holdings, Parent GPs and GP Entities hereby represent and warrant, on the Amendment No. 5 Effective Date (after giving effect to the effectiveness of this Amendment) that:
a.no Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Amendment;
b.all representations and warranties made by any Credit Party (and Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents) contained in Section 8 of the Credit Agreement or in the other Credit Documents are true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Amendment No. 5 Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date, and except that the representations and warranties contained in Section 8.9(a) of the Credit Agreement shall be deemed to refer to the most recent annual and quarterly Section 9.1 Financials then delivered pursuant to the Credit Agreement; provided that the words “Closing Date” as set forth in Sections 8.8, 8.10, 8.15(a) and 8.17 of the Credit Agreement shall be deemed to refer to the Amendment No. 5 Effective Date); provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on the Amendment No. 5 Effective Date or on such earlier date, as the case may be (after giving effect to such qualification); and
c.this Amendment has been duly authorized, executed and delivered by each Credit Party, Holdings, Parent GP and GP Entity, and this Amendment constitutes a legal, valid and binding obligation of each Credit Party, Holdings, Parent GP and GP Entity, enforceable against each Credit Party, Holdings, Parent GP and GP Entity in accordance with its terms, except as such enforceability may be limited by 
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bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights generally and by general principles of equity.
Section 8.    Reference to and Effect on the Credit Agreement and the Credit Documents. 
a.This Amendment constitutes a Credit Document. On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.
b.The Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed (it being acknowledged and agreed that (i) all interest and fees accrued under the Credit Agreement in respect of (x) the Revolving Credit Facility (including in respect of Revolving Credit Loans, Swingline Loans, Letter of Credit Fees and Fronting Fees) or (y) any 2025 Term Loans converted into Amendment No. 5 Initial Term Loans pursuant hereto in respect of periods prior to the Amendment No. 5 Effective Date shall have accrued at the rates specified in the Credit Agreement prior to its amendment by this Amendment, and shall be payable on the Amendment No. 5 Effective Date, and (ii) from and after the Amendment No. 5 Effective Date, all interest and fees accruing under the Amended Credit Agreement in respect of the Revolving Credit Facility (including in respect of Revolving Credit Loans, Swingline Loans and Letter of Credit Fees) or the Amendment No. 5 Initial Term Loans shall accrue at the rates specified in the Amended Credit Agreement). Without limiting the generality of the foregoing, after giving effect to the Amendment No. 5 Transactions on the Amendment No. 5 Effective Date, the Security Documents executed prior to the Amendment No. 5 Effective Date and all of the Collateral described therein do and shall continue in full force and effect to secure where they purport to do so the payment of all Obligations of the Credit Parties, Holdings, Parent GPs and GP Entities under the Credit Documents, in each case as amended by this Amendment.
c.The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent, the Collateral Agent, any Lender, the Swingline Lender or any Letter of Credit Issuer under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.
Section 9.     Costs and Expenses. The Borrower agrees to pay all reasonable and documented or invoiced out-of-pocket costs and reasonable expenses of each of the Predecessor Agent and the Successor Agent in connection with the preparation, execution and delivery of this Amendment and any other documents prepared in connection herewith, and the consummation and administration of the transactions contemplated hereby, including the reasonable fees, disbursements and other charges of Cravath, Swaine & Moore LLP (counsel to the Administrative Agent) in accordance with Section 13.5 of the Credit Agreement.
Section 10.     Master Consent to Assignment. The Borrower hereby consents to the sale and assignment by Morgan Stanley Bank, N.A. to each Post-Closing Option Term Lender, and the purchase and assumption by each Post-Closing Option Term Lender (or a specified Affiliate thereof, which may be a separate fund) from Morgan Stanley Bank, N.A., of Amendment No. 5 Initial Term Loans as contemplated by the Preliminary Statements hereto.

