Document:

EX-10.17

 Exhibit 10.17 

EXECUTION VERSION 

REVOLVING CREDIT AGREEMENT 

This REVOLVING CREDIT AGREEMENT, dated as of December 13, 2017, is
made by and between BGC PARTNERS, INC., a Delaware corporation (“BGC”), and NEWMARK GROUP, INC., a Delaware corporation
(“Newmark”). Each of BGC and Newmark is referred to herein as a “Party” and together, the “Parties”. 

RECITALS 

WHEREAS, each Party and its subsidiaries may require the availability of certain loan facilities for the
operation of their respective businesses at times, and have requested that the other Party make, or cause its subsidiaries to make, certain loan facilities available to such Party or its subsidiaries from time to time; and 

WHEREAS, each Party may provide, or cause its subsidiaries to provide, the other Party or its
subsidiaries with such loan facilities on the terms and conditions hereafter provided; 
 NOW,
THEREFORE, in order to induce the other Party to make, or cause its subsidiaries to make, the Loans and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound, each Party hereby agrees as follows: 
 1. DEFINED TERMS.
When used in this Agreement, the following terms shall have the following meanings: 
 “Agreement” means this Revolving
Credit Agreement, as it may be amended or modified and in effect from time to time. 
 “Applicable Rate” shall mean, for
any Rate Period, (i) the higher of BGC’s or Newmark’s short-term borrowing rate in effect at such time plus 100 basis points (1.00%) or (ii) such other interest rate as may be mutually agreed between the Borrower and the Lender
with respect to one or more Revolving Credit Loans. The Applicable Rate for each Rate Period shall be determined by the Lender in accordance herewith, and the Lender shall advise the Borrower of such determination. 

“Borrower” means, with respect to each Loan, the Party or its applicable subsidiary borrowing the money. 

“Business Day” means with respect to any borrowing or payment, any day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed. 
 “Default” or “Event of
Default” shall have the meaning assigned to such terms in Section 6 hereof. 
 “Effective Date” means the
date hereof. 
 “Lender” means, with respect to each Loan, the Party or its applicable subsidiary lending the money. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

 “Loan” means any amount(s) borrowed by a Borrower from a Lender pursuant to this
Agreement. 
 “Loan Documents” means this Agreement, any Note(s), and all other documents, agreements or instruments
executed or delivered in connection with any of the foregoing. 
 “Material Adverse Effect” means any set of circumstances
or events that (a) has or could reasonably be expected to have any material adverse effect upon the validity or enforceability of any provision of this Agreement or any other Loan Document, (b) is or could reasonably be expected to be
material and adverse to the condition (financial or otherwise) or business operations of the applicable Borrower and its subsidiaries, (c) materially impairs or could reasonably be expected to materially impair the ability of the applicable
Borrower to perform its obligations hereunder or under any other Loan Document, or (d) materially impairs or could reasonably be expected to materially impair the ability of the applicable Lender to enforce any of its legal remedies pursuant to
this Agreement or any other Loan Document. 
 “Note” shall have the meaning assigned to such term in Section 2.1(c).

 “Obligations” means all unpaid principal of and accrued and unpaid interest on the applicable outstanding Loans and all
other obligations, interest, fees, charges and expenses of the applicable Borrower to the applicable Lender arising under or in connection with the Loan Documents. 

“Person” means any corporation, natural person, firm, joint venture, partnership, trust, unincorporated organization,
enterprise, government or any department or agency of any government. 
 “Rate Period” shall mean each of the applicable
periods based on the Applicable Rate determined by the applicable Lender in accordance herewith, which such Lender shall advise to the Borrower. 

“Reset Date” shall mean the first day of each Rate Period. 

“Revolving Credit Facilities” means the revolving credit facilities established pursuant to this Agreement. 

“Revolving Credit Loan” shall have the meaning assigned to such term in Section 2.1(a). 

“Revolving Credit Maturity Date” means the earliest to occur of (a) the first anniversary of the date of this Agreement,
after which the Revolving Credit Maturity Date will continue to be extended for successive one year periods unless prior written notice of non-extension is given by a Lender to the Borrower at least six
(6) months in advance of such renewal date, (b) the termination of the Revolving Credit Facilities and (c) the spinoff of Newmark from BGC such that Newmark will no longer be a subsidiary of BGC at such time. 

Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural,
and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless the express context otherwise requires: (a) wherever the word “include,” “includes” or
“including” is used in this Agreement, it shall be 

  
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deemed to be followed by the words “without limitation” ; (b) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing
extends, and such phrase shall not mean simply “if”; (c) with respect to the determination of any period of time, the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding”; (d) the word “or” shall be disjunctive but not exclusive; (e) the word “affiliate” shall include all current and future affiliates and (f) the phrase “subsidiary of a Party” and
any similar phrase when used with respect to BGC shall not include Newmark or any of its subsidiaries. 
 2. LOAN
FACILITY. 
 2.1 REVOLVING CREDIT LOANS. 

 

	 	(a)	Revolving Loans; Maturity. Subject to satisfaction of the conditions set forth in Section 3 hereof, a Lender may, on the terms and conditions set forth in this Agreement and to the extent such Lender
has sufficient cash available in its sole discretion, make loans and advances (each, a “Revolving Credit Loan”) to the Borrower at such Borrower’s request from time to time starting on the Effective Date and ending on the
Revolving Credit Maturity Date. Each Revolving Credit Loan together with all accrued but unpaid interest thereon shall be due and payable on such date prior to the Revolving Credit Maturity Date as may be mutually agreed between the Borrower and the
Lender with respect to such Revolving Credit Loan. If no due date is specified, then each Borrower shall repay the aggregate outstanding principal amount of each Revolving Credit Loan together with all accrued but unpaid interest thereon and all
other amounts owing under this Agreement or the other Loan Documents in full on the Revolving Credit Maturity Date. 

