Document:

Exhibit
        10.2

       

    

    Share
      Purchase Agreement

     

    Between:
      WINNING
      INTERNATIONAL DEVELOPMENT LIMITED, a corporation duly formed under the British
      laws with its legal address at Palm Grove House, P.O.Box 438, Road Town,
      Tortola, British Virgin Islands (the “Seller”);

    

    And:
      Wonder
      Auto Limited, corporation duly formed under the British laws with its legal
      address at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
      British Virgin Islands (the “Purchaser”,
      and
      together with the Seller,
      the
“Parties”);

    

    WHEREAS,
      the Seller
      holds
      50% of the total shares of Jinzhou Dong Woo Precision Co. Ltd. (the
“Dong
      Woo”),
      which
      is engaged on manufacturing, marketing, developing, selling, supplying and
      distributing regulator, rectifiers, and related products for automotive
      alternators within the territory of the People’s Republic of China;

    

    WHEREAS,
      the Seller,
      Ms.
      Shuzi Quan, a Korean natural person, and Ms. Zhenshu Lee, a Korean natural
      person have signed all the necessary articles of association and agreements
      for
      implementing the business objectives and business scopes of Dong Woo. These
      necessary articles of association and agreements and other related agreements
      and documents shall be collectively referred to as the “Dong
      Woo Corporation Documents”;

    

    WHEREAS,
      Dong
      Woo
      has
      received all approvals necessary for its establishment and operation from the
      relevant governmental authorities of the PRC, including its business
      license;

    

    WHEREAS,
      according to the seventeenth (17) provision of the Articles of Association,
      the
      Board of Dong
      Woo
      is the
      supreme authority in Dong
      Woo and
      responsible for decision-making for all important issues in various activities,
      businesses, and operations of Dong
      Woo;

    

    WHEREAS,
      the Board members of Dong
      Woo
      have
      unanimously adopted a resolution at August 23, 2006, which agreed and approved
      the Seller
      to
      transfer its 50% shares in Dong
      Woo
      and all
      its rights and obligations stipulated in the Dong
      Woo Corporation Documents
      (collectively referred to as the “Seller’s
      Rights and Interests”)
      to the
Purchaser,
      and
      agreed and approved to make relevant amendments to the Dong
      Woo Corporation Documents.
      The
      Board has agreed to do all such things and to sign all such documents as may
      be
      necessary and proper to give effect to such resolutions;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Adhering
      to the principle of equality and mutual benefit and through friendly
      consultations, the Parties
      have
      signed this Agreement as follows at Jinzhou City, Liaoning Province of PRC
      at
      this 23rd
      date of
      August 2006 (the “Signing
      Date”)
      :

    

    Article
      1 Share Transfer

    

    
      	1.1  	
              The
                Seller
                hereby
                agrees to sell and the Purchaser
                agrees
                to buy the Seller’s
                Rights and Interests in
                accordance with stipulations of this
                Agreement.

            

    

     

    
      	1.2  	
              The
                Purchaser
                hereby
                agrees to undertake all the responsibilities and obligations related
                with
                the Seller
                Rights and Interests
                and under the Dong
                Woo Corporation Documents in
                accordance with stipulations of this
                Agreement.

            

    

    

    Article
      2 Purchase Price and Payments Terms

    

    
      	2.1.  	
              The
                Seller
                hereby
                agrees to pay a sum of 4.85 Million U.S. Dollars (US$4,850,000) (the
                “Purchase
                Price”)
                in exchange for the Seller’s
                Rights and Interests as
                specified in this Agreement.

            

    

     

    
      	2.2  	
              Within
                one (1) month from the signing date of this Agreement, the Purchaser
                shall
                deposit US$2.43 million (US$2,430,000) as the first payment of the
                Purchase
                Price to
                the designated bank account of the Seller.

            

    

     

    
      	2.3  	
              The
                Parties
                hereby
                agree that the Purchaser
                shall
                deposit the remaining Purchase
                Price US$2.42
                million (US$2,420,000) to the designated bank account of the Seller
                within
                5 days after the confirmation by the Purchaser
                that
                Dong Woo attains a net income of no less than RMB13 million ($13,000,000)
                for the fiscal year 2006, provided,
                however,
                that if Dong Woo’s 2006 net income for the fiscal year of 2006 is less
                than RMB 13 million ($13,000,000), the Purchaser
                is
                entitled to deduct the Purchase
                Price proportionally
                with the amount of unfulfilled
                profit

            

    

     

    
      	2.4  	
              Within
                three (3) business days after the first payment by the Purchaser
                as
                stipulated in Clause 2.2 above, the Parties
                shall:

            

    

     

    
      	2.4.1  	
              Prepare,
                execute and file all necessary or required documents to the relevant
                governmental authorities of the PRC for the alternation of
                shareholding.

            

    

     

    
      	2.4.2  	
              The
                Seller
                shall
                provide the Purchaser
                with
                all documents and cooperation necessary or required in order to let
                the
                purchaser takeover the Seller’s
                Rights and Interests when
                this Agreement
                is
                signed.

            

    

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    

    
      	2.5  	
              The
                Seller
                agrees
                that after signing of this Agreement,
                the Purchaser
                shall
                become the owner of the 50% interest in Dong
                Woo and
                participate in the management and operation of Dong
                Woo immediately.

            

    

     

    
      	2.6  	
              From
                the Signing
                Date of
                this Agreement,
                the Seller
                shall
                no longer retain any rights and interests in Dong
                Woo,
                including its former power in Dong
                Woo, and
                the Purchaser
                shall
                have all the rights as a shareholder with respect to the 50% of the
                total
                shares of Dong
                Woo covered
                by this Agreement.

            

    

    

    Article
      3 Disposition of the Distributable Profit Accrued Before Signing of This
      Agreement 

     

    After
      this Agreement
      becomes
      effective on the Signing
      Date,
      all the
      distributable profit of Dong
      Woo
      in 2005
      shall be disposed as follows: 

    

    
      	3.1  	
              All
                the distributable profit of Dong
                Woo in
                2005 shall be owned by the shareholders in Dong
                Woo before
                the Signing
                Date of
                this Agreement.

            

    

     

    
      	3.2  	
              All
                the distributable profit of Dong
                Woo in
                2005 shall be distributed under the condition without any shortages
                of
                Dong Woo’s working capital.

            

    

    

    Article
      4 Liabilities

     

    
      	4.1  	
              From
                the Signing
                Date of
                this Agreement, the Seller
                shall
                not be responsible for any liabilities of Dong
                Woo whether
                arising before, on or after the consummation of the transactions
                contemplated by this Agreement. In case this Agreement is not effected,
                the Seller
                shall
                resume the relevant liabilities of Dong
                Woo.

            

    

     

    Article
      5 Board of Dong Woo

     

    
      	5.1  	
              From
                the Signing
                Date of
                this Agreement, whereat the dispatched director of the Seller
                shall
                resign; The Seller
                covenants
                that it will cause three (3) of the Purchaser’s
                designees to be appointed to the board of the directors of Dong
                Woo and
                such appointments shall become effective upon the resignation of
                the
                directors designated by the Seller.

            

    

    

    Article
      6 Confirmation of Profit and Loss

    

    
      	6.1  	
              The
                Parties
                hereby
                confirm that they intend that the Purchase
                Price represents
                the fair value of the Seller’s
                Rights and Interests.
                Consequently, the interests of the Parties’
                in
                the course of the share transfer in this Agreement are
                fair.

            

    

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    

    Article
      7 Responsibilities of the Parties

     

    
      	7.1  	
              From
                the Signing Date of this Agreement, the Parties
                shall
                take appropriate commercial measures to avoid any adverse consequences
                of
                the share transfer in this Agreement on the employees and the customers
                of
                Dong
                Woo.

            

    

     

    
      	7.2  	
              From
                the Signing
                Date of
                this Agreement, the Parties
                shall
                properly exercise their obligations as shareholders in light of their
                pre-existing ownership, and warrant that its designated directors
                shall
                comply with the terms of this
                Agreement.

            

    

     

    
      	7.3  	
              The
                Purchaser
                covenants
                and agrees that:

            

    

     

    
      	7.3.1  	
              Undertaking
                all responsibilities and obligations relating to, in connection with
                or in
                respect of the Seller
                Rights and Interests under
                the Dong
                Woo Corporation Documents and
                promise to observe and perform.

            

    

     

    
      	7.3.2  	
              Carrying
                on and conducting Dong
                Woo’s
                business in a proper and efficient manner so as to preserve and protect
                Dong
                Woo’s
                properties and assets, its business and its earnings, incomes, rents,
                issues and profits.

            

    

    

    Article
      8 Amendment 

     

    
      	
            	8.1	
              Any
                amendments to this Agreement shall be put forward in writing between
                the
                Parties.
                

