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  Exhibit 10.4.1    
    

 
    EXECUTION VERSION    
    

        $100,000,000 

364-DAY
COMPETITIVE ADVANCE AND

REVOLVING CREDIT FACILITY AGREEMENT 

dated
as of October 4, 2010, 

among

JANUS
CAPITAL GROUP INC., 

THE
LENDERS PARTY HERETO, 

and 

JPMORGAN
CHASE BANK, N.A.,

as Administrative Agent 

 

J.P.
MORGAN SECURITIES LLC 

and

BANC
OF AMERICA SECURITIES LLC, 

as
Joint Lead Arrangers and Joint Bookrunners 

 

 
 

  TABLE OF CONTENTS    
    

 

							
	 
	 	 
	 	Page 	 
	  ARTICLE I DEFINITIONS
	 	 	1	 
	 SECTION 1.01
	 	 Defined Terms
	 	 	

1	 
	 SECTION 1.02
	 	 Terms Generally
	 	 	19	 
	 SECTION 1.03
	 	 Accounting Terms
	 	 	20	 
	  ARTICLE II THE CREDITS
	 	 	

20	 
	 SECTION 2.01
	 	 Commitments
	 	 	

20	 
	 SECTION 2.02
	 	 Loans
	 	 	20	 
	 SECTION 2.03
	 	 Competitive Bid Procedure
	 	 	21	 
	 SECTION 2.04
	 	 Standby Borrowing Procedure
	 	 	24	 
	 SECTION 2.05
	 	 Swingline Loans
	 	 	24	 
	 SECTION 2.06
	 	 Standby Interest Elections
	 	 	25	 
	 SECTION 2.07
	 	 Fees
	 	 	26	 
	 SECTION 2.08
	 	 Repayment of Loans; Evidence of Debt
	 	 	27	 
	 SECTION 2.09
	 	 Interest on Loans
	 	 	27	 
	 SECTION 2.10
	 	 Default Interest
	 	 	28	 
	 SECTION 2.11
	 	 Alternate Rate of Interest
	 	 	28	 
	 SECTION 2.12
	 	 Termination and Reduction of Commitments
	 	 	28	 
	 SECTION 2.13
	 	 Extension of Maturity Date
	 	 	29	 
	 SECTION 2.14
	 	 Prepayment
	 	 	30	 
	 SECTION 2.15
	 	 Reserve Requirements; Change in Circumstances
	 	 	30	 
	 SECTION 2.16
	 	 Change in Legality
	 	 	31	 
	 SECTION 2.17
	 	 Indemnity
	 	 	32	 
	 SECTION 2.18
	 	 Pro Rata Treatment
	 	 	32	 
	 SECTION 2.19
	 	 Sharing of Setoffs
	 	 	32	 
	 SECTION 2.20
	 	 Payments
	 	 	33	 
	 SECTION 2.21
	 	 Taxes
	 	 	33	 
	 SECTION 2.22
	 	 Termination or Assignment of Commitments under Certain Circumstances
	 	 	36	 
	 SECTION 2.23
	 	 Lending Offices and Lender Certificates; Survival of Indemnity
	 	 	37	 
	 SECTION 2.24
	 	 Defaulting Lenders
	 	 	37	 
	  ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	

38	 
	 SECTION 3.01
	 	 Corporate Existence and Standing
	 	 	

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

 

 i

 
 

							
	 
	 	 
	 	Page 	 
	 SECTION 3.16
	 	 No Default
	 	 	41	 
	  ARTICLE IV CONDITIONS
	 	 	

41	 
	 SECTION 4.01
	 	 Conditions Precedent to Effectiveness
	 	 	

41	 
	 SECTION 4.02
	 	 All Borrowings
	 	 	42	 
	  ARTICLE V AFFIRMATIVE COVENANTS
	 	 	

42	 
	 SECTION 5.01
	 	 Conduct of Business; Maintenance of Ownership of Subsidiaries and Maintenance of Properties
	 	 	

42	 
	 SECTION 5.02
	 	 Insurance
	 	 	43	 
	 SECTION 5.03
	 	 Compliance with Laws and Payment of Material Obligations and Taxes
	 	 	43	 
	 SECTION 5.04
	 	 Financial Statements, Reports, etc. 
	 	 	44	 
	 SECTION 5.05
	 	 Notices of Material Events
	 	 	45	 
	 SECTION 5.06
	 	 Books and Records; Access to Properties and Inspections
	 	 	45	 
	 SECTION 5.07
	 	 Use of Proceeds
	 	 	46	 
	 SECTION 5.08
	 	 Existing JCIL Share Charge. 
	 	 	46	 
	  ARTICLE VI NEGATIVE COVENANTS
	 	 	

46	 
	 SECTION 6.01
	 	 Indebtedness of Subsidiaries
	 	 	

46	 
	 SECTION 6.02
	 	 Liens
	 	 	47	 
	 SECTION 6.03
	 	 Sale and Lease-Back Transactions
	 	 	48	 
	 SECTION 6.04
	 	 Mergers, Consolidations and Transfers of Assets
	 	 	49	 
	 SECTION 6.05
	 	 Transactions with Affiliates
	 	 	50	 
	 SECTION 6.06
	 	 Restrictive Agreements
	 	 	50	 
	 SECTION 6.07
	 	 Certain Financial Covenants
	 	 	50	 
	 SECTION 6.08
	 	 Margin Stock
	 	 	50	 
	 SECTION 6.09
	 	 Investments, Loans, Advances and Guarantees
	 	 	51	 
	 SECTION 6.10
	 	 Restricted Payments; Certain Payments of Indebtedness
	 	 	53	 
	 SECTION 6.11
	 	 Limitations on Conduct of Business
	 	 	54	 
	 SECTION 6.12
	 	 Concerning Janus Capital International Limited
	 	 	54	 
	  ARTICLE VII EVENTS OF DEFAULT
	 	 	

55	 
	  ARTICLE VIII THE AGENT
	 	 	

56	 
	  ARTICLE IX MISCELLANEOUS
	 	 	

59	 
	 SECTION 9.01
	 	 Notices
	 	 	

59	 
	 SECTION 9.02
	 	 Survival of Agreement
	 	 	59	 
	 SECTION 9.03
	 	 Effectiveness
	 	 	60	 
	 SECTION 9.04
	 	 Successors and Assigns
	 	 	60	 
	 SECTION 9.05
	 	 Expenses; Indemnity
	 	 	62	 
	 SECTION 9.06
	 	 Right of Setoff
	 	 	63	 
	 SECTION 9.07
	 	 Applicable Law
	 	 	63	 
	 SECTION 9.08
	 	 Waivers; Amendment
	 	 	63	 
	 SECTION 9.09
	 	 Interest Rate Limitation
	 	 	64	 
	 SECTION 9.10
	 	 Entire Agreement
	 	 	64	 
	 SECTION 9.11
	 	 WAIVER OF JURY TRIAL
	 	 	64	 
	 SECTION 9.12
	 	 Severability
	 	 	65	 
	 SECTION 9.13
	 	 Counterparts
	 	 	65	 
	 SECTION 9.14
	 	 Headings
	 	 	65	 
	 SECTION 9.15
	 	 Jurisdiction; Consent to Service of Process
	 	 	65	 

 

 ii

 
 

							
	 
	 	 
	 	Page 	 
	 SECTION 9.16
	 	 Confidentiality; Material Non-Public Information
	 	 	66	 
	 SECTION 9.17
	 	 Electronic Communications
	 	 	66	 
	 SECTION 9.18
	 	 Patriot Act
	 	 	67	 
	 SECTION 9.19
	 	 No Fiduciary Relationship
	 	 	67	 
	 Schedule 2.01
	 	 Commitments
	 	 	

1	 
	 Schedule 3.07
	 	 Subsidiaries
	 	 	1	 
	 Schedule 3.08
	 	 Litigation
	 	 	1	 
	 Schedule 6.01
	 	 Existing Indebtedness
	 	 	1	 
	 Schedule 6.02
	 	 Liens
	 	 	1	 
	 Schedule 6.09
	 	 Investments
	 	 	1	 
	 Exhibit A-1
	 	 Form of Competitive Bid Request
	 	 	

1	 
	 Exhibit A-2
	 	 Form of Notice of Competitive Bid Request
	 	 	1	 
	 Exhibit A-3
	 	 Form of Competitive Bid
	 	 	1	 
	 Exhibit A-4
	 	 Form of Competitive Bid Accept/Reject Letter
	 	 	1	 
	 Exhibit A-5
	 	 Form of Standby Borrowing Request
	 	 	1	 
	 Exhibit B
	 	 Form of Assignment and Assumption
	 	 	1	 
	 Exhibit C
	 	 Form of Compliance Certificate
	 	 	1	 
	 Exhibit D
	 	 Form of LLC Guarantee
	 	 	1	 
	 Exhibit E
	 	 Form of Maturity Date Extension Request
	 	 	1	 

 

 iii

 

        364-DAY
COMPETITIVE ADVANCE AND REVOLVING CREDIT FACILITY AGREEMENT dated as of October 4, 2010 (as it may be amended, supplemented or otherwise modified from time to
time, this "Agreement"), among JANUS CAPITAL GROUP INC., a Delaware corporation (the "Borrower");
the LENDERS party hereto; and JPMORGAN CHASE BANK, N.A., as the Administrative Agent. 

        The
parties hereto hereby agree as follows: 

 
 

  ARTICLE I
  
    DEFINITIONS    
    

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

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

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

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

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

        "Administrative Agent's Fees" shall have the meaning assigned to such term in Section 2.07(b). 

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

        "Affected Subsidiary" shall have the meaning assigned to such term in Section 6.04(c). 

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

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

        "Alternate Base Rate" shall mean, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1.00%)
equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
1/2 of 1.00%, and (c) the Adjusted LIBO Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in dollars with a maturity
of one month commencing two Business Days thereafter plus 1.00%. If for any reason the Administrative Agent shall have determined (which determination
shall be conclusive absent manifest error) that (i) it is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Administrative Agent to
obtain sufficient quotations in accordance with the definition of such term, Alternate Base Rate shall be determined without regard to clause (b) above until the circumstances giving rise to
such inability no longer exist, or (ii) reasonable means do not exist for ascertaining the Adjusted LIBO Rate (determined as set forth above), the Alternate Base Rate shall be determined
without regard to clause (c) above until such reasonable means again exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be. 

   

   

  
[Signature Page to the 364-Day Competitive Advance and Revolving Credit Facility  Agreement] 

 

        "Applicable Rate" shall mean, for any day on or after the Closing Date, with respect to any ABR Loan, any Eurodollar Standby Loan or the
Commitment Fees payable hereunder, the applicable rate per annum set forth below under the caption "ABR Spread", "Eurodollar Standby Spread" or "Commitment Fee Rate", as the case may be, based upon
the ratings by Moody's and S&P, respectively, applicable on such day to the Index Debt: 

 

											
	Index Debt Ratings 	 	ABR Spread 	 	Eurodollar

Standby Spread 	 	Commitment

Fee Rate 	 
	 Category 1
	 	 	 	 	 	 	 	 	 	 
	 BBB+/Baa1 or higher
	 	 	1.250	%	 	2.250	%	 	0.300	%
	 Category 2
	 	 	 	 	 	 	 	 	 	 
	 BBB/Baa2
	 	 	1.500	%	 	2.500	%	 	0.375	%
	 Category 3
	 	 	 	 	 	 	 	 	 	 
	 BBB-/Baa3
	 	 	1.750	%	 	2.750	%	 	0.500	%
	 Category 4
	 	 	 	 	 	 	 	 	 	 
	 BB+/Ba1
	 	 	2.000	%	 	3.000	%	 	0.625	%
	 Category 5
	 	 	 	 	 	 	 	 	 	 
	 Lower than BB+/Ba1 or unrated
	 	 	2.250	%	 	3.250	%	 	0.750	%

 

         For
purposes of the foregoing, (a) if either Moody's or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last
sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or deemed to have been established by
Moody's and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories
above the other, in which case the Applicable Rate shall be determined by reference to the Category one level above the Category corresponding to the lower rating; and (iii) if the ratings
established or deemed to have been established by Moody's and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody's or S&P), such change shall be
effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative
Agent and the Lenders. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date
of the next such change. If the rating system of Moody's or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and
the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any
such amendment, the Applicable Rate shall be determined by reference to the rating of the other rating agency (or, if the circumstances referred to in this sentence shall affect both rating agencies,
the ratings most recently in effect prior to such changes or cessations). 

        "Arrangers" shall mean J.P. Morgan Securities LLC and Banc of America Securities LLC. 

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

        "Attributable Debt" shall mean, at any date, in respect of any lease entered into by the Borrower or any Subsidiary as part of a Sale and
Leaseback Transaction, (a) if obligations under such lease are Capitalized Lease Obligations, the capitalized amount thereof that would appear on a balance sheet of the Borrower or such
Subsidiary prepared as of such date in accordance with GAAP, and (b) if 

2

 

obligations
under such lease are not Capitalized Lease Obligations, the capitalized amount of the remaining lease payments under such lease that would appear on a balance sheet of the Borrower or such
Subsidiary prepared as of such date in accordance with GAAP if such obligations were accounted for as Capitalized Lease Obligations. 

        "Bankruptcy Event" shall mean, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for
it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or
appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof; provided, further, that such
ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its
assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

        "B Share Fees" shall mean (a) the contingent deferred sales charges payable to the Borrower by an investor in a load fund offered
by the Borrower upon any redemption by such investor prior to a certain number of years after such investor's investment in such fund and (b) the distribution fees payable by an investor in a
load fund offered by the Borrower, in each case payable at the times and in the amounts described in the Janus Capital Funds plc prospectus dated April 27, 2010 and the Janus Selection
prospectus dated June 9, 2010, in each case as amended from time to time, or the prospectus for any other substantially similar fund. 

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

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

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

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

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

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

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

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

        A
"Change in Control" shall be deemed to have occurred if, at any time, (a) less than a majority of the members of the board of
directors of the Borrower shall be (i) individuals who are members of such board on the Closing Date or (ii) individuals whose election, or nomination for election by the Borrower's
stockholders, was approved by a vote of at least a majority of the members of the board then in office who are individuals described in clause (i) above or this clause (ii) or
(b) any Person or 

3

 

any
two or more Persons acting as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding, voting or disposing of Equity Interests in the Borrower shall
become, according to public announcement or filing, the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly,
of Equity Interests in the Borrower representing 35% or more (calculated in accordance with such Rule 13d-3) of the combined voting power of the Borrower's then outstanding voting
Equity Interests. 

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

        "Closing Date" shall mean the date on which the conditions precedent set forth in Section 4.01 shall have been satisfied or waived
in accordance with the terms herein, which date is October 4, 2010. 

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

        "Commitment" shall mean, with respect to each Lender, the commitment of such Lender to make Standby Loans and to acquire participations in
Swingline Loans hereunder (and with respect to the Swingline Lender, to make the Swingline Loans hereunder), expressed as an amount representing the maximum aggregate amount of such Lender's Revolving
Credit Exposure hereunder, as such
commitment may be (a) reduced from time to time pursuant to Section 2.12 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender's Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Commitment, as applicable. As of the Closing Date, the aggregate amount of the Lenders' Commitments is $100,000,000. 

        "Commitment Fee" shall have the meaning assigned to such term in Section 2.07(a). 

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

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

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

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

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

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

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

        "Confidential Memorandum" shall mean the Confidential Information Memorandum of the Borrower dated September 2010. 

        "Consenting Lender" shall have the meaning assigned to such term in Section 2.13. 

        "Consolidated EBITDA" shall mean, for any period, Consolidated Net Income for such period,  plus (a) without duplication and to the extent deducted (or in the case
of (v) below, not included) in determining such Consolidated Net
Income, the sum for such period of (i) Consolidated Interest 

4

 

Expense,
(ii) provision for taxes for the Borrower and the Consolidated Subsidiaries, (iii) depreciation expense or amortization expense (including amortization expense relating to
prepaid sales commissions, but net of the amount of sales commissions paid during such period), (iv) impairment charges on the securities of Stanfield Victoria Funding LLC (currently
known as VFNC Trust) in an aggregate amount for all periods not in excess of $33,000,000, (v) cash payments received by the Borrower upon the termination of hedging programs for the Borrower's
or any Consolidated Subsidiary's mutual fund unit awards program and (vi) realized losses from the sale of the securities of Stanfield Victoria Funding LLC (currently known as VFNC
Trust) in an aggregate amount for all periods not in excess of $38,000,000, minus (b) without duplication and to the extent included in
determining such Consolidated Net Income, gains from the reversal of previously recognized impairment charges on the securities of Stanfield Victoria Funding LLC (currently known as VFNC Trust)
in an aggregate amount for all periods not in excess of $109,000,000, all determined in accordance with GAAP. 

        "Consolidated Interest Expense" shall mean, for any period, total interest expense of the Borrower and the Consolidated Subsidiaries on a
consolidated basis for such period, determined in accordance with GAAP, including (a) the amortization of debt discounts to the extent included in interest expense in accordance with GAAP,
(b) the amortization of all fees (including fees with respect to interest rate protection agreements or other interest rate hedging arrangements) payable in connection with the incurrence of
Indebtedness to the extent included in interest expense in accordance with GAAP and (c) the portion of any rents payable under capital leases allocable to interest expense in accordance with
GAAP. 

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

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

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

        "Consolidated Total Indebtedness" shall mean at any date all Indebtedness of the Borrower and the Consolidated Subsidiaries at such date,
determined on a consolidated basis in accordance with GAAP; provided that, in determining Consolidated Total Indebtedness at any date, any Indebtedness
that, at 

5

 

such
date, constitutes Delayed Application Replacement Indebtedness in respect of any other Indebtedness shall be disregarded to the extent the principal amount of such other Indebtedness is included
in Consolidated Total Indebtedness at such date. 

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

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

        "Credit Party" means the Administrative Agent, the Swingline Lender or any other Lender. 

        "Declining Lender" shall have the meaning assigned to such term in Section 2.13. 

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

        Delayed Application Replacement Indebtedness" shall mean, in respect of any Indebtedness ("Original
Indebtedness"), Indebtedness that is incurred for the purpose of refinancing or replacing such Original Indebtedness, but the proceeds of which shall not have been applied to
make such a refinancing or replacement upon the incurrence thereof, if and for so long as such Indebtedness otherwise meets, with respect to such Original Indebtedness, the requirements set forth in
the definition of the term "Replacement Indebtedness"; provided that any Indebtedness that otherwise meets the requirements set forth in this definition
shall cease to be Delayed Application Replacement Indebtedness on the date that is 60 days following the date of the incurrence thereof; and  provided, further, that (i) no Loans shall be outstanding while both the Original Indebtedness
and Delayed Application Replacement Indebtedness are outstanding, (ii) irrevocable notice in respect of such refinancing or replacement of the Original Indebtedness is given within two Business
Days of the incurrence of such Delayed Application Replacement Indebtedness and (iii) proceeds received from such Delayed Application Replacement Indebtedness shall be paid over to the trustee
for the Original Indebtedness or deposited in a segregated account maintained solely for such proceeds. 

        "Defaulting Lender" means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to
(i) fund any portion of its Loans, (ii) fund any portion of its participations in Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it
hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a
condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or
has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that
such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this
Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in
good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund
prospective Loans and participations in then outstanding Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
such Credit Party's receipt of such certification in form and substance satisfactory 

6

 

to
it and the Administrative Agent, or (d) has become (or the Parent of such Lender has become) the subject of a Bankruptcy Event. 

        "Disclosed Matter" shall mean the existence or occurrence of any matter which has been disclosed in (a) the Borrower's report on
Form 10-K for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission on February 24, 2010, (b) any other filing made with the
Securities and Exchange Commission after February 24, 2010 and prior to the Closing Date, or (c) the Confidential Memorandum. 

        "Disqualified Stock" shall mean, with respect to any Person, any Equity Interest in such Person that by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or condition: 

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

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

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

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

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

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

        "Eligible Assignee" shall mean (a) a Lender, (b) an Affiliate of a Lender, or (c) any other Person approved by
(i) the Administrative Agent, (ii) unless an Event of Default has occurred and is continuing at the time the applicable assignment is effected in accordance with Section 9.04, the
Borrower, provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within ten Business Days after having received notice thereof and (iii) in the case of an assignment of all or a portion of a Commitment or any Lender's obligations in
respect of its Swingline Exposure, the Swingline Lender; provided, however, that none of (x) the
Borrower, (y) any Affiliate of the Borrower or (z) any investment manager, any investment company or any similar entity that, in each case, is managed or advised by the Borrower or an
Affiliate of the Borrower shall qualify as an Eligible Assignee. 

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

7

 

 

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

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

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

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

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

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

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

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

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

        "Excess Margin Stock" shall mean Margin Stock owned by the Borrower and the Subsidiaries at any time to the extent that the aggregate
Margin Stock so owned at such time has a value of more than 25% of the Consolidated Total Assets. 

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

        "Excluded Securities Account" shall mean one or more deposit or securities accounts maintained by either Loan Party with any bank or
securities intermediary that is, or that the Borrower determines could be, a counterparty to one or more Specified Hedging Agreements with the Borrower or any Subsidiary;  provided that the net book
value of the cash, securities and other property maintained in all such deposit or securities accounts shall not at any time
exceed $75,000,000. 

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

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

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

        (b)   Taxes
attributable to such Recipient's failure to comply with Section 2.21(f); and 

        (c)   U.S.
Federal Taxes resulting from any law in effect (including FATCA) at the time (and, in the case of FATCA, including any regulations or official interpretations
thereof issued after) such Recipient (other than an assignee under Section 2.22) becomes a party hereto or designates a new lending office (except to the extent that, pursuant to
Section 2.21(a), amounts with respect to 

8

 

such
Taxes were payable to (i) such Recipient's assignor immediately before such Recipient became a party hereto pursuant to an assignment or (ii) such Recipient immediately before it
designated such new lending office). 

        "Existing Credit Agreement" shall mean the Five-Year Competitive Advance and Revolving Credit Facility Agreement, dated as of
October 19, 2005, as amended and restated as of June 1, 2007, as further amended and restated as of June 12, 2009, among the Borrower, the lenders party thereto, Citibank, N.A.,
as administrative agent for the lenders and as swingline lender, and JPMorgan Chase Bank, N.A., as syndication agent. 

        "Existing JCIL Share Charge" shall mean the Security Over Shares Agreement dated as of June 12, 2009 between Janus International
Holding LLC, as the grantor, in favor of Citibank, N.A., as the agent, in connection with the Existing Credit Agreement. 

        "Existing Maturity Date" shall have the meaning assigned to such term in Section 2.13. 

        "FATCA" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement. 

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

        "Fee Letter" shall mean the letter agreement dated September 9, 2010 among the Borrower, the Administrative Agent and J.P. Morgan
Securities LLC. 

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

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

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

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

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

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

        "Funding Office" shall mean the office of the Administrative Agent specified in Section 9.01 or such other office as may be
specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

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

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

        "Governmental Authority" shall mean the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government 

9

 

(including
any supra-national body exercising such function, such as the European Union or the European Central Bank). 

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

        "Guarantee" of or by any Person (the "guarantor") means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "primary
obligor") in any manner, whether directly or indirectly, and including any monetary obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof,
(b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as
an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation of the primary obligor;  provided that the term "Guarantee" shall not
include (x) endorsements for collection or deposit or contractual indemnities in the ordinary course
of business or (y) indemnification by any Person of its directors or officers (or of the directors or officers of such Person's Subsidiaries) for actions taken on behalf of such Person (or such
Subsidiaries, as applicable). The amount of any Guarantee of any guarantor shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation
of the primary obligor in respect of which such Guarantee is made, (b) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such
Guarantee, and (c) such guarantor's maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

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

        "Hedging Agreement" shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of
economic, financial or pricing risk or value, any similar transaction or any combination of the foregoing transactions; provided that no phantom stock
or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any Subsidiary shall be a Hedging
Agreement. 

