Document:

Exhibit 10.36

 

BUNGE LIMITED BOARD OF DIRECTORS

 

DESCRIPTION OF NON-EMPLOYEE DIRECTORS’
 COMPENSATION

 

Annual Retainer

 

·                                          $75,000 per year.

 

Lead Independent Director Fees

 

·                                          $20,000 per year.

 

Committee Chairman Fees

 

·                                          $20,000 per year for Audit Committee chair.

·                                          $15,000 per year for each other committee chair.

 

Committee Member Fees

 

·                                          $10,000 per year for Audit Committee membership.

·                                          $0 per year for each other committee membership.

 

Meeting Fees

 

·                                          If the Board of Directors meets more than 10 times per year, each non-employee director will receive a fee of $1,000 for each additional meeting attended.

·                                          If a committee meets more than 10 times per year, each committee member will receive a fee of $1,000 for each additional meeting attended.

 

Equity Awards

 

·                                          Pursuant to the 2007 Non-Employee Directors Equity Incentive Plan, an annual equity award will be granted to each continuing non-employee director as of the date of Bunge’s annual general meeting of the shareholders.  The value and form of award are recommended by the Compensation Committee.

 

·                                          Pursuant to the 2007 Non-Employee Directors Equity Incentive Plan, an equity award will be granted upon a new non-employee director’s initial election or appointment to the Board of Directors.  The award will include a pro rata portion of the awards made to the non-employee directors generally on the immediately preceding date of grant based on the number of days from the date of the director’s initial appointment or election to the next annual general meeting.

 

1Exhibit 10.4    
    

 
    EXHIBIT A    
    

        FIVE-YEAR COMPETITIVE ADVANCE AND

REVOLVING CREDIT FACILITY AGREEMENT 

dated
as of October 19, 2005, 

as
amended and restated as of June 1, 2007, 

as
further amended and restated as of June 12, 2009, 

among

JANUS
CAPITAL GROUP INC., 

THE
LENDERS PARTY HERETO, 

CITIBANK,
N.A.,

as Agent, 

and 

JPMORGAN
CHASE BANK, N.A.,

as Syndication Agent 

  

CITIGROUP
GLOBAL MARKETS INC. 

and

J.P.
MORGAN SECURITIES INC., 

Co-Arrangers
and Co-Book Managers 

 
 

  TABLE OF CONTENTS    
    

 

							
	 
	 	 
	 	Page 	 
	  ARTICLE I
	 
	  DEFINITIONS
	 
	 SECTION 1.01.
	 	 Defined Terms
	 	 	

1	 
	 SECTION 1.02.
	 	 Terms Generally
	 	 	22	 
	 SECTION 1.03.
	 	 Accounting Terms
	 	 	23	 
	  ARTICLE II
	 
	  THE CREDITS
	 
	 SECTION 2.01.
	 	 Commitments
	 	 	

23	 
	 SECTION 2.02.
	 	 Loans
	 	 	23	 
	 SECTION 2.03.
	 	 Competitive Bid Procedure
	 	 	24	 
	 SECTION 2.04.
	 	 Standby Borrowing Procedure
	 	 	26	 
	 SECTION 2.05.
	 	 Standby Interest Elections
	 	 	26	 
	 SECTION 2.06.
	 	 Fees
	 	 	27	 
	 SECTION 2.07.
	 	 Repayment of Loans; Evidence of Debt
	 	 	28	 
	 SECTION 2.08.
	 	 Interest on Loans
	 	 	28	 
	 SECTION 2.09.
	 	 Default Interest
	 	 	29	 
	 SECTION 2.10.
	 	 Alternate Rate of Interest
	 	 	29	 
	 SECTION 2.11.
	 	 Termination and Reduction of Commitments
	 	 	29	 
	 SECTION 2.12.
	 	 Prepayment
	 	 	30	 
	 SECTION 2.13.
	 	 Reserve Requirements; Change in Circumstances
	 	 	31	 
	 SECTION 2.14.
	 	 Change in Legality
	 	 	32	 
	 SECTION 2.15.
	 	 Indemnity
	 	 	32	 
	 SECTION 2.16.
	 	 Pro Rata Treatment
	 	 	33	 
	 SECTION 2.17.
	 	 Sharing of Setoffs
	 	 	33	 
	 SECTION 2.18.
	 	 Payments
	 	 	34	 
	 SECTION 2.19.
	 	 Taxes
	 	 	34	 
	 SECTION 2.20.
	 	 Termination or Assignment of Commitments under Certain Circumstances
	 	 	37	 
	 SECTION 2.21.
	 	 Lending Offices and Lender Certificates; Survival of Indemnity
	 	 	37	 
	  ARTICLE III
	 
	  REPRESENTATIONS AND WARRANTIES
	 
	 SECTION 3.01.
	 	 Corporate Existence and Standing
	 	 	

37	 
	 SECTION 3.02.
	 	 Authorization and Validity
	 	 	37	 
	 SECTION 3.03.
	 	 No Conflict; Governmental Consent
	 	 	38	 
	 SECTION 3.04.
	 	 Compliance with Laws; Environmental and Safety Matters
	 	 	38	 
	 SECTION 3.05.
	 	 Financial Statements
	 	 	38	 
	 SECTION 3.06.
	 	 No Material Adverse Change
	 	 	39	 
	 SECTION 3.07.
	 	 Subsidiaries
	 	 	39	 
	 SECTION 3.08.
	 	 Litigation
	 	 	39	 
	 SECTION 3.09.
	 	 Material Agreements
	 	 	39	 
	 SECTION 3.10.
	 	 Regulation U
	 	 	39	 
	 SECTION 3.11.
	 	 Investment Company Act
	 	 	39	 
	 SECTION 3.12.
	 	 Use of Proceeds
	 	 	39	 
	 SECTION 3.13.
	 	 Taxes
	 	 	39	 
	 SECTION 3.14.
	 	 Accuracy of Information
	 	 	39	 
	 SECTION 3.15.
	 	 No Undisclosed Dividend Restrictions
	 	 	40	 
	 SECTION 3.16.
	 	 Properties
	 	 	40	 
	 SECTION 3.17.
	 	 Collateral Matters
	 	 	40	 

 

 

 
 

							
	 
	 	 
	 	Page 	 
	  ARTICLE IV
	 
	  CONDITIONS
	 
	 SECTION 4.01.
	 	 Restatement Effective Date
	 	 	

41	 
	 SECTION 4.02.
	 	 All Borrowings
	 	 	41	 
	  ARTICLE V
	 
	  AFFIRMATIVE COVENANTS
	 
	 SECTION 5.01.
	 	 Conduct of Business; Maintenance of Ownership of Subsidiaries and Maintenance of Properties
	 	 	

42	 
	 SECTION 5.02.
	 	 Insurance
	 	 	42	 
	 SECTION 5.03.
	 	 Compliance with Laws and Payment of Material Obligations and Taxes
	 	 	42	 
	 SECTION 5.04.
	 	 Financial Statements, Reports, etc
	 	 	43	 
	 SECTION 5.05.
	 	 Notices of Material Events
	 	 	45	 
	 SECTION 5.06.
	 	 Books and Records; Access to Properties and Inspections
	 	 	45	 
	 SECTION 5.07.
	 	 Use of Proceeds
	 	 	45	 
	 SECTION 5.08.
	 	 Information Regarding Collateral; Deposit Accounts; Securities Accounts
	 	 	45	 
	 SECTION 5.09.
	 	 Additional Subsidiaries
	 	 	46	 
	 SECTION 5.10.
	 	 Further Assurances
	 	 	46	 
	  ARTICLE VI
	 
	  NEGATIVE COVENANTS
	 
	 SECTION 6.01.
	 	 Indebtedness of Subsidiaries
	 	 	

46	 
	 SECTION 6.02.
	 	 Liens
	 	 	47	 
	 SECTION 6.03.
	 	 Sale and Lease-Back Transactions
	 	 	49	 
	 SECTION 6.04.
	 	 Mergers, Consolidations and Transfers of Assets
	 	 	49	 
	 SECTION 6.05.
	 	 Transactions with Affiliates
	 	 	50	 
	 SECTION 6.06.
	 	 Restrictive Agreements; Certain Other Agreements
	 	 	50	 
	 SECTION 6.07.
	 	 Certain Financial Covenants
	 	 	50	 
	 SECTION 6.08.
	 	 Margin Stock
	 	 	51	 
	 SECTION 6.09.
	 	 Investments, Loans, Advances, Guarantees and Capital Contributions
	 	 	51	 
	 SECTION 6.10.
	 	 Restricted Payments; Certain Payments of Indebtedness
	 	 	53	 
	 SECTION 6.11.
	 	 Limitations on Conduct of Business
	 	 	54	 
	 SECTION 6.12.
	 	 Concerning Janus Capital International Limited
	 	 	54	 
	  ARTICLE VII
	 
	  EVENTS OF DEFAULT
	 
	  ARTICLE VIII
	 
	  THE AGENT
	 
	  ARTICLE IX
	 
	  MISCELLANEOUS
	 
	 SECTION 9.01.
	 	 Notices
	 	 	

60	 
	 SECTION 9.02.
	 	 Survival of Agreement
	 	 	60	 
	 SECTION 9.03.
	 	 Effectiveness
	 	 	60	 
	 SECTION 9.04.
	 	 Successors and Assigns
	 	 	60	 
	 SECTION 9.05.
	 	 Expenses; Indemnity
	 	 	63	 

 

 ii

 
 

							
	 
	 	 
	 	Page 	 
	 SECTION 9.06.
	 	 Right of Setoff
	 	 	64	 
	 SECTION 9.07.
	 	 Applicable Law
	 	 	64	 
	 SECTION 9.08.
	 	 Waivers; Amendment
	 	 	64	 
	 SECTION 9.08A.
	 	 Certain Amendments. 
	 	 	65	 
	 SECTION 9.09.
	 	 Interest Rate Limitation
	 	 	65	 
	 SECTION 9.10.
	 	 Entire Agreement
	 	 	65	 
	 SECTION 9.11.
	 	 WAIVER OF JURY TRIAL
	 	 	65	 
	 SECTION 9.12.
	 	 Severability
	 	 	66	 
	 SECTION 9.13.
	 	 Counterparts
	 	 	66	 
	 SECTION 9.14.
	 	 Headings
	 	 	66	 
	 SECTION 9.15.
	 	 Jurisdiction; Consent to Service of Process
	 	 	66	 
	 SECTION 9.16.
	 	 Confidentiality; Material Non-Public Information
	 	 	66	 
	 SECTION 9.17.
	 	 Electronic Communications
	 	 	67	 
	 SECTION 9.18.
	 	 Patriot Act
	 	 	68	 
	 SECTION 9.19.
	 	 No Fiduciary Relationship
	 	 	68	 
	 SECTION 9.20.
	 	 Release of Liens and Guarantees
	 	 	68	 
	 Schedule 2.01
	 	 Commitments
	 	 	 	 
	 Schedule 3.07
	 	 Subsidiaries
	 	 	 	 
	 Schedule 3.08
	 	 Litigation
	 	 	 	 
	 Schedule 6.01
	 	 Existing Indebtedness
	 	 	 	 
	 Schedule 6.02
	 	 Liens
	 	 	 	 
	 Schedule 6.09
	 	 Investments
	 	 	 	 
	 Exhibit A-1
	 	 Form of Competitive Bid Request
	 	 	 	 
	 Exhibit A-2
	 	 Form of Notice of Competitive Bid Request
	 	 	 	 
	 Exhibit A-3
	 	 Form of Competitive Bid
	 	 	 	 
	 Exhibit A-4
	 	 Form of Competitive Bid Accept/Reject Letter
	 	 	 	 
	 Exhibit A-5
	 	 Form of Standby Borrowing Request
	 	 	 	 
	 Exhibit B
	 	 Form of Assignment and Assumption
	 	 	 	 
	 Exhibit C
	 	 Form of Compliance Certificate
	 	 	 	 
	 Exhibit D
	 	 Form of Guarantee and Collateral Agreement
	 	 	 	 
	 Exhibit E
	 	 Form of Global Intercompany Note
	 	 	 	 
	 Exhibit F
	 	 Form of Intercompany Indebtedness Subordination Agreement
	 	 	1	 

 

 iii

 

        FIVE-YEAR
COMPETITIVE ADVANCE AND REVOLVING CREDIT FACILITY AGREEMENT dated as of October 19, 2005, as amended and restated as of June 1, 2007, as further
amended and restated as of June 12, 2009 (as it may be amended, supplemented or otherwise modified from time to time, this "Agreement"), among
JANUS CAPITAL GROUP INC., a Delaware corporation (the "Borrower"); the LENDERS party hereto; CITIBANK, N.A., as the Agent; and JPMORGAN CHASE
BANK, N.A., as the Syndication Agent. 

        On
October 19, 2005, the Borrower, certain lenders party thereto, Citibank, N.A., as administrative agent and swingline lender, and JPMorgan Chase Bank, N.A., as syndication
agent, entered into a credit agreement, which credit agreement was amended and restated as of June 1, 2007 (as so amended and restated, the "Existing Credit
Agreement"), pursuant to which the lenders party thereto agreed to extend credit to the Borrower. 

        The
Borrower has requested that the Lenders amend and restate the Existing Credit Agreement to be in the form hereof, subject to the terms and conditions set forth herein and in the
Amendment Agreement dated as of June 12, 2009, among the Borrower, the Lenders party thereto and the Agent (the "Amendment Agreement"). 

        Accordingly,
as of the Restatement Effective Date, the Existing Credit Agreement is amended and restated to be in the form hereof. 

 
 

  ARTICLE I    
    
    DEFINITIONS    
    

        SECTION 1.01.    Defined Terms.    As used in this Agreement, the following terms shall have the meanings
specified below: 

        "ABR Borrowing" shall mean a Borrowing comprised of ABR Loans. 

        "ABR Loan" shall mean any Standby Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with
Article II. 

        "Adjusted LIBO Rate" shall mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to the product of (a) the LIBO Rate in effect for such Interest Period and (b) Statutory Reserves. 

        "Administrative Questionnaire" shall mean an Administrative Questionnaire in a form supplied by the Agent. 

        "Affiliate" shall mean, when used with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified and, in any case, shall include, when used with respect to the Borrower or any Subsidiary, any joint
venture in which the Borrower or such Subsidiary holds Equity Interests of any class representing 15% or more of the issued and outstanding Equity Interests of such class. 

        "Agent" shall mean Citibank, N.A., in its capacity as administrative and collateral agent under the Loan Documents, and its successors in
such capacity as provided in Article VIII. 

        "Agent's Fees" shall have the meaning assigned to such term in Section 2.06(b). 

        "Agreement" shall have the meaning assigned to such term in the preamble hereto. 

        "Alternate Base Rate" shall mean, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1.00%)
equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1.00%, and (c) the
Adjusted LIBO Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in dollars with a maturity of one month, plus 1.00%. For purposes of
clause (c) above, the Adjusted LIBO Rate on any day shall be based on the rate per annum appearing on the Reuters "LIBOR01" screen 

 

(or
on any successor or substitute screen of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such screen of such
service, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately
11:00 a.m., London time, two Business Days prior to such day for deposits in dollars with a maturity of one month. If for any reason the Agent shall have determined (which determination shall
be conclusive absent manifest error) that (i) it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Agent to obtain sufficient
quotations in accordance with the definition of such term, Alternate Base Rate shall be determined without regard to clause (b) above until the circumstances giving rise to such inability no
longer exist, or (ii) reasonable means do not exist for ascertaining the Adjusted LIBO Rate (determined as set forth above), the Alternate Base Rate shall be determined without regard to
clause (c) above until such reasonable means again exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate
shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be. 

        "Amendment Agreement" shall have the meaning set forth in the recitals to this Agreement. 

        "Applicable Percentage" shall mean, with respect to any sale, transfer or other disposition of Equity Interests of INTECH or Perkins
pursuant to Section 6.04(c)(iv), the quotient, expressed as a percentage, obtained by dividing (a) the excess, if any, of (i) the lesser of (A) Consolidated EBITDA for the
period
of four consecutive fiscal quarters of the Borrower ended on or most recently prior to the Restatement Effective Date or (B) Consolidated EBITDA for the period of four consecutive fiscal
quarters of the Borrower ended on or most recently prior to the date such sale, transfer or other disposition is consummated (such lesser Consolidated EBITDA being referred to as the
"Reference Consolidated EBITDA") over (ii) the Reference Consolidated EBITDA re-calculated on a pro forma basis as if such sale,
transfer or other disposition had occurred on the first day of the period covered thereby (the "Pro Forma Reference Consolidated EBITDA"), all
calculated in good faith by a Financial Officer of the Borrower in accordance with Article 11 of Regulation S-X under the Securities Act of 1933, by (b) the Reference
Consolidated EBITDA; provided that if the Reference Consolidated EBITDA shall be less than the Pro Forma Reference Consolidated EBITDA, the Applicable
Percentage shall be deemed to be zero. 

        "Applicable Rate" shall mean, for any day on or after the Restatement Effective Date, with respect to any ABR Loan, any Eurodollar Standby
Loan or the Commitment Fees payable hereunder, the applicable rate per annum set forth below under the caption "ABR Spread", "Eurodollar Standby Spread" or "Commitment Fee Rate", as the case may be,
based upon the ratings by Moody's and S&P, respectively, applicable on such day to the Index Debt and the Leverage Ratio as of the end of the most recent fiscal quarter of the Borrower for which
consolidated financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b); provided that until the date of the delivery of the
consolidated financial statements of the Borrower pursuant to Section 5.04(b) for the fiscal quarter 

2

 

ended
June 30, 2009, the Applicable Rate shall be based on the rates per annum set forth in Category 2: 

 

											
	Index Debt Ratings/

Leverage Ratio

 
	 	ABR Spread 	 	Eurodollar

Standby Spread 	 	Commitment

Fee Rate 	 
	 Category 1
	 	 	 	 	 	 	 	 	 	 
	 BBB/Baa2 or higher
	 	 	 	 	 	 	 	 	 	 
	 Less than 3.50:1.00
	 	 	

2.250	
%	 	

3.250	
%	 	

0.250	
%
	 Category 2
	 	 	 	 	 	 	 	 	 	 
	 BBB-/Baa3
	 	 	 	 	 	 	 	 	 	 
	 Greater than or equal to

3.50:1.00 and less than 4.50:1.00
	 	 	

2.750	
%	 	

3.750	
%	 	

0.500	
%
	 Category 3
	 	 	 	 	 	 	 	 	 	 
	 BB+/Ba1
	 	 	 	 	 	 	 	 	 	 
	 Greater than or equal to

4.50:1.00 and less than 6.00:1.00
	 	 	

3.500	
%	 	

4.500	
%	 	

0.625	
%
	 Category 4
	 	 	 	 	 	 	 	 	 	 
	 BB/Ba2
	 	 	 	 	 	 	 	 	 	 
	 Greater than or equal to

6.00:1.00 and less than 7.00:1.00
	 	 	

4.500	
%	 	

5.500	
%	 	

0.750	
%
	 Category 5
	 	 	 	 	 	 	 	 	 	 
	 Lower than BB/Ba2 or unrated
	 	 	 	 	 	 	 	 	 	 
	 Greater than or equal to 7.00:1.00
	 	 	

5.000	
%	 	

6.000	
%	 	

0.750	
%

 

         For
purposes of the foregoing, (a) the applicable Category shall be based upon the lower of (i) the Category indicated by the ratings of the Index Debt and (ii) the
Category indicated by the Leverage Ratio (with Category 1 being considered the "highest" Category); (b) if either Moody's or S&P shall not have in effect a rating for the Index Debt,
then the Applicable Rate shall be determined by reference to the rating of the other rating agency; (c) if neither Moody's nor S&P shall have in effect a rating for the Index Debt, then the
Applicable Rate shall be determined solely by reference to the Leverage Ratio; (d) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall fall
within different Categories, the Applicable Rate shall be determined by reference to the higher of the two ratings unless one of the two ratings is two or more Categories above the other, in which
case the Applicable Rate shall be determined by reference to the Category one level above the Category corresponding to the lower rating; (e) if the ratings established or deemed to have been
established by Moody's and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody's or S&P), such change shall be effective as of the date on which
it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Agent and the Lenders; and (f) each change in
the Leverage Ratio shall be given effect commencing on and including the first Business Day following the date of delivery to the Agent of the consolidated financial statements as of the end of and
for the applicable fiscal quarter and ending on the date immediately preceding the effective date of the next such change; provided that the Applicable
Rate shall be determined by reference to Category 5 if the
Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.04(a) or 5.04(b), during the period from the last day on which such
statements 

3

 

are
permitted to be delivered in accordance with Section 5.04(a) or 5.04(b), as the case may be, until such consolidated financial statements are delivered. Each change in the Applicable Rate
shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's
or S&P shall change, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system and, pending the effectiveness of any such amendment, the
Applicable Rate shall be determined by reference to the rating of the other rating agency (or, if the circumstances referred to in this sentence shall affect both rating agencies, solely by reference
to the Leverage Ratio). 

        "Arrangers" shall mean Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. 

        "Assignment and Assumption" shall mean an assignment and assumption entered into by a Lender and an Eligible Assignee, with the consent of
any Person whose consent is required by Section 9.04, in the form of Exhibit B or any other form approved by the Agent. 

        "Attributable Debt" shall mean, at any date, in respect of any lease entered into by the Borrower or any Subsidiary as part of a Sale and
Leaseback Transaction, (a) if obligations under such lease are Capitalized Lease Obligations, the capitalized amount thereof that would appear on a balance sheet of the Borrower or such
Subsidiary prepared as of such date in accordance with GAAP, and (b) if obligations under such lease are not Capitalized Lease Obligations, the capitalized amount of the remaining lease
payments under such lease that would appear on a balance sheet of the Borrower or such Subsidiary prepared as of such date in accordance with GAAP if such obligations were accounted for as Capitalized
Lease Obligations. 

        "B Share Fees" shall mean (a) the contingent deferred sales charges payable to the Borrower by an investor in a load fund offered
by the Borrower upon any redemption by such investor prior to a certain number of years after such investor's investment in such fund and (b) the distribution fees payable by an investor in a
load fund offered by the Borrower, in each case payable at the times and in the amounts described in the Janus Capital Funds plc prospectus dated September 29, 2006 and the Janus
Selection prospectus dated September 29, 2006, in each case as amended from time to time, or the prospectus for any other substantially similar fund. 

        "B Share Purchaser" shall mean either a Finance Subsidiary or a financial institution or trust that purchases B Share Fees in connection
with a Permitted B Share True Sale Transaction. 

        "Board" shall mean the Board of Governors of the Federal Reserve System of the United States. 

        "Borrower" shall have the meaning assigned to such term in the preamble to this Agreement. 

        "Borrowing" shall mean (a) a Standby Borrowing or (b) a Competitive Borrowing. 

        "Business Day" shall mean any day (other than a day which is a Saturday, Sunday or legal holiday in the State of New York) on which banks
are open for business in New York City; provided, however, that, when used in connection with a
Eurodollar Loan, the term "Business Day" shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

        "Capital Group Partners" shall mean Capital Group Partners, Inc., a New York corporation. 

        "Capitalized Lease Obligations" of any Person shall mean the obligations of such Person under any lease that would be capitalized on a
balance sheet of such Person prepared in accordance with GAAP, and the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

        "CERCLA" shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund
Amendments and Reauthorization Act of 1986. 

4

 

        "CFC" shall mean a "controlled foreign corporation" within the meaning of Section 957(a) of the Code. 

        A
"Change in Control" shall be deemed to have occurred if, at any time, (a) less than a majority of the members of the board of
directors of the Borrower shall be (i) individuals who are members of such board on the Restatement Effective Date or (ii) individuals whose election, or nomination for election
by the Borrower's stockholders, was approved by a vote of at least a majority of the members of the board then in office who are individuals described in clause (i) above or this
clause (ii) or (b) any Person or any two or more Persons acting as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding, voting or disposing
of Equity Interests in the Borrower shall become, according to public announcement or filing, the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended), directly or indirectly, of Equity Interests in the Borrower representing 35% or more (calculated in accordance with such Rule 13d-3) of the combined voting power
of the Borrower's then outstanding voting Equity Interests. 

        "Charges" shall have the meaning assigned to such term in Section 9.09. 

        "Citigroup Parties" shall have the meaning assigned to such term in Section 9.17(e). 

        "Closing Date" shall mean June 1, 2007, which is the date on which the conditions specified in Section 4.01 of the Existing
Credit Agreement were satisfied. 

        "Code" shall mean the Internal Revenue Code of 1986, as the same may be amended from time to time. 

        "Collateral" shall mean any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted
pursuant to the Security Documents as security for the Obligations. 

        "Collateral Agreement" shall mean the Guarantee and Collateral Agreement among the Borrower, the other Loan Parties and the Agent,
substantially in the form of Exhibit E, together with all supplements thereto. 

        "Collateral and Guarantee Requirement" shall mean, at any time, the requirement that: 

        (a)   the
Agent shall have received from the Borrower and each Designated Subsidiary either (i) a counterpart of the Collateral Agreement duly executed and delivered on
behalf of such Person or (ii) in the case of any Person that becomes a Designated Subsidiary after the Restatement Effective Date, a supplement to the Collateral Agreement, in the form
specified therein, duly executed and delivered on behalf of such Person, together with such documents and legal opinions as the Agent may reasonably request; 

        (b)   all
Equity Interests in the Subsidiaries (other than Janus Capital Management LLC and the Excluded Subsidiary) owned by or on behalf of any Loan Party shall have
been pledged pursuant to the Collateral Agreement and, in the case of Equity Interests in any Foreign Subsidiary, where reasonably requested by the Agent in connection with a pledge of such Equity
Interests, a Foreign Pledge Agreement (provided that the Loan Parties shall not be required to pledge more than 65% of the outstanding voting Equity
Interests of any CFC), and the Agent shall, to the extent required by the Collateral Agreement, have received certificates or other instruments representing all such Equity Interests, together with
undated stock powers or other instruments of transfer with respect thereto endorsed in blank, together with such documents and legal opinions as the Agent may reasonably request; 

        (c)   (i)
all Indebtedness of the Borrower and each Subsidiary and (ii) all Indebtedness of any other Person in a principal amount of $3,000,000 or more that, in the
case of clauses (i) and (ii) above, is owing to any Loan Party shall be evidenced by a promissory note (which may be a 

5

 

global
note in substantially the form of Exhibit F or otherwise in a form reasonably satisfactory to the Agent) that shall have been pledged pursuant to the Collateral Agreement, and the Agent
shall have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank; 

        (d)   all
documents and instruments, including Uniform Commercial Code financing statements, required by applicable law or reasonably requested by the Agent to be filed,
registered or recorded to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent required by, and with the priority required by, the Security Documents,
shall have been filed, registered or recorded or delivered to the Agent for filing, registration or recording; 

        (e)   the
Agent shall have received (i) counterparts of a Mortgage with respect to each Mortgaged Property duly executed and delivered by the record owner of such
Mortgaged Property, (ii) a policy or policies of title insurance issued by a nationally recognized title insurance company insuring the Lien of each such Mortgage as a valid and enforceable
first Lien on the Mortgaged Property described therein, free of any other Liens except as permitted by Section 6.02, together with such endorsements, coinsurance and reinsurance as the Agent
may reasonably request, (iii) if any Mortgaged Property is located in an area determined by the Federal Emergency Management Agency to have special flood hazards, evidence of such flood
insurance as may be required under applicable law, including Regulation H of the Board, and (iv) such legal opinions and other documents as the Agent may reasonably request with respect
to any such Mortgage or Mortgaged Property; 

        (f)    with
respect to (i) each deposit account (other than (A) any Excluded Deposit Account and (B) deposit accounts the daily balance in which does not
at any time exceed $2,000,000 for any such account or $5,000,000 in the aggregate for all such accounts) and (ii) each securities account (other than any Excluded Securities Account), in the
case of clauses (i) and (ii) above, maintained by any Loan Party with any depositary bank or securities intermediary the assets in which are owned by any Loan Party, the Agent shall have
received a counterpart of a Control Agreement, duly executed and delivered by the applicable Loan Party and such depositary bank or securities intermediary, as the case may be; and 

        (g)   each
Loan Party shall have obtained all consents and approvals required to be obtained by it in connection with the execution and delivery of all Security Documents to
which it is a party, the performance of its obligations thereunder and the granting by it of the Liens thereunder. 

        The
foregoing definition shall not require the creation or perfection of pledges of or security interests in, or the obtaining of title insurance, legal opinions or other deliverables
with respect to, particular assets of the Loan Parties, or the provision of a Guarantee by any Subsidiary that is not a Loan Party, if and to the extent that, and for so long as, (i) the Agent,
in consultation with the Borrower, determines that the cost or other burden to the Borrower and the Subsidiaries of creating or perfecting such pledges or security interests in such assets (including
in any real property owned in fee by any Loan Party), or obtaining such title insurance, legal opinions or other deliverables in respect of such assets or the provision of such Guarantee (taking into
account any adverse tax consequences to the Borrower and the Subsidiaries (including the imposition of withholding or other material Taxes)), shall be excessive in view of the benefits to be obtained
by the Lenders therefrom or (ii) the applicable Loan Party or the applicable Subsidiary shall be prohibited by law or regulation from creating or perfecting such security interests in such
assets or providing such Guarantee, as the case may be. The Agent may grant extensions of time for the creation and perfection of security interests in or the obtaining of title insurance, legal
opinions or other deliverables with respect to particular assets (including extensions beyond the Restatement Effective Date) where it determines that such action 

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cannot
be accomplished or accomplished without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Security Documents. 