            

    

    

    Article
      9 Termination

     

    
      	9.1  	
              This
                Agreement can be terminated by written agreement between the Parties.

            

    

     

    
      	9.2  	
              If
                one party commits a breach or delays performance of any of its obligation
                under this Agreement and fails to remedy such breach or performance
                delay
                within thirty (30) days after receiving a written notice of such
                breach or
                performance delay from the non-breaching or non-delaying party, the
                non-
                breaching or non-delaying party may terminate this
                Agreement.

            

    

     

    
      	9.3  	
              If
                one party makes this Agreement impossible to perform, the other party
                may
                terminate this Agreement.

            

    

     

    Article
      10 Remedies

     

    
      	10.1  	
              If
                one party commits a beach or does not perform its duties or obligations
                under this Agreement for any reason, such breaching or non-performing
                party shall be responsible for the breach or non-performance of its
                duties
                or

            

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    

    
      	 	
              obligations
                and shall compensate all losses suffered by the non-breaching party
                as a
                result thereof.

            

    

     

    
      	10.2  	
              In
                the event the Purchaser
                fails
                to perform its obligations set forth in Clause 2.2 of this Agreement
                and
                such non-performance lasts up fifteen (15) calendar days, the Seller
                may
                unilaterally terminate this Agreement, and if this Agreement is so
                terminated by the Seller,
                the Purchaser
                shall
                compensate the Seller
                in
                the amount equal to ten percent (10%) of the Purchase
                Price.

            

    

    

    Article
      11 Force Majeure

     

    
      	11.1  	
              If
                performance of this Agreement in whole or in part is prevented, restricted
                or interfered with by reason of an earthquake, storm, flood, fire,
                war,
                strike or any other cause beyond the reasonable control of the Parties
                (each a “Force Majeure condition”), the party suffering from the force
                majeure shall inform the other party in facsimile. The suffering
                party
                shall provide to the other party a valid evidentiary document setting
                forth in detail the Force Majeure Condition, its expected duration
                and the
                consequences, which should be effective and proved by the notarization
                agency in the place where the force majeure took place within fifteen
                (15)
                days after the incident. If the duration of the force majeure lasted
                for
                three (3) months, the Parties
                shall
                thereafter consult with each other so as to avoid or minimize the
                loss
                caused by the force majeure and possibility of terminating this agreement.
                If the Parties
                cannot
                agree on a mutually satisfying solution within three (3) months of
                such
                consultation, either party may send a thirty (30) days intent written
                notice to the other party to take a vote about whether terminate
                this
                Agreement or not.

            

    

    

    Article
      12 Dispute Resolution

     

    
      	12.1  	
              All
                disputes between the Parties
                arising
                out of or in connection with this Agreement shall be settled between
                the
                Parties
                by
                discussion and mutual accord. If a mutual accord cannot be reached
                between
                the Parties
                within
                thirty (30) days of the receipt of the written notice by one of the
                Parties
                of
                the dispute to the other party, either party may submit the dispute
                to
                arbitration to the International Chamber of Commerce in Stockholm,
                Sweden
                for final resolution in accordance with its arbitration rules. The
                judgment of the arbitration panel shall be final and binding upon
                the
                Parties
                and
                both Parties
                agree
                to abide by such judgment of the arbitration panel. The arbitration
                fees
                shall be borne by the losing party.

            

    

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    

    Article
      13 Waiver

     

    
      	13.1  	
              Any
                act of non-performance or delay on the performance of any rights,
                damages
                for breach, termination and any other rights under this Agreement
                shall
                not be deemed an act of waiver. The exclusive or partial performance
                of
                any rights, compensation, damages for breach and any other rights
                under
                this Agreement shall not affect the performance of these and other
                rights.

            

    

    

    Article
      14 Miscellaneous

     

    
      	14.1  	
              This
                Agreement shall become effective as of the Signing
                Date.

            

    

     

    
      	14.1  	
              This
                Agreement is written and executed in Chinese and English, and the
                two
                versions written in Chinese and in English with equal legal
                effect.

            

    

     

    
      	14.2  	
              In
                case any one or more of the provisions of this Agreement is held
                invalid,
                illegal or unenforceable in whole or in part, the validity, legality
                and
                enforceability of the remaining provisions or the remaining applications
                shall not be affected or impaired.

            

    

     

    
      	14.3  	
              The
                preamble forms are an integral part of this Agreement.

            

    

     

    
      	14.4  	
              This
                Agreement shall be executed in seven (7) copies. The Seller
                and
                the Purchaser
                shall each keep two (2) copies, and the Dong
                Woo
                shall keep three (3) copies for purposes of going through relevant
                shareholder alternation
                formalities.

            

    

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      
IN
      WITNESS WHEREOF, the Parties
      have
      executed this Agreement as of the date first written above. 

    

     

    The
      Seller:
      WINNING
      INTERNATIONAL DEVELOPMENT LIMITED

    
Representative’s
      Signature:
/s/ Xuhui Xie 

    

     

    The
      Purchaser:
      WONDER
      AUTO LIMITED

    

    Representative’s
      Signature:

    /s/
      Qingjie Zhao 

     

    
      
         

      

        11EX 10.1

    EXHIBIT
      10.1

     

    

    
      CREDIT
        AGREEMENT

       

      This
        Credit Agreement (the “Agreement”), dated as of August 21, 2006, is between
City
        National Bank,
        a
        national banking association
        (“CNB”)
        and
Highbury
        Financial Inc.,
        a
        Delaware corporation (“Borrower”).

       

      1.    DEFINITIONS.
        As used
        in this Agreement, these terms have the following meanings:

       

      1.1 “Account”
or
        “Accounts”
mean
        any right to payment for goods sold or leased or for services rendered which
        is
        not evidenced by an instrument or chattel paper, whether or not it has been
        earned by performance.

       

      1.2 “Account
        Debtor”
means
        the Person obligated on an Account.

       

      1.3 “Affiliate”
means
        any Person directly or indirectly controlling, controlled by, or under common
        control with, Borrower, and includes any employee stock ownership plan of
        Borrower or an Affiliate. “Control” means the possession, directly or
        indirectly, of the power to direct or cause the direction of the management
        and
        policies of that Person, whether through the ownership of voting securities,
        by
        contract or otherwise. 

       

      1.4 “Aston
        Funds”
means
        the portion of the mutual fund business Borrower has agreed to acquire from
        ABN
        AMRO Asset Management Holdings pursuant to an agreement dated April 20,
        2006.

       

      1.5 “Borrower’s
        Loan Account”
means
        the statement of daily balances on the books of CNB in which will be recorded
        Revolving Credit Loans made by CNB to Borrower, payments made by or on behalf
        of
        Borrower on such Revolving Credit Loans, and other appropriate debits and
        credits as expressly provided by this Agreement. CNB will provide a statement
        of
        account for Borrower’s Loan Account at least once each month on a date
        established in writing by CNB, which statement will be prima facie evidence
        of
        all amounts owed by Borrower unless Borrower notifies CNB in writing to the
        contrary, within five (5) days of receipt of such statement, or ten (10)
        days
        after sending of such statement if Borrower does not notify CNB of its
        non-receipt of the statement. Statements regarding other credit extended
        to
        Borrower will be provided separately. 

       

      1.6 “Business
        Day”
means
        a
        day that CNB’s Head Office is open and conducts a substantial portion of its
        business. For purposes of this Agreement, “Head Office” means the lending office
        of CNB located in Beverly Hills, California.

       

      1.7 “Code”
means
        the California Uniform Commercial Code, except where the Uniform Commercial
        Code
        of another state governs the perfection of a security interest in Collateral
        located in that state.

       

      1.8 “Collateral”
means
        the property, if any, securing the Obligations, as described in
        Section 8.

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      1.9 “Commitment”
means
        CNB’s commitment to make the Revolving Credit Loans to the Borrower in the
        aggregate principal amount outstanding at any one time of up to Twelve Million
        Dollars ($12,000,000.00).

       

      1.10 “Debt”
means,
        at any date, the aggregate amount of, without duplication, (a) all obligations
        of Borrower for borrowed money; (b) all obligations of Borrower evidenced
        by
        bonds, debentures, notes or other similar instruments; (c) all obligations
        of
        Borrower to pay the deferred purchase price of property or services (other
        than
        trade accounts payable or accrued liabilities arising in the ordinary course
        of
        business or which are being contested in good faith); (d) all capitalized
        lease
        obligations of Borrower; (e) all obligations or liabilities of others secured
        by
        a lien on any asset of Borrower, whether or not such obligation or liability
        is
        assumed; (f) all obligations guaranteed by Borrower; (g) all obligations
        of
        Borrower, direct or indirect, for letters of credit; and (h) any other
        obligations or liabilities which are required by generally accepted accounting
        principles to be shown as debt on the balance sheet of Borrower.

       

      1.11 “Demand
        Deposit Account”
means
        Borrower’s demand deposit account no. 665031519 maintained with
        CNB.

