Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 1 TO THE AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of September 17, 2009

          AMENDMENT NO. 1 TO THE AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”) among
Eastman Kodak Company (the “Company”), Kodak Canada Inc. (“Kodak Canada”), the
Lenders (as defined in the Credit Agreement referred to below) and Citicorp USA, Inc., as Agent
(the “Agent”).

          PRELIMINARY STATEMENTS:

          1. The Company, Kodak Canada and the subsidiaries of the Company party thereto have entered
into the Amended and Restated Credit Agreement, dated as of March 31, 2009 (the “Credit
Agreement”), with the Lenders party thereto, the Agent, Bank of America, N.A., as Syndication
Agent and Citigroup Global Markets Inc. and Banc of America Securities LLC, as Co-Lead Arrangers
and Co- Bookrunners. Capitalized terms not otherwise defined in this Amendment have the meanings
specified therefor in the Credit Agreement.

          2. The Company has requested the ability to issue up to $700,000,000 in aggregate principal
amount of senior secured and/or senior unsecured Debt to refinance its existing Convertible Notes
and for other general corporate purposes and in connection therewith, the Borrowers have requested
certain modifications to the Credit Agreement to permit the issuance of such Debt.

          3. The Required Lenders have agreed, subject to the terms and conditions hereinafter set
forth, to amend the Credit Agreement in response to the Borrowers’ request as set forth herein.

          AGREEMENT:

          NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
parties hereto agree as follows:

          SECTION 1. Amendment to Credit Agreement. Effective as of the date on which the
conditions precedent set forth in Section 2 have been satisfied or waived, the Credit Agreement is
hereby amended as follows:

     (a) Clause (d) of the definition of “Eligible Equipment” in Section 1.01 of the
Credit Agreement is hereby amended by inserting “, Liens permitted under clause (x) of
Section 5.02(a)” immediately after “Permitted Liens” in the second line thereof.

     (b) The definition of “L/C Related Documents” in Section 1.01 of the Credit
Agreement is hereby amended by replacing the reference to Section 2.06(b)(i) therein with
Section 2.06(c)(i).

     (c) The definition of “Loan Documents” in Section 1.01 of the Credit Agreement
is hereby amended by renumbering clause (iv) thereof as clause (v) and adding “(iv) all
Intercreditor Agreements” immediately after clause (iii) thereof.

     (d) The definition of “Permitted Collateral Liens” in Section 1.01 of the
Credit Agreement is hereby amended by replacing the phrase “Eligible Inventory” with
“Eligible Equipment”.

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     (e) Section 1.01 of the Credit Agreement is amended by inserting the following new
definitions in their correct alphabetical order:

     “Amendment No. 1” means Amendment No. 1 to this Agreement, dated as of
September 17, 2009, among the Company, the Lenders and the Agent.

     “Amendment No. 1 Effective Date” means the “Amendment Effective Date”
under and as defined in Amendment No. 1.

     “Intercreditor Agreement” means, in connection with the issuance of any
Permitted Senior Debt secured by Collateral, an intercreditor agreement among the
Agent on behalf of the Secured Parties (as defined in each of the Security Agreement
and the Canadian Security Agreement), the agent or trustee in respect of such
Permitted Senior Debt, and the Loan Parties, on substantially the terms set forth in
Exhibit I hereto (or on terms that are no less favorable to the Lenders than the
terms set forth in Exhibit I hereto) or otherwise in form and substance satisfactory
to the Required Lenders.

     “Net Debt Proceeds” means, with respect to any issuance or incurrence
of any Permitted Senior Debt, the gross cash proceeds received by the Company and
its Subsidiaries in connection with such issuance or incurrence, net of
out-of-pocket expenses of the Company incurred in connection therewith, including
reasonable legal fees, broker’s and underwriter’s discounts and commissions,
accountants’ fees and other customary fees and expenses directly related to such
issuance or incurrence.

     “Permitted Senior Debt” means senior Debt of the Company in an
aggregate principal amount not to exceed $700,000,000 (plus any increase in the
principal amount thereof by the amount of any interest that is paid in kind pursuant
to the terms of the applicable Permitted Senior Debt Documents) issued or incurred
on or after the Amendment No. 1 Effective Date that (i) will not mature prior to the
date that is six months after the Extension Termination Date, (ii) has no scheduled
amortization or payments of principal, or mandatory or optional conversions into
cash (unless the Company has the election, pursuant to the terms of such Debt, to
settle in common stock any such mandatory or optional conversions into cash), in
each case prior to the date that is six months after the Extension Termination Date
(it being understood that change of control or asset sale prepayment provisions
shall not constitute scheduled amortization or payments of principal for purposes of
this clause (ii)) and (iii) subject to the foregoing clauses (i) and (ii), has
covenant, default, remedy and similar provisions, and mandatory prepayment,
repurchase, redemption and similar provisions, in each case, on market terms (or on
terms that are no less favorable to the Company than market terms) for similar
issuances of Debt by issuers with similar creditworthiness as the Company at the
time of the issuance or incurrence of such Permitted Senior Debt (as reasonably
determined by the Company); provided that any such Debt shall constitute
Permitted Senior Debt only if, (a) before and after giving effect to the issuance or
incurrence thereof, no Default shall have occurred and be continuing, (b) to the
extent that such Permitted Senior Debt is to be secured by Liens pursuant to Section
5.02(a)(x), the Agent, the trustee or agent in respect of such Permitted Senior
Debt, and the applicable Loan Parties shall have executed and delivered an
Intercreditor Agreement in respect of such Permitted Senior Debt and such
Intercreditor Agreement shall have become fully effective in accordance with its
terms, (c) to the extent required pursuant to Section 2.22, the Net Debt Proceeds of
such Debt shall be deposited into the Permitted Senior Debt Cash Collateral Account
and administered in accordance with Section 2.22 and (d)

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Excess Availability as of the date of such issuance or incurrence of such Debt
shall not be less than $100,000,000; and provided further that,
subject to clauses (i), (ii) and (iii) of this definition of Permitted Senior Debt,
all or any portion of such Permitted Senior Debt may be convertible into common
stock of the Company, cash, or any combination thereof, on market terms for similar
issuances of convertible Debt by issuers with similar creditworthiness as the
Company at the time of the issuance or incurrence of such Permitted Senior Debt.

     “Permitted Senior Debt Cash Collateral Account” means a blocked deposit
account of the Company at Citibank, N.A., which account shall be (a) under the sole
dominion and control of the Agent (including the exclusive right of withdrawal,
collection and control by the Agent of all deposits, balances and entitlements held
in or credited to such account), (b) subject to an agreement in form and substance
reasonably satisfactory to the Agent, among Citibank, N.A., as depositary bank, the
Company and the Agent, providing for the exclusive collection and control by the
Agent of all deposits, balances and entitlements held in or credited to such account
subject to the terms of this Agreement and (c) otherwise established in a manner
reasonably satisfactory to the Agent.

     “Permitted Senior Debt Documents” means all loan agreements, indentures
(and supplements thereto), guarantees, security agreements and purchase agreements,
and any other agreements, instruments and documents, in each case executed and
delivered by the Company and/or any of its Subsidiaries in connection with any
Permitted Senior Debt.

     “Required Escrow Amount” has the meaning set forth in Section 2.22.

     (f) Section 2.06 of the Credit Agreement is hereby amended by (i) renumbering clause
(b) thereof as clause (c) and (ii) inserting the following new clause (b) immediately after
clause (a) thereof:

     “(b) [Reserved].”

     (g) Section 2.17 of the Credit Agreement is hereby amended by inserting “or any
Permitted Senior Debt” at the end thereof.

     (h) Section 2.18(e)(iii) of the Credit Agreement is hereby amended by replacing the
phrase “Section 2.18(i)” with “Section 2.18(h)”.

     (i) Article II of the Credit Agreement is hereby amended by adding the following new
Section 2.22:

     “SECTION 2.22. Escrow Amount. Upon the issuance or incurrence of any
Permitted Senior Debt (other than any interest that is paid in kind in respect of
Permitted Senior Debt), the Company shall transfer the Net Debt Proceeds of such
Debt, up to an aggregate amount equal to the then outstanding principal amount of
the Convertible Notes (such principal amount outstanding from time to time, the
“Required Escrow Amount”) to the Permitted Senior Debt Cash Collateral
Account to be held as additional Collateral. The terms applicable to such account,
including the rate of interest payable with respect to the credit balance of such
account from time to time, shall be the Agent’s standard terms applicable to cash
collateral accounts maintained with it. Any interest shall be credited to such
account from time to time and, so long as no Default shall have

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occurred and be continuing, shall be paid over by the Agent to the Company.
Upon the request of the Company, within one Business Day of such request, the Agent
shall transfer to the Company all or any portion of the funds held in or credited to
the Permitted Senior Debt Cash Collateral Account (i) to repay, repurchase, redeem
or otherwise satisfy the Convertible Notes, (ii) to repay or prepay any Obligations
or (iii) to be available to the Company for general corporate purposes;
provided that, before and after giving effect to any such transfer pursuant
to the foregoing clauses (i) or (iii), (x) no Default under Section 6.01(a) or (e)
or Event of Default shall have occurred and be continuing, (y) the balance of the
funds contained in or credited to the Permitted Senior Debt Cash Collateral Account
shall not be less than the Required Escrow Amount as of the date of such transfer
after giving effect to any repayment, repurchase, redemption or other satisfaction
of the Convertible Notes on such date and (z) the Agent shall have received a
certificate from a Responsible Officer of the Company certifying compliance with the
foregoing clauses (x) and (y). Upon the occurrence and during the continuation of
an Event of Default, the Agent shall at the request of, or may with the consent of,
the Required Lenders, apply all or any portion of the funds held in or credited to
the Permitted Senior Debt Cash Collateral Account to the repayment or prepayment of
Advances or to any other Obligations that are then due and payable under the Loan
Documents. The Permitted Senior Debt Cash Collateral Account shall not be subject
to the provisions of Section 2.18.”

     (j) Section 4.01(c) of the Credit Agreement is hereby amended by adding the following
phrase at the beginning of clause (iv) thereof:

     “except for any notices that may be required pursuant to any applicable
Intercreditor Agreement,”

     (k) Section 4.01(p) of the Credit Agreement is hereby amended by inserting “or
permitted pursuant to Section 5.02(a)(x)” at the end thereof.

     (l) Section 5.02(a) of the Credit Agreement is hereby amended by (i) deleting the word
“and” at the end of clause (viii) thereof, (ii) adding the word “and” and replacing the
period with a comma immediately after clause (ix) thereof and (iii) adding the following new
clause (x) immediately after clause (ix) thereof:

     “(x) Liens securing Permitted Senior Debt (and guarantees thereof permitted
under Section 5.02(d)(xviii)) on a second priority basis to the Liens securing the
Obligations, subject to the terms of any applicable Intercreditor Agreement.”

     (m) Section 5.02(d)(xv) of the Credit Agreement is hereby amended and restated to read
as follows:

     “(xv) [Reserved].”

     (n) Section 5.02(d) of the Credit Agreement is hereby amended by (i) replacing the
period with a comma at the end of clause (xvi) thereof and (ii) adding the following new
clauses (xvii) and (xviii) immediately after clause (xvi) thereof:

     “(xvii) Permitted Senior Debt; and

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     (xviii) Guarantees of any Subsidiary of the Company in respect of Permitted
Senior Debt; provided that (A) such Subsidiary shall have also provided a
guarantee of the Obligations substantially on the terms set forth in the Guaranty
and shall have become a Guarantor hereunder, which guarantee shall be in full force
and effect and (B) such Subsidiary shall have secured its Obligations under the Loan
Documents with Liens on its properties to the extent required pursuant to Section
5.01(i) (notwithstanding that such Subsidiary may otherwise be excluded by operation
of Section 5.01(i)(i)) in respect of a newly-acquired Material Subsidiary, with such
Subsidiary being deemed to be a newly-acquired Material Subsidiary for purposes
thereof.”

     (o) Section 5.02(e) of the Credit Agreement is hereby amended by (i) replacing the
period at the end of clause (v) with a semicolon and (ii) adding the following new proviso
at the end of Section 5.02(e):

     “provided that, notwithstanding anything in this Section 5.02(e) to the
contrary, no such sale, conveyance, transfer, lease or other disposition of any Collateral
shall be permitted to the extent that such sale, conveyance, transfer, lease or other
disposition is not permitted pursuant to the terms of any Permitted Senior Debt Document.”

     (p) Section 5.02(f) of the Credit Agreement is hereby amended by (i) deleting the word
“or” at the end of clause (v) thereof, (ii) adding the word “or” and replacing the period
with a semicolon immediately after clause (vi) thereof and (iii) adding the following new
clause (vii) immediately after clause (vi) thereof:

     “(vii) as set forth in any Permitted Senior Debt Document, solely to the extent
that any such limitations or restrictions are no more restrictive than those
customarily found in issuances of high yield Debt by issuers with similar
creditworthiness as the Company at the time of the issuance or incurrence of such
Debt; provided that the foregoing shall not prohibit any provision in any
Permitted Senior Debt Document that restricts the Company from designating any of
its subsidiaries that holds material intellectual property or that engages in
specified businesses as an unrestricted subsidiary (i.e., a subsidiary designated
by the Company to be free of various covenant and other restrictions) under such
Permitted Senior Debt Document; and provided further that, in any
event, such restrictions or limitations (individually or taken as a whole) could not
reasonably be expected have a material adverse effect on the ability of the Loan
Parties to pay the Obligations.”

     (q) Section 5.02(h) of the Credit Agreement is hereby amended by (i) deleting the word
“and” and adding a comma at the end of clause (iii) thereof, (ii) replacing the period with
a comma immediately after clause (iv) thereof and (iii) adding the following new clause (v)
immediately after clause (iv) thereof:

     “and (v) make cash payments in lieu of fractional shares upon the exercise or
conversion of any warrants, rights or options to acquire any shares of capital stock
of the Company. For the avoidance of doubt, the Company shall be permitted to issue
shares of its common stock in connection with any conversion of its convertible
Debt, upon the exercise of options or warrants or otherwise.”

     (r) Section 5.02(k)(i) of the Credit Agreement is hereby amended by (i) adding the
phrase “, convert into cash” after the word “defease” in each instance that the word
“defease” appears therein, (ii) adding “any Permitted Senior Debt or,” immediately prior to
the phrase “any

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public debt securities” in the second line thereof, (iii) deleting the word “or” and
adding a comma at the end of clause (C) thereof, (iv) replacing the reference to
“$10,000,00” in clause (D) thereof with “$10,000,000” and (v) adding the following new
clauses (E) and (F) immediately after clause (D) thereof:

     “(E) conversion of convertible Debt into common stock of the Company, and
payments of cash in lieu of fractional shares upon any such conversion or (F) to the
extent that such prepayment, redemption, purchase, defeasance or other satisfaction
is made with Net Debt Proceeds; provided that (1) no Default under Section
6.01(a) or (e) or Event of Default shall have occurred and be continuing, (2) no
amounts shall be due or outstanding in respect of the Convertible Notes (unless
funds in an amount not less than the Required Escrow Amount are on deposit in the
Permitted Senior Debt Cash Collateral Account) and (3) the Agent shall have received
a certificate from a Responsible Officer of the Company certifying compliance with
the foregoing clauses (1) and (2).”

     (s) Section 5.02 of the Credit Agreement is hereby amended by adding the following new
Section 5.02(l):

     “(l) Other Debt Covenants. The Company shall not, and shall not permit
any of its Subsidiaries, to enter into any agreement, instrument or other document
governing the terms of any Permitted Senior Debt which has (A) any financial
maintenance covenant or similar covenant or provision measuring the financial
condition, operating results or capitalization of the Company and/or any of its
Subsidiaries which is more restrictive on the Company or any of its Subsidiaries
than the corresponding covenant or provision contained in the Loan Documents or (B)
additional financial maintenance covenants or similar covenants or provisions
measuring the financial condition, operating results or capitalization of the
Company and/or any of its Subsidiaries which are not contained in the Loan
Documents, unless, in each case, the Loan Parties amend the Loan Documents to
contain such additional or more restrictive covenants or similar provisions. The
Required Lenders hereby consent to, and direct the Agent (on behalf of the Lenders)
to execute and deliver to the Loan Parties, any such amendment, on terms and
conditions satisfactory to the Agent. For the avoidance of doubt, this Section
5.02(l) does not apply to financial performance measurements that may be used to
test compliance with any incurrence-based covenants contained in any such agreement,
instrument or other document (at the time of any such incurrence).”

     (t) Section 6.01(c)(i) of the Credit Agreement is hereby amended and restated to read
as follows:

     “(i) The Company shall fail to perform or observe any term, covenant or
agreement contained in Sections 2.22, 5.01(d), 5.01(e), clauses (i) through (vii)
and (ix) of 5.01(h), 5.02 or 5.03, or”.

     (u) Section 6.01(d) of the Credit Agreement is hereby amended and restated to read as
follows:

     “(d) The Company or any of its Subsidiaries shall fail to pay any principal of
or premium or interest on any Debt that is outstanding in a principal, or in the
case of Hedge Agreement Obligations, net amount of, at least $50,000,000 in the
aggregate (but excluding Debt outstanding hereunder) of the Company or such
Subsidiary (as the case may be), when the same becomes due and payable (whether by
scheduled maturity,

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required prepayment, acceleration, demand or otherwise), and such failure shall
continue after the applicable grace period, if any, specified in the agreement or
instrument relating to such Debt; or any other event shall occur or condition shall
exist under any agreement or instrument relating to any such Debt and shall continue
after the applicable grace period, if any, specified in such agreement or
instrument, if the effect of such event or condition is to cause, or to permit the
holders or beneficiaries of such Debt (or a trustee or agent on behalf of such
holders or beneficiaries) to cause, with the giving of notice if required, such Debt
to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise), or an offer to repurchase, prepay, defease or redeem
such Debt to be made, in each case prior to the stated maturity of such Debt; or any
such Debt shall be declared to be due and payable, or required to be prepaid or
redeemed (other than by a regularly scheduled required prepayment or redemption),
purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt
shall be required to be made, in each case prior to the stated maturity thereof; or”

     (v) Article VIII of the Credit Agreement is hereby amended by adding the following new
Section 8.10:

     “SECTION 8.10. Intercreditor Arrangements. With respect to the
issuance of any Permitted Senior Debt that is permitted to be secured by Liens
pursuant to Section 5.02(a)(x), each of the Lenders hereby authorizes and directs
the Agent to enter into one or more Intercreditor Agreements on behalf of such
Lender and agrees that the Agent in its various capacities thereunder may take such
actions on its behalf as is contemplated by the terms of any such Intercreditor
Agreements. With respect to any Intercreditor Agreement executed and delivered by
the Agent in accordance with this Agreement, each Lender hereunder (a) consents to
any subordination of Liens provided for in such Intercreditor Agreement, (b) agrees
that it will be bound by and will take no actions contrary to the provisions of such
Intercreditor Agreement, (c) authorizes and instructs the Agent to enter into such
Intercreditor Agreement as Agent and on behalf of such Lender and (d) agrees that
the Agent may take such actions on behalf of such Lender as is contemplated by the
terms of such Intercreditor Agreement.”

          SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of
the date (the “Amendment Effective Date”) when, and only when, each of the following
conditions precedent shall have been satisfied or waived:

     (a) The Agent shall have received counterparts of this Amendment executed by (i) each
of the Company, Kodak Canada and each Guarantor and (ii) the Required Lenders, or as to any
such Lender, advice satisfactory to the Agent that such Lender has executed this Amendment.

     (b) The Agent shall have received a certificate of each Borrower signed on behalf of
such Borrower by a Responsible Officer, dated the date of the Amendment Effective Date,
certifying as to (i) the correctness of the representations and warranties contained in the
Loan Documents as though made on and as of the date of the Amendment Effective Date, before
and after giving effect to this Amendment and (ii) the absence of any event occurring and
continuing, or resulting from the Amendment Effective Date, that constitutes a Default.

     (c) The Agent shall have received such documents and certificates as the Agent or its
counsel may reasonably request relating to the authorization of the transactions under this
Amendment and any other legal matters relating to the Loan Parties, this Amendment or the

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transactions contemplated hereunder, all in form and substance reasonably satisfactory
to the Agent and its counsel.

     (d) Immediately before and after giving effect to this Amendment, no Default shall have
occurred and be continuing.

     (e) The Company shall have paid (i) to the Agent, for the benefit of each Lender under
Revolving Credit Facility-B executing this Amendment prior to or concurrently with the
effectiveness thereof, the amendment fee described in the Fee Letter dated September 8,
2009, between the Company and the Agent (the “Fee Letter”) and (ii) all invoiced
accrued fees and expenses of the Agent and Citigroup Global Markets Inc., as sole lead
arranger in respect of this Amendment, (including the reasonable fees and expenses of
Shearman & Sterling LLP, counsel for the Agent and the sole lead arranger in respect of this
Amendment, for which invoices shall have been provided to the Company at least two Business
Days prior to the Amendment Effective Date).

     (f) The Borrowers shall have permanently reduced Commitments under the Revolving Credit
Facility-A, for the benefit of each Lender under Revolving Credit Facility-A executing this
Amendment prior to or concurrently with the effectiveness thereof, in the aggregate
principal amount set forth in the Fee Letter.

     By executing this Amendment, the Required Lenders hereby (i) consent to the payment of
amendment fees in accordance with Section 2(e) hereof and the reduction in Commitments under
the Revolving Credit Facility-A in accordance with Section 2(f) hereof, (ii) agree that the
Credit Agreement is deemed to be amended to make any modifications to the applicable
payment, pro rata and sharing provisions of the Credit Agreement needed to permit the
payment by the Company of amendment fees in accordance with Section 2(e) hereof and to
permit the Company to reduce Commitments under the Revolving Credit Facility-A in accordance
with Section 2(f) hereof, (iii) waive any notice requirements under Sections 2.05(a) or
2.10(a) in connection with the reduction in Commitments under the Revolving Credit
Facility-A pursuant to Section 2(f) hereof and (iv) consent to the other amendments to the
Credit Agreement set forth herein.

          SECTION 3. Representations and Warranties of the Loan Parties. Each of the Borrowers represents
and warrants as follows:

          (a) The execution, delivery and performance by the Loan Parties of this Amendment and the
performance by the Loan Parties of the Credit Agreement, as amended hereby, have been duly
authorized by all necessary corporate action.

          (b) This Amendment has been duly executed and delivered by each Loan Party. This Amendment
and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligation of
each Loan Party enforceable against such Loan Party in accordance with their respective terms,
except as enforceability may be affected by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting enforcement of creditors’ rights generally and by
general principles of equity, whether enforcement is sought in a proceeding in equity or at law.

          SECTION 4. Reference to and Effect on the Credit Agreement and the other Loan Documents.

          (a) 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 the Notes and each of the other Loan Documents to “the Credit

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Agreement”, “the Amended and Restated 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), the Notes, the Security
Agreement, the Canadian Security Agreement and each of the other Loan Documents are and shall
continue to be in full force and effect and are hereby in all respects ratified and confirmed.
Without limiting the generality of the foregoing, the Collateral Documents and all of the
Collateral described therein do and shall continue to secure the payment of all Obligations of the
Loan Parties under the Loan Documents to the extent provided in the Collateral Documents.

          (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 any Lender or the Agent under
any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

          (d) The Loan Parties and the Required Lenders hereby agree that this Amendment shall be a Loan
Document for all purposes of the Credit Agreement and the other Loan Documents.

          SECTION 5. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
by telecopier or in .pdf or similar electronic format shall be effective as delivery of a manually
executed counterpart of this Amendment.

          SECTION 6. Governing Law. This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

          SECTION 7. Notices. Pursuant to Section 9.02(a) of the Credit Agreement, the Agent hereby
designates the following address as its address for notices: 1615 Brett Rd., Bldg 3, New Castle,
Delaware, 19720, Attention: Bank Loan Syndications Department, fax number 212-994-0849.

[Remainder of Page Intentionally 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.

	 	 	 	 	 
	 	EASTMAN KODAK COMPANY,

     as a Borrower

 	 
	 	By:  	/s/ William G. Love
	 
	 	 	Name:  	William G. Love	 
	 	 	Title:  	Treasurer	 
	 
	 	KODAK CANADA INC.,

     as a Borrower

 	 
	 	By:  	/s/
William G. Love	 
	 	 	Name:  	William G. Love	 
	 	 	Title:  	Assistant Secretary	 

[Signature Page to Amendment No. 1]

 

 

	 	 	 	 	 
	 	Guarantors:

CREO MANUFACTURING AMERICA LLC

KODAK AVIATION LEASING LLC

	 
	 	By:  	/s/ William G. Love	 
	 	 	Name:  	William G. Love	 
	 	 	Title:  	Manager	 
	 
	 	EASTMAN GELATINE CORPORATION

EASTMAN KODAK INTERNATIONAL CAPITAL COMPANY, INC.

FAR EAST DEVELOPMENT LTD.

FPC INC.

KODAK (NEAR EAST), INC.

KODAK AMERICAS, LTD.

KODAK IMAGING NETWORK, INC.

KODAK PORTUGUESA LIMITED

KODAK REALTY, INC.

LASER EDIT, INC.

LASER-PACIFIC MEDIA CORPORATION

PACIFIC VIDEO, INC.

PAKON, INC.

QUALEX INC.

	 
	 	By:  	/s/ William G. Love	 
	 	 	Name:  	William G. Love	 
	 	 	Title:  	Treasurer	 
	 
	 	KODAK PHILIPPINES, LTD.

NPEC INC.
	 
	 	By:  	/s/ William G. Love	 
	 	 	Name:  	William G. Love	 
	 	 	Title:  	Assistant Treasurer	 

[Signature Page to Amendment No. 1]

 

 

	 	 	 	 	 
	 	CITICORP USA, INC.

     as Agent

 	 
	 	By:  	/s/
Shane V. Azzara	 
	 	 	Name:  	Shane V. Azzara	 
	 	 	Title:  	Director	 

[Signature Page to Amendment No. 1]

 

 

	 	 	 	 	 
	 	CITICORP USA, INC.

     as a Lender

 	 
	 	By:  	/s/
Shane V. Azzara	 
	 	 	Name:  	Shane V. Azzara	 
	 	 	Title:  	Director	 

	 	 	 	 	 
	 	Bank of America, N.A.,

     as a Lender

 	 
	 	By:  	/s/
Matthew T. O’Keefe	 
	 	 	Name:  	Matthew T. O’Keefe	 
	 	 	Title:  	Senior Vice President	 

	 	 	 	 	 
	 	Banco Santander, S.A.

    New York Branch

     as a Lender

 	 
	 	By:  	/s/
Jorge Saavedra	 
	 	 	Name:  	Jorge Saavedra	 
	 	 	Title:  	Executive Director	 

	 	 	 	 	 
	 	Banco Santander, S.A.

    New York Branch
     as a Lender

 	 
	 	By:  	/s/
Jens Loffe	 
	 	 	Name:  	Jens Loffe	 
	 	 	Title:  	Senior Vice President	 

	 	 	 	 	 
	 	Commerzbank AG, New York and Grand
Cayman

    Branches,
     as a Lender

 	 
	 	By:  	/s/
Brian Schneider	 
	 	 	Name:  	Brian Schneider	 
	 	 	Title:  	Director	 
	 
	 	By:  	/s/
Douglas I. Glickman	 
	 	 	Name:  	Douglas I. Glickman	 
	 	 	Title:  	First Vice President	 

	 	 	 	 	 
	 	Credit Suisse, Cayman Islands Branch,

     as a Lender

 	 
	 	By:  	/s/
John D. Toronto	 
	 	 	Name:  	John D. Toronto	 
	 	 	Title:  	Director	 
	 
	 	By:  	/s/
Vipul Dhadda	 
	 	 	Name:  	Vipul Dhadda	 
	 	 	Title:  	Associate	 

 

 

	 	 	 	 	 
	 	Deutsche Bank AG New York Branch

By: DB Services New Jersey, Inc.

    as a Lender

	 
	 	By:  	/s/
Jonathan Shin	 
	 	 	Name:  	Jonathan Shin	 
	 	 	Title:  	Assistant Vice President	 
	 
	 	By:  	/s/
Alice L. Wagner	 
	 	 	Name:  	Alice L. Wagner	 
	 	 	Title:  	Vice President	 

	 	 	 	 	 
	 	Fifth Third Bank,

    as a Lender

	 
	 	By:  	/s/
Jim Janovsky	 
	 	 	Name:  	Jim Janovsky	 
	 	 	Title:  	Vice President	 

	 	 	 	 	 
	 	GOLDMAN SACHS LENDING PARTNERS, LLC

    as a Lender

	 
	 	By:  	/s/
Andrew Caditz	 
	 	 	Name:  	Andrew Caditz	 
	 	 	Title:  	Authorized Signatory	 
	 
	 	Industrial and Commercial Bank of
China United

     as a Lender

 	 
	 	By:  	/s/
Wang Zhenglong	 
	 	 	Name:  	Wang Zhenglong	 
	 	 	Title:  	Deputy General Manager,

Banking Dept.	 

	 	 	 	 	 
	 	LightPoint CLO 2004-1. Ltd.

     as a Lender

 	 
	 	By:  	/s/
    Lori Loftus	 
	 	 	Name:  	Lori Loftus	 
	 	 	Title:  	Chief Compliance Director	 

	 	 	 	 	 
	 	Lloyds TSB Bank Plc,

    as a Lender

	 
	 	By:  	/s/
Nell Backhouse	 
	 	 	Name:  	Nell Backhouse	 
	 	 	Title:  	Assistant Vice President

Business Support B111	 
	 
	 	By:	/s/
Tatiana Ryvkin	 
	 	 	Name:  	Tatiana Ryvkin	 
	 	 	Title:  	Executive Officer

Business Support R065	 

	 	 	 	 	 
	 	Loan Funding III (Delaware) LLC
By: Pacific Investment Management Company LLC,

as its Investment Advisor

	 
	 	By:  	/s/
Arthur Y.D. Ong	 
	 	 	Name:  	Arthur Y.D. Ong	 
	 	 	Title:  	Executive Vice President	 
	 

	 	 	 	 	 
	 	Mizuho Corporate Bank, Ltd.,

    as
a Lender

	 
	 	By:  	/s/
Noel Purcell	 
	 	 	Name:  	Noel Purcell	 
	 	 	Title:  	Authorized Signatory	 
	 

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.,

    as
a Lender

	 
	 	By:  	/s/
Ryan Vetsch	 
	 	 	Name:  	Ryan Vetsch	 
	 	 	Title:  	Vice President	 
	 

	 	 	 	 	 
	 	Natixis,

     as a Lender

 	 
	 	By:  	/s/ Kevin Cheng	 
	 	 	Name:  	Kevin Cheng 	 
	 	 	Title:  	Director 	 
	 
	 	By:  	/s/ Steven
A. Eberhardt	 
	 	 	Name:  	Steven
A. Eberhardt 	 
	 	 	Title:  	Associate 	 

 

 

	 	 	 	 	 	 	 
	 	 	PIMCO Floating Rate Income Fund
	 	 	By:	 	Pacific Investment Management Company LLC,

as its Investment Advisor, acting through Investors

Fiduciary Trust Company in the Nominee Name of IFTCO

	 	 	 	 	By:
	 	/s/ Arthur Y.D. Ong
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Arthur Y.D. Ong

Executive Vice President
	 
	 	 	PIMCO Floating Rate Strategy Fund
	 	 	By:	 	Pacific Investment Management Company LLC,

as its Investment Advisor, acting through Investors

Fiduciary Trust Company in the Nominee Name of IFTCO

	 	 	 	 	By:
	 	/s/ Arthur Y.D. Ong
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Arthur Y.D. Ong

Executive Vice President

	 	 	 	 	 
	 	PNC Bank, N.A.,

     as a Lender

 	 
	 	By:  	/s/ Eric
L. Moore	 
	 	 	Name:  	Eric
L. Moore 	 
	 	 	Title:  	Vice President 	 
	 
	 
	 	Premium Loan Trust I, Ltd.,

     as a Lender

 	 
	 	By:  	/s/ Lori Loftus	 
	 	 	Name:  	Lori Loftus 	 
	 	 	Title:  	Chief Compliance Officer 	 
	 
	 	SG Finance Inc.

     as a Lender

 	 
	 	By:  	/s/ Rahul
Verma	 
	 	 	Name:  	Rahul
Verma 	 
	 	 	Title:  	Director 	 
	 
	 
	 	SUMITOMO MITSUI BANKING CORPORATION,

     as a Lender

 	 
	 	By:  	/s/ Yoshihiro
Hyakutome	 
	 	 	Name:  	Yoshihiro
Hyakutome 	 
	 	 	Title:  	General Manager 	 
	 
	 
	 	SWISS RE FINANCIAL PRODUCTS
CORPORATION,

     as a Lender

 	 
	 	By:  	/s/ Gloria
Gonzalez	 
	 	 	Name:  	Gloria
Gonzalez 	 
	 	 	Title:  	Authorized Signatory
Swiss Re Financial
Products Corporation 	 
	 
	 
	 	The Bank of New York Mellon,

     as a Lender

 	 
	 	By:  	/s/ Thomas
J. Frangione	 
	 	 	Name:  	Thomas
J. Frangione 	 
	 	 	Title:  	Vice President	 
	 
	 
	 	THE BANK OF NOVA SCOTIA,

     as a Lender

 	 
	 	By:  	/s/ Todd
Meller	 
	 	 	Name:  	Todd
Meller 	 
	 	 	Title:  	Managing Director	 
	 
	 
	 	The CIT Group/Business Credit, Inc.,

     as a Lender

 	 
	 	By:  	/s/ Carmen
Caporrino	 
	 	 	Name:  	Carmen
Caporrino 	 
	 	 	Title:  	Vice President	 
	 
	 
	 	The Foothill Group LLC,

     as a Lender

 	 
	 	By:  	/s/ Jeff
Nikora	 
	 	 	Name:  	Jeff
Nikora 	 
	 	 	Title:  	Executive Vice President	 
	 
	 
	 	Wells Fargo Foothill, LLC,

     as a Lender

 	 
	 	By:  	/s/ Jennifer Fong	 
	 	 	Name:  	Jennifer Fong 	 
	 	 	Title:  	Account Executive, AVP	 

[Signature Page to Amendment No. 1]

 

 

Exhibit I to

Amendment No. 1 to

Amended and Restated Credit Agreement

Permitted Senior Debt

Summary of Intercreditor Terms

          Capitalized terms not otherwise defined herein have the same meanings as specified therefor in
the Amendment to which this Exhibit I is attached.

	 	 	 
	PARTIES:

	 	The agent on behalf of the First Lien Parties (as defined
below) (the “Agent”), the agent or trustee in
respect of the applicable Permitted Senior Debt (the
“Second Lien Agent”), on behalf of the Second Lien
Parties, and the Obligors (as defined below).
	 
	 	 
	SECOND LIEN DEBT:

	 	Permitted Senior Debt, to the extent permitted to be
secured by a junior Lien on all or any portion of the
Collateral pursuant to the terms of any credit facilities
pursuant to which there are First Lien Obligations (as
defined below) outstanding from time to time.
	 
	 	 
	FINANCING
DOCUMENTS:

	 	Definitive documentation (including any Secured Agreements)
in respect of the First Lien Obligations (as defined below)
(the “First Lien Credit Documents”) and definitive
documentation in respect of the Second Lien Obligations (as
defined below) (the “Second Lien Credit Documents”).
	 
	 	 
	FIRST LIEN
PARTIES:

	 	The Secured Parties as referred to and defined in the First
Lien Credit Documents.
	 
	 	 
	SECOND LIEN
PARTIES:

	 	The agents, issuing banks, trustees, noteholders and
lenders under the Second Lien Credit Documents that are
entitled to the benefit of a junior Lien on the Collateral.
	 
	 	 
	SECURED PARTIES:

	 	The First Lien Parties and the Second Lien Parties.
	 
	 	 
	COLLATERAL:

	 	All assets of the Obligors that constitute “Collateral”
under both the First Lien Credit Documents and the Second
Lien Credit Documents.
	 