  

	 	(b)	Method of Borrowing Revolving Credit Loans. A Borrower shall give notice to the applicable Lender of the requested principal amount of each Revolving Credit Loan by no later than 10:00 a.m., New York time, at
least three (3) Business Days prior to the date of the proposed Revolving Credit Loan (which shall also be a Business Day), or such shorter period as such Lender may agree. Each Revolving Credit Loan shall comply with all of the provisions of
this Agreement. If the applicable Lender is willing, in its discretion, to make the requested Revolving Credit Loan, then subject to satisfaction of the conditions set forth in Section 3 hereof, the applicable Lender shall advance the requested
amount to the Borrower in immediately available funds as directed by such Borrower and shall notify the Borrower of the Applicable Rate and the applicable Rate Period for such Revolving Credit Loan. 

 

	 	(c)	Evidence of Debt. The Revolving Credit Loans made by a Lender shall be evidenced by one or more accounts or records maintained by such Lender. The accounts or records maintained by the Lender shall be conclusive
absent manifest error of the amount of the Revolving Credit Loans made by such Lender to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of a Borrower hereunder to pay any amount owing with respect to the Obligations. Upon the request of a Lender, the applicable Borrower shall execute and deliver to such Lender a promissory note, which shall evidence such Lender’s
Loans to such Borrower in addition to such accounts or records. Each such promissory note shall be in the form of Exhibit A (a “Note”). The Lender may attach schedules to its Note or Notes and endorse thereon the date, amount and
maturity of its Loans and payments with respect thereto. 

  
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 2.2 INTEREST. 

 

	 	(a)	Interest Rates. Interest shall accrue on each Revolving Credit Loan at a rate per annum for each Rate Period equal to the Applicable Rate for such Rate Period, payable monthly in arrears in immediately available
funds beginning on the last day of each month during which such Revolving Credit Loan is outstanding and on the Revolving Credit Maturity Date. 

From and after the Revolving Credit Maturity Date, or during the continuance of an Event of Default with respect to a Borrower, amounts payable
under the all Revolving Credit Loans owed by such Borrower shall bear interest at an annual rate of the Applicable Rate plus 200 basis points (2.00%) until the payment of all such amounts has been made (and before as well as after judgment). Such
additional interest will be payable on demand of the Lender. 
  

	 	(b)	Interest Basis. Interest shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Loan is made but not for the
day of any payment on the amount paid if payment is received prior to noon, New York time, at the place of payment. If any payment of principal of or interest on a Loan shall become due on a day that is not a Business Day, such payment shall be made
on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

2.3 METHOD OF PAYMENT. All payments of principal and interest hereunder shall be made on the
date when due in immediately available funds in United States dollars to the applicable Lender at such Lender’s address specified in Section 8.8 or as otherwise directed by such Lender. 

2.4 PREPAYMENTS. Subject to the requirements of this Section 2.4, each Borrower shall have the right from time to
time, on any Business Day, to prepay any Loan in whole or in part. All prepayments shall be accompanied by accrued interest on the amount prepaid plus any cost incurred by the applicable Lender as a result of such prepayment. 

3. CONDITIONS PRECEDENT 

3.1 CONDITIONS TO CLOSING AND FIRST LOAN. A
Party shall not be required to make any Loans under this Agreement unless each Party shall have duly executed and delivered to the other Party this Agreement. 

3.2 CONDITIONS TO ALL BORROWINGS. The obligations of a Party (and of any
subsidiary of a Party which become a Lender) to make any Loan shall also be subject to the following conditions precedent that shall be satisfied on the date such Loan is made and after giving effect thereto: 

 

	 	(a)	each of the representations and warranties of the other Party and the applicable Borrower contained in this Agreement, the Loan Documents or in any other document or instrument delivered pursuant to this Agreement shall
be true and correct as of the date as of which they were made and shall also be true and correct as of the date such Loan is made; 

  

	 	(b)	the other Party and the Borrower shall have complied with all other requirements under this Agreement and the other Loan Documents; and 

 

	 	(c)	At the time of, and immediately after giving effect to, such Loan, no Default or Event of Default with respect to such Borrower shall have occurred and be continuing, and no set of events or circumstances shall exist as
would constitute a Material Adverse Effect. 

  
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 4. REPRESENTATIONS AND
WARRANTIES. Each Party (as Borrower or parent of a Borrower) and each subsidiary of a Party which becomes a Borrower, represents and warrants to the other Party (as Lender) that on the date hereof, and on the date
that each and every Loan is made to such Person after the date hereof: 
 4.1
NON-CONTRAVENTION. The execution and delivery by such Party (and, if applicable, the deemed joinder by any such subsidiary) of this Agreement, the other Loan
Documents to which it is a party, and the performance by such Borrower of its obligations hereunder and thereunder: (i) are not in contravention of any provision of such Borrower’s organizational documents; (ii) will not violate any
law or regulation, or any order or decree of any court or governmental instrumentality; (iii) will not conflict with or result in the breach or termination of, constitute a default under, or accelerate any performance required by, any
indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Party or such Borrower is a party or by which such Party or such Borrower or any of such Party’s or such Borrower’s property is bound; (iv) will
not result in the creation or imposition of any Lien upon any of the property of such Party or such Borrower other than those in favor of the applicable Lender; and (v) do not require the consent or approval of any governmental body, agency,
authority or any other Person except such consents as have been obtained, except, in the case of each of (ii), (iii), (iv) and (v), for any violation or conflict which could not reasonably be expected to have a Material Adverse Effect. 