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

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

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

        "Indebtedness" of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes, acceptances, equipment trust certificates or similar instruments, (c) all obligations of such Person issued or assumed as the
deferred purchase price of property or services, other than (i) accounts payable arising in the ordinary course of such Person's business on terms customary in the trade and
(ii) deferred compensation, (d) all Indebtedness of others secured by (or for which the holder of such Indebtedness 

10

 

has
an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not such Indebtedness has been assumed (with the amount of the
resulting Indebtedness of such Person being valued, as of the date of determination, at the lesser of (i) the amount of Indebtedness so secured and (ii) the fair market value of the
property securing such Indebtedness), (e) all Capitalized Lease Obligations of such Person, (f) all Guarantees by such Person of Indebtedness of others, (g) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (h) all obligations, contingent or otherwise, of such Person in respect of
bankers' acceptances, (i) all Attributable Debt in respect of any Sale and Leaseback Transaction of such Person and (j) all Disqualified Stock in such Person, valued, as of the date of
determination, at the greater of (i) the maximum aggregate amount that would be payable upon maturity, redemption, repayment or repurchase thereof (or of Disqualified Stock or Indebtedness into
which such Disqualified Stock is convertible or exchangeable) and (ii) the maximum liquidation preference of such Disqualified Stock. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in
or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

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

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

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

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

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

        "Interest Election Request" shall have the meaning assigned to such term in Section 2.06(b). 

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

        "Interest Period" shall mean (a) as to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on
the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3, 6 or, if available to all the Lenders, 9 months
thereafter, as the Borrower may elect, (b) as to any Fixed Rate Borrowing, the period commencing on the date of such Borrowing and ending on the date specified in the Competitive Bids in which
the offers to make the Fixed Rate Loans comprising such Borrowing were extended, which shall not be later than 360 days after the date of such Borrowing and (c) as to any Swingline
Borrowing, the period commencing on the date of such Swingline Loan and ending on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last
day of a calendar month and is at least five Business Days after such Swingline Loan is made; provided that on each date that a Standby Loan is
borrowed, the Borrower shall repay all Swingline Loans then outstanding. Notwithstanding the foregoing, (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless, in the 

11

 

case
of Eurodollar Borrowings only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and
(ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made
and, in the case of a Standby Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

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

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

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

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

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

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

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

12

 

shall
have ceased to be a party hereto pursuant to an Assignment and Assumption. Unless the context clearly indicates otherwise, the term "Lenders" shall include the Swingline Lender. 

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

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

        "Lien" shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, charge, security
interest or other encumbrance on, in or of such asset, including any security agreement to provide any of the foregoing, (b) the interest of a vendor or a lessor under any conditional sale
agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case
of securities, any purchase option, call or similar right of a third party with respect to such securities. For the avoidance of doubt, the term "Lien" shall not include licenses of Intellectual
Property. 

        "LLC Guarantee" shall mean the Guarantee Agreement dated as of the Closing Date between the Guarantor and the Administrative Agent,
substantially in the form of Exhibit D. 

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

        "Loan Documents" shall mean this Agreement, the Fee Letter and the LLC Guarantee. 

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

        "Long-Term Assets Under Management" shall mean, as of the close of business in New York City on any Business Day, the daily
total of long-term assets under management of the Borrower and the Consolidated Subsidiaries on such date (excluding money market fund assets), determined in a manner consistent with the
calculation methodology reported in the Borrower's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (as the same may be amended or restated to correct
any misstatements therein). 

13

 

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

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

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

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

        "Maturity Date" shall mean October 3, 2011, or if the Required Lenders shall have agreed pursuant to Section 2.13 to a
Maturity Date Extension Request, then, as to the Consenting Lenders, the date that is 364 days thereafter. 

        "Maturity Date Extension Request" shall mean a request by the Borrower, substantially in the form of Exhibit E hereto or such other
form as shall be approved by the Administrative Agent, for the extension of the Maturity Date pursuant to Section 2.13. 

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

        "Minimum AUM" shall mean $100,000,000,000. 

        "Minimum Ownership Percentage" shall have the meaning assigned to such term in Section 5.01(c). 

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

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

        "Net Proceeds" shall mean, with respect to any event (a) the cash proceeds received in respect of such event, including any cash
received in respect of any noncash proceeds, but only as and when received, net of (b) the sum, without duplication, of (i) all reasonable fees and out-of-pocket
expenses paid in connection with such event by the Borrower and the Subsidiaries to Persons that are not Affiliates of the Borrower or any Subsidiary (including, in the case of the issuance of any
preferred Equity Interests in the Borrower, underwriting discounts and commissions paid in connection therewith), (ii) in the case of a sale, transfer or other disposition of any asset, the
amount of all payments required to be made by the Borrower and the Subsidiaries as a result of such event to repay secured Indebtedness (other than Loans) and (iii) the amount of all Taxes paid
(or reasonably estimated to be payable) by the Borrower and the Subsidiaries, and the amount of any reserves established by the Borrower and the Subsidiaries to fund contingent liabilities reasonably
estimated to be payable, in each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith
by a Financial Officer of the Borrower). 

        "New Lending Office" shall have the meaning assigned to such term in Section 2.21(f). 

14

 

        "Non-Consenting Lender" shall have the meaning assigned to such term in Section 2.22. 

        "Obligations" shall mean the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and interest
accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any
Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under or out of this Agreement or any other Loan Document,
whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any
Lender that are required to be paid by the Borrower pursuant hereto) or otherwise. 

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

        "Parent" shall mean, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

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

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

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

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

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

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

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

15

 

 

        "Permitted Investments" shall mean: 

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

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

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

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

        (e)   securities
with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying
the requirements of clause (c) above; 

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

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

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

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

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

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

        "Pro Rata Percentage" of any Lender at any time shall mean the percentage of the Total Commitment represented by such Lender's Commitment
at such time; provided that in the case that a Defaulting Lender shall exist, "Pro Rata Percentage" shall mean the percentage of the Total Commitment
(disregarding any Defaulting Lender's Commitment) represented by such Lender's Commitment at such time. In the event that the Total Commitment shall have expired or been terminated, the Pro Rata
Percentage with respect to any Lender shall be such Lender's Pro Rata Percentage most recently in effect prior to such expiration or termination of the Total Commitment, 

16

 

giving
effect to any subsequent assignments pursuant to Section 9.04 and to any Lender's status as a Defaulting Lender (whose Commitment shall be disregarded) at the time of determination. 

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

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

        "Reference Banks" shall mean JPMorgan Chase Bank, N.A. and Bank of America, N.A. 

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

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

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

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

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

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

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

17

 

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

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

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

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

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

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

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

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

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

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

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

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

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

18

 

        "Subsidiary" shall mean any direct or indirect subsidiary of the Borrower. For the avoidance of doubt, it is understood and agreed that
term "Subsidiary" for purposes of the Loan Documents shall not include entities registered as "investment companies" under the Investment Company Act of 1940, as amended, to which the Borrower or its
Subsidiaries provide services. 

        "Swingline Borrowing" shall mean a borrowing consisting of a Swingline Loan. 

        "Swingline Exposure" shall mean, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender at any time shall equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time. 

        "Swingline Lender" shall mean JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 

        "Swingline Loan" shall mean a Loan made pursuant to Section 2.05. 

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

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

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

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

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

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

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

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

        "Withholding Agent" shall mean either Loan Party and the Administrative Agent. 

        SECTION 1.02    Terms Generally.    The definitions of terms herein shall apply equally to both the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and
"including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". The words "asset" and
"property" shall be construed to have the same meaning and effect and to refer to any and all real and personal, tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. The word "law" shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of
law), and all 

19

 

judgments,
orders, writs and decrees, of all Governmental Authorities. Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document
(including this Agreement) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to
time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person's
successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or
all functions thereof, (d) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular
provision hereof and (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement. All references herein to "the date hereof" or "the date of this Agreement" shall be interpreted as references to the Closing Date. 

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

 
 

  ARTICLE II
  
    THE CREDITS    
    

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

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

20

 

Borrowing
may be in an aggregate principal amount that is equal to the entire unused balance of the Total Commitment. Each Competitive Borrowing shall be in an aggregate principal amount that is an
integral multiple of $1,000,000 and not less than $10,000,000. 

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

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

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

        SECTION 2.03    Competitive Bid Procedure.    (a) In order to request Competitive Bids, the Borrower
shall hand deliver, e-mail or fax to the Administrative Agent a duly completed and executed Competitive Bid Request, to be received by the Administrative Agent (i) in the case of a
Eurodollar Competitive Borrowing, not later than 1:00 p.m., New York City time, four Business Days before the date of the requested Competitive Borrowing and (ii) in the case of a Fixed
Rate Borrowing, not later 

21

 

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

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

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

        (d)   The
Borrower may, in its sole and absolute discretion, subject only to the provisions of this paragraph (d), accept or reject any Competitive Bid. The Borrower
shall notify the Administrative Agent by telephone, confirmed in writing by hand delivery, e-mail or fax of a duly completed and executed Competitive Bid Accept/Reject Letter, whether and
to what extent it has decided to accept or reject any of or all the Competitive Bids made pursuant to any Competitive Bid Request (x) in the case of a Eurodollar Competitive Borrowing, not
later than 1:00 p.m., New York City time, three Business Days before the date of the requested Competitive Borrowing, and (y) in the case of a Fixed Rate Borrowing, not later than
1:00 p.m., New York City time, on the day of the requested Competitive Borrowing; provided that, with respect to any Competitive Bid 

22

 

Request,
(i) the failure by the Borrower to give such notice shall be deemed to be a rejection of all the Competitive Bids made pursuant thereto, (ii) the Borrower shall not accept a
Competitive Bid made at a particular Competitive Bid Rate if it has decided to reject a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate principal amount of the
Competitive Loans offered pursuant to the Competitive Bids accepted by the Borrower shall not exceed the principal amount specified in the Competitive Bid Request, (iv) if the Borrower shall
accept a Competitive Bid or Competitive Bids made at a particular Competitive Bid Rate but the amount of such bid or bids shall cause the total amount of Competitive Bids to be accepted by the
Borrower to exceed the amount specified in the Competitive Bid Request, then the Borrower shall accept a portion of such bid or bids in an amount equal to the amount specified in the Competitive Bid
Request less the amount of all other Competitive Bids accepted with respect to such Competitive Bid Request, which acceptance, in the case of multiple bids at such Competitive Bid Rate, shall be made
pro rata in accordance with the amount of each such bid at such Competitive Bid Rate, (v) the Borrower shall not accept a Competitive Bid or Competitive Bids, or a portion of such bid or bids,
if, after giving effect thereto, the sum of the Revolving Credit Exposures of all the Lenders and the aggregate principal amount of all Competitive Loans outstanding at the time shall exceed the Total
Commitment at the time and (vi) except pursuant to clauses (iv) and (v) above, no Competitive Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a
minimum principal amount of $10,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive Loan must be in an amount less
than $10,000,000 because of the provisions of clause (iv) or (v) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the
pro rata allocation of acceptances of portions of multiple bids at a particular Competitive Bid Rate pursuant to clause (iv) above, the amounts shall be rounded to integral multiples of
$1,000,000 in a manner which shall be in the discretion of the Borrower. A notice given by the Borrower pursuant to this paragraph (d) shall be irrevocable. 

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

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

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

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

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

        SECTION 2.05    Swingline Loans.    (a) Subject to the terms and conditions set forth herein, the
Swingline Lender agrees to make Swingline Loans to the Borrower from time to time on and after the date hereof and until the earlier of the Maturity Date and the termination of the Commitments in an
aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of all outstanding Swingline Loans exceeding $30,000,000 or (ii) the sum of
the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeding the Total Commitment then in effect.
Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow Swingline Loans. Swingline Loans shall be ABR Loans. 

        (b)   Whenever
the Borrower desires that the Swingline Lender make Swingline Loans it shall give the Swingline Lender irrevocable telephonic notice confirmed promptly in
writing (which telephonic notice must be received by the Swingline Lender not later than 1:00 P.M., New York City time, on the proposed borrowing date), specifying (i) the amount of the
Swingline Loan to be borrowed and (ii) the requested borrowing date (which shall be a Business Day prior to the Maturity Date). Not later than
3:00 P.M., New York City time, on the borrowing date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Administrative Agent at the Funding
Office an amount in immediately available funds equal to the amount of the Swingline Loan to be made by the Swingline Lender. The Administrative Agent shall make the proceeds of such Swingline Loan
available to the Borrower on such borrowing date by depositing such proceeds in the account of the Borrower with the Administrative Agent on such borrowing date in immediately available funds. 

        (c)   The
Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably directs the
Swingline Lender to act on its behalf), on one Business Day's notice given by the Swingline Lender no later than 12:00 Noon, New York City time, request each Lender to make, and each Lender hereby
agrees to make, a Standby Loan, in an amount equal to such Lender's Pro Rata Percentage of the aggregate amount of the Swingline Loans (the "Refunded Swingline
Loans") outstanding on the date of such notice, to repay the Swingline Lender. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided
above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Pro Rata Percentage of such Swingline Loan or Loans. Each Lender shall comply with its obligation
under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.02(c) with respect to Loans made by such Lender (and Section 2.02(c)
shall apply, mutatis mutandis, to the payment obligations of the Lenders). The Standby Loans so received by the Administrative Agent shall be immediately made 

24

 

available
by it to the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loans. 

        (d)   If
prior to the time a Standby Loan would have otherwise been made pursuant to Section 2.05(c), one of the events described in clauses (g) or (h) of
Article VII shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion, Standby Loans may not be
made as contemplated by Section 2.05(c), each Lender shall, on the date such Standby Loan was to have been made pursuant to the notice referred to in Section 2.05(c), purchase for cash
an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount (the "Swingline Participation
Amount") equal to (i) such Lender's Pro Rata Percentage times (ii) the sum of the aggregate principal amount of
Swingline Loans then outstanding that were to have been repaid with such Standby Loans. 

        (e)   Whenever,
at any time after the Swingline Lender has received from any Lender such Lender's Swingline Participation Amount, the Swingline Lender receives any payment on
account of the
Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during
which such Lender's participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender's pro
rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans then due);  provided, however, that in the event that such payment received by the Swingline Lender is required to
be returned, such Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender. 

        (f)    Each
Lender's obligation to make the Loans referred to in Section 2.05(c) and to purchase participating interests pursuant to Section 2.05(d) shall be
absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Lender or the Borrower may have
against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of
the other conditions specified in Article IV, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other
Loan Document by the Borrower, the Guarantor or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

        SECTION 2.06    Standby Interest Elections.    (a) Each Standby Borrowing initially shall be of the Type
specified in the applicable Standby Borrowing Request and, in the case of a Eurodollar Standby Borrowing, shall have an initial Interest Period as specified in such Standby Borrowing Request.
Thereafter, the Borrower may elect to convert such Standby Borrowing to a Standby Borrowing of a different Type or to continue such Standby Borrowing and, in the case of a Eurodollar Standby
Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Standby Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the Standby Loans comprising such Standby Borrowing, and the Standby Loans comprising each such portion shall be considered
a separate Standby Borrowing. This Section shall not apply to Competitive Borrowings or Swingline Borrowings, which may not be converted or continued. 

        (b)   To
make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (each, an "Interest Election
Request") by telephone by the time that a Standby Borrowing Request would be required under Section 2.04 if the Borrower were requesting a Standby Borrowing of the Type
resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be 

25

 

confirmed
promptly by hand delivery or fax to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 

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

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

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

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

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

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

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

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

        SECTION 2.07    Fees.    (a) The Borrower agrees to pay to the Administrative Agent for the account of
each Lender a commitment fee (the "Commitment Fee"), which shall accrue at the Applicable Rate on the daily unused amount of the Commitment of such
Lender during the period from and including the Closing Date to but excluding the date on which such Commitment terminates. Accrued Commitment Fees shall be payable in arrears on the last day of
March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the Closing Date. All Commitment Fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing Commitment
Fees, (i) the Commitment of a Lender shall be deemed to be used to the extent of such Lender's Revolving Credit Exposure (excluding its Swingline Exposure) and (ii) the outstanding
Competitive Loans of any Lender shall be disregarded. 

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

26

 

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

        SECTION 2.08    Repayment of Loans; Evidence of Debt.    (a) The Borrower hereby unconditionally
promises to pay (i) on the Maturity Date to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Standby Loan and (ii) on the last day of the
Interest Period applicable thereto to the Administrative Agent for the applicable Lender(s) the then unpaid principal amount of each Competitive Loan. The Borrower shall repay to the Swingline Lender
the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month
and is at least five Business Days after such Swingline Loan is made. 

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

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

        SECTION 2.09    Interest on Loans.    (a) Subject to Section 2.10, the Loans comprising each
Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to (i) in the case of each
Eurodollar Standby Loan, the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, and (ii) in the
case of each Eurodollar Competitive Loan, the LIBO Rate for the Interest Period in effect for such Borrowing plus the Margin offered by the Lender
making such Loan and accepted by the Borrower pursuant to Section 2.03. Accrued interest on each Eurodollar Loan shall be payable in arrears on each Interest Payment Date for such Loan. Each
Reference Bank agrees upon the request of the Administrative Agent to furnish to the Administrative Agent timely information for the purpose of determining the LIBO Rate and the Adjusted LIBO Rate. If
any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall
determine such interest rate on the basis of timely information furnished by the remaining Reference Banks, and such determination shall be conclusive absent manifest error. 

27

 

        (b)   Subject
to Section 2.10, the Loans comprising each ABR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of
365 or 366 days, as the case may be) at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate. Accrued interest on each ABR
Loan shall be payable in arrears on each Interest Payment Date for such Loan. The Alternate Base Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error. 

        (c)   Subject
to Section 2.10, each Fixed Rate Loan shall bear interest at a rate per annum (computed on the basis of the actual number of days elapsed over a year of
360 days) equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to Section 2.03. Accrued interest on each Fixed Rate Loan shall
be payable in arrears on each Interest Payment Date. 

        SECTION 2.10    Default Interest.    Notwithstanding anything to the contrary herein, (a) upon the
occurrence and during the continuance of an Event of Default under clause (b) of Article VII with respect to any Loan, the Borrower shall pay interest on the overdue principal amount of
such Loan, payable in arrears on the dates referred to in Section 2.09, at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 360 days) equal at
all times to 2% per annum above the rate per annum required to be paid on such Standby Loan and such Swingline Loan pursuant to Section 2.09(a) or (b), as applicable, and (b) to the
fullest extent permitted by law, the Borrower shall pay interest on the amount of any interest, fee or other amount payable hereunder (other than the principal of any Standby Loan) that is not paid
when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum (computed
on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) equal at all times to 2% per annum above the rate per annum required to be paid on ABR
Loans pursuant to Section 2.09(b). 

        SECTION 2.11    Alternate Rate of Interest.    In the event, and on each occasion, that on the day two Business
Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the Administrative Agent shall have determined that dollar deposits in the principal amounts of the Eurodollar Loans
comprising such Borrowing are not generally available in the London interbank market, or that the rates at which such dollar deposits are being offered will not adequately and fairly reflect the cost
to any Lender of making or maintaining its Eurodollar Loan during such Interest Period, or that reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, the
Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such determination to the Borrower and the Lenders. In the event of any such determination, until the
Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (a) any request by the Borrower for a Eurodollar
Competitive Borrowing pursuant to Section 2.03 shall be of no force and effect and shall be denied by the Administrative Agent and (b) any request by the Borrower for a Eurodollar
Standby Borrowing pursuant to Section 2.04 shall be deemed to be a request for an ABR Borrowing. In the event of any such determination, the Lenders shall negotiate with the Borrower, at its
request, as to the interest rate which the Loans comprising such an ABR Borrowing shall bear; provided that such Loans shall bear interest as provided
in Section 2.09(b) pending the execution by the Borrower and each Lender of a written agreement providing for a different interest rate. Each determination by the Administrative Agent hereunder
shall be conclusive absent manifest error. 

        SECTION 2.12    Termination and Reduction of Commitments.    (a) Unless previously terminated, the
Commitments shall terminate on the Maturity Date. 

        (b)   Upon
at least three Business Days' prior irrevocable written or fax notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or
from time to time in part permanently reduce, without penalty but subject to Section 2.17, the Total 

28

 

Commitment;
provided that (i) each partial reduction of the Total Commitment shall be in an integral multiple of $1,000,000 and in a minimum
principal amount of $5,000,000 and (ii) no such termination or reduction shall be made if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.14,
the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate principal amount of all Competitive Loans outstanding at the time would
exceed the Total Commitment. 

        (c)   Each
reduction in the Total Commitment under this Section 2.12 shall be made ratably among the Lenders in accordance with their respective Commitments. The
Borrower shall pay to the Administrative Agent for the account of the Lenders, on the date of each termination or reduction of the Total Commitment under this Section 2.12, the Commitment Fees
on the amount of the Commitments so terminated or reduced accrued through the date of such termination or reduction. 

        SECTION 2.13    Extension of Maturity Date.    Notwithstanding anything contained herein to the contrary, the
Borrower may, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 days (or such shorter
period as the Administrative Agent may consent to) and not more than 60 days prior to the anniversary of the Closing Date, request that the Lenders extend the Maturity Date for an additional
period of 364 days. Each Lender shall, by notice to the Borrower and the Administrative Agent given not later than the 20th day (or such later date as the Borrower and the Administrative
Agent may consent to) after the date of the Administrative Agent's receipt of the Borrower's Maturity Date Extension Request, advise the Borrower whether or not it agrees to the requested extension
(each Lender agreeing to a requested extension being called a "Consenting Lender", and each Lender declining to agree to a requested extension being
called a "Declining Lender"). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined
to agree to such extension and shall be a Declining Lender. Notwithstanding anything contained herein to the contrary, so long as Lenders constituting the Required Lenders shall have agreed to a
Maturity Date Extension Request, then the Maturity Date shall, as to the Consenting Lenders, be extended to the date that is 364 days
after the Maturity Date theretofore in effect. The decision to agree or withhold agreement to any Maturity Date Extension Request shall be at the sole discretion of each Lender. The Commitment of any
Declining Lender shall terminate on the Maturity Date in effect prior to giving effect to any such extension (such Maturity Date being called the "Existing Maturity
Date"). The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or
for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date the Borrowers shall also make such other prepayments of
their Loans pursuant to Section 2.14 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this
sentence, the sum of the Revolving Credit Exposures plus the aggregate outstanding principal amount of the Competitive Loans would not exceed the Total
Commitment. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, pursuant to Section 2.22, at any time prior to the Existing Maturity Date, to replace
a Declining Lender with a Lender or other financial institution that will agree to the applicable Maturity Date Extension Request, and any such replacement Lender shall for all purposes constitute a
Consenting Lender. Notwithstanding the foregoing, no extension of the Existing Maturity Date pursuant to this paragraph shall become effective unless on the Existing Maturity Date the conditions set
forth in Section 4.01(e) and (f) (in each case, to the extent reasonably requested by the Administrative Agent), and 4.02(b), (c) and (d) shall be satisfied (with all
references in Section 4.02 to a Borrowing being deemed to be references to such increase/extension) and the Administrative Agent shall have received a certificate to the effect that the
conditions set forth in Section 4.02(b), (c) and (d) have been satisfied dated such date and executed by a Financial Officer of the Borrower. 

29

 

        SECTION 2.14    Prepayment.    (a) The Borrower shall have the right, at any time and from time to time,
to prepay any Standby Borrowing, in whole or in part, upon giving written or fax notice (or telephone notice promptly confirmed by written or fax notice) to the Administrative Agent prior to
(i) 1:00 p.m., New York City time, two Business Days prior to the date of prepayment, in the case of Eurodollar Standby Loans, and (ii) before 1:00 p.m., New York City
time, on the Business Day of the date of prepayment, in the case of ABR Loans; provided that each partial prepayment shall be in an amount which is an
integral multiple of $1,000,000 and not less than (A) $5,000,000 in the case of a Eurodollar Standby Borrowing and (B) $1,000,000 in the case of an ABR Borrowing or, if less, the
aggregate principal amount of such Standby Borrowing. The Borrower shall not have the right to prepay any Competitive Borrowing except pursuant to clause (b) below. 