        "Commitment" shall mean, with respect to each Lender, the commitment of such Lender to make Standby Loans hereunder, expressed as an
amount representing the maximum aggregate amount of such Lender's Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.11
and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender's Commitment is set forth on
Schedule 2.01, or in the Assignment and Assumption pursuant to which
such Lender shall have assumed its Commitment, as applicable. As of the Restatement Effective Date, the aggregate amount of the Lenders' Commitments is $125,000,000. 

        "Commitment Fee" shall have the meaning assigned to such term in Section 2.06(a). 

        "Communications" shall have the meaning assigned to such term in Section 9.17(a). 

        "Competitive Bid" shall mean an offer by a Lender to make a Competitive Loan pursuant to Section 2.03. 

        "Competitive Bid Accept/Reject Letter" shall mean a written notification made by the Borrower pursuant to Section 2.03(d), which
shall be in the form of Exhibit A-4. 

        "Competitive Bid Rate" shall mean, as to any Competitive Bid made by a Lender, (a) in the case of a Eurodollar Competitive Loan,
the Margin and (b) in the case of a Fixed Rate Loan, the fixed rate of interest, in each case, offered by the Lender making such Competitive Bid with respect to such Loan. 

        "Competitive Bid Request" shall mean a written request made by the Borrower pursuant to Section 2.03(a), which shall be in the form
of Exhibit A-1. 

        "Competitive Borrowing" shall mean a borrowing consisting of a Competitive Loan or concurrent Competitive Loans from a Lender or Lenders
whose Competitive Bids for such borrowing have been accepted by the Borrower pursuant to the bidding procedure set forth in Section 2.03. 

        "Competitive Loan" shall mean a loan from a Lender to the Borrower pursuant to the bidding procedure set forth in Section 2.03.
Each Competitive Loan shall be a Eurodollar Competitive Loan or a Fixed Rate Loan. 

        "Confidential Memorandum" shall mean the Confidential Information Memorandum of the Borrower dated April 2009. 

        "Consolidated EBITDA" shall mean, for any period, Consolidated Net Income for such period,  plus (a) without duplication and to the extent deducted (or in the case
of (v) below, not included) in determining such Consolidated Net
Income, the sum for such period of (i) Consolidated Interest
Expense, (ii) provision for taxes for the Borrower and the Consolidated Subsidiaries, (iii) depreciation expense or amortization expense (including amortization expense relating to
prepaid sales commissions, but net of the amount of sales commissions paid during such period), (iv) impairment charges on the securities of Stanfield Victoria Funding LLC in an
aggregate amount for all periods not in excess of $70,000,000, (v) cash payments received by the Borrower upon the termination of hedging programs for the Borrower's or any Consolidated
Subsidiary's mutual fund unit awards program and (vi) realized losses from the sale of the securities of Stanfield Victoria Funding LLC in an aggregate amount for all periods not in
excess of $81,000,000, minus (b) without duplication and to the extent included in determining such Consolidated Net Income, gains from the
reversal of previously recognized impairment charges on the securities of Stanfield Victoria Funding LLC in an aggregate amount for all periods not in excess of $109,000,000, all determined in
accordance with GAAP. 

        "Consolidated Interest Expense" shall mean, for any period, total interest expense of the Borrower and the Consolidated Subsidiaries on a
consolidated basis for such period, determined in accordance 

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with
GAAP, including (a) the amortization of debt discounts to the extent included in interest expense in accordance with GAAP, (b) the amortization of all fees (including fees with
respect to interest rate protection agreements or other interest rate hedging arrangements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense in
accordance with GAAP and (c) the portion of any rents payable under capital leases allocable to interest expense in accordance with GAAP. 

        "Consolidated Net Income" shall mean, for any period, the net income of the Borrower and the Consolidated Subsidiaries on a consolidated
basis for such period, determined in accordance with GAAP, but without giving effect to (a) any extraordinary gains for such period, (b) any gains for such period relating to the sale,
transfer or other disposition of any assets of the Borrower or any Consolidated Subsidiary (other than in the ordinary course of business), (c) any costs, expenses or losses incurred during
such period (which for each annual period commencing on the Closing Date or any anniversary thereof shall not exceed $200,000,000, and in the aggregate for all such periods shall not exceed
$600,000,000) consisting of or relating or attributable to (i) the sale, transfer or other disposition, in whole or in part, of any Subsidiary or other Affiliate of the Borrower,
(ii) any exchange, repayment, prepayment, purchase or redemption by the Borrower or any Consolidated Subsidiary of the outstanding Indebtedness of the Borrower and (iii) any fines,
penalties, damages, or restitution or other settlement payments related to regulatory investigations into trading practices in the mutual fund industry, (d) any costs, expenses or losses
incurred during such period consisting of or relating or attributable to (i) non-cash write-downs of goodwill and intangible assets and (ii) any non-cash
amortization of long-term incentive compensation, but giving effect to any net cash payments by the Borrower and the Consolidated Subsidiaries relating to long-term incentive
compensation, and (e)(i) non-cash extraordinary losses, (ii) non-recurring cash charges relating to severance expense, (iii) non-recurring cash
charges relating to the settlement of a dispute with a former employee of the Borrower (in an aggregate amount for all periods not to exceed $5,000,000),
(iv) unrealized gains or losses in net investments in seed financing for early stage funds or portfolios or (v) non-cash non-recurring restructuring charges, in
each case incurred during such period; provided that there shall be excluded the income of (A) the Excluded Subsidiary and (B) any
Consolidated Subsidiary that is not wholly owned by the Borrower to the extent such income or such amounts are attributable to the noncontrolling interest in such Consolidated Subsidiary. 

        "Consolidated Subsidiary" shall mean each Subsidiary the financial statements of which are required to be consolidated with the financial
statements of the Borrower in accordance with GAAP. 

        "Consolidated Total Assets" shall mean at any date the total assets of the Borrower and the Consolidated Subsidiaries at such date,
determined on a consolidated basis in accordance with GAAP. 

        "Consolidated Total Indebtedness" shall mean at any date all Indebtedness of the Borrower and the Consolidated Subsidiaries at such date,
determined on a consolidated basis in accordance with GAAP; provided that, in determining Consolidated Total Indebtedness at any date, any Indebtedness
that, at such date, constitutes Delayed Application Replacement Indebtedness in respect of any other Indebtedness shall be disregarded to the extent the principal amount of such other Indebtedness is
included in Consolidated Total Indebtedness at such date. 

        "Control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a Person, whether through the ownership of voting securities, by contract or otherwise, and "Controlling" and "Controlled" shall have meanings correlative thereto. 

        "Control Agreement" shall mean, with respect to any deposit account or securities account maintained by any Loan Party, a control
agreement in form and substance reasonably satisfactory to the Agent, duly executed and delivered by such Loan Party and the depositary bank or the securities intermediary, as the case may be, with
which such account is maintained. 

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        "Controlled Group" shall mean all trades or businesses (whether or not incorporated) that, together with the Borrower or any Subsidiary,
are treated as a single employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, are treated as a single
employer under Section 414 of the Code. 

        "Default" shall mean any event or condition which is, or upon notice, lapse of time or both would constitute, an Event of Default. 

        "Delayed Application Replacement Indebtedness" shall mean, in respect of any Indebtedness ("Original
Indebtedness"), Indebtedness that is incurred for the purpose of refinancing or replacing such Original Indebtedness, but the proceeds of which shall not have been applied to
make such a refinancing or replacement upon the incurrence thereof, if and for so long as (a) such Indebtedness otherwise meets, with respect to such Original Indebtedness, the requirements set
forth in the definition of the term "Replacement Indebtedness" and (b) all the proceeds of such Indebtedness are held in a deposit account of the Borrower with respect to which the Agent shall
have received counterparts of a Control Agreement, duly executed by the Borrower and the depository bank with which such deposit account is held, that shall provide that (A) the Agent shall
have a right of withdrawal with respect to such deposit account in the event an Event of Default or any event that, upon the lapse of time would constitute an Event of Default, under clause (b)
or (c) of Article VII shall have occurred and be continuing, and (B) the Borrower shall not have a right of withdrawal with respect to such deposit account without the prior
consent of the Agent (with the Agent hereby consenting that the Borrower may withdraw funds from such account if (i) at the time thereof, either (A) no Event of Default shall have
occurred and be continuing or (B)(1) no Event of Default, and no event that, upon lapse of time would constitute an Event of Default, under clause (b) or (c) of Article VII shall
have occurred and be continuing and (2) no Loans shall be outstanding, (ii) immediately following such withdrawal, such funds shall be applied to make any such refinancing or replacement
of such Original Indebtedness or to repay such Indebtedness and (iii) the Borrower shall have delivered to the Agent a certificate of a Financial Officer of the Borrower as to the matters set
forth in the preceding clauses (i) and (ii)); provided that any Indebtedness that otherwise meets the requirements set forth in this definition
shall cease to be Delayed Application Replacement Indebtedness on the date that is 90 days following the date of the incurrence thereof. The Borrower hereby grants to the Agent, for the benefit
of the Secured Parties, a
security interest in each such deposit account and all moneys, investments and other property at any times held in, or credited to, any such deposit account, as collateral for the payment and
performance of the Obligations. 

        "Designated Subsidiary" shall mean each Domestic Subsidiary, other than any Subsidiary that (a) has assets with a total book value
of $1,000,000 or less and (b) does not have any Indebtedness outstanding. 

        "Disclosed Matter" shall mean the existence or occurrence of any matter which has been disclosed by the Borrower (a) on
Schedule 3.08, (b) in its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, its Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 2009 and any Current Report on Form 8-K filed with or furnished to the Securities and Exchange Commission subsequent to the date of the filing
or furnishing of such Quarterly Report, in each case in the form such report has been filed with or furnished to the Securities and Exchange Commission prior to the Restatement Effective Date, or
(c) in the Confidential Memorandum; provided that no matter shall constitute a "Disclosed Matter" to the extent it shall prove to be, or shall
become, materially more adverse to the Borrower and the Subsidiaries, taken as a whole, or to the Lenders than it would have reasonably appeared to be on the basis of the disclosure contained in any
of the documents referred to above. 

        "Disqualified Stock" shall mean, with respect to any Person, any Equity Interest in such Person that by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable, 

9

 

either
mandatorily or at the option of the holder thereof), or upon the happening of any event or condition: 

        (a)   matures
or is mandatorily redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Stock and cash in lieu of fractional
shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise; 

        (b)   is
convertible or exchangeable at the option of the holder thereof for Indebtedness or Equity Interests (other than solely for Equity Interests in such Person that do
not constitute Disqualified Stock and cash in lieu of fractional shares of such Equity Interests); or 

        (c)   is
redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Stock and cash in lieu of fractional shares of such Equity
Interests) or is required to be repurchased by such Person or any of its Affiliates, in whole or in part, at the option of the holder thereof; 

in
each case, on or prior to the date 180 days after the Maturity Date; provided, however, that
an Equity Interest in any Person that would not constitute a Disqualified Stock but for terms thereof giving holders thereof the right to require such Person to redeem or purchase such Equity Interest
upon the occurrence of an "asset sale" or a "change of control" shall not constitute a Disqualified Stock if any such requirement becomes operative only after repayment in full of all the Loans and
all other Loan Documents Obligations that are accrued and payable and the termination or expiration of the Total Commitment. 

        "Domestic Subsidiary" shall mean any Subsidiary incorporated or organized under the laws of the United States of America, any State
thereof or the District of Columbia. 

        "dollars" or "$" shall mean lawful money of the United States of America. 

        "Eligible Assignee" shall mean (a) a Lender, (b) an Affiliate of a Lender, or (c) any other Person approved by
(i) the Agent and (ii) unless an Event of Default has occurred and is continuing at the time the applicable assignment is effected in accordance with Section 9.04, the Borrower;  provided,
however, that none of (x) the Borrower, (y) any Affiliate of the Borrower or
(z) any investment manager, any investment company or any similar entity that, in each case, is managed or advised by the Borrower or an Affiliate of the Borrower shall qualify as an Eligible
Assignee. 

        "Environmental Lien" shall mean a Lien in favor of any governmental entity for (a) any liability under Federal or state
environmental laws or regulations (including RCRA and CERCLA) or (b) damages arising from costs incurred by such governmental entity in response to a release of a hazardous or toxic waste,
substance or constituent, or other substance into the environment. 

        "Equity Interests" shall mean shares of capital stock, partnership interests, membership interests, beneficial interests or other
ownership interests, whether voting or nonvoting, in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

        "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        "Eurodollar Borrowing" shall mean a Borrowing comprised of Eurodollar Loans. 

        "Eurodollar Competitive Borrowing" shall mean a Borrowing comprised of Eurodollar Competitive Loans. 

        "Eurodollar Competitive Loan" shall mean any Competitive Loan bearing interest at a rate determined by reference to the LIBO Rate in
accordance with Article II. 

        "Eurodollar Loan" shall mean any Eurodollar Competitive Loan or Eurodollar Standby Loan. 

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        "Eurodollar Standby Borrowing" shall mean a Borrowing comprised of Eurodollar Standby Loans. 

        "Eurodollar Standby Loan" shall mean any Standby Loan bearing interest, other than pursuant to the definition of the term "Alternate Base
Rate", at a rate determined by reference to the Adjusted LIBO Rate in accordance with Article II. 

        "Event of Default" shall have the meaning assigned to such term in Article VII. 

        "Excluded Deposit Account" shall mean any deposit account maintained by any Loan Party with any depository bank the funds in which are
used solely for the payment of salaries and wages, workers' compensation and similar expenses. 

        "Excluded Securities" shall mean securities owned by the Borrower or any Subsidiary that are held in any Excluded Securities Account. 

        "Excluded Securities Account" shall mean one or more securities accounts maintained by any Loan Party with any securities intermediary
that is, or that the Borrower determines could be, a counterparty to one or more Specified Hedging Agreements with the Borrower or any Subsidiary;  provided that the
net book value of the cash, securities and other property maintained in all such securities accounts shall not at any time exceed $55,000,000. 

        "Excluded Subsidiary" shall mean Janus Capital Trust Manager Limited; provided that
(a) Janus Capital Trust Manager Limited shall be in compliance with Section 6.11 and (b) the Board of Directors of Janus Capital Trust Manager Limited shall not be under the
Control of the Borrower (it being understood that the ownership of Equity Interests in Janus Capital Trust Manager Limited shall not, in itself and without regard to any other means of directing the
management or policies of Janus Capital Trust Manager Limited, be deemed to constitute Control). 

        "Excluded Taxes" shall mean, with respect to any Recipient and without duplication, any of the following: 

        (a)   Taxes
imposed on any Recipient's net income, or other similar Taxes imposed in lieu thereof, and franchise Taxes imposed on such Recipient by the United States or any
jurisdiction under the laws of which it is organized or in which its applicable lending office is located or any political subdivision thereof; 

        (b)   Taxes
attributable to such Recipient's failure to comply with Section 2.19(f); and 

        (c)   U.S.
Federal Taxes imposed by any law in effect at the time such Recipient (other than an assignee under Section 2.20) becomes a party hereto or designates a new
lending office (except to the extent that, pursuant to Section 2.19(a), amounts with respect to such Taxes were payable to (i) such Recipient's assignor immediately before such Recipient
became a party hereto pursuant to an assignment or (ii) such Recipient immediately before it designated such new lending office). 

        "Existing Credit Agreement" shall have the meaning assigned to such term in the recitals to this Agreement. 

        "Federal Funds Effective Rate" shall mean, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of
the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published on such next succeeding Business Day, the Federal Funds Effective Rate shall be the average (rounded upwards, if necessary, to
the next 1/100 of 1%) of the quotations for such day for such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. 

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        "Fee Letter" shall mean, collectively, the letter agreement dated May 14, 2007, and the letter agreement dated April 3,
2009, in each case, among the Borrower, the Agent and Citigroup Global Markets Inc. 

        "Fees" shall mean the Commitment Fee and the Agent's Fees. 

        "Finance Subsidiary" shall mean any special purpose Subsidiary engaged solely in purchasing, owning and financing receivables as part of a
Permitted B Share True Sale Transaction. 

        "Financial Officer" of any Person shall mean the chief financial officer, principal accounting officer, treasurer, assistant treasurer,
controller or assistant controller of such Person. 

        "Fixed Rate Borrowing" shall mean a Borrowing comprised of Fixed Rate Loans. 

        "Fixed Rate Loan" shall mean any Competitive Loan bearing interest at a fixed percentage rate per annum (expressed in the form of a
decimal to no more than four decimal places) specified by the Lender making such Loan in its Competitive Bid. 

        "Foreign Pledge Agreement" shall mean a pledge or charge agreement with respect to Equity Interests in a Foreign Subsidiary, in form and
substance reasonably satisfactory to the Agent. 

        "Foreign Subsidiary" shall mean any Subsidiary that is not a Domestic Subsidiary. 

        "FSA" shall mean the United Kingdom Financial Services Authority. 

        "GAAP" shall mean United States generally accepted accounting principles, applied on a consistent basis. 

        "Governmental Authority" shall mean the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national body exercising such function, such as the European Union or the European Central Bank). 

        "Granting Lender" shall have the meaning assigned to such term in Section 9.04(f). 

        "Guarantee" of or by any Person (the "guarantor") means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "primary
obligor") in any manner, whether directly or indirectly, and including any monetary obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof,
(b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as
an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term
"Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business. 

        "Hedging Agreement" shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of
economic, financial or pricing risk or value, any similar transaction or any combination of the foregoing transactions; provided that no phantom stock
or similar plan providing 

12

 

for
payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any Subsidiary shall be a Hedging Agreement. 

        "Hybrid Capital Security" shall mean any hybrid capital security issued by the Borrower that has been accorded a "percentage of equity" or
like treatment by Moody's or S&P. 

        "Hybrid Capital Security Equity Percentage" shall mean, with respect to any Hybrid Capital Security, the percentage accorded equity
treatment by Moody's or S&P for such Hybrid Capital Security, as determined by such rating agencies at the time such Hybrid Capital Security is issued. For purposes of the foregoing, if the Hybrid
Capital Security Equity Percentage established or deemed to have been established by Moody's and S&P for any Hybrid Capital Security shall differ, then the Hybrid Capital Security Equity Percentage
shall be deemed to be the higher of the two Hybrid Capital Security Equity Percentages. 

        "IFRS" shall mean International Financial Reporting Standards, applied on a consistent basis. 

        "Indebtedness" of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes, acceptances, equipment trust certificates or similar instruments, (c) all obligations of such Person issued or assumed as the
deferred purchase price of property or services, other than (i) accounts payable arising in the ordinary course of such Person's business on terms customary in the trade and
(ii) deferred compensation, (d) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such Person, whether or not such Indebtedness has been assumed (with the amount of the resulting Indebtedness of such Person being valued, as of the date of
determination, at the lesser of (i) the amount of Indebtedness so secured and (ii) the fair market value of the property securing such Indebtedness), (e) all Capitalized Lease
Obligations of such Person, (f) all Guarantees by such Person of Indebtedness of others, (g) all obligations, contingent or otherwise, of such Person as an account party in respect of
letters of credit and letters of guaranty, (h) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances, (i) all Attributable Debt in respect of any
Sale and Leaseback Transaction of such Person and (j) all Disqualified Stock in such Person, valued, as of the date of determination, at the greater of (i) the maximum aggregate amount
that would be payable upon maturity, redemption, repayment or repurchase thereof (or of Disqualified Stock or Indebtedness into which such Disqualified Equity Interests are convertible or
exchangeable) and (ii) the maximum liquidation preference of such Disqualified Stock. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to
the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

        "Indemnified Taxes" shall mean Taxes (including Other Taxes) other than Excluded Taxes. 

        "Indemnitee" shall have the meaning assigned to such term in Section 9.05(b). 

        "Index Debt" shall mean senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by
any other Person or subject to any other credit enhancement. 

        "INTECH" shall mean INTECH Investment Management LLC, a Delaware limited liability company (formerly known as Enhanced Investment
Technologies, LLC). 

        "Intellectual Property" shall have the meaning assigned to such term in the Collateral Agreement. 

        "Interest Coverage Ratio" shall mean for any period of four consecutive fiscal quarters ended on the last day of any fiscal quarter, the
ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period. 

13

 

        "Interest Election Request" shall have the meaning assigned to such term in Section 2.05(b). 

        "Interest Payment Date" shall mean, (a) with respect to any ABR Loan, the last day of each March, June, September and December, and
(b) with respect to any Eurodollar Loan or any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar
Loan with an Interest Period of more than three months' duration or a Fixed Rate Loan with an Interest Period of more than 90 days' duration, each day that would have been an Interest Payment
Date for such Loan had successive Interest Periods of three months' duration or 90 days' duration, as the case may be, been applicable to such Loan. 

        "Interest Period" shall mean (a) as to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on
the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3, 6 or, if available to all the Lenders, 9 or
12 months thereafter, as the Borrower may elect, and (b) as to any Fixed Rate Borrowing, the period commencing on the date of such Borrowing and ending on the date specified in the
Competitive Bids in which the offers to make the Fixed Rate Loans comprising such Borrowing were extended, which shall not be later than 360 days after the date of such Borrowing;  provided that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of Eurodollar Borrowings only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the
date on which such Borrowing is made and, in the case of a Standby Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

        "Investment" shall mean, with respect to a specified Person, any Equity Interests, evidences of Indebtedness or other securities
(including any option, warrant or other right to acquire any of the foregoing) of, or any capital contribution or loans or advances (other than advances made in the ordinary course of business that
would be recorded as accounts receivable on the balance sheet of the specified Person prepared in accordance with GAAP) to, Guarantees of any Indebtedness or other obligations of, or any other
investment in, any other Person that are held or made by the specified Person. The amount, as of any date of determination, of (a) any Investment in the form of a loan or an advance shall be
the principal amount thereof outstanding on such date, (b) any Investment in the form of a Guarantee shall be the principal amount outstanding on such date of Indebtedness or other obligation
guaranteed thereby (or, in the case of a Guarantee of an obligation that does not have a principal amount, the maximum monetary exposure of the guarantor as of such date under such Guarantee (as
determined reasonably and in good faith by a Financial Officer of the Borrower)), (c) any Investment in the form of a transfer of cash or other property by the investor to the investee,
including any such transfer in the form of a capital contribution, shall be the amount of such cash or the fair market value (as determined reasonably and in good faith by a Financial Officer of the
Borrower) of such other property as of the time of the transfer, without any adjustment for increases or decreases in value of, or write-ups, write-downs or write offs with respect to,
such Investment, (d) any Investment (other than any Investment referred to in clause (a), (b) or (c) above) by the specified Person in the form of a purchase or other
acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any other Person shall be the original cost of such Investment (including any Indebtedness assumed in
connection therewith), plus the cost of all additions, as of such date, thereto, and minus the amount, as of such date, of any portion of such Investment repaid to the investor in cash as a repayment
of principal or a return of capital, as the case may be, but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with
respect to, such Investment, and (e) any Investment (other than any Investment referred to in 

14

 

clause (a),
(b), (c) or (d) above) by the specified Person in any other Person resulting from the issuance by such other Person of its Equity Interests to the specified Person
shall be the fair market value (as determined reasonably and in good faith by a Financial Officer of the Borrower) of such Equity Interests at the time of the issuance thereof. 

        "IP Security Agreements" shall have the meaning assigned to such term in the Collateral Agreement. 

        "IRS" shall mean the United States Internal Revenue Service. 

        "Janus Capital International Limited" shall mean Janus Capital International Limited, a company incorporated under the laws of England and
Wales. 

        "Janus Capital Management LLC" shall mean Janus Capital Management LLC, a Delaware limited liability company. 

        "Janus Capital Trust Manager Limited" shall mean Janus Capital Trust Manager Limited, an Irish single-member private company limited by
shares. 

        "Janus International Holding LLC" shall mean Janus International Holding LLC, a Nevada limited liability company. 

        "JCIL Distributions Amount" shall mean, at any time, the aggregate amount of dividends and other Restricted Payments made by Janus Capital
International Limited to Janus International Holding LLC in cash since the Restatement Effective Date and on or prior to such time. 

        "Lenders" shall mean the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and Assumption, other than any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption. 

        "Leverage Ratio" shall mean, on any date, the ratio of (a) Consolidated Total Indebtedness as of such date, excluding, to the
extent otherwise included therein, for each Hybrid Capital Security the product obtained by multiplying (i) the aggregate amount of such Hybrid Capital Security outstanding as of such date by
(ii) the Hybrid Capital Equity Security Percentage for such Hybrid Capital Security as of such date, to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the
Borrower ended on such date (or, if such date is not the last day of a fiscal quarter, on the last day of the fiscal quarter of the Borrower most recently ended prior to such date). 

        "LIBO Rate" shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on the Reuters "LIBOR01"
screen (or on any successor or substitute screen of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such screen of
such service, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event
that such rate is not available at such time for any reason, then the "LIBO Rate" with respect to such Eurodollar Borrowings for such Interest Period
shall be the average (rounded upward to the nearest whole multiple of 1/16 of 1% per annum, if such average is not such a multiple) of the rate per annum at which dollar deposits are
offered by the principal office of each of the Reference Banks in London, England to prime banks in the London interbank market at 11:00 a.m., London time, two Business Days before the first
day of such Interest Period in an amount substantially equal to the amount that would be the Reference Banks' respective ratable shares of such Eurodollar Borrowing if such Eurodollar Borrowing were
to be a Standby Borrowing to be outstanding during such Interest Period and for a period equal to such Interest Period. 

15

 

 

        "Lien" shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, charge, security
interest or other encumbrance on, in or of such asset, including any agreement to provide any of the foregoing and any arrangement entered into for the purpose of making particular assets available to
satisfy any Indebtedness or other obligation and having the effect of any of the foregoing, (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. For the avoidance of doubt, the term "Lien" shall not include licenses of Intellectual Property. 

        "LLC Guarantee" shall mean the Guarantee Agreement dated as of June 1, 2007, between Janus Capital Management LLC and the
Agent. 

        "Loan" shall mean a Competitive Loan or a Standby Loan, whether made as a Eurodollar Loan, an ABR Loan or a Fixed Rate Loan, each as
permitted hereby. 

        "Loan Document Obligations" shall have the meaning assigned to such term in the Collateral Agreement. 

        "Loan Documents" shall mean this Agreement, the Amendment Agreement, the Collateral Agreement, the other Security Documents, the Fee
Letter and the LLC Guarantee. 

        "Loan Parties" shall mean the Borrower and the Subsidiary Loan Parties. 

        "Long-Term Assets Under Management" shall mean, as of the close of business in New York City on any Business Day, the daily
total of long-term assets under management of the Borrower and the Consolidated Subsidiaries on such date (excluding money market fund assets), determined in a manner consistent with the
calculation methodology reported in the Borrower's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (as the same may be amended or restated to correct
any misstatements therein). 

        "Margin" shall mean, as to any Eurodollar Competitive Loan, the margin (expressed as a percentage rate per annum in the form of a decimal
to no more than four decimal places) to be added to or subtracted from the LIBO Rate in order to determine the interest rate applicable to such Loan, as specified in the Competitive Bid relating to
such Loan. 

        "Margin Stock" shall have the meaning given such term under Regulation U. 

        "Material Adverse Effect" shall mean a material adverse effect on (a) the business, assets, liabilities, operations, financial
condition or prospects of the Borrower and the Subsidiaries, taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform any of its obligations under any Loan Document
or (c) the rights of or benefits available to the Lenders under any Loan Document; provided that, for purposes of clause (a) above, no
Disclosed Matter shall constitute a Material Adverse Effect. 

        "Material Indebtedness" shall mean Indebtedness (other than the Loans and Guarantees under the Loan Documents) in an aggregate principal
amount of $25,000,000 or more or obligations in respect of one or more Hedging Agreements in an aggregate principal amount of $25,000,000 or more, in either case, of any one or more of the Borrower
and the Subsidiaries. For purposes of determining Material Indebtedness, the "principal amount" of the obligations of the Borrower or any Subsidiary in respect of any Hedging Agreement at any time
shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 

        "Maturity Date" shall mean December 1, 2010. 