       

      1.12 “EBITDA”
will
        be
        determined on a consolidated basis for Borrower and means the sum of (a)
        net
        income of the Borrower determined in accordance with GAAP earned over the
        twelve
        month period ending on the date of determination, plus (b) amortization of
        intangible assets, plus (c) interest expense, plus (d) depreciation, plus
        (e)
        other non-cash expenses, and plus (f) taxes, expensed during the twelve month
        period ending on the date of determination. For periods prior to the acquisition
        of the Aston Funds by Borrower, EBITDA for Borrower shall include eighteen
        and
        one fifth percent (18.2%) of the revenue of the Aston Funds, less $50,000.00
        for
        each month prior to acquisition.

       

      1.13 “Eurocurrency
        Reserve Requirement”
means
        the aggregate (without duplication) of the rates (expressed as a decimal)
        of
        reserves (including, without limitation, any basic, marginal, supplemental,
        or
        emergency reserves) that are required to be maintained by banks during the
        Interest Period under any regulations of the Board of Governors of the Federal
        Reserve System, or any other governmental authority having jurisdiction with
        respect thereto, applicable to funding based on so-called “Eurocurrency
        Liabilities”, including Regulation D (12 CFR 204).

       

      1.14 “Facility
        Fee”
is
        $7,500.00.

       

      1.15 “GAAP”
means
        generally accepted accounting principles and practices, consistently
        applied.

       

      1.16 “Interest
        Period”
means
        the period commencing on the date a LIBOR Loan is made (including the date
        a
        Prime Loan is converted to a LIBOR Loan, or a LIBOR Loan is renewed as a
        LIBOR
        Loan, which, in the latter case, will be the last day of the expiring Interest
        Period) and ending on the last day of the month occurring prior to or on
        the
        date which is one (1), two (2), three (3), six (6), nine (9) or twelve (12)
        months thereafter, as selected by the Borrower; provided, however, no Interest
        Period may extend beyond the Termination Date.

       

      1.17 “Inventory”
means
        goods held for sale or lease in the ordinary course of business, work in
        process
        and any and all raw materials used in connection with the
        foregoing.

       

      1.18 “LIBOR
        Base Rate”
means
        the British Banker’s Association definition of the London InterBank Offered
        Rates as made available by Bloomberg LP, or such other information
        service

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

      available
        to CNB, for the applicable Interest Period for the LIBOR Loan selected by
        Borrower and as quoted by CNB on the Business Day Borrower requests a LIBOR
        Loan
        or on the last day of an expiring Interest Period. 

       

      1.19 “LIBOR
        Interest Rate”
means
        the rate per year (rounded upward to the next one-sixteenth (1/16th) of one
        percent (0.0625%), if necessary) determined by CNB to be the quotient of
        (a) the
        LIBOR Base Rate divided by (b) one minus the Eurocurrency Reserve Requirement
        for the Interest Period; which is expressed by the following
        formula:

       

       LIBOR
        Base Rate

      1
        - Eurocurrency Reserve Requirement

       

      1.20 “LIBOR
        Loan”
means
        any Loan tied to the LIBOR Interest Rate.

       

      1.21 “Loan”
or
        “Loans”
means
        one or more of the Revolving Credit Loans extended by CNB to Borrower under
        Section 2.

       

      1.22 “Loan
        Documents”
means,
        individually and collectively, this Agreement, any Note, guaranty, security
        or
        pledge agreement, financing statement and all other contracts, instruments,
        addenda and documents executed in connection with or related to the extensions
        of credit under this Agreement.

       

      1.23 “Net
        Worth”
means
        the total of all assets appearing on a balance sheet prepared in accordance
        with
        GAAP for Borrower, minus (a) all obligations which are required by GAAP to
        be
        reflected as a liability on the balance sheet of Borrower; minus (b) the
        amount,
        if any, at which shares of stock of a non-wholly owned subsidiary appear
        on the
        asset side of Borrower’s balance sheet, as determined in accordance with GAAP;
        minus (c) minority interests; and minus (d) deferred income and reserves
        not
        otherwise reflected as a liability on the balance sheet of
        Borrower.

       

      1.24 “Obligations”
means
        all present and future liabilities and obligations of Borrower to CNB whether
        now existing or hereafter owing, matured or unmatured, direct or indirect,
        absolute or contingent, joint or several, including any extensions and renewals
        thereof and substitutions therefor.

       

      1.25 “Person”
means
        any individual or entity.

       

      1.26 “Potential
        Event of Default”
means
        any condition that with the giving of notice or passage of time or both would,
        unless cured or waived, become an Event of Default.

       

      1.27 “Prime
        Rate”
means
        the rate most recently announced by CNB at its principal office in Beverly
        Hills, California as its “Prime Rate.” Any change in the interest rate resulting
        from a change in the Prime Rate will be effective on the day on which each
        change in the Prime Rate is announced by CNB.

       

      1.28 “Prime
        Loan”
means
        any Revolving Credit Loan tied to the Prime Rate.

       

      1.29 “Revolving
        Credit Commitment”
means
        CNB’s commitment to make the Revolving Credit Loans in the aggregate principal
        amount at any one time of up to Twelve Million Dollars
        ($12,000,000.00).

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

         

      

      1.30 “Termination
        Date”
means
        October 31, 2007. Notwithstanding the foregoing, CNB may, at its option,
        terminate this Agreement pursuant to the Section entitled “CNB’s Remedies”; the
        date of any such termination will become the Termination Date as that term
        is
        used in this Agreement.

       

      1.31 “Unused
        Facility Fee”
will
        be
        equal to one quarter of one percent (0.250%) of the average daily difference
        between the Revolving Credit Commitment and the Revolving Credit
        Loans.

       

      2.    LOANS.

       

      2.1 Revolving
        Credit Loan.
        Subject
        to the terms of this Agreement, CNB agrees to make loans (“Revolving Credit
        Loans”) to Borrower, from the date of this Agreement up to but not including the
        Termination Date, at such times as Borrower may request, up to the amount
        of the
        lesser of (a) the Revolving Credit Commitment, or (b) twice the amount of
        EBITDA
        at the time of such request. The Revolving Credit Loans may be repaid and
        reborrowed at any time up to the Termination Date.

       

      2.1.1 Interest.
        The
        Revolving Credit Loans will bear interest from disbursement until due (whether
        at stated maturity, by acceleration or otherwise) at a rate equal to, at
        Borrower’s option, either (a) for a LIBOR Loan, the LIBOR Interest Rate plus one
        and one half percent (1.50%) per year, or (b) for a Prime Loan, the fluctuating
        Prime Rate minus one half of one percent (-0.50%) per year. Interest on the
        Revolving Credit Loans and other charges incurred under this Agreement will
        accrue daily and be payable (a) in the case of a LIBOR Loan in which the
        Interest Period is (i) 3 months or less, the last day of such Interest Period
        and (ii) more than 3 months, the date that is 3 months from the first day
        of
        such Interest Period, then 3 months after each such date if applicable, and,
        in
        addition, the last day of such Interest Period and (b) in the case of a Prime
        Loan, monthly in arrears, on the last day of each month, commencing on the
        first
        such date following disbursement; (c) if a LIBOR Loan, upon any prepayment
        of
        any LIBOR Loan (to the extent accrued on the amount prepaid); and (d) at
        the
        Termination Date. A Revolving Credit Loan will be a Prime Loan any time it
        is
        not a LIBOR Loan.

       

      2.1.2 Procedure
        for Revolving Credit Loans.
        Each
        Revolving Credit Loan may be made by CNB at the oral or written request of
        anyone who is authorized in writing by Borrower to request Revolving Credit
        Loans until written notice of the revocation of such authority is received
        by
        CNB. To the extent Borrower is requesting a LIBOR Loan, the procedures for
        making such request shall be as set forth in Section 2.2.1 hereof. To the
        extent
        Borrower is requesting a Prime Loan, Borrower may request that a Loan be
        a Prime
        Loan (including a conversion of a LIBOR Loan to a Prime Loan), and Borrower’s
        request will be irrevocable, will be made to CNB, orally or in writing, no
        earlier than three (3) Business Day before and no later than 3:00 p.m. Pacific
        Time on the date the Prime Loan is to be made, and will specify the amount
        of
        the Prime Loan and the disbursement date for such Prime Loan.

       

      2.2 LIBOR
        Loan Terms and Conditions

       

      2.2.1 Procedure
        for LIBOR Loans. Borrower may request that a Loan be a LIBOR Loan, if herein
        allowed (including conversion of a Prime Loan to a LIBOR Loan, or continuation
        of a LIBOR Loan as a LIBOR Loan upon the expiration of the Interest Period).
        Borrower’s request will be irrevocable, will be made to CNB, orally or in
        writing, no earlier than two (2) Business Days before and no later than 1:00
        p.m. Pacific Time on the date the LIBOR Loan is to be made, and will specify
        the
        Interest Period, the amount of the LIBOR Loan, and such other information
        as CNB
        requests. If Borrower fails to select a LIBOR Loan in accordance herewith,
        the
        Loan will be a Prime Loan, and any LIBOR Loan will be deemed a Prime Loan
        upon
        expiration of the Interest Period.

