Document:

ex10_08.htm

    
      
        

      

    

    Exhibit
10.08

    
      
      

       

      EXECUTION COPY

    

    
    

     

    REVOLVING
CREDIT AGREEMENT

    Dated as
of January 25, 2008

    

    

    among

    

    

    SANFORD
C. BERNSTEIN & CO., LLC,

    as
Borrower,

    

    ALLIANCEBERNSTEIN
L. P.,

    as US
Guarantor,

    

    CITIBANK,
N.A.,

    as
Administrative Agent,

    

    CITIGROUP
GLOBAL MARKETS INC.,

    as
Arranger,

    

    JPMORGAN
CHASE BANK, N.A.

    and

    

    BANK OF
AMERICA, N.A.,

    as
Co-Syndication Agents,

    

    HSBC BANK
USA, NATIONAL ASSOCIATION

    as
Documentation Agent,

    

    and

    

    THE
FINANCIAL INSTITUTIONS WHOSE NAMES APPEAR

    ON THE
SIGNATURE PAGES HEREOF AS “BANKS”

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF
CONTENTS

     

    
      	 
      	 
      	 
      	
              Page

            
	 	 	 	 
	
              1.

            	
              DEFINITIONS
      AND RULES OF INTERPRETATION.

            	
              1

            
	 	 	
               

            
	 
      	
              1.1

            	
              Definitions

            	
              1

            
	 	 	 	
               

            
	 
      	
              1.2

            	
              Rules
      of Interpretation

            	
              16

            
	 	 	 	
               

            
	
              2.

            	
              THE
      REVOLVING CREDIT FACILITY.

            	
              17

            
	 	 	
               

            
	 
      	
              2.1

            	
              Commitment
      to Lend

            	
              17

            
	 	 	 	
               

            
	 
      	
              2.2

            	
              Commitment
      Fee

            	
              17

            
	 	 	 	
               

            
	 
      	
              2.3

            	
              Utilization
      Fee

            	
              17

            
	 	 	 	
               

            
	 
      	
              2.4

            	
              Other
      Fees

            	
              18

            
	 	 	 	
               

            
	 
      	
              2.5

            	
              Reduction
      or Increase of Total Commitment

            	
              18

            
	 	 	 	
               

            
	 
      	
              2.6

            	
              The
      Notes; the Record

            	
              18

            
	 	 	 	
               

            
	 
      	
              2.7

            	
              Interest
      on Loans

            	
              19

            
	 	 	 	
               

            
	 
      	
              2.8

            	
              Requests
      for Loans

            	
              19

            
	 	 	 	
               

            
	 
      	
              2.9

            	
              Conversion
      Options

            	
              20

            
	 	 	 	
               

            
	 
      	
              2.10

            	
              Funds
      for Loans

            	
              21

            
	 	 	 	
               

            
	 
      	
              2.11

            	
              Limit
      on Number of LIBOR Loans

            	
              22

            
	 	 	 	
               

            
	
              3.

            	
              REPAYMENT
      OF LOANS

            	
              22

            
	 	 	
               

            
	 
      	
              3.1

            	
              Maturity

            	
              22

            
	 	 	 	
               

            
	 
      	
              3.2

            	
              Mandatory
      Repayments of Loans

            	
              22

            
	 	 	 	
               

            
	 
      	
              3.3

            	
              Optional
      Repayments of Loans

            	
              24

            
	 	 	 	
               

            
	
              4.

            	
              CERTAIN
      GENERAL PROVISIONS

            	
              24

            
	 	 	
               

            
	 
      	
              4.1

            	
              Application
      of Payments

            	
              24

            
	 	 	 	
               

            
	 
      	
              4.2

            	
              Funds
      for Payments

            	
              24

            
	 	 	 	
               

            
	 
      	
              4.3

            	
              Computations

            	
              25

            
	 	 	 	
               

            
	 
      	
              4.4

            	
              Inability
      to Determine LIBOR Rate Basis

            	
              25

            
	 	 	 	
               

            
	 
      	
              4.5

            	
              Illegality

            	
              25

            
	 	 	 	
               

            
	 
      	
              4.6

            	
              Additional
      Costs, Etc.

            	
              26

            
	 	 	 	
               

            
	 
      	
              4.7

            	
              Capital
      Adequacy

            	
              27

            
	 	 	 	
               

            
	 
      	
              4.8

            	
              Certificate

            	
              27

            
	 	 	 	
               

            
	 
      	
              4.9

            	
              Indemnity

            	
              27

            
	 	 	 	
               

            
	 
      	
              4.10

            	
              Interest
      After Default

            	
              28

            
	 	 	 	
               

            
	 
      	
              4.11

            	
              Taxes

            	
              28

            
	 	 	 	
               

            
	 
      	
              4.12

            	
              Mitigation
      and Replacement

            	
              30

            

    

    

    
      
        
           

        

        
          -ii-

          
            

          

        

        
           

        

      

    

     

    
      	 
      	 
      	 
      	
              Page

            
	 	 	 	 

    

    
      	
              5.

            	
              REPRESENTATIONS
      AND WARRANTIES.

            	
              30

            
	 	 	 	 
	 
      	
              5.1

            	
              Corporate
      Authority

            	
              30

            
	 	 	 	
               

            
	 
      	
              5.2

            	
              Governmental
      Approvals

            	
              31

            
	 	 	 	
               

            
	 
      	
              5.3

            	
              Liens;
      Leases

            	
              31

            
	 	 	 	
               

            
	 
      	
              5.4

            	
              Financial
      Statements

            	
              31

            
	 	 	 	
               

            
	 
      	
              5.5

            	
              No
      Material Changes, Etc.

            	
              32

            
	 	 	 	 
	 
      	
              5.6

            	
              Permits

            	
              32

            
	 	 	 	
               

            
	 
      	
              5.7

            	
              Litigation

            	
              32

            
	 	 	 	
               

            
	 
      	
              5.8

            	
              Material
      Contracts

            	
              32

            
	 	 	 	
               

            
	 
      	
              5.9

            	
              Compliance
      with Other Instruments, Laws, Etc.

            	
              33

            
	 	 	 	
               

            
	 
      	
              5.10

            	
              Tax
      Status

            	
              33

            
	 	 	 	 
	 
      	
              5.11

            	
              No
      Event of Default

            	
              33

            
	 	 	 	
               

            
	 
      	
              5.12

            	
              Investment
      Company Act

            	
              33

            
	 	 	 	
               

            
	 
      	
              5.13

            	
              Insurance

            	
              33

            
	 	 	 	 
	 
      	
              5.14

            	
              Certain
      Transactions

            	
              33

            
	 	 	 	
               

            
	 
      	
              5.15

            	
              Employee
      Benefit Plans

            	
              34

            
	 	 	 	
               

            
	 
      	
              5.16

            	
              Use
      of Proceeds

            	
              34

            
	 	 	 	
               

            
	 
      	
              5.17

            	
              Environmental
      Compliance

            	
              34

            
	 	 	 	
               

            
	 
      	
              5.18

            	
              Funded
      Debt

            	
              35

            
	 	 	 	
               

            
	 
      	
              5.19

            	
              General

            	
              35

            
	 	 	
               

            
	
              6.

            	
              AFFIRMATIVE
      COVENANTS OF THE US LOAN PARTIES.

            	
              35

            
	 	 	
               

            
	 
      	
              6.1

            	
              Punctual
      Payment

            	
              35

            
	 	 	 	
               

            
	 
      	
              6.2

            	
              Maintenance
      of Office

            	
              35

            
	 	 	 	
               

            
	 
      	
              6.3

            	
              Records
      and Accounts

            	
              36

            
	 	 	 	
               

            
	 
      	
              6.4

            	
              Financial
      Statements, Certificates, and Information

            	
              36

            
	 	 	 	
               

            
	 
      	
              6.5

            	
              Notices

            	
              38

            
	 	 	 	
               

            
	 
      	
              6.6

            	
              Existence;
      Business; Properties

            	
              39

            
	 	 	 	
               

            
	 
      	
              6.7

            	
              Insurance

            	
              40

            
	 	 	 	
               

            
	 
      	
              6.8

            	
              Taxes

            	
              40

            
	 	 	 	
               

            
	 
      	
              6.9

            	
              Inspection
      of Properties and Books, Etc.

            	
              41

            
	 	 	 	
               

            
	 
      	
              6.10

            	
              Compliance
      with Government Mandates, Contracts, and Permits

            	
              41

            
	 	 	 	
               

            
	 
      	
              6.11

            	
              Use
      of Proceeds

            	
              41

            
	 	 	 	
               

            
	 
      	
              6.12

            	
              Certain
      Changes in Accounting Principles

            	
              42

            
	 	 	 	 
	 
      	
              6.13

            	
              Broker-Dealer
      Subsidiaries

            	
              42

            

    

    

    
      
        
           

        

        
          -iii-

          
            

          

        

        
           

        

      

    

    

    

    
      	 
      	 
      	 
      	
              Page

            
	 	 	 	 

    

    
      	
              7.

            	
              CERTAIN
      NEGATIVE COVENANTS OF THE US GUARANTOR.

            	
              43

            
	 	 	 
	 
      	
              7.1

            	
              Disposition
      of Assets

            	
              43

            
	 	 	 	 
	 
      	
              7.2

            	
              Fundamental
      Changes

            	
              43

            
	 	 	 	 
	 
      	
              7.3

            	
              Restrictions
      on Liens

            	
              44

            
	 	 	 	 
	 
      	
              7.4

            	
              Restrictions
      on Investments

            	
              46

            
	 	 	 	 
	 
      	
              7.5

            	
              Restrictions
      on Funded Debt

            	
              46

            
	 	 	 	 
	 
      	
              7.6

            	
              Distributions

            	
              46

            
	 	 	 	 
	 
      	
              7.7

            	
              Transactions
      with Affiliates

            	
              47

            
	 	 	 	 
	 
      	
              7.8

            	
              Fiscal
      Year

            	
              47

            
	 	 	 	 
	 
      	
              7.9

            	
              Compliance
      with Environmental Laws

            	
              47

            
	 	 	 	 
	 
      	
              7.10

            	
              Employee
      Benefit Plans

            	
              47

            
	 	 	 	 
	 
      	
              7.11

            	
              Amendments
      to Certain Documents

            	
              48

            
	 	 	 	 
	
              8.

            	
              FINANCIAL
      COVENANTS OF THE US GUARANTOR.

            	
              48

            
	 	 	 
	 
      	
              8.1

            	
              Consolidated
      Leverage Ratio

            	
              48

            
	 	 	 	 
	 
      	
              8.2

            	
              Minimum
      Consolidated Net Worth

            	
              48

            
	 	 	 	 
	 
      	
              8.3

            	
              Miscellaneous

            	
              48

            
	 	 	 	 
	
              9.

            	
              CLOSING
      CONDITIONS.

            	
              48

            
	 	 	 
	 
      	
              9.1

            	
              Financial
      Statements and Material Changes

            	
              48

            
	 	 	 	 
	 
      	
              9.2

            	
              Loan
      Documents

            	
              48

            
	 	 	 	 
	 
      	
              9.3

            	
              Certified
      Copies of Charter Documents

            	
              49

            
	 	 	 	 
	 
      	
              9.4

            	
              Partnership,
      Corporate and Company Action

            	
              49

            
	 	 	 	 
	 
      	
              9.5

            	
              Consents

            	
              49

            
	 	 	 	 
	 
      	
              9.6

            	
              Opinions
      of Counsel

            	
              49

            
	 	 	 	 
	 
      	
              9.7

            	
              Proceedings

            	
              49

            
	 	 	 	 
	 
      	
              9.8

            	
              Incumbency
      Certificate

            	
              49

            
	 	 	 	 
	 
      	
              9.9

            	
              Fees

            	
              49

            
	 	 	 	 
	 
      	
              9.10

            	
              Representations
      and Warranties True; No Defaults

            	
              50

            
	 	 	 	 
	 
      	
              9.11

            	
              Determinations
      under Section 9

            	
              50

            
	 	 	 	 
	
              10.

            	
              CONDITIONS
      TO ALL BORROWINGS.

            	
              50

            
	 	 	 
	 
      	
              10.1

            	
              No
      Default

            	
              50

            
	 	 	 	 
	 
      	
              10.2

            	
              Representations
      True

            	
              50

            
	 	 	 	 
	 
      	
              10.3

            	
              Loan
      Request

            	
              50

            
	 	 	 	 
	 
      	
              10.4

            	
              Payment
      of Fees

            	
              50

            
	 	 	 	 
	 
      	
              10.5

            	
              No
      Legal Impediment

            	
              50

            

    

    

    
      
        
           

        

        
          -iv-

          
            

          

        

        
           

        

      

    

     

    
      	 
      	 
      	 
      	
              Page

            
	 	 	 	 

    

    
      	
              11.

            	
              EVENTS
      OF DEFAULT; ACCELERATION; ETC.

            	
              51

            
	 	 	 
	 
      	
              11.1

            	
              Events
      of Default and Acceleration

            	
              51

            
	 	 	 	 
	 
      	
              11.2

            	
              Termination
      of Commitments

            	
              54

            
	 	 	 	 
	 
      	
              11.3

            	
              Application
      of Monies

            	
              54

            
	 	 	 	 
	
              12.

            	
              SETOFF

            	
              54

            
	 	 	 
	
              13.

            	
              THE
      ADMINISTRATIVE AGENT

            	
              55

            
	 	 	 
	 
      	
              13.2

            	
              Other
      Agents; Arrangers and Managers

            	
              60

            
	 	 	 	 
	 
      	
              13.3

            	
              Payments

            	
              60

            
	 	 	 	 
	 
      	
              13.4

            	
              Holders
      of Notes

            	
              61

            
	 	 	 	 
	 
      	
              13.5

            	
              Payments
      by Borrower; Presumptions by Administrative Agent

            	
              61

            
	 	 	 	 
	
              14.

            	
              GUARANTY

            	
              61

            
	 	 	 
	 
      	
              14.1

            	
              Guaranty

            	
              61

            
	 	 	 	 
	 
      	
              14.2

            	
              Guaranty
      Absolute

            	
              62

            
	 	 	 	 
	 
      	
              14.3

            	
              Waivers
      and Acknowledgments

            	
              63

            
	 	 	 	 
	 
      	
              14.4

            	
              Subrogation

            	
              63

            
	 	 	 	 
	 
      	
              14.5

            	
              Subordination

            	
              64

            
	 	 	 	 
	 
      	
              14.6

            	
              Continuing
      Guaranty; Assignments

            	
              65

            
	 	 	 	 
	
              15.

            	
              EXPENSES

            	
              65

            
	 	 	 
	
              16.

            	
              INDEMNIFICATION

            	
              66

            
	 	 	 
	
              17.

            	
              SURVIVAL
      OF COVENANTS, ETC.

            	
              66

            
	 	 	 
	
              18.

            	
              ASSIGNMENT
      AND PARTICIPATION.

            	
              67

            
	 	 	 
	 
      	
              18.1

            	
              Assignments
      and Participations

            	
              67

            
	 	 	 	 
	 
      	
              18.2

            	
              New
      Notes

            	
              69

            
	 	 	 	 
	 
      	
              18.3

            	
              Disclosure

            	
              70

            
	 	 	 	 
	 
      	
              18.4

            	
              Assignee
      or Participant Affiliated with any Loan Party

            	
              70

            
	 	 	 	 
	 
      	
              18.5

            	
              Miscellaneous
      Assignment Provisions

            	
              70

            
	 	 	 	 
	 
      	
              18.6

            	
              SPC
      Provision

            	
              70

            
	 	 	 	 
	
              19.

            	
              NOTICES,
      ETC.

            	
              71

            
	 	 	 
	 
      	
              19.1

            	
              Notices

            	
              71

            
	 	 	 	 
	 
      	
              19.2

            	
              Electronic
      Notices

            	
              72

            

    

    

    
      
        
           

        

        
          -v-

          
            

          

        

        
           

        

      

    

     

    
      	 
      	 
      	 
      	
              Page

            
	 	 	 	 

    

    
      	
              20.

            	
              CONFIDENTIALITY

            	 
      	
              72

            
	 	 	 	 
	
              21.

            	
              GOVERNING
      LAW

            	 
      	
              73

            
	 	 	 	 
	
              22.

            	
              HEADINGS

            	 
      	
              73

            
	 	 	 	 
	
              23.

            	
              COUNTERPARTS

            	 
      	
              73

            
	 	 	 	 
	
              24.

            	
              ENTIRE
      AGREEMENT, ETC.

            	 
      	
              73

            
	 	 	 	 
	
              25.

            	
              WAIVER
      OF JURY TRIAL

            	 
      	
              74

            
	 	 	 	 
	
              26.

            	
              CONSENTS,
      AMENDMENTS, WAIVERS, ETC.

            	 
      	
              74

            
	 	 	 	 
	
              27.

            	
              NO
      WAIVER; CUMULATIVE REMEDIES

            	 
      	
              75

            
	 	 	 	 
	
              28.

            	
              SEVERABILITY

            	 
      	
              75

            
	 	 	 	 
	
              29.

            	
              USA
      PATRIOT Act Notice

            	 
      	
              75

            

    

    

     

    
      	
              Schedules

            	 
      	 
      
	 	 	 
	
              Schedule
      1

            	
              -

            	
              Banks
      and Commitments

            
	
              Schedule
      2

            	
              -

            	
              Broker-Dealer
      Subsidiaries

            
	
              Schedule
      5.2

            	
              -

            	
              Governmental
      Approvals

            
	
              Schedule
      5.18

            	
              -

            	
              Funded
      Debt

            
	
              Schedule
      7.3

            	
              -

            	
              Certain
      Permitted Liens

            
	
              Schedule
      7.4

            	
              -

            	
              Certain
      Investments

            
	 	 	 
	 	 	 
	
              Exhibits

            	 
      	 
      
	 	 	 
	 	 	 
	
              Exhibit
      A

            	
              -

            	
              Form
      of Note

            
	
              Exhibit
      B

            	
              -

            	
              Form
      of Revolving Credit Loan Request

            
	
              Exhibit
      C

            	
              -

            	
              Form
      of Confirmation of Revolving Credit Loan Request

            
	
              Exhibit
      D

            	
              -

            	
              Form
      of Conversion Request

            
	
              Exhibit
      E

            	
              -

            	
              Form
      of Confirmation of Conversion Request

            
	
              Exhibit
      F

            	
              -

            	
              Form
      of Swing Loan Advance Request

            
	
              Exhibit
      G

            	
              -

            	
              Form
      of Confirmation of Swing Loan Advance Request

            
	
              Exhibit
      H

            	
              -

            	
              Form
      of Compliance Certificate

            
	
              Exhibit
      I

            	
              -

            	
              Opinion
      Letter

            
	
              Exhibit
      J

            	
              -

            	
              Form
      of Assignment and Acceptance

            
	
              Exhibit
      K

            	
              -

            	
              Form
      of Supplement

            

    

    

    
      
        
           

        

        
          -vi-

          
            

          

        

        
           

        

      

    

    

    REVOLVING CREDIT
AGREEMENT

     

    THIS
REVOLVING CREDIT AGREEMENT, dated as of January 25, 2008 (this “Credit Agreement”),
by and among SANFORD C. BERNSTEIN & CO., LLC, a Delaware limited liability
company (together with its permitted successors, the “Borrower”),
ALLIANCEBERNSTEIN L.P., a Delaware limited partnership (together with its
permitted successors, the “US Guarantor”), the
financial institutions from time to time party hereto (collectively, the “Banks”), and
CITIBANK, N.A., as administrative agent for the Banks (in such capacity, the
“Administrative
Agent”);

     

    W I T N E S S E T
H:

     

    WHEREAS,
the Borrower desires to obtain from the Banks certain credit facilities as
described in this Credit Agreement to fund the Borrower’s obligations resulting
from engaging in certain securities trading and custody activities;

     

    WHEREAS,
the Banks are willing to provide such credit facilities to the Borrower upon the
terms and conditions set forth in this Credit Agreement; and

     

    WHEREAS,
the Administrative Agent is willing to act as administrative agent, for the
Banks in connection with such credit facilities as provided in this Credit
Agreement;

     

    NOW,
THEREFORE, in consideration of the foregoing, the mutual covenants and
agreements set forth hereinbelow, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties, the
parties hereto do hereby agree as follows:

     

    1.       
     DEFINITIONS AND RULES OF
INTERPRETATION.

     

    1.1          
Definitions.  The
following terms shall have the meanings set forth in this Section 1.1 or
elsewhere in the provisions of this Credit Agreement referred to
below:

     

    Accounting
Change.  As defined in Section 6.12.

     

    Accounting
Notice.  As defined in Section 6.12.

     

    Acquisition.  As
defined in Section 7.2.

     

    Administrative
Agent.  Citibank, acting as administrative agent for the Banks,
or any successor Administrative Agent appointed pursuant to Section
13.1.6.

     

    Administrative Agent’s
Office.  The Administrative Agent’s operational office located
at Two Penns Way, New Castle, Delaware 19720, or at such other location as the
Administrative Agent may designate in a written notice to the other parties
hereto from time to time.

     

    Affected
Computation.  As defined in Section 6.12.

     

    Affiliate.  As
defined under Rule 144 (a) under the Securities Act of 1933, as amended, but, in
the case of any Loan Party, not including any Subsidiary or any investment fund
which is managed or advised by such Loan Party.

     

    Agent-Related
Person.  The Administrative Agent, together with its Affiliates
(including, in the case of Citibank, in its capacity as the Administrative
Agent, and Citigroup Global Markets Inc.), and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and
Affiliates.

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    

    Alliance
Distributors.  AllianceBernstein Investments, Inc., a Delaware
corporation, or any successor thereto as the primary distributor of securities
of investment companies sponsored by the US Guarantor or its
Subsidiaries.

     

    Alternate Base
Rate.  A simple interest rate equal to the higher of (a) the
Federal Funds Rate Basis plus one-half of one percent (0.50%) or (b) the Prime
Rate.  The Alternate Base Rate shall be adjusted automatically as of
the opening of business as of the effective date of each change in the Federal
Funds Rate Basis or the Prime Rate, as the case may be, to account for such
change.

     

    Alternate Base Rate
Loan.  A Loan which bears interest at the Alternate Base
Rate.

     

    Applicable Lending
Office.  With respect to each Bank, such Bank’s Domestic
Lending Office in the case of a Federal Funds Rate Loan, Alternate Base Rate
Loan or Swing Loan and such Bank’s LIBOR Lending Office in the case of a LIBOR
Loan.  

     

    Applicable
Margin.  0.15% per annum.

     

    Approved
Fund.  Any Fund that is administered or managed by (a) a Bank,
(b) an Affiliate of a Bank or (c) an entity or an Affiliate of an entity that
administers or manages a Bank.

     

    Assignment and
Acceptance.  an assignment and acceptance entered into by a
Bank and an Eligible Assignee (with the consent of any party whose consent is
required by Section 18.1), and accepted by the Administrative Agent, in
substantially the form of Exhibit J or any
other form approved by the Administrative Agent and the Borrower.

     

    Attributable
Indebtedness.  On any date with respect to any Person, in
respect of any Synthetic Lease Obligation of such Person, the capitalized amount
of the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a Capitalized Lease.

     

    AXA Default
Notice.  As defined in Section 6.5.5.

     

    AXA
Group.  AXA, a société anonyme à directoir et
conseil de surveillance organized under the laws of France, and its
Subsidiaries.

     

    AXA
Guaranty.  The guaranty delivered by AXA, a société anonyme à directoir et
conseil de surveillance organized under the laws of France, in accordance
with Section 9.

     

    AXA Guaranty Event of
Default.  As defined in Section 3.2.3.

     

    AXA Suspension
Period.  As defined in Section 3.2.3.

     

    Bankruptcy
Law.  Any proceeding of the type referred to in
Section 11.1(h) or (i) or Title 11, U.S. Code, or any similar foreign,
federal or state law for the relief of debtors.

     

    Banks.  As
defined in the preamble hereto.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    Borrower.  As
defined in the preamble hereto.

     

    Broker-Dealer
Debt.  The obligations incurred or otherwise arising in
connection with the Securities Trading Activities of any Broker-Dealer
Subsidiary.

     

    Broker-Dealer
Subsidiaries.  The Subsidiaries listed on Schedule 2 attached
hereto and each other Subsidiary that engages in activities of the type
described in the definition of Securities Trading Activities and that is so
designated by the US Guarantor in writing to the Administrative Agent; and
“Broker-Dealer
Subsidiary” means any one of such Broker-Dealer
Subsidiaries.

     

    Business.  With
respect to any Person, the assets, properties, business, operations and
condition (financial and otherwise) of such Person.

     

    Business
Day.  Any day on which banking institutions in New York, New
York are open for the transaction of banking business and, in the case of LIBOR
Loans, also a day which is a LIBOR Business Day.

     

    Capitalized
Leases.  Leases under which the US Guarantor or any of its
Consolidated Subsidiaries is the lessee or obligor, the discounted future rental
payment obligations under which are required to be capitalized on the balance
sheet of the lessee or obligor in accordance with GAAP.

     

    CERCLA.  As
defined in Section 5.17(a).

     

    Change of
Control.  (a) any issue, sale, or other disposition of Voting
Equity Securities of the US Guarantor that results in any Person or group of
Persons acting in concert (other than any of AXA Financial, Inc. and its
Subsidiaries, and any member of the AXA Group) beneficially owning or
controlling, directly or indirectly, more than eighty percent (80%) (by number
of votes) of the Voting Equity Securities of the US Guarantor, (b) any issue,
sale, or other disposition of Voting Equity Securities of the General Partner
which results in any Person or group of Persons acting in concert (other than
any of AXA Financial, Inc. and its Subsidiaries, and any member of the AXA
Group) beneficially owning or controlling, directly or indirectly, more than
fifty percent (50%) (by number of votes) of the Voting Equity Securities of the
General Partner or (c) the consummation of any transaction which results in the
Borrower ceasing to be a wholly-owned Subsidiary of the US
Guarantor.

     

    Change of Control
Date.  Any date upon which a Change of Control
occurs.

     

    Citibank.  Citibank,
N.A., a national banking association.

     

    Closing
Date.  The date, not later than January 25, 2008, on which each
of the conditions set forth in Section 9 is satisfied or waived.

     

    Code.  The
Internal Revenue Code of 1986, as amended.

     

    Commitment.  With
respect to each Bank party hereto on the date hereof, its obligation to make
Loans to the Borrower, in an aggregate principal amount at any one time
outstanding not to exceed the amount set forth opposite such Bank’s name on
Schedule 1
under the caption “Commitment” or opposite such caption in the Assignment and
Acceptance pursuant to which such Bank becomes a party hereto, as applicable, as
such amount may be adjusted from time to time in accordance with this Credit
Agreement; or if such commitment is terminated pursuant to the provisions
hereof, zero.

     

    
      
        
        

      

      
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    Commitment
Percentage.  With respect to each Bank at any time, the
percentage carried out to the ninth decimal place) of the Total Commitment
represented by such Bank’s Commitment at such time.  If the Commitment
of each Bank has been terminated in full pursuant to Section 2.5(a) or
11.1, or if the Commitments have expired, then the Commitment Percentage
of each Bank shall be determined based on the Commitment Percentage of such Bank
most recently in effect, after giving effect to any subsequent
assignments.  The initial Commitment Percentage of each Bank is set
forth opposite the name of such Bank on Schedule 1 or in the
Assignment and Acceptance pursuant to which such Bank becomes a party hereto, as
applicable.

     

    Consolidated or consolidated.  Except
as otherwise provided, with reference to any term defined herein, shall mean
that term as applied to the accounts of the US Guarantor, the Consolidated
Subsidiaries and the Excluded Funds consolidated in accordance with
GAAP.

     

    Consolidated Adjusted Cash
Flow.  With respect to any fiscal period, the sum of (A) EBITDA
for such fiscal period, plus (B) non-cash charges (other than charges for
depreciation and amortization) for such fiscal period to the extent deducted in
determining Consolidated Net Income (or Loss) for such period.

     

    Consolidated Adjusted Funded
Debt.  At any time, the aggregate outstanding principal amount
of Funded Debt of the US Guarantor and the Consolidated Subsidiaries (whether
owed by more than one of them jointly or by any of them singly) at such time
determined on a consolidated basis and, except with respect to items (f) and (g)
of the definition of Funded Debt, determined in accordance with
GAAP.

     

    Consolidated Leverage
Ratio.  As of any date of determination, the ratio of (a)
Consolidated Adjusted Funded Debt as of such date to (b) Consolidated Adjusted
Cash Flow for the period of the four fiscal quarters most recently ended for
which the US Guarantor has delivered financial statements.

     

    Consolidated Net Income (or
Loss).  The net income (or loss) of the US Guarantor and the
Consolidated Subsidiaries, determined in accordance with GAAP, but excluding in
any event:

     

    (a)           any
portion of the net earnings of any Subsidiary that, by virtue of a restriction
or Lien binding on such Subsidiary under a Contract or Government Mandate, is
unavailable for payment of dividends to the US Guarantor or any other
Subsidiary;

     

    (b)           earnings
resulting from any reappraisal, revaluation, or write-up of assets;
and

     

    (c)           any
reversal of any contingency reserve, except to the extent that such provision
for such contingency reserve shall have been made from income arising during the
period subsequent to December 31, 2006, through the end of the period for which
Consolidated Net Income (or Loss) is then being determined, taken as one
accounting period.

     

    Consolidated Net
Worth.  The excess of Consolidated Total Assets over
Consolidated Total Liabilities, less, to the extent
otherwise includible in the computations of Consolidated Net Worth, any
subscriptions receivable with respect to Equity Securities of the US Guarantor
or its Subsidiaries (with such adjustments as may be appropriate so as not to
double count intercompany items).

    

    
      
        
           

        

        
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    Consolidated
Subsidiaries.  At any point in time, the Subsidiaries of the US
Guarantor (which, as provided in the definition of “Subsidiary” do not
include the Excluded Funds) that are consolidated with the US Guarantor for
financial reporting purposes with respect to the fiscal period of the US
Guarantor in which such point in time occurs.

     

    Consolidated Total
Assets.  All assets of the US Guarantor determined on a
consolidated basis (excluding the Excluded Funds) in accordance with
GAAP.

     

    Consolidated Total
Liabilities.  All liabilities of the US Guarantor determined on
a consolidated basis (excluding the Excluded Funds) in accordance with
GAAP.

     

    Contracts.  Contracts,
agreements, mortgages, leases, bonds, promissory notes, debentures, guaranties,
Capitalized Leases, indentures, pledges, powers of attorney, proxies, trusts,
franchises, or other instruments or obligations.

     

    Control Change
Notice.  As defined in Section 6.5.4.

     

    Conversion
Request.  A notice given by the Borrower to the Administrative
Agent of the Borrower’s election to convert or continue a Loan in accordance
with Section 2.9.

     

    Co-Syndication
Agent.  JPMorgan Chase Bank, N.A. and Bank of America, N.A.,
acting as co-syndication agents.

     

    Credit
Agreement.  This Revolving Credit Agreement, including the
Schedules and Exhibits hereto.

     

    Default.  Any
event or condition that constitutes an Event of Default or that, with the giving
of any notice, the passage of time, or both, would be an Event of
Default.

     

    Delinquent
Bank.  As defined in Section 13.3.

     

    Disposition.  As
defined in Section 7.1.

     

    Distribution.  With
respect to any Entity, the declaration or payment (without duplication) of any
dividend or distribution on or in respect of any Equity Securities of such
Entity, other than dividends payable solely in Equity Securities of such Entity
that are not required to be classified as liabilities on the balance sheet of
such Entity under GAAP; the purchase, redemption, or other retirement of any
Equity Securities of such Entity, directly or indirectly through a Subsidiary of
such Entity or otherwise; or the return of capital by such Entity to the holders
of its Equity Securities as such.

     

    Documentation
Agent.  HSBC Bank USA, National Association, acting as
documentation agent.

     

    Dollars or $.  Dollars
in lawful currency of the United States of America.

     

    Domestic Lending
Office.  Initially, the office of each Bank designated as such
in Schedule 1
hereto or in the Assignment and Acceptance pursuant to which it became a party
hereto; thereafter, such other office of such Bank, if any, located within the
United States that will be making or maintaining Federal Funds Rate Loans or
Alternate Base Rate Loans.

    

    
      
        
           

        

        
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    Drawdown
Date.  The date on which any Loan is made or is to be made, and
the date on which any Revolving Credit Loan is converted or continued in
accordance with Section 2.9.

     

    EBITDA.  The
Consolidated Net Income (or Loss) for any period, plus provision for any income
taxes, interest (whether paid or accrued, but without duplication of interest
accrued for previous periods), depreciation, or amortization for such period, in
each case to the extent deducted in determining such Consolidated Net Income (or
Loss).

     

    Effective
Date.  As defined in Section 6.12(c).

     

    Eligible
Assignee.  Any of (a) a Bank, (b) an Affiliate of a Bank, (c)
an Approved Fund, (d) a commercial bank or finance company organized under the
laws of the United States, any State thereof, or the District of Columbia, and
having total assets in excess of One Billion Dollars ($1,000,000,000); (e) a
commercial bank organized under the laws of any other country that is a member
of the Organization for Economic Cooperation and Development (the “OECD”), or a
political subdivision of any such country, and having total assets in excess of
One Billion Dollars ($1,000,000,000), provided that such
bank is acting through a branch or agency located in the country in which it is
organized or another country which is also a member of the OECD; and (f) the
central bank of any country which is a member of the OECD.

     

    Employee Benefit
Plan.  Any employee benefit plan within the meaning of §3(2) of
ERISA maintained or contributed to by the US Guarantor, the Borrower or any
ERISA Affiliate, other than a Multiemployer Plan.

     

    Entity.  Any
corporation, partnership, trust, unincorporated association, joint venture,
limited liability company, or other legal or business entity.

     

    Environmental
Laws.  As defined in Section 5.17(a).

     

    EPA.  As
defined in Section 5.17(b).

     

    Equity
Securities.  With respect to any Entity, all equity securities
of such Entity, including any (a) common or preferred stock, (b) limited or
general partnership interests, (c) limited liability company member interests,
(d) options, warrants, or other rights to purchase or acquire any equity
security, or (e) securities convertible into any equity security.

     

    ERISA.  The
Employee Retirement Income Security Act of 1974, as amended.

     

    ERISA
Affiliate.  Any Person that is treated as a single employer
together with the US Guarantor or the Borrower under §414 of the
Code.

     

    ERISA Reportable
Event.  A reportable event with respect to a Guaranteed Pension
Plan within the meaning of §4043 of ERISA and the regulations promulgated
thereunder as to which the requirement of notice has not been
waived.

     

    Event of
Default.  As defined in Section 11.

     

    Examining
Authority.  The meaning set forth in Rule 15c3-1(c)(12) under
the Securities Exchange Act of 1934, as amended.

     

    
      
        
           

        

        
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    Excluded
Funds.  A collective reference to each investment company,
investment fund or similar Entity that (i) is deemed not to be a “Subsidiary” of
the US Guarantor by virtue of the definition of “Subsidiary,” but (ii)
is required in accordance with the application of Financial Accounting Standards
Board Interpretation No. 46-Revised, Accounting Research Bulletin 51 and related
or successor accounting literature to be consolidated with the US Guarantor for
financial reporting purposes.  The assets, liabilities, income (or
losses), or activities or other attributes of any Excluded Fund, including
without limitation, Funded Debt, Investments or Indebtedness of any Excluded
Fund, shall not be attributed to the US Guarantor or any Subsidiary or
Consolidated Subsidiary of the US Guarantor for purposes of this Credit
Agreement as a result solely of the application of principles of consolidation
applied in accordance with GAAP that require consolidation of Excluded
Funds.

     

    Excluded
Taxes.  With respect to the Administrative Agent, any Bank or
any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder or under any other Loan Document, (a) taxes imposed
on or measured by its overall net income (however denominated), and franchise
taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any
Bank, in which its Applicable Lending Office is located, (b) any branch profits
taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which any Loan Party is located and (c) in the case of a Foreign
Bank, any United States withholding tax that is imposed on amounts payable to
such Foreign Bank at the time such Foreign Bank becomes a party hereto (or
designates a new Lending Office) or is attributable to such Foreign Bank’s
failure or inability (other than as a result of a change in law) to comply with
Section 4.11(e), except to the extent that such Foreign Bank (or its assignor,
if any) was entitled, at the time of designation of a new Lending Office (or
assignment), to receive additional amounts from any Loan Party with respect to
such withholding tax pursuant to Section 4.11(a) and Section 6(a) of the AXA
Guaranty.

     

    Federal Funds
Rate.  A simple interest rate equal to the sum of the Federal
Funds Rate Basis plus the Applicable Margin.  The Federal Funds Rate
shall be adjusted automatically as of the opening of business of the effective
date of each change in the Federal Funds Rate Basis to account for such
change.

     

    Federal Funds Rate
Basis.  For any day, the rate per annum equal to the weighted
average 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 by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Rate Basis for such day shall
be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate Basis for
such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Citibank on such day on such transactions as
determined by the Administrative Agent.

     

    Federal Funds Rate
Loan.  A Loan (other than an Alternate Base Rate Loan) which
bears interest at the Federal Funds Rate.

     

    Fee
Letter.  That certain fee letter dated December 3, 2007 among
the Borrower, Citibank, and Citigroup Global Markets Inc.

    

    
      
        
           

        

        
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    Foreign
Bank.  Any Bank that is organized under the laws of a
jurisdiction other than that in which the Borrower is resident for tax
purposes.  For purposes of this definition, the United States, each
State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

     

    Fully
Effective.  With respect to any Contract, that (a) such
Contract is the legal, valid, and binding obligation of the US Guarantor or its
Subsidiary, as the case may be, enforceable against such party according to its
terms, and (b) if such Contract exists on or before the date of this Credit
Agreement, such Contract shall remain in full force and effect notwithstanding
the execution and delivery of the Loan Documents and the consummation of the
transactions contemplated by the Loan Documents.

     

    Fund.  Any
Person (other than an individual) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business; provided, that the
foregoing shall be disregarded for purposes of the definition of Excluded
Funds.

     

    Funded
Debt.  With respect to the US Guarantor or any Consolidated
Subsidiary, (a) all Indebtedness for money borrowed of such Person, (b) in
respect of Capitalized Leases, the capitalized amount thereof that would appear
on a balance sheet of such Person prepared in accordance with GAAP, (c) all
reimbursement obligations of such Person with respect to letters of credit,
bankers’ acceptances, or similar facilities issued for the account of such
Person, (d) Indebtedness in respect of the disposition of 12b-1 Fees, (e) all
guarantees, endorsements, acceptances, and other contingent obligations of such
Person, whether direct or indirect, in respect of Indebtedness for borrowed
money of others, including any obligation to supply funds to or in any manner to
invest in, directly or indirectly, the debtor, to purchase Indebtedness for
borrowed money, or to assure the owner of Indebtedness for borrowed money
against loss, through an agreement to purchase goods, supplies, or services for
the purpose of enabling the debtor to make payment of the Indebtedness held by
such owner or otherwise, (f) net obligations of such Person under any Swap
Contract in an amount equal to the Swap Termination Value thereof, and (g)
Attributable Indebtedness of such Person.  Notwithstanding the
foregoing, Funded Debt shall not include Broker-Dealer Debt.