4.2 ENFORCEABLE OBLIGATIONS. This Agreement and the other Loan Documents to which such Party is a party
have been duly and validly executed by such Party (or deemed executed in the case of a subsidiary Borrower) and constitute the legal, valid, and binding obligations of such Party or such Borrower, as the case may be, enforceable against such Person
in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization or similar laws generally affecting the enforcement of the rights of creditors. 

5. AFFIRMATIVE COVENANTS. During the term of this Agreement, unless the other Party (as
Lender and on behalf of its subsidiaries which are Lenders) shall otherwise consent in writing and while any Loans remain outstanding to a Party or any of its subsidiaries as Borrower under this Agreement or any Loan Document: 

5.1 CORPORATE EXISTENCE, ETC. Such Party shall (and shall cause each of its subsidiaries
which is a Borrower to) maintain its corporate existence, business and assets, keep its business and assets adequately insured, continue to engage in the same lines of business, and maintain all of its assets and properties in good repair and
working order, unless, in each case, such failure could not reasonably be expected to have a Material Adverse Effect. 
 5.2
TAXES. Such Party will (and will cause each of its subsidiaries which is a Borrower to) pay all real and personal property taxes, assessments and charges as well as all franchise, income, unemployment, old age
benefit, withholding, sales and other taxes assessed against it, or payable by it at such times and in such manner as to prevent any penalty from accruing or any Lien or charge from attaching to its property, and will furnish the other Party upon
request, receipts, or other evidence that deposits or payments have been made, unless, in each case, such failure could not reasonably be expected to have a Material Adverse Effect. 

5.3 COMPLIANCE WITH LAWS. Such Party shall (and shall cause each of its subsidiaries which
is a Borrower to)comply with the requirements of all laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, unless, in each case, such failure could not reasonably be expected to have a Material Adverse
Effect. 

  
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 6. DEFAULTS. The occurrence of any one or more of the
following events shall constitute a “Default” or an “Event of Default”: 
 6.1 FAILURE TO
PAY. A Borrower shall fail to pay any principal, interest or any other amount payable under this Agreement or any other Loan Document when and as the same becomes due and payable. 

6.2 INCORRECTNESS OF ANY REPRESENTATION OR
WARRANTY. A Lender determines that any representation or warranty made or deemed made in this Agreement or in any other Loan Document, by or on behalf of the applicable Borrower to such Lender shall have been false
or misleading in any material respect when made or deemed made. 
 6.3 FAILURE TO OBSERVE OR
PERFORM COVENANTS, CONDITIONS OR AGREEMENTS. A Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5
of this Agreement. 
 6.4 BANKRUPTCY, ET AL. A Borrower shall (i) have an order for
relief entered with respect to it under the U.S. or foreign bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, acquiesce in, or have appointed for it or
any substantial portion of its property a receiver, custodian, trustee, examiner, liquidator or similar official for it, (iv) institute any proceeding seeking an order for relief under the U.S. or foreign bankruptcy laws as now or hereafter in
effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, or (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this
Section 6.4. 
 6.5 FAILURE OF THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENTS. This Agreement or any of the other Loan Documents shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the
invalidity or unenforceability thereof. 
 7. ACCELERATION, WAIVERS, AMENDMENTS
AND REMEDIES. 
 7.1 ACCELERATION. If any Event of Default occurs
(other than in the case of an event of the type described in Section 6.4 above) and at any time thereafter during the continuance of such Event of Default, (a) either BGC or Newmark may give notice to the other Party that it is terminating
the Revolving Credit Facilities, and thereupon the Revolving Credit Facilities shall terminate immediately and/or (b) the applicable Lender may declare the Obligations to be due and payable, whereupon the Obligations shall become immediately
due and payable, without presentment, demand, protest or notice of any kind, all of which the applicable Borrower hereby expressly waives; and in case of any event with respect to a Borrower described in Section 6.4, the Revolving Credit
Facilities shall automatically terminate and the Obligations of such Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by such
Borrower. 
 7.2 PRESERVATION OF RIGHTS; NO ADVERSE IMPACT;
WAIVERS; AND AMENDMENTS. No delay or omission of the exercise of any right under this Agreement or any of the Loan Documents shall impair such right or be construed to be a waiver or an
acquiescence therein. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the
Loan Documents, whatsoever, shall be valid unless in writing signed by the applicable Lender, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents, or by law afforded, shall be cumulative.

  
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 7.3 REMEDIES. Upon the occurrence and during the continuance of an Event of Default or upon
the occurrence of the Revolving Credit Maturity Date, the applicable Lender (i) may proceed to protect and enforce such Lender’s rights by suit in equity, action of law and/or other appropriate proceeding either for specific performance of
any covenant or condition contained in this Agreement, any Loan Document or in any instrument or document delivered to such Lender pursuant hereto, or in the exercise of any rights, remedies or powers granted in this Agreement, any Loan Document
and/or any such instrument or document, and (ii) may proceed to declare the obligations under this Agreement or any Loan Document to be due and payable pursuant to Section 7.1 hereof and such Lender may proceed to enforce payment of such
documents as provided herein, or in any Loan Document. 
 8. GENERAL PROVISIONS. 

