Document:

FIG-EX10.18_2013.12.31-Q4

 

Exhibit 10.18
THIRD AMENDMENT 
TO THE 
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 
OF 
PRINCIPAL HOLDINGS I LP
THIS THIRD AMENDMENT TO THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF PRINCIPAL HOLDINGS I LP (this "Amendment"), is made as of February 27, 2014, by and among FIG Asset Co. LLC, a Delaware limited liability company, as general partner (the "General Partner"), and the Limited Partners (as defined below).  All capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings given to them in the Partnership Agreement (as defined below).
WHEREAS, the General Partner and the Limited Partners have entered into an Amended and Restated Agreement of Limited Partnership, dated as of February 1, 2007, as amended by amendments thereto, dated as of August 2008 and March 2013 (the "Partnership Agreement"); and
WHEREAS, the General Partner and the Limited Partners desire to amend the Partnership Agreement on the terms set forth herein.
NOW THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto hereby agree as follows:
1.     Amendment to Section1.1.  The definition of "Presumed Tax Rate" in Section 1.1 of the Partnership Agreement is hereby amended and restated to read in its entirety as follows:  
"Presumed Tax Rate" means the highest effective combined Federal, state and local income tax rate applicable to any of the Partners, taking into account the character of the income, giving effect to the Federal income tax deduction for state and local taxes and applying any other reasonable assumptions that the General Partner, in its discretion, determines in good faith to be appropriate. 
2.     Amendment to Section 7.3.  Section 7.3 of the Partnership Agreement is hereby amended and restated to read in its entirety as follows:
Section 7.3    Tax Distributions.
(a)    Subject to § 17-607 of the Act and Section 7.3(g), the Partnership shall make distributions to each Partner for each calendar quarter ending after the date hereof as follows (such distributions, together with any distributions pursuant to Section 7.3(b), (c) or (g), are referred to herein, collectively, as "Tax Distributions"):
(i)    On or before the 10th day following the end of the First Quarterly Period of each calendar year, an amount equal to such Partner's Presumed Tax Liability for the First Quarterly Period, less the aggregate amount of Prior Distributions previously made to such Partner that relate to such calendar year;
(ii)    On or before the 10th day following the end of the Second Quarterly Period of each calendar year, an amount equal to such Partner's Presumed Tax Liability for the 

683309.16-LACSR01A - MSW

 

Second Quarterly Period, less the aggregate amount of Prior Distributions previously made to such Partner that relate to such calendar year;
(iii)    On or before the 10th day following the end of the Third Quarterly Period of each calendar year, an amount equal to such Partner's Presumed Tax Liability for the Third Quarterly Period, less the aggregate amount of Prior Distributions previously made to such Partner that relate to such calendar year; and
(iv)    On or before the 10th day following the end of the Fourth Quarterly Period of each calendar year, an amount equal to such Partner's Presumed Tax Liability for the Fourth Quarterly Period, less the aggregate amount of Prior Distributions previously made to such Partner that relate to such calendar year.
(b)    Subject to Section 7.3(g), on or before April 10 of each calendar year, if the General Partner determines in its sole discretion that all Prior Distributions made with respect to the immediately preceding calendar year are insufficient to satisfy the Partners' Presumed Tax Liability for such immediately preceding calendar year, the Partnership shall make an additional Tax Distribution to each Partner in an amount that the General Partner determines in its reasonable discretion will be sufficient to allow each Partner to satisfy his or her Presumed Tax Liability for the immediately preceding calendar year.
(c)    Subject to Section 7.3(g), on or before October 30 of each calendar year, if the General Partner determines in its sole discretion that all Prior Distributions made with respect to the immediately preceding calendar year are insufficient to satisfy the Partners' Presumed Tax Liability for such immediately preceding calendar year, the Partnership shall make an additional Tax Distribution to each Partner in an amount that the General Partner determines in its reasonable discretion will be sufficient to allow each Partner to satisfy his or her Presumed Tax Liability for the immediately preceding calendar year.
(d)    Tax Distributions shall be made on the basis of a calendar year regardless of the Fiscal Year used by the Partnership.  
(e)     Notwithstanding any other provision of this Agreement, Tax Distributions shall be made:  (i) to all Partners pro rata in accordance with their Percentage Interests; and (ii) as if each distributee Partner was allocated an amount of income in each quarterly period equal to the product of (x) the highest amount of income allocated to any Partner with respect to his Units, calculated on a per-Unit basis, taking into account any income allocations pursuant to Section 6.2 hereof, multiplied by (y) the amount of Units held by such distributee partner.
(f)    If necessary, but subject to Section 17-607 of the Act, the Partnership shall be required to borrow funds in order to make the Tax Distributions required by this Section 7.3.
(g)    For purposes of determining any Tax Distributions hereunder, the General Partner may calculate a Partner’s Presumed Tax Liability with respect to all Fortress Operating Group Entities on an aggregate basis and calculate the amount of any Tax Distributions hereunder on a collective basis with similar distributions paid by the other Fortress Operating Group Entities to cover such tax liabilities for the relevant calendar year; provided, that (i) all Fortress Operating Group Entities pay Tax Distributions for that calendar year that are calculated on the same collective basis and (ii) the Tax Distributions paid by all of the Fortress Operating Group Entities when calculated on such an aggregate basis shall not exceed the sum of the Tax Distributions that would be paid by each of 