     

    GAAP.  Subject
to Section 6.12, (a) when used in financial covenants set forth in Section 8,
whether directly or indirectly through reference to a capitalized term used
therein, (i) principles that are consistent with the principles promulgated or
adopted by the Financial Accounting Standards Board and its predecessors, in
effect for the fiscal year ended on December 31, 2006, and (ii) to the extent
consistent with such principles, the accounting practices of the US Guarantor
reflected in its consolidated financial statements for the year ended on
December 31, 2006, and (b) when used in general, other than as provided above,
means principles that are (i) consistent with the principles promulgated or
adopted by the Financial Accounting Standards Board and its predecessors, as in
effect from time to time and (ii) consistently applied with past financial
statements of the US Guarantor adopting the same principles, provided that in
each case referred to in this definition of “GAAP” a certified public accountant
would, insofar as the use of such accounting principles is pertinent, be in a
position to deliver an unqualified opinion (other than a qualification regarding
changes in GAAP) as to financial statements in which such principles have been
properly applied, subject, in each case, to the application of accounting
principles as of the date of implementation of, and with respect to, Financial
Accounting Standards Board Interpretation No. 46-Revised.

    

    
      
        
           

        

        
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    General
Partner.  (a) AllianceBernstein Corporation, a Delaware
corporation, in its capacity as general partner of the US Guarantor and (b) any
other Persons who satisfy the requirements for admitting general partners
without causing a Default or an Event of Default as set forth in Section 11.1(n)
and who are so admitted, each in its capacity as a general partner of the US
Guarantor, and their respective successors.

     

    Government
Authority.  The United States of America or any state,
district, territory, or possession thereof, any local government within the
United States of America or any of its territories and possessions, any foreign
government having appropriate jurisdiction or any province, territory, or
possession thereof, or any court, tribunal, administrative or regulatory agency,
taxing or revenue authority, central bank or banking regulatory agency,
commission, or body of any of the foregoing.

     

    Government
Mandate.  With respect to (a) any Person, any statute, law,
rule, regulation, code, or ordinance duly adopted by any Government Authority,
any treaty or compact between two (2) or more Government Authorities, and any
judgment, order, decree, ruling, finding, determination, or injunction of any
Government Authority, in each such case that is, pursuant to appropriate
jurisdiction, legally binding on such Person, any of its Subsidiaries or any of
their respective properties, and (b) the Administrative Agent or any Bank, in
addition to subsection (a) hereof, any policy, guideline, directive, or standard
duly adopted by any Government Authority with respect to the regulation of
banks, monetary policy, lending, investments, or other financial
matters.

     

    Granting
Lender.  As defined in Section 18.6.

     

    Guarantee.  As
to any Person, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Funded Debt or
other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Funded Debt or
other obligation, (ii) to purchase or lease property, securities or services for
the purpose of assuring the obligee in respect of such Funded Debt or other
obligation of the payment or performance of such Funded Debt or other
obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Funded Debt
or other obligation, or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Funded Debt or other obligation of
the payment or performance thereof or to protect such obligee against loss in
respect thereof (in whole or in part), or (b) any Lien on any assets of such
Person securing any Funded Debt or other obligation of any other Person, whether
or not such Funded Debt or other obligation is assumed by such
Person.  The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or
portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith.  The term
“Guarantee” as a verb has a corresponding meaning.

     

    Guaranteed
Obligations: As defined in
Section 14.1.

     

    Guaranteed Pension
Plan.  Any employee pension benefit plan within the meaning of
§3(2) of ERISA maintained or contributed to by the US Guarantor, the Borrower or
any ERISA Affiliate the benefits of which are guaranteed on termination in full
or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer
Plan.

    

    
      
        
           

        

        
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    Hazardous
Substances.  As defined in Section 5.17(b).

     

    Indebtedness.  All
obligations, contingent and otherwise, that in accordance with GAAP should be
classified upon the obligor’s balance sheet as liabilities, or to which
reference should be made by footnotes thereto in accordance with GAAP,
including: (a) all debt and similar monetary obligations, whether direct or
indirect; (b) all liabilities secured by any Lien existing on property owned or
acquired subject thereto, whether or not the liability secured thereby shall
have been assumed; (c) all obligations in respect of hedging contracts,
including, without limitation, interest rate and currency swaps, caps, collars
and other financial derivative products; and (d) all guarantees, endorsements,
and other contingent obligations whether direct or indirect in respect of
indebtedness of others, including any obligation to supply funds to or in any
manner to invest in, directly or indirectly, the debtor, to purchase
indebtedness, or to assure the owner of indebtedness against loss, through an
agreement to purchase goods, supplies, or services for the purpose of enabling
the debtor to make payment of the indebtedness held by such owner or otherwise,
and the obligations to reimburse the issuer in respect of any letters of
credit.  Notwithstanding the foregoing, Indebtedness shall not include
Broker-Dealer Debt.

     

    Indemnified
Liabilities.  As defined in Section 16.

     

    Indemnified
Taxes. 
Taxes other than Excluded Taxes.

     

    Interest Payment
Date.  (a) As to any Federal Funds Rate Loan or Alternate Base
Rate Loan, the second Business Day of each calendar quarter for the immediately
preceding calendar quarter during all or a portion of which such Federal Funds
Rate Loan or Alternate Base Rate Loan were Outstanding and the maturity of such
Federal Funds Rate Loan or Alternate Base Rate Loan; (b) as to any LIBOR Loan,
the last day of each Interest Period with respect to such LIBOR Loan, the
maturity of such LIBOR Loan, and, if the Interest Period of such LIBOR Loan is
longer than three (3) months, the date that is three (3) months from the first
day of such Interest Period and the last day of each successive three (3) month
period during such Interest Period and (c) as to any Swing Loan, the last day of
the Interest Period specified pursuant to the Swing Loan requested by the
Borrower.

     

    Interest
Period.  (a) With respect to any LIBOR Loan, (i) initially, the
period commencing on the Drawdown Date of such Loan and ending on the last day
of, as selected by the Borrower in a Loan Request, one (1) or two (2) weeks, or
one (1), two (2), three (3), four (4), five (5), or six (6) months, if available
in readily ascertainable markets; and (ii) thereafter, each period commencing on
the last day of the next preceding Interest Period applicable to such Loan and
ending on the last day of one of the periods set forth above, as selected by the
Borrower in a Conversion Request; provided that all of
the foregoing provisions relating to Interest Periods are subject to the
following:

     

    (A)           if
any Interest Period for a LIBOR Loan would otherwise end on a day that is not a
Business Day, that Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest
Period into another calendar month, in which event such Interest Period shall
end on the immediately preceding Business Day; and

    

    
      
        
           

        

        
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    (B)           any
Interest Period commencing prior to the Maturity Date that would otherwise
extend beyond the Maturity Date shall end on the Maturity Date.

     

    (b) With
respect to each Swing Loan, the period specified by the Borrower from one (1) to
seven (7) days pursuant to the Swing Loan Request.

     

    Investment.  As
to any Person, any direct or indirect acquisition or investment by such Person,
whether by means of (a) the purchase or other acquisition of capital stock or
other securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including any
partnership or joint venture interest in such other Person, or (c) the purchase
or other acquisition (in one transaction or a series of transactions) of assets
of another Person that constitute a business unit.  For purposes of
covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value
of such Investment.

     

    LIBOR Business
Day.  Any day on which commercial banks are open for
international business (including dealings in Dollar deposits) in London,
England.

     

    LIBOR Lending
Office.  Initially, the office of each Bank designated as such
in Schedule 1
hereto or in the Assignment and Acceptance pursuant to which it became a party
hereto; thereafter, such other office of such Bank, if any, that shall be making
or maintaining LIBOR Loans.

     

    LIBOR
Loan.  A Loan which bears interest at the LIBOR
Rate.

     

    LIBOR
Rate.  A simple per annum interest rate equal to the sum of (a)
the quotient of (i) the LIBOR Rate Basis divided by (ii) one minus the LIBOR
Reserve Percentage, stated as a decimal, plus (b) the Applicable
Margin.  The LIBOR Rate shall be rounded upward to four decimal places
and shall apply to the applicable Interest Period, and, once determined, shall
be subject to the provisions of this Credit Agreement and shall remain unchanged
during the applicable Interest Period, except for changes to reflect adjustments
in the LIBOR Reserve Percentage.

     

    LIBOR Rate
Basis.  For any Interest Period, the rate per annum equal to
the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or other commercially available source providing
quotations of BBA LIBOR as designated by the Administrative Agent from time to
time) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, for Dollar deposits (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest
Period.  If such rate is not available at such time for any reason,
then the LIBOR Rate Basis for such Interest Period shall be the interest rate
per annum determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the first day of such Interest Period in
same day funds in the approximate amount of the LIBOR Loan being made, continued
or converted by the Banks and with a term equivalent to such Interest Period
would be offered by the Administrative Agent’s London Branch to major banks in
the London interbank eurodollar market at their request at approximately 11:00
a.m. (London time) two Business Days prior to the commencement of such Interest
Period.

     

    LIBOR Reserve
Percentage.  The percentage which is in effect from time to
time under Regulation D of the Board of Governors of the Federal Reserve System,
as such regulation may be amended from time to time, as the actual reserve
requirement applicable with respect to Eurocurrency Liabilities (as that term is
defined in Regulation D), to the extent that any Bank has any Eurocurrency
Liabilities subject to such reserve requirement at that time.  The
LIBOR Rate for any LIBOR Loan shall be adjusted as of the effective date of any
change in the LIBOR Reserve Percentage.

    

    
      
        
           

        

        
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    Lien.  Any
lien, mortgage, security interest, pledge, charge, beneficial or equitable
interest or right, hypothecation, collateral assignment, easement, or other
encumbrance.

     

    Loan
Documents.  This Credit Agreement, any Notes, the AXA Guaranty
and any instrument or document designated by the parties thereto as a “Loan
Document” for purposes hereof.

     

    Loan
Parties.  The US Loan Parties and AXA, a société anonyme à directoir et
conseil de surveillance organized under the laws of France.

     

    Loan
Request.  As defined in Section 2.8.

     

    Loans.  Revolving
Credit Loans, and the Swing Loans made or to be made by the Banks to the
Borrower pursuant to Section 2.

     

    Majority
Banks.  The Banks whose aggregate Commitments constitute more
than fifty percent (50%) of the Total Commitment or, if the Commitments have
been terminated, the Banks whose Loans constitute more than fifty percent (50%)
of the aggregate amount of the Loans.

     

    Material Adverse
Effect.  A material adverse effect on (a) the ability of any US
Loan Party to enter into and to perform and observe its Obligations under the
Loan Documents, or (b) the assets, properties, business, operations and
condition (financial or otherwise) of the US Guarantor and its Subsidiaries
taken as a whole.

     

    Material Broker-Dealer
Subsidiary.  Any Broker-Dealer Subsidiary that has total assets
as of the date of determination equal to not less than five (5%) of the
Consolidated Total Assets of the US Guarantor as set forth in the consolidated
balance sheet of the US Guarantor (excluding the Excluded Funds) included in the
most recent available annual or quarterly report of the US
Guarantor.

     

    Material
Subsidiary.  Any Subsidiary of the US Guarantor or Alliance
Distributors that, singly or together with any other such Subsidiaries then
subject to one or more of the conditions described in Section 11.1(h), Section
11.1(i), or Section 11.1(m), either (a) at the date of determination owns
Significant Assets, or (b) has total assets as of the date of determination
equal to not less than five percent (5%) of the Consolidated Total Assets of the
US Guarantor as set forth in the consolidated balance sheet of the US Guarantor
(excluding the Excluded Funds) included in the most recent available annual or
quarterly report of the US Guarantor.

     

    Maturity
Date.  January 25, 2011.

     

    Multiemployer
Plan.  Any multiemployer plan within the meaning of §3(37) of
ERISA maintained or contributed to by the US Guarantor, the Borrower or any
ERISA Affiliate.

     

    Net Capital
Rule.  Rule 15c3-1 under the Securities Exchange Act of 1934,
as amended.

     

    1940
Act.  The Investment Company Act of 1940, as
amended.

    

    
      
        
           

        

        
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    Notes.  Any
Notes of the Borrower to the Banks in respect of the Borrower’s Obligations
under this Credit Agreement of even date herewith, substantially in the form of
Exhibit A, as
amended, modified and renewed from time to time.

     

    Obligations.  All
indebtedness, obligations, and liabilities of any US Loan Party or any of its
Subsidiaries to any of the Banks and the Administrative Agent, individually or
collectively, existing on the date of this Credit Agreement or arising
thereafter, direct or indirect, joint or several, absolute or contingent,
matured or unmatured, liquidated or unliquidated, secured or unsecured, arising
or incurred under this Credit Agreement or any of the other Loan Documents or in
respect of any of the Loans made or any of the Notes or other instruments at any
time evidencing any thereof.

     

    Other
Taxes.  All present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any
payment made hereunder or under any other Loan Document or from the execution,
delivery or enforcement of, or otherwise with respect to, this Credit Agreement
or any other Loan Document.

     

    Outstanding.  With
respect to the Loans, the aggregate unpaid principal thereof as of any date of
determination.

     

    Participant.  As
defined in Section 18.1(d).

     

    PBGC.  The
Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor
entity or entities having similar responsibilities.

     

    Permits.  Permits,
licenses, franchises, patents, copyrights, trademarks, trade names, approvals,
clearances, and applications for or rights in respect of the foregoing of any
Government Authority.

     

    Permitted
Liens.  Liens permitted by Section 7.3.

     

    Person.  Any
individual, Entity or Government Authority.

     

    Prime
Rate.  The rate of interest adopted by the Administrative Agent
as its reference rate for the determination of interest rates for loans of
varying maturities in United States dollars to United States residents of
varying degrees of creditworthiness and being quoted at such time by the
Administrative Agent as its “base rate”.  The “base rate” is a rate
set by Citibank based upon various factors including Citibank’s costs and
desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below
such announced rate.  Any change in such rate announced by Citibank
shall take effect at the opening of business on the day specified in the public
announcement of such change.

     

    Proceedings.  Any
(a) actions at law, (b) suits in equity, (c) bankruptcy, insolvency,
receivership, dissolution, or reorganization cases or proceedings, (d)
administrative or regulatory hearings or other proceedings, (e) arbitration and
mediation proceedings, (f) criminal prosecutions, (g) judgment levies,
foreclosure proceedings, pre-judgment security procedures, or other enforcement
actions, and (h) other litigation, actions, suits, and proceedings conducted by,
before, or on behalf of any Government Authority.

     

    RCRA.  As
defined in Section 5.17(a).

    

    
      
        
           

        

        
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    Real
Estate.  All real property at any time owned or leased (as
lessee or sublessee) by the US Guarantor or any of its
Subsidiaries.

     

    Record.  The
grid attached to a Note, or the continuation of such grid, or any other similar
record, including computer records, maintained by any Bank with respect to any
Loan referred to in such Note or in this Credit Agreement.

     

    Register.  As
defined in Section 18.1(c).

     

    Related
Parties.  With respect to any Person, such Person’s Affiliates
and the partners, directors, officers, employees, agents and advisors of such
Person and of such Person’s Affiliates.

     

    Reorganization and
Reorganize.  As defined in Section 7.2.

     

    Revolving Credit
Loans.  Revolving credit loans made or to be made by the Banks
to the Borrower pursuant to Section 2, but not including Swing
Loans.

     

    SARA.  As
defined in Section 5.17(a).

     

    Securities Trading
Activities.  The activities in the ordinary course of business
of a Broker-Dealer Subsidiary, including, without limitation, acting as a broker
for clients and/or as a dealer in the purchase and sale of securities traded on
exchanges or in the over-the-counter markets, entering into securities
repurchase agreements and reverse repurchase agreements, securities lending and
borrowing and securities clearing, either through agents or directly through
clearing systems.

     

    Significant
Assets.  At the date of any sale, transfer, assignment, or
other disposition of assets of the US Guarantor or any of its Subsidiaries (or
as of the date of any Default or Event of Default), assets of the US Guarantor
or any of its Subsidiaries (including Equity Securities of Subsidiaries of the
US Guarantor) which generated thirty-three and one-third percent (33 1/3%)
or more of the consolidated revenues of the US Guarantor during the four (4)
fiscal quarters of the US Guarantor most recently ended (the “Measuring
Period”), provided that assets
of the US Guarantor or any of its Subsidiaries (including Equity Securities of
Subsidiaries of the US Guarantor) which do not meet the definition of
Significant Assets in the first part of this sentence shall nonetheless be
deemed to be Significant Assets if such assets generated revenues for the
Measuring Period that if subtracted from the consolidated revenues of the US
Guarantor for the Measuring Period would result in consolidated revenues of the
US Guarantor for the Measuring Period of less than $1,200,000,000.

     

    SPC.  As
defined in Section 18.6.

     

    Subsidiary.  Any
Entity (i) of which the designated parent shall at any time own directly or
indirectly through a Subsidiary or Subsidiaries at least a majority (by number
of votes) of the outstanding Voting Equity Securities of such Entity, or (ii)
that is consolidated with such Entity in accordance with Financial Accounting
Standards Board Interpretation No. 46-Revised.  Notwithstanding the
foregoing, the term “Subsidiary” shall not include any Entity that is an
investment company, investment fund or similar Entity that is managed or advised
by the US Guarantor or any Subsidiary of the US Guarantor and in which the US
Guarantor’s or such Subsidiary’s ownership of Voting Equity Securities is a
function of its role as manager or adviser (whether as general partner or
otherwise) rather than its economic or beneficial interest in the
entity.  Unless otherwise provided herein, any reference to a
“Subsidiary” shall mean a Subsidiary of the US Guarantor.

    

    
      
        
           

        

        
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    Swap
Contract.  A Swap Contract is:  (a) any and all rate
swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts,
equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap
transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association,
Inc., or any International Foreign Exchange Master Agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including
any such obligations or liabilities under any Master Agreement.

     

    Swap Termination
Value.  In respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement
relating to such Swap Contracts, (a) for any date on or after the date such Swap
Contracts have been closed out and termination value(s) determined in accordance
therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined by the US Guarantor based upon
one or more mid-market or other readily available quotations provided by one or
more recognized dealers in such Swap Contracts (which may include a Bank or any
affiliate of a Bank).

     

    Swing
Loan.  Any Loans made to the Borrower by the Banks from time to
time, which Loans shall be made in accordance with Section 2.8.2.

     

    Swing Loan
Rate.  A simple interest rate equal to the sum of the Federal
Funds Rate Basis plus 0.50% per annum.  The Swing Loan Rate shall be
adjusted automatically as of the opening of business of the effective date of
each change in the Federal Funds Rate Basis to account for such
change.

     

    Swing Loan
Request.  As defined in Section 2.8.2.

     

    Synthetic Lease
Obligation.  The monetary obligation of a Person under a
so-called synthetic, off-balance sheet or tax retention lease, where such
transaction is considered borrowed money Indebtedness for tax purposes but which
is classified as an operating lease pursuant to GAAP.

     

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

     

    Termination
Date.  The earlier of (a) the Maturity Date and (b) the date of
termination in whole of the Commitments pursuant to Section 2.5(a) or
11.1.  

     

    Total
Commitment.  The sum of the Commitments of the Banks, as in
effect from time to time.  As of the Closing Date the Total Commitment
is $950,000,000.

     

    12b-1
Fees.  All or any portion of (a) the compensation or fees paid,
payable, or expected to be payable to the US Guarantor or any of its
Subsidiaries for acting as the distributor of securities as permitted under Rule
12b-l under the 1940 Act, (b) the contingent deferred sales charges or
redemption fees paid, payable, or expected to be paid to US Guarantor or any of
its Subsidiaries, and (c) any right, title, or interest in or to any such
compensation or fees.

    

    
      
        
           

        

        
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    Type.  As
to any Loan, its nature as a Federal Funds Rate Loan, Alternate Base Rate Loan
or LIBOR Loan, as the case may be.

     

    Units.  Units
representing assignments of beneficial ownership of limited partnership
interests in the US Guarantor.

     

    US Guarantor Control Change
Notice.  As defined in Section 6.5.4.

     

    US Guarantor Partnership
Agreement.  The Amended and Restated Agreement of Limited
Partnership of the US Guarantor, dated as of October 29, 1999, by and among the
General Partner and those other Persons who became partners of the US Guarantor
as provided therein, as such agreement has been amended and exists at the date
of this Credit Agreement and may be amended or modified from time to time in
compliance with the provisions of this Credit Agreement.

     

    US Loan
Parties.  The Borrower and the US Guarantor.

     

    Voting Equity
Securities.  Equity Securities of any class or classes (however
designated), the holders of which are at the time entitled, as such holders, to
vote for the election of a majority of the directors (or persons performing
similar functions) of the Entity that issued such Equity
Securities.

     

    1.2           Rules of
Interpretation.

     

    (a)           A
reference to any Contract or other document shall include such Contract or other
document as amended, modified, or supplemented from time to time in accordance
with its terms and the terms of this Credit Agreement.

     

    (b)           The
singular includes the plural and the plural includes the singular.

     

    (c)           A
reference to any Government Mandate includes any amendment or modification to
such Government Mandate or any successor Government Mandate.

     

    (d)           A
reference to any Person includes its permitted successors and permitted
assigns.  Without limiting the generality of the foregoing, a
reference to any Bank shall include any Person that succeeds generally to its
assets and liabilities.

     

    (e)           Accounting
terms not otherwise defined herein have the meanings assigned to them by
GAAP.

     

    (f)           The
words “include”, “includes”, and “including” are not limiting.

     

    (g)           All
terms not specifically defined herein or by GAAP, which terms are defined in the
Uniform Commercial Code as in effect in The State of New York, have the meanings
assigned to them therein.

     

    (h)           Reference
to a particular “§”, Section, Schedule, or Exhibit refers to that Section,
Schedule, or Exhibit of this Credit Agreement unless otherwise
indicated.

    

    
      
        
           

        

        
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    (i)           The
words “herein”, “hereof”, and “hereunder” and words of like import shall refer
to this Credit Agreement as a whole and not to any particular section or
subdivision of this Credit Agreement.

     

    2.           THE REVOLVING CREDIT
FACILITY.

     

    2.1           Commitment to
Lend.

     

    (a)           Subject
to the terms and conditions set forth in Section 10 hereof, each of the Banks
severally shall lend to the Borrower, and the Borrower may borrow, repay, and
reborrow from time to time between the Closing Date and the Maturity Date upon
notice by the Borrower to the Administrative Agent given in accordance with
Section 2.8, such sums as are requested by the Borrower up to a maximum
aggregate principal amount Outstanding (after giving effect to all amounts
requested) at any one time equal to such Bank’s Commitment, provided that (i) the
Outstanding amount of the Loans (after giving effect to all amounts requested)
shall not at any time exceed the Total Commitment and (ii) the Outstanding
amount of the Swing Loans (after giving effect to all amounts requested) shall
not at any time exceed an amount equal to one half of the Total
Commitment.  The Loans shall be made pro rata in
accordance with each Bank’s Commitment Percentage; provided that the
failure of any Bank to lend in accordance with this Credit Agreement shall not
release any other Bank or the Administrative Agent from their obligations
hereunder, nor shall any Bank have any responsibility or liability in respect of
a failure of any other Bank to lend in accordance with this Credit
Agreement.  Each request for a Loan and each borrowing hereunder shall
constitute a representation and warranty by the Borrower that the conditions set
forth in Section 10 have been satisfied on the date of such
request.

     

    (b)           In
the event that, at any time when the conditions precedent for any Loan have been
satisfied, a Bank fails or refuses to fund its portion of such Loan, then, until
such time as such Bank has funded its portion of such Loan, or all of the other
Banks have received (in accordance with Section 13.3.3) payment in full of the
principal and interest due in respect of such Loan, such non-funding Bank shall
not have the right to receive payment of any principal, interest or fees from
the Borrower in respect of its Loans.

     

    2.2           Commitment
Fee.  The Borrower shall pay to the Administrative Agent for
the accounts of the Banks in accordance with their respective Commitment
Percentages a commitment fee on the daily average amount of the unused Total
Commitment as of the most recently completed calendar quarter calculated at
0.045% per annum, on the basis of a 360-day year for the actual number of days
elapsed.  The commitment fee shall be payable quarterly in arrears on
the second Business Day of each calendar quarter for the immediately preceding
calendar quarter commencing on the first such date following the date hereof,
with a final payment on the Maturity Date or any earlier date on which the Total
Commitment shall terminate.  In no case shall any portion of the
commitment fee be refundable.

     

    2.3           Utilization Fee.  For any
calendar quarter in which the average aggregate daily Outstanding balance of the
Loans is greater than 50% of the daily average amount of the Total Commitment
for such quarter, the Borrower shall pay to the Administrative Agent for the
accounts of the Banks in accordance with their respective Commitment Percentages
a utilization fee on the average aggregate Outstanding amount of the Loans
during such calendar quarter calculated at 0.025% per annum, on the basis of a
360-day year for the actual number of days elapsed.  The utilization
fee shall be payable on the earlier of the second Business Day of a calendar
quarter for any immediately preceding calendar quarter in which such fee shall
be due and owing in accordance with this Section 2.3 or the Maturity Date or any
earlier date on which the Total Commitment shall terminate.  In no case shall
any portion of the utilization fee be refundable.

    

    
      
        
           

        

        
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    2.4           Other
Fees.  The Borrower shall pay the fees described in the Fee
Letter as and when the same become due and payable pursuant to the terms of the
Fee Letter.

     

    2.5           Reduction or Increase of
Total Commitment.  (a)  Reduction of Total
Commitment.  The Borrower shall have the right at any time and from
time to time upon three (3) Business Days’ prior written notice to the
Administrative Agent to reduce by at least $10,000,000 or integral multiples of
$1,000,000 in excess thereof, or to terminate entirely, the unborrowed portion
of the Total Commitment, whereupon the Commitments of the Banks shall be reduced
pro rata in accordance with their respective Commitment Percentages of the
amount specified in such notice or, as the case may be,
terminated.  Promptly after receiving any notice of the Borrower
delivered pursuant to this Section 2.5(a), the Administrative Agent will notify
the Banks of the substance thereof.  Upon the effective date of any
such reduction or termination, the Borrower shall pay to the Administrative
Agent for the respective accounts of the Banks the full amount of any commitment
fee then accrued on the amount of the reduction.  No reduction or
termination of the Commitments may be reinstated.

     

    (b)  Increase of Total
Commitment.  At any time
prior to the Termination Date the Borrower may, on the terms set forth below,
request that the Total Commitment hereunder be increased by an aggregate amount
of up to $250,000,000 in minimum increments of $25,000,000; provided, however, that (i) an
increase in the Total Commitment hereunder may only be made at a time when no
Default shall have occurred and be continuing and (ii) in no event shall the
Total Commitment hereunder exceed $1,200,000,000.  In the event of
such a requested increase in the Total Commitment, any Bank or other financial
institution which the Borrower invites to become a Bank or to increase its
Commitment may set the amount of its Commitment at a level agreed to by the
Borrower; provided, that each
such other financial institution shall be reasonably acceptable to the
Administrative Agent, and that the minimum Commitment of each such other
financial institution equals or exceeds $10,000,000.  In the event
that the Borrower and one or more of the Banks (or other financial institutions)
shall agree upon such an increase in the Commitments (i) the Borrower, the
Administrative Agent and each Bank or other financial institution increasing its
Commitment or extending a new Commitment shall enter into a supplement to this
Credit Agreement (each, a “Supplement”)
substantially in the form of Exhibit K setting forth, among other things, the
amount of the increased Commitment of such Bank or the new Commitment of such
other financial institution, as applicable, and (ii) the Borrower shall furnish,
if requested, new or amended and restated Notes, as applicable, to each
financial institution that is extending a new Commitment and each Bank that is
increasing its Commitment.  No such Supplement shall require the
approval or consent of any Bank whose Commitment is not being
increased.  Upon the execution and delivery of such Supplements as
provided above and the occurrence of the “Effective Date” specified therein, and
upon the Administrative Agent administering the reallocation of the outstanding
Loans ratably among the Banks after giving effect to each such increase in the
Commitments (and the payment by the Borrower of any amounts under Section 4.9 if
such Effective Date is not the last day of an Interest Period for any
outstanding Loan), and the delivery of certified evidence of Borrower and
guarantor authorization and a legal opinion in substantially the form of Exhibit
I hereto on behalf of the Borrower, this Credit Agreement shall be deemed to be
amended accordingly.

     

    2.6           The Notes; the
Record.  Upon the
request of the Administrative Agent or any Bank, the Loans shall be evidenced by
separate promissory notes of the Borrower in substantially the form of Exhibit A
hereto (each a “Note”), dated as of the Closing Date and completed with
appropriate insertions.  One Note shall be payable to the order of
each Bank requesting a Note in a principal amount equal to such Bank’s
Commitment or, if less, the Outstanding amount of all Loans made by such Bank,
plus interest accrued thereon, as set forth below.  The Borrower
irrevocably authorizes each Bank to make or cause to be made, at or about the
time of the Drawdown Date of any Loan or at the time of receipt of any payment
of principal on such Bank’s Loans, an appropriate notation on such Bank’s Record
reflecting the making of such Loan or (as the case may be) the receipt of such
payment.  The Outstanding amount of the Loans set forth on such Bank’s
Record shall be prima facie evidence of the principal amount thereof owing and
unpaid to such Bank, but the failure to record, or any error in so recording,
any such amount on such Bank’s Record shall not limit or otherwise affect the
obligations of the Borrower hereunder or under any Note to make payments of
principal of or interest on any Loans when due.  In recognition of the
fact that the Loans may be made without having been evidenced by a written Note,
the Borrower hereby promises to pay to each Bank the principal amount of the
Loans made by such Bank, and accrued and unpaid interest and fees thereon, as
the same become due and payable in accordance with this Credit
Agreement.

     

    
      
        
        

      

      
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    2.7           Interest on
Loans.

     

    2.7.1        Interest
Rates.  Except as otherwise provided in Section 4.10, the Loans
shall bear interest as follows:

     

    (a)           Each
Federal Funds Rate Loan shall bear interest at an annual rate equal to the
Federal Funds Rate as in effect from time to time while such Federal Funds Rate
Loan is Outstanding.

     

    (b)           Each
LIBOR Loan shall bear interest for each Interest Period at an annual rate equal
to the LIBOR Rate for such Interest Period in effect from time to time during
such Interest Period.

     

    (c)           Each
Alternate Base Rate Loan shall bear interest at an annual rate equal to the
Alternate Base Rate as in effect from time to time while such Alternate Base
Rate Loan is Outstanding.

     

    (d)           Each
Swing Loan shall bear interest at an annual rate equal to the Swing Loan Rate as
in effect from time to time while such Swing Loan is Outstanding.

     

    2.7.2        Interest Payment
Dates.  The Borrower shall pay all accrued interest on each
Loan in arrears on each Interest Payment Date with respect thereto.

     

    2.8           Requests for
Loans.

     

    2.8.1         Revolving Credit
Loans.  The Borrower shall give to the Administrative Agent
written notice in the form of Exhibit B hereto (or
telephonic notice confirmed in a writing in the form of Exhibit C hereto) of
each Revolving Credit Loan requested hereunder (a “Loan Request”) no
later than (a) 12:00 noon (New York City time) on the proposed Drawdown Date of
any Federal Funds Rate Loan or Alternate Base Rate Loan and (b) three (3)
Business Days prior to the proposed Drawdown Date of any LIBOR
Loan.  Each such notice shall specify (i) the principal amount of the
Revolving Credit Loan requested, (ii) the proposed Drawdown Date of such
Revolving Credit Loan, (iii) the Type of such Revolving Credit Loan, and (iv)
the Interest Period for such Loan if such Loan is a LIBOR
Loan.  Promptly upon receipt of any such Loan Request, the
Administrative Agent shall notify each of the Banks thereof.  Each
Loan Request shall be irrevocable and binding on the Borrower and shall obligate
the Borrower to accept the Revolving Credit Loan requested from the Banks on the
proposed Drawdown Date.  Each Loan Request shall be in a minimum
aggregate amount of $10,000,000 or in an integral multiple of $1,000,000 in
excess thereof.

    

    
      
        
           

        

        
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    2.8.2         Swing
Loans.  The Borrower shall give to each Bank and the
Administrative Agent written notice in the form of Exhibit F hereto (or
telephonic notice confirmed in a writing in the form of Exhibit G hereto) of
each Swing Loan requested hereunder (a “Swing Loan Request”)
no later than 5:00 p.m. (New York City time) on the proposed Drawdown Date of
any Swing Loan.  Each such notice shall specify (i) the principal
amount of the Swing Loan requested, (ii) the proposed Drawdown Date of such
Swing Loan, and (iii) the Interest Period for such Swing Loan.  Each
Swing Loan Request shall be irrevocable and binding on the Borrower and shall
obligate the Borrower to accept the Swing Loan requested from the Banks on the
proposed Drawdown Date.  Each Swing Loan Request shall be in a minimum
aggregate amount of $10,000,000 or in an integral multiple of $1,000,000 in
excess thereof

     

    2.9           Conversion
Options.

     

    2.9.1        Conversion to LIBOR
Loan.  The Borrower may elect from time to time, subject to
Section 2.11, to convert any Outstanding Federal Funds Rate Loan or Alternate
Base Rate Loan to a LIBOR Loan, provided that (a) the
Borrower shall give the Administrative Agent at least three (3) Business Days’
prior written notice of such election; and (b) no Federal Funds Rate Loan or
Alternate Base Rate Loan may be converted into a LIBOR Loan when any Default or
Event of Default has occurred and is continuing.  Each notice of
election of such conversion, and each acceptance by the Borrower of such
conversion, shall be deemed to be a representation and warranty by the Borrower
that no Default or Event of Default has occurred and is
continuing.  The Administrative Agent shall notify the Banks promptly
of any such notice.  On the date on which such conversion is being
made, each Bank shall take such action as is necessary to transfer its
Commitment Percentage of such Loans to its LIBOR Lending Office.  All
or any part of Outstanding Federal Funds Rate Loans or Alternate Base Rate Loans
may be converted into a LIBOR Loan as provided herein, provided that any partial
conversion shall be in an aggregate principal amount of $10,000,000 or an
integral multiple of $1,000,000 in excess thereof.

     

    2.9.2        Continuation of Type of
Revolving Credit Loan.

     

    (a)           All
Federal Funds Rate Loans or Alternate Base Rate Loans shall continue as Federal
Funds Rate Loans or Alternate Base Rate Loans, as the case may be, until
converted into LIBOR Loans as provided in Section 2.9.1.

     

    (b)           Any
LIBOR Loan may, subject to Section 2.11, be continued, in whole or in part, as a
LIBOR Loan upon the expiration of the Interest Period with respect thereto,
provided that
(i) the Borrower shall give the Administrative Agent at least three (3) Business
Days’ prior written notice of such election; (ii) no LIBOR Loan may be continued
as such when any Default or Event of Default has occurred and is continuing, but
shall be automatically converted to a Federal Funds Rate Loan on the last day of
the first Interest Period relating thereto ending during the continuance of any
Default or Event of Default; and (iii) any partial continuation of a LIBOR Loan
shall be in an aggregate principal amount of $10,000,000 or an integral multiple
of $1,000,000 in excess thereof.  Each notice of election of such
continuance of a LIBOR Loan, and each acceptance by the Borrower of such
continuance, shall be deemed to be a representation and warranty by the Borrower
that no Default or Event of Default has occurred and is continuing.

     

    (c)           If
the Borrower shall fail to give any notice of continuation of a LIBOR Loan as
provided under this Section 2.9.2, the Borrower shall be deemed to have
requested a conversion of the affected LIBOR Loan to a Federal Funds Rate Loan
on the last day of the then current Interest Period with respect
thereto.

    

    
      
        
           

        

        
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    (d)           The
Administrative Agent shall notify the Banks promptly when any such continuation
or conversion contemplated by this Section 2.9.2 is scheduled to
occur.  On the date on which any such continuation or conversion is to
occur, each Bank shall take such action as is necessary to transfer its
Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR
Lending Office as appropriate.

     

    2.9.3         LIBOR
Loans.  Any conversion to or from LIBOR Loans shall be in such
amounts and be made pursuant to such elections so that, after giving effect
thereto, the aggregate principal amount of all LIBOR Loans having the same
Interest Period shall not be less than $10,000,000 or an integral multiple of
$1,000,000 in excess thereof.

     

    2.9.4        Conversion
Requests.  All notices of the conversion or continuation of a
Loan provided for in this Section 2.9 shall be in writing in the form of Exhibit D hereto (or
shall be given by telephone and confirmed by a writing in the form of Exhibit E
hereto).  Each such notice shall specify (a) the principal amount and
Type of the Loan subject thereto, (b) the date on which the current Interest
Period of such Loan ends if such Loan is a LIBOR Loan, and (c) the new Interest
Period for such Loan if such Loan is a LIBOR Loan.  Promptly upon
receipt of any such notice, the Administrative Agent shall notify each of the
Banks thereof.  Each such notice shall be irrevocable and binding on
the Borrower.

     

    2.10           Funds for Loans.

     

    2.10.1       Funding
Procedures.  Not later than 1:00 p.m. (New York City time) on
the proposed Drawdown Date of any Revolving Credit Loan, and not later than 5:30
p.m. (New York City time) on the proposed Drawdown Date of any Swing Loan, each
of the Banks will make available to the Administrative Agent, at the
Administrative Agent’s Office, in immediately available funds, the amount of
such Bank’s Commitment Percentage of the amount of the requested
Loan.  Upon receipt from each Bank of such amount, and upon receipt of
the documents required by Section 10 and the satisfaction of the other
conditions set forth therein, to the extent applicable, the Administrative Agent
will make available to the Borrower the aggregate amount of such Loan made
available to the Administrative Agent by the Banks.  The failure or
refusal of any Bank to make available to the Administrative Agent at the
aforesaid time and place on any Drawdown Date the amount of its Commitment
Percentage of the requested Loan shall not relieve any other Bank from its
several obligation hereunder to make available to the Administrative Agent the
amount of such other Bank’s Commitment Percentage of any requested Loan, but no
other Bank shall be liable in respect of the failure of such Bank to make
available such amount.