        (b)   In
the event and on each occasion that the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate
principal amount of all Competitive Loans outstanding exceeds, on any day, the Total Commitment (including as a result of any reduction in the Total Commitment pursuant to Section 2.12), the
Borrower shall, on such day, (i) prepay Standby Borrowings in an amount equal to the lesser of the aggregate principal amount of the Standby Borrowings then outstanding and the amount of such
excess and (ii) to the extent the amount of such excess shall exceed the aggregate principal amount of the Standby Borrowings then outstanding, prepay Competitive Borrowings in an amount
sufficient to eliminate such remaining excess. In the event of a termination of all of the Commitments, the Borrower shall repay or prepay all the outstanding Loans on the date of such termination. 

        (c)   Each
notice of prepayment shall specify the prepayment date and the principal amount of each Standby Borrowing (or portion thereof) to be prepaid, shall be irrevocable
and shall commit the Borrower to prepay such Standby Borrowing (or portion thereof) by the amount stated therein on the date stated therein. All prepayments under this Section shall be subject to
Section 2.17, but shall otherwise be without premium or penalty. All prepayments under this Section shall be accompanied by accrued interest on the principal amount being prepaid to the date of
payment. 

        SECTION 2.15    Reserve Requirements; Change in Circumstances.    (a) Notwithstanding any other
provision herein, if after the Closing Date any change in applicable law or regulation or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation
or administration thereof (whether or not having the force of law) shall change the basis of taxation of payments to any Lender of the principal of or interest on any Eurodollar Loan or Fixed Rate
Loan made by such Lender or any Fees or other amounts payable hereunder (other than changes in respect of Taxes imposed on the overall net income of such Lender by the jurisdiction in which such
Lender has its principal or applicable lending office or by any political subdivision or taxing authority therein), or shall impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of or credit extended by such Lender (except any such reserve requirement which is reflected in the Adjusted LIBO Rate), or shall impose
on such Lender or the London interbank market any other condition affecting this Agreement or any Eurodollar Loan or Fixed Rate Loan made by such Lender, and the result of any of the foregoing shall
be to increase the direct cost to such Lender of making or maintaining any Eurodollar Loan or Fixed Rate Loan or to reduce the amount of any sum received or receivable by such Lender hereunder
(whether of principal, interest or otherwise) by an amount reasonably deemed by such Lender to be material, then the Borrower will pay to such Lender upon demand such additional amount or amounts as
will compensate such Lender for such additional costs incurred or reduction suffered. Notwithstanding the foregoing, no Lender shall be entitled to request compensation under this paragraph with
respect to any Competitive Loan if it shall have been aware of the change giving rise to such request at the time of submission of the Competitive Bid pursuant to which such Competitive Loan shall
have been made. 

30

 

        (b)   If
any Lender shall have determined that the applicability of any law, rule, regulation or guideline adopted pursuant to or arising out of the July 1988 report of the
Basle Committee on Banking Regulations and Supervisory Practices entitled "International Convergence of Capital Measurement and Capital Standards", or the adoption after the Closing Date of any other
law, rule, regulation or guideline regarding capital adequacy, or any change in any of the foregoing or in the interpretation or administration of any of the foregoing by any Governmental Authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any lending office of such Lender) or any Lender's holding company with any
request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the effect of reducing
the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender pursuant hereto to a level
below that which such Lender or such Lender's holding company could have achieved but for such applicability, adoption, change or compliance (taking into consideration such Lender's policies and the
policies of such Lender's holding company with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time the Borrower shall pay to such Lender
such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered. 

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

        SECTION 2.16    Change in Legality.    (a) Notwithstanding any other provision herein, if any change in
any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for any Lender to make or maintain
any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any
Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent, such Lender may: 

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

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

In
the event any Lender shall exercise its rights under clause (i) or (ii) above, and (x) all payments and prepayments of principal which would otherwise have been applied to
repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or
resulting from the conversion of, such Eurodollar Loans and (y) such Lender shall negotiate with the Borrower, at its request, as to the interest rate which such ABR Loans shall bear;  provided that
such Loans shall bear interest as provided in Section 2.09(b) pending the execution by the Borrower and such Lender of a written
agreement providing for a different interest rate. 

        (b)   For
purposes of this Section, a notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan, if lawful, on the last day of the Interest Period
currently applicable to 

31

 

such
Eurodollar Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower. 

        SECTION 2.17    Indemnity.    The Borrower shall indemnify each Lender against any loss (other than loss of
profits) or expense which such Lender may sustain or incur as a consequence of (a) any failure by the Borrower to fulfill on the date of any borrowing hereunder the applicable conditions set
forth in Article IV, (b) any failure by the Borrower to borrow or to refinance or continue any Loan hereunder,
for any reason other than a default by such Lender, after irrevocable notice of such borrowing, refinancing or continuation has been given pursuant to Section 2.03, 2.04, 2.05 or 2.06,
(c) any payment, prepayment or conversion of a Eurodollar Loan or Fixed Rate Loan required by any other provision of this Agreement or otherwise made or deemed made on a date other than the
last day of the Interest Period applicable thereto (including as a result of the occurrence of any Event of Default) or (d) any default in payment or prepayment by the Borrower of the principal
amount of any Loan or any part thereof or interest accrued thereon, as and when due and payable (at the due date thereof, whether by scheduled maturity, acceleration, irrevocable notice of prepayment
or otherwise), including, in each such case, any loss (other than loss of profits) or reasonable expense sustained or incurred or to be sustained or incurred in liquidating or employing deposits from
third parties acquired to effect or maintain such Loan or any part thereof as a Eurodollar Loan or Fixed Rate Loan. Such loss or reasonable expense shall include an amount equal to the excess, if any,
as reasonably determined by such Lender, of (i) its cost of obtaining the funds for the Loan being paid, prepaid, converted or not borrowed (assumed to be the Adjusted LIBO Rate or, in the case
of a Fixed Rate Loan, the fixed rate of interest applicable thereto) for the period from the date of such payment, prepayment or failure to borrow to the last day of the Interest Period for such Loan
(or, in the case of a failure to borrow, the Interest Period for such Loan which would have commenced on the date of such failure) over (ii) the amount of interest (as reasonably determined by
such Lender) that would be realized by such Lender in reemploying the funds so paid, prepaid or not borrowed for such period or Interest Period, as the case may be. This Section 2.17 shall not
apply with respect to Taxes, other than Taxes that represent losses or damages arising from any non-Tax claim. 

        SECTION 2.18    Pro Rata Treatment.    Except as required under Section 2.13, Section 2.16 or
Section 2.24, each Standby Borrowing, each payment or prepayment of principal of any Standby Borrowing, each payment of interest on the Standby Loans, each payment of the Commitment Fees, each
reduction of the Commitments and each refinancing of any Borrowing with a Standby Borrowing of any Type, shall be allocated pro rata among the Lenders in accordance with their respective Commitments
(or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their outstanding Standby Loans). Each payment of principal of any Competitive
Borrowing shall be allocated pro rata among the Lenders participating in such Borrowing in accordance with the respective principal amounts of their outstanding Competitive Loans comprising such
Borrowing. Each payment of interest on any Competitive Borrowing shall be allocated pro rata among the Lenders participating in such Borrowing in accordance with the respective amounts of accrued and
unpaid interest on their outstanding Competitive Loans comprising such Borrowing. For purposes of determining the available Commitments of the Lenders at any time, each outstanding Competitive
Borrowing and each outstanding Swingline Loan shall be deemed to have utilized the Commitments of the Lenders (including those Lenders which shall not have made Loans as part of such Competitive
Borrowing and those Lenders that shall not have made Swingline Loans) pro rata in accordance with such respective Commitments, except as set forth in Section 2.07(a). Each Lender agrees that in
computing such Lender's portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender's percentage of such Borrowing to the next higher or lower
whole dollar amount. 

        SECTION 2.19    Sharing of Setoffs.    Each Lender agrees that if it shall, through the exercise of a right of
banker's lien, setoff or counterclaim against the Borrower, or pursuant to a secured claim 

32

 

under
Section 506 of Title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy,
insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Standby Loan or Loans or participations in Swingline Loans as a result
of which the unpaid principal portion of the Standby Loans or participations in Swingline Loans of such Lender shall be proportionately less than the unpaid principal portion of the Standby Loans or
participations in Swingline Loans of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the Standby Loans and participations in Swingline Loans of such other Lender, so that the aggregate unpaid principal amount of the Standby Loans and
participations in the Standby Loans and participations in Swingline Loans held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of all Standby Loans and
participations in Swingline Loans then outstanding as the principal amount of its Standby Loans and Swingline Loans prior to such exercise of banker's lien, setoff or counterclaim or other event was
to the principal amount of all Standby Loans and participations in Swingline Loans outstanding prior to such exercise of banker's lien, setoff or counterclaim or other event;  provided, however, that, if any such purchase or purchases or adjustments shall be made pursuant to this
Section and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices
or adjustment restored without interest. The Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding a participation pursuant to the foregoing arrangements deemed
to have been so purchased may exercise any and all rights of banker's lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully as
if such Lender had made a Standby Loan or Swingline Loan directly to the Borrower in the amount of such participation. 

        SECTION 2.20    Payments.    (a) The Borrower shall make each payment (including principal of or
interest on any Borrowing or any Fees or other amounts but excluding principal and interest on Swingline Loans, which shall be paid directly to the Swingline Lender except as provided in
Section 2.05(c)) hereunder and under any other Loan Document not later than prior to 1:00 p.m., New York City time, on the due date thereof to the Administrative Agent at the Funding
Office, in dollars and in immediately available funds. 

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

        SECTION 2.21    Taxes.    (a) Each payment by or on behalf of either Loan Party under any Loan Document
shall be made without withholding for any Taxes, unless such withholding is required by any law, as modified by the practice then in effect of any Governmental Authority. If any Withholding Agent
determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes
to the
relevant Governmental Authority in accordance with applicable law. To the extent that such Taxes are Indemnified Taxes, then the amount payable by or on behalf of the applicable Loan Party shall be
increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section 2.21), the applicable Recipient receives the
amount it would have received had no such withholding been made. 

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

33

 

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

        (d)   The
Loan Parties shall jointly and severally indemnify each Recipient for the full amount of any Indemnified Taxes payable by such Recipient with respect to any Loan
Document or any payment by or on behalf of such Loan Party under any Loan Document (including amounts payable under this Section 2.21) and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly imposed by the relevant Governmental Authority. The indemnity under this paragraph (d) shall be paid within 30 days
after the date the Recipient delivers to the applicable Loan Party a certificate stating the amount of Indemnified Taxes so payable by such Recipient. Such certificate shall be conclusive of the
amount so payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent. 

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

        (f)    (i)
Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to payments under any Loan Document shall deliver to
the Borrower and the Administrative Agent, at the time or times prescribed by law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition,
any Lender shall deliver such other documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Sections 2.21(f)(ii) and (iii)) shall not be required if in the Lender's judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Upon the reasonable
request of the Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 2.21. If any such form or certification
expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy)
notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certificate if it is legally eligible to do so. 

         (ii)  Without
limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to the Borrower shall, if it is legally eligible to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by 

34

 

the
Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto (or, in the case of a participation holder, on or before the date such participation is
effective hereunder) and on or before the date, if any, such Lender changes its applicable lending office by designating a new lending office, duly completed and executed copies of whichever of the
following is applicable: 

        (A)  in
the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 

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

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

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

        (E)  in
the case of a Lender (other than a U.S. Person) that either is not the beneficial owner of payments made under any Loan Document (including a participating Lender) or
is a partnership (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this
paragraph (f)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender;  provided, however, that if the Lender is a partnership and one or more of its partners are claiming the
exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide the certificate described in clause (D)(2) of this paragraph (f)(ii) on behalf of such
partners; or 

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

        (iii)  If
a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the
applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time
or times prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its
obligations under FATCA, to determine that such Lender has complied with 

35

 

such
Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. For purposes of this Section 2.21(f)(iii), FATCA shall include any regulations or
official interpretations thereof. 

        (g)   If
any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to
this Section 2.21 (including additional amounts paid by either Loan Party pursuant to this Section 2.21), it shall pay to the indemnifying party an amount equal to such refund (but only
to the extent of indemnity payments made under this Section 2.21 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any
Taxes) of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such
Recipient, shall repay to such Recipient the amount paid to such Recipient pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will any
Recipient be required to pay any amount to either Loan Party pursuant to this paragraph (g) if such payment would place such Recipient in a less favorable position (on a net
after-Tax basis) than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph (g)
shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to either Loan Party or any other Person. 

        (h)   Without
prejudice to the survival of any other agreement contained herein, the agreements and obligations contained in this Section 2.21 shall survive termination
of the Loan Documents and payment of any obligations thereunder. 

        SECTION 2.22    Termination or Assignment of Commitments under Certain Circumstances.    In the event that
(a) any Lender shall become a Defaulting Lender, (b) any Lender shall have delivered a notice or certificate pursuant to Section 2.15 or 2.16, (c) the Borrower shall be
required to make additional payments to any Lender under Section 2.21, or (d) a Lender shall become a Non-Consenting Lender (as defined below), the Borrower shall have the
right, at its own expense, upon notice to such Lender and the Administrative Agent, to require such Lender to transfer and assign without recourse (in accordance with and subject to the restrictions
contained in Section 9.04) all its interests, rights and obligations under this Agreement (other than any outstanding Competitive Loans held by it) to an Eligible Assignee which shall assume
such obligations; provided that (i) no such termination or assignment shall conflict with any law, rule or regulation or order of any
Governmental Authority, (ii) the Borrower or such assignee, as the case may be, shall pay to the affected Lender in immediately available funds on the date of such termination or assignment the
principal of and interest accrued to the date of payment on the Loans (other than Competitive Loans) made by it hereunder and all other amounts accrued for its account or owed to it hereunder (other
than any outstanding Competitive Loans held by it), (iii) if such assignee is not a Lender, the Administrative Agent shall have given its prior written consent to such replacement (which
consent will not be unreasonably withheld) and the Borrower or such financial institution shall have paid a processing and recordation fee of $3,500 to the Administrative Agent, (iv) in the
case of any assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.21, such assignment will result in a reduction of
such compensation or payments thereafter and (v) the Swingline Lender shall have consented in writing to such assignment (which consent will not be unreasonably withheld). A Lender shall not be
required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and
delegation cease to apply. 

36

 

        In
the event that (i) the Borrower or the Administrative Agent has requested the Lenders to consent to a departure or waiver of any provisions of the Loan Documents or to agree to
any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement of all affected Lenders in accordance with the terms of Section 9.08 and (iii) the
Required Lenders have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a
"Non-Consenting Lender." 

        SECTION 2.23    Lending Offices and Lender Certificates; Survival of Indemnity.    To the extent reasonably
possible, each Lender shall designate an alternate lending office with respect to its Eurodollar Loans and Fixed Rate Loans to reduce any liability of the Borrower to such Lender under
Section 2.15 or to avoid the unavailability of Eurodollar Loans under Section 2.11 or 2.16, so long as such designation is not disadvantageous to such Lender. A good faith certificate of
a Lender setting forth a reasonable basis of computation and allocation of the amount due under Section 2.15 or 2.17 shall be final, conclusive and binding on the Borrower in the absence of
manifest error. The amount specified in any such certificate shall be payable on demand after receipt by the Borrower of such certificate. The obligations of the Borrower under Sections 2.15,
2.17, 2.21 and 9.05 shall survive the payment of all amounts due under any Loan Document and the termination of this Agreement. 

        SECTION 2.24    Defaulting Lenders.    Notwithstanding any provision of this Agreement to the contrary, if any
Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

        (a)   Commitment
Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.07(a); 

        (b)   the
Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may
take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.08); provided that
(i) such Defaulting Lender's Commitment may not be increased or extended without its consent and (ii) the principal amount of, or interest or fees payable on, Loans may not be reduced or
excused and the scheduled date of payment may not be postponed as to such Defaulting Lender without such Defaulting Lender's consent; 

        (c)   if
any Swingline Exposure exists at the time such Lender becomes a Defaulting Lender then: 

          (i)  all
or any part of the Swingline Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their
respective Pro Rata Percentages but only to the extent that the aggregate amount of each non-Defaulting Lender's Revolving Credit Exposure does not exceed its Commitment; and 

         (ii)  if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within three Business Days following notice by
the Administrative Agent prepay such Swingline Exposure; and 

        (d)   so
long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan unless it is satisfied that the related exposure
will be 100% covered by the Commitments of the non-Defaulting Lenders, and participating interests in any newly made Swingline Loan shall be allocated among non-Defaulting
Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein). 

        If
the Swingline Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend
credit, the Swingline Lender shall not be required to fund any Swingline Loan unless the Swingline Lender shall 

37

 

have
entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender, to defease any risk to it in respect of such Lender hereunder. 

        In
the event that the Administrative Agent, the Borrower and the Swingline Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a
Defaulting Lender, then the Swingline Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the
Loans of the other Lenders (other than Competitive Loans and Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Standby Loans in
accordance with its Pro Rata Percentage. 

 
 

  ARTICLE III    
    
    REPRESENTATIONS AND WARRANTIES    
    

        The
Borrower represents and warrants as to itself and the Subsidiaries (other than the Excluded Subsidiary) to each of the Lenders that: 

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

        SECTION 3.02    Authorization and Validity.    Each Loan Party has the corporate or other organizational, as
applicable, power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder (collectively, the
"Transactions"). The Transactions have been duly authorized by all necessary corporate or other organizational action, and if required, stockholder or
other equity holder action, as applicable. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which either Loan Party is to be a
party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of the Borrower or the Guarantor, enforceable against the Borrower or the Guarantor in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or similar laws affecting the enforcement of creditors' rights generally. 

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

        SECTION 3.04    Compliance with Laws; Environmental and Safety Matters.    (a) The Borrower and each
Subsidiary, to the best knowledge and belief of the Borrower, has complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any
instrumentality or agency thereof, having jurisdiction over the conduct of their respective businesses or the ownership of their respective properties, in each case, except to the extent that the
failure to 

38

 

comply
therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect. 

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

        SECTION 3.05    Financial Statements.    The Borrower has heretofore furnished to the Lenders its
(i) audited consolidated balance sheet and statements of income, changes in stockholders' equity and cash flows as of the end of and for the fiscal year ended December 31, 2009, audited
by and accompanied by the opinion of Deloitte & Touche LLP, an independent registered public accounting firm and (ii) unaudited consolidated balance sheet and statements of
income, changes in stockholders' equity and cash flows as
of and for the fiscal quarters ended March 31, 2010 and June 30, 2010. The financial statements referred to in clauses (i) and (ii) of this Section 3.05 were
prepared in accordance with GAAP and present fairly in all material respects the financial condition and results of operations of the Borrower and the Consolidated Subsidiaries as of such date and for
such period (in the case of unaudited financial statements, subject to normal year-end audit adjustments and the absence of footnotes). Such balance sheet and the notes thereto, if any,
disclose all material liabilities, direct or contingent, of the Borrower and the Consolidated Subsidiaries as of the date thereof. 

        SECTION 3.06    No Material Adverse Change.    Except for any Disclosed Matter, no material adverse change in
the business, properties, financial condition or results of operations of the Borrower and the Consolidated Subsidiaries has occurred since December 31, 2009. It is understood that downgrades
or negative pronouncements by rating agencies and volatility in the capital markets generally shall not in and of themselves be considered material adverse changes, but that the antecedents or
consequences thereof may constitute such changes (except to the extent the same constitute Disclosed Matters). 

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

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

39

 

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

        SECTION 3.10    [RESERVED].    

        SECTION 3.11    Investment Company Act.    Neither the Borrower nor any Subsidiary is an "investment company,"
required to register as such under the Investment Company Act of 1940, as amended. 

        SECTION 3.12    Use of Proceeds.    The Borrower will use the proceeds of the Loans only for working capital
and other general corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of
any of the Regulations of the Board, including Regulations U and X. 

        SECTION 3.13    Taxes.    The Borrower and each Subsidiary have filed all United States Federal Tax returns, in
the case of the Borrower and each Domestic Subsidiary, and all other Tax returns which are required to be filed and have paid all Taxes due pursuant to said returns or pursuant to any assessment
received by the Borrower or any such Subsidiary, including all Federal and state withholding Taxes and all Taxes required to be paid pursuant to applicable law, except such Taxes, if any, as are being
contested in good faith and as to which adequate reserves have been provided or in the case of Tax returns or Taxes (other than Federal Tax returns and Federal taxes) where the failure to do so could
not reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Borrower and the Consolidated Subsidiaries in respect of any Taxes or other
governmental charges are adequate. 

        SECTION 3.14    Accuracy of Information.    Neither the Confidential Information Memorandum nor any of the
other reports, financial statements, certificates or other written or formally presented information furnished by or on behalf of the Borrower or the Guarantor to the Administrative Agent or any
Lender in connection with the negotiation of this Agreement or any other Loan Document, included herein or therein or furnished hereunder or thereunder (in each case taken as a whole and as modified
or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, as to financial projections, forecasts or estimates, if any, that have been
prepared by the Borrower and made available to the Administrative Agent, any Lender or any potential Lender, the Borrower only represents and warrants that such financial projections, forecasts or
estimates have been prepared in good faith based upon assumptions believed by the management of the Borrower to be reasonable at the time of preparation (it being understood such projections,
forecasts and estimates are subject to significant uncertainties and contingencies, many of which are beyond the Borrower's control, and that no assurance can be given that the projections, forecasts
or estimates will be realized and the variations therefrom may be material). 

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

40

 

        SECTION 3.16    No Default.    No Default or Event of Default has occurred and is continuing. 

 
 

  ARTICLE IV    
    

 
    CONDITIONS    
    

        SECTION 4.01    Conditions Precedent to Effectiveness.    This Agreement shall become effective on the date on
which: 

        (a)   The
Administrative Agent shall have received evidence reasonably satisfactory to it that the Existing Credit Agreement shall have been (or shall be substantially
simultaneously) terminated, that all amounts due thereunder shall have been (or shall be substantially simultaneously) paid in accordance with its terms and that no Liens exist other than Liens
permitted by the terms of this Agreement or Liens discharged on or prior to the Closing Date pursuant to a pay-off letter or other documentation reasonably satisfactory to the
Administrative Agent. 

        (b)   The
Administrative Agent (or its counsel) shall have received either (i) a counterpart of this Agreement and of the LLC Guarantee signed on behalf of each
party thereto (which may include telecopy or e-mail transmissions of signed signature pages), or (ii) written evidence reasonably satisfactory to the Agent (which may include
telecopy or e-mail transmissions of signed signature pages) that this Agreement and of the LLC Guarantee have been signed on behalf of each party thereto. 

        (c)   The
Lenders, the Administrative Agent and the Arrangers shall have received all fees required to be paid, and all expenses for which invoices have been submitted to the
Borrower at least one Business Day prior to the Closing Date. 

        (d)   The
Administrative Agent shall have received (i) audited consolidated financial statements of the Borrower for the two most recent fiscal years ended prior to the
Closing Date as to which such financial statements are available and (ii) unaudited interim consolidated financial statements of the Borrower for each quarterly period ended subsequent to the
date of the latest financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available. 

        (e)   The
Administrative Agent shall have received a legal opinion (addressed to the Administrative Agent and each Lender party hereto on the Closing Date) from
Kirkland & Ellis LLP, counsel to the Borrower, which opinion shall be reasonably satisfactory to the Administrative Agent. The Administrative Agent shall have received a legal opinion
(addressed to the Administrative Agent and each Lender party hereto on the Closing Date) from Kelley A. Howes, General Counsel of the
Borrower, or Curt Foust, Assistant General Counsel of the Borrower, which opinion shall be reasonably satisfactory to the Administrative Agent. 