16

 

        "Maximum Availability" shall mean, for any day, the applicable dollar amount set forth below based upon the dollar amount of
Long-Term Assets Under Management: 

 

					
	Long-Term Assets Under Management

 
	 	Amount 	 
	 Category 1
	 	 	 	 
	 Greater than or equal to $105,000,000,000:
	 	
$	

125,000,000	 
	 Category 2
	 	 	 	 
	 Less than $105,000,000,000 and greater than or equal to $100,000,000,000:
	 	
$	

100,000,000	 
	 Category 3
	 	 	 	 
	 Less than $100,000,000,000 and greater than or equal to $95,000,000,000:
	 	
$	

75,000,000	 
	 Category 4
	 	 	 	 
	 Less than $95,000,000,000 and greater than or equal to $85,000,000,000:
	 	
$	

50,000,000	 
	 Category 5
	 	 	 	 
	 Less than $85,000,000,000
	 	
$	

0	 

 

 For
purposes of the foregoing, Long-Term Assets Under Management shall be determined (a) as of the Restatement Effective Date, by reference to the certificate of the chief financial
officer of the Borrower delivered pursuant to Section 3(a)(iii) of the Amendment Agreement, and (b) as of any day thereafter, subject to the immediately following sentence, by reference
to the certificate most recently delivered pursuant to Section 5.04(g), 5.04(h) or 5.04(i). Each change in Maximum Availability resulting from a change in Long-Term Assets Under
Management from one Category to another shall become effective only if Long-Term Assets Under Management shall have been at a level indicating a new Category for five consecutive Business
Days (and shall become effective as of the day immediately following such fifth consecutive Business Day). 

        "Maximum Rate" shall have the meaning assigned to such term in Section 9.09. 

        "Minimum AUM" shall mean $80,000,000,000. 

        "Moody's" shall mean Moody's Investors Service, Inc. 

        "Mortgage" shall mean a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document granting a
Lien on any Mortgaged Property to secure the Obligations. Each Mortgage shall be reasonably satisfactory in form and substance to the Agent. 

        "Mortgaged Property" shall mean each parcel of real property owned in fee by a Loan Party, and the improvements thereto, that has a book
or fair market value of $1,000,000 or more. 

        "Multiemployer Plan" shall mean a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA as to which the Borrower or any
member of the Controlled Group may have any liability. 

        "Net Proceeds" shall mean, with respect to any event (a) the cash proceeds received in respect of such event, including any cash
received in respect of any noncash proceeds, but only as and when received, net of (b) the sum, without duplication, of (i) all reasonable fees and out-of-pocket
expenses paid in connection with such event by the Borrower and the Subsidiaries to Persons that are not Affiliates of the Borrower or any Subsidiary (including, in the case of the issuance of any
preferred Equity Interests in the Borrower, underwriting discounts and commissions paid in connection therewith), (ii) in the case of a sale, transfer or other disposition of any asset, the
amount of all payments required to be made by the Borrower and the Subsidiaries as a result of such event to repay secured Indebtedness (other than Loans) and (iii) the amount of all Taxes paid
(or reasonably 

17

 

estimated
to be payable) by the Borrower and the Subsidiaries, and the amount of any reserves established by the Borrower and the Subsidiaries to fund contingent liabilities reasonably estimated to be
payable, in each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial
Officer of the Borrower). 

        "New Lending Office" shall have the meaning assigned to such term in Section 2.19(f). 

        "Obligations" shall have the meaning assigned to such term in the Collateral Agreement. 

        "Other Taxes" shall mean all present or future stamp, court, documentary, excise, property, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or
otherwise with respect to, any Loan Document. 

        "Participant Register" shall have the meaning assigned to such term in Section 9.04(e). 

        "Patriot Act" shall have the meaning assigned to such term in Section 9.18. 

        "PBGC" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 

        "Perfection Certificate" shall mean the Perfection Certificate delivered on the Restatement Effective Date pursuant to Section 3(d)
of the Amendment Agreement. 

        "Perkins" shall mean Perkins Investment Management LLC, a Delaware limited liability company (formerly known as Perkins, Wolf,
McDonnell and Company LLC). 

        "Permitted B Share Recourse Financing Transaction" shall mean any pledge by the Borrower of the B Share Fees to third parties in order to
secure Indebtedness extended to the Borrower by such third parties; provided that the Agent shall be reasonably satisfied with the structure and
documentation for
such transaction and that the terms of such transaction, including the advance rate and any termination events, shall be consistent with those prevailing in the market at the time for similar
transactions. 

        "Permitted B Share Transaction" shall mean a Permitted B Share True Sale Transaction or a Permitted B Share Recourse Financing
Transaction. 

        "Permitted B Share True Sale Transaction" shall mean any sale by the Borrower of B Share Fees to a B Share Purchaser in a true sale
transaction without any recourse based upon the collectability of the B Share Fees sold and the sale or pledge of such B Share Fees (or an interest therein) by such B Share Purchaser, in each case
without any Guarantee by, or other recourse to, or credit support by, the Borrower or any Subsidiary (other than to such B Share Purchaser, if it is a Finance Subsidiary) or recourse to any assets of
the Borrower or any Subsidiary; provided that the Agent shall be reasonably satisfied with the structure and documentation for such transaction and that
the terms of such transaction, including the price at which B Share Fees are sold to such B Share Purchaser and any termination events, shall be consistent with those prevailing in the market at the
time for similar transactions. 

        "Permitted Investments" shall mean: 

        (a)   direct
obligations of, or obligations as to which the principal of and interest on are unconditionally guaranteed by, the United States of America (or any agency thereof
to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

        (b)   investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or Moody's; 

18

 

        (c)   investments
in certificates of deposit, banker's acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed
by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that
has a combined capital and surplus and undivided profits of not less than $500,000,000; 

        (d)   fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a
financial institution satisfying the criteria described in clause (c) above; 

        (e)   money
market funds that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA
by S&P and Aaa by Moody's and (iii) have portfolio assets of at least $5,000,000,000; and 

        (f)    in
the case of any Foreign Subsidiary, other short-term investments that are analogous to the foregoing, are of comparable credit quality and are customarily
used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes. 

        "Person" shall mean any natural person, corporation, trust, joint venture, association, company, partnership, limited liability company,
Governmental Authority or other entity. 

        "Plan" shall mean any employee pension benefit plan (other than a Multiemployer Plan) that is subject to Title IV of ERISA or subject to
the minimum funding standards under Section 412 of the Code or Section 302 of ERISA sponsored, maintained or contributed to by the Borrower or any member of the Controlled Group. 

        "Platform" shall have the meaning assigned to such term in Section 9.17(b). 

        "Prime Rate" shall mean the rate of interest per annum publicly announced from time to time by the Agent as its prime rate in effect at
its principal office in New York City. The Prime Rate is not intended to be the lowest rate of interest charged by the Agent in connection with extensions of credit to debtors. Each change in the
Prime Rate shall be effective on the date such change is publicly announced as effective. 

        "Pro Rata Percentage" of any Lender at any time shall mean the percentage of the Total Commitment represented by such Lender's Commitment
at such time. In the event that the Total Commitment shall have expired or been terminated, the Pro Rata Percentage with respect to any Lender shall be such Lender's Pro Rata Percentage most recently
in effect prior to such expiration or termination of the Total Commitment, giving effect to any subsequent assignments pursuant to Section 9.04. 

        "RCRA" shall mean the Resources Conservation and Recovery Act, as the same may be amended from time to time. 

        "Recipient" shall mean, as applicable, (a) any Person to which any payment on account of any obligation of a Loan Party under any
Loan Document is made or owed, including the Agent or any Lender or (b) the beneficial owner of any Person described in clause (a). 

        "Reference Banks" shall mean Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. 

        "Register" shall have the meaning assigned to such term in Section 9.04(c). 

        "Regulation D" shall mean Regulation D of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 

        "Regulation U" shall mean Regulation U of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 

19

 

        "Replacement Indebtedness" shall mean, in respect of any Indebtedness ("Original
Indebtedness"), Indebtedness extending the maturity of or refunding, refinancing or replacing, in whole or in part, such Original Indebtedness;  provided that (a) the
principal amount of such Replacement Indebtedness shall not exceed the principal amount of such Original Indebtedness
except by an amount no greater than accrued and unpaid interest with respect to such Original Indebtedness and reasonable fees, premium and expenses relating to such extension, refunding, refinancing
or replacing; (b) no Subsidiary shall be liable for any such Replacement Indebtedness that shall not have been liable for such Original Indebtedness; (c) if such Original Indebtedness
shall have been subordinated to the Obligations, such Replacement Indebtedness shall be subordinated to the Obligations on terms not less favorable to the Lenders; (d) such Replacement
Indebtedness shall not mature before the date that is at least six months after the Maturity Date and shall not be subject to any requirement not applicable to such Original Indebtedness that such
Replacement Indebtedness be prepaid, redeemed, repurchased or defeased on one or more scheduled dates or upon the happening of one or more events (other than events of default or change of control
events) before the date that is at least six months after the Maturity Date; (e) the incurrence of any Replacement Indebtedness that refunds, refinances or replaces Original Indebtedness under
any revolving credit or similar facility shall be accompanied by the termination of commitments under such facility equal in amount to such Original Indebtedness; and (f) such Replacement
Indebtedness shall not be secured by any Lien on any asset other than the assets that secured such Original Indebtedness (or would have been required to secure such Original Indebtedness pursuant to
the terms thereof) or, in the event Liens securing the Original Indebtedness shall have been contractually subordinated to any Lien securing the Obligations, by any Lien that shall not have been
contractually subordinated to at least the same extent. 

        "Related Parties" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, partners,
trustees, employees, agents and advisors of such Person and of such Person's Affiliates. 

        "Reportable Event" shall mean any reportable event as defined in Section 4043 of ERISA and the regulations issued under such
Section with respect to a Plan, excluding, however, such events as to which the PBGC by regulation or by technical update waived the requirement of Section 4043(a) of ERISA that it be notified
within 30 days of the occurrence of such event; provided that a failure to meet the minimum funding standard of Section 412 of the Code or
Section 302 of ERISA applicable to such Plan shall be a reportable event regardless of the issuance of any waiver in accordance with Section 412(c) of the Code or Section 302(c)
of ERISA. 

        "Required Lenders" shall mean, at any time, Lenders in the aggregate holding more than 50% of the Total Commitment or, for purposes of
acceleration pursuant to clause (ii) of Article VII or if the Total Commitment has been terminated, Lenders in the aggregate representing more than 50% of the sum of the Revolving Credit
Exposure and the principal amount of the outstanding Competitive Loans. 

        "Responsible Officer" of any Person shall mean any executive officer or Financial Officer of such Person and any other officer or similar
official thereof responsible for the administration of the obligations of such Person in respect of this Agreement and the other Loan Documents. 

        "Restatement Effective Date" shall have the meaning assigned to such term in the Amendment Agreement. 

        "Restricted Payment" shall mean (a) any dividend or other distribution (whether in cash, securities or other property) with respect
to any Equity Interest in the Borrower or any Subsidiary or (b) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancelation or termination of any Equity Interest in the Borrower or any Subsidiary. 

20

 

        "Revolving Credit Exposure" shall mean, with respect to any Lender at any time, the aggregate principal amount at such time of all
outstanding Standby Loans of such Lender. 

        "Sale and Leaseback Transaction" shall have the meaning assigned to such term in Section 6.03. 

        "S&P" shall mean Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. 

        "Secured Parties" shall have the meaning assigned to such term in the Collateral Agreement. 

        "Security Documents" shall mean the Collateral Agreement, the Foreign Pledge Agreements, the IP Security Agreements, the Mortgages, the
Control Agreements and each other security agreement executed and delivered pursuant to Section 5.08, 5.09 or 5.10 to secure any of the Obligations. 

        "SPC" shall have the meaning set forth in Section 9.04(f). 

        "Specified Hedging Agreements" shall mean one or more Hedging Agreements entered into by the Borrower or any Subsidiary to hedge or
mitigate earnings volatility arising from mark-to-market accounting of seed capital investments or to facilitate the creation of investment track records for, or otherwise
entered into in connection with, seeding of new products. 

        "Standby Borrowing" shall mean Standby Loans of a single Type made, converted or continued on a single date and, in the case of Eurodollar
Standby Loans, as to which a single Interest Period is in effect. 

        "Standby Borrowing Request" shall mean a written request made by the Borrower pursuant to Section 2.04, which shall be in the form
of Exhibit A-5. 

        "Standby Loans" shall mean the revolving loans made by the Lenders to the Borrower pursuant to Sections 2.01 and 2.04. Each Standby
Loan shall be a Eurodollar Standby Loan or an ABR Loan. 

        "Statutory Reserves" shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which
is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any
other banking authority to which the Agent is subject for Eurocurrency Liabilities (as defined in Regulation D). Such reserve percentages shall include any imposed pursuant to
Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency
Liabilities and to be subject to such reserve requirements without benefits of or credit for proration, exemptions or offsets. Statutory Reserves shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage. 

        "subsidiary" shall mean, with respect to any Person at any time, any corporation, partnership, limited liability company, association or
other business entity of which Equity Interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general
partnership interests are, at such time owned, controlled or held by such Person or by such Person and one or more subsidiaries of such Person. 

        "Subsidiary" shall mean any direct or indirect subsidiary of the Borrower. 

        "Subsidiary Loan Party" shall mean each Subsidiary that is a party to the Collateral Agreement. 

        "Syndication Agent" shall mean JPMorgan Chase Bank, N.A 

        "Taxes" shall mean any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

        "Total Commitment" shall mean at any time the aggregate amount of the Lenders' Commitments at such time. 

21

 

        "Transactions" shall have the meaning assigned to such term in Section 3.02. 

        "Transferee" shall mean any Eligible Assignee to whom a Lender shall have assigned all or any part of its Commitment or Loans or sold all
or any part of its rights under this Agreement, in each case in accordance with Section 9.04. 

        "Type", when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. For purposes hereof, "Rate" shall mean the Adjusted LIBO Rate, the LIBO Rate, the Alternate Base Rate or the
Fixed Rate. 

        "Unfunded Liabilities" shall mean, on any date of determination, (a) in the case of Multiemployer Plans, the liability of the
Borrower and the Subsidiaries if they were to incur a complete withdrawal from each such Plan and (b) in the case of all other Plans, the amount by which the present value of all benefit
liabilities under each Plan (based on assumptions used for purposes of Statement of Financial Accounting Standards No. 87) exceeds the fair market value of the assets of such Plan. 

        "U.S. Person" shall mean a "United States person" within the meaning of Section 7701(a)(30) of the Code. 

        "Withdrawal Liability" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

        "Withholding Agent" shall mean any Loan Party and the Agent. 

        SECTION 1.02.    Terms Generally.    The definitions of terms herein shall apply equally to both the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and
"including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". The words "asset" and
"property" shall be construed to have the same meaning and effect and to refer to any and all real and personal, tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. The word "law" shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of
law), and all judgments, orders, writs and decrees, of all Governmental Authorities. Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or
other document (including this Agreement) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to
any restrictions on such amendments, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring
thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to
include such Person's successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall
have succeeded to any or all functions thereof, (d) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and
not to any particular provision hereof and (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Exhibits and Schedules to, this Agreement. All references herein to "the date hereof" or "the date of this Agreement" shall be interpreted as references to the Restatement Effective Date. 

22

 

 

        SECTION 1.03.    Accounting Terms.    Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that (a) for purposes of determining
compliance with any covenant set forth in Article VI, such terms shall be construed in accordance with GAAP as in effect on the Restatement Effective Date applied on a basis consistent with the
application used in preparing the Borrower's audited consolidated financial statements referred to in Section 3.05 and (b) for purposes of determining compliance with any covenant set
forth in Article VI or determining the "Applicable Rate," no effect shall be given to any election under Statement of Financial Accounting Standards No. 159, The
Fair Value Option for Financial Assets and Financial Liabilities, to value any Indebtedness of the Borrower or any Subsidiary at "fair value", as defined therein. In the event
that any change in GAAP materially affects any provision of this Agreement, the parties hereto agree that, at the request of the Borrower or the Required Lenders, they shall negotiate in good faith in
order to amend the affected provisions in such a way as will restore the parties to their respective positions prior to such change, and, following any such request, until such amendment becomes
effective, the Borrower's compliance with such provisions shall be determined on the basis of GAAP as in effect immediately before such change in GAAP became effective. 

 
 

  ARTICLE II
  
    THE CREDITS    
    

        SECTION 2.01.    Commitments.    Subject to the terms and conditions and relying upon the representations and
warranties herein set forth, each Lender agrees, severally and not jointly, to make Standby Loans to the Borrower, at any time and from time to time on and after the date hereof and until the earlier
of the Maturity Date and the termination of the Commitment of such Lender, in an aggregate principal amount that will not result in (a) the Revolving Credit Exposure of such Lender exceeding
such
Lender's Commitment or (b) the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans outstanding at the time exceeding the lesser
of (i) the Total Commitment and (ii) the Maximum Availability at the time. Within the foregoing limits, the Borrower may borrow, pay or prepay and reborrow hereunder, subject to the
terms, conditions and limitations set forth herein. 

        SECTION 2.02.    Loans.    (a) Each Standby Loan shall be made as part of a Borrowing consisting of
Loans made by the Lenders ratably in accordance with their Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.03. At the time of the
commencement of each Interest Period for any Eurodollar Standby Borrowing, such Borrowing shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than
$5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $1,000,000;  provided that
an ABR Borrowing may be in an aggregate principal amount that is equal to the entire unused balance of the Total Commitment. Each
Competitive Borrowing shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $10,000,000. 

        (b)   Each
Competitive Borrowing shall be comprised entirely of Eurodollar Competitive Loans or Fixed Rate Loans, and each Standby Borrowing shall be comprised entirely of
Eurodollar Standby Loans or ABR Loans, as the Borrower may request pursuant to Section 2.03 or 2.04, as applicable. Each Lender may at its option make any Eurodollar Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of
the Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time;  provided that the Borrower shall not be entitled to
request any Borrowing which, if made, would result in an aggregate of more than 10 separate Standby
Loans of any Lender being outstanding 

23

 

hereunder
at any one time. For purposes of the foregoing, Loans having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Loans. 

        (c)   Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof (i) in the case of a Eurodollar Loan, by wire transfer of immediately
available funds to the Agent in New York, New York, not later than 12:00 noon, New York City time, on such date and (ii) in the case of an ABR Loan or a Fixed Rate Loan, by wire transfer of
immediately available funds to the Agent in New York, New York, not later than 3:00 p.m., New York City time, on such date, and the Agent shall promptly credit the amounts so received to the
general deposit account of the Borrower with the
Agent. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments and Competitive Bids of the Lenders are several, and no Lender shall be responsible for any other Lender's failure to make Loans as required hereby. Unless the Agent shall have
received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Agent such Lender's portion of such Borrowing, the Agent may assume that such Lender
has made such portion available to the Agent on the date of such Borrowing in accordance with this paragraph (c), and the Agent may, in reliance upon such assumption, make available to the
Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have made such portion available to the Agent, such Lender and the Borrower severally agree to repay to
the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to
the Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds
Effective Rate. If such Lender shall repay to the Agent such corresponding amount, such amount shall constitute such Lender's Loan as part of such Borrowing for purposes of this Agreement. 

        (d)   Notwithstanding
any other provision of this Agreement, the Borrower shall not be entitled to request any Borrowing if the Interest Period requested with respect thereto
would end after the Maturity Date. 

        SECTION 2.03.    Competitive Bid Procedure.    (a) In order to request Competitive Bids, the Borrower
shall hand deliver or fax to the Agent a duly completed and executed Competitive Bid Request, to be received by the Agent (i) in the case of a Eurodollar Competitive Borrowing, not later than
1:00 p.m., New York City time, four Business Days before the date of the requested Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 1:00 p.m.,
New York City time, one Business Day before the date of the requested Competitive Borrowing; provided that no Competitive Bids shall be requested if,
after giving effect to the Competitive Loans requested thereby, the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans outstanding at
the time would exceed the lesser of (i) the Total Commitment and (ii) the Maximum Availability at the time. A Competitive Bid Request that does not conform substantially to the format of
Exhibit A-1 may be rejected by the Agent in its sole discretion, and the Agent shall promptly notify the Borrower of any such rejection. Each request for Competitive Bids shall
refer to this Agreement and specify (x) whether the Competitive Borrowing then being requested is to be a Eurodollar Competitive Borrowing or a Fixed Rate Borrowing, (y) the date of such
Competitive Borrowing (which shall be a Business Day) and the aggregate principal amount thereof, which shall be in a minimum principal amount of $10,000,000 and in an integral multiple of $1,000,000,
and (z) the Interest Period with respect thereto (which may not end after the Maturity Date). Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the
Agent shall invite the Lenders, by means of the notice in the form of Exhibit A-2, to bid, on the terms and conditions of this Agreement, to make Competitive Loans requested
pursuant to such Competitive Bid Request. 

24

 

        (b)   Each
Lender may, in its sole discretion, make one or more Competitive Bids to the Borrower responsive to a Competitive Bid Request. Each Competitive Bid by a Lender
shall be in the form of Exhibit A-3 and must be received by the Agent (by hand delivery or fax) (i) in the case of a Eurodollar Competitive Borrowing, not later than 12:00
noon, New York City time, three Business Days before the date of the requested Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 12:00 noon, New York City
time, on the day of the requested Competitive Borrowing. Multiple bids will be accepted by the Agent. Competitive Bids that do not conform substantially to the format of Exhibit A-3
may be rejected by the Agent after conferring with, and upon the instruction of, the Borrower, and the Agent shall notify the Lender making such nonconforming Competitive Bids of such rejection as
soon as practicable. Each Competitive Bid shall refer to this Agreement and specify (x) the principal amount (which shall be in a minimum principal amount of $10,000,000 and in an integral
multiple of $1,000,000 and which may equal the entire principal amount of the requested Competitive Borrowing) of the Competitive Loan or Loans that the Lender is willing to make to the Borrower,
(y) the Competitive Bid Rate or Rates at which the Lender is prepared to make the Competitive Loan or Loans and (z) the Interest Period with respect thereto. A Competitive Bid submitted
by a Lender pursuant to this paragraph (b) shall be irrevocable. 

        (c)   With
respect to each Competitive Bid Request, the Agent shall promptly notify the Borrower by fax of all the Competitive Bids made, the Competitive Bid Rate and the
principal amount of each Competitive Loan in respect of which a Competitive Bid was made and the identity of the Lender that made each Competitive Bid. The Agent shall send a copy of all Competitive
Bids to the Borrower for its records as soon as practicable after completion of the bidding process set forth in this Section. 

        (d)   The
Borrower may, in its sole and absolute discretion, subject only to the provisions of this paragraph (d), accept or reject any Competitive Bid. The Borrower
shall notify the Agent by telephone, confirmed in writing by hand delivery or fax of a duly completed and executed Competitive Bid Accept/Reject Letter, whether and to what extent it has decided to
accept or reject any of or all the Competitive Bids made pursuant to any Competitive Bid Request (x) in the case of a Eurodollar Competitive Borrowing, not later than 1:00 p.m., New York
City time, three Business Days before the date of the requested Competitive Borrowing, and (y) in the case of a Fixed Rate Borrowing, not later than 1:00 p.m., New York City time, on the
day of the requested Competitive Borrowing; provided that, with respect to any Competitive Bid Request, (i) the failure by the Borrower to give
such notice shall be deemed to be a rejection of all the Competitive Bids made pursuant thereto, (ii) the Borrower shall not accept a Competitive Bid made at a particular Competitive Bid Rate
if it has decided to reject a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate principal amount of the Competitive Loans offered pursuant to the Competitive Bids
accepted by the Borrower shall not exceed the principal amount specified in the Competitive Bid Request, (iv) if the Borrower shall accept a Competitive Bid or Competitive Bids made at a
particular Competitive Bid Rate but the amount of such bid or bids shall cause the total amount of Competitive Bids to be accepted by the Borrower to exceed the amount specified in the Competitive Bid
Request, then the Borrower shall accept a portion of such bid or bids in an amount equal to the amount specified in the Competitive Bid Request less the amount of all other Competitive Bids accepted
with respect to such Competitive Bid Request, which acceptance, in the case of multiple bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such bid at such
Competitive Bid Rate, (v) the Borrower shall not accept a Competitive Bid or Competitive Bids, or a portion of such bid or bids, if, after giving effect thereto, the sum of the Revolving Credit
Exposures of all the Lenders and the aggregate principal amount of all Competitive Loans outstanding at the time shall exceed the lesser of (x) the Total Commitment and (y) the Maximum
Availability at the time and (vi) except pursuant to clauses (iv) and (v) above, no Competitive Bid shall be accepted for a Competitive Loan unless such 

25

 

Competitive
Loan is in a minimum principal amount of $10,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive Loan
must be in an amount less than $10,000,000 because of the provisions of clause (iv) or (v) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple
thereof, and in calculating the pro rata allocation of acceptances of portions of multiple bids at a particular Competitive Bid Rate pursuant to clause (iv) above, the amounts shall be rounded
to integral multiples of $1,000,000 in a manner which shall be in the discretion of the Borrower. A notice given by the Borrower pursuant to this paragraph (d) shall be irrevocable. 

        (e)   The
Agent shall promptly notify each bidding Lender whether or not its Competitive Bid has been accepted (and if so, in what amount and at what Competitive Bid Rate),
and each bidding Lender whose Competitive Bid has been accepted will thereupon become bound, subject to the other applicable conditions hereof, to make the Competitive Loan to the extent its
Competitive Bid has been accepted. 

        (f)    A
Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request. 

        (g)   If
the Agent shall elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such bid directly to the Borrower one quarter of an hour earlier than
the latest time by which the other Lenders are required to submit their bids to the Agent pursuant to paragraph (b) above. 

        (h)   All
notices required by this Section shall be given in accordance with Section 9.01. 

        SECTION 2.04.    Standby Borrowing Procedure.    In order to request a Standby Borrowing, the Borrower shall
hand deliver or fax to the Agent a duly completed and executed Standby Borrowing Request (a) in the case of a Eurodollar Standby Borrowing, not later than 1:00 p.m., New York City time,
three Business Days before the date of the requested Standby Borrowing and (b) in the case of an ABR Borrowing, not later than 1:00 p.m., New York City time, on the day of the requested
Standby Borrowing. Each such request shall be irrevocable and shall specify (i) whether the Borrowing then being requested is to be a Eurodollar Standby Borrowing or an ABR Borrowing;
(ii) the date of such Standby Borrowing (which shall be a Business Day) and the amount thereof; and (iii) if such Borrowing
is to be a Eurodollar Standby Borrowing, the Interest Period with respect thereto. If no election as to the Type of Standby Borrowing is specified in any such request, then the requested Standby
Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Standby Borrowing is specified in any such request, then the Borrower shall be deemed to have selected an
Interest Period of one month's duration. The Agent shall promptly advise the Lenders of any request given pursuant to this Section and of each Lender's portion of the requested Borrowing. 

        SECTION 2.05.    Standby Interest Elections.    (a) Each Standby Borrowing initially shall be of the
Type specified in the applicable Standby Borrowing Request and, in the case of a Eurodollar Standby Borrowing, shall have an initial Interest Period as specified in such Standby Borrowing Request.
Thereafter, the Borrower may elect to convert such Standby Borrowing to a Standby Borrowing of a different Type or to continue such Standby Borrowing and, in the case of a Eurodollar Standby
Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Standby Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the Standby Loans comprising such Standby Borrowing, and the Standby Loans comprising each such portion shall be considered
a separate Standby Borrowing. This Section shall not apply to Competitive Borrowings, which may not be converted or continued. 

        (b)   To
make an election pursuant to this Section, the Borrower shall notify the Agent of such election (each, an "Interest Election
Request") by telephone by the time that a Standby Borrowing 

26

 

Request
would be required under Section 2.04 if the Borrower were requesting a Standby Borrowing of the Type resulting from such election to be made on the effective date of such election. Each
such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or fax to the Agent of a written Interest Election Request in a form approved by the
Agent and signed by the Borrower. 

        (c)   Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

          (i)  the
Standby Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the
portions thereof to be allocated to each
resulting Standby Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Standby Borrowing); 

         (ii)  the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

        (iii)  whether
the resulting Standby Borrowing is to be an ABR Borrowing or a Eurodollar Standby Borrowing; and 

        (iv)  if
the resulting Standby Borrowing is to be a Eurodollar Standby Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which
shall be a period contemplated by the definition of the term "Interest Period". 

If
any such Interest Election Request requests a Eurodollar Standby Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month's duration. 

        (d)   Promptly
following receipt of an Interest Election Request, the Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting
Standby Borrowing. 

        (e)   If
the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Standby Borrowing prior to the end of the Interest Period applicable
thereto, then, unless such Standby Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Standby Borrowing may be converted to or continued as a Eurodollar Standby Borrowing and (ii) unless repaid, each Eurodollar Standby Borrowing shall be
converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

        SECTION 2.06.    Fees.    (a) The Borrower agrees to pay to the Agent for the account of each Lender a
commitment fee (the "Commitment Fee"), which shall accrue at the Applicable Rate on the daily unused amount of the Commitment of such Lender during the
period from and including the Restatement Effective Date to but excluding the date on which such Commitment terminates. Accrued Commitment Fees shall be payable in arrears on the last day of March,
June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the Restatement Effective Date. All Commitment Fees shall
be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing
Commitment Fees, (i) the
Commitment of a Lender shall be deemed to be used to the extent of such Lender's Revolving Credit Exposure and (ii) the outstanding Competitive Loans of any Lender shall be disregarded. 