     

    2.10.2     
Funding by Banks;
Presumption by Administrative Agent.  Unless the Administrative
Agent shall have received notice from a Bank prior to a Drawdown Date that such
Bank will not make available to the Administrative Agent such Bank’s share of
such Loan, the Administrative Agent may assume that such Bank has made such
share available on such Drawdown Date and may, in reliance upon such assumption,
make available to the Borrower a corresponding amount.  In such event,
if a Bank has not in fact made its share of the applicable Loan available to the
Administrative Agent, then the applicable Bank and the Borrower severally agree
to pay to the Administrative Agent forthwith on demand such corresponding amount
in immediately available funds with interest thereon, for each day from and
including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (A) in the case of
a payment to be made by such Bank, the greater of the Federal Funds Rate and a
rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation and (B) in the case of a payment to be made by
the Borrower, the interest rate equal to the rate payable on the Loans incurred
by the Borrower (provided, if such
Loans are LIBOR Loans, the Borrower shall pay interest equal to the rate payable
on Federal Funds Rate Loans).  If the Borrower and such Bank shall pay
such interest to the Administrative Agent for the same or an overlapping period,
the Administrative Agent shall promptly remit to the Borrower the amount of such
interest paid by the Borrower for such period.  If such Bank pays its
share of the applicable Loan to the Administrative Agent, then the amount so
paid shall constitute such Bank’s Loan included in such Loan Request or Swing
Loan Request, as applicable.  Any payment by the Borrower shall be
without prejudice to any claim the Borrower may have against a Bank that shall
have failed to make such payment to the Administrative Agent.  A
notice of the Administrative Agent to any Bank or the Borrower with respect to
any amount owing under this subsection 2.10.2 shall be conclusive, absent
manifest error.

    

    
      
        
           

        

        
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    2.11         Limit on Number of LIBOR
Loans.  At no time shall there be Outstanding LIBOR Loans
having more than fifteen (15) different Interest Periods. 

     

    3.           
 REPAYMENT OF
LOANS.

     

    3.1           Maturity.  The
Borrower shall pay on the Maturity Date, and there shall become absolutely due
and payable on the Maturity Date, all of the Loans Outstanding on such date,
together with any and all accrued and unpaid interest thereon.  In
respect of any Swing Loan, the Borrower shall pay on the last day of the
Interest Period applicable to such Swing Loan, and there shall become absolutely
due and payable on such last day, all Swing Loans Outstanding on such date as to
which such Interest Period applies, together with any and all accrued and unpaid
interest thereon.  The Total Commitment shall terminate on the
Maturity Date.

     

    3.2           Mandatory Repayments of
Loans.

     

    3.2.1        Loans in Excess of
Commitment.  If at any time the sum of the Outstanding amount
of the Loans exceeds the Total Commitment, then the Borrower shall immediately
pay the amount of such excess to the Administrative Agent for application first, to the Swing
Loans; and second, to the
Revolving Credit Loans.  Each prepayment of Loans shall be allocated
among the Banks, in proportion, as nearly as practicable, to the respective
unpaid principal amount of each Bank’s Loans, with adjustments to the extent
practicable to equalize any prior payments or repayments not exactly in
proportion.

     

    3.2.2        Change of
Control.  Upon the occurrence of a Change of Control or
impending Change of Control:

     

    (a)           the
US Guarantor shall notify the Administrative Agent and each Bank of such Change
of Control or impending Change of Control as provided in Section
6.5.4;

     

    (b)           the
Commitments (but not the right of the Borrower to convert and continue Types of
Revolving Credit Loans under Section 2.9) shall be suspended for the period from
the date of such notice (or any Change of Control Notice given by the
Administrative Agent or a Bank as provided in Section 6.5.4) through the later
to occur of (i) the Change of Control Date or (ii) the date forty (40) days
after the date of such notice from US Guarantor (the “Suspension Period”)
and neither the Banks nor the Administrative Agent shall have any obligations to
make Loans to the Borrower;

     

    (c)           each
Bank shall have the right within fifteen (15) days after the date of such Bank’s
receipt of a Change of Control Notice under clause (a) above to demand payment
in full of its pro rata share of the Outstanding principal of all Loans, all
accrued and unpaid interest thereon, and any other amounts owing under the Loan
Documents;

    

    
      
        
           

        

        
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    (d)           in
the event that any Bank shall have made a demand under clause (c) above, the
Borrower shall promptly, but in no event later than five (5) Business Days after
such demand, deliver notice to each Bank (which notice shall identify the Bank
making such demand) and, notwithstanding the provisions of clause (c) above, the
right of each Bank to demand repayment shall remain in effect through the
fifteenth (15th) day next succeeding receipt by such Bank of any notice required
to be given pursuant to this clause (d), provided that the provisions of this
clause (d) shall only apply with respect to demands given by Banks prior to the
expiration of the period specified in clause (c); and

     

    (e)          
 in the event any Bank makes a demand under clause (c) or clause (d) above,
the Borrower shall on the last day of the Suspension Period pay to the
Administrative Agent for the credit of such Bank its pro rata share of the
Outstanding principal of all Loans, all accrued and unpaid interest thereon, and
any other amounts owing under the Loan Documents, (provided that (i) any Bank
may require the Borrower to postpone prepayment of a LIBOR Loan until the last
day of the Interest Period with respect to such LIBOR Loan, and (ii) if any Bank
elects to require prepayment of a LIBOR Loan that has an Interest Period ending
less than sixty (60) days after the date of such demand on a date that is not
the last day of the Interest Period for such LIBOR Loan, such Bank shall not be
entitled to receive any amounts payable under Section 4.9 in respect of the
prepayment of such LIBOR Loan).

     

    Upon any
demand for payment by any Bank under this Section 3.2.2, the Commitment
hereunder provided by such Bank shall terminate, and such Bank shall be relieved
of all further obligations to make Loans to the Borrower.  At the end
of the Suspension Period referred to above, the Commitments shall be restored
from all Banks that have not made a demand for payment under this Section 3.2.2,
and this Credit Agreement and the other Loan Documents shall remain in full
force and effect among the Borrower, such Banks and the Administrative Agent,
with such changes as may be necessary to reflect the termination of the credit
provided by the Banks that made a demand for payment under this Section
3.2.2.

     

    3.2.3        AXA
Default.  Upon the occurrence of an “Event of Default” as
defined in the AXA Guaranty (an “AXA Guaranty Event of Default”) and so long as
the Administrative Agent has not given written notice to the Borrower to
terminate the Commitments in accordance with Section 11.1:

     

    (a)           the
US Guarantor shall notify the Administrative Agent and each Bank of such AXA
Guaranty Event of Default as provided in Section 6.5.5;

     

    (b)           the
Commitments (but not the right of the Borrower to convert and continue Types of
Revolving Credit Loans under Section 2.9) shall be suspended for the period from
the date of such notice (or any AXA Default Notice given by the Administrative
Agent or a Bank as provided in Section 6.5.5) through the date thirty (30) days
after the date of such notice (the “AXA Suspension
Period”) and neither the Banks nor the Administrative Agent shall have
any obligations to make Loans to the Borrower;

     

    (c)           each
Bank shall have the right within fifteen (15) days after the date of such Bank’s
receipt of an AXA Default Notice under clause (a) above to demand payment in
full of its pro rata share of the Outstanding principal of all Loans, all
accrued and unpaid interest thereon, and any other amounts owing under the Loan
Documents;

    

    
      
        
           

        

        
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    (d)           in
the event that any Bank shall have made a demand under clause (c) above, the
Borrower shall promptly, but in no event later than five (5) Business Days after
such demand, deliver notice to each Bank (which notice shall identify the Bank
making such demand) and, notwithstanding the provisions of clause (c) above, the
right of each Bank to demand repayment shall remain in effect through the
fifteenth (15th) day next succeeding receipt by such Bank of any notice required
to be given pursuant to this clause (d); and

     

    (e)           in
the event any Bank makes a demand under clause (c) or clause (d) above, the
Borrower shall on the last day of the AXA Suspension Period pay to the
Administrative Agent for the credit of such Bank its pro rata share of the
Outstanding principal of all Loans, all accrued and unpaid interest thereon, and
any other amounts owing under the Loan Documents.

     

    Upon any
demand for payment by any Bank under this Section 3.2.3, the Commitment
hereunder provided by such Bank shall terminate, and such Bank shall be relieved
of all further obligations to make Loans to the Borrower.  At the end
of the AXA Suspension Period referred to above, the Commitments shall be
restored from all Banks that have not made a demand for payment under this
Section 3.2.3, and this Credit Agreement and the other Loan Documents shall
remain in full force and effect among the Borrower, such Banks and the
Administrative Agent, with such changes as may be necessary to reflect the
termination of the credit provided by the Banks that made a demand for payment
under this Section 3.2.3.

     

    3.3           Optional Repayments of
Loans.  The
Borrower shall have the right, at its election, to repay the Outstanding amount
of the Loans, as a whole or in part, at any time without penalty or premium,
provided that any full or partial repayment of the Outstanding amount of any
LIBOR Loans pursuant to this Section 3.3 made on a date other than the last day
of the Interest Period relating thereto shall be subject to customary breakage
charges as provided in Section 4.9.  The Borrower shall give the
Administrative Agent, no later than 10:00 a.m., New York City time, on the day
of any proposed repayment pursuant to this Section 3.3 of Federal Funds Rate
Loans, Alternate Base Rate Loans or Swing Loans, and two (2) Business Days’
notice of any proposed repayment pursuant to this Section 3.3 of LIBOR Loans, in
each case, specifying the proposed date of payment of Loans and the principal
amount to be paid.  Each such partial repayment of the Loans shall be
in an amount of $10,000,000 or an integral multiple of $1,000,000 in excess
thereof, shall be accompanied by the payment of accrued interest on the
principal repaid to the date of payment, and shall be applied, in the absence of
instruction by the Borrower, first to the principal of Swing Loans, second to
the principal of Alternate Base Rate Loans, third to the principal of Federal
Funds Rate Loans and fourth to the principal of LIBOR Loans (in inverse order of
the last days of their respective Interest Periods).  Each partial
repayment shall be allocated among the Banks, in proportion, as nearly as
practicable, to the respective unpaid principal amount of each Bank’s Loans,
with adjustments to the extent practicable to equalize any prior repayments not
exactly in proportion.  Any amounts repaid under this Section 3.3 may
be reborrowed prior to the Maturity Date as provided in Section 2.8, subject to
the conditions of Section 10.

     

    4.         
   CERTAIN GENERAL
PROVISIONS.

     

    4.1           Application of
Payments.  Except as otherwise provided in this Credit
Agreement, all payments in respect of any Loan shall be applied first to accrued
and unpaid interest on such Loan and second to the Outstanding principal of such
Loan.

     

    4.2           Funds for
Payments.

    

    
      
        
           

        

        
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    4.2.1         Payments to Administrative
Agent.  All payments of principal, interest, commitment fees,
and any other amounts due hereunder or under any of the other Loan Documents
shall be made to the Administrative Agent, for the respective accounts of the
Banks and the Administrative Agent, at the Administrative Agent’s Office, or at
such other location that the Administrative Agent may from time to time
designate, in each case in immediately available funds or directly from the
proceeds of Loans.

    

    4.2.2         No
Offset.  All payments by the Borrower hereunder and under any
of the other Loan Documents shall be made without setoff or
counterclaim.

     

    4.2.3         Fees
Non-Refundable.  Except as expressly set forth herein, all fees
payable hereunder are non-refundable, provided that (a) if
any of the Banks is finally adjudicated or is found in final arbitration
proceedings to have been grossly negligent or to have committed willful
misconduct with respect to the transactions contemplated hereby in any material
respect, then no commitment fee shall be payable to such Bank after the date of
such final adjudication or arbitration (and such Bank shall refund any
commitment fee paid to it and attributable to the period from and after the date
on which such grossly negligent conduct or willful misconduct occurred), and (b)
if the Administrative Agent is finally adjudicated or is found in final
arbitration proceedings to have been grossly negligent or to have committed
willful misconduct with respect to the transactions contemplated hereby, then no
administrative agent’s fee will be due and payable after the date of such final
adjudication or arbitration.  If the Administrative Agent is finally
found to have been grossly negligent or to have committed willful misconduct,
the amount of any administrative agent’s fee paid or prepaid by the Borrower and
attributable to the period from and after the date on which such grossly
negligent conduct or willful misconduct occurred shall be refunded.

     

    4.3           Computations.  All
computations of interest with respect to Alternate Base Rate Loans shall be
based on a year of 365/366 days, and all computations of interest with respect
to Federal Funds Rate Loans, Swing Loans and LIBOR Loans shall be based on a
year of 360 days, and in each case paid for the actual number of days
elapsed.  Except as otherwise provided in the definition of the term
“Interest Period” with respect to LIBOR Loans, whenever a payment hereunder or
under any of the other Loan Documents becomes due on a day that is not a
Business Day, the due date for such payment shall be extended to the next
succeeding Business Day, and interest shall accrue during such
extension.

     

    4.4           Inability to Determine LIBOR
Rate Basis.  In the event, prior to the commencement of any
Interest Period relating to any LIBOR Loan, the Administrative Agent shall
determine that adequate and reasonable methods do not exist for ascertaining the
LIBOR Rate Basis that would otherwise determine the rate of interest to be
applicable to any LIBOR Loan during any Interest Period, the Administrative
Agent shall forthwith give notice of such determination (which shall be
conclusive and binding on the Borrower and the Banks) to the Borrower and the
Banks.  In such event (a) any Loan Request or Conversion Request with
respect to LIBOR Loans shall be automatically withdrawn and shall be deemed a
request for Federal Funds Rate Loans, (b) each LIBOR Loan will automatically, on
the last day of the then current Interest Period relating thereto, become a
Federal Funds Rate Loan, and (c) the obligations of the Banks to make LIBOR
Loans shall be suspended until the Administrative Agent determines that the
circumstances giving rise to such suspension no longer exist, whereupon the
Administrative Agent shall so notify the Borrower and the Banks.

     

    4.5           Illegality.  Notwithstanding
any other provisions herein, if any present or future Government Mandate shall
make it unlawful for any Bank to make or maintain LIBOR Loans, such Bank shall
forthwith give notice of such circumstances to the Borrower and the other Banks
and thereupon (a) the commitment of such Bank to make LIBOR Loans or convert
Federal Funds Rate Loans or Alternate Base Rate Loans to LIBOR Loans shall
forthwith be suspended, and (b) such Bank’s Loans then Outstanding as LIBOR
Loans, if any, shall be converted automatically to Federal Funds Rate Loans on
the last day of each then existing Interest Period applicable to such LIBOR
Loans or within such earlier period after the occurrence of such circumstances
as may be required by Government Mandate.  The Borrower shall promptly
pay the Administrative Agent for the account of such Bank, upon demand by such
Bank, any additional amounts necessary to compensate such Bank for any costs
incurred by such Bank in making any conversion in accordance with this Section
4.5 other than on the last day of an Interest Period, including any interest or
fees payable by such Bank to lenders of funds obtained by it in order to make or
maintain its LIBOR Loans hereunder.

    

    
      
        
           

        

        
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    4.6           Additional Costs,
Etc.  If any future applicable, or any change in the
application or interpretation of any present applicable, Government Mandate
(whether or not having the force of law), shall:

     

    (a)           subject
any Bank or the Administrative Agent to any tax, levy, impost, duty, charge,
fee, deduction, or withholding of any nature with respect to this Credit
Agreement, the other Loan Documents, such Bank’s Commitment, or the Loans (other
than Indemnified Taxes and Other Taxes covered by Section 4.11 and Excluded
Taxes), or

     

    (b)           materially
change the basis of taxation (except for Excluded Taxes) of payments to any Bank
of the principal of or the interest on any Loans or any other amounts payable to
any Bank or the Administrative Agent under this Credit Agreement or the other
Loan Documents, or

     

    (c)           impose,
increase, or render applicable (other than to the extent specifically provided
for elsewhere in this Credit Agreement) any special deposit, reserve,
assessment, liquidity, capital adequacy, or other similar requirements (whether
or not having the force of law) against assets held by, or deposits in or for
the account of, or loans by, or commitments of an office of any Bank,
or

     

    (d)           impose
on any Bank or the Administrative Agent any other conditions or requirements
with respect to this Credit Agreement, the other Loan Documents, the Loans, such
Bank’s Commitment, or any class of loans or commitments of which any of the
Loans or such Bank’s Commitment forms a part, and the result of any of the
foregoing is:

     

    (i)           to
increase by an amount deemed by such Bank to be material with respect to the
cost to any Bank of making, funding, issuing, renewing, extending, or
maintaining any of the Loans or such Bank’s Commitment, or

     

    (ii)         to
reduce, by an amount deemed by such Bank or the Administrative Agent, as the
case may be, to be material, the amount of principal, interest, or other amount
payable to such Bank or the Administrative Agent hereunder on account of such
Bank’s Commitment, or any of the Loans, or

     

    (iii)        to
require such Bank or the Administrative Agent to make any payment that, but for
such conditions or requirements described in clauses (a) through (d), would not
be payable hereunder, or forego any interest or other sum that, but for such
conditions or requirements described in clauses (a) through (d), would be
payable to such Bank or the Administrative Agent hereunder, in any case the
amount of which payment or foregone interest or other sum is deemed by such Bank
or the Administrative Agent, as the case may be, to be material and is
calculated by reference to the gross amount of any sum receivable or deemed
received by such Bank or (as the case may be) the Administrative Agent from the
Borrower hereunder, then, and in each such case, the Borrower will, upon demand
made by such Bank or (as the case may be) the Administrative Agent at any time
and from time to time (such demand to be made in any case not later than the
first to occur of (I) the date one year after such event described in clause
(i), (ii), or (iii) giving rise to such demand, and (II) the date ninety (90)
days after both the payment in full of all Outstanding Loans, and the
termination of the Commitments) and as often as the occasion therefor may arise,
pay to such Bank or the Administrative Agent such additional amounts as will be
sufficient to compensate such Bank or the Administrative Agent for such
additional cost, reduction, payment, foregone interest or other
sum.  Subject to the terms specified above in this Section 4.6, the
obligations of the Borrower under this Section 4.6 shall survive repayment of
the Loans and termination of the Commitments.

    

    
      
        
           

        

        
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    4.7           Capital Adequacy.  If after
the date hereof any Bank or the Administrative Agent determines that (a) the
adoption of or change in any Government Mandate (whether or not having the force
of law) regarding capital requirements for banks or bank holding companies or
any change in the interpretation or application thereof by any Government
Authority with appropriate jurisdiction, or (b) compliance by such Bank or the
Administrative Agent, or any corporation controlling such Bank or the
Administrative Agent, with any Government Mandate (whether or not having the
force of law) has the effect of reducing the return on such Bank’s or the
Administrative Agent’s commitment with respect to any Loans to a level below
that which such Bank or (as the case may be) the Administrative Agent could have
achieved but for such adoption, change, or compliance (taking into consideration
such Bank’s or the Administrative Agent’s then existing policies with respect to
capital adequacy and assuming full utilization of such Entity’s capital) by any
amount reasonably deemed by such Bank or (as the case may be) the Administrative
Agent to be material, then such Bank or the Administrative Agent may notify the
Borrower of such fact.  To the extent that the amount of such
reduction in the return on capital is not reflected in the Federal Funds Rate,
the Borrower shall pay such Bank or (as the case may be) the Administrative
Agent for the amount of such reduction in the return on capital as and when such
reduction is determined upon presentation by such Bank or (as the case may be)
the Administrative Agent of a certificate in accordance with Section 4.8 hereof
(but in any case not later than the first to occur of (I) the date one year
after such adoption, change, or compliance causing such reduction, and (II) as
to adoptions of or changes in Government Mandates occurring prior to the
repayment of the Loans and the termination of the Commitments the date ninety
(90) days after both the payment in full of all Outstanding Loans and
termination of the Commitments).  Each Bank shall allocate such cost
increases among its customers in good faith and on an equitable
basis.  Subject to the terms specified above in this Section 4.7, the
obligations of the Borrower under this Section 4.7 shall survive repayment of
the Loans and termination of the Commitments.

     

    4.8           Certificate.  A
certificate setting forth any additional amounts payable pursuant to Section 4.6
or Section 4.7 and a brief explanation of such amounts which are due and in
reasonable detail the basis of the calculation and allocation thereof, submitted
by any Bank or the Administrative Agent to the Borrower, shall be conclusive
evidence, absent manifest error, that such amounts are due and
owing.

     

    4.9           Indemnity.  The
Borrower shall indemnify and hold harmless each Bank from and against any loss,
cost, or expense (excluding loss of anticipated profits) that such Bank may
sustain or incur as a consequence of (a) default by the Borrower in payment of
the principal amount of or any interest on any LIBOR Loans as and when due and
payable, including any such loss or expense arising from interest or fees
payable by such Bank to lenders of funds obtained by it in order to maintain its
LIBOR Loans, (b) default by the Borrower in making a borrowing or conversion
after the Borrower has given (or is deemed to have given) a Loan Request or a
Conversion Request; or (c) except as otherwise expressly provided in Section
3.2.2, the making of any payment of a LIBOR Loan, the making of any conversion
of any such Loan to a Federal Funds Rate Loan or an Alternate Base Rate Loan or
the receipt by any Bank of funds in respect of any such Loan in accordance with
Section 2.5(b) on a day that is not the last day of the applicable Interest
Period with respect thereto, including interest or fees payable by such Bank to
lenders of funds obtained by it in order to maintain any such
Loans.  The obligations of the Borrower under this Section 4.9 shall
survive repayment of the Loans and termination of the Commitments.

    

    
      
        
           

        

        
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    4.10           Interest After
Default.  All amounts outstanding under the Loan Documents that
are not paid when due, including all overdue principal and (to the extent
permitted by applicable Government Mandate) interest and all other overdue
amounts (after giving effect to any applicable grace period), shall to the
extent permitted by applicable Government Mandate bear interest until such
amount shall be paid in full (after as well as before judgment) at a rate per
annum equal to two percent (2%) above the interest rate otherwise applicable to
such amounts in the case of principal and two percent (2%) above the Alternate
Base Rate in the case of other amounts payable hereunder.  Any
interest accruing under this section on overdue principal or interest shall be
due and payable upon demand.

     

    4.11           Taxes.

     

    (a)           Payments Free of
Taxes.  Any and all payments by or on account of any obligation
of each US Loan Party hereunder or under any other Loan Document shall be made
free and clear of and without reduction or withholding for any Indemnified Taxes
or Other Taxes, provided that if any
US Loan Party shall be required by applicable law to deduct any Indemnified
Taxes (including any Other Taxes) from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section
4.11) the Administrative Agent or any Bank, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made,
(ii) such US Loan Party shall make such deductions and (iii) such US Loan Party
shall timely pay the full amount deducted to the relevant Government Authority
in accordance with applicable law.

     

    (b)           Payment of Other Taxes by
the Borrower.  Without limiting the provisions of subsection
(a) above, each US Loan Party shall timely pay any Other Taxes to the relevant
Government Authority in accordance with applicable law.

     

    (c)           Indemnification by the
Borrower.  Each US Loan Party shall indemnify the
Administrative Agent and each Bank, within 10 days after demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this Section) paid by the Administrative Agent or such Bank, as the case
may be, and any penalties, interest and reasonable expenses arising therefrom or
with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Government
Authority.  A certificate as to the amount of such payment or
liability delivered to a US Loan Party by a Bank (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Bank, shall be conclusive absent manifest error.

     

    (d)           Evidence of
Payments.  As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by any US Loan Party to a Government Authority,
such US Loan Party shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Government Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent.

    

    
      
        
           

        

        
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    (e)           Status of
Banks.  Any Foreign Bank that is entitled to an exemption from
or reduction of withholding tax under the law of the jurisdiction in which the
Borrower is resident for tax purposes, or any treaty to which such jurisdiction
is a party, with respect to payments hereunder or under any other Loan Document
shall deliver to the Borrower (with a copy to the Administrative Agent), at the
time or times prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be
made without withholding or at a reduced rate of withholding.  In
addition, any Bank, if requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or
reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Bank
is subject to backup withholding or information reporting
requirements.

     

    Without
limiting the generality of the foregoing, if the Borrower is resident for tax
purposes in the United States, any Foreign Bank shall deliver to the Borrower
and the Administrative Agent (in such number of copies as shall be requested by
the recipient) on or prior to the date on which such Foreign Bank becomes a Bank
under this Credit Agreement (and from time to time thereafter upon the request
of the Borrower or the Administrative Agent, but only if such Foreign Bank is
legally entitled to do so), whichever of the following is
applicable:

     

    (i)           duly
completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
for benefits of an income tax treaty to which the United States is a
party,

     

    (ii)           duly
completed copies of Internal Revenue Service Form W-8ECI,

     

    (iii)           in
the case of a Foreign Bank claiming the benefits of the exemption for portfolio
interest under section 881(c) of the Code, (A) a certificate to the effect that
such Foreign Bank is not (1) a “bank” within the meaning of section 881(c)(3)(A)
of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning
of section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation”
described in section 881(c)(3)(C) of the Code and (B) duly completed copies of
Internal Revenue Service Form W-8BEN, or

     

    (iv)          any
other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States Federal withholding tax duly completed together
with such supplementary documentation as may be prescribed by applicable law to
permit the Borrower to determine the withholding or deduction required to be
made.

     

    (f)           Treatment of Certain
Refunds.  If the Administrative Agent or any Bank, in its sole
discretion, that it has received a refund or credit of any Taxes or Other Taxes
as to which it has been indemnified by the Borrower or with respect to which the
Borrower has paid additional amounts pursuant to this Section 4.11, it shall pay
to the Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this
Section with respect to the Taxes or Other Taxes giving rise to such refund or
credit), net of all reasonable out-of-pocket expenses of the Administrative
Agent or such Bank, as the case may be, and without interest (other than any
interest paid by the relevant Government Authority with respect to such refund),
provided that
the Borrower upon the request of the Administrative Agent or such Bank, agrees
to repay the amount paid over to the Borrower (plus any penalties,
interest or other charges imposed by the relevant Government Authority) to the
Administrative Agent or such Bank if the Administrative Agent or such Bank is
required to repay such refund to such Government Authority.  This
subsection shall not be construed to require the Administrative Agent or any
Bank to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to the Borrower or any other
Person.

     

    
      
        
        

      

      
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    4.12           Mitigation and
Replacement.

     

    (a)           Mitigation.  At
the request of the Borrower, any Bank claiming any additional amounts payable
pursuant to Section 4.6, 4.7 or 4.11 or invoking the provisions of Section 4.5
shall use reasonable efforts to change the jurisdiction of its Applicable
Lending Office if the making of such a change would avoid the need for, or
reduce the amount of, any such additional amounts which may thereafter accrue
and such change would not, in the reasonable judgment of such Bank, be otherwise
disadvantageous to such Bank.

     

    (b)           Replacement.  In
the event that a Bank demands payment from the Borrower for amounts owing
pursuant to Sections 4.6, 4.7 or 4.11 or invokes the provisions of Section 4.5,
the Borrower may, upon payment of such amounts and subject to the requirements
of Section 18, substitute for such Bank another financial institution, which
financial institution shall be an Eligible Assignee and shall assume the
Commitments of such Bank and purchase the Outstanding Loans held by such Bank in
accordance with Section 18, provided, however, that (i) the
Borrower shall have satisfied all of its obligations in connection with the Loan
Documents with respect to such Bank and (ii) if such assignee is not a Bank (A)
such assignee is reasonably acceptable to the Administrative Agent and (B) the
Borrower shall have paid the Administrative Agent a $3,500 administrative
fee.

     

    5.           REPRESENTATIONS AND
WARRANTIES.

     

    Each US
Loan Party represents and warrants to the Banks and the Administrative Agent as
follows:

     

    5.1           Corporate
Authority.

     

    5.1.1           Incorporation; Good
Standing.  Each of the US Guarantor, its Subsidiaries,
including the Borrower, and the General Partner (a) is a corporation, limited
partnership, general partnership, trust or limited liability company, as the
case may be, duly organized, validly existing, and, if applicable, in good
standing, under the laws of its jurisdiction of organization, (b) has all
requisite corporate, partnership or equivalent power to own its material
properties and conduct its material business as now conducted and as presently
contemplated, and (c) is, if applicable, in good standing as a foreign
corporation, limited partnership, general partnership, trust or limited
liability company, as the case may be, and is duly authorized to do business in
each jurisdiction where it owns or leases properties or conducts any business so
as to require such qualification except where a failure to be so qualified would
not be likely to have a Material Adverse Effect.

     

    5.1.2           Authorization.  The
execution, delivery, and performance of this Credit Agreement and the other Loan
Documents to which the US Guarantor, the Borrower, any other Subsidiaries of the
US Guarantor, or the General Partner is or is to become a party and the
transactions contemplated hereby and thereby (a) are within the corporate,
partnership, limited liability company or other equivalent power of each such
Entity, (b) have been duly authorized by all necessary corporate, partnership,
limited liability company or other applicable proceedings on behalf of each such
Entity, (c) do not conflict with or result in any breach or contravention of any
Government Mandate to which any such Entity is subject, (d) do not conflict with
or violate any provision of the corporate charter or bylaws, the limited
partnership certificate or agreement, or its governing documents in the case of
any general partnership, limited liability company or trust, as the case may be,
of any such Entity, and (e) do not violate, conflict with, constitute a default
or event of default under, or result in any rights to accelerate or modify any
obligations under any Contract to which any such Entity is party or subject, or
to which any of its respective assets are subject, except, as to the foregoing
clauses (c) and (e) only, where the same would not be likely to have a Material
Adverse Effect.

    

    
      
        
           

        

        
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    5.1.3           Enforceability.  The
execution and delivery of this Credit Agreement and the other Loan Documents to
which the US Guarantor, the Borrower, any other Subsidiaries of the US Guarantor
or the General Partner is or is to become a party will result in valid and
legally binding obligations of such Person enforceable against it in accordance
with the respective terms and provisions hereof and thereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium,
or other laws relating to or affecting generally the enforcement of creditors’
rights and by general principles of equity, regardless of whether enforcement is
sought in a Proceeding in equity or at law.

     

    5.1.4           Equity
Securities.  The General Partner is the only general partner of
the US Guarantor.  All of the outstanding Equity Securities of the US
Guarantor are validly issued, fully paid, and non-assessable.  The US
Guarantor is the only member of the Borrower.  All of the outstanding
Equity Securities of the Borrower are validly issued, fully paid, and
non-assessable.

     

    5.2           Governmental
Approvals.  The execution, delivery, and performance by the US
Guarantor, its Subsidiaries, including the Borrower, and the General Partner of
this Credit Agreement and the other Loan Documents to which the US Guarantor,
the Borrower, any other Subsidiaries of the US Guarantor or the General Partner
is or is to become a party and the transactions contemplated hereby and thereby
do not require the approval or consent of, or filing with, any Government
Authority other than those already obtained and set forth on Schedule
5.2.

     

    5.3           Liens;
Leases.  The assets reflected in the consolidated balance sheet
of the US Guarantor dated as of December 31, 2006, and delivered to the
Administrative Agent and the Banks under Section 5.4 are subject to no Liens
except Permitted Liens.  Each of the US Guarantor and its Subsidiaries
enjoys quiet possession under all leases relating to Real Estate or personal
property to which it is party as a lessee, and each such lease is Fully
Effective.

     

    5.4           Financial
Statements.  There has been furnished to the Administrative
Agent and each of the Banks (a) a consolidated balance sheet of the US Guarantor
as at December 31, 2006, and a consolidated statement of income and cash flow of
the US Guarantor for the fiscal year then ended, certified by the US Guarantor’s
independent certified public accountants, and (b) unaudited interim condensed
consolidated balance sheets of the US Guarantor and the Consolidated
Subsidiaries as at September 30, 2007, and interim condensed consolidated
statements of income and of cash flow of the US Guarantor and the Consolidated
Subsidiaries for the respective fiscal periods then ended and as set forth in
the US Guarantor’s Quarterly Reports on Form 10-Q for such fiscal
quarters.  With respect to the financial statements prepared in
accordance with clause (a) above, such balance sheet and statement of income
have been prepared in accordance with GAAP and present fairly in all material
respects the financial position of the US Guarantor and the Consolidated
Subsidiaries as at the close of business on the respective dates thereof and the
results of operations of the US Guarantor and the Consolidated Subsidiaries for
the fiscal periods then ended; or, in the case of the financial statements
referred to in clause (b), have been prepared in a manner consistent with the
accounting practices and policies employed with respect to the audited financial
statements reported in the US Guarantor’s most recent Form 10-K filed with the
Securities and Exchange Commission and prepared in accordance with Rule 10-01 of
Regulation S-X of the Securities and Exchange Commission, and contain all
adjustments necessary for a fair presentation of (A) the results of operations
of the US Guarantor for the periods covered thereby, (B) the financial position
of the US Guarantor at the date thereof, and (C) the cash flows of the US
Guarantor for periods covered thereby (subject to year-end
adjustments).  There are no contingent liabilities of the US Guarantor
or the Consolidated Subsidiaries as of such dates involving material amounts,
known to the executive management of the US Guarantor that (aa) should have been
disclosed in said balance sheets or the related notes thereto in accordance with
GAAP and the rules and regulations of the Securities and Exchange Commission,
and (bb) were not so disclosed.

    

    
      
        
           

        

        
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    5.5           No Material Changes,
Etc.  No change in the Business of the US Guarantor and its
Consolidated Subsidiaries, taken as a whole, has occurred since December 31,
2006 that has resulted in a Material Adverse Effect.

     

    5.6           Permits.  The
US Guarantor and its Subsidiaries have all Permits necessary or appropriate for
them to conduct their Business, except where the failure to have such Permits
would not be likely to have a Material Adverse Effect.  All of such
Permits are in full force and effect.  Without limiting the foregoing,
the US Guarantor is duly registered as an “investment adviser” under the
Investment Advisers Act of 1940 and under the applicable laws of each state in
which such registration is required in connection with the investment advisory
business of the US Guarantor and in which the failure to obtain such
registration would be likely to have a Material Adverse Effect; Alliance
Distributors is duly registered as a “broker/dealer” under the Securities
Exchange Act of 1934 and under the securities or blue sky laws of each state in
which such registration is required in connection with the business conducted by
Alliance Distributors and where a failure to obtain such registration would be
likely to have a Material Adverse Effect, and is a member in good standing of
the Financial Industry Regulatory Authority, Inc.; no Proceeding is pending or
threatened with respect to the suspension, revocation, or termination of any
such registration or membership, and the termination or withdrawal of any such
registration or membership is not contemplated by the US Guarantor or Alliance
Distributors, except, only with respect to registrations by the US Guarantor and
Alliance Distributors required under state law, as would not be likely to have a
Material Adverse Effect.

     

    5.7           Litigation.  There
is no Proceeding of any kind pending or threatened, in writing, against the US
Guarantor, any of its Subsidiaries, or the General Partner that questions the
validity of this Credit Agreement or any of the other Loan Documents, or any
action taken or to be taken pursuant hereto or thereto.  Except as may
be set forth in information provided pursuant to Section 6.4 hereof or as
otherwise disclosed by the Borrower to the Banks, there is no Proceeding of any
kind pending or threatened, in writing, against the US Guarantor, any of its
Subsidiaries, or the General Partner that, if adversely determined, is
reasonably likely to, either in any case or in the aggregate, result in a
Material Adverse Effect or impair or prevent performance and observance by any
US Loan Party of its obligations under this Credit Agreement or the other Loan
Documents.

     

    5.8           Material
Contracts.  Except as would not be likely to have a Material
Adverse Effect, each Contract to which any of the US Guarantor and its
Subsidiaries (including the Borrower) is party or subject, or by which any of
their respective assets are bound (including investment advisory contracts and
investment company distribution plans) (a) is Fully Effective, (b) is not
subject to any default or event of default with respect to any of the US
Guarantor and its Subsidiaries (including the Borrower) or, to the best
knowledge of the executive management of the Borrower, any other party, (c) is
not subject to any notice of termination given or received by any of the US
Guarantor and its Subsidiaries (including the Borrower), and (d) is, to the best
knowledge of the executive management of the US Guarantor, the legal, valid, and
binding obligation of each party thereto other than any of the US Guarantor and
its Subsidiaries (including the Borrower) enforceable against such parties
according to its terms.

    

    
      
        
           

        

        
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    5.9           Compliance with Other
Instruments, Laws, Etc.  None of any of the US Guarantor, its
Subsidiaries, including the Borrower, and the General Partner is, in any respect
material to the US Guarantor and its Consolidated Subsidiaries taken as a whole,
in violation of or default under (a) any provision of its certificate of
incorporation or by-laws, or its certificate of limited partnership or agreement
of limited partnership or its certificate of formation or limited liability
company agreement, or its governing documents in the case of any general
partnership, as the case may be, (b) any Contract to which it is or may be
subject or by which it or any of its properties are or may be bound, or (c) any
Government Mandate, including Government Mandates relating to occupational
safety and employment matters.

     

    5.10         Tax
Status.  The US Guarantor and its Subsidiaries (a) have made or
filed all federal and state income and all other tax returns, reports, and
declarations required by any Government Authority to which any of them is
subject, except where the failure to make or file the same would not be likely
to have a Material Adverse Effect, (b) have paid all taxes and other
governmental assessments and charges due, except those being contested in good
faith and by appropriate Proceedings or those where a failure to pay is not
reasonably likely to have a Material Adverse Effect, and (c) have set aside on
their books provisions reasonably adequate for the payment of all taxes for
periods subsequent to the periods to which such returns, reports, or
declarations apply.  There are no unpaid taxes in any material amount
claimed to be due from the US Guarantor or any of its Subsidiaries by any
Government Authority, and the executive management of the US Guarantor knows of
no basis for any such claim.

     

    5.11         No Event of
Default.  No Default or Event of Default has occurred and is
continuing.

     

    5.12         Investment Company
Act.  Neither the US Guarantor nor any of its Subsidiaries
(excluding investment companies in which the US Guarantor or a Consolidated
Subsidiary has made “seed money” investments permitted by Section 8.6(b)) is an
“investment company”, as such term is defined in the 1940 Act.

     

    5.13         Insurance.  The
US Guarantor and its Subsidiaries maintain insurance with financially sound and
reputable insurers in such coverage amounts, against such risks, with such
deductibles and upon such other terms, or are self-insured in respect of such
risks (with appropriate reserves to the extent required by GAAP), as is
reasonable and customary for firms engaged in businesses similar to those of the
US Guarantor and its Subsidiaries.  All policies of insurance
maintained by the US Guarantor or its Subsidiaries are Fully
Effective.  All premiums due on such policies have been paid or
accrued on the books of the US Guarantor or its Subsidiaries, as
appropriate.