	 	 
	FIRST LIEN
OBLIGATIONS:

	 	All obligations of every nature of the Borrowers, the
Guarantors and any other obligors (collectively, the
“Obligors”) owed to the First Lien Parties under the
Loan Documents and the Secured Agreements and any
successor, replacement or other senior secured credit
facilities (including any permitted refinancing of the
Facility), including any post-petition interest, whether or
not allowed or allowable in any bankruptcy, insolvency,
liquidation or other debtor relief proceeding (an
“Insolvency Proceeding”) (the “First Lien
Obligations”); provided that, the amount of
First Lien Obligations shall not exceed (the “First Lien
Cap”) the sum of:

 

 

	 	(A)	 	the greater of:

	 	(1)	 	(X) the aggregate amount of Debt constituting principal
permitted to be incurred under the First Lien Credit
Documents plus the aggregate face amount of any
Letters of Credit issued under the First Lien Credit
Documents plus the aggregate amount of obligations
under any Secured Agreement, in an aggregate amount not to
exceed $600,000,000 minus (Y) the aggregate amount
of any voluntary or mandatory prepayments of principal made
in respect of advances made under the First Lien Credit
Documents (to the extent that any such prepayment resulted
in a corresponding permanent reduction in the applicable
commitments pursuant to the requirements of the Second Lien
Credit Documents); and
	 
	 	(2)	 	the amount of senior lien obligations permitted to be
incurred under the Second Lien Credit Documents;
plus

	 	(B)	 	all interest, reimbursement, indemnities and other payment
obligations related to the Debt, Letters of Credit and
other obligations referred to in clause (A) above.

	 	 	 
	 

	 	“Secured Agreement” means, to the extent that the
obligations thereunder are secured by the Collateral
pursuant to the First Lien Credit Documents, any and all
agreements and other documents relating to any treasury
management services provided by any First Lien Parties and
their Affiliates to the Company and any of its
Subsidiaries, all agreements evidencing any other
obligations of the Company and any of its Subsidiaries
owing to any of the First Lien Parties and their Affiliates
including, without limitation, all letters of credit issued
by any of the First Lien Parties and their Affiliates for
the benefit of the Company or any of its Subsidiaries, all
Hedge Agreements entered into with the Company or any of
its Subsidiaries by any of the First Lien Parties and their
Affiliates, and each agreement or instrument delivered by
any Obligor or Subsidiary of the Company pursuant to any of
the foregoing, as the same may be amended from time to time
in accordance with the provisions thereof.
	 
	 	 
	SECOND LIEN
OBLIGATIONS:

	 	All obligations of every nature of the Obligors from time
to time owed to the Second Lien Parties under the Second
Lien Credit Documents and any permitted refinancing
thereof, including any post-petition interest, whether or
not allowed or allowable in any Insolvency Proceeding (the
“Second Lien Obligations”).
	 
	 	 
	PRIORITY OF
LIENS; REMEDIES:

	 	Until the Discharge of First Lien Obligations (as defined
below) has occurred:
	 
	 	 
	 

	 	(a) the liens securing the Second Lien Obligations shall be
junior and subordinated in all respects to the liens
securing the First Lien Obligations;

 

 

	 	 	 
	 

	 	(b) the Second Lien Parties shall have no right to exercise
rights or remedies with respect to the Collateral,
institute any action with respect to the Collateral, take
or receive any Collateral or any proceeds thereof or object
to the exercise by the First Lien Parties of any rights or
remedies with respect to the Collateral; provided
that the Second Lien Parties may exercise rights and
remedies with respect to the Collateral if the First Lien
Parties have not commenced and are not diligently pursuing
the exercise of rights and remedies with respect to the
Collateral within a standstill period of 180 days; and
	 
	 	 
	 

	 	(c) subject to the proviso in clause (b) above, the First Lien
Parties shall control all decisions related to the
administration of the Collateral and the exercise of
remedies under the First Lien Credit Documents without any
consultation with, or the consent of, any of the Second
Lien Parties.
	 
	 	 
	PROHIBITION ON
CONTESTING LIENS:

	 	No Secured Party will contest, or support any other person
in contesting the priority, validity or enforceability of a
lien held by or on behalf of any of the First Lien Parties
or the Second Lien Parties.
	 
	 	 
	NO NEW LIENS/SIMILAR
LIENS:

	 	No Obligor shall grant or permit any additional liens on
any asset to secure the Second Lien Obligations unless it
has granted a first priority lien on such assets to secure
the First Lien Obligations.
	 
	 	 
	APPLICATION OF
PROCEEDS/TURN-OVER:

	 	The proceeds of any liquidation, foreclosure or similar
action related to the Collateral will be applied in the
following order of priority:
	 
	 

	 	First, to pay the First Lien Obligations in
accordance with the terms of the First Lien Credit
Documents; second, to pay Second Lien Obligations in
accordance with the terms of the Second Lien Credit
Documents; and third, to the Company or other Person
lawfully entitled to such proceeds, or as a court of
competent jurisdiction may direct.
	 
	 	 
	 

	 	Until the Discharge of First Lien Obligations, any
Collateral or proceeds thereof received by any Second Lien
Party in connection with the exercise of any right or
remedy (including set-off) as a secured creditor relating
to the Collateral in violation of the Intercreditor
Agreement shall be segregated and held in trust and shall
be paid over to the Agent for the benefit of the First Lien
Parties in the same form as received, with any necessary
endorsement.
	 
	 	 
	 

	 	“Discharge of First Lien Obligations” means:
	 
	 	 
	 

	 	(a) payment in full in cash of the principal of, reimbursement
obligations with respect to and interest (including
interest accruing (or which would, absent the commencement
of an Insolvency Proceeding, accrue) on or after the
commencement of any Insolvency Proceeding, whether or not
such interest would be allowed in such Insolvency
Proceeding), on all indebtedness outstanding under the
First Lien Credit

 

 

	 	 	 
	 

	 	Documents to the extent included under
the First Lien Cap;
	 
	 	 
	 

	 	(b) payment in full in cash of all other First Lien Obligations
that are due and payable or otherwise accrued at or prior
to the time such principal and interest are paid, including
all obligations with respect to any Secured Agreements to
the extent included under the First Lien Cap;
	 
	 	 
	 

	 	(c) termination or expiration of all commitments, if any, to
extend credit that would constitute First Lien Obligations
to the extent included under the First Lien Cap; and
	 
	 	 
	 

	 	(d) termination or cash collateralization (in an amount and
manner reasonably satisfactory to the Agent) of all letters
of credit issued under the First Lien Credit Documents to
the extent included under the First Lien Cap.
	 
	 	 
	RELEASES:

	 	In the event that the First Lien Parties release their
liens on all or any portion of the Collateral or any
Guarantor from its obligations under its guaranty of the
First Lien Obligations, the comparable lien or guaranty, if
any, in respect of the Second Lien Obligations shall be
automatically released; provided that, except in the
case of any such release by the First Lien Parties pursuant
to an exercise of the First Lien Parties’ rights and
remedies in respect of the Collateral under the First Lien
Credit Documents, the comparable lien or guaranty in
respect of the Second Lien Obligations shall not be
released if such release would not be permitted under the
Second Lien Credit Documents.
	 
	 	 
	RIGHTS AS UNSECURED
CREDITORS:

	 	Subject to customary restrictions with respect to the
exercise of the First Lien Parties’ rights and remedies
under the First Lien Credit Documents, the Second Lien
Secured Parties may exercise rights and remedies as
unsecured creditors against the Obligors in accordance with
the terms of the applicable Second Lien Credit Documents
and applicable law; provided that any judgment lien
that arises in favor of any Second Lien Party as a result
of its enforcement of its rights as an unsecured creditor
shall be subject to the terms of the Intercreditor
Agreement.
	 
	 	 
	AMENDMENTS: 

	 	Without the prior written consent of the Agent, no Second
Lien Credit Document may be amended, supplemented or
otherwise modified or entered into to the extent such
amendment, supplement or modification, or the terms of any
new Second Lien Credit Document, would (a) except with
respect to any amendment, supplement or other modification
to the Second Lien Credit Documents, or any new Second Lien
Credit Document, in each case relating to a refinancing or
replacement of the Second Lien Obligations, increase the
“Applicable Margin” or similar component of the interest
rate by more than 6% per annum (excluding increases
resulting from the accrual of interest at the default rate)
or (b) be prohibited by, or would require any Obligor to
act or refrain from acting in a manner that would violate,
any of the terms

 

 

	 	 	 
	 

	 	of the Intercreditor Agreement. Without
the prior written consent of the Second Lien Agent, no
First Lien Credit Document may be amended, supplemented or
otherwise modified or entered into to the extent such
amendment, supplement or modification, or the terms of any
new First Lien Credit Document, would (a) except with
respect to any amendment, supplement or other modification
to the First Lien Credit Documents, or any new First Lien
Credit Document, in each case relating to a refinancing or
replacement of the First Lien Obligations, increase the
“Applicable Margin” or similar component of the interest
rate by more than 6% per annum (excluding increases
resulting from the accrual of interest at the default rate
or (b) be prohibited by, or would require any Obligor to
act or refrain from acting in a manner that would violate,
any of the terms of the Intercreditor Agreement.
	 
	 	 
	 

	 	Any amendments, modifications or waivers of the
Intercreditor Agreement must be signed in writing by each
party thereto; provided that no Obligor shall have the
right to consent to an amendment, modification or waiver of
the Intercreditor Agreement unless its rights are directly
affected.
	 
	 	 
	 

	 	The First Lien Obligations may be refinanced or replaced,
in whole or in part, in each case, without notice to, or
the consent (except to the extent a consent is otherwise
required to permit the refinancing transaction under any
Second Lien Credit Document) of any Second Lien Party, all
without affecting the Lien priorities provided for herein
or the other provisions hereof; provided that the
holders of any such refinancing or replacement indebtedness
(or an authorized agent or trustee on their behalf) bind
themselves in writing to the terms of the Intercreditor
Agreement. The Second Lien Obligations may be refinanced
or replaced, in whole or in part, in each case, without
notice to, or the consent (except to the extent a consent
is otherwise required to permit the refinancing transaction
under any First Lien Credit Document) of any First Lien
Party, all without affecting the Lien priorities provided
for herein or the other provisions hereof; provided
that the holders of any such refinancing or replacement
indebtedness (or an authorized agent or trustee on their
behalf) bind themselves in writing to the terms of the
Intercreditor Agreement.
	 
	 	 
	BANKRUPTCY:

	 	In connection with any Insolvency Proceeding of any Obligor:

	 	•	 	Filing of Motions: The Second
Lien Parties shall not
file any motion, take
any position in any
proceeding, or take any
other action in respect
of the Collateral
(except filing of a
proof of claim and
certain customary
protective rights and
rights under the
Intercreditor
Agreement) (including
any motion seeking
relief from the
automatic stay).

	 	•	 	DIP Financing: If the First Lien
Parties desire to
permit the sale or use
of any collateral, or
to permit any Obligor
to obtain
debtor-in-

 

 

	 	 	 	possession
financing in an amount,
together with the First
Lien Obligations that
would remain
outstanding after
giving effect to such
debtor-in-possession
financing, that does
not exceed the First
Lien Cap plus
$100,000,000 (a “DIP
Financing”), then,
so long as any Liens on
the collateral securing
the DIP Financing are
senior to or pari passu
with the Liens securing
the First Lien
Obligations, the Second
Lien Parties shall: (i)
be deemed to accept,
and will not object or
support any objection
to, such sale or use or
any such DIP Financing,
(ii) not request or
accept any form of
adequate protection or
any other relief in
connection therewith
except as set forth
below and (iii)
subordinate its Liens
to such DIP Financing,
any adequate protection
provided to the First
Lien Parties and any
“carve-out” for fees
agreed to by the Agent
to the same extent that
the Liens securing the
Second Lien Obligations
are subordinated to the
Liens securing the
First Lien Obligations
under the Intercreditor
Agreement;
provided that
the foregoing shall not
prevent the Second Lien
Parties from proposing
any other DIP Financing
to any Obligor or to a
court of competent
jurisdiction; and
provided
further, that
the foregoing shall not
prevent the Second Lien
Parties from objecting
to (x) any aspect of a
DIP Financing relating
to any provision or
content of a plan of
reorganization or any
sub rosa plan or (y)
any DIP Financing if
the Second Lien Parties
do not receive
replacement Liens on
all post-petition
assets of any Obligor
in which any of the
First Lien Parties
obtain a replacement
Lien (to the extent
constituting
Collateral), in each
case with the same
priority as existed
prior to such
Insolvency Proceeding.

	 	•	 	Sales: None of the Second Lien Parties
shall oppose any sale
conducted in accordance
with Section 363 of the
Bankruptcy Code that is
supported by the Agent,
and the Second Lien
Parties will be deemed
to have consented to
any such sale and to
have released their
Liens in such assets,
so long as the Liens of
the Second Lien Parties
attach to the proceeds
of any such sale (with
the Liens on such
proceeds to be subject
to the terms of the
Intercreditor
Agreement).

	 	•	 	Adequate Protection: No Second
Lien Party shall
contest (i) any request
by the First Lien
Parties for adequate
protection or (ii) any
objection by the First
Lien Parties to any
motion, etc. based on
the First Lien Parties
claiming a lack of
adequate protection or
(iii) the payment of
interest, fees,
expenses or other
amounts to the Agent or
any other First Lien
Party. However, (a) if
the First Lien Parties
are granted adequate
protection in the form
of additional
collateral in
connection with any DIP
Financing or use of
cash collateral, then
the Second Lien Parties
may seek adequate
protection in the form
of a lien on such
additional collateral
(subordinated to the
liens securing the
First Lien Obligations
and such DIP Financing
on the same basis as
the other Liens
securing the Second
Lien Obligations are so

 

 

	 	 	 	subordinated to the
First Lien Obligations
under the Intercreditor
Agreement), (b) in the
event the any Second
Lien Party is granted
adequate protection in
the form of additional
collateral, then the
First Lien Parties
shall have a senior
Lien and claim on such
additional collateral
and (c) in the event
the First Lien Party is
granted adequate
protection in the form
of a superpriority
claim, then the Second
Lien Parties may seek
adequate protection in
the form of a junior
superpriority claim,
subordinated to the
superpriority claim
granted to the First
Lien Parties.

	 	•	 	Avoidance Issues: If any First
Lien Party is required
to disgorge or
otherwise pay any
amount to the estate of
any Obligor for any
reason (a
“Recovery”),
then the First Lien
Obligations shall be
reinstated to the
extent of such Recovery
and the Discharge of
the First Lien
Obligations shall be
deemed not to have
occurred.

	 	•	 	Separate Grants of Security and
Classifications: The
grants of Liens
pursuant to the First
Lien Credit Documents
and the Second Lien
Credit Documents
constitute two separate
and distinct grants of
Liens. If it is held
that the claims
constitute only one
secured claim, then all
distributions shall be
made as if there were
separate classes of
secured claims. The
First Lien Parties and
the Second Lien Parties
shall be entitled to
vote as a separate
class on any plan of
reorganization.

	 	•	 	Post-Petition Interest: No Second
Lien Party shall oppose
or seek to challenge
any claim of any First
Lien Party for
post-petition interest,
fees or expenses to the
extent of the value of
any First Lien Party’s
Lien, without regard to
the existence of the
Liens of the Second
Lien Parties in respect
of the Collateral. No
First Lien Party shall
oppose or seek to
challenge any claim of
any Second Lien Party
for post-petition
interest, fees or
expenses to the extent
of the value of the
Liens of the Second
Lien Parties in respect
of the Collateral,
after taking into
account the value of
the First Lien
Obligations.

	 	•	 	No Waiver by First Lien Parties:
Except with respect to
requests for
post-petition interest,
fees and expenses as
described above, no
First Lien Party shall
be prohibited from
objecting to any action
taken by the Second
Lien Parties (or any
agent on their behalf).

	 	•	 	Plan of Reorganization. No
Second Lien Party shall
be prevented from
exercising its rights
to vote in favor of or
against a plan of
reorganization.

	 	 	 
	PURCHASE OPTION:

	 	Upon acceleration, bankruptcy or commencement of
enforcement proceedings, the Second Lien Parties shall have
a one-time right to purchase, within 30 days of such event,
at par, the First Lien Obligations.

 

 

	 	 	 
	PERFECTION OF
CERTAIN SECURITY
INTERESTS:

	 	With respect to any Collateral that can be perfected by the
possession or control (including any account in which such
Collateral is held), and if such Collateral or any such
account is in fact in the possession or under the control
of the Agent, the Agent will serve as gratuitous bailee
(and, with respect to deposit accounts, gratuitous agent)
for the Second Lien Parties for the sole purpose of
perfecting the junior Liens of the Second Lien Parties in
such Collateral, in each case without any representation or
warranty by the Agent of any kind.
	 
	 	 
	AGENT PROVISIONS:

	 	Each of the Agent and Second Lien Agent is executing and
delivering the Intercreditor Agreement solely in its
capacity as agent for the First Lien Parties or the Second
Lien Parties, as the case may be, and pursuant to the
direction set forth in the First Lien Credit Documents or
the Second Lien Credit Documents, as the case may be.
Neither the Agent nor the Second Lien Agent shall be
responsible for the terms or sufficiency of the
Intercreditor Agreement for any purpose. Neither the Agent
nor the Second Lien Agent shall have any duties or
obligations under or pursuant to the Intercreditor
Agreement other than such duties as may be expressly set
forth in the Intercreditor Agreement as duties on its part
to be performed or observed. In entering into the
Intercreditor Agreement, or in taking (or forbearing from)
any action under or pursuant to the Intercreditor
Agreement, each of the Agent and the Second Lien Agent
shall have and be protected by all of the rights,
immunities, indemnities and other protections granted to it
under the First Lien Credit Documents or the Second Lien
Credit Documents, as the case may be. Neither the Agent
nor the Second Lien Agent shall have any liability or
responsibility for the actions or omissions of any other
Secured Party, or for any other Secured Party’s compliance
with (or failure to comply with) the terms of the
Intercreditor Agreement.
	 