        (f)    The
Administrative Agent shall have received the following documents and certificates, all in form and substance reasonably satisfactory to the Administrative Agent: 

          (i)  A
certificate of the Chief Financial Officer of the Borrower, dated the Closing Date, certifying (A) compliance with the condition precedent set forth in
paragraph (b) of Section 4.02, and (B) the dollar amount of Long-Term Assets Under Management as of the close of business on the Business Day immediately preceding the
Closing Date and for the 30 Business Days prior thereto; 

         (ii)  A
copy of the certificate or articles of incorporation or organization or certificates of formation, including all amendments thereto, of each Loan Party, certified, if
applicable, as of a recent date by the Secretary of State of the state of its organization, and a certificate as to 

41

 

the
good standing of each Loan Party as of a recent date, from such Secretary of State or similar Governmental Authority; and 

        (iii)  A
certificate of the Secretary or Assistant Secretary of each Loan Party, dated the Closing Date, certifying (A) that attached thereto is a true and complete
copy of the by-laws or operating (or limited liability company) agreement of such Loan Party as in effect on the Closing Date, (B) that attached thereto is a true and complete copy
of resolutions duly adopted by the board of directors (or equivalent governing body) of such Loan Party authorizing the Loan Documents to which it is a party and the transactions contemplated thereby,
including, in the case of the Borrower, the Borrowings hereunder, (C) that the certificate or articles of incorporation or organization of such Loan Party have not been amended since the date
of the last amendment thereto shown on the certificate of good standing furnished pursuant to subclause (ii) above, and (D) as to the incumbency and specimen signature of each officer
executing any Loan Document on behalf of such Loan Party and countersigned by another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the
certificate delivered pursuant to this subclause (iii). 

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

        (a)   The
Administrative Agent (or in the case of a Swingline Loan, the Swingline Lender and the Administrative Agent) shall have received a notice of such Borrowing as
required by Section 2.03, 2.04 or 2.05, as applicable. 

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

        (c)   At
the time of, and immediately after giving effect to, such Borrowing, (i) no Default or Event of Default shall have occurred and be continuing and
(ii) the sum of the Revolving Credit Exposures of all the Lenders plus the aggregate amount of all Competitive Loans outstanding at such time
shall not exceed the Total Commitment. 

        (d)   The
Borrower shall be in compliance with Section 6.07(c) for the period of three consecutive Business Days ending immediately prior to the date of such Borrowing. 

Each
Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date of such Borrowing as to the matters specified in paragraphs (b), (c) and
(d) of this Section 4.02. It is understood that this Section 4.02 shall not apply to a conversion or continuation of any Standby Borrowing pursuant to Section 2.06. 

 
 

  ARTICLE V    
    

 
    AFFIRMATIVE COVENANTS    
    

        The Borrower covenants and agrees with each Lender that, until the Commitments have expired or been terminated and the principal of or
interest on each Loan, all Fees
or all other expenses or amounts payable under any Loan Document (other than contingent indemnification and expense reimbursement obligations for which no claim has been made) shall have been paid in
full, unless the Required Lenders shall otherwise consent in writing: 

        SECTION 5.01    Conduct of Business; Maintenance of Ownership of Subsidiaries and Maintenance of
Properties.    (a) The Borrower will, and will cause each Subsidiary (other than the Excluded Subsidiary) to, carry on and conduct its business in
substantially the same manner and in substantially the same 

42

 

fields
of enterprise as it is presently conducted; provided that no sale, transfer or disposition of assets (including by means of a merger) permitted,
or other transactions expressly permitted, under Sections 6.03, 6.04 and 6.05 will be prohibited by this paragraph (a). 

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

        (c)   The
Borrower will at all times own, directly or indirectly, at least the Minimum Ownership Percentage of the outstanding Equity Interests of the Guarantor, free and
clear of any Liens on such Equity Interests, other than statutory Liens applicable to Equity Interests or Liens arising by operation of the organizational documents or other equity rights agreements
existing as of the Closing Date, which documents or agreements, if any, shall be disclosed to the Lenders. As used herein, "Minimum Ownership
Percentage" shall mean 95% of the outstanding Equity Interests of the Guarantor minus the percentage of such outstanding Equity Interests represented by Equity Interests of the
Guarantor awarded from time to time to any officers or employees of the Borrower or its Subsidiaries under compensation plans of the Borrower and its Subsidiaries;  provided, however, that the aggregate amount of such awards of Equity Interests of the Guarantor shall
not total more than 5% of the outstanding Equity Interests of the Guarantor. 

        (d)   The
Borrower will, and will cause each Subsidiary (other than the Excluded Subsidiary) to do all things necessary, in the Borrower's reasonable business judgment, to
maintain, preserve, protect and keep their properties material to the conduct of their businesses (taken as a whole) in good repair, working order and condition, and make all necessary and proper
repairs, renewals and replacements so that their businesses (taken as a whole) carried on in connection therewith may be properly conducted in all material respects at all times, except where the
failure to do so would not have a Material
Adverse Effect; provided that no sale, transfer or disposition of assets (including by means of a merger) permitted under Sections 6.03, 6.04 and
6.05 will be prohibited by this paragraph (d). 

        SECTION 5.02    Insurance.    The Borrower will, and will cause each Subsidiary (other than the Excluded
Subsidiary) to, maintain, with Persons that, to its knowledge, are financially sound and reputable insurance companies, insurance on all its property in such amounts and covering such risks as is
consistent with sound business practice and customary with companies engaged in similar lines of business, and the Borrower will furnish to any Lender (through the Administrative Agent) upon
reasonable request full information as to the insurance carried. 

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

        (b)   The
Borrower will, and will cause each Subsidiary (other than the Excluded Subsidiary) to, pay when due its material obligations, including all taxes, assessments and
governmental charges and levies upon it or its income, profits or property, except (i) those which are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves have been set aside or (ii) where any failure to pay could not reasonably be expected to have a Material Adverse Effect. 

43

 

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

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

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

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

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

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

44

 

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

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

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

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

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

The
financial statements (and the related audit opinions and certifications) required to be delivered by the Borrower pursuant to clauses (a) and (b) of this Section 5.04 and the
reports and statements required to be delivered by the Borrower pursuant to clauses (e) and (f) of this Section 5.04 shall be deemed to have been delivered (i) when reports
containing such financial statements (and the related audit opinions and certifications) or other materials are posted on the Borrower's website on the internet at http://ir.janus.com (or any
successor page identified in a notice given to the Administrative Agent and the Lenders) or on the SEC's website on the internet at www.sec.gov and the Borrower has notified the Administrative Agent
(who in turn shall notify the Lenders) that such reports have been so posted or (ii) when such financial statements, reports or statements are delivered in accordance with
Section 9.17(a). 

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

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

45

 

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

        SECTION 5.08    Existing JCIL Share Charge.    The Borrower shall make commercially reasonable efforts to cause
the release of the Existing JCIL Share Charge to be registered within three Business Days from the Closing Date. 

 
 

  ARTICLE VI    
    

 
    NEGATIVE COVENANTS    
    

        The Borrower covenants and agrees with each Lender that, until the Commitments have expired or been terminated and the principal of or
interest on each Loan, all Fees or all other expenses or amounts payable under any Loan Document (other than contingent indemnification and expense reimbursement obligations for which no claim has
been made) shall have been paid in full, unless the Required Lenders shall otherwise consent in writing: 

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

        (a)   Indebtedness
incurred to finance the acquisition, repair or improvement of any fixed or capital assets, including Capitalized Lease Obligations (and any Replacement
Indebtedness in respect thereof); provided that (i) the principal amount of such Indebtedness shall not exceed the purchase price of such assets
or the cost of such repair or improvement, (ii) such Indebtedness (and any Replacement Indebtedness in respect thereof) shall not be secured by any Lien on any assets other than the assets so
acquired, repaired or improved and (iii) the aggregate principal amount of such Indebtedness and such Replacement Indebtedness, when taken together with the aggregate principal amount of any
Indebtedness incurred under clause (j) of this Section 6.01, shall not exceed $40,000,000 at any time outstanding; 

        (b)   Indebtedness
of any Subsidiary to the Borrower or any other Subsidiary; provided that (i) any such Indebtedness
owing by the Guarantor shall be at least pari passu to the Obligations, and (ii) any such Indebtedness of any Subsidiary other than the Guarantor
shall be incurred in compliance with Section 6.09(b); 

        (c)   Indebtedness
created under the Loan Documents; 

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

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

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

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

        (h)   Indebtedness
owed in respect of netting services, overdraft protections and similar arrangements, in each case incurred in the ordinary course of business in connection
with treasury, depository or cash management services or in connection with any automated clearing house transfers of funds; 

        (i)    Indebtedness
incurred in the ordinary course of business and arising from agreements or arrangements providing for workers' compensation claims,
self-insurance obligations, performance, 

46

 

bid,
surety, stay and appeal bonds and other similar types of performance and completion guarantees or as an account party in respect of letters of credit; and 

        (j)    other
Indebtedness of any Subsidiary; provided that the aggregate principal amount of all Indebtedness incurred under
this clause (j), when taken together with the aggregate principal amount of all Indebtedness incurred under clause (a) of this Section 6.01, shall not exceed $40,000,000 at any
time outstanding. 

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

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

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

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

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

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

        (f)    Liens
existing on the Closing Date and described in Schedule 6.02, and Liens extending or replacing such Liens;  provided that such Liens (including any such extension or replacement Liens)
(i) secure only those obligations that they secured on the Closing
Date and Replacement Indebtedness in respect thereof and (ii) extend only to the assets that they encumbered on the Closing Date (or that would have been required to be so secured pursuant to
the terms thereof) (other than a substitution of like assets); 

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

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

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

        (j)    banker's
liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with depository institutions;  provided that such deposit accounts or funds are not established or
deposited for the purpose of providing collateral for any Indebtedness and 

47

 

are
not subject to restrictions on access by the Borrower or any Subsidiary in excess of those required by applicable banking regulations; 

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

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

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

        (n)   Liens
in respect of Excess Margin Stock; 

        (o)   other
Liens securing Indebtedness or other obligations in an aggregate principal amount that, when taken together with the aggregate amount of all Attributable Debt in
connection with Sale and Leaseback Transactions permitted under Section 6.03, does not exceed $20,000,000 at any time outstanding; 

        (p)   Liens
granted on cash or cash equivalents to defease Indebtedness of the Borrower or any of its Subsidiaries, provided
that at the time each such Lien is granted, no Loans shall be outstanding; 

        (r)   utility
and similar deposits made by the Borrower or its Subsidiaries in the ordinary course of business (consistent with past practices of such Borrower or Subsidiary); 

        (s)   temporary
good faith deposits made in connection with Investments permitted hereunder; 

        (t)    temporary
Liens in connection with sales, transfers, leases, assignments or other conveyances or dispositions of securities permitted under Section 6.04,
including (x) Liens on securities granted or deemed to arise in connection with and as a result of the execution, delivery or performance of contracts to sell such securities if such sale is
otherwise permitted hereunder, or is required by such contracts to be permitted hereunder, and (y) rights of first refusal, options or other contractual rights or obligations to sell, assign or
otherwise dispose of any securities or interest therein, which rights of first refusal, option or contractual rights are granted in connection with a sale, transfer or other disposition of securities
permitted hereunder; 

        (u)   licenses,
leases or subleases granted to third parties not interfering in any material respect with the business of any Subsidiary or the Borrower; and 

        (q)   Liens
arising from precautionary Uniform Commercial Code financing statements regarding operating leases or Capital Leases permitted under this Agreement. 

        SECTION 6.03    Sale and Lease-Back Transactions.    The Borrower will not, and will not permit any
Subsidiary (other than the Excluded Subsidiary) to, enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any property, real or personal, used or useful
in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the
property being sold or transferred (a "Sale and Leaseback Transaction"); provided that the Borrower or 

48

 

any
Subsidiary may enter into any Sale and Leaseback Transaction if (a) at the time of such transaction no Default or Event of Default shall have occurred and be continuing, (b) the
proceeds from the sale of the subject property shall be at least equal to its fair market value on the date of such sale and (c) the aggregate amount of all Attributable Debt in connection with
all Sale and Leaseback Transactions of the Borrower and the Subsidiaries, when taken together with the aggregate principal amount of all Indebtedness or other obligations secured by Liens permitted
under Section 6.02(o), does not exceed $20,000,000 at any time outstanding. 

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

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

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

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

          (i)  any
wholly owned Domestic Subsidiary may merge into, consolidate with or liquidate into (or otherwise) the Borrower in a transaction in which the Borrower is the
surviving corporation; 

         (ii)  any
Subsidiary ("Affected Subsidiary") may merge into, consolidate with or liquidate into (or otherwise) any other
Subsidiary (other than the Excluded Subsidiary) in a transaction in which (x) no Person other than (A) the Borrower, (B) the Guarantor or (C) the parent of the Affected
Subsidiary which parent is a Subsidiary of the Borrower receives any consideration, (y) if either of the Affected Subsidiary and such other Subsidiary is the Guarantor, the surviving Subsidiary
is the Guarantor or (z) if either of the Affected Subsidiary and such other Subsidiary is a wholly owned Subsidiary, the surviving or resulting Subsidiary is a wholly-owned Subsidiary; 

        (iii)  the
Borrower and the Subsidiaries may sell, transfer, lease, license or otherwise dispose of assets (other than (A) Equity Interests in INTECH or Perkins or
(B) securities of Stanfield Victoria Funding LLC (currently known as VFNC Trust)) the Net Proceeds of which do not exceed, when taken together with the Net Proceeds of all other assets
sold, transferred, leased, licensed or otherwise disposed of on or after the Closing Date pursuant to this clause (iii), $100,000,000 in the aggregate; and 

        (iv)  the
Borrower and the Subsidiaries may sell, transfer, lease, license or otherwise dispose of (A) Equity Interests in, or assets of, INTECH or Perkins and
(B) securities of Stanfield Victoria Funding LLC (currently known as VFNC Trust); 

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

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

49

 

        (f)    dispositions
of non-core assets acquired in connection with permitted Investments; 

        (g)   dispositions
of cash and Permitted Investments in the ordinary course of business; 

        (h)   the
sale, lease, assignment, transfer or disposal of Investments in joint ventures required by, or made pursuant to buy/sell arrangements set forth in joint venture
arrangements and similar binding arrangements; and 

        (i)    the
Borrower and the Subsidiaries may make any sales of Excess Margin Stock. 

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

        SECTION 6.06    Restrictive Agreements.    The Borrower will not, and will not permit any Subsidiary (other
than the Excluded Subsidiary) to, enter into, incur or permit to exist any agreement or other arrangement that, directly or indirectly (through the application of financial covenants or otherwise),
prohibits or restricts the ability of any Subsidiary (other than the Excluded Subsidiary) to declare and pay dividends or other distributions with respect to its Equity Interests or to make or repay
any loans or advances to the Borrower or to Guarantee Indebtedness of the Borrower; provided that the foregoing shall not apply to prohibitions or
restrictions (i) imposed by applicable law or any Loan Document, (ii) contained in agreements relating to secured Indebtedness or Hedging Agreements permitted hereunder, if such
prohibitions or restrictions apply only to (A) assets other than cash securing such Indebtedness or Hedging Agreements or (B) cash in an amount not greater than a customary
overcollateralization of the principal amount of such Indebtedness that has been deposited
in a collateral or similar account to cash collateralize such Indebtedness or Hedging Agreements, (iii) contained in agreements relating to the sale of a Subsidiary, or a business unit,
division, product line or line of business, that are applicable solely pending such sale, if such prohibitions or restrictions apply only to the Subsidiary, or the business unit, division, product
line or line of business, that is to be sold and such sale is permitted hereunder, (iv) contained in any leases, subleases or licenses, sublicense or serve contracts restricting the assignment
thereof, (v) contained in any agreement in effect on the Closing Date as any such agreement is in effect on such date, (vi) provisions in partnership agreements, limited liability
company organizational governance documents, joint venture agreements and other similar agreements entered into in the ordinary course of business restricting the transfer of related joint venture
interests, (vii) in connection with the Indebtedness permitted to be incurred by this Agreement so long as such prohibitions or restrictions are no more restrictive than this Agreement or
(viii) contained in any agreement in effect at the time a Person became a Subsidiary or assets are first acquired pursuant to a permitted Investment. 

        SECTION 6.07    Certain Financial Covenants.    The Borrower will not: 

        (a)   permit
the Leverage Ratio on any date to exceed 4.00:1.00; 

        (b)   permit
the Interest Coverage Ratio to be less than 3.50:1.00 for any period of four fiscal quarters ending after the Closing Date; and 

        (c)   permit
Long-Term Assets Under Management to be less than or equal to the Minimum AUM, on average, for any consecutive three-Business Day period. 

        SECTION 6.08    Margin Stock.    The Borrower will not, and will not permit any Subsidiary (other than the
Excluded Subsidiary) to, purchase or otherwise acquire Margin Stock if, after giving effect to 

50

 

any
such purchase or acquisition, Margin Stock owned by the Borrower and the Subsidiaries would represent more than 25% of the assets of the Borrower and the Subsidiaries on a consolidated basis
(valued in accordance with Regulation U); provided that, subject to Section 6.10, the Borrower may repurchase its capital stock pursuant
to any stock buyback program approved by the Borrower's Board of Directors. For purposes of this Section 6.08, on any date of determination, Margin Stock and the total assets of the Borrower
and the Subsidiaries will be valued in a manner determined by the Borrower in good faith and consistent with the requirements of Regulation U. 

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

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

        (b)   any
other Person, except: 

          (i)  Permitted
Investments; 

         (ii)  Investments
in the Borrower or any Subsidiary (other than the Excluded Subsidiary); provided that (A) after the
Closing Date, no Subsidiary shall acquire any Equity Interest in the Borrower, (B) such Subsidiary is a Subsidiary prior to the making of such Investments and (C) the aggregate amount of
such Investments by Loan Parties in Subsidiaries other than the Guarantor (excluding all such Investments existing on the Closing Date and set forth on Schedule 6.09) shall not exceed
$30,000,000 at any time outstanding; provided further that (x) no Investment in any Subsidiary other than the Guarantor may be made in reliance
on this clause (ii) at any time that an Event of Default shall have occurred and be continuing and (y) notwithstanding the foregoing, the Borrower and the Subsidiaries shall be permitted
to make accounting balance reconciliations through capital contributions, dividends and loan forgiveness, in each case in the ordinary course of business and consistent with current cash management
practices; 

        (iii)  Investments
in seed financing for early-stage funds in an aggregate amount not to exceed $250,000,000 (on a cost basis and not including any amount of investments or
co-investments from third parties in the Borrower or its Subsidiaries' seed capital program) at any time outstanding; 

        (iv)  Investments
made with the Net Proceeds from the issuance, after the Closing Date, of common or preferred stock in the Borrower; 

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

        (vi)  Investments
in the form of (A) the Specified Hedging Agreements; (B) Hedging Agreements entered into to (x) hedge or mitigate risks to which the
Borrower or any Subsidiary has actual exposure (other than in respect of Equity Interests in or Indebtedness of the Borrower or any Subsidiary) or (y) effectively cap, collar or exchange
interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any
Subsidiary; 

51

 

(C) any
call/put spread Hedging Agreement entered into in connection with convertible Indebtedness of the Borrower; and (D) Hedging Agreements entered into in connection with the
granting by the Borrower of long-term incentive awards under its "Mutual Fund Share Investment Plan", provided that such Hedging Agreements
are entered into in a manner consistent with past practices; 

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

      (viii)  the
purchase or other acquisition by the Borrower or any Subsidiary of Equity Interests in, or all or substantially all the assets of, any Person;  provided that the aggregate consideration paid therefor,
together with the aggregate consideration paid for any other such purchase or acquisition
consummated after the Closing Date in reliance on this clause (viii) (including, in each case, Indebtedness assumed in connection therewith) shall not exceed $50,000,000; 

        (ix)  (A)
purchases of Equity Interests in INTECH and/or Perkins, in each case in amounts and at prices required pursuant to (x) operating agreements or similar
governing documents of INTECH or Perkins, as the case may be, in each case as such requirements are in effect on the Closing Date, (y) employment agreements with officers of INTECH or Perkins,
as the case may be, and (z) any share liquidity or withholding program for employees or officers of INTECH or Perkins, as the case may be, and (B) other purchases of Equity Interests in
INTECH and/or Perkins so long as, immediately prior to and after giving effect thereto, no Default shall have occurred and be continuing; 

         (x)  Investments
in Janus Capital International Limited made for the sole purpose of enabling Janus Capital International Limited to meet the minimum capital maintenance
requirements applicable to Janus Capital International Limited under the rules and regulations of the FSA (and maintain regulatory capital in excess thereof in an amount not to exceed 50% of such
minimum regulatory capital); 

        (xi)  Investments
of customer cash and customer securities; 

       (xii)  trade
receivables and prepaid expenses, in each case arising in the ordinary course of business; 

      (xiii)  Investments
for which the sole consideration provided is Equity Interests of the Borrower; 

      (xiv)  Investments
in securities received pursuant to any plan of reorganization, restructuring, workout or similar arrangement or upon the compromise of any debt created in
the ordinary course of business owing to the Borrower or a Subsidiary, whether through litigation, arbitration or otherwise; and 

       (xv)  Investments
existing on the Closing Date and set forth on Schedule 6.09. 

52

 

 

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

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

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

        (iii)  in
addition to the transactions permitted under Section 6.09(b)(vii) and so long as no Event of Default shall have occurred and be continuing or would result
therefrom, the Borrower and the Subsidiaries may make (A) Restricted Payments to current or former directors, officers, employees or consultants of the Borrower and the Subsidiaries pursuant to
and in accordance with long term incentive plans, stock option plans or other benefit plans or agreements of the Borrower or any Subsidiary (the "Company
Plans"), including in connection with the death or disability of any such person; provided that the aggregate amount of such
Restricted Payments made in the form of cash since the Closing Date in reliance on this clause (iii) shall not exceed $25,000,000; or (B) Restricted Payments in the form of an exchange
of outstanding stock options for new stock options pursuant to and in accordance with the Company Plans; 

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

         (v)  the
Borrower and the Subsidiaries may make accounting balance reconciliations among themselves through capital contributions, dividends and loan forgiveness, in each
case in the ordinary course of business and consistent with current cash management practices; 

        (vi)  so
long as, after giving effect to each such purchase, redemption, retirement, acquisition, cancelation or termination, the Leverage Ratio (determined as of the end of
the fiscal quarter of the Borrower most recently then ended prior to the date of the consummation thereof and for which financial statements shall have been delivered pursuant to
Section 5.04(a) or 5.04(b), but giving effect on a pro forma basis to any Indebtedness incurred in connection with such purchase, redemption, retirement, acquisition, cancelation or
termination) shall not exceed 3.00:1.00, the Borrower or any Subsidiary, as the case may be, may make Restricted Payments on account of any purchase, redemption, retirement, acquisition, cancellation
or termination of any Equity Interests in INTECH and/or Perkins, in each case in amounts and at prices required pursuant to (A) operating agreements or similar governing documents of INTECH or
Perkins, as the case may be, in each case as such requirements are in effect on the Closing Date, (B) employment agreements with officers of INTECH or Perkins, as the case may be, and
(C) any share liquidity or withholding program for employees or officers of INTECH or Perkins, as the case may be; and 

53

 

       (vii)  the
Borrower or any Subsidiary may make any Restricted Payments; provided that at the time each such Restricted Payment
is made, (A) no Event of Default shall have occurred and be continuing, or would result therefrom and (B) immediately prior to, and after giving effect to, each such Restricted Payment,
no Loans shall be outstanding. 

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

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

         (ii)  payments
of regularly scheduled interest and fees and regularly scheduled or other mandatory principal payments, in each case as and when due in respect of any
Indebtedness; 

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

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

        (iv)  payments
of Indebtedness of the Borrower to any of the Subsidiaries, and payments of Indebtedness owed by the Subsidiaries to the Borrower or any other Subsidiaries; 

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

        (vi)  payments
of Indebtedness made with the Net Proceeds from the issuance, after the Closing Date, of common or preferred stock in the Borrower; and 

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

        SECTION 6.11    Limitations on Conduct of Business.    Without limiting Section 5.01(a), the Borrower
will not permit any Subsidiary (other than the Excluded Subsidiary) existing on the Closing Date (other than the Guarantor and the Excluded Subsidiary) to engage in any business or line of business or
conduct any business activities materially different from the business, line of business or business activities conducted by such Subsidiary on the Closing Date. 