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

         

      

      2.2.2 Availability
        of LIBOR Loans.
        Notwithstanding anything herein to the contrary, each LIBOR Loan must be
        in the
        minimum amount of $500,000.00 and increments of $100,000.00. Borrower may
        not
        have more than ten (10) LIBOR Loans outstanding at any one time under the
        Revolving Credit Commitment. Borrower may have Prime Loans and LIBOR Loans
        outstanding simultaneously.

       

      2.2.3 Prepayment
        of Principal. Borrower
        may not make a partial principal prepayment on a LIBOR Loan. Borrower may
        prepay
        the full outstanding principal balance on a LIBOR Loan prior to the end of
        the
        Interest Period, provided, however, that such prepayment is accompanied a
        fee
        (“LIBOR Prepayment Fee”) equal to the amount, if any, by which (a) the
        additional interest which would have been earned by CNB had the LIBOR Loan
        not
        been prepaid exceeds (b) the interest which would have been recoverable by
        CNB
        by placing the amount of the LIBOR Loan on deposit in the LIBOR market for
        a
        period starting on the date on which it was prepaid and ending on the last
        day
        of the applicable Interest Period. CNB’s calculation of the LIBOR Prepayment Fee
        will be conclusive absent manifest error.

       

      2.2.4 Suspension
        of LIBOR Loans.
        In the
        event CNB, on any Business Day, is unable to determine the LIBOR Base Rate
        applicable for a new, continued, or converted LIBOR Loan for any reason,
        or any
        law, regulation, or governmental order, rule or determination, makes it unlawful
        for CNB to make a LIBOR Loan, Borrower’s right to select LIBOR Loans will be
        suspended until CNB is again able to determine the LIBOR Base Rate or make
        LIBOR
        Loans, as the case may be. During such suspension, new Loans, outstanding
        Prime
        Loans and LIBOR Loans whose Interest Periods terminate may only be Prime
        Loans.

       

      2.3 Loans
        and Payments.
        All
        payments will be in United States Dollars and in immediately available funds.
        Interest will be computed on the basis of a 365 day year for Prime Loans
        and a
        360 day year for LIBOR Loans, actual days elapsed. CNB is authorized to note
        the
        date, amount and interest rate of each Loan and each payment of principal
        and
        interest on CNB’s books and records, which notations will constitute presumptive
        evidence of the accuracy of the information noted. Any Loan will be conclusively
        presumed to have been made to or for the benefit of Borrower when CNB, in
        its
        sole discretion, but without gross negligence or willful misconduct, believes
        that the request therefor has been made by authorized persons (whether in
        fact
        that is the case), or when the Loan is deposited to the Demand Deposit Account,
        regardless of whether any Person other than Borrower may have authority to
        draw
        against such account. 

       

      2.4 Default
        Interest Rate.
        From and
        after written notice by CNB to Borrower of the occurrence of an Event of
        Default
        (and without constituting a waiver of such Event of Default), the Loans (and
        interest thereon to the extent permitted by law) will bear additional interest
        at a fluctuating rate equal to three percent (3.0%) per annum higher than
        the
        interest rate provided for herein, until the Event of Default has been cured
        or
        waived in writing by CNB; provided, however, for purposes of this Section,
        a
        LIBOR Loan will be treated as a Prime Loan upon the termination of the Interest
        Period. All interest provided for in this Section will be compounded monthly
        and
        payable on demand. 

       

      2.5 Unused
        Facility Fee.
        Borrower will pay the Unused Facility Fee on the last day of each calendar
        quarter; such fee will be non-refundable and fully earned when paid. Borrower
        hereby authorizes CNB to charge the Demand Deposit Account or Borrower’s Loan
        Account for the amount of each such fee.

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

       

      3.    TERM
        AND
        TERMINATION.

       

      3.1Establishment
        of Termination Date.
        The
        term of this Agreement will begin as of the date hereof and continue until
        the
        Termination Date, unless the term is renewed for an additional period by
        CNB
        giving Borrower prior written notice, which is accepted by Borrower if Borrower
        desires such renewal, in which event the Termination Date will mean the renewed
        maturity date set forth in such notice. Notwithstanding the foregoing, CNB
        may,
        at its option, terminate this Agreement pursuant to the section entitled
“CNB’s
        Remedies”; the date of any such termination will become the Termination Date as
        that term is used in this Agreement. 

       

      3.2Obligations
        Upon the Termination Date.
        Borrower will, upon the Termination Date:

       

      3.2.1 Repay
        the
        amount of the balance due as set forth in Borrower’s Loan Account plus any
        accrued interest, fees and charges; and

       

      3.2.2 Pay
        the
        amounts due on all other Obligations owing to CNB. In this connection and
        notwithstanding anything to the contrary contained in the instruments evidencing
        such Obligations, the Termination Date hereunder will constitute the maturity
        date of such other Obligations.

       

      3.3Survival
        of Rights.
        Any
        termination of this Agreement will not affect the rights, liabilities and
        obligations of the parties with respect to any Obligations outstanding on
        the
        date of such termination. Until all Obligations have been fully repaid, CNB
        will
        retain its security interest in all existing Collateral and Collateral arising
        thereafter, and Borrower will continue to assign all Accounts to CNB and
        to
        immediately turn over to CNB, in kind, all collections received on the
        Accounts.

       

      3.4 Repayment/Termination
        of Borrower.
        Borrower
        shall have the right, at its election, to repay the outstanding amount of
        Revolving Credit Loans, as a whole or in part, at any time without penalty
        or
        premium, except as set forth in Section 2.2.3 hereof. In addition, Borrower
        shall have the right at any time and from time to time to reduce or terminate
        entirely the Revolving Credit Commitment by providing written notice to CNB
        of
        such election.

       

      4.    CONDITIONS
        PRECEDENT.

       

      4.1 Extension
        of Credit.
        The
        obligation of CNB to make any Loan or other extension of credit hereunder
        is
        subject to CNB’s receipt of each of the following, in form and substance
        satisfactory to CNB, and duly executed as required by CNB: 

       

      4.1.1 All
        Loan
        Documents required by CNB, including but not limited to this Agreement and
        any
        guaranties required hereunder; 

       

      4.1.2 The
        closing of Borrower’s purchase of the Aston Funds;

       

      4.1.3 (a)
        a
        copy of Borrower’s organizational and governing documents and any public filings
        made in connection therewith; and (b) such authorizations and resolutions
        approving and authorizing the execution, delivery and performance of this
        Agreement and any other documents required pursuant to this Agreement, as
        may be
        required by CNB;

       

      4.1.4 (a)
        copies (and acknowledgement copies to the extent reasonably available) of
        financing statements (Form UCC-1) duly filed under the Code in all such
        jurisdictions as may be necessary or, in CNB’s reasonable opinion, desirable to
        perfect CNB’s security interests created under this Agreement; and (b) evidence
        that all filings, recordings and other actions that are necessary
        or

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

       

      advisable,
        in CNB’s opinion, to establish, preserve and perfect CNB’s security interests
        and liens as legal, valid and enforceable first security interests and liens
        in
        the Collateral have been effected;

       

      4.1.5 A
        complete list of claims made against Borrower and evidence satisfactory to
        CNB
        that if such claim(s) is adversely determined, it would not have a material
        adverse effect on the business, operations or condition, financial or otherwise,
        of Borrower; and

       

      4.1.6 The
        Facility Fee.

       

      4.2 Conditions
        to Each Extension of Credit.
        The
        obligation of CNB to make any Loan or other extension of credit hereunder
        will
        be subject to the fulfillment of each of the following conditions to CNB’s
        satisfaction:

       

      4.2.1 The
        representations and warranties of Borrower set forth in Section 5 will be
        true
        and correct in all material respects on the date of the making of each Loan
        or
        other extension of credit with the same effect as though such representations
        and warranties had been made on and as of such date (except to the extent
        changes resulting from transactions contemplated or permitted by this Agreement
        and changes occurring in the ordinary course of business that singly or in
        the
        aggregate are not materially adverse, and to the extent that such representation
        or warranty relates expressly to an earlier date);

       

      4.2.2 There
        will be in full force and effect in favor of CNB a legal, valid and enforceable
        first security interest in, and a valid and binding first lien on the
        Collateral; and CNB will have received evidence, in form and substance
        acceptable to CNB, that all filings, recordings and other actions that are
        necessary or advisable, in the opinion of CNB, in order to establish, protect,
        preserve and perfect CNB’s security interests and liens as legal, valid and
        enforceable first security interests and liens in the Collateral have been
        effected;

       

      4.2.3 There
        will have occurred no Event of Default or Potential Event of Default;
        and

       

      4.2.4 All
        other
        documents and legal matters in connection with the transactions described
        in
        this Agreement will be satisfactory in form and substance to CNB.