2
683309.16-LACSR01A - MSW

 

the Fortress Operating Group Entities if the Partner's Presumed Tax Liability was calculated separately for each Fortress Operating Group Entity (without regard to this Section 7.3(g)); provided, further, that for purposes of this Section 7.3(g) only, all references to the Fortress Operating Group Entities shall be deemed to exclude FOE II (New) LP.
(h)    The determination as to which calendar year any distribution relates shall be made by the General Partner in its reasonable discretion.
3.     Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflict of laws thereof.
4.     Binding on Successors.  This Amendment inures to the benefit of and shall be binding upon the parties hereto and their respective successors and assigns.
5.     Ratification.  Except as otherwise expressly modified hereby, the Partnership Agreement shall remain in full force and effect, and all of the terms and provisions of the Partnership Agreement, as herein modified, are hereby ratified and reaffirmed.
[Remainder of page intentionally left blank]

3
683309.16-LACSR01A - MSW

 

IN WITNESS WHEREOF, the undersigned Partners have executed this Amendment as of the date first written above.
GENERAL PARTNER:
FIG ASSET CO. LLC, 
a Delaware limited liability company
		
	By:
	/s/ David N. Brooks     
Name: David N. Brooks 
Title: Secretary

LIMITED PARTNERS:
/s/ Wesley R. Edens     
Wesley R. Edens
/s/ Wesley R. Edens     
Wesley R. Edens, as Trustee of 
The Wesley R. Edens 2011 GRAT Family Trust
/s/ Jay Levine     
Jay Levine, as Trustee of 
The Wesley R. Edens 2011 GRAT Family Trust
/s/ Wesley R. Edens     
Wesley R. Edens, as Trustee of 
The Wesley R. Edens 2012 Annuity Trust
/s/ Wesley R. Edens     
Wesley R. Edens, as Trustee of 
The Wesley R. Edens 2013 Annuity Trust

[Signature Page to Third Amendment to A&R Agreement of Limited Partnership of PH I LP]
683309.16-LACSR01A - MSW

 

/s/ Peter L. Briger, Jr.     
Peter L. Briger, Jr.
/s/ Peter L. Briger, Jr.     
Peter L. Briger, Jr., as Trustee 
of The 2012 Briger GST Trust
/s/ Devon Briger     
Devon Briger, as Trustee 
of The 2012 Briger GST Trust
/s/ Peter L. Briger, Jr.     
Peter L. Briger, Jr., as Trustee of 
The Peter L. Briger, Jr. 2010 GRAT Family Trust
/s/ Matthew Harrison Briger     
Matthew Harrison Briger, as Trustee of 
The Peter L. Briger, Jr. 2010 GRAT Family Trust
/s/ Christine Tanona     
Christine Tanona, as Trustee of 
The Peter L. Briger, Jr. 2010 GRAT Family Trust
/s/ Peter L. Briger, Jr.     
Peter L. Briger, Jr., as Trustee of 
The Peter L. Briger, Jr. 2008 GRAT Family Trust
/s/ Matthew Harrison Briger     
Matthew Harrison Briger, as Trustee of 
The Peter L. Briger, Jr. 2008 GRAT Family Trust

[Signature Page to Third Amendment to A&R Agreement of Limited Partnership of PH I LP]
683309.16-LACSR01A - MSW

 

WAINSCOTT HOLDINGS, LLC
		
	By:
	/s/ Peter L. Briger, Jr.     
Peter L. Briger, Jr. 
Sole Member

[Signature Page to Third Amendment to A&R Agreement of Limited Partnership of PH I LP]
683309.16-LACSR01A - MSW