        (b)   The
Borrower agrees to pay the Agent, for its own account, the fees (the "Agent's Fees") at the times and in the amounts
agreed by the Borrower in the Fee Letter. 

27

 

        (c)   All
Fees shall be paid on the dates due, in immediately available funds, to the Agent for distribution, if and as appropriate, among the Lenders. Once paid, none of the
Fees shall be refundable under any circumstances absent manifest error. 

        SECTION 2.07.    Repayment of Loans; Evidence of Debt.    (a) The Borrower hereby unconditionally
promises to pay (i) on the Maturity Date to the Agent for the account of each Lender the then unpaid principal amount of each Standby Loan and (ii) on the last day of the Interest Period
applicable thereto to the Agent for the applicable Lender(s) the then unpaid principal amount of each Competitive Loan. 

        (b)   Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness to such Lender resulting from each Loan made by such
Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. The Agent shall maintain accounts in which it will
record (i) the amount of each Loan made hereunder, the Type of each Loan made and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Agent hereunder from the Borrower and each Lender's share thereof. The
entries made in the accounts maintained pursuant to this Section shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations therein
recorded; provided, however, that the failure of any Lender or the Agent to maintain such accounts or
any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms or cause the Borrower's obligations to be greater than they would
have been absent such failure or error. 

        (c)   Any
Lender may request that Loans made by it to the Borrower be evidenced by a promissory note of the Borrower. In such event, the Borrower shall prepare, execute and
deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Agent.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory
notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

        SECTION 2.08.    Interest on Loans.    (a) Subject to Section 2.09, the Loans comprising each
Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to (i) in the case of each
Eurodollar Standby Loan, the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, and (ii) in the case of each Eurodollar Competitive Loan, the LIBO
Rate for the Interest Period in effect for such Borrowing plus the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to Section 2.03. Accrued interest on each
Eurodollar Loan shall be payable in arrears on each Interest Payment Date for such Loan. Each Reference Bank agrees upon the request of the Agent to furnish to the Agent timely information for the
purpose of determining the LIBO Rate and the Adjusted LIBO Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Agent for the purpose of determining any
such interest rate, the Agent shall determine such interest rate on the basis of timely information furnished by the remaining Reference Banks. 

        (b)   Subject
to Section 2.09, the Loans comprising each ABR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of
365 or 366 days, as the case may be) at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate. Accrued interest on each ABR Loan shall be payable in arrears on each
Interest Payment Date for 

28

 

such
Loan. The Alternate Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error. 

        (c)   Subject
to Section 2.09, each Fixed Rate Loan shall bear interest at a rate per annum (computed on the basis of the actual number of days elapsed over a year of
360 days) equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to Section 2.03. Accrued interest on each Fixed Rate Loan shall
be payable in arrears on each Interest Payment Date. 

        SECTION 2.09.    Default Interest.    Notwithstanding anything to the contrary herein, (a) upon the
occurrence and during the continuance of an Event of Default and, except where an Event of Default shall have occurred and be continuing under clause (b), (c), (g) or (h) of
Article VII, after receipt of a request therefor from the Agent or the Required Lenders, the Borrower shall pay interest on the unpaid principal amount of each Standby Loan, payable in arrears
on the dates referred to in Section 2.08, at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 360 days)
equal at all times to 2% per annum above the rate per annum required to be paid on such Standby Loan pursuant to Section 2.08(a) or 2.08(b), as applicable, and (b) to the fullest extent
permitted by law, the Borrower shall pay interest on the amount of any interest, fee or other amount payable hereunder (other than the principal of any Standby Loan) that is not paid when due, from
the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum (computed on the basis of
the actual number of days elapsed over a year of 365 or 366 days, as the case may be) equal at all times to 2% per annum above the rate per annum required to be paid on ABR Loans pursuant to
Section 2.08(b). 

        SECTION 2.10.    Alternate Rate of Interest.    In the event, and on each occasion, that on the day two
Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the Agent shall have determined that dollar deposits in the principal amounts of the Eurodollar Loans
comprising such Borrowing are not generally available in the London interbank market, or that the rates at which such dollar deposits are being offered will not adequately and fairly reflect the cost
to any Lender of making or maintaining its Eurodollar Loan during such Interest Period, or that reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, the Agent shall,
as soon as practicable thereafter, give written or fax notice of such determination to the Borrower and the Lenders. In the event of any such determination, until the Agent shall have advised the
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (a) any request by the Borrower for a Eurodollar Competitive Borrowing pursuant to
Section 2.03 shall be of no force and effect and shall be denied by the Agent and (b) any request by the Borrower for a Eurodollar Standby Borrowing pursuant to Section 2.04 shall
be deemed to be a request for an ABR Borrowing. In the event of any such determination, the Lenders shall negotiate with the Borrower, at its request, as to the interest rate which the Loans
comprising such an ABR Borrowing shall bear; provided that such Loans shall bear interest as provided in Section 2.08(b) pending the execution by
the Borrower and each Lender of a written agreement providing for a different interest rate. Each determination by the Agent hereunder shall be conclusive absent manifest error. 

        SECTION 2.11.    Termination and Reduction of Commitments.    (a) Unless previously terminated, the
Commitments shall terminate on the Maturity Date. 

        (b)   Upon
at least three Business Days' prior irrevocable written or fax notice to the Agent, the Borrower may at any time in whole permanently terminate, or from time to
time in part permanently reduce, without penalty but subject to Section 2.15, the Total Commitment; provided that (i) each partial
reduction of the Total Commitment shall be in an integral multiple of $1,000,000 and in a minimum principal amount of $5,000,000 and (ii) no such termination or reduction shall be made if,
after giving effect to any concurrent prepayment of the Loans in 

29

 

accordance
with Section 2.12, the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans outstanding at the time would exceed the
lesser of (x) the Total Commitment and (y) the Maximum Availability at the time. 

        (c)   In
the event and on any occasion that any Net Proceeds are received by or on behalf of the Borrower or any Subsidiary in respect of any sale, transfer or other
disposition of Equity Interests in INTECH or Perkins pursuant to Section 6.04(c)(iv), the Total Commitment shall, on the second Business Day immediately following the day such Net Proceeds are
received, be automatically permanently reduced by an amount equal to the product of (i) the Applicable Percentage and (ii) the Total Commitment as in effect immediately prior to such
reduction (and the Borrower shall make the prepayment, if any, required to be made as a result of such reduction pursuant to Section 2.12(c)) 

        (d)   Each
reduction in the Total Commitment under this Section 2.11 shall be made ratably among the Lenders in accordance with their respective Commitments. The
Borrower shall pay to the Agent for the account of the Lenders, on the date of each termination or reduction of the Total Commitment under this Section 2.11, the Commitment Fees on the amount
of the Commitments so terminated or reduced accrued through the date of such termination or reduction. 

        SECTION 2.12.    Prepayment.    (a) The Borrower shall have the right, at any time and from time to
time, to prepay any Standby Borrowing, in whole or in part, upon giving written or fax notice (or telephone notice promptly confirmed by written or fax notice) to the Agent prior to
(i) 1:00 p.m., New York City time, two Business Days prior to the date of prepayment, in the case of Eurodollar Standby Loans, and (ii) before 1:00 p.m., New York City
time, on the Business Day of the date of prepayment, in the case of ABR Loans; provided that each partial prepayment shall be in an amount which is an
integral multiple of $1,000,000 and not less than (A) $5,000,000 in the case of a Eurodollar Standby Borrowing and (B) $1,000,000 in the case of an ABR Borrowing or, if less, the
aggregate principal amount of such Standby Borrowing. The Borrower shall not have the right to prepay any Competitive Borrowing. 

        (b)   In
the event and on each occasion that the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans
outstanding exceeds, on any day, the Maximum Availability on such day, the Borrower shall, not later than the immediately following Business Day, (i) prepay Standby Borrowings in an amount
equal to the lesser of the aggregate principal amount of the Standby Borrowings then outstanding and the amount of such excess and (ii) to the extent the amount of such excess shall exceed the
aggregate principal amount of the Standby Borrowings then outstanding, prepay Competitive Borrowings in an amount sufficient to eliminate such remaining excess. 

        (c)   In
the event and on each occasion that the Total Commitment is reduced pursuant to Section 2.11, and, following such reduction, the sum of the Revolving Credit
Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans outstanding exceeds the Total Commitment, the Borrower shall, on such day, (i) prepay Standby
Borrowings in an amount equal to the lesser of the aggregate principal amount of the Standby Borrowings then outstanding and the amount of such excess and (ii) to the extent the amount of such
excess shall exceed the aggregate principal amount of the Standby Borrowings then outstanding, prepay Competitive Borrowings in an amount sufficient to eliminate such remaining excess. In the event of
a termination of all of the Commitments, the Borrower shall repay or prepay all the outstanding Loans on the date of such termination. 

30

 

        (d)   In
the event and on any occasion that any Net Proceeds are received by or on behalf of the Borrower or any Subsidiary in respect of (i) any issuance of preferred
Equity Interests in or other preferred securities of the Borrower, (ii) any sale, transfer or other disposition of Equity Interests in INTECH or Perkins pursuant to Section 6.04(c)(iv)
or (iii) any sale, transfer or other disposition of securities of Stanfield Victoria Funding LLC pursuant to Section 6.04(c)(v), the Borrower shall (A) within two Business
Days after such Net Proceeds are received, prepay Standby Borrowings in an aggregate amount equal to the lesser of the aggregate principal amount of the Standby Borrowings then outstanding and the
amount of such Net Proceeds and (B) solely in the case of any event described in clause (i) or (ii) above, to the extent the amount of such Net Proceeds shall exceed the aggregate
principal amount of the Standby Borrowings then outstanding, within 90 Business Days after such Net Proceeds are received, prepay (or cause any Subsidiary to prepay) other Indebtedness of the Borrower
or any Subsidiary in an aggregate amount equal to the lesser of the aggregate principal amount of all such other Indebtedness then outstanding and 75% of such excess. 

        (e)   Each
notice of prepayment shall specify the prepayment date and the principal amount of each Standby Borrowing (or portion thereof) to be prepaid, shall be irrevocable
and shall commit the Borrower to prepay such Standby Borrowing (or portion thereof) by the amount stated therein on the date stated therein. All prepayments under this Section shall be subject to
Section 2.15, but shall otherwise be without premium or penalty. All prepayments under this Section shall be accompanied by accrued interest on the principal amount being prepaid to the date of
payment. 

        SECTION 2.13.    Reserve Requirements; Change in Circumstances.    (a) Notwithstanding any other
provision herein, if after the Closing Date any change in applicable law or regulation or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation
or administration thereof (whether or not having the force of law) shall change the basis of taxation of payments to any Lender of the principal of or interest on any Eurodollar Loan or Fixed Rate
Loan made by such Lender or any Fees or other amounts payable hereunder (other than changes in respect of Taxes imposed on the overall net income of such Lender by the jurisdiction in which such
Lender has its principal or applicable lending office or by any political subdivision or taxing authority therein), or shall impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of or credit extended by such Lender (except any such
reserve requirement which is reflected in the Adjusted LIBO Rate), or shall impose on such Lender or the London interbank market any other condition affecting this Agreement or any Eurodollar Loan or
Fixed Rate Loan made by such Lender, and the result of any of the foregoing shall be to increase the direct cost to such Lender of making or maintaining any Eurodollar Loan or Fixed Rate Loan or to
reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) by an amount reasonably deemed by such Lender to be material, then the
Borrower will pay to such Lender upon demand such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. Notwithstanding the foregoing,
no Lender shall be entitled to request compensation under this paragraph with respect to any Competitive Loan if it shall have been aware of the change giving rise to such request at the time of
submission of the Competitive Bid pursuant to which such Competitive Loan shall have been made. 

        (b)   If
any Lender shall have determined that the applicability of any law, rule, regulation or guideline adopted pursuant to or arising out of the July 1988 report of the
Basle Committee on Banking Regulations and Supervisory Practices entitled "International Convergence of Capital Measurement and Capital Standards", or the adoption after the Closing Date of any other
law, rule, regulation or guideline regarding capital adequacy, or any change in any of the foregoing or in the interpretation or administration of any of the foregoing by any Governmental Authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any lending office of such Lender) or any Lender's holding 

31

 

company
with any request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the
effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender pursuant
hereto to a level below that which such Lender or such Lender's holding company could have achieved but for such applicability, adoption, change or compliance (taking into consideration such Lender's
policies and the policies of such Lender's holding company with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time the Borrower shall pay
to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered. 

        (c)   Failure
on the part of any Lender to demand compensation for any increased costs or reduction in amounts received or receivable or reduction in return on capital with
respect to any period shall not constitute a waiver of such Lender's right to demand compensation with respect to such period or any other period. The protection of this Section shall be available to
each Lender regardless of any possible contention of the invalidity or inapplicability of the law, rule, regulation, guideline or other change or condition which shall have occurred or been imposed. 

        SECTION 2.14.    Change in Legality.    (a) Notwithstanding any other provision herein, if any change in
any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for any Lender to make or maintain
any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to the Borrower and to the Agent, such Lender may: 

          (i)  declare
that Eurodollar Loans will not thereafter be made by such Lender hereunder, whereupon such Lender shall not submit a Competitive Bid in response to a request
for Eurodollar Competitive Loans and any request by the Borrower for a Eurodollar Standby Borrowing shall, as to such Lender only, be deemed a request for an ABR Loan unless such declaration shall be
subsequently withdrawn; and 

         (ii)  require
that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically converted to ABR
Loans as of the effective date of such notice as provided in paragraph (b) below. 

In
the event any Lender shall exercise its rights under clause (i) or (ii) above, and (x) all payments and prepayments of principal which would otherwise have been applied to
repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or
resulting from the conversion of, such Eurodollar Loans and (y) such Lender shall negotiate with the Borrower, at its request, as to the interest rate which such ABR Loans shall bear;  provided that
such Loans shall bear interest as provided in Section 2.08(b) pending the execution by the Borrower and such Lender of a written
agreement providing for a different interest rate. 

        (b)   For
purposes of this Section, a notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan, if lawful, on the last day of the Interest Period
currently applicable to such Eurodollar Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower. 

        SECTION 2.15.    Indemnity.    The Borrower shall indemnify each Lender against any loss (other than loss of
profits) or expense which such Lender may sustain or incur as a consequence of (a) any failure by the Borrower to fulfill on the date of any borrowing hereunder the applicable conditions set
forth in Article IV, (b) any failure by the Borrower to borrow or to refinance or continue any Loan hereunder, for any reason other than a default by such Lender, after irrevocable
notice of such 

32

 

borrowing,
refinancing or continuation has been given pursuant to Section 2.03, 2.04 or 2.05, (c) any payment, prepayment or conversion of a Eurodollar Loan or Fixed Rate Loan required
by any other provision of this Agreement or otherwise made or deemed made on a date other than the last day of the Interest Period applicable thereto, (d) any default in payment or prepayment
by the Borrower of the principal amount of any Loan or any part thereof or interest accrued thereon, as and when due and payable (at the due date thereof, whether by scheduled maturity, acceleration,
irrevocable notice of prepayment or otherwise) or (e) the occurrence of any Event of Default, including, in each such case, any loss (other than loss of profits) or reasonable expense sustained
or incurred or to be sustained or incurred in liquidating or employing deposits from third parties acquired to effect or maintain such Loan or any part thereof as a Eurodollar Loan or Fixed Rate Loan.
Such loss or reasonable expense shall include an amount equal to the excess, if any, as reasonably determined by such Lender, of (i) its cost of obtaining the funds for the Loan being paid,
prepaid, converted or not borrowed (assumed to be the Adjusted LIBO Rate or, in the case of a Fixed Rate Loan, the fixed rate of interest applicable thereto) for the period from the date of such
payment, prepayment or failure to borrow to the last day of the Interest Period for such Loan (or, in the case of a failure to borrow, the Interest Period for such Loan which would have commenced on
the date of such failure) over (ii) the amount of interest (as reasonably determined by such Lender) that would be realized by such Lender in reemploying the funds so paid, prepaid or not
borrowed for such period or Interest Period, as the case may be. This Section 2.15 shall not apply with respect to Taxes, other than Taxes that represent losses or damages arising from any
non-Tax claim. 

        SECTION 2.16.    Pro Rata Treatment.    Except as required under Section 2.14, each Standby Borrowing,
each payment or prepayment of principal of any Standby Borrowing, each payment of interest on the Standby Loans, each payment of the Commitment Fees, each reduction of the Commitments and each
refinancing of any Borrowing with a Standby Borrowing of any Type, shall be allocated pro rata among the Lenders in accordance with their respective Commitments (or, if such Commitments shall have
expired or been terminated, in accordance with the respective principal amounts of their outstanding Standby Loans). Each payment of principal of any Competitive Borrowing shall be allocated pro rata
among the Lenders participating in such Borrowing in accordance with the respective principal amounts of their outstanding Competitive Loans comprising such Borrowing. Each payment of interest on any
Competitive Borrowing shall be allocated pro rata among the Lenders participating in such Borrowing in accordance with the respective amounts of accrued and unpaid interest on their outstanding
Competitive Loans comprising such Borrowing. For purposes of determining the available Commitments of the Lenders at any time, each outstanding Competitive Borrowing shall be deemed to have utilized
the Commitments of the Lenders (including those Lenders which shall not have made Loans as part of such Competitive Borrowing) pro rata in accordance with such respective Commitments, except as set
forth in Section 2.06(a). Each Lender agrees that in computing such Lender's portion of any Borrowing to be made hereunder, the Agent may, in its discretion, round each Lender's percentage of
such Borrowing to the next higher or lower whole dollar amount. 

        SECTION 2.17.    Sharing of Setoffs.    Each Lender agrees that if it shall, through the exercise of a right of
banker's lien, setoff or counterclaim against the Borrower, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or
in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary)
in respect
of any Standby Loan or Loans as a result of which the unpaid principal portion of the Standby Loans of such Lender shall be proportionately less than the unpaid principal portion of the Standby Loans
of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in
the Standby Loans of such other Lender, so that the aggregate unpaid principal amount of the Standby Loans and participations in the Standby Loans held by each Lender shall be in the 

33

 

same
proportion to the aggregate unpaid principal amount of all Standby Loans then outstanding as the principal amount of its Standby Loans prior to such exercise of banker's lien, setoff or
counterclaim or other event was to the principal amount of all Standby Loans outstanding prior to such exercise of banker's lien, setoff or counterclaim or other event;  provided, however, that, if any such purchase or purchases or adjustments shall be made pursuant to this
Section and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices
or adjustment restored without interest. The Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding a participation pursuant to the foregoing arrangements deemed
to have been so purchased may exercise any and all rights of banker's lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully as
if such Lender had made a Standby Loan directly to the Borrower in the amount of such participation. 

        SECTION 2.18.    Payments.    (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or any Fees or other amounts) hereunder and under any other Loan Document not later than 1:00 p.m., New York City time, on the date when due in dollars to the Agent at
its offices at Citi Global Loans, 1615 Brett Road, OPS 3, New Castle, DE 19720, ABA 021 00 00 89, Account No. 36852248, Attention: Mark Rosenthal, in immediately available funds. 

        (b)   Whenever
any payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan Document shall become due, or
otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of interest or Fees, if applicable. 

        (c)   In
the event that any financial statements delivered under Section 5.04(a) or 5.04(b), or any certificate delivered under Section 5.04(c), shall prove to
have been materially inaccurate (regardless of whether any Commitments are in effect or any amounts are outstanding hereunder when such inaccuracy is discovered), and such inaccuracy shall have
resulted in the payment of any interest or fees at rates lower than those that were in fact applicable for any period (based on the actual Leverage Ratio), the Borrower shall pay to the Agent, for
distribution to the Lenders (or former Lenders) as their interests may appear, the accrued interest or fees that should have been paid but were not paid as a result of such misstatement. 

        SECTION 2.19.    Taxes.    (a) Each payment by any Loan Party under any Loan Document shall be made
without withholding for any Taxes, unless such withholding is required by any law, as modified by the practice then in effect of any Governmental Authority. If any Withholding Agent determines, in its
sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant
Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by the applicable Loan Party shall be increased as necessary so that, net of such
withholding (including such withholding applicable to additional amounts payable under this Section 2.19), the applicable Recipient receives the amount it would have received had no such
withholding been made. 

        (b)   The
Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

        (c)   Within
30 days after any payment of Indemnified Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Agent at its address
referred to in Section 9.01 the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Agent. 

34

 

        (d)   The
Loan Parties shall severally indemnify each Recipient for the full amount of any Indemnified Taxes payable by such Recipient with respect to any Loan Document or any
payment by such Loan Party under any Loan Document (including amounts payable under this Section 2.19) and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly imposed by the relevant Governmental Authority. The indemnity under this paragraph (d) shall be paid within 30 days after the date the Recipient delivers
to the applicable Loan Party a certificate stating the amount of Indemnified Taxes so payable by such Recipient. Such certificate shall be conclusive of the amount so payable absent manifest error.
Such Recipient shall deliver a copy of such certificate to the Agent. 

        (e)   The
Lenders shall severally indemnify the Agent for the full amount of any Excluded Taxes payable by the Agent with respect to any Loan Document or any payment by any
Loan Party under any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly imposed by the relevant Governmental
Authority, except to the extent that any such amount or payment is determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
wilful misconduct of the Agent. The indemnity under this paragraph (e) shall be paid within 30 days after the Agent delivers to the
applicable Lender a certificate stating the amount of Excluded Taxes so payable by the Agent. Such certificate shall be conclusive of the amount so payable absent manifest error. 

        (f)    (i)
Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to payments under any Loan Document shall deliver to
the Borrower and the Agent, at the time or times prescribed by law or reasonably requested by the Borrower or the Agent, such properly completed and executed documentation prescribed by law or
reasonably requested by the Borrower or the Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender shall deliver such other documentation
prescribed by law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth
below in this paragraph (f)) shall not be required if in the Lender's judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the Agent, any Lender shall update any form or certification previously
delivered pursuant to this Section 2.19. If any such form or certification expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in
any event within 10 days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Agent in writing of such expiration, obsolescence or inaccuracy. 

         (ii)  Without
limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to the Borrower shall, if it is legally eligible to do so,
deliver to the Borrower and the Agent (in such number of copies reasonably requested by the Borrower and the Agent) on or prior to the date on which such Lender becomes a party hereto (or, in the case
of a participation holder, on or before the date such participation is effective hereunder) and on or before the date, if any, such Lender changes its applicable lending office by designating a new
lending office, duly completed and executed copies of whichever of the following is applicable: 

        (A)  in
the case of a Lender that is a U.S. Person, IRS Form W-9; 

35

 

        (B)  in
the case of a Lender (other than a U.S. Person) claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to
payments of interest under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the "interest" article of
such tax treaty and (2) with respect to all other payments under any Loan Document, IRS Form W-8BEN establishing an exemption from U.S. Federal withholding Tax pursuant to
the "business profits" or "other income" article of such tax treaty; 

        (C)  in
the case of a Lender (other than a U.S. Person) for whom payments under any Loan Document constitute income that is effectively connected with such Lender's conduct
of a trade or business in the United States, IRS Form W-8ECI; 

        (D)  in
the case of a Lender (other than a U.S. Person) claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code both
(1) IRS Form W-8BEN and (2) a certificate to the effect that such Lender is not (a) a "bank" within the meaning of Section 881(c)(3)(A) of the Code,
(b) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a "controlled foreign corporation" described in
Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

        (E)  in
the case of a Lender (other than a U.S. Person) that either is not the beneficial owner of payments made under any Loan Document or is a partnership (1) an IRS
Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would
be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; or 

        (F)  any
other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation
necessary to enable the Borrower or the Agent to determine the amount of Tax (if any) required by law to be withheld. 

        (g)   If
any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to
this Section 2.19 (including additional amounts paid by any Loan Party pursuant to this Section 2.19), it shall pay to the indemnifying party an amount equal to such refund (but only to
the extent of indemnity payments made under this Section 2.19 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any
Taxes) of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such
Recipient, shall repay to such Recipient the amount paid to such Recipient pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will any
Recipient be required to pay any amount to any Loan Party pursuant to this paragraph (g) if such payment would place such Recipient in a less favorable position (on a net after-Tax
basis) than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph (g) shall not be construed to
require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person. 

        (h)   Without
prejudice to the survival of any other agreement contained herein, the agreements and obligations contained in this Section 2.19 shall survive termination
of the Loan Documents and payment of any obligations thereunder. 

36

 

        SECTION 2.20.    Termination or Assignment of Commitments under Certain Circumstances.    In the event that any
Lender shall fail to pay amounts due to the Agent pursuant to Section 2.02(c) or any Lender shall have delivered a notice or certificate pursuant to Section 2.13 or 2.14, or the Borrower
shall be required to make additional payments to any Lender under Section 2.19, and provided that no Default or Event of Default shall have occurred and be continuing, the Borrower shall have
the right, at its own expense, upon notice to such Lender and the Agent, to require such Lender to transfer and assign without recourse (in accordance with and subject to the restrictions contained in
Section 9.04) all its interests, rights and obligations under this Agreement (other than any outstanding Competitive Loans held by it) to an Eligible Assignee which shall assume such
obligations; provided that (i) no such termination or assignment shall conflict with any law, rule or regulation or order of any Governmental
Authority, (ii) the Borrower or such assignee, as the case may be, shall pay to the affected Lender in immediately available funds on the date of such termination or assignment the principal of
and interest accrued to the date of payment on the Loans (other than Competitive Loans) made by it hereunder and all other amounts accrued for its account or owed to it hereunder (other than any
outstanding Competitive Loans held by it), (iii) if such assignee is not a Lender, the Agent shall have given its prior written consent to such replacement (which consent will not be
unreasonably withheld) and the Borrower or such financial institution shall have paid a processing and recordation fee of $3,500 to the Agent and (iv) in the case of any assignment resulting
from a claim for compensation under Section 2.13 or payments required to be made pursuant to Section 2.19, such assignment will result in a reduction of such compensation or payments
thereafter. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to
require such assignment and delegation cease to apply. 

        SECTION 2.21.    Lending Offices and Lender Certificates; Survival of Indemnity.    To the extent reasonably
possible, each Lender shall designate an alternate lending office with respect to its Eurodollar Loans and Fixed Rate Loans to reduce any liability of the Borrower to such Lender under
Section 2.13 or to avoid the unavailability of Eurodollar Loans under Section 2.10 or 2.14, so long as such designation is not disadvantageous to such Lender. A good faith certificate of
a Lender setting forth a reasonable basis of computation and allocation of the amount due under Section 2.13 or 2.15 shall be final, conclusive and binding on the Borrower in the absence of
manifest error. The amount specified in any such certificate shall be payable on demand after receipt by the Borrower of such certificate. The obligations of the Borrower under Sections 2.13,
2.15, 2.18(c), 2.19 and 9.05 shall survive the payment of all amounts due under any Loan Document and the termination of this Agreement. 

 
 

  ARTICLE III
  
    REPRESENTATIONS AND WARRANTIES    
    

        The
Borrower represents and warrants as to itself and the Subsidiaries to each of the Lenders that: 

        SECTION 3.01.    Corporate Existence and Standing.    The Borrower and each Subsidiary is duly organized,
validly existing and, where such concept exists in the relevant jurisdiction of organization, in good standing under the laws of its jurisdiction of organization and has all requisite authority to
conduct its business in each jurisdiction in which its business is conducted where the failure to so qualify would have a Material Adverse Effect. 

        SECTION 3.02.    Authorization and Validity.    Each Loan Party has the corporate or other organizational, as
applicable, power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder (collectively, the
"Transactions"). The Transactions have been duly authorized by all necessary corporate or other organizational action, and if required, stockholder or
other equity holder action, as applicable. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other 

37

 

Loan
Document to which any Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of the Borrower or such other Loan Party,
enforceable against the Borrower or such other Loan Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or similar laws affecting the
enforcement of creditors' rights generally. 

        SECTION 3.03.    No Conflict; Governmental Consent.    None of the Transactions will violate any law, rule,
regulation, order, writ, judgment, injunction, decree or award binding on the Borrower or any Subsidiary or the Borrower's or any Subsidiary's articles or certificate of incorporation, bylaws or other
organizational documents or the provisions of any indenture, instrument or agreement to which the Borrower or any Subsidiary is a party or is subject, or by which it, or its property, is bound, or
conflict therewith or constitute a default thereunder, or result in the creation or imposition of any Lien in, of
or on the property of the Borrower or any Subsidiary pursuant to the terms of any such indenture, instrument or agreement, except for Liens created under the Loan Documents. No order, consent,
approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to
authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents, except acts
necessary to perfect Liens created under the Loan Documents. 

        SECTION 3.04.    Compliance with Laws; Environmental and Safety Matters.    (a) The Borrower and each
Subsidiary has complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction
over the conduct of their respective businesses or the ownership of their respective properties, except to the extent that the failure to comply therewith could not, in the aggregate, be reasonably
expected to have a Material Adverse Effect. 