8.1 SURVIVAL OF REPRESENTATIONS. All representations and warranties of a Party contained in
this Agreement shall survive delivery of this Agreement, any Note and the other Loan Documents, and the making of the Loans herein contemplated. 
 8.2
ENTIRE AGREEMENT; AMENDMENTS; INVALIDITY. This Agreement and the other Loan Documents constitute the entire agreement and understanding of the Parties, and supersede
and replace in their entirety any prior discussions, agreements, etc., all of which are merged herein and therein. None of the terms of this Agreement or any of the other Loan Documents may be amended or otherwise modified except by an instrument
executed by each of the Parties. If any term of this Agreement or any other Loan Document shall be held to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby, and this Agreement and the
other Loan Documents shall be construed and be enforceable as if such invalid, illegal or unenforceable term had not been included herein. Section headings in this Agreement and the Loan Documents are for convenience of reference only, and shall not
govern the interpretation of any of the provisions of this Agreement or any of the other Loan Documents. 
 8.3
INDEMNITY. Each Borrower shall indemnify the Lender and its directors, officers, employees, affiliates and agents (collectively, “Indemnified Persons”) against, and agrees to hold each such
Indemnified Person harmless from, any and all losses, claims, damages and liabilities, including claims brought by any officer, director, member or manager or former officer, director or member or manager of such Borrower, and related expenses
including reasonable counsel fees and expenses, incurred by such Indemnified Person arising out of any claim, litigation, investigation or proceeding (whether or not such Indemnified Person is a party thereto) relating to any Loans made to such
Borrower and all other transactions, services or matters that are the subject of the Loan Documents; provided, however, that such indemnity shall not apply to any such losses, claims, damages, or liabilities or related expenses
determined by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Indemnified Person. All amounts due hereunder shall be payable on demand and shall constitute Obligations of the applicable
Borrower hereunder. 
 8.4 GOVERNING LAW. THIS AGREEMENT AND EACH OF THE OTHER LOAN
DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
NEW YORK. 

  
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 8.5 CONSENT TO JURISDICTION. Each Party (and
each subsidiary of a Party which becomes a Lender or Borrower) further agrees to service of process in any such suit being made upon such Person by mail at the address specified for notices in Section 8.8 hereof. 

8.6 ADDITIONAL DOCUMENTATION. A Borrower, at its own expense, shall do, make, execute and deliver all such
additional and further acts, deeds, assurances, documents, instruments and certificates as the applicable Lender may reasonably request in order to carry out the terms and provisions of this Agreement and the other Loan Documents. 

8.7 SUCCESSORS AND ASSIGNS. This Agreement and the other Loan Documents and all obligations
of a Borrower hereunder and thereunder shall be binding upon the successors and permitted assigns of such Borrower, and shall, together with the rights and remedies of the applicable Lender hereunder, inure to the benefit of such Lender, any future
holder of this Agreement or any other Loan Document and their respective successors and assigns; provided, however, a Borrower may not transfer or assign its rights or obligations hereunder or thereunder without the express written
consent of the applicable Lender, and any purported transfer or assignment by such Borrower without the applicable Lender’s written consent shall be null and void. A Lender may assign, transfer, participate or endorse its rights under this
Agreement or any of the other Loan Documents without the consent or approval of any Borrower, and all such rights shall inure to such Lender’s successors and assigns. No sales of participations, other sales, assignments, transfers, endorsements
or other dispositions of any rights hereunder or thereunder or any portion hereof or thereof or interest herein or therein shall in any manner affect the obligations of any Borrower under this Agreement or the other Loan Documents. Each Borrower
agrees, in connection with any such assignment, to execute and deliver such additional documents or agreements, including new Notes, as may be reasonably requested. 

8.8 NOTICES. All notices, requests, demands and other communications required or permitted under this Agreement and the
other Loan Documents or by law shall be delivered personally or sent by certified or registered mail, postage prepaid, or by overnight courier, telex or facsimile transmission and shall be deemed received, in the case of personal delivery, when
delivered, in the case of mailing, when receipted for, in the case of overnight delivery, on the next business day after delivery to the courier, and in the case of telex and facsimile transmission, the next business day after upon transmittal.
Receipt of notices pursuant to this Agreement shall be deemed to have occurred on the earlier of (a) the date of actual receipt, and (b) the date that notice is deemed received pursuant to the first sentence of this Section 8.8. All
notices, requests, demands and other communications required or permitted under this Agreement or by law shall be delivered to the following addresses: 

If to BGC (or any subsidiary of BGC): 

BGC Partners, Inc. 

499 Park Avenue 

New York, New York 10022 

Attention: General Counsel 

Telephone: (212) 829-4829 

Telecopy: (212) 829-4708 

If to Newmark (or any subsidiary of Newmark): 

Newmark Group, Inc. 

125 Park Avenue 

New York, New York 10017 

  
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 Attention: General Counsel 

Telephone: (212) 294-7927 

Telecopy: (312) 276-8715 

8.9 COUNTERPARTS. This Agreement may be executed in any number of separate counterparts, all of which, when taken
together, shall constitute one and the same instrument, notwithstanding the fact that all parties did not sign the same counterpart. 
 8.10
NO WAIVER BY LENDER, ETC. A Lender shall not be deemed to have waived any of its rights upon or under the applicable Obligations unless such
waiver shall be in writing in accordance with Section 7.2 hereof. No delay or omission on the part of a Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver on any one occasion shall not be
construed as a bar to or waiver of any right on any future occasion. All rights and remedies of a Lender with respect to the applicable Obligations, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be
exercised singularly, alternatively, successively or concurrently at such time or at such times as a Lender deems expedient. 
 8.11
WAIVERS. Each Borrower, for itself and its legal representatives, successors and assigns, hereby expressly waives demand, protest, presentment, notice of acceptance of this Agreement or any other Loan Document,
notice of loans made, credit extended or other action taken in reliance hereon and all other demands and notices of any description. With respect to the applicable Obligations, each Borrower assents to any extension or postponement of the time of
payment or any other indulgence, to the addition or release of any party or person primarily or secondarily liable, to the acceptance of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and at
such time or times as a Lender may deem advisable. Each Borrower further waives any and all other suretyship defenses. 
 8.12
SUBSIDIARIES. By requesting or making a Loan, any subsidiary of a Party which requests or makes a Loan as contemplated hereby shall be deemed to have agreed to be bound by this Agreement as a Borrower or Lender,
as applicable, and to have agreed that all of the terms and provisions hereof shall apply to such Loan. 
 [Signature page to follow]

  
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 IN WITNESS WHEREOF, this Agreement has been
duly executed as an instrument under seal as of the date first set forth above. 
  