       

      5.    REPRESENTATIONS
        AND WARRANTIES. Borrower
        represents and warrants (and each request for a Loan or other extension of
        credit will be deemed a representation and warranty made on the date of such
        request subject to Section 4.2.1) that:

       

      5.1 Existence,
        Power and Authorization. Borrower
        is duly organized, validly existing and in good standing under the laws of
        the
        state of its organization, and is duly qualified to conduct business in each
        jurisdiction in which its business is conducted unless the failure to so
        qualify
        could not reasonably be expected to have a material adverse effect on the
        business or financial condition of Borrower (a “MAE”). The execution, delivery
        and performance of all Loan Documents executed by Borrower are within Borrower’s
        powers and have been duly authorized by the Borrower and do not require any
        further consent or approval by the owners of Borrower.

       

      5.2 Binding
        Agreement. The
        Loan
        Documents constitute the valid and legally binding obligations of Borrower,
        enforceable against Borrower in accordance with their terms. 

       

      5.3 Other
        Agreements. The
        execution and performance of the Loan Documents will not violate any provision
        of law or regulation (including, without limitation, Regulations X and U
        of
        the

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

       

      Federal
        Reserve Board) or any order of any governmental authority, court, or arbitration
        board or the organizational and governing documents of Borrower, or result
        in
        the breach of, constitute a default under, contravene any provisions of,
        or
        result in the creation of any security interest, lien, charge or encumbrance
        upon any of the assets of Borrower pursuant to any indenture or agreement
        to
        which Borrower or any of its properties is bound, except liens and security
        interests in favor of CNB and except for a breach or default which could
        not
        reasonably be expected to have a MAE.

       

      5.4 Litigation.
        There is
        no litigation, tax claim, investigation or proceeding pending, threatened
        against or affecting Borrower or any of its properties which, if adversely
        determined, would have a MAE.

       

      5.5 Financial
        Condition.
        Borrower’s most recent financial statements, copies of which have been delivered
        to CNB, have been prepared in accordance with GAAP and are true, complete
        and
        correct and fairly present the financial condition of Borrower, including
        operating results, as of the accounting period referenced therein. There
        has
        been no material adverse change in the financial condition or business of
        Borrower since the date of such financial statements. Borrower has no material
        liabilities for taxes or long-term leases or commitments, except as disclosed
        in
        the financial statements.

       

      5.6 No
        Violations.
        Borrower
        is not in violation of any law, ordinance, rule or regulation to which it
        or any
        of its properties is subject except for a breach or default which could not
        reasonably be expected to have a MAE.

       

      5.7 Collateral.
        Borrower owns and has possession of and has the right and power to grant
        a
        security interest in the Collateral, and the Collateral is genuine and free
        from
        liens, adverse claims, set-offs, defaults, prepayments, defenses and
        encumbrances except those in favor of CNB. No bills of lading, warehouse
        receipts or other documents or instruments of title are outstanding with
        respect
        to the Collateral or any portion of the Collateral, in favor of a Person
        other
        than Borrower. The office where Borrower keeps its records concerning all
        Accounts is 999 Eighteenth Street, Suite 3000, Denver CO 80202.

       

      5.8 ERISA.
        Borrower
        is in compliance in all material respects with all applicable provisions
        of the
        Employee Retirement Income Security Act of 1974 (“ERISA”). No Reportable Event
        (as defined in ERISA and the regulations issued thereunder [other than a
        “Reportable Event” not subject to the provision for thirty (30) day notice to
        the Pension Benefit Guaranty Corporation (“PBGC”) under such regulations]) has
        occurred with respect to any benefit plan of Borrower nor are there any unfunded
        vested liabilities under any benefit plan of Borrower. Borrower has met its
        minimum funding requirements under ERISA with respect to each of its plans
        and
        has not incurred any material liability to the PBGC in connection with any
        such
        plan.

       

      5.9 Consents.
        No
        consent, license, permit, or authorization of, exemption by, notice to, report
        to, or registration, filing or declaration with, any governmental authority
        or
        agency is required in connection with the execution and performance by Borrower
        of the Loan Documents or the transactions contemplated hereunder.

       

      5.10 Use
        of Proceeds.
        Borrower
        will use the proceeds of the Revolving Credit Loans for working capital,
        general
        corporate purposes, repurchases of Borrower’s outstanding securities, and to
        finance the conversion of shares of Borrower’s common stock should the need
        arise in conjunction with the closing of the acquisition of the Aston Funds.
        

      
        
           

        

        
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      5.11 Regulation
        U.
        Borrower
        is not engaged principally, or as one of its principal activities, in the
        business of extending credit for the purpose of purchasing or carrying margin
        stock (within the meaning of Regulations U or X of the Federal Reserve Board).
        No part of the proceeds of the Loans will be used by Borrower to purchase
        or
        carry any such margin stock or to extend credit to others for the purpose
        of
        purchasing or carrying such margin stock.

       

      5.12 Environmental
        Matters. The
        operations of Borrower comply in all material respects with all applicable
        federal, state and local environmental, health and safety statutes, regulations
        and ordinances, and fully comply with all terms of all required permits and
        licenses.

       

      6.    AFFIRMATIVE
        COVENANTS. Borrower
        agrees that until payment in full of all Obligations, Borrower will comply
        with
        the following covenants:

       

      6.1 Books
        and Records. Borrower
        will maintain, in accordance with sound accounting practices, accurate records
        and books of account showing, among other things, all Accounts, the proceeds
        of
        the sale or other disposition thereof and the collections therefrom. CNB
        may, at
        any reasonable time, subject to a limit of one time per year, unless a Potential
        Event of Default or an Event of Default has occurred, and upon reasonable
        notice
        during regular business hours, inspect, audit, and make extracts from, or
        copies
        of, all books, records and other data, inspect any of Borrower’s properties and
        confirm balances due on Accounts by direct inquiry to Account Debtors. Borrower
        will furnish CNB with all information regarding the business or finances
        of
        Borrower promptly upon CNB’s request.

       

      6.2 Financial
        Statements. Borrower
        will furnish to CNB on a continuing basis:

       

      6.2.1 Within
        forty-five (45) days after the end of each quarterly accounting period of
        each
        fiscal year, a financial statement consisting of not less than a balance
        sheet,
        income statement, reconciliation of net worth and statement of cash flows,
        with
        notes thereto, prepared in accordance with GAAP and accompanied by the
        following: (a) supporting schedules of costs of goods sold, operating expenses
        and other income and expense items, and (b) Borrower’s certification as to
        whether any event has occurred which constitutes an Event of Default or
        Potential Event of Default, and if so, stating the facts with respect thereto,
        which financial statement may be internally prepared;

       

      6.2.2 Within
        one hundred and twenty (120) days after the close of Borrower’s fiscal year, a
        copy of the annual audit report for Borrower including therein a balance
        sheet,
        income statement, reconciliation of net worth and statement of cash flows,
        with
        notes thereto, the balance sheet, income statement and statement of cash
        flows
        to be audited by a certified public accountant acceptable to CNB, certified
        by
        such accountant to have been prepared in accordance with GAAP and accompanied
        by
        the following: (a) supporting schedules of costs of goods sold, operating
        expenses and other income and expense items, and (b) Borrower’s certification as
        to whether any event has occurred which constitutes an Event of Default or
        Potential Event of Default, and if so, stating the facts with respect
        thereto;

       

      6.2.3 As
        soon
        as available, any written report pertaining to material items involving
        Borrower’s internal controls submitted to Borrower by Borrower’s independent
        certified public accountants in connection with each annual or interim special
        audit of the financial condition of Borrower made by such
        accountants;

       

      6.2.4 As
        soon
        as available, a copy of the letter to Borrower from its independent public
        accountants, in form and substance satisfactory to CNB, setting forth the
        scope
        of such accountants’ engagement; and

       

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

         

      

      6.2.5 Such
        additional information, reports and/or statements as CNB may, from time to
        time,
        reasonably request.

       

      6.3 Taxes
        and Premiums.
        Borrower
        will pay and discharge all taxes, assessments, governmental charges and real
        and
        personal property taxes, including, but not limited to, federal and state
        income
        taxes, employee withholding taxes and payroll taxes, and all premiums for
        insurance required under this Agreement, prior to the date upon which penalties
        are attached thereto.

       

      6.4 Notice.
        Borrower
        will promptly advise CNB in writing of (a) the opening of any new, or the
        closing of any existing, places of business, each location at which Inventory
        or
        Equipment is or will be kept, and any change to Borrower’s name, trade name or
        other name under which it does business or of any such new or additional
        name;
        (b) the occurrence of any Event of Default or Potential Event of Default;
        (c)
        any litigation pending or threatened against Borrower where the amount or
        amounts in controversy exceed $100,000.00; (d) any unpaid taxes of Borrower
        which are more than fifteen (15) days delinquent unless the same are being
        contested in good faith in bona
        fide
        proceedings; and (e) any other matter that might materially or adversely
        affect
        Borrower’s financial condition, property or business.

       

      6.5 Fair
        Labor Standards Act.
        Borrower
        will comply with the requirements of, and all regulations promulgated under,
        the
        Fair Labor Standards Act of 1938 (29 U.S.C. Code § 201 et seq.).