        SECTION 6.12    Concerning Janus Capital International Limited.    (a) In the event that the aggregate
amount of the regulatory capital of Janus Capital International Limited as of the end of any quarter, determined under the rules and regulations of the FSA, exceeds an amount equal to 150% of the
minimum amount of the regulatory capital required to be maintained by Janus Capital International Limited as of the end of such quarter pursuant to such rules and regulations, the Borrower will cause
Janus Capital International Limited to make, within 60 days following the end of such quarter and to the extent the making thereof is not prohibited by applicable law or regulation, a dividend,
distribution or other Restricted Payment in cash to Janus International Holding LLC in an amount approximately
equal to the amount of such excess, but only to the extent that such excess is at least equal to $5,000,000 (or its equivalent in pounds sterling). 

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

54

 
 
 

  ARTICLE VII    
    

 
    EVENTS OF DEFAULT    
    

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

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

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

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

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

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

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

        (g)   the
Borrower or any Subsidiary (other than the Excluded Subsidiary) shall (i) have an order for relief entered with respect to it under the Federal Bankruptcy
Code, (ii) not pay, or admit in writing its inability to pay, its debts generally as they become due, (iii) make a general assignment for the benefit of creditors, (iv) apply for,
seek, consent to or acquiesce in the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its property, (v) institute any
proceeding seeking an order for relief under the Federal Bankruptcy Code or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization,
arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying
the material allegations of any such proceeding filed against it, (vi) take any corporate action to authorize or effect any of the foregoing actions set forth in this clause (g) or
(vii) fail to contest in good faith any appointment or proceeding described in the following clause (h); 

        (h)   without
the application, approval or consent of the Borrower or any Subsidiary (other than the Excluded Subsidiary), a receiver, trustee, examiner, liquidator or similar
official shall be appointed for the Borrower or any Subsidiary or any substantial part of its property, or a 

55

 

proceeding
described in subclause (v) of the preceding clause (g) shall be instituted against the Borrower or any Subsidiary and such appointment shall continue undischarged or such
proceeding shall continue undismissed or unstayed, in each case, for a period of 60 consecutive days; 

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

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

        (k)   a
Change in Control shall have occurred; 

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

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

 
 

  ARTICLE VIII    
    

 
    THE AGENT    
    

        Each of the Lenders hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement to serve as
administrative agent under the Loan Documents, and authorizes 

56

 

the
Administrative Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are
reasonably incidental thereto. 

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

        The
Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the
Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have
any duty to take any discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in the Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion, could expose the Administrative Agent to liability or be contrary to any Loan Document or
applicable law, and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in Section 9.08) or in the
absence of its own gross negligence, bad faith or wilful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to
the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any
Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described
therein being acceptable or satisfactory to the Administrative Agent. 

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

57

 

 

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

        Subject
to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and
the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, after consultation with the Borrower, and in the absence of a continuing Event of Default,
subject to the Borrower's consent (not to be unreasonably withheld), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which shall be a bank with an office in New York, New York, having a combined capital and surplus of at least $500,000,000 or an Affiliate of any such bank, which, in the absence
of a continuing Event of Default, shall be subject to the Borrower's consent (not to be unreasonably withheld). Upon the acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Loan Documents. After the Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions of this
Article VIII and Section 9.05 shall continue in effect for the benefit of such retiring 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 it was acting as Administrative Agent. 

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

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

        Each
Lender agrees (a) to reimburse the Administrative Agent, on demand, in the amount of its pro rata share (based on its Commitment hereunder or, if the Total Commitment shall
be terminated, the percentage it holds of the aggregate outstanding principal amount of the Loans and participations in Swingline Loans) of any expenses incurred for the benefit of the Lenders by the
Administrative Agent, including counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, which shall not have been reimbursed by the Borrower and
(b) to indemnify and hold harmless the Administrative Agent and any of its Related Parties, on demand, in the amount of such pro rata share, from and against any and all claims for liabilities,
Taxes, obligations, losses, 

58

 

damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against it in its capacity as the
Administrative Agent or any of them in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted by it or any of them under this Agreement or any
other Loan Document, to the extent the same shall not have been reimbursed by the Borrower; provided that no Lender shall be liable to the
Administrative Agent or any of its Related Parties for any portion of such claim for liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
to the extent that such claim is determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of the
Administrative Agent or any of its Related Parties. The obligations of the Lenders under this Article VIII shall survive the payment of all amounts due under any Loan Document and the
termination of this Agreement. 

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

 
 

  ARTICLE IX    
    
    MISCELLANEOUS    
    

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

        (a)   if
to the Borrower, to it at 151 Detroit Street, Denver, CO 80206, Attention of Chief Financial Officer (Fax No. (303) 336-4020); with a copy to
General Counsel (Fax No. (303) 639-6662); 

        (b)   if
to the Administrative Agent or the Swingline Lender, to it at JPMorgan Chase Bank, N.A., 1111 Fannin Street, 10th Floor, Houston, TX 77002, Attn:
Maria A. Saez or Shanida Littlejohn (Fax No. (713) 374-4312) (Email Address: maria.a.saez@jpmchase.com or shanida.x.littlejohn@jpmchase.com); and 

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

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

        SECTION 9.02    Survival of Agreement.    All covenants, agreements, representations and warranties made by the
Borrower herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been
relied upon by the Lenders and shall survive the making by the Lenders of the Loans, regardless of any investigation made by or on behalf of the Administrative Agent or the Lenders, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or 

59

 

any
Fee or any other amount payable under this Agreement or any other Loan Document (other than contingent indemnification and expense reimbursement obligations for which no claim has been made) is
outstanding and unpaid and so long as the Commitments have not been terminated. 

        SECTION 9.03    Effectiveness.    This Agreement shall become effective when it shall have been executed by the
Borrower and the Administrative Agent and when the Administrative Agent shall have received copies thereof which, when taken together, bear the signatures of all the initial Lenders providing the
Total Commitment. Delivery of an executed signature page of any Loan Document by facsimile transmission or electronic transmission (PDF) shall be effective as delivery of a manually executed
counterpart thereof. 

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

        (b)   Each
Lender may assign to one or more assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its
Commitment and the Standby Loans at the time owing to it); provided, however, that (i) each such
assignment shall be to an Eligible Assignee, (ii) each such assignment shall be of a constant, and not a varying, percentage of all the assigning Lender's rights and obligations under this
Agreement, (iii) except in the case of an assignment of the entire remaining amount of the Commitment or Loans (subject to, in the case of Competitive Loans, the final sentence of this
paragraph) the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $10,000,000 and shall be an integral multiple of $1,000,000, (iv) the parties to each such assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption and the Lenders party to such Assignment and Assumption shall pay to the Administrative Agent a processing and recordation fee of $3,500 (except that
no recordation fee shall be required if the assignee is an Affiliate of the assignor), (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire and (vi) without the prior written consent of the Administrative Agent and, in the absence of a continuing Event of Default, the Borrower, no assignment shall be made to a
prospective assignee that bears a relationship to the Borrower described in Section 108(e)(4) of the Code. Upon acceptance and recording pursuant to paragraph (e) of this Section, from
and after the effective date specified in each Assignment and Assumption, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender's rights and
obligations under this Agreement, such Lender shall cease to be a party hereto (but shall continue to be entitled to the benefits of Sections 2.15, 2.17, 2.21 and 9.05, as well as to any Fees
accrued for its account prior to the effective date of the Assignment and Assumption and not yet paid)). Notwithstanding the foregoing, any Lender assigning its rights and obligations under this
Agreement may retain any 

60

 

Competitive
Loans made by it outstanding at such time, and in such case shall retain its rights hereunder in respect of any Loans so retained until such Loans have been repaid in full in accordance
with this Agreement. 

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

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

        (e)   (i)
Each Lender may, without the consent of the Borrower, the Swingline Lender or the Administrative Agent, sell to any Person (other than the Borrower) that shall have
represented to such Lender that such Person is not (A) an Affiliate of the Borrower or (B) an investment manager, any investment company or any similar entity that, in each case, is
managed or advised by the Borrower or an Affiliate of the Borrower, participations in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans owing to it); provided that (w) such Lender's obligations under this Agreement shall remain unchanged, (x) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations, (y) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating
to the Loans and to approve any amendment, modification or waiver of any provision of this Agreement and (z) without the prior written consent of the Administrative Agent and, in the absence of
a continuing Event of Default, the Borrower, no participation shall be sold to a prospective participant that bears a relationship to the Borrower described in Section 108(e)(4) of the Code;  provided, however, that the agreement or instrument pursuant to which such Lender sells a participation
may provide that such Lender will not, without the consent of the participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.08(b). A participant
shall be entitled to the benefit of the cost protection provisions contained in Sections 2.15, 2.17 and 2.21 to the same extent as it were a Lender;  provided, however, that a participant shall not be entitled to receive any more than the selling Lender
would have received had it not sold the participation except to the extent such entitlement to receive a greater payment results from an adoption of or change in law, or in the interpretation or
applicable thereof, that occurs after the participant acquires the applicable participation. 

         (ii)  Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a record of each participant and the principal
amounts (and stated interest) of each participant's interest in the Loans or other obligations under this Agreement (the "Participant Register");  provided
that no Lender shall have any obligation to disclose all or 

61

 

any
portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant's interest in any Commitments, Loans or its other
obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement. 

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

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

        (b)   The
Borrower agrees to indemnify the Administrative Agent (and any sub-agent thereof), each Lender, the Arrangers and each Related Party of any of the
foregoing (each such Person being called an "Indemnitee") against, and to hold each Indemnitee harmless from, any and all claims, liabilities, losses,
damages, costs and expenses (including reasonable and invoiced counsel fees, charges and disbursements of one counsel selected by the Administrative Agent for all the Indemnitees, such local counsel
as the Administrative Agent may in good faith deem advisable and, in the event the Administrative Agent shall have determined that a conflict of interest makes it inadvisable for a single counsel to
represent all the Indemnitees, such additional counsel as may be required by reason of such conflict), incurred by or asserted against any Indemnitee arising out of or in connection with
(i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective
obligations thereunder or the consummation of the Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether initiated against or by any party to this Agreement or any other Loan
Document, any Affiliate of any of the foregoing or any third party (and 

62

 

regardless
of whether any Indemnitee is a party thereto); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such claim (whether brought by a Lender or any other Person), liability, loss, damage, cost or expense is determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from (x) the gross negligence, bad faith or wilful misconduct of such Indemnitee or (y) disputes solely among Indemnitees that did not arise out of any act or omission of the
Borrower or its Affiliates; it being understood that, notwithstanding the foregoing but solely to the extent such indemnification would not be denied pursuant to clause (x) of this proviso,
clause (y) of this proviso shall not limit the Borrower's indemnification obligations with respect to any Indemnitee acting in its capacity as Administrative Agent or Arranger. Each of the
parties hereto also agrees not to assert any claim for special, indirect, consequential or punitive damages against either Loan Party, the Administrative Agent, any Arranger, any Lender or any Related
Party of any of the foregoing on any theory of liability, arising out of or otherwise relating to this Agreement, any of the transactions contemplated herein or the actual or proposed use of proceeds
of the Loans. 

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

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

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

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

63

 

        (b)   Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower
and the Required Lenders; provided, however, that no such agreement shall (i) decrease the
principal amount of, or extend the maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan, or waive or excuse any such payment or any part thereof, or
decrease the rate of interest on any Loan, without the prior written consent of each Lender directly affected thereby, (ii) change or extend the Commitment or decrease or extend the date for
payment of the Commitment Fee of any Lender without the prior written consent of such Lender, (iii) amend or modify the provisions of this Section or the definition of "Required Lenders"
without the prior written consent of each Lender or (iv) release the Guarantor from the LLC Guarantee, or limit its liability in respect of the LLC Guarantee, in any case without
the prior written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent or the Swingline Lender hereunder without the prior written consent of the Administrative Agent or the Swingline Lender, as the case may be. Notwithstanding the foregoing, any
provision of this Agreement may be amended by an agreement in writing entered into by the Borrower, the Required Lenders and the Administrative Agent if (A) by the terms of such agreement the
Commitment of each Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and (B) at the time such amendment becomes effective,
each Lender not consenting thereto receives payment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this
Agreement; provided that the Borrower may prevent any such amendment from becoming effective by a notice delivered to the Administrative Agent at any
time prior to such effectiveness, in which case the Commitments of the non-consenting Lenders will not terminate and their Loans will not be required to be repaid. Each Lender shall be
bound by any waiver, amendment or modification authorized by this Section and any consent by any Lender pursuant to this Section shall bind any Person subsequently acquiring a Loan from it. 

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

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

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

64

 

(B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 

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

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

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

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

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

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

65

 

 

        SECTION 9.16    Confidentiality; Material Non-Public Information.    (a) Each Lender agrees
to keep confidential and not to disclose (and to cause its officers, directors, employees, agents, Affiliates and representatives to keep confidential and not to disclose) all Information (as defined
below), except that such Lender shall be permitted to disclose Information (i) on a confidential basis, to such of its officers, directors, employees, advisors, agents, Affiliates and
representatives as need to know such Information in connection with the servicing and protection of its interests in respect of its Loans and Commitments, the Loan Documents and the Transactions;
(ii) to the extent required by applicable laws and regulations or by any subpoena or similar legal process or requested by any Governmental Authority having or claiming to have jurisdiction
over such Lender (in which case, except in connection with regulatory examinations or audits or as otherwise requested by regulatory authorities, such Lender agrees to inform the Borrower promptly
thereof to the extent legally permissible); (iii) to any other party to this Agreement for purposes directly related to this Agreement or any other Loan Document; (iv) in connection with
any suit or proceeding relating to this Agreement or any other Loan Document; (v) subject to an agreement containing confidentiality undertakings substantially similar to those of this Section,
to (A) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective
counterparty (or its Related Parties) to any swap or derivative transaction relating to the Borrower or any Subsidiary and its obligations; (vi) to the extent such Information
(A) becomes publicly available other than as a result of a breach by such Lender of this Agreement, (B) is generated by such Lender or becomes available to such Lender on a
nonconfidential basis from a source other than the Borrower or its Affiliates or the Administrative Agent, or (C) was available to such Lender on a nonconfidential basis prior to its disclosure
to such Lender by the Borrower or its Affiliates or the Administrative Agent; or (vii) to the extent the Borrower shall have consented to such disclosure in writing. As used in this Section,
"Information" shall mean the Confidential Memorandum and any other confidential materials, documents and information relating to the Borrower that the
Borrower or any of its Affiliates may have furnished or made available or may hereafter furnish or make available to the Administrative Agent or any Lender in connection with this Agreement. 

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

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

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

        SECTION 9.17    Electronic Communications.    (a) The Borrower hereby agrees that, unless otherwise
requested by the Administrative Agent, it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Agent pursuant to
Section 5.04(a), (b), (c), (f), (g), (h), (i), and (j) (the "Communications") by transmitting the Communications in an electronic/soft
medium (provided such Communications contain any required signatures) in a format reasonably acceptable to the Administrative Agent to one or more e-mail addresses as shall be designated
by the Administrative Agent from time to time; provided that any delay 

66

 

or
failure to comply with the requirements of this Section 9.17(a) shall not constitute a Default or an Event of Default hereunder. 

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

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

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

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

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

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

67

 

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

 

							
	 	 	JANUS CAPITAL GROUP INC.
	

 	
 	
By:	
 	
/s/ Gregory A.Frost

 
	 	 	 	 	Name:	 	Gregory A. Frost
	 	 	 	 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 

         [Signature Page to the 364-Day Competitive Advance and Revolving Credit Facility Agreement] 

 

							
	 	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent, as Swingline Lender and as a Lender
	

 	
 	
By:	
 	
/s/ Jeanne Horn

 
	 	 	 	 	Name:	 	Jeanne Horn
	 	 	 	 	Title:	 	Executive Director

 

         [Signature Page to the 364-Day Competitive Advance and Revolving Credit Facility Agreement] 

 

							
	 	 	[LENDER], as a Lender
	

 	
 	
By:	
 	
/s/ Hichem Kerma

 
	 	 	 	 	Name:	 	Hichem Kerma
	 	 	 	 	Title:	 	Vice President

 

         [Signature Page to the 364-Day Competitive Advance and Revolving Credit Facility Agreement] 

 
 

  EXHIBIT A-1    
    

        FORM OF COMPETITIVE BID REQUEST 

JPMorgan
Chase Bank, N.A., as Administrative Agent

    for the Lenders referred to below

1111 Fannin Street, 10th Floor

Houston, TX 77002

Attention: Maria A. Saez or Shanida Littlejohn 

        [Date] 

        Re:    364-Day Competitive Advance and Revolving Credit Facility Agreement Referred to Below

Dear
Sirs: 

        The
undersigned, Janus Capital Group Inc. (the "Borrower"), refers to the 364-Day Competitive Advance and Revolving
Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified, extended or restated from time to time, the "Credit
Agreement"), among the Borrower, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives you notice pursuant to Section 2.03(a) of the Credit Agreement that it
requests a Competitive Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Competitive Borrowing is requested to be made: 

 

			
	 (A) Date of Competitive Borrowing (which is a Business Day)
	 	  

	 (B) Principal Amount of Competitive Borrowing(1)
	 	  

	 (C) Interest rate basis(2)
	 	  

	 (D) Interest Period and the last day thereof(3)
	 	  

 

 	(1)
	Not
less than $10,000,000 (and in integral multiples $1,000,000) or greater than the Total Commitment then available.

	(2)
	Eurodollar
Competitive Loan or Fixed Rate Loan.

	(3)
	Which
shall be subject to the definition of "Interest Period" and end not later than the Maturity Date (as may be extended pursuant to Section 2.13
of the Credit Agreement). 

 

 

 

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

 

							
	 	 	Very truly yours,
	

 	
 	
JANUS CAPITAL GROUP INC.,
	

 	
 	
By	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	[Responsible Officer]

 

 2

 
 

  EXHIBIT A-2    
    

        FORM OF NOTICE OF COMPETITIVE BID REQUEST 

[Name
of Bank]

[Address] 

Attention: 

[Date] 

        Re:    364-Day Competitive Advance and Revolving Credit Facility Agreement Referred to Below

Dear
Sirs: 

        Reference
is made to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified,
extended or restated from time to time, the "Credit Agreement"), among Janus Capital Group Inc., the Lenders from time to time party thereto and
JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

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

 

			
	(A) Date of Competitive Borrowing	 	 
	
(B) Principal Amount of Competitive Borrowing	
 	
 
	
(C) Interest rate basis	
 	
 
	
(D) Interest Period and the last day thereof	
 	
 

 

 

							
	

 	
 	
 Very truly yours,
	

 	
 	
 JPMORGAN CHASE BANK, N.A., as Administrative Agent
	

 	
 	
 By:	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

   

   

 

 	(1)
	The
Competitive Bid must be received by the Administrative Agent (i) in the case of Eurodollar Competitive Loans, not later than 12:00 noon, New York
City time, three Business Days before a proposed Competitive Borrowing, and (ii) in the case of Fixed Rate Loans, not later than 12:00 noon, New York City time, on the Business Day of a
proposed Competitive Borrowing. 

 
 

  EXHIBIT A-3    
    

        FORM OF COMPETITIVE BID 

JPMorgan
Chase Bank, N.A., as Administrative Agent

    for the Lenders referred to below

1111 Fannin Street, 10th Floor

Houston, TX 77002

Attention: Maria A. Saez or Shanida Littlejohn 

        [Date] 

        Re:    364-Day Competitive Advance and Revolving Credit Facility Agreement Referred to Below

Dear
Sirs: 

        The
undersigned, [Name of Bank], refers to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of October 4, 2010
(as it may hereafter be amended, modified, extended or restated from time to time, the "Credit Agreement"), among Janus Capital Group Inc. (the
"Borrower"), the Lenders from time to time party thereto and
JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The
undersigned hereby makes a Competitive Bid pursuant to Section 2.03(b) of the Credit Agreement, in response to the Competitive Bid Request made by the Borrower on            ,
20    , and in that connection sets forth below the terms on which such Competitive Bid is made: 

 

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

 

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

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

 

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

 

							
	 	 	Very truly yours,
	

 	
 	
[NAME OF BANK],
	

 	
 	
by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 

 
 

  EXHIBIT A-4    
    

        FORM OF COMPETITIVE BID ACCEPT/REJECT LETTER 

JPMorgan
Chase Bank, N.A., as Administrative Agent

      for the Lenders referred to below

1111 Fannin Street, 10th Floor

Houston, TX 77002

Attention: Maria A. Saez or Shanida Littlejohn 

        [Date] 

 

			
	Re:	 	 364-Day Competitive Advance and Revolving Credit Facility Agreement Referred to Below

 

         The
undersigned, Janus Capital Group Inc. (the "Borrower"), refers to the 364-Day Competitive Advance and Revolving
Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified, extended or restated from time to time, the "Credit
Agreement"), among the Borrower, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. 

        In
accordance with Section 2.03(c) of the Credit Agreement, we have received a summary of bids in connection with our Competitive Bid Request
dated                    and in
accordance with Section 2.03(d) of the Credit Agreement, we hereby accept the following bids for maturity on [date]: 

							
	Principal Amount

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

        We
hereby reject the following bids: 

							
	Principal Amount

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

        The
$        should be deposited in JPMorgan Chase Bank, N.A. account number [            ] on [date]. 

 

							
	 
	 	Very truly yours,
	

 
	
 	
JANUS CAPITAL GROUP INC.,
	 
	 	 by
	 	 	 	 
	 	 	 	 	

  
	 
	 	 	 	Name:	 	 
	 
	 	 	 	Title:	 	 

 

 

 
 

  EXHIBIT A-5    
    

        FORM OF STANDBY BORROWING REQUEST 

JPMorgan
Chase Bank, N.A., as Administrative Agent

    for the Lenders referred to below

1111 Fannin Street, 10th Floor

Houston, TX 77002

Attention: Maria A. Saez or Shanida Littlejohn 

        [Date] 

        Re:    364-Day Competitive Advance and Revolving Credit Facility Agreement Referred to Below

Dear
Sirs: 

        The
undersigned, Janus Capital Group Inc. (the "Borrower"), refers to the 364-Day Competitive Advance and Revolving
Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified, extended or restated from time to time, the "Credit
Agreement"), among the Borrower, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as
Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives you notice
pursuant to Section 2.04 of the Credit Agreement that it requests a Standby Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Standby
Borrowing is requested to be made: 

 

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

 

   

   

 

 	(1)
	In
the case of a Eurodollar Standby Loan, not less than $5,000,000 (and in integral multiples of $1,000,000) or greater than the Total Commitment then
available. In the case of an ABR Loan, not less than $1,000,000 (and in intergral multiples of $1,000,000) or greater than the Total Commitment then available.

	(2)
	Eurodollar
Standby Loan or ABR Loan.

	(3)
	Which
shall be subject to the definition of "Interest Period" and end not later than the Maturity Date (as
may be extended pursuant to Section 2.13 of the Credit Agreement). 

 

        Upon
acceptance of any or all of the Loans made by the Lenders in response to this request, the Borrower shall be deemed to have represented and warranted that on the date of such
Standby Borrowing the conditions to lending specified in Section 4.02(b), (c) and (d) of the Credit Agreement have been satisfied. 

 

							
	 	 	Very truly yours,
	

 	
 	
JANUS CAPITAL GROUP INC.,
	

 	
 	
 by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	[Responsible Officer]

 

 2

 
 

  EXHIBIT B    
    

        [FORM
OF] 

        ASSIGNMENT
AND ACCEPTANCE 

        Reference
is made to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified,
extended or restated from time to time, the "Credit Agreement"), among Janus Capital Group Inc., a Delaware corporation, the Lenders from time to
time party thereto (the "Lenders") and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the
"Administrative Agent"). Terms defined in the Credit Agreement are used herein with the same meanings. 