     

    5.14         Certain
Transactions.  Except in connection with transactions occurring
in the ordinary course of business, and, taking into account the totality of the
relationships involved, with respect to transactions occurring on fair and
reasonable terms no less favorable to the US Guarantor and its Consolidated
Subsidiaries taken as a whole than would be obtained in comparable arms’ length
transactions with Persons that are not Affiliates of the US Guarantor or its
Subsidiaries, none of the officers, directors, partners, or employees of the US
Guarantor or any of its Subsidiaries, or, to the knowledge of the executive
management of the US Guarantor, any Entity (other than a Subsidiary) in which
any such officer, director, partner, or employee has a substantial interest or
is an officer, director, trustee, or partner, is at present a party to any
transaction with the US Guarantor or any of its Subsidiaries (other than for or
in connection with services as officers, directors, partners, or employees, as
the case may be), including any Contract providing for the furnishing of
services to or by, providing for rental of real or personal property to or from,
or otherwise requiring payments to or from any such officer, director, partner,
employee, or Entity.

    

    
      
        
           

        

        
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    5.15         Employee Benefit
Plans.  Each contribution required to be made to a Guaranteed
Pension Plan, whether required to be made to avoid the incurrence of an
accumulated funding deficiency, the notice or lien provisions of §302(f) of
ERISA, or otherwise, has been timely made.  No waiver of an
accumulated funding deficiency or extension of amortization periods has been
received with respect to any Guaranteed Pension Plan.  No liability to
the PBGC (other than required insurance premiums, all of which have been paid)
has been incurred by the US Guarantor or any ERISA Affiliate with respect to any
Guaranteed Pension Plan and there has not been any ERISA Reportable Event, or
any other event or condition which presents a material risk of termination of
any Guaranteed Pension Plan by the PBGC.  Based on the latest
valuation of each Guaranteed Pension Plan (which in each case occurred within
fifteen (15) months of the date of the representation), and on the actuarial
methods and assumptions employed for that valuation, the aggregate benefit
liabilities of all such Guaranteed Pension Plans within the meaning of §4001 of
ERISA did not exceed the aggregate value of the assets of all such Guaranteed
Pension Plans by more than $50,000,000, disregarding for this purpose the
benefit liabilities and assets of any Guaranteed Pension Plan with assets in
excess of benefit liabilities.

     

    5.16         Use of
Proceeds.  The proceeds of the Loans shall be used by the
Borrower to fund the borrower’s obligations resulting from engaging in certain
securities trading and custody activities.  The Borrower is an
“exempted borrower” as such term is used in Regulation U of the Board of
Governors of the Federal Reserve System, 12 C.F.R. Part 221.

     

    5.17          Environmental
Compliance.  To the best of the US Guarantor’s
knowledge:

     

    (a)           none
of the US Guarantor, its Subsidiaries, the General Partner, and any operator of
the Real Estate or any operations thereon is in violation, or alleged violation,
of any Government Mandate or Permit pertaining to environmental, safety or
public health matters, including the Resource Conservation and Recovery Act
(“RCRA”), the Comprehensive Environmental Response, Compensation and Liability
Act of 1980 (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986
(“SARA”), the Federal Clean Water Act, the Federal Clean Air Act, and the Toxic
Substances Control Act (hereinafter “Environmental Laws”),
which violation would be likely to have a material adverse effect on the
environment or a Material Adverse Effect;

     

    (b)           neither
the US Guarantor nor any of its Subsidiaries has received notice from any third
party, including any Government Authority, (i) that any one of them has been
identified by the United States Environmental Protection Agency (“EPA”) as a
potentially responsible party under CERCLA with respect to a site listed on the
National Priorities List, 40 C.F.R. Part 300 Appendix B (1986); (ii) that any
hazardous waste, as defined by 42 U.S.C. §9601(5), any hazardous substances as
defined by 42 U.S.C. §9601(14), any pollutant or contaminant as defined by 42
U.S.C. §9601(33) and any toxic substances, oil, hazardous materials, or other
chemicals or substances regulated by any Environmental Laws (“Hazardous
Substances”) that any one of them has generated, transported, or disposed
of has been found at any site at which a Government Authority or other third
party has conducted, or has ordered that other parties conduct, a remedial
investigation, removal, or other response action pursuant to any Environmental
Law; or (iii) that it is or shall be a named party to any Proceeding (in each
case, contingent or otherwise) arising out of any third party’s incurrence of
costs, expenses, losses, or damages of any kind whatsoever in connection with
the release of Hazardous Substances; and

     

    (i)           no
portion of the Real Estate has been used for the handling, processing, storage,
or disposal of Hazardous Substances except in accordance with applicable
Environmental Laws;

    

    
      
        
           

        

        
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    (ii)         no
underground tank or other underground storage receptacle for Hazardous
Substances is located on any portion of the Real Estate;

     

    (iii)         in
the course of any activities conducted by any of the US Guarantor, its
Subsidiaries, the General Partner, and operators of any Real Estate, no
Hazardous Substances have been generated or are being used on the Real Estate
except in accordance with applicable Environmental Laws;

     

    (iv)        there
have been no releases (i.e. any past or present releasing, spilling, leaking,
pumping, pouring, emitting, emptying, discharging, injecting, escaping,
disposing, or dumping) or threatened releases of Hazardous Substances on, upon,
into, or from the Real Estate that would have a material adverse effect on the
value of the Real Estate or the environment;

     

    (v)         there
have been no releases of Hazardous Substances on, upon, from, or into any real
property in the vicinity of any of the Real Estate that (A) may have come to be
located on the Real Estate through soil or groundwater contamination, and, (B)
if so located, would have a material adverse effect on the value of the Real
Estate or the environment; and

     

    (vi)        any
Hazardous Substances that have been generated by any of the US Guarantor and its
Subsidiaries, or on the Real Estate by any other Person, have been transported
offsite only by carriers having an identification number issued by the EPA,
treated or disposed of only by treatment or disposal facilities maintaining
valid Permits as required under applicable Environmental Laws, which
transporters and facilities have been and are, to the best of the US Guarantor’s
knowledge, operating in compliance with such Permits and applicable
Environmental Laws.

     

    5.18      
   Funded Debt.  Schedule 5.18 sets
forth as of December 31, 2007 all outstanding Funded Debt of the US Guarantor
and its Subsidiaries.

     

    5.19          General.  The
US Guarantor’s Annual Report on Form 10-K for the fiscal year ended December 31,
2006, and Quarterly Reports on Form 10-Q referred to in Section 5.4 (a) conform
in all material respects to the requirements of the Securities Exchange Act of
1934, as amended, and to all applicable rules and regulations of the Securities
and Exchange Commission, and (b) as amended by interim filings, do not contain
an untrue statement of any material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they are made, not misleading.

     

    6.          
  AFFIRMATIVE COVENANTS OF THE
US LOAN PARTIES.

     

    Each US
Loan Party covenants and agrees that, so long as any Loan or any Note is
Outstanding or any Bank has any obligation to make any Loans:

     

    6.1           Punctual
Payment.  The Borrower will duly and punctually pay or cause to
be paid the principal and interest on the Loans, the commitment fee, the
utilization fee, and all other amounts provided for in this Credit Agreement and
the other Loan Documents to which the Borrower is party, all in accordance with
the terms of this Credit Agreement and such other Loan Documents.

     

    6.2           Maintenance of
Office.  Each US Loan Party will maintain its chief executive
office in New York, New York, or at such other place in the United States of
America as such US Loan Party shall designate upon prior written notice to the
Administrative Agent, where notices, presentations, and demands to or upon such
US Loan Party in respect of the Loan Documents may be given or
made.

    

    
      
        
           

        

        
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    6.3           Records and
Accounts.  Each US Loan Party will, and will cause each of its
Subsidiaries to, keep complete and accurate records and books of
account.

     

    6.4           Financial Statements,
Certificates, and Information.  The US
Guarantor will deliver to each of the Banks:

     

    (a)           as
soon as practicable, but in any event not later than ninety-five (95) days after
the end of each fiscal year of the US Guarantor:

     

    (i)           the
consolidated balance sheet of the US Guarantor, as at the end of such fiscal
year;

     

    (ii)         the
consolidating balance sheet of the US Guarantor, listing each Consolidated
Subsidiary and each Excluded Fund, as at the end of such fiscal
year;

     

    (iii)        the
consolidated statement of income and consolidated statement of cash flows of the
US Guarantor for such fiscal year; and

     

    (iv)        the
consolidating statement of income only (and not the consolidating statements of
cash flow) of the US Guarantor, listing each
Consolidated Subsidiary and each Excluded Fund for such fiscal
year.

     

    Each of
the balance sheets and statements delivered under this Section 6.4(a) shall (I)
set forth in comparative form the figures for the previous fiscal year; (II) be
in reasonable detail and prepared in accordance with GAAP based on the records
and books of account maintained as provided in Section 6.3; (III) as to items
(i) and (iii) above, include footnotes or otherwise be accompanied by
information outlining in sufficient detail reasonably satisfactory to the
Administrative Agent the effect of consolidating Excluded Funds, if applicable,
and be accompanied by (or be delivered concurrently with the financial
statements under this Section 6.4(a)) a certification by the principal financial
or accounting officer of the US Guarantor that the information contained in such
financial statements presents fairly in all material respects the consolidated
financial position of the US Guarantor on the date thereof and consolidated
results of operations and consolidated cash flows of the US Guarantor for the
periods covered thereby; and (IV) as to items (i) and (iii) above, be certified,
without limitation as to scope, by PricewaterhouseCoopers LLP or another firm of
independent certified public accountants reasonably satisfactory to the
Administrative Agent, and shall be accompanied by (or be delivered concurrently
with the financial statements under this Section 6.4(a)) a written statement
from such accountants to the effect that in connection with their audit of such
financial statements nothing has come to their attention that caused them to
believe that the US Guarantor has failed to comply with the terms, covenants,
provisions or conditions of Section 6.3, Section 7, and Section 8 of this Credit
Agreement as to accounting matters (provided that such accountants may also
state that the audit was not directed primarily toward obtaining knowledge of
such noncompliance), or, if such accountants shall have obtained knowledge of
any such noncompliance, they shall disclose in such statement any such
noncompliance; provided that such accountants shall not be liable to the Banks
for failure to obtain knowledge of any such noncompliance;

     

    (b)           as
soon as practicable, but in any event not later than fifty (50) days after the
end of each of the first three fiscal quarters of each fiscal year of the US
Guarantor, (i) the unaudited interim condensed consolidated balance sheet of the
US Guarantor as at the end of such fiscal quarter, and (ii) the unaudited
interim condensed consolidated statement of income and unaudited interim
condensed consolidated statement of cash flow of the US Guarantor for such
fiscal quarter and for the portion of the US Guarantor’s fiscal year then
elapsed, all in reasonable detail and, with respect to clauses (i) and (ii),
prepared in a manner consistent with the accounting practices and policies
employed with respect to the audited financial statements reported in the US
Guarantor’s most recent Form 10-K filed with the Securities and Exchange
Commission (subject to the application of accounting principles as of the
implementation date of, and with respect to, Financial Accounting Standards
Board Interpretative No. 46-Revised) and prepared in accordance with Rule 10-01
of Regulation S-X of the Securities and Exchange Commission, and including
footnotes or otherwise accompanied by information outlining in sufficient detail
reasonably satisfactory to the Administrative Agent the effect of consolidating
Excluded Funds, if applicable, and concurrently therewith a certification by the
principal financial or accounting officer of the US Guarantor that, in the
opinion of management of the US Guarantor, all adjustments necessary for a fair
presentation of (A) the results of operations of the US Guarantor for the
periods covered thereby, (B) the financial position of the US Guarantor at the
date thereof, and (C) the cash flows of the US Guarantor for periods covered
thereby have been made (subject to year-end adjustments);

    

    
      
        
           

        

        
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    (c)           simultaneously
with the delivery of the financial statements referred to in subsections (a) and
(b) above, a statement certified by the principal financial officer, treasurer
or general counsel of the US Guarantor in substantially the form of Exhibit H hereto and
setting forth in reasonable detail computations evidencing compliance with the
covenants contained in Section 8 and (if applicable) reconciliations to reflect
changes in GAAP since December 31, 2006;

     

    (d)           promptly
after the same are available, copies of each annual report, proxy, if any, or
financial statement or other report or communication sent to the holders of
Equity Securities of the US Guarantor who are not Affiliates of the US
Guarantor, and copies of all annual, interim and current reports and any other
report of a material nature (it being understood that filings in the ordinary
course of business pursuant to Sections 13(d), (f) and (g) of the Securities
Exchange Act of 1934 are not material) which the US Guarantor may file or be
required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, and not otherwise required to be delivered to the
Administrative Agent pursuant hereto; and

     

    (e)         
  from time to time such other financial data and information
(including accountants’ management letters) as the Administrative Agent (having
been requested to do so by any Bank) may reasonably request.

     

    (f)       
    Documents required to be delivered pursuant to Section 6.4(a), (b),
(c) or (d) (to the extent
any such financial statements, reports or proxy statements are included in
materials otherwise filed with the SEC) may be delivered electronically and if
so delivered, shall be deemed to have been delivered on the date (i) on which
the US Guarantor posts such documents, or provides a link thereto on the US
Guarantor’s internet website at www.alliancebernstein.com
or such other replacement website of which the US Guarantor has given proper
notice to the Administrative Agent and each Bank; or (ii) on which such
documents are posted on the US Guarantor’s behalf on IntraLinks/IntraAgency or
another relevant website, if any, to which each Bank and the Administrative
Agent have access (whether a commercial, third-party website or whether
sponsored by the Administrative Agent); provided that: (i)
the US Guarantor shall deliver paper copies of such documents to the
Administrative Agent or any Bank who requests, in writing, the US Guarantor to
deliver such paper copies until written request to cease delivering paper copies
is given by the Administrative Agent or such Bank and (ii) the US Guarantor
shall notify (which may be by facsimile or electronic mail) the Administrative
Agent and each Bank of the posting of any such
documents.  Notwithstanding anything contained herein, in every
instance the US Guarantor shall be required to provide paper copies of the
certificates or statements of officers required by Section 6.4(a), (b) or (c) to the
Administrative Agent.  Except for such certificates or statements of
officers, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by the US Guarantor
with any such request for delivery, and each Bank shall be solely responsible
for requesting delivery to it or maintaining its copies of such
documents.

    

    
      
        
           

        

        
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    6.5           Notices.

     

    6.5.1           Defaults.  Each
US Loan Party will promptly after the executive management of such US Loan Party
(which for purposes of this covenant shall mean (to the extent applicable) the
chairman of the board, president, principal financial officer, treasurer or
general counsel of such US Loan Party) becomes aware thereof (and in any case
within three (3) Business Days after the executive management becomes aware
thereof) notify the Administrative Agent and each of the Banks in writing of the
occurrence of any Default or Event of Default.  If any Person shall
give any notice in writing of a claimed default (whether or not constituting an
Event of Default) under the Loan Documents or any other Contract relating to
Funded Debt equal to or in excess of $100,000,000 to which or with respect to
which any US Loan Party or any of its Subsidiaries is a party or obligor,
whether as principal, guarantor, surety, or otherwise, such US Loan Party shall
forthwith give written notice thereof to the Administrative Agent and each of
the Banks, describing the notice or action and the nature of the claimed
default.

     

    6.5.2           Environmental
Events.  The US Guarantor will promptly give notice to the
Administrative Agent and each of the Banks (a) of any violation of any
Environmental Law that the US Guarantor or any of its Subsidiaries reports in
writing, or that is reportable by any such Person in writing (or for which any
written report supplemental to any oral report is made) to any Government
Authority, and (b) upon becoming aware thereof, of any Proceeding, including a
notice from any Government Authority of potential environmental liability, that
has the potential, in the US Guarantor’s reasonable judgment, to have a Material
Adverse Effect.

     

    6.5.3           Notice of Proceedings and
Judgments.  The US Guarantor will give notice to the
Administrative Agent and each of the Banks in writing within ten (10) Business
Days of the executive management of the US Guarantor (as defined in Section
6.5.1) becoming aware of any Proceedings pending affecting the US Guarantor or
any of its Subsidiaries or to which the US Guarantor or any of its Subsidiaries
is or becomes a party that could reasonably be expected by the US Guarantor to
have a Material Adverse Effect (or of any material adverse change in any such
Proceedings of which the US Guarantor has previously given
notice).  Any such notice will state the nature and status of such
Proceedings.  The US Guarantor will give notice to the Administrative
Agent and each of the Banks, in writing, in form and detail satisfactory to the
Administrative Agent, within ten (10) Business Days of any settlement or any
judgment, final or otherwise, against the US Guarantor or any of its
Subsidiaries where the amount payable by the US Guarantor or any of its
Subsidiaries, after giving effect to insurance, is in excess of the lesser of
$50,000,000 or 10% of Consolidated Net Worth as at the end of the most recent
fiscal quarter.

    

    
      
        
           

        

        
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    6.5.4           Notice of Change of
Control.  In the event the US Guarantor obtains knowledge of a
Change of Control or an impending Change of Control, the US Guarantor will
promptly give written notice (a “US Guarantor Control Change
Notice”) of such fact to the Administrative Agent and the Banks at least
forty (40) days prior to the proposed Change of Control Date; provided, however,
that in no event shall such a US Guarantor Control Change Notice be delivered to
the Administrative Agent and the Banks more than three (3) Business Days after
the Change of Control Date.  Without limiting the foregoing, upon
obtaining actual knowledge of any Change of Control or impending Change of
Control, any of the Administrative Agent and the Banks may (but in no case shall
any of them be obligated to) deliver written notice to the Borrower of such
event, indicating that such event requires the Borrower to prepay the Loans
pursuant to Section 3.2.2 (and in any such notice a Bank may make demand for
payment of its Loans under Section 3.2.2).  Promptly upon receipt of
such notice, but in no event later than five (5) Business Days after actual
receipt thereof, the US Guarantor will give written notice (such notice,
together with a US Guarantor Control Change Notice, a “Control Change
Notice”) of such fact to the Administrative Agent and the Banks
(including the Bank that has so notified the US Guarantor).  Any
Control Change Notice shall (a) describe the principal facts and circumstances
of such Change of Control known to the US Guarantor in reasonable detail
(including the Change of Control Date or, if the US Guarantor does not have
knowledge of the Change of Control Date, the US Guarantor’s best estimate of
such Change of Control Date), (b) make reference to Section 3.2.2 and the rights
of the Banks to require the Borrower to prepay the Loans on the terms and
conditions provided for therein, and (c) state that each Bank may make a demand
for payment of its Loans by providing written notice to the Borrower and the US
Guarantor within fifteen (15) days after the effective date of such Control
Change Notice.  In the event the US Guarantor shall not have
designated the Change of Control Date in its Control Change Notice, the US
Guarantor shall keep the Administrative Agent and the Banks informed as to any
changes in the estimated Change of Control Date and shall provide written notice
to the Administrative Agent and the Banks specifying the Change of Control Date
promptly upon obtaining knowledge thereof.

     

    6.5.5           Notice of AXA
Default.  In the event the US Guarantor obtains knowledge of an
AXA Guaranty Event of Default, the US Guarantor will promptly after the
executive management of the US Guarantor (which for purposes of this covenant
shall mean (to the extent applicable) the chairman of the board, president,
principal financial officer, treasurer or general counsel of the US Guarantor)
becomes aware thereof (and in any case within three (3) Business Days after the
executive management becomes aware thereof) give written notice of such fact to
the Administrative Agent.  Without limiting the foregoing, upon
obtaining actual knowledge of any AXA Guaranty Event of Default, any of the
Administrative Agent and the Banks may (but in no case shall any of them be
obligated to) deliver written notice to the Borrower of such event, indicating
that such event requires the Borrower to prepay the Loans pursuant to Section
3.2.3 (and in any such notice a Bank may make demand for payment of its Loans
under Section 3.2.3).  Promptly upon receipt of such notice, but in no
event later than five (5) Business Days after actual receipt thereof, the US
Guarantor will give written notice (such notice, together with a notice provided
in accordance with the first sentence of this Section 6.5.5, an “AXA Default Notice”)
of such fact to the Administrative Agent and the Banks (including the Bank that
has so notified the US Guarantor).  Any AXA Default Notice shall (a)
describe the principal facts and circumstances of such AXA Guaranty Event of
Default known to the US Guarantor in reasonable detail, (b) make reference to
Section 3.2.3 and the rights of the Banks to require the Borrower to prepay the
Loans on the terms and conditions provided for therein, and (c) state that each
Bank may make a demand for payment of its Loans by providing written notice to
the Borrower and the US Guarantor within fifteen (15) days after such AXA
Default Notice.

     

    6.6           Existence; Business;
Properties.

     

    
      
        
           

        

        
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    6.6.1           Legal
Existence.  Each US Loan Party will, and will cause each of its
Consolidated Subsidiaries to do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights and franchises
as a limited partnership, general partnership, corporation, limited liability
company or trust, as the case may be, except, with respect to rights and
franchises, where the failure to preserve and keep in full force and effect such
rights and franchises would not be likely to have a Material Adverse Effect,
provided, however, this section
shall not prohibit any merger, consolidation, or reorganization of such US Loan
Party or any of its Subsidiaries permitted pursuant to Section 7.2.

     

    6.6.2           Conduct of
Business.  Except as otherwise disclosed to the Administrative
Agent and the Banks in the US Guarantor’s Form 8-Ks for the period prior to the
Closing Date, each US Loan Party will, and will cause each of its Consolidated
Subsidiaries to, engage in business related to investment
management.

     

    6.6.3           Maintenance of
Properties.  Each US Loan Party will, and will cause each of
its Consolidated Subsidiaries to, cause its properties used or useful in the
conduct of its business and which are material to the Business of such US Loan
Party and its Consolidated Subsidiaries taken as a whole to be maintained and
kept in good condition, repair, and working order and supplied with all
necessary equipment, ordinary wear and tear excepted; provided that nothing
in this Section 6.6.3 shall prevent such US Loan Party or any of its
Consolidated Subsidiaries from discontinuing the operation and maintenance of
any properties if such discontinuance (i) is, in the judgment of such US Loan
Party or such Subsidiary, desirable in the conduct of its business, and (ii)
does not have a Material Adverse Effect.

     

    6.6.4           Status Under Securities
Laws.  The US Guarantor shall maintain its status as a
registered “investment adviser”, under (a) the Investment Advisers Act of 1940
and (b) under the laws of each state in which such registration is required in
connection with the investment advisory business of the US Guarantor and, as to
(b) only, where a failure to obtain such registration would be likely to have a
Material Adverse Effect.  The US Guarantor shall cause Alliance
Distributors (i) to maintain its status as a registered “broker/dealer” under
the Securities Exchange Act of 1934 and under the laws of each state in which
such registration is required in connection with the business of Alliance
Distributors and where a failure to obtain such registration would be likely to
have a Material Adverse Effect, and (ii) to maintain its membership in the
Financial Industry Regulatory Authority, Inc.

     

    6.7           Insurance.  Each
US Loan Party will, and will cause each of its Consolidated Subsidiaries to,
maintain with financially sound and reputable insurers insurance with respect to
its properties and business against such casualties and contingencies, in such
amounts, containing such terms, in such forms, and for such periods, or shall be
self-insured in respect of such risks (with appropriate reserves to the extent
required by GAAP), as shall be customary in the industry for companies engaged
in similar activities in similar geographic areas.

     

    6.8           Taxes.  Each
US Loan Party will, and will cause each of its Consolidated Subsidiaries to,
duly pay and discharge, or cause to be paid and discharged, before the same
shall become overdue, all taxes, assessments, and other governmental charges
imposed upon it or its real property, sales, and activities, or any part
thereof, or upon the income or profits therefrom, as well as all claims for
labor, materials, or supplies that if unpaid (a) might by law become a Lien upon
any of its property and (b) would be reasonably likely to result in a Material
Adverse Effect; provided that any such tax, assessment, charge, levy, or claim
need not be paid if the validity or amount thereof shall currently be contested
in good faith by appropriate proceedings and if such US Loan Party or such
Subsidiary shall have set aside on its books, if and to the extent permitted by
GAAP, adequate accruals with respect thereto.

    

    
      
        
           

        

        
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    6.9           Inspection of Properties and
Books, Etc.

     

    6.9.1           General.  Each
US Loan Party shall, and shall cause each of its Subsidiaries to, permit the
Banks, through the Administrative Agent or any of the Banks’ other designated
representatives, to visit and inspect any of the properties of such US Loan
Party or any of its Subsidiaries, to examine the books of account of such US
Loan Party and its Subsidiaries (and to make copies thereof and extracts
therefrom), and to discuss the affairs, finances, and accounts of such US Loan
Party and its Subsidiaries with, and to be advised as to the same by, its and
their officers, all at such reasonable times and intervals as the Administrative
Agent or any Bank may request.  The costs incurred by the
Administrative Agent and the Banks in connection with any such inspection shall
be borne by the Banks making or requesting the inspection (or, if the
Administrative Agent makes an inspection on its own initiative after notice to
the Banks, by the Banks jointly, on a pro rata basis according to their
Outstanding Loans or, if no Loans are Outstanding, their respective
Commitments), except as otherwise provided by Section 15(e).  Any data
and information that is obtained by the Administrative Agent or any Bank
pursuant to this Section 6.9.1 shall be held subject to Section 20.

     

    6.9.2           Communication with
Accountants.  Each US Loan Party authorizes the Administrative
Agent and, if accompanied by the Administrative Agent, the Banks to communicate
directly with such US Loan Party’s independent certified public accountants and
authorizes such accountants to disclose to the Administrative Agent and the
Banks any and all financial statements and other supporting financial documents
and schedules, including copies of any management letter with respect to the
Business of such US Loan Party or any of its Subsidiaries.  Each US
Loan Party shall be entitled to reasonable prior notice of any such meeting with
its independent certified public accountants and shall have the opportunity to
have its representatives present at any such meeting.  At the request
of the Administrative Agent, each US Loan Party shall deliver a letter addressed
to such accountants instructing them to comply with the provisions of this
Section 6.9.2.  Any data and information that is obtained by the
Administrative Agent or any Bank pursuant to this Section 6.9.2 shall be held
subject to Section 20.

     

    6.10           Compliance with Government
Mandates, Contracts, and Permits.  Each US Loan Party will and
will cause each of its Consolidated Subsidiaries to, comply (if and to the
extent that a failure to comply would be likely to have a Material Adverse
Effect) with (a) all applicable Government Mandates wherever the business of
such US Loan Party or any such Subsidiary is conducted, including all
Environmental Laws and all Government Mandates relating to occupational safety
and employment matters; (b) the provisions of the certificate of incorporation
and by-laws, or the agreement of limited partnership and certificate of limited
partnership, or its governing documents in the case of any general partnership,
as the case may be, of such US Loan Party and such Subsidiary; (c) all Contracts
to which such US Loan Party or any such Subsidiary is party, by which such US
Loan Party or any such Subsidiary is or may be bound, or to which any of their
respective properties are or may be subject; and (d) the terms and conditions of
any Permit used in the Business of such US Loan Party or any such
Subsidiary.  If any Permit shall become necessary or required in order
that such US Loan Party may fulfill any of its obligations hereunder or under
any of the other Loan Documents to which such US Loan Party is a party, such US
Loan Party will immediately take or cause its Subsidiaries to take all
reasonable steps within the power of such US Loan Party and its Subsidiaries to
obtain and maintain in full force and effect such Permit and furnish the
Administrative Agent and the Banks with evidence thereof.

     

    6.11           Use of
Proceeds.  The Borrower will use the proceeds of the Loans
solely as provided in Section 5.16.  

     

    
      
        
           

        

        
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    6.12           Certain Changes in
Accounting Principles.  In the event of a change after the date
of this Credit Agreement in (a) GAAP (as defined in clause (b) of the definition
of “GAAP” in Section 1.1) or (b) any regulation issued by the Securities and
Exchange Commission (either such event being referred to herein as an “Accounting Change”), that results in a
material change in the calculations as to compliance with any financial covenant
contained in Section 8 or in the calculation of any item to be taken into
account in the calculations as to compliance with any such covenant (the “Affected Computation”) in such a
manner and to such an extent that, in the good faith judgment of the Chief
Financial Officer of the US Guarantor or the Majority Banks, as evidenced by
notice from such Majority Banks to the US Guarantor and the Administrative Agent
(the “Accounting Notice”), the
application of the Accounting Change to the Affected Computation would no longer
reflect the intention of the parties to this Credit Agreement, then and in any
such event:

     

    (a)           the
US Guarantor shall, promptly after either a determination by its Chief Financial
Officer as provided above or receipt of an Accounting Notice, give written
notice thereof to the Administrative Agent and each Bank, which notice shall be
accompanied by a copy of any Accounting Notice and a certificate of the Chief
Financial Officer of the US Guarantor:

     

    (i)           describing
the Accounting Change in question and the particular covenant or covenants that
will be affected by such Accounting Change;

     

    (ii)         setting
forth in reasonable detail (including detailed calculations) the manner and
extent to which the covenant or covenants listed in such certificate are
affected by such Accounting Change; and

     

    (iii)        setting
forth in reasonable detail (including detailed calculations) the information
required in order to establish that the US Guarantor would be in compliance with
the requirements of the covenant or covenants listed in such certificate if such
Accounting Change was not effective (or, if the US Guarantor would not be so in
compliance, setting forth in reasonable detail calculations of the extent of
such non-compliance);

     

    (b)           the
US Guarantor and the Banks will enter into good faith negotiations with each
other for an equitable amendment of such covenant or covenants, and the
definition of GAAP set forth in Section 1.1, pursuant to Section 26 so as to
place the parties, insofar as possible, in the same relative position as if such
Accounting Change had not occurred;

     

    (c)           for
the period from the date on which such Accounting Change becomes effective (the
“Effective
Date”) to the effective date of an amendment to this Credit Agreement
pursuant to Section 26, the US Guarantor shall be deemed to be in compliance
with the covenant or covenants listed in such certificate if and so long as (but
only if and so long as) the US Guarantor would be in compliance with such
covenant or covenants if such Accounting Change had not occurred;
and

     

    (d)           if
no amendment to this Credit Agreement has become effective within ninety (90)
days after the Effective Date of such Accounting Change, then all accounting
computations required to be made for purposes of this Credit Agreement
thereafter shall be made in accordance with GAAP as in effect immediately prior
to such Effective Date.

     

    6.13           Broker-Dealer
Subsidiaries.

     

    6.13.1     
 Maintain Net
Capital.  Each Material Broker-Dealer Subsidiary of the US
Guarantor that is a U.S. regulated broker-dealer shall not fail to maintain net
capital in an amount not less than that required by the Net Capital Rule for a
period in excess of five (5) Business Days of the date such Material
Broker-Dealer Subsidiary knew of such failure, and each Material Broker-Dealer
Subsidiary of the US Guarantor that is a non-U.S. regulated broker-dealer shall
not fail to maintain net capital or capital (or the equivalent) in an amount not
less than that required by any similar rule, regulation or requirement
(including any capital adequacy requirement) of the relevant regulatory
authority or authorities in any relevant jurisdiction for a period in excess of
five (5) Business Days of the date such Material Broker-Dealer Subsidiary knew
of such failure, and

     

    
      
        
           

        

        
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      6.13.2       Registration;
Qualification.  Each Broker-Dealer Subsidiary must maintain its
registration or comparable qualification with its applicable Examining Authority
to the extent such registration or comparable qualification is material to the
business of the US Guarantor and its Subsidiaries taken as a
whole.

    7.           CERTAIN NEGATIVE COVENANTS
OF THE US GUARANTOR.

     

    The US
Guarantor covenants and agrees that, so long as any Loan or any Note is
Outstanding or any Bank has any obligation to make any Loans:

     

    7.1           Disposition of
Assets.  The US Guarantor will not, and will not cause, permit,
or suffer any of its Consolidated Subsidiaries to, in any single transaction or
in multiple transactions within any fiscal year of the US Guarantor, sell,
transfer, assign, or otherwise dispose of assets of the US Guarantor and its
Consolidated Subsidiaries, or enter into any Contract for any such sale,
transfer, assignment, or disposition (a “Disposition”), provided,
however:

     

    (a)           Consolidated
Subsidiaries of the US Guarantor may sell, transfer, assign, or dispose of
assets (including 12b-1 Fees) to the US Guarantor or another Consolidated
Subsidiary;

     

    (b)           the
US Guarantor and any Consolidated Subsidiary of the US Guarantor may make any
Disposition (other than a Disposition (whether in one or a series of
transactions) of all or substantially all of the assets of the US Guarantor and
its Consolidated Subsidiaries) so long as (i) no Default exists or would be
caused thereby, (ii) after giving effect to such Disposition the US Guarantor
will, on a pro forma basis, be in compliance with the financial covenants set
forth in Section 8 hereof, and (c) the assets disposed of in any fiscal year in
the aggregate did not generate more than 33 1/3% of the consolidated revenues of
the US Guarantor during the immediately preceding fiscal four quarters or if
such assets generated revenues during the immediately preceding fiscal four
quarters that if subtracted from the consolidated revenues of the US Guarantor
during this period would result in consolidated revenues of the US Guarantor of
less than $1,200,000,000; and

     

    (c)           the
US Guarantor and any Consolidated Subsidiary of the US Guarantor may sell,
transfer or assign, or dispose of 12b-1 Fees to Persons other than the US
Guarantor and its Consolidated Subsidiaries.  Any Indebtedness in
respect of obligations of the US Guarantor and its Consolidated Subsidiaries
arising out of such transactions shall constitute “Funded Debt”.

     

    This
covenant is not intended to restrict the conversion of a short-term investment
of any US Loan Party into cash or into another investment which remains an asset
of such US Loan Party.

     

    7.2           Fundamental
Changes.  The US Guarantor will not, and will not cause,
permit, or suffer any of its Consolidated Subsidiaries to, become a party to any
merger, dissolution or consolidation involving all or substantially all of its
assets (whether in one or a series of transactions) (any such transaction, a
“Reorganization” and the term
“Reorganize” shall
have a correlative meaning) or purchase or acquire all or substantially all of
the assets or Equity Securities of a Person or a business unit of a Person
(whether in one or a series of transactions) (each, an “Acquisition”) or enter
into any Contract providing for any Reorganization or Acquisition, provided, however, so long as no Default or
Event of Default then exists or would be caused thereby:

    

    
      
        
           

        

        
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    (a)           any
Consolidated Subsidiary may merge with (i) a US Loan Party, provided that such
US Loan Party shall be the continuing or surviving Person, or (ii) any one or
more Consolidated Subsidiaries;

     

    (b)           any
Person may merge with (i) a US Loan Party provided that (x) such US Loan Party
shall be the continuing or surviving Person, and (y) such Person merging into
such US Loan Party is in the same line of business as the US Guarantor and its
Subsidiaries or a line of business reasonably related thereto, or (ii) any one
or more Consolidated Subsidiaries, provided that (x) such Consolidated
Subsidiary shall be the continuing or surviving Person, (y) such Person merging
into a Consolidated Subsidiary is in the same line of business as the US
Guarantor and its Subsidiaries or a line of business reasonably related thereto;
and

     

    (c)           the
US Guarantor or any Consolidated Subsidiary may purchase or acquire all or
substantially all of the Equity Securities or assets of a Person or a business
unit of a Person, provided that (i) such Person is in the same line of business
as the US Guarantor and its Subsidiaries or a line of business related thereto
and (ii) after giving effect to such purchase or acquisition, the US Guarantor
will, on a pro forma basis, be in compliance with the financial covenants set
forth in Section 8.

     

    7.3           Restrictions on
Liens.  The US Guarantor will not, and will not cause, permit,
or suffer any of its Consolidated Subsidiaries to (a) create or incur, or cause,
permit, or suffer to be created or incurred or to exist, any Lien upon any of
its property or assets of any character whether now owned or hereafter acquired,
or upon the income or profits therefrom; (b) transfer any of such property or
assets or the income or profits therefrom for the purpose of subjecting the same
to the payment of Indebtedness or performance of any other obligation in
priority to payment of its general creditors; (c) acquire, or agree or have an
option to acquire, any property or assets upon conditional sale or other title
retention or purchase money security agreement, device, or arrangement; (d)
suffer to exist any Indebtedness or claim or demand for a period of time such
that the same by Government Mandate or upon bankruptcy or insolvency, or
otherwise, would be given any priority whatsoever over its general creditors; or
(e) assign, pledge, or otherwise transfer any accounts, contract rights, general
intangibles, chattel paper, or instruments, with or without recourse, other than
a transfer or assignment in connection with a Disposition permitted under
Section 7.1 or Reorganization or Acquisition permitted under Section 7.2 or an
Investment permitted under Section 7.4; provided that the US Guarantor and any
Subsidiary of the US Guarantor may create or incur, or cause, permit, or suffer
to be created or incurred or to exist:

     

    (i)           Liens
imposed by Government Mandate to secure taxes, assessments, and other government
charges in respect of obligations not overdue or which are being contested in
good faith and by appropriate proceedings diligently conducted, if adequate
reserves are maintained in accordance with GAAP;

     

    (ii)           statutory
Liens of carriers, warehousemen, mechanics, suppliers, laborers, and
materialmen, and other like Liens in the ordinary course of business, in each
case in respect of obligations not overdue for a period of more than 30 days or
which are being contested in good faith and by appropriate proceedings
diligently conducted, if adequate reserves are maintained in accordance with
GAAP;

    

    
      
        
           

        

        
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    (iii)           Liens
arising out of pledges or deposits in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other social
security legislation, other than any Lien imposed by ERISA;

     

    (iv)          Liens
on deposits to secure performance of bids or performance bonds and other similar
Liens, in the ordinary course of business;

     

    (v)           Liens
on Real Estate consisting of easements, rights of way, zoning restrictions,
restrictions on the use of real property, defects and irregularities in the
title thereto, and other minor Liens, provided, none of
such Liens in the reasonable opinion of the US Guarantor interferes materially
with the use of the affected property in the ordinary conduct of the business of
the US Guarantor and its Subsidiaries;

     

    (vi)           the
rights and interests of landlords and lessors under leases of Real Estate leased
by the US Guarantor or one of its Subsidiaries, as lessee;

     

    (vii)          Liens
outstanding on the Closing Date and set forth on Schedule
7.3;

     

    (viii)         Liens
in favor of either the US Guarantor or a Consolidated Subsidiary on all or part
of the assets of any Subsidiary of the US Guarantor securing Indebtedness owing
by such Subsidiary to the US Guarantor or such Consolidated Subsidiary, as the
case may be;

     

    (ix)           Liens
on interests of the US Guarantor or its Subsidiaries in partnerships or joint
ventures consisting of binding rights of first refusal, rights of first offer,
take-me-along rights, third-party offer provisions, buy-sell provisions, other
transfer restrictions and conditions relating to such partnership or joint
venture interests, and Liens granted to other participants in such partnership
or joint venture as security for the performance by the US Guarantor or its
Subsidiaries of their obligations in respect of such partnership or joint
venture;

     

    (x)        
   UCC notice filings in connection with non-recourse sales of
12b-1 Fees (other than sales constituting a collateral security
device);

     

    (xi)           Liens
securing purchase money Indebtedness so long as such Liens are only on the asset
acquired with such purchase money Indebtedness and secure only the Indebtedness
incurred to purchase such asset;

     

    (xii)       
  Liens incurred or otherwise arising in connection with the
Securities Trading Activities of the Broker-Dealer Subsidiaries;

     

    (xiii)         Liens
in favor of the Administrative Agent or any Bank to secure the Obligations;
and

     

    (xiv)         Liens
(in addition to those specified in clauses (i) through (xiii) above) securing
Indebtedness in an aggregate amount for the US Guarantor and all of its
Consolidated Subsidiaries taken together not in excess of $80,000,000
outstanding at any point in time (but excluding from the amount of any such
Indebtedness that portion which is fully covered by insurance and as to which
the insurance company has acknowledged to the Administrative Agent its coverage
obligation in writing).