	 	 
	GOVERNING LAW:

	 	The State of New York.exv10w3

Exhibit 10.3

FORM OF

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

FOURSQUARE CAPITAL MANAGEMENT, LLC

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	Article 1 DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	 
	 	 	 	 
	1.2 Terms Generally
	 	 	7	 
	 
	 	 	 	 
	Article 2 THE COMPANY AND ITS BUSINESS
	 	 	7	 
	 
	 	 	 	 
	2.1 Formation of the Company
	 	 	8	 
	 
	 	 	 	 
	2.2 Company Name
	 	 	8	 
	 
	 	 	 	 
	2.3 Members
	 	 	8	 
	 
	 	 	 	 
	2.4 Term
	 	 	8	 
	 
	 	 	 	 
	2.5 Filing of Certificate and Amendments
	 	 	8	 
	 
	 	 	 	 
	2.6 Business; Scope of Members’ Authority
	 	 	8	 
	 
	 	 	 	 
	2.7 Principal Office; Registered Agent
	 	 	9	 
	 
	 	 	 	 
	2.8 Names and Addresses of the Members
	 	 	9	 
	 
	 	 	 	 
	2.9 Authorized Persons
	 	 	9	 
	 
	 	 	 	 
	2.10 Representations by the Members
	 	 	9	 
	 
	 	 	 	 
	2.11 Additional Representations by the Managing Member
	 	 	10	 
	 
	 	 	 	 
	 
	 	 	 	 
	Article 3 MANAGEMENT OF COMPANY BUSINESS
	 	 	10	 
	 
	 	 	 	 
	3.1 Managing Member
	 	 	10	 
	 
	 	 	 	 
	3.2 Assignment
	 	 	11	 
	 
	 	 	 	 
	3.3 Matters Requiring Unanimous Member Approval
	 	 	11	 
	 
	 	 	 	 
	3.4 Managing Member’s Duty to Company
	 	 	14	 
	 
	 	 	 	 
	3.5 Issuance of Additional Interests
	 	 	14	 
	 
	 	 	 	 
	3.6 Cancellation of Interests
	 	 	14	 
	 
	 	 	 	 
	3.7 Tax Classification
	 	 	14	 
	 
	 	 	 	 
	3.8 Members’ Meetings
	 	 	15	 
	 
	 	 	 	 
	Article 4 RIGHTS AND DUTIES OF MEMBERS
	 	 	16	 
	 
	 	 	 	 
	4.1 Activities of the Members
	 	 	16	 
	 
	 	 	 	 
	4.2 Indemnification
	 	 	16	 
	 
	 	 	 	 
	4.3 Use of Company Assets
	 	 	17	 
	 
	 	 	 	 
	4.4 Designation of Tax Matters Member
	 	 	17	 
	 
	 	 	 	 
	Article 5 BOOKS AND RECORDS; ANNUAL REPORTS
	 	 	17	 
	 
	 	 	 	 
	5.1 Books of Account
	 	 	17	 
	 
	 	 	 	 
	5.2 Availability of Books of Account
	 	 	17	 

- i -

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	5.3 Annual/Quarterly Reports and Statements
	 	 	17	 
	 
	 	 	 	 
	5.4 Pre-Formation Expenses and the REIT
	 	 	18	 
	 
	 	 	 	 
	5.5 Accounting Expenses
	 	 	18	 
	 
	 	 	 	 
	5.6 Company Bank Accounts
	 	 	18	 
	 
	 	 	 	 
	Article 6 CAPITAL CONTRIBUTIONS AND LIABILITIES
	 	 	18	 
	 
	 	 	 	 
	6.1 Capital Contributions and Percentage Interests of the Members
	 	 	18	 
	 
	 	 	 	 
	6.2 Capital of the Company
	 	 	19	 
	 
	 	 	 	 
	6.3 Limited Liability of the Members
	 	 	19	 
	 
	 	 	 	 
	Article 7 CAPITAL ACCOUNTS AND TAX ALLOCATIONS
	 	 	19	 
	 
	 	 	 	 
	7.1 Capital Accounts
	 	 	19	 
	 
	 	 	 	 
	7.2 Net Income and Net Loss
	 	 	20	 
	 
	 	 	 	 
	Article 8 APPLICATIONS AND DISTRIBUTIONS OF AVAILABLE CASH
	 	 	20	 
	 
	 	 	 	 
	8.1 Distributions
	 	 	20	 
	 
	 	 	 	 
	8.2 Limitations on Distributions
	 	 	20	 
	 
	 	 	 	 
	Article 9 TRANSFER OF COMPANY INTERESTS
	 	 	21	 
	 
	 	 	 	 
	9.1 Limitations on Transfer of Interests by Members; Permitted Transfers
	 	 	21	 
	 
	 	 	 	 
	9.2 Certain Transfers of Interests of Managing Member, and Other Members
	 	 	21	 
	 
	 	 	 	 
	9.3 Transfers with Consent of the Other Members
	 	 	22	 
	 
	 	 	 	 
	9.4 Transfer to Affiliates
	 	 	22	 
	 
	 	 	 	 
	9.5 Transfer of Flexpoint’s Interests
	 	 	22	 
	 
	 	 	 	 
	9.6 Remedy for Impermissible Transfer
	 	 	24	 
	 
	 	 	 	 
	9.7 Substituted Members
	 	 	24	 
	 
	 	 	 	 
	Article 10 DISSOLUTION OF THE COMPANY; WINDING UP AND DISTRIBUTION OF ASSETS
	 	 	25	 
	 
	 	 	 	 
	10.1 Dissolution
	 	 	25	 
	 
	 	 	 	 
	10.2 Winding Up
	 	 	25	 
	 
	 	 	 	 
	10.3 Distribution of Assets
	 	 	26	 
	 
	 	 	 	 
	10.4 Bankruptcy Non-Petition
	 	 	26	 
	 
	 	 	 	 
	Article 11 AMENDMENTS
	 	 	26	 
	 
	 	 	 	 
	11.1 Amendments
	 	 	26	 
	 
	 	 	 	 
	Article 12 MISCELLANEOUS
	 	 	26	 
	 
	 	 	 	 
	12.1 Further Assurances
	 	 	26	 

- ii -

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	12.2 Notices
	 	 	26	 
	 
	 	 	 	 
	12.3 Headings and Captions
	 	 	27	 
	 
	 	 	 	 
	12.4 Variance of Pronouns
	 	 	27	 
	 
	 	 	 	 
	12.5 Counterparts
	 	 	27	 
	 
	 	 	 	 
	12.6 Governing Law
	 	 	27	 
	 
	 	 	 	 
	12.7 Partition
	 	 	27	 
	 
	 	 	 	 
	12.8 Invalidity
	 	 	27	 
	 
	 	 	 	 
	12.9 Successors and Assigns
	 	 	27	 
	 
	 	 	 	 
	12.10 Entire Agreement
	 	 	27	 
	 
	 	 	 	 
	12.11 Waivers
	 	 	27	 
	 
	 	 	 	 
	12.12 Confidentiality
	 	 	27	 
	 
	 	 	 	 
	12.13 Waiver of Jury Trial
	 	 	29	 
	 
	 	 	 	 
	12.14 No Third Party Beneficiaries
	 	 	29	 
	 
	 	 	 	 
	12.15 Construction of Documents
	 	 	29	 

Schedules

	 	 	 
	Schedule 2.8

	 	Member Names and Addresses
	 
	 	 
	Schedule 5.4(a)

	 	Pre-Formation Expenses

- iii -

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

FOURSQUARE CAPITAL MANAGEMENT, LLC

     This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Foursquare Capital
Management, LLC (the “Company”), dated as of [                                        ] [___], 2009 (the “Effective
Date”) (together with the Schedules and Annex attached hereto, this “Agreement”), by
and among AllianceBernstein L.P., a Delaware limited partnership (“AllianceBernstein”),
Greenfield Advisors, LLC, a Delaware limited liability company (“Greenfield”), Rialto
Capital Management, LLC, a Delaware limited liability company (“Rialto”), and Flexpoint
Fund, L.P., a Delaware limited partnership (“Flexpoint”).

R E C I T A L S

     WHEREAS, on July 2, 2009, AllianceBernstein, as sole member, formed the Company by causing the
filing of the Certificate (as defined herein) with the Secretary of State of the State of Delaware
and entered into a Limited Liability Company Agreement on such date (the “Original
Agreement”);

     WHEREAS, AllianceBernstein now desires to amend and restate the Original Agreement in order to
add Greenfield, Rialto and Flexpoint as Members (as defined herein) and to set forth the respective
rights and obligations of the Members with respect to the Company and its affairs and related
matters;

     NOW, THEREFORE, in order to carry out their intent as expressed above and in consideration of
the mutual agreements hereinafter contained, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE 1

DEFINITIONS

     1.1 Definitions. As used in this Agreement, the following terms have the meanings set
forth below:

     “Act” means the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.),
as amended from time to time, and any successor to such statute.

     “Administrative Services Agreement” means the Administrative Services Agreement, dated
as of the date hereof, between the Advisor and the Company, as amended from time to time.

     “Advising Agreements” means, collectively, the Advisory Agreement, the Consulting
Agreement and the Sub-Advisor Agreements.

     “Advisor” means AllianceBernstein in its capacity as advisor under the Advisory
Agreement.

     “Advisory Agreement” means the Advisory Agreement, dated as of the Effective Date,
between the Company and the Advisor.

     “Affiliate” means with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries Controls or is Controlled by or is under common
Control with such Person.

 

 

     “Agreement” means this Amended and Restated Limited Liability Company Agreement, as it
may be amended or modified from time to time.

     “AllianceBernstein” has the meaning set forth in the preamble.

     “Available Cash” generated during any Fiscal Year, quarter or other period means (a)
the sum of cash received by the Company from all sources (excluding Capital Contributions but
including any acquisition fees, asset management fees, incentive fees, disposition fees and expense
reimbursements) during such period less (b) the sum of (i) all cash amounts paid in such period on
account of operating expenses, capital expenditures incurred in connection with the Company’s
business, Purchase Payments and any amounts with respect to indemnities and (ii) all amounts
required to be paid to the Advisor pursuant to the Advisory Agreement with regard to the period.

     “Bankruptcy” has, with respect to a Person as a debtor, the meaning set forth in
Section 18-101(1) and 18-304 of the Act.

     “Bankruptcy Code” means Title 11 of the United States Code, as amended, or any
corresponding provision(s) of succeeding law.

     “Business Day” means any Monday through Friday on which commercial banks in New York
City are authorized to do business and are not required by law or executive order to close.

     “Call Notice” has the meaning set forth in Section 9.5(b).

     “Capital Account” has the meaning set forth in Section 7.1(a).

     “Capital Contribution” means the amount of capital contributed (or deemed contributed)
to the Company by a Member in accordance with Article 6.

     “Cash Percentage” has the meaning set forth in Section 9.5(d).

     “Cause” has (i) with respect to the Advisory Agreement, the meaning specified therein,
(ii) with respect to a Sub-Advisory Agreement, the meaning specified therein, and (iii) with
respect to the Consulting Agreement, the meaning specified therein.

     “Certificate” means the Certificate of Formation of the Company filed with the
Secretary of State of the State of Delaware on July 2, 2009, as the same may be amended and/or
restated from time to time.

     “Code” means the Internal Revenue Code of 1986, as amended, or any corresponding
provision(s) of succeeding law.

     “Company” means Foursquare Capital Management, LLC, a Delaware limited liability
company, as said Company may from time to time be hereafter constituted.

     “Company Assets” means all right, title and interest of the Company in any assets or
property (real, personal, tangible or intangible).

     “Confidential Information” has the meaning set forth in Section 12.12(a).

     “Consultant” means Flexpoint or, subject to the terms of this Agreement, any successor
in interest thereto.

- 2 -

 

     “Consultant Fee” has the meaning set forth in the Consulting Agreement.

     “Consulting Agreement” means the consulting agreement, dated as of the Effective Date,
between the Advisor and Flexpoint.

     “Control” means, with regard to any Person, the power to direct the management and
policies of that Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, even if that right is subject to the rights of other Persons
with respect to major decisions, and the terms “Controlling” and “Controlled” have
meanings correlative to the foregoing.

     “Depreciation” means, with regard to an asset, for each Fiscal Year, an amount equal
to the depreciation, amortization, or other cost recovery deduction allowable for federal income
tax purposes with respect to such asset for such Fiscal Year, except that if the Gross Asset Value
of an asset differs from its adjusted basis for federal income tax purposes at the beginning of
such Fiscal Year, Depreciation shall be an amount which bears the same ratio to such beginning
Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery
deduction for such Fiscal Year bears to such beginning adjusted basis; provided, however, that if
the adjusted basis for federal income tax purposes of an asset at the beginning of a Fiscal Year is
zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Managing Member.

     “Disclosure Parties” has the meaning set forth in Section 12.12(a)

     “Economic Interest” has the meaning set forth in Section 9.7(b).

     “Effective Date” has the meaning set forth in the preamble.

     “Embargoed Person” means any Person subject to trade restrictions under U.S. law,
including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et
seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or
regulations promulgated thereunder with the result that investment in such person, entity or
government by a United States Person is prohibited by law or would cause such person, entity or
government to be in violation of law.

     “Fair Market Value” means, with respect to any asset, the gross fair market value of
such asset, unreduced by any liability secured by such asset.

     “Fair Value Report” has the meaning set forth in Section 9.5(c).

     “Fee Payment Date” has the meaning set forth in the Management Agreement.

     “Fiscal Year” means the fiscal year of the Company, which shall be the calendar year;
provided that upon termination of the Company “Fiscal Year” will mean the period from the end of
the last preceding Fiscal Year to the date of such termination.

     “Flexpoint” means Flexpoint Fund L.P., including its permitted successors and assigns.

     “Forfeited Managing Member” has the meaning set forth in Section 9.2(b).

     “Forfeited Member” has the meaning set forth in Section 9.2(a).

     “Greenfield” means Greenfield Advisors, LLC including its permitted successors and
assigns.

- 3 -

 

     “Greenfield Sub-Advisory Agreement” means the sub-advisory agreement, dated as of the
date hereof, among the Company, the Advisor and Greenfield, as amended from time to time.

     “Gross Asset Value” means, with respect to any Company Asset, the asset’s adjusted
basis for federal income tax purposes, except as follows:

     (i) the initial Gross Asset Value of any asset contributed by a Member to the Company
shall be its Fair Market Value on the date of the contribution as agreed upon by the
Members;

     (ii) the Gross Asset Value of all Company assets shall be adjusted to equal their
respective Fair Market Values, as reasonably determined by the Managing Member, as of the
date of (A) the acquisition of an interest or additional interest in the Company by any new
or existing Member in exchange for more than a de minimis Capital Contribution, (B) the
distribution by the Company of more than a de minimis amount of property as consideration
for any Members’ Interests in the Company, and (C) the liquidation of the Company, within
the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that
adjustments pursuant to clauses (A) and (B) above shall be made only if the Managing Member
reasonably determines that such adjustments are necessary or appropriate to reflect the
relative economic interests of the Members in the Company;

     (iii) the Gross Asset Value of any Company asset distributed (including, without
limitation, in any liquidation under Article 10 hereof) to any Member shall be adjusted to
equal its Fair Market Value as of the date of distribution, as agreed upon by the Members in
accordance with Section 3.3(B)(i);

     (iv) the Gross Asset Value of Company assets will be increased or decreased to reflect
any adjustment to the adjusted basis of such assets under Code Sections 734(b) or 743(b),
but only to the extent that the adjustment is taken into account in determining Capital
Accounts under Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (iii) of the
definition of Net Income or Net Losses or Section 7.2(d)(v); provided, however, that Gross
Asset Values shall not be adjusted pursuant to this paragraph (iv) to the extent that the
Managing Member determines that an adjustment pursuant to paragraph (ii) above is necessary
or appropriate in connection with a transaction that would otherwise result in an adjustment
pursuant to this paragraph (iv); and

     (v) if the Gross Asset Value of an asset has been determined or adjusted pursuant to
paragraphs (i), (ii) or (iv) above, such Gross Asset Value shall thereafter be adjusted by
the Depreciation taken into account with respect to such asset for purposes of computing Net
Income and Net Loss.

     “Independent Appraisers” has the meaning set forth in Section 9.5(c).

     “Initial Payment Date” has the meaning set forth in Section 9.5(d).

     “IRS” means the Internal Revenue Service and any successor agency or entity thereto.

     “Interests” means the entire limited liability company interests owned by a Member in
the Company, including the right of such Member to any and all benefits to which a Member may be
entitled as provided in this Agreement, together with the obligations of such Member to comply with
all the terms and provisions of this Agreement.

- 4 -

 

     “Investment Committee” means the Investment Committee appointed under the Management
Agreement.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “List” has the meaning set forth in Section 2.10(f).

     “Management Agreement” means the Management Agreement, dated as of [ ], 2009,
between the Company and the REIT, as may be amended.

     “Manager Sucessorship Proposal” has the meaning set forth in the Management Agreement.

     “Managing Member” means AllianceBernstein or any replacement Managing Member appointed
by all of the Members pursuant to Section 3.1.

     “Member” means each of AllianceBernstein, Greenfield, Rialto and Flexpoint, any
transferees of the foregoing permitted under Article 9 who are admitted as members of the Company
(but only so long as any such transferee continues as a Member) and any other Person to whom
Interests may be issued pursuant to Section 3.5.

     “Member Impasse” has the meaning set forth in Section 3.3(D).

     “Net Income or Net Loss” means for each Fiscal Year or other period, an amount equal
to the Company’s taxable income or loss for such year or period determined in accordance with Code
Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be
stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments:

     (i) Any income of the Company that is exempt from federal income tax and not otherwise
included in computing Net Income or Net Loss pursuant to this definition shall be added to
such Net Income or Net Loss;

     (ii) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated
as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition, shall be subtracted from such taxable income or loss;

     (iii) If the Gross Asset Value of any Company asset is adjusted pursuant to subsection
(ii) or (iii) set forth within the definition of Gross Asset Value, the amount of such
adjustment shall be taken into account as gain or loss from the disposition of such asset
for purposes of computing Net Income or Net Loss;

     (iv) In lieu of the depreciation, amortization and other cost recovery deductions taken
into account in computing such taxable income or loss, there shall be taken into account
Depreciation for such Fiscal Year or other period;

     (v) Gain or loss resulting from any disposition of Company assets with respect to which
gain or loss is recognized for federal income tax purposes shall be computed with reference
to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax
basis of such asset differs from its Gross Asset Value; and

- 5 -

 

     (vi) Notwithstanding any other provision of this Section, any items which are specially
allocated pursuant to Section 7.2(d) hereof shall not be taken into account in computing Net
Income or Net Loss.