					
	BGC:	 		 	
		 		 	BGC PARTNERS, INC.
			
		 		 	By: /s/ Steve McMurray                            
		 		 	Printed Name: Steve McMurray
		 		 	Title: Chief Financial Officer
	NEWMARK:	 		 	
			
		 		 	NEWMARK GROUP, INC.
			
		 		 	By: /s/ Michael Rispoli                              
		 		 	Printed Name: Michael Rispoli
		 		 	Title: Chief Financial Officer

 [Signature Page to Revolving Credit Agreement, dated as of December 13, 2017, by and between BGC
Partners, Inc. and Newmark Group, Inc.] 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT RELATED THERETO OR AN
APPLICABLE EXEMPTION THEREFROM. 

                    ,
20     
 FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
                                     or registered assigns (the
“Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Revolving Credit Agreement, dated as
of December 13, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), between the BGC
PARTNERS, INC., a Delaware corporation (“BGC”), and NEWMARK GROUP, INC., a Delaware corporation (“Newmark”). 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is
paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Lender in immediately available funds as directed by the Lender. If any amount is not paid in full when
due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject
to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately
due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and
endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 The Borrower, for itself, its successors
and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 

			
	[applicable Borrower]
		
	By:	 	  

	Name:	 	
	Title:	 	

									
	 Date
	  	 Principal

Amount
 Loaned
	  	 Principal

Amount
 Repaid
	  	 Total Unpaid

Outstanding
 Principal

Amount
	  	 Notation

Made By

	
                   
 , 2017EX-10.18

 Exhibit 10.18 

EXECUTION VERSION 

ADMINISTRATIVE SERVICES AGREEMENT 

This ADMINISTRATIVE SERVICES AGREEMENT, dated as of December 13, 2017 (this “Agreement”), is by and between
(i) CANTOR FITZGERALD, L.P., a Delaware limited partnership (including any successor to Cantor Fitzgerald, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise, “CFLP”), on behalf
of itself and its direct and indirect, current and future, subsidiaries and affiliates, other than BGC Partners (as defined below) and Newmark (as defined below) (collectively, “Cantor”); and (ii) NEWMARK GROUP, INC., a
Delaware corporation (including any successor to Newmark Group, Inc., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise, “Newmark, Inc,”), on behalf of itself and its direct and indirect,
current and future, subsidiaries (collectively, “Newmark”). 
 W I T N E S S E T H: 

WHEREAS, Cantor has the resources and capacity to provide certain Administrative Services (as defined below); 

WHEREAS, Cantor is willing to provide or arrange for the provision of Administrative Services to Newmark, upon the terms and conditions set
forth herein; 
 WHEREAS, in the absence of obtaining such services from Cantor, Newmark would require additional staff and would need to
enhance its existing administrative infrastructure; and 
 WHEREAS, Newmark may develop the resources and capacity to provide certain
Administrative Services to Cantor, and is willing to provide or arrange for the provision of such services to Cantor, all upon the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises contained herein, it is agreed as follows: 

1. Term. 
 (a) The
term of this Agreement shall commence at the Closing (as such term is defined in the Separation and Distribution Agreement (the “Separation and Distribution Agreement”), by and among CFLP, BGC Partners, Inc., BGC Holdings, L.P., BGC
Partners, L.P., Newmark, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P.) and shall remain in effect for a three-year period (the “Initial Term”). Thereafter, this Agreement shall be renewed automatically for successive
one-year terms (each, an “Extended Term”), unless any party shall give written notice to the other parties at least 120 days before the end of the Initial Term or the then current Extended Term, as the case may be, of its desire to
terminate this Agreement, in which event this Agreement shall end with respect to the terminating party on the last day of the Initial Term or the then current Extended Term, as the case may be; provided, however, that in the event
that Newmark, Inc. terminates this Agreement, Cantor shall be entitled to continued use of any hardware and equipment that it used prior to the date of this Agreement upon the terms and conditions set forth herein (including, without limitation, the
payment terms in Section 5 of this Agreement); provided, further, that the Providing Party shall not be required to repair or replace any such hardware or equipment. 

 (b) This Agreement may be terminated by a party as provided herein or, as provided in
Section 12 of this Agreement, with respect to a particular service or group of services only, in which case it shall remain in full force and effect with respect to the other services described herein. The terminating party shall pay to the
other party an amount equal to the costs incurred by the Providing Party as a result of such termination, including, without limitation, any severance or cancellation fees. The Initial Term and the Extended Term are referred to herein as the
“Term.” 
 2. Services. 

(a) During the Term, and upon the terms and conditions set forth herein, Cantor shall provide to Newmark the Administrative Services as
reasonably requested by Newmark, Inc. from time to time, it being the intention of the parties that Cantor will continue to provide to Newmark all services provided by Cantor to Newmark and its businesses prior to the date hereof. 

(b) During the Term, and upon the terms and conditions set forth herein, Newmark shall provide to Cantor the Administrative Services as CFLP
may reasonably request from time to time, to the extent Newmark provided such Administrative Services to Cantor prior to the date hereof. 

(c) As used in this Agreement: 

(1) “Administrative Services” means the following services, but only to the extent that the Providing Party
provides such services to its own businesses: (i) administration and benefits services, (ii) employee benefits, human resources and payroll services, (iii) financial and operations services, (iv) internal auditing services,
(v) legal related services, (vi) risk and credit services, (vii) accounting and general tax services, (viii) office space, (ix) personnel, hardware and equipment services, (x) communication and data facilities,
(xi) facilities management services, (xii) promotional, sales and marketing services, (xiii) procuring of insurance coverage and (xiv) such other miscellaneous services as the parties may reasonably agree. 