        1.     The
assignor party hereto (the "Assignor") hereby sells and assigns, without recourse, to the assignee party hereto (the
"Assignee"), and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the "Effective Date" set forth on the
reverse hereof (the "Effective Date"), the interests set forth on the reverse hereof (the "Assigned
Interest") in the Assignor's rights and obligations under the Credit Agreement, including, without limitation, the interests set forth on the reverse hereof in the Commitment
of the Assignor on the Effective Date and the Competitive Loans and Standby Loans and Swingline Loans owing to the Assignor which are outstanding on the Effective Date. Each of the Assignor and the
Assignee hereby makes and agrees to be bound by all the representations, warranties and agreements set forth in Section 9.04(b) of the Credit Agreement, a copy of which has been received by
each such party. From and after the Effective Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests assigned by
this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the Loan Documents and (ii) the Assignor shall, to the extent of the interests assigned by this
Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement. 

        2.     This
Assignment and Acceptance is being delivered to the Agent together with (i) if the Assignee is not already a Lender under the Credit Agreement, the applicable
forms specified in Section 2.21(f) of the Credit Agreement, duly completed and executed by such Assignee, (ii) if the Assignee is not already a Lender under the Credit Agreement, an
Administrative Questionnaire, and (iii) a processing and recordation fee of $3,500 (except that no recordation fee shall be required if the assignee is an Affiliate of the assignor). 

        3.     This
Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 

Date
of Assignment: 

Legal
Name of Assignor: 

Legal
Name of Assignee: 

Assignee's
Address for Notices: 

Effective
Date of Assignment: 

 

								
	Facility

 
	 	Principal Amount assigned

(and identifying information

as to individual Competitive

Loans) 	 	Percentage Assigned of

Facility/Commitment (set

forth, to at least 8 decimals, as

a percentage of the Facility

and the aggregate

Commitments of all Lenders

thereunder) 	 
	 Commitment Assigned:
	 	 $
	 	 	 	 
	%
	 Standby Loans:
	 	 	 	 	 	 	 
	 Competitive Loans:
	 	 	 	 	 	 	 
	 Swingline Loans:
	 	 	 	 	 	 	 

 

 

 

The
terms set forth above and on the

reverse side hereof are hereby agreed to: 

 

							
	

 	
 	

 	
 	
Accepted*
	

                                        , as
Assignor	
 	

 	
 	

 
	 	 	 	 	JPMORGAN CHASE BANK, N.A., as

Administrative Agent
	
 By:	
 	
 

 	
 	
By:	
 	
    

 
	Name:	 	Name:
	Title:	 	Title:
	

                                        , as
Assignee	
 	

 	
 	

 
	
 By:	
 	
 

 	
 	
JANUS CAPITAL GROUP INC., as Borrower
	Name:	 	 	 	 	 	 
	Title:	 	 	 	 	 	 
	

 	
 	

 	
 	
By:	
 	
 

 
	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	

 	
 	
JPMORGAN CHASE BANK, N.A., as

Swingline Lender
	

 	
 	

 	
 	
 By:	
 	
 

 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

 	*
	To
be completed only if consents are required under Section 9.04(b) and pursuant to the definition of "Eligible Assignee". 

 

 2

 
 

  EXHIBIT C    
    

        [FORM OF] 

COMPLIANCE
CERTIFICATE 

 

			
	To:	 	The Lenders party to the
	 	 	Credit Agreement described below
	

 	
 	
care of

 

 JPMorgan
Chase Bank, N.A., as Administrative Agent

  for the Lenders referred to below

1111 Fannin Street, 10th Floor

Houston, TX 77002

Attention: Maria A. Saez or Shanida Littlejohn 

        This
Compliance Certificate is furnished pursuant to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of October 4, 2010 (as it may
hereafter be amended, modified, extended or restated from time to time, the "Agreement"), among Janus Capital Group Inc., (the
"Borrower"), the Lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. Unless otherwise defined herein, the
terms used in this Compliance Certificate have the meanings assigned to them in the Agreement. 

        THE
UNDERSIGNED HEREBY CERTIFIES THAT: 

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

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

        3.     The
form attached hereto sets forth financial data and computations evidencing the Borrower's and the Subsidiaries' compliance with Section 6.07 of the Agreement;
and 

        4.     The
examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or an
Event of Default during or at the end of the accounting period covered by the attached financial statements, and I have no knowledge of the existence of any condition or event which constitutes a
Default or an Event of Default as of the date of this Compliance Certificate, except as set forth below: 

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

	5.
	[State
whether any change in GAAP or in the application thereof has occurred since the date of the consolidated balance sheet of the Borrower
most recently theretofore delivered under clause (a) or (b) of Section 5.04 of the Agreement (or, prior to the first such delivery, referred to in Section 3.05 of the
Agreement) and, if any such change has occurred, specify the effect of such change on the financial statements (including those for the prior periods) accompanying this certificate] 

 

        The
foregoing certifications, together with the computations required by the Agreement attached hereto and the financial statements delivered with this Compliance Certificate in support
hereof, are made and delivered this        day of            , 20 . 

			
	 	 	JANUS CAPITAL GROUP INC.
	

 	
 	
  

 
	 	 	Name:
	 	 	Title:

2

 
 

  EXHIBIT E    
    

        [FORM OF] 

MATURITY
DATE EXTENSION REQUEST 

[Date]

Dear
Sirs: 

        Reference
is made to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified,
extended or restated from time to time, the "Credit Agreement"), among Janus Capital Group Inc., the Lenders from time to time party thereto and
JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the "Administrative Agent"). Capitalized terms used but not
otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. In accordance with Section 2.13 of the Credit Agreement, the undersigned hereby requests an extension
of the Maturity Date from [October 3], 2011 to [October 1], 2012. 

 

							
	 	 	Very truly yours,
	

 	
 	
JANUS CAPTIAL GROUP INC.,
	

 	
 	
by	
 	
  

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

 

 
 

  EXHIBIT D    
    

        GUARANTEE AGREEMENT dated as of October 4, 2010 (this "Agreement"), between JANUS CAPITAL
MANAGEMENT LLC, a Delaware limited liability company (the "Guarantor"), and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders
(as such terms are defined in the Credit Agreement referred to below).

        Reference
is made to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of October 4, 2010 (as it may hereafter be amended, modified,
extended or restated from time to time, the "Credit Agreement"), among Janus Capital Group Inc., a Delaware corporation (the
"Borrower"), the Lenders from time to time party thereto and the Administrative Agent. Capitalized terms used but not otherwise defined herein have the
meanings assigned to them in the Credit Agreement. 

        The
Lenders have agreed to extend credit to the Borrower on the terms and subject to the conditions set forth in the Credit Agreement. The Guarantor will derive substantial benefits from
the extension of credit to the Borrower pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to continue to extend such credit. 

        Accordingly,
the parties hereto agree as follows: 

        SECTION 1.    Guarantee.    The Guarantor unconditionally guarantees, as a primary obligor and not merely as a
surety, the due and punctual payment and performance of all of the Obligations from time to time outstanding under the Credit Agreement. The Guarantor further agrees that the due and punctual payment
of the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such
extension or renewal of any Obligation of the Borrower pursuant to the Credit Agreement. 

        SECTION 2.    Obligations Not Waived.    To the fullest extent permitted by applicable law, the Guarantor
waives presentment to, demand of payment from and protest to the Borrower or to any other guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of
protest for nonpayment. To the fullest extent permitted by applicable law, the obligations of the Guarantor hereunder shall not be affected by (a) the failure of the Administrative Agent or any
Lender to assert any claim or demand or to enforce or exercise any right or remedy against the Borrower or any other guarantor under the provisions of the Credit Agreement, any other Loan Document or
otherwise, (b) any extension or renewal of any of the Obligations, (c) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of any
other Loan Document or any other guarantee, (d) the failure or delay of any Lender to exercise any right or remedy against any other guarantor of the Obligations, (e) the failure of any
Lender to assert any claim or demand or to enforce any remedy under any Loan Document or any other agreement or instrument, (f) any default, failure or delay, wilful or otherwise, in the
performance of the Obligations; or (g) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Guarantor or otherwise operate
as a discharge of the Guarantor as a matter of law or equity. 

        SECTION 3.    Guarantee of Payment.    The Guarantor further agrees that its guarantee constitutes a guarantee
of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of
collection, and waives any right to require that any resort be had by the Administrative Agent or any Lender to any balance of any deposit account or credit on the books of the Administrative Agent or
any Lender in favor of the Borrower, any other guarantor or any other Person. 

        SECTION 4.    No Discharge or Diminishment of Guarantee.    The obligations of the Guarantor hereunder shall
not be subject to any reduction, limitation, impairment, recoupment or termination for any reason (other than the payment in full in cash of all of the Obligations), including any claim of waiver,
release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the 

 

invalidity,
illegality or unenforceability of the Obligations, any impossibility in the performance of the Obligations or otherwise. 

        SECTION 5.    Agreement to Pay; Subordination.    In furtherance of the foregoing and not in limitation of any
other right that the Administrative Agent or any Lender has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Borrower to pay any Obligation when and as the same
shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative
Agent or such Lender as designated thereby in cash the amount of such unpaid Obligation. Upon payment by the Guarantor of any sums as provided above, all rights of the Guarantor against the Borrower
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinated and junior in right of payment to the prior
indefeasible payment in full of all the Obligations (it being understood that, after the discharge of all the Obligations (other than contingent indemnification and expense reimbursement obligations
for which no claim has been made) and prior to the time when the payment of such Obligations shall have become indefeasible, such rights may be exercised by the Guarantor. If any amount shall
erroneously be paid to the Guarantor on account of such subrogation such amount shall be held in trust for the benefit of the Lenders and shall forthwith be paid to the Administrative Agent to be
credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or any other Loan Document. 

        SECTION 6.    Information.    The Guarantor assumes all responsibility for being and keeping itself informed of
the Borrower's financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that the Guarantor
assumes and incurs hereunder, and agrees that none of the Administrative Agent and the Lenders will have any duty to advise the Guarantor of information known to it or any of them regarding such
circumstances or risks. 

        SECTION 7.    [RESERVED.]    

        SECTION 8.    Termination.    The obligations of the Guarantor hereunder (a) shall, subject to
clause (b) below, terminate and the Guarantor shall be released from its obligations hereunder automatically without further action from any Person, when all the Obligations (other than
contingent indemnification and expense reimbursement obligations for which no claim has been made) have been paid in full and the Lenders have no further commitment to lend under the Credit Agreement
and (b) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the
Administrative Agent or any Lender upon the bankruptcy or reorganization of the Borrower or otherwise. 

        SECTION 9.    Binding Agreement; Assignments.    Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantor that are contained in this
Agreement shall bind and inure to the benefit of each party hereto and their respective successors and
assigns. This Agreement shall become effective when a counterpart hereof executed on behalf of the Guarantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have
been executed on behalf of the Administrative Agent, and thereafter shall be binding upon the Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the
benefit of the Guarantor, the Administrative Agent and the Lenders, and their respective successors and assigns, except that the Guarantor shall not have the right to assign its rights or obligations
hereunder or any interest herein and any such attempted assignment shall be void. 

        SECTION 10.    Waivers; Amendment.    (a) No failure or delay of the Administrative Agent or any Lender
in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to 

2

 

enforce
such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent or any Lender hereunder
or under the Credit Agreement or any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement
shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver shall be effective only in the specific instance and for the purpose for which
given. No notice or demand on the Guarantor in any case shall entitle the Guarantor to any other or further notice or demand in similar or other circumstances. 

        (b)   Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Guarantor and the
Administrative Agent (with the prior written consent of the Lenders if required under the Credit Agreement). 

        SECTION 11.    GOVERNING LAW.    THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        SECTION 12.    Notices.    All communications and notices hereunder shall be in writing and given as provided
in Section 9.01 of the Credit Agreement. All communications and notices hereunder to the Guarantor shall be given to it in care of the Borrower. 

        SECTION 13.    Survival of Agreement; Severability.    (a) All covenants, agreements, representations
and warranties made by the Guarantor herein and in the certificates or other instruments delivered in connection with the Loan Documents shall be considered to have been relied upon by the
Administrative Agent and the Lenders and shall survive the making by the Lenders of the Loans
regardless of any investigation made by any of them or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any other fee or
amount payable under this Agreement or any other Loan Document is outstanding and unpaid and as long as the Commitments have not been terminated. 

        (b)   In
the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

        SECTION 14.    Counterparts.    This Agreement may be executed in counterparts, each of which shall constitute
an original, but all of which when taken together shall constitute a single contract, and shall become effective as provided herein. Delivery of an executed signature page to this Agreement by
facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

        SECTION 15.    Rules of Interpretation.    The rules of interpretation specified in Section 1.02 of the
Credit Agreement shall be applicable to this Agreement. 

        SECTION 16.    Jurisdiction; Consent to Service of Process.    (a) Each party to this Agreement hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York
City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent 

3

 

permitted
by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement
or the other Loan Documents against any other party or its properties in the courts of any jurisdiction. 

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

        (c)   Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 12. Nothing in this Agreement will affect
the right of any party to this Agreement to serve process in any other manner permitted by law. 

        SECTION 17.    WAIVER OF JURY TRIAL.    EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

        SECTION 18.    Right of Setoff.    If an Event of Default shall have occurred and be continuing, each of the
Administrative Agent and the Lenders (and each of their respective Affiliates) is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Person to or for the credit or the account of the Guarantor
against any or all the obligations of the Guarantor now or hereafter existing under this Agreement due and payable to such Person, irrespective of whether or not such Person shall have made any demand
under this Agreement and although such deposits or other obligations may be unmatured. Such Person agrees promptly to notify the Borrower and the Administrative Agent after any such set off and
application made by such Person; provided, that the failure to give such notice shall not affect the validity of such setoff and application made
pursuant to the terms hereof. The rights of each Person under this Section are in addition to other rights and remedies (including other rights of setoff) which such Person may have. 

4

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 

							
	 	 	JANUS CAPITAL MANAGEMENT LLC,
	

 	
 	
By:	
 	
JANUS CAPITAL GROUP INC., as
	 	 	managing member,
	

 	
 	

 	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

        [Signature page to Guarantee Agreement] 

							
	 	 	By:	 	JPMORGAN CHASE BANK, N.A., as
	 	 	Administrative Agent,
	

 	
 	

 	
 	
 

 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

        [Signature page to Guarantee Agreement] 

 

 
 

  Schedule 2.01    
    

 
    Commitments    
    

 

					
	Lender

 
	 	Commitment 	 
	 JPMorgan Chase Bank, N.A. 
	 	$	30,000,000	 
	 Bank of America, N.A. 
	 	$	30,000,000	 
	 State Street Bank and Trust Company
	 	$	20,000,000	 
	 Citibank, N.A. 
	 	$	20,000,000	 
	 Total: 
	 	
$	

100,000,000	 

 

 

 
 

  Schedule 3.07    
    

 
    Subsidiaries    
    

 

							
	Company

 
	 	Jurisdiction of

Organization 	 	Owner(s) 	 	% Equity

Interests

Owned* 
	 Capital Group Partners, Inc. 
	 	New York	 	Janus Capital Group Inc.	 	100.0%
	 INTECH Investment Management, LLC
	 	Delaware	 	Janus Capital Management LLC	 	94.5%
	 Janus Capital Asia Limited
	 	Hong Kong	 	Janus International Holding LLC	 	100.0%
	 Janus Capital International Limited
	 	England/Wales	 	Janus International Holding LLC	 	100.0%
	 Janus Capital Management LLC
	 	Delaware	 	Janus Capital Group Inc.	 	95.0%
	 
	 	 	 	Janus Management Holdings Corp.	 	5.0%
	 Janus Capital Singapore Pte. Limited
	 	Singapore	 	Janus International Holding LLC	 	100.0%
	 Janus Capital Trust Manager Limited
	 	Ireland	 	Janus International Holding LLC	 	100.0%
	 Janus Distributors LLC
	 	Delaware	 	Janus Capital Management LLC	 	100.0%
	 Janus Holdings LLC
	 	Nevada	 	Janus Capital Group Inc.	 	100.0%
	 Janus International Holding LLC
	 	Nevada	 	Janus Holdings LLC	 	100%—Class A Voting Shares
	 
	 	 	 	Janus Capital Management LLC	 	100%—Class B Non-Voting Shares
	 Janus Management Holdings Corporation
	 	Delaware	 	Janus Capital Group Inc.	 	100.0%
	 Janus Services LLC
	 	Delaware	 	Janus Capital Management LLC	 	100.0%
	 Perkins Investment Management, LLC
	 	Delaware	 	Janus Capital Management LLC	 	77.8%

 

          Joint Ventures:    None 

   

   

 

 	*
	Unless
otherwise indicated, Equity Interests are common stock or limited liability interests. 

 
 

  Schedule 3.08    
    

 
    Litigation    
    

        None
other than Disclosed Matters. 

 
 

  Schedule 6.01    
    

 
    Existing Indebtedness    
    

	1.
	5.875%
Senior Notes due 2011 (carrying value $92.2 million*)

	2.
	6.250%
Senior Notes due 2012 (carrying value $120.8 million*)

	3.
	6.119%
Senior Notes due 2014 (aggregate carrying value $82.3 million*)

	4.
	3.25%
Convertible Senior Notes due 2014 (aggregate carrying value $132.6 million*)

	5.
	6.700%
Senior Notes due 2017 (carrying value $367.9 million*)

	6.
	Letter
of Credit—Beneficiary is L. A. Department of Water & Power Financial Services Organization. Amount is $4,500,000. Automatically
renewable annually.

	7.
	Lease
of IT storage equipment from EMC (a/k/a National City Commercial Capital Company). Lease value is $3MM. Term is 36 months and the lease began on
April 1, 2009.

	8.
	Lease
of IT servers from Hewlett Packard. Lease value is $544,000. Term is 36 months and the lease began on April 1, 2009. 

   

   

 

 	*
	As
of June 30, 2010 

 
 

  Schedule 6.02    
    
    Liens    
    

	1.
	Liens
on cash collateral for a renewable letter of credit under which the beneficiary is L. A. Department of Water & Power Financial Services
Organization.

	2.
	Liens
in favor of EMC in connection with the lease of IT storage equipment from EMC which lease commenced on April 1, 2009 with a term of
36 months.

	3.
	Liens
in favor of Hewlett Packard in connection with the lease of IT servers from Hewlett Packard which lease commenced on April 1, 2009 with a term
of 36 months.

	4.
	Each
of the Liens over the collateral as described in each of the UCC financing statements set forth in the table below which is incorporated herein by
reference. 

 

									
	DEBTOR

 
	 	JURISDICTION 	 	FILE NO. & DATE 	 	SECURED PARTY 	 	COLLATERAL 
	 Janus Capital Management LLC
	 	DE-Secretary of

State	 	UCC Financing Statement 20090099686 filed 01/12/09	 	National City Commercial Capital Company, LLC	 	Equipment.
	 
	 	 	 	UCC Financing Statement 20090099736 filed 01/12/09	 	National City Commercial Capital Company, LLC	 	Equipment.
	 Capital Group Partners, Inc. 
	 	 NY-Department

of State
	 	 UCC Financing Statement 200506215557850 filed 06/21/05
	 	 Key Equipment Finance Inc.
	 	 Equipment.

	 
	 	 	 	 UCC Continuation filed 03/10/10
	 	 	 	 
	 
	 	 	 	UCC Financing Statement 200510145901312 filed 10/14/05	 	IOS Capital	 	Equipment.
	 
	 	 	 	UCC Financing Statement 200511296037515 filed 11/29/05	 	IOS Capital	 	Equipment.
	 
	 	 	 	UCC Financing Statement 200601195064016 filed 01/19/06	 	IOS Capital	 	Equipment.
	 
	 	 	 	UCC Financing Statement 200603215266671 filed 03/21/06	 	IOS Capital	 	Equipment.
	 
	 	 	 	UCC Financing Statement 20003215267180 filed 03/21/06	 	IOS Capital	 	Equipment.
	 
	 	 	 	 UCC Amendment filed 03/30/06
	 	 	 	 
	 
	 	 	 	UCC Financing Statement 200705015444471 filed 05/01/07	 	IOS Capital	 	Equipment.

 

 

 

 
 

  Schedule 6.09    
    

 
    Investments    
    

	1.
	Existing
Investments by Loan Parties into the Excluded Subsidiary (equity—% ownership). 

 

							
	Company

 
	 	Jurisdiction of

Organization 	 	Owner(s) 	 	%

Owned 
	 Janus Capital Trust Manager Limited
	 	Ireland	 	Janus International Holding LLC	 	100.0% of

ordinary shares

 

 	2.
	The
following Subsidiaries of Janus Capital Group Inc. (Borrower) own shares as indicated in Borrower. 

 

							
	Company

 
	 	Jurisdiction of

Organization 	 	# of Shares* 	 
	 Janus Capital Management LLC
	 	Delaware	 	 	3,976,263	 
	 Capital Group Partners, Inc. 
	 	New York	 	 	35,617,085	 

 

 	*
	Held
in book entry form at Wells Fargo 

 

 	3.
	Investment
in the Subsidiaries existing as of the Closing Date as set forth on Schedule 3.07 which are incorporated herein by reference.

	4.
	Investments
evidenced by the Interest Free Loan Agreement dated as of January 16, 2009 by and between Janus Capital Management LLC and Janus
Capital International Limited.

	5.
	The
intercompany Investment as set forth in the table attached hereto as Annex A.

	6.
	The
other Investments as of August 31, 2010 as set forth below. 

 Investments  

 8/31/2010  

 

											
	 
	 	JCM 	 	JCG 	 	Total 	 
	 Seed
	 	 $	38,742,802.22	 	 $	36,509,653.71	 	 $	75,252,455.93	 
	 Minority Interest on Seed
	 	 $	4,073,800.38	 	 $	1,722,966.07	 	 $	5,796,766.45	 
	 SIV
	 	 $	—	 	 $	29,847,885.10	 	 $	29,847,885.10	 
	 Treasury Note (includes premium)
	 	 $	92,408,753.24	 	 $	—	 	 $	92,408,753.24	 
	 	 	 	 	 	 	 	 	 
	 Total Investments
	 	 $	135,225,355.84	 	 $	68,080,504.88	 	 $	203,305,860.72	 

 

 

 
 

Annex A to Schedule 6.09    
    

 
  Intercompany Balances as of 8/31/2010:

 

					
	AR-Transfer Pricing	 	 	1,082,435.84	 
	Leased EE Comp	 	 	72,662,295.52	 
	IC-JHC	 	 	33,467.14	 
	
 IC-JCIL	
 	
 	
(39,221,596.58	
)
	
 IC-JCAL	
 	
 	
(3,911,743.65	
)
	IC-JIH LLC	 	 	80,678.97	 
	IC-JCTML	 	 	679,832.62	 
	IC-JCSL	 	 	150,199.06	 
	IC-JCM LLC	 	 	229,332,363.06	 
	
 IC-JS LLC	
 	
 	
(182,106,216.58	
)
	IC-JD LLC	 	 	1,901,342.53	 
	
 IC-PIM LLC	
 	
 	
(5,737,363.12	
)
	IC-JCML-CAN	 	 	10,063,922.25	 
	IC-JCIA-AUS	 	 	3,749,588.59	 
	IC-JCIL-JAP	 	 	26,727,998.70	 
	IC-JCIL-ITA	 	 	11,369,516.09	 
	IC-JCIL-DE	 	 	1,329,280.59	 
	IC-BFG LLC	 	 	—	 
	IC-Intech LLC	 	 	2,096,421.71	 
	IC-Other Subs	 	 	—	 
	
 IC-JMHC	
 	
 	
(103,871,581.70	
)
	IC-JCGI	 	 	101,534,995.79	 
	
 IC-CGP-70	
 	
 	
(51,344,297.23	
)
	
 IC-CGP-71	
 	
 	
(2,852,847.84	
)
	IC-Notes Rec	 	 	77,308,835.75	 
	IC-Interest Rec	 	 	16,621,186.17	 
	IC-Notes Rec	 	 	98,731,466.14	 
	IC-Interest	 	 	3,239,804.99	 
	
 Transfer Pricing	
 	
 	
(1,082,435.84	
)
	
 Lsd EE Comp Acrl	
 	
 	
(72,662,295.52	
)
	
 IC-Notes Payable	
 	
 	
(86,043,534.40	
)
	IC-Notes Pay Parent	 	 	(90,000,000.02	)
	
 IC-Interest	
 	
 	
(19,861,719.03	
)
	 	 	 	 
	Total	 	 	0.00	 

 

 

QuickLinks

Exhibit 10.4.1

EXECUTION VERSION

TABLE OF CONTENTS

ARTICLE I DEFINITIONS

ARTICLE II THE CREDITS

ARTICLE III REPRESENTATIONS AND WARRANTIES

ARTICLE IV

CONDITIONS

ARTICLE V

AFFIRMATIVE COVENANTS

ARTICLE VI

NEGATIVE COVENANTS

ARTICLE VII

EVENTS OF DEFAULT

ARTICLE VIII

THE AGENT

ARTICLE IX MISCELLANEOUS

EXHIBIT A-1

EXHIBIT A-2

EXHIBIT A-3

EXHIBIT A-4

EXHIBIT A-5

EXHIBIT B

EXHIBIT C

EXHIBIT E

EXHIBIT D

Schedule 2.01

Commitments

Schedule 3.07

Subsidiaries

Schedule 3.08

Litigation

Schedule 6.01

Existing Indebtedness

Schedule 6.02 Liens

Schedule 6.09

Investments

Annex A to Schedule 6.09

Intercompany Balances as of 8/31/2010QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.8    
    

 
  JANUS CAPITAL GROUP INC.    
    