       

      6.6 Corporate
        Existence.
        Borrower
        will maintain its corporate existence and all of its rights, privileges and
        franchises necessary or desirable in the normal course of its
        business.

       

      6.7 Compliance
        with Law.
        Borrower
        will comply with all requirements of all applicable laws, rules, regulations,
        orders of any governmental agency and all material agreements to which they
        are
        a party, except where noncompliance could not reasonably be expected to have
        a
        MAE.

       

      6.8 Financial
        Tests.
        Borrower
        will maintain:

       

      6.8.1 Net
        Worth
        of not less than $20,000,000 at the end of any fiscal quarter; and

       

      6.8.2 A
        ratio
        of Debt to EBITDA of not more than 2.0 to 1 at the end of any fiscal
        quarter.

       

      7.    NEGATIVE
        COVENANTS. Borrower
        agrees that until payment in full of all Obligations, Borrower will not do
        any
        of the following, without CNB’s prior written consent:

       

      7.1 Borrowing.
        Create,
        incur, assume or permit to exist any Debt, except (a) Debt to CNB, (b) Debt
        junior in right of payment to the Obligations owing to CNB, and (c) trade
        Debt
        incurred in the ordinary course of business.

       

      7.2 Sale
        of Assets.
        Sell,
        lease or otherwise dispose of any of Borrower’s assets, other than in the
        ordinary course of business.

       

      7.3 Loans.
        Make
        loans or advances to any Person except credit extended to (a) Affiliates
        in any
        amount, or (b) officers not to exceed $1,000,000.00 in the aggregate.

       

      7.4 Contingent
        Liabilities. Assume,
        guarantee, endorse, contingently agree to purchase or otherwise become liable
        for the obligation of any Person including any Affiliate, except (a) by
        the

      
        
           

        

        
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      endorsement
        of negotiable instruments for deposit or collection or similar transactions
        in
        the ordinary course of business, and (b) contingent liabilities in favor
        of
        CNB.

       

      7.5 Investments.
        Purchase
        or acquire the obligations or stock of, or any other interest in, any
        partnership, joint venture, limited liability company or corporation, except
        (a)
        investments permitted by Section 5.10, (b) direct obligations of the United
        States of America; (c) investments in certificates of deposit issued by,
        and
        other deposits with, commercial banks organized under the United States or
        a
        State thereof having capital of at least One Hundred Million Dollars
        ($100,000,000.00); (d) investments in short-term money market instruments
        or
        money market mutual funds; and (e) investments in any investment product
        advised
        by any Affiliate.

       

      7.6 Mortgages,
        Liens, etc.
        Mortgage, pledge, hypothecate, grant or contract to grant any security interest
        of any kind in any property or assets, to anyone except (a) to secure Debt
        incurred which is permitted by Section 7.1(b), and (b) Debt owed to
        CNB.

       

      7.7 Involuntary
        Liens.
        Permit
        any involuntary liens to arise with respect to any property or assets including
        but not limited to those arising from the levy of a writ of attachment or
        execution, or the levy of any state or federal tax lien which lien will not
        be
        removed within a period of thirty (30) days.

       

      7.8 Sale
        and Leaseback. Enter
        into any sale-leaseback transaction.

       

      7.9 Mergers
        and Acquisitions.
        Enter
        into any merger or consolidation, or acquire all or substantially all the
        assets
        of any Person, which act requires the incurring of Debt, except as permitted
        by
        Section 5.10.

       

      7.10 Purchase
        of Stock.
        Purchase stock or partnership interests, except in (a) repurchases of Borrower’s
        outstanding securities, or (b) transactions permitted by Section
        5.10.

       

      7.11 Event
        of Default.
        Permit a
        default to occur under any document or instrument evidencing Debt incurred
        under
        any indenture, agreement or other instrument under which such Debt may be
        issued, or any event to occur under any of the foregoing which would permit
        any
        holder of the Debt outstanding thereunder to declare the same due and payable
        before its stated maturity, whether or not such acceleration occurs or such
        default be waived.

       

      8.    SECURITY
        AGREEMENT.

       

      8.1 Grant
        of Security Interest.
        To
        secure all Obligations hereunder as well as all other Obligations to CNB,
        Borrower hereby grants and transfers to CNB a continuing security interest
        in
        the following property whether now owned or hereafter acquired:

       

      8.1.1 All
        of
        Borrower’s Inventory;

       

      8.1.2 All
        of
        Borrower’s Accounts;

       

      8.1.3 All
        of
        Borrower’s general intangibles as that term is defined in the Code;

       

      8.1.4 All
        of
        Borrower’s equipment, as that term is defined in the Code;

       

      8.1.5 All
        of
        Borrower’s interest in any patents (now existing or pending), copyrights, trade
        names, trademarks and service marks useful to the operation of Borrower’s
        business;

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

       

      8.1.6 All
        notes, drafts, acceptances, instruments, documents of title, policies and
        certificates of insurance, chattel paper, guaranties and securities now or
        hereafter received by Borrower or in which Borrower has or acquires an
        interest;

       

      8.1.7 All
        cash
        and noncash proceeds of the foregoing property, including, without limitation,
        proceeds of policies of fire, credit or other insurance;

       

      8.1.8 All
        of
        Borrower’s books and records pertaining to any of the Collateral described in
        this Section; and

       

      8.1.9 Any
        other
        Collateral which CNB and Borrower may designate as additional security from
        time
        to time by separate instruments.

       

      8.2 Non-Transferable
        Collateral.
        The
        grant of the security interest contained in Section 8.1 shall not extend
        to, and
        the term “Collateral” shall not include, any directly held investment property,
        or any general intangibles, now or hereafter held or owned by the Borrower,
        to
        the extent, in each case, that (a) a security interest may not be granted
        by the
        Borrower in such directly held investment property or general intangibles
        as a
        matter of law, or under the terms of the governing document applicable thereto,
        without the consent of one or more applicable parties thereto and (b) such
        consent has not been obtained.

       

      8.3 Notification
        of Account Debtors.
        CNB
        will have the right to notify any Account Debtor to make payments directly
        to
        CNB, take control of the cash and noncash proceeds of any Account, and settle
        any Account, which right CNB may exercise at any time whether or not an Event
        of
        Default has occurred or whether Borrower was theretofore making collections
        thereon. 

       

      8.4 Attorney-In-Fact.
        CNB or
        any of its officers is hereby irrevocably made the true and lawful attorney
        for
        Borrower with full power of substitution to do the following: (a) endorse
        the
        name of Borrower upon any and all checks, drafts, money orders and other
        instruments for the payment of moneys which are payable to Borrower and
        constitute collections on Accounts; (b) execute in the name of Borrower any
        schedules, assignments, instruments, documents and statements which Borrower
        is
        obligated to give CNB hereunder; (c) receive, open and dispose of all mail
        addressed to Borrower; (d) notify the Post Office authorities to change the
        address for delivery of mail addressed to Borrower to such address as CNB
        will
        designate; and (e) do such other acts in the name of Borrower which CNB may
        deem
        necessary or desirable to enforce any Account or other Collateral. The powers
        granted CNB hereunder are solely to protect its interests in the Collateral
        and
        will not impose any duty upon CNB to exercise any such powers.

       

      8.5 Limitation
        on Remedies.
        Notwithstanding anything to the contrary contained herein or in any other
        Loan
        Document, CNB hereby agrees that CNB shall not take any action whatsoever,
        including, without limitation, in connection with taking actions regarding
        the
        Collateral, which would cause, or could reasonably be expected to cause,
        an
        assignment of any investment advisory contracts under the Investment Advisors
        Act or the Investment Company Act. Without limiting the generality of the
        foregoing, CNB hereby agrees that until the Required Consents have been
        obtained, and notwithstanding the existence of any Event of Default, CNB
        shall
        not acquire or exercise:

       

      8.5.1 the
        right
        to sell, hold or otherwise transfer the stock of Borrower or any Subsidiary
        or
        person or entity acquired by Borrower or any Subsidiary (such Subsidiary
        or
        person or entity so acquired being hereinafter referred to as the “Acquired
        Entity”);

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

       

      8.5.2 any
        voting or other consensual rights with respect to the stock of the Borrower
        or
        such Acquired Entity;

       

      8.5.3 any
        rights with respect to the management of Borrower or such Acquired Entity;
        or

       

      8.5.4 any
        other
        rights the acquisition or exercise of which would constitute an
        Assignment.

       

      8.5.5 For
        purposes of this Section 8.5: 

       

      “Assignment”
        shall mean any direct or indirect transfer or hypothecation of an investment
        advisory contract by the assignor or of a controlling block of the assignor’s
        outstanding voting securities by a security holder of the assignor, and shall
        specifically include any “assignment” within the meaning of the Investment
        Advisers Act of 1940 or the Investment Company Act of 1940.