        (b)   The
Borrower and each Subsidiary has complied in all material respects with all applicable Federal, state, local and other statutes, ordinances, orders, judgments,
rulings and regulations relating to environmental pollution or to environmental regulation or control or to employee health or safety. Neither the Borrower nor any Subsidiary has received notice of
any material failure so to comply which could reasonably be expected to result in a Material Adverse Effect. The Borrower's and the Subsidiaries' facilities do not manage any hazardous wastes,
hazardous substances, hazardous materials, toxic substances, toxic pollutants or substances similarly denominated, as those terms or similar terms are used in the Resource Conservation and Recovery
Act, the Comprehensive Environmental Response Compensation and Liability Act, the Toxic Substance Control Act, the Clean Air Act, the Clean Water Act or any other applicable law relating to
environmental pollution or employee health and safety, in violation in any material respect of any law or any regulations promulgated pursuant thereto. The Borrower is aware of no events, conditions
or circumstances involving environmental pollution or contamination or employee health or safety that could reasonably be expected to result in liability on the part of the Borrower or any Subsidiary
which could reasonably be expected to result in a Material Adverse Effect. 

        SECTION 3.05.    Financial Statements.    The Borrower has heretofore furnished to the Lenders its consolidated
balance sheet and statements of income, changes in stockholders' equity and cash flows as of the end of and for the fiscal year ended December 31, 2008, audited by and accompanied by the
opinion of Deloitte & Touche LLP, an independent registered public accounting firm. Such financial statements were prepared in accordance with GAAP and present fairly the financial
condition and results of operations of the Borrower and the Consolidated Subsidiaries as of such date and for such period. Such balance sheet and the notes thereto disclose all material liabilities,
direct or contingent, of the Borrower and the Consolidated Subsidiaries as of the date thereof. 

38

 

        SECTION 3.06.    No Material Adverse Change.    Except for any Disclosed Matter, no material adverse change in
the business, properties, financial condition, prospects or results of operations of the Borrower and the Consolidated Subsidiaries has occurred since December 31, 2008. It is understood that
downgrades or negative pronouncements by rating agencies and volatility in the capital markets generally shall not in and of themselves be considered material adverse changes, but that the antecedents
or consequences thereof may constitute such changes (except to the extent the same constitute Disclosed Matters). 

        SECTION 3.07.    Subsidiaries.    Schedule 3.07 contains an accurate list of all the significant joint
ventures and all the Subsidiaries, in each case on and as of the Restatement Effective Date, setting forth their respective jurisdictions of organization and the percentage of their respective
ownership interests held by the Borrower or other Subsidiaries, and identifies each Subsidiary that is a Designated Subsidiary on and as of the Restatement Effective Date. 

        SECTION 3.08.    Litigation.    Except for any Disclosed Matter, there is no litigation, arbitration,
governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting the Borrower or any Subsidiary that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 

        SECTION 3.09.    Material Agreements.    Neither the Borrower nor any Subsidiary is in default in the
performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a
Material Adverse Effect. 

        SECTION 3.10.    Regulation U.    Margin Stock constitutes, and at all times will constitute, less than
25% of the assets of the Borrower and the Subsidiaries that are subject to any limitation on sale or pledge hereunder. 

        SECTION 3.11.    Investment Company Act.    Neither the Borrower nor any Subsidiary is an "investment company"
or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended. 

        SECTION 3.12.    Use of Proceeds.    The Borrower will use the proceeds of the Loans only for working capital
and other general corporate purposes. 

        SECTION 3.13.    Taxes.    The Borrower and each Subsidiary (other than the Excluded Subsidiary) have filed all
United States Federal Tax returns, in the case of the Borrower and each Domestic Subsidiary, and all other Tax returns which are required to be filed and have paid all Taxes due pursuant to said
returns or pursuant to any assessment received by the Borrower or any such Subsidiary, including all Federal and state withholding Taxes and all Taxes required to be paid pursuant to applicable law,
except such Taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided. The charges, accruals and reserves on the books of the Borrower and the
Consolidated Subsidiaries in respect of any Taxes or other governmental charges are adequate. 

        SECTION 3.14.    Accuracy of Information.    The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which the Borrower or any Subsidiary is subject, and all other matters known to the Borrower, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. Neither the Confidential Information Memorandum nor any of the other reports, financial statements, certificates or other written or
formally presented information furnished by or on behalf of the Borrower or any Loan Party to the Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document,
included herein or therein or furnished hereunder or thereunder (in each case taken as a whole and as modified or supplemented by other information so furnished) contains any material misstatement of
fact or omits to state any material fact necessary to make the statements therein, in 

39

 

the
light of the circumstances under which they were made, not misleading; provided that, as to financial projections, if any, that have been prepared
by the Borrower and made available to the Agent, any Lender or any potential Lender, the Borrower only represents and warrants that such financial projections have been prepared in good faith based
upon assumptions believed by the management of the Borrower to be reasonable at the time of preparation (it being understood such projections are subject to significant uncertainties and
contingencies, many of which are beyond the Borrower's control, and that no assurance can be given that the projections will be realized and the variations therefrom may be material). 

        SECTION 3.15.    No Undisclosed Dividend Restrictions.    Except for restrictions hereunder, and except for
restrictions on the payment of dividends under applicable law, none of the Subsidiaries (other than the Excluded Subsidiary) is subject to any agreement, amendment, covenant or understanding that
directly or indirectly (through the application of financial covenants or otherwise) restricts the ability of such entity to declare or pay dividends. 

        SECTION 3.16.    Properties.    (a) The Borrower and each Subsidiary has good title to, or valid
leasehold interests in, all its property (other than Intellectual Property) material to its business (including its Mortgaged Properties), except where the failure to have such title or leasehold
interest could not, individually or in the aggregate, reasonably be expected to have Material Adverse Effect. 

        (b)   The
Borrower and each Subsidiary (other than the Excluded Subsidiary) owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other Intellectual
Property material to the operation of its business, and, to the knowledge of the Borrower, the use thereof by the Borrower and the Subsidiaries does not infringe upon the Intellectual Property rights
of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

        (c)   As
of the Restatement Effective Date, neither the Borrower nor any Designated Subsidiary owns any parcel of real property in fee. 

        SECTION 3.17.    Collateral Matters.    (a) The Collateral Agreement, upon execution and delivery
thereof by the parties thereto, will create in favor of the Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the Collateral (as defined therein) and
(i) when the Collateral constituting certificated securities (as defined in the Uniform Commercial Code) is delivered to the Agent, together with instruments of transfer duly endorsed in blank,
the security interest created under the Collateral Agreement will constitute a fully perfected security interest in all right, title and interest of the pledgors thereunder in such Collateral, prior
and superior in right to any other Person, and (ii) when financing statements in appropriate form are filed in the applicable filing offices, the security interest created under the Collateral
Agreement will constitute a fully perfected security interest in all right, title and interest of the Loan Parties in the remaining Collateral to the extent perfection can be obtained by filing
Uniform Commercial Code financing statements, prior and superior to the rights of any other Person, except for rights secured by Liens permitted by Section 6.02. 

        (b)   Each
Mortgage, upon execution and delivery thereof by the parties thereto, will create in favor of the Agent, for the benefit of the Secured Parties, a legal, valid and
enforceable security interest in all the applicable mortgagor's right, title and interest in and to the Mortgaged Properties subject thereto and the proceeds thereof, and when the Mortgages have been
filed in the jurisdictions specified therein, the Mortgages will constitute a fully perfected security interest in all right, title and interest of the mortgagors in the Mortgaged Properties and the
proceeds thereof, prior and superior in right to any other Person, but subject to Liens permitted by Section 6.02. 

        (c)   Upon
the recordation of the IP Security Agreements with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and the
filing of the 

40

 

financing
statements referred to in paragraph (a) of this Section, the security interest created under the Collateral Agreement will constitute a fully perfected security interest in all right,
title and interest of the Loan Parties in the Intellectual Property that is included in the Collateral and in which a security interest may be perfected by filing in the United States of America, in
each case prior and superior in right to any other Person, but subject to Liens permitted by Section 6.02 (it being understood that subsequent recordings in the United States Patent and
Trademark Office or the United States Copyright Office may be necessary to perfect a security interest in such Intellectual Property acquired by the Loan Parties after the Restatement Effective Date). 

 
 

  ARTICLE IV    
    
    CONDITIONS    
    

        SECTION 4.01.    Restatement Effective Date.    The effectiveness of the amendment and restatement of the
Existing Credit Agreement in the form of this Agreement is subject to the satisfaction of the conditions precedent set forth in the Amendment Agreement (or waiver thereof in accordance with the terms
of the Amendment Agreement). 

        SECTION 4.02.    All Borrowings.    The obligation of each Lender to make a Loan on the occasion of any
Borrowing is subject to the satisfaction of the following conditions: 

        (a)   The
Agent shall have received a notice of such Borrowing as required by Section 2.03 or 2.04, as applicable. 

        (b)   The
representations and warranties set forth in Article III hereof and in each Loan Document shall be true and correct in all material respects on and as of the
date of, and after giving effect to, such Borrowing with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier
date. 

        (c)   At
the time of, and immediately after giving effect to such Borrowing, (i) no Default or Event of Default shall have occurred and be continuing and
(ii) the Borrower shall be in compliance with Section 6.07(c) for a period of five consecutive Business Days ending immediately prior to the date of such Borrowing. 

        (d)   At
the time of, and immediately after giving effect to such Borrowing, the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate amount of all
Competitive Loans outstanding at such time shall not exceed the lesser of (x) the Total Commitment and (y) the Maximum Availability at such time. 

        (e)   The
Agent shall have received a certificate of a Financial Officer of the Borrower, dated the date of such Borrowing, setting forth the Maximum Availability as of the
date of such Borrowing. 

Each
Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date of such Borrowing as to the matters specified in paragraphs (b), (c) and
(d) of this Section 4.02. It is understood that this Section 4.02 shall not apply to a conversion or continuation of any Standby Borrowing pursuant to Section 2.05. 

 
 

  ARTICLE V    
    
    AFFIRMATIVE COVENANTS    
    

        The Borrower covenants and agrees with each Lender that, until the Commitments have expired or been terminated and the principal of or
interest on each Loan, all Fees or all other expenses or 

41

 

amounts
payable under any Loan Document shall have been paid in full, unless the Required Lenders shall otherwise consent in writing: 

        SECTION 5.01.    Conduct of Business; Maintenance of Ownership of Subsidiaries and Maintenance of
Properties.    (a) The Borrower will, and will cause each Subsidiary (other than the Excluded Subsidiary) to, carry on and conduct its business in
substantially the same manner and in substantially the same fields of enterprise as it is presently conducted; provided that no sale, transfer or
disposition of assets (including by means of a merger) permitted under Sections 6.03, 6.04 and 6.05 will be prohibited by this paragraph (a). 

        (b)   The
Borrower will, and will cause each Subsidiary to do all things necessary to remain duly organized, validly existing and, where such concept exists in the relevant
jurisdiction of organization, in good standing in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted,
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect or in connection with a dissolution, merger, or disposition of a Subsidiary permitted under
Section 6.04. 

        (c)   The
Borrower will at all times own, directly or indirectly, at least (i) 50.1% of the outstanding Equity Interests of each of INTECH and Perkins and
(ii) 95% of the outstanding Equity Interests of Janus Capital Management LLC, in each case free and clear of any Liens on such Equity Interests, other than Liens created under the Loan
Documents and statutory Liens applicable to Equity Interests. 

        (d)   The
Borrower will, and will cause each Subsidiary (other than the Excluded Subsidiary) to, do all things necessary to maintain, preserve, protect and keep their
properties material to the conduct of their businesses in good repair, working order and condition, and make all necessary and proper repairs, renewals and replacements so that their businesses
carried on in connection therewith may be properly conducted in all material respects at all times; provided that no sale, transfer or disposition of
assets (including by means of a merger) permitted under Sections 6.03, 6.04 and 6.05 will be prohibited by this paragraph (d). 

        SECTION 5.02.    Insurance.    The Borrower will, and will cause each Subsidiary (other than the Excluded
Subsidiary) to, maintain, with Persons that, to its knowledge, are financially sound and reputable insurance companies, insurance on all its property in such amounts and covering such risks as is
consistent with sound business practice and customary with companies engaged in similar lines of business, and the Borrower will furnish to any Lender upon reasonable request full information as to
the insurance carried. Each such policy of general liability or casualty insurance maintained by or on behalf of Loan Parties shall (a) in the case of each general liability insurance policy,
name the Agent, on behalf of the Lenders, as an additional insured thereunder, (b) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the
Agent, on behalf of the Secured
Parties, as the loss payee thereunder and (c) provide for at least 30 days' (or such shorter number of days as may be agreed to by the Agent) prior written notice to the Agent of any
cancellation of such policy. 

        SECTION 5.03.    Compliance with Laws and Payment of Material Obligations and Taxes.    (a) The Borrower
will, and will cause each Subsidiary to, comply in all material respects with all laws (including ERISA and the Fair Labor Standards Act, as amended), rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it may be subject if noncompliance therewith could reasonably be expected to have a Material Adverse Effect. 

        (b)   The
Borrower will, and will cause each Subsidiary to, pay when due its material obligations, including all taxes, assessments and governmental charges and levies upon it
or its income, profits or property, except (i) those which are being contested in good faith by appropriate 

42

 

proceedings
and with respect to which adequate reserves have been set aside or (ii) where any failure to pay could not reasonably be expected to have a Material Adverse Effect. 

        SECTION 5.04.    Financial Statements, Reports, etc.    The Borrower will maintain, for itself and each
Subsidiary, a system of accounting established and administered in accordance with GAAP or IFRS, as applicable, and will furnish to the Agent and each Lender: 

        (a)   within
90 days after the end of each of its fiscal years, its audited consolidated balance sheet and related consolidated statements of income, changes in
stockholders' equity and cash flows as of the end of and for such fiscal year, setting forth in each case in comparative form the figures for the prior fiscal year, all audited by and accompanied by
an unqualified (except for qualifications relating to changes in accounting principles or practices reflecting changes in GAAP and required or approved by the Borrower's independent certified public
accountants) audit report certified by an independent registered public accounting firm of nationally recognized standing to the effect that such consolidated financial statements present fairly, in
all material respects, the financial position, results of operations and cash flows of the Borrower and the Consolidated Subsidiaries on a consolidated basis as of the end of and for such year in
accordance with GAAP; 

        (b)   within
45 days after the end of each of the first three quarters of each of its fiscal years, its consolidated balance sheet and related consolidated statements
of income, changes in stockholders' equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form
the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the prior fiscal year, all certified by a Financial Officer of the Borrower as
presenting fairly, in all material respects, the financial position, results of operations and cash flows of the Borrower and the Consolidated Subsidiaries on a consolidated basis as of the end of and
for such fiscal quarter and such portion of the fiscal year in accordance with GAAP, subject to normal year-end audit adjustments and the absence of certain footnotes; 

        (c)   together
with each delivery of financial statements under clause (a) or (b) of this Section 5.04, a compliance certificate substantially in the form
of Exhibit C signed by a Financial Officer of the Borrower, (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.07, (iii) stating whether
any change in GAAP or in the application thereof has occurred since the date of the consolidated balance sheet of the Borrower most recently theretofore delivered under clause (a) or
(b) of this Section 5.04 (or, prior to the first such delivery, referred to in Section 3.05) and, if any such change has occurred, specifying the effect of such change on the
financial statements (including those for the prior periods) accompanying such certificate, and (iv) certifying that all notices required to be provided to the Agent under Sections 5.08
and 5.09 have been provided; 

        (d)   as
soon as possible and in any event within 10 days after any Responsible Officer of the Borrower knows that (i) any Reportable Event has occurred with
respect to any Plan, (ii) any Withdrawal Liability has been incurred with respect to any Multiemployer Plan or (iii) the Borrower or any member of the Controlled Group has received any
notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization within the meaning of Title IV of ERISA
or in endangered or critical status within the meaning of Section 305 of ERISA or Section 432 of the Code, a statement, signed by a Financial Officer of the Borrower, describing such
Reportable Event, Withdrawal Liability or notice and the action which the Borrower proposes to take with respect thereto; 

43

 

        (e)   promptly
upon the furnishing thereof to the shareholders of the Borrower, copies of all financial statements, reports and proxy statements so furnished; 

        (f)    promptly
upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which the Borrower or any Consolidated
Subsidiary files with the Securities
and Exchange Commission or financial reports material to the interests of the Lenders or to the ability of the Borrower to perform its obligations under the Loan Documents; 

        (g)   within
10 days after the end of each calendar month, a certificate signed by a Financial Officer of the Borrower certifying as to the dollar amount of
Long-Term Assets Under Management as of the close of business on each Business Day during such month; 

        (h)   in
the event the dollar amount of Long-Term Assets Under Management as of the close of business on any Business Day changes in a manner that, disregarding
the last sentence of the definition of the term "Maximum Availability", would result in a change in the Maximum Availability, no later than 12:00 noon, New York City time, on the first Business Day
following the date of such change, a certificate of a Financial Officer of the Borrower notifying the Agent of such change and specifying Long-Term Assets Under Management as of the close
of business on such immediately preceding Business Day; 

        (i)    upon
a reasonable request of the Agent therefor (and, in any event, no later than 12:00 noon, New York City time, on the first Business Day following the day of such
request), a certificate signed by a Financial Officer of the Borrower certifying as to the dollar amount of Long-Term Assets Under Management as of the close of business on the Business
Day immediately preceding the date of such request; 

        (j)    within
60 days after the end of each fiscal quarter of the Borrower, a certificate of a Responsible Officer of the Borrower either (i) setting forth
(A) all Equity Interests or Indebtedness owned by any Loan Party, (B) all Intellectual Property owned by any Loan Party, (C) all Mortgaged Property and (D) all commercial
tort claims seeking damages of $3,000,000 or more in respect of which a complaint or a counterclaim has been filed by any Loan Party (including a brief description thereof) and that, in each case,
(x) if so owned or filed by a Loan Party as of the Restatement Effective Date would have been required to be set forth on the applicable schedule to the Collateral Agreement or to the
Perfection Certificate pursuant to the terms thereof and (y) have not been set forth on a certificate previously delivered pursuant to this clause (j), or (ii) certifying that
there has been no change (other than any change that could not reasonably be expected to be adverse in any material respect to the creation or perfection of the security interests in the Collateral on
the terms and with the priority contemplated by the Security Documents, or otherwise be adverse in any material respect to the interest of the Lenders as secured parties) in the information set forth
in the certificate most recently delivered pursuant to this clause (j) or, in the case of the first such certificate delivered after the Restatement Effective Date, the information set forth on
the applicable schedule to the Collateral Agreement or to the Perfection Certificate; 

        (k)   promptly
after Moody's or S&P shall have announced a change in the rating or the outlook in effect for the Index Debt, written notice of such change; and 

        (l)    such
other information (including financial information and any information required by the Patriot Act or any other "know your customer" or similar laws or regulations)
as the Agent or any Lender may from time to time reasonably request. 

The
financial statements (and the related audit opinions and certifications) required to be delivered by the Borrower pursuant to clauses (a) and (b) of this Section 5.04 and the
reports and statements required to be delivered by the Borrower pursuant to clauses (e) and (f) of this Section 5.04 shall be 

44

 

deemed
to have been delivered (i) when reports containing such financial statements (and the related audit opinions and certifications) or other materials are posted on the Borrower's website
on the internet at http://ir.janus.com (or any successor page identified in a notice given to the Agent and the Lenders) or on the SEC's website on the internet at www.sec.gov and the Borrower has
notified the Agent (who in turn shall notify the Lenders) that such reports have been so posted or (ii) when such financial statements, reports or statements are delivered in accordance with
Section 9.17(a). 

        SECTION 5.05.    Notices of Material Events.    Promptly and in any event within five Business Days after a
Responsible Officer of the Borrower becomes aware thereof, the Borrower will give notice in writing to the Agent and the Lenders of the occurrence of (a) any Default or Event of Default or
(b) any other development, financial or otherwise, which has resulted or could reasonably be expected to result in a Material Adverse Effect. 

        SECTION 5.06.    Books and Records; Access to Properties and Inspections.    The Borrower will, and will cause
each Subsidiary (other than the Excluded Subsidiary) to, keep proper books and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and
activities. The Borrower will, and will cause each Subsidiary (other than the Excluded Subsidiary) to, permit the Agent and the Lenders to make reasonable inspections during regular business hours of
the properties, corporate books and financial records of the Borrower or any such Subsidiary, to make reasonable examinations and copies of the books of accounts and other financial records of the
Borrower or any such Subsidiary, and to discuss the affairs, finances and accounts of the Borrower or any such Subsidiary with, and to be advised as to the same by, its respective officers at such
reasonable times and intervals as the Lenders may designate; provided that (a) any inspection by any Lender shall be at such Lender's own
expense, (b) unless a Default or Event of Default shall have occurred and be continuing, there shall be no more than two such inspections during any fiscal year and (c) the Lenders shall
coordinate the timing of their inspections through the Agent and provide reasonable notice thereof. 

        SECTION 5.07.    Use of Proceeds.    The Borrower will use the proceeds of the Loans solely for the purposes
set forth in Section 3.12. 

        SECTION 5.08.    Information Regarding Collateral; Deposit Accounts; Securities Accounts.    (a) The
Borrower will furnish to the Agent prompt written notice of any change in (i) the legal name of any Loan Party, as set forth in its organizational documents, (ii) the jurisdiction of
organization or the form of organization of any Loan Party (including as a result of any merger or consolidation), (iii) the location of the chief executive office of any Loan Party or
(iv) the organizational identification number, if any, or, with respect to any Loan Party organized under the laws of a jurisdiction that requires such information to be set forth on the face
of a Uniform Commercial Code financing statement, the Federal Taxpayer Identification Number of such Loan Party. The Borrower agrees not to effect or permit any change referred to in the preceding
sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Agent to continue at all times following such change to have a valid, legal
and perfected security interest in all the Collateral. 

        (b)   The
Borrower will furnish to the Agent prompt written notice of (i) the acquisition by any Loan Party of, or any real property interest otherwise becoming, a
Mortgaged Property after the Restatement Effective Date and (ii) the acquisition by any Loan Party of any other material assets after the Restatement Effective Date, other than any assets
constituting Collateral under the Security Documents in which the Agent shall have a valid, legal and perfected security interest (with the priority contemplated by the applicable Security Document)
upon the acquisition thereof. 

45

 

        (c)   The
Borrower will cause all cash owned by the Borrower and the Domestic Subsidiaries at any time, other than cash held in the ordinary course of business solely for the
payment of salaries and wages, workers' compensation and similar expenses and other cash in an aggregate amount not to exceed $5,000,000 at any time, to be held in deposit accounts maintained in the
name of one or more Loan Parties and will, in each case as promptly as practicable, notify the Agent of the existence of any deposit account maintained by a Loan Party in respect of which a Control
Agreement is required to be in effect pursuant to clause (f) of the definition of the term "Collateral and Guarantee Requirement" but is not yet in effect. 

        (d)   The
Borrower will cause all securities owned by the Borrower and the Domestic Subsidiaries at any time, other than (i) Equity Interests in the Subsidiaries,
(ii) securities beneficially owned by any customer and (iii) securities representing ownership interests in mutual funds, to be held in separate securities accounts maintained in the
name of one or more Loan Parties and will, in each case as promptly as practicable, notify the Agent of the existence of any securities account maintained by a Loan Party in respect of which a Control
Agreement is required to be in effect pursuant to clause (f) of the definition of the term "Collateral and Guarantee Requirement" but is not yet in effect. 

        SECTION 5.09.    Additional Subsidiaries.    If any Subsidiary is formed or acquired after the Restatement
Effective Date, the Borrower will, within 10 Business Days after such Subsidiary is formed or acquired, notify the Agent thereof and within 15 Business Days (or, in the case of any Foreign Subsidiary,
30 Business Days) after such Subsidiary is formed or acquired (or, in each case, such longer period as may be agreed to by the Agent) cause the Collateral and Guarantee Requirement to be satisfied
with respect to such Subsidiary (if it is a Designated Subsidiary) and with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by a Loan Party. 

        SECTION 5.10.    Further Assurances.    The Borrower will, and will cause each Subsidiary Loan Party to,
execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings,
mortgages and other documents), that may be required under any applicable law, or that the Agent
may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied at all times or otherwise to effectuate the provisions of the Loan Documents, all at the expense of
the Loan Parties. The Borrower will provide to the Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Agent as to the perfection and priority of the Liens
created or intended to be created by the Security Documents. 

 
 

  ARTICLE VI    
    
    NEGATIVE COVENANTS    
    

        The
Borrower covenants and agrees with each Lender that, until the Commitments have expired or been terminated and the principal of or interest on each Loan, all Fees or all other
expenses or amounts payable under any Loan Document shall have been paid in full, unless the Required Lenders shall otherwise consent in writing: 

        SECTION 6.01.    Indebtedness of Subsidiaries.    The Borrower will not permit any Subsidiary (other than the
Excluded Subsidiary) to incur, create or suffer to exist any Indebtedness, except: 

        (a)   Indebtedness
incurred to finance the acquisition, repair or improvement of any fixed or capital assets, including Capitalized Lease Obligations (and any Replacement
Indebtedness in respect thereof); provided that (i) the principal amount of such Indebtedness shall not exceed the purchase price of such assets
or the cost of such repair or improvement, (ii) such Indebtedness (and any Replacement Indebtedness in respect thereof) shall not be secured by any Lien on any assets other than the assets so
acquired, repaired or improved and (iii) the aggregate principal 

46

 

amount
of such Indebtedness and such Replacement Indebtedness, when taken together with the aggregate principal amount of any Indebtedness incurred under clause (j) of this Section 6.01,
shall not exceed $15,000,000 at any time outstanding; 

        (b)   Indebtedness
of any Subsidiary to the Borrower or any other Subsidiary; provided that (i) any such Indebtedness
owing by any Loan Party shall be subordinated to the Obligations on terms no less favorable to the Lenders than those set forth in Exhibit G, (ii) any such Indebtedness owing to any Loan
Party shall be evidenced by a promissory note, which may be a global note, and shall have been pledged pursuant to the Collateral Agreement and (iii) any such Indebtedness of any Subsidiary
that is not a Loan Party to the Borrower or any other Loan Party shall be incurred in compliance with Section 6.09(b); 

        (c)   Indebtedness
created under the Loan Documents; 

        (d)   Attributable
Debt in connection with any Sale-Leaseback Transaction permitted pursuant to Section 6.03; 

        (e)   Indebtedness
of a Person existing at the time such Person becomes a Subsidiary and any Replacement Indebtedness in respect thereof;  provided that such Indebtedness was not created in contemplation of or in
connection with such Person becoming a Subsidiary; 

        (f)    Indebtedness
existing on the Restatement Effective Date and set forth on Schedule 6.01 and any Replacement Indebtedness in respect thereof; 

        (g)   Guarantees
of Indebtedness permitted under clauses (a) through (d) of this Section 6.01; provided
that such Guarantees comply with Section 6.09; 

        (h)   Indebtedness
owed in respect of netting services, overdraft protections and similar arrangements, in each case incurred in the ordinary course of business in connection
with cash management and deposit accounts; 

        (i)    Indebtedness
incurred in the ordinary course of business and arising from agreements or arrangements providing for surety, stay and appeal bonds or as an account party
in respect of letters of credit; provided that the aggregate amount of Indebtedness in respect of letters of credit incurred in reliance on this
clause (i) shall not exceed $15,000,000 at any time outstanding; and 

        (j)    other
Indebtedness of any Subsidiary; provided that the aggregate principal amount of all Indebtedness incurred under
this clause (j), when taken together with the aggregate principal amount of all Indebtedness incurred under clause (a) of this Section 6.01, shall not exceed $15,000,000 at any
time outstanding. 