(2) “BGC Partners” means BGC Partners, Inc. and its direct and indirect, current and future, subsidiaries,
other than Newmark. 
 (3) “Providing Party” means the party providing any particular Administrative
Service. 
 (4) “Receiving Party” means the party receiving any particular Administrative Service. 

(d) Each Providing Party shall use that degree of skill, care and diligence in the performance of Administrative Services hereunder that
(i) a reasonable person would use acting in like circumstances in accordance with industry standards and all applicable laws and regulations and (ii) is no less than that exercised by such Providing Party with respect to such
Administrative Services that it performs with respect to its own businesses. 

  
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 (e) The applicable Providing Party and Receiving Party shall cooperate with each other in all
reasonable respects in matters relating to the provision and receipt of the Administrative Services. Such cooperation shall include obtaining all consents, licenses or approvals necessary to permit each party to perform its obligations hereunder.

 (f) In the event the Receiving Party uses assets that are subject to an operating lease between the Providing Party and a third party to
provide services hereunder, the Receiving Party shall comply with the terms and conditions of such operating lease. 
 3. Intellectual
Property. 
 (a) No Intellectual Property (as such term is defined in the Separation and Distribution Agreement) that is owned or
licensed by a Providing Party shall transfer to a Receiving Party as a result of this Agreement or the provision of Administrative Services hereunder. 

(b) Any Intellectual Property owned by a Providing Party or third-party licensors or service providers that may be operated or used by a
Providing Party in connection with the provision of the Administrative Services hereunder will remain the property of the Providing Party or third-party licensors or service providers, and the Receiving Party shall have no rights or interests
therein, except as may otherwise be expressly provided in any separate agreement. 
 4. Authority. Notwithstanding anything to
the contrary contained in Section 2 of this Agreement, the parties hereto acknowledge and agree that each Providing Party shall provide the Administrative Services as set forth in Section 2 of this Agreement, subject to the ultimate
authority of the Receiving Party to control its own business and affairs. Each party acknowledges that the services provided hereunder by any Providing Party are intended to be administrative, technical and ministerial and are not intended to set
policy for the Receiving Party. 
 5. Charges for Services. 

(a) In consideration for providing the Administrative Services provided for in Section 2 of this Agreement (other than insurance
services and office space, which shall be governed by Section 5(b) and Section 5(c) of this Agreement, respectively), each Receiving Party shall pay to the Providing Party an amount equal to (i) the direct cost that the Providing
Party incurs in performing such Administrative Services plus (ii) a reasonable allocation of other allocated costs, including, without limitation, depreciation and amortization determined in a consistent and fair manner so as to cover
such Providing Party’s appropriate costs or in such other manner as the parties shall agree plus (iii) any costs or markup necessary or advisable, as reasonably determined by the Providing Party, to comply with any local
jurisdiction pricing or other requirements. The Providing Party shall not charge the Receiving Party any portion of any tax for which the Providing Party receives a rebate or credit, or to which the Providing Party is entitled to a rebate or credit.
 

  
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 (b) To the extent that Cantor provides Newmark with insurance services hereunder, such insurance
shall be invoiced to and paid by Newmark as follows: 
 The premiums for each insurance policy with respect to which Newmark receives
services hereunder shall be allocated to Newmark by Cantor and shall be determined by multiplying Cantor’s total actual insurance premiums for each such coverage by a fraction, (i) in the case of any general liability or business
interruption insurance, the numerator of which is the aggregate consolidated net revenues (determined in accordance with U.S. generally accepted accounting principles) of Newmark, and the denominator of which is the sum of the aggregate consolidated
net revenues of Cantor plus any consolidated net revenues of BGC Partners not included in the consolidated net revenues of Cantor, plus any consolidated net revenues of Newmark not included in the consolidated net revenues of Cantor,
excluding the revenues from any division or subsidiary which does not benefit from or which is not covered by the insurance to which these premiums relate, (ii) in the case of any property and casualty insurance, the numerator of which is the
number of employees of Newmark and the denominator of which is the number of employees of Cantor, BGC Partners and Newmark, and (iii) in the case of any other insurance, as mutually agreed to by Newmark, Inc. and CFLP. 

(c) To the extent that Cantor provides office space hereunder, such office space shall be invoiced to and paid by Newmark as follows: 

So long as Newmark uses any portion of Cantor’s offices (each, a “Cantor Office”), Newmark shall pay to Cantor on the
first day of each calendar month with respect to each such Cantor Office an amount equal to the product of (x) the average rate per square foot then being paid by Cantor for such Cantor Office and (y) the number of square feet requested by
Newmark and made available for use by Newmark. In addition, Newmark shall pay to Cantor on the first day of each calendar month an amount equal to the sum of the costs allocated under U.S. generally accepted accounting principles, including, without
limitation, leasehold amortization expenses, depreciation, overhead, taxes and repairs in relation to such Cantor Office for the preceding month multiplied by a fraction, the numerator of which equals the number of square feet requested by Newmark
and made available for use by Newmark and the denominator of which equals the total number of square feet leased by Cantor under the lease for the applicable Cantor Office. 