     “OFAC” has the meaning set forth in Section 2.10(f).

     “Organizational Document” means with respect to any Person (i) in the case of a
corporation, such Person’s certificate or articles of incorporation and by-laws and any shareholder
agreement, voting trust or similar arrangement to which such Person is a party that is (in each
case) applicable to any of such Person’s authorized shares of capital stock, (ii) in the case of a
limited partnership, such Person’s certificate or articles of limited partnership and limited
partnership agreement, and any voting trusts or other instruments or agreements to which such
Person is a party affecting the rights applicable to any of its partners, (iii) in the case of a
limited liability company, such Person’s certificate of formation or organization, limited
liability company agreement and any voting trusts or other instruments or agreements to which such
Person is a party affecting the rights of holders of limited liability company interests in such
Person or (iv) in the case of any other legal entity, such Person’s organizational documents and
any voting trusts and other instruments or agreements to which such Person is a party affecting the
rights of holders of equity interests in such Person.

     “Original Agreement” has the meaning set forth in the recitals.

     “Percentage Interest” means, with respect to any Member at any time, the percentage
specified on the Effective Date opposite such Member’s name in the table contained in Section 6.1,
as may be amended by the Managing Member from time to time to reflect changes to the ownership of
Interests in accordance with this Agreement.

     “Person” means any individual, partnership, corporation, limited liability company,
trust, unincorporated association, government or other entity.

     “Pre-Formation Expenses” has the meaning set forth in Section 5.4.

     “Purchase Payment” has the meaning set forth in Section 9.5(c).

     “Purchase Price” has the meaning set forth in Section 9.5(c).

     “Put Notice” has the meaning set forth in Section 9.5(a).

     “REIT” means Foursquare Capital Corp., a Maryland real estate investment trust;
provided that for purposes of this Agreement references to the REIT shall include its subsidiaries
where the context so requires, including in Section 3.3(B)(c).

     “Rialto” means Rialto Capital Management, LLC, including its permitted successors and
assigns.

     “Rialto Sub-Advisory Agreement” means the sub-advisory agreement, dated as of the date
hereof, among the Company, the Advisor and Rialto Capital Partners, LLC, as amended from time to
time.

     “Sale Date” has the meaning set forth in Section 9.5(c).

     “Securities Act” means the Securities Act of 1933, as amended.

     “Stock Percentage” has the meaning set forth in Section 9.5(d).

- 6 -

 

     “Sub-Advisors” means Greenfield and Rialto Capital Partners, LLC, a Delaware limited
liability company and wholly-owned subsidiary of Rialto, and “Sub-Advisor” means any one of them
and any successor in interest to, or permitted assigns of, any of them; provided, however, that no
successor in interest to, or permitted assigns of, any Sub-Advisor (other than an Affiliate thereof
to which the relevant Sub-Advisory Agreement has been assigned pursuant to its terms) shall be a
Sub-Advisor unless such assignment is permitted pursuant to the terms of the Sub-Advisory Agreement
and the terms of this Agreement (including in accordance with Section 3.3(A)(h)). Sub-Advisors
shall also include any replacement or additional entity that, at the election of the Advisor acting
(in each case) with the consent of the Company in accordance with Section 3.3(A)(h), becomes a
Sub-Advisor to the Advisor pursuant to a sub-advisory agreement with the Advisor in form and
substance substantially similar to the other Sub-Advisory Agreements and not materially more
favorable to such Sub-Advisor than such other Sub-Advisory Agreements are to the other
Sub-Advisors.

     “Sub-Advisory Agreements” means the Greenfield Sub-Advisory Agreement, the Rialto
Sub-Advisory Agreement and any other sub-advisory agreement entered into by the Advisor with the
consent of the Company provided in accordance with this Agreement, as each such agreement may be
amended from time to time.

     “Substituted Member” means any Person admitted to the Company as a Member pursuant to
the provisions of Section 9.7.

     “Tax Matters Member” has the meaning set forth in Section 4.4.

     “Transfer” means any transfer, sale, pledge, hypothecation, encumbrance, assignment or
other disposition of any portion of the Interests of a Member (whether voluntarily, involuntarily,
by operation of law or otherwise).

     “Treasury Regulations” means the regulations promulgated under the Code, as such
regulations are in effect on the date hereof.

     1.2 Terms Generally. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:

     (a) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Article, Section or
other subdivision;

     (b) the words “including” and “include” and other words of similar import
shall be deemed to be followed by the phrase “without limitation”;

     (c) any reference herein to a “Schedule” is to one of the Schedules attached to this
Agreement and any reference to a Recital, Article or a Section is to one of the Recitals, Articles
or Sections of this Agreement. Each of the Recitals hereto and each Schedule and Annex attached
hereto and referred to herein is hereby incorporated herein by reference; and

     (d) any time there is a reference herein to the giving of “consent” or
“approval” and other words of similar import on the part of a Member, the Member shall have
sole and absolute discretion whether to give or not to give the consent or approval.

ARTICLE 2

THE COMPANY AND ITS BUSINESS

- 7 -

 

     2.1 Formation of the Company. The Company was formed as described in the Recitals
hereto. Upon the execution of this Agreement by AllianceBernstein, Greenfield, Rialto and
Flexpoint, (i) this Agreement shall become the limited liability company agreement of the Company,
(ii) AllianceBernstein, Greenfield, Rialto and Flexpoint shall be, and hereby are, admitted as
Members; and (iii) the Members’ Percentage Interests and Capital Contributions shall be as set
forth in the table contained in Section 6.1, subject to such adjustments as may be made by the
Managing Member from time to time to reflect any changes in the ownership of Interests in
accordance with the terms of this Agreement.

     2.2 Company Name. The business of the Company shall be conducted under the name of
“Foursquare Capital Management, LLC” in the State of Delaware and under such name or such assumed
names as may be determined by the Managing Member to be necessary or appropriate to comply with the
requirements of any other jurisdiction in which the Company may be required to qualify.

     2.3 Members.

     (a) The Members of the Company shall be AllianceBernstein, Greenfield, Rialto and Flexpoint
and such additional or substitute members as may hereafter be admitted in accordance with the terms
hereof.

     (b) The Interests issued to the Members pursuant to this Agreement have been duly authorized
and are validly issued limited liability company interests in the Company.

     (c) Except as set forth in this Agreement, including Section 3.4, each Member confirms its
understanding and agreement that no Member shall have any fiduciary duty whatsoever to the Company
or any other Member (it being agreed among the Members that no Member shall be construed as having
any duty to the Company or any other Member other than such obligations as are provided in this
Agreement and such other obligations, if any, as are required by applicable law, after taking into
account the effect of this Section 2.3(c)). This Section 2.3(c) shall not in any way reduce or
otherwise limit the specific obligations of any Member expressly provided in this Agreement or in
any other agreement.

     2.4 Term. The term of the Company shall continue in full force and effect perpetually
unless the Company is earlier dissolved as hereinafter provided.

     2.5 Filing of Certificate and Amendments. The Certificate was filed with the
Secretary of State of the State of Delaware on July 2, 2009. The Members hereby agree to execute
and file any amendments to the Certificate as and when required by applicable law and to do all
other acts requisite for the constitution of the Company as a limited liability company pursuant to
the laws of the State of Delaware or any other applicable law.

     2.6 Business; Scope of Members’ Authority.

     (a) The purpose of the Company is to act as the manager of the REIT. However, the Company is
authorized to engage in any activity in which a company formed under the Act may lawfully engage
and the Company will have all the powers that a limited liability company is permitted by the Act
to have. The Company may not change its purpose or otherwise engage in any business other than
related to acting as the manager of the REIT, except as may be determined by all of the Members
pursuant to Section 3.3 hereof.

     (b) Except as otherwise specifically provided in this Agreement, only the Managing Member
shall have the authority to bind, to act for, to execute any document or instrument on behalf of or
to

- 8 -

 

assume any obligation or responsibility on behalf of, the Company. Subject to Section 3.2,
the Managing Member may delegate such authority, in whole or in part, to any one or more of its
Affiliates. The Managing Member may also delegate its authority, in whole or in part, to any other
Person or Persons if such delegation is approved pursuant to Section 3.3(B)(d). For the avoidance
of doubt, any such delegated authority must be exercised in accordance with the terms of this
Agreement.

     (c) To the fullest extent permitted by applicable law, no Member shall, by virtue of executing
this Agreement, acquiring Interests or being a Member, be personally responsible or liable for any
indebtedness or obligation of the Company or any other Member incurred or arising either before or
after the Effective Date.

     2.7 Principal Office; Registered Agent. The principal office of the Company shall be
1345 Avenue of the Americas, New York, NY 10105. The Company may change its place of business to
such location or locations as may at any time or from time to time be determined by the Managing
Member. The mailing address of the Company shall be 1345 Avenue of the Americas, New York, NY
10105, or such other address as may be selected from time to time by the Managing Member. The
Company shall maintain a registered office at Corporation Service Company, 2711 Centerville Road,
Suite 400, Wilmington, Delaware 19808. The name and address of the Company’s registered agent is
Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.

     2.8 Names and Addresses of the Members. The names and addresses of the Members are as
set forth in Schedule 2.8 hereto, as may be updated by the Managing Member from time to
time to reflect changes in the Members in accordance with the terms of this Agreement, or changes
in the names or addresses of the Members.

     2.9 Authorized Persons. The Managing Member is hereby designated as an “authorized
person” within the meaning of the Act and the Managing Member may appoint additional “authorized
persons” in its sole discretion. Any one of such authorized Persons is hereby authorized to, and
shall, execute, deliver and file any certificates or documents on behalf of the Company necessary
for the qualification of the Company to do business in any jurisdiction to the extent required by
law. Any actions taken by any of the foregoing persons in connection with the execution, delivery
or filing of any certificates or other documents or the qualification of the Company to do business
in any required jurisdiction or any other action relating thereto is hereby ratified, confirmed and
approved by the Managing Member as having been authorized by the Company.

     2.10 Representations by the Members. Each Member represents, warrants, agrees and
acknowledges that:

     (a) it is either a limited liability company or a limited partnership, as the case may be,
duly organized or formed and validly existing and in good standing as a limited liability company
or limited partnership, as the case may be (or other form of entity, if applicable), under the laws
of the state of its organization or formation; it has all requisite limited liability company or
partnership (or other form of entity) power and authority to enter into this Agreement, to acquire
and hold its Interests and to perform its obligations hereunder; and the execution, delivery and
performance of this Agreement has been duly authorized by all necessary limited liability company
or partnership (or other entity) action on its behalf;

     (b) its execution and delivery of this Agreement and the performance of its obligations under
this Agreement will not conflict with, result in a breach of or constitute a default (or an event
that, with notice or lapse of time, or both, would constitute a default) or result in the
acceleration of any obligation under any of the terms, conditions or provisions of any other
agreement or instrument to which it is a party or by which it is bound or to which any of its
property or assets are subject, conflict with or violate

- 9 -

 

any of the provisions of its Organizational Documents, or violate any statute or any order,
rule or regulation of any court or governmental or regulatory agency, body or official, in each
case that would materially and adversely affect the performance of its duties hereunder; such
Member has obtained any consent, approval, authorization or order of any court or governmental
agency or body required for the execution, delivery and performance by such Member of its
obligations hereunder;

     (c) there is no action, suit or proceeding pending against such Member or, to its knowledge,
threatened, in any court or by or before any other governmental agency or instrumentality which
would prohibit its entering into, or performing its obligations, under this Agreement;

     (d) this Agreement is a binding agreement on the part of such Member enforceable against such
Member in accordance with its terms, except as such enforceability may be limited by (i)
bankruptcy, insolvency and similar laws affecting the enforcement of creditors rights generally and
(ii) general equitable principles;

     (e) it is acquiring its Interests for its own account for investment purposes only and not
with a view to the distribution or resale thereof, in whole or in part, and agrees that it will not
Transfer all or any part of its Interests, or solicit offers to buy all or any part of its
Interests in a manner that would violate the terms of this Agreement or violate or cause the
Company or any Member to violate applicable federal or state securities laws or any other
applicable laws or regulations of any governmental authority having jurisdiction; and

     (f) to its knowledge, (i) it and each Person or entity owning an interest in it is (A) not
currently identified on the Specially Designated Nationals and Blocked Persons List maintained by
the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any
other similar list maintained by OFAC pursuant to any authorizing statute, executive order or
regulation (collectively, the “List”), and (B) not a person or entity with whom a citizen
of the United States is prohibited to engage in transactions by any trade embargo, economic
sanction, or other prohibition of United States law, regulation or Executive Order of the President
of the United States, (ii) none of the funds or other assets of it constitute property of, or is
beneficially owned, directly or indirectly, by any Embargoed Person, (iii) no Embargoed Person has
any interest of any nature whatsoever in it (whether directly or indirectly), (iv) none of its
funds has been derived from any unlawful activity with the result that the investment in it is
prohibited by law or that this Agreement would be in violation of law, and (v) it has implemented
procedures, and will consistently apply those procedures, to ensure the representations and
warranties in this Section 2.10(f) remain true and correct at all times.

     2.11 Additional Representations by the Managing Member. The Managing Member
represents, warrants, agrees and acknowledges that, from the time of formation of the Company
through the date hereof, the Company has not conducted any activities or incurred any liabilities
or obligations, except in each case in connection with the REIT and as disclosed in writing to the
other Members.

ARTICLE 3

MANAGEMENT OF COMPANY BUSINESS

     3.1 Managing Member.

     (a) On the date of this Agreement, AllianceBernstein shall be appointed as the managing member
of the Company (the “Managing Member”), and as such shall be authorized and shall have the
authority to take any action in connection with the management of the Company, subject to Sections
3.3, 3.4 and 3.5 below and the other provisions of this Agreement. Subject to Section 3.3, 3.4,
3.5 and the

- 10 -

 

other provisions of this Agreement, the Managing Member shall have the power and authority,
without the consent of any other Member, to bind the Company with respect to all affairs of the
Company within the scope of purpose set forth in Section 2.6(a). The Managing Member may, by not
less than 180 days’ prior written notice, resign as Managing Member, which resignation shall not
affect its status as a Member of the Company so long as the Advisory Agreement remains in effect
with the resigning Managing Member or its Affiliate continuing to serve as the Advisor thereunder
at the time of such resignation and thereafter; provided that the Managing Member may only give
such notice to resign on or after the third anniversary of the date hereof (unless agreed to by the
other Members). If on any date, AllianceBernstein or its Affiliate has ceased to be the Advisor
under the Advisory Agreement, the Managing Member (if it is AllianceBernstein or an Affiliate
thereof at such time) shall cease to act as the Managing Member and will thereafter forfeit its
Interests pursuant to Section 9.2(b). The Managing Member shall not be permitted to vote on the
appointment of the replacement Managing Member in accordance with Section 3.3(A)(c). If any time
the Advisory Agreement is no longer in effect with AllianceBernstein or its Affiliate serving as
the Advisor thereunder, AllianceBernstein (or any Affiliate thereof that is a Member hereunder)
shall forfeit its Interests as provided in Section 9.2(b). If, at any time, the Managing Member
has resigned or has tendered its notice to resign as the Managing Member or is no longer a Member
of the Company, the other Members (excluding the Managing Member) may take such actions to and
shall appoint a replacement Managing Member in accordance with Section 3.3(A)(c) below. The
resigning Managing Member shall cooperate with and take such actions as reasonably requested by the
other Members in order to assist the Company with the replacement and transition of the replacement
Managing Member.

     (b) Upon the occurrence of any event or circumstance that permits or will permit the Company
to submit a Manager Successorship Proposal pursuant to Section 14(d) of the Management Agreement,
the Managing Member shall deliver notice of such circumstance to each Member and deliver a
responsive Manager Successorship Proposal from the Members to the REIT and shall otherwise assist
the other Members in their communications with the REIT in connection with such other Members’
Manager Successorship Proposal as reasonably requested by them.

     3.2 Assignment. Except as permitted pursuant to Section 3.3(B)(d), the management
rights and obligations of the Managing Member may not be assigned or delegated by the Managing
Member to any other party, other than an Affiliate of the Managing Member, in which case, the
Managing Member will remain responsible for the performance by its Affiliate of all the Managing
Member’s responsibilities and obligations hereunder.