        SECTION 6.02.    Liens.    The Borrower will not, and will not permit any Subsidiary (other than the Excluded
Subsidiary) to, create, incur or suffer to exist any Lien in or on its property (now or hereafter acquired), or on any income or revenues or rights in respect of any thereof, except: 

        (a)   Liens
created under the Loan Documents; 

        (b)   Liens
for Taxes on its property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by
appropriate proceedings; 

        (c)   Liens
imposed by law, such as carriers', warehousemen's and mechanics' liens and other similar liens arising in the ordinary course of business that secure payment of
obligations (other than Indebtedness) that are not more than 60 days past due or that are being contested in good faith by appropriate proceedings; 

        (d)   Liens
arising out of pledges or deposits under worker's compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or
similar legislation; 

47

 

        (e)   Liens
arising out of deposits to secure leases, trade contracts, statutory obligations, appeal bonds, performance bonds and other obligations of like nature, in each
case arising in the ordinary course of business; 

        (f)    utility
easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of
a similar character and that do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the Borrower or the Subsidiaries; 

        (g)   Liens
existing on the Restatement Effective Date and described in Schedule 6.02, and Liens extending or replacing such Liens;  provided that such Liens (including any such extension or replacement Liens)
(i) secure only those obligations that they secured on the
Restatement Effective Date and Replacement Indebtedness in respect thereof and (ii) extend only to the assets that they encumbered on the Closing Date; 

        (h)   Liens
on fixed or capital assets securing Indebtedness permitted under Section 6.01(a) incurred to finance the acquisition, repair or improvement of such assets
(and any Replacement Indebtedness in respect thereof); provided that such Liens extend only to such assets; 

        (i)    Liens
deemed to exist in connection with Permitted B Share Transactions; provided that such Liens extend only to B Share
Fees and not to any other assets of the Borrower and the Subsidiaries; 

        (j)    Environmental
Liens securing clean-up costs or fines, not in excess of $25,000,000 in aggregate principal amount, excluding Environmental Liens that are
being contested in good faith by appropriate proceedings and the enforcement of which is stayed; 

        (k)   banker's
liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with depository institutions;  provided that such deposit accounts or funds are not established or
deposited for the purpose of providing collateral for any Indebtedness and are not
subject to restrictions on access by the Borrower or any Subsidiary in excess of those required by applicable banking regulations; 

        (l)    judgment
Liens in respect of judgments that have not resulted in an Event of Default under clause (j) of Article VII; 

        (m)  any
Lien existing on any property before the acquisition thereof or existing on any property of any Person that becomes a Subsidiary after the Closing Date before the
time such Person becomes a Subsidiary, and Liens extending or replacing such Liens; provided that (i) no such Lien is created in contemplation of
or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) no such Lien shall apply to any other property and (iii) no such Lien shall secure
obligations other than the obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and Replacement Indebtedness in respect
thereof; 

        (n)   Liens
on the Excluded Securities and the Excluded Securities Accounts; provided that (i) such Liens secure only
obligations of the Borrower and the Subsidiaries in respect of the Specified Hedging Agreements and (ii) such Liens extend only to the Excluded Securities and the Excluded Securities Accounts;
and 

        (o)   other
Liens securing Indebtedness or other obligations in an aggregate principal amount that, when taken together with the aggregate amount of all Attributable Debt in
connection with Sale and Leaseback Transactions permitted under Section 6.03, does not exceed $10,000,000 at any time outstanding. 

48

 

        SECTION 6.03.    Sale and Lease-Back Transactions.    The Borrower will not, and will not permit
any Subsidiary (other than the Excluded Subsidiary) to, enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any property, real or personal, used or
useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as
the property being sold or transferred (a "Sale and Leaseback Transaction"); provided that the Borrower
or any Subsidiary may enter into any Sale and Leaseback Transaction if (a) at the time of such transaction no Default or Event of Default shall have occurred and be continuing, (b) the
proceeds from the sale of the subject property shall be at least equal to its fair market value on the date of such sale and (c) the aggregate amount of all Attributable Debt in connection with
all Sale and Leaseback Transactions of the Borrower and the Subsidiaries, when taken together with the aggregate principal amount of all Indebtedness or other obligations secured by Liens permitted
under Section 6.02(o), does not exceed $10,000,000 at any time outstanding. 

        SECTION 6.04.    Mergers, Consolidations and Transfers of Assets.    The Borrower will not, and will not
permit any Subsidiary (other than the Excluded Subsidiary) to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of any of its assets (whether now owned or hereafter acquired), including any Equity Interests in any Subsidiary, and will not permit any wholly-owned Subsidiary to issue
any additional Equity Interests in such Subsidiary (other than to the Borrower or any other Subsidiary); provided that: 

        (a)   the
Borrower and any Subsidiary may sell or license assets (including Intellectual Property) in the ordinary course of business; 

        (b)   the
Borrower may sell or transfer assets in connection with Permitted B Share True Sale Transactions; 

        (c)   if
at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing: 

          (i)  any
wholly owned Domestic Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation; 

         (ii)  any
Subsidiary may merge into or consolidate with any other Subsidiary (other than the Excluded Subsidiary) in a transaction in which no Person other than the Borrower
or a Subsidiary Loan Party receives any consideration and if (x) either of the merging or consolidating Subsidiaries is a Loan Party, the surviving or resulting Subsidiary is a Loan Party or
(y) either of the merging or consolidating Subsidiaries is a wholly owned Subsidiary, the surviving or resulting Subsidiary is a wholly-owned Subsidiary; 

        (iii)  the
Borrower and the Subsidiaries may sell, transfer, lease, license or otherwise dispose of assets (other than (A) Equity Interests in INTECH or Perkins or
(B) securities of Stanfield Victoria Funding LLC) the Net Proceeds of which do not exceed, when taken together with the Net Proceeds of all other assets sold, transferred, leased,
licensed or otherwise disposed of on or after the Restatement Effective Date pursuant to this clause (iii), $25,000,000 in the aggregate; 

        (iv)  subject
to Section 5.01(c), the Borrower and the Subsidiaries may sell, transfer or otherwise dispose of Equity Interests in INTECH or Perkins;  provided that, with respect to any such sale, transfer or
other disposition, (x) the Borrower shall have delivered to the Agent a certificate
signed by a Financial Officer of the Borrower setting forth the Applicable Percentage with respect thereto and a reasonably detailed calculation thereof and (y) the Borrower shall apply the Net
Proceeds thereof to prepay Standby Loans (and other Indebtedness) as required pursuant to Section 2.12(d); and 

49

 

         (v)  the
Borrower and the Subsidiaries may sell, transfer or otherwise dispose of securities of Stanfield Victoria Funding LLC;  provided that, with respect to any such sale, transfer or other disposition,
the Borrower shall apply the Net Proceeds thereof to prepay Standby Loans
as required pursuant to Section 2.12(d); 

        (d)   the
Borrower and the Subsidiaries may consummate any Sale and Leaseback Transaction permitted under Section 6.03; and 

        (e)   the
Borrower and the Subsidiaries may make any sale, transfer, lease or other disposition to the Borrower or any Subsidiary;  provided that any such sale, transfer, lease or other disposition involving a
Subsidiary that is not a Loan Party shall be made in compliance with
Sections 6.05 and 6.09. 

        SECTION 6.05.    Transactions with Affiliates.    The Borrower will not, and will not permit any Subsidiary
(other than the Excluded Subsidiary) to, sell or transfer any assets to, or purchase or acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates (other than
the Borrower or any Subsidiary (other than the Excluded Subsidiary)), except that the Borrower or any Subsidiary may engage in any of the foregoing transactions at prices and on terms and conditions
which, taken as a whole, are not less favorable to the Borrower or such Subsidiary than would prevail in an arm's-length transaction with unrelated third parties. 

        SECTION 6.06.    Restrictive Agreements; Certain Other Agreements.    (a) The Borrower will not, and
will not permit any Subsidiary (other than the Excluded Subsidiary) to, enter into, incur or permit to exist any agreement or other arrangement that, directly or indirectly (through the application of
financial covenants or otherwise), prohibits or restricts the ability of any Subsidiary to declare and pay dividends or other distributions with respect to its Equity Interests or to make or repay any
loans or advances to the Borrower or to Guarantee Indebtedness of the Borrower; provided that the foregoing shall not apply to prohibitions or
restrictions (i) imposed by applicable law or any Loan Document, (ii) contained in agreements relating to secured Indebtedness permitted hereunder, if such prohibitions or restrictions
apply only to (A) assets other than cash securing such Indebtedness or (B) cash in an amount not greater than the principal amount of such Indebtedness that has been deposited in a
collateral or similar account to cash collateralize such Indebtedness, or (iii) contained in agreements relating to the sale of a Subsidiary, or a business unit, division, product line or line
of business, that are applicable solely pending such sale, if such prohibitions or restrictions apply only to the Subsidiary, or the business unit, division, product line or line of business, that is
to be sold and such sale is permitted hereunder. 

        (b)   The
Borrower will not, and will not permit any Subsidiary (other than the Excluded Subsidiary) to, enter into, incur or permit to exist any agreement (including any
indenture or lease) or instrument containing any covenant restricting the incurrence of Indebtedness or governing the Borrower's and the Subsidiaries' financial condition if such covenant is either
not comparable to any covenant in this Agreement or is more restrictive than the analogous covenant in this Agreement, unless the Borrower (i) has delivered a copy of such agreement or
instrument to the Agent not less than 10 Business Days prior to executing the same and (ii) has entered into an amendment to this Agreement to add such covenant, mutatis mutandis, or to conform
the analogous covenant in this Agreement to such more restrictive covenant. 

        SECTION 6.07.    Certain Financial Covenants.    The Borrower will not: 

        (a)   permit
the Leverage Ratio on any date to exceed 8.00:1.00; 

        (b)   permit
the Interest Coverage Ratio to be less than 2.00:1.00 for any period of four fiscal quarters ending after the Restatement Effective Date; and 

50

 

        (c)   permit
Long-Term Assets Under Management at any time to be less than or equal to the Minimum AUM. 

        SECTION 6.08.    Margin Stock.    The Borrower will not, and will not permit any Subsidiary (other than the
Excluded Subsidiary) to, purchase or otherwise acquire Margin Stock if, after giving effect to any such purchase or acquisition, Margin Stock owned by the Borrower and the Subsidiaries would represent
more than 25% of the assets of the Borrower and the Subsidiaries on a consolidated basis (valued in accordance with Regulation U); provided that,
subject to Section 6.10, the Borrower may repurchase its capital stock pursuant to any stock buyback program approved by the Borrower's Board of Directors. For purposes of this
Section 6.08, on any date of determination, Margin Stock and the total assets of the Borrower and the Subsidiaries will be valued in a manner determined by the Borrower in good faith and
consistent with the requirements of Regulation U. 

        SECTION 6.09.    Investments, Loans, Advances and Guarantees.    The Borrower will not, and will not permit any
Subsidiary (other than the Excluded Subsidiary) to, purchase, hold, acquire (including pursuant to any merger or consolidation with any Person that was not a Subsidiary prior thereto), make or
otherwise permit to exist any Investment in or, in the case of clause (b) below, purchase or otherwise acquire (in one transaction or a series of transactions) all or substantially all of the
assets of: 

        (a)   so
long as the Borrower shall own any Equity Interests in Capital Group Partners, Capital Group Partners or any of its subsidiaries, except that the Borrower may
(i) make regularly scheduled payments of interest and principal in respect of any Indebtedness of the Borrower that shall have been purchased or otherwise acquired by Capital Group Partners
from third parties prior to the Closing Date and (ii) make Investments in Capital Group Partners in an aggregate principal amount not to exceed $5,000,000 during any fiscal year; or 

        (b)   any
other Person, except: 

          (i)  Permitted
Investments; 

         (ii)  Investments
in the Borrower or any Subsidiary (other than the Excluded Subsidiary); provided that (A) after the
Restatement Effective Date, no Subsidiary shall acquire any Equity Interest in the Borrower, (B) such Subsidiary is a Subsidiary prior to the making of such Investments, (C) any Equity
Interests held by a Loan Party in any Subsidiary shall be pledged pursuant to, and to the extent required by, the Collateral Agreement and (D) the aggregate amount of such Investments by Loan
Parties in Subsidiaries that are not Loan Parties (excluding all such Investments existing on the Restatement Effective Date and set forth on Schedule 6.09) shall not exceed $15,000,000 at any
time outstanding; provided further that (x) no Investment in any Subsidiary that is not a Loan Party may be made in reliance on this
clause (ii) at any time that an Event of Default shall have occurred and be continuing and (y) notwithstanding the foregoing, the Borrower and the Subsidiaries shall be permitted to make
accounting balance reconciliations through capital contributions, dividends and loan forgiveness, in each case in the ordinary course of business and consistent with past cash management practices; 

        (iii)  Investments
in seed financing for early-stage funds in an aggregate amount not to exceed $150,000,000 at any time outstanding; 

        (iv)  Investments
made solely with the Net Proceeds from the issuance, after the Restatement Effective Date, of common stock in the Borrower; 

         (v)  Investments
made as a result of the receipt of noncash consideration from a sale, transfer, lease or other disposition of any asset in compliance with
Section 6.04; 

        (vi)  Investments
in the form of (A) the Specified Hedging Agreements; (B) Hedging Agreements entered into to (x) hedge or mitigate risks to which the
Borrower or any 

51

 

Subsidiary
has actual exposure (other than in respect of Equity Interests in or Indebtedness of the Borrower or any Subsidiary) or (y) effectively cap, collar or exchange interest rates (from
fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary; (C) any
call/put spread Hedging Agreement entered into in connection with convertible Indebtedness of the Borrower; and (D) Hedging Agreements entered into in connection with the granting by the
Borrower of
long-term incentive awards under its "Mutual Fund Share Investment Plan", provided that such Hedging Agreements are entered into in a manner
consistent with past practices; 

       (vii)  compensation,
travel, lodging, business expenses, attorney's expenses arising from indemnification and litigation obligations and similar advances to directors and
employees of the Borrower or any Subsidiary to cover matters that are expected at the time of such advances to be treated as expenses for accounting purposes and that are made in the ordinary course
of business; 

      (viii)  the
purchase or other acquisition by the Borrower or any Subsidiary of Equity Interests in, or all or substantially all the assets of, any Person;  provided that (i) with respect to each such purchase
or other acquisition, all actions required to be taken to satisfy the requirements set forth
in the term "Collateral and Guarantee Requirement" shall have been taken (or arrangements for the taking of such actions satisfactory to the Agent shall have been made) and (ii) the aggregate
consideration paid therefor, together with the aggregate consideration paid for any other such purchase or acquisition consummated after the Restatement Effective Date in reliance on this
clause (viii) (including, in each case, Indebtedness assumed in connection therewith) shall not exceed $15,000,000; 

        (ix)  (A)
purchases of Equity Interests in INTECH and/or Perkins, in each case in amounts and at prices required pursuant to (x) operating agreements or similar
governing documents of INTECH or Perkins, as the case may be, in each case as such requirements are in effect on the Restatement Effective Date, (y) employment agreements with officers of
INTECH or Perkins, as the case may be, and (z) any share liquidity or withholding program for employees or officers of INTECH or Perkins, as the case may be, and (B) after
October 1, 2009, other purchases of Equity Interests in INTECH and/or Perkins so long as, after giving effect thereto, (x) the Leverage Ratio, determined as of the end of the fiscal
quarter of the Borrower most recently then ended prior to the date of the consummation thereof and for which financial statements shall have been delivered pursuant to Section 5.04(a) or
5.04(b), but giving effect on a pro forma basis to any Indebtedness incurred in connection with such purchase, shall be less than 4.50:1.00, (y) no Loans shall be outstanding and (z) no
Default shall have occurred and be continuing; 

         (x)  Investments
in Janus Capital International Limited made for the sole purpose of enabling Janus Capital International Limited to meet the minimum capital maintenance
requirements applicable to Janus Capital International Limited under the rules and regulations of the FSA (and maintain regulatory capital in excess thereof in an amount not to exceed 50% of such
minimum regulatory capital); provided that the aggregate amount of such Investments outstanding at any time shall not exceed the sum of (A) the
JCIL Distribution Amount as of such time and (B) £10,000,000; and 

        (xi)  Investments
of customer cash and customer securities. 

52

 

 

        SECTION 6.10.    Restricted Payments; Certain Payments of Indebtedness.    (a) The Borrower will not,
and will not permit any Subsidiary (other than the Excluded Subsidiary) to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that: 

          (i)  any
Subsidiary may declare and pay dividends or make other Restricted Payments with respect to its capital stock, partnership or membership interests or other similar
Equity Interests, ratably to the holders of such Equity Interests; 

         (ii)  so
long as no Default shall have occurred and be continuing or would result therefrom, the Borrower may declare and pay dividends or make other distributions
(A) with respect to its common stock (x) in an amount not exceeding $0.04 per share during any fiscal year (subject to appropriate adjustment for stock splits, stock dividends, share
combinations and similar transactions) or (y) payable in additional Equity Interests (other than Disqualified Stock) or (B) with respect to its preferred Equity Interests payable in cash
or in additional Equity Interests (other than Disqualified Stock); 

        (iii)  in
addition to the transactions permitted under Section 6.09(b)(ix) and so long as no Default shall have occurred and be continuing or would result therefrom,
the Borrower and the Subsidiaries may make (A) Restricted Payments to current or former directors, officers, employees or consultants of the Borrower and the Subsidiaries pursuant to and in
accordance with stock option plans or other benefit plans or agreements of the Borrower or any Subsidiary (the "Company Plans"), including in connection
with the death or disability of any such person, provided that the aggregate amount of such payments made in the form of cash since the Restatement
Effective Date shall not exceed $10,000,000 in the aggregate; or (B) Restricted Payments in the form of an exchange of outstanding stock options for new stock options pursuant to and in
accordance with the Company Plans; 

        (iv)  the
Borrower may make cash payments in lieu of the issuance of fractional shares representing insignificant interests in the Borrower in connection with the exercise of
warrants, options or other securities convertible into or exchangeable for Equity Interests in the Borrower; 

         (v)  so
long as no Default shall have occurred and be continuing or would result therefrom, the Borrower and the Subsidiaries may make accounting balance reconciliations
among themselves through capital contributions, dividends and loan forgiveness, in each case in the ordinary course of business and consistent with past cash management practices; 

        (vi)  Restricted
Payments in the form of any payment by the Borrower, or any Subsidiary, as the case may be, on account of (A) any purchase, redemption, retirement,
acquisition, cancellation or termination of any Equity Interests in INTECH and/or Perkins, in each case in amounts and at prices required pursuant to (x) operating agreements or similar
governing documents of INTECH or Perkins, as the case may be, in each case as such requirements are in effect on the Restatement Effective Date, (y) employment agreements with officers of
INTECH or Perkins, as the case may be, and (z) any share liquidity or withholding program for employees or officers of INTECH or Perkins, as the case may be, and (B) after
October 1, 2009, any other purchase, redemption, retirement, acquisition, cancellation or termination of Equity Interests in INTECH and/or Perkins, so long as, after giving effect thereto,
(x) the Leverage Ratio, determined as of the end of the fiscal quarter of the Borrower most recently then ended prior to the date of the consummation thereof and for which financial statements
shall have been delivered pursuant to Section 5.04(a) or 5.04(b), but giving effect on a pro forma basis to any Indebtedness incurred in connection with such purchase, redemption, retirement,
acquisiton, cancelation or termination shall be less than 4.50:1.00, (y) no Loans shall be outstanding and (z) no Default shall have occurred and be continuing; and 

53

 

       (vii)  the
Borrower may repurchase its preferred Equity Interests; provided that (A) at the time thereof, and after
giving effect thereto, no Default shall have occurred and be continuing and no Loans shall be outstanding and (B) the Leverage Ratio, determined, as of the end of the fiscal quarter of the
Borrower most recently then ended prior thereto for which financial statements shall have been delivered pursuant to Section 5.04(a) or 5.04(b), on a pro forma basis to give effect to such
repurchase and the incurrence of any Indebtedness in connection therewith, shall not exceed 3.50:1.00. 

        (b)   The
Borrower will not, and will not permit any Subsidiary (other than the Excluded Subsidiary) to, pay or make or agree to pay or make, directly or indirectly, any
payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Indebtedness, except: 

          (i)  payments
of or in respect of Indebtedness created under the Loan Documents; 

         (ii)  payments
of regularly scheduled interest and regularly scheduled, or so long as no Loans are outstanding, mandatory principal payments, in each case as and when due in
respect of any Indebtedness; 

        (iii)  the
refinancing or replacement of Indebtedness with Replacement Indebtedness to the extent permitted by Section 6.01; 

        (iv)  payments
of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of assets securing such Indebtedness in transactions permitted
hereunder; 

         (v)  payments
of Indebtedness required to be made pursuant to Section 6.04(c)(iv); 

        (vi)  payments
of Indebtedness of any Loan Party to any other Loan Party; 

       (vii)  payments
of, or in respect of, Indebtedness made solely with Equity Interests (other than Disqualified Stock); 

      (viii)  subject
to Section 2.12(d), payments of Indebtedness made solely with the Net Proceeds from the issuance, after the Restatement Effective Date, of common or
preferred stock in the Borrower; and 

        (ix)  other
payments of Indebtedness; provided that at the time each such payment is made, no Default shall have occurred and
be continuing, or would result therefrom and (B) immediately prior to, and after giving effect to each such payment, no Loans shall be outstanding. 

        SECTION 6.11.    Limitations on Conduct of Business.    Without limiting Section 5.01(a), the Borrower
will not permit any Subsidiary existing on the Restatement Effective Date that is not a Subsidiary Loan Party to engage in any business or line of business or conduct any business activities
materially different from the business, line of business or business activities conducted by such Subsidiary on the Restatement Effective Date. 

        SECTION 6.12.    Concerning Janus Capital International Limited.    (a) In the event that the aggregate
amount of the regulatory capital of Janus Capital International Limited as of the end of any quarter, determined under the rules and regulations of the FSA, exceeds an amount equal to 150% of the
minimum amount of the regulatory capital required to be maintained by Janus Capital International Limited as of the end of such quarter pursuant to such rules and regulations, the Borrower will cause
Janus Capital International Limited to make, within 60 days following the end of such quarter and to the extent the making thereof is not prohibited by applicable law or regulation, a 

54

 

dividend,
distribution or other Restricted Payment in cash to Janus International Holding LLC in an amount approximately equal to the amount of such excess. 

        (b)   Notwithstanding
anything to the contrary in Section 6.04 or 6.09(b), at all times on and after the Restatement Effective Date the Borrower shall cause Janus
Capital International Limited to be a wholly-owned subsidiary of Janus International Holding LLC. 

 
 

  ARTICLE VII    
    

 
    EVENTS OF DEFAULT    
    

        In case of the occurrence of any of the following events ("Events of Default"): 

        (a)   any
representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary to the Lenders or the Agent, or any report, certificate or other
information furnished by the Borrower or any Subsidiary to the Lenders or the Agent, in each case under or in connection with any Loan Document, shall be incorrect in any material respect on the date
as of which made or furnished; 

        (b)   nonpayment
by the Borrower of principal of any Loan when due; 

        (c)   nonpayment
by the Borrower of interest upon any Loan or of any Fee or other Obligations (other than an amount referred to in clause (b) above) under any of the
Loan Documents within five Business Days after the same becomes due; 

        (d)   the
breach by the Borrower of any of the terms or provisions of Section 5.07 or Article VI; provided that,
solely in the case of Section 6.07(c), such breach shall continue unremedied for a period of 10 days; 

        (e)   the
breach by the Borrower or any other Loan Party (other than a breach which constitutes an Event of Default under clause (a), (b), (c) or
(d) above) of any of the terms or provisions of this Agreement or any other Loan Document which is not remedied within 30 days after written notice from the Agent or any Lender; 

        (f)    the
failure of the Borrower or any Subsidiary (other than the Excluded Subsidiary) to pay any Material Indebtedness; or the occurrence of any default or any change in
control or similar event that under the terms of any agreement or instrument governing any Material Indebtedness shall cause, or permit the holder or holders of such Indebtedness or a trustee or other
representative acting on their behalf or, in the case of any Hedging Agreement, the applicable counterparty, to cause, such Material Indebtedness to become due prior to its stated maturity, or to
require the prepayment, redemption, repurchase or defeasance thereof prior to its stated maturity or, in the case of any Hedging Agreement, to cause the termination thereof;  provided that this
clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the
assets securing such Indebtedness; 

        (g)   the
Borrower or any Subsidiary shall (i) have an order for relief entered with respect to it under the Federal Bankruptcy Code, (ii) not pay, or admit in
writing its inability to pay, its debts generally as they become due, (iii) make a general assignment for the benefit of creditors, (iv) apply for, seek, consent to or acquiesce in the
appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its property, (v) institute any proceeding seeking an order for relief
under the Federal Bankruptcy Code 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, (vi) take any corporate action to 

55

 

authorize
or effect any of the foregoing actions set forth in this clause (g) or (vii) fail to contest in good faith any appointment or proceeding described in the following
clause (h); 

        (h)   without
the application, approval or consent of the Borrower or any Subsidiary, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the
Borrower or any Subsidiary or any substantial part of its property, or a proceeding described in subclause (v) of the preceding clause (g) shall be instituted against the Borrower or any
Subsidiary and such appointment shall continue undischarged or such proceeding shall continue undismissed or unstayed, in each case, for a period of 60 consecutive days; 

        (i)    any
court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of all of the property of the Borrower or any
Subsidiary or an amount of such property or assets having depreciated book values (determined in accordance with GAAP) that in the aggregate for all properties and assets so appropriated or taken
during the term of this Agreement exceed 7.5% of Consolidated Total Assets on any date of determination; 

        (j)    the
Borrower or any Subsidiary shall fail within 30 days to pay, bond or otherwise discharge any judgment or order for the payment of money in excess of
$25,000,000 (or its equivalent in any other currency) that is not stayed on appeal or otherwise being appropriately contested in good faith; provided
that any such judgment or order shall not give rise to an Event of Default under this clause (j) if and so long as (i) the amount of such judgment or order which remains unsatisfied is
covered by a valid and binding policy of insurance between the Borrower or such Subsidiary and a financially responsible insurer covering full payment of such unsatisfied amount and (ii) such
insurer has acknowledged coverage of the amount of such judgment or order; 

        (k)   the
Unfunded Liabilities of all Plans shall exceed in the aggregate $25,000,000, or any Reportable Event shall occur in connection with any Plan that could reasonably be
expected to result in liability of the Borrower or any member of the Controlled Group in an aggregate amount exceeding $25,0000,000 or any Withdrawal Liability in excess of $25,000,000 shall be
incurred with respect to any Multiemployer Plan or the Borrower or any member of the Controlled Group has received any notice concerning the imposition of Withdrawal Liability in excess of $25,000,000
or a determination that a Multiemployer Plan with respect to which the potential Withdrawal Liability of the Borrower or any member of the Controlled Group would exceed $25,000,000 is, or is expected
to be, insolvent or in reorganization, within the meaning of Title IV of ERISA, or in endangered or critical status, within the meaning of Section 305 of ERISA or Section 432 of the
Code; 

        (l)    a
Change in Control shall have occurred; 

        (m)  any
Loan Document shall cease at any time to be valid, enforceable or in full force and effect, except in accordance with the terms thereof, or the Borrower or any
Subsidiary shall so assert in writing; 

        (n)   any
Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any
material Collateral, with the priority required by the applicable Security Document, except as a result of a sale or transfer of the applicable Collateral in a transaction permitted under the Loan
Documents; or 

        (o)   any
Guarantee purported to be created under any Loan Document shall cease to be, or shall be asserted by any Loan Party not to be, in full force and effect, except upon
the consummation of any transaction permitted under this Agreement as a result of which the Subsidiary Loan Party providing such Guarantee ceases to be a Subsidiary or upon the termination of such
Loan Document in accordance with its terms; 

56

 

then,
and in every such event (other than an event with respect to the Borrower described in clause (g) or (h) above), and at any time thereafter during the continuance of such event,
the Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate forthwith the
Commitments and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and any unpaid accrued Fees and all other liabilities accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; and
in any event with respect to the Borrower described in clause (g) or (h) above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together
with accrued interest thereon and any unpaid accrued Fees and all other liabilities accrued hereunder and under any other Loan Document, shall automatically become due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding. 

 
 

  ARTICLE VIII    
    

 
    THE AGENT    
    

        Each of the Lenders and the Syndication Agent hereby irrevocably appoints the entity named as Agent in the heading of this Agreement to
serve as administrative and collateral agent under the Loan Documents, and authorizes the Agent to take such actions and to exercise such powers as are delegated to the Agent by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental thereto. The Lenders and the Syndication Agent hereby authorize the Agent, and the Agent hereby agrees, to hold any
Collateral pledged under any Foreign Pledge Agreement governed by the laws of England or Wales in trust for the benefit of the Secured Parties. The provisions of this Article are solely for the
benefit of the Lenders, and none of the Borrower nor any other Loan Party shall have any rights as a third party beneficiary of any such provisions. 

        The
Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent,
and such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders. 

        The
Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Agent shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Agent shall not have any duty to take any discretionary action
or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by the Loan Documents that the Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in the Loan Documents),  provided that the Agent shall not be required to
take any action that, in its opinion, could expose the Agent to liability or be contrary to any Loan
Document or applicable law, and (c) except as expressly set forth in the Loan Documents, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Agent or any of its Affiliates in any
capacity. The Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as the Agent shall believe in good faith to be necessary, under the 

57

 

circumstances
as provided in Section 9.08) or in the absence of its own gross negligence or wilful misconduct. The Agent shall be deemed not to have knowledge of any Default unless and until
written notice thereof is given to the Agent by the Borrower or a Lender, and the Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any
Loan Document, other than to confirm receipt of items expressly required to be delivered to the Agent or satisfaction of any condition that expressly refers to the matters described therein being
acceptable or satisfactory to the Agent. 

        The
Agent shall be entitled to rely, and shall not incur any liability for relying, upon any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper
Person (including, if applicable, a Financial Officer of such Person). The Agent also may rely, and shall not incur any liability for relying, upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person (including, if applicable, a Financial Officer or a Responsible Officer of such Person). The Agent may consult, including in connection with any
determination by the Agent pursuant to its authority set forth in the definition of the term "Collateral and Guarantee Requirement", with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any determination made or action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 

        The
Agent may perform any of and all its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by the Agent. The Agent and any such sub-agent may perform any of and all their duties and exercise their rights and powers through their respective Related Parties. The
exculpatory provisions of this Article VIII shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent. 