6. Exculpation and Indemnity; Other Interests. 

(a) Cantor (including, without limitation, its stockholders, managers, members, partners, officers, directors and employees) shall not be
liable to Newmark or the equityholders of Newmark for any acts or omissions taken or not taken in good faith on behalf of Newmark and in a manner reasonably believed by CFLP to be within the scope of the authority

  
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granted to it by this Agreement and in the best interests of Newmark, except for acts or omissions constituting fraud or willful misconduct in the performance of CFLP’s duties under this
Agreement. Notwithstanding the foregoing, Cantor shall be liable to Newmark for any losses incurred by Newmark in connection with the provision of Administrative Services by Cantor hereunder to the extent Cantor is entitled to be reimbursed by an
unaffiliated third party for any such liability. Newmark shall indemnify, defend and hold harmless Cantor (and its stockholders, managers, members, partners, officers, directors and employees) from and against any and all claims or liabilities of
any nature whatsoever (including, without limitation, consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against Cantor with respect to its provision of Administrative Services hereunder, except
where attributable to the fraud or willful misconduct of Cantor. 
 (b) Newmark (including, without limitation, its stockholders, managers,
members, partners, officers, directors and employees) shall not be liable to Cantor or the equityholders of Cantor for any acts or omissions taken or not taken in good faith on behalf of Cantor and in a manner reasonably believed by Newmark, Inc. to
be within the scope of the authority granted to it by this Agreement and in the best interests of Cantor, except for acts or omissions constituting fraud or willful misconduct in the performance of Newmark, Inc.’s duties under this Agreement.
Notwithstanding the foregoing, Newmark shall be liable to Cantor for any losses incurred by Cantor in connection with the provision of Administrative Services by Newmark hereunder to the extent Newmark is entitled to be reimbursed by an unaffiliated
third party for any such liability. Cantor shall indemnify, defend and hold harmless Newmark (and its stockholders, managers, members, partners, officers, directors and employees) from and against any and all claims or liabilities of any nature
whatsoever (including, without limitation, consequential damages and reasonable attorney’s fees) arising out of or in connection with any claim against Newmark with respect to its provision of Administrative Services hereunder, except where
attributable to the fraud or willful misconduct of Newmark. 
 (c) Nothing in this Agreement shall prevent Cantor and its affiliates from
engaging in or possessing an interest in other business ventures of any nature or description, independently or with others, whether currently existing or hereafter created, and none of Newmark or any of its stockholders shall have any rights in or
to such independent ventures or to the income or profits derived therefrom as a result of this Agreement. 
 7. Relationship of the
Parties. 
 (a) The relationship of each Providing Party and each Receiving Party shall be that of contracting parties, and no
partnership, joint venture or other arrangement shall be deemed to be created by this Agreement. 
 (b) Except as expressly provided herein,
neither Cantor nor Newmark shall have any claim against the other or right of contribution by virtue of this Agreement with respect to any uninsured loss incurred by any of them nor shall any of them have a claim or right against the other by virtue
of this Agreement with respect to any loss that is deemed to be included within the deductible, retention or self-insured portion of any insured risk. 

  
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 8. Audit. Any party hereto may request a review, by those certified public
accountants who examine Cantor’s or Newmark’s books and records, of the other party’s cost allocation to the requesting party to determine whether such allocation is proper under the procedures set forth herein. Such a review is to be
conducted at the requesting party’s expense unless such allocation is determined not to be proper, in which case such review shall be at the other party’s expense. 

9. Documentation. Each party’s charges to the other for all Administrative Services hereunder shall be substantiated
by appropriate schedules, invoices or other documentation. During the Term, each Providing Party shall use commercially reasonable efforts to maintain records relating to the Administrative Services being provided in a manner similar to record
maintenance with respect to other administrative services previously provided by such Providing Party, including, without limitation, data relating to the determination of charges payable by the Receiving Party of such Administrative Services, and
otherwise in accordance with the record management practices and with at least the same degree of care and completeness as applicable to such Providing Party at such time. 

10. Actual Cost. Any charges to the Receiving Party for Administrative Services provided by Cantor or Newmark, as the case
may be, or by third parties pursuant to Section 2 of this Agreement shall be based upon rates not intended to provide a profit to Cantor or Newmark, as applicable. Any sales, use, value added, turnover or similar taxes required to be charged in
respect of Administrative Services provided by a party to another party shall be charged in addition to any charges otherwise due hereunder, and shall be included in the relevant invoice. 

11. Invoicing and Billing. Each party shall invoice the other for charges for Administrative Services provided pursuant
hereto on a monthly basis as incurred, such invoices to be delivered to the other party within 15 days after the end of each calendar month. Such invoices may include third party charges incurred in providing Administrative Services pursuant to
Section 2 of this Agreement or, at the invoicing party’s option, Administrative Services provided by one or more third parties may be invoiced directly to the Receiving Party of those Administrative Services. Each Receiving Party shall pay
to the relevant Providing Party the aggregate charge for Administrative Services provided under this Agreement in arrears, subject to receipt of an invoice from the Providing Party in accordance with this Section 11, within 30 days after
the end of each calendar month. Amounts due by one party to the other party under this Agreement shall be netted against amounts due by the other party to the first party under this Agreement or any other agreement. 

12. Services by Third Parties or Affiliates. Either party may, without cause, procure any of the Administrative Services
specified in Section 2 of this Agreement from a third party or may provide such Administrative Services directly or through an affiliate. The Providing Party shall discontinue providing any Administrative Service to the Receiving Party upon
written notice by the Receiving Party, delivered at least 90 days before the requested termination date. The Receiving Party shall pay to the Providing Party an amount equal to the costs incurred by the Providing Party as a result of such
termination, including, without limitation, any severance or cancellation fees. 

  
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 13. Failure to Perform the Administrative Services. In the event of any
breach of this Agreement by the Providing Party with respect to any error or defect in providing any Administrative Service, the Providing Party shall, at the Receiving Party’s request, without the payment of any further fees by the Receiving
Party, use its commercially reasonable best efforts to correct or cause to be corrected such error or defect or reperform or cause to be reperformed such Administrative Service, as promptly as practicable. 