       

      “Consent”
        shall mean (A) with respect to a client of an Acquired Entity whose contract
        by
        its terms terminates upon its Assignment (including, without limitation,
        each
        client that is a registered investment company), that Borrower or the respective
        Acquired Entity shall have entered into a new contract with such client on
        substantially equivalent terms to the terms of the existing contract, which
        new
        contract is effective after any Assignment, and (B) with respect to a client
        of
        an Acquired Entity whose contract requires consent from a party or parties
        thereto to authorize an Assignment, that Borrower or the respective Acquired
        Entity shall have obtained all such consents as may be required under such
        contract or under the Investment Advisers Act of 1940.

       

      “Required
        Consents” shall mean Consents from investment advisory clients representing at
        least 95% of the assets under management of each Acquired Entity.

       

      9.    EVENTS
        OF DEFAULT.

       

      9.1 Events
        of Default.
        The
        occurrence of any of the following will constitute an Event of Default:

       

      9.1.1 Borrower
        fails to pay when due any installment of principal or interest or any other
        amount payable under the Loan Documents; 

       

      9.1.2 Any
        Person, other than CNB, which is a party to any Loan Document fails to perform
        or observe any of the terms, provisions, covenants, conditions, agreements
        or
        obligations contained in the Loan Documents; 

       

      9.1.3 The
        entry
        of an order for relief or the filing of an involuntary petition with respect
        to
        Borrower under the United States Bankruptcy Code, the appointment of a receiver,
        trustee, custodian or liquidator of or for any part of the assets or property
        of
        Borrower, or Borrower makes a general assignment for the benefit of
        creditors;

       

      9.1.4 Any
        financial statement, representation or warranty made or furnished by Borrower
        in
        connection with the Loan Documents proves to be in any material respect
        incorrect;

       

      9.1.5 CNB’s
        security interest in or lien on any portion of any Collateral becomes impaired
        or otherwise unenforceable;

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

       

      9.1.6 Any
        Person obtains an order or decree in any court of competent jurisdiction
        enjoining or prohibiting Borrower or CNB or either of them from performing
        this
        Agreement, and such proceedings are not dismissed or such decree is not vacated
        within ten (10) days after the granting thereof;

       

      9.1.7 Borrower
        fails or refuses to keep in full force and effect any governmental permit
        or
        approval which is necessary to the operation of its business;

       

      9.1.8 All
        or
        substantially all of the property of Borrower is condemned, seized or otherwise
        appropriated;

       

      9.1.9 The
        occurrence of (a) a Reportable Event as defined in ERISA which CNB determines
        in
        good faith constitutes grounds for the institution of proceedings to terminate
        any pension plan by the PBGC, (b) an appointment of a trustee to administer
        any
        pension plan of Borrower, or (c) any other event or condition which might
        constitute grounds under ERISA for the involuntary termination of any pension
        plan of Borrower, where such event set forth in (a), (b) or (c) results in
        a
        significant monetary liability to Borrower;

       

      9.1.10 A
        change
        in control of Borrower consisting of any of the following:

      (a) Individuals
        who, as of the date of this Agreement, are employees of or employees of an
        Affiliate of Berkshire Capital Securities LLC no longer have operating control
        over Borrower; or 

      (b) Approval
        by the shareholders of Borrower of a reorganization, merger or consolidation;
        or

      (c) Approval
        by the shareholders of Borrower of (A) a complete liquidation or dissolution
        of
        Borrower or (B) the sale or other disposition of all or substantially all
        of the
        assets of Borrower; or

       

      9.1.11 The
        Termination Date is not extended.

       

      9.2 Notice
        of Default and Cure of Potential Events of Default. Except
        with respect to the Events of Default specified in Subsections 1, 3, or 5
        above,
        and subject to the provisions of the Section entitled “Additional Remedies”, CNB
        will give Borrower at least ten (10) days’ written notice of any event which
        constitutes or, with the lapse of time would become an Event of Default,
        during
        which time Borrower will be entitled to cure same.

       

      9.3 CNB’s
        Remedies. Upon
        the
        occurrence of an Event of Default, at the sole and exclusive option of CNB,
        and
        upon written notice to Borrower, CNB may (a) declare the principal of and
        accrued interest on the Loans, and all other Obligations immediately due
        and
        payable in full, whereupon the same will immediately become due and payable;
        (b)
        terminate this Agreement as to any future liability or obligation of CNB,
        but
        without affecting CNB’s rights and security interest in the Collateral and
        without affecting the Obligations owing by Borrower to CNB; and/or (c) exercise
        its rights and remedies under the Loan Documents and all rights and remedies
        of
        a secured party under the Code and other applicable laws with respect to
        all of
        the Collateral. Notwithstanding anything to the contrary contained herein
        or in
        any other Loan Document, CNB hereby agrees that CNB shall not take any action
        whatsoever, including, without limitation, in connection with taking actions
        regarding the Collateral, which would cause, or could reasonably be expected
        to
        cause, an assignment of any investment advisory contracts under the Investment
        Advisors Act or the Investment Company Act.

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

       

      9.4 Additional
        Remedies.
        Notwithstanding any other provision of this Agreement, upon the occurrence
        of
        any event, action or inaction by Borrower, or if any action or inaction is
        threatened which CNB reasonably believes will materially affect the value
        of the
        Collateral, CNB may take such legal actions as it deems necessary to protect
        the
        Collateral, including but not limited to, seeking injunctive relief and the
        appointment of a receiver, whether or not an Event of Default or Potential
        Event
        of Default has occurred under this Agreement.

       

      10.    MISCELLANEOUS.

       

      10.1 Reimbursement
        of Costs and Expenses. Subject
        to a $20,000 cap on costs and expenses through the closing of this Agreement,
        Borrower will reimburse CNB for all reasonable costs and expenses relating
        to
        this Agreement including, but not limited to, filing, recording or search
        fees,
        audit or verification fees, and other out-of-pocket expenses, and reasonable
        attorneys’ fees and expenses expended or incurred by CNB (or allocable to CNB’s
        in-house counsel) in documenting or administering the Loan Documents or
        collecting any sum which becomes due CNB under the Loan Documents, irrespective
        of whether suit is filed, or in the protection, perfection, preservation
        or
        enforcement of any and all rights of CNB in connection with the Loan Documents,
        including, without limitation, the fees and costs incurred in any out-of-court
        work-out or a bankruptcy or reorganization proceeding. 

       

      10.2 Dispute
        Resolution.

       

      10.2.1 Mandatory
        Arbitration. At
        the
        request of CNB or Borrower, any dispute, claim or controversy of any kind
        (whether in contract or tort, statutory or common law, legal or equitable)
        now
        existing or hereafter arising between CNB and Borrower and in any way arising
        out of, pertaining to or in connection with: (a) this Agreement, and/or any
        renewals, extensions, or amendments thereto; (b) any of the Loan Documents;
        (c)
        any violation of this Agreement or the Loan Documents; (d) all past, present
        and
        future loans; (e) any incidents, omissions, acts, practices or occurrences
        arising out of or related to this Agreement or the Loan Documents causing
        injury
        to either party whereby the other party or its agents, employees or
        representatives may be liable, in whole or in part, or (f) any aspect of
        the
        past, present or future relationships of the parties, will be resolved through
        final and binding arbitration conducted at a location determined by the
        arbitrator in Los Angeles, California, and administered by the American
        Arbitration Association (“AAA”) in accordance with the California Arbitration
        Act (California Code of Civil Procedure §1280 et. seq.) and the then existing
        Commercial Rules of the AAA. Judgment upon any award rendered by the
        arbitrator(s) may be entered in any state or federal courts having jurisdiction
        thereof.

       

      10.2.2 Real
        Property Collateral. No
        controversy or claim will be submitted to arbitration without the consent
        of all
        the parties if, at the time of the proposed submission, such controversy
        or
        claim arises from or relates to an obligation owed to CNB which is secured
        in
        whole or in part by real property collateral. If all parties do not consent
        to
        submission of such a controversy or claim to arbitration, the controversy
        or
        claim will be determined as provided in the subsection entitled “Judicial
        Reference”.

       

      10.2.3 Judicial
        Reference. At
        the
        request of any party, a controversy or claim which is not submitted to
        arbitration will be determined by a reference in accordance with California
        Code
        of Civil Procedure §638 et. seq. If such an election is made, the parties will
        designate to the court a referee or referees selected under the auspices
        of the
        AAA in the same manner as arbitrators are selected in AAA-sponsored proceedings.
        The presiding referee of the panel, or the referee if there is a single referee,
        will be an active attorney or retired judge. Judgment upon the award rendered
        by
        such referee

      
        
           

        

        
          -15-

          
            

          

        

        
           

        

      

       

      or
        referees will be entered in the court in which such proceeding was commenced
        in
        accordance with California Code of Civil Procedure §644 and §645.