    

    
      
        
           

        

        
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    7.4           Restrictions on
Investments.  The US Guarantor will not, and will not cause,
permit, or suffer any of its Consolidated Subsidiaries to, make or permit to
exist or to remain outstanding any Investment except:  

     

    (a)           Investments
in marketable securities, liquid investments, and other financial instruments
that are acquired for investment purposes and that have a value that may be
readily established, including any such Investment that may be readily sold or
otherwise liquidated in any mutual fund for which the US Guarantor or one of its
Subsidiaries serves as investment manager or adviser;

     

    (b)           Investments
received in connection with the settlement of past due accounts;

     

    (c)           Guarantees
otherwise constituting permitted Funded Debt;

     

    (d)           So
long as no Event of Default exists or would be caused thereby, Investments in
funds or other vehicles managed by the US Guarantor or one of its affiliates in
the ordinary course;

     

    (e)           Investments
by the Broker-Dealer Subsidiaries consisting of purchases, borrowings and other
acquisitions of securities and other financial instruments in connection with
the Securities Trading Activities of the Broker Dealer
Subsidiaries;

     

    (f)         
  Investments existing on the Closing Date and set forth on Schedule
7.4; and

     

    (g)           Other
Investments, so long as no Default exists or would be caused thereby and the US
Guarantor would be, on a pro forma basis, in compliance with the financial
covenants set forth in Section 8 hereof; provided, however, that with respect to
any acquisition of all or substantially all of the Equity Securities or assets
of a Person, such acquisition shall relate solely to Equity Securities in
another Person engaged primarily in, or assets of another Person used primarily
for, the same line of business as the Borrower and its Subsidiaries or a line of
business reasonably related thereto.

     

    7.5           Restrictions on Funded
Debt.  The US Guarantor will not cause, permit, or suffer any
of the Consolidated Subsidiaries to, create, incur, assume, guarantee, or be or
remain liable, contingently or otherwise, with respect to any Funded Debt if as
a result the US Guarantor will not be in compliance with the financial covenants
set forth in Section 8 hereof. 

     

    7.6           Distributions.  The
US Guarantor shall not cause, permit, or suffer any restriction or Lien on the
ability of any Consolidated Subsidiary to (a) pay, directly or indirectly, any
Distributions to the US Guarantor or any other Subsidiary of the US Guarantor,
(b) make any payments, directly or indirectly, in respect of any Indebtedness or
other obligation owed to the US Guarantor or any of its Subsidiaries, (c) make
loans or advances to the US Guarantor or any other Subsidiary of the US
Guarantor, or (d) sell, transfer, assign, or otherwise dispose of any property
or assets to the US Guarantor or any other Subsidiary of the US Guarantor,
except, in each such case, restrictions or Liens (aa) that exist under or by
reason of applicable Government Mandates, including any net capital rules, (bb)
that are imposed only, as to Indebtedness of the US Guarantor or any
Consolidated Subsidiary incurred prior to the date hereof, upon a failure to pay
when due any of such Indebtedness, or, as to Indebtedness of the US Guarantor or
any Consolidated Subsidiary incurred on or after the date hereof, upon an
acceleration of such Indebtedness or a failure to pay the full amount of such
Indebtedness at maturity, or (cc) that arise by reason of the maintenance by any
Subsidiary that is not a Consolidated Subsidiary of a level of net worth for the
purpose of ensuring that limited partnerships for which it serves as general
partner will be treated as partnerships for federal income tax
purposes.  Notwithstanding the foregoing, any portion of net earnings
of any Consolidated Subsidiary that is unavailable for payment of dividends to
the US Guarantor or any other Consolidated Subsidiary by reason of a restriction
or Lien permitted under any of clauses (aa), (bb), and (cc) shall be excluded
from the calculation of Consolidated Net Income (or Loss).

    

    
      
        
           

        

        
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    7.7           Transactions with
Affiliates.  The US Guarantor will not, and will not cause,
permit, or suffer any of its Subsidiaries to, directly or indirectly, enter into
any Contract or other transaction with any Affiliate of the US Guarantor or any
of its Subsidiaries that is material to the US Guarantor and the Consolidated
Subsidiaries taken as a whole, unless either: (a) such Contract or transaction
relates solely to compensation arrangements with directors, officers, or
employees of the US Guarantor, the General Partner, or the Consolidated
Subsidiaries, or (b) such transaction is in the ordinary course of business and
is, taking into account the totality of the relationships involved, on fair and
reasonable terms no less favorable to the US Guarantor and the Consolidated
Subsidiaries taken as a whole than would be obtained in comparable arm’s length
transactions with Persons that are not Affiliates of the US Guarantor or its
Subsidiaries, or (c) the Contract or other transaction is in connection with a
Reorganization or Acquisition permitted under Section 7.2 hereof.

     

    7.8           Fiscal
Year.  The US Guarantor shall not change its fiscal year unless
the parties to the Loan Documents shall first enter into amendments to the Loan
Documents such that the rights of the parties to the Loan Documents will not be
affected by the change in the fiscal year of the US Guarantor, and the parties
shall enter into such amendments as may be required in connection with a change
of the US Guarantor’s fiscal year.

     

    7.9           Compliance with
Environmental Laws.  The US Guarantor will not, and will not
cause, permit, or suffer any of its Subsidiaries to, (a) use any of the Real
Estate or any portion thereof for the handling, processing, storage, or disposal
of Hazardous Substances, (b) cause, permit, or suffer to be located on any of
the Real Estate any underground tank or other underground storage receptacle for
Hazardous Substances, (c) generate any Hazardous Substances on any of the Real
Estate, (d) conduct any activity at any Real Estate or use any Real Estate in
any manner so as to cause a release (i.e., releasing, spilling, leaking,
pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, disposing, or dumping) or threatened release of Hazardous Substances
on, upon, or into the Real Estate, or (e) otherwise conduct any activity at any
Real Estate or use any Real Estate in any manner that would violate any
Environmental Law or bring such Real Estate in violation of any Environmental
Law, in each case, so as would be likely to have a Material Adverse
Effect.

     

    7.10           Employee Benefit
Plans.  The US Guarantor will not, and will not cause, permit,
or suffer any ERISA Affiliate to:

     

    (a)           engage
in any “prohibited transaction” within the meaning of §406 of ERISA or §4975 of
the Code that could result in a material liability for the US Guarantor and its
Consolidated Subsidiaries taken as a whole;

     

    (b)           permit
any Guaranteed Pension Plan to incur an “accumulated funding deficiency”, as
such term is defined in §302 of ERISA, whether or not such deficiency is or may
be waived;

    

    
      
        
           

        

        
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    (c)           fail
to contribute to any Guaranteed Pension Plan to an extent that, or terminate any
Guaranteed Pension Plan in a manner that, could result in the imposition of a
Lien on the assets of the US Guarantor or any of its Subsidiaries pursuant to
§302(f) or §4068 of ERISA; or

     

    (d)           permit
or take any action that would result in the aggregate benefit liabilities
(within the meaning of §4001 of ERISA) of all Guaranteed Pension Plans exceeding
the value of the aggregate assets of such Plans by more than $50,000,000,
disregarding for this purpose the benefit liabilities and assets of any such
Plan with assets in excess of benefit liabilities.

     

    7.11          Amendments to Certain
Documents.  The US Guarantor shall not, without the prior
written consent of the Administrative Agent in each instance, permit or suffer
any material amendments, modifications, supplements, or restatements of its
certificate of limited partnership or the US Guarantor Partnership Agreement
(or, following any conversion of the US Guarantor to a corporation, its
certificate of incorporation or by-laws) that (i) relate to the determination of
Available Cash Flow or Operating Cash Flow under the US Guarantor Partnership
Agreement, or (ii) could reasonably be expected to materially adversely affect
the ability of the US Guarantor to perform and observe its obligations under the
Loan Documents or the legal rights and remedies of the Banks and the
Administrative Agent under any of the Loan Documents.

     

    8.        
    FINANCIAL COVENANTS OF THE
US GUARANTOR.

     

    The US
Guarantor covenants and agrees that, so long as any Loan or any Note is
Outstanding or any Bank has any obligation to make any Loans:

     

    8.1           Consolidated Leverage
Ratio.  The US Guarantor will not at any time permit its
Consolidated Leverage Ratio to exceed 3.00 to 1.00.

     

    8.2           Minimum Consolidated Net
Worth.  As of the last day of each calendar quarter, the US
Guarantor shall not permit its Consolidated Net Worth to be less than
$1,300,000,000.

     

    8.3           Miscellaneous.  For
purposes of this Section 8, demand obligations shall be deemed to be due and
payable during any fiscal year during which such obligations are
outstanding.

     

    9.        
    CLOSING
CONDITIONS.

     

    The
obligations of the Banks to enter into this Credit Agreement shall be subject to
the satisfaction of the following conditions precedent at or before the Closing
Date:

     

    9.1           Financial Statements and
Material Changes.  The Banks shall be reasonably satisfied that
(a) the financial statements of the US Guarantor and the Consolidated
Subsidiaries referred to in Section 5.4 fairly present in all material respects
the business and financial condition and the results of operations of the US
Guarantor and the Consolidated Subsidiaries as of the dates and for the periods
to which such financial statements relate, and (b) there shall have been no
material adverse change in the Business of the US Guarantor and the Consolidated
Subsidiaries taken as a whole since the dates of such financial
statements.

     

    9.2           Loan
Documents.  Each of the Loan Documents shall have been duly
executed and delivered by the respective parties thereto and shall be in full
force and effect.  Each Bank and the Administrative Agent shall have
received a fully executed copy of each such document.

    

    
      
        
           

        

        
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    9.3           Certified Copies of Charter
Documents.  Each of the Banks and the Administrative Agent
shall have received from the US Guarantor, the General Partner and the Borrower
(a) a copy of its certificate of limited partnership, certificate of
incorporation, certificate of formation or other charter document duly certified
as of a recent date by the Secretary of State of Delaware, (b) a copy, certified
by a duly authorized officer of such Entity to be true and complete on the
Closing Date, of its agreement of limited partnership, by-laws, limited
liability company agreement or equivalent document as in effect on such date,
and (c) a certificate of the Secretary of State of Delaware as to the due
organization, legal existence, and good standing of such Entity.  The
certificate of incorporation, partnership agreement and by-laws, certificate of
limited partnership or certificate of formation of limited liability company
agreement, as the case may be, of the US Guarantor, the General Partner and the
Borrower shall be in all respects satisfactory in form and substance to the
Banks and the Administrative Agent.

     

    9.4           Partnership, Corporate and
Company Action.  All partnership, corporate or company action
necessary for the valid execution, delivery, and performance by the each Loan
Party of this Credit Agreement and the other Loan Documents to which it is or is
to become a party, and all corporate action necessary for the General Partner to
cause the US Guarantor to execute, deliver, and perform this Credit Agreement
and the other Loan Documents to which the US Guarantor is or is to become a
party, shall have been duly and effectively taken, evidence thereof reasonably
satisfactory to the Banks and the Administrative Agent shall have been provided
to each of the Banks, and such action shall be in full force and effect at the
Closing Date.

     

    9.5           Consents.  Each
party hereto shall have duly obtained all consents and approvals of Government
Authorities and other third parties, and shall have effected all notices,
filings, and registrations with Government Authorities and other third parties,
as may be required in connection with the execution, delivery, performance, and
observance of the Loan Documents; all of such consents, approvals, notices,
filings, and registrations shall be in full force and effect; and the Banks and
the Administrative Agent shall have each received evidence thereof satisfactory
to them.

     

    9.6           Opinions of
Counsel.  Each of the Banks and the Administrative Agent shall
have received a favorable opinion addressed to the Banks and the Administrative
Agent, dated as of the Closing Date, from Sidley Austin LLP, special United
Sates counsel to the Loan Parties, and from Linklaters LLP, counsel to AXA, in
the form of Exhibits I-1 and I-2 hereto, respectively.

     

    9.7           Proceedings.  Except
as may be disclosed in the US Guarantor’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2007, there shall be no Proceedings pending or
threatened the result of which, if adversely determined, is reasonably likely to
impair or prevent the US Guarantor’s or the Borrower’s performance and
observance of its obligations under this Credit Agreement and the other Loan
Documents.

     

    9.8           Incumbency
Certificate.  Each of the Banks and the Administrative Agent
shall have received from each Loan Party an incumbency certificate, dated as of
the Closing Date, signed by a duly authorized officer of such Loan Party and
giving the name and bearing a specimen signature of each individual who shall be
authorized: (a) to sign, in the name and on behalf of such Loan Party, each of
the Loan Documents to which such Loan Party is or is to become a party; (b) in
the case of the Borrower, to make Loan Requests and Conversion Requests and
Swing Loan Requests; and (c) in the case of the Borrower, to give notices and to
take other action on behalf of the Borrower under the Loan
Documents.

     

    9.9           Fees.  The
Borrower shall have paid to the Administrative Agent for the accounts of the
Banks all fees then payable.

    

    
      
        
           

        

        
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    9.10         Representations and
Warranties True; No Defaults.  The Administrative Agent and the
Banks shall have received a certificate of an officer of the US Guarantor and
the General Partner, in form and substance satisfactory to the Administrative
Agent and the Banks, to the effect that (i) each of the representations and
warranties set forth herein and each of the other Loan Documents is true and
correct in all material respects on and as of the Closing Date, and (ii) no
material defaults exist under any material contract or agreement of the US
Guarantor or the Borrower, including, without limitation, this Credit Agreement
and the other Loan Documents.

     

    9.11         Determinations under Section
9.  Without limiting the generality of the provisions of
Section 13.1.4, for purposes of determining compliance with the conditions
specified in this Section 9, each Bank that has signed this Credit Agreement
shall be deemed to have consented to, approved, accepted and to be satisfied
with, each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to a Bank unless the Administrative
Agent shall have received notice from such Bank prior to the proposed Closing
Date specifying its objection thereto.

     

    10.           CONDITIONS TO ALL
BORROWINGS.

     

    The
obligations of the Banks to make any Loan, including the Revolving Credit Loans
and the Swing Loans, whether on or after the Closing Date, shall also be subject
to the satisfaction of the conditions precedent set forth below.  Each
of the submission of a Loan Request or a Swing Loan Request by the Borrower and
the acceptance by the Borrower of any Loan shall constitute a representation and
warranty by the Borrower that the conditions set forth below have been
satisfied.

     

    10.1         No
Default.  No Default or Event of Default shall have occurred
and be continuing.

     

    10.2         Representations
True.  Each of the representations and warranties of each Loan
Party and its Subsidiaries contained in this Credit Agreement (other than the
representation and warranty set forth in Section 5.5), the other Loan Documents,
or in any document or instrument delivered pursuant to or in connection with
this Credit Agreement shall be true and correct in all material respects as of
the time of the making of such Loan, with the same effect as if made at and as
of that time (except (a) to the extent that such representations and warranties
expressly relate to a prior date, in which case they shall be true and correct
in all material respects as of such earlier date, and (b) to the extent of
changes resulting from transactions contemplated or permitted by this Credit
Agreement and the other Loan Documents and changes occurring in the ordinary
course of business that singly or in the aggregate are not materially adverse to
the US Guarantor and its Consolidated Subsidiaries taken as a
whole).

     

    10.3         Loan Request.  In the case of a
Revolving Credit Loan, the Administrative Agent shall have received a Loan
Request as provided in Section 2.8.1.  In the case of a Swing Loan,
the each Bank and the Administrative Agent shall have received a Swing Loan
Request as provided in Section 2.8.2.

     

    10.4         Payment of
Fees.  Without limiting any other condition, the Borrower shall
have paid to the Administrative Agent, for the account of the Banks and the
Administrative Agent as appropriate, all fees and other amounts due and payable
under the Loan Documents at or prior to the time of the making of such
Loan.

     

    10.5         No Legal
Impediment.  No change shall have occurred in any Government
Mandate that in the reasonable opinion of any Bank would make it illegal for
such Bank to make such Loan (it being understood that this section shall be a
condition only for the Bank or Banks affected by such Government
Mandate).

    

    
      
        
           

        

        
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    11.           EVENTS OF DEFAULT;
ACCELERATION; ETC.

     

    11.1         Events of Default and
Acceleration.  If any of the following events (“Events of Default” or, if the giving
of notice or the lapse of time or both is required, then, prior to such notice
or lapse of time, “Defaults”)
shall occur:

     

    (a)           failure
to pay any principal of the Loans when the same shall become due and payable,
whether at the stated date of maturity or any accelerated date of maturity or at
any other date fixed for payment;

     

    (b)           failure
to pay any interest on the Loans when the same shall become due and payable,
whether at the stated date of maturity or any accelerated date of maturity or at
any other date fixed for payment, and such failure shall continue for five (5)
days after written notice of such failure has been given to the Borrower by the
Administrative Agent;

     

    (c)           any
US Loan Party shall fail to perform or observe any of its covenants contained in
Sections 6.5.1, 6.6.1, 7.1, 7.2, 7.3(xiv), 7.11, 8, or, if such failure relates
to a Lien securing Funded Debt, 7.3;

     

    (d)           any
US Loan Party or any of its Subsidiaries shall fail to perform or observe any
term, covenant, or agreement contained herein or in any of the other Loan
Documents (other than those specified elsewhere in this Section 11) for thirty
(30) days after written notice of such failure has been given to such US Loan
Party by the Administrative Agent, provided, that a
failure to perform or observe the terms, covenants and agreements set forth in
Section 6.4, Section 6.5.3, Section 6.9 or Section 6.13.1 that continues for
more than ten (10) days (regardless of whether notice of such failure is given
to such US Loan Party) shall constitute an Event of Default
hereunder;

     

    (e)           any
representation or warranty of any US Loan Party or any of its Subsidiaries in
this Credit Agreement, any of the other Loan Documents, or in any other document
or instrument delivered pursuant to or in connection with this Credit Agreement
shall prove to have been incorrect in any material respect upon the date when
made or deemed to have been made or repeated;

     

    (f)            failure
to make a payment of principal or interest, or the occurrence of a default,
event of default, or other event permitting (with or without the passage of time
or the giving of notice) acceleration or exercise of remedies or, with respect
to any Swap Contract, as to which the US Guarantor or any Subsidiary is the
defaulting party, permitting early termination thereof shall occur with respect
to (i) any Indebtedness for money borrowed, (ii) any Indebtedness in respect of
the deferred purchase price of goods or services, (iii) any Capitalized Lease,
(iv) any Broker-Dealer Debt, (v) any Swap Contract or (vi) any Synthetic Lease
Obligation, of the US Guarantor or any of its Subsidiaries, having a principal
amount (or (x) in the case of a Capitalized Lease, scheduled rental payments
with a discounted present value from the last day of the initial term to the
date of determination as determined in accordance with generally accepted
accounting principles or (y) in the case of a Swap Contract, the Swap
Termination Value or (z) in the case of a Synthetic Lease Obligation, the amount
of Attributable Indebtedness with respect thereto), (A) in any one case, of
 $100,000,000 or more, or (B) in the
aggregate, of $250,000,000 or more, and such failure to make a payment of
principal or interest, or a default, event of default, or other event shall
continue for such period of time as would entitle the holder of such
Indebtedness, Capitalized Lease, Swap Contract or Synthetic Lease Obligation
(with or without notice) to accelerate such Indebtedness or terminate such
Capitalized Lease, Swap Contract or Synthetic Lease Obligation;

    

    
      
        
           

        

        
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    (g)           any
of the Loan Documents shall be cancelled, terminated, revoked, or rescinded
otherwise than in accordance with the terms thereof or with the express prior
written agreement, consent, or approval of the Banks, or any Proceeding to
cancel, revoke, or rescind any of the Loan Documents shall be commenced by or on
behalf of any Loan Party or any of its Subsidiaries party thereto, or any
Government Authority of competent jurisdiction shall make a determination that,
or issue a Government Mandate to the effect that, any material provision of one
or more of the Loan Documents is illegal, invalid, or unenforceable in
accordance with the terms thereof;

     

    (h)           the
US Guarantor, Alliance Distributors, the General Partner, the Borrower or any
Material Subsidiary shall make an assignment for the benefit of creditors, or
admit in writing its inability to pay or generally fail to pay its debts as they
mature or become due, or shall petition or apply for the appointment of a
trustee or other custodian, liquidator, or receiver of the US Guarantor,
Alliance Distributors, the General Partner, the Borrower or any Material
Subsidiary or of any substantial part of the assets of the US Guarantor,
Alliance Distributors, the General Partner, the Borrower or any Material
Subsidiary, or shall commence any Proceeding relating to the US Guarantor,
Alliance Distributors, the General Partner, the Borrower or any Material
Subsidiary under any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution, liquidation, or similar law of any
jurisdiction, now or hereafter in effect, or shall take any action to authorize
or in furtherance of any of the foregoing, or if any such petition or
application shall be filed or any such Proceeding shall be commenced against the
US Guarantor, Alliance Distributors, the General Partner, the Borrower or any
Material Subsidiary and any of such parties shall indicate its approval thereof,
consent thereto, or acquiescence therein;

     

    (i)        
   either (i) an involuntary Proceeding relating to the US
Guarantor, Alliance Distributors, the General Partner, the Borrower or any
Material Subsidiary under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt, dissolution, liquidation, or similar law of
any jurisdiction, now or hereafter in effect is commenced and not dismissed or
vacated within sixty (60) days following entry thereof, or (ii) a decree or
order is entered appointing any trustee, custodian, liquidator, or receiver
described in (h) or adjudicating the US Guarantor, Alliance Distributors, the
General Partner, the Borrower or any Material Subsidiary bankrupt or insolvent,
or approving a petition in any such Proceeding, or a decree or order for relief
is entered in respect of the US Guarantor, Alliance Distributors, the General
Partner, the Borrower or any Material Subsidiary in an involuntary Proceeding
under federal bankruptcy laws as now or hereafter constituted;

     

    (j)         
  there shall remain in force, undischarged, unsatisfied, and
unstayed, for more than forty-five (45) days, any final judgment or order
against the US Guarantor or any of its Subsidiaries, that, with any other such
outstanding final judgments or orders, undischarged, against the US Guarantor
and its Subsidiaries taken together exceeds in the aggregate
$50,000,000;

     

    (k)           with
respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have
occurred and the Majority Banks shall have determined in their reasonable
discretion that such event reasonably could be expected to result in liability
of the US Guarantor or any of its Subsidiaries to the PBGC or such Guaranteed
Pension Plan in an aggregate amount exceeding $50,000,000 and such event in the
circumstances occurring reasonably could constitute grounds for the termination
of such Guaranteed Pension Plan by the PBGC or for the appointment by the
appropriate United States District Court of a trustee to administer such
Guaranteed Pension Plan; or a trustee shall have been appointed by the United
States District Court to administer such Guaranteed Pension Plan; or the PBGC
shall have instituted proceedings to terminate such Guaranteed Pension
Plan;

    

    
      
        
           

        

        
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    (l)         
  any of the following: (i) the US Guarantor shall fail to be duly
registered as an “investment adviser” under the Investment Advisers Act of 1940;
or (ii) Alliance Distributors shall cease to be duly registered as a
“broker/dealer” under the Securities Exchange Act of 1934 or shall cease to be a
member in good standing of the National Association of Securities Dealers, Inc.,
in each case, to the extent required;

     

    (m)           the
US Guarantor, Alliance Distributors, the General Partner, the Borrower or any
Material Subsidiary shall either (i) be indicted for a federal or state crime
and, in connection with such indictment, Government Authorities shall seek to
seize or attach, or seek a civil forfeiture of, property of the US Guarantor,
Alliance Distributors, the General Partner, the Borrower or one or more of such
Material Subsidiaries having a fair market value in excess of $50,000,000, or
(ii) be found guilty of, or shall plead guilty, no contest, or nolo contendere to,
any federal or state crime, a punishment for which could include a fine,
penalty, or forfeiture of any assets of the US Guarantor, Alliance Distributors,
the General Partner, the Borrower or such Material Subsidiary having in any such
case a fair market value in excess of $50,000,000; or

     

    (n)           AllianceBernstein
Corporation shall cease to be the sole general partner of the US Guarantor, and
such circumstance shall continue for thirty (30) days after written notice of
such circumstance has been given to the US Guarantor, provided, that the admission
of additional Persons as general partner of the US Guarantor shall not
constitute an Event of Default if, prior to the admission of any such general
partner, the US Guarantor delivers to the Banks (i) the documentation with
respect to such general partner that would be required under Section 9.3 if such
Person were a General Partner on the Closing Date, (ii) an incumbency
certificate for such general partner as required for the US Guarantor pursuant
to Section 9.8, and (iii) an opinion from counsel reasonably acceptable to the
Banks, in form and substance reasonably satisfactory to the Banks, as to such
general partner’s power and authority to act on behalf of the US Guarantor as a
general partner of the US Guarantor; or

     

    (o)           an
“Event of Default” as defined in the AXA Guaranty shall have occurred and be
continuing and the Borrower or the US Guarantor shall fail to pay, within five
(5) Business Days after notice in writing to the Borrower from the
Administrative Agent, acting at the request of, or with the consent of, the
Majority Banks, any Obligations owing with respect to any Loan
Document;

     

    then, and
in any such event, so long as the same may be continuing, the Administrative
Agent shall, at the request of, or may with the consent of, the Majority Banks
take one or more of the following actions: (x) declare the Commitment of each
Bank to make Loans to be terminated, whereupon such Commitment shall be
terminated; and (y) by notice in writing to the Borrower declare all amounts
owing with respect to this Credit Agreement, any Notes, and the other Loan
Documents to be, and they shall thereupon forthwith become, immediately due and
payable without presentment, demand, protest, or other notice of any kind, all
of which are hereby expressly waived by the Borrower.  In addition, in
any such event, so long as the same may be continuing, the Administrative Agent
may or, at the request of the Majority Banks, shall exercise on behalf of itself
and the Banks all other rights and remedies available to it and the Banks under
the Loan Documents or applicable law.  Notwithstanding the foregoing,
in the event of any Event of Default specified in Section 11.1(h) or Section
11.1(i) or Section 9(d) of the AXA Guaranty, all such amounts shall become
immediately due and payable automatically and without any requirement of notice
from the Administrative Agent or any Bank, and any unused portion of the Total
Commitment hereunder shall forthwith terminate and each of the Banks shall be
relieved of all obligations to make Loans to the Borrower.  Any
declaration under this Section 11.1 may be rescinded by the Majority Banks after
the Events of Default leading to such declaration are cured or
waived.

    

    
      
        
           

        

        
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    11.2           Termination of
Commitments.  No termination of the Total Commitment hereunder
shall relieve any US Loan Party of any of the Obligations or any of its existing
obligations to any of the Banks arising under this Credit Agreement, the Notes
or the other Loan Documents.

     

    11.3           Application of
Monies.  In the event that, during the continuance of any
Default or Event of Default, the Administrative Agent or any Bank, as the case
may be, receives any monies in connection with the enforcement of rights under
the Loan Documents, such monies shall be distributed for application as
follows:

     

    (a)           First,
to the payment of, or (as the case may be) the reimbursement of the
Administrative Agent and the Banks for or in respect of all costs, expenses,
disbursements, and losses that shall have been incurred or sustained by the
Administrative Agent and the Banks in connection with the collection of such
monies by the Administrative Agent or any such Banks, for the exercise,
protection, or enforcement by the Administrative Agent or any such Banks of all
or any of the rights, remedies, powers, and privileges of the Administrative
Agent or any such Banks under this Credit Agreement or any of the other Loan
Documents, or in support of any provision of adequate indemnity to the
Administrative Agent or any such Banks against any taxes or Liens that by
Government Mandate shall have, or may have, priority over the rights of the
Administrative Agent or any such Banks to such monies;

     

    (b)           Second,
to all other Obligations in such order or preference as the Majority Banks may
determine; provided, however, that
distributions among Obligations owing to the Banks and the Administrative Agent
with respect to each type of Obligation such as interest, principal, fees, and
expenses, shall be made among the Banks and the Administrative Agent pro rata according to
the respective amounts thereof; and provided, further, that the
Administrative Agent may in its discretion make proper allowance to take into
account any Obligations not then due and payable; and

     

    (c)           Third,
the excess, if any, shall be returned to the Borrower or to such other Persons
as are entitled thereto.

     

    12.      
     SETOFF.

     

    Regardless
of the adequacy of any collateral, during the continuance of any Event of
Default, any deposits or other sums credited by or due from any of the Banks to
any US Loan Party and any securities or other property of any US Loan Party in
the possession of such Bank may be applied to or set off by such Bank against
the payment of Obligations and any and all other liabilities, direct, or
indirect, absolute or contingent, due or to become due, now existing or
hereafter arising, of the US Loan Parties to such Bank.  Each of the
Banks agrees with each other Bank that if such Bank shall receive from any US
Loan Party, whether by voluntary payment, exercise of the right of setoff,
counterclaim, cross action, enforcement of the Obligations held by such Bank by
Proceedings against any US Loan Party, by proof thereof in bankruptcy,
reorganization, liquidation, receivership, or similar Proceedings, or otherwise,
and shall retain and apply to the payment of the Obligations held by such Bank,
any amount in excess of its ratable portion of the payments received by all of
the Banks with respect to the Obligations held by all of the Banks (exclusive of
payments to be made for the account of less than all of the Banks as provided in
Sections 3.2.2, 4.6, 4.7, 4.9 and 4.11), such Bank will make such disposition
and arrangements with the other Banks with respect to such excess, either by way
of distribution, pro tanto assignment of
claims, subrogation or otherwise as shall result in each Bank receiving in
respect of the Obligations held by it, its proportionate payment as contemplated
by this Credit Agreement; provided that if all
or any part of such excess payment is thereafter recovered from such Bank, such
disposition and arrangements shall be rescinded and the amount restored to the
extent of such recovery, but without interest.

    

    
      
        
           

        

        
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    13.           THE ADMINISTRATIVE
AGENT.

     

    13.1.1                      Appointment and
Authority.  Each of the Banks hereby irrevocably appoints
Citibank to act on its behalf as the Administrative Agent hereunder and under
the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto.  The provisions of
this Article
are solely for the benefit of the Administrative Agent and the Banks, and no
Loan Party shall have any rights as a third party beneficiary of any of such
provisions.

     

    13.1.2                      Administrative Agent
Individually.  (a)  The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Bank as any other Bank and may exercise the same as though it were
not the Administrative Agent and the term “Bank” or “Banks” shall, unless
otherwise expressly indicated or unless the context otherwise requires, include
the Person serving as the Administrative Agent hereunder in its individual
capacity.  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 any Loan Party or any
Subsidiary or other Affiliate thereof as if such Person were not the
Administrative Agent hereunder and without any duty to account therefor to the
Banks.

     

    (b)           Each
Bank understands that the Person serving as Administrative Agent, acting in its
individual capacity, and its Affiliates (collectively, the “Administrative Agent’s
Group”) are engaged in a wide range of financial services and businesses
(including investment management, financing, securities trading, corporate and
investment banking and research) (such services and businesses are collectively
referred to in this Section 13.1 as “Activities”) and may
engage in the Activities with or on behalf of one or more of the Loan Parties or
their respective Affiliates.  Furthermore, the Administrative Agent’s
Group may, in undertaking the Activities, engage in trading in financial
products or undertake other investment businesses for its own account or on
behalf of others (including the Loan Parties and their Affiliates and including
holding, for its own account or on behalf of others, equity, debt and similar
positions in the Borrower, another Loan Party or their respective Affiliates),
including trading in or holding long, short or derivative positions in
securities, loans or other financial products of one or more of the Loan Parties
or their Affiliates.  Each Bank understands and agrees that in
engaging in the Activities, the Administrative Agent’s Group may receive or
otherwise obtain information concerning the Loan Parties or their Affiliates
(including information concerning the ability of the Loan Parties to perform
their respective obligations hereunder and under the other Loan Documents) which
information may not be available to any of the Banks that are not members of the
Administrative Agent’s Group.  None of the Administrative Agent nor
any member of the Administrative Agent’s Group shall have any duty to disclose
to any Bank or use on behalf of the Banks, and shall not be liable for the
failure to so disclose or use, any information whatsoever about or derived from
the Activities or otherwise (including any information concerning the business,
prospects, operations, property, financial and other condition or
creditworthiness of any Loan Party or any Affiliate thereof) or to account for
any revenue or profits obtained in connection with the Activities, except that
the Administrative Agent shall deliver or otherwise make available to each Bank
such documents as are expressly required by any Loan Document to be transmitted
by the Administrative Agent to the Banks.

    

    
      
        
           

        

        
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    (c)           Each
Bank further understands that there may be situations where members of the
Administrative Agent’s Group or their respective customers (including the Loan
Parties and their Affiliates) either now have or may in the future have
interests or take actions that may conflict with the interests of any one or
more of the Banks (including the interests of the Banks hereunder and under the
other Loan Documents).  Each Bank agrees that no member of the
Administrative Agent’s Group is or shall be required to restrict its activities
as a result of the Person serving as Administrative Agent being a member of the
Administrative Agent’s Group, and that each member of the Administrative Agent’s
Group may undertake any Activities without further consultation with or
notification to any Bank.  None of (i) this Credit Agreement nor any
other Loan Document, (ii) the receipt by the Administrative Agent’s Group of
information (including Information) concerning the Loan Parties or their
Affiliates (including information concerning the ability of the Loan Parties to
perform their respective obligations hereunder and under the other Loan
Documents) nor (iii) any other matter shall give rise to any fiduciary,
equitable or contractual duties (including without limitation any duty of trust
or confidence) owing by the Administrative Agent or any member of the
Administrative Agent’s Group to any Bank including any such duty that would
prevent or restrict the Administrative Agent’s Group from acting on behalf of
customers (including the Loan Parties or their Affiliates) or for its own
account.

     

    13.1.3      Duties of Administrative
Agent; Exculpatory Provisions.  (a)  The
Administrative Agent's duties hereunder and under the other Loan Documents are
solely ministerial and administrative in nature and the Administrative Agent
shall not have any duties or obligations except those expressly set forth herein
and in the other Loan Documents.  Without limiting the generality of
the foregoing, the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, but shall be required
to act or refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the written direction of the Majority Banks (or
such other number or percentage of the Banks as shall be expressly provided for
herein or in the other Loan Documents), provided that the
Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent or
any of its Affiliates to liability or that is contrary to any Loan Document or
applicable law.

     

    (b)           The
Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Majority Banks (or such other
number or percentage of the Banks as shall be necessary, or as the
Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 15 and 26) or (ii) in the
absence of its own gross negligence or willful misconduct.  The
Administrative Agent shall be deemed not to have knowledge of any Default or the
event or events that give or may give rise to any Default unless and until any
Loan Party or any Bank shall have given notice to the Administrative Agent
describing such Default and such event or events.

     

    (c)           Neither
the Administrative Agent nor any member of the Administrative Agent’s Group
shall be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty, representation or other information made or
supplied in or in connection with this Credit Agreement or any other Loan
Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith or the
adequacy, accuracy and/or completeness of the information contained therein,
(iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of
this Credit Agreement, any other Loan Document or any other agreement,
instrument or document or the perfection or priority of any Lien or security
interest created or purported to be created hereby or (v) the satisfaction
of any condition set forth in Section 9 or elsewhere herein, other than (but
subject to the foregoing clause (ii)) to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

    

    
      
        
           

        

        
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    (d)           Nothing
in this Credit Agreement or any other Loan Document shall require the
Administrative Agent or any of its Related Parties to carry out any "know your
customer" or other checks in relation to any person on behalf of any Bank and
each Bank confirms to the Administrative Agent that it is solely responsible for
any such checks it is required to carry out and that it may not rely on any
statement in relation to such checks made by the Administrative Agent or any of
its Related Parties.

     

    13.1.4      Reliance by Administrative
Agent.  The Administrative Agent shall be entitled to rely
upon, 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.  The Administrative
Agent also may rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon.  In determining compliance with any
condition hereunder to the making of a Loan, that by its terms must be fulfilled
to the satisfaction of a Bank, the Administrative Agent may presume that such
condition is satisfactory to such Bank unless an officer of the Administrative
Agent responsible for the transactions contemplated hereby shall have received
notice to the contrary from such Bank prior to the making of such Loan, and in
the case of a Borrowing, such Bank shall not have made available to the
Administrative Agent such Bank’s ratable portion of such
Borrowing.  The Administrative Agent may consult with legal counsel
(who may be counsel for the Borrower or any other Loan Party), independent
accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

     

    13.1.5     
Delegation of
Duties.  The Administrative Agent may perform any and all of
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
Administrative Agent.  The Administrative Agent and any such sub-agent
may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties.  Each such sub-agent and the
Related Parties of the Administrative Agent and each such sub-agent shall be
entitled to the benefits of all provisions of this Section 13.1 and Sections 15
and 16 (as though
such sub-agents were the “Administrative Agent” under the Loan Documents) as if
set forth in full herein with respect thereto.