14. Excused Performance. Neither party warrants that any of the Administrative Services agreed to be provided shall be
free of interruption caused by acts of God, strikes, lockouts, accidents, inability to obtain third-party cooperation or other causes beyond its control. No such interruption of Administrative Services shall be deemed to constitute a breach of any
kind whatsoever hereunder. 
 15. Survival of Payment Obligations. Notwithstanding any provision herein to the
contrary, all payment obligations hereof shall survive the happening of any event causing termination of this Agreement until all amounts due hereunder have been paid. 

16. Confidentiality. Except as otherwise provided in this Agreement, (a) the Providing Party shall, and shall cause
its affiliates (and their respective accountants, counsel, consultants, employees and agents to whom they disclose such information), to keep confidential all information in the possession of the Providing Party that in any way relates to the
Receiving Party and is received in connection with the provision of Administrative Services hereunder, and (b) the Receiving Party shall, and shall cause its affiliates (and their respective accountants, counsel, consultants, employees and
agents to whom they disclose such information), to keep confidential all information in possession of the Receiving Party that relates to the Providing Party, is not information related to the Receiving Party and is received in connection with the
receipt of Administrative Services hereunder. The provisions of this Section 16 do not apply to the disclosure by either party or their respective affiliates (and their respective accountants, counsel, consultants, employees and agents to whom
they disclose such information) of any information (i) which is, or becomes, publicly available, other than by reason of a breach of this Section 16 by the disclosing party or any affiliate of the disclosing party, (ii) received from
a third party not bound by any confidentiality agreement with the other party, (iii) required by applicable law to be disclosed by that party, or (iv) necessary to establish such party’s rights under this Agreement or the Separation
and Distribution Agreement or other agreements executed in connection herewith or therewith, provided that in the case of clauses (iii) and (iv), the person intending to make disclosure of confidential information will promptly notify the party
to whom it is obligated to keep such information confidential and, to the extent practicable, provide such party a reasonable opportunity to prevent public disclosure of such information. 

Upon the request of a Receiving Party and upon termination of the relevant Administrative Service and/or this Agreement, each Providing Party
shall provide the Receiving Party with any data or information generated with respect to the terminated Administrative Service(s) provided to the Receiving Party in a format usable by the Receiving Party. The Receiving Party shall pay the cost, if
any, of converting such data or information into the appropriate format. 

  
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 17. Miscellaneous. 

(a) This Agreement shall be binding upon and shall inure to the benefit of parties hereto and their respective successors, assigns and
transferees, including binding upon any person that will be a successor to a party hereto, whether by merger, consolidation or sale of all or substantially all of its assets. This Agreement and any rights or obligations hereunder may not be assigned
or transferred without the written consent of the other party hereto; provided that CFLP may assign any of its rights or obligations hereunder to any other member of Cantor or any person that will be a successor to any member of Cantor,
whether by merger, consolidation or sale of all or substantially all of its assets, without the written consent of Newmark, Inc.. 
 (b) No
waiver by any party hereto of any of its rights under this Agreement shall be effective unless in writing and signed by an officer of the party waiving such right. References to writing include any method of reproducing words in a legible and
non-transitory form. No waiver of any breach of this Agreement shall constitute a waiver of any subsequent breach, whether or not of the same nature. This Agreement may not be modified or amended except by a writing signed by each of the parties
hereto. 
 (c) This Agreement and the Separation and Distribution Agreement constitutes the entire agreement of the parties with respect to
the subject matter hereof, and cancels and supersedes any and all prior written or oral contracts or negotiations between the parties with respect to the subject matter hereof. 

(d) This Agreement shall be strictly construed as independent from any other agreement or relationship between the parties, other than the
Separation and Distribution Agreement. 
 (e) This Agreement is made pursuant to and shall be governed and construed in accordance with the
laws of the State of New York, without regard to the principles of conflict of laws thereof. 
 (f) The descriptive headings of the several
sections hereof are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

(g) Any notice, request or other communication required or permitted in this Agreement shall be in writing and shall be sufficiently given if
personally delivered or sent by facsimile (with confirmation of receipt) or if sent by registered or certified mail, postage prepaid, addressed as follows: 
  

	 	(1)	If to CFLP: 

 110 East 59th Street 

New York, New York 10022 

Attention: General Counsel 
 Fax
No: (212) 829-4708 
  

	 	(2)	If to Newmark, Inc.: 

  
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 125 Park Avenue 

New York, New York 10017 

Attention: General Counsel 
 Fax
No: (312) 276-8715 
 The address of any party hereto may be changed on notice to the other party hereto duly served in accordance with the
foregoing provisions. 
 (h) The parties hereto understand and agree that any or all of the obligations of any Providing Party set forth
herein may be performed by any of its subsidiaries, other than for the avoidance of doubt the Receiving Party or any of its subsidiaries. CFLP may cause any or all of the benefits due to Cantor to be received by any of its subsidiaries, other than
for the avoidance of doubt Newmark. Newmark, Inc. may cause any or all of the benefits due to Newmark to be received by any of its subsidiaries. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed or caused this Administrative Services
Agreement to be executed in their respective names by their respective officers thereunto duly authorized, as of the date first written above. 
  

			
	CANTOR FITZGERALD, L.P.
		
	By:	 	CF Group Management, Inc.
		 	its General Partner
		
	By:	 	 /s/ Stephen M. Merkel

		 	Name: Stephen M. Merkel
		 	Title: Executive Managing Director

 [Signature Page for Administrative Services Agreement between Cantor Fitzgerald, L.P. and Newmark Group,
Inc.] 

  

 
			
	NEWMARK GROUP, INC.
		
	By:	 	 /s/ James Ficarro

		 	Name: James Ficarro
		 	Title: Chief Operating Officer

 [Signature Page for Administrative Services Agreement between Cantor Fitzgerald, L.P. and Newmark Group,
Inc.]

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