9

Section 11.     Post-Closing Undertakings.
a.The Borrower shall use its reasonable best efforts to, as soon as practicable and in any event within 30 days of the Amendment No. 5 Effective Date (or such longer period as the Predecessor Agent may agree in its sole discretion), terminate the account control agreements set forth on Exhibit K hereto.
b.The Borrower shall use its reasonable best efforts to, as soon as practicable and in any event within 90 days of the Amendment No. 5 Effective Date (or such longer period as the Successor Agent may agree in its sole discretion), deliver to the Successor Agent all insurance certificates and endorsements to the insurance policies required to be maintained under Section 9.4 of the Amended Credit Agreement, which name the Successor Agent as an additional insured or loss payee, as applicable.
Section 12.     Execution in Counterparts; Electronic Signatures. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic transmission (i.e., a “pdf” or “tif”) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law.
Section 13.     No Novation. The Credit Parties have requested, and the Lenders party hereto have agreed, that the Credit Agreement be, effective from and after the Amendment No. 5 Effective Date, amended as set forth herein. Such amendment shall not, and is not intended to, constitute a novation of any indebtedness or other obligations owing to the Lenders, the Swingline Lender, any Letter of Credit Issuer, the Administrative Agent or the Collateral Agent under the Credit Agreement or any other Credit Document.
Section 14.     Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 15.     Submission to Jurisdiction; Waivers.  The provisions of Section 13.13 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.
Section 16.     Tax Matters. For purposes of determining withholding Taxes imposed under FATCA, from and after the Amendment No. 5 Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders party hereto hereby authorize the Administrative Agent to treat) the Amendment No. 5 Initial Term Loans and the Revolving Credit Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
						
	GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP,
as the Borrower

	by
	/s/ Burke J. Montgomery
	

	

	

	Name:    Burke J. Montgomery
	

	Title:    General Counsel, Secretary and Vice President

						
	GCM GROSVENOR HOLDINGS, LLC,
as a Parent GP

	by
	/s/ Burke J. Montgomery
	

	

	

	Name:    Burke J. Montgomery
	

	Title:    General Counsel, Secretary and Vice President

						
	GCM, L.L.C.,
as a Parent GP

	by
	/s/ Burke J. Montgomery
	

	

	

	Name:    Burke J. Montgomery
	

	Title:    General Counsel, Secretary and Vice President

						
	GROSVENOR Holdings, L.L.C.,
as Holdings

	by
	/s/ Burke J. Montgomery
	

	

	

	Name:    Burke J. Montgomery
	

	Title:    General Counsel, Secretary and Vice President

						
	GROSVENOR Holdings II, L.L.C.,
as Holdings

	by       /s/ Burke J. Montgomery

		

	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GCM GROSVENOR MANAGEMENT, LLC,
as Holdings

	by Grosvenor Holdings, L.L.C., its Sole Member

	

	by       /s/ Burke J. Montgomery

	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GROSVENOR capital management, L.p.,
as a Guarantor

	by       /s/ Burke J. Montgomery

	

	
	

	Name:    Burke J. Montgomery
	

	Title:    General Counsel, Secretary and Vice President

						
	GCM CUSTOMIZED FUND INVESTMENT GROUP, L.P.,
as a Guarantor

	by       /s/ Burke J. Montgomery

	

	
	

	Name:    Burke J. Montgomery
	

	Title:    General Counsel, Secretary and Vice President

						
	CFIG HOLDINGS, LLC,
as a Guarantor

	by       /s/ Burke J. Montgomery

	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GCM FIDUCIARY SERVICES, LLC
as a Guarantor

	by       /s/ Burke J. Montgomery

	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	CFIG EQUITY VENTURES (MI), LLC,
as a GP Entity

	by CFIG Holdings, LLC, its Managing Member

	

	by       /s/ Burke J. Montgomery

	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	CFIG ADVISORS, LLC,
as a GP Entity

	by CFIG Holdings, LLC, its Sole Member

	