     

    13.1.6       Resignation of
Administrative Agent.  (a) The Administrative Agent may at any
time give 60 days prior written notice of its resignation to the Banks and the
Borrower.  Upon receipt of any such notice of resignation, the
Majority Banks shall have the right, in consultation with the Borrower, to
appoint a successor, which shall be a Bank with an office in the United States,
or an Affiliate of any such Bank with an office in the United
States.  Any such appointment shall be subject to the consent of the
Borrower at all times other than during the existence of an Event of Default
(which consent of the Borrower shall not be unreasonably withheld or
delayed).  If no such successor shall have been so appointed by the
Majority Banks and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation (such
30-day period, the “Bank Appointment
Period”), then the retiring Administrative Agent may on behalf of the
Banks, appoint a successor Administrative Agent meeting the qualifications set
forth above, which shall be subject to the consent of the Borrower at all times
other than during the continuance of an Event of Default (which consent shall
not be unreasonably withheld or delayed).  In addition and without any
obligation on the part of the retiring Administrative Agent to appoint, on
behalf of the Banks, a successor Administrative Agent, the retiring
Administrative Agent may at any time upon or after the end of the Bank
Appointment Period notify the Borrower and the Banks that no qualifying Person
has accepted appointment as successor Administrative Agent and the effective
date of such retiring Administrative Agent’s resignation which effective date
shall be no earlier than three Business Days after the date of such
notice.  Upon the resignation effective date established in such
notice and regardless of whether a successor Administrative Agent has been
appointed and accepted such appointment, the retiring Administrative Agent’s
resignation shall nonetheless become effective and (i) the retiring
Administrative Agent shall be discharged from its duties and obligations as
Administrative Agent hereunder and under the other Loan Documents and
(ii) all payments, communications and determinations provided to be made
by, to or through the Administrative Agent shall instead be made by or to each
Bank directly, until such time as the Majority Banks appoint a successor
Administrative Agent as provided for above in this paragraph.  Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties as Administrative Agent of the retiring (or
retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations as Administrative Agent
hereunder or under the other Loan Documents (if not already discharged therefrom
as provided above in this paragraph).  The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrower and such
successor.  After the retiring Administrative Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Section
13.1 and Sections 15 and 16 shall continue in effect
for the benefit of such retiring Administrative 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 the retiring Administrative Agent was acting as
Administrative Agent.

    

    
      
        
           

        

        
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    (b)           Any
resignation pursuant to this Section 13.1.6 by a Person acting as Administrative
Agent shall, unless such Person shall notify the Borrower and the Banks
otherwise, also act to relieve such Person and its Affiliates of any obligation
to advance Swing Loans where such advance is to occur on or after the effective
date of such resignation.  Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, (i) such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of
the retiring Bank, (ii) the retiring Bank shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents, (iii) the
successor Bank shall enter into an Assignment and Assumption and acquire from
the retiring Bank each outstanding Swing Loan of such retiring Bank for a
purchase price equal to par plus accrued interest.

     

    13.1.7      Non-Reliance on
Administrative Agent and Other Banks.  (a)  Each Bank
confirms to the Administrative Agent, each other Bank and each of their
respective Related Parties that it (i) possesses (individually or through its
Related Parties) such knowledge and experience in financial and business matters
that it is capable, without reliance on the Administrative Agent, any other Bank
or any of their respective Related Parties, of evaluating the merits and risks
(including tax, legal, regulatory, credit, accounting and other financial
matters) of (x) entering into this Credit Agreement, (y) making Loans and other
extensions of credit hereunder and under the other Loan Documents and (z) in
taking or not taking actions hereunder and thereunder, (ii) is financially able
to bear such risks and (iii) has determined that entering into this Credit
Agreement and making Loans and other extensions of credit hereunder and under
the other Loan Documents is suitable and appropriate for it.

    

    
      
        
           

        

        
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    (b)           Each
Bank acknowledges that (i) it is solely responsible for making its own
independent appraisal and investigation of all risks arising under or in
connection with this Credit Agreement and the other Loan Documents, (ii) that it
has, independently and without reliance upon the Administrative Agent, any other
Bank or any of their respective Related Parties, made its own appraisal and
investigation of all risks associated with, and its own credit analysis and
decision to enter into, this Credit Agreement based on such documents and
information, as it has deemed appropriate and (iii) it will, independently and
without reliance upon the Administrative Agent, any other Bank or any of their
respective Related Parties, continue to be solely responsible for making its own
appraisal and investigation of all risks arising under or in connection with,
and its own credit analysis and decision to take or not take action under, this
Credit Agreement and the other Loan Documents based on such documents and
information as it shall from time to time deem appropriate, which may include,
in each case:

     

    (i)           the
financial condition, status and capitalization of the Borrower and each other
Loan Party;

    

    (ii)           the
legality, validity, effectiveness, adequacy or enforceability of this Credit
Agreement and each other Loan Document and any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in
connection with any Loan Document;

    

    (iii)          determining
compliance or non-compliance with any condition hereunder to the making of a
Loan, or the issuance of a Letter of Credit and the form and substance of all
evidence delivered in connection with establishing the satisfaction of each such
condition;

    

    (iv)          the
adequacy, accuracy and/or completeness of the Information Memorandum and any
other information delivered by the Administrative Agent, any other Bank or by
any of their respective Related Parties under or in connection with this Credit
Agreement or any other Loan Document, the transactions contemplated hereby and
thereby or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Loan
Document.

    

    13.1.8      No Other Duties,
etc.  Anything herein to the contrary notwithstanding, none of
the Persons acting as Bookrunners, Arrangers or Co-Syndication Agents listed on
the cover page hereof shall have any powers, duties or responsibilities under
this Credit Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent or as a Bank
hereunder.

     

    13.1.9      Administrative Agent May
File Proofs of Claim.  In case
of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to any Loan Party, the Administrative Agent (irrespective of
whether the principal of any Loan shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on any Loan Party) shall be
entitled and empowered, by intervention in such proceeding or
otherwise

     

    (a)           to
file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Banks and the Administrative Agent (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Banks and the Administrative Agent and its counsel and all other amounts
due the Banks and the Administrative Agent under Sections 2.2, 2.3 and 15)
allowed in such judicial proceeding; and

    

    
      
        
           

        

        
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    (b)           to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

     

    and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Bank to make such payments to the Administrative Agent and, if the
Administrative Agent shall consent to the making of such payments directly to
the Banks, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent
and its agents and counsel, and any other amounts due the Administrative Agent
under Sections 2.2, 2.3 and 15.

     

    Nothing
contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Bank any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations
or the rights of any Bank or to authorize the Administrative Agent to vote in
respect of the claim of any Bank in any such proceeding.

     

    13.2           Other Agents; Arrangers and
Managers.  None of the Banks or other Persons identified on the
facing page or signature pages of this Credit Agreement as a “co-syndication
agent,” “book manager,” or “arranger” shall have any right, power, obligation,
liability, responsibility or duty under this Credit Agreement other than, in the
case of such Banks, those applicable to all Banks in their individual capacity
as parties hereto.  Without limiting the foregoing, none of the Banks
or other Persons so identified shall have or be deemed to have any fiduciary
relationship with any Bank.  Each Bank acknowledges that it has not
relied, and will not rely, on any of the Banks or other Persons so identified in
deciding to enter into this Credit Agreement or in taking or not taking action
hereunder.

     

    13.3           Payments.

     

    13.3.1       Payments to Administrative
Agent.  A payment by any Loan Party to the Administrative Agent
hereunder or under any of the other Loan Documents for the account of any Bank
shall constitute a payment to such Bank.  The Administrative Agent
shall promptly distribute to each Bank such Bank’s pro rata share of
payments received by the Administrative Agent for the account of the Banks
except as otherwise expressly provided herein or in any of the other Loan
Documents.

     

    13.3.2    
 Distribution by
Administrative Agent.  If in the reasonable opinion of the
Administrative Agent the distribution of any amount received by it in such
capacity hereunder, under any Notes, or under any of the other Loan Documents
might involve it in liability, it may refrain from making distribution until its
right to make the same shall have been adjudicated by a court of competent
jurisdiction.  If any Government Authority shall adjudge that any
amount received and distributed by the Administrative Agent is to be repaid,
each Person to whom any such distribution shall have been made shall either
repay to the Administrative Agent its proportionate share of the amount so
adjudged to be repaid or shall pay over the same in such manner and to such
Persons as shall be determined by such Government Authority.

    

    
      
        
           

        

        
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    13.3.3      Delinquent
Banks.  Notwithstanding anything to the contrary contained in
this Credit Agreement or any of the other Loan Documents, any Bank that fails
(a) to make available to the Administrative Agent its pro rata share of any
Loan, or (b) to comply with the provisions of Section 12 with respect to making
dispositions and arrangements with the other Banks, where such Bank’s share of
any payment received, whether by setoff or otherwise, is in excess of its pro rata share of
such payments due and payable to all of the Banks, in each case as, when, and to
the full extent required by the provisions of this Credit Agreement, shall be
deemed delinquent (a “Delinquent Bank”) and
shall be deemed a Delinquent Bank until such time as such delinquency is
satisfied.  A Delinquent Bank shall be deemed to have assigned any and
all payments due to it from the Loan Parties, whether on account of Outstanding
Loans, interest, fees, or otherwise, to the remaining nondelinquent Banks for
application to, and reduction of, their respective pro rata shares of all
Outstanding Loans.  The Delinquent Bank hereby authorizes the
Administrative Agent to distribute such payments to the nondelinquent Banks in
proportion to their respective pro rata shares of all
Outstanding Loans.  A Delinquent Bank shall be deemed to have
satisfied in full a delinquency when and if, as a result of application of the
assigned payments to all Outstanding Loans of the non-delinquent Banks, the
Banks’ respective pro rata shares of all
Outstanding Loans have returned to those in effect immediately prior to such
delinquency and without giving effect to the nonpayment causing such
delinquency.

     

    13.4           Holders of
Notes.  Subject to Section 18, the Administrative Agent may
deem and treat the payee of any Note as the absolute owner thereof for all
purposes hereof until it shall have been furnished in writing with a different
name by such payee or by a subsequent holder, assignee, or
transferee.

     

    13.5           Payments by Borrower;
Presumptions by Administrative Agent.  Unless the
Administrative Agent shall have received notice from the Borrower prior to the
time at which any payment is due to the Administrative Agent for the account of
the Banks hereunder that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption,
distribute to the Banks the amount due.  In such event, if the
Borrower has not in fact made such payment, then each of the Banks severally
agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Bank, in immediately available funds with interest thereon,
for each day from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation.

     

    14.         
  GUARANTY

     

    14.1           Guaranty.  (a)  The
US Guarantor hereby absolutely, unconditionally and irrevocably guarantees the
punctual payment when due, whether at scheduled maturity or on any date of a
required prepayment or by acceleration, demand or otherwise, of all obligations
of the Borrower now or hereafter existing under or in respect of this Credit
Agreement and the Notes (including, without limitation, any extensions,
modifications, substitutions, amendments or renewals of any or all of the
foregoing obligations), whether direct or indirect, absolute or contingent, and
whether for principal, interest, premiums, fees, indemnities, contract causes of
action, costs, expenses or otherwise (such obligations being the "Guaranteed
Obligations"), and agrees to pay any and all reasonable expenses (including,
without limitation, reasonable fees and expenses of counsel) incurred by the
Administrative Agent or any Bank in enforcing any rights under this Credit
Agreement.  Without limiting the generality of the foregoing, the US
Guarantor's liability shall extend to all amounts that constitute part of the
Guaranteed Obligations and would be owed by the Borrower to the Administrative
Agent or any Bank under or in respect of this Credit Agreement and the Notes but
for the fact that they are unenforceable or not allowable due to the existence
of a bankruptcy, reorganization or similar proceeding involving the
Borrower.

    

    
      
        
           

        

        
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    (b)           The
US Guarantor hereby unconditionally and irrevocably agrees that in the event any
payment shall be required to be made to the Administrative Agent or any Bank
under this Section 14 or the AXA Guaranty or any other guaranty, the US
Guarantor will contribute, to the maximum extent permitted by law, such amounts
to each other guarantor so as to maximize the aggregate amount paid to the
Administrative Agent and the Banks under or in respect of the Loan
Documents.

     

    14.2      
   Guaranty
Absolute.  The US Guarantor guarantees that the Guaranteed
Obligations will be paid strictly in accordance with the terms of this Credit
Agreement and the Notes, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the
rights of the Administrative Agent or any Bank with respect
thereto.  The obligations of the US Guarantor under or in respect of
this Guaranty are independent of the Guaranteed Obligations or any other
obligations of the Borrower under or in respect of this Credit Agreement and the
Notes, and a separate action or actions may be brought and prosecuted against
the US Guarantor to enforce this Guaranty, irrespective of whether any action is
brought against the Borrower or whether the Borrower is joined in any such
action or actions.  The liability of the US Guarantor under this
Guaranty shall be irrevocable, absolute and unconditional irrespective of, and
the US Guarantor hereby irrevocably waives any defenses it may now have or
hereafter acquire in any way relating to, any or all of the
following:

     

    (a)           any
lack of validity or enforceability of this Credit Agreement, any Note or any
agreement or instrument relating thereto;

     

    (b)           any
change in the time, manner or place of payment of, or in any other term of, all
or any of the Guaranteed Obligations or any other obligations of the Borrower
under or in respect of this Credit Agreement and the Notes, or any other
amendment or waiver of or any consent to departure from this Credit Agreement or
any Note, including, without limitation, any increase in the Guaranteed
Obligations resulting from the extension of additional credit to the Borrower or
any of its Subsidiaries or otherwise;

     

    (c)           any
taking, exchange, release or non-perfection of any collateral, or any taking,
release or amendment or waiver of, or consent to departure from, any other
guaranty, for all or any of the Guaranteed Obligations;

     

    (d)           any
manner of application of any collateral, or proceeds thereof, to all or any of
the Guaranteed Obligations, or any manner of sale or other disposition of any
collateral for all or any of the Guaranteed Obligations or any other obligations
of the Borrower under this Credit Agreement and the Notes or any other assets of
the Borrower or any of its Subsidiaries;

     

    (e)           any
change, restructuring or termination of the company (or equivalent) structure or
existence of the Borrower or any of its Subsidiaries;

     

    (f)           
any failure of the Administrative Agent or any Bank to disclose to the Borrower
any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of the Borrower now or
hereafter known to the Administrative Agent or such Bank (the US Guarantor
waiving any duty on the part of the Administrative Agent and the Banks to
disclose such information);

     

    
      
        
           

        

        
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      (g)           the
failure of any other Person to execute or deliver this Guaranty or any other
guaranty or agreement or the release or reduction of liability of the US
Guarantor or other guarantor or surety with respect to the Guaranteed
Obligations; or

    (h)           any
other circumstance (including, without limitation, any statute of limitations)
or any existence of or reliance on any representation by the Administrative
Agent or any Bank that might otherwise constitute a defense available to, or a
discharge of, the Borrower or any other guarantor or surety.

     

    This
Guaranty shall continue to be effective or be reinstated, as the case may be, if
at any time any payment of any of the Guaranteed Obligations is rescinded or
must otherwise be returned by the Administrative Agent or any Bank or any other
Person upon the insolvency, bankruptcy or reorganization of the Borrower or
otherwise, all as though such payment had not been made.

     

    14.3           Waivers and
Acknowledgments.  (a)  The US Guarantor hereby
unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to
any of the Guaranteed Obligations and this Guaranty and any requirement that the
Administrative Agent or any Bank protect, secure, perfect or insure any Lien or
any property subject thereto or exhaust any right or take any action against the
Borrower or any other Person or any collateral.

     

    (b)           The
US Guarantor hereby unconditionally and irrevocably waives any right to revoke
this Guaranty and acknowledges that this Guaranty is continuing in nature and
applies to all Guaranteed Obligations, whether existing now or in the
future.

     

    (c)           The
US Guarantor hereby unconditionally and irrevocably waives (i) any defense
arising by reason of any claim or defense based upon an election of remedies by
the Administrative Agent or any Bank that in any manner impairs, reduces,
releases or otherwise adversely affects the subrogation, reimbursement,
exoneration, contribution or indemnification rights of the US Guarantor or other
rights of the US Guarantor to proceed against the Borrower, any other guarantor
or any other Person or any collateral and (ii) any defense based on any
right of set-off or counterclaim against or in respect of the obligations of the
US Guarantor hereunder.

     

    (d)           The
US Guarantor hereby unconditionally and irrevocably waives any duty on the part
of the Administrative Agent or any Bank to disclose to the US Guarantor any
matter, fact or thing relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of the Borrower or
any of its Subsidiaries now or hereafter known by the Administrative Agent or
such Bank.

     

    (e)           The
US Guarantor acknowledges that it will receive substantial direct and indirect
benefits from the financing arrangements contemplated by this Credit Agreement
and the Notes and that the waivers set forth in Section 14.2 and this
Section 14.3 are knowingly made in contemplation of such
benefits.

     

    14.4           Subrogation.  The
US Guarantor hereby unconditionally and irrevocably agrees not to exercise any
rights that it may now have or hereafter acquire against the Borrower or any
other insider guarantor that arise from the existence, payment, performance or
enforcement of the US Guarantor's obligations under or in respect of this
Guaranty, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to
participate in any claim or remedy of the Administrative Agent or any Bank
against the Borrower or any other insider guarantor or any collateral, whether
or not such claim, remedy or right arises in equity or under contract, statute
or common law, including, without limitation, the right to take or receive from
the Borrower or any other insider guarantor, directly or indirectly, in cash or
other property or by set-off or in any other manner, payment or security on
account of such claim, remedy or right, unless and until all of the Guaranteed
Obligations and all other amounts payable under this Guaranty shall have been
paid in full in cash and the Commitments shall have expired or been
terminated.  If any amount shall be paid to the US Guarantor in
violation of the immediately preceding sentence at any time prior to the later
of (a) the payment in full in cash of the Guaranteed Obligations and all
other amounts payable under this Guaranty and (b) the Termination Date,
such amount shall be received and held in trust for the benefit of the
Administrative Agent and the Banks, shall be segregated from other property and
funds of the US Guarantor and shall forthwith be paid or delivered to the
Administrative Agent in the same form as so received (with any necessary
endorsement or assignment) to be credited and applied to the Guaranteed
Obligations and all other amounts payable under this Guaranty, whether matured
or unmatured, in accordance with the terms of this Credit Agreement and the
Notes, or to be held as collateral for any Guaranteed Obligations or other
amounts payable under this Guaranty thereafter arising.  If
(i) the US Guarantor shall make payment to the Administrative Agent or any
Bank of all or any part of the Guaranteed Obligations, (ii) all of the
Guaranteed Obligations and all other amounts payable under this Guaranty shall
have been paid in full in cash and (iii) the Termination Date shall have
occurred, the Administrative Agent and the Banks will, at the US Guarantor's
request and expense, execute and deliver to the US Guarantor appropriate
documents, without recourse and without representation or warranty, necessary to
evidence the transfer by subrogation to the US Guarantor of an interest in the
Guaranteed Obligations resulting from such payment made by the US Guarantor
pursuant to this Guaranty.

    

    
      
        
           

        

        
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    14.5           Subordination.  The
US Guarantor hereby subordinates any and all debts, liabilities and other
obligations owed to the US Guarantor by the Borrower (the "Subordinated
Obligations") to the Guaranteed Obligations to the extent and in the manner
hereinafter set forth in this Section 14.5:

     

    (a)           Prohibited Payments,
Etc.  Except after the occurrence and during the continuance of
an Event of Default described in Section 11.1 (a), (b), (h) or (i) (including
the commencement and continuation of any proceeding under any Bankruptcy Law
relating to the Borrower), and, further, after the completion of the five
Business Day period referred to in the next sentence, the US Guarantor may
receive payments from the Borrower on account of the Subordinated
Obligations.  After the occurrence and during the continuance of any
Event of Default described in Section 11.1 (a), (b), (h) or (i) (including the
commencement and continuation of any proceeding under any Bankruptcy Law
relating to the Borrower), if the US Guarantor fails to pay amounts demanded
under Section 14.1(a) for a period of five Business Days, however, unless the
Majority Banks otherwise agree, the US Guarantor shall not demand, accept or
take any action to collect any payment on account of the Subordinated
Obligations.

     

    (b)           Prior Payment of Guaranteed
Obligations.  In any proceeding under any Bankruptcy Law
relating to the Borrower, the US Guarantor agrees that the Administrative Agent
and the Banks shall be entitled to receive payment in full in cash of all
Guaranteed Obligations (including all interest and expenses accruing after the
commencement of a proceeding under any Bankruptcy Law, whether or not
constituting an allowed claim in such proceeding ("Post Petition
Interest")) before the US Guarantor receives payment of any Subordinated
Obligations.

     

    (c)           Turn-Over.  After
the occurrence and during the continuance of any Event of Default described in
Section 11.1 (a), (b), (h) or (i) (including the commencement and continuation
of any proceeding under any Bankruptcy Law relating to the Borrower), if the US
Guarantor fails to pay amounts demanded under Section 14.1(a) for a period of
five Business Days, the US Guarantor shall, if the Administrative Agent so
requests, collect, enforce and receive payments on account of the Subordinated
Obligations as trustee for the Administrative Agent and the Banks and deliver
such payments to the Administrative Agent on account of the Guaranteed
Obligations (including all Post Petition Interest), together with any necessary
endorsements or other instruments of transfer, but without reducing or affecting
in any manner the liability of the US Guarantor under the other provisions of
this Guaranty.

    

    
      
        
           

        

        
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    (d)           Agent
Authorization.  After the occurrence and during the continuance
of any Event of Default described in Section 11.1 (a), (b), (h) or (i)
(including the commencement and continuation of any proceeding under any
Bankruptcy Law relating to the Borrower), if the US Guarantor fails to pay
amounts demanded under Section 14.1(a) for a period of five Business Days, the
Administrative Agent is authorized and empowered (but without any obligation to
so do), in its discretion, (i) in the name of the US Guarantor, to collect and
enforce, and to submit claims in respect of, Subordinated Obligations and to
apply any amounts received thereon to the Guaranteed Obligations (including any
and all Post Petition Interest), and (ii) to require the US Guarantor (A) to
collect and enforce, and to submit claims in respect of, Subordinated
Obligations and (B) to pay any amounts received on such obligations to the
Administrative Agent for application to the Guaranteed Obligations (including
any and all Post Petition Interest).

     

    14.6           Continuing Guaranty;
Assignments.  This Guaranty is a continuing guaranty and shall
(a) remain in full force and effect until the later of (i) the payment
in full in cash of the Guaranteed Obligations and all other amounts payable
under this Guaranty and (ii) the Termination Date, (b) be binding upon
the US Guarantor, its successors and assigns and (c) inure to the benefit
of and be enforceable by the Administrative Agent and the Banks and their
successors, transferees and assigns.  Without limiting the generality
of clause (c) of the immediately preceding sentence, the Administrative
Agent or any Bank may assign or otherwise transfer all or any portion of its
rights and obligations under this Credit Agreement (including, without
limitation, all or any portion of its Commitments, the Advances owing to it and
the Note or Notes held by it) to any other Person, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to the
Administrative Agent or such Bank herein or otherwise, in each case as and to
the extent provided in Section 18.  The US Guarantor shall not
have the right to assign its rights hereunder or any interest herein without the
prior written consent of the Administrative Agent and the Banks.

     

    15.           EXPENSES.

     

    The
Borrower shall upon demand either, as the Banks or the Administrative Agent may
require and regardless of whether any Loans are made hereunder, pay in the first
instance or reimburse the Banks and the Administrative Agent (to the extent that
payments for the following items are not made under the other provisions hereof)
for (a) the reasonable out-of-pocket costs of producing and reproducing this
Credit Agreement, the other Loan Documents, and the other agreements and
instruments mentioned herein, (b) reasonable out-of-pocket expenses incurred in
connection with the syndication of this facility, (c) the reasonable fees,
expenses, and disbursements of the Administrative Agent’s special counsel
incurred in connection with the preparation, the administration, or
interpretation of the Loan Documents, the other instruments mentioned herein,
and the term sheet for the transactions contemplated by this Credit Agreement,
each closing hereunder, and amendments, modifications, approvals, consents or
waivers hereto or hereunder, (d) the reasonable fees, expenses, and
disbursement of the Administrative Agent incurred by the Administrative Agent in
connection with the preparation, administration, or interpretation of the Loan
Documents and other instruments mentioned herein, and (e) all reasonable
out-of-pocket expenses (including reasonable attorneys’ fees and costs, which
attorneys may be employees of any Bank or the Administrative Agent (provided
such fees are non-duplicative of fees of outside counsel), and reasonable
consulting, accounting, appraisal, investment banking, and similar professional
fees and charges) incurred by any Bank or the Administrative Agent in connection
with (i) the enforcement of or preservation of rights under any of the Loan
Documents against any Loan Party or any of its Subsidiaries or the
administration thereof after the occurrence of a Default or Event of Default and
(ii) any Proceeding or dispute whether arising hereunder or otherwise, in any
way related to any Bank’s or the Administrative Agent’s relationship with any
Loan Party or any of its Subsidiaries.  The Borrower shall not be
responsible under clause (e) above for the fees and costs of more than one law
firm in any one jurisdiction with respect to any one Proceeding or set of
related Proceedings for the Administrative Agent and the Banks, unless any of
the Administrative Agent and the Banks shall have reasonably concluded that
there are legal defenses available to it that are different from or additional
to those available to the Borrower or there are other circumstances that in the
reasonable judgment of the Administrative Agent and the Banks make separate
counsel advisable.  The covenants of this Section 15 shall survive
payment or satisfaction of all other Obligations and the termination of the
Commitments and the Loan Documents.

    

    
      
        
           

        

        
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    16.           INDEMNIFICATION.

     

    The
Borrower shall, regardless of whether any Loans are made hereunder, indemnify
and hold harmless the Administrative Agent and the Banks, together with their
respective shareholders, directors, agents, officers, Subsidiaries, and
Affiliates, from and against any and all damages, losses, settlement payments,
obligations, liabilities, claims, causes of action, and Proceedings, and
reasonable costs and expenses in connection therewith, incurred, suffered,
sustained, or required to be paid by an indemnified party by reason of or
resulting, directly or indirectly, from the transactions contemplated by the
Loan Documents, including (a) any actual or proposed use by the Borrower or any
of its Subsidiaries of the proceeds of any of the Loans, (b) any US Loan Party
or any of its Subsidiaries entering into or performing this Credit Agreement or
any of the other Loan Documents, or (c) with respect to any US Loan Party and
its Subsidiaries and their respective properties and assets, the violation of
any Environmental Law, the presence, disposal, escape, seepage, leakage,
spillage, discharge, emission, release, or threatened release of any Hazardous
Substances or any Proceeding brought or threatened with respect to any Hazardous
Substances (including claims with respect to wrongful death, personal injury, or
damage to property), in each case including the reasonable fees and
disbursements of legal counsel and non-duplicative reasonable allocated costs of
internal legal counsel incurred in connection with any such Proceeding
(collectively, the “Indemnified
Liabilities”), provided, however, the Borrower
shall not be obligated to indemnify any party for any damages, losses,
settlement payments, obligations, liabilities, claims, causes of action,
Proceedings, costs, and expenses that were caused directly by (i) the gross
negligence or willful misconduct of the indemnified party or (ii) any breach by
any Bank of its obligation to fund a Loan pursuant to this Credit Agreement,
provided that the Borrower is not then in Default.  In Proceedings, or
the preparation therefor, the indemnified parties shall be entitled to select
their legal counsel and, in addition to the foregoing indemnity, the Borrower
shall, promptly upon demand, pay in the first instance, or reimburse the
indemnified parties for, the reasonable fees and expenses of such legal
counsel.  The Borrower shall not be responsible under this Section 16
for the fees and costs of more than one law firm in any one jurisdiction for the
Borrower and the indemnified parties with respect to any one Proceeding or set
of related Proceedings, unless any indemnified party shall have reasonably
concluded that there are legal defenses available to it that are different from
or additional to those available to the Borrower or there are other
circumstances that in the reasonable judgment of the indemnified parties make
separate counsel advisable.  If, and to the extent that the
obligations of the Borrower under this Section 16 are unenforceable for any
reason, the Borrower shall make the maximum contribution to the payment in
satisfaction of such obligations that is permissible under applicable
law.  The covenants contained in this Section 16 shall survive payment
or satisfaction in full of all other Obligations and the termination of the
Commitments and the Loan Documents.

     

    17.           SURVIVAL OF COVENANTS,
ETC.

     

    All
covenants, agreements, representations, and warranties made herein, in any
Notes, in any of the other Loan Documents, or in any documents or other papers
delivered by or on behalf of any Loan Party or any of its Subsidiaries pursuant
hereto shall be deemed to have been relied upon by the Banks and the
Administrative Agent, notwithstanding any investigation heretofore or hereafter
made by any of them, and shall survive the making by the Banks of the Loans, as
herein contemplated, and all covenants and agreements shall continue in full
force and effect so long as any amount due under this Credit Agreement or any
Notes or any of the other Loan Documents remains outstanding or any Bank has any
obligation to make any Loans, and for such further time as may be otherwise
expressly specified in this Credit Agreement.  All statements
contained in any certificate or other paper delivered to any Bank or the
Administrative Agent at any time by or on behalf of any Loan Party or any of its
Subsidiaries pursuant hereto or in connection with the transactions contemplated
hereby shall constitute representations and warranties by such Loan Party or
such Subsidiary hereunder.

    

    
      
        
           

        

        
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    18.           ASSIGNMENT AND
PARTICIPATION.

     

    18.1         Assignments and
Participations.  (a)  Successors and Assigns
Generally.  The provisions of this Credit Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that no Loan Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Bank and no Bank may assign
or otherwise transfer any of its rights or obligations hereunder except (i) to
an Eligible Assignee in accordance with the provisions of Section 18.1(b), (ii)
by way of participation in accordance with the provisions of Section 18.1(d),
(iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 18.5, or (iv) to an SPC in accordance with the
provisions of Section 18.6 (and any other attempted assignment or transfer by
any party hereto shall be null and void).  Nothing in this Credit
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 subsection (d) of this
Section 18.1 and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent and the Banks) any legal or
equitable right, remedy or claim under or by reason of this Credit
Agreement.

     

    (b)           Assignments by
Banks.  Any Bank may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Credit
Agreement (including all or a portion of its Commitment and the Loans at the
time owing to it); provided
that

     

    (i)         
  except in the case of an assignment of the entire remaining amount
of the assigning Bank’s Commitment and the Loans at the time owing to it, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the applicable Commitment is not then in effect,
the principal outstanding balance of the Loan of the assigning Bank subject to
each such assignment, determined as of the date the Assignment and Acceptance
with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Acceptance, as of the Trade
Date, shall not be less than $10,000,000 or in integral multiples of $1,000,000
in excess thereof, unless each of the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower otherwise consents
(each such consent not to be unreasonably withheld or delayed);

     

    (ii)           each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Bank’s rights and obligations under this Credit Agreement with
respect to the Loans or the Commitment assigned;

     

    (iii)          any
assignment must be approved by the Administrative Agent and, so long as no Event
of Default has occurred and is continuing, the Borrower (each such consent not
to be unreasonably withheld or delayed, it being understood that the Borrower’s
consent is not unreasonably withheld if such assignment would result in a
reduction of or a withdrawal of the then current ratings of commercial paper
notes of the Borrower);

    

    
      
        
           

        

        
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    (iv)           the
parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Acceptance, together with a processing and recordation fee of
$3,500; provided that (A) no
such fee shall be payable in the case of an assignment to a Bank, an Affiliate
of a Bank or an Approved Fund with respect to a Bank and (B) in the case of
contemporaneous assignments by a Bank to one or more Funds managed by the same
investment advisor (which Funds are not then Banks hereunder), only a single
such $3,500 fee shall be payable for all such contemporaneous assignments;

     

    (v)         
  the Eligible Assignee, if it shall not be a Bank, shall deliver to
the Administrative Agent such information regarding its Domestic Lending Office
and LIBOR Lending Offices as the Administrative Agent may request;
and

     

    (vi)           no
assignee of a Bank shall be entitled to the benefits of Sections 4.6, 4.9 or
4.11 in relation to circumstances applicable to such assignee immediately
following the assignment to it which at such time (if a payment were then due to
the assignee on its behalf from the Borrower) would give rise to any greater
financial burden on the Borrower under Section 4.6, 4.9 or 4.11 than those which
it would have been under the absence of such assignment.

     

    Subject
to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section 18.1, from and after the effective date
specified in each Assignment and Acceptance, the Eligible Assignee thereunder
shall be a party to this Credit Agreement and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a
Bank under this Credit Agreement, and the assigning Bank thereunder shall, to
the extent of the interest assigned by such Assignment and Acceptance, be
released from its obligations under this Credit Agreement (and, in the case of
an Assignment and Acceptance covering all of the assigning Bank’s rights and
obligations under this Credit Agreement, such Bank shall cease to be a party
hereto but shall continue to be entitled to the benefits of Sections 4.6, 4.9,
4.11, 15 and 16 and bound by the provisions of Section 20 with respect to facts
and circumstances occurring prior to the effective date of such
assignment).  Any assignment or transfer by a Bank of rights or
obligations under this Credit Agreement that does not comply with this
subsection shall be treated for purposes of this Credit Agreement as a sale by
such Bank of a participation in such rights and obligations in accordance with
Section 18.1(d).

     

    (c)           Register.  The
Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at the Administrative Agent’s Office a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of
the names and addresses of the Banks, and the Commitments of, and principal
amounts of the Loans owing to, each Bank pursuant to the terms hereof from time
to time (the “Register”).  The
entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Banks may treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Bank hereunder for all
purposes of this Credit Agreement, notwithstanding notice to the
contrary.  The Register shall be available for inspection by each of
the Banks and the Borrower at any reasonable time and from time to time upon
reasonable prior notice.  In addition, at any time that a request for
a consent for a material or other substantive change to the Loan Documents is
pending, any Bank may request and receive from the Administrative Agent a copy
of the Register.

     

    (d)           Participations.  Any
Bank may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural
person or any Loan Party or any of its Affiliates or Subsidiaries) (each,
following any such sale, a “Participant”) in all
or a portion of such Bank’s rights and/or obligations under this Credit
Agreement (including all or a portion of its Commitment and/or the Loans owing
to it); provided that
(i) such Bank’s obligations under this Credit Agreement shall remain
unchanged, (ii) such Bank shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent and the other Banks shall continue to deal
solely and directly with such Bank in connection with such Bank’s rights and
obligations under this Credit Agreement.  Any agreement or instrument
pursuant to which a Bank sells such a participation shall provide that such Bank
shall retain the sole right to enforce this Credit Agreement and to approve any
amendment, modification or waiver of any provision of this Credit Agreement;
provided that
such agreement or instrument may provide that such Bank will not, without the
consent of the Participant, agree to any amendment, waiver or other modification
described in Section 26 that directly affects such
Participant.  Subject to subsection (e) of this Section 18.1, the
Borrower agrees that each Participant shall be entitled to the benefits of
Sections 4.6, 4.9 and 4.11 to the same extent as
if it were a Bank and had acquired its interest by assignment pursuant to
Section 18.1(b).  To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 12 as though it were a
Bank, provided
such Participant agrees to be subject to Section 12 as though it were a
Bank.

    

    
      
        
           

        

        
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    (e)           Limitations upon Participant
Rights.  A Participant shall not be entitled to receive any
greater payment under Sections 4.6, 4.9 or 4.11 than the applicable
Bank would have been entitled to receive with respect to the participation sold
to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent.  A Participant that
would be a Foreign Bank if it were a Bank shall not be entitled to the benefits
of Section 4.11 unless the Borrower is notified of the participation sold
to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 4.11 as though it were a Bank.

     

    (f)           Electronic Execution of
Assignments.  The words “execution,” “signed,” “signature,” and
words of like import in any Assignment and Acceptance shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as
the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.

     

    18.2           New
Notes.  Upon its receipt of an Assignment and Acceptance
executed by the parties to such assignment, together with any Note subject to
such assignment, the Administrative Agent shall (a) record the information
contained therein in the Register, and (b) give prompt notice thereof to the
Borrower and the Banks (other than the assigning Bank).  Within five
(5) Business Days after receipt of such notice, if requested by the Eligible
Assignee, the Borrower, at its own expense, shall execute and deliver to the
Administrative Agent, in exchange for each surrendered Note, a new Note to the
order of such Eligible Assignee in an amount equal to the amount assumed by such
Eligible Assignee pursuant to such Assignment and Acceptance and, at the request
of the Administrative Agent or the assigning Bank, if the assigning Bank has
retained some portion of its obligations hereunder, a new Note to the order of
the assigning Bank in an amount equal to the amount retained by it hereunder.
Such new Notes shall provide that they are replacements for the surrendered
Notes, shall be in an aggregate principal amount equal to the aggregate
principal amount of the surrendered Notes, shall be dated the effective date of
such Assignment and Acceptance and shall otherwise be in substantially the form
of the assigned Notes.  The surrendered Notes shall be cancelled and
returned to the Borrower.

    

    
      
        
           

        

        
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    18.3           Disclosure.  Any
Bank may disclose information obtained by such Bank pursuant to this Credit
Agreement to assignees or participants and potential assignees or participants
hereunder subject to Section 20.

     

    18.4           Assignee or Participant
Affiliated with any Loan Party.  If any assignee Bank is an
Affiliate of any Loan Party, then any such assignee Bank shall have no right to
vote as a Bank hereunder or under any of the other Loan Documents for purposes
of granting consents or waivers or for purposes of agreeing to amendments or
other modifications to any of the Loan Documents or for purposes of making
requests to the Administrative Agent pursuant to Section 11, and the
determination of the Majority Banks shall for all purposes of this Credit
Agreement and the other Loan Documents be made without regard to such assignee
Bank’s interest in any of the Loans.  If any Bank sells a
participating interest in any of the Loans to a participant, and such
participant is a Loan Party or an Affiliate of a Loan Party, then such
transferor Bank shall promptly notify the Administrative Agent of the sale of
such participation.  A transferor Bank shall have no right to vote as
a Bank hereunder or under any of the other Loan Documents for purposes of
granting consents or waivers or for purposes of agreeing to amendments or
modifications to any of the Loan Documents or for purposes of making requests to
the Administrative Agent pursuant to Section 11 to the extent that such
participation is beneficially owned by a Loan Party or any Affiliate of a Loan
Party, and the determination of the Majority Banks shall for all purposes of
this Credit Agreement and the other Loan Documents be made without regard to the
interest of such transferor Bank in the Loans to the extent of such
participation.

     

    18.5           Miscellaneous Assignment
Provisions.  Any assigning Bank shall retain its rights to be
indemnified pursuant to Sections 4.6, 4.9, 15, and 16 with respect to any claims
or actions arising prior to the date of the assignment.  If any
assignee Bank is a Foreign Bank, it shall, prior to the date on which it becomes
a Bank hereunder, deliver to the Borrower and the Administrative Agent the
documents required to be delivered pursuant to Section 4.11.  Anything
contained in this Section 18 to the contrary notwithstanding, any Bank may at
any time pledge all or any portion of its interest and rights under this Credit
Agreement (including all or any portion of its Notes) to any of the twelve
Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C.
§341.  No such pledge or the enforcement thereof shall release the
pledgor Bank from its obligations hereunder or under any of the other Loan
Documents.