 

/s/ Michael E. Novogratz     
Michael E. Novogratz
/s/ Michael E. Novogratz     
Michael E. Novogratz, as Trustee 
of The 2012 Novogratz GST Trust
/s/ Sukey Novogratz     
Sukey Novogratz, as Trustee 
of The 2012 Novogratz GST Trust
/s/ Michael E. Novogratz     
Michael E. Novogratz, as Trustee of 
The Novogratz Family 2009 GRAT Family Trust
/s/ David Barry     
David Barry, as Trustee of 
The Novogratz Family 2009 GRAT Family Trust
/s/ Michael E. Novogratz     
Michael E. Novogratz, as Trustee of 
The Michael Novogratz 2008 GRAT Family Trust
/s/ Sukey Novogratz     
Sukey Novogratz, as Trustee of 
The Michael Novogratz 2008 GRAT Family Trust
/s/ David Barry     
David Barry, as Trustee of 
The Michael Novogratz 2008 GRAT Family Trust
/s/ Michael E. Novogratz     
Michael E. Novogratz, as Trustee of 
The Novogratz Family 2008 GRAT Family Trust

[Signature Page to Third Amendment to A&R Agreement of Limited Partnership of PH I LP]
683309.16-LACSR01A - MSW

 

/s/ David Barry     
David Barry, as Trustee of 
The Novogratz Family 2008 GRAT Family Trust

[Signature Page to Third Amendment to A&R Agreement of Limited Partnership of PH I LP]
683309.16-LACSR01A - MSW

 

/s/ Randal A. Nardone     
Randal A. Nardone
/s/ Randal A. Nardone     
Randal A. Nardone, as Trustee of 
The Randal A. Nardone 2011 Annuity Trust #1
/s/ Randal A. Nardone     
Randal A. Nardone, as Trustee of 
Randal A. Nardone 2011 GRAT #2 Family Trust
/s/ Melani Nardone     
Melani Nardone, as Trustee of 
Randal A. Nardone 2011 GRAT #2 Family Trust
/s/ Randal A. Nardone     
Randal A. Nardone, as Trustee of 
The Randal A. Nardone 2012 Annuity Trust #1
/s/ Randal A. Nardone     
Randal A. Nardone, as Trustee of 
The Randal A. Nardone 2012 Annuity Trust #2
/s/ Randal A. Nardone     
Randal A. Nardone, as Trustee of 
Randal A. Nardone 2013 Annuity Trust

[Signature Page to Third Amendment to A&R Agreement of Limited Partnership of PH I LP]
683309.16-LACSR01A - MSWFIG-EX10.34_2013.12.31-Q4

EXECUTION COPY

Exhibit 10.34

FIRST AMENDMENT TO CREDIT AGREEMENT, CONSENT AND WAIVER
This FIRST AMENDMENT TO CREDIT AGREEMENT, CONSENT AND WAIVER (this “Amendment”) is entered into and effective as of January 29, 2014 among FIG LLC, a Delaware limited liability company (the “Borrower”), certain Subsidiaries and Affiliates of the Borrower (the “Guarantors”), the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement (as defined below).
RECITALS
WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are party to that certain Credit Agreement dated as of February 26, 2013 (as amended and modified from time to time, the “Credit Agreement”);
WHEREAS, certain of the Loan Parties and their Subsidiaries propose to enter into and consummate the transactions described on Exhibit A hereto (together with such other transactions reasonably necessary or desirable to consummate the foregoing (the “ALCO Transaction”);
WHEREAS, the Borrower has requested that the Lenders agree to certain amendments to the Credit Agreement, consent to the ALCO Transaction and waive any Default or Event of Default resulting therefrom; and
WHEREAS, the Required Lenders are willing to agree to such amendments, consent and waiver, subject to the terms and conditions as more fully set forth below.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENT
1.Amendments to Credit Agreement.  Subject to the satisfaction of the applicable conditions precedent set forth in Section 3 below, from and after the date hereof, the Credit Agreement is hereby amended as follows:
(a)    The following new definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:
“Affiliated Alternative Asset Business” means a business that generates annual Management Fees but with respect to which the Loan Parties and their Subsidiaries hold less than a majority of the total issued and outstanding Equity Interest of the Person directly or indirectly managing such business.
“First Amendment” means that certain First Amendment to Credit Agreement, Consent and Waiver, dated as of the First Amendment Effective Date, by and among the 

CHAR1\1344714v10

Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.
“First Amendment Effective Date” means January 29, 2014.