        Subject
to the appointment and acceptance of a successor Agent as provided in this paragraph, the Agent may resign at any time by notifying the Lenders and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, after consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders, appoint a
successor Agent, which shall be a bank with an office in New York, New York, having a combined capital and surplus of at least
$500,000,000 or an Affiliate of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. After the Agent's resignation
hereunder and under the other Loan Documents, the provisions of this Article VIII and Section 9.05 shall continue in effect for the benefit of such retiring Agent, its sub agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent. 

        Each
Lender acknowledges that it has, independently and without reliance upon the Agent, the arrangers or any other Lender, or any of the Related Parties of any of the foregoing, and
based on such documents and information as it has deemed appropriate, made its own credit analysis and 

58

 

decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent, the arrangers or any other Lender, or any of the Related Parties
of any of the foregoing, and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

        Each
Lender, by delivering its signature page to the Amendment Agreement or delivering its signature page to an Assignment and Assumption pursuant to which it shall become a Lender
hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to,
the Agent or the Lenders on the Restatement Effective Date. 

        Each
Lender agrees (a) to reimburse the Agent, on demand, in the amount of its pro rata share (based on its Commitment hereunder or, if the Total Commitment shall be terminated,
the percentage it holds of the aggregate outstanding principal amount of the Loans) of any expenses incurred for the benefit of the Lenders by the Agent, including counsel fees and compensation of
agents and employees paid for services rendered on behalf of the Lenders, which shall not have been reimbursed by the Borrower and (b) to indemnify and hold harmless the Agent and any of its
Related Parties, on demand, in the amount of such pro rata share, from and against any and all claims for liabilities, Taxes, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against it in its capacity as the Agent or any of them in any way relating to or arising out
of this Agreement or any other Loan Document or any action taken or omitted by it or any of them under this Agreement or any other Loan Document, to the extent the same shall not have been reimbursed
by the Borrower; provided that no Lender shall be liable to the Agent or any of its Related Parties for any portion of such claim for liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the
extent that such claim is determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of the Agent or any of its
Related Parties. The obligations of the Lenders under this Article VIII shall survive the payment of all amounts due under any Loan Document and the termination of this Agreement. 

        No
Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any security interest in the Collateral or Guarantee of the Obligations, it being
understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Agent on behalf of the Secured Parties in accordance with the terms thereof. In the
event of a foreclosure by the Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Agent or any Lender may be the purchaser or licensor of any or all of such
Collateral at any such sale or other disposition, and the Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities
unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral
sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Agent on behalf of the Secured Parties at such sale
or other disposition. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the
Loan Documents, to have agreed to the foregoing provisions. 

        Notwithstanding
anything herein to the contrary, no Person named on the cover page of this Agreement as an Arranger or Syndication Agent shall have any duties or obligations under this
Agreement or any other Loan Document (except in its capacity, as applicable, as a Lender), but all such Persons shall have the benefit of the indemnities provided for hereunder. 

59

 

 
 

  ARTICLE IX    
    

 
    MISCELLANEOUS    
    

        SECTION 9.01.    Notices.    Except as otherwise specifically provided for in this Agreement (including,
without limitation, in Sections 5.04 and 9.17), notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed or
sent by facsimile transmission as follows: 

        (a)   if
to the Borrower, to it at 151 Detroit Street, Denver, CO 80206 Attention of Senior Vice President and Treasurer (Fax No. (303) 316-5651); with a
copy to General Counsel (Fax No. (303) 316-5728); 

        (b)   if
to the Agent, to it at Citigroup Global Loans, 1615 Brett Road, OPS 3, New Castle, DE 19720, Attention of Mark Rosenthal (Fax No. (212) 994-0961);
and 

        (c)   if
to a Lender, to it at its address (or fax number) set forth in its Administrative Questionnaire. 

All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or
overnight courier service or sent by facsimile, or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed)
to such party as provided in this Section or in accordance with the latest unrevoked direction from such party given in accordance with this Section;  provided that, unless otherwise specifically
provided in Article II, all notices given under Article II shall be delivered by hand or
overnight courier service or sent by facsimile. 

        SECTION 9.02.    Survival of Agreement.    All covenants, agreements, representations and warranties made by
the Borrower herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been
relied upon by the Lenders and shall survive the making by the Lenders of the Loans, regardless of any investigation made by or on behalf of the Agent or the Lenders, and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid and so long
as the Commitments have not been terminated. 

        SECTION 9.03.    Effectiveness.    This Agreement shall become effective as provided in the Amendment
Agreement. Delivery of an executed signature page of any Loan Document by facsimile transmission or electronic transmission (PDF) shall be effective as delivery of a manually executed counterpart
thereof. 

        SECTION 9.04.    Successors and Assigns.    (a) The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Agent and each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, participants (to the extent provided in paragraph (e) of this
Section 9.04), the Arrangers, the Syndication Agent and the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

60

 

        (b)   Each
Lender may assign to one or more assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its
Commitment and the Standby Loans at the time owing to it); provided, however, that (i) each such
assignment shall be to an Eligible Assignee, (ii) each such assignment shall be of a constant, and not a varying, percentage of all the assigning Lender's rights and obligations under this
Agreement, (iii) except in the case of an assignment of the entire remaining amount of the Commitment or Loans (subject to, in the case of Competitive Loans, the final sentence of this
paragraph) the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Agent) shall not be less than $10,000,000 and shall be an integral multiple of $1,000,000, (iv) the parties to each such assignment shall execute and deliver to the Agent an Assignment and
Assumption and the Lenders party to such Assignment and Assumption shall pay to the Agent a processing and recordation fee of $3,500 (except that no recordation fee shall be required if the assignee
is an Affiliate of the assignor) and (v) the assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire. Upon acceptance and recording pursuant to
paragraph (e) of this Section, from and after the effective date specified in each Assignment and Assumption, (A) the assignee thereunder shall be a party hereto and, to the extent of
the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an
assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto (but shall continue to be entitled to the benefits of Sections 2.13, 2.15, 2.19 and
9.05, as well as to any Fees accrued for its account hereunder and not yet paid)). Notwithstanding the foregoing, any Lender assigning its rights and obligations under this Agreement may retain any
Competitive Loans made by it outstanding at such time, and in such case shall retain its rights hereunder in respect of any Loans so retained until such Loans have been repaid in full in accordance
with this Agreement. 

        (c)   The
Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and
a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time
(the "Register"). The entries in the Register shall be conclusive in the absence of manifest error, and the Borrower, the Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the
Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

        (d)   Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of
the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above and, if required, the written consent of the
Borrower and the Agent to such assignment, the Agent shall (i) accept such Assignment and Assumption and (ii) record the information contained therein in the Register. 

        (e)   (i)
Each Lender may, without the consent of the Borrower or the Agent, sell to any Person (other than the Borrower) that shall have represented to such Lender that such
Person is not (A) an Affiliate of the Borrower or (B) an investment manager, any investment company or any similar entity that, in each case, is managed or advised by the Borrower or an
Affiliate of the Borrower, participations in all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that
(x) such 

61

 

Lender's
obligations under this Agreement shall remain unchanged, (y) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(z) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, and
such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment, modification or waiver of any provision of this Agreement;
provided however that the agreement or instrument pursuant to which such Lender sells a participation may provide that such Lender will not, without the consent of the participant, agree to any
amendment, modification or waiver described in the first proviso to Section 9.08(b) or in Section 9.08A. A participant shall be entitled to the benefit of the cost protection provisions
contained in Sections 2.13, 2.15 and 2.19 to the same extent as it were a Lender; provided,  however, that a participant shall not be entitled to
receive any more than the selling Lender would have received had it not sold the participation.
 

         (ii)  Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a record of each participant and the principal
amounts (and stated interest) of each participant's interest in the Loans or other obligations under this Agreement (the "Participant Register"). The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement. 

        (f)    Notwithstanding
anything to the contrary contained herein, any Lender (a "Granting Lender") may grant to a special
purpose funding vehicle (an "SPC") of such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Agent and the
Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to Section 2.01,  provided that
(i) nothing herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such
option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof, (iii) such Granting Lender's other
obligations under this Agreement shall remain unchanged, (iv) such Granting Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(v) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Granting Lender in connection with such Granting Lender's rights and obligations under
this Agreement. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting Lender. Each party
hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall
remain with the related Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date
that is one year and one day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to
the contrary contained in this Section or in Section 9.16, any SPC may (i) with notice to, but without the prior written consent of, the Borrower or the Agent and without paying any
processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the
account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans and (ii) disclose on a confidential basis, to the extent such
disclosure would be permitted under Section 9.16 if such SPC were a Lender, any non-public information relating to its Loans to any rating agency, commercial paper dealer or
provider of a surety, guarantee or credit or liquidity enhancement to such SPC. 

62

 

        (g)   Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest;  provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 

        SECTION 9.05.    Expenses; Indemnity.    (a) The Borrower agrees to pay all reasonable and invoiced
out-of-pocket expenses incurred by the Agent and its Affiliates in connection with the arrangement and syndication of the credit facility established hereby, the preparation of
this Agreement and the other Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby contemplated shall be consummated
and except for such costs and expenses incurred after the termination of this Agreement), or incurred by the Agent or any Lender in connection with the enforcement or protection of its rights in
connection with this Agreement, the other Loan Documents or the Loans made hereunder, including the reasonable and invoiced fees, charges and disbursements of Cravath, Swaine & Moore LLP
and, in connection with any such enforcement or protection, the reasonable fees, charges and disbursements of any other counsel for the Agent or any Lender (it being agreed that, except in connection
with any such enforcement or protection, the Borrower shall be responsible for the fees, charges and disbursements of only one counsel unless, in the judgment of the Agent, additional counsel shall be
required as a result of any conflict of interests). The Borrower further agrees that it shall indemnify the Lenders from and hold them harmless against any documentary Taxes that arise from or are
connected to the execution and delivery of this Agreement or any of the other Loan Documents. 

        (b)   The
Borrower agrees to indemnify the Agent (and any sub-agent thereof), each Lender, the Arrangers, the Syndication Agent, and each Related Party of any of
the foregoing (each such Person being called an "Indemnitee") against, and to hold each Indemnitee harmless from, any and all claims, liabilities and
expenses (including reasonable and invoiced counsel fees, charges and disbursements of one counsel selected by the Agent for all the Indemnitees, such local counsel as the Agent may in good faith deem
advisable and, in the event the Agent shall have determined that a conflict of interest makes it inadvisable for a single counsel to represent all the Indemnitees, such additional counsel as may be
required by reason of such conflict), incurred by or asserted against any Indemnitee arising out of or in connection with (i) the execution or delivery of this Agreement or any other Loan
Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions and the other
transactions contemplated thereby, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether based
on contract, tort or any other theory and whether initiated against or by any party to this Agreement or any other Loan Document, any Affiliate of any of the foregoing or any third party (and
regardless of whether any Indemnitee is a party thereto); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such claim (whether brought by a Lender or any other Person), damage, liability or expense is determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
(x) the gross negligence or wilful misconduct of such Indemnitee or (y) the material breach of such Indemnitee's obligations under this Agreement or any other Loan Document or any
agreement or instrument contemplated thereby. Each of the parties hereto also agrees not to assert any claim for special, indirect, consequential or punitive damages against any Loan Party, the Agent,
any Arranger, the Syndication Agent, any Lender or any Related Party of any of the foregoing on any theory of liability, arising out of or otherwise relating to this Agreement, any of the transactions
contemplated herein or the actual or proposed use of proceeds of the Loans. 

63

 

        (c)   The
provisions of this Section shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the
transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation made
by or on behalf of the Agent or any Lender. All amounts due under this Section shall be payable on written demand therefor. 

        SECTION 9.06.    Right of Setoff.    If an Event of Default shall have occurred and be continuing, each Lender
and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the
obligations of the Borrower now or hereafter existing under this Agreement and other Loan Documents owed to by such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement or such other Loan Document and although such obligations may be unmatured. The rights of each Lender and each Affiliate under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender and such Affiliate may have. 

        SECTION 9.07.    Applicable Law.    THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

        SECTION 9.08.    Waivers; Amendment.    (a) No failure or delay of the Agent or any Lender in exercising
any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a
right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agent and the Lenders hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies which they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any
departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other
circumstances. 

        (b)   Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower
and the Required Lenders; provided, however, that no such agreement shall (i) decrease the
principal amount of, or extend the maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan, or waive or excuse any such payment or any part thereof, or
decrease the rate of interest on any Loan, without the prior written consent of each Lender affected thereby, (ii) change or extend the Commitment or decrease or extend the date for payment of
the Facility Fees or Utilization Fees of any Lender without the prior written consent of such Lender, (iii) amend or modify the provisions of Section 2.16, the provisions of this Section
or the definition of "Required Lenders" without the prior written consent of each Lender or (iv) release Janus Capital Management LLC from the LLC Guarantee, or limit its
liability in respect of the LLC Guarantee, in any case without the prior written consent of each Lender; provided further that no such agreement
shall amend, modify or otherwise affect the rights or duties of the Agent or the Swingline Lender hereunder without the prior written consent of the Agent or the Swingline Lender, as the case may be.
Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by the Borrower, the Required Lenders and the Agent if (A) by the terms of
such agreement the Commitment of each Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and (B) at the time such amendment
becomes effective, each 

64

 

Lender
not consenting thereto receives payment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this
Agreement;  provided that the Borrower may prevent any such amendment from becoming effective by a notice delivered to the Agent at any time prior to such
effectiveness, in which case the Commitments of the non-consenting Lenders will not terminate and their Loans will not be required to be repaid. Each Lender shall be bound by any waiver,
amendment or modification authorized by this Section and any consent by any Lender pursuant to this Section shall bind any Person subsequently acquiring a Loan from it. 

        SECTION 9.08A.    Certain Amendments.    (a) Notwithstanding any other provision contained herein,
(i) all references in Section 9.08(b) to the Facility Fees and the Utilization Fees will be deemed to be references to the Commitment Fees (it being understood that the aggregate amount
of the fees and interest payable to the Lenders hereunder will under all circumstances be greater than under the Existing Credit Agreement) and (ii) all references in Section 9.08(b) to
the Swingline Lender shall be disregarded. No agreement referred to in Section 9.08 shall (A) release the Borrower or any other material Loan Party from its Guarantee under the
Collateral Agreement (except as expressly provided herein or in the Collateral Agreement), or limit its liability in respect of such Guarantee, without the prior written consent of each Lender or
(B) release all or substantially all of the Collateral from the Liens of the Security Documents, without the prior written consent of each Lender. 

        (b)   Subject
to Section 9.08 and paragraph (a) of this Section 9.08A, neither any Loan Document (other than this Agreement or the Fee Letter) nor any
provision thereof may be amended or modified except pursuant to an agreement or agreements in writing entered into by the Agent and the Loan Party or Loan Parties that are party thereto, in each case
with the consent of the Required Lenders. 

        SECTION 9.09.    Interest Rate Limitation.    Notwithstanding anything herein to the contrary, if at any time
the applicable interest rate, together with all fees and charges which are treated as interest under applicable law (collectively the "Charges"), as
provided for herein or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender, shall exceed the maximum lawful rate (the
"Maximum Rate") which may be contracted for, charged, taken, received or reserved by such Lender in accordance with applicable law, the rate of interest
payable on the Loans made by such Lender, together with all Charges payable to such Lender, shall be limited to the Maximum Rate. 

        SECTION 9.10.    Entire Agreement.    This Agreement and the other Loan Documents constitute the entire
contract between the parties relative to the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other
Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies,
obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 

        SECTION 9.11.    WAIVER OF JURY TRIAL.    EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS 

65

 

APPLICABLE,
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

        SECTION 9.12.    Severability.    In the event any one or more of the provisions contained in this Agreement or
in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not
in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

        SECTION 9.13.    Counterparts.    This Agreement may be executed in two or more counterparts, each of which
shall constitute an original but all of which when taken together shall constitute but one contract. 

        SECTION 9.14.    Headings.    Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

        SECTION 9.15.    Jurisdiction; Consent to Service of Process.    (a) Each party to this Agreement hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York
City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this
Agreement or the other Loan Documents against any other party or its properties in the courts of any jurisdiction. 

        (b)   Each
party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or Federal court. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

        (c)   Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect
the right of any party to this Agreement to serve process in any other manner permitted by law. 

        SECTION 9.16.    Confidentiality; Material Non-Public Information.    (a) Each Lender agrees
to keep confidential and not to disclose (and to cause its officers, directors, employees, agents, Affiliates and representatives to keep confidential and not to disclose) all Information (as defined
below), except that such Lender shall be permitted to disclose Information (i) to such of its officers, directors, employees, advisors, agents, Affiliates and representatives as need to know
such Information in connection with the servicing and protection of its interests in respect of its Loans and Commitments, the Loan Documents and the Transactions; (ii) to the extent required
by applicable laws and regulations or by any subpoena or similar legal process or requested by any Governmental Authority having or claiming to have jurisdiction over such Lender; (iii) to any
other party to this Agreement for purposes directly related to this Agreement or any other Loan Document; (iv) in connection with any suit or proceeding relating to this Agreement or any other
Loan Document; (v) subject to an 

66

 

agreement
containing confidentiality undertakings substantially similar to those of this Section, to (A) any assignee of or participant in, or any prospective assignee of or participant in, any
of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its Related Parties) to any swap or derivative transaction relating to the Borrower or any
Subsidiary and its obligations; (vi) to the extent such Information (A) becomes publicly available other than as a result of a breach by such Lender of this Agreement, (B) is
generated by such Lender or becomes available to such Lender on a nonconfidential basis from a source other than the Borrower or its Affiliates or the Agent, or (C) was available to such Lender
on a nonconfidential basis prior to its disclosure to such Lender by the Borrower or its Affiliates or the Agent; or (vii) to the extent the Borrower shall have consented to such disclosure in
writing. As used in this Section, "Information" shall mean the Confidential Memorandum and any other confidential materials, documents and information
relating to the Borrower that the Borrower or any of its Affiliates may have furnished or made available or may hereafter furnish or make available to the Agent or any Lender in connection with this
Agreement. 

        (b)   Each
Lender acknowledges that Information furnished to it pursuant to this Agreement may include material non-public information concerning the Borrower and its
Affiliates or the Borrower's securities,
and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in
accordance with those procedures and applicable law, including Federal and state securities laws. 

        (c)   All
information, including requests for waivers and amendments, furnished by any Borrower or the Agent pursuant to, or in the course of administering, this Agreement
will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates or the Borrower's securities. Accordingly, each Lender
represents to the Borrower and the Agent that it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain material non-public
information in accordance with its compliance procedures and applicable law, including Federal and state securities laws. 

        (d)   Each
Transferee shall be deemed, by accepting any assignment or participation hereunder, to have agreed to be bound by this Section. 

        SECTION 9.17.    Electronic Communications.    (a) The Borrower hereby agrees that, unless otherwise
requested by the Agent, it will provide to the Agent all information, documents and other materials that it is obligated to furnish to the Agent pursuant to Section 5.04(a), (b), (c), (f), (g),
(h), (i), (k) and (l) (the "Communications") by transmitting the Communications in an electronic/soft medium (provided such Communications
contain any required signatures) in a format reasonably acceptable to the Agent to oploanswebadmin@citigroup.com (or such other e-mail address as shall be designated by the Agent from time
to time); provided that any delay or failure to comply with the requirements of this Section 9.17(a) shall not constitute a Default or an Event
of Default hereunder. 

        (b)   Each
party hereto agrees that the Agent may make the Communications available to the Lenders by posting the Communications on IntraLinks or another relevant website, if
any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent) (the "Platform").
Nothing in this Section shall prejudice the right of the Agent to make the Communications available to the Lenders in any other manner specified in the Loan Documents. 

        (c)   Each
Lender agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in the next paragraph)
specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for purposes of the Loan Documents. Each Lender agrees
(i) to notify the Agent in writing (including by electronic communication) from time to time to ensure that the Agent has on record an effective e-mail address for such Lender to
which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address. 

67

 

        (d)   Each
party hereto agrees that any electronic communication referred to in this Section shall be deemed delivered upon the posting of a record of such communication
(properly addressed to such party at the e-mail address provided to the Agent) as "sent" in the e-mail system of the sending party or, in the case of any such communication to
the Agent or any Lender, upon the posting of a record of such communication as "received" in the e-mail system of the Agent or any Lender;  provided that if such communication is not so received by the
Agent or a Lender during the normal business hours of the Agent or applicable Lender, such
communication shall be deemed delivered at the opening of business on the next Business Day for the Agent or applicable Lender. 

        (e)   Each
party hereto acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and
other risks associated with such distribution, (ii) the Communications and the Platform are provided "as is" and "as available," (iii) none of the Agent, its Affiliates or any of its
Related Parties (collectively, the "Citigroup Parties") warrants the adequacy of the Platform or the accuracy or completeness of the Communications or
the Platform, and each Citigroup Party expressly disclaims liability for errors or omissions in any Communications or the Platform, and (iv) no warranty of any kind, express, implied or
statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any
Citigroup Party in connection with any Communications or the Platform. 

        SECTION 9.18.    Patriot Act.    Each Lender that is subject to Section 326 of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Patriot Act") hereby notifies the Borrower that pursuant to
the requirements of the Patriot Act it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

        SECTION 9.19.    No Fiduciary Relationship.    The Borrower, on behalf of itself and the Subsidiaries, agrees
that in connection with all aspects of the Transactions and any communications in connection therewith, the Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Agent, the Lenders
and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agent, any Lender or any of their
Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. 

        SECTION 9.20.    Release of Liens and Guarantees.    A Subsidiary Loan Party shall automatically be released
from its obligations under the Loan Documents, and all security interests created by the Security Documents in Collateral owned by such Subsidiary Loan Party shall be automatically released, upon the
consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Loan Party ceases to be a Subsidiary. Upon any sale or other transfer by any Loan Party (other than to
the Borrower or any Subsidiary) of any Collateral in a transaction permitted under this Agreement, or upon the effectiveness of any written consent to the release of the security interest created
under any Security Document in any Collateral pursuant to Section 9.08A, the security interests in such Collateral created by the Security Documents shall be automatically released. In
connection with any termination or release pursuant to this Section, the Agent shall execute and deliver to any Loan Party, at such Loan Party's expense, all documents that such Loan Party shall
reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Agent. 

68

 

IN
WITNESS WHEREOF, the Borrower, the Administrative Agent and the Lenders have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above
written. 

 

							
	 
	 	JANUS CAPITAL GROUP INC.
	 
	 	 By:
	 	  /s/ Gregory A. Frost

 
	 
	 	 	 	Name:	 	Gregory A. Frost
	 
	 	 	 	Title:	 	EVP and Chief Financial Officer
	 
	 	  CITIBANK, N.A., as Administrative Agent and as a Lender

	 
	 	 By:
	 	  /s/ Dane Graham

 
	 
	 	 	 	Name:	 	Dane Graham
	 
	 	 	 	Title:	 	Vice President
	 
	 	  JPMORGAN CHASE BANK, N.A., as Syndication Agent for the Lenders

	 
	 	 By:
	 	  /s/ Sergey Sherman

 
	 
	 	 	 	Name:	 	Sergey Sherman
	 
	 	 	 	Title:	 	Vice President

 

 69

 
 

  EXHIBIT A-1    
    

 
  [FORM OF] COMPETITIVE BID REQUEST    

Citibank,
N.A., as Agent

    for the Lenders referred to below

1615 Brett Rd

OPS 3

New Castle, Delaware 19720

Attention: [            ] 

[Date]

        Re:    Janus Five-Year Competitive Advance and Revolving Credit Facility Agreement

Dear
Sir or Madam: 

        The
undersigned, Janus Capital Group Inc., a Delaware corporation (the "Borrower"), refers to the Five-Year Competitive
Advance and Revolving Credit Facility Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, as further amended and restated as of
June [    •    ], 2009 (as it may be amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among the Borrower, the Lenders from time to time party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

        The
Borrower hereby gives you notice pursuant to Section 2.03(a) of the Credit Agreement that it requests a Competitive Borrowing under the Credit Agreement, and in that
connection sets forth below the terms on which such Competitive Borrowing is requested to be made: 

 

					
	 (A) Date of Competitive Borrowing (which shall be a Business Day)
	 	 	 
	 (B) Principal Amount of Competitive Borrowing(1)
	 	 	 
	 (C) Type of Competitive Borrowing(2)
	 	 	 
	 (D) Interest Period and the last day thereof(3)
	 	 	 

 

 	(1)
	Not
less than $10,000,000 (and in integral multiples $1,000,000); provided that after giving effect to the
requested Competitive Borrowing, the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans outstanding at the time cannot exceed the
lesser of (a) the Total Commitment then available and (b) the Maximum Availability at the time.

	(2)
	Eurodollar
Competitive Loan or Fixed Rate Borrowing.

	(3)
	Which
shall be subject to the definition of "Interest Period" and end not later than the Maturity Date. 

 

 

        Upon
acceptance of any or all of the Competitive Loans offered by the Lenders in response to this request, the Borrower shall be deemed to have represented and warranted that the
conditions specified in Sections 4.02(b), (c) and (d) of the Credit Agreement have been satisfied. 

							
	 
	 	Very truly yours,
	

 
	
 	
 JANUS CAPITAL GROUP INC.,
	 
	 	 by
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	[Responsible Officer]

 

 
 

  EXHIBIT A-2    
    

 
  [FORM OF] NOTICE OF COMPETITIVE BID REQUEST    

[Name
of Bank]

[Address] 

Attention: 

        [Date]

        Re:    Janus Five-Year Competitive Advance and Revolving Credit Facility Agreement

Dear
Sir or Madam: 

        Reference
is made to the Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of October 19, 2005, as amended and restated as of
June 1, 2007, as further amended and restated as of June [    •    ], 2009 (as it may be amended, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among Janus Capital Group Inc., a Delaware corporation (the
"Borrower"), the Lenders from time to time party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

        The
Borrower made a Competitive Bid Request on            , 20    , pursuant to Section 2.03(a) of the Credit Agreement, and in that connection you are invited to
submit a Competitive Bid by [Date]/[Time].(1) Your Competitive Bid must comply with Section 2.03(b) of the Credit Agreement and the terms set
forth below on which the Competitive Bid Request was made: 

 

					
	 (A) Date of Competitive Borrowing
	 	 	 
	 (B) Principal amount of Competitive Borrowing
	 	 	 
	 (C) Type of Competitive Borrowing
	 	 	 
	 (D) Interest Period and the last day thereof
	 	 	 

 

 

							
	 	 	Very truly yours,
	

 	
 	
CITIBANK, N.A., as Agent,
	

 	
 	
by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

   

   

 

 	(1)
	The
Competitive Bid must be received by the Agent (by hand deliver or fax) (a) in the case of Eurodollar Competitive Borrowing, not later than 12:00
noon, New York City time, three Business Days before the date of the requested Competitive Borrowing, and (b) in the case of Fixed Rate Borrowing, not later than 12:00 noon, New York City time,
on the day of the requested Competitive Borrowing. 

 
 

  EXHIBIT A-3    
    

        [FORM
OF] COMPETITIVE BID 

Citibank,
N.A., as Agent

      for the Lenders referred to below

1615 Brett Rd

OPS 3

New Castle, Delaware 19720

Attention: [                              ] 

[Date]

        Re:    Janus Five-Year Competitive Advance and Revolving Credit Facility Agreement

Dear
Sir or Madam: 

        The
undersigned, [Name of Lender], refers to the Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of October 19,
2005, as amended and restated as of June 1, 2007, as further amended and restated as of
June [    •    ], 2009 (as it may be amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Janus Capital Group Inc., a Delaware corporation (the "Borrower"), the Lenders from time to time party
thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in
the Credit Agreement. 

        The
undersigned hereby makes a Competitive Bid pursuant to Section 2.03(b) of the Credit Agreement, in response to the Competitive Bid Request made by the Borrower on
    , 20 , and in that connection sets forth below the terms on which such Competitive Bid is made: 

 

			
	(A) Principal Amount(1)	 	          
	 	 	 
	
(B) Competitive Bid Rate(2)	
 	
          
	 	 	 
	
(C) Interest Period and last day thereof	
 	
          
	 	 	 

 

 	(1)
	Not
less than $10,000,000 or greater than the requested Competitive Borrowing and in integral multiples of $1,000,000. Multiple bids will be accepted by the
Agent.

	(2)
	LIBO
Rate + or-%, in the case of Eurodollar Competitive Loans, or %, in the case of Fixed Rate Loans. 

 

         The
undersigned hereby confirms that it is prepared, subject to the conditions set forth in the Credit Agreement, to extend credit to the Borrower upon acceptance by the Borrower of this
Competitive Bid in accordance with Section 2.03(d) of the Credit Agreement. 