       

      10.2.4 Provisional
        Remedies, Self Help and Foreclosure. No
        provision of this Agreement will limit the right of any party to: (a) foreclose
        against any real property collateral by the exercise of a power of sale under
        a
        deed of trust, mortgage or other security agreement or instrument, or applicable
        law, (b) exercise any rights or remedies as a secured party against any personal
        property collateral pursuant to the terms of a security agreement or pledge
        agreement, or applicable law, (c) exercise self help remedies such as setoff,
        or
        (d) obtain provisional or ancillary remedies such as injunctive relief or
        the
        appointment of a receiver from a court having jurisdiction before, during
        or
        after the pendency of any arbitration or referral. The institution and
        maintenance of an action for judicial relief or pursuit of provisional or
        ancillary remedies, or exercise of self help remedies will not constitute
        a
        waiver of the right of any party, including the plaintiff, to submit any
        dispute
        to arbitration or judicial reference.

       

      10.2.5 Powers
        and Qualifications of Arbitrators. The
        arbitrator(s) will give effect to statutes of limitation, waiver and estoppel
        and other affirmative defenses in determining any claim. Any controversy
        concerning whether an issue is arbitratable will be determined by the
        arbitrator(s). The laws of the State of California will govern. The arbitration
        award may include equitable and declaratory relief. All arbitrator(s) selected
        will be required to be a practicing attorney or retired judge licensed to
        practice law in the State of California and will be required to be experienced
        and knowledgeable in the substantive laws applicable to the subject matter
        of
        the controversy or claim at issue.

       

      10.2.6 Discovery.
        The
        provisions of California Code of Civil Procedure Section 1283.05 or its
        successor section(s) are incorporated herein and made a part of this Agreement.
        Depositions may be taken and discovery may be obtained in any arbitration
        under
        this Agreement in accordance with said section(s).

       

      10.2.7 Miscellaneous.
        The
        arbitrator(s) will determine which is the prevailing party and will include
        in
        the award that party’s reasonable attorneys’ fees and costs (including allocated
        costs of in-house legal counsel). Each party agrees to keep all controversies
        and claims and the arbitration proceedings strictly confidential, except
        for
        disclosures of information required in the ordinary course of business of
        the
        parties or by applicable law or regulation. 

       

      10.3 Cumulative
        Rights and No Waiver.
        All
        rights and remedies granted to CNB under the Loan Documents are cumulative
        and
        no one such right or remedy is exclusive of any other. No failure or delay
        on
        the part of CNB in exercising any power, right or remedy under any Loan Document
        will operate as a waiver thereof, and no single or partial exercise or waiver
        by
        CNB of any such power, right or remedy will preclude any further exercise
        thereof or the exercise of any other power, right or remedy.

       

      10.4 Applicable
        Law.
        This
        Agreement will be governed by California law. 

       

      10.5 Lien
        and Right of Setoff.
        Borrower
        grants to CNB a continuing lien for all Obligations of Borrower to CNB upon
        any
        and all moneys, securities and other property of Borrower and the proceeds
        thereof, now or hereafter held or received by or in transit to CNB from or
        for
        Borrower, whether for safekeeping, custody, pledge, transmission, collection
        or
        otherwise, and also upon any and all deposits (general or special) and credits
        of Borrower with, and any and all claims of Borrower against CNB at any time
        existing. Upon the occurrence of any Event of Default, CNB is authorized
        at any
        time and from time to time, without notice to Borrower or any other Person,
        to
        setoff, appropriate and apply

      
        
           

        

        
          -16-

          
            

          

        

        
           

        

      

       

      any
        or
        all items hereinabove referred to against all Obligations of Borrower whether
        under this Agreement or otherwise, and whether now existing or hereafter
        arising.

       

      10.6 Counterparts.
        This
        Agreement may be signed in any number of counterparts which, when taken
        together, will constitute but one agreement. 

       

      10.7 Indemnification.
        Borrower
        will, at all times, defend and indemnify and hold CNB (which for purposes
        of
        this Section includes CNB’s parent company and subsidiaries and all of their
        respective shareholders, directors, officers, employees, agents,
        representatives, successors, attorneys, and assigns) harmless from and against
        any and all liabilities, claims, demands, causes of action, losses, damages,
        expenses (including without limitation reasonable attorneys’ fees) costs,
        settlements, judgments or recoveries arising out of or resulting from (a)
        any
        breach of the representations, warranties, agreements or covenants made by
        Borrower herein; (b) any suit or proceeding of any kind or nature whatsoever
        against CNB arising from or connected with the transactions contemplated
        by the
        Loan Documents or any of the rights and properties assigned to CNB hereunder;
        and/or (c) any suit or proceeding that CNB may deem necessary or advisable
        to
        institute, in the name of CNB, Borrower or both, against any other Person,
        for
        any reason whatsoever to protect the rights of CNB hereunder or under any
        of the
        documents, instruments or agreements executed or to be executed pursuant
        hereto,
        including attorneys’ fees and court costs and all other costs and expenses
        incurred by CNB, all of which will be charged to and paid by Borrower and
        will
        be secured by the Collateral provided, notwithstanding the foregoing, the
        Borrower shall not be required to indemnify CNB or any other person for any
        liabilities, claims, demands, causes of action, damages, expenses, costs,
        settlements, judgments or recoveries arising as a result of CNB’s or such other
        person’s gross negligence or willful misconduct. Any obligation or liability of
        Borrower to CNB under this Section will survive the expiration or termination
        of
        this Agreement and the repayment of all Loans and the payment or performance
        of
        all other Obligations of Borrower to CNB.

       

      10.8 Notices.
        Any
        notice required or permitted under any Loan Document will be given in writing
        and will be deemed to have been given when personally delivered or when sent
        by
        the U.S. mail, postage prepaid, certified, return receipt requested, properly
        addressed. For the purposes hereof, the addresses of the parties will, until
        further notice given as herein provided, be as follows:

       

      CNB:

      City
        National Bank, Structured Finance Dept.

      555
        South
        Flower Street, Sixteenth Floor,

      Los
        Angeles, CA 90071

      Attention:
        Aaron Cohen, Senior Vice President

      

      with
        copy
        to:

      City
        National Bank, Legal Department

      400
        North
        Roxbury Drive

      Beverly
        Hills, California 90210-5021

      Attention:
        Managing Counsel, Credit Unit

      

      Borrower:

      Highbury
        Financial Inc.

      999
        Eighteenth Street, Suite 3000

      Denver
        CO
        80202

      Attention: 
        Bradley Forth, Chief Financial Officer

      

      10.9 Assignments.
        The
        provisions of this Agreement are hereby made applicable to and will inure
        to the
        benefit of CNB’s successors and assigns and Borrower’s successors and assigns;
        provided, however, that Borrower may not assign or transfer its rights or
        obligations under this Agreement without

      
        
           

        

        
          -17-

          
            

          

        

        
           

        

      

       

      the
        prior
        written consent of CNB. CNB may assign this Agreement and its rights and
        duties
        hereunder, provided, however, so long as no Event of Default has occurred
        and is
        continuing, CNB may not transfer any of its rights, duties and obligations
        hereunder without the prior written consent of Borrower. CNB reserves the
        right
        to sell, assign, transfer, negotiate, or grant participations in all or any
        part
        of, or any interest in CNB’s rights and benefits hereunder, provided, however,
        so long as no Event of Default has occurred and is continuing, CNB may not
        sell,
        assign, transfer, negotiate or grant participations in all or any part of,
        or
        any interest in CNB’s rights and benefits hereunder without the prior written
        consent of Borrower. In connection therewith, CNB may disclose all documents
        and
        information which CNB now or hereafter may have relating to Borrower or
        Borrower’s business so long as such recipient agrees to keep all such
        information confidential. 

       

      10.10 Accounting
        Terms.
        Except
        as otherwise stated in this Agreement, all accounting terms and financial
        covenants and information will be construed in conformity with, and all
        financial data required to be submitted will be prepared in conformity with,
        GAAP as in effect on the date hereof. 

       

      10.11 Severability.
        Any
        provision of the Loan Documents which is prohibited or unenforceable in any
        jurisdiction, will be, only as to such jurisdiction, ineffective to the extent
        of such prohibition or unenforceability, but all the remaining provisions
        of the
        Loan Documents will remain valid.

       

      10.12 Complete
        Agreement.
        This
        Agreement, together with the other Loan Documents, constitutes the entire
        agreement of the parties and supersedes any prior or contemporaneous oral
        or
        written agreements or understandings, if any, which are merged into this
        Agreement. The other Loan Documents are subject to the terms and conditions
        of
        this Agreement, and, in the event of a conflict between the other Loan Documents
        and this Agreement, the provisions of this Agreement shall control. This
        Agreement may be amended only in a writing signed by Borrower and
        CNB.

       

      This
        Agreement is executed as of the date stated at the top of the first page.
        

       

      “Borrower”

      Highbury
        Financial Inc.,
        a

      Delaware
        corporation

       

       

      By:__________________________________

      Richard
        Foote, Chief Executive Officer

      

      “CNB”

      City
        National Bank,
        a

      national
        banking association

       

      By:___________________________________

      Aaron
        Cohen, Senior Vice President

      
        
           

        

          -18-

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