     

    18.6           SPC
Provision.  Notwithstanding anything to the contrary contained
herein, any Bank (a “Granting Lender”) may grant to a special purpose funding
vehicle identified as such in writing from time to time by the Granting Lender
to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any
part of any Loan that such Granting Lender would otherwise be obligated to make
pursuant to this Credit Agreement; provided that (i) nothing herein shall
constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects
not to exercise such option or otherwise fails to make all or any part of such
Loan, the Granting Lender shall be obligated to make such Loan pursuant to the
terms hereof.  Each party hereto hereby agrees that (i) neither the
grant to any SPC nor the exercise by any SPC of such option shall increase the
costs or expenses or otherwise increase or change the obligations of the
Borrower under this Credit Agreement, (ii) no SPC shall be liable for any
indemnity or similar payment obligation under this Credit Agreement for which a
Bank would be liable, and (iii) the Granting Lender shall for all purposes,
including the approval of any amendment, waiver or other modification of any
provision of any Loan Document, remain the Bank of record
hereunder.  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 such Granting Lender.  In furtherance of the foregoing, each
party hereto hereby agrees (which agreement shall survive the termination of
this Credit Agreement) that, prior to the date that is one year and one day
after the payment in full of all outstanding commercial paper or other senior
debt 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 proceeding under the laws of the United States or any
State thereof; provided, with respect to such agreement by the Borrower, that
the related Granting Lender shall not be in breach of its obligations to make
Loans to the Borrower hereunder.  Notwithstanding the foregoing, the
Granting Lender unconditionally agrees to indemnify the Borrower, the
Administrative Agent and each Bank against all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be incurred by or asserted against
the Borrower, the Administrative Agent or such Bank, as the case may be, in any
way relating to or arising as a consequence of any such forbearance or delay in
the initiation of any such proceeding against its
SPC.  Notwithstanding anything to the contrary contained herein, any
SPC may (i) with notice to, but without prior consent of the Borrower and the
Administrative Agent and without the payment of a registration fee of $3,500,
assign all or any portion of its right to receive payment with respect to any
Loan to the Granting Lender and (ii) disclose on a confidential basis any
non-public information relating to its funding of Loans to any rating agency,
commercial paper dealer or provider of any surety or guarantee or credit or
liquidity enhancement to such SPC.  This Section may not be amended,
waived or otherwise modified without the written consent of each Granting Lender
all or any part of whose Loans are being funded by a SPC at the time of such
amendment, waiver or other modification.

     

    
      
        
        

      

      
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    19.            
NOTICES,
ETC.

     

    19.1           Notices.

     

    .  (a)  Except
as otherwise expressly provided in this Credit Agreement, all notices and other
communications made or required to be given pursuant to this Credit Agreement or
any Notes shall be in writing and shall be delivered in hand, mailed by United
States registered or certified first class mail, postage prepaid, sent by
overnight courier, or sent by telecopy or telefax and confirmed by delivery via
courier or postal service or (subject to Section 19.2) via electronic mail at
the address specified below or on Schedule 1, addressed
as follows:

     

    (i)            
if to the Borrower or the US Guarantor, at 1345 Avenue of the Americas, New
York, New York 10105 (Telecopy Number (212) 823-3250),
Attention:  Treasurer; with a copy sent via the same means to General
Counsel of the US Guarantor at 1345 Avenue of the Americas, New York, New York
10105 (Telecopy Number (212) 969-1334), or at such other address for notice as
any of such Persons shall last have furnished in writing to the Person giving
the notice;

     

    (ii)         
  if to Citibank, whether individually or as Administrative Agent, at
its address set forth on Schedule 1 hereto or
such other address for notice as Citibank shall last have furnished in writing
to the Person giving the notice;

     

    (iii)           if
to any Bank, at such Bank’s address set forth on Schedule 1 hereto or
in the Assignment and Acceptance pursuant to which it became a party hereto, or
such other address for notice as such Bank shall have last furnished in writing
to the Person giving the notice.

     

    Any such
notice or demand shall be deemed to have been duly given or made and to have
become effective (i) if delivered by hand, overnight courier or telecopy to a
responsible officer of the party to which it is directed, at the time of the
receipt thereof by such officer or the sending of such telecopy, or when
delivery (if other than by telecopy) is duly attempted and refused, (ii) if
sent by registered or certified first-class mail, postage prepaid, on the third
Business Day following the mailing thereof and (iii) if delivered by electronic
mail (which form of delivery is subject to Section 19.2), when
delivered.

    

    
      
        
           

        

        
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    (b)           So
long as Citibank or any of its Affiliates is the Administrative Agent, materials
required to be delivered pursuant to Section 6.4(a), (b), (c) and (d) shall be
delivered to the Administrative Agent in an electronic medium in a format
acceptable to the Administrative Agent and the Banks by e-mail at
oploanswebadmin@citigroup.com.  The Borrower agrees that the
Administrative Agent may make such materials (collectively, the "Communications")
available to the Banks by posting such notices on Intralinks or a substantially
similar electronic system (the "Platform").  The
Borrower 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 Platform is provided
"as is" and "as available" and (iii) neither the Administrative Agent nor any of
its Affiliates warrants the accuracy, adequacy or completeness of the
Communications or the Platform and each expressly disclaims liability for errors
or omissions in the Communications or the Platform.  No warranty of
any kind, express, implied or statutory, including, without limitation, 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
the Administrative Agent or any of its Affiliates in connection with the
Platform.

     

    (c)           Each
Bank agrees that notice to it (as provided in the next sentence) (a "Notice") specifying
that any Communications have been posted to the Platform shall constitute
effective delivery of such information, documents or other materials to such
Bank for purposes of this Credit Agreement; provided that if
requested by any Bank the Administrative Agent shall deliver a copy of the
Communications to such Bank by email or telecopier.  Each Bank agrees
(i) to notify the Administrative Agent in writing of such Bank's e-mail address
to which a Notice may be sent by electronic transmission (including by
electronic communication) on or before the date such Bank becomes a party to
this Credit Agreement (and from time to time thereafter to ensure that the
Administrative Agent has on record an effective e-mail address for such Bank)
and (ii) that any Notice may be sent to such e-mail address.

     

    19.2           Electronic
Notices.  Electronic mail and internet and intranet websites
may be used only to the extent permitted by Section 6.4(f) and to distribute
Loan Documents for execution by the parties thereto, and may not be used for any
other purpose under this Credit Agreement or any other Loan
Document.

     

    20.         
  CONFIDENTIALITY.

     

    Each of
the Administrative Agent and the Banks agrees to maintain the confidentiality of
Information (as defined below), except that Information may be disclosed
(a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisors and representatives who need to
know such Information to permit such Bank to evaluate, administer or enforce
this Credit Agreement (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process,
(d) to any other party hereto, (e) in connection with the exercise of
any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Credit Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to
(i) any permitted assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this
Credit Agreement or (ii) any rating agency, or (iii) the CUSIP Service
Bureau or any similar organization, (g) with the consent of any Loan Party
or (h) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section 20 or (y) becomes
available to the Administrative Agent, any Bank or any of their respective
Affiliates on a nonconfidential basis from a source other than a Loan Party,
subject, in the case of any disclosure in accordance with clause (c) of this
sentence and to the extent legal and practicable, to giving the US Loan Parties
notice prior to such disclosure.

    

    
      
        
           

        

        
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    For
purposes of this Section 20, “Information” means
all information received from any US Loan Party or any of its Subsidiaries
relating to such US Loan Party or any of its Subsidiaries or any of their
respective businesses, other than any such information that is available to the
Administrative Agent or any Bank on a nonconfidential basis prior to disclosure
by such US Loan Party, whether or not the information is marked as
confidential.  Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would
accord to any other third party information subject to a confidentiality
agreement substantially similar to this Section 20.

     

    21.           GOVERNING LAW.

     

    THIS
CREDIT AGREEMENT AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED THEREIN, EACH OF
THE OTHER LOAN DOCUMENTS ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK
AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
WHOLLY WITHIN SUCH STATE.  EACH OF THE ADMINISTRATIVE AGENT THE BANKS,
AND EACH US LOAN PARTY AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS CREDIT
AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE
STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON SUCH US LOAN PARTY BY MAIL AT THE ADDRESS SPECIFIED IN
SECTION 19.  EACH OF THE ADMINISTRATIVE AGENT, THE BANKS, AND EACH US
LOAN PARTY HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.

     

    22.           HEADINGS.

     

    The
captions in this Credit Agreement are for convenience of reference only and
shall not define or limit the provisions hereof.

     

    23.           COUNTERPARTS.

     

    This
Credit Agreement and any amendment hereof may be executed in several
counterparts and by each party on a separate counterpart, each of which when so
executed and delivered shall be an original, and all of which together shall
constitute one instrument.  In proving this Credit Agreement it shall
not be necessary to produce or account for more than one such counterpart signed
by the party against whom enforcement is sought.  Any signatures
delivered after the Closing Date by a party by facsimile transmission shall be
deemed an original signature hereto.

     

    24.           ENTIRE AGREEMENT,
ETC.

     

    The Loan
Documents and any other documents executed in connection herewith or therewith
express the entire understanding of the parties with respect to the transactions
contemplated hereby.  Neither this Credit Agreement nor any term
hereof may be changed, waived, discharged or terminated, except as provided in
Section 26.

    

    
      
        
           

        

        
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    25.           WAIVER OF JURY
TRIAL.

     

    EACH OF
THE ADMINISTRATIVE AGENT, THE BANKS, AND EACH US LOAN PARTY HEREBY WAIVES ITS
RIGHT TO A JURY TRIAL WITH RESPECT TO ANY PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS CREDIT AGREEMENT, THE NOTES,
OR ANY OF THE OTHER LOAN DOCUMENTS, AND RIGHTS OR OBLIGATIONS HEREUNDER OR
THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY).  EXCEPT AS PROHIBITED BY LAW, EACH OF THE
ADMINISTRATIVE AGENT, THE BANKS AND EACH US LOAN PARTY HEREBY WAIVES ANY RIGHT
IT MAY HAVE TO CLAIM OR RECOVER IN ANY PROCEEDING REFERRED TO IN THE PRECEDING
SENTENCE ANY SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR ANY
DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.  EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    26.           CONSENTS, AMENDMENTS,
WAIVERS, ETC.

     

    Except as
otherwise expressly provided in this Credit Agreement, any term of this Credit
Agreement, the other Loan Documents, or any other instrument related hereto or
mentioned herein may be amended with, but only with, the written consent of the
affected Loan Party and the Majority Banks.  Any consent or approval
required or permitted by this Credit Agreement to be given by the Banks may be
given, any acceleration of amounts owing under the Loan Documents may be
rescinded, and the performance or observance by any Loan Party of any terms of
this Credit Agreement, the other Loan Documents, or any other instrument related
hereto or mentioned herein or the continuance of any Default or Event of Default
may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, but only with, the written consent of the
Majority Banks. Notwithstanding the foregoing, the rate of interest on the Loans
(other than interest accruing pursuant to Section 4.10 following the effective
date of any waiver by the Majority Banks of the Default or Event of Default
relating thereto), the term of the Loans, the definition of Maturity Date, the
extension of any scheduled date of payment of any principal, interest or fees
hereunder or any mandatory payment of principal under Section 3.2.1, the pro
rata sharing provisions of Section 13.3.1 and the amount of commitment fees
hereunder may not be changed and the Outstanding principal amount of the Loans,
or any portion thereof, may not be forgiven without the written consent of the
Borrower and the written consent of Banks holding one hundred percent (100%) of
the Outstanding principal amount of the Loans (or, if no Loans are Outstanding,
Commitments representing one hundred percent (100%) of the Total Commitment);
neither this Section 26 nor the definition of Majority Banks may be amended
without the written consent of all of the Banks; the amount of the
Administrative Agent’s fee and Section 13 may not be amended without the written
consent of the Administrative Agent; and the amount of the Commitment of any
Bank may not be increased without the consent of such Bank.  No waiver
shall extend to or affect any obligation not expressly waived or impair any
right consequent thereon.  No course of dealing or delay or omission
on the part of any Bank in exercising any right shall operate as a waiver
thereof or otherwise be prejudicial thereto.  No notice to or demand
upon the Borrower shall entitle the Borrower to other or further notice or
demand in similar or other circumstances.  Neither the Administrative
Agent nor any Bank has any fiduciary relationship with or fiduciary duty to any
Loan Party arising out of or in connection with this Credit Agreement or any of
the other Loan Documents, and the relationship between the Administrative Agent
and the Banks, on the one hand, and the Loan Parties, on the other hand, in
connection herewith or therewith is solely that of debtor and
creditor.

    

    
      
        
           

        

        
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    27.           NO WAIVER; CUMULATIVE
REMEDIES.

     

    No
failure by any Bank or the Administrative Agent or any Loan Party to exercise,
and no delay by any such Person in exercising, any right, remedy, power or
privilege hereunder or any other Loan Document shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege.  The rights,
remedies, powers and privileges herein provided, and provided under each other
Loan Document, are cumulative and not exclusive of any rights, remedies, powers
and privileges provided by law.

     

    28.           SEVERABILITY.

     

    The
provisions of this Credit Agreement are severable and if any one clause or
provision hereof shall be held invalid or unenforceable in whole or in part in
any jurisdiction, then such invalidity or unenforceability shall affect only
such clause or provision, or part thereof, in such jurisdiction, and shall not
in any manner affect such clause or provision in any other jurisdiction, or any
other clause or provision of this Credit Agreement in any
jurisdiction.

     

    29.           USA PATRIOT Act
Notice.

     

    Each Bank
that is subject to the Act (as hereinafter defined) and the Administrative Agent
(for itself and not on behalf of any Bank) hereby notifies the Borrower that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required
to obtain, verify and record information that identifies the Borrower and each
Guarantor, which information includes the name and address of each such Loan
Party and other information that will allow such Bank or the Administrative
Agent, as applicable, to identify such Loan Party in accordance with the
Act.

     

    THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

    

    
      
        
           

        

        
          75

          
            

          

        

        
           

        

      

    

    

    IN
WITNESS WHEREOF, the undersigned have duly executed this Credit Agreement as of
the date first set forth above.

     

    
      	
              BORROWER:

            	
              SANFORD
      C. BERNSTEIN & CO., LLC

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ James A.
      Gingrich

            
	 
      	
              Title:  Chairman
      of the Board and

            
	
              Chief
      Executive Officer

            	 
      
	 
      	 
      
	 
      	
              By:  /s/ John J. Onofrio,
      Jr.

            
	 
      	
              Title:  Vice
      President and Treasurer

            
	 
      	 
      
	 
      	 
      
	
              US
      GUARANTOR:

            	
              ALLIANCEBERNSTEIN
      L.P.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ John J. Onofrio,
      Jr.

            
	 
      	
              Title:  Vice
      President and Treasurer

            
	 
      	 
      
	 
      	 
      
	
              GENERAL
      PARTNER (solely for purposes

              of
      making the representation set forth in

              Sections
      5.1.1, 5.1.2, 5.1.3, 5.2, 5.9 and 5.17):

            	
              ALLIANCEBERNSTEIN
      CORPORATION

            
	 
      	
              By:  /s/ John
      J. Onofrio, Jr.

            
	 
      	
              Title:  Vice
      President and Treasurer

            

    

    

    
      
        
           

        

        
          Signature
Page - 1

          
            

          

        

        
           

        

      

    

     

    
      	
              ADMINISTRATIVE
      AGENT:

            	
              CITIBANK,
      N.A., as Administrative

            
	
              AND
      BANKS

            	
              Agent
      and a Bank

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ Shannon
      Sweeney

            
	 
      	
              Title:  Vice
      President

            

    

    

    
      
        
           

        

        
          Signature
Page - 2

          
            

          

        

        
           

        

      

    

     

    
      	 
      	
              HSBC
      BANK USA, NATIONAL ASSOCIATION, as a Bank

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ William J.
      Wilson

            
	 
      	
              Title:  Senior
      Vice President

            

    

    

    
      
        
           

        

        
          Signature
Page - 3

          
            

          

        

        
           

        

      

    

     

    
      	 
      	
              JPMORGAN
      CHASE BANK, N.A., as a Bank

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ Dwight
      Seagren

            
	 
      	
              Title:  Vice
      President

            

    

    

    
      
        
           

        

        
          Signature
Page - 4

          
            

          

        

        
           

        

      

    

     

    
      	 
      	
              BANK
      OF AMERICA, N.A., as a Bank

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ William J.
      Coupe

            
	 
      	
              Title:  Senior
      Vice President

            

    

     

    
      
        
        

      

      
        
          Signature
Page - 5

        

        
          

        

      

      
        
        

      

    

     

    
      SCHEDULE
1

       

      BANKS
AND COMMITMENTS

       

      

       

      
        	
                Banks
      and Addresses

              	
                Commitment

              	
                Commitment
      Percentage

              
	
                Bank
      of America, N.A.

                 

                Credit
      Address:

                 

                Financial
      Institutions Group

                NY1-503-05-07

                335
      Madison Avenue

                New
      York, NY 10017

                Attn:  Sean
      Cassidy

                Ref:  Sanford
      C. Bernstein & Co., LLC.

                Facsimile
      No.:  (704) 602-

                231
      South LaSalle Street

                Electronic
      Mail:  sean.w.cassidy@bankofamerica.com

              	
                $200,000,000

              	
                21.1%

              
	
                Citibank,
      N.A.

                 

                Operations
      Address:

                 

                2
      Penn’s Way, Suite 200

                New
      Castle, Delaware  19720

                Attn:

                Facsimile
      No.:  (212) 994-0847

                Electronic
      Mail:

                Credit
      Address:

                 

                388
      Greenwich Street

                New
      York, New York  10013

                Attn:

                Facsimile
      No.:  (212) 816-

                Electronic
      Mail:

              	
                $250,000,000

              	
                26.3%

              
	
                JPMorgan
      Chase Bank, N.A.

                 

                Operations
      Address:

                 

                1111
      Fannin Street, 10th Floor

                Houston,
      TX  77002

                Attn:  Patricia
      Arredondo

                Facsimile
      No.:  (713) 750-2223

                 

                Credit
      Address:

                 

                1111
      Fannin Street, 10th Floor

                Houston,
      TX  77002

                Attn:  Marybeth
      Mullen

                Facsimile
      No.:  (713) 750-2223

                Electronic
      Mai:  marybeth.mullen@jpmorgan.com

                 

              	
                $250,000,000

              	
                26.3%

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      
        	
                HSBC
      Bank USA, National Association

                 

                Operations
      Address:

                 

                1
      HSBC Center, 26th
      Floor

                Buffalo,
      NY  14203

                Attn:  Donna
      Riley

                Facsimile
      No.:  716) 841-0269

                Electronic
      Mail:  donna.l.riley@us.hsbc.com

                 

                Credit
      Address:

                 

                452
      Fifth Avenue

                New
      York, NY  10018

                Attn:  William
      Wilson

                Facsimile
      No.:  (212) 525-2570

                Electronic
      Mail:  William.wilson@us.hsbc.com

              	
                $250,000,000

              	
                26.3%

              
	
                TOTAL

              	
                $950,000,000

              	
                100%

              

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      SCHEDULE
2

       

      BROKER-DEALER
SUBSIDIARIES

       

      
        	
                1.

              	
                AllianceBernstein
      Investments, Inc.

              

      

       

      
        	
                2.

              	
                Sanford
      C. Bernstein & Co., LLC

              

      

       

      
        	
                3.

              	
                Sanford
      C. Bernstein Limited

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      SCHEDULE
5.2

       

      GOVERNMENT
APPROVALS

       

       

      None

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      SCHEDULE
5.19

       

      FUNDED
DEBT ($000S)

       

      
        	 
      	
                31-Dec-07

              
	
                Debt:

              	 
      
	
                Commercial
      Paper Notes

              	
                $534,000

              
	
                Total
      Debt

              	
                $534,000

              

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

      

       

      SCHEDULE
7.3

       

      PERMITTED
LIENS

       

      
        	
                Jurisdiction

              	
                Secured
      Party

              	
                Filing
      Found

              	
                File
      No.

              	
                Date
      Filed

              	
                Collateral

              
	
                New
      York Department of State

              	
                General
      Electric Capital Corporation

              	
                UCC-1

              	
                200505125421422

              	
                05-12-05

              	
                Leased
      Equipment

              
	 
      	
                General
      Electric Capital Corporation

              	
                UCC-1

              	
                200505135428581

              	
                05-13-05

              	
                Leased
      Equipment

              
	 
      	
                Chase
      Equipment Leasing, Inc. C/O The Chase Manhattan Bank

              	
                UCC-1

              	
                200604195371962

              	
                04-19-06

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                200604195373106

              	
                04-19-06

              	
                Leased
      Equipment

              
	 
      	
                Forsythe/McArthur
      Associates, Inc.

              	
                UCC-1

              	
                200612276245388

              	
                12-27-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                200701085028158

              	
                01-08-07

              	
                Leased
      Equipment

              
	
                Secretary
      of State of the State of Delaware

              	
                GE
      Capital

              	
                UCC-1

              	
                30534811

              	
                03-05-03

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                31681900

              	
                07-02-03

              	
                Leased
      Equipment

              
	 
      	
                EMC
      Corporation

              	
                UCC-1

              	
                31682049

              	
                07-02-03

              	
                Amendment
      to File No. 31681900 filed 07-02-03

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                60726927

              	
                03-02-06

              	
                Amendment
      to File No. 31681900 filed 07-02-03

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                31682015

              	
                07-02-03

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                60726919

              	
                03-02-06

              	
                Amendment
      to File No. 31682015 filed 07-02-03

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                32714072

              	
                10-17-03

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                50278888

              	
                01-21-05

              	
                Amendment
      to File No. 32714072 filed 10-17-03

              
	 
      	
                EMC
      Corporation

              	
                UCC-1

              	
                61883768

              	
                06-05-2006

              	
                Amendment
      to File No. 32714072 filed 10-17-03

              
	 
      	
                EMC
      Corporation

              	
                UCC-1

              	
                61883974

              	
                06-05-2006

              	
                Amendment
      to File No. 32714072 filed 10-17-03

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                32714148

              	
                10-17-03

              	
                Leased
      Equipment

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      
        	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                50278896

              	
                01-21-05

              	
                Amendment
      to File No. 32714148 filed 10-17-03

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                61868967

              	
                06-02-06

              	
                Amendment
      to File No. 32714148 filed 10-17-03

              
	 
      	
                GE
      Capital

              	
                UCC-1

              	
                32809682

              	
                10-27-03

              	
                Leased
      Equipment

              
	 
      	
                GE
      Capital

              	
                UCC-1

              	
                32810219

              	
                10-27-03

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                42169631

              	
                07-28-04

              	
                Leased
      Equipment

              
	 
      	
                GE
      Capital

              	
                UCC-1

              	
                42212530

              	
                08-06-04

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                50888611

              	
                03-22-05

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                50889205

              	
                03-22-05

              	
                Leased
      Equipment

              
	 
      	
                Chase
      Equipment Leasing Inc.

              	
                UCC-1

              	
                53098184

              	
                10-06-05

              	
                Leased
      Equipment

              
	 
      	
                Chase
      Equipment Leasing Inc.

              	
                UCC-1

              	
                61868678

              	
                06-02-06

              	
                Amendment
      to File No. 53098184 filed 10-06-05

              
	 
      	
                Chase
      Equipment Leasing Inc.

              	
                UCC-1

              	
                53098200

              	
                10-06-05

              	
                Leased
      Equipment

              
	 
      	
                General
      Electric Capital Corporation

              	
                UCC-1

              	
                60048124

              	
                12-30-05

              	
                Leased
      Equipment

              
	 
      	
                Chase
      Equipment Leasing Inc.

              	
                UCC-1

              	
                61868736

              	
                06-02-06

              	
                Amendment
      to File No. 53098200 filed 10-06-05

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                60042291

              	
                01-05-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                61855865

              	
                06-01-06

              	
                Amendment
      to File No. 60042291 filed 01-05-06

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                60042317

              	
                01-05-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                61852789

              	
                06-01-06

              	
                Amendment
      to File No. 60042317 filed 01-05-06

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                60042374

              	
                01-05-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                61855717

              	
                06-01-06

              	
                Amendment
      to File No. 60042374 filed 01-05-06

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                60042416

              	
                01-05-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                61855626

              	
                06-01-06

              	
                Amendment
      to File No. 60042416 filed 01-05-06

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                60898023

              	
                03-16-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                61800838

              	
                05-26-06

              	
                Amendment
      to File No. 60898023 filed
03-16-06

              

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      

      
        	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                60898072

              	
                03-16-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                61800879

              	
                05-26-06

              	
                Amendment
      to File No. 60898072 filed 03-16-06

              
	 
      	
                Chase
      Equipment Leasing, Inc.

              	
                UCC-1

              	
                61309681

              	
                04-19-06

              	
                Leased
      Equipment

              
	 
      	
                J.P.
      Morgan Leasing Inc.

              	
                UCC-1

              	
                61313741

              	
                04-19-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                62450740

              	
                07-17-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                62450880

              	
                07-17-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                62451136

              	
                07-17-06

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      1749729

              	
                05-09-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      1750438

              	
                05-09-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      1751493

              	
                05-09-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2674660

              	
                07-16-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2674785

              	
                07-16-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2674850

              	
                07-16-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2674868

              	
                07-16-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2761368

              	
                07-23-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2761426

              	
                07-23-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      2761491

              	
                07-23-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      4288162

              	
                11-09-07

              	
                Leased
      Equipment

              
	 
      	
                CIT
      Financial USA, Inc.

              	
                UCC-1

              	
                2007
      4288287

              	
                11-09-07

              	
                Leased
      Equipment

              
	
                United
      Kingdom, Companies House

              	
                Tomen
      Corporation

              	
                395

              	 
      	
                01-10-92

              	
                Rent
      Deposit Deed

              
	 
      	
                Land
      Securities PLC

              	
                395

              	 
      	
                02-02-95

              	
                Rent
      Deposit Deed

              

      

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      SCHEDULE
7.4

       

      CERTAIN
INVESTMENTS

      
 

      None

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      Exhibit A to
the

      Credit
Agreement

      

      FORM OF
NOTE

      

      

      __________,
20__

      

      FOR VALUE
RECEIVED, the undersigned SANFORD C. BERNSTEIN & CO., LLC, a Delaware
limited liability company (the “Borrower”), hereby promises to pay to the order
of __________ (the “Bank”) at the Administrative Agent’s Head Office as such
term is defined in the Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented and in effect from time to time,
the “Credit Agreement”), among the Borrower, AllianceBernstein L.P., a Delaware
limited partnership, Citibank, N.A., individually and as administrative agent,
and the Banks listed on Schedule 1 thereto:

      

      (a)           the
principal amount of __________ AND NO/100 DOLLARS ($__________) or, if less, the
aggregate unpaid principal amount of the Loans advanced by the Bank to the
Borrower pursuant to the Credit Agreement; and

      

      (b)           interest
from the date hereof on the principal balance from time to time outstanding
through and including the respective maturity dates of the Loans evidenced
hereby at the times and rates specified in, and in all cases in accordance with
the terms of, the Credit Agreement.

      

      This Note
evidences borrowings under and has been issued by the Borrower in accordance
with the terms of the Credit Agreement.  The Bank is entitled to the
benefit of the Credit Agreement and the other Loan Documents, and may enforce
the agreements of the Borrower contained therein, and the Bank may exercise the
respective remedies provided for thereby or otherwise available in respect
thereof, all in accordance with the respective terms thereof.  All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.

      

      The
Borrower irrevocably authorizes the Bank to make or cause to be made, at or
about the time of the Drawdown Date of any Loan, or at the time of receipt of
any payment of principal on this Note, an appropriate notation on the
appropriate grid attached to this Note, or the making of such Loan or receipt of
such payment.  The outstanding amount of the Loans set forth on the
grids attached to this Note, or the continuation of such grids, or any other
similar record, including computer records, maintained by the Bank with respect
to any Loans shall be prima facie evidence of the principal amount thereof owing
and unpaid to the Bank, but the failure to record, or any error in so recording,
any such amount on any such grid, continuation, or other record shall not limit
or otherwise affect the obligation of the Borrower hereunder or under the Credit
Agreement to make payments of principal of and interest on this Note when
due.

      

      The
Borrower has the right in certain circumstances and the obligation under certain
other circumstances to prepay the whole or part of the principal of this Note on
the terms and conditions specified in the Credit Agreement.

      

      If any
one or more Events of Default shall occur and be continuing, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect provided
in the Credit Agreement.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      No delay
or omission on the part of the Bank in exercising any right hereunder shall
operate as a waiver of such right or of any other rights of the Bank, nor shall
any delay, omission or waiver on any one occasion be deemed a bar or waiver of
the same or any other right on any further occasion.

      

      The
Borrower and every endorser and guarantor of this Note or the obligation
represented hereby waives presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note, and assents to any extension or
postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.

      

      THIS NOTE
AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL PURPOSES BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY AND WITHIN SUCH
STATE.  THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS
NOTE MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT
SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND
THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT
THE ADDRESS SPECIFIED IN SECTION 19 OF THE CREDIT AGREEMENT.  THE
BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.

      

      [REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the undersigned has duly executed this Note as of the day and
year first above written.

      

      

      
        	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
      	 
	 
      	 
      	
                Title:

              	 
      	 

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      GRID FOR
LOANS

      

      

      
        
          	
                  Date

                   

                	
                  Amount

                  of
      Loan

                   

                	
                  Amount
      of

                  Principal
      Paid

                  or
      Prepaid

                   

                	
                  Balance
      of

                  Principal

                  Unpaid

                   

                	
                  Notation

                  Made
      by:

                   

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                
	
                  ___/___/__

                	
                  $___________

                	
                  $___________

                	
                  $___________

                	
                  ____________

                

        

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      Exhibit B to
the

      Credit
Agreement

      

      

      SANFORD
C. BERNSTEIN & CO., LLC

      

      

      __________
__, 20__

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

       

      Attention:  Bank
Loan Syndications

       

      Re:           Revolving
Credit Loan Request under the Revolving Credit Agreement dated as of January 25,
2008

       

      Ladies
and Gentlemen:

       

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented, the “Credit Agreement”)
among Sanford C. Bernstein & Co., LLC, a Delaware limited liability company,
AllianceBernstein L.P., a Delaware limited partnership, Citibank, N.A.,
individually and as administrative agent, and the Banks referred to
therein.  Capitalized terms defined in the Credit Agreement and used
in this letter without definition shall have for purposes of this letter the
meanings assigned to them in the Credit Agreement.

       

      Pursuant
to Section 2.8.1 of the Credit Agreement, we hereby request that a Revolving
Credit Loan consisting of [**a Federal Funds Rate Loan in the principal amount
of $__________, and/or an Alternate Base Rate Loan in the principal amount of
$__________, and/or a LIBOR Loan in the principal amount of $__________ with an
Interest Period of __________**] be made on __________ __, 20___.  We
understand that this request is irrevocable and binding on us and obligates us
to accept the requested Revolving Credit Loan on such date.

       

      We hereby
certify that (a) the aggregate outstanding principal amount of the Loans on
today’s date is $__________, (b) the aggregate principal amount of the Loans to
be outstanding on the Drawdown Date for the Revolving Credit Loan requested
hereby (assuming disbursement of such Loan and all other Loans requested under
outstanding Loan Requests) will be $__________, (c) we will use the proceeds of
the requested Revolving Credit Loan in accordance with the provisions of the
Credit Agreement, (d) no Default or Event of Default has occurred and is
continuing and (e) all conditions precedent to the Revolving Credit Loan
requested hereby set forth in Section 10 of the Credit Agreement have been duly
satisfied or waived.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      
        	 
      	
                Very
      truly yours,

              
	 	 
	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              
	 
      	 
      
	 	 
	 
      	
                By:

              	 
      
	 	 	 
	 
      	
                Name:

              	 
      
	 	 	 
	 
      	
                Title:

              	 
      

      

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      Exhibit C to
the

      Credit
Agreement

      

      

      SANFORD
C. BERNSTEIN & CO., LLC

      

      

      __________
__, 20__

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

       

      Attention:  Bank
Loan Syndications

       

      

      
        	
                 
      

              	
                Re:

              	
                Confirmation
      of Revolving Credit Loan Request under the
  Revolving

              

      

      Credit
Agreement dated as of January 25, 2008

      

      Ladies
and Gentlemen:

      

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented, the “Credit Agreement”) among
Sanford C. Bernstein & Co., LLC, a Delaware limited liability company,
AllianceBernstein L.P., a Delaware limited partnership, Citibank, N.A.,
individually and as administrative agent, and the Banks referred to
therein.  Capitalized terms defined in the Credit Agreement and used
in this letter without definition shall have, for purposes of this letter, the
meanings assigned to them in the Credit Agreement.

      

      Pursuant
to Section 2.8.1 of the Credit Agreement, we hereby confirm that a telephonic
request for a Revolving Credit Loan consisting of [**a Federal Funds Rate Loan
in the principal amount of $__________, and/or an Alternate Base Rate Loan in
the principal amount of $__________, and/or a LIBOR Loan in the principal amount
of $__________ with an Interest Period of __________**] to be made on
__________ __, 20__ was made by us on __________ __, 20__.  We
understand that this request was irrevocable and binding on us and obligated us
to accept the requested Revolving Credit Loan on such date.

      

      We hereby
certify that (a) the aggregate outstanding principal amount of the Loans on the
date of the request was $__________, (b) the aggregate principal amount of the
Loans to be outstanding on the Drawdown Date for the Revolving Credit Loan
requested as described above (assuming disbursement of such Loan and all other
Loans requested under outstanding Loan Requests) will be $__________, (c) we
will use the proceeds of the requested Loan in accordance with the provisions of
the Credit Agreement, (d) no Default or Event of Default has occurred and is
continuing and (e) all conditions precedent to the Revolving Credit Loan
requested as described above that are set forth in Section 10 of the Credit
Agreement have been duly satisfied or waived.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:

              	 
      
	 
      	 
      	 
      
	 
      	
                Title:

              	 
      

      

      

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

      

       

      Exhibit D to
the

      Credit
Agreement

      

      

      SANFORD
C. BERNSTEIN & CO., LLC

      

      

      __________
__, 20__

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

       

      Attention:  Bank
Loan Syndications

       

      

      
        	
                Re:

              	
                Conversion
      Request under the Revolving Credit Agreement dated as of January 25,
      2008

              

      

      

      Ladies
and Gentlemen:

      

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented, the “Credit Agreement”)
among Sanford C. Bernstein & Co., LLC, a Delaware limited liability company,
AllianceBernstein L.P., a Delaware limited partnership, Citibank, N.A.,
individually and as administrative agent, and the Banks referred to
therein.  Capitalized terms defined in the Credit Agreement and used
in this letter without definition shall have for purposes of this letter the
meanings assigned to them in the Credit Agreement.

      

      Pursuant
to Section 2.9.4 of the Credit Agreement, we hereby request that the Loan
consisting of [**a Federal Funds Rate Loan in the principal amount of
$__________, and/or an Alternate Base Rate Loan in the principal amount of
$____________, and/or a LIBOR Loan in the principal amount of $__________, with
an Interest Period of __________ ending on __________ __, 20__ **] currently in
effect be converted to [**a Federal Funds Rate Loan in principal amount of
$__________, an Alternate Base Rate Loan in the principal amount of $__________,
or a LIBOR Loan in the principal amount of $__________ with an Interest
Period of __________ **] on __________ __,20__.  We understand that
this request is irrevocable and binding on us.

      

      We hereby
certify that (a) the aggregate outstanding principal amount of the Loans on
today’s date is $__________, (b) upon giving effect to the request set forth in
this letter (and any other outstanding conversion requests under the Credit
Agreement) there will be outstanding LIBOR Loans having __________ different
Interest Periods, (c) if this letter requests conversion of a Federal Funds Rate
Loan or an Alternate Base Rate Loan to a LIBOR Loan or continuation of a LIBOR
Loan as such, that no Default or Event of Default has occurred and is continuing
and (d) the requests set forth in this letter are made in accordance with the
terms and conditions of the Credit Agreement.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:

              	 
      
	 
      	 
      	 
      
	 
      	
                Title:

              	 
      

      

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      Exhibit E to
the

      Credit
Agreement

      

      

      SANFORD
C. BERNSTEIN & CO., LLC

      

      

      __________
__, 20__

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

       

      Attention:  Bank
Loan Syndications

       

      

      
        	
                 
      

              	
                Re:

              	
                Confirmation
      of Conversion Request under the

              

      

      Revolving
Credit Agreement dated as of January 25, 2008

      

      Ladies
and Gentlemen:

      

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented, the “Credit Agreement”)
among Sanford C. Bernstein & Co., LLC, a Delaware limited partnership,
AllianceBernstein L.P., a Delaware limited partnership, Citibank, N.A.,
individually and as administrative agent, and the Banks referred to
therein.  Capitalized terms defined in the Credit Agreement and used
in this letter without definition shall have for purposes of this letter the
meanings assigned to them in the Credit Agreement.

      

      Pursuant
to Section 2.9.4 of the Credit Agreement, we hereby confirm our telephonic
request that the Loan consisting of [**a Federal Funds Rate Loan in the
principal amount of $__________, and/or Alternate Base Rate Loan in the
principal amount of $__________, and/or a LIBOR Loan in the principal amount of
$__________ with an Interest Period of __________ ending on __________ __,
20__**] in effect at the time of such request be converted to [**a Federal Funds
Rate Loan in principal amount of $__________, an Alternate Base Rate Loan in the
principal amount of $__________, or a LIBOR Loan in the principal amount of
$__________, with an Interest Period of __________**] on __________ __,
20__.  We understand that this request was irrevocable and binding on
us.

      

      We hereby
certify that (a) the aggregate outstanding principal amount of the Loans on
today’s date is $__________, (b) upon giving effect to the request confirmed in
this letter (and any other outstanding conversion requests under the Credit
Agreement) there will be outstanding LIBOR Loans having __________ different
Interest Periods, (c) if this letter confirms a request for conversion of a
Federal Funds Rate to a LIBOR Loan or continuation of a LIBOR Loan as such, that
no Default or Event of Default has occurred and is continuing and (d) the
requests confirmed in this letter were made in accordance with the terms and
conditions of the Credit Agreement.

      

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

      

      

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:

              	 
      
	 
      	 
      	 
      
	 
      	
                Title:

              	 
      

      

      

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

Exhibit F to
the

      Credit
Agreement

      

      

      SANFORD
C. BERNSTEIN & CO., LLC

      

      

      __________
__, 20__

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

      Attention:  Bank
Loan Syndications

       

      Bank of
America, N.A.

      Financial
Institutions Group

      NY1-503-05-07

      335
Madison Avenue

      New York,
NY 10017

      Attn:  Sean
Cassidy

      

       

      JPMorgan
Chase Bank, N.A.