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	CFIG NPS GP, LLC,
as a GP Entity

	by CIFG Advisors, LLC, its Sole Member

	

	by CFIG Holdings, LLC, its Sole Member

	

	by           /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	CFIG DIVERSIFIED PARTNERS III, INC.,
as a GP Entity

	by CFIG Holdings, LLC, its Sole Shareholder

	

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	CFIG PARTNERS LF, LLC,
as a GP Entity

	by CFIG Holdings, LLC, its Managing Member

	

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GCM INVESTMENTS GP, LLC,
as a GP Entity

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GCM CFIG GP, LLC,
as a GP Entity

	by CFIG Holdings, LLC, its Managing Member

	

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GCM PROJECT R GP, L.P.,
as a GP Entity

	by CFIG Holdings, LLC, its General Partner

	

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	TRS LEGACY GP, LLC,
as a GP Entity

	by CFIG Holdings, LLC, its Sole Member

	

	by       /s/ Burke J. Montgomery
	

	
	

	Name:    Burke J. Montgomery
	

	Title:    Vice President and Secretary

						
	GOLDMAN SACHS BANK USA,
as the Predecessor Agent

	
	by
	/s/ Douglas Tansey

	

	Name: Douglas Tansey
	

	Title:   Authorized Signatory

						
	MORGAN STANLEY SENIOR FUNDING, INC.,
individually and as the Successor Agent and Swingline Lender

	
	by
	/s/ Molly Breen

	

	Name: Molly Breen
	

	Title:   Authorized Signatory

						
	MORGAN STANLEY BANK, N.A.,
as New Amendment No. 5 Initial Term
Lender and Revolving Credit Lender

	
	by
	/s/ Molly Breen

	

	Name: Molly Breen
	

	Title:   Authorized Signatory

						
	Each AMENDMENT NO. 5 INITIAL TERM Lender set forth on Schedule 1.1(A) OF THE AMENDED CREDIT AGREEMENT, by MORGAN STANLEY SENIOR FUNDING, INC., as LEAD ARRANGER, pursuant to the express authorization granted to the LEAD ARRANGER by each such AMENDMENT No. 5 INITIAL TERM LENDER
	
	by
	/s/ Molly Breen

	

	Name: Molly Breen
	

	Title:   Authorized Signatory

REVOLVING CREDIT LENDER
SIGNATURE PAGE TO
AMENDMENT NO. 5 TO
CREDIT AGREEMENT OF
GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP

						
	UBS AG, STAMFORD BRANCH

	
	by
	/s/ Anthony Joseph

	

	Name: Anthony Joseph
	

	Title:   Associate Director

		
	For any Lender requiring a second signature block:
	by
	/s/ Houssem Daly

	

	Name: Houssem Daly
	

	Title:   Associate Director

		

REVOLVING CREDIT LENDER
SIGNATURE PAGE TO
AMENDMENT NO. 5 TO
CREDIT AGREEMENT OF
GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP

						
	JPMORGAN CHASE BANK, N.A. (with each Lender that is also a Letter of Credit Issuer executing both in its capacity as a Lender and as a Letter of Credit Issuer):

	
	by
	/s/ Jay Cyr

	

	Name: Jay Cyr
	

	Title:   Executive Director

		
	For any Lender requiring a second signature block:
	by
	
	

	Name: 
	

	Title:   

		

REVOLVING CREDIT LENDER
SIGNATURE PAGE TO
AMENDMENT NO. 5 TO
CREDIT AGREEMENT OF
GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP

						
	BMO HARRIS BANK N.A. (with each Lender that is also a Letter of Credit Issuer executing both in its capacity as a Lender and as a Letter of Credit Issuer):

	
	by
	/s/ Nicholas Buckingham

	

	Name: Nicholas Buckingham
	

	Title:   Director

		
	For any Lender requiring a second signature block:
	by
	
	

	Name: 
	

	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]