     3.3 Matters Requiring Unanimous Member Approval. (A) The approval of all Members
(other than the Managing Member (or any Affiliate thereof) in the case of Section 3.3(A)(c) and the
Member (or an Affiliate of such Member) that is the Person as to which a determination of Cause is
being made pursuant to Sections 3.3(A)(h) or 3.3(A)(i) hereunder) shall be required for each of the
following actions:

	 	(a)	 	Corporate Changes. The approval of any material change to the purpose of the
Company, or any conversion of the corporate form of the Company into a different form,
or the Company engaging in any business other than acting as the manager of the REIT,
or any merger, consolidation, reorganization or other business combination of the
Company with another entity or any sale or other transfer by the Company of all or any
substantial part of its assets (except as contemplated hereby), or, subject to Article
10, any dissolution, liquidation or winding-up of the Company;

	 	(b)	 	Management Agreement. (i) Any assignment or other transfer (including any
pledge or hypothecation) of the Management Agreement by the Company (whether or not to
an

- 11 -

 

	 	 	 	Affiliate of the Advisor), including any assignment or other transfer of any amounts
payable to the Company thereunder, (ii) the giving of any consent to any such
assignment or other transfer (including any pledge or hypothecation) of the
Management Agreement by the REIT pursuant to the Management Agreement or otherwise,
(iii) any consent by the Company to any amendment to or waiver of any provision of
the Management Agreement that adversely affects amounts payable by the REIT to the
Company or payable, directly or indirectly, to the Advisor, any Sub-Advisor or the
Consultant thereunder, or (iv) any termination of the Management Agreement by the
Company or any election of non-extension of the term thereof by the Company;

	(c)	 	Replacement Managing Member. The appointment of a replacement Managing Member
following any withdrawal or resignation of the Managing Member;

	(d)	 	Additional Sub-Advisors. Any consent by the Company to the appointment by the
Advisor of any Sub-Advisor in addition to Greenfield and Rialto Capital Partners, LLC
or of any Consultant in addition to Flexpoint;

	(e)	 	Capital Contributions. The making of any Capital Contributions, loans or other
advances by any Member other than the initial Capital Contributions described in
Section 6.1 or as required by Section 6.3;

	(f)	 	Additional Interests and Transfer of Interests. Any creation or issuance of
additional Interests or the admission of any new Member except for permitted successors
to and assignees of all of a Member’s Interests in accordance with Section 9, or the
consent to any Transfer by any Member of its Interests to a transferee that is not an
Affiliate of such Member;

	(g)	 	Bankruptcy. To the extent permitted by law, the Company taking any action that
would constitute a Bankruptcy of the Company;

	(h)	 	Sub-Advisory and Consulting Agreements. The consent by the Company to (i) any
termination by the Advisor of any Sub-Advisory Agreement for or without Cause, (ii) any
assignment (other than to its Affiliate) or other transfer (including any pledge or
hypothecation) of any Sub-Advisory Agreement by a Sub-Advisor, (iii) any termination of
the Consulting Agreement for or without Cause, (iv) any assignment (other than to its
Affiliate) or other transfer (including any pledge or hypothecation) of the Consulting
Agreement, or (v) any appointment by the Advisor of any replacement Sub-Advisor or
replacement Consultant;

	 	(i)	 	Advisory Agreement. Any (i) termination by the Company of the Advisor for or
without Cause, (ii) the non-extension of the term of the Advisory Agreement, (iii)
appointment by the Company of any replacement Advisor after any resignation or other
termination of the then serving Advisor, or (iv) any assignment or other transfer
(including any pledge or hypothecation) of the Advisory Agreement by the Company to a
non-Affiliate of the Advisor, including any assignment or other transfer (including any
pledge or hypothecation) of any amounts payable to the Advisor thereunder;

	 	(j)	 	Tax Matters. Any election or any action by the Tax Matters Member under the
Code which would have a material adverse effect on the other Members (subject in all
cases to the provisions of the Code);

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	 	(k)	 	Administrative Services Agreement. (i) Any assignment or other transfer
(including any pledge or hypothecation) of the Administrative Services Agreement by the
Company or by the Advisor to a non-Affiliate of the Advisor, (ii) any consent by the
Company to any material amendment to or waiver of any provision of the Administrative
Services Agreement, or (iii) any termination of the Administrative Services Agreement
by the Company or any election of non-extension of the term thereof by the Company; and

	 	(l)	 	Indebtedness. Incurrence by the Company of any indebtedness, financing or
refinancing, or pledging or mortgaging of Company assets by the Company or the making
of any loans or any guarantees by the Company,

     (B) Subject to Sections 3.3(C) and 3.3(D), the approval of all Members, excluding Flexpoint,
shall be required for each of the following actions:

	 	(a)	 	Investment Committee Changes. Any amendment to or other modification of any
provision of the Management Agreement concerning the Investment Committee (including
any change in the composition or in the number of Members thereof);

	 	(b)	 	Distributions. Any distributions of Available Cash by the Company pursuant to
Article 8 and the approval of any policy of the Company in connection with such
distributions;

	 	(c)	 	Certain REIT Matters. The approval by the Company of (i) any modifications to
the Guidelines (as defined in the Management Agreement), whether or not for submission
to the REIT’s Board of Directors, (ii) each annual business plan for the REIT, whether
or not for submission to the REIT’s Board of Directors, or any material variation
therefrom, each annual budget and any expense guidelines for the REIT, whether or not
for submission to the REIT’s Board of Directors, or any material variation from an
existing budget, (iii) any hedging or financing strategies or financings (debt or
equity), whether or not for submission to the REIT’s Board of Directors, or (iv) any
termination, replacement or the appointment of any key Person of the REIT’s management,
including the Chief Executive Officer, Chief Financial Officer, Chief Investment
Officer and Chief Accounting Officer.

	 	(d)	 	Company Matters. The approval of an initial expense budget and an annual
business plan and budget for each subsequent year of the Company and any change to any
existing business plan or budget of the Company, any assignment or delegation by the
Managing Member of its management rights and obligations hereunder to any party other
than by an assignment or delegation to an Affiliate in accordance with Section 3.2, and
the appointment, termination or replacement of each member of the Company’s management
team, including the Chief Executive Officer, Chief Financial Officer, Chief Investment
Officer and Chief Accounting Officer, if any;

	 	(e)	 	Management Agreement. (i) Any agreement or consent by the Company to any
amendment of the Management Agreement, or (ii) the granting by the Company of any
material waiver of rights under the Management Agreement that does not adversely affect
amounts payable by the REIT to the Company pursuant to the Management Agreement or
payable, directly or indirectly, to the Advisor, any Sub-Advisor or the Consultant;

	 	(f)	 	Advising Agreements. Any consent by the Company to any amendment, modification
or waiver of any provision of the Advisory Agreement, any Sub-Advisory Agreement or the
Consulting Agreement, or any consent by the Company to any assignment or other

- 13 -

 

	 	 	 	transfer (including any pledge or hypothecation) of the Advisory Agreement to an
Affiliate of the Advisor;

	 	(g)	 	Related Transactions. Any transaction or any agreement entered into by the
Company or the REIT with any Member or with any Affiliate of any Member (other than
transactions or agreements explicitly permitted without the approval of the Members in
accordance with this Agreement and the Management Agreement, respectively) and the
issuance of a Call Notice by the Company pursuant to Section 9.5(b);

	 	(h)	 	New Expenses or Material Variation to Budget. Any incurrence by the Company of
any material unbudgeted expenses or any material variation (in any line item or in the
aggregate) from a previously-approved expense budget; and

	 	(i)	 	Gross Asset Valuation. Any valuation by the Company of any asset to be
distributed in-kind to any Member.

     (C) Additional Flexpoint Approval Rights. Notwithstanding any provision to the
contrary contained in Section 3.3(B), but subject, however, to Section 3.3(D), the approval of
Flexpoint shall also be required in addition to the other approvals required pursuant to Section
3.3(B) in the case of any matter described in Section 3.3(B) if approval of such matter (and
implementation thereof by the Company) would have a material adverse effect on Flexpoint’s rights
as a Member or the Consultant.

     (D) Member Impasses. If on any matter on which an approval by the Members is required
pursuant to Sections 3.3(A) or 3.3(B) the required approval is not achieved due to a withholding of
approval by one or more Members (a “Member Impasse”), then no further action will be taken
by the Company (unless such required approvals are thereafter achieved); provided, however, that
solely with respect to any matter on which an approval by the Members is required pursuant to
Section 3.3(B)(c), the Managing Member on behalf of the Company shall refer such matter to the REIT
with a recommendation that it be considered and resolved by the REIT’s Independent Directors.

     3.4 Managing Member’s Duty to Company. The Managing Member shall be required to
manage the Company in the Company’s best interests.

     3.5 Issuance of Additional Interests. Subject to Section 2.1(a), if the Advisor at
any time, acting with the consent of the Company given in accordance with Sections 3.3(A)(d) and
3.3(A)(f), enters into a Sub-Advisory Agreement with a new Sub-Advisor and the Company, acting in
accordance with Section 3.3(A)(f), has approved such Sub-Advisor becoming a Member, the Managing
Member shall cause the Company to issue Interests to such new Sub-Advisor in an amount approved
unanimously by all Members in accordance with Section 3.3(A)(f).

     3.6 Cancellation of Interests. If any Member’s Interests are forfeited pursuant to
the terms of Article 9, (i) the Managing Member shall cause the Company to cancel such Interests
and such Interests shall no longer be outstanding unless reissued with the approval specified in
Sections 3.3(A)(f) and/or 3.5 (as applicable) and (ii) such Member shall no longer be permitted to
vote on any matter, including pursuant to Section 3.3.

     3.7 Tax Classification. It is the intention of the Members that the Company be
treated as a partnership for federal, state and local income tax purposes. The Company shall not
elect to be treated as other than a partnership under Treasury Regulations Section 301.7701-3(c)
(or any corresponding applicable provisions of state or local law) unless such election is approved
by all Members.

- 14 -

 

     3.8 Members’ Meetings.

     (a) The Members shall conduct meetings as often as shall be necessary or appropriate to enable
the Company to conduct its business and perform its contractual obligations, including when and as
necessary to obtain the necessary approvals or consents under this Agreement, including under
Section 3.3. Such meetings of Members shall occur no less frequently than once every year. At any
such meeting, Flexpoint shall have the right to vote solely upon such matters as to which the
approval or consent of Flexpoint as a Member is required pursuant to Section 3.3 and upon no other
matters. Any meeting of Members may be conducted, subject to 3 business days’ prior notice (which
may be waived with the agreement of each of the Members eligible to attend in such meeting), in
person or by means of a telephone or video conference.

     (b) Subject to Section 3.8(a), a meeting may be called by any Member in connection with the
required voting under Section 3.3(A)(c) and any Member may take any necessary action in order to
effect the appointment of the replacement Managing Member chosen thereby. Subject to Section
3.8(a) and while the Managing Member is the Advisor or an Affiliate of the Advisor, any Member may
call a meeting to effect the voting required under Section 3.3(A)(i) to approve the termination by
the Company of the Advisor for or without Cause and any Member may take any necessary action in
order to effect the removal and replacement of such Advisor pursuant to the approval thereunder,
including executing and delivering any required notices under the Advisory Agreement on the
Company’s behalf.

     (c) In the event of a resignation of the Advisor while the Managing Member is the Advisor (or
an Affiliate of the Advisor), during the up to 180-day period prior to the effective date of such
resignation, the Managing Member shall forfeit any and all rights with respect to the approval of a
Person to replace the Advisor and shall cooperate with and take such actions as reasonably
requested by the other Members in order to assist the Company with the replacement and transition
of the Advisor.

     (d) In connection with the approval in Section 3.3(B)(c), the Managing Member shall prepare an
initial business plan and budget for the REIT (including any and all of its subsidiaries), whether
or not for submission to the REIT’s Board of Directors, and update such business plan and budget at
least on an annual basis. Each such initial and updated budget and business plan shall require the
consent specified in Section 3.3(B)(c). The business plan for the REIT shall set forth, among
other matters, the types and amounts of assets of the REIT anticipated to be purchased and sold,
financing (debt and equity), hedging strategies and other capital and out-of-the ordinary course
material transactions and/or events of the REIT and the professionals to be retained for the REIT.
The budget for the REIT (including any and all of its subsidiaries) will set forth in detail each
category of expected revenue and expense (including fees and expenses to be reimbursed to the
Manager, the Advisor, the Sub-Advisors and the Consultant by the REIT directly or indirectly
pursuant to the Management Agreement or otherwise). The taking of any action or the making of any
decision by the Managing Member, the Advisor, any Sub-Advisor or the Consultant or any other Person
materially inconsistent with a matter relating to the REIT covered by the then current business
plan or required to be authorized thereunder or in material variance or deviation (more than 10% as
to any line item or 5% as to the total) of the then current budget shall first be required to be
approved under Section 3.3(B)(c).

     (e) The Managing Member shall prepare the relevant expense budgets and business plans for the
Company required in connection with the approval in Section 3.3(B)(d) and present such plans to the
other Members required to vote under Section 3.3(B)(d), for approval.

     (f) Any action that may be taken by the Members at a duly convened meeting may be instead
taken by unanimous written consent of all Members whose approval is required pursuant to Section
3.3 or

- 15 -

 

other provisions of this Agreement. Promptly after any such unanimous written consent, a copy
of such written consent shall be provided to all Members not party thereto.

     3.9 Members’ Approval Discretion. Subject to Section 3.4, the approval or consent
required to be given by any Member under this Section 3 or any other provisions of this Agreement
shall be given in the sole discretion of such Member unless otherwise provided.

ARTICLE 4

RIGHTS AND DUTIES OF MEMBERS

     4.1 Activities of the Members. Each Member may engage or invest in any other activity
or venture or possess any interest therein independently or with others. None of the Members, the
Company or any other Person employed by, related to or in any way affiliated with any Member or the
Company shall have any duty or obligation to disclose or offer to the Company or the Members, or
obtain for the benefit of the Company or the Members, any other activity or venture or interest
therein, other than as set out in the Advising Agreements. None of the Company, the Members, the
creditors of the Company or any other Person having any interest in the Company shall, other than
as set out in the Advising Agreements, have (a) any claim, right or cause of action against any
Member or any other Person employed by, related to or in any way affiliated with, any Member by
reason of any direct or indirect investment or other participation, whether active or passive, in
any such activity or venture or interest therein, or (b) any right to any such activity or venture
or interest therein or the income or profits derived therefrom.

     4.2 Indemnification.

     (a) No Member (or any officer, director, partner, member, manager, employee, consultant,
Affiliate or agent of such Member; and reference in this Section to Member shall be deemed to
include each of the foregoing) shall be liable, responsible or accountable in damages or otherwise
to the Company or to any other Member for any act performed within the scope of the authority
conferred on such Member by this Agreement except for the gross negligence, fraud or willful
misconduct of such Member in carrying out its obligations hereunder.

     (b) To the fullest extent permitted by law, in any threatened, pending or completed action,
suit or proceeding, each Member (including in its capacity as Managing Member) shall be fully
protected and indemnified and held harmless by the Company against all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, proceedings, costs, expenses and
disbursements of any kind or nature whatsoever (including reasonable attorneys’ fees, costs of
investigation, fines, judgments and amounts paid in settlement actually incurred by such Member in
connection with such action, suit or proceeding) by virtue of its status as Member or with respect
to any action or omission taken or suffered in good faith, other than liabilities and losses
resulting from the gross negligence, fraud or willful misconduct of such Member. The
indemnification provided by this Section 4.2(b) shall be recoverable only out of the assets of the
Company, and no Member shall have any personal liability (or obligation to contribute capital to
the Company) on account thereof.

     (c) To the fullest extent permitted by law, each Member shall defend and indemnify the Company
and the other Members against, and shall hold it and them harmless from, any damage, loss,
liability, or expense, including reasonable attorneys’ fees, as and when incurred by the Company or
the other Members in connection with or resulting from such indemnifying Member’s gross negligence,
fraud or willful misconduct relating to the business of the Company. Any obligation of any Member
to indemnify with regard to services rendered by such Member (or its Affiliate) under an Advising

- 16 -

 

Agreement will be governed solely by such Advising Agreement and will not be deemed to arise
under, or be affected by, this Agreement.

     (d) The Company shall procure and maintain at all times hereunder Managing Member, directors’
and officers’ liability insurance with such coverage and in such amounts as is customary for
similar companies engaged in activities similar to those in which the Company is engaged and any
cost to the Company of such policies shall be approved by the Members in accordance with Section
3.3(B)(h) if such expenses were not in the initial expense budget approved in accordance with
Section 3.3(B)(d). The Company shall provide copies of such policies reasonably promptly to any
Member which so requests.

     4.3 Use of Company Assets. No Member shall make use of the funds or property of the
Company, or assign its rights to specific Company Assets, other than for the business or benefit of
the Company.

     4.4 Designation of Tax Matters Member. The Managing Member is hereby designated as
the “tax matters partner” of the Company as defined in Section 6231 of the Code (the “Tax
Matters Member”) and shall act as provided in Section 6231 of the Code and the Treasury
Regulations promulgated thereunder. Each Member hereby confirms and approves of the designation of
AllianceBernstein as the Tax Matters Member and agrees to execute, certify, acknowledge, deliver,
swear to, file and record at the appropriate public offices such documents as may be deemed
necessary or appropriate to evidence such approval. To the extent and in the manner provided by
applicable Code sections and Treasury Regulations thereunder, the Tax Matters Member (a) shall
furnish the name, address, profits interest and taxpayer identification number of each Member to
the IRS and (b) shall inform each Member of administrative or judicial proceedings for the
adjustment of Company items required to be taken into account by a Member for income tax purposes.

ARTICLE 5

BOOKS AND RECORDS; ANNUAL REPORTS

     5.1 Books of Account. At all times during the continuance of the Company, the
Managing Member shall keep or cause to be kept true and complete books of account in which shall be
entered fully and accurately each transaction of the Company. Such books shall be kept on the
basis of the Fiscal Year in accordance with the accrual method of accounting, and shall reflect all
Company transactions in accordance with generally accepted accounting principles consistently
applied.

     5.2 Availability of Books of Account. All of the books of account referred to in
Section 5.1, together with an executed copy of this Agreement and the Certificate, and any
amendments thereto, shall at all times be maintained at the principal office of the Company or such
other location as the Managing Member may select and shall be open to the inspection and
examination of any of the Members or their representatives during business hours. Each of the
Members shall have continuing access to the Company’s books and records following the termination
of its status as a Member to the extent necessary in connection with legal or governmental
proceedings or tax audits in any way relating to such Member’s Interest. Subject to the provisions
of Section 12.12 and upon reasonable advance notice, each Member shall have the right to inspect
the books of accounts and records of the REIT relating to the services provided by, and/or duties
and responsibilities of, the Company to the REIT pursuant to the Management Agreement (or by the
Advisor pursuant to the Advisory Agreement) at any time during normal business hours.

     5.3 Annual/Quarterly Reports and Statements. For each Fiscal Year, the Managing
Member shall cause the Company to send to each Person who was a Member at any time during such
Fiscal Year,

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an annual report of the Company including a balance sheet as of the end of such Fiscal Year
and statements of profit and loss, changes in financial position, and distributions to the Members
for that Fiscal Year, all as prepared in accordance with generally accepted accounting principles
consistently applied, such annual reports to be delivered within ninety (90) days after the end of
such Fiscal Year. Each Member shall have the right to require that such annual reports be audited
by a nationally recognized public accounting firm; provided, however, that such requesting Member
shall be obligated to pay all of the Company’s costs, fees and expenses of such audit. In
addition, the Managing Member shall cause the Company to use its reasonable best efforts to send
within ninety (90) days after the end of each Fiscal Year, to each Person who was a Member at any
time during such Fiscal Year, (i) a completed IRS Schedule K-1 and (ii) such other information
concerning the Company as may be reasonably requested by any Member, including such information as
is necessary for the preparation of each Member’s federal, state and local income or other tax
returns, all such other information to be delivered reasonably promptly, but in all events no later
than 30 days before the filing date of a Member’s applicable tax return. Promptly upon the request
of any Member, the Company shall furnish to such Member a copy of all federal, state and local
income tax returns or information returns, if any, that have been filed by or on behalf of the
Company. Within forty-five (45) days after the end of such fiscal quarter, the Managing Member
shall cause the Company to deliver to each Person who was a Member at any time during such quarter,
a quarterly income statement of the Company as of the end of such quarter, prepared in accordance
with generally accepted accounting principles consistently applied.