      1111
Fannin Street, 10th Floor

      Houston,
TX  77002

      Attn:  Patricia
Arredondo

      

       

      HSBC Bank
USA, National Association

      1 HSBC
Center, 26th
Floor

      Buffalo,
NY  14203

      Attn:  Donna
Riley

      

       

      Re:           Swing
Loan Request under the Revolving Credit Agreement dated as of January 25,
2008

       

      Ladies
and Gentlemen:

       

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented, the “Credit Agreement”)
among Sanford C. Bernstein & Co., LLC, a Delaware limited liability company,
AllianceBernstein L.P., a Delaware limited partnership, Citibank, N.A.,
individually and as administrative agent, and the Banks referred to
therein.  Capitalized terms defined in the Credit Agreement and used
in this letter without definition shall have for purposes of this letter the
meanings assigned to them in the Credit Agreement.

       

      Pursuant
to Section 2.8.2 of the Credit Agreement, we hereby request that a Swing Loan in
the principal amount of $__________ be made on __________ __,
20__.  We understand that this request is irrevocable and binding on
us and obligates us to accept the requested Swing Loan on such
date.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      We hereby
certify that (a) the aggregate outstanding principal amount of the Loans on
today’s date is $__________, (b) the aggregate principal amount of the Loans to
be outstanding on the Drawdown Date for the Swing Loan requested hereby
(assuming disbursement of such Loan and all other Loans requested under
outstanding Loan Requests) will be $__________, (c) we will use the proceeds of
the requested Swing Loan in accordance with the provisions of the Credit
Agreement, (d) no Default or Event of Default has occurred and is continuing and
(e) all conditions precedent to the Swing Loan requested hereby set forth in
Section 10 of the Credit Agreement have been duly satisfied or
waived.

       

      
        	 
      	
                Very
      truly yours,

              
	 	 
	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              
	 
      	 
      
	 	 
	 
      	
                By:

              	 
      
	 	 	 
	 
      	
                Name:

              	 
      
	 	 	 
	 
      	
                Title:

              	 
      

      

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      Exhibit G to
the

      Credit
Agreement

      

      

      SANFORD
C. BERNSTEIN & CO., LLC

      

      

      __________
__, 20__

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

      Attention:  Bank
Loan Syndications

       

      Bank of
America, N.A.

      Financial
Institutions Group

      NY1-503-05-07

      335
Madison Avenue

      New York,
NY 10017

      Attn:  Sean
Cassidy

      

       

      JPMorgan
Chase Bank, N.A.

      1111
Fannin Street, 10th Floor

      Houston,
TX  77002

      Attn:  Patricia
Arredondo

      

       

      HSBC Bank
USA, National Association

      1 HSBC
Center, 26th
Floor

      Buffalo,
NY  14203

      Attn:  Donna
Riley

      

      
        	
                Re:

              	
                Confirmation
      of Swing Loan Request under the
Revolving

              

      

      Credit
Agreement dated as of January 25, 2008

      

      Ladies
and Gentlemen:

      

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(as modified, amended, restated or supplemented, the “Credit Agreement”) among
Sanford C. Bernstein & Co., LLC., a Delaware limited liability company,
AllianceBernstein L.P., a Delaware limited partnership, Citibank, N.A.,
individually and as administrative agent, and the Banks referred to
therein.  Capitalized terms defined in the Credit Agreement and used
in this letter without definition shall have, for purposes of this letter, the
meanings assigned to them in the Credit Agreement.

      

      Pursuant
to Section 2.8.2 of the Credit Agreement, we hereby confirm that a telephonic
request for a Swing Loan in the principal amount of $__________ to be made
on __________ __, 20__ was made by us on __________ __, 20__.  We
understand that this request was irrevocable and binding on us and obligated us
to accept the requested Swing Loan on such date.

      

      We hereby
certify that (a) the aggregate outstanding principal amount of the Loans on the
date of the request was $__________, (b) the aggregate principal amount of the
Loans to be outstanding on the Drawdown Date for the Swing Loan requested as
described above (assuming disbursement of such Loan and all other Loans
requested under outstanding Loan Requests) will be $__________, (c) we will use
the proceeds of the requested Loan in accordance with the provisions of the
Credit Agreement, (d) no Default or Event of Default has occurred and is
continuing and (e) all conditions precedent to the Loan requested as described
above that are set forth in Section 10 of the Credit Agreement have been duly
satisfied or waived.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:

              	 
      
	 
      	 
      	 
      
	 
      	
                Title:

              	 
      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit H
to

      Credit
Agreement

      

      

      [ALLIANCEBERNSTEIN
L.P. LETTERHEAD]

      

      

      Citibank,
N.A.

      Two Penns
Way

      New
Castle, DE  19720

       

      Attention:  Bank
Loan Syndications

       

      Each of
the Banks as defined in the

      Credit
Agreement referred to below

      

      Attention: ___________________________                                    

      

      
        	
                Re:

              	
                Compliance
      Certificate under Revolving Credit Agreement dated as of January 25,
      2008

              

      

      

      Ladies
and Gentlemen:

      

      Please
refer to that certain Revolving Credit Agreement dated as of January 25, 2008
(the “Credit
Agreement”) among Sanford C. Bernstein & Co., LLC, a Delaware limited
liability company, AllianceBernstein L.P., a Delaware limited partnership (the
“US
Guarantor”), Citibank, N.A., individually and as administrative agent,
and the Banks referred to therein.  Capitalized terms defined in the
Credit Agreement and used in this letter without definition shall have for
purposes of this letter the meanings assigned to them in the Credit
Agreement.

      

      This is a
certificate delivered pursuant to Section 6.4(c) of the Credit Agreement with
respect to compliance with the financial covenants as set forth in Section 8 of
the Credit Agreement.  This certificate has been duly executed by the
principal financial officer, treasurer or general counsel of the US
Guarantor.

      

      1.           No
Default.  To the best of the knowledge and belief of the
undersigned, no Default or Event of Default has occurred and is continuing under
the Credit Agreement.  Attached hereto as Appendix I are all
relevant calculations setting forth the US Guarantor’s compliance with Section 8
of the Credit Agreement as at the end of or, if required, during the [**annual
or quarterly**] period covered by the financial statements delivered herewith,
together with the reconciliations to reflect changes, if any, in GAAP since
December 31, 2006.

      

      2.           Financial
Statements.  The US Guarantor is delivering to the
Administrative Agent the financial statements required pursuant to Section 6.4
of the Credit Agreement.  [Also delivered herewith is a reconciliation
of the covenant calculations and the financial statements of the US Guarantor to
the extent they differ as the result of changes in GAAP since December 31,
2006.]

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the undersigned has signed this certificate on this ___ day of
__________, 20__.

      

      
        	 
      	
                ALLIANCEBERNSTEIN
      L.P.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:

              	 
      
	 
      	 
      	 
      
	 
      	
                Title:

              	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
I.

       

      Compliance
Calculations

       

      
        
          	
                  A.

                	 
      	
                  Consolidated Leverage
  Ratio.

                
	 	 	 
	 
      	
                  1.

                	
                  Consolidated
      Adjusted Funded Debt =

                	 
      	
                  $______________

                
	 	 	 	 	 
	 
      	
                  2.

                	
                  Consolidated
      Adjusted Cash Flow = the sum of:

                	 
      	 
      
	 	 	 	 	 
	 
      	 
      	
                  (a)

                	 
      	 
      
	 	 	 	 	 
	 	 	 	EBITDA:	 	 	 
	 	 	 	 	 	 	 
	 
      	 
      	 
      	
                  (i)

                	
                  Consolidated
      Net Income (or Loss)

                	
                  $______________

                	 
      
	 	 	 	 	 	 	 
	 
      	 
      	 
      	
                  (ii)

                	
                  to
      the extent deducted in determining Consolidated Net Income (or
      Loss):

                	 
      	 
      
	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	
                  (w)

                	
                  income
      taxes

                	
                  $______________

                	 
      
	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	
                  (x)

                	
                  interest
      (whether paid or accrued, but without duplication of interest accrued for
      previous periods)

                	
                  $______________

                	 
      
	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	
                  (y)

                	
                  depreciation

                	
                  $______________

                	 
      
	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	
                  (z)

                	
                  amortization

                	
                  $______________

                	 
      
	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	EBITDA
      = clause A(2)(a)(i) plus clauses A(2)(a)(ii)(w), (x), (y) and
(z)	
                  $______________

                	 
      
	 	 	 	 	 	 
	 
      	 
      	
                  (b)

                	non-cash
      charges (other than for depreciation and amortization) to the extent
      deducted in computing Consolidated Net Income (or Loss)	
                  $______________

                	 
      
	 	 	 	 	 	 
	 
      	 
      	
                  Consolidated
      Adjusted Cash Flow = clauses A(2)(a) plus
      clause A(2)(b)

                	 
      	
                  $______________

                
	 	 	 	 	 
	 
      	
                  3.

                	
                  Consolidated
      Leverage Ratio = ratio of clause A(1) to clause A(2):

                	 
      	
                  ______
      to 1.00

                
	 	 	 	 	 
	
                  Covenant:  Consolidated
      Leverage Ratio not to exceed 3.00 to 1.00

                	 
      	 
      
	 	 	 
	
                  Compliance:

                	 	yes/no	 	 
	 	 	 	 	 
	
                  B.

                	 
      	
                  Minimum Consolidated Net
    Worth.

                	 
      	 
      
	 	 	 	 	 
	 
      	 
      	
                  1.

                	Consolidated
      Total Assets:	 
      	
                  $______________

                

        

      

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      
        
          	 
      	
                  2.

                	
                  (i)

                	
                  Consolidated
      Total Liabilities

                	
                  $______________

                	 
      
	 	 	 	 	 
	 
      	 
      	
                  (ii)

                	
                  to
      the extent otherwise includible in the computations of Consolidated Net
      Worth, any subscriptions receivable with respect to Equity Securities of
      the US Guarantor or its Subsidiaries (with such adjustments as may be
      appropriate so as not to double count intercompany items)

                	
                  $______________

                	 
      
	 	 	 	 	 
	 
      	 
      	
                  (iii)

                	
                  Clause
      B(2)(i) less clause B(2)(ii)

                	 
      	
                  $______________

                
	 	 	 	 	 
	 
      	
                  Consolidated
      Net Worth = Clause B(1) less clause B(2)(iii)

                	 
      	
                  $______________

                
	 	 
	
                  Covenant:
      Consolidated Net Worth not to be less than $1,300,000,000

                	 
      
	 	 
	
                  Compliance
      yes/no

                	 
      

        

         

      

      
        
           

        

        
           

            

          

          
          

        

        
           

        

      

      Exhibit I
to

      Credit
Agreement

      
 

      FORM OF
OPINION

      

      (See
attached)

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      Exhibit J
to

      Credit
Agreement

      

      

      FORM OF
ASSIGNMENT AND ACCEPTANCE

      

      Dated as
of __________ __, 20__

      

      This
Assignment and Acceptance (this “Assignment and
Acceptance”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the
“Assignor”) and
[Insert name of
Assignee] (the “Assignee”).  Capitalized
terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by the
Assignee.  The Standard Terms and Conditions set forth in Annex 1
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
Administrative Agent as contemplated below (i) all of the Assignor's rights and
obligations as a Bank 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 outstanding rights and
obligations of the Assignor under the respective facilities identified below and
(ii) 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 Bank) 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, but not limited to,
contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i) above (the rights and obligations sold and
assigned pursuant to clauses (i) and (ii) 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
Acceptance, without representation or warranty by the Assignor.

       

      
        	
                1.

              	
                Assignor:

              	
                ______________________________

              

      

       

      
        	
                2.

              	
                Assignee:

              	
                ______________________________

              

      

       

      
        	
                3.

              	
                Borrower:

              	
                Sanford
      C. Bernstein & Co., LLC

              

      

       

      
        	
                4.

              	
                Administrative
      Agent:  Citibank, N.A., as the administrative agent under the
      Credit Agreement

              

      

       

      
        5.            
Credit
Agreement:           
The
Credit Agreement, dated as of January 25, 2008 among Sanford C. Bernstein &
Co., LLC, AllianceBernstein L.P., the Banks parties thereto, and Citibank, N.A.,
as Administrative Agent

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                6.

              	
                Assigned
      Interest:

              

      

       

      
        	
                Aggregate
      Amount of Commitment/Loans for all Lenders1

              	
                Amount
      of Commitment/Loans Assigned1

              	
                Percentage
      Assigned of Commitment/Loans2

              
	
                $________________________

              	
                $______________________

              	
                _______________________

              

      

       

      
      

      
        [7.           
Trade
Date: __________________]3

      

       

      Effective
Date: ____________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND
WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]

       

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

       

      
        	 
      	
                ASSIGNOR

                 

              
	 
      	
                [NAME
      OF ASSIGNOR]

                 

              
	 
      	
                By:

              	 
      
	 
      	 
      	
                Title:

              
	 
      	
                 

                ASSIGNEE

                 

              
	 
      	
                [NAME
      OF ASSIGNEE]

                 

              
	 
      	
                By:

              	 
      
	 
      	 
      	
                Title:

              

      

       

      __________________________ 

        1 Amount
to be adjusted by the counterparties to take into account any payments or
prepayments made between the Trade Date and the Effective
Date.

      

       

        2 Set
forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all
Banks thereunder.

      

       

        3 To be
completed if the Assignor and the Assignee intend that the minimum assignment
amount is to be determined as of the Trade Date.

        

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

         

      

      
        	Consented
      to and Accepted	 
      
	 	 
	CITIBANK,
      N.A., as Administrative Agent	 
      
	 	 
	 	 
	By:	
                 

              	 
      
	 
      	
                Title:

              	 
      
	 
      	 
      
	Consented
      to:4	 
      
	 	 
	SANFORD
      C. BERNSTEIN & CO., LLC	 
      
	 	 
	 	 
	By:	
                 

              	 
      
	 
      	
                Title:

              	 
      

      

       

       __________________________

      
        4 To
be added only if the consent of the Borrower is required by the terms of the
Credit Agreement.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ANNEX
1 TO ASSIGNMENT AND ACCEPTANCE

       

      STANDARD
TERMS AND CONDITIONS FOR

      ASSIGNMENT
AND ACCEPTANCE

       

      
        	
                1.

              	
                Representations and
      Warranties.

              

      

       

      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 Acceptance and to consummate the transactions contemplated
hereby; and (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 the Loan Documents 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 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
Acceptance and to consummate the transactions contemplated hereby and to become
a Bank under the Credit Agreement, (ii) it meets all requirements of an Eligible
Assignee under the Credit Agreement (subject to receipt of such consents as may
be required under the Credit Agreement), (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Bank
thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Bank thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.4 thereof, as applicable, 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 Acceptance and to
purchase the Assigned Interest on the basis of which it has made such analysis
and decision independently and without reliance on the Administrative Agent or
any other Bank, and (v) if it is a foreign lender, attached hereto is any
documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i)
it will, independently and without reliance on the Administrative Agent, the
Assignor or any other Bank, 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 Bank.

       

      2.         
    Payments.  From
and after the Effective Date, the Administrative Agent shall make all payments
in respect of the Assigned interest (including payments of principal, interest,
fees and other amounts) to the Assignee whether such amounts have accrued prior
to or on or after the Effective Date.  The Assignor and the Assignee
shall make all appropriate adjustments in payments by the Administrative Agent
for periods prior to the Effective Date or with respect to the making of this
assignment directly between themselves.

       

      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 Acceptance may be
executed in any number of counterparts, which together shall constitute one
instrument.  Delivery of an executed counterpart of a signature page
of this Assignment and Acceptance by telecopy shall be effective as delivery of
a manually executed counterpart of this Assignment and
Acceptance.  This Assignment and Acceptance shall be governed by, and
construed in acceptance with, the laws of the State of New York applicable to
contracts made and to be performed wholly within such State.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT K
- FORM OF

      SUPPLEMENT

       

      SUPPLEMENT

      

      Dated
__________ __, 20___

      

      Reference
is made to that certain Revolving Credit Agreement dated as of January 25, 2008
(as amended or modified from time to time, the “Credit Agreement”) among Sanford
C. Bernstein & Co., LLC, a Delaware limited liability company (the
“Borrower”), AllianceBernstein L.P., a Delaware limited partnership, the Banks
parties thereto (the “Banks”), and Citibank, N.A., as Administrative Agent (the
“Administrative Agent”).  Unless otherwise defined herein, capitalized
terms used in this Supplement have the meanings ascribed thereto in the Credit
Agreement.

       

      Pursuant
to Section 2.5(b) of the Credit Agreement, the Borrower has requested an
increase in the Total Commitment from $__________ to
$__________.  Such increase in the Total Commitment is to become
effective on the date (the “Effective Date”) which is the later of (i)
__________ __, 20___ and (ii) the date on which the conditions set forth in
Section 2.5(b) in respect of such increase have been satisfied.  In
connection with such requested increase in the Total Commitment, the Borrower,
the Administrative Agent and __________ (the “Accepting Bank”) hereby agree as
follows:

       

      1.           Effective
as of the Effective Date, [the Accepting Bank shall
become a party to the Credit Agreement as a Bank and shall have all of the
rights and obligations of a Bank thereunder and shall thereupon have a
Commitment under and for purposes of the Credit Agreement in an amount equal to
the] [the Commitment of the
Accepting Bank under the Credit Agreement shall be increased from $__________ to
the] amount set forth
opposite the Accepting Bank’s name on the signature page hereof.

       

      [2.           The
Accepting Bank hereby (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this
Supplement and to consummate the transactions contemplated hereby and to become
a Bank 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 an interest thereunder and become a Bank, (iii) from and after
the Effective Date, it shall be bound by the provisions of the Credit Agreement
as a Bank thereunder and, to the extent of its interest thereunder, shall have
the obligations of a Bank thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.4 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Supplement and to purchase an interest
under the Credit Agreement on the basis of which it has made such analysis and
decision independently and without reliance on the Administrative Agent or any
other Bank, and (v) attaches any U.S. Internal Revenue Service forms required
under Section 4.11 of the Credit Agreement; and (b) agrees that (i) it
will, independently and without reliance on the Administrative Agent or any
other Bank, 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 Bank.]5

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      [3.]           The
Borrower hereby represents and warrants that as of the date hereof and as of the
Effective Date: (a) all representations and warranties of the Borrower contained
in Section 5 of the Credit Agreement (other than the Borrower’s representation
and warranty set forth in Section 5.5) shall be true and correct in all material
respects as though made on such date; and (b) no event shall have occurred and
then be continuing which constitutes a Default.

       

      [4.]  THIS SUPPLEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

       

      [5.]  This Supplement
may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one and the same
instrument.

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Supplement to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

      

       

      
        	 
      	
                SANFORD
      C. BERNSTEIN & CO., LLC,

              
	 
      	
                as
      Borrower

              
	 	 
	 
      	
                By:

              	 
	 
      	
                Name:

              	 
	 
      	
                Title:

              	 

      

      
 

      Acknowledged
and Accepted:

      

      CITIBANK,
N.A.,

      as
Administrative Agent

      

      
        	
                By:

              	 	 
      
	
                Title:

              	 
      	 
      

      

      

      

      
        	
                COMMITMENT

              	
                ACCEPTING BANK

              
	 
      	 
      
	
                $

              	
                [BANK]

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	
                Title:

              	 
      

      

       

      
__________________________

      5  To
be included only in a Supplement for a new Bank.Unassociated Document

    
      

    

    Exhibit
10.09

     

    UNCOMMITTED LINE OF CREDIT
AGREEMENT

    

    

    Uncommitted Line of Credit Agreement
(as amended or otherwise modified from time to time, this “Agreement”), dated as of
January 23, 2008, is between AllianceBernstein L.P., a Delaware limited
partnership (the “Borrower”), and Citibank, N.A.
(the “Lender”).

    

    The Borrower and the Lender hereby
agree as follows:

    

    1.           (a)  The
Lender agrees to consider from time to time, from the Effective Date (as defined
in Section 8) until March 28, 2008 (such date, or the earlier termination of
this Agreement pursuant to Section 11, being the “Termination Date”), the
Borrower’s requests that the Lender make advances (“Advances”) to it in an
aggregate amount not to exceed $100,000,000.00 (One Hundred Million Dollars) at
any one time outstanding. The proceeds of the Advances are to be used solely as
a commercial paper backstop and/or for general corporate
purposes.  This
letter is not a commitment to lend but rather sets forth the procedures to be
used in connection with the Borrower’s requests for the Lender’s making of
Advances to it from time to time on or prior to the Termination Date and, if the
Lender makes Advances to the Borrower hereunder, the Borrower’s obligations to
the Lender with respect thereto.

    

    
      	
               
      

            	
              (b)

            	
              The
      following terms used herein shall have the following
    meanings:

            

    

    

     “Base Rate” means a fluctuating rate
of interest announced publicly by Citibank, N.A. in New York, New York from time
to time as its base rate.

    

    “Business Day” means any
day of the year on
which banks are not required or authorized by law to close in New York
City.

    

    “General Partner” means
AllianceBernstein Corporation, a Delaware corporation, in its capacity as
general partner of the Borrower.

    

    “Maximum Rate” means the
maximum rate of non-usurious interest permitted by applicable law.

    

    “Quoted Rate” means, for any
Quoted Rate Advance, a rate quoted by the Lender and agreed to by the Borrower
for such Advance.

    

    2.  Each request by the
Borrower to the Lender for an Advance based on a Quoted Rate (a “Quoted Rate Advance”) will be
given not later than 11:00 A.M. (New York City time) on the date of such
proposed Advance.  Each request will specify (i) the date on which the
Borrower wishes the Advance to be made (which will be a Business Day), (ii) the
amount it wishes to borrow (which will be in the amount of $1,000,000 or an
integral multiple thereof) and (iii) the interest period (“Interest Period”) it wishes to
apply to such Advance.  The duration of each Interest Period will be a
term requested by the Borrower and agreed to by the Lender, provided that (i) the
Borrower may not select any Interest Period that ends after the Termination
Date; and (ii) whenever the last day of an Interest Period would otherwise occur
on a day other than a Business Day, the last day of such Interest Period will be
extended to occur on the next succeeding Business Day. If the Lender agrees to
make such Advance, it will make such funds available to the Borrower in same day
funds by crediting to the following account, or as otherwise specified by the
Borrower, prior to the making of such Advance:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Citibank,
N.A.

    ABA#
021000089

    Account
of AllianceBernstein L.P.

    Account #
3047-1962

    

    3.  The Borrower will repay
the principal amount of each Advance on the earliest to occur of a DEMAND, the
last day of the Interest Period for such Advance and the Termination Date,
together with accrued interest thereon.  The Borrower may prepay any
Advance made to it in whole or in part on any Business Day, provided that (i) the
Borrower has given the Lender at least three Business Days’ irrevocable written
notice of such prepayment (and on the date specified for such prepayment in such
notice, the Borrower will prepay the amount of the Advance to be prepaid,
together with accrued interest thereon to the date of prepayment and any other
amounts payable by the Borrower pursuant to Section 15), and (ii) each partial
prepayment will be in a principal amount of at least $1,000,000.

    

    4. The Borrower will pay interest on
the unpaid principal amount of each Advance made to it from the date of such
Advance until such principal amount is paid in full at a rate equal to the
Quoted Rate for such Advance, payable in arrears on DEMAND, or if no demand has
been made, on the last day of the Interest Period for such
Advance.  Any overdue amount of principal, interest or other amount
payable hereunder will bear interest, payable on demand, at the Base Rate plus 2% per
annum; provided
that the interest rate shall not exceed the Maximum Rate.

    

    5.  Promptly after the making
of a Quoted Rate Advance, the Lender will send the Borrower a written
confirmation of the Quoted Rate and Interest Period therefor.  Unless
the Borrower objects in writing to the information contained in such
confirmation within three Business Days after the Lender’s sending of such
confirmation to the Borrower, the Borrower will be deemed to have
unconditionally agreed for all purposes to the correctness of such
information.  If the Borrower so objects to the Quoted Rate set forth
in any such confirmation, such Quoted Rate Advance will be payable with interest
at the Base Rate rather than at the Quoted Rate so objected to. Any Quoted Rate
Advance bearing interest at the Base Rate  pursuant to this Section
will continue to be an “Advance” for the purposes of this
Agreement.

    

    6.  If, due to either (i) the
introduction of or any change in or in the interpretation of any law or
regulation or (ii) the compliance with any guideline or directive duly adopted
by any central bank or other governmental authority (whether or not having the
force of law) with
respect to the regulation of banks, monetary policy, lending, investments, or
other financial matters, there is any increase in the cost to the Lender of
agreeing to make or making, funding or maintaining Advances, then the Borrower
will from time to time, upon the Lender’s demand, pay to the Lender additional
amounts sufficient to compensate the Lender for such increased
cost.  In addition, if the Lender determines that compliance with any
law or regulation or any guideline or directive duly adopted by any central bank
or other governmental authority (whether or not having the force of law) after
the date hereof affects or would affect the amount of capital required or
expected to be maintained by the Lender or any corporation controlling the
Lender and that the amount of such capital is increased by or based upon the
existence of Advances hereunder, then, upon the Lender’s demand, the Borrower
will immediately pay to the Lender, from time to time as specified by the
Lender, additional amounts sufficient to compensate the Lender or such
corporation in the light of such circumstances, to the extent that the Lender
reasonably determines such increase in capital to be allocable to the existence
of  the Advances hereunder.  A certificate as to such
amounts and a brief explanation of such amounts which are due and in reasonable
detail the basis of the calculation and allocation thereof submitted to the
Borrower by the Lender will be conclusive evidence, absent manifest error, that
such amounts are due.  Notwithstanding any other provision of this
Agreement, if the introduction of or any change in or in the interpretation of
any law or regulation makes it unlawful, or any central bank or other
governmental authority asserts that it is unlawful, for the Lender to fund or
maintain Advances made hereunder, then, on notice thereof and demand therefor
made by the Lender, each Advance will automatically, upon such demand, convert
into an Advance accruing interest at the Base Rate.  Any Advance
accruing interest at the Base Rate will continue to be an “Advance” for the
purposes of this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.  The Borrower will make
each payment (whether in respect of principal, interest or otherwise) payable by
it hereunder, irrespective of any right of counterclaim or set-off, not later
than 2:00 P.M. (New York City time) on the day when due in U.S. dollars to the
Lender at 388 Greenwich Street, New York, New York in same day
funds.  The Borrower hereby authorizes the Lender, if and to the
extent payment owed to the Lender is not made when due hereunder, to charge from
time to time against any or all of the Borrower’s accounts with the Lender or
any of the Lender’s affiliates any amount so due.  All computations of
interest will be made by the Lender on the basis of a year of 360 days, in each
case for the actual number of days (including the first day but excluding the
last day) occurring in the period for which such interest is
payable.  Each determination by the Lender of an interest rate
hereunder will be conclusive and binding for all purposes, absent manifest
error.  Whenever any payment hereunder is stated to be due on a day
other than a Business Day, such payment will be made on the next succeeding
Business Day, and such extension of time will in such case be included in the
computation of payment of interest.

    

    8.  This Agreement will
become effective on and as of the first date (the “Effective Date”) on which the
Lender has received the following, each in form and substance satisfactory to
the Lender: (i) a counterpart of this Agreement duly executed by the Lender and
the Borrower; (ii) certified copies of the resolutions of the General Partner’s
Board of Directors or any committee thereof approving this Agreement, and of all
other documents evidencing necessary action and governmental and other third
party approvals, if any, with respect to this Agreement; and (iii) a certificate
of the General Partner’s Secretary or Assistant Secretary certifying the names
and true signatures of the General Partner’s officers authorized to sign this
Agreement and the other documents to be delivered hereunder and to request
Advances hereunder (“Designated
Officers”).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.  Each request by the
Borrower for an Advance and the acceptance by the Borrower of the proceeds of
such Advance will constitute a representation and warranty by the Borrower that
on the date of such Advance the representations and warranties contained in
Section 10 are correct on and as of the date of such Advance, before and after
giving effect to such Advance and to the application of the proceeds therefrom,
as though made on and as of such date (other than any such representations or
warranties that, by their terms, refer to a date other than the date of such
Advance).  In addition, the Borrower agrees to deliver to the Lender
such other documents and other information requested by the Lender in connection
with an Advance requested by the Borrower.

    

    10.  The Borrower represents
and warrants as follows:

    

    (a) The
Borrower is a limited partnership duly organized, validly existing, and, if
applicable, in good standing, under the laws of the State of Delaware and has
all requisite partnership power to own its material properties and conduct its
material business as now conducted and as presently contemplated.

     

    (b) The
execution, delivery, and performance of this Agreement by the Borrower and the
transactions contemplated hereby (i) are within the partnership’s power, (ii)
have been duly authorized by all necessary partnership proceedings and (iii) do
not contravene (x) its limited partnership certificate or limited partnership
agreement or (y) any law or any contractual restriction binding on or affecting
it.

    

    (c) No
authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body or any other third party is
required for the due execution, delivery and performance by the Borrower of this
Agreement.

    

    (d) This
Agreement has been duly executed and delivered by the Borrower  and is
its legal, valid and binding obligation enforceable against the Borrower in
accordance with its terms, except to the extent that enforcement may be limited
by applicable bankruptcy, insolvency and other similar laws affecting creditors’
rights generally.

    

    (e) The
consolidated balance sheet of the Borrower and its subsidiaries as at December
31, 2006, and the related consolidated statements of income and cash flow of the
Borrower and its subsidiaries for the fiscal year then ended, accompanied by an
opinion of the Borrower’s independent certified public accountants, fairly
present the consolidated financial condition of the Borrower and its
subsidiaries as at such date and the consolidated results of operations of the
Borrower and its subsidiaries for the period ended on such date, all in
accordance with generally accepted accounting principles consistently applied
and all included in the Borrower’s most recent Form 10-K filed with the
Securities and Exchange Commission (“2006 Form 10-K”).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (f)
Except as disclosed in the 2006 Form 10-K, since December 31, 2006 there has
been no material adverse change in the business, operations, condition
(financial or otherwise) or prospects of the Borrower and its subsidiaries taken
as a whole.

    

    (g)
Except as disclosed in the 2006 Form 10-K, there is no pending or threatened
action, suit, investigation, litigation or proceeding affecting the Borrower or
its subsidiaries before any court, governmental agency or arbitrator that (i)
could be reasonably likely to have a material adverse effect on the business,
operations, condition (financial or otherwise) or prospects of the Borrower and
its subsidiaries taken as a whole, the Lender’s rights and remedies under this
Agreement, or the Borrower’s ability to perform its obligations under this
Agreement, or (ii) purports to affect the legality, validity or enforceability
of this Agreement or the consummation of the transactions contemplated
hereby.

    

    (h) The
Borrower is not an “investment company”, or a company “controlled” by an
“investment company”, within the meaning of the Investment Company Act of 1940,
as amended.

    

    (i) No
report, financial statement, certificate or other information furnished (whether
in writing or orally) by or on behalf of the Borrower to the Lender in
connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder (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 the light
of the circumstances under which they were made, not misleading; provided that,
with respect to any projected financial information, the Borrower represents
only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time.

    

    (j) No
proceeds of any Advance will be used to purchase or carry any margin stock
(within the meaning of Regulation U issued by the Board of Governors of the
Federal Reserve System) or to extend credit to others for the purpose of
purchasing or carrying any margin stock.

    

    11.  This Agreement may be
terminated by the Borrower or the Lender by giving written notice of termination
to the other parties hereto, but no such termination will affect the Borrower’s
obligations with respect to Advances outstanding at the time of such
termination.  The Lender may amend or modify the terms and conditions
of this Agreement at any time without prior notice to the Borrower and without
the Borrower’s consent, but no such amendment or modification will affect the
Borrower’s obligations with respect to Advances outstanding at the time of such
amendment or modification.  At the time the Borrower makes a request
for an Advance, the Lender agrees to notify the Borrower of any such amendment
or modification, provided that neither
the Lender’s agreement to so notify the Borrower, nor the Lender’s failure to so
notify the Borrower, will affect the uncommitted nature of this
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    12.  All notices and other
communications provided for hereunder will be in writing (including telecopier
communication) and mailed, telecopied or delivered, if to the Borrower, at its
address at 1345 Avenue of the Americas, New York, New York 10105 (Telecopy
Number: 212-823-3250), Attention: John J. Onofrio, Jr., Vice President and
Treasurer; if to the Lender, at its address at 388 Greenwich Street, 23rd Floor,
New York, New York 10013 (Telecopy Number: 646-291-1703), Attention: Alexander
Duka; or, as to either party, at such other address as is designated by such
party in a written notice to the other party.  All such notices and
communications will, when mailed or telecopied, be effective three Business Days
after deposit in the mails, or when telecopied, confirmation has been received
by the sender, except that notices and communications mailed to the Lender
pursuant to Sections 2, 3 or 11 will not be effective until received by the
Lender.

    

    13.  No failure on the
Lender’s part to exercise, and no delay in exercising, any right hereunder will
operate as a waiver thereof; nor will any single or partial exercise of any such
right preclude any other or further exercise thereof or the exercise of any
other right.  The remedies provided herein are cumulative and not
exclusive of any remedies provided by law.

    

    14.  (a)  The
Borrower agrees to pay on demand all of the Lender’s out-of-pocket costs and
expenses (including without limitation, reasonable counsel fees and expenses) in
connection with the preparation, execution, delivery, administration,
modification, amendment and enforcement (whether through negotiations, legal
proceedings or otherwise) of this Agreement.

    

    (b)  The Borrower will
indemnify and hold harmless the Lender, its affiliates and each of its and their
respective officers, directors, employees, agents, advisors and representatives
(each, an “Indemnified
Party”) from and against any and all claims, damages, losses, liabilities
and expenses (including without limitation, fees and disbursements of counsel),
that may be incurred by or asserted or awarded against any Indemnified Party
(including without limitation, in connection with any investigation, litigation
or proceeding, or the preparation of a defense in connection therewith), in each
case arising out of or in connection with this Agreement, any of the
transactions contemplated hereby or any actual or proposed use of the proceeds
of the Advances, except to the extent such claim, damage, loss, liability or
expense is found in a final non-appealable judgment by a court of competent
jurisdiction to have resulted primarily from such Indemnified Party's gross
negligence or willful misconduct.  In the case of an investigation,
litigation or other proceeding to which the indemnity in this Section applies,
such indemnity will be effective whether or not such investigation, litigation
or proceeding is brought by the Borrower, any of its directors, security holders
or creditors, an Indemnified Party or any other person, or any Indemnified Party
is otherwise a party thereto, and whether or not the transactions contemplated
hereby are consummated.

    

    (c)  No Indemnified Party
will have any liability (whether in contract, tort or otherwise) to the Borrower
or any of its security holders or creditors for or in connection with the
transactions contemplated hereby, except for direct damages (as opposed to
special, indirect, consequential or punitive damages (including without
limitation, any loss of profits, business or anticipated savings)) determined in
a final non-appealable judgment by a court of competent jurisdiction to have
resulted from such Indemnified Party’s gross negligence or willful
misconduct.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    15.  If the Borrower fails to
borrow or prepay any Advance after the Borrower has given the Lender notice
thereof and, in the case of a borrowing, the Lender has agreed to make such
Advance and the Borrower does not object to the Quoted Rate and Interest Period
pursuant to the instructions set forth in Section 5 hereof, the Borrower will,
upon demand by the Lender, pay the Lender any amounts required to compensate the
Lender for any losses, costs or expenses that the Lender may reasonably incur as
a result of such payment or failure to borrow or prepay.

    

    16.  This Agreement is
binding upon and will inure to the benefit of the Borrower, the Lender and their
respective successors and assigns, except that the Borrower will not have the
right to assign its rights or obligations hereunder or any interest herein
without the Lender’s prior written consent.  The Lender may, with the
written consent of the Borrower (which consent will not be unreasonably
withheld), assign to one or more persons all or a portion of its rights and
obligations under this Agreement, provided that the
consent of the Borrower will not be required in connection with an assignment to
an affiliate of the Lender.  Notwithstanding any other provisions set
forth in this Agreement, the Lender may at any time create a security interest
in all or any portion of the Lender’s rights under this Agreement in favor of
any Federal Reserve Bank.

    

    17.  This Agreement will be
governed by, and construed in accordance with, the laws of the State of New
York.  This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so
executed will be deemed to be an original and all of which taken together will
constitute one and the same agreement.

    

    18.  The Borrower hereby
irrevocably (i) submits to the non-exclusive jurisdiction of any New York State
or Federal court sitting in New York City in any action or proceeding arising
out of or relating to this Agreement, (ii) agrees that all claims in respect of
such action or proceeding may be heard and determined in such New York State
court or in such Federal court, (iii) waives, to the fullest extent it may
effectively do so, the defense of an inconvenient forum to the maintenance of
such action or proceeding, and (iv) irrevocably consents to the service of any
and all process in any such action or proceeding by the mailing of copies of
such process to the Borrower at its address specified in Section 12. The
Borrower agrees that a final non-appealable judgment in any such action or
proceeding will be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.  Nothing
herein will affect the Lender’s right to serve legal process in any other manner
permitted by law or affect the Lender’s right to bring any action or proceeding
against the Borrower or its property in the courts of other
jurisdictions.

    

    19.  If a payment has not
been made by the Borrower when due hereunder, the Lender and each of its
affiliates is 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 the Lender or any of its affiliates to or for
the Borrower’s credit or account against any and all of the Borrower’s
obligations now or hereafter existing under this Agreement, irrespective of
whether the Lender has made demand under this Agreement and although such
obligations may be unmatured.  The Lender shall promptly notify the
Borrower after any such set-off and application, provided that any failure to
give or any delay in giving notice shall not affect the validity of any such
set-off or application under this Section.  The Lender’s rights under
this Section are in addition to other rights and remedies (including without
limitation, other rights of set-off) which the Lender may have.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    20.  Each of the parties
hereto hereby irrevocably waives all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise)
arising out of or relating to this Agreement, the Advances or the Lender’s
actions in the negotiation, administration, performance or enforcement hereof or
thereof.

    

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

    

    
      	 
      	ALLIANCEBERNSTEIN
      L.P.	 
	 
      	 	 
      	 
	 
      	ALLIANCEBERNSTEIN
      CORPORATION	 
	 
      	 	 
      	 
	 
      	By:  	
              /s/ John. J. Onofrio, Jr

            	 
	 
      	Name:	
              John
      J. Onofrio, Jr.

            	 
	 
      	Title:
      	
              Vice
      President and Treasurer

            	 
	 
      	 	 
      	 
	 
      	 	
              CITIBANK,
      N.A.

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By:    	
               /s/ Alexander F. Duka

            	 
	 
      	Name:	
               Alexander
      F. Duka

            	 
	 
      	Title:
      	
              Managing
      Director

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