    2012 Employment Inducement Award Plan    
    
    (as adopted effective as of January 24, 2012)    

 
 

  Table of Contents    
    

 

					
	Article

 
	 	Page 	 
	 1. History, Effective Date, Objectives and Duration
	 	 	1	 
	 2. Definitions
	 	 	

1	 
	 3. Administration
	 	 	

6	 
	 4. Shares Subject to the Plan and Maximum Awards
	 	 	

7	 
	 5. Eligibility and General Conditions of Awards
	 	 	

8	 
	 6. Stock Options
	 	 	

10	 
	 7. Stock Appreciation Rights and Limited Stock Appreciation Rights
	 	 	

11	 
	 8. Restricted Shares
	 	 	

12	 
	 9. Beneficiary Designation
	 	 	

13	 
	 10. Deferrals
	 	 	

13	 
	 11. Rights of Employees/Directors/Consultants
	 	 	

13	 
	 12. Change of Control
	 	 	

13	 
	 13. Amendment, Modification, and Termination
	 	 	

14	 
	 14. Withholding
	 	 	

15	 
	 15. Successors
	 	 	

16	 
	 16. Additional Provisions
	 	 	

16	 

 

 

 

 
 

  Janus Capital Group Inc.
  2012Employment Inducement Award Plan    
    

 
  (AS ADOPTED EFFECTIVE AS OF January 24, 2012)    
    

 Article 1. History, Effective Date, Objectives and Duration  

        1.1    History.    Janus Capital Group Inc., a Delaware corporation (the "Company"), has established the Janus
Capital Group Inc. 2012 Employment Inducement Award Plan, as set forth herein, and as the same may be amended from time to time (the "Plan"). The Plan was adopted by the Compensation Committee
of the Board of Directors of the Company on December 28, 2011, and was ratified by the Board of Directors of the Company (the "Board") on January 24, 2012, to be effective on
January 24, 2012 (the "Effective Date"). 

        1.2    Objectives of the Plan.    The Plan is intended to assist the Company and its Subsidiaries in attracting new
employees, and to allow new employees of the Company and its Subsidiaries to acquire equity
ownership in the Company, thereby strengthening their commitment to the success of the Company and stimulating their efforts on behalf of the Company. The Plan also is intended to optimize the
profitability and growth of the Company through incentives which are consistent with the Company's goals; to provide new employees with an incentive for excellence in individual performance; and to
promote teamwork among employees. To achieve these objectives, the Plan is intended to provide only Awards that constitute Employment Inducement Awards. 

        1.3    Duration of the Plan.    The Plan shall commence on the Effective Date and shall remain in effect, subject to
the right of the Board or the Plan Committee to amend or terminate the Plan at any time pursuant to Article 13 hereof, until all Shares subject to it shall have been purchased or acquired
according to the Plan's provisions. 

 Article 2. Definitions  

        Whenever used in the Plan, the following terms shall have the meanings set forth below: 

        2.1   "Article" means an Article of the Plan. 

        2.2   "Award" means Options, Restricted Shares (awarded as Shares or Share Units), or Dividend Equivalents granted under the
Plan. 

        2.3   "Award Agreement" means the written agreement by which an Award shall be evidenced. 

        2.4   "Board" has the meaning set forth in Section 1.1. 

        2.6   "Cause" means, unless otherwise defined in an Award Agreement, 

        (a)   before
the occurrence of a Change of Control, any one or more of the following, as determined by the Committee: 

        (1)   a
Grantee's commission of a crime which, in the judgment of the Committee, resulted or is likely to result in damage or injury to the Company or a Subsidiary; 

        (2)   the
material violation by the Grantee of written policies of the Company or a Subsidiary; 

        (3)   the
habitual neglect or failure by the Grantee in the performance of his or her duties to the Company or a Subsidiary (but only if such neglect or failure is not
remedied within a reasonable remedial period after Grantee's receipt of written notice from the Company which describes such neglect or failure in reasonable detail and specifies the remedial period);
or 

        (4)   action
or inaction by the Grantee in connection with his or her duties to the Company or a Subsidiary resulting, in the judgment of the Committee, in material injury to
the Company or a Subsidiary; and 

 

        (b)   from
and after the occurrence of a Change of Control, the occurrence of any one or more of the following, as determined in the good faith and reasonable judgment of the
Committee: 

        (1)   Grantee's
conviction for committing an act of fraud, embezzlement, theft, or any other act constituting a felony involving moral turpitude or causing material damage or
injury, financial or otherwise, to the Company; 

        (2)   a
demonstrably willful and deliberate act or failure to act which is committed in bad faith, without reasonable belief that such action or inaction is in the best
interests of the Company, which causes material damage or injury, financial or otherwise, to the Company (but only if such act or inaction is not remedied within 15 business days of Grantee's receipt
of written notice from the Company which describes the act or inaction in reasonable detail); or 

        (3)   the
consistent gross neglect of duties or consistent wanton negligence by the Grantee in the performance of the Grantee's duties (but only if such neglect or negligence
is not remedied within a reasonable remedial period after Grantee's receipt of written notice from the Company which describes such neglect or negligence in reasonable detail and specifies the
remedial period). 

        2.7   "Change of Control" shall, unless otherwise defined in the Award Agreement, be deemed to have occurred if the event set
forth in any one of the following paragraphs shall have occurred: 

        (a)   a
change in the composition of the Board such that the individuals who, as of the effective date of the this Agreement, constitute the Board (such Board shall be
hereinafter referred to as the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided,  however, for purposes of
this definition, that any individual who becomes a member of the Board subsequent to the effective date hereof, whose election,
or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent
Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided
further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Exchange Act, as modified) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board shall not be so considered as a member of the Incumbent Board; or 

        (b)   consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of the
assets or stock of another entity ("Business Combination"); excluding, however, such a Business Combination pursuant to which (1) all or substantially all of the individuals and entities who
are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own,
directly or indirectly, more than 50 percent of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately
prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; and (2) individuals who were members of the Incumbent
Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or 

2

 

        (c)   the
approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding
(a), (b) and (c) above, that for each Award subject to Section 409A of the Code, a Change of Control shall be deemed to have occurred under this Plan with respect
to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have
occurred under Section 409A of the Code. 

        2.8   "Change of Control Value" means the Fair Market Value of a Share on the date of a Change of Control. 

        2.9   "Code" means the Internal Revenue Code of 1986, as amended from time to time, and regulations and rulings thereunder.
References to a particular section of the Code include references to successor provisions of the Code or any successor code 

        2.10 "Committee," "Plan Committee" and "Management
Committee" have the meanings set forth in Article 3. 

        2.11 "Common Stock" means the common stock, $.01 par value, of the Company. 

        2.12 "Company" has the meaning set forth in Section 1.1. 

        2.13 "Disability" means that a Grantee (i) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is,
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company or a Subsidiary of the Company. 

        2.14 "Dividend Equivalents" has the meaning set forth in Section 11.3. 

        2.15 "Effective Date" has the meaning set forth in Section 1.1. 

        2.16-A  "Eligible Person" means any employee (including any officer) of the Company or any Subsidiary who is
determined by the Committee to be eligible for an Employment Inducement Award, including any such employee who is on an approved leave of absence, layoff, or has been subject to a disability which
does not qualify as a Disability. 

        2.16-B  "Employment Inducement Award" means an Award to a Grantee that is determined by the Committee to qualify
as an employment inducement award within the meaning of New York Stock Exchange Rule 303A.08 (or any successor rule relating to shareholder approval of equity compensation plans that includes
an exemption for such awards and that is applicable to the Company). 

        2.17 "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time. References to a particular
section of the Exchange Act include references to successor provisions. 

        2.18 "Fair Market Value" means (A) with respect to any property other than Shares, the fair market value of such
property determined by such methods or procedures as shall be established from time to time by the Committee, and (B) with respect to Shares, unless otherwise determined by the Committee, as of
any date, (i) the average of the high and low trading prices on the date of determination on the New York Stock Exchange (or, if no sale of Shares was reported for such date, on the next
preceding date on which a sale of Shares was reported); (ii) if the Shares are not listed on the New York Stock Exchange, the average of the high and low trading prices of the Shares on such
other national exchange on which the Shares are principally traded or as reported by the National Market System, or similar organization, or if no such quotations are available, the average of the
high bid and low asked 

3

 

quotations
in the over-the-counter market as reported by the National Quotation Bureau Incorporated or similar organizations; or (iii) in the event that there shall be
no public market for the Shares, the fair market value of the Shares as determined by the Committee. 

        2.19 "Freestanding SAR" means an SAR that is granted independently of any other Award. 

        2.20 "Good Reason" shall have the meaning assigned to such term in the Grantee's individual employment or severance agreement
or, if the Grantee is not a party to an agreement in which Good Reason is defined, Good Reason shall mean the occurrence of any of the events or conditions described below which are not cured by the
Company (if susceptible to cure by the Company) within thirty (30) days after the Company has received written notice from the Grantee (which notice must be provided by the Grantee within
ninety (90) days of the initial existence of the event or condition constituting Good Reason): (i) a material adverse alteration in the nature or status of the Grantee's responsibilities
from those in effect immediately prior to the Change in Control other than any such alteration primarily attributable to the fact that the Company may no longer be a public company or to other changes
in the identity, nature or structure of the Company; and provided, that a change in the Grantee's title or reporting relationships shall not of itself
constitute Good Reason (unless such change results in a material adverse alteration as described above), (ii) any material reduction in the Grantee's base salary except for any
across-the-board reduction similarly affecting similarly-situated employees of the Company, or (iii) the relocation of the Grantee's principal place of employment to a
location more than 40 miles from the Grantee's principal place of employment immediately prior to the Change of Control, provided that such relocation results in a material negative change to the
Grantee's employment. 

        2.21 "Grant Date" has the meaning set forth in Section 5.2. 

        2.22 "Grantee" means an individual who has been granted an Award. 

        2.23 "including" or "includes" means "including, without limitation," or
"includes, without limitation," respectively. 

        2.24 "Option" means an option granted under Article 6 of the Plan. 

        2.25 "Option Price" means the price at which a Share may be purchased by a Grantee pursuant to an Option. 

        2.26 "Option Term" means the period beginning on the Grant Date of an Option and ending on the expiration date of such
Option, as specified in the Award Agreement for such Option and as may, consistent with the provisions of the Plan, be extended from time to time by the Committee prior to the expiration date of such
Option then in effect. 

        2.27 "Performance Period" has the meaning set forth in Section 7.2. 

        2.28 "Period of Restriction" means the period during which the transfer of Restricted Shares is limited in some way (the
length of the period being based on the passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Committee), and the Shares are subject to a
substantial risk of forfeiture, as provided in Article 8. 

        2.29 "Person" shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in
Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof. 

        2.30 "Plan" has the meaning set forth in Section 1.1. 

        2.31 "Required Withholding" has the meaning set forth in Article 16. 

        2.32 "Restricted Shares" means Shares or Share Units that are subject to forfeiture if the Grantee does not satisfy the
conditions specified in the Award Agreement applicable to such Shares or Share Units. 

4

 

        2.33 "Retirement" means, for any Grantee who is an employee of the Company or a Subsidiary (or is a director of the Company,
if the Grantee was an employee at the time he received an Employment Inducement Award), (A) for any Award other than a Share Unit, a Termination of Affiliation by the Grantee upon having both
attained age fifty-five (55) and completed at least ten (10) years of service with the Company or a Subsidiary or (B) for any Share Unit, having both attained age
fifty-five (55) and completed at least ten (10) years of service with the Company or a Subsidiary. 

        2.34 "Rule 16b-3" means Rule 16b-3 promulgated by the SEC under the Exchange Act, as
amended from time to time, together with any successor rule, as in effect from time to time. 

        2.35 "SAR" means a stock appreciation right. 

        2.36 "SEC" means the United States Securities and Exchange Commission, or any successor thereto. 

        2.37 "Section" means, unless the context otherwise requires, a Section of the Plan. 

        2.38 "Section 16 Person" means a person who is subject to potential liability under Section 16(b) of the 1934
Act with respect to transactions involving equity securities of the Company. 

        2.39 "Share" means a share of Common Stock. 

        2.40 "Share Unit" means a bookkeeping entry representing the equivalent of one share of Common Stock that is payable in the
form of Common Stock unless at the time of grant the Plan Committee or the Board designates it to be paid in cash or any combination of cash and Common Stock. 

        2.41 "Strike Price" of any SAR shall equal, for any Tandem SAR (whether such Tandem SAR is granted at the same time as or
after the grant of the related Option), the Option Price of such Option, or for any other SAR, 100% of the Fair Market Value of a Share on the Grant Date of such SAR;  provided that the Committee may
specify a higher Strike Price in the Award Agreement. 

        2.42 "Subsidiary" means a United States or foreign corporation or limited liability company, partnership or other similar
entity with respect to which the Company owns, directly or indirectly, 50% or more of the Voting Power of such corporation, limited liability company, partnership or other similar entity 

        2.43 "Tandem SAR" means an SAR that is granted in connection with a related Option, the exercise of which shall require
cancellation of the right to purchase a Share under the related Option (and when a Share is purchased under the related Option, the Tandem SAR shall similarly be canceled). 

        2.44 "Termination of Affiliation" occurs on the first day on which an individual is for any reason no longer providing
services to the Company or any Subsidiary in the capacity of an employee, director or consultant, or with respect to an individual who is an employee or director of, or consultant to, a corporation
which is a Subsidiary, the first day on which such corporation ceases to be a Subsidiary; provided, however, that for each Award subject to Section 409A of the Code, a Termination of
Affiliation shall be deemed to have occurred under this Plan with respect to such Award on the first day on which an individual has experienced a "separation from service" within the meaning of
Section 409A of the Code. 

        2.45 "Voting Power" means the combined voting power of the then-outstanding securities of a corporation entitled
to vote generally in the election of directors. 

5

 

 Article 3. Administration  

        3.1    Committee    

        (a)   Subject
to Article 13, and to Section 3.2, the Plan shall be administered by the Board, or a committee appointed by the Board to administer the Plan ("Plan
Committee"). To the extent the Board considers it desirable to comply with or qualify under Rule 16b-3, the Plan Committee shall consist of two or more directors of the Company, all
of whom qualify as "non-employee directors" within the meaning of Rule 16b-3. The number of members of the Plan Committee shall from time to time be increased or
decreased, and shall be subject to such conditions, in each case as the Board deems appropriate to permit transactions in Shares pursuant to the Plan to satisfy such conditions of
Rule 16b-3 as then in effect. 

        (b)   The
Board or the Plan Committee may appoint and delegate to another committee ("Management Committee") any or all of the authority of the Board or the Plan Committee, as
applicable, with respect to Awards to Grantees other than Grantees who are Section 16 Persons at the time any such delegated authority is exercised. 

        (c)   Any
references herein to "Committee" are references to the Board, or the Plan Committee or the Management Committee, as applicable. 

        3.2    Powers of Committee    

        Subject
to the express provisions of the Plan, the Committee has full and final authority and sole discretion as follows: 

        (a)   to
determine when, to whom and in what types and amounts Awards should be granted and the terms and conditions applicable to each Award and whether or not specific
Awards shall be granted in connection with other specific Awards, and if so whether they shall be exercisable cumulatively with, or alternatively to, such other specific Awards; 

        (b)   to
determine the amount, if any, that a Grantee shall pay for Restricted Shares, whether to permit or require the payment of cash dividends thereon to be deferred and
the terms related thereto, when Restricted Shares (including Restricted Shares acquired upon the exercise of an Option) shall be forfeited and whether such shares shall be held in escrow; 

        (c)   to
construe and interpret the Plan and to make all determinations necessary or advisable for the administration of the Plan; 

        (d)   to
make, amend, and rescind rules relating to the Plan, including rules with respect to the exercisability and nonforfeitability of Awards upon the Termination of
Affiliation of a Grantee; 

        (e)   to
determine the terms and conditions of all Award Agreements (which need not be identical) and, with the consent of the Grantee, to amend any such Award Agreement at
any time, among other things, to permit transfers of such Awards to the extent permitted by the Plan; provided that the consent of the Grantee shall not
be required for any amendment which (i) does not adversely affect the rights of the Grantee, or (ii) is necessary or advisable (as determined by the Committee) to carry out the purpose
of the Award as a result of any new or change in existing applicable law; 

        (f)    to
cancel, with the consent of the Grantee, outstanding Awards and to grant new Awards in substitution therefore; 

        (g)   to
accelerate the exercisability (including exercisability within a period of less than six months after the Grant Date) or the vesting of, and to accelerate or waive
any or all of the terms and conditions applicable to, any Award or any group of Awards for any reason and at any time, including in connection with a Termination of Affiliation; 

6

 

        (h)   subject
to Sections 1.3 and 5.3, to extend the time during which any Award or group of Awards may be exercised; 

        (i)    to
make such adjustments or modifications to Awards to Grantees working outside the United States as are advisable to fulfill the purposes of the Plan or to comply with
applicable local law; 

        (j)    to
impose such additional terms and conditions upon the grant, exercise or retention of Awards as the Committee may, before or concurrently with the grant thereof, deem
appropriate, including limiting the percentage of Awards which may from time to time be exercised by a Grantee; 

        (k)   to
ensure that any Award granted under the Plan qualifies as an Employment Inducement Award; and 

        (l)    to
take any other action with respect to any matters relating to the Plan for which it is responsible. 

        All
determinations on all matters relating to the Plan or any Award Agreement may be made in the sole and absolute discretion of the Committee, and all such determinations of the
Committee shall be final, conclusive and binding on all Persons. No member of the Committee shall be liable for any action or determination made with respect to the Plan or any Award. 

 Article 4. Shares Subject to the Plan and Maximum Awards  

        4.1    Number of Shares Available for Grants.    Subject to adjustment as provided in Section 4.2, the number
of Shares hereby reserved for issuance under the Plan shall be 1,000,000. If any Shares subject to an Award granted hereunder are forfeited, terminated, expired or canceled or such Award otherwise
terminates without the issuance of such Shares or of other consideration in lieu of such Shares, the Shares subject to such Award, to the extent of any such forfeiture, termination, expiration or
cancellation shall again be available for grant under the Plan (without a charge against the aggregate number of Shares available for issuance hereunder). Notwithstanding the foregoing, Shares
surrendered or withheld as payment of either the Strike Price of an Award (including Shares otherwise underlying an Award of a SAR that are retained by the Company to account for the grant price of
such SAR) and/or withholding taxes in respect of an Award shall no longer be available for grant under the Plan. The Committee may from time to time determine the appropriate methodology for
calculating the number of Shares issued pursuant to the Plan. Shares issued pursuant to the Plan may be treasury Shares or newly-issued Shares. 

        4.2    Adjustments in Authorized Shares.    In the event that the Committee determines that any dividend or other
distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, subdivision, consolidation or reduction of capital,
reorganization, merger, scheme of arrangement, split-up, spin-off or combination involving the Company or repurchase or exchange of Shares or other rights to purchase Shares or
other securities of the Company, or other similar corporate transaction or event affects the Shares such that any adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of
(i) the number and type of Shares (or other securities or property) with respect to which Awards may be granted, (ii) the number and type of Shares (or other securities or property)
subject to outstanding Awards, and (iii) the grant or exercise price with respect to any Award or, if deemed appropriate, cancel an outstanding Award, in exchange for a cash payment to the
holder of an outstanding Award or the substitution of other property for Shares subject to an outstanding Award; provided, that the number of Shares
subject to any Award denominated in Shares shall always be a whole number. 

7

 

 Article 5. Eligibility and General Conditions of Awards  

        5.1    Eligibility.    The Committee may grant Awards to any Eligible Person, whether or not he or she has previously
received an Award. 

        5.2    Grant Date.    The Grant Date of an Award shall be the date on which the Committee grants the Award or such
later date as specified by the Committee. 

        5.3    Maximum Term.    The Option Term or other period during which an Award may be outstanding shall under no
circumstances extend more than 10 years after the Grant Date, and shall be subject to earlier termination as herein provided. 

        5.4    Award Agreement.    To the extent not set forth in the Plan, the terms and conditions of each Award (which need
not be the same for each grant or for each Grantee) shall be set forth in an Award Agreement. 

        5.5    Restrictions on Share Transferability.    The Committee may impose such restrictions on any Shares acquired
pursuant to the exercise or vesting of an Award as it may deem advisable, including restrictions under applicable federal securities laws. 

        5.6    Termination of Affiliation.    Except as otherwise provided by the Committee or in an Award Agreement, and
subject to the provisions of Section 12.1, the extent to which the Grantee shall have the right to exercise, vest in, or receive payment in respect of an Award following Termination of
Affiliation shall be determined in accordance with the following provisions of this Section 5.6. 

        (a)    For Cause.    If a Grantee has a Termination of Affiliation for Cause, (i) the Grantee's Restricted
Shares that are forfeitable shall thereupon be forfeited, subject to the provisions of Section 8.4 regarding repayment of certain amounts to the Grantee; and (ii) any unexercised Option,
or SAR shall terminate effective immediately upon such Termination of Affiliation. 

        (b)    On Account of Death or Disability.    If a Grantee has a Termination of Affiliation on account of death or
Disability, then: 

        (1)   the
Grantee's Restricted Shares that were forfeitable shall thereupon become nonforfeitable; and 

        (2)   any
unexercised Option or SAR, whether or not exercisable on the date of such Termination of Affiliation, may be exercised, in whole or in part, within the first
12 months after such Termination of Affiliation (but only during the Option Term) and shall terminate immediately thereafter; such Option or SAR may be exercised to the extent permitted under
this section by the Grantee or, after his or her death, by (i) his or her personal representative or the person to whom the Option or SAR, as applicable, is transferred by will or the
applicable laws of descent and distribution, or (ii) the Grantee's beneficiary designated in accordance with Article 11. 

        (c)    On Account of Retirement.    Upon Grantee's Retirement, then: 

        (1)   the
Grantee's Restricted Shares that were forfeitable shall thereupon become nonforfeitable; and 

        (2)   any
unexercised Option or SAR, whether or not exercisable on the date of such Termination of Affiliation, may be exercised, in whole or in part, within the first five
years after such Termination of Affiliation (but only during the Option Term) and shall terminate immediately thereafter; such Option or SAR may be exercised to the extent permitted under this section
by the Grantee or, after his or her death, by (i) his or her personal representative or the person to whom the Option or SAR, as applicable, is transferred by will or the 

8

 

applicable
laws of descent and distribution, or (ii) the Grantee's beneficiary designated in accordance with Article 11. 