     5.4 Pre-Formation Expenses and the REIT. Attached hereto as Schedule 5.4(a) is a
schedule listing expenses incurred by the Members in connection with the formation of the Company
and the REIT (“Pre-Formation Expenses”), which amounts shall be reimbursed by the Company
(subject to the Company’s receipt of reimbursement from the REIT of such expenses other than those
expenses noted on Schedule 5.4 which will not be reimbursed by the REIT but shall still be
reimbursed by the Company) within thirty (30) days of submission to the Company for reimbursement
of all such reasonable out-of-pocket expenses, including legal expenses, incurred by any Member on
or after [•], 2009.

     5.5 Accounting Expenses. All out-of-pocket expenses payable in connection with the
keeping of the books and records of the Company and the preparation of audited or unaudited
financial statements and federal, state and local tax and information returns required to implement
the provisions of this Agreement or required by any governmental authority with jurisdiction over
the Company shall be borne by the Company as an ordinary expense of its business.

     5.6 Company Bank Accounts. The Company shall arrange to maintain the Company’s cash
deposits in one or more segregated accounts held for the Company’s business, which accounts, to the
extent reasonably practicable, shall be interest bearing.

ARTICLE 6

CAPITAL CONTRIBUTIONS AND LIABILITIES

     6.1 Capital Contributions and Percentage Interests of the Members. The Percentage
Interest of each Member shall be as set forth on the table below, until such time as there is a
change in the Members’ Interests in accordance with the provisions of this Agreement, at which time
that table will be amended. In addition, the Members confirm that each Member has contributed cash
to the Company on and as of the date hereof in the amount (or having a value) set forth opposite
such Member’s name below (such Member’s “Capital Contribution”):

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	         Member	 	 	Percentage Interest	 	Capital Contribution
	AllianceBernstein
	 	 	 	55	%	 	$	550	 
	Flexpoint
	 	 	 	15	%	 	$	150	 
	Greenfield
	 	 	 	15	%	 	$	150	 
	Rialto
	 	 	 	15	%	 	$	150	 
	Total
	 	 	 	100.00	%	 	$	1,000	 

     6.2 Capital of the Company. Except as specified in Sections 6.1 and 6.3, no Member
will be obligated to contribute cash or other assets to the Company. Except as otherwise expressly
provided for in this Agreement, no Member shall be entitled to withdraw or receive any interest or
other return on, or return of, all or any part of its Capital Contribution, or to receive any
Company Assets (other than cash) in return for its Capital Contribution.

     6.3 Limited Liability of the Members. All debts and obligations of the Company shall
be paid or discharged solely with Company Assets and no Member shall be obligated to pay or
discharge such debts or obligations except to the extent required by applicable law. For the
avoidance of doubt, no Member shall be liable for the return of the Capital Contribution of any
other Member or for the Purchase Price of Flexpoint’s Interests pursuant to Section 9.5. No Member
shall be required or permitted to make any additional Capital Contribution other than with the
consent of all of the Members except in order to pay the non-reimbursable expenses of the Company
in accordance with an expense budget approved in accordance with Sections 3.3(B)(d), with such
additional Capital Contribution to be made by each Member in accordance each Member’s pro rata
share of the non-reimbursable expenses of the Company, based upon such Member’s Percentage
Interest.

ARTICLE 7

CAPITAL ACCOUNTS AND TAX ALLOCATIONS

     7.1 Capital Accounts.

     (a) The Company shall maintain a capital account (each, a “Capital Account”) for each
Member in accordance with federal income tax accounting principles. Each Member’s Capital Account
as of the Effective Date shall equal its Capital Contribution as set forth under Section 6.1.

     (b) The Capital Account of each Member shall be increased by (i) the amount of any cash and
the Gross Asset Value of any other asset (net of liabilities that the Company assumes or takes
subject to) contributed to the capital of the Company by that Member, (ii) the amount of any Net
Income allocated to that Member, and (iii) any items of income or gain specially allocated to that
Member under this Article 7. The Capital Account of each Member shall be decreased by (i) the
amount of any Net Loss allocated to that Member, (ii) the amount of cash and the Gross Asset Value
of any property (net of liabilities that the Member assumes or takes subject to) distributed to
that Member, and (iii) any deductions or loss specially allocated to that Member under this Article
7. Notwithstanding anything to the contrary in the foregoing sentences, the Members’ Capital
Accounts shall be determined in accordance with the detailed capital accounting rules set forth in
Treasury Regulations Section 1.704-1(b)(2)(iv) and shall be adjusted upon the occurrence of certain
events as provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(f).

     (c) A transferee of all (or a portion) of the Interests of a Member shall succeed to the
Capital Account (or portion of the Capital Account) attributable to the transferred Interests.

- 19 -

 

     7.2 Net Income and Net Loss.

     (a) Except as otherwise required by Section 704 of the Code or the detailed capital accounting
rules set forth in Treasury Regulations Section 1.704-1(b)(2)(iv), Net Income and Net Loss and
items thereof in each Fiscal Year shall be allocated to the Members on a pro rata basis in
proportion to their Percentage Interests.

     (b) Whenever a proportionate part of the Net Income or Net Loss is allocated to a Member,
every item of income, gain, loss, deduction or credit entering into the computation of such Net
Income or Net Loss or arising from the transactions with respect to which such Net Income or Net
Loss were realized shall be credited or charged, as the case may be, to such Member in the same
proportion.

     (c) If any Member Transfers all or any part of its Interests during any Fiscal Year or its
Interests are increased or decreased, Net Income and Net Loss attributable to the transferred
Interests for that Fiscal Year shall be apportioned between the transferor and transferee or
computed as to such Members, as the case may be, in accordance with the method selected by the Tax
Matters Member, as long as such apportionment is permissible under the Code and applicable Treasury
Regulations promulgated thereunder.

     (d) In accordance with Code Section 704(c) and the Treasury Regulations promulgated
thereunder, income, gain, loss and deduction with respect to any property contributed to the
capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take
account of any variation between the adjusted basis of such property to the Company for federal
income tax purposes and its Gross Asset Value at the time of the contribution, in a fashion as
agreed upon by the Members. If the Gross Asset Value of any Company asset is adjusted as provided
in the definition thereof, subsequent allocations of income, gain, loss and deduction with respect
to such asset shall, solely for federal income tax purposes and pursuant to Treasury Regulations
Section 1.704-1(b), take account of any variation between the adjusted basis of such asset for
federal income tax purposes and its Gross Asset Value in the same manner as under Code Section
704(c) and the Treasury Regulations promulgated thereunder as agreed upon by the Members pursuant
to the preceding sentence.

     (e) For federal income tax purposes, except as otherwise provided in Section 7.2(d), each item
of income, gain, loss and deduction shall be allocated among the Members in the same manner as its
corresponding item of Net Income and Net Loss is allocated pursuant to this Article 7.

     (f) No Member shall be responsible to restore or repay to the Company or any other Member any
deficit in such Member’s Capital Account existing at any time.

ARTICLE 8

APPLICATIONS AND DISTRIBUTIONS OF AVAILABLE CASH

     8.1 Distributions. Subject to Sections 3.3(B)(b), 8.2 and 9.2, the Managing Member
may, on any date, instruct the Company to distribute all or any portion of the Available Cash and
any stock-based compensation received by the Company from the REIT under the REIT’s equity
incentive plan, at such time, to the Members on a pro rata basis in proportion to their Percentage
Interests.

     8.2 Limitations on Distributions. Notwithstanding any provision to the contrary
contained in this Agreement, the Company shall not be required to make a distribution to a Member
on account of its interest in the Company if such distribution would violate Section 18-607 of the
Act or any other applicable law.

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ARTICLE 9

TRANSFER OF COMPANY INTERESTS

     9.1 Limitations on Transfer of Interests by Members; Permitted Transfers.

     (a) No Member shall make any Transfer of any of its Interests other than as permitted by, or
after compliance with, Sections 3.3(A)(f), 9.2, 9.3, 9.4 and 9.5. Any purported Transfer in
violation of this Article 9 shall be void, and shall not bind the Company, and the Member making
such purported Transfer shall, to the fullest extent permitted by law, indemnify and hold the
Company and the other Members harmless from and against any federal, state or local income taxes,
or transfer taxes, and any other damages, arising as a result of, or caused directly or indirectly
by, such purported Transfer.

     (b) Any transferee of Interests by any means shall have only the rights, powers and privileges
provided by law and shall not become a Member of the Company except as provided in this Article 9.

     (c) Notwithstanding anything to the contrary contained herein, no Transfer of Interests shall
be permitted if such Transfer (i) would require the registration of the Interests under the
Securities Act, or (ii) would require the registration of the Company or the REIT under the
Investment Company Act, (iii) would have an adverse effect upon the Company or the Members under
the Code, or (iv) would violate any material agreement or any law, rule or regulation binding on
the Company or the REIT or as to which the Company or the REIT is subject, and any Transfer in
violation of this Section 9.1(c) shall be void.

     (d) No Transfer of any Interests upon initial issuance or at any time thereafter shall be
permitted unless the purchaser or the transferee, as the case may be, is a “qualified purchaser”
within the meaning of Section 3(c)(7) of the Investment Company Act.

     9.2 Certain Transfers of Interests of Managing Member, and Other Members.

     (a) If on any date any Sub-Advisory Agreement or the Consulting Agreement is terminated by the
Advisor for Cause (subject to approval by the Company in accordance with Section 3.3(A)(h)) or
terminated by mutual agreement of the parties thereto, or the Sub-Advisor or the Consultant resigns
pursuant to the terms of the Sub-Advisory Agreement or the Consulting Agreement, respectively, the
Member that (or the Member whose Affiliate) is a Sub-Advisor or the Consultant, as the case may be,
with respect to such Sub-Advisory Agreement or the Consulting Agreement as the case may be, shall
forfeit its entire Interest in the Company and shall cease to be a Member (each such Member, a
“Forfeited Member”). No consideration shall be paid to such Forfeited Member (including
the Forfeited Managing Member (as defined below)) for any forfeited Interest. Upon such
forfeiture, the Managing Member (i) shall cause the Company to cancel such Interests, or (ii)
within 30 Business Days of such forfeiture may sell such Interests (in whole or in part) on behalf
of the Company to any other Person (including the Advisor, any Sub-Advisor or the Consultant)
unanimously approved by the Members (excluding the Forfeited Member and in accordance with the
other applicable provisions of this Article 9) and, if such Person is not the Advisor, a
Sub-Advisor or the Consultant, subject to such Person entering into a sub-advisory agreement or
consulting agreement with the Advisor on substantially similar terms as the Sub-Advisory Agreements
or the Consulting Agreement, as applicable, such Person shall be admitted as a Substituted Member.
The proceeds of any such sale shall be distributed to the Members in proportion to their Percentage
Interests (excluding, for the purposes of this distribution, such Substituted Member).

     (b) If on any date the Advisory Agreement is terminated for Cause by the Company or terminated
by mutual agreement of the parties thereto or the Advisor resigns thereunder, the Interests of the
Advisor (or any Member that is an Affiliate thereof) shall be forfeited and, if the Managing Member
is

- 21 -

 

the Advisor (or an Affiliate of the Advisor), the Managing Member (either as the then Managing
Member or a Member, as the case may be) shall forfeit its entire Interest in the Company and shall
cease to be a Member (the “Forfeited Managing Member”). No consideration shall be paid to
the Forfeited Managing Member and/or the Advisor or its Affiliates, as applicable, for its
forfeited Interests. Upon such forfeiture, all of the other Members (i) shall cause the Company to
cancel the Interests of the Forfeited Managing Member and/or the Advisor or its Affiliates, as
applicable, or (ii) within 30 Business Days of such forfeiture may sell such Interests (in whole or
in part) on behalf of the Company to any other Person (including AllianceBernstein if it is not an
Affiliate of the Forfeited Managing Member or the terminated Advisor) unanimously approved by the
Members (excluding the Forfeited Managing Member and/or the Advisor or its Affiliates, as
applicable, and in accordance with the other applicable provisions of this Article 9) and, if such
Person is not the Advisor, subject to such Person entering into an advisory agreement with the
Manager on substantially similar terms as the Advisory Agreement, such Person shall be admitted as
a replacement Managing Member. The proceeds of any such sale shall be distributed to the Members
in proportion to their Percentage Interests (excluding, for the purposes of this distribution, such
replacement Managing Member and/or the Advisor or its Affiliates, as applicable).

     (c) On the Initial Payment Date, the entire Interests of Flexpoint in the Company shall be
forfeited and Flexpoint shall cease to be a Member. Consideration shall be only paid to Flexpoint
for its forfeited Interests in accordance with Section 9.5(c). Upon such forfeiture, the Managing
Member (i) shall cause the Company to cancel the Interests of Flexpoint, or (ii) within 30 Business
Days of such forfeiture may sell such Interests (in whole or in part) on behalf of the Company to
any other Person (including the Advisor or the Sub-Advisors) unanimously approved by the Members
(excluding Flexpoint and in accordance with the other applicable provisions of this Article 9),
subject to such Person entering into a consulting agreement with the Advisor on substantially
similar terms as the Consulting Agreement, such Person shall be admitted as a Substituted Member.
The proceeds of any such sale shall be distributed to the Members in proportion to their Percentage
Interests (excluding, for the purposes of this distribution, such Substituted Member).

     9.3 Transfers with Consent of the Other Members. On any date, any Member may, after
providing each Member with the full details of a proposed Transfer of all or a portion of its
Interests (including, without limitation, the proposed price and the proposed transferee), Transfer
its Interests, in whole or in part, if it has obtained the written consent in accordance with
Section 3.3(A)(f).

     9.4 Transfer to Affiliates. Notwithstanding any other provision of this Article 9,
any Member may, with the consent of the Managing Member, transfer its Interests, in whole but not
in part, to any Affiliate of such Member, and the Managing Member shall not withhold its consent to
such transfer so long as such transfer does not have an adverse effect on any other Member or the
Company or its business. Upon the completion of such Transfer, such Affiliate shall be admitted as
a Member, provided that the Affiliate must agree in writing that, prior to any time at which it
ceases in the future to be an Affiliate of the transferor, it will transfer its Interests back to
the transferor or another Affiliate thereof unless the Company otherwise agrees in accordance with
Section 3.3(A)(f).

     9.5 Transfer of Flexpoint’s Interests.

     (a) On the fifth year anniversary of this Agreement, or on any date thereafter, Flexpoint
shall have the right, to require the Company to purchase all of Flexpoint’s Interests by delivering
to the Managing Member and the Company a notice in writing not more than 120 days or less than 90
days prior to the proposed date of transfer (a “Put Notice”).

     (b) On the fifth year anniversary of this Agreement, or on any date thereafter, the Members
(excluding Flexpoint) shall have the right, in accordance with Section 3.3(B)(g), to cause the
Company,

- 22 -

 

by not more than 120 days’ or less than 90 days’ prior written notice to Flexpoint (a
“Call Notice”), to require Flexpoint to sell all of Flexpoint’s Interests to the Company.

     (c) In connection with the sale of its Interests as a result of a Put Notice or a Call Notice
(the date indicated in the Put Notice or the Call Notice, the “Sale Date”), Flexpoint shall
be entitled to receive consideration for the sale of its Interests, payable solely out of future
amounts and any available stock received by the Company as Management Fees, Incentive Fees and any
Termination Fee pursuant to and as defined in the Management Agreement in an amount equal to the
Fair Value of such Interests (the “Purchase Price”). The “Fair Value” shall be equal to
the product of (i) Flexpoint’s Percentage Interest multiplied by (ii) the fair market value
of 100% of all of the Members’ Interests on the Sale Date taking into account all relevant factors
determinative of value. The Fair Value of the Interests shall be determined by two independent
appraisers who have experience in valuing equity interests similar to the Interests (the
“Independent Appraisers”), one of which is selected by the Company (by the unanimous
approval of the Members (other than Flexpoint)), and the second of which is selected by Flexpoint.
The Independent Appraisers shall be instructed to as promptly as possible prepare and deliver to
Flexpoint and the Company a detailed written appraisal of the Fair Value which appraisal shall
include a description of the methodologies and calculations employed to arrive at such Fair Value
(the “Fair Value Report”). In the event the two Independent Appraisers are unable to agree
upon the Fair Value of Flexpoint’s Interests within 45 days of the Sale Date, then the Independent
Appraisers shall jointly select a third independent appraiser of recognized standing (who shall not
have any material relationship with or have provided any material services to the Company, any of
the Members or any of their respective Affiliates) and such third independent appraiser alone shall
determine the Fair Value of the Interests and prepare and deliver to Flexpoint and the Company the
Fair Value Report as promptly as possible. The cost of each of the independent appraisers shall be
borne by the Company and the final determination of such independent appraiser(s) shall be final
and binding upon all parties.

     (d) Each Member acknowledges and agrees that the Purchase Price payable to Flexpoint pursuant
to Sections 9.5(a) or (b) shall be paid by the Company in installments (excluding any interest
thereon) on each date, on or after the Sale Date and the determination of the Fair Value pursuant
to Section 9.5(c) above, that the Company makes quarterly payments to the Advisor pursuant to the
Advisory Agreement or to any of the Sub-Advisors under the Sub-Advisory Agreements (each such
installment, a “Purchase Payment” and the date of the first Purchase Payment, the
“Initial Payment Date”). Each Purchase Payment shall be in an amount equal to 50% (or such
lesser amount as may be required for the last installment in order for the Purchase Price to be
paid in full) of the sum of all Management Fees, Incentive Fees and Termination Fees received by
the Company for such period pursuant to and as defined in the Management Agreement, after payment
of all Company expenses (other than the Advisor Fee, the Advisor Termination Fee, the Sub-Advisory
Fee or the Sub-Advisory Termination Fee) that the Managing Member determines are necessary to be paid in the
ordinary course of the Company’s business (or making reserves therefor in the ordinary course of
the Company’s business as determined by the Managing Member). Such Purchase Payments shall continue
each quarter until the Purchase Price has been paid in full. The Stock Percentage of each Purchase
Payment shall be paid by the Company to Flexpoint in the REIT’s common stock and the Cash
Percentage of each Purchase Payment shall be paid by the Company to Flexpoint in cash. For
purposes hereof, “Stock Percentage” means, for each Fee Payment Date, the quotient
(expressed as a percentage) obtained by dividing (i) the amount representing the aggregate value of
the REIT’s common stock (based upon the valuation used for the REIT delivering shares to the
Company for such Fee Payment Date) delivered to the Company in relation to such Fee Payment Date,
by (ii) the aggregate amount of all Management Fees, Incentive Fees and Termination Fees paid to
the Company in relation to such Fee Payment Date, and “Cash Percentage” means, for each Fee
Payment Date, (i) 1.00 minus (ii) the Stock Percentage for such Fee Payment Date.