“LPA Amendment Effective Date” means the date upon which the Borrower has delivered to the Administrative Agent fully-executed copies of the amendments to each of the limited partnership agreements of FOE I and Principal Holdings in the forms attached to the First Amendment as Exhibit B thereto.
“TK Entity” means a Subsidiary of a Loan Party (without giving effect to the last sentence in the definition of Subsidiary) substantially all of whose assets are subject to a TK Agreement.
“TK Parent” means a Subsidiary of a Loan Party (without giving effect to the last sentence in the definition of Subsidiary) who is the direct owner of a TK Entity.
(b)    The definition of “EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the period at the end of clause (j) thereof and replacing it with “; plus” and (ii) inserting the following new clause (k) immediately after clause (j) thereof:
(k)    with respect to any Affiliated Alternative Asset Business of such Person, the lesser of (A) (x) the EBITDA (if positive) of such Affiliated Alternative Asset Business (calculated in the same manner as set forth in this definition of EBITDA) multiplied by (y) the  profit percentage of such Person in such Affiliated Alternative Asset Business and (B) the actual cash received by such Person from such Affiliated Alternative Asset Business in respect of the period for which EBITDA is calculated (provided that the Borrower can designate cash received from the end of the applicable period to the date at least 10 days prior to the delivery of the applicable Quarterly Financial Compliance Certificate pursuant to Section 7.02(b) for such period to have been effectively received in the most recently ended fiscal quarter); provided that the amount of EBITDA from all Affiliated Alternative Asset Businesses cannot exceed 10% of aggregate Consolidated EBITDA during any period.

(c)    The definition of “Exchange Loan” in Section 1.01 of the Credit Agreement is hereby amended by deleting the words “the Principals of” set forth therein and substituting the words “any Person owning” in replacement therefor.
(d)    Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions of “GK Entity” and “GK Parent”.
(e)    Clause (ii) of the definition of “Incentive Income Adjustment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
(ii) for all Fortress Funds (other than Private Equity Funds) and for Affiliated Alternative Asset Businesses, (x) incentive income on an accrual basis as if such incentive income from such funds and businesses were payable on a quarterly basis minus (y) incentive income recorded in accordance with GAAP.

2
CHAR1\1344714v10

(f)    The definition of “Management Agreements” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Management Agreements” means all agreements and Organization Documents that set forth Management Fees therein to which a Loan Party or a Subsidiary is a party (including any such agreements with or Organization Documents of any Affiliated Alternative Assets Business), as more fully set forth on Schedule 6.18.
(g)    The definition of “Management Fee Earning Assets” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Management Fee Earning Assets” means the sum of (a) in connection with a Traditional Asset Business, 33% of all assets subject to a Management Agreement in which a Loan Party, directly or indirectly, earns Management Fees, (b) in connection with an Alternative Asset Business, 100% of all assets subject to a Management Agreement in which a Loan Party, directly or indirectly, earns Management Fees and (c) in connection with Investments in an Affiliated Alternative Asset Business, a percentage of all assets subject to a Management Agreement in which a Loan Party, directly or indirectly, earns Management Fees, such percentage to be based on the lowest profit share to be earned by such Loan Party during the next twelve months; provided that assets of a Fortress Fund shall not be considered to be Management Fee Earning Assets if an event occurs that causes such Fortress Fund to (or a public announcement is made that such Fortress Fund will) terminate, dissolve, liquidate or wind up, or begin process of same, other than (x) a scheduled orderly unwinding of a Private Equity Fund or (y) a Permitted Fund Termination.
(h)    The definition of “Permitted Tax Distributions” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Permitted Tax Distribution” means all Tax Distributions (as such term is defined, on the LPA Amendment Effective Date, in a Top Tier Guarantor’s partnership agreement (as amended) or with respect to Top Tier Guarantors created after the LPA Amendment Effective Date, in a manner consistent with such existing Top Tier Guarantor’s partnership agreements (as amended)).
(i)    Section 7.12(v) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(v)    a TK Parent.

(j)    Section 8.01(q) of the Credit Agreement is hereby amended by (i) deleting the words “Liens incurred with respect to” set forth therein and substituting the words “Liens on” in replacement therefor and (ii) deleting the words “GK Entity” set forth therein and substituting the words “TK Entity” in replacement therefor.
(k)    Section 8.01(v) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(v)    Liens not otherwise permitted by this Section 8.01 securing Indebtedness or other obligations not prohibited from being incurred hereunder not to exceed an aggregate amount of $35,000,000 at any one time; provided that for the purposes of this Section 8.01

3
CHAR1\1344714v10

(v), the amount of any Lien shall be calculated to be the lower of (i) the amount of Indebtedness or other obligations secured by such Lien and (ii) the value of the assets subject to such Lien at the time such Lien is granted.
(l)    Section 8.02(m) of the Credit Agreement is hereby amended by deleting the words “GK Entity” set forth therein and substituting the words “TK Entity” in replacement therefor.
(m)    Section 8.04(b) of the Credit Agreement is hereby amended by inserting the words “(if fair market value of the assets subject to such Disposition is greater than zero)” immediately after the words “cash and/or Cash Equivalents” in clause (i) thereof.
(n)    The first sentence of Section 8.07 of the Credit Agreement is hereby amended by (i) deleting the words “GK Entity” set forth in clause (h) thereof and substituting the words “TK Entity” in replacement therefor; (ii) deleting the word “and” after clause (h) thereof and (iii) inserting the following at the end of clause (i) thereof:
, (j) payments in the ordinary course of business by a Loan Party on behalf of any Subsidiary or Fortress Fund which are reimbursed by such Subsidiary or Fortress Fund within a reasonable period of time not to exceed 90 days and (k) entering into any Management Agreement and transactions in accordance with the terms of any Management Agreement.
2.    Consent and Waiver under Credit Agreement.  Pursuant to Section 11.01 of the Credit Agreement, the Required Lenders hereby consent to the consummation of the ALCO Transaction and the performance by the relevant Loan Parties and their Subsidiaries of their respective obligations under the ALCO Transaction.  Notwithstanding anything to the contrary in any Loan Document, the Required Lenders hereby agree that neither the consummation of the ALCO Transaction nor the performance by the relevant Loan Parties and their Subsidiaries of their respective obligations under the ALCO Transaction will constitute or result in any Default or Event of Default.  The Administrative Agent hereby acknowledges such consent and agreement by the Required Lenders.
3.    Effectiveness; Conditions Precedent.  This Amendment (other than the amendment set forth in Section 1(h) hereof) shall be effective as of the date hereof upon satisfaction of the conditions set forth in Sections 3(a), 3(b) and 3(d) below.  The amendment set forth in Section 1(h) hereof shall become effective upon the satisfaction of the condition set forth in Section 3(c) hereof and each of the other conditions set forth in this Section 3.  
(a)    Receipt by the Administrative Agent of copies of this Amendment duly executed by the Borrower, the Guarantors and the Required Lenders;
(b)    Receipt by the Administrative Agent of a Compliance Certificate signed by a Responsible Officer of the Borrower giving pro forma effect to the ALCO Transaction as of September 30, 2013 (as if the ALCO Transaction had been consummated on such date), calculated after giving effect to this Amendment;
(c)    Receipt by the Administrative Agent of executed copies of amendments to the limited partnership agreements of FOE I and Principal Holdings in substantially the forms attached hereto as Exhibit B; and
(d)    Payment by the Borrower of all fees and expenses then due and payable.

4
CHAR1\1344714v10

4.    Ratification of Credit Agreement.  The term “Credit Agreement” as used in each of the Loan Documents shall hereafter mean the Credit Agreement as amended, waived and modified by this Amendment.  Except as herein specifically agreed, the Credit Agreement, as amended, waived and modified by this Amendment, is hereby ratified and confirmed and shall remain in full force and effect according to its terms.  Each of the Loan Parties acknowledges and consents to the amendments and modifications set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents (including, without limitation, the indemnity obligations and guaranty obligations set forth therein) and that, after the date hereof, this Amendment shall constitute a Loan Document.
5.    Authority/Enforceability.  Each of the Loan Parties represents and warrants as follows:
(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.
(b)    This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(c)    No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment.
(d)    The execution and delivery of this Amendment does not (i) violate, contravene or conflict with any provision of its, or its Subsidiaries’ organizational documents or (ii) materially violate, contravene or conflict with any Requirement of Law or any other law, regulation, order, writ, judgment, injunction, decree or permit applicable to it or any of its Subsidiaries.
6.    Representations and Warranties of the Loan Parties.  The Loan Parties represent and warrant to the Administrative Agent and the Lenders that (a) the representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement are true and correct in all material respects as of the date hereof (except to the extent a representation and warranty specifically refers to an earlier date and then as of such earlier date), (b) after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default and (c) the Collateral Documents continue to create a valid perfected security interest in the Collateral prior to all Liens other than Permitted Liens.
7.    Counterparts/Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of executed counterparts of this Amendment by telecopy or electronic transmission of a “PDF” copy shall be effective as an original and shall constitute a representation that an original shall be delivered promptly upon request.
8.    GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
[remainder of page intentionally left blank]

5
CHAR1\1344714v10

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
BORROWER:                FIG LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks                    
Title:   Secretary                    
GUARANTORS:            FORTRESS OPERATING ENTITY I LP,
a Delaware limited partnership
By: FIG Corp, its General Partner
By: /s/ David N. Brooks            
Name: David N. Brooks    
Title:   Secretary
PRINCIPAL HOLDINGS I LP,
a Delaware limited partnership
By: FIG Asset Co. LLC, its General Partner
By: /s/ David N. Brooks            
Name: David N. Brooks    
Title:   Secretary
FORTRESS PRINCIPAL INVESTMENT HOLDINGS LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks    
Title:   General Counsel
FORTRESS PRINCIPAL INVESTMENT GROUP LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks    
Title:   Secretary

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

FORTRESS PRINCIPAL INVESTMENT HOLDINGS IV LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks                        
Title:   General Counsel                
FORTRESS INVESTMENT FUND GP (HOLDINGS) LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks                        
Title:   Secretary                
FIG PARTNERS POOL (A) LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks                        
Title:   Secretary                
FIG PARTNERS POOL (P2) LLC,
a Delaware limited liability company
By: /s/ David N. Brooks            
Name: David N. Brooks                        
Title:   Secretary                

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

ADMINISTRATIVE AGENT:    BANK OF AMERICA, N.A.,
as Administrative Agent
By: /s/ Darleen R. Parmelee            
Name:        Darleen R. Parmelee        
Title:        Vice President            

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                BANK OF AMERICA, N.A.,
as a Lender and L/C Issuer
By: /s/ Dominic Malleo            
Name:        Dominic Malleo    
Title:        Director        

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                BARCLAYS BANK PLC,
as a Lender
By: /s/ Noam Azachi            
Name:    Noam Azachi            
Title:    Vice President            

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                CITIBANK N.A.,
as a Lender
By: /s/ Dane Graham            
Name:    Dane Graham            
Title:    Director                          

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                CREDIT SUISSE AG, Cayman Islands Branch,
as a Lender
By: /s/ Doreen Barr            
Name:    Doreen Barr            
Title:    Authorized Signatory          
By: /s/ Alex Verdone            
Name:    Alex Verdone            
Title:    Authorized Signatory            

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                DEUTSCHE BANK AG NEW YORK BRANCH,
as a Lender
By: /s/ Kirk L. Tashjian            
Name:    Kirk L. Tashjian        
Title:    Vice President              
By: /s/ Peter Cucchiara            
Name:    Peter Cucchiara            
Title:    Vice President                 
       

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                GOLDMAN SACHS BANK USA,
as a Lender
By: /s/ Michelle Latzoni            
Name:    Michelle Latzoni        
Title:    Authorized Signatory          

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                MORGAN STANLEY BANK, N.A.,
as a Lender
By: /s/ Harry Comninellis        
Name:    Harry Comninellis        
Title:    Authorized Signatory          

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

LENDERS:                WELLS FARGO BANK, N.A.,
as a Lender
By: /s/ Rosy Cohen        
Name:    Rosy Cohen        
Title:    Managing Director     

EXHIBIT A
Summary of Proposed ALCO Transaction

The transfer of Fortress Asia Macro GP LLC and Fortress Asia Macro Advisors LLC to Adam Levinson (or one or more entities controlled by Adam Levinson) as more fully described in the materials provided to the Lenders dated January 22, 2014 and the payment of fees, costs and expenses in connection therewith.
EXHIBIT B
Amendments to Limited Partnership Agreements

Filed as Exhibits 10.10, 10.14 and 10.18 to Fortress Investment Group LLC’s Annual Report on Form  
10-K (File No. 001-33294) for the year ended December 31, 2013 filed with the SEC on February 27, 2014.

FIG LLC
FIRST AMENDMENT
TO CREDIT AGREEMENT, CONSENT AND WAIVER

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]