        (d)    Any Other Reason.    If a Grantee has a Termination of Affiliation for any reason other than for Cause, death,
Disability or Retirement, then: 

        (1)   the
Grantee's Restricted Shares, to the extent forfeitable on the date of the Grantee's Termination of Affiliation, shall be forfeited on such date; 

        (2)   if
such Termination of Affiliation is the result of the Grantee's voluntary termination of employment, any unexercised Option or SAR, to the extent not exercisable
immediately before the Grantee's Termination of Affiliation shall terminate immediately upon such Termination of Affiliation, and to the extent exercisable immediately before the Grantee's Termination
of Affiliation, may be exercised in whole or in part, not later than three months after such Termination of Affiliation (but only during the Option Term) and shall terminate immediately thereafter;
such Option or SAR may be exercised to the extent permitted under this section by the Grantee or, after his or her death, by (i) his or her personal representative or the person to whom the
Option or SAR, as applicable, is transferred by will or the applicable laws of descent and distribution, or (ii) the Grantee's beneficiary designated in accordance with Article 11; and 

        (3)   if
such Termination of Affiliation is the result of the Grantee's termination of employment by the Company or a Subsidiary (other than for Cause), then, the portion of
any Option that was not
exercisable immediately before the Grantee's Termination of Affiliation, may be exercised in whole or in part, not later than three months after such Termination of Affiliation (but only during the
Option Term) and shall terminate immediately thereafter; such Option or SAR may be exercised to the extent permitted under this section by the Grantee or, after his or her death, by (i) his or
her personal representative or the person to whom the Option is transferred by will or the applicable laws of descent and distribution, or (ii) the Grantee's beneficiary designated in
accordance with Article 11. 

        5.7    Nontransferability of Awards.    

        (a)   Except
as provided in Section 5.7(c) below, each Award, and each right under any Award, shall be exercisable only by the Grantee during the Grantee's lifetime,
or, if permissible under applicable law, by the Grantee's guardian or legal representative. 

        (b)   Except
as provided in Section 5.7(c) below, no Award (prior to the time, if applicable, Shares are issued in respect of such Award), and no right under any Award,
may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Grantee otherwise than by will or by the laws of descent and distribution (or in the case of Restricted
Shares, to the Company), and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary;  provided,
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

        (c)   To
the extent and in the manner permitted by the Committee, and subject to such terms, conditions, restrictions or limitations that may be prescribed by the Committee, a
Grantee may transfer an Award to (i) a spouse, sibling, parent, child (including an adopted child) or grandchild (any of which, an "Immediate Family Member") of the Grantee; (ii) a
trust, the primary beneficiaries of which consist exclusively of the Grantee or Immediate Family Members of the Grantee; or (iii) a corporation, partnership or similar entity, the owners of
which consist exclusively of the Grantee or Immediate Family Members of the Grantee. 

9

 

        5.8    Cancellation and Rescission of Awards.    Unless the Award Agreement specifies otherwise, the Committee may
cancel, rescind, suspend, withhold, or otherwise limit or restrict any unexercised Award at any time if the Grantee is not in compliance with all applicable provisions of the Award Agreement and the
Plan or if the Grantee has a Termination of Affiliation for Cause. 

        5.9    Loans and Guarantees.    The Committee may, subject to applicable law, (i) allow a Grantee to defer
payment to the Company of all or any portion of the Option Price of an Option or the purchase price of Restricted Shares, or (ii) cause the Company to loan to the Grantee, or guarantee a loan
from a third party to the Grantee for, all or any portion of the Option Price of an Option or the purchase price of Restricted Shares or all or any portion of any taxes associated with the exercise
of, nonforfeitability of, or payment of benefits in connection with, an Award. Any such payment deferral, loan or guarantee by the Company shall be on such terms and conditions as the Committee may
determine. Notwithstanding the foregoing, the Company shall not loan to the Grantee, or guarantee a loan from a third party to the Grantee, as described in the preceding sentence, if such loan is
prohibited under Section 402 of the Sarbanes-Oxley Act of 2002, as may be amended. 

 Article 6. Stock Options  

        6.1    Grant of Options.    Subject to the terms and provisions of the Plan, Options may be granted to any Eligible
Person in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Without in any manner limiting the generality of the foregoing, and in a
manner intended to comply with Section 409A of the Code, the Committee may grant to any Eligible Person, or permit any Eligible Person to elect to receive, an Option in lieu of or in
substitution for any other compensation (whether payable currently or on a deferred basis, and whether payable under this Plan or otherwise) which such Eligible Person may be eligible to receive from
the Company or a Subsidiary. 

        6.2    Award Agreement.    Each Option grant shall be evidenced by an Award Agreement that shall specify the Option
Price, the Option Term, the number of shares to which the Option pertains, the time or times at which such Option shall be exercisable and such other provisions as the Committee shall determine. 

        6.3    Option Price.    The Option Price of an Option under this Plan shall be determined by the Committee, and shall
be equal to or more than 100% of the Fair Market Value of a Share on the Grant Date; provided, however, that any Option that is (x) granted to a Grantee in connection with the acquisition
("Acquisition"), however effected, by the Company of another corporation or entity ("Acquired Entity") or the assets thereof, (y) associated with an option to purchase shares of stock of the
Acquired Entity or an affiliate thereof ("Acquired Entity Option") held by such Grantee immediately prior to such Acquisition, and (z) intended to preserve for the Grantee the economic value of
all or a portion of such Acquired Entity Option ("Substitute Option") may, to the extent necessary to achieve such preservation of economic value, be granted with an Option Price that is less than
100% of the Fair Market Value of a Share on the Grant Date, provided that such grant is made in a manner that will not result in the Substitute Option being subject to the requirements of
Section 409A of the Code.. 

        6.4    Incentive Stock Options.    None of the Options granted under this Plan shall be treated as "incentive stock
options" for purposes of the requirements of Section 422 of the Code. 

        6.5    Payment.    Options granted under this Article 6 shall be exercised by the delivery of a written notice
of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares made by any one or more of the following
means subject to the approval of the Committee: 

        (a)   cash,
personal check or wire transfer; 

10

 

        (b)   Shares,
valued at their Fair Market Value on the date of exercise; 

        (c)   Restricted
Shares, each such Share valued at the Fair Market Value of a Share on the date of exercise; 

        (d)   subject
to applicable law, pursuant to procedures approved by the Committee, through the sale of the Shares acquired on exercise of the Option, valued at their Fair
Market Value on the date of exercise, sufficient to pay for such Shares, together with, if requested by the Company, the amount of federal, state, local or foreign withholding taxes payable by Grantee
by reason of such exercise; or 

        (e)   when
permitted by the Committee, payment may also be made in accordance with Section 5.9. 

        If
any Restricted Shares ("Tendered Restricted Shares") are used to pay the Option Price, a number of Shares acquired on exercise of the Option equal to the number of Tendered Restricted
Shares shall be subject to the same restrictions as the Tendered Restricted Shares, determined as of the date of exercise of the Option. 

 Article 7. Stock Appreciation Rights  

        7.1    Grant of SARs.    Subject to the terms and conditions of the Plan, SARs may be granted to any Eligible Person
at any time and from time to time as shall be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs, or any combination thereof. 

        The
Committee shall determine the number of SARs granted to each Grantee (subject to Article 4), the Strike Price thereof, and, consistent with Section 7.2 and the other
provisions of the Plan, the other terms and conditions pertaining to such SARs. The Strike Price shall be determined by the Committee, and shall be equal to or more than 100% of the Fair Market Value
of a Share on the Grant Date; provided, however, that an Option that is (x) granted to a Grantee in connection with the acquisition ("Acquisition"), however effected, by the Company of another
corporation or entity ("Acquired Entity") or the assets thereof, (y) associated with an option to purchase shares of stock of the Acquired Entity" or an affiliate thereof ("Acquired Entity
Option") held by such Grantee immediately prior to such Acquisition, and (z) intended to preserve for the Grantee the economic value of all or a portion of such Acquired Entity Option
("Substitute Option") may, to the extent necessary to achieve such preservation of economic value, be granted with an option price that is less than 100% of the Fair Market Value of a Share on the
Grant Date, provided that such grant is made in a manner that will not result in the Substitute Option being subject to the requirements of Section 409A of the Code. 

        7.2    Exercise of Tandem SARs.    Tandem SARs may be exercised for all or part of the Shares subject to the related
Award upon the surrender of the right to exercise the equivalent portion of the related Award. A Tandem SAR may be exercised only with respect to the Shares for which its related Award is then
exercisable. 

        Notwithstanding
any other provision of this Plan to the contrary, with respect to a Tandem SAR, (i) the Tandem SAR will expire no later than the expiration of the underlying
Option; (ii) the value of the payout with respect to the Tandem SAR may be for no more than 100% of the difference between the Option Price of the underlying Option and the Fair Market Value of
the Shares subject to the underlying Option at the time the Tandem SAR is exercised; and (iii) the Tandem SAR may be exercised only when the Fair Market Value of the Shares subject to the
Option exceeds the Option Price of the Option. 

11

 

 

        7.3    Payment of SAR Amount.    Upon exercise of an SAR, the Grantee shall be entitled to receive payment from the
Company in an amount determined by multiplying: 

        (a)   the
excess of the Fair Market Value of a Share on the date of exercise over the Strike Price; 

by

        (b)   the
number of Shares with respect to which the SAR is exercised; 

provided that the Committee may provide in the Award Agreement that the benefit payable on exercise of an SAR shall not exceed such percentage of the
Fair Market Value of a Share on the Grant Date as the Committee shall specify. As provided by the Committee, the payment upon SAR exercise shall either be in cash or in Shares which have an aggregate
Fair Market Value (as of the date of exercise of the SAR) equal to the amount of the payment, or in some combination thereof, as set forth in the Award Agreement. 

 Article 8. Restricted Shares  

        8.1    Grant of Restricted Shares.    Subject to the terms and provisions of the Plan, the Committee, at any time and
from time to time, may grant Restricted Shares to any Eligible Person in such amounts as the Committee shall determine including, with respect to each Restricted Share that is also a Share Unit, the
time and form of payment of such Restricted Share; provided, however, that with respect to Restricted Shares that are also Share Units, if such Share Units would be subject to Section 409A of
the Code, the provisions of such Share Unit shall comply with the requirements set forth in Section 409A of the Code.. 

        8.2    Award Agreement.    Each grant of Restricted Shares shall be evidenced by an Award Agreement that shall specify
the Period(s) of Restriction, the number of Restricted Shares granted, and such other provisions as the Committee shall determine. The Committee may impose such conditions and/or restrictions on any
Restricted Shares granted pursuant to the Plan as it may deem advisable, including restrictions based upon the achievement of specific performance goals (Company-wide, divisional, Subsidiary and/or
individual), time-based restrictions on vesting, and/or restrictions under applicable securities laws. 

        8.3    Consideration.    The Committee shall determine the amount, if any, that a Grantee shall pay for Restricted
Shares. Such payment shall be made in full by the Grantee before the delivery of the shares or share units and in any event no later than 10 business days after the Grant Date for such shares or share
units. 

        8.4    Effect of Forfeiture.    If Restricted Shares are forfeited, and if the Grantee was required to pay for such
shares or share units or acquired such Restricted Shares upon the exercise of an Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company at a price equal to the lesser
of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value of a Share or Share Unit on the date of such forfeiture. The Company shall pay to the
Grantee the required amount as soon as is administratively practical. Such Restricted Shares shall cease to be outstanding, and shall no longer confer on the Grantee thereof any rights as a
stockholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts the Company's tender of payment for such Restricted Shares. 

        8.5    Escrow; Legends.    The Committee may provide that any certificates for Restricted Shares (x) shall be
held (together with a stock power executed in blank by the Grantee) in escrow by the Secretary of the Company until such Restricted Shares become nonforfeitable or are forfeited and/or
(y) shall bear an appropriate legend restricting the transfer of such Restricted Shares. If any Restricted 

12

 

Shares
become nonforfeitable, the Company shall cause any certificates for such shares to be issued without such legend. 

 Article 9. Beneficiary Designation  

        Each Grantee under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or
successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior
designations by the same Grantee, shall be in a form prescribed by the Company, and will be effective only when filed by the Grantee in writing with the Company during the Grantee's lifetime. In the
absence of any such designation, benefits remaining unpaid at the Grantee's death shall be paid to the Grantee's estate. 

 Article 10. Deferrals  

        The Committee may permit or require a Grantee to defer receipt of the payment of cash or the delivery of Shares that would otherwise be
due by virtue of the exercise of an Option or SAR, the lapse or waiver of restrictions with respect to Restricted Shares. If any such deferral is required or permitted, the Committee shall establish
rules and procedures for such deferrals; provided, however, to the extent that such deferral is subject to Section 409A of the Code, the rules and procedures established by the Committee shall
comply with Section 409A of the Code. Except as otherwise provided in an Award Agreement, any payment or any Shares that are subject to such deferral shall be made or delivered to the Grantee
upon the Grantee's Termination of Affiliation. 

 Article 11. Rights of Employees  

        11.1    Employment.    Nothing in the Plan shall interfere with or limit in any way the right of the Company to
terminate any Grantee's employment, directorship or consultancy at any time, nor confer upon any Grantee the right to continue in the employ or as a director or consultant of the Company. 

        11.2    Participation.    No employee shall have the right to be selected to receive an Award under the Plan or,
having been so selected, to be selected to receive a future Award. 

        11.3    Dividend Equivalents.    Subject to the provisions of the Plan and any Award, the recipient of an Award
(including any Award deferred in accordance with procedures established pursuant to Article 12) may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis,
cash, stock or other property dividends, or cash payments in amounts equivalent to cash, stock or other property dividends on shares of Common Stock ("Dividend Equivalents") with respect to the number
of shares of Common Stock covered by the Award, as determined by the Committee, in its sole discretion, and the Committee may provide that such amounts (if any) shall be deemed to have been reinvested
in additional shares or otherwise reinvested; provided, however, that if such payment of dividends or Dividend Equivalents would be subject to Section 409A of the Code, no such payment may be
made if it would fail to comply with the requirements set forth in Section 409A of the Code. Notwithstanding the foregoing, no dividends or Dividend Equivalents will be paid with respect to
unvested Performance Units or Performance Awards. 

 Article 12. Change of Control  

        (a)   With
respect to each outstanding Award that is assumed or substituted in connection with a Change of Control, in the event of a termination of a Grantee's employment or
service by the Company without Cause or for Good Reason during the 24-month period following such Change of Control, on the date of such termination (i) such Award shall become
fully vested and, if applicable, exercisable, (ii) the restrictions, payment conditions, and forfeiture conditions applicable 

13

 

to
any such Award granted shall lapse, and (iii) any performance conditions imposed with respect to Awards shall be deemed to be fully achieved at target levels. 

        (b)   With
respect to each outstanding Award that is not assumed or substituted in connection with a Change of Control, immediately upon the occurrence of the Change of
Control, (i) such Award shall become fully vested and, if applicable, exercisable, (ii) the restrictions, payment conditions, and forfeiture conditions applicable to any such Award
granted shall lapse, and (iii) any performance conditions imposed with respect to Awards shall be deemed to be fully achieved at target levels. 

        (c)   For
purposes of this Article XII, an Award shall be considered assumed or substituted for if, following the Change of Control, the Award remains subject to the
same terms and conditions that were applicable to the Award immediately prior to the Change of Control except that, if the Award related to Shares, the Award instead confers the right to receive
common stock of the acquiring entity. 

        (d)   Notwithstanding
any other provision of the Plan, in the event of a Change of Control, except as would otherwise result in adverse tax consequences under
Section 409A of the Code, the Board may, in its sole discretion, provide that each Award shall, immediately upon the occurrence of a Change of Control, be cancelled in exchange for a payment in
cash or securities in an amount equal to (x) the excess of the consideration paid per Share in the Change of Control over the exercise or purchase price (if any) per Share subject to the Award
multiplied by (y) the number of Shares granted under the Award. Where such acceleration would result in adverse tax consequences under Section 409A of the Code with respect to an Award,
the Board may, in its sole discretion, provide that such Award shall become vested and non-forfeitable upon the occurrence of the Change of Control; provided, however, that the Grantee shall not be
able to exercise the Award, and the Award shall not become payable, except in accordance with the terms of such Award or until such earlier time as the exercise and/or payment complies with
Section 409A of the Code. 

 Article 13. Amendment, Modification, and Termination  

        13.1    Amendment, Modification, and Termination.    Subject to the terms of the Plan, the Board may at any time and
from time to time, alter, amend, suspend or terminate the Plan in whole or in part. To the extent applicable and required by the New York Stock Exchange (or such other exchange upon which the Company
lists its shares for trading) or any other applicable law, rule or regulation, no amendment and no transaction that would constitute a repricing shall be effective unless approved by the Company's
stockholders. Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding awards may not be amended to reduce the exercise price
of outstanding Options or SARs or cancel outstanding Options or SARS in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original
Options or SARs without stockholder approval. The Board may delegate to the Plan Committee any or all of the authority of the Board under Section 13.1 to alter, amend, suspend or terminate the
Plan. 

        13.2    Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.    The Committee may make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including the events described in Section 4.2) affecting the
Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in
order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan; provided that no such adjustment shall be authorized to the extent 

14

 

that
such authority would be inconsistent with the Plan's meeting the requirements of the Performance-Based Exception. 

        13.3    Awards Previously Granted.    Notwithstanding any other provision of the Plan to the contrary, no termination,
amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Grantee of such Award. 

 Article 14. Withholding  

        14.1    Withholding    

        (a)    Mandatory Tax Withholding.    

        (1)   Whenever,
under the Plan, Shares are to be delivered upon exercise or payment of an Award or upon Restricted Shares becoming nonforfeitable, or any other event with
respect to rights and benefits hereunder, the Company shall be entitled to require (i) that the Grantee remit an amount in cash, or if determined by the Committee, Shares, sufficient to satisfy
all federal, state, local and foreign tax withholding requirements related thereto ("Required Withholding"), (ii) the withholding of such Required Withholding from compensation otherwise due to
the Grantee or from any Shares or other payment due to the Grantee under the Plan or (iii) any combination of the foregoing. 

        (2)   Any
Grantee who makes a Disqualifying Disposition or an election under Section 83(b) of the Code shall remit to the Company an amount sufficient to satisfy all
resulting Required Withholding; provided that, in lieu of or in addition to the foregoing, the Company shall have the right to withhold such Required
Withholding from compensation otherwise due to the Grantee or from any Shares or other payment due to the Grantee under the Plan. 

        (b)    Elective Share Withholding.    

        (1)   Subject
to Section 14.1(b)(2), a Grantee may elect the withholding ("Share Withholding") by the Company of a portion of the Shares subject to an Award upon the
exercise of such Award or upon Restricted Shares becoming non-forfeitable or upon making an election under Section 83(b) of the Code (each, a "Taxable Event") having a Fair Market Value equal
to (i) the minimum amount necessary to satisfy Required Withholding liability attributable to the Taxable Event; or (ii) with the Committee's prior approval, a greater amount, not to
exceed the estimated total amount of such Grantee's tax liability with respect to the Taxable Event. 

        (2)   Each
Share Withholding election shall be subject to the following conditions: 

          (i)  any
Grantee's election shall be subject to the Committee's discretion to revoke the Grantee's right to elect Share Withholding at any time before the Grantee's election
if the Committee has reserved the right to do so in the Award Agreement; 

         (ii)  the
Grantee's election must be made before the date (the "Tax Date") on which the amount of tax to be withheld is determined; and 

        (iii)  the
Grantee's election shall be irrevocable. 

        14.2    Notification under Code Section 83(b).    If the Grantee, in connection with the exercise of any
Option, or the grant of Restricted Shares, makes the election permitted under Section 83(b) of the Code to include in such Grantee's gross income in the year of transfer the amounts specified
in Section 83(b) of the Code, then such Grantee shall notify the Company of such election within 10 days of filing the notice of the election with the Internal Revenue Service, in
addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code. The Committee 

15

 

may,
in connection with the grant of an Award or at any time thereafter prior to such an election being made, prohibit a Grantee from making the election described above. 

 Article 15. Successors  

        All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise of all or substantially all of the business and/or assets of the
Company. 

 Article 16. Additional Provisions  

        16.1    Gender and Number.    Except where otherwise indicated by the context, any masculine term used herein also
shall include the feminine, the plural shall include the singular and the singular shall include the plural. 

        16.2    Severability.    If any part of the Plan is declared by any court or governmental authority to be unlawful or
invalid, such unlawfulness or invalidity shall not invalidate any other part of the Plan. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a
manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

        16.3    Requirements of Law.    The granting of Awards and the issuance of Shares under the Plan shall be subject to
all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock exchanges as may be required. Notwithstanding any provision of the Plan or any Award, Grantees
shall not be entitled to exercise, or receive benefits under, any Award, and the Company shall not be obligated to deliver any Shares or other benefits to a Grantee, if such exercise or delivery would
constitute a violation by the Grantee or the Company of any applicable law or regulation.  

	16.4
	Securities Law Compliance. 

        (a)   If
the Committee deems it necessary to comply with any applicable securities law, or the requirements of any stock exchange upon which Shares may be listed, the
Committee may impose any restriction on Shares acquired pursuant to Awards under the Plan as it may deem advisable. All certificates for Shares delivered under the Plan pursuant to any Award or the
exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the SEC, any stock
exchange upon which Shares are then listed, any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions. If so requested by the Company, the Grantee shall make a written representation to the Company that he or she will not sell or offer to sell any Shares unless a registration statement
shall be in effect with respect to such Shares under the Securities Act of 1993, as amended, and any applicable state securities law or unless he or she shall have furnished to the Company evidence
satisfactory to the Company that such registration is not required. 

        (b)   If
the Committee determines that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any applicable provision of
securities laws or the listing requirements of any stock exchange upon which any of the Company's equity securities are listed, then the Committee may postpone any such exercise, nonforfeitability or
delivery, as applicable, but the Company shall use all reasonable efforts to cause such exercise, nonforfeitability or delivery to comply with all such provisions at the earliest practicable date. 

        16.5    No Rights as a Stockholder.    A Grantee shall not have any rights as a stockholder of the Company with
respect to the Shares (other than Restricted Shares) which may be deliverable upon 

16

 

exercise
or payment of such Award until such shares have been delivered to him or her. Restricted Shares, whether held by a Grantee or in escrow by the Secretary of the Company, shall confer on the
Grantee all rights of a stockholder of the Company, except as otherwise provided in the Plan or Award Agreement. At the time of a grant of Restricted Shares, the Committee may require the payment of
cash dividends thereon to be deferred and, if the Committee so determines, reinvested in additional Restricted Shares. Stock dividends and deferred cash dividends issued with respect to Restricted
Shares shall be subject to the same restrictions and other terms as apply to the Restricted Shares with respect to which such dividends are issued. The Committee may provide for payment of interest on
deferred cash dividends. 

        16.6    Nature of Payments.    Awards shall be special incentive payments to the Grantee and shall not be taken into
account in computing the amount of salary or compensation of the Grantee for purposes of determining any pension, retirement, death or other benefit under (a) any pension, retirement,
profit-sharing, bonus, insurance or other employee benefit plan of the Company or any Subsidiary or (b) any agreement between (i) the Company or any Subsidiary and (ii) the
Grantee, except as such plan or agreement shall otherwise expressly provide. 

        16.7    Governing Law.    The Plan, and all agreements hereunder, shall be construed in accordance with and governed
by the laws of the State of Delaware other than its laws respecting choice of law. 

        16.8    Code Section 409A Compliance.    The intent of the parties is that payments and benefits under this
Plan comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and be administered to be in
compliance therewith. Any payments described in this Plan that are due within the "short term deferral period" as defined in Section 409A of the Code shall not be treated as deferred
compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in this Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under
Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the six-month period immediately
following the Grantee's termination of employment shall instead be paid on the first business day after the date that is six months following the Grantee's separation from service (or upon
Participant's death, if earlier). In addition, for purposes of this Plan, each amount to be paid or benefit to be provided to the Grantee pursuant to the Plan, which constitute deferred compensation
subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A of the Code. 

17

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Exhibit 10.8

JANUS CAPITAL GROUP INC. 2012 Employment Inducement Award Plan (as adopted effective as of January 24, 2012)

Table of Contents

Janus Capital Group Inc. 2012Employment Inducement Award Plan

(AS ADOPTED EFFECTIVE AS OF January 24, 2012)

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