- 23 -

 

     (e) On the Initial Payment Date, Flexpoint shall cease to be a Member with effect immediately
and shall forfeit all of its Interests in accordance with Section 9.2(c). Upon such forfeiture,
Flexpoint shall no longer have any voting or approval rights under Section 3.3, except solely with
respect to any matters therein which would materially and adversely affect (i) the obligation of
the Company to pay the Purchase Price pursuant to this Section 9.5, (ii) the Company’s ability to
make each required Purchase Payment or (iii) the amount of cash and/or shares of the REIT’s common
stock the Company is entitled to receive pursuant to the Management Agreement that would reduce the
amount of cash and/or shares of REIT’s common stock that would otherwise be available to make the
required Purchase Payments. From and including the Initial Payment Date and until the Purchase
Price is paid in full, upon Flexpoint’s written request, the Company will issue a non-negotiable
instrument naming Flexpoint as payee and evidencing the payment obligation of the Company under
this Section 9.5. Any transfer by the Company to Flexpoint of any of REIT’s common stock as part
of the Purchase Price shall be subject to the following: (1) the ownership of such shares by
Flexpoint does not violate the limit on ownership of the REIT’s common stock set forth in the
REIT’s Governing Instruments, after giving effect to any waiver from such limit that the Board of
Directors may grant to Flexpoint in the future, (2) the transfer of such shares to Flexpoint
complies with all applicable restrictions under U.S. federal securities laws and the rules of the
NYSE, and (3) Flexpoint shall have the same registration rights and obligations with respect to such shares as
the Manager or any of its Members have (whether directly or indirectly) pursuant to the agreement referred to
in Section 9(b)(i)(3) of the Management Agreement.

     9.6 Remedy for Impermissible Transfer. In the event that a Member or a holder of a
direct or indirect interest in such Member shall purport to Transfer an Interest or part thereof in
a manner not permitted hereunder, then, without limiting any other remedies available hereunder or
at law, any other Member may, at its option, declare such purported Transfer void.

     9.7 Substituted Members.

     (a) Any Member that transfers all of its Interests pursuant to this Agreement shall cease to
be a Member of the Company except that unless and until a Substituted Member is admitted in its
stead, the assigning Member shall not cease to be a Member of the Company under the Act and shall
retain the rights and powers of a Member under the Act and hereunder. Any transferee of any
portion of any Interest of a Member shall become a Substituted Member only when (i) the Managing
Member has entered such assignee as a Member on the books and records of the Company, which the
Managing Member is hereby directed to do upon the satisfaction of the relevant requirements, (ii)
such transferee has paid all the Company’s reasonable legal fees and all filing costs and any
transfer taxes arising as a result of or in connection with its becoming a Substituted Member; and
(iii) such transferee has in the reasonable judgment of the Managing Member, complied with all
requirements under this Agreement necessary for the admission of a Substituted Member. If a Member
transfers less than all its Interests, when the transferee becomes a Substituted Member, both the
transferor and the transferee will be Members.

     (b) To the extent that the right to receive distributions from the Company (an “Economic
Interest”) that was initially held by a Member has been lawfully transferred to a Person that
has not been admitted as a Substituted Member, the Company shall not make any distributions
pursuant to Article 8 (but will make any corresponding allocations of Net Income, Net Loss or other
items pursuant to Article 7) that relate to such Economic Interest to either the transferor or the
transferee of the Economic Interest until such transferee is admitted as a Substituted Member, at
which time the withheld distributions will be made to the transferee (or, if the transfer is
rescinded, to the transferor).

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ARTICLE 10

DISSOLUTION OF THE COMPANY;

WINDING UP AND DISTRIBUTION OF ASSETS

     10.1 Dissolution.

     (a) The Company shall be dissolved and its affairs shall be wound up upon (and only upon) the
first to occur of the following:

          (1) the unanimous direction of the Members;

          (2) if the REIT has been wound up or dissolved, the determination of the Managing Member;

          (3) the entry of a decree of judicial dissolution under Section 18-802 of the Act; or

          (4) the termination of the legal existence of the last remaining Member of the Company or the
occurrence of any other event which terminates the continued membership in the Company of the last
remaining Member of the Company, unless the business of the Company is continued in a manner
permitted by this Agreement or the Act. Upon the occurrence of any event that causes the last
remaining Member of the Company to cease to be a Member of the Company, and if the business of the
Company is to continue, to the fullest extent permitted by law, the personal representative of such
Member is hereby authorized and directed to, and shall, within ninety (90) days after the
occurrence of the event that terminated the continued membership of such Member in the Company,
agree in writing (i) to continue the Company and (ii) to the admission of the personal
representative or its nominee or designee, as the case may be, as a substituted member of the
Company, effective as of the occurrence of the event that terminated the continued membership of
the last remaining Member in the Company.

     (b) Except with the prior consent of the other Members or as otherwise provided in this
Agreement, no Member shall have the right to (i) withdraw or resign as a Member of the Company,
(ii) redeem, or otherwise require redemption of, its Interest or any part thereof or (iii) to the
fullest extent permitted by law, dissolve itself voluntarily.

     (c) Notwithstanding any other provision of this Agreement or any provision of the Act, the
Bankruptcy of a Member shall not cause that Member to cease to be a Member of the Company and upon
the occurrence of such an event, the business of the Company shall continue without dissolution.
To the fullest extent permitted by law, except as described in Section 10.1(a)(4), the Company
shall not be dissolved or terminated solely by reason of the Bankruptcy, death, removal,
withdrawal, dissolution or admission of any Member.

     10.2 Winding Up.

     (a) In the event of the dissolution of the Company pursuant to Section 10.1(a), the Members
acting together shall wind up the Company’s affairs.

     (b) Upon dissolution of the Company and until the filing of a certificate of cancellation as
provided in the Act, the Members acting together or a liquidating trustee, as the case may be, may,
in the name of, and for and on behalf of, the Company, prosecute and defend litigation, whether
civil, criminal or administrative, gradually settle and close the Company’s business, dispose of
and convey the Company

- 25 -

 

Assets separately or in bulk, discharge or make reasonable provision for the Company’s
liabilities, and distribute to the Members in accordance with Section 10.3 any remaining Company
Assets, all without affecting the liability of Members and without imposing liability on any
liquidating trustee.

     (c) Upon the completion of winding up of the Company, the Members acting together or
liquidating trustee, as the case may be, shall cause the filing of a certificate of cancellation in
the Office of the Secretary of State as provided in the Act. The existence of the Company as a
separate legal entity shall continue until cancellation of the Certificate as provided in the Act.

     10.3 Distribution of Assets.

     (a) Upon the winding up of the Company, the Company Assets shall be distributed as follows:

          (1) to the satisfaction of debts and liabilities of the Company (whether by payment or the
making of reasonable provision for payment thereof), in order of priority as provided by law,
including to the payment of expenses of the liquidation and to the setting up of any reserves that
the Members acting together or the liquidating trustee, as the case may be, shall determine are
reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the
Company; and

          (2) the remainder to the Members in accordance with the provisions of Section 8.1 hereof.

     10.4 Bankruptcy Non-Petition. Each Member is deemed to have agreed, by becoming a
Member, that, for a year plus one day after payment in full of all Company liabilities, such Member
shall not act to petition or join in any petition for the Company to be adjudicated a bankrupt in
any Bankruptcy or similar court.

ARTICLE 11

AMENDMENTS

     11.1 Amendments. This Agreement may be amended only by a writing signed by all of the
Members.

ARTICLE 12

MISCELLANEOUS

     12.1 Further Assurances. Each Member agrees to execute, acknowledge, deliver, file
and record such further certificates, amendments, instruments and documents and to do all such
other acts and things as the Managing Member reasonably determines to be necessary or advisable to
carry out the intent and purpose of this Agreement.

     12.2 Notices. Unless otherwise specified in this Agreement, all notices, demands,
requests or other communications that any party to this Agreement may desire or be required to give
hereunder shall be in writing and shall be given by hand, by depositing the same in the United
States mail, first class postage prepaid, certified mail, return receipt requested, or by a
recognized overnight courier service providing confirmation of delivery, to the Company at the
address of its principal office and to any Member at the address for that Member set forth on
Schedule 2.8, or at such other address as may be designated by the addressee thereof upon
written notice to all of the Members. All notices given pursuant

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to this Section 12.2 shall be deemed to have been given (i) if delivered by hand on the date
of delivery or on the date delivery was refused by the addressee or (ii) if delivered by United
States mail or by overnight courier, on the date of delivery as established by the return receipt
or courier service confirmation (or the date on which the return receipt or courier service
confirms that acceptance of delivery was refused by the addressee).

     12.3 Headings and Captions. All headings and captions contained in this Agreement and
the tables of contents hereto are inserted for convenience only and shall not be deemed a part of
this Agreement.

     12.4 Variance of Pronouns. All pronouns and all variations thereof shall be deemed to
refer to the masculine, feminine or neuter, singular or plural, as the identity of the person or
entity may require.

     12.5 Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall constitute an original and all of which, when taken together, shall constitute one
agreement. Delivery of this Agreement or signature pages hereof may be effected by facsimile or
pdf email transmission.

     12.6 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF THAT
WOULD APPLY THE LAWS OF ANY OTHER JURISDICTION.

     12.7 Partition. The Members hereby agree that no Member nor any successor-in-interest
to any Member shall have the right to have any Company Asset partitioned, or to file a complaint or
institute any proceeding at law or in equity to have any Company Asset partitioned, and each
Member, on behalf of himself, his successors, representatives, heirs and assigns, hereby waives any
such right.

     12.8 Invalidity. Every provision of this Agreement is intended to be severable. The
invalidity and unenforceability of any particular provision of this Agreement in any jurisdiction
shall not affect the other provisions hereof, and this Agreement shall be construed in all respects
as if such invalid or unenforceable provision were omitted.

     12.9 Successors and Assigns. This Agreement shall be binding upon the parties hereto
and their respective successors, executors, administrators, legal representatives, heirs and
permitted assigns and shall inure to the benefit of the parties hereto and, except as otherwise
provided herein, their respective successors, executors, administrators, legal representatives,
heirs and legal assigns. No Person other than the parties hereto and their respective successors,
executors, administrators, permitted representatives, heirs and permitted assigns shall have any
rights or claims under this Agreement, except that any Person who is indemnified under Section 4.2
may enforce that indemnification.

     12.10 Entire Agreement. This Agreement supersedes all prior agreements among the
parties with respect to the subject matter hereof and contains the entire Agreement among the
parties with respect to such subject matter.

     12.11 Waivers. No waiver of any provision hereof on any occasion by any party hereto
shall be deemed a waiver by any other party nor shall any such waiver by any party be deemed a
waiver of that provision on any other occasion or a waiver of any other provision of this
Agreement.

     12.12 Confidentiality.

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     (a) Each Member agrees not to disclose or permit the disclosure of any of the terms of this
Agreement or of any other confidential, non-public or proprietary information relating to the
Company Assets or business or any Member or its Affiliates or relating to the REIT as made
available under Section 5.2 or otherwise obtained (collectively, “Confidential
Information”), provided that such disclosure may be made (i) with the prior written consent of
all of the Members (or, if the Confidential Information relates to a Member or its Affiliates but
not the Company, such Member); (ii) to any legal counsel, accountants and other professional
advisors retained in connection with the Member’s or the Company’s business (including any such
Persons retained in connection with the Member’s relationship with the Company, with other Members
or with anybody acting on behalf of the Company); (iii) to appraisers, financing sources, partners,
shareholders, employees, officers, directors and members of the Advisor, the Sub-Advisors, the
Consultant and their respective Affiliates and others in the ordinary course of the Member’s or the
Company’s business; ((i), (ii) and (iii) collectively, the “Disclosure Parties”); (iv) to
governmental agencies or officials having jurisdiction over the Member or the Company; (v) in
connection with any governmental filings or disclosures by the Member, any Affiliate of the Member
or the Company required by law or by any governmental agency or any securities exchange or
securities quotation system on which securities of the Member, its Affiliate or the Company are
listed or quoted, (vi) to potential investors in the REIT or any other fund or entity advised by
the Member (except that, with regard to prospective investors in a fund or entity that is advised
or sponsored by the Member but has no relationship to the Company or the REIT, the disclosure must
be limited to the fact that the Member is a member of the Company and the Member’s Percentage
Interest in the Company, and with respect to Greenfield and Rialto, the disclosure must be limited
to the fact that Greenfield and an Affliate of Rialto are acting as Sub-Advisors to the Advisor);
(vii) as required by law or legal process, or (viii) to the extent such information is publicly
available other than because of a breach of this Section 12.12 by the Member. The provisions of
this Section 12.12 shall survive any expiration or earlier termination of this Agreement.

     (b) In the event that a Member shall receive a request to disclose any Confidential
Information under a subpoena or order, such Member shall (i) promptly notify the other Members
thereof, (ii) consult with the other Members on the advisability of taking steps to resist or
narrow such request; and (iii) if disclosure is required or deemed advisable, reasonably cooperate
with any of the other Members in any attempt it may make to obtain an order or other assurance that
confidential treatment will be accorded the Confidential Information that is disclosed.

     (c) No Member shall issue any press release or other public communication about the formation
or existence of the Company without the express written consent of the other Members; provided that
a Member may make a press release (i) to the extent required to comply with the disclosure and
other requirements of law or any governmental authority having jurisdiction over it or any of its
Affiliates or any securities exchange or securities quotation system on which securities of the
Member or its Affiliate are listed or quoted or (ii) relating solely to the fact that a Sub-Advisor
or the Consultant is a Member of the Company and/or acting as sub-advisor or consultant, as
applicable, to the Advisor.

     (d) The provisions of this Section 12.12 were negotiated in good faith by the parties hereto,
and the parties hereto agree that such provisions are reasonable and are not more restrictive than
necessary to protect the legitimate interests of the parties hereto. It is the intention of the
parties hereto that if any restriction or covenant contained herein is held to be for a length of
time that is not permitted by applicable law, or is any way construed to be too broad or to any
extent invalid, such provision shall not be construed to be null, void and of no effect, but to the
extent such provision would be valid or enforceable under applicable law, a court of competent
jurisdiction shall construe and interpret or reform such provision to provide for a restriction or
covenant having the maximum time period and other provisions (not greater than those contained
herein) as shall be valid and enforceable under applicable law.

- 28 -

 

     12.13 WAIVER OF JURY TRIAL. EACH MEMBER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

     12.14 No Third Party Beneficiaries. This Agreement is not intended and shall not be
construed as granting any rights, benefits or privileges to any Person not a party to this
Agreement. Without limiting the generality of the foregoing, no creditor of the Company or of any
Member shall have any right whatsoever to enforce any provision of this Agreement against any
Member, except that any Person who is indemnified under Section 4.2 may enforce that
indemnification.

     12.15 Construction of Documents. The parties hereto acknowledge that they were
represented by separate and independent counsel in connection with the review, negotiation and
drafting of this Agreement and that this Agreement shall not be subject to the principle of
construing its meaning against the party that drafted same.

[SIGNATURE PAGE FOLLOWS]

- 29 -

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Limited
Liability Company Agreement as of the date first above written.

	 	 	 	 	 
	 	MANAGING MEMBER:

ALLIANCEBERNSTEIN L.P.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MEMBER:

GREENFIELD ADVISORS, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MEMBER:

RIALTO CAPITAL MANAGEMENT, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MEMBER:

FLEXPOINT FUND L.P.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

SCHEDULE 2.8

Member Names and Addresses

	 	 	 
	AllianceBernstein L.P.

	 	1345 Avenue of the Americas
	 

	 	New York, New York 10105
	 

	 	Attention: Jeffrey Phlegar
	 
	 	 
	with a copy to:

	 	Clifford Chance US LLP
	 

	 	31 West 52nd Street
	 

	 	New York, New York 10019
	 

	 	Attention: Steven T. Kolyer, Esq.
	 
	 	 
	Greenfield Advisors, LLC

	 	Greenfield Advisors, LLC

50 North Water St.

South Norwalk, CT 06854

Attention: Barry Marcus
	 
	 	 
	with a copy to:

	 	Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square 

New York, New York 10036
Attention: Anastasia Rockas
	 
	 	 
	Rialto Capital Management, LLC

	 	700 N.W. 107th Avenue,
	 

	 	Suite 400
	 

	 	Miami, Florida 33172
	 

	 	Attention: Jeffrey P. Krasnoff
	 
	 	 
	with a copy to:

	 	Bilzin Sumberg Baena Price & Axelrod LLP
	 

	 	200 South Biscayne Boulevard
	 

	 	Suite 2500
	 

	 	Miami, Florida 33131-5340
	 

	 	Attention: Alan D. Axelrod
	 
	 	 
	Flexpoint Fund L.P.

	 	c/o Flexpoint Ford, LLC
	 

	 	676 North Michigan Avenue, Suite 3300
	 

	 	Chicago, Illinois 60611
	 

	 	Attention: Stephen H. Haworth
	 
	 	 
	with a copy to:

	 	Kirkland & Ellis LLP
	 

	 	300 North LaSalle Street
	 

	 	Chicago, Illinois 60654
	 

	 	Attention: Sanford E. Perl, P.C.
	 

	 	Christopher A. Ziebarth
	 
	 	 
	and:

	 	Clifford Chance US LLP
	 

	 	31 West 52nd Street
	 

	 	New York, New York 10019
	 

	 	Attention: Steven T. Kolyer, Esq.

Sch. 2.8

 

SCHEDULE 5.4(a)

Pre-Formation Expenses

Sch. 5.4(a)-1

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