 

							
	 	 	Very truly yours,
	

 	
 	
 [NAME OF LENDER],
	

 	
 	
 by	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 

 
 

  EXHIBIT A-4    
    

        [FORM
OF] COMPETITIVE BID ACCEPT/REJECT LETTER 

        [Date] 

 

			
	 Citibank, N.A., as Agent

for the Lenders referred to below
	 	 
	 1615 Brett Rd
	 	 
	 OPS 3
	 	 
	 New Castle, Delaware 19720
	 	 
	 Attention:
[                              ]
	 	 

 

         Re:    Janus Five-Year Competitive Advance and Revolving Credit Facility Agreement

Dear
Sir or Madam: 

        The
undersigned, Janus Capital Group Inc., a Delaware corporation (the "Borrower"), refers to the Five-Year Competitive
Advance and Revolving Credit Facility Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, as further amended and restated as of
June [    •    ], 2009 (as it may be amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among the Borrower, the Lenders from time to time party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

        In
accordance with Section 2.03(c) of the Credit Agreement, the Borrower has received a summary of Competitive Bids in connection with the Competitive Bid Request dated
                        and, in accordance with Section 2.03(d) of the Credit Agreement, the Borrower hereby accepts the
following Competitive Bids for maturity on [date]: 

 

					
	Principal Amount

 
	 	Fixed Rate/Margin 	 	Lender 
	$        	 	[%]/[+/-. %]	 	 
	$        	 	 	 	 

 

         The
Borrower hereby rejects the following Competitive Bids: 

 

					
	Principal Amount

 
	 	Fixed Rate/Margin 	 	Lender 
	$        	 	[%]/[+/-. %]	 	 
	$        	 	 	 	 

 

 

							
	 	 	Very truly yours,
	

 	
 	
 JANUS CAPITAL GROUP INC.,
	

 	
 	
 by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 

 

  EXHIBIT A-5    
    

        [FORM OF] STANDBY BORROWING REQUEST 

 

			
	 Citibank, N.A., as Agent
	 	 
	 for the Lenders referred to below
	 	 
	 1615 Brett Rd
	 	 
	 OPS 3
	 	 
	 New Castle, Delaware 19720
	 	 
	 Attention: [                    ]

	 	 

 

 [Date]

        Re:    Janus Five-Year Competitive Advance and Revolving Credit Facility Agreement

Dear
Sir or Madam: 

        The
undersigned, Janus Capital Group Inc., a Delaware corporation (the "Borrower"), refers to the Five-Year Competitive
Advance and Revolving Credit Facility Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, as further amended and restated as of
June [    •    ], 2009 (as it may be amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among the Borrower, the Lenders from time to time party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

        The
Borrower hereby gives notice pursuant to Section 2.04 of the Credit Agreement that it requests a Standby Borrowing under the Credit Agreement, and in that connection sets
forth below the terms on which such Standby Borrowing is requested to be made: 

 

 

					
	 (A) Date of Standby Borrowing (which is a Business Day)
	 	 	 	 
	 	 	 	 
	 (B) Principal Amount of Standby Borrowing(1)
	 	 	 	 
	 	 	 	 
	 (C) Type of Standby Borrowing(2)
	 	 	 	 
	 	 	 	 
	 (D) Interest Period and the last day thereof(3)
	 	 	 	 
	 	 	 	 

 

 	(1)
	Subject
to Section 2.01, in the case of a Eurodollar Standby Borrowing, not less than $5,000,000 (and in integral multiples of $1,000,000), and in
the case of an ABR Borrowing, not less than $1,000,000 (and in integral multiples of $1,000,000); provided that an ABR Borrowing may be in an aggregate
principal amount that is equal to the entire unused balance of the Total Commitment.

	(2)
	Eurodollar
Standby Borrowing or ABR Borrowing.

	(3)
	Which
shall be subject to the definition of "Interest Period" and end not later than the Maturity Date. 

 

         On
the date of the making of the requested Standby Borrowing, the Maximum Availability is                        . 

        On
the date of the making of the requested Standby Borrowing, the Borrower shall be deemed to have represented and warranted that the conditions specified in Sections 4.02(b),
(c) and (d) of the Credit Agreement have been satisfied. 

 

							
	 	 	Very truly yours,
	

 	
 	
JANUS CAPITAL GROUP INC.,
	

 	
 	
by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	[Responsible Officer]

 

 

 
 

  EXHIBIT B    
    

        [FORM OF] ASSIGNMENT AND ASSUMPTION 

        This
Assignment and Assumption (this "Assignment and Assumption") is dated as of the Effective Date set forth below and is entered into by
and between the Assignor (as defined below) and the Assignee (as defined below). Each capitalized term used but not defined herein shall have the meaning assigned to such term in the
Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, as further amended and
restated as of June [    •    ], 2009 (as it may be amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among the Borrower, the Lenders party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent,
receipt of a copy of which is hereby acknowledged by the Assignee. Terms defined in the Credit Agreement are used herein with the same meanings. The Standard Terms and Conditions set forth in
Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

        For
an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below, (a) all the Assignor's rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such Assignor's outstanding rights and obligations under the facilities identified below, and (b) to the extent permitted to be assigned under applicable law, all
claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims,
tort claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (a) above (the rights
and obligations sold and assigned pursuant to clauses (a) and (b) above being referred to herein collectively as the "Assigned Interest").
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

	1.
	Name
of Assignor:                        

	2.
	Name
of Assignee:                        

	3.
	Assignee's
Address for Notices:                        

	4.
	Borrower:
Janus Capital Group Inc.

	5.
	Agent:
Citibank, N.A., as Agent under the Credit Agreement.

	6.
	Credit
Agreement: Credit Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, as further amended and restated as
of June [    •    ], 2009 (as it may be amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among the Borrower, the Lenders party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. 

	7.
	Assigned
Interest: 

 

											
	Facility Assigned

 
	 	Aggregate Amount

of Commitments/

Loans of all Lenders 	 	Amount of

Commitment/

Loans

Assigned 	 	Percentage Assigned of

Aggregate Amount of

Commitments/Loans of all

Lenders(1) 	 
	 Commitment Assigned:
	 	$	 	 	$	 	 	 	 	%
	 Standby Loans:
	 	$	 	 	$	 	 	 	 	%
	 Competitive Loans:
	 	$	 	 	$	 	 	 	 	%

 

         Effective
Date: [TO BE INSERTED BY THE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR]. 

        The Assignee, if not already a Lender, agrees to deliver to the Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit
contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Subsidiaries and its and their Related Parties and securities)
will be made available and who may receive such information in accordance with the Assignee's compliance procedures and applicable laws, including Federal and State securities
laws.

   

   

 

 	(1)
	Set
forth, to at least nine decimals, as a percentage of Commitments/Loans of all Lenders thereunder. 

        The
terms set forth in this Assignment and Assumption are hereby agreed to: 

							
	 	 	[Name of Assignor], as Assignor
	

 	
 	
By:	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
[Name of Assignee], as Assignee
	

 	
 	
 By:	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

        [The
undersigned hereby consent to the within assignment:](2) 

 

											
	[JANUS CAPITAL GROUP INC.,

as the Borrower,	 	[CITIBANK, N.A.,

as Agent,
	
 by:	
 	
  

 	
 	
by:	
 	
    

 
	 	 	Name:	 	 	 	 	 	Name:	 	 
	 	 	Title:]	 	 	 	 	 	Title:]	 	 

 

   

   

 

 	(2)
	Consents
to be included to the extent required by Section 9.04(b) of the Credit Agreement. 

 
 

  STANDARD TERMS AND CONDITIONS FOR
  ASSIGNMENT AND ASSUMPTION    
    

        1.    Representations and Warranties and Agreements.    

        1.1    Assignor.    The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Loan Document or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document of any of
their respective obligations under any Loan Document. 

        1.2    Assignee.    The Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and, if applicable, to become a Lender under the Credit
Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and, if applicable,
become a Lender thereunder, (iii) from and after the Effective Date, it shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights
and obligations of a Lender under the Credit Agreement, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.04(a) or 5.04(b) of the Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and (v) if it is a Lender organized outside
the United States, attached to this Assignment and Assumption is any documentation required to be delivered by it pursuant to the Section 2.19(f) of the Credit Agreement, duly completed and
executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

        2.    Payments.    From and after the Effective Date, the Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective Date and to the Assignee for amounts that have
accrued from and after the Effective Date. 

        3.    General Provisions.    This Assignment and Assumption shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed by one or more of the parties to this Assignment and Assumption on any number of separate
counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Assignment and
Assumption and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by and interpreted under the laws of the State of New York. 

 
 

  EXHIBIT C    
    

        [FORM OF] COMPLIANCE CERTIFICATE 

Citibank,
N.A., as Agent

      for the Lenders referred to below

1615 Brett Rd

OPS 3

New Castle, Delaware 19720

Attention: [                                    ] 

        This
Compliance Certificate is furnished pursuant to the Five-Year Competitive Advance and Revolving Credit Facility Agreement dated as of October 19, 2005, as amended
and restated as of June 1, 2007, as further amended and restated as of June [    •    ], 2009 (as it may be amended, supplemented
or otherwise modified from time to time, the "Credit Agreement"), among Janus Capital Group Inc., a Delaware corporation (the
"Borrower"), the Lenders party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Unless otherwise defined herein,
the terms used in this Compliance Certificate have the meanings assigned to them in the Credit Agreement. 

        The
undersigned hereby certifies that: 

        1.     I
am a duly elected Financial Officer of the Borrower. 

        2.     I
have reviewed the terms of the Credit Agreement and the other Loan Documents and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower and the Subsidiaries during the accounting period covered by the attached financial statements. 

        3.     Attached
hereto is a reasonably detailed calculation demonstrating compliance by the Borrower with Section 6.07. 

        4.     The
examinations described in paragraph 2 did not disclose, and I have no knowledge of, the occurrence or continuance of any Default or Event of Default at any
time since the beginning of the fiscal period covered by the attached financial statements[, except as set forth below:] 

[Describe
the exceptions by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or
proposes to take with respect to each such condition or event] 

        5.     The
Borrower has provided to the Agent all notices required to be provided under Sections 5.08 and 5.09 of the Credit Agreement. 

        6.     There
has been no change in GAAP or the application thereof since the date of the consolidated balance sheet most recently delivered[, except as set forth
below:] 

[Describe
the change in GAAP or application thereof in detail including the effect of such change on the financial statements (including those for the prior periods)] 

        The
foregoing certifications, together with the computations required by the Credit Agreement attached hereto and the financial statements delivered herewith, are made and delivered this
[      ] day of
[                                    ], 20
[      ]. 

 

					
	 	 	  

 
	 	 	Name:

Title:

	 	 

 

 

 
 

  EXHIBIT E    
    

GLOBAL
INTERCOMPANY NOTE 

New
York, New York

June [    ], 2009 

        Each
of the parties identified on the signature pages hereto (each, a "Note Party") hereby promises to pay to the order of each applicable
Intercompany Lender (as hereinafter defined), in lawful money of the United States of America or, in respect of extensions of credit in another currency, in such other currency as agreed to by the
applicable Intercompany Lender and the applicable Intercompany Debtor (as hereinafter defined), in each case in immediately available funds, at such location in the United States of America or at such
other location as the applicable Intercompany Lender shall from time to time designate, all amounts as may be owing from time to time by such Note Party (in such capacity, an
"Intercompany Debtor") to each other Note Party (in such capacity, an "Intercompany Lender") in
consideration of Indebtedness (such term, and each other capitalized term used but not defined herein, having the meaning assigned thereto in the Credit Agreement referred to below) owed by such
Intercompany Debtor to such Intercompany Lender, together with interest thereon at such rate as may be agreed upon from time to time, if any, between the applicable Intercompany Debtor and the
applicable Intercompany Lender (any such Indebtedness being referred to herein as "Intercompany Indebtedness"). Some of the Intercompany Indebtedness
may also be evidenced by a promissory note issued prior to, or from time to time after, the date hereof by an Intercompany Debtor to an Intercompany Lender (each, an
"Intercompany Note"). This Note shall evidence all Intercompany Indebtedness, whether or not any Intercompany Indebtedness is also evidenced by a
separate
Intercompany Note. In the event of a conflict between the terms of any Intercompany Note and the provisions set forth in the second, third, fourth and fifth paragraphs of this Note, the provisions of
this Note shall control, and such Intercompany Note shall be deemed modified to the extent thereof. 

        Subject
to the next following paragraph, each Intercompany Debtor shall pay all Intercompany Indebtedness owing under this Note to any Intercompany Lender at such time or times as may be
agreed upon from time to time between such Intercompany Debtor and such Intercompany Lender; provided,  however, that upon the occurrence and during the
continuance of an Enforcement Event (as defined below), each Intercompany Debtor shall pay all
Intercompany Indebtedness owing under this Note to any Intercompany Lender to which such Intercompany Debtor is obligated on demand of such Intercompany Lender. Each Intercompany Lender may make any
such demand for all or any subset of the amounts owing to such Intercompany Lender under this Note, upon all Intercompany Debtors obligated to such Intercompany Lender or any such Intercompany Debtor,
without the consent or permission of any other Note Party. 

        Upon
the commencement of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, insolvency or liquidation or similar proceeding in any jurisdiction relating
to any Note Party, all Intercompany Indebtedness owing by such Note Party to each Intercompany Lender under this Note shall become immediately due and payable without presentment, demand, protest or
notice of any kind in connection with this Note. 

        Upon
the occurrence and during the continuance of an Enforcement Event, all payments under this Note shall be made without offset, counterclaim or deduction of any kind. Upon the
occurrence and during the continuance of an Enforcement Event, any amount owing by any Intercompany Debtor to any Intercompany Lender shall not be reduced in any way by any outstanding obligations of
such Intercompany Lender to such Intercompany Debtor, whether such obligations are monetary or otherwise. Each Intercompany Lender is hereby authorized to record all amounts owing in consideration of
Intercompany Indebtedness extended by the Intercompany Debtors to such Intercompany Lender, all of which shall be evidenced by this Note, and all repayments thereof, in its books and records in
accordance with its usual practice, such books and records constituting prima facie evidence of the accuracy of the information contained therein;  provided, however that the failure of any Intercompany Lender to record such information shall not
affect any Intercompany Debtor's 

 

obligations
in respect of Intercompany Indebtedness extended by such Intercompany Lender to such Intercompany Debtor. 

        Each
Intercompany Debtor hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. No delay on the part of any Intercompany Lender in the exercise of any
right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof, or the exercise of any
other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Note shall in any event be effective against any Note Party unless the same
shall be in writing and signed and delivered by such Note Party. This Note shall be construed as a separate agreement with respect to each Note Party and may be amended, modified, supplemented, waived
or released with respect to any Note Party without the approval of any other Note Party and without affecting the obligations of any other Note Party hereunder. 

        Upon
execution and delivery after the date hereof by any Subsidiary of Janus Capital Group Inc., a Delaware corporation ("Janus"),
of a counterpart signature page hereto, such Subsidiary shall become a Note Party hereunder with the same force and effect as if originally named as a Note Party hereunder. The rights and obligations
of each Note Party hereunder shall remain in full force and effect notwithstanding the addition of any new Note Party as a party to this Note. 

        Pursuant
to the Credit Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, and as further amended and restated as of
June [    ], 2009 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Janus, the Lenders party thereto, Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent, this Note shall be pledged by the Intercompany Lenders in accordance therewith.
Each Intercompany Debtor hereby acknowledges and agrees that the Agent may, pursuant to such agreements and any other applicable agreements as in effect from time to time, exercise all rights provided
therein with respect to this Note. For purposes hereof, an "Enforcement Event" shall be deemed to have occurred and be continuing if an Event of Default
(as defined in the Credit Agreement) shall have occurred and is continuing and either (a) all or any part of the Obligations shall have been declared, or shall have automatically become, due
and payable or (b) the Agent or the Secured Parties shall have commenced the exercise of their rights as secured creditors with respect to this Note. 

        This
Note and all Indebtedness evidenced hereby is subject to the subordination provisions of the Intercompany Indebtedness Subordination Agreement dated as of
June [    ], 2009, among Janus, its Subsidiaries party thereto and the Agent, as the same may be amended, supplemented or otherwise modified from time to time. 

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

2

 
 

							
	 
	 	JANUS CAPITAL GROUP INC.,
	

 
	
 	
 By	
 	
  

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 CAPITAL GROUP PARTNERS, INC.,

	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS HOLDINGS LLC,

	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	

 
	
 	
 By	
 	
  

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS CAPITAL MANAGEMENT LLC,

	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	

 
	
 	
 JANUS INTERNATIONAL HOLDING LLC,
	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 

 

   

   

  
[Signature Page to Global Intercompany Note] 

3

 
 

							
	 
	 	JANUS MANAGEMENT HOLDINGS CORP,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS CAPITAL ASIA LTD,

	 
	 	 By
	 	  

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS CAPITAL INTERNATIONAL LTD,

	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS CAPITAL SINGAPORE PTE LTD,

	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS CAPITAL TRUST MANAGER LTD,

	 
	 	 By
	 	  

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 

 

   

   

  
[Signature Page to Global Intercompany Note] 

4

 
 

							
	 
	 	INTECH INVESTMENT MANAGEMENT LLC,
	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 PERKINS INVESTMENT MANAGEMENT LLC,

	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS DISTRIBUTORS LLC,

	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 
	 
	 	 JANUS SERVICES LLC,

	 
	 	 By: [                ], its

	 
	 	[Sole][Managing] Member,
	 
	 	 By
	 	   

 
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 

 

   

   

  
[Signature Page to Global Intercompany Note] 

5

 

 
 

  EXHIBIT F    
    

 
    INTERCOMPANY INDEBTEDNESS
  SUBORDINATION AGREEMENT    
    

        Reference is made to the Credit Agreement dated as of October 19, 2005, as amended and restated as of June 1, 2007, and
as further amended and restated as of June [    ], 2009 (as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Janus Capital Group Inc., a Delaware corporation (the "Borrower"), the Lenders party thereto,
Citibank, N.A., as Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. 

        From
time to time the Borrower and its Subsidiaries (each, a "Note Party") have made, and will make, loans, advances and other extensions
of credit to one or more of the Borrower and its Subsidiaries (any such Indebtedness resulting from such extensions of credit being referred to herein as "Intercompany
Indebtedness"; any Note Party that is an obligor thereon is referred to herein as the "Intercompany Debtor", and any Note Party
that is an obligee thereunder is referred to herein as the "Intercompany Lender"). 

        The
Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. In accordance with the Credit Agreement, each of the
Borrower and its Subsidiaries desire to enter into this Agreement in order to subordinate, on the terms set forth herein, its rights, as an Intercompany Lender, to payment under any Intercompany
Indebtedness to the prior payment in full of the Obligations. The Borrower and its Subsidiaries will derive substantial benefits
from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly,
the parties hereto agree as follows: 

        1.    Definitions.    Capitalized terms used but not defined herein (including the preliminary statements hereto)
shall have the meanings assigned to them in the Credit Agreement. The rules of construction specified in Sections 1.02 and 1.03 of the Credit Agreement also apply to this Agreement,  mutatis mutandis. For purposes of this Agreement, the Lenders and any other obligees in respect of any Obligations are sometimes referred to as
"Senior Lenders". 

        2.    Subordination.    (a) Each Intercompany Lender hereby agrees that all its right, title and interest in, to and
under the Intercompany Indebtedness shall be subordinate, and junior in right of payment, to the rights of the obligees in respect of the Obligations. 

        (b)   Upon
any distribution of the assets of the Intercompany Debtor, or upon any dissolution, winding up, liquidation or reorganization of the Intercompany Debtor, whether in
bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities
of the Intercompany Debtor, or otherwise: 

          (i)  the
Senior Lenders shall first be entitled to receive indefeasible payment in full in cash of the Obligations (whenever arising) owed by such Intercompany Debtor before
any Intercompany Lender shall be entitled to receive any payment on account of the Intercompany Indebtedness owed by such Intercompany Debtor, whether of principal, interest or otherwise; and 

         (ii)  any
payment by, or on behalf of, or distribution of the assets of, such Intercompany Debtor of any kind or character, whether in cash, property or securities, to which
any Intercompany Lender would be entitled except for the provisions of this Section shall be paid or delivered by the Note Party making such payment or distribution (whether a trustee in bankruptcy, a
receiver, custodian or liquidating trustee or otherwise) directly to the Agent, until the indefeasible payment in full in cash of all Obligations. 

        (c)   In
the event that any payment by, or on behalf of, or distribution of the assets of, an Intercompany Debtor of any kind or character, whether in cash, property or
securities, and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise, shall be 

 

received
by or on behalf of an Intercompany Lender after the occurrence, with respect to such Intercompany Debtor, of any proceeding, attachment or other event, condition or circumstance specified in
clause (b) above, such payment or distribution shall be held by such Intercompany Lender in trust (segregated from other property of such Intercompany Lender) for the benefit of the Agent, and
shall forthwith be paid over to the Agent, in each case until the indefeasible payment in full in cash of all Obligations. 

        3.    Waivers and Consents.    (a) Each Intercompany Lender waives the right to compel that any property or asset of
any Intercompany Debtor or any property or asset of any guarantor of the Obligations or any other Person be applied in any particular order to discharge the Obligations. Each Intercompany Lender
expressly waives the right to require any Agent or any Senior Lender to proceed against any Intercompany Debtor, any guarantor of any Obligations or any other Person, or to pursue any other remedy in
its or their power that such Intercompany Lender cannot pursue and that would lighten such Intercompany Lender's burden, notwithstanding that the failure of any Agent or any Senior Lender to do so may
thereby prejudice such Intercompany Lender. Each Intercompany Lender agrees that it shall not be discharged, exonerated or have its obligations hereunder reduced by any Agent's or any Senior Lender's
delay in proceeding against or enforcing any remedy against any Intercompany Debtor, any guarantor of any Obligations or any other Note Party; by any Agent or any Senior Lender releasing any
Intercompany Debtor, any guarantor of any Obligations or any other Note Party from all or any part of the Obligations; or by the discharge of any Intercompany Debtor, any guarantor of any Obligations
or any other Note Party by an operation of law or otherwise, with or without the intervention or omission of any Agent or any Senior Lender. 

        (b)   Each
Intercompany Lender waives all rights and defenses arising out of an election of remedies by any Agent or any Senior Lender, even though that election of remedies,
including any nonjudicial foreclosure with respect to any property or asset securing any Obligations, has impaired the value of such Intercompany Lender's rights of subrogation, reimbursement, or
contribution against any Intercompany Debtor, any guarantor of the Obligations or any other Person. Each Intercompany Lender expressly waives any rights or defenses it may have by reason of protection
afforded to any Intercompany Debtor, any guarantor of the Obligations or any other Note Party with respect to the Obligations pursuant to any anti-deficiency laws or other laws of similar
import that limit or discharge the principal debtor's indebtedness upon judicial or nonjudicial foreclosure of property or assets securing any Obligations. 

        (c)   Each
Intercompany Lender agrees that, without the necessity of any reservation of rights against it, and without notice to or further assent by it, any demand for
payment of any Obligations made by any Agent or any Senior Lender may be rescinded in whole or in part by such Agent or Senior Lender, and any Obligation may be continued, and the Obligations or the
liability of any Intercompany Debtor, any guarantor thereof or any other Person obligated thereunder, or any right of offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, modified, accelerated, compromised, waived, surrendered or released by the Agents or the Senior Lenders, in each case without notice to or further assent by such Intercompany
Lender, which will remain bound hereunder, and without impairing, abridging, releasing or affecting the subordination provided for herein. 

        (d)   Each
Intercompany Lender waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations, and any and all notice of or proof of
reliance by the Senior Lenders upon this Agreement. The Obligations, and any of them, shall be deemed conclusively to have been created, contracted or incurred, and the consent to create the
obligations of any Intercompany Debtor in respect of the Intercompany Indebtedness shall be deemed conclusively to have been given, in reliance upon this Agreement. Each Intercompany Lender waives any
protest, demand for payment and notice of default. 

2

 

        4.    Obligations Unconditional.    All rights and interests of the Agent and the Senior Lenders hereunder, and all
agreements and obligations of each Intercompany Lender and each Intercompany Debtor hereunder, shall remain in full force and effect irrespective of: 

        (a)   any
lack of validity or enforceability of the Credit Agreement or any other Loan Document; 

        (b)   any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations or any amendment or waiver or other modification, whether
by course of conduct or otherwise, of, or consent to departure from, the Credit Agreement or any other Loan Document; 

        (c)   any
release, amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of or consent to departure from, any guarantee of any
Obligations; or 

        (d)   any
other circumstances that might otherwise constitute a defense available to, or a discharge of, any Intercompany Debtor in respect of the Obligations or of such
Intercompany Lender or such Intercompany Debtor in respect of the subordination provisions set forth herein. 

        5.    Waiver of Claims.    (a) To the maximum extent permitted by law, each Intercompany Lender waives any claim it
might have against any Agent or any Senior Lender with respect to, or arising out of, any action or failure to act or any error of judgment, negligence, or mistake or oversight whatsoever on the part
of any Agent or any Senior Lender, or any of their Related Parties, with respect to any exercise of rights or remedies under the Loan Documents, except to the extent due to the gross negligence or
wilful misconduct of such Agent or such Senior Lender, as the case may be. None of the Agent, the Senior Lenders or any of their Related Parties, shall be liable for failure to demand, collect or
realize upon any guarantee of any Obligations, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any such property or asset upon the request of any
Intercompany Debtor, any Intercompany Lender or any other Person or to take any other action whatsoever with regard to any such property or asset, or any part thereof, or any such guarantee. 

        6.    Further Assurances.    Each Intercompany Lender and each Intercompany Debtor, at its own expense and at any time
from time to time, upon the reasonable written request of the Agent will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Agent
reasonably may request for the purposes of obtaining or preserving the full benefits of the subordination provisions set forth herein and of the rights and powers herein granted. 

        7.    Provisions Define Relative Rights.    These subordination provisions are intended solely for the purpose of
defining the relative rights of the Senior Lenders on the one hand and the Intercompany Lenders on the other, and no other Person shall have any right, benefit or other interest under these
subordination provisions. 

        8.    Severability.    Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        9.    Amendments in Writing; No Waiver; Cumulative Remedies.    (a) None of the terms or provisions of this Agreement
may be waived, amended, supplemented or otherwise modified except by a written instrument executed by each of the parties hereto. 

        (b)   No
failure by any Agent or any Senior Lender to exercise, and no delay by such Agent or Senior Lender in exercising, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder 

3

 

shall
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

        (c)   The
rights, remedies, powers and privileges hereunder are cumulative and not exclusive of any rights, remedies, powers or privileges provided by law. 

        10.    Section Headings.    The section headings used in this Agreement are for convenience of reference only and are
not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

        11.    Successors and Assigns.    This Agreement, including the waivers contained herein, shall be binding upon the
successors and assigns of each Intercompany Debtor and each Intercompany Lender and shall inure to the benefit of the Senior Lenders and their successors and assigns. 

        12.    WAIVER OF JURY TRIAL.    EACH PARTY
HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY SENIOR
LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH SENIOR LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT, THE OTHER
PARTIES HERETO AND THE SENIOR LENDERS HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

        13.    Jurisdiction; Consent to Service of Process.    (a) Each party hereto hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the county of New York and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State Court or, to the
fullest extent permitted by applicable law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party or any Senior Lender may otherwise have to bring any
action or proceeding relating to this Agreement against any other party, or any of its properties, in the courts of any jurisdiction. 

        (b)   Each
party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

        (c)   Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in the Credit Agreement. Nothing in this Agreement will affect
the right of any party to this Agreement to serve process in any other manner permitted by law. 

        14.    Additional Subsidiaries.    Upon execution and delivery after the date hereof by any Subsidiary of a
counterpart signature page hereto, such Subsidiary shall become a party hereto with the same force and effect as if originally named as a party hereunder. The rights and obligations under this 

4

 

Agreement
of each other party hereto shall remain in full force and effect notwithstanding the addition of any new Subsidiary as a party to this Agreement. 

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

        16.    Termination.    This Agreement shall terminate when all the Loan Document Obligations (other than Contingent
Obligations) have been paid in full and the Lenders have no further commitment to lend under the Credit Agreement. 

        [The rest of this page is intentionally left blank ] 

5

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of [    ] day of June,
2009. 

 

							
	 	 	JANUS CAPITAL GROUP INC.,
	

 	
 	
  by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
CITIBANK, N.A.,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
CAPITAL GROUP PARTNERS, INC.,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS HOLDINGS LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS CAPITAL MANAGEMENT LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 6

 
 

							
	

 	
 	
JANUS INTERNATIONAL HOLDING LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS MANAGEMENT HOLDINGS CORP,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS CAPITAL ASIA LTD,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS CAPITAL INTERNATIONAL LTD,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS CAPITAL SINGAPORE PTE LTD,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS CAPITAL TRUST MANAGER LTD,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 7

 
 

							
	

 	
 	
INTECH INVESTMENT MANAGEMENT LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
PERKINS INVESTMENT MANAGEMENT LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS DISTRIBUTORS LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
JANUS SERVICES LLC,
	

 	
 	
By: [            ], its
	 	 	[Sole][Managing] Member,
	

 	
 	
